Wednesday, August 24, 2005
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Leasing News adds Dolsen Leasing to the “Story Credit List,”
“Thank you for a chance to review & rewrite our information. FYI, a second broker called today and the first has already submitted an application.”
The addition to “Funder Only,” to be completed:
“Dolsen Leasing Company funds deals in 11 western states: Alaska, Arizona, California, Colorado, Idaho, Montana, Oregon, Nevada, New Mexico, Utah and Washington.
“A – We accept broker business. Please see our Broker Application at www.dolsenleasing.com.
Also added is Balboa Capital, the first to make all five “yes” to the questions.
A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program
(A) Pioneer Capital originates all it's paper from brokers - 100%. Pioneer is a full service funding company that holds 100% of its transactions internally. We have over $150 million in small ticket leasing lines. We offer "A", "B" and in some circumstances "C+" credit coverage. We also offer franchise, medical, and new business leasing programs. Accepts Broker Business - to apply for to http://www.pioneerfunding.com/becomebroker.html. Private Label Program - Pioneer offers private label documents and discounting programs to eligible brokers.
(B) BWC Equipment Leasing only funds deals in Northern California. Sub-broker accepted only is disclosed up-front. Broker must sign "Representation and Warranty" broker agreement.
(C) Balboa Capital:
(D) Dolsen Leasing, see our Broker Application at www.dolsenleasing.com . While we do not require brokers to be licensed, we do a background check on all prospective brokers. While we have both inside and outside sales people, we are always open to expanding our broker network.
Royal Links is Not
In a move to beat the deadline filed by Biissel & Brook, LP, the Swanton, Ohio firm that allegedly bilked 11 leasing companies and up to 1300 golf clubs throughout the United States, paid $209 to file for Chapter 7 bankruptcy, claiming $8.1 million in debts and only $57,693 in assets. Royal Link allegedly owes approximately 1,300 golf courses millions of dollars for advertising reimbursements on leased refreshment carts. Royal Links pledged to provide the golf courses beverage carts from third-party leasing companies and to reimburse the golf courses for monthly rental fees if they kicked in free advertising.
The case was assigned case number 05-38503 to Judge RICHARD L SPEER .The first for Meeting of Creditors 341(a) meeting to be held on 10/12/2005 at 12:30 PM at Ohio Building, Toledo. Filed by United States Trustee.(ust25, United States tr)
On July 8th, Lord, Bissell & Brook LLP served interrogatories and document requests on Royal Links USA. By rule, Royal Links had 30 days to respond to these. This was the first written discovery served in the Royal Links Litigation. Lord, Bissell & Brook is also sent out subpoenas to the various leasing companies during the coming week. Service of subpoenas on the leasing companies will hopefully trigger responses from the leasing companies with respect to possible settlement discussions.
Leasing News asked both the firm and the National Golf Course Owners Association for a comment, which they say will be forthcoming..
The National Golf Course Owners Association has more than 6,000 member courses worldwide and an audience of more than 18,000 through Golf Business magazine, NGCOA, hired the Chicago-based laws firm of Lord, Bissell & Brook LLP filed a class action against the leasing companies on behalf of members who contributed funds for this.
Original, full story at:
CIT Effort to Make Growth a Specialty
Specialty lender CIT Group Inc. has reorganized by industry specialization instead of by product line, which executives hope will help transform the conservative company and position it for robust growth.
The company's current goal is earnings growth of 20 percent and asset growth of 8 percent to 10 percent. To achieve this goal, CIT plans to increase its deposits, especially at its chartered CIT Bank.
In addition, more loans will be funded through the bank, although most of the company's loans are still funded through its capital markets. CIT hopes that its loan business will grow due to the consolidation of a number of lending industries, including factoring, which many banks have exited. However, the company will likely face considerable competition from hedge funds and boutique lenders that have recently entered the market.
(story originally from American Banker---americanbanker.com)
Rick Gatelli, CLP, at Hertiage Pacific Leasing
Many readers wanted to know where we got the picture of Jim Lahti, CLP, ex-president of Certified Leasing Professional Foundation, and the United Association of Equipment Leasing, also active in other associations, such as the National Association of Leasing Brokers. His photograph was from 1994, a United Association of Equipment Leasing Newsline magazine. Perhaps not as attractive as his actress sister Christine Lahti, but he hasn't aged very much at all.
