The List—Up-dated “The List” --Mergers, Acquisitions, Changes, “The Good, the Bad and the Ugly”--- full Alphabetical List http://www.leasingnews.org/list_alpha_new.htm full Chronological List http://www.leasingnews.org/list_chron_new.htm Fourth Quarter, 2005 (abbreviated—the alphabetical and full chronological are on line as noted above) December IFC Credit, Morton Grove, Illinois (12/05) announces that its wholly-owned subsidiary, FPC Funding II, LLC, has completed the 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. (12/05) Rudy Trebels, President IFC Credit, issues statement to Leasing News:“...While we would like to provide our views to your commentary in The Leasing News, we feel that it's neither fair nor appropriate to discuss pending litigation or requests for more information in this forum. As you are aware, there are significant issues to be decided that could not only impact our company, but could have serious ramifications within the leasing industry. As such, we feel it is necessary to debate issues solely within the confines of the court system and not through the media. Hopefully in the not too distant future, we will be able to discuss these issues with you in greater detail." (11/05) (11/05) IFC Credit writes "Letter to the Editor" of Equipment Leasing Association ELTnews, basically stating: they have complied with material requested, but then also states at the end, “That information and other materials requested by the FTC are expected to be delivered to the FTC very soon which should resolve the requests of the FTC's Civil Investigative Demand.” (11/05) The Federal Trade Commission asks a federal judge Thursday to aid its efforts in investigating debt collection regarding NorVergence "Equipment Rental Contracts." Conrad & Associates, Carlsbad Ca—Bill Hanson ( former CMC exec.) (12/05) United States Bankruptcy Judge Dale L. Somers issues the following: "After reviewing the file and being duly advised, the Court finds the case should be dismissed for the following reasons: FAILURE TO FILE MISSSING/DEFECTIVE DOCUMENTS The case is therefore ordered DISMISSED." (11/05) CMC Bill Hanson files Chapter 7 Bankruptcy in Kansas .No real estate was claimed among his assets, and only listed were two accounts, less than $100 in one, and less than $500 in another, a television, bed, couch worth less than $500, and clothes less than $500, plus “Sole Stockholder WGTD Inc with a value of minus $200,000. He stated on schedule “I” his current income consists of $1,494 in monthly Social Security “government assistance.” http://www.leasingnews.org/archives/December%202005/12-09-05.htm#cmc Marlin Leasing, Mount Laurel, NJ (12/05) (12/05) CFO Bruce E. Sickel to resign employment with the Company effective March 3, 2006, says press release filed with SEC. Not mentioned was the $50,000 “stay” until March 3, 2006, employment to this date, followed by six month severance, plus some other “odds and ends.” George Pelose, General Counsel of Marlin Business Services, who was the contact for the press release, never returned any Leasing News telephone calls. It is suggested that readers go to Willis Lease, the last story in November, and learn about perhaps what may be a similar situation, but at Marlin: clouded and seemingly paid-off? There is certainly more to the story, especially if handled by an attorney and telephone calls to the media not returned. A highly reliable source tells Leasing News Mr. Pelose has not only been reading the stories printed here, but also has seen the following cartoons: http://www.leasingnews.org/archives/December%202005/12-19-05.htm#toon http://www.leasingnews.org/archives/December%202005/12-21-05.htm#toon http://www.leasingnews.org/archives/December%202005/12-28-05.htm#toon (11/05) announces the completion of its second term securitization. Marlin recently sold $96.9 million in asset-backed securities Certified Leasing Foundation (12/05) the total count on line is 173, according to Cynthia W. Spurdle, Executive Director of the foundation. At the beginning of the year, there were 223, with 221 active in the equipment leasing industry; a loss of 50, over 22%, despite the fact in 2005 that “15 leasing professionals that successfully passed the CLP Exam and received their CLP designations.” The actual loss, before new CLP's, would then be 65. Mount Pleasant Capital Corp. Warrendale, PA (12/05) introduces Franchise Qualifier, an online tools that help franchisors streamline the process of franchisee recruitment. By analyzing owner, business, and industry factors, Franchise Qualifier accurately assesses whether a new franchisee is likely to be successful. http://www.leasingnews.org/archives/December%202005/12-16-05.htm#bob Partners Equity Capital Corp (PECC) Horsham, Pennsylvania (12/05) announces that David Gerrard has been promoted to the position of Vice President and General Manager of their Technology Finance Business Unit. In his new