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Thursday, August 25, 2005 Headlines--- Correction: 12 Leasing Companies ######## surrounding the article denotes it is a “press release” Correction: 12 Leasing Companies Number of leasing companies that have not settled in New York State is 12. NY Ag Eliot Spitzer In the recent press release by New York Attorney General Eliot Spitzer, he announced a total of 711 NorVergence customers from New York receiving a potential of over $16 million in relief, with that latest four agreements, BB&T Leasing Company, Interchange Bank, R-G Crown Bank (d/b/a Crown Bank Leasing), and National Penn Leasing Company, will forgive $2.8 million (90% of the balances on outstanding leases) in payments due from 111 New York customers, who signed long-term contracts with NorVergence. Here is the correct list of those leasing companies who have not settled in New York State: Alfa Finance The original list of all leasing companies who had purchased NorVergence leases as of June, 2004: 1ABB Equipment Leasing CT Note: Several of these companies have resolved or settled all NorVergence leases at this date. Leasing News asked the Federal Trade Commission attorneys what the number is today, those not resolved. We were told it was confidential at this time, but was over 40. ------------------------------------------------------------------------------ Classified Ads---Leasing Industry Attorneys
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---------------------------------------------------------------- Archives August 25, 2000-- Tom Allanson has resigned as president of GE/Colonial Pacific "to take the opportunity of a lifetime." Tom Allanson has resigned as president of GE/Colonial Pacific "to take the opportunity of a lifetime." He has joined Intuit to head their Turbo Tax division. Living in Silicon Valley, see employees leave for better jobs and opportunities, I can appreciate this. Netbank has just completed a deal with Quicken, who is owned by Intuit and runs Turbo Tax on their software and internet connection. Quicken is going to not only recommend Netbank, meaning Quicken users should change banks, but change their software so it will automatically interface, using the features of Quicken and possibly Turbo Tax. It is only a matter of time that we will see money as we now see postage stamps being printed via the internet. They don't use paper money on Star Trek. Perhaps with the automation of loans, ATM machines everywhere, and grocery chains having banking offices, we will see less actual branch offices and more on line banking. The electronic cash is not that far from reality in the next five to ten years. Electronic payments and record keeping is becoming very popular. I can remember less than two years ago Bank of America and Wells Fargo saying the internet banking will never catch on...They didn't even want to go on line. I also remember when ATM's came out, banks were against them, saying people would never use them... (Also maybe Allanson could see the writing on the wall, or as John Deane , Managing Principal, Alta Group, called his study of what happened next, “The Perfect Storm.” http://www.leasingnews.org/Conscious-Top%20Stories/nuggets.htm In 2004, he left Intuit to found along with David Murry TaxNet. From their web site, www.taxnet.com "Use TaxNet™ to prepare and print your IRS Federal Tax Return for FREE. Answer simple questions and let TaxNet™ fill out the right tax forms. "TaxNet™ is the next generation in tax preparation because it's smarter and easier to use than other online tax products. It's designed by tax and software usability experts to maximize your deductions and qualify you for tax credits." Here is the San Diego Tribune newspaper interview on the formation of the TaxNet: ---------------------------------------------------------------- Fight over 500 plus NorVergence Lease Jurisdiction The St. Louis, Missouri state court (upheld on appeal) dismissed actions by Popular because Popular failed to name Norvergence as a "necessary and indispensable party" under Missouri law. A separate decision by the same panel upheld a decision that the floating forum provision of the rental agreements was unenforceable in Missouri. Popular's only alternative to the dismissal, after being denied reconsideration by the appellate court, was to petition the Bankruptcy Court for the District of New Jersey for relief from the automatic stay to enable it to name Norvergence as a "party" in each of the 500+ Missouri state court actions. This does not appear to foreclose Popular from re-instituting individual suits all over the country against the same consumers, other than those residing in MO. Leasingnews.org is not aware of any other state court that has ruled on the issue of whether NorVergence would be a necessary party. Nor would there be any question left of the validity of the floating forum clause under state law. According to Federal Trade Commission senior attorney Randy Brook: "If Popular Leasing did re-institute suits in local forums, there would be no violation of the FTC Act or decisions that have ruled that distant forum suits against individual and small business consumers violate the FTC Act." Randy Brook, known as the dragon slayer of leasing companies Brook also noted that most of the state Attorney General settlements with finance companies provide that if a consumer rejects the settlement terms