Friday August 11, 2006
Headlines--- Classified Ads--Doc. Mgr./Finance/Legal Contract Management Survey Results in this edition ######## surrounding the article denotes it is a “press release”
----------------------------------------------------------------- Classified Ads-- Documentation Manager / Finance / Legal
Shea Vineyard, Pinot noir - west block
Brickhouse Vineyard
For a full listing of all “job wanted” ads, please go to: To place a free “job wanted” ad, please go to: * http://www.stinnocentwine.com/NewFiles/home.html
---------------------------------------------------------------- NY AG Spitzer gets Nine more NorVergence settlements
New York Attorney General Elliott Spitzer and his staff were the first to obtain major settlements with funders of NorVergence leases. They lead the way for 28 other attorneys general offices and the District of Columbia to also obtain settlements, originally from the companies Spitzer was about to get from 100% to 85% of the money owed returned, including personal property tax and other fees, plus payments spread over a period of time at not interest, if requested. The new ones are basically at 90%. The new settlements: Alfa Financial Corporation dba OFC Capital This is close to $20 million for those NorVergence lessees in New York, not counting the influence his staff had in helping other attorney generals, including the District of Columbia, as well as the Federal Trade Commission.
The nine new settlements as basically similar with some minor differences, such the remaining payments need to either exceed 10% or 15% "of the reaming principal balance and (Iii) any unpaid late fees, penalties and insurance charges assessed prior to July 15,2004..." PECC and National City will forgive 87.5% and an additional 2.5% if this is "settled" within 30 days. National Penn and BB&T Leasing have a flat 90%. From his original list of leasing companies that Spitzer and his staff were originally pursuing, the Leasing News count shows these leasing companies remain: IFC Credit These may have settled or were small dollar amounts, but from the search on Telecommunications Documents of Special Interest from the New York Attorney General's website, these are the recent settlements that Leasing News found: http://leasingnews.org/PDF/AG_settlement-alfa.pdf ---------------------------------------------------------------- The full RW Professional Story
The sentencing procedure of Barry Drayer and Stephen Barker continues with motions to have the convictions overturned. U.S. Attorney Roslynn R. Mauskopf, with assistant US Attorneys Steven Tricione and Linda Lacewell, outline in specific detail the leasing frauds of the two convicted men. It is basically a recap of all the governments evidence and their presentation, distilled into a 153 page document presented to the court that reads like a novel, with a "who's-who" and "what's-what" in what is one of the largest leasing scandals in U.S. history. Barry Drayer, 66, of Wellesley, Massachusetts, Vice-President of RW Professional, who claimed he was "just a salesman," was found guilty, as well as Stephen Barker, 42, of Lake Forest, California. Drayer never took the stand to answer any questions. Sentencing may be up to 30 years in jail. Even if Drayer serves half the time for good behavior, he most likely will not be out until he is 81 years old. The drama is about to end. The verdict came in on February 15, 2006 with sentencing to follow. It was estimated at the time it would take three to four months. During this time, appeals, motions, and other actions have been taken, again to most likely put the government in the position to “work out a deal.” From the testimony in the case as indicated in the 153 “memorandum of law,” this has been Barry Drayer standard finagling. The “memorandum” presents testimony that he has done this to his family, to his close friends, and his funding sources throughout his career, clearly outlined by the United States attorney's office. Leasing News has followed this not just from June 21,2003, the date forty FBI agents raided the offices of RW Professional Leasing in Island Park, NY, but as part of the Sierra Cities/First Sierra portfolio and leads to CIT, Vanguard Leasing and Old Kent (several stories co-written with Charlie Lester.) Originally, it was about money, around $9 million. It grew to perhaps $100 million dollars in contention, counting what the FBI claims, the American Express Business Finance law suit, Crawford and other community banks, plus the $38 million the Bank of New York was charged for its “money laundering” by a specific person, setting up phony bank accounts, working with RW Professional on the scheme. Here for the first time are the specific details and the chain of events that lead up to the two arrests: 153 pages: Government's Memorandum of Law in opposition to Defendants Rule 29 and rule 33 motions. ---------------------------------------------------------------- Lisa Lersner, Lease & Finance Consulting
Lisa Lersner has twenty years experience specializing in leasing technology now providing lessor selection and management services, including the securing of debt and equity and acquisition guidance. She started her leasing career in 1986 at Citicorp in the vendor finance group. " From Citicorp, I moved on to Chrysler Capital, " she told Leasing News. " After a couple of years at Chrysler, I decided to enter consulting to allow myself a bit more flexibility while my children were very young. Once I was ready to get back to the corporate world, I joined Golden Eagle Leasing, a small and micro ticket lessor in Ridgefield, Connecticut as its Controller. While the company grew from six employees to eighty and originations grew from a couple of hundred a month to over 3,000 per month, I took on the roles of Chief Financial Officer, Chief Operating Officer and eventually President." "Those were exciting times with many changes. Keeping up with the constant growth needs including infrastructure, systems, facilities, employees and of course the all important juggling act of managing fundings versus capital, was an exciting challenge and great learning experience. Of course change is good. “After the second sale of the company in 2003, I left to start Lease & Finance Consulting. Currently, I am in the process of wrapping up a long term engagement that included restructuring a portfolio, creating management reporting, modifying the operations and systems, aiding in the determination to sell the company, valuing the business and facilitating the sale. Additionally, we have helped perform due diligence reviews for investors and secured financing for a number of companies both in and outside the leasing community. "We serve clients nationwide and have done some international work as well, as I am finishing up with a client located in London. We are looking to continue to serve the leasing industry by aiding in the securing of debt and equity as well as providing operational support via providing services including process reengineering, management report creation, statistical analysis, system selection and project management.” Lisa Lersner lives in Ridgefield, Connecticut with her husband and two children. "We are about a half hour away from the Long Island Sound," she adds, " and enjoy spending our free time boating." Lisa R. Lersner ---------------------------------------------------------------- Classified Ads---Help Wanted Marketing Specialist
Sales
-------------------------------------------------------------- Blody now VP at Butler Capital Donald A. Blody has been named vice-president of Butler Capital Corporation, Hunt Valley, Maryland. He has served as senior credit officer since 2003. Before that he was vice-president of syndications at Sovereign out of Long Island, New York,, and before that, senior risk manager at GE Tilden responsible for all operations but sales, for nine years.
