Weekly Bulletin Board Complaint Report  10/29/03

1. Florida “super broker:” Going to close this file.  It appears all

complaints want to with hold their name, and cannot investigate in

that manner.  Several of the complaints have signed lease contracts, claiming

non-performance, but the contracts are different than the commitment

letter, allowing the lessor to keep all money.  The correspondence claims

not all the conditions were met.  Looks like the only course is “civil action.”

Due to the dollar amount involved, and action to be in Florida, as per

the venue, most likely the applicants will write-off the money ( one

wants to sue the broker in their state.)  Leasing News cannot name

the Florida super-broker at this time due to our policy of “fairness and

accuracy.”

2.    Have a very interesting one involving $300,000, from the lessee, a well-respected broker, and attorney regarding a $300,000 California sale/leaseback.  They claim the lease was never consummated, meaning no money was giving to the lessee; in fact, no money was given when the contract was signed ( a condition of the process, the

applicant/broker claim).  The late Terminal Leasing* in New York

evidently sold the signed lease contract to a major bank, who received payments

for two years ( most likely from Terminal) and is suing the lessee for lack of

performance, meaning defaulting on the lease.  The major bank claims a “hell

and high water” clause that the lease was signed, consideration (money for

the contract) was not necessary, venue in New York City, and the lessee is responsible for making the payments. They are suing in Manhattan Federal court. The lessee/applicant disputes the brokers role in the transaction and claims if they lose, the company with 33 employees will be out of business. Leasing News advised that after a search Terminal Leasing was not licensed in the State of California.  We have asked the lessee/applicant

for permission to contact the major bank’s attorney to get their side of the story

so we can print it.

*Terminal Marketing, NY,NY (5/2001) Announcement all assets for sale by creditors on May 31, 2001 at 2:00 p.m (3/2001) Brokers report deals not being funded, commissions not paid, appears out of money.

3. Three brokers involved (yes, went through three brokers before going to

“super broker )  in a financing commitment letter and return of

$4,000 advance rental deposit (what a mess, one of the broker’s said to

open an “escrow account,” but the applicant was “anxious.”. The commitment letter states the money will be returned, but the Dallas, Texas “super broker” does not respond. This may make the Leasing News Bulletin Board.

4. $940,000  “operating center” for a pet scan  Ohio firm and Florida  super broker ( not the same as #1 ) has not returned $10,000 “Earnest Money” as outlined in June 25,2003 commitment letter” “In the event Lessor declines the request under the terms and conditions here in the Earnest Money will be refunded in full.”