offered, the finance company can only sue that consumer in a local court. ---------------------------------------------------------------- Lessee Sues Popular Leasing First, Gets Jurisdiction A company in California with a NorVergence lease learned through his telephone carrier last July that he was going to be shut off and that NorVergence was going bankrupt. He immediately talked with his attorney who decided to sue Popular Leasing in Missouri, whom he was making payments. Popular Leasing eventually tried to have the suit brought to Missouri, along with 500 others, claiming the lease was signed there ( they accepted and signed the lease there) and noting that the venue called for their location. Missouri laws are quite different than California, one of the reasons the Missouri attorney general has not been able to get any settlements, and it would not cost as much as having to come to California.) They lost their motion as the company in California brought the suit first and it was ruled to supersede the Missouri filing, which was later. While this was going on, the company contacted others that they found in California and asked them to join them in the suit. One it would protect them from going to Missouri, and he felt he could not only win in California, but may receive damages. During this time he collected all the NorVergence web sites, while they were still up, and found a place that had previous NorVergence web sites and has full copies of them all, plus all the sales literature and sales procedures. He also was able to locate the sales person from NorVergence who sold him the lease ( and others, too.) In California, often a verbal promise or deception may over rule a contract, particularly if it is fraudulent in nature. In addition to the above, the person involved has also collected other information about the Salzano's and their involvement in other enterprises to prove their original intent. The NorVergence lease payments to this party are $2,000 a month, so the attorney fees, and now split among eight, are much less than what he would outlay in any settlement, plus he also believe he can recuperate his expenses plus has hopes of getting more for what Popular Leasing has put he and his company through. Regarding California Attorney General Bill Lockyear, he doesn't have many good things to say. It is true the California AG was “ a dollar short and a dollar late” in obtaining what settlements to do, plus they were not as well done as either Massachusetts or New York. ---------------------------------------------------------------- HP Leasing Team Reunion “A month ago we had a reunion of the original Hewlett-Packard Leasing team. Started in 1972, the group was headed by Joe Barr. We initiated the first leasing programs and established the captive. Great memories, great dinner in Palo Alto followed by a game of Texas Hold 'Em (Joe provided the chips and cards). Attending were: “John LaRocca - Partner Quote-2-Cash Bill Vinnicomb - President Z Resource Captive Services Steve Thrower - COO Eden Housing Inc. Tom Stroud - Cisco Capital Steve Pavlovich - just retired from HP as VP Investor Relations Ron Bannerman - President Start-Up-Services Joe Barr - Retired (still doing work for HP and not slowed down) “Four of us have stayed in the leasing business for these 25+ years. In fact, John LaRocca and I are in the process of raising capital for a new venture. “Attached is a picture of the group you are welcome to post on your site. “We all agree we still look great.” Regards, Ron Bannerman Seated L - R: LaRocca, Barr, Bannerman, Thrower ---------------------------------------------------------------- Summit Leasing Joins Story Credit List
To view the entire list, please go here: http://www.leasingnews.org/Story_Credit/Story_Credit.htm ---------------------------------------------------------------- Leasing Association Meetings Open to Non-Members UAEL Oregon Region Presents “Annual Golf Tournament” Call UAEL at 760-564-2227 to REGISTER NOW (before September 7th) as this is a first come, first serve event, as we have tee times reserved for 40 players!! When: Thursday, September 15, 2005 (review www.eastmorelandgolfcourse.com for directions) Event: This will be a scramble format, and is open to both members and non-members. We will have both contests and drawings. Time: Check in will be at 10:00 a.m., and the first start time will be at 10:30 a.m. Cost: $40.00 for members, and $55.00 for non-members. Registration: Simply call UAEL at 760-564-2227 to make payment arrangements. As mentioned, this is first come, first serve, so please REGISTER NOW (deadline is September 7 th ). UAEL can take your credit card information over the phone or they can invoice you as well. Please also make sure to provide us with your handicap, and let us know if you would like to be partnered with anyone. Final Comments: The Oregon Annual Golf Tournament has been held for many years now, and has always been a huge success. We have always had an excellent mix of funding sources, brokers and lessors, and vendors. We also encourage non-golfers to come out and meet us for beverages, as all players should be coming off the course between 3:00 and 4:00 p.m. For additional information: Please contact Gary Parker, Commercial Equipment Lease, at 800-234-1884 or email gparker@commlease.com . --------------------------------------------------- September 19-21 ELA Lease Accountants Conference "If you are planning to attend the ELA Lease Accountants Conference, scheduled for September 19-21, 2005 at the JW Marriott Hotel, New Orleans, Louisiana, complete conference details including hotel and conference registration, are now available online: http://www.elaonline.com/events/2005/leaseaccts/ The full conference agenda includes sessions that address: Doing business in a changing corporate environment: understanding the regulatory, tax and accounting impact Current & emerging developments at the FASB and how they impact lease accounting The impact of the SEC report on off-balance sheet arrangements on leasing Current status and outlook of proposed FASB standards related to off-balance sheet accounting and financial reporting for securitization implementation and interpretive questions Update on the latest developments in accounting for cross-border transactions Changes in the accounting treatment of tax benefits in leverage leases." For complete details, including registration information, please go here: http://www.elaonline.com/events/2005/leaseaccts --------------------------------------------------------------
Oct. 21-22, 2005 National Association of Equipment Brokers For more information: mwilson@hqtrs.com --------------------------------------------------------------------- November 4-5 For more information: mwilson@hqtrs.com ---------------------------------------------------------------- Classified Ads---Help Wanted Account Executives
Credit Analyst
Lease Representatives
MIS/Business Analyst
National Account Manager
---------------------------------------------------------------- Smith New Equifax chairman, CEO Richard F. "Rick" Smith, the chief operating officer of General Electric Co.'s GE Insurance Solutions, will replace Thomas F. Chapman, who plans to retire at the end of this year. Smith, 45, was in charge of the insurance group that posted $10 billion in revenue and $50 billion in assets last year. The announcement ends a nearly year-long search for a replacement to Chapman, who announced last August his intention to retire. ------------------------------------------------------------------ #### Press Release ##################### KEY EQUIPMENT FINANCE NAMES MICHAEL A. MOUNT VICE PRESIDENT OF CREDIT, COMMERCIAL LEASING SERVICES SUPERIOR, CO. – Key Equipment Finance, one of the nation's largest bank-affiliated equipment financing companies and an affiliate of KeyCorp (NYSE: KEY), has announced the promotion of Michael A. Mount to vice president of credit within its Commercial Leasing Services group. Mr. Mount will have responsibility for the Colorado- and New York-based credit staff supporting Key Equipment Finance's rapidly growing direct sales, business aviation financing, syndication and leveraged leasing activities. His office is in Key Equipment Finance's world headquarters just outside Boulder, Colorado. “Mic comes to the job with nearly 15 years of financial analysis experience,” said Paul A. Larkins, president and chief executive officer, Key Equipment Finance. “His background is a good match for this position, and he has already proven his value to our organization.” “Mic has been an integral part of the KEF credit team since 2001,” said Andrew Mesches, executive vice president, Risk Management, Key Equipment Finance. “It is gratifying to have identified a candidate of Mic's breadth of experience from within our own ranks. This says good things about the caliber of our employee base.” Mr. Mount joined Key Equipment Finance in March 2001 as senior credit officer in the Global Vendor Services line of business. He transferred to the Commercial Leasing Services line of business in January 2003 to support its syndications, lease advisory services and business aviation divisions. He was recently selected to be a member of the inaugural President's Council within Key Equipment Finance. Prior to joining Key, Mr. Mount was vice president and commercial loan officer for UMB Bank Colorado N.A. He had also worked for GRA, Thompson, White & Co., P.C. and the U.S. Treasury Department's Office of the Comptroller of the Currency. He earned his bachelor of science degree, with an emphasis in finance and marketing, at the University of Colorado at Boulder. He is a CFA charterholder and is a member of the CFA Institute, Denver Society of Security Analysts and the University of Colorado Alumni Association Board of Directors. Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. The company focuses on four distinct markets: · businesses of all sizes in the U.S. and Canada (from small business to large corporate); · equipment manufacturers, distributors and value-added resellers worldwide; · federal, provincial, state and local governments as well as other public sector organizations; and · lease advisory services for manufacturers' captive leasing and finance companies. Headquartered outside Boulder, Colorado, Key Equipment Finance manages a $12 billion equipment portfolio with annual originations of approximately $5 billion. The company has major management and operations bases in Toronto, Ontario; Albany, New York; Chicago, Illinois; Houston, Texas; London, England; and Sydney, Australia. The company, which operates in 25 countries and employs 1,100 people worldwide, has been in the equipment financing business for more than 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at KEFonline.com. Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $91 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. ### Press Release ##################### Terri McNally of Global Capital, Ltd. Wins Terri E. McNally Chicago, Illinois – Terri E. McNally, President and CEO of Global Capital, Ltd., a financing and leasing company, has just been selected as the 2005 recipient of the Women's Business Development Center's (WBDC) Entrepreneurial Woman of the Year Award. Ms. McNally will be honored at the WBDC Hall of Fame Awards luncheon attended by the mayor and governor as well as over 1,000 women business owners and community leaders. The WBDC Hall of Fame Awards luncheon will be held on Wednesday, September 14th, 2005 in the Grand Ballroom on Navy Pier. Hedy Ratner, co-president of the WBDC, explained that the criteria for selecting the winner of this award are based on the entrepreneur's “unequaled strength, perseverance and creativity in their business, and embodiment of entrepreneurial success in various ways such as growth in revenue and dedication to her community and to supporting other women-owned businesses. This award serves to recognize successful women business owners that demonstrate creativity, tenacity, persistence and a high level of expertise in their fields.” While Ms. McNally more than exemplifies these qualities, Ms. Ratner also mentioned that she was acknowledged for her willingness to try new things, her ability to establish new business relationships and establish critical ties and credibility with her clients, and her commitment to helping other women-owned businesses succeed. The prestige of this award not only extensively promotes the recipient but also sets a standard for other successful women business owners. “I am very thankful for this award,” said Ms. McNally, “but I am looking forward to a day when there are just entrepreneurial awards, rather than specific women's awards. In essence, I have just always valued working hard and doing the best I can, and the most significant purpose in all of this is to try and help others.” While these decisive factors undoubtedly describe Ms. McNally, they are similarly reflective of her company. Global Capital prides itself on a foundation of integrity, individual excellence, superior service, customized solutions, and an entrepreneurial spirit. This is not the first time that Ms. McNally has been honored for her success and excellence and this award further proves that she continues to do her best and set an example for other women-owned businesses. “Last year was a banner year for our company that started off with winning the 2004 Women-owned Business Stars Award and ended with being elected to the WBENC Board,” said Ms. McNally. “I look forward to helping other women-owned businesses find success just as others have helped me.” Ms. McNally is also a member of The Chicago Network; she serves on the advisory council of Women Impacting Public Policy (WIPP) and is a member of Women's President Organization (WPO). About Global Capital Global Capital, a $23 million dollar company, specializes in leasing and financing all types of equipment including copiers, IT, transportation equipment, telecommunications equipment and manufacturing equipment. Crain's Chicago Business recently recognized Global Capital as one of the top woman-owned businesses in Illinois. More information about Global Capital is available at www.globalcapital.com or by calling 847-223-7820. Contact: #### Press Release ##################### ---------------------------------------------------------------- News Briefs---- New Data, New Record In a Housing Market That Defies Predictions http://www.washingtonpost.com/wp-dyn/content/article/ New home sales reach record in July http://www.usatoday.com/money/economy/housing/ Mortgage rates tread water http://www.usatoday.com/money/perfi/housing/ Rents Head Up as Home Prices http://www.nytimes.com/2005/08/25/realestate/25rent.html?hp&ex= GE to Seek India Bank License, Build $10 Billion of Assets http://www.bloomberg.com/apps/news?pid=71000001&refer= AOL settles customer services suit for $1.25 million SEC filing: Anheuser-Busch settled with Maris' for $120 million http://www.signonsandiego.com/news/business/ ---------------------------------------------------------------- You May Have Missed If you're looking to commit a social faux pas with minimal backlash, come to the Bay Area http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/ ---------------------------------------------------------------- Sports Briefs---- Armstrong returns fire about doping allegations http://www.usatoday.com/sports/cycling/2005-08-24-tour-director_x.htm Sox seek landmark status for Fenway http://www.boston.com/business/articles/2005/08/24/ ---------------------------------------------------------------- California News Briefs--- Governor's numbers fall even lower in poll None of his ballot measures wins majority backing http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2005/08/25/POLL.TMP ----------------------------------------------------------------
