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Friday, April 29, 2016
Today's Equipment Leasing Headlines
Archives--April 29, 2003
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Archives--April 29, 2003
Mr. Fisher began his career with The CIT Group/Sales Financing Inc. holding various sales, credit and management positions throughout his 20 plus year tenure. Bob has been active in professional organizations, currently serving as the Immediate Past-President of UAEL.
He was with New Era in Illinois, who became Datronics, and when they went out of business, started Fisher-Anderson in Des Moines, Iowa. When Marcap ended funding and then took of the portfolio, he started Firerock Financial.
Signs of a Chill in Fintech Funding?
Fintech funding is booming. The first quarter of 2016 may have seen no IPOs, but it saw more funding than ever — $5.3 billion, 67% more than the same period last year, according to Accenture.
But there are signs a chill may be in the air.
At the Empire Startups Fintech Conference this week in New York, Matt Harris, managing partner at Bain Capital Ventures, battled paint fumes and a largely uncaffeinated crowd to deliver good news, but also a warning: While overall FinTech funding is increasing, smaller fundings are on the decline.
Overall funding for 2015 hit $9.1 billion, according to data from Bain Capital. That’s triple the $2.7 billion raised in 2013, and the average deal size has tripled in that period as well. But there is one area where 2013 is superior to 2015 — more smaller fundings. A detail from a Bain Capital slide illustrating this is below.
“Smaller fundings are the seed corn of the industry,” Harris said, noting that when these begin to dry up, it is a sign that the rest could follow. In other words, we could be seeing FinTech start to reverse itself — but it hasn’t yet.
But market watchers should not ignore Harris’s warning. Yes, the mega fundings are great, but not as good as a sign for the future of FinTech as a large number of smaller deals.
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FinTech #102 by Brittney Holcomb
With more than 50% of searches being done on mobile devices in 2015, it is more imperative than ever for third party originators to take advantage of local Search Engine Optimization (SEO) in 2016.
SEO is a marketing tactic that allows local businesses, including banks, brokers, funders, lenders, lessors, and vendors to promote their services to nearby searchers.
With mobile search becoming a huge part of Local SEO, being listed properly in the right places will help your potential client not only find you faster, but in more cases, lead to closing the deal.
Within the last few months, Google unveiled its new search setting for local search. Now local businesses that are locally optimized will show above organic search results, for searches based in their location. You have the opportunity to show up in search results above national banks, brokers, funders, lenders and vendors! What more convincing do you need than that?
Your competition is most likely already doing it. So when a client is looking for funding, would you rather have them find you or your competitor?
Now with the local update, users will see local businesses pop up above national businesses. Let’s break this down a bit more - do you recognize this pop screen?
This is how Google determines which local results to present a user with based on their current location.
Google is pushing towards showing users more localized results, so they have started to base all searches on a user’s location and businesses that are within the proximity of that user.
The main factor here is convenience. Even their desktop version has adopted the mobile interface.
What Are the Real Benefits?
More visibility online = more traffic to you. Which in turn hopefully will convert into more business.
Local SEO allows you the opportunity to also build up your local outreach and network with clients, vendors, referrals, and perhaps even previous clients located around you. Face to face networking is great, but the internet brings to you the attention of those looking for equipment, loans, working capital, and vendors who you don’t meet at networking events.
I’ve seen campaigns built around both attracting more direct clients and campaigns built around attracting more vendor and other referrals. Determine which audience you want to target and then develop your local strategy on what keywords or phrases those particular consumers are using to search online.
Where to Get Started
First and foremost once you have defined your target audience, depending on the financial products you offer or which industry you specialize in, you will need to determine what keywords you select to optimize your website for.
For example for an equipment leasing company who wishes to do more business with construction companies, they might optimize for keywords “construction equipment financing”, “heavy equipment financing”, or even as specific as “dump truck financing”
Now local search volume for each of these keywords also plays a large role in whether or not they are worth targeting. There are plenty of free keyword research tools out there, but I like to stay as close to Google as possible, so I pull all my keyword search volume research from Google’s Keyword Planner tool. This will give you insight as to how many people are searching for any keyword on a monthly basis in your area.
