Tomorrow is the Anniversary of what we now call
“September 11th.” It is a day we should not forget. It can happen
again. We must not let our guard down.
Friday, September 10,2004
NorVergence Class Action Suit Marches Forward
######## surrounding the article denotes it is a “press release”
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20+ years exper. lease/finance. P & L responsibility, strong credit & collection management, re- marketing& accounting. Computers, construction, auto & transportation. Both commercial/ consumer portfolios.
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Leadership and training skills. Audited returns, max residual, lease end
and resale negotiator.
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Oxnard-Hollywood Beach, CA.
19 Years w/Equity Analysis/Placement and Residual Forecasting of Computer Assets. Portfolio Manager for Two Major Lessors and Strong Analyst Background w/Leading Information Services Firm.
20+ years experience in equipment financing. Last five years in Asset Management including remarketing, end of lease negotiations, equipment and market evaluations
Post your free “job wanted” ad here:
Here are other “on line” sites, some are free:
www.craigslist.org (available in many cities now, use scroll feature)
www.insidevcjobs.com Venture County, CA. Newspaper
Says,“ I’m Outta Here, Maybe in Four”
“Just a note to let you all know what we've been up to here this summer, at Adirondack Leasing Associates in Albany NY.
“I've just sold the business to First Niagara Leasing on Tuesday, see the attached Press Release for more of the details. For the most part it will be business as usual, except for the lower rates in many cases, because we are a bank now. We will still be outsourcing a good part of our business that is outside of our banks direct lending footprint which is currently only 6 states.
“We're all very excited and ready for an incredible ride. I'm here for at least 4 more years and could be more. They say it's not work if you're having fun!
“I'll try to be in touch with most of you in the coming weeks.”
“Gerry Oestreich, Executive Vice President First Niagara Leasing formerly Adirondack Leasing Associates Ltd
620 Washington Avenue
Rensselaer NY 12144
800-678-7342 Ext 232
##### Press Release ###########
First Niagara Expands Equipment Leasing Business
Bank acquires Rensselaer-based Adirondack Leasing Associates, Ltd.
.Lockport, New York,
,---First Niagara Bank, the wholly-owned subsidiary of First Niagara Financial Group, Inc. (Nasdaq: FNFG), announced today that it has reached an agreement to acquire the leasing business from Adirondack Leasing Associates, Ltd. (ALA). The acquisition of the Rensselaer-based equipment lease broker becomes effective today.
ALA has served the leasing needs of businesses and municipalities since 1983. The transaction enables First Niagara to further expand its already nationwide leasing business and complements its growing lending and banking presence in the Capital Region, a key strategic initiative.
“This acquisition creates opportunity for us to expand our market with a complimentary business that has a similar business philosophy, culture and commitment to professionalism and customer service,” said First Niagara’s President & CEO Paul J. Kolkmeyer. “ALA has a long-term presence in the Capital Region and an excellent reputation and track record. We look forward to what we will be able to accomplish as a team.”
As a result of the acquisition, Adirondack Leasing Associates will merge into First Niagara Bank’s leasing division and will immediately operate under the First Niagara name. Leadership and employees of ALA will remain in place. By agreement of all parties, financial terms were Employees of ALA will continue to operate out of 620 Washington Avenue in Rensselaer.
The team is expected to join forces with First Niagara’s Eastern Region commercial lending team at or near the close of First Niagara Financial Group’s acquisition of Hudson River Bancorp, Inc., scheduled for January 2005.
“Our target market combined with First Niagara’s expansive banking presence and robust commercial product line will help our business grow beyond our most optimistic expectations,” said ALA Founder, President and CEO, Gerald G. Oestreich. “We are pleased to be partnering with a substantial, successful company that will support our efforts to build long-lasting customer relationships.”
ALA was established in 1983 and provides equipment lease financing for manufacturers, distributors, vendors and customers from many industries throughout Eastern New York State.
Founded in 1 870, First Niagara has more than 1,300 employees throughout New York State and specializes in banking, investments and insurance. Including this transaction, First Niagara Bank and its parent, First Niagara Financial Group, have completed 12 acquisitions since 1999.
First Niagara Financial Group, Inc., through its wholly owned subsidiary First Niagara Bank, has assets of $5.0 billion and deposits of $3.3 billion. First Niagara Bank is a fill-service, community-oriented bank that provides financial services to individuals, families and businesses through 71 banking centers, a loan production office, several financial services subsidiaries, and 95 ATMs across New York State. Terms of the purchase were not disclosed.
Paul J. Kolktneyer President and CEO
John R. Koelmel Chief Financial Officer
Christopher J. Thorne Reporting and Investor Relations Manager
6950 S. Transit Road
P.O. Box 514
Lockport, NY 14095—0514
Phone 716 625—7500
Watch Out! McQuitty-Raeder Have the Video Tape
Unbeknownst to “sass654789@yahoo, ” CapitalWerks’ Mark McQuitty
is an old time radio “hard boiled detective mystery” buff. Put him
together with Jim Raeder, a street fighter who is not afraid to
spend a lot of money to “ get even,” and you have a powerful
“sass654789@yahoo” we cannot name at this point as all
the “legal positions” are being finalized, but we can relate
from Jim Raeder, CapitalWerks/Preferred Leasing:
“This email written by an employee of a competitor, and in my opinion directed by their executive management is once again completely false. There is neither a formal, nor informal relationship with any of these vendors listed. This embittered and frustrated competitor will be revealed shortly after consulting with our legal council.
“To avoid the same liability of libel and slander, as has been subjected on CapitalWerks by this organization, we will be sure to have irrefutable evidence revealing the identity of this individual and organization. In reference to the absurd statement that we have repurchased transactions from GE, we have not had a single loss with GE nor any other lender since inception.