“Gimme that Wine” California Vineyard prices rebound as wine sector recovers http://www.cfbf.com/agalert/AgAlertStory.cfm?ID=420&ck= ---------------------------------------------------------------- Today's Top Event in History 1830—One of the great obstacle of the industrial age that actually began around this time, but did not “catch on” until after the civil war, as people did not believe in “new” or “modern” things. One of the most popular events was a race between a locomotive and a horse-drawn vehicle. It took place this day between Relay and Baltimore, MD., a distance of nine miles. The locomotive was the Tom Thumb, an engine of the Baltimore and Ohio Railroad, driven by Peter Cooper. The Tom Thumb was involved in an accident, and the horse won. Although the broken belt lost the race, the steam engine proved it was an advantage in hauling over a horse drawn cart. http://home.mindspring.com/~railroadstories/rrmmv1n1/birthof.htm http://www.eyewitnesstohistory.com/tomthumb.htm ---also please at least see the first entry in This Day in American History below This Day in American History 1814-James Madison became the first president to face enemy gunfire while in office and the first president actively to use his authority as commander-in-chief. On this day he assumed command of Commodore Joshua Barney's battery, stationed a half mile north of Bladensburg, MD. In 1813, the British fleet "parked" off the east coast of the U.S. This was called a blockade. They stopped trading ships from going in and out. They attacked U.S. navy vessels. British ships in Chesapeake Bay went even farther. Soldiers from the ships burned and looted homes around the Bay. Barney came up with a plan. The plan called for a small group of ships to sneak into the Bay. They would attack the British ships. Then they would quickly hide again. The larger warships couldn't move as easily as the small vessels. Joshua's plan was put into action. He helped build a flotilla of barges. The flat boats would hold one cannon each. This little fleet fought back against the British warships. Two of the big ships were sunk. The enemy was kept busy dealing with the sneak attacks. In 1814, the British launched a plan. They would attack the U.S. capital! They thought they could win the war by taking Washington, D.C. They sailed their fleet up the river near Washington. Barney's flotilla kept the enemy ships back for several weeks. Finally, the larger ships won the battle. They landed troops at a town near the capital. Joshua had already decided what he would do. He had his own boats burned! Then, if captured, they couldn't be used by the enemy. Barney and his 400 marines marched to Bladensburg. This small town was the only thing that stood between the British and the U.S. capital. Barney's men went to help the militia defend the city. The defeat (August 24, 1814) here of American troops under Gen. W. H. Winder enabled In 1813, the British fleet "parked" off the east coast of the U.S. This was called a blockade. They stopped trading ships from going in and out. They attacked U.S. navy vessels. British ships in Chesapeake Bay went even farther. Soldiers from the ships burned and looted homes around the Bay. Barney came up with a plan. The plan called for a small group of ships to sneak into the Bay. They would attack the British ships. Then they would quickly hide again. The larger warships couldn't move as easily as the small vessels. Joshua's plan was put into action. He helped build a flotilla of barges. The flat boats would hold one cannon each. This little fleet fought back against the British warships. Two of the big ships were sunk. The enemy was kept busy dealing with the sneak attacks. In 1814, the British launched a plan. They would attack the U.S. capital! They thought they could win the war by taking Washington, D.C. They sailed their fleet up the river near Washington. Barney's flotilla kept the enemy ships back for several weeks. Finally, the larger ships won the battle. They landed troops at a town near the capital.9 Joshua had already decided what he would do. He had his own boats burned! Then, if captured, they couldn't be used by the enemy. Barney and his 400 plus 100 marines marched to Bladensburg. This small town was the only thing that stood between the British and the U.S. capital. Barney's men went to help the militia defend the city. The Americans lost the battle as basically Barney's men ran out of ammunition and refused to retreat. The fight so impressed the British that all prisoners were treated as if they were officers and commodore Barney was fully escorted to the nearest large city where his wounds could be attended to. The British under General Robert Ross to march on Washington., D.C., and burn many of the public buildings. By the end of the same day, the Capitol building, the President's Mansion and many other public buildings were in flames. The following day more buildings were burned. At about noon a tremendous storm of hurricane force descended upon the city halting further destruction. With their mission accomplished, the British feared the Americans would reassemble their forces and attack while they were in the vulnerable position of being a long distance from their fleet. The men were miserable in the 98 degree temperatures. They were tired, ill and wounded. At dusk the troops quietly withdrew from the city. The troops were so exhausted that many died of fatigue on the four day march back to the ships, several deserted, but the body of men marched on. The full story is located here: ---------------------------------------------------------------- Baseball Poem WAITING FOR GODOT'S FIRST PITCH Above, Written by Tim Peeler, Published by McFarland & Company | ||||||||||||||||||||||||||||||||||||||||||||||||||
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