Once you have determined what keywords/phrases to optimize your website for, you can move forward with the essential Local SEO checklist:
___ Claim your ‘My Business’ page on Google
___ Make your website is mobile friendly. You can test to see if your website is mobile friendly, here: Google Webmaster Tools Mobile Friendly Test
___ Build local citations
___ Gain consumer reviews (always a plus!)
___ Build local backlinks (always a plus!)
___ Claim all your business social pages (Google+, Facebook, LinkedIn, Twitter)
When it comes to optimizing your website for Local SEO, it is best practice to hire or consult an SEO company about what steps to take. I strongly advise against doing it yourself if you are not familiar with the SEO playing field. There are a lot of restrictions and rules when it comes to properly optimizing your site for search engines and you wouldn’t want your site penalized for not following proper guidelines.
Brittney Holcomb is the Director Of Paid Search at The Finance Marketing Group. She works exclusively with finance companies and banks to help better develop their business online through digital marketing strategies. Brittney has been trained by some of the top leaders in the industry giving her a vast knowledge she is able to pass along to her client base.
36th Annual AGLF Conference
Omni Charlotte Hotel, Charlotte, North Carolina
Thursday Night Event
September 16-17, 2016
Second Annual Conference
Christopher "Kit" Menkin, Leasing News, will be speaking
Q&A with Kris Roglieri Co-Founder of NACLB
October 23 -25th
November 11-12, 2016
New York Federal Law Upholds Absolute Guaranty
Case Underscores Why a New York Choice of Law
136 Field Point Holding Co. LLC v. Invar Intern. Holding, Inc., 2015 WL 1254846 (SD NY 2015).
Alexander and Tanya Razinski, held themselves out as multi-millionaires, and lived in a luxury, waterfront mansion in Greenwich, Connecticut. But it is rented. The Razinskis promised to leave the mansion at the end of the lease's term, but didn’t. The Razinskis promised to pay a hold-over payment if they occupied the house beyond the lease term, but refused to pay. Razinski’s corporation “absolutely and unconditionally” promised to pay if the Razinskis failed to do so. But it refused to pay. The landlord sued the guarantor, and wisely ignored the Razinskis in the suit.
It is a fundamental principal of guaranties that a guarantor’s liability can be no greater than the principal’s liability. Here, the principals, Alexander and Tanya Razinski, agreed to pay a penalty of $1 million dollars if they didn’t vacate. Say what you want about commercial deals, but sounds like an unenforceable penalty to me.
So the question for the New York court was whether, in the face of a clearly unenforceable penalty, the guarantor can assume a liability greater than that of the principal. The answer is “yes” under New York law.
I’m not so sure the answer would be the same in another State, in light of the extreme penalty imposed on the principal here, a payment of $1 million dollars for being a day late.
The court’s analysis was simple. Under New York law, absolute and unconditional guaranties can preclude guarantors from asserting a broad range of defenses under New York law, and are consistently upheld by New York courts. Indeed, unconditional guaranties have been held to foreclose, as a matter of law, guarantors from asserting any defenses or counterclaims whatsoever. Thus, the guarantor was precluded from arguing the clearly illegal penalty imposed on the two principals. The court noted that the guarantor’s argument is akin to a dishonest child's claim that her fingers were crossed behind her back when she made a promise.
What are the lessons here for the equipment lessor?
First, while I consistently maintain that California has some of the best creditors’ rights statutes and decisions out there, lessors and their counsel should consider using a New York choice of law in guaranties. This doesn’t mean a New York forum selection clause, but a New York choice of law.
Second, unconditional and absolute guaranties are enforced in New York, even in the face of what I considered to an illegal penalty. I suppose under New York law, a guarantor could guaranty a debt for gambling, drugs, or prostitution.
The bottom line is that for litigating guaranty claims, New York law is probably the best choice.
136 Field Point Holding Co LLC v Invar Intern Holding (5 pages)
Tom McCurnin is a partner at Barton, Klugman & Oetting
Previous Tom McCurnin Articles:
A bravura biopic ("Miles Ahead") and magical animation ("April and the Extraordinary World") come to theaters, while DVD releases include an offbeat comedy-drama ("Joy"), a harrowing look at the Holocaust ("Son of Saul"), and the rediscovery of a striking debut ("River of Grass").
Miles Ahead (Sony Pictures Classics): Don Cheadle both directs and gives a boldly layered performance in this intriguing biopic about legendary jazz musician Miles Davis. Eschewing the genre's conventional arcs, the film mainly centers on Davis during the late 1970s, when he experiences visions of his x-wife Frances (Emayatzy Corinealdi) and deals with a magazine writer (Ewan McGregor) working on an article about his industry comeback. Structuring the story as a series of invigoratingly jumbled leaps between past and present, reality and fantasy, Cheadle avoids many of the solemn cliches associated with biopics about great artists. The result is not merely a showcase for an actor's outstanding impression, but also a bravura narrative experiment that offers its own cinematic impressionism to visualize the risky adventure of jazz.