“I could go through each and every charge and categorically provide proof these statements are false. However, there is no point as every statement listed here is absolute lunacy and far from the realm of reality. Our competition has reached a new, all time low, in mudslinging which will ultimately prove to be their undoing. “
The Last of a Series of E-Mails:
Received: from rly-yg01.mx.aol.com (rly-yg01.mail.aol.com [172.18.180.97]) by air-yg04.mail.aol.com (v101_r1.3) with ESMTP id MAILINYG42-268412f916b33e; Fri, 27 Aug 2004 15:54:30 -0400
Received: from web90001.mail.scd.yahoo.com (web90001.mail.scd.yahoo.com [126.96.36.199]) by rly-yg01.mx.aol.com (v101_r1.3) with ESMTP id MAILRELAYINYG16-268412f916b33e; Fri, 27 Aug 2004 15:54:20 -0400
Received: from [188.8.131.52] by web90001.mail.scd.yahoo.com via HTTP; Fri, 27 Aug 2004 12:54:19 PDT
Date: Fri, 27 Aug 2004 12:54:19 -0700 (PDT)
From: George Georgey <email@example.com>
To: firstname.lastname@example.org, email@example.com, firstname.lastname@example.org,
email@example.com, firstname.lastname@example.org, email@example.com,
firstname.lastname@example.org, email@example.com, firstname.lastname@example.org,
email@example.com, firstname.lastname@example.org, email@example.com,
firstname.lastname@example.org, email@example.com, firstname.lastname@example.org,
email@example.com, firstname.lastname@example.org, email@example.com,
firstname.lastname@example.org, email@example.com, firstname.lastname@example.org,
email@example.com, LearLease@aol.com, Bob.Robichaud@PFFB.com,
firstname.lastname@example.org, email@example.com, PaulM@sbbt.com,
firstname.lastname@example.org, email@example.com, firstname.lastname@example.org,
Content-Type: text/plain; charset=us-ascii
“Dear Leasing Professional,
The email was not only broadcast to the people named in
the original e-mail, but to others.
Jim Raeder responded to the first one:
His latest to those addressed:
“You recently received an email from an individual claiming to be an employee of CapitalWerks. The information provided in this libelous and slanderous attack couldn't be further from the truth. This coward whom believed could hide behind a thinly veiled anonymous email address has been identified and is in fact not an employee. The letter has since been removed from Leasing News as the information was proven false and misleading. This individual whom works for a competitor will find that his attack on our character was a costly mistake.
“I realize by reading the message boards of every public company that each and every CEO and CFO are under attack from people that are jealous and envious of their accomplishments, or have bet on the companies stock to go down. I believe we will continue to be a target as long as we work in this highly competitive and lucrative industry.
“It has been a difficult last four years for most leasing companies including ours to survive the difficult economic downturn. There's enough business for all of us out there now and to focus on the negative vs. the positive results in less then optimum results. Thanks for taking the time to listen to the truth and thanks again for your continued support.”
Yahoo and others realize they have liability, so when a person signs
up from a “free mail account,” they agree to terms and conditions.
Violation of them allows they to “share” information. In this case,
the original e-mail was traced to a Kinko’s address. The person
came and rented a computer from Kinko’s, evidently paying
cash, and feeling quite safe that in this anonymity. So they
could register the Kinko’s computer as the yahoo “free mail address.”
As part of the agreement with Kinko’s, violation of the agreement of
allows them to share information, including the video surveillance
of the store and the use of their computers. With the exact date
to the second of the internet use, the video shows who the person
is. Plus both Yahoo and Kinko’s have records of all the e-mail sent
by this individual as all of it is saved for legal liability purposes.
NorVergence Class Action Suit Marches Forward
25 Leasing Companies Now Named
On Wednesday, September 1, 2004, an Order to Show Cause Seeking an Injunction to stop the leasing companies from enforcing the leases was filed in the class action. In addition, an amended complaint against 26 leasing companies was filed.
The Court has scheduled the hearing date for the Order to Show Cause With Temporary Restraints for Friday, October 1, 2004 at 2:30PM .
The web site www.njnorvergenceclassaction.com will be posting a list of a network of attorneys in key states that is accepting the defense of individual cases already filed by the leasing companies against putative class members, while the class action continues to litigate.
Michael S. Green says, “This list will be updated as we hear about suits filed in the different states by the leasing companies. At the present time we are aware of suits filed in PA, Illinois, Iowa, Ohio, Washington State. If you are aware of other states involved please let us know.”
MICHAEL SCOTT GREEN, ESQ.
Law Offices of Michael Scott Green
14 Easton Ave., #340
New Brunswick, New Jersey 08901
Tel: (732) 390-0480
Fax: (732) 390-0481
Cell: (732) 690-2093
On the web@: www.lawmsg.com
From the Web Site:
“The class action is being represented on a contingency fee basis, there is no retainer fee. If we are successful in the class action litigation, we will make an application to the Court for attorneys’ fees and expenses, which are typically paid out of a settlement fund or judgment collection which is paid by the defendants. Such a fee is first passed upon by the Court which must approve all fees and expenses paid to counsel in a class action.
If a settlement is reached, Class Members are afforded the opportunity, at that time, to consider their options and opt-out, if they so desire, to pursue an individual claim.
In addition, if you fit the definition of the class in the amended complaint, you are, by definition, a putative class member. You do not need to “sign up” or “join” in any manner at this time to be included as a member of the putative class.