Jim Lahti, 1994
He has gone on his own, and that was news.
Affiliated Investment Group, Inc.
”I have enjoyed working closely with Rick Galtelli, but he is going to work for Heritage Pacific Leasing, “Lahti said. “ I am going to be on my own, proudly serving brokers as I have done for the last twenty years as Affiliated Corporate Services.
“This is not negative news, Kit, but positive. Rick and I both still break bread together and pray together, but I am basically too old to work for someone else.”
Leasing News tried to reach Rick Galtelli, CLP, and finally caught up with him in Fresno, California.
“Well Kit, I guess I owe you this response to Jim's "Follow your heart" article.
“I applaud anyone who wants to do it alone, however, for me, even at my age I still want to build and be part of a company that stands with or without me that will provide for the individuals long after I am gone that helped get me there. Jim and I still talk most every day and he and his family who I watched grow up are always in my prayers. Jim and I have been blessed many times and I am sure those blessing will continue.
‘' I don't know about you, but at this juncture in my life, it is people that count, for if you take care of them then the rewards, whether monetary or other, will be great. I have survived as a helicopter pilot in Viet Nam, heart surgery, and am in remission for cancer. I have to think that God has a plan for me for why would He keep me around, Could it be that He has a great sense of humor---- I am sure
I provide him a lot of entertainment with my life's ups and downs.
“When John Otto and I sat down, we did so as two tired old soldiers with many battle scars from being in this business for a long time. Our talks first centered around retirement when a spark was lit about building Heritage Pacific Leasing into a first class commercial finance company. I don't think he and I had laughed so hard in a long time while thinking and planning out our approach but it sure was a good feeling to get the creative juices flowing again for both of us. I have known John a long time and knew of his support for the leasing industry with both his time and his resources. John, the sole stockholder of MAC, began discussing the growth and expansion of HPL.
“ When I asked why he wanted to grow Heritage Pacific Leasing at this stage in his life, his answer could have not been a better one than when he said what he did ‘there are a lot of people here that have stood by me over the years, they have families that depend on HPL and I enjoy seeing us grow together.'
“ HPL is a California Licensed lender with branches now in Dallas and Atlanta. We are looking to expand our business in both of those markets. Mike DiPietro, Fred Fernandez and Kim Perryman are in our Dallas office and Brian Litt heads up our Atlanta office. Charlie Litt, our Director of Legal Services resides in Florida.
“It was not an easy transition, for Jim joined me in January of 1986 when I had moved my office from Houston to Dallas. I don't have to tell you what was going on in Texas at that time with the closing of Banks, Thrifts and the such. One of my major investors at the time was in the oil and real estate market. Do I need to say more?
“It was during that time I had to make a hard decision, stay and fight it out or try another route. Well I chose the latter and with the existing staff, Jim and I formed Affiliated Corporate Services (1991) and the rest as they say is history. Since that time Jim and I have shared many laughs and many tears and the partnership withstood the test of time. The dissolution of our working relationship was more of a difference in business philosophies and the future of our firm, and as Jim stated in his article he wanted to try and do it on his own.
“I wish him the best of luck, and as he said, we both still break bread together and pray together when I am in Texas.”
Classified Ads---Help Wanted
National Account Manager
The EAEL-NAELB Fall Conference is shaping up very well, according to Scott A Wheeler with 39 Confirmed exhibitors so far, the price is right, and a key speaker is a former presidential candidate that many of us would have voted for, if he had gotten the nomination.
Time to book your room, make airline reservations for the fall leasing conferences. You should do it know while the main hotel has rooms available.
Leasing Association Conferences—Fall, 2005
September 14-16 Vancouver, BC
The Canadian Finance and Leasing Association 2005 Conference "Working smarter for tomorrow ~ Mieux travailler pour demain" & 32nd Annual General Meeting ~ September 14 -16, Westin Bayshore Resort & Marina, Vancouver, BC - Join us in Vancouver for the 2005 Conference and discover how businesses are Working smarter for tomorrow within the asset-based financing/leasing industry.
Registration, plus agenda, please go here.
A list of Conference delegates is available to the Public by Company
Eastern Association of Equipment Lessors
Information on the key speakers:
For Agenda and Registration, please go here:
For Exhibitor Registration
This year's “ FALL EXPO” is quickly developing into a must attend event for any and all leasing professionals.
