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Barry Reitman Passes Away
Virtual Celebration of Life Planned

Steve Geller (CLFP), President/Owner of Leasing Solutions, LLC wrote:

"Barry Reitman, aged 77, of Blooming Grove, New York, passed away on March 20, 2024 after a short illness.

"After a career as a nuclear submarine technician, copier salesman and other vocations, Barry started his own business, Keystone Equipment Leasing, which he ran for many years with his wife, and was a long time participant in the equipment finance industry, and an active member and volunteer for NAELB/AACFB, EAEL and was an early advisor on Leasing News.

"After he wound down his finance career he became a lecturer on memory development, an author on the subject, website developer, and actor. He has presence on YouTube and had roles in television and movies and off-off Broadway theater. He developed many sets of friends through the years from his various professions and was held in high esteem by many.

"He was pre-deceased by his wife, Rita, and is survived a sister, Froma, two nieces, Michele and Jackie and their families, cousins and many close friends."

In a salute, Monica Harper, Executive Director, AACFB, and Geller (also one of the first on the Leasing News Advisory Board in 2020) are putting the tribute together to for May 1, 1 pm EDT on Zoom.

Geller said, "Monica is going to show some short clips from YouTube and Barry's IMDb site. I am going to say a few words. Barry's oldest friend from grade school is giving a toast, then we are going to open it up for anyone to give their remembrances."

Reitman was one of the founders of the National Association of Equipment Leasing Brokers (now AACFB). He was very active in membership, writing, editing and helping the association grow.

"It may be that many in the industry today lost contact with Barry," Geller relates, "because he moved on from finance to the other stages of his life. I, once in a while, took care of some of his old finance clients.

"We have remained close friends all these years. He last joined us for dinner at our home in January and we all had a wonderful evening.

"A few weeks afterwards, he started to have stomach pains and was told to take heartburn pills. Nothing worked, finally a friend suggested an emergency room visit and CT scan. He was diagnosed with stage 4 pancreatic cancer with a few months to live.

"As was Barry, he took things into his own hands and researched Vermont right to die assisted suicide laws. With his family and caregivers around him, Barry went to sleep and passed away peacefully on March 20th."

Leasing News Archive
August 29, 2013
"The Memory Shock"
https://leasingnews.org/archives/Aug2013/8_29.htm#memory

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Are Commercial Finance Brokers An Endangered Species?
By Kenneth C. Greene, AACFB General Counsel

I have represented hundreds of lessors, funders, brokers, and other commercial finance entities since 1980. During those 43 years, I have witnessed many events that have seemingly threatened the industry, including recessions, adverse tax and accounting law changes, legislative and judicial decisions, and even pandemics. In light of those ongoing threats, I decided to look at some of those hurdles, assess their ongoing significance, and suggest some ideas to overcome them.

I will bypass the now-ancient threats of the repeal of the investment tax credit, changes in depreciation rules, the two or three recessions we have experienced in past decades, and some other older problems that the industry has overcome. Instead, I will address some of the newer problems and propose possible solutions.

FACING HURDLES

The Impact of Technology on Commercial Finance Brokering
Fintech innovations and digital platforms are changing how businesses seek and secure financing. Technology that automates, streamlines, or potentially eliminates the traditional broker role, such as AI-driven loan matching services or blockchain for secure transactions, now exists, threatening the role of the broker intermediary.

Regulatory Changes and Their Effects
Recent regulatory changes have dramatically affected commercial finance brokers and lenders. Stringent licensing requirements in states like California continue to plague both. More recently, many states have adopted or have proposed disclosure laws with their own unique set of problems. From a transactional perspective, the increased legal compliance equates to higher operational costs. The disclosures, which exempt depository institutions like banks from the same level of transparency as the non-banks, create a non-level playing field in favor of banks. Though temporarily on hold, the new Dodd-Frank Rule 1071 is another operational headache, as is the Corporate Transparency Act (which is not on hold).

Lenders Who Don’t Use Broker Services
Based on the fintech developments, as well as the unfortunate propensity of certain dishonorable lenders who circumvent or poach customers from brokers, many lenders have discontinued their relationships with brokers, thus avoiding the fees they would otherwise have to pay them. Combatting Fintech is difficult but not impossible (see next section). Combatting poaching and circumvention requires legal intervention but can be stopped as it is illegal.

Finally, communication with successful commercial finance brokers who have adapted to the changing environment is invaluable. Attending association conferences allows brokers to have meaningful one-on-one discussions with businesses that have successfully overcome the vicissitudes that they have encountered. Facetime enhances camaraderie and credibility, essential resources in a close-knit industry like commercial finance.

The bottom line is that the industry continues to face serious challenges. Yet, today, it stands as a trillion-dollar behemoth. Don’t let the difficulties of today stop you from sharing in the success and wealth of that future.

(Abridged version that first appeared in AACFB April Newsletter)

Ken Greene
Law Office of Kenneth Charles Greene
5743 Corsa Avenue, Suite 208
Westlake Village, California 91362
Tel: 818.575.9095
Fax: 805.435.7464
ken@kengreenelaw.com
www.kengreenelaw.com

(Be sure to attend the AACFB Conference starting April 15, Glendale, Arizona. Ken will be presented
with the 2023 Leasing News Person of the Year Award by Monica Harper, 2019 Leasing Person of
The Year)

April 16-18: AACFB Conference, Glendale, Arizona
https://annualconference.aacfb.org/home
Find Your Funder Here - Exhibitors List
Vicki Shimus, CLFP, Balboa Capital, will be covering for Leasing News

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New Hires/Promotions in the Leasing Business
and Related Industries

Rich Chenitz was hired as Chief Commercial Officer (CCO), Amur Financial, Grand Island, Nebraska. Heist located in Long Lake, Minnesota. Previously, he was at TCF Capital Solutions, starting as SVP, Capital Markets, October, 2009, promoted August, 2013, EVP, Chief Marketing and Corporate Development Officer, promoted January, 2016, Managing Director, Promoted President and COO (February, 2019 - January 2021); SVP, Business Development, GE Capital (January, 2001 - March, 2009).
https://www.linkedin.com/in/rich-chenitz/details/experience/

Joel Ruf was hired as Vice President of New Business, Commercial Dealer Services, Wintrust Commercial Finance, Frisco, Texas. He is located in the Dallas-Fort Worth Metroplex. Previously, he was Executive Sales Officer, Flagstar Bank (March, 2021 - March, 2024). He joined Wells Fargo September, 2013, Vice President, Program Finance, promoted August, 2012, Senior Vice President. He joined GE Capital, June, 2010, VP, Relationship Manager, promoted VP, Fleet Finance (April, 2012 - August, 2013). He started his career at Navistar, Inc, March, 2004, Senior Business Development Executive, Finance, Western Region, promoted Assistant Sales Manager, Finance, Western Region (March, 2008 - June, 2010).
https://www.linkedin.com/in/joel-ruf-342b714b/

Jason Sullivan was hired as Vice President, Equipment Finance, Five Third Bank. Previously, he was Executive Director, JPMorgan Equipment Finance, JPMorgan, Chase & Co. (August, 2021 - April, 2024); Specialist Markets Manager, Wells Fargo Equipment Finance, Wells Fargo (July, 2019 - December, 2020),Full: Bio:
https://www.linkedin.com/in/jasonsullivan-ef-bdo/details/experience/
https://www.linkedin.com/in/jasonsullivan-ef-bdo/

Joey Zrinzo, CLFP, was hired as VP of Sales, Ten Oaks Commercial Capital, Alene, Idaho. He is located in Irvine, California. Previously, he was Vice President of Ascentium Capital (February, 2014 – December, 2023); Account Executive, Balboa Capital (September, 2011 - February, 2014).
https://www.linkedin.com/in/joey-zrinzo-clfp-40b6b756/

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Leasing and Finance Industry Help Wanted

The Next Generation
By Scott Wheeler, CLFP

Professionals currently entering the commercial equipment leasing and finance industry are embracing the opportunity of a long-term career within a lucrative, dynamic, and ever-changing business. I am witnessing aggressive sales, credit, and operational professionals being groomed as future leaders. I am witnessing young professionals engaging with traditional processes and products as they encourage and promote technology, efficiencies, and artificial intelligence to deliver superior customer experiences for vendors and end-users. The industry is experiencing an exciting evolution which will allow industry participants to fund more business, better align risk and reward, and deliver greater returns.

I often correlate the current changes to the late 1990's and early 2000's. Technology changed the industry significantly during this period. Scoring systems were advanced rapidly, manual processes were automated, the internet advanced marketing efforts, and industry participants significantly advanced their production results. The current evolution will once again dramatically change the industry and many current veterans will not recognize the business in five to seven years. Participants that do not embrace the industry evolution will be left behind.

I recently coached a group of professionals in their late 20's and early 30's. These individuals are excited about the industry, the personal opportunity which lies ahead, and the opportunity for them to grow and prosper as innovative professionals. In many ways this group of next-generation finance and leasing professionals reminds me of myself and the other professionals who entered the industry in the 1980's. We saw opportunity, we embraced change, and we were willing to expend whatever effort necessary to advance our careers.

There is no greater reward than assisting the next generation in becoming future leaders. The strategy of Wheeler Business Consulting is:

"Developing Strong Leaders for the Commercial Equipment Leasing/Finance Industry"

Scott A. Wheeler, CLFP
Wheeler Business Consulting
1314 Marquis Ct.
Fallston, Maryland 21047
Phone: 410 877 0428
Fax: 410 877 8161
Email: scott@wheelerbusinessconsulting.com
Web: www.wheelerbusinessconsulting.com

Wheeler Business Consulting is working with individual originators and sales teams throughout the industry to ensure that they are well positioned in the market, capturing their fair share of business, and outperforming the competition. To schedule a one-on-one meeting contact Scott Wheeler at: scott@wheelerbusinessconsulting.com

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Request for your input
by Marshall Goldberg, Leasing News Legal Editor

On May 6, 2024, I will be speaking at the ELFA Legal Forum on current and upcoming revisions to California Law as it applies to the Equipment Leasing Industry.

