Friday, April 7, 2006 Friday Evening, Prepare for Passover (Wednesday night) “Macho Matzoh Man” go here: http://www.leasingnews.org/Pages/Matzo_Man.htm Headlines--- Alert---Today's Destiny, Inc., Max Day, et. al Monday---“The List” is up-dated ######## surrounding the article denotes it is a “press release”
-------------------------------------------------------------- Alert---Today's Destiny, Inc., Max Day, et. al. Leasing News was surprised to learn from several leasing companies that they were still conducting business with Today's Destiny. One told us they were about to fund a deal until they read the Leasing News story. It appears those named are still in business, and despite the various bankruptcies, and new filings, are still conducting business. Even the Texas Attorney General office told Leasing News they were surprised, too. The Wednesday story: Bankruptcy Trustee Joseph M. Hill in Houston, Texas is seeking $13 million in "recovery of fund and refunds" from a convoluted group who allegedly bilked leasing companies and their clients as much as $7 million a year under various entities controlled by them between 1998 and present. Named are Michael Day, Max Day, Jared Day, Pamela Day, Medicus Marketing, Inc., IBD Marketing, Inc. Teamwork Investments, LLC, who are also intermixed with TNG Systems, and Dental Affiliates, among others, all reportedly in bankruptcy. "Debtor, Today's Destiny, Inc. held itself out to the public as a company which performed various marketing services on behalf of its clients. In particular, Debtor sold to its customer base "predictive dialing equipment" to be used in chiropractic and dentistry fields." For full story, please go here: http://www.leasingnews.org/archives/April%202006/04-05-06.htm#tele -------------------------------------------------------------- Founder of Leasing Company dies in car accident
Peter S. Chipouras of Somers, Connecticut, passed away Monday, April 3, 2006. The cause was a car accident which happened while Peter was on business in Orlando, Florida. He was 51. Peter was founder of two finance companies, Leasing Advantages and Sterling Capital Partners. He was began his career as the founder of Fairfield Marble, a residential marble and granite fabricator, as well as the Peter spent almost his entire career in the stone industry. Peter started his career in stone as and young man helping out in his Grandfather's Brown Stone quarry, McCormick Quarries. He continued in the industry in Saudi Arabia as the General Manager of National Quarries, where he opened several major granite quarries and was responsible for the fabrication of many commercial building projects. Upon returning to the United States, Peter went to work in his father's Stati (“Chip”) Chipouras' company, STONA Besides his best friend, wife, and love of his life, Anne, he is survived by his son, Christopher, daughters, Dana and Katie, his Mom, Eileen Chipouras of Enfield, Connecticut (formerly of East Longmeadow), his sister, Cathy Croall, and husband, Tom, his brother, Jay Chipouras and wife, Laura, and sister, Ann Rice, and husband, Stephen, many adoring nieces and nephews and his boys, Wilson and Oliver and countless friends who loved him. He was predeceased by his Dad, Strati (Chip) Chipouras. Services will be held on Saturday, April 9, 2006, at 11 a.m. at the Somers Congregational Church, 599 Main Street, Somers, Connecticut. Burial will be private. The family will receive friends on Friday, April 8, 2006, from 3 p.m. to 8 p.m. at Forastiere-Smith Funeral Home, 220 North Main Street, East Longmeadow, Massachusetts. In lieu of flowers, Peter's family would appreciate contributions be made to the Wilson House, P. 0. Box 46 East Dorset, Vermont 05253 or the American Diabetes Association Memorial Program, P. 0. Box 1132, Fairfax, Virginia 22038. For online condolences and directions, please visit www.ForastiereSmithFuneralHome.com James O'Brasky Sterling Capital Partners, LLC 29B South Main Street East Windsor, CT 06088 Tel 860.254.5454 -------------------------------------------------------------- Two Corrections: 01:02:03 04/05/06 “…interesting thought! It is proof of a creative mind, should your readers still be in doubt about that. I think not. “To us Europeans though, this will happen again next month on the 4th of May, since our date format places day before month. I'll keep a lookout ;-)” Sicco Jan Bier Amsterdam, Netherlands SBier@kes-gse.nl - “Without meaning to burst your bubble of enthusiasm (I agree it was a momentous moment), the time of 01:02:03 04/05/06 is not actually a 1,000 year event. It will happen again at 01:02:03 04/05/2106, which is only 100 years from now. “By the way, the time of 1:23:45 6/7/89 will happen again in 2089, as it did in June 1989.” Regards, Paul Bent -------------------------------------------------------------- Classified Ads---Collector/Controller/Contract Administrator