For more information regarding class actions you may review the Class Action FAQ sections at www.lawmsg.com and www.kgglaw.com. There is, unfortunately, a great deal of misinformation regarding class actions circulating and we urge you to review these sections.
The following lease companies are named in the amended complaint that was filed on Wednesday, September 1, 2004:
CCL (Commerce Commercial Leasing),
CIT Technology Financing,
Court Square Leasing,
Crown Bank Leasing,
Dolphin Capital Corp.,
General Electric Capital Corporation
IFC Credit Corp.,
ILC (Information Leasing Corp.),
Irwin Business Finance,
Norv Capital (De Lage Landen),
OFC Capital (ALFA Financial),
Patriot Commercial Leasing,
Preferred Capital, Inc.,
Sterling National Bank,
TCF Express Leasing,
Wells Fargo Financial Leasing.
“Weir & Partners” typical List Serve reaction:
I hired an Attorney here in St. Louis, MO. to
review the contract I have with Norvergence and Commerce Commercial Leasing. After some investigation, he counseled with another local legal firm that handles Class Action Suits. Together they analyzed all the documents I gave them and the circumstances related to this event. The legal counsel at the Class Action firm talked extensively with one of the lawyers at "Weir & Partners". My lawyers seemed to be impressed with the amount of time that the "Weir" representative was willing to spend with them on the phone.
To make a long story short, these were their recommendations to me:
1.) Keep payments up-to-date to avoid getting sued. 2.) Join the
Group Legal action with "Weir & Partners". 3.) Add our name to any
Class Action Suits that are being filed. 4.) File a report with
the "Attorney General's Office" and FTC.
I know this is somewhat redundant information, but I just wanted to
reinforce these recommendations. This will be my primary game plan,
but I will also be considering back-up plans if these options fail.
Another note: I also got stuck with unpaid bills from Norvergence to
SBC. I switched my phone service to SBC once I heard Norvergence was going into bankruptcy. About 2 weeks later, SBC shut our service
down. When I called them, they indicated that I had over $1,400 of
payments in arrears. They basically were going to hold my phone
numbers hostage until I paid the bill. I was fuming at this point,
but had no choice but to pay it.
A couple things to consider when switching phone providers: 1.) Make
sure that you have billing switched to your company address. 2.) If
you are using some type of broker company, you will usually sign a
statement that allows them to represent you in negotiating rates on
your behalf. My opinion is that you are better off dealing directly
with the service provider.
If anyone wants to verify the authenticity of this posting, you can
contact me direct.
Good Luck to Us All,
Michael S. Mesey
Business Systems Connection, Inc.
Chicago Tribune notes “No ICC Licensing Control”
The NorVergence experience is an outgrowth of rampant competition in telecommunications, said Edward Hurley, chairman of the Illinois Commerce Commission, which oversees utilities operating in the state.
Because NorVergence only resold phone service provided by other carriers, such as Sprint and Qwest, it required no licensing by the ICC, Hurley noted.
"This is the kind of thing we have to be wary of," said Hurley. "We allow just about anybody to get into this business. That's what competition is about."
Even some people experienced with fraud became NorVergence customers. Karl Dickhaus, a consumer fraud attorney practicing in the St. Louis area, signed up for NorVergence.
"Their office here is near my office," said Dickhaus. "I went over there a lot to complain about their terrible service. I asked them if they really wanted to mess with a consumer law firm. Apparently, the answer was yes."
Dickhaus said he became aware that NorVergence's problems extended beyond poor customer service when NorVergence employees sought his representation in collecting unpaid wages.
He represented more than 60 clients from the pool of former NorVergence customers stuck owing money to finance companies holding their leases.
Dickhaus said NorVergence victims can go to court to get their leases voided because of the fraudulent means under which they were obtained. Going to court costs about $5,000, he estimated.
"To hold down costs, we try to get several clients who can sue the same finance company," Dickhaus said. "If you have 10 clients on one suit, they can each pay $500, which is more reasonable.
"Of course, they have to understand, in litigation there are no guarantees," he said.
full story at:
### Press Release ##############################
Synergy Resources Forms Equipment Leasing Alliance with RBC Centura Bank
MINNEAPOLIS, -- Synergy Resources announced today the finalization of a program agreement with RBC Centura Bank. Through this new alliance, RBC Centura Bank will offer equipment leasing as a finance option to its customers, while relying on the infrastructure and expertise provided by Synergy Resources.
"We have determined that outsourcing equipment leasing is the best alternative to having a leasing division in-house. The referral process is simple; we save on the infrastructure costs associated with supporting an internal program; and we have complete confidence that clients referred to Synergy Resources will be taken care of," says Scott Custer, president, RBC Centura Bank.
"We expect great success with the RBC Centura program," says Fred Kuhnen, VP Business Development, Synergy Resources. "They have a sales culture built on relationships, and more importantly, they have the right attitude towards the leasing product. They know their customers lease equipment and want to offer the best solution for every situation," adds Kuhnen.
Synergy Resources has provided equipment leasing outsource programs to community and regional banks for the past seven years. Turnkey services range from credit underwriting and documentation to customer service and collections. Synergy Resources, an affiliate of U.S. Bancorp Bank Services, is located in Minneapolis, MN. Program information is available online at http://www.leaseoutsourcing.com .
