Friday, September 7, 2007
Headlines--- Correction: ---Gerry Egan: Video ######## surrounding the article denotes it is a “press release”
---------------------------------------------------------------------- Correction: Sales makes it Happen---Gerry Egan: Video The early editions had a link that did not work. http://forequipmentleasing.com/SalesMakeItHappen/GerryEganSalesMakeItHappen1.wmv
---------------------------------------------------------------- Number One Rumor
NetBank Business Finance...where are they? The last we heard No one is talking on the record to Leasing News...The last we
---------------------------------------------------------------- My son Dash
The above picture was taken when Dash graduated the Great Lakes Naval Training School, perhaps five years ago. I like it because it shows him with his arm around me. To you who still have a father alive, let me tell you that is the best Father's Day present you can give: put you arm around him and let him know how much you love and appreciate him. “...currently I'm in charge of my new boat unit ... #42 that's my crew #42. We are under Coastal Warfare, Squadron 4... we are so new no one knows anything about it. “It is funny. My crew is made of 8 crackerjack sailors...die hard guys... “We will be ‘Brown Water Sailors’ after all our extensive training. The US Navy has been training units in infantry fighting. Orders have come down; they are going back to Iraq in November. While there may be a possible cut back in other armed forces, the Pentagon has been training other personnel to take over duties of infantrymen. The Riverene units are looking forward to going back into action. Morale is very high among the fighting men and women, my son
---------------------------------------------------------------- No word from Marlin Leasing by Christopher Menkin A Sarbanes-Oxley filing on Bill Waddell, the last co-founder to leave, Yes, the picture in the story was not Bill Waddell, but “Colonel Mustard” from the movie “Clue.” http://www.leasingnews.org/archives/September%202007/09-05-07.htm#marlin
“Hey Kit....Waddle has a striking resemblance to Eric Idle....even has the same Tux “http://www.robertaonthearts.com/id400.html You'll need to scroll down the page a bit to see the right picture....” Gary Holden For one day, the announcement of entering an amendment of its $100 million Series 2002-A warehouse financing facility structured with JPMorgan Chase Bank, NA. brought their stock up for a day, but the next day, Thursday, it hit another low:
Closing Price ($): 16.58 "The (JPMorgan Chase Bank) amendment included a $75 million increase in the committed amount for a total commitment of $175 million and added Marlin's Business Capital Loan Product to the borrowing base. This facility which matures in March 2009 provides financing for Marlin's lease and loan originations. Marlin has total available warehouse commitments of $340 million," the press release stated.
"The increase of this facility is a reflection of Marlin's solid underwriting discipline, credit performance and its strong relationship with its funding partners," said Daniel P. Dyer, Chairman and CEO of Marlin Business Services Corporation (in the press release.) "We could not be more pleased with the closing of this facility as it supports the future growth of our core leasing product and our new Business Capital Loan product." The statement does confirm Leasing News information in the August 20th "Blood Bath at Marlin Leasing:" "The reported thrust today at Marlin Leasing appears not to be factoring, and actually leasing is not the main item, but unsecured business capital loans from $10,000 to $50,000. Marlin supposedly sees this as a necessity in today's money market and that is what they are pushing. The factoring operation is no longer being emphasized and unsecured business loans is the main mission, Leasing News was told. Broker business had been their main stay, although played down in their quarterly filings. By the way, included in the broker business are large "broker/lessors," reportedly such as Five Point Capital, San Diego, California, who does a minimum of $1.5 million a month and has had highs of $2 million a month, three highly reliable sources told Leasing News..." http://www.leasingnews.org/archives/August%202007/08-20-07.htm#marlin ---------------------------------------------------------------- Classified Ads---Controller
Boca Raton, FL West Palm Beach, FL To place a free “job wanted” ad here, please go to: For a full listing of all “job wanted” ads, please go to: ---------------------------------------------------------------- Archives, August 6,2001--- Private Label Recourse Broker LN: You have addressed what can go wrong at the funding source level in a Recourse relationship, what can go wrong on the broker side? CL: First of all, to become a Private Label Recourse Broker, the broker has to be able to produce high volume, have a good credit shop and strong financial statements to prove the ability to honor repurchases if reserves held by the funding source are depleted. From my experience, most recourse brokers have always honored their agreements and closed their portfolios as agreed. They operate clean shops since they know they are handling their own money and they have to pay for their mistakes. However, we also have to face the fact that a dishonest recourse broker can rape the funding source. Once the recourse relationship is started with a funding source and everyone starts getting warm and comfortable with each other, a dishonest broker can do undisclosed split deals since his CBR is the only one pulled and it can be used to send the parts of the deal to multiple sources. In addition, the broker can manipulate portfolio repurchases by making the monthly payments in behalf of the lessee. The money to make these monthly payments can come from early payoffs if the broker does not forward the payoff to the funding source. It becomes a case of money management on the part of the broker with the hopes that profits will get him out of the hole. I had to fire several sales reps at Lease Pro for various tactics like doing a "cut and paste" on a credit score and sending multiple purchase option letters to a lessee and then using the $1.00 one when the pricing was based on FMV for their commission purposes. There were only a few, but I did not know about the purchase option problems until the deal paid out early one month and I had to eat the loss. The rep got fired and documentation took over the responsibility to verify all parts of the deal in the phone audit including the purchase option. You never know if it is true or rumors, but I have heard of brokers doing a cut and paste on a BK CBR by cutting off the beginning and ending lines and pasting the CBR of another good applicant in the middle. BK to a Beacon of 735 in two minutes with 20 excellent trade lines. If the recourse broker is responsible for collecting sales taxes and personal property taxes and remitting them to the taxing authorities, the temptation has to be tremendous since most taxing authorities could not find missing tax payments unless they were soaked in perfume and stuck up their noses. And now for my editorial--Until the large funding sources start prosecuting fraudulent brokers and lessees, fraud will continue to grow since there is no punishment. I saw over $750,000 of fraud deals go down while employed by First Sierra from a vendor in Southern California that popped on Kit's newsletter a few months ago with a new company name. First Sierra management made a decision to wait and see if the lessees would make a few payments instead of prosecuting them or the vendor. While investigating these frauds on behalf of First Sierra, I found the same vendor had placed similar deals worth millions at Advanta, Copelco, American Business Credit, and several brokers had placed these deals at Colonial Pacific and Manifest, but not one single company ever filed criminal charges against the broker, vendor or lessees to my knowledge. Saving face, avoiding lawsuits and hoping to collect a few bucks is more important to most funders than stopping the bad guys once and for all. This is a major reason why we have dishonest brokers, vendors and lessees. Crime without punishment just breeds more of the same so funders get ready for more and increase more reserves. Another war story--one of my analysts at Lease Pro found that a vendor in Texas was a total fraud and since we saw Copelco's inquiry on the CBR, we called to notify them of the problem. They checked and sure enough agreed. Their punishment for the vendor---they flew down to Texas and took back the plaque they given him as one of their best vendors the year before. Even worse, we notified ATT of the problem and found out six months later that they were still doing business with the vendor. When I talked to the broker manager, she said they had placed restrictions on the vendor to make sure they only sent good business and they needed the good business to cover the fraud deals already on the books. GO FIGURE!!!! To all the sources above, don't threaten a lawsuit, I am so well documented you would be embarrassed even more in Leasing News. More personal editorial--the fraud and deception in the leasing industry caused by a very, very small but highly efficient number of brokers and vendors is one of the major reasons I left the leasing industry last year. I can tell you it is nice to work in a financial niche market where fraud is minimal and you don't have to take more than 5 tranquilizers a day. Thanks for your time and good selling, Charlie Lester Part I Part II
---------------------------------------------------------------- We catch ‘em!
LeasePolice.com specializes in providing anti-fraud information for the equipment leasing industry. If you know or are aware of a fraudulent or suspicious vendor or lessee, please respond to this email with some of the basic information on the parties involved. Your contribution will remain confidential and will help insure the profitability of our industry. Please respond to this email and provide the following information on any know fraudulent party: Suspect Company: Please Give Us Your Comments on this Vendor or Lessee: --- If you would like further information on LeasePolice.com or would like to subscribe, you can contact me by email, phone or directly on the web at www.LeasePolice.com. LeasePolice.com is designed to help industry professionals like yourself to avoid bad vendor and lessee relationships. Best of all, LeasePolice.com is currently free!