Photographed at the Montgomery Zoo, Montgomery, Alabama USA.* Collector Boston, MA Jacksonville, East Brunswick, FL Wellington, FL Controller Seattle , WA Southeastern, MI Uniondale, NY Contract Administrator New York, NY Portland, OR For a full listing of all “job wanted” ads, please go to: http://64.125.68.91/AL/LeasingNews/JobPostings.htm To place a free “job wanted” ad, please go to: http://64.125.68.91/AL/LeasingNews/PostingForm.asp *Photographed at the Montgomery Zoo, Montgomery, Alabama USA. Canon EOS 20D ,Canon EF 75-300mm f/4-5.6 IS USM 1/320s f/5.6 at 185.0mm iso400 full exif Gordon W | all galleries >> My Best Shots >> Best of Beasts Gallery > Lion TLC http://www.pbase.com/merriwolf/image/38540587 -------------------------------------------------------------- FBI Raids United Leasing Office
FBI agents reportedly with a subpoena confiscated accounting and leasing records from United Leasing Corporation and Truck Sales office in Mechanicsville, Virginia. United Leasing Corporation, founded in 1971 by its current president, Edward H Shield, according to its web site http://www.united-trucksales.com/index.htm , is a source of capital financing for Virginia, North Carolina, Maryland and West Virginia businesses. United Truck Sales, formed in 1999 through acquisition is a full service and sales operation located on Commerce road in Richmond, Virginia. Truck lot sales include pre-owned Tractors, Dump Trucks and Trailers.
Reportedly the company specialized in startups and small ticket leasing. Raymond Cullen, a spokesman for United Leasing, told TimesDispatch.com, "United Leasing has been made aware, as of this morning, of a criminal investigation, and we have told the investigating authorities that we will cooperate in any way, shape or form in the course of their investigation in order to resolve the issues outstanding." Lawrence Barry, an FBI spokesman, would make no comment regarding the raid. The U.S. attorney's office in Richmond also had no comment. The FBI visit was not good news. -------------------------------------------------------------- Mortgage Rates Rise as does Applications The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity for the week ended March 31 increased 7.2% to 612.8 as new home borrowers are trying to beat the continued rise in all interest rates. The refinance share of mortgage activity decreased to 36.6% of total applications from 37.3% the previous week. It was the lowest refinance share since the week ended July 30, 2004, when it reached 35.8%. Historically low mortgage rates have fueled a five-year housing boom, including unprecedented growth in “second homes, “ which has certainly helped support the overall economy despite frightening deficit spending and a overwhelming trade imbalance Financial analysts debate whether a housing bubble exists; however all seem to agree that the market is cooling from its record run. Fixed 15-year mortgage rates averaged 6.15%, up from 6.00% the previous week. Rates on one-year adjustable-rate mortgages (ARMs) increased to 5.96% from 5.83%. The ARM share of activity fell to 28.5% of total applications from 28.8% the previous week. ARM demand reached a 2005 high of 36.6% in late March of last year. Thirty-year fixed-rate mortgages, excluding fees, averaged 6.49%, up 0.13 percentage point from the prior week, a peak not reached . The 30-year fixed-rate mortgage, the industry benchmark, was more than 1 percentage point above its 2005 low of 5.47% of June last year. The rate's 2005 high was 6.33%, reached in November. --------------------------------------------------------------
Wal-Mart Credit Union—“Sam's Club” by Christopher Menkin
Credit unions, like other financial institutions, are closely regulated. And they operate in a very prudent manner. The National Credit Union Share Insurance Fund (NCUSIF), administered by the National Credit Union Administration, an agency of the federal government, insures deposits of credit union members at more than 9,000 federal and state-chartered credit unions nationwide. Deposits are insured up to $100,000. What makes a credit union different from a bank or savings & loan? Like credit unions, these financial institutions accept deposits and make loans--but unlike credit unions, they are in business to make a profit. Banks and savings and loans are owned by groups of stockholders whose interests include earning a healthy return on their investments. Credit Unions are non-profit organizations. In a possible move to be denied an industrial bank license in Salt Lake City, Utah, be prepared to see Wal-Mart Credit Union take over this function. The Federal Deposit Insurance Commission is holding its first hearing this Monday on Wal-Mart's application to open an industrial bank in Salt Lake City, Utah. Inside sources say they are working