"We have had a record breaking ten months," he says. "It seems every month we continue to be outdoing ourselves. This is a great operation here and we continue to grow. I made the right choice to join Butler." He noted the company moved last month to new headquarters as they are expanding. In his previous role he shared credit management duties, which he still does today, handling industries he has more knowledge in. Another role he has is syndicating transactions and working on the portfolio to be evenly balanced in all industries, not having too much exposure to the industry itself or the customer. Mr. Blody earned bachelor's degree in business administration with a marketing concentration from Adelphi University. A native of Long Island, New York, Mr. Blody now resides in Owings Mills, MD, with his wife and children where he is often mistaken for Brad Pitt. Established in 1978, Butler Capital Corporation is a direct business lender that provides loans, leases, and credit lines to fund its clients' equipment purchases, business acquisitions, and business expansions. Butler's private-label sales finance programs are used by equipment and business product manufacturers/distributors, and its special third-party
-------------------------------------------------------------- "Being a Broker" Module: Big Hit
Brian Montgomery, President Elect of the National Association of Equipment Leasing Brokers (NAELB) states the first in a series of three modules by Gerry Egan titled "Being a Broker" was a big hit. "I have to say that the response thus far has been overwhelmingly positive," he told Leasing News. “Our association is one that utilizes the leasing forum extensively. However; because of the 'family' like atmosphere and friendships with ‘would be' competitors, I would say that much of the response I have received has been via phone calls and private email. "Quite frankly, some have asked 'what took so long' in which my response is always 'if it is worth doing, it is worth doing right' and once they watch the presentation, they know exactly what I mean. I could not think of a better ambassador and presenter than Gerry Egan of WWW.RealWorldSalesTraining.com for our first DL modules. Based on his knowledge of the subject matter and his experience as a presenter, we were proud to have him as the speaker in the upcoming productions. We realize no association will ever be able to have 100% participation at an annual or regional meeting, it is simply impossible. Yet, we all know that the meetings are where the real education takes place in our industry. Our goal was to offer all of those employees and associates that have to stay home and man the helm at the office, access to the same type of educational opportunities that those attending a conference would have. "We could never reproduce the learning environment and synergy that happens when you get a room full of leasing professionals in one place but we hope to come pretty darned close with our distance learning modules. "Simply put, the better trained brokers we have in the NAELB, the better off the leasing industry will be as a whole. The NAELB has a tradition of advocating education and ethical practices in our industry. As the project progresses, we hope to have a full compliment of topics from Being a Lease Broker to Sales Training and Vendor Retention to Best Ethical Practices to provide our members across the country. A source of material that may be viewed by any member, any time, and in the setting of their choice! Talk about good stuff to come! "There is a reason why we say ‘This is no time to go it alone' and the benefits offered by the Distance Learning project of the NAELB is proof positive that our favorite cliché is still true today. "I hope each of your readers will come visit our site at WWW.NAELB.org" Brian Montgomery Distance Learning: Gerry Egan With the permission of NAELB, you may link direct at: http://www.leasingnews.org/Pages/NAELB_D_learning.htm
-------------------------------------------------------------- Contact Manager Survey by Christopher Menkin
There were over 400 responses in the survey, which has been running since August 2, 2006. It was originally suggested by Bob Skibinski It should be noted this is not a “scientific” survey as we don't know the size of the companies who responded, their geographic location, how long they have been in business, and it was a small portion of our readership. I do not believe, however, that readers will be surprised at the actual response of contact management software: 74% Act The overwhelming users of Act were very happy, but some had some tips. There were some mixed reaction with Microsoft, and there were several odds and ends, including one who still uses Telemagic (one of the great systems in DOS and when they moved to Windows and sold the company, many of the features were lost, in my opinion. We had been able to construct a great system in DOS, and to tell you the truth, DOS was a great system, when you mastered it; very fast, especially if you are a fast typist as I am. “We use a customized version of TeleMagic in house,” reported Here are some of the comments regarding Microsoft: “Used to use Act, but they destroyed the product.” “Intuitive, flexible and integrates well with other MS applications,” And this unsigned one: “There has to be better way... Goldmine came in at 8%, second. We use Version 6, and have not up-graded as we are happy with the features. Some of those who responded, were not happy: “We are evaluating Microsoft. Not happy with Goldmine,” “Using it as bought "out of the box". Is too complicated to set up and doesn't sync well with Microsoft Office database; would probably have to pay to customize,” DaveMcCarthy, mccarthy2020@comcast.net Others were happy, as we are: “Great program. I have used it for over 10 years.” “Works well and can integrate with most other programs.” Many equipment leasing brokers utilize Advantage, but only 5% of the respondents mentioned the contact management application: “Has a partial interface with Microsoft Outlook. Ties emails to funding source, vendor, and lessee contacts. I found this feature very helpful, “We use Advantage Software from Preferred Solutions originally System I. The leasing software has a built in contact manager we love,” BobBaker,CLP , baker@wildwoodfinancial.com A surