Dubai Aerospace Enterprise, Dubai (12/06) ---will invest between $1 billion and $3 billion to establish an aircraft leasing business

    Burr-Wolf (Houston, Texas) (12/06) Leasing service company on property and sales tax closes, 240 employees in 18 offices let go.


     Equiplease (10/06) Autobahn Funding Company, LLC and NewStar Financial, Inc. increase their commitment from $100 million to $175 million.


    NorVergence, New Jersey (09/06) FTC files injunction against two key officers: Peter Salzano (in addition Thomas N. Salzano (08/06) Under New President Fred Van Etten-- Popular Reaches $15.3MM Settlement (08/06 AG Spitzer now at $20 MM settlements (08/06)NY AG Spitzer gets Nine more (07/06) NorVergence Bankruptcy Trustee Sues 26 Banks/Officers FTC Brook explains what they are looking for http://www.leasingnews.org/archives/March%202006/03-29-06.htm#trade (3/06) NY settlement 67% http://www.leasingnews.org/archives/March%202006/03-24-06.htm#norv (3/06) NorVergence BK charges Salzano wife charged $135,628 to corporate Amex Card (3/6) NorVergence BK charges Salzano son stealing $1/2 MM (2/06) more lessees accept settlements (1/06) Various cases, FTC serves CID on some leasing companies to learn about accounting, insurance, personal property tax. (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. ( 9/05) Lessee Gets Stay pending other court actions, sets precedent? (9/05) NorVergence 1450 member Class Action Certified in New Jersey (9/05) Texas win and others regarding venue provision creates lessee war cry: “ We are coming for the rest of the LC's now! ” (7/05)--Randy Brook of FTC wins 47 million dollars of “uncommitted” signed leases, with claims against the receivables, assets. (6/05) FTC Asks for $181 Million NorVergence default judgment plus to negate other AG settlements for full amount; hearing set for July 18, 2005. We were criticized for calling this a “soap opera,” but it truly is, except no love interest. http://www.leasingnews.org/archives/June%202005/6-28-05.htm#norv (6/05) Attorney Green to file Appeal on NorVergence Class Action Denial (6/05) Add Massachusetts to Illinois and Texas dismissing all NorVergence leases because BK receiver failed to appear in court (6/05) Florida AG case thrown out of court, next day, he appeals it. (5/05) $23 million more in settlements (5/05) GE and CIT make settlements in other states. (4/05) Reportedly defaulted leases push Preferred Capital into receivership. Several other leasing companies hit with large portfolio losses. (03/05) Thirteen state AG's jump on Preferred Capital venue issue, little realizing that the company is closed to receivership (02/05) “ERA” contract a joke http://leasingnews.org/PDF/NorVergence_Rental_aggreement.pdf (02/05) Ohio Banks Affected by NorVergence Bankruptcy (2/04) Venue Losses by Lessors local and federal courts (2/04) NorVergence Mess Not Going Away, Perhaps Criminal Action (1/05 NY AG Eliot Spitzer settles two more, now at $13MM (1/05) Peter J. Salzano, CEO file BK 11 (1/05) No disagreements about “leasing companies caving in,” as more state AGs (six now) join in litigating leasing companies for settlements with NorVergence Leasing customers. (01/05) Irwin Financial $4 million NorVergence Charge off. (12/04) More Leasing Companies "Caving In" (12/04) Leasing News Editorial: Amicable, Generous Settlement for NorVergence Lessees (12/04) NY Atty. Gen. Gets Another $11 Million Settlement (12/04) Penn. AG Sues NorVergence/Salzano Brother (12/04) Other leasing companies follow GE's lead. (12/04) GE becomes hero, sets pace for other leasing companies. In a surprise move, GE Capital made a settlement with New York Attorney General Eliot Spitzer and his staff regarding 100 approximate leases for the so-called "matrix box" and long distance telephone service from NorVergence, who filed Chapter 7 bankruptcy in July (11/04) 41 Leasing Companies in NorVergence Dilemma (10/04) ELA meets NY Attorney General's staff (10/04) Leasing companies file on lessees, Weir Group has almost 1300 plaintiffs in class action suit, newspapers print poor picture of leasing companies (9/04) Florida attorney general requests leasing companies cease collecting lease payments; three other state AG's follow (8/04) First class action is filed, two others to follow. (7/2004) Campaign to Stop Leasing Company Payments (7/2004) Robert J. Fine Resigns as EAEL President, ran Finance Division, discounting paper to banks and others (7/2004) Telecom Agent Association starts “Legal Co-Op” to breaking third party leasing contracts sold by NorVergence or involved with NorVergence equipment and service. (7/2004) NorVergence files Chapter 7(7/2004) NorVergence files Chapter 11.(7/2004) NorVergence investigated for failing to pay its employees NorVergence (4/2004) "Mr. Arnold comes to NorVergence Capital from HP Financial Services, where he was the Finance Director for North America. At HP Financial Services, he was responsible for all financial functions and was instrumental in integrating the HP and Compaq Financial services portfolios. Mr. Arnold was part of management team that launched Compaq Financial Services in 1997."

    Portfolio Financial Servicing Company, (PFSC,) Portland, Oregon (09/06) Jerry T.Hudspeth, President and CEO resigns. Varilease CEO Robert VanHellemont becomes temporary CEO to fight off potential financial takeover, which he thwarts. (2/2002)" PFSC was backed by Bank of America to handle the UniCapital portfolio, and they wanted to run it down, not invest any more. Jerry Hudspeth, as the portfolio ran down, brought in some new accounts, as he is excellent in marketing. He had an option from Bank of America to buy the assets, which we basically did and were running it for a few months." (2/98) (acquires assets of Unicapital, who had filed bankruptcy.)

    East Coast Leasing Inc/.North Carolina (09/06) a trucking company with 79 Triad employees, announces they are shutting down


    Sunrise International Leasing (SILC), Golden Valley, Minnesota (08/06) Peter J King, the CEO and “owner” of the company announces retirement, selling off portfolio, once at $1.5 billion, he says.

    Alliance Funding, Jacksonville, Florida (08/06) sold. Renee Fox, CLP, who started the company in 1989 will remain with the company as a consultant. http://www.leasingnews.org/archives/August%202006/08-02-06.htm#afund


    MicroFinancial/Leasecomm (3/06) Delays ASX filing (2/06) Year-end loss $1.7 million, versus a net loss of $10.2 million for the previous year. (1/06) Transfers to American Stock Exchange (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. (4/05) MicroFinancial 1Q Net Loss $2.7MM/last year $4.7MM (10/04) Secures $30 Million Line of Credit from CIT(4/2004) Reports $7.6 Million revenue loss first quarter, resulting in $4.7 million net loss. (11/03) Changes name to Transaction Enabling Systems http://www.tes-edi.com/ (10/03) Net Loss $3.2 million for 3rd Q (10/03) class action filed. (5/03) Record Fine/Judgment Under the terms of the settlement with the Federal Trade Commission, Leasecomm will stop collection efforts on all outstanding judgments, totaling $24 million, involving the financing of the software and equipment for processing credit-card transactions. The company also agreed to stop financing those kinds of business opportunities in the future. Leasecomm will also pay a $1 million fine to be split by the states of Massachusetts, Florida, Illinois, Kansas, North Carolina, North Dakota and Texas. The district attorney for Ventura County, Calif. will also receive a portion of that fine. The company was looking for a financial partner, and there is the question regarding the selling of $500,000 stock by an executive officer before the stock took a nose dive. The company was also recently "re-listed" on the exchange. http://www.leasingnews.org/archives/June%202003/06_02_2003.htm#24 (5/03) New York Stock Exchange has accepted the Company's proposed compliance plan for continued listing on the Exchange (5/2003) Files $0.8 million quarter loss http://www.leasingnews.org/archives/May%202003/05_08_2003.htm#micro (4/2003) delays filing for 15 days with SEC (3/2003) to be de-listed (3/2003) Net loss for year-end was $7.7 million. http://www.leasingnews.org/archives/March%202003/03-11-03.htm#micro (2/2003) Stocks Falls to .73 cents on Friday, 12/2002-----The Board of Directors of MicroFinancial Inc. (NYSE:MFI) has suspended its dividend to comply with the Company's banking agreements. (11/2002) Leasecomm closes, shuts off all brokers, won't fund deals approved "Goes Down---CEO Sells $500,000 Stock Before the News." ( Microfinancial Stories )Waltham, MA (8/2001) Leasecomm, Attorney General investigating, many complaints on line .

    McCue Systems, Burlingame, CA (07/06) Netsol Technologies completes Acquisition of U.S. Based McCue Systems (05/06)McCue Systems Inc., Burlingame, California, the “granddaddy” of the equipment leasing software companies founded in 1973 by John McCue, has been purchased for approximately $8.5 million by NetSol Technologies, Inc. (NASDAQ:NTWK), a US-based developer of proprietary software applications and provider of information technology (IT) services, headquartered in Calabasas, California. Payment will consist of 50 percent cash with the balance paid through the issuance of Netsol's common stock carrying Rule 144 restrictions.


     Orix Financial (06/06) Kropschot helps Orix Vendor Finance Group go to Equilease
http://www.leasingnews.org/archives/June%202006/06-28-06.htm#krop (05/06) "...revenues associated with directed financing leases were flat." Leasing News has received reports of division down sizing, and several departments being eliminated. (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) ORIX USA's Structured Finance division, based in Kennesaw, GA, recently exceeded $1 Billion in new business volume since its inception four years ago ( 01/05)ORIX USA Forms Corporate Finance Group (10/04) ORIX Announces Interim Results-Leasing Revenue Down. (7/2004) Reports Closing Kennesaw, GA Office, rental available. (4/2004) Gary Corr, president and COO of ORIX Financial Services, Inc. (OFS) announced the promotion of Bill G. Fite to group president of ORIX's equipment finance group (EFG). Many complaints by employees continue over lack of communication and broker promises. (1/04) On February 13th, forty people will be let go in Orix's New York Office and twenty-five in Kennesaw with layoffs continuing every two weeks from then on through the end of the fiscal year (3/31). “The layoffs will hit IT and Accounting the hardest but they will be across the board (SFG, EFG, RPG, Operations, HR).“Also, apparently there is an internal memo among the Dallas Executives that has a timeline for vacating Kennesaw entirely (1/04) “We Need Your Help!” Orix Employee Cries Out Loud ( http://www.leasingnews.org/archives/January%202004/01-16-04.htm#we ( 1/04) Orix Capital Markets will announce that they are shutting down the NY office. Major layoffs will hit the Kennesaw, Georgia office either mid or late February. Nothing is certain yet but it is probably safe to say that Orix will be out of the leasing business altogether at this time in 2005. (1/04) “ They have also already told the CIO, Chief Legal Officer, EFG Group President, and some other senior level people when their last day will be (1/04) Gary Gusoff is Gone---Five More to Follow (12/03) Despite the press releases and hoopla, according to a highly reliable source, Gary Gussoff last day will be December 31, with more officers to follow, with rumors Orix may be getting out of the leasing business in the USA (11/03)Fitch Withdraws ORIX Financial's Senior Debt Rating (11/03) " Holmes had four businesses reporting to him, the ones run by Hidder, Crain, Neptune and Fite. Today after the reorganization Corr gets only one of those businesses, the old Credit Alliance portfolio run by Fite. The other three organizations that Holmes recruited and nourished at OFS are all reporting elsewhere. How long will those guys stay around, they jumped ship from elsewhere to follow Holmes? And what is the fate of Fite, is he really necessary if all Corr has is the Equipment business?" (11/03)Fitch Places ORIX Special Servicer Rating Watch Negative| (10/03) http://two.leasingnews.org/loose_files/Orix_Motivational_Posters.ppt (10/03) Beyond comedy. (10/03) Holmes gone! (10/03) Orix floundering, Holmes to going, going... (9/03) US team in trouble, look for shake-up on top. (8/2001) "Orix Corporation was raised to "outperform" from "hold" by analyst Tomotaka Ohio at UFJ Capital Markets Securities". In a related story, Orix was reiterated "hold" by analyst Edward Gordon at WestLB Panmure. Insider tells us not much action happening at Orix. Shows what a press release about a new president coming on board and new credit manager. Hype still works on Wall Street. (7/2001) Hires Donald Cox as Exec.VP/CFO-30 years exp. at BofA. Many predict he will be a "figure head" and the company will not be around in two to three years---history will tell if this is correct or not. (4/2001) Orix to "consolidate;" close offices, moving to Atlanta, GA. (2/2001) Closes re-discount center, Steve Geller says "goodbye." (11/10 First six months profits up 14% at Orix! ) (11/8) New President at Orix appointed. 10/2000 "long-term Outlook has been revised from Stable to Negative". Credit Alliance has changed its name to ORIX Financial Services, 9/2000 Japanese Bank President commits Suicide (Orix is a 14.7% shareholder in bank having problems), (8/2000) closes small ticket vendor division in Portland Oregon, "Business as usual in New Jersey and with Brokers" says Steve Geller.