on expanding their credit union not only with credit cards, but auto loans, and mortgages. If these banks want a “low price war,” look out!!! Their goal was to reduce credit card processing costs, plus offer their customers a lower rate than they can get at their bank or savings and loan institution. More than 40 are scheduled to testify at the first hearing to be held on both Monday and Tuesday in Arlington, Va., with a second round to be held in Kansas on April 25. The great majority are opposed to granting Wal-Mart an industrial bank license. “Wal-Mart's application presents an unprecedented challenge to the settled policy of keeping banking separate from non-financial commerce," says testimony by the American Bankers Association prepared for the hearing. "There is reason to believe that the current and future plans for banking activities could be expansive," the testimony says. The group and others worry the company has its sights set on retail banking. Bankers and others are also concerned that Wal-Mart's industrial-loan company -- which would allow the retailer to offer consumer loans and other services to its customers -- could endanger federal deposit insurance funds. "If Wal-Mart trips, the whole world stumbles," says Terry Jorde, who will testify Monday on behalf of the Independent Community Bankers of America. Over 45 congressman have written the FDIC stating they are opposed to "more industrial banks," stating they are afraid the retailer will open bank branches in their stores. Wal-Mart says it just wants to handle its credit cards out of Salt Lake City, save over $5 million in costs yearly, plus be able to offer lower credit card rates to customers so they will utilize the Wal-Mart card at their stores. What's the matter with offering their customers the lowest price, they say. The issue of bank branches being located in supermarkets, pharmacies, even large retailers such as Costco or K-Mart has not been addressed. That these companies want to have the ability to have more than an ATM machine at their facility is obviously preposterous. Why, what will be next, Google and Yahoo running newspaper classified ads and real estate for sale information—on line with interior and satellite video and photographs? Not only is congress worried about Wal-Mart, but the state legislators have gotten into the act with Iowa Governor Tom Vilsack signing legislation to prohibit commercially owned industrial loan companies (ILCs) from opening branches in Iowa store locations. California and Colorado also restrict ILCs, and seven other states are considering restrictions. The congressman want to question Wal-Mart application re: FDIC insurance; if parent goes broke, will it affect their industrial bank solvency? That Wal-Mart wants to have its own credit card at lower rates that banks can offer, why next they may want their own credit union. The legislators say they are not against low prices, as evidenced what it costs to buy a better congressman or U.S. senator today. Ask any lobbyist. Join “Sam's Club” Credit Union and get a better credit card rate, perhaps auto loan, mortgage, and maybe free checking and more convenient locations than anyone else can offer. Is small ticket leasing next? -------------------------------------------------------------- Classified Ads—Help Wanted Account Executive
Business Development Officer
Chief Credit Officer
Lease Coordinator
Portfolio Collection & Customer Service
Sales Manager
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Cartoon--- Don Myerson presents new BSB broker Leasing campaign
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“Male Brain – Female Brain” by Steve Chriest There is very strong evidence that despite language and cultural differences, people all over the world see, talk and think about objects and people in the same basic way. Now there also is strong evidence that gender plays a large role in the way male and female brains perceive the world and how they process information. Surprised? Despite what someone once published in a book, women aren't really from Venus and men aren't really from Mars – it just might sometimes appear that way! What is true about men and women, according to the latest research by cognitive scientists, is the fact that the minds of men and women are not identical in every respect. Being aware of some of the important differences can help in selling situations. Men, for example, are better at mentally rotating objects and maps, while women are better at remembering landmarks and the position of objects. Men are better throwers, but women, on average, are more dexterous than men. Men are better at solving mathematical word problems, but women are better than men at mathematical calculation. Some other differences in the sexes may have a wider impact in selling situations. Women generally experience basic emotions more intensely, except perhaps anger, than men. I was surprised to learn that women maintain more eye contact and smile and laugh far more often than men. Women are better at reading facial expressions and body language, are better spellers, and have a better memory for verbal materials. The opposite of all this, of course, is true of the typical male. When meeting with, or delivering presentations to groups consisting primarily of men or women, it makes sense to tailor your approach to your audience. If you will be meeting with a women's group, for example, it may make sense to deliver an animated presentation, delivering most of your content verbally. If the cognitive scientists are correct, it would make sense to provide a male audience with lots of photos, graphs and statistics presented in a visual format. If, on the other hand, you face a mixed audience, you'll want to make sure you include verbal and visual elements that compliment each other and appeal to female and male members of your audience. We certainly don't need cognitive researchers to point out the obvious to us – women and men often think differently, and even see the world differently, in some important ways. Verifying and acknowledging these differences, however, gives you the advantage of awareness in certain selling situations. You can use this information to assess your audience and to tailor your approach to the sale, taking into consideration the different ways in which the male and female brain works. Now, wouldn't the world be a much better place if women could learn to think a bit more like men? Or should it be the other way around? Copyright © 2006 Selling Up TM . All Rights Reserved. About the author: Steve Chriest is the founder of Selling Up TM (www.selling-up.com), a sales consulting firm specializing in sales improvement for organizations of all types and sizes in a variety of industries. He is also the author of Selling Up , The Proven System For Reaching and Selling Senior Executives. You can reach Steve at schriest@selling-up.com .
---------------------------------------------------------------- NorVergence Lease “Dirty Dora” by Christopher Menkin
In the card game of hearts, each heart is worth one penalty point and the queen of spades is worth 13 penalty points. Players win tricks by having the highest card showing. There are many names for this queen of spades. Here in America, it is known mostly as “Dirty Dora.” Normally, each player scores penalty points for cards in the tricks which they won. Each heart scores one point, and the queen of spades scores 13 points. However, if you manage to win all the scoring cards (which is known as a slam or shooting the moon), your score is reduced by 26 points, or you may choose instead to have all other players' scores increased by 26 points. Now the bad news, it is very difficult to “shoot the moon” with four players. The normal goal is to wind up with the lowest score, just like in golf. The goal was not to keep “Dirty Dora,” but pass her off at the beginning in exchanging cards. If you got caught holding her because a play was out of the suit and laid it down in your winning trick, you would get 13 points. Surely you would be the loser of the game. The allegory here is that the Federal Trade Commission is the “Dirty Dora” in the legal wrangle over alleged “hell and high water” NorVergence Equipment Rental Agreements. The fact is several of the AG's settlement agreements will be null and void if a full restitution is required by law, whether class action, state, and more importantly, federal. The Federal Trade Commission is the “Dirty Dora” in this legal battle, as it looks at all these transactions as "consumer," and their role is to protect the consumer, obtaining full restitution. If they prevail, no matter what settlement is signed in any state, the party will receive full restitution---and there may be other costs recovered, too. Here is a statement from the Washington, DC, Federal Trade Commission, in an exclusive to Leasing News: “The FTC Act prohibits unfair or deceptive acts and practices in or affecting commerce. The FTC enforces this law in the general public interest, and this enforcement responsibility cannot be waived or foreclosed by individual consumers. There have been many cases in which companies have purported to obtain waivers as a way of avoiding prosecution or preventing defrauded consumers from defending against private suits, but it does not work against the FTC. “The same principle applies to restitution. Of course, if a consumer received, say, a partial refund or similar benefit from a private settlement, this could reduce their share in any recovery and distribution by the FTC. “For the for purposes of the FTC Act, "consumers" may include small businesses, nonprofit organizations, churches and synagogues, and local government departments, all of which were victims of the NorVergence scam.” ---------------------------------------------------------------- “Hell or High Water” Contracts Certainly all Lessors would like their contracts paid on time “come hell or high water.” Until the NorVergence matter there was a common believe that such contracts existed. It is really another myth that repeated so often becomes “fact” to those who hear it, just as the expression itself has evolved in the English language. Actually the term itself comes from the 17 th century expression of “between the devil and the deep blue sea,” according to the “Encyclopedia of Word and Phrase Origins” by Robert Hendrickson, published by Facts on File. “The Devil didn't inspire this old saying, as many people believe. It is thought to be a nautical expression, as its earliest recorded use in 1621 indicates, the “devil” in it referring not to Satan but to a seam between planks in a wooden ship's deck, specifically the long seam nearest to either side of a shop. This seam was “the devil to get at,” and any sailor caulking it in a heavy sea risked failing overboard. The seam that ran around a ship's hull at the waterline, another one difficult and dangerous to get at, was also called ‘the devil,' and those two devils inspired the memorable alliterative phrase 'between the devil and the deep blue sea'---someone caught on the horns of a dilemma, caught between difficulties that are equally dangerous. Similarly, 'the devil to pay' refers to ‘paying'---waterproofing with pitch---the devil on a ship. Pay here comes from the Latin picare, for the process and the original phrase was ‘the devil to pay and no hot pitch.' “ ‘Come hell or high water:' the ancestor of this common expression is apparently ‘Between the devil and the deep blue sea.' Between hell and high water seems to have been a 20 th -century variation on (or deviation from) the earlier phrase. Then the variation took on a life of its own in the expression ‘come hell or high water,' meaning ‘no matter what,' as ‘Come hell or high water, I'll finish it.'” And that is exactly what it is, an expression. Not law. ### Press Release ########################### James Johnson, PhD to appear at Alta Group Chicago Conference
LAKE TAHOE, Nev., - James Johnson, PhD., Northern Illinois University, a noted, veteran educator in the equipment leasing and asset finance industry, will be presenting on future trends in leasing at The Alta Group conference, Creating Solutions in Leasing, set for April 19-21, in Chicago. Dr. Johnson and two leading consultants were added to the conference agenda. Joining are Cameron Krueger, of Capgemini; and Kamal Bhadada of Tata Consulting Services. Krueger will speak on how to assess new technology applications, while Bhadada will present on outsourcing as an alternative to managing such technology in-house. Dr. James M. Johnson serves on the Board of Trustees of the Equipment Leasing and Finance Foundation and on the Editorial Board of the Journal of Equipment Lease Financing. His previous books include Fundamentals of Finance for Equipment Lessors, published in two editions by the Equipment Leasing Association, and Power Tools for Successful Leasing, published by Leasing Power Tools Press. Dr. Johnson serves as an expert witness and consultant on leasing issues, and works on behalf of lessors and lessees alike. Johnson received his Ph.D. in Finance from The Ohio State University and is Professor of Finance in the Graduate School of Northern Illinois University. This is the second year the Professional Development Division of The Alta Group is hosting a conference on information technology solutions in equipment leasing. The event's moderator, Alta Principal Shawn Halladay, says the program is ideally suited for COOs, CFOs, CIOs and IT managers in leasing and finance who want to learn more about how current applications solve actual business issues faced today. “We promise no commercials, just thought-provoking discussions and demonstrations of the real functionality of today's technology platforms,” Halladay said. “Leading educators and consultants in the business will present their insights on where the equipment leasing industry is headed in the future and the critical role technology will play in helping everyone get there. It should be very interesting.” Halladay also has just announced that he has a few free seats available for industry executives who are between jobs and wish to attend the conference. The three-day agenda includes presentations on best practices in migration from legacy systems, challenges of securitizations and new approaches to forecasting and quantifying residual value. Attendees will also learn what auditor expectations for residual values will be under Sarbanes-Oxley and how systems are handling asset splits, buyouts and residual impairments. Conference sponsors are CHP Consulting, International Decision Systems, McCue Systems and Oracle. There will be numerous functionality demonstrations and two program tracks-- one focused solely on IT systems and the other on portfolio management. For details go to www.thealtagroup.com for the agenda and registration details. People interested in attending the conference, to be held at the Chicago Marriott Oak Brook Hotel, should call The Alta Group at 801-322-4499 or email Bonnie Johnson at bjohnson@thealtagroup.com. ### Press Release ########################### Thomas A. James Selected Chairman-Elect of The Financial Services Roundtable