RBC Centura Bank offers a wide range of financial services and advice, including a complete line of banking, investment, loan, mortgage, life insurance, and other services, to individuals and businesses in North Carolina, South Carolina, Virginia, Georgia, and Florida. RBC Centura's multifaceted customer access network includes more than 270 full-service financial offices, an extensive ATM network, and telephone and Internet banking. In addition, RBC Centura offers residential mortgages through its wholly owned subsidiary, RBC Mortgage, one of the largest retail mortgage originators in the U.S., and builder finance products through RBC Builder Finance. RBC Centura Banks, Inc., is a wholly owned subsidiary of Royal Bank of Canada (NYSE, TSX: RY). Additional information may be found at
SOURCE Synergy Resources
CO: Synergy Resources; RBC Centura Bank; U.S. Bancorp Bank Services
ST: Georgia, Minnesota
Web site: http://www.leaseoutsourcing.com
### Press Release ###########################
CIT Extends Financial Services Relationship With Dell
NEW YORK, -- CIT Group Inc. (NYSE: CIT), a
leading provider of commercial and consumer finance solutions, announced the extension and modification of its U.S. vendor financing joint venture with Dell Inc., known as Dell Financial Services (DFS).
DFS, established in April 1997, provides a complete range of sales
financing programs to Dell consumer and business customers. The new agreements provide CIT with the right to purchase a percentage of DFS's finance receivables through January 2010, extended from October 2005 under the former agreements. Dell also has the option to purchase CIT's 30 percent interest in DFS in February 2008 versus October 2005 under the former agreements. In addition, CIT and Dell agreed to negotiate to extend their Canadian and European vendor financing programs and to establish formal exclusive vendor finance programs in New Zealand, Australia and parts of Asia.
Tom Hallman, Vice Chairman of CIT, commented: "Our longstanding
relationship with Dell is an excellent example of our commitment to partnering with premier global companies. The continued success of this joint venture is a reflection of the demand for Dell's superior products and CIT's seamless financing solutions, by consumers and businesses alike."
Dell Chief Financial Officer Jim Schneider commented: "CIT plays an
important role in partnering with Dell to provide services ranging from
consumer credit accounts to finance agreements for business customers. We look forward to continuing to work together, as we grow this business, to provide best-in-class customer service."
More information regarding the new agreements is contained in a Form 8-K filed with the Securities and Exchange Commission The form isavailable on CIT's website at http://www.cit.com.
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. CIT, with its principal offices in Livingston, New Jersey and New York City has approximately 5,800 employees in locations throughout North America, Europe, Latin and South
America, and the Pacific Rim. For more information, visit http://www.cit.com.
SOURCE CIT Group Inc.
### Press Release ############################
First Fleet Corporation Names David Cardew Vice President, Syndications
FORT LAUDERDALE, FL – – First Fleet Corporation, a national provider of asset management, financial and operational support to the trucking and transportation industry, today announced the appointment of David R. Cardew as Vice President, Syndications. In this newly created position, Mr. Cardew will help steer the company’s syndications group and be responsible for maintaining ongoing funding source relationships, developing new funding source relationships to support the company’s growth and volume, and creating new financial products and strategies to enhance revenue margins. One of First Fleet’s most important and fastest growing areas, Syndications has grown annually in excess of 20% over the past three years.
Prior to joining First Fleet, Mr. Cardew served most recently as Vice President, Business Development at GATX Technology Services Corporation, one of the largest independent technology lessors in North America. During his fifteen-year tenure in increasingly more responsible positions at GATX, he successfully directed the company’s Emerging Growth Internet Investment Initiative, mergers & acquisitions and strategic alliances, growing the company’s portfolio from less than $50 million to more than $1.5 billion. Before that, he was Vice President, Financial Services at Systems Marketing Corporation, a Phoenix-based IBM equipment lessor owned by Commercial Federal Savings & Loan Association. In that position, he directed debt and equity syndications, credit and lease administration, and developed funding strategies to increase the company’s incremental earnings. He began his career at Xerox.
“David Cardew is a valuable addition to the First Fleet team,” said John J. Flynn, President & CEO, First Fleet Corporation. “He’s a seasoned and creative business development, financial and syndication executive with a proven track record of success in the equipment leasing industry.”
He holds a B.S. degree in Finance, with a minor in Economics, from Arizona State University.
About First Fleet Corporation
Fort Lauderdale-based First Fleet Corporation, a subsidiary of PHH Arval, is a national provider of asset management, financial services and high technology operational support to the trucking and transportation industry throughout North America. The company currently owns or manages more than 15,000 trucks, tractors and trailers for a number of Fortune 500-level companies, including BP Amoco, DaimlerChrysler, Delta Airlines, Ford, Kraft, Maytag, Hormel, and Tropicana. First Fleet is located at 350 East Las Olas Boulevard, Fort Lauderdale, FL. For more information, contact First Fleet Corporation at (954) 761-9700 or visit Web site www.firstfleet.com.
Phone Number: (954) 761-1600
#### Press Release #######################
McCue Systems Announces Release of LeasePak Version 5.1
BURLINGAME, CA, -- McCue Systems Inc. of Burlingame, CA, announces the release of the latest version of its flagship lease/loan portfolio management solution, LeasePak 5.1.
"We are all very proud of this newest version of LeasePak. With this release, we are offering our customers a range of significant new options in both functionality as well as product architecture," says Douglas Jones, McCue Systems’ VP of Development. “LeasePak 5.1 allows users to choose either the Sybase or Oracle enterprise RDBMS as the data tier of their portfolio management system with no alteration in the desktop user interface, business logic, or data structure. We have also continued to make LeasePak able to fully integrate with other SOA-enabled applications with the publication of our Web APIs. With its wide range of additional technical and functional enhancements, LeasePak 5.1 represents a major milestone in the evolution of our technology roadmap,” Jones adds.
The new release, being delivered to licensed LeasePak users, represents a realization of a corporate initiative that CEO John McCue rolled out in Jan 2003: to enhance the company’s flagship portfolio management solutions to provide lessors with greater productivity efficiencies, resource-conservative integration tools, state-of-the-art Web-based origination, and an enhanced user interface.