    Cybernet, Grand Rapids (06/06) Horton, 54, of Grand Rapids, pleads guilty to 4 felony charges. (05/06) Trial set for ex-Pres. James. M. Horton (04/06) FBI to go after officers.(5/05) CyberNET's jilted creditors want to know more about Huntington Bank's relationship (who also is having troubles with Preferred Capital underwriting of leases. Note: Bank earnings very good.) (5/05) CyberNet Claims total $114 million (4/05) Auctions raises $1.1 mm. Wife says she is broke and not responsible for late husband's deeds. (2/05) Trustee looks for help with Cyberco (1/05) Creditors looking for money, find a lot of expensive wine (11/04) Founder Barton Watson barricades self in house, commits suicide (11/04)According to public records, “approximately (70) banks and leasing companies are involved with a fraud estimated to be in excess of $60 million.  

    Main Street National Bank, Texas (06/06) Bob Fisher Promoted to Exec. VP of Leasing Division. (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 (12/04) Thomas J. Depping, former president of Sierra Cities/First Cities, makes it official, that he has raised $21 million to become chairman of bank to specialize in equipment leasing; hires Douglas Guardian, the ex-US Marine sales director Bob Fisher, who leaves on good terms to establish national broker program. Fisher is very well respected in the equipment leasing industry.

    US Bancorp (06/06) More info on “Fee” Class Action Lawsuits http://www.leasingnews.org/archives/June%202006/06-14-06.htm#fee (06/06) US Bancorp is being sued in various states in a class action suit regarding lease contract and other fees. Allegedly others major funders of leases have settled, rather than go to court. Companies reportedly as CIT, Pitney-Bowes, perhaps Wells Fargo, all centered around three items: 1) Property damage insurance (forced insurance ;) 2) UCC fees; 3) Origination fees (“doc” fee.)

    ICB Leasing/Sovereign Bank Merger (06/06) June 5th, an ICB Leasing spokesperson told Leasing News: "His last day was 5/31/06 - the merger was official as of 6/1/06." (05/06) Sovereign wins regulatory ruling (04/06) Ira Romoff: "I plan to stay as long as needed, but will not be involved in the long run with the ongoing entity." (10/05) Sovereign Bank announces agreement to acquire Independence Community Bank Corp. of Brooklyn, New York for $42 per share in cash, they also announced that Banco Santander Central Hispano, S.A. of Madrid, Spain had agreed to make a $2.4 billion minority investment in Sovereign, by agreeing to purchase shares from Sovereign at $27 per share, “a significant premium over market,” said Jay Sidhu, chairman, president and CEO of Sovereign. “As a result of this purchase, Santander will own 19.8% of Sovereign's stock and the proceeds of this investment will facilitate our acquisition of Independence.”


    Financial Advisory Consultants, Lake Forrest, CA (05/06) James P. Lewis Jr., 59, received the maximum sentence of 30 years from U.S. District Judge Cormac Carney on Friday in Orange County, California, federal court. He also was ordered to pay back the $156 million he stole from 1,600 people in a Ponzi scheme that lasted over twenty years, until it imploded from the duplicate selling of equipment leasing contracts and loans.

    Bank of Walnut Creek Leasing, CA (05/06) To merge with First Republic Bank, San Francisco, CA.

    HP/Compaq Financial (05/06) reports revenue of $518 million, a decrease of 5% year-over-year. Finance volume decreased 14% over the prior year period, and net portfolio assets grew 1%. Operating profit was $39 million, or 7.5% of revenue, down from a profit of $58 million, or 10.7% of revenue, in the prior year period. (12/04) HP Financial Services recently announced that they are closing their Colorado small ticket operations center and moving to Murray Hill, NJ. All of the employees in Colorado will be laid off. (3/2003) closes originations by third party, told doing leases without running personal credit on president, not requiring personal guarantees, plus doing start-up restaurants, among other type credits at very low rates, $1.00 out, no additional collateral-puts on a lot of business after merger of parent.

