New Hires/Promotions in the Leasing Business
and Related Industries

Jesse Jaeger was promoted to Sales Account Executive, Hona. He is located in the Salt Lake City Metropolitan Area. He joined Hona March, 2024 as Sales Business Development, (May, 2024 - August, 2024)
Full Bio:
https://www.linkedin.com/in/jesse-jaeger/details/experience/
https://www.linkedin.com/in/jesse-jaeger/

Tyler Lyster was hired as Application Support Specialist, LTi Technology Solutions, Omaha, Nebraska. He is located in LTi Pittsburgh Office. He is part of The Seubert & Associates Team. He formerly was Vice President of Operations, Seubert & Associates, Inc., starting December,  2023. Previously, he was Technical Development Associate, Graham Company (April, 2022 - December, 2023); Construction Account Executive, Seubert & Associates (March, 2020 -- April, 2022). Full Bio: https://www.linkedin.com/in/tyler-lyster-b095939a/details/experience/
https://www.linkedin.com/in/tyler-lyster-b095939a/

Frank Swann was hired as Chief Operating Officer, Beacon Consulting Group, Hoffman Estates, Illinois. He is located in Lemont, Illinois. Previously, he was at Engs Commercial Finance Co., starting May, 2013, Vice President Business Systems, promoted Senior Vice President, Information Technology (February, 2017 - August, 2024); Senior Staff, INSTEC (July, 2011 - MAY, 2013). Full Bio:
https://www.linkedin.com/in/frank-swann-20a7b811/details/experience/
https://www.linkedin.com/in/frank-swann-20a7b811

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Six Month 2024 Leasing-Finance Associations'
Membership Count and by Category

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Commercial Finance/Leasing Finance
Conferences & Forums

(American Association of Commercial Finance Brokers Previous Expo Break)

Sept. 4-5: AACFB Commercial Financing Expo, New Orleans, Louisiana
https://expo.aacfb.org/home
Complete List of 2024 AACFB Funding Exhibitors
NOTE: Hotel Exclusive Rate Cut-off August 15.
https://leasingnews.org/archives/Jul2024/07_22.htm#aacfb
Vicki Shimkus, CLFP, Balboa Capital, Broker Relationship Manager, will be covering the conference for Leasing News readers.

Sept. 10-12: CFLA Conference, St. John's, NL, Canada
https://cfla-acfl.ca/cfla-annual-national-conference-2024.html
Early Bird Rate Available:
https://cfla-acfl.ca/programs-services/event-calendar.html/event-info/details/id/48
Hugh Swandel, President, Meridian OneCap Commercial Credit, will be covering the conference for Leasing News

Sept. 23 - 24: B2B Finance Expo, Wynn, Las Vegas, NV
https://www.b2bfinexpo.com/
It also features Poker Game for 50, Sunday, Sept. 22, 2024
https://www.b2bfinexpo.com/page/3932469/poker-party
Accepting Reservations:
https://book.passkey.com/gt/220111918?gtid=3de05f54910c4c17c858cd28e9e1b9cf

Oct. 16-18: NVLA Conference, Clearwater Beach, Florida
https://www.nvla.org/page/2024conference
Early Bird Special:
https://leasingnews.org/archives/Jul2024/07_12.htm#nvla
Sloan Schickler, Esq., Schickler & Schickler, will be covering the conference for Leasing News. She is also presenting there.

Oct. 27-29: 63rd ELFA Annual Convention, Austin, TX
Convention details
Early Bird Registration Available, Plus Hotel
https://www.elfaonline.org/education-networking/2024/annual-convention
Bruce Kropschot, Senior Managing Director, The Alta Group, will be covering the ELFA Convention, as he has done for  Leasing News for many years.

Nov. 6, 2024, Brokers Expo, New York City
https://brokerexponewyorkcity.com/
Super-Early-Bird-Pricing-Announced
https://reg.eventmobi.com/BENY24/register
Elevate Your Brand - Become a Sponsor
https://leasingnews.org/archives/Jul2024/07_26.htm#expo

Nov. 11-14: NEFA Fall Conference, Indianapolis, Indiana
https://www.nefassociation.org/events/upcoming
Don Cosenza, CLFP, Senior Vice President of North Mill Equipment Finance, will be covering the conference for Leasing News

To be listed or update: kitmenkin@leasingnews.org

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Leasing and Finance Industry Help Wanted
Excellent Compensation/Marketing Support
Plus other openings for successful, growing funders

Chesswood Group Limited Appears to Be in Trouble;
Financial Statement Deadline Passes Third Time
By Kit Menkin

www.ChesswoodGroup.com
www.PawneeLeasing.com
www.TandemFinance.com
www.VaultPay.ca
www.VaultCredit.com
www.Rifco.net
www.WaypointInvestmentPartners.com
www.EasyLegal.ca

Chesswood did not make the latest extension of filing financial statements, claiming accounting difficulties. This is important to continue their ability to keep credit lending ability to fund leases.