For McCue Systems, experience has proved the value of a development methodology that the company characterizes as “evolution, not revolution”. Observing the company’s successful delivery of its current release, CEO John McCue observes, “The principle that technological change must be firmly founded on business needs has been our long-standing commitment.”
“We continue to adopt the best of what’s available, based on our 30-plus years of working with real-world lessors of every variety and size. We believe that LeasePak 5.1 represents the best in lease/loan portfolio management technology, built from components that have been tested and proven in actual production and that have been built specifically for equipment finance,” McCue adds.
MCCUE SYSTEMS, INC.
Phone Number: (650) 348-0650x1171
## Press Release ########################
IFC Credit Corporation Announces Acquisition of Pioneer Capital Corporation
MORTON GROVE, Illinois, - IFC Credit Corporation announced today that it has concluded the acquisition of Pioneer Capital Corporation.
Pioneer Capital Corporation is an Addison, Texas-based lessor specializing in providing equipment lease funding services to third party leasing professionals. Founded in 1983, Pioneer has funded over $85 million in small-ticket equipment leases over the last 3 years. Pioneer, through its proprietary web-based leasing system (Zaplease.com) processes over 5000 lease applications and funds over 1000 leases annually.
Rudolph P. Trebels, President and CEO of IFC Credit Corporation, commented: “The acquisition of Pioneer Capital is an excellent strategic fit for IFC Credit, adding market share and leveraging our capabilities in lease funding services.”
IFC Credit has provided lease funding services to third-party leasing professionals in the past, but on a smaller scale. “Pioneer is highly focused in their market, with a strong management team that compliments our existing group”, Trebels added.
Pioneer Capital Corporation will operate as a wholly owned subsidiary and remain in Addison, Texas.
“This opportunity makes sense for both companies,” states John Boettigheimer, President and co-founder of Pioneer. “Pioneer’s growth has remained strong despite challenging economic conditions, and IFC Credit provides us with additional financial resources to take the company to the next level.”
Terms of the transaction were not disclosed.
Pioneer Capital Corporation will be the third company acquired by IFC Credit Corporation since 2002. Earlier, the company acquired First Portland Corporation dba FirstCorp, Portland, Oregon and Spectrum Medical Leasing, Inc., Downers Grove, Illinois. The operations of those firms were integrated into IFC’s organization and continue to provide incremental growth.
IFC expects to continue to consider new acquisition opportunities that add long-term strategic value to the company.
Founded in 1988, IFC Credit Corporation is a Morton Grove, Illinois-based commercial equipment leasing firm dedicated to providing superior, innovative financial services. The company serves a broad market offering its services directly to middle market companies and venture capital-backed emerging growth firms, and indirectly through small-ticket vendor lease programs and third-party lease originators.
For additional information contact:
Vice President of Marketing
IFC Credit Corporation
8700 Waukegan Road, Suite 100
Morton Grove, IL 60053
IFC Credit Corporation
Phone Number: 847-663-6700
Fax Number: 847-663-6702
### Press Release #########################
Beige Book—Capital Equipment Demand Improves
The economy in many areas of the United States grew at a slower pace in late July and August as household spending softened, according to the report issued on Monday.
Several districts indicated that the pace had slowed since their last reports. Districts' characterizations of the rate of expansion ranged from slow (St. Louis) to solid (San Francisco), with many districts reporting modest or moderate growth.
Household spending was reported to have softened in many parts of the nation, reflecting lackluster retail sales and some cooling in new and existing home sales. Conditions in the manufacturing sector, on the other hand, improved further nationwide, especially among capital equipment and other durable goods makers.
Residential construction activity remained at high levels but slowed a bit in some regions; nonresidential construction remained tepid, as did demand for commercial and industrial space. Agricultural conditions were mixed and generally tied to the weather. Demand for consumer loans softened somewhat, but several districts noted increased commercial lending. Employers in most districts continued to expand payrolls, though districts reported some unevenness across sectors.
While persistently rapid increases in nonwage labor costs continued to be a concern for many employers, wage pressures remained modest. Consumer prices were generally flat or up modestly, although there were noticeable price increases for energy and some material inputs.
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This Day in American History
1565-Billiards were played in St. Augustine, Florida, brought to America by the Spaniards who were the first to settle the area.
1718 -The Collegiate School at New Haven, CT, changed its name to Yale. (Congregationalists, unhappy with an increasing religious liberalism at Harvard, had founded Yale, the third oldest college in America, in 1701.)
1776-George Washington asks for a spy volunteer
;Nathan Hale volunteers.
1794- Blount College’ the first nondenominational church was charted at Knoxville, TN ( now the University of Tennessee). The charger provided that the college “ take effectual care that students of all denominations may and shall be admitted to the equal advantages of a liberal education and to the emoluments and honors of the college, so that they shall receive a like, fair, generous, and equal treatment during their residence therein.” The first president was Samuel Carrick.
1813-the American naval officer Oliver Hazard Perry left Erie, PA, with a fleet of nine ships and encountered a squadron of six British warships off Put-in-Bay, Ohio, today, which history calls “ The Battle of Lake Erie.” Perry’s attack was hampered by his short-range guns, and his ship was battered to a hulk with only a handful of capable men left. He left his flagship Lawrence and renewed the fight from a sister ship, the Niagra, and had the satisfaction of seeing the British strike their colors. He returned to the Lawrence to accept the British surrender, then sent to Gen. William Henry Harrison, commander in the west, the victory dispatch containing the words, “ We have met the enemy and they are ours.” The Americans gained control of Lake Erie, and the British were obliged to withdraw from Detroit, further strengthening the U.S. position in the Great Lakes.