role, Gerrard will have overall responsibility for the Technology Financing Group, including the development of new program partnerships and growth of existing manufacturer private label programs through PECC's revenue-generating lease programs and private label support. NetBank/formerly Republic Leasing of South Carolina (12/05) announces an affiliation between NetBank and Wall Financial Services, LLC (WFS), for WFS to provide secured lines of credit to NetBank's small business customers.Typical candidates for this product include established manufacturers, wholesalers, or other B2B business owners with a need for working capital. (11/05) NetBank reports $3.5MM Loss. The $3.5 million provision is based on a review of the underlying property values in a foreclosure and liquidation scenario. (11/05) NetBank Inc., the leader on the internet banking circuit with $5 billion in assets, considered one of the largest internet banks, said it had found "irregularities" associated with $13 million in mortgage loans; delays 3/4 report. CIT / Group (12/05) Chief executive Jeff Peek told The Business he plans to double its European assets to $ 20bn (B£11.6bn, E17bn) in the next three years. (11/05) agrees to sell its micro-ticket leasing business unit (Lease Finance Group), to affiliates of Cerberus Capital Management, L.P. and Goldman Sachs. The sale is consistent with CIT's continued focus on freeing capital for redeployment into targeted strategic growth opportunities. (10/05)In campaign to optimize our portfolio of businesses, CIT to divest approximately $290 Million of Non-Core Assets: approximately $190 million older vintage, out-of-production aircraft as part of its strategy to maintain a modern fleet capable of contributing positively to the company's risk-adjusted returns, accelerate the liquidation of approximately $100 million in manufactured housing receivables, other real estate interests Econocom USA, Inc., Memphis, Tennessee (12/05) provider of solutions for the finance and management of technology assets, announced that it has agreed to sell its lease portfolio to Meridian Leasing Corporation, a Chicago-based provider of IT asset and financial management solutions. Founded in 1979, Meridian Leasing, part of the Meridian Group, is a comprehensive single source for lease financing and used equipment solutions for IT equipment of all sizes, as well as a wide variety of other products. Main Street National Bank, Texas (12/05) Bob Quinn is no longer with Main Street Bank. He was not terminated for cause and he did not quit. That was all Quinn could say, according to our source. Leasing News asked Tom Depping if he would confirm or deny this? “No public comment on this.” Reportedly the man who originated the First Sierra concept was Bob Quinn, not Tom Depping. Bob Quinn approached Tom Depping in 1993 after Denrich was purchased by ATT Capital in December, 1992.Quinn did not feel ATT was dedicated to their Private Label Program so he approached Tom Depping as an old friend and business acquaintance about forming a new company to do nothing but Private Label. http://www.leasingnews.org/archives/December%202005/12-07-05.htm#bob November Willis Lease Finance, Sausalito, CA . (11/05) files its amended Form 10-K for the year ended December 31, 2004. Also noted in the filing "Monica J. Burke tendered her resignation as the Executive Vice President and Chief Financial Office of Willis Leasing Finance Corporation on November 30,2005 to be affected as of January 1, 2005. It is anticipated that Ms. Burke will remain employed by the Company through January 15,2006." The next paragraph notes that Robert Warwick has been appointed the position of Exec. VP and CFO as of January 1. He had worked for the Company as CAO since September 27,2005, and his accounting background is noted, including being the controller for San Mateo Times Newspaper Group and subsequently the Marin Independent Journal. Willis Lease issued a press release on December 6, "Willis Lease today announced that Monica J. Burke will be leaving the company's full-time employment in mid-January and has promoted Robert M. Warwick to Chief Financial Officer from Director of Finance effective January 1,2006." Of interest to readers this may be very similar to the Marlin Leasing announcement, except the Marlin CFO was rewarded with money, more time, and other benefits. The press release had the corporate attorney as the contact as the issue certainly appears poorly handled, although legally correct, perhaps? There is certainly more to the Marlin Story, particularly in comparison to how Willis Lease handled this apparently similar situation. (11/05) to delay third quarter 10-Q filing; As previously announced, the company will restate its financial statements for 2004 and the first and second quarters of 2005. Until the restatements are completed, the company will not be in a position to finalize its financial statements for the third