During the Roundtable's Annual Meeting, held the week of March 27, Thomas A. James, Chairman and Chief Executive Officer for Raymond James Financial, was selected Chairman-Elect of The Financial Services Roundtable. "Tom James is an outstanding choice for Chairman-Elect," said Steve Bartlett, President and CEO of The Financial Services Roundtable. "He has been a key member of our Roundtable board because he brings all of his energy and expertise to bear on every issue. His consistency and his creativity are the hallmarks of his leadership and I am looking forward to continuing to work with him." Mr. James graduated magna cum laude from Harvard College in 1964 and from Harvard Business School in 1966. He joined Raymond James Financial in 1966, four years after the company was founded by his father, Robert A. James. Raymond James Financial has since become one of the largest financial services firms in the United States. Mr. James is chairman of Raymond James & Associates, Inc., a subsidiary of Raymond James Financial. In addition, he is a member of numerous boards, including Outback Steakhouse, Inc. and Cora Health Services. He is also a past president of the Florida Security Dealers Association, a past chairman of the board of the Securities Industry Association (SIA), and a past chairman of both the Southern District of the SIA and the District 7 Business Conduct Committee of the National Association of Securities Dealers. He has also served on the Regional Firms Committee and the Nominating Committee of the New York Stock Exchange (NYSE). Mr. James is an executive committee and board member of the Florida Council of 100, as well as president of the board of trustees of The Salvador Dali Museum. A past chairman of the Florida Council of Economic Education, he currently serves on the Board of Dean's Advisors at Harvard Business School, as well as the boards of the International Tennis Hall of Fame and the Chi Chi Rodriguez Foundation. In addition, Mr. James has been an active participant with the United Way of Tampa Bay as a member of its board of directors and founding chairman of the organization's Alexis de Tocqueville Society and the 1995 Pinellas County campaign. He is a past member of the board of Junior Achievement of Pinellas County. Raymond James Financial (NYSE-RJF) is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three wholly owned broker/dealers, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd.have more than 4,800 financial advisors serving 1.2 million accounts in 2,200 locations throughout the United States, Canada and overseas. In addition, total client assets are approximately $163 billion, of which are approximately $30 billion are managed by the firm's asset management subsidiaries. The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO. Roundtable member companies provide fuel for America's economic engine, accounting directly for $40.7 trillion in managed assets, $960 billion in revenue, and 2.3 million jobs. ### Press Release ########################### CAPGEMINI HIRES ADAM WOODHOUSE AS SENIOR CONSULTANT Capgemini Hires Adam Woodhouse Senior Consultant into Global Asset Finance Practice
NEW YORK – – Capgemini U.S. LLC, a part of the Capgemini Group, one of the world's largest providers of Consulting, Technology and Outsourcing services, announced today that Adam Woodhouse has joined Capgemini's Financial Services practice as a Senior Consultant and will serve as a subject matter specialist in the global equipment leasing, lending and diversified finance practice, focusing on banking, captive and diversified finance clients. Woodhouse has extensive global experience that includes working with many leading captive, banking and diversified finance clients in the areas of business and technology strategy development, systems implementation, process improvement, best practices and change management. Mr. Woodhouse brings experience with implementing major, mission critical systems at large global lessors and lenders. “We are excited to further deepen our international ‘bench strength' in asset finance expertise and capabilities with the addition of Adam to our practice,” said Cameron Krueger, Vice President in