The EAEL has sponsored the Fall Expo for 22 years and this year is presenting the event in conjunction with the NAELB ; and has adapted the title of “ Take The Next Step To Success”. Participating exhibitors have already given a vote of confidence to this one day gathering of leasing companies and individuals who are leading the way with their optimism in the future of our industry. The number of exhibitors has outpaced previous years with the addition of new exhibitors every day; and the demand is quickly reaching maximum available space. The Expo currently has 39 Confirmed exhibitors The anticipated crowd is motivating exhibitors and record high numbers of sponsors to secure their place on the " FALL EXPO" roster. The day is highlighted by nine workshops and two speakers the Honorable Bill Bradley and Famed Economist Dr. Irwin Kelly.The most exciting news is that expected attendees will outpace recent years and may even top records posted in the mid nineties . Both the EAEL and NAELB are receiving daily inquiries and commitments from members and non-member who are planning on attending. The date is Monday September 19 th 2005, at the Marriott at Glenpointe Teaneck NJ. For a registration form your readers can visit the EAEL web site at www.eael.org .
Scott A Wheeler
National Assocation of Equiment Leasing Brokers
United Association of Equipment Leasing
The event will also feature the exclusive buyout of the M.S. Dixie for the Saturday Sunset Dinner/Dance Cruise.
The complete brochure has been mailed and is also available at
Make your room reservation as soon as possible at Caesars Tahoe
for more information, please go here:
If you haven't booked your room at Caesars Tahoe (866-844-2696 UAEL block) for the UAEL Fall Conference and Exposition please do so as soon as possible.
Register for the conference before August 15 to take advantage of the UAEL discounted rate.
UAEL is the sole occupant of the M.S. Dixie for our Saturday Evening Sunset Dinner/Dance Cruise and have ordered perfect weather for the event!
Lake Tahoe 's Zephyr Cove Resort serves as a homeport to the M.S. Dixie II Paddle wheeler. Lake Tahoe 's original paddle wheeler company welcomes you aboard the M.S. Dixie II. Voted Lake Tahoe 's best boat cruise.
Equipment Leasing Association
A non-member who has not attended the conference before is invited
Registration and all information about the Annual Convention are now available on-line at http://www.elaonline.com/events/2005/annconv/
California truckers protest diesel prices
Rumors of protesting truckers have been running rampant across the country during the past week, but those rumors became reality for some California truckers on Friday, Aug. 19.
Several news sources in California reported that a group of truckers formed a convoy and drove through Santa Maria to protest the rising cost of diesel fuel.
While some media outlets reported the number of protesting trucks in the dozens, Sgt. Richard Flores of the Santa Maria Police Department put the number between 12 and 15 rigs total. The truckers reportedly were blowing their horns as they drove through the downtown area.
Flores said the police heard the rigs coming and that the noise was loud enough to bring several judges out of the courthouse in the middle of legal proceedings.
Flores said several citations were issued for noise violations.
Prices for diesel in California have been above the $3 mark for the last week and a half. The highest price found Monday, Aug. 22, according to CaliforniaGasPrices.com, was $3.39 per gallon at a Shell station in Fairway, CA.
The American Automobile Association reported an average price in the state of $3.16 per gallon on Aug. 22, while ProMiles showed an average of $3.02.
Most of the major truck stop companies had prices just under $3 per gallon at their California locations, according to their Web sites. Pilot was the exception, posting $3.079 per gallon at their facility in Salinas.
Attendees at Lessors.com Atlanta Conference
City National Bank Names David W. Maurer
--- Maurer Will Spearhead Creation of the New Department, Set to Debut Later This Year
LOS ANGELES----City National Bank, California's premier private and business bank, announced that David W. Maurer has been named senior vice president and manager of its new Equipment Leasing Department.
Maurer will oversee the formation of the team, which will offer comprehensive equipment leasing services to clients. Maurer will report to City National President Chris Warmuth.
"Dave will be leading a seasoned team of experts who will deliver tax-efficient, customized equipment leasing products to business owners and individuals, and enhance City National delivery of complete financial solutions to our clients," said Warmuth. "He brings 30 years of combined leasing and banking experience, including large corporate, middle-market and small business banking."
The bank's Equipment Leasing Department will be a general-purpose lessor, focusing primarily on commercial equipment commonly used in the small and midsize middle market, including everything from computers to manufacturing machinery. The department is scheduled to become operational in the fourth quarter.