quarter of 2005. Merrill Lynch Financial (11/05) Parent to Acquire WordWave, Inc., a leading provider of litigation support, court reporting, captioning and transcription services for law firms, courts, governmental agencies and corporations worldwide.This acquisition is Merrill's single largest strategic business transaction to date. WordWave is currently owned by Berkshire Partners LLC and Highland Capital Partners, both Massachusetts-based private equity firms. Specific details of the agreement have not been disclosed. The deal is expected to complete by December 31, 2005 and is subject to submission and approval of the governing regulatory agencies. Equipment Finance Group, Fresno, Ca. (11/05) Wheeler tells Leasing News the Fresno Bee story is “erroneous.” He did confirm he was interviewed by the Fresno Police, but explained the three examples were not correct. He expects no legal action. Vendors , seeking payment, who recently visited the office wrote Leasing News: “They are down to one inside sales person, and do not answer the phone. I am told Ken Wheeler comes in around 9:30 to 10:00am, stays to 11:00am, and then goes to his favorite restaurant-bar, returning at 2:00pm and then leaves around 3:00pm to 3:30pm every day. I am also told he has health problems.” http://www.leasingnews.org/archives/November%202005/11-22-05.htm#wheel http://www.leasingnews.org/archives/November%202005/11-21-05.htm#efg (10/05) Leasing News received many e-mails that brokers and vendors could not reach the Equipment Leasing Group in Fresno, California, that the telephone was disconnected. Wheeler says changing telephone systems, down for ten days? (10/05) named to the Inc. 500 a list of the fastest growing companies in the nation for 2005. With the three year revenue increase of 1,450% EFG Leasing Inc. was the #48 fasting growing company. Summit National, Illinois (11/05) concessions and compromises regarding the original leasing software company Summit National, Chicago, Illinois, dispute with Daimler Chrysler, which Summit President Ken Duffy, Sr., said forced the company to fill bankruptcy earlier this year. Willis Lease Finance, Sausalito, CA . (11/05) files its amended Form 10-K for the year ended December 31, 2004. Also noted in the filing "Monica J. Burke tendered her resignation as the Executive Vice President and Chief Financial Office of willis Leasing Fiance Corporaiont on November 30,2005 to be affected as of January 1, 2005. It is anticipated that Ms. Burke will remain employed by the Company through January 15, 2006." The next paragraph notes that Robert Warwick has been appointed the position of Exec.VP and CFO as of January 1. He had worked for the Company as CAO since September 27,2005, and his accounting background is noted, including being the controller for San Mateo Times Newspaper Group and subsequently the Marin INdependent Journal. Willis Lease issued a press release on December 6, "Willis Lease today announced that Monica J. Burke will be leaving the company's full-time employemnt in mid-January and has promoted Robert M. Warwick to Chief Fianncial Officer from Director of Fiancé effective January 1,2006." Of interest to readers this may be very similar to the Marlin Leasing announcement, except Bruce Sickel was rewarded with money, more time, and other benefits. The press release had the corporate attorney as the contact as the issue certainly appears poorly handled, although legally correct, perhaps? There is certainly more to the Marlin Story, particularly in comparison to how Willis Lease handled this apparently similar situation. (11/05) to delay third quarter 10-Q filing; As previously announced, the company will restate its financial statements for 2004 and the first and second quarters of 2005. Until the restatements are completed, the company will not be in a position to finalize its financial statements for the third quarter of 2005. Tech Com (Universal Equipment), Southern California (11/05)United States Attorney for the District of Maryland Rod J. Rosenstein announced that today United States District Chief Judge Benson E. Legg sentenced Ernest Robert Reinhardt, age 35, to 70 months in prison followed by 3 years of supervised release and Byron Allen, age 35, both of Orange County, California, to 37 months in prison followed by 3 years of supervised release in connection with their conviction. Chief Judge Legg also ordered that Reinhardt pay restitution in the amount of $862,044 and that defendant Allen pay restitution in the amount of $712,865. http://www.leasingnews.org/archives/December%202005/12-09-05.htm#ernie TCF Financial Corporation (11/05) to apply for bank in Arizona. TCF is a Wayzata, Minnesota-based national financial holding company with $12.7 billion in assets. TCF has 442 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana. Other TCF affiliates provide leasing and equipment finance, securities brokerage, and investments and