    T&W, Tacoma, Washington (05/06) Paul B. Luke, CPA 50, of Omaha, Nebraska, was sentenced to one year in prison, three years of supervised release and $1.2 million in restitution. According to records in U.S. District Court in Tacoma, Luke created a fraudulent lease agreement in order to draw more than $1 million from a line of credit T&W had with Bank of America. The money was used to pay T&W's employees, and the company later defaulted on the $1.2 million loan and went out of business.
( 8/2001) Mike Price, formerly of T&W Leasing, Resigns from  Westar Financial.  (7/2001) T&W Mike Price charged with evading taxes on $3.2 million yacht.  (10/2000)  filed Chapter 11. Creditors meeting on 12-4-00 Seattle. Case # 00-10868  US Bankruptcy Court Western District of Wash. 206-553-7545. Debtor Attorney-Marc Barreca 206-623-7580.


    Leasing Advantages/Sterling Capital Partners, CT (04/06) Founder Peter S. Chipouras dies in car crash.

    United Leasing Corporation, VA (04/06) FBI agents reportedly with a subpoena confiscated accounting and leasing records from Mechanicsville, VA office.

    GE Commercial (04/06) With $15 billion in served assets and 400+ professionals across 40 locations in North America, GE Commercial Finance announces the expansion of its Corporate Lending business, providing middle market and larger corporate customers a broader suite of financial solutions. As part of the announcement, the company formally introduced Tom Quindlen as President and CEO and Jim Kelly as General Manager of North America.

    Unicyn Financial, Closter, New Jersey (04/06) A 26 year independent lessor is acquired by Resource America's Leaf Financial.Unicyn provides equipment and practice acquisition financing as well as debt consolidation loans to the healthcare market. The acquisition includes both a portfolio of small ticket leases and loans bought on behalf of LEAF's investment partners and numerous vendor finance relationships as well as a team of experienced origination personnel. After this acquisition, LEAF will manage approximately $475 million of finance assets for its own account, institutions and third party investors. As a result of this transaction LEAF is able to expand its coverage of the healthcare space by providing unique and competitive funding solutions in the medical, dental and veterinary segments of the market. (NASDAQ:REXI).Unicyn Financial Companies is an independent lessor that has been in the business for 26 years. The company's focus has been the healthcare market in the small to middle ticket areas. (7/05) the five top salesmen from HBSC join here. Patrick McGahren, President, announces major expansion in the health care segment. Joining Unicyn in the newly formed Dallas, Texas office is Greg Wood. Greg has extensive history within the Dental Financing market and was most recently with GE Capital / HPSC. Unicyn also opened a new Chicago, Illinois office which will be run by Tom Baker and Angela Baker, both formerly with GE Capital / HPSC. Lastly, the firm opened a new Los Angeles, California office which will be run and managed by Michael and Penny Healy

    QuickTrak, Beaverton, Oregon (04/06) Celebrates 15 years
http://www.leasingnews.org/archives/April%202006/04-03-06.htm#qt (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.


    Wal-Mart (3/06) U.S. Congress members want to deny Wal-Mart from opening industrial bank in Salt Lake City, Utah, afraid it will open branches in its stores. Wal-Mart says just wants to handle its credit cards, save over $5 million in costs yearly, also offer lower rates to customers to utilize card at their stores.(02/06) Fed to question Wal-Mart application re: insurance, if parent goes broke, will it affect their industrial bank solvency?

    Microsoft Financial/Leasing (3/06) now going down to a minimum of $3,000 for its vendors (partners) to help them sell Microsoft software, as well as their equipment, training, installation included, the company certainly will become a tour de force in the equipment leasing industry. (3/2003) De Lage Landen Financial Services Selected to Provide Lease Contract Management Services

    Summit National, Illinois (3/06) Duffy, as the majority shareholder, provided funds in an amount sufficient to accomplish the "adequate protection" remedy for the secured creditor. Under an agreed order, the company could provide additional protection for the secured creditor before trial. Explains suit against Damier Chrysler, http://www.leasingnews.org/archives/March%202006/03-10-06.htm#summit (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. (6/05) an early leader of leasing equipment software files bankruptcy. Widow of founder charges not be paid, company has only $100 in bank, two employees, Ken Duffy, Sr., and Jr., fight over rights to software. More to the filing and perhaps in next few months more of the reasons for the bankruptcy will be reveled via another court room drama. Stay tuned.

    Pitney Bowes, Conn.(3/06) Stamford, Connecticut based, Pitney Bowes Inc. the largest U.S. supplier of postage meters and mailing machines, who sold their Colonial Pacific Leasing operation to GE Capital, announced that it has agreed to sell its Imagistics International Inc. lease portfolio to De Lage Landen Operational Services LLC, a unit of Rabobank Group, for between $280 million to $290 million.