-------------------------------------------------------------- October Leasing Association Major Conferences
Annual Conference & "Expanded" Exposition Hilton Tucson El Conquistador Golf & Tennis Resort, Tucson, AZ Conference Exposition Come on out to the Wild West of Tucson, AZ for UAEL's Annual Conference & Exposition. Not only are the traditional exposition booths available, but also a new frontier for UAEL, the panel discussions! Panel Presentation spaces are limited. For more information regarding a panel space please contact our conference co-chairs Jim Merrilees, CLP at (503) 214-3005 and Curt Lysne, CLP at (949) 399-6395. Curt Lysne, CLP and Jim Merrilees, CLP Register for a booth and panel presentation using the online Conference Registration form. For questions about the exposition please contact Kim at the UAEL office Hotel Registration The room block is filling rapidly! Make your hotel reservations at (520) 544-5000 To opt out of UAEL promotional emails please reply back to this email address info@uael.org UAEL http://www.uael.org/events/annual/event.php?event=1 ------------------------------------------------------------- October 28-30
Capital for a Changing World Download complete Convention Brochure --------------------------------------------------------------
Leasing Industry Help Wanted Business Developement Specialist
Credit Officer
EFD Credit Officer
Relationship Manager
---------------------------------------------------------------- CIT expands opens new office in Ireland
In Leasing News March 2, 2007 exclusive interview with Thomas B. Hallman, CIT Vice Chairman, Specialty Finance, regarding the strategic vision behind CIT’s acquisition of Barclays UK and German vendor finance businesses, Hallman outlined the success of his program: "We developed a core set of principles," he explained, "unifying sales and credit. We took our model to other countries, hired local sales and credit talent and trained these ‘in country’ operations so well that they began to train new employees in other countries as we expanded."
The base of the operation was out of Blackrock, Dublin, Ireland, which has grown from 200 employees to now 450 employees. CIT announced this week "...a further expansion of CIT’s existing Blackrock facility... driven by the growth of the company’s Vendor Finance business across Europe, and represents a key part of the strategy for CIT’s global Vendor Finance business. "CIT’s Blackrock facility serves as the hub of the Company’s growing Vendor Finance business in Europe, which provides companies such as Dell, Microsoft and Avaya with finance options for their customers. The Dublin hub first opened in 1999 with seven employees and has since grown to more than 450. This growth is directly correlated to the increase in the Company’s customer base which has grown from 12,000 in 1999 to 200,000." "Capital Redefined is based on what we do best...deliver relationship capital, intellectual capital, and financial capital to our customers, ," said Jeffrey M. Peek, CIT Chairman and CEO, formerly a successful Merrill-Lynch executive.” We know the middle market and understand that our customers expect more than just ‘traditional financing’." “Our investment in Dublin is central to our European expansion plans, and instrumental to our international growth strategy, “he outlined.” The international arm of CIT’s Aerospace business is also located in Dublin and, together with our European Vendor Finance operation; we now have in excess of €6.5 billion of assets serviced in Ireland. Earlier this year we set a goal to increase our international assets to 25%; I am pleased to report we are on target to accomplish this in large measure due to the success of our European business.” Cormac Costelloe, Managing Director CIT Vendor Finance Europe, said, “Our Dublin hub is vitally important to our European Vendor Finance business. Working from a single location, and on a single platform, we are able to deliver a highly consistent level of support to our vendors and customers across all of the 18 geographies that we serve. The ability of our employees to consistently deliver excellent customer service to our Vendor Finance customers has been key to growing our European business.” (If anyone has photographs on the “grand opening,” Leasing News ---------------------------------------------------------------- Australian Equipment Firm Emeco Holdings Posts $56.1 Million Earnings (RTTNews) - Australian Earthmoving equipment leasing company Emeco Holdings posted an increase in net profit for the year and says it expects revenue growth beyond $1 billion within four years. The Perth-based company recorded a 147 percent increase in net profit of $56.1 million for the year. Revenues jumped 45 percent to $554.4 million.Emeco managing director and chief executive Laurie Freedman said the company was confident the resources growth would help it double revenues to within four years. "The leadership group has a preliminary target of taking this to $1 billion," she said Emeco, which rents large earthmoving equipment to the mining and construction industries gets more than three-quarters of its revenue from Australia. --------------------------------------------------------------- Fitch SMARTView: 10 U.S. ABS Equipment Leasing/Loans Transactions Placed Under Analysis CHICAGO----Following its monthly surveillance review, Fitch identified 10 of its $8.3 billion U.S. ABS Equipment Leasing/Loans transactions as 'Under Analysis', indicating that Fitch