insurance sales. RW Professional, Long Island, NY (11/05) (11/05) The former branch manager, Myrna Katz of Long Beach, pleaded guilty to making false statements and will be sentenced in January. Four R.W. principals - Rochelle Besser, her brothers Adam and Roger Drayer, all also of Long Beach, and Susan Cottrell, of Mansfield, Mass. - also have pleaded guilty. Another principal, Barry Drayer of Wellesley, Mass., is scheduled to be tried in January before U.S. District Judge Arthur Spatt, along with Stephen Barker of Lake Forest, Calif., the owner of Carefree. Katz's attorney, John Wallenstein, didn't immediately respond to a request for comment. Steve Zissou, one of Barry Drayer's attorneys, said his client is "innocent, and we're going to show that at the trial ... Barry was a salesman." (10/05) Trial postponed for the sixth time. Readers tell Leasing News the key officers will not see any jail time, but will walk. The stall, postponement and deal making have been reportedly the modus operendi as happened at Old Kent, CIT, Sierra Cities, among others. Lease Corporation of American, Troy, Michigan (11/05) Receives approval from the State of Utah for an industrial bank.Lease Corporation of America, founded in 1988, is a private multi-million dollar full service commercial leasing company providing financial solutions for distributors and manufacturers of equipment, funding for a select group of equipment lease brokers and delivering quality assets to financial institutions and other investors throughout the United States. Since its inception, Lease Corporation of America has funded in excess of $405 million of equipment leases involving more than 45,000 transactions. NorVergence, New Jersey (11/05) Popular Leasing receives ruling requested as the St. Louis court found "that NorVergence has no interest relating to the subject of the action [in Missouri] and is not, therefore, a necessary and indispensable party." (11/05) 10,629 NorVergence Leases in Contention.Allegedly 1,371 NorVergence lessees to date have been offered settlements, out of an original estimated 12,000. This does not include the FTC win of $47 million dollars of “uncommitted” signed leases. Leasing News for 30 days has been trying to obtain the statistics in number and dollars of how many lessees accepted the settlements,as they were to do so in 30 days and then the leasing companies to report to the AG's office within 30 days in a specific time frame. (11/05) Hon. James Ryan of the Circuit Court of Cook County, IL, 3rd Municipal District, issues his third decision and order dismissing suits by IFC Credit Corp. against consumers who had NorVergence Rental Agreements ("NRA") assigned to IFC. Judge Ryan held that the forum selection clause in the NRAs was "unenforceable because it offends the public policy of fundamental fairness" and, therefore, the Illinois courts have no personal jurisdiction over the out-of-state defendant QuickTrak, Beaverton, Oregon (11/05) QuikTrak Board of Directors unanimously voted to place Matt Hennessee on indefinite administrative leave status from his position as president, CEO and director. No one has heard the full story or from Mr. Hennessee about the newspaper story. (11/05) Matt Hennessee, President and CEO, also an active pastor, civic leader, is accused of sex abuse in the “Oregonian” newspaper. Pawnee Leasing Corp., Fort Collins, CO (11/05) cars4U Ltd, Toronto, Canada (company traded on the Toronto Stock Exchange) signs agreement to acquire company. For more that 20 years, Pawnee has been a leader on the start-up and near prim finance market throughout the United States." For the year ended June 30, 2005, Pawnee had income before taxes of US$8.9 million." Pawnee's senior management team to continue in their roles with Pawnee. In addition, Rob Day and Sam Leeper, Pawnee's Chairman and founder, and CEO respectively, will be among the trustees for the income fund. Gary H. Souverein to remain as president/COO. Leasing News has exclusive interview: Independence Community Bank Corp (11/05)signs agreement for Sovereign Bancorp signs agreement to acquire 100% of the Brooklyn, New York, for $42 per share in cash, representing an aggregate transaction value of $3.6 billion.Ira Romoff head of leasing company, says he is excited about the merger. October Orix Financial (10/05) Los Angeles, CA., firm Houlihan Lokey Howard & Zukin, an international investment bank, announced that it has agreed to join forces with ORIX (02/05) Microfinancial/Leasecomm (10/05 a net loss for year-to-date for September 2005 at $2.5 million, compared to a lost of $14.8 million for the same period last year. Year to date revenues for the nine months ended September 30, decreased 36.7% to $30.4 million compared to $48.0 million for the period in 2004. (10/05) verified that Microfinancial has sold Transaction Enabling Systems, most likely in September.
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