I don't think the Chesswood  companies are taking on new originations. Pawnee, located in United States, is not, according to its president. Rifco in Canada closed. Tandem Finance in United States doesn’t seem To have any salesmen active. VaultPay and Vault Credit were sold, according to a press release announcing the sale.

Chesswood Press release July 30 said Daniel Wittle resigned as director, company's largest shareholder on the board, terminating intellectual property agreement with Vault Credit and Vault Home.  He also was owner of both companies. It was rumored he was having difficulty with the non-board member stockholders.

The latest press releases states, “The completion of the Transaction marks a first step towards the Company's execution of its previously announced Credit Facility action plan to remedy its existing non-compliance with the borrowing base covenants under the Credit Facility, as required under the extended waiver provided by the lending syndicate under the Credit Facility (the "Waiver"). As previously announced, the Waiver required the Company to, among other things, complete the sale of its interests in Vault during the waiver period expiring on September 16, 2024.

“The Committee and the Board of Directors considered, and continues to consider, a variety of financial restructuring options available to the Company and, following their respective review of the terms of the Transaction, unanimously determined that the Transaction was the only reasonable and current option available to the Company capable of satisfying the applicable condition under the Waiver, while materially reducing the Company's indebtedness under the Credit Facility and allowing future borrowings under the Credit Facility to fund continued operations.”

Chesswood is also not alone in this financial situation, Such as Lion Eclectic, another company also having operations in the United States.

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Lion Electric and Pride Truck Remain
in Trouble with Operations in Canada and U.S.

Lion Class 8 Truck
(Photo: Steve Bouchard)

Lion Electric Second Quarter was a net loss of $19.3 USD compared to a year-ago net loss of $11.8 million.

They continue to let employees go both in the United States and Canada. According to trucknews.com, "Lion reported it now has more than 2,100 vehicles on the road with more than 46 million kilometers traveled. It has 190 trucks and 1,804 buses on its order books with a combined value of about $475 million."

Pride Truck remains in trouble. Trucknews.com reports, " recommendation by bankruptcy Monitor Ernst & Young to sell Pride Group back to its founders for $56 million and maintain the company as a going concern was not met well by stakeholders, and just one day later, in its 13th report, the Monitor indicated Pride operations will be wound up."

The sale out of bankruptcy to its founder is being considered, but how the cost is going to be recovered is unknown, it is reported.

Full Article: https://www.trucknews.com/business-management/pride-sale-to-founders-rejected-company-to-wind-down-operations/1003187812

 

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Top Ten Most Read Articles
By Leasing News Readers
July 29 to August 2

(1) Corporate Transparency Act Critical Update
Ken Greene, Leasing News Emeritus
https://leasingnews.org/archives/Aug2024/08_09.htm#cta

(2) Targeted Lending Co., LLC Achieves    
Record Breaking Month
https://leasingnews.org/archives/Aug2024/08_09.htm#tl

(3) Three Suggestions to Increase Sales
By Scott Wheeler, CLFP
https://leasingnews.org/archives/Aug2024/08_09.htm#3

(4) Don't Quit
By Ken Lubin, ZRG Partner, Managing Director
https://leasingnews.org/archives/Aug2024/08_09.htm#dont

(5) Simon Biles The World's Most Decorated Gymnast
Facts, Key Events and Achievements
https://leasingnews.org/archives/Aug2024/08_09.htm#biles

(6) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Aug2024/08_05.htm#hires

(7) North Mill Equipment Finance Sets Monthly
Origination Record in July; Adds New Employees
https://leasingnews.org/archives/Aug2024/08_05.htm#nm

(8) Commercial Finance/Leasing Finance
Conferences & Forums
https://leasingnews.org/archives/Aug2024/08_05.htm#conf

(9) Three Exceptional Leaders
By Scott Wheeler, CLFP
https://leasingnews.org/archives/Aug2024/08_05.htm#3

(10) CLFP Foundation Adds 12 New CLFPs
with Photographs
https://leasingnews.org/archives/Aug2024/08_05.htm#clfp

The World's Largest Stock Markets
(1900 vs. 2023)

Founded in 1801, the London Stock Exchange (LSE) is one of the world’s oldest stock exchanges, though not as old as the New York Stock Exchange (NYSE) which opened in 1792.