1820-Missouri entered the Union under the Missouri Compromise of 1820, admitting Missouri as a slave state while admitting Maine as a free state, and prohibiting slavery in Louisiana Territory north of the parallel 36º 30', Missouri's southern border.
1846 -- Following the failure of all Mormons to leave Nauvoo, Illinois in May as agreed to after the assassination of Joseph Smith and his brother in Carthage, Illinois two years ago, a thousand anti-Mormon "Regulators" led by Colonel Thomas Brockman order the first assault on the remaining Mormons at Nauvoo. Regulator cannon fire drives Mormon families from their homes towards the Mississippi River.
1852- Birthday of Alice Brown Davis was a leader and for a short time the chief of the Seminole Indians. She married a white man who deserted her and their 11 children when the youngest was three. They had operated a trading post for the Seminoles in Oklahoma where ABD's family had settled after the Civil War. Most of the children became prominent community and government leaders. She reportedly became an amazing symbol of strength among her people who resided near the Cherokee in Oklahoma. She even went with a group as an interpreter to seek land in Mexico. Her people's self-government was effectively abolished when the State of Oklahoma set up counties that submerged the Indian population with white voters. Because the U.S. government needed a chief's signature for a piece of Florida property, President Warren G. Harding appointed her chief of the Seminoles. She had previously visited the "lost" group of Seminole who had hidden in the Florida Everglades to escape the forced migration that became the Trail of Tears and established a dialogue between the two groups. Instead of signing, ABD demanded reparations and she was summarily removed and a U.S. government illegally signed the deed. The Seminoles, under her guidance took the matter to court and finally won a settlement in 1946, 11 years after Davis' death.
-- US: Mountain Meadows Massacre. Mormons offer to escort a Gentile
train passing through Utah to safety from the Indians, then line up
all the adult males in single file with a Mormon guide on each side,
and, at a prearranged signal, massacre them all in cold blood. Mormon
Militia, disguised as Indians and the real Indians, moved in on the
women and older children, shooting, clubbing and tomahawking them to
1862-Rabbi Jacob Frankel of Philadelphia, PA became the first Jewish Army chaplain, four months after Congress amended its law of 1861 requiring chaplains to be Christians. Frankel served from 1863 through 1865 at the United States Hospital in Philadelphia.
1877- Katherine Sophie Dreier, U.S. painter and modern art museum founder. Instead of focusing on her considerable artistic talent, KSD turned most of her energies towards gaining acceptance in the United States for modern art. Independently wealthy, she - along with artist Marcel Duchamp - established Soci,t, Anonyme in 1920, New York City's first museum of modern art. She published material and held lectures and the like to encourage acceptance of the new art forms. When the Museum of Modern Art opened in 1928, it eclipsed her museum and she later donated the collection to Yale University. Her sisters were Mary Elizabeth Dreier and Margaret Dreier Robins, both active in art and in social concerns. All three were active in the women's suffrage and rights movements.
1884-Mississippi African-American Congressman John R. Lynch was
temporary chairman of the Republican National Convention, providing
over the meeting for a short period.
1909- Dr. Judith Kaplan Eisenstein birthday: U.S. author, musicologist, and composer. In 1922 Dr. Eisenstein was the first woman to have a bat mitzvah.
"No thunder sounded,” she said in 1992, recalling the ceremony. "No lightning struck." Allowing women the rite that had long marked the passage of Jewish males into religious adulthood proved to be the first of many changes broadening the role of women in Judaism. The changes now included their ordination as rabbis. She was the oldest daughter of Rabbi Mordecai Kaplan, the founder of the Reconstructionist branch of Judaism. Today the bat mitzvah ceremony (bar mitzvah is for boys) is an established practice within the Conservative, Reform and Reconstructionist branches of Judaism, and parallel celebrations are common in some quarters of Orthodox Judaism as well. From 1929 to 1954, Dr. Eisenstein taught music education and the history of Jewish music at Jewish Theological Seminary's Teacher's Institute, now known as the Albert A. List College of Jewish Studies in New York City. While there she published a Jewish songbook for children, Gateway to Jewish Song, which was followed by other books of Jewish music and musical history for young people. From 1942 to 1974, she wrote seven cantatas on Jewish themes, among them is the frequently performed, What Is Torah, which she wrote with her husband, Rabbi Ira Eisenstein. In 1959, at the age of 50, Dr. Eisenstein, who had earned a Master's degree in music education at Columbia University's Teachers College, began work for her Ph.D. at the School of Sacred Music of Hebrew Union college-Jewish Institute of Religion in New York. After receiving her degree, she taught there from 1966 to 1979, and also taught at the Reconstructionist Rabbinical College in Philadelphia.
ceremonies, like bar mitzvahs, were often overshadowed by lavish parties.
"Bat mitzvah began not just as a statement of feminism,” she said, "but as a statement of dedication to something larger than oneself."
1910-Great Idaho Fire destroys 3 million acres of timber
1910-Birthday of composer/Band Leader/Inventer Raymond Scott .
1913-the Lincoln Highway, a 3,300 mile highway stretching from New York
City to San Francisco, CA was opened, becoming the first coast-to-coast paved road. It was originally proposed by Carl Graham Fisher. The highway traversed 13 states—New York, New Jersey, Pennsylvania, Ohio, Indiana, Illinois, Iowa, Nebraska, Colorado, Wyoming, Utah, Nevada, and California ---and cost about $10 million. The first complete coast-to-coast run over the official route was made by Neil Patterson.
1919 - A hurricane struck the Florida Keys drowning more than 500 persons.