will be issuing a rating action within 30 days. Twenty-two Equipment Leasing/Loans transactions were designated with a SMARTView date of Sept. 5, 2007, indicating that no immediate action is necessary. www.fitchratings.com/smartview. SMARTView, a recent addition to Fitch's Structured Finance Surveillance, Metrics, Analytics, Research, and Tools (SMART) products, monitors collateral performance in structured finance bonds providing investors greater insight to Fitch's internal analytic screening process and furthers transparency by publicly identifying the deals that Fitch has identified as requiring an immediate review. As Fitch receives monthly information on structured finance transactions from trustees and servicers, Fitch analysts run the data through various internal algorithms that identify classes of a transaction as possible candidates for upgrade or downgrade. Fitch's analysts scrutinize the output to decide which deals need a formal review, which are noted as 'under analysis', and those deals which can be given a SMARTView date. SMARTView is available on the Fitch Ratings web site at www.fitchratings.com, along with the report titled 'SMARTView, Fitch U.S. Structured Finance Monthly Public Reviews'. Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site. ### Press Release ########################### CHP Consulting adds two business analysts to its North American Team
PROVIDENCE, R.I., – CHP Consulting, the leading provider of software and services to the global asset finance industry, today announced the appointments of Lily Zachariah and Tobias Long to its North American team. As Business Analysts, their responsibilities include software development and client counsel and support. Both Zachariah and Long initially will be working with CHP client Textron Financial to develop a customer Web portal for its equipment leasing service. “Recruiting top people to support our clients is critical to CHP’s long-term success in North America and we are very excited to add Lily and Toby’s talents to the team here,” said Justin Cooper, president, CHP Consulting North America. Zachariah, with a degree from Montclair State University, joined CHP from Meezon Software Corporation in New Jersey, where she developed Web-based management systems for the healthcare industry.
Long worked previously for Hewlett Packard’s Information Management Practice in Chicago and Washington D.C. He has an engineering degree from the University of Michigan. “We’ve joined an exciting team where every member’s contributions are valued and we’re all focused on producing quality software and business solutions that work for each client,” Long said.
Zachariah added, “I joined the team because of CHP’s strong reputation. I look forward to contributing my experience to produce a great end-product for asset finance companies – the ALFA Systems technology platform.” About CHP Consulting CHP Consulting is the leading provider of software and services to the global asset finance industry. Its ALFA Systems platform is used by top auto, asset and consumer finance organizations worldwide. ALFA is a fully scalable, enterprise wide solution for the finance industry, providing end-to-end integration, flexible sales channel support and workflow automation. CHP's class-leading software and in-depth industry experience allow for an exceptional delivery record. Areas of expertise include equipment finance, motor finance, fleet management, vendor finance, asset management, consumer finance and structured finance. CHP was founded in 1990 and has offices in Chicago, London and Sydney, Australia. For more information on CHP, visit www.chpconsulting.com. ### Press Release ########################### Marubeni Acquires Canadian Trailer Rental and Leasing Company, Train Trailer Rentals, Ltd Tokyo, Japan, Sept 5, 2007 - (JCN Newswire) - Marubeni America Corporation ("MAC") announced that is has acquired 100% equity ownership of Train Trailer Rentals, Ltd. ("TTRL"), a Mississauga, Ontario based trailer rental, leasing and service company from TTRL's founders. TTRL has been the leading choice of Hire Trucking and Private Motor Carrier Industry for dry vans, refrigerated trailers and container chassis in Canada for more than 35 years, resulting from its commitment to supplying the highest quality and most dependable equipment for either short term rentals or long term leases. TTRL's strategically located, full service facilities in Mississauga, Ontario and Calgary, Alberta, enable it to provide high quality maintenance and repairs and fast over-the-counter parts sales to its nationwide customer base. MAC has a long history of commitment to the leasing industry in North America, and currently owns several leasing companies including a specialty vehicle lessor and a railcar lessor. With its acquisition of TTRL, MAC has positioned itself to become a leading provider of leasing solutions to the cold supply chain market in Canada as it did in the U.S. with its subsidiary there, PLM Trailer Leasing ("PLM"). PLM is the leading company in reefer operating leasing business in U.S. MAC will enjoy the synergies derived from the increased purchasing power and operational efficiencies between TTRL and PLM as it expands its North American trailer leasing operations. With its acquisition of TTRL, as well as other recent acquisitions, MAC has strengthened its position as a leasing industry leader. ### Press Release ########################### Equipment Leasing and Finance Association Announces Lease Accountants Conference Washington, DC——The Equipment Leasing and Finance Association’s (ELFA) Lease Accountants Conference will be held September 17-19 at the Renaissance Chicago Hotel, Chicago, IL. The meeting will bring together accountants, CFOs, controllers, tax managers, treasurers, finance directors and others responsible for financial reporting activities, as well as business professionals and advisors who must be familiar with the impact of accounting on their business activities. The keynote address will be presented by Arthur R. Wyatt, Ph.D., whose professional contributions have had far-reaching effects in public accounting and accounting policy-setting. A highly regarded elder statesmen, Dr. Wyatt was a member of the Financial Accounting Standards Board (FASB) from 1985-87 and the U.S. representative on the International Accounting Standards Committee from 1988-93. He chaired the committee from 1990-93. He was inducted into the Accounting Hall of Fame in 1998. Upon his retirement from Andersen in 1993, Dr. Wyatt returned to his first love, teaching, as an adjunct professor of accountancy at the University of Illinois, from which he recently retired. “We are very pleased to present the premier accounting event for equipment finance professionals. Accounting is a cornerstone of business and an important assurance to investors, lenders and customers and ELFA continues to provide the best in such specialty programming. We are honored to have noted accounting expert Dr. Wyatt present the keynote address at this sought after event,” said ELFA president, Kenneth E. Bentsen, Jr. Conference participants will also benefit from the following specialty programming: For more information on the ELFA Lease Accountants Conference, including a downloadable conference schedule and registration form, visit About ELFA ### Press Release ###########################
News Briefs---- Quarterly Foreclosure Rate Again Sets Record Rates on 30-year mortgages edge up First National St. Louis is among first banks to offer tap-and-go debit cards Apple CEO Jobs apologizes for iPhone price cut ---------------------------------------------------------------
You May have Missed--- 40% of Arctic ice cap will be gone by midcentury, Seattle scientists say ----------------------------------------------------------------
“Gimme that Wine” Sky Vineyards; off the map in Napa Pinot Noirs Long on Passion if Not Years/Santa Cruz, CA Wine Prices by vintage ----------------------------------------------------------------
Calendar Events This Day Brazil: Independence Day Grandma Moses Day Lighthouse Day Neither Snow nor Rain Day Saint feast Days
http://www.catholic.org/saints/f_day/sep.php ----------------------------------------------------------------
You will burn about 7% more calories walking on hard dirt than on pavement.
----------------------------------------------------------------
Today's Top Event in History Today’s Top Event in History 1936-Birthday of Singer Buddy Holly [headlines]
This Day in American History 1816, Teabout and Chapman launched the Frontenac, the first steamboat “ to sail” on the Great Lakes , revolutionizing shipping. *** The airplane Buddy Holly died in was the "American Pie." (Thus the name of the Don McLean song.) 1. One of the hoaxes on the internet: http://www.americanleasing.com/resources/virus/index.html Both the Buddy Holly internet pages and Don McClean internet pages, with analysis of the lyrics, actual Civil Aeronatics Review of the crash, and all the information you would want to know report the plane was a rented plane, the crash was pilot error, and the name of the plane was not "American Pie." This is a response from an e-mail to the administrator of the Buddy Holly Fan Club page:AS IN AS AMERICAN as apple PIE a reference to the loss of innocence "I don't want you to pledge your future,the futures not yours to give ............" - Don McLean There are two other opinions, but both are "not confirmed" and also do not apply to the lyric analysis on the Don McLaren Home page. They are also sent around as trivia, but they are also false. Don McLean dated a Miss America candidate during the pageant ( not confirmed) The Annotated American Pie From: rsk@gynko.circ.upenn.edu (Rich Kulawiec) **Don McLean dated a Miss America candidate during a pageant and broke up with her on February 3, 1959 ( not confirmed ). http://www.levitt.co.uk/interpret.html The name of the plane or an ex-girl friend: These interpretations are off base. If you listen to the song, you will realize it could never been a homage or reference to a rented aircraft by an inexperienced pilot who had very little experience in flying in the weather by instruments on this small aircraft . -------------------------------------------------------------- Baseball Poem
-------------------------------------------------------------- SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? http://leasingnews.org/Soduku/soduko-main.htm -------------------------------------------------------------- Daily Puzzle How to play: Refresh for current date: -------------------------------- |
||||||||||||||||||||||||
Independent, unbiased and fair news about the Leasing Industry. |
||||||||||||||||||||||||
 |
||||||||||||||||||||||||
Editorials (click here) |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Ten Top Stories each week chosen by readers (click here) |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Cartoons |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
 |
| 