April and the Extraordinary World (Gkids): Proving once more that American or Japanese studios don't hold a monopoly on magical animation, this French-Belgian-Canadian fantasy thriller overflows with originality and freshness. Set in the 1940s in an alternate universe in which Europe is a vast, dust-covered industrial world and a war for American lumber rages on, the film centers on April (voiced by Marion Cotillard), an orphan girl who, with the help of a talking cat named Darwin (Philippe Katerine), must venture from Paris to Berlin. Not an easy task, especially as hot-air balloons and spinning contraptions fill the air, and a mysterious dark cloud creeps in the distance, seemingly capturing the world's most intelligent minds. With a sense of marvel that brings to mind the Tintin comic-strip or Jules Verne's adventures, this is a thrilling joy to behold.
Joy (Fox): Director David O. Russell and star Jennifer Lawrence team up again to recapture the magic of their Oscar-winning “Silver Linings Playbook” in this rollicking comedy-drama, loosely based on the real-life story of Joy Mangano. Lawrence stars as Joy, a struggling divorced mother who remains determined to follow her dreams in the face of daunting odds. As she tries to hold her family together, she stumbles upon a new invention—the Miracle Mop—and sets out to make her fortune on shopping TV channels. With her father (Robert De Niro) engaged to a demanding businesswoman and her mother (Diane Ladd) addicted to soap operas, Joy risks bankruptcy and reaches out to a network executive (Bradley Cooper). The result is an offbeat ode to the American Dream and to the inspired loonies forever chasing it.
Son of Saul (Sony): The Oscar for last year’s Best Foreign Language Picture went to this harrowing Hungarian drama, which employs a suffocating style to depict the unimaginable horrors of the Holocaust. Unfolding in the Auschwitz concentration camp during the Nazi rule, the story follows Saul (Geza Rohrig), a Jewish prisoner who stays alive by helping the soldiers burn the bodies of dead prisoners. Things take a sharp turn, however, when he discovers the body of a boy who he’s convinced is his son. Determined with finding some sliver of moral sense in the midst of this horrifying scenario, Saul becomes obsessed with giving the boy a proper burial—but can he himself remain safe during this mission? With a constantly roving camera, director Laszlo Nemes creates a challenging, relentlessly intense study of survival. With subtitles.
River of Grass (Oscilloscope): Known for dour studies of people on the margins of society, indie director Kelly Reichardt ("Meek's Cutoff") made her feature debut in this wry, unpredictable drama from 1994, at last available on DVD. The story charts the peculiar affair between Cozy (Lisa Bowman), a bored Florida housewife, and Lee (Larry Fessenden), a homeless man she meets at a local bar. Having long fantasized about a more exciting life, Cozy impulsively embarks on a spree with Lee, a decision that grows increasingly dangerous as the two come to believe they're guilty of murder. Will their journey lead to a new life, or just another dead end? Resembling a lovers-on-the-lam tale like "Bonnie and Clyde" and "Badlands," Reichardt's striking film already showcases her austere compassion while also adding an uncharacteristic dash of satire.
"This tender guy is Charlie Brown. He is a shy fella who takes the slow lane in life and enjoys sipping his water instead of lapping it all up quickly. He will need a home that can be patient with him and help him adjust to his new surroundings with support and encouragement. Charlie Brown needs plenty of time and space to warm up to new people, so it will be important to take introductions to new people slowly. When he is ready, Charlie Brown will happily join you on walks and hikes, but crowded trails and public areas with lots of foot traffic may be too much for him at first. Charlie Brown can’t wait to find his new home! He came to OHS through the Second Chance Program from Pinky Paws Rescue."
The adoption fee includes spay/neuter, microchip ID, collar and OHS I.D. tag, initial vaccines, courtesy veterinarian exam, 30 days free PetPlan health insurance and plenty of post adoption support!
Oregon Humane Society
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Mock Wendy's Frosty
Makin’ Jump Shots
He waltzes into the lane
One on one he fakes
A sniff in the fallen air—
Michael S. Harper, “Makin’ Jump Shots” from Images of Kin. Copyright © 1977 by Michael S. Harper. Used by permission of the poet and University of Illinois Press.
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This Day in American History
1749 - Benjamin Franklin on the banks of the Schuylkill River, Philadelphia, PA, became the first person to cook by electricity. He wrote: “A turkey is to be killed for our dinner by the electrical shock and roasted by the electrical jack, before a fire kindled by the electrified bottle.”
The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler?
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