"About 80 percent of all U.S. businesses lease one or more pieces of equipment, and we want to capitalize on this fact to the benefit of City National and its clients," Maurer said. "The leasing market is estimated to be over $50 billion annually in California alone, and City National's commitment to entrepreneurs and small and midsized businesses makes this a perfect fit."
Maurer joined City National from Bank of the West, where he was vice president and manager of direct leasing for more than three years. He helped create a leasing subsidiary for Sanwa Bank California/United California Bank, and following the merger with Bank of the West, managed all direct lease marketing and middle-market lease syndication.
Before that, Maurer was a vice president at Wells Fargo Bank, in both its equipment leasing and corporate finance groups in Southern California. Previously, Maurer was a managing director and principal for four years at Regency Capital Group, an investment banking firm specializing in equipment leasing.
Maurer earned a master's degree in corporate finance and marketing from the University of Michigan, and a bachelor's degree in mathematics from Miami University in Ohio.
Maurer, who lives in Irvine with his wife, Jeanine, is a member of the Equipment Leasing Association.
About City National
City National Corporation (NYSE:CYN) is a financial services company with $14.5 billion in total assets. Its wholly owned subsidiary, City National Bank, is the second largest independent bank headquartered in California. It provides banking, investment and trust services through 54 offices, including 12 full-service regional centers, in Southern California, the San Francisco Bay Area and New York City.
City National is ranked among America's top companies in Forbes magazine's "Super 500" list. It also is one of the nation's top wealth managers, according to Barron's magazine. The company and its affiliates manage more than $17 billion of client trust and investment assets. Assets under management or administration amount to $37 billion.
For more information about City National, visit the company's Website at cnb.com.
City National Bank
Sterling Financial Corporation Announces Quarterly Dividend
LANCASTER, Pa., -- The board of directors
of Sterling Financial Corporation (Nasdaq: SLFI) declared a $0.140 per share cash dividend This dividend is payable on Oct. 3, 2005, to shareholders of record on Sept. 15, 2005.
"We are very pleased to have increased dividends this year and every year for the past 17 years," noted Glenn R. Walz, chairman, Sterling Financial Corporation. "This puts Sterling in an elite group of companies. We attribute our success to our focus on growth and our ability to deliver results for our customers, our shareholders and Sterling employees."
This $0.140 dividend per share represents a 9.4 percent increase over the $0.128 dividend paid in October 2004, and a 7.7 percent increase over the $0.130 dividend per share paid in the second quarter of this year.
References to the prior year dividend per share have been restated to reflect the 5-for-4 stock split effected in the form of a 25 percent stock dividend to shareholders of record on May 13, 2005, and payable on June 1, 2005.
With assets of more than $2.8 billion and investment assets under administration of approximately $2.1 billion, Sterling Financial Corporation is a diversified financial services company based in Lancaster, Pa. Sterling Banking Services Group affiliates offer a full range of banking services in south-central Pennsylvania, northern Maryland, and northern Delaware; the group also offers correspondent banking services in the mid-Atlantic region to other companies within the financial services industry. Sterling Financial Services Group affiliates provide specialty commercial financing; fleet and equipment leasing; investment, trust and brokerage services; insurance services; and human resources consulting. Visit
Banking Services Group -- Banks: Pennsylvania: Bank of Lancaster County, N.A.; Bank of Lebanon County; PennSterling Bank; and Pennsylvania State Bank. Pennsylvania and Maryland: Bank of Hanover and Trust Company. Maryland: First National Bank of North East. Delaware: Delaware Sterling Bank & Trust Company. Correspondent banking services: Correspondent Services Group (provider of Sterling services to other financial institutions).
Financial Services Group -- Specialty commercial financing: Equipment Finance LLC (commercial financing company for the forestry, land clearing and construction industries). Fleet and equipment leasing: Town & County Leasing, LLC (nationwide fleet and equipment leasing company). Trust, investment and brokerage services: Sterling Financial Trust Company (trust and investment services) and Church Capital Management, LLC (registered investment advisor) with combined assets under administration of $2.1 billion and Bainbridge Securities Inc. (securities broker/dealer). Insurance services: Lancaster Insurance Group, LLC (independent insurance agency for personal, property and business insurance); StoudtAdvisors (employee benefits consulting and brokerage firm); and Sterling Financial Settlement Services,LLC (title insurance agency). Human resources consulting: Professional
SOURCE Sterling Financial Corporation
Web Site: http://www.sterlingfi.com
### Press Release ######################
Editor's Opinion: Talking Ourselves into a housing recession?
by Kit Menkin
As Roseanne Roseannadanna used to say: "it's always something! If it's not one thing, it's another!"