    Dubai, UBAI (2/06) to develop own $ 10.8 Billion aircraft lease company, plus $10 billion to develop airports and make aircraft parts to tap into growing demand for air travel in the Middle East and Asia.

    Willis Lease Finance, Sausalito, CA. (02/06) a leading lessor of commercial jet engines, announced that it has completed a public offering of 3,475,000 new shares of preferred stock raising $32.9 million in net proceeds. (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.

    Mount Pleasant Capital Corp. Warrendale, PA (02/06) announces that the company has negotiated a new warehouse facility with Sky Bank. The new warehouse facility provides MPCC with a borrowing base up to $5MM and is expected to greatly enhance the company's funding capability. (12/05) introduces Franchise Qualifier, an online tool that helps 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 (11/05) New name of Bob Rodi's "Lease Now."Mount Pleasant Capital Corp. will serve as an umbrella organization for four separate d/b/a names. Those will be LeaseNOW, Franchise Business Capital, Motor Coach Financial Service, and RAPIDTrack. Mount Pleasant Capital Corp is an independent finance company that offers franchise systems and alternative strategy to SBA Loans. Its loans are fixed rate, 84 month loans and do not require additional collateral, such as real estate.(1/04) Acquires Motor Coach Financial, Guilford, Connecticut. Raymond J. Murphy, the president and principal shareholder of Motor Coach will serve as the Executive Vice President of LeaseNOW, Inc. Bob Rodi will continue as President and CEO of the merged companies while Marina Rodi will continue remain as Secretary/Treasurer and CFO.

    McCracken Financial Software, Billerica, Mass.(02/06) leading provider of origination-through-servicing software, announced that it has changed its name to EnableUs, Inc. The new name unifies McCracken's global operations, which include ORFI, a leading provider of commercial finance and leasing software solutions in Europe. The company also introduced a new logo and tagline, "Enabling commercial and asset finance."

    Morgan Stanley, New York (2/06) selling its aircraft leasing business to European private-equity firm Terra Firma for $2.5 billion in cash. Morgan Stanley, which had recorded a $1 billion charge last year in writing down the value of the unit, said it will reduce that amount by between $500 million and $550 million. The revision will be included in the company's annual report to the Securities and Exchange Commission. The unit had revenue of $1.7 billion in the fourth quarter and $5.2 billion for 2005.



    GATX, Chicago (1/05) Reports Net Los $112.3MM 4Q/$15.1MM year-end Loss

    CLEARLINK Capital Corporation, Ontario (1/06) purchased by ICON Capital,
New York-S.F

    Equipment Finance Group, Fresno, Ca. (1/06) President Ken Wheeler passes away, company to go into probate; however, many brokers-vendors still claim owed money and/or wait for their deals to fund. (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 (11/05) "Fresno Bee" newspaper writes story "EFG subject of lawsuits, fraud inquiry." Part of story states," In October, Inc. magazine named EFG Leasing the 48th fastest-growing private company in the United States with a 1,449% increase in sales from 2001 to 2004. But 2005 has been a brutal year for the company, said President Kenneth Wheeler, 61. A serious illness that keeps him away from the office most of the day, combined with the effects of two thefts and a former employee who cheated the business, plus significant changes in his industry, have crimped purse strings this year and contributed to business woes, he said. 'If you put it all together in a lump, it hasn't been a great year even though last year was a great year,' Wheeler said. EFG, which provides leasing programs for businesses, reportedly had $14 million in sales in 2004. That will dwindle to about $5 million this year, Wheeler said.' 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. (6/05) 1992 company founder Ken Wheeler says 300 laptops stolen, also hit by phony checks, reasons for complaints about time involved in processing leases and paying vendors, other problems were due to his illness, denies that operation manager Steve Davis is really his son Sean Wheeler. From a telephone call to his house, Sean said that he thought his father would hire him, if he wanted to get back into the equipment leasing business, but at the present time was unable to do so. He reads Leasing News, from time to time, he said, and that is basically the extent of his involvement in the leasing industry today.

    Western Alliance Bancorporation, Las Vegas, NV (01/06) parent company of BankWest of Nevada, Alliance Bank of Arizona, Torrey Pines Bank, Miller/Russell & Associates, and Premier Trust merges with merges with Intermountain First Bancorp, parent of Nevada First Bank.

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