1924 -Leopold and Loeb found guilty of murder
1929-Birthday of golfer Arnold Palmer, Latrobe, PA.
1934-birthday of Roger Eugene Maris, Hibbin, MN. In 1961, Maris broke one of baseball’s sacred records, hitting 61 home runs to surpass the mark of 60 set by Babe Ruth in 1927. He won the American League MVP award in 1960 and in
1961 and finished his career with the St. Louis Cardinals. He died at Houston, TX, Dec 14, 1985.
1939-Charlie Barnet records “ The Duke’s Idea.” (Bluebird 10453)
1941-Woody Herman records “Blues in the Night” 1950 - Eddie Cantor moved from radio to TV, as he hosted the "Colgate Comedy Hour" on NBC.
1951 - Florence Chadwick of San Diego, CA, became the first American woman to swim the English Channel from both coasts.
Auf Wiedersehn, Sweetheart - Vera Lynn
Walkin’ My Baby Back Home - Johnnie Ray
Wish You Were Here - Eddie Fisher
Jambalaya (On the Bayou) - Hank Williams
1954- Swanson sells its first "TV dinner,” turkey and gravy. Chicken
came a few years later; remember no microwave in the early days.1962 Swanson
stopped calling them TV dinners.
1954“Gunsmoke” premiered on TV. “Gunsmoke” was TV’s longest-running western, moving from radio to TV. John Wayne turned down the roll of Marshall Dillon. James Whitmore was then chosen, but he declined, recommending his neighbor James Arness ( Whitmore lived across the street
from us and Arness a few blocks away---he drove my brother and I to high
school for several years in his station wagon on his way to work ). Other regulars
included Amanda Blake as Kitty Russell, saloon-owner, Dennis Weaver as Chester B. Goode, Dillon’s deputy and Milburn Stone as Doc Adams. In 1962 a fifth character was added---the “rugged male.” Burt Reynolds played Quint Asper, followed by Roger Eweing as Thad Greenwood, and Buck Taylor as Newly O’Brien. In 1964 Ken Curtis was added as funnyman Festus Haggen, the new deputy. “Gunsmoke” was incredibly popular, both as a half-hour and hour-long show, as the number-one rated series for four seasons , and top ten hit for six seasons. The last telecast was September 1, 1975.
1955 - Bert Parks began a 25-year career as host of the "Miss America Pageant" on NBC. The show became a TV tradition as Parks sang to the newly-crowned beauty queen, “There She is ... Miss America”. The song was composed by Bernie Wayne and was sung for the first time on this day. Sharon Kay Ritchie was the first Miss America to be honored with the song. When she married singer Don Cherry ("Band of Gold"), "There She Is" was part of the wedding ceremony.
1960 - Hurricane Donna struck the Florida Keys, with winds gusting to 180 mph and a thirteen foot storm surge. The hurricane then moved north along the eastern coast of Florida and inundated Naples before moving out to sea. Hurricane Donna claimed fifty lives, injured 1800 others, and caused more than 300 million dollars damage. The Marathon/Tavernier area was almost completely destroyed, and in the Citrus Belt, most of the avocado crop was blown from the trees. Hurricane Donna wreaked havoc from Florida to Maine, with wind gusts to 100 mph along much of the coast. Hurricane Donna produced wind gusts to 121 mph at Charleston SC on the 11th, and wind gusts to 138 mph at Blue Hill Observatory MA on the 12th. The hurricane finally died over Maine two days later, producing more than five inches of rain over the state.
It’s Now or Never - Elvis Presley
The Twist - Chubby Checker
Volare - Bobby Rydell
Alabam - Cowboy Copas
1961 - Mickey Mantle tied a major-league baseball record for home runs by hammering his 400th career round-tripper.
1963-Twenty black students entered public schools in Alabama
1964 - Rod Stewart recorded his first tune, titled "Good Morning Little Schoolgirl", for Decca. It was not one of his more successful recordings.
1965-Hurricane Betsy slammed Louisiana with wind gusting to 130 mph at Houma. There were 58 deaths and over 17,500 injured. The storm surge and flooding from torrential rains made Betsy the first billion dollar hurricane was losses exceeding $1.4 billion
1966-“Star Trek” premieres on TV. The first of 79 episodes of the TV series ‘Star Trek” was aired on the NBC network. Although the science fiction show set in the future only lasted a few seasons, it has remained enormously popular through syndication reruns. It has been given new life through six motion pictures, a cartoon TV series and the very popular TV series “Star Trek: The Next Generation” and “Star Trek: Deep Space Nine.” It has consistently ranked among the biggest titles in the motion picture, television, home video and licensing divisions of Paramount Pictures.
1966-“Tarzan” premieres on TV. This hour adventure series was based on Edgar Rice Burroughs’ character, who appeared for the first time on TV. Tarzan, an English lord who preferred the jungle, was played by Ron Ely. Manuel Padilla, Jr. was Jai, a jungle orphan, Alan Caillou was Jason Flood, Jai’s tutor and Rockne Tarkington was Rao, a veterinarian. There was no Jane.
1966- Beatles' "Revolver," album goes #1 and stays #1 for 6 weeks.
1966- “That Girl” premiered and it was a half-hour sitcom starring Marlo
Thomas as Ann Marie, an independent aspiring actress in New York City. Ted Bessell also starred as her boyfriend Don Hollinger. They were finally engaged in 1970. Also featured were Lew Parker, Rosemary De Camp and Bonnie Scott. Well-known performers who appeared on the show include Dabney Coleman,
George Carlin and Bernie Kopell.
