Terminal Marketing/Wells Fargo “Hell and High Water Contract”

“Thanks for posting the depositions from the Wells Fargo litigation, which

will help the little guys mount an effective defense against Wells Fargo

rather than make the 'economic decision' and pay greenmail.

“ We just sent you the O'Connor Deposition, the Wells manager on the spot during Oct, Nov, Dec, Jan 2000-01 when the fraud occurred.  This one lays bare the people and

documents at the actual lease assignment level - the point when Terminal

Marketing Company, Inc. supposedly assigned leases to Terminal Finance Corp

II and Wells Fargo facilitated investors providing funding with the TFCII

leases as collateral.   What information was available to Wells at the point

of supposed assignment?

“The dirty little secret is admitted to - that Terminal Marketing was Wells'

servicing agent for the lease-level actions in the portfolio.  Wearing this

"hat" Terminal Marketing had a legal duty to tell Wells what was going on

with the trust assets, the instant after the point of assignment.  What

about the instant before, or the many instants going back to 1995?  Is the

court going to permit Terminal Marketing to lean on one buttock (servicing

buttock) and know the status of the leases but lean on the (assignor)

buttock and not know?  We don't think so.

“But the key hurdle to obtain a ruling that knowledge was imputed to Wells

based upon the legal duties of Terminal Marketing as servicer and seller and

the multiple roles , going back to 1995.  What roles?  Wells' litigation

position "We are the Indenture Trustee, with limited, ministerial duties"is

a knowing misstatement used to bluff defendants and mislead the courts. 

Wells Fargo handled the lockbox (deposits) account, was the back-up servicer

with oversight of Terminal Marketing, worked with Terminal Marketing

personnel in the joint production of financial reports, and also worked for

TFCII as "note administrator."  These multiple roles are not ministerial,

they involve oversight and access to Terminal personnel and files.  A ruling

that Terminal Marketing was appointed "agent" for lease level activities

would normally impute knowledge to Wells - and defeat their aspirations of

collecting from the victims rather than their former business partners at

Terminal Marketing.”

Keep in Touch

Dale Washington

714 593-2317

Please find attached the final transcript of Eileen O'Connor taken

Wednesday, July 14.

http://two.leasingnews.org/loose_files/OCONNOR.htm