charge of Asset Finance for Capgemini. “As a core part of our team, Adam provides hands-on business process expertise on how to deploy technology effectively to maximize return on investment for our customers – asset finance companies that lease and lend.” Woodhouse previously held consulting positions in the asset finance industry and is fluent in French and conversant in German. -- -- -- About Capgemini Capgemini, one of the world's foremost providers of Consulting, Technology and Outsourcing services, has a unique way of working with its clients, which it calls the Collaborative Business Experience. Through commitment to mutual success and the achievement of tangible value, the company helps businesses implement growth strategies, leverage technology, and thrive through the power of collaboration. Capgemini employs approximately 61,000 people worldwide and reported 2005 global revenues of more than $8 Billion. Capgemini's Asset Finance practice is well recognized for offering independent, vendor-neutral creative solutions – from thought leadership and technology strategy to business process improvement, technology implementations and applications maintenance – to banks, captive and independent lessors and lenders. More information about individual service lines, offices and research is available at www.capgemini.com. ### Press Release ########################### CIT Announces Team To Lead New Syndicated Loan Group NEW YORK, CIT Group Inc. (Nachrichten), a leading provider of commercial and consumer finance solutions worldwide, today announced the appointment of Peter Connolly, Roger Burns, Thomas McNicholas, Terence Sullivan, Vincent DeVito, Andrew Giangrave and Patrick Flynn to establish the CIT Syndicated Loan Group, a key element of the company's effort to develop a portfolio of leveraged loans across a range of industries including healthcare, energy, media and communications, and retail, among others. The new team will allow the company to capitalize on its core middle market franchise and expand its access to a $250 billion market opportunity. Mr. Connolly is appointed as Executive Vice President, and head of the Syndicated Loan Group. He will manage the business and drive CIT's growth in the senior secured distressed debt market. Mr. Burns, also named as Executive Vice President, will direct the growth and centralization of CIT's PAR participations in senior secured loans. Messrs. McNicholas, Sullivan, DeVito, Giangrave and Flynn will serve as Managing Directors, responsible for originating, underwriting, and portfolio management. The team brings greater than 60 years of combined experience in leveraged finance, workout and portfolio management. Mr. Connolly will report to Rick Wolfert, Vice Chairman, Commercial Finance, and the team will be based in Connecticut. "This new team represents a natural extension of CIT's core franchise and significantly expands access to a major market opportunity," said Rick Wolfert, Vice Chairman, Commercial Finance. "We are very excited to welcome Peter, Roger and their team and are confident that their deep experience, relationships and capabilities will have an immediate, positive impact for CIT Commercial Finance." Mr. Connolly held a number of leadership positions during his 12 years with GE Capital. Most recently, he led GE Corporate Financial Services Distressed Debt P&L, overseeing a twenty-member team as a Senior Managing Director. In this position, he developed GE's European stressed/distressed debt buy program, investing in excess of $1 billion over a two year period. Prior to that, he established and led the Debt Originations Group, which sourced and closed in excess of $500 million of senior secured debt investments from intermediary channels. Before joining GE, Mr. Connolly held a management role in the audit practice of Arthur Andersen. He holds Series 24, 7 and 63 Licenses and is a Certified Public Accountant. Mr. Burns has over 16 years experience in the syndicated loan market investing in a broad array of industries including real estate, project finance, and leveraged loans. He joined GE Capital in 1997 to lead its newly-formed Bank Loan Group, where he developed a portfolio of leveraged loans across a range of industries including media, telecom, healthcare, energy, and gaming. In 2000, he assumed responsibility for the PAR business, where he led investments of approximately $14.5 billion in the primary and secondary markets, and served as a member of the credit committee. Prior to joining GE, Mr. Burns managed Bank of Ireland's $600 million US leveraged loan portfolio. About CIT CIT Group Inc. , a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has over $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its Global Headquarters in New York City, CIT has approximately 6,000 employees in locations throughout North America, Europe, Latin America, and Asia Pacific. For more information, visit http://www.cit.com/. ### Press Release ###########################