We are familiar with the Disclosure Laws that went into effect December 2022. However, it is important to see how these laws have affected the industry.

I would like the discussion to center around the experiences of companies post December 9, 2022, and I am requesting your assistance.

Have you experienced or are you aware of any litigation, problems with the DFPI, issues with your brokers, or funding sources or the DFPI?
Has anyone contested your failure to provide disclosures in a true lease situation?
Has your company successfully navigated the requirements or are their internal issues within the company regarding compliance?

Your input is important. Unless you request, I will keep your information confidential. Please email me at mgoldberg@glassgoldberg.com. In return, if I receive any good suggestions at the forum from the very competent attorney specialists attending, I will provide you with their responses. Much thanks.

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Watch at Home
by Fernando Croce, Leasing News Movie Reviewer

Oscar winners (“Poor Things,” “The Zone of Interest”) and nominees (“Perfect Days”) are available in the newest batch of streaming releases, along with affecting drama (“All of Us Strangers”) and antic comedy (“Drive-Away Dolls”).

All of Us Strangers (Amazon Prime, Apple TV, Hulu): British director Andrew Haigh (“Weekend”) serves up this unusual, affecting drama, which plays like a meditative ghost story. Adam (Andrew Scott) is a struggling screenwriter leading a lonesome existence in London. Hoping for inspiration, he heads back to his childhood home, where he finds his parents (Claire Foy, Jamie Bell) warmly welcoming him despite having been dead since the 1980s. Are they truly back, or is this all just a hallucination? Feeling emotionally renewed by the meeting, Adam develops a tender relationship with his neighbor, Harry (Paul Mescal), which takes a surprising turn when they go for a family visit. The offbeat plot makes for a gentle, lyrical, ultimately heartbreaking study of loneliness, forgiveness, and the mysteries of human connection.

Drive-Away Dolls (Amazon Prime, Apple TV): After officially splitting up, the Oscar-winning Coen brothers have gone on to very different solo features. While Joel Coen directed the stark, brooding “The Tragedy of Macbeth,” Ethan Coen takes a breezier route with this madcap comedy starring the talented Margaret Qualley. Qualley plays Jamie, a young Philadelphia woman whose incorrigible promiscuity gets her kicked out by her girlfriend, Sukie (Beanie Feldstein). Impulsively deciding to go on a road trip to Tallahassee with her pal Marian (Geraldine Viswanathan), Jamie soon crosses paths with a pair of bickering criminals (Joey Slotnick, C.J. Wilson), who’ve been ordered to track down the contents in the trunk of the car she’s driving. With an antic tone reminiscent of “The Big Lebowski,” the movie is broad, cheery fun.

Perfect Days (Prime Amazon, Hulu): Veteran German director Wim Wenders (“Wings of Desire”) delivers his strongest film in years with this acclaimed, melancholy drama, which was nominated for a Best InternationalFeature Film Oscar. Set in Tokyo, it follows the life of Hirayama (Koji Yakusho), who works cleaning public toilets in an upscale district. In his free time, he reveals a passion for music, books, and photography. Among the people he meets are Takashi (Toko Emoto), a brash assistant and impulsive girl-chaser, and Niko (Arisa Nakano), the estranged niece who briefly stays with him when she runs away from home. Mostly, however, Wenders eschews plot to focus on the main character’s quotidian routines, where the search for beauty in the everyday is ongoing. The results brim withmeditative poetry. With subtitles.

Poor Things (Amazon Prime, Hulu, Apple TV): Emma Stone won her second Best Actress Oscar for this outlandish dark comedy from Greek director Yorgos Lanthimos (“The Favourite”). She stars as Bella, a young woman brought back to life, “Frankenstein” style, as an experiment by a scientist named Godwin Baxter (Willem Dafoe). Learning about the world as if newly born, she becomes attached to Baxte’s assistant, Max (Ramy Youssef), who’s expected to take her for a bride when she matures. Their plans go awry, however, thanks to Duncan Wedderburn (Mark Ruffalo), a scheming lawyer who wants Bella all to himself. Following the spastically resilient heroine as she ventures from society lady to prostitute, the film skewers masculine possessiveness. Lanthimos’ freakish satire doesn’t always work, but Stone gives it a fearless center.

The Zone of Interest (Amazon Prime, Apple TV): A highly original and unpredictable filmmaker, Jonathan Glazer (“Under the Skin”) offers arguably his most radical work yet with this provocative, challenging portrait of the Holocaust. Taking place largely in a lavish home outside the Auschwitz concentration camp, the story focuses on the mundane activities of Rudolf (Christian Friedel), the camp commander, and his wife, Hedwig (Sandra Hüller). Pointedly keeping the atrocities of the Nazi regime off-screen, the film contrasts the gleaming perfection of the family garden with the unspeakable events taking place just out of sight. What emerges is a harrowing vision of horror wrapped in tranquility, doled out in sharp images and heightened by Mica Lavi’s unsettling score. Winner of the Best International Feature Oscar. With subtitles.

Fernando Croce is a nationally recognized film reviewer and has been contributing to Leasing News since 2008. His reviews appear each Friday.

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