Major companies that traded on the LSE in 1900 were primarily involved in railways, finance, and natural resources.

Overall, European countries accounted for over 67% of global market cap in 1900. Looking at 2023’s data, we can see that much has changed since then.

123 years later, the U.S. is firmly positioned as the world’s largest stock market. America’s share of global market cap has grown by 46 percentage points, and it is home to six of the world’s seven trillion-dollar companies.

Over this time frame, we can see that Asian countries like Japan, China, and India have also emerged as major equity markets. The latter two countries are expected to have the world’s two biggest economies by 2075, and as a result, the size of their stock markets could grow significantly.

Source: Visualcapitalist

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News Briefs

Boeing’s manufacturing woes long preceded
    door-panel blowout
https://www.washingtonpost.com/transportation/2024/08/11/boeing-ntsb-faa-doorplug/

Boomers Buying Houses Had It Bad in the ’80s.
    Millennials Have It Worse.
https://www.wsj.com/real-estate/boomer-millennials-housing-market-2a32a374?st=rd313d4jgdump6q&reflink=desktopwebshare_permalink

US colleges are cutting majors and slashing
    programs after years of putting it off
https://www.bostonglobe.com/2024/08/11/nation/us-colleges-are-cutting-majors-slashing-programs-after-years-putting-it-off/

TSA PreCheck® reaches milestone
    with 20 million members
https://www.prnewswire.com/news-releases/tsa-precheck-reaches-milestone-with-20-million-members-302217836.html

Mid-year Employment Laws: Changes to Minimum Wage,
  Additional Political Activity Protection, New
    Cal/OSHA Requirements
https://www.winebusiness.com/news/article/290924

Paris closes out the 2024 Olympics with
    a final star-studded show
https://www.bostonglobe.com/2024/08/11/sports/paris-olympics-closing-ceremony

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Why Schools Are Racing to Ban Student Phones
     wave of new laws that aim to curb distracted learning
https://www.nytimes.com/2024/08/11/technology/school-phone-bans-indiana-louisiana.html

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Sports Briefs---

US women edge France in a thriller to win
   eighth straight Olympic basketball gold medal
https://www.eastbaytimes.com/2024/08/11/aja-wilson-us-women-hold-off-france-to-win-eighth-straight-olympic-basketball-gold-medal/

Steph Curry leads Team USA to gold medal
    win over France
https://www.eastbaytimes.com/2024/08/10/usa-france-olympics-france-gold-medal-olympics/

Steve Kerr guides Team USA to basketball gold:
  ‘He gave us a lot of inspiration’
https://www.sfchronicle.com/sports/olympics/article/steve-kerr-guides-u-s-team-gold-he-gave-us-19649327.php

49ers’ Kyle Shanahan surrenders play-calling duties
for a night — and probably won’t again
https://www.eastbaytimes.com/2024/08/11/49ers-kyle-shanahan-surrenders-play-calling-duties-for-a-night-and-probably-wont-again/

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California News Briefs---

Caltrain debuts electric trains that are faster,
   more spacious and quieter than past models
https://www.sfchronicle.com/bayarea/article/caltrain-electric-trains-19624014.php

Berkeley has a huge new dorm. The city’s downtown
will never be the same
https://www.sfchronicle.com/bayarea/article/uc-berkeley-dorm-downtown-19607997.php

Can free rent revive downtown San Francisco?
Occupied Storefronts Have Been Missing for Years

https://www.bostonglobe.com/2024/08/11/business/can-free-rent-revive-downtown-san-francisco/

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Gimme that Wine

 

http://www.youtube.com/watch?v=EJnQoi8DSE8

This midcentury modern home has ‘world class’
  Wine Country views. Can you guess what it went for?
https://www.sfchronicle.com/projects/2024/bid-real-estate-quiz-sonoma/

Mayacamas Releases a Historic Retrospective of
Three Cabernet Sauvignon Vintages of the 21st Century
https://www.winebusiness.com/news/article/291034