1966-“ The Road Runner Show” premiered on TV. Meep! Meep! The Road Runner, a clever bird who always outwitted Wile E. Coyote and his Acme schemes, had his own cartoon series for three seasons. Other times, this character was on a show with Bugs Bunny called “ The Bugs Bunny/Road Runner Hour.”
1966- The Monkees' "The Last Train To Clarksville" is released.
1967-“Gentle Ben” premiere on TV. This show was about the adventures of a boy, Mark Wedloe (Clint Howard) and his pet bear, Ben. Also featured were Dennis Weaver as his father, Tom, a game warden. Beth Brickell as his mother Ellen, Jack Worley as Tom’s friend Spencer and Angelo Rutherford as his friend Willie. It was filmed on location in Florida.
People Got to Be Free - The Rascals
Born to Be Wild - Steppenwolf
Light My Fire - Jose Feliciano
Mama Tried - Merle Haggard
1971- At Metropolitan Stadium in Minneapolis, Harmon Killebrew becomes the tenth player to join the 500 home run club as hits the historic homer in the first inning off Mike Cuellar. Later in the game the 36-year old first baseman connects for #501, but 'Killer's' two round-trippers are to no avail as the Twins lose to the Orioles in 10 innings, 4-3.
1972 - Muhammad Ali defeated Ken Norton in a heavyweight boxing match and avenged a loss to Norton the previous March.
1972-The United States lost its first basketball game in Olympic history, snapping a streak going back to 1935, when the Soviet Union won the gold medal game at the Munich Summer Games, 51-50. The game was quite controversial. After the clock expired with the US ahead, International Amateur Basketball Federation officials intervened and required the referees to replay the last three seconds. This time, the Soviets scored to eke out the victory. US officials protest in vain. The American team refused to accept the silver medal.
1974 - Lou Brock of the St. Louis Cardinals broke Maury Wills’ 1962 major-league record for stolen bases in a season. ‘Lightning’ Lou stole his 105th base on his way to a career total of 938 stolen bases.
You Should Be Dancing - Bee Gees
You’ll Never Find Another Love like Mine - Lou Rawls
Let ’Em In - Wings
(I’m A) Stand by My Woman Man - Ronnie Milsap
1984 - The Federal Communications Commission changed the rules. The FCC allowed broadcasters to own 12 AM and 12 FM radio stations. The previous limit was 7 of each.
What’s Love Got to Do with It - Tina Turner
Missing You - John Waite
She Bop - Cyndi Lauper
Tennessee Homesick Blues - Dolly Parton
1986- During Billy Martin Day at Yankee Stadium, the Bronx Bombers retire uniform #1 to honor their scrappy second baseman and four-time manager.
1988-Steffi Graf wins US Open, 1st woman Grand Slam since Court (1970)
1989- After fifteen months of recovery from cancer surgery to his arm, Dave Dravecky pitches one-hit baseball for seven innings blanking the Reds to get the victory. The Giant bullpen holds on for a 4-3 win at Candlestick Park.
1989 - Light snow fell in Montana overnight, with three inches reported at Fairfield. Billings MT reported a record low of 33 degrees. Unseasonably warm weather prevailed in the northeastern U.S., with record highs of 86 degrees at Caribou ME and 90 degrees at Burlington VT.
1990 -19 year old Pete Sampras beats Andre Agassi to win the US Open
-First time in NY Yankee history they are completely swept in a season
series, Oakland A's beat them 12 games to 0
1995-Cyndi Lauper wins an Emmy for her guest appearance on "Mad About You..”
1997- In a 7-6 loss to the Giants, Cardinal Mark McGwire becomes only the second player in major league history to hit 50 home runs in consecutive seasons. Babe Ruth accomplished the feat twice in 1920-21 and 1927-28 seasons.
2002 --Sammy Sosa hits three home runs in consecutive at bats in the third, fourth and fifth innings tying a Cubs' record with nine RBIs established by Heinie Zimmerman in 1911. With his sixth career three-homer game performance, the Chicago right fielder also ties the major league record set by Johnny Mize and he also becomes only the fifth player in big league history to homer in three straight innings.
2003---Rafael Furcal becomes the 12th player to turn an unassisted triple play in
big league history. With runners on Cardinals on first (Orlando Palmeiro) and second (Mike Matheny) in the fifth inning, the Braves shortstop makes a leaping catch of pitcher Woody Williams' liner steps on second base to double up Matheny before tagging out Palmeiro who is attempting to get back to first base.
by Tim Peeler
Twelve and persistent
As the worst salesman
That ever stuck a toe in a door,
I began telling people at the church
That we were going to see the Braves.
Now the interstate to Atlanta was still
A long, strung-out thing back then,
But I told my buddy Coffey and the Hefners
And some of the men who stood out front
In ties and shirtsleeves,
Smoking by the wall before the service.
And soon it become known
That we were gong on an autumn Sunday,
With my frugal Dad, the dedicated minister,
Carefully picking a Lutheran church to attend-
More carefully than our field-level seats,
First base side, overweight Ken Johnson pitching
For the Cubs, the lanky Ron Reed for the Braves
In a bright afternoon of contrasts.
My head wheeled from side to side
In the round stadium, trying to take it
All in—the sheltered preacher's son,
A bit scared of all the beer drinkers,
Amazed at the wildness and color of it all,
The remarkable green open space of the field.
Then I turned away for a blink,
I missed the sudden pop of the ball as it left Aaron's bat,
Crashing in blue seats above
Chief Noc-A-Homa's tent.
I willed the trip, the game, the day,
Then blinked at a bright piece of history
--- with the permission of the author, from his
book of baseball poetry:
“Waiting for Godot's First Pitch”
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