Sales of previously owned homes fell in July as some house hunters were put off by galloping prices, but the pace of sales was still the third-highest ever, suggesting the red-hot market isn't cooling much.
The average rate on 30-year mortgages in July was 5.70 percent, up from 5.58 percent in June. By historical standards, though, mortgage rates are still considered low.
And, mortgage rates have stayed well behaved despite the Federal Reserve's 14-month long campaign to raise interest rates. The Fed is expected to boost short-term rates again at its next meeting on Sept. 20.
The overall pace of sales, at 7.16 million units, in July was the third highest ever. The second-best showing came in April with a pace of 7.18 million units.
It appears economists who want to get their name in the newspaper are talking the industry, and particularly the stock market, into a bearish position.
The recent July new housing starts from the US Government reports showed that housing starts remained strong, but unchanged in July, holding at 2.04 million (SAAR). The single family sector was flat (1.711 million SAAR), while multi family was down 3.2%. Regionally, the bad weather in the South pulled starts down 5.4% while the other regions showed increases – NE 6.5%; MW 9.1%, and West 2.1%. Permits were up 1.6%, suggesting that the near term outlook for starts is good.
Concerns remain the same as last month – the weakening dollar (weaker dollar is inflationary and puts upward pressure on interest rates) and rapid house price appreciation (pushing prices out of reach for a growing number of potential buyers). In addition, higher energy prices could hurt the U.S. economy in at least two ways – higher inflation pushing up interest rates, and the “added tax” burden on consumer spending.
Today, with the rapid growth and growing size of two economies - China, and India, the demand for energy is outstripping supplies, and the long term prognosis for oil prices is much higher than what it would have been absent the stellar performance of these two economies (which by the way, do not produce enough oil for domestic needs). China, for example is now the world's second largest importer of oil behind the U.S.
Well, Jane, it just goes to show you, it's always something! If it's not one thing, it's another! If you don't know how to breastfeed your baby, or Bo Derek makes you sick at Tiffany's. It's just like the little song my father used to sing to me before I went to bed at night. He'd tuck me into bed, and he would sing to me this song, written by musically-happening cousin - Carlos Santana Roseannadanna. And it went like this [ singing ]:
"You've got to change your perfect ways, Bo Derek
You've got to change, Bo Derek
You got perfect skin and white teeth, and you got perfect clothes
This can't go on
U.S. ABS primary issuance hits $20 billion
First Banks to acquire Texas bank for $20.8 million
Niners Remember Herrion at Memorial
California News Briefs---
Governor alters his stance on trade associations
“Gimme that Wine”
Wine and Women: Women Are Adventurous
'Sideways' Strikes Again - No Merlot
Today's Top Event in History
1853 -- First potato chips prepared by Chef George Crum, Saratoga Springs, NY. Crum was a Native American/African American chef at the Moon Lake Lodge resort in Saratoga Springs, New York, USA. French fries were popular at the restaurant and one day a diner complained that the fries were too thick. Although Crum made a thinner batch, the customer was sill unsatisfied. Crum finally made fries that were too thin to eat with a fork, hoping to annoy the extremely fussy customer. The customer, surprisingly enough, was happy - and potato chips were invented! Crum's chips were originally called Saratoga Chips and potato crunches. They were soon packaged and sold in New England - Crum later opened his own restaurant. William Tappendon manufactured and marketed the chips in Cleveland, Ohio, in 1895. In the 1920s, the salesman Herman Lay sold potato chips to the southern USA (selling the chips from the trunk of his car). In 1926, Laura Scudder (who owned a potato chip factory in Monterey Park, California) invented a wax paper potato chip bag to keep the chips fresh and crunchy - this made potato chips even more popular.
This Day in American History
1675-Catholic holy orders were conferred by Gabriel Diaz Vara Calderon, Bishop of Santiago de Cuba, on a visit to St. Augustine, FL. Minor orders were conferred on seven candidates.
Budweiser! he calls
from Tim Peeler, from his book
From a soft cover 128 pages