News Briefs---- Judge allows lawsuit against Fleet Bank Gold futures top $600 an ounce, a 25-year high Nation's retailers report disappointing sales in March Apple's Mac can now run Windows Local home prices keep surging Couric Says Jump, and Fans Reach for Their Remotes http://www.chicagotribune.com/business/chi-0604060184apr06,1,4196296.story?coll Ousted 'American Idol' contestant Mandisa dishes http://www.sacticket.com/music/story/14239475p-15059540c.html Local data, blogs drive Web growth World's Largest Trivia Contest, April 7-9. Stevens Point, WI. More than 12,000 players, including more than 500 teams, compete to answer eight questions every hour for 54 hours straight. www.momsfamilies.com/trivia ---------------------------------------------------------------
You May have Missed--- Newly Translated Gospel Offers More Positive Portrayal of Judas http://www.washingtonpost.com/wp-dyn/content/article/2006/04/06/AR2006040600921.html Partial Text: ---------------------------------------------------------------
Sports Briefs---- Lions' asking price may scare Harrington suitors St. Louis Ballpark figures won't add up without Village Singh off to error-free start, takes Masters lead Bonds sees little to hit as Giants win NFL Schedule by Team NFL Schedule by Week NFL Schedule by National TV ----------------------------------------------------------------
“Gimme that Wine” Beaujolais King 'in cheap wine scam' California Grape growers fret about persistent rain Sonoma, Mendocino voting on wine grape commissions Grapes May Be Popping Up With Strange Colors Soon If you want to know if you got a value for your wine, or what the wine price is today, go to www.winezap.com Type in the vintage (year) and name of the producer with wine type or geographic area, such as 1995 Chateau Lynch Bages Pauillac. Even 1995 Lynch Bages will work, or 1999 Viader ----------------------------------------------------------------
Alcohol-Free Weekend April 7-9. Observance to increase public awareness of the problems associated with drinking alcoholic beverages by asking Americans to refrain from drinking them for this weekend. www.ncadd.org Chametz after dark http://www.chabad.org/calendar/location.asp?AID=143790 Coffee Cake Day Dogwood Arts Festival (Tennessee) Ham Radio Day Hospital Admitting Clerks Day A day set aside to recognize the worthwhile contribution made by admitting clerks in hospitals across the US and Canada. Lets Someone Else Clean Day No Household Day No trash. No dishes. no making of beds or washing of laundry. And no guilt. Student Government Day in Massachusetts World Health Day SUN Observance commemorating the establishment of the World Health Organization. World Grits Festival (South Carolina) ----------------------------------------------------------------
Today's Top Event in History 1915- Billie Holiday birthday (born Eleanora Fagan, nicknamed "Lady Day") is considered by many jazz critics to have been the greatest jazz singer ever recorded. In her 26-year career, despite having received no formal training, she demonstrated a unique style with sophisticated and dramatic phrasing. Among her best-known songs are "Lover Man," "God Bless the Child," "Don't Explain" and "Strange Fruit." holiday was born at Philadelphia, PA. She died at New York, NY, July 17, 1959. Often coupled with saxophonist Lester Young, a fan wrote "Strange Fruit" as a poem, she set to music, and sang at a time that considered this quite revolutionary. Some of her backing musicians included such famous jazzmen as Lester Young, Roy Eldridge and Teddy Wilson. A movie loosely based on Billie Holliday's autobiography, "Lady Sings the Blues," was made in 1973 starring Diana Ross.On this date in 1986, Holliday was honored with a star on the Hollywood Walk of Fame, nearly 27 years after her death. http://memory.loc.gov/ammem/today/apr07.html ----------------------------------------------------------------
This Day in American History 1712- Nine whites were killed in a slave revolt in New York City. Planned by 27 slaves, the rebellion was begun by setting fire to an outhouse; as whites came to put the fire out, they were shot. The state militia was called out to capture the rebels and the city of New York responded to the event by strengthening its slave codes. Twenty-one blacks were executed as participants, and six alleged participants committed suicide. New York outlawed slavery in 1799. NBA Champions This Date 1956 Philadlephia Warriors NCCA Champions This Day 2003---Syracuse --------------------------------------------------------------
Spring Poem How Do I Love Thee? by Elizabeth Barrett Browning How do I love thee? Let me count the ways. |
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