Who is John Estok?---

by Christopher Menkin

Leasing News requested a photograph, but was told IFC Credit did not have one. In the past, when we make such requests and they are not forthcoming, we go to our “archives:”

John Estok in court, Dallas, Texas

IFC has been on a buying spree the last few years including Blue Dot Funding, Pioneer, First Portland, plus receiving good marks from its line where it has allegedly $9 million in NorVergence leases ( and reportedly another $3 million in investor programs), plus recently announced renewal of its $75 million revolving credit facility with Autobahn Funding Company, LLC, an asset-backed commercial paper conduit sponsored by DZ Bank AG Deutsche Zentral-Genossenschaftsbank.

The press release above basically says business couldn't be any better, and much of the success seems to be attributed to Mr. Estok, CLP, who reportedly expanded First Portland and is doing the same for IFC Credit in the “small ticket marketplace.”

Who is he?

First, he is a Certified Leasing Professional. He is one of 174 who passed the exam and has kept his certification current. This is a considered a prestigious designation in the leasing industry.

While is title on e-mail and other documents is “Executive Vice-President”, IFC Credit Corporation, Morton Grove, Illinois, the IFC web site and in the above press release, he is listed as "President, Small Ticket Group. Perhaps he is both, executive VP of the corporation and president of the “division.”

According to the biography on the web site, Mr. Estok, CLP, began in the leasing industry in 1972. It is assumed in Canada, although the time to 1985 is not stated. The biography notes he was president from 1984 to 1986 of the Equipment Lessors Association of Canada. He most likely served on the board prior to that. The California Finance and Leasing Association notes on its web site they were “...Established in September 1993 through the merger of the Canadian Automotive Leasing Association and the Equipment Lessors Association of Canada, with an initial membership of sixty-one.”

The IFC Credit web site notes Mr. Estok, CLP, from 1985-1991, was executive vice president of Norex Leasing, Burlington, Canada .

1991-1995, President and CEO of Industrial Leasing Corporation of Portland, Oregon. 1995-96,Executive Vice President and COO of Hitachi Credit Canada Inc., in Mississauga, Canada.

The press release above states, “After 15 years and recognizing that the name First Portland Corporation was being viewed increasingly as tied just to Portland, Oregon, the company registered its trademark FirstCorp in 1995. In 2003, First Portland Corporation was sold to IFC Credit Corporation, and IFC Credit has since continued to position its small ticket business under the FirstCorp brand.”

The IFC Credit web site notes Mr. Estok in 1996, “... moved from his native Canada to join FIRSTCORP dba First Portland Corporation,” when it appears the company then gained national prominence in the small ticket market, according to the IFC Credit press release. February, the company had completed its acquisition of First Portland

The Fall, 2003 IFC Credit Newsletter noted that John Estok had “…relocated to Morton Grove to lead IFC's operations, credit, collections, and IT staff.”

He has recently made the Leasing News editions due primarily to the NorVergence lease mess. The Federal Trade Commission is looking further into the events, particularly after the results:

“IFC's Lift Stay Motion (an attempt to obtain another 256 NorVergence Equipment Lease Agreements with a face value of approximately $15 Million on which they claimed that they obtained a security assignment from NorVergence and filed their UCC-1 on June 15, 2004), the Affidavit of John Estok in support of IFC's lift stay motion (where he acknowledges that the "matrix" boxes probably have no value without service included - which is why IFC did not seek to foreclose on the collateral "matrix" boxes, only the ERAs)

Recently there are questions regarding whether perjury was committed in a case involving NorVergence leases in Texas.

“The real issue with IFC's holdbacks is the filing of affidavits which lied about the amounts paid for the assignments. IFC filed affidavits in two different lawsuits which alleged that the entire assignment amount was paid, as opposed to the amounts which John Estok recently admitted in a deposition and in trial testimony to have been the amounts actually paid due to the holdbacks. The affidavit testimony was, therefore, perjury.”

Mr. Estok, CLP, on February 14 th asked “..48 hours to determine our response.” In all fairness, Rudoph Trebels wrote Leasing News it was not his company's policy to comment on matters in litigation, and perhaps that is why not response is forthcoming.

It appears Leasing News readers will have to wait for court transcripts, as they are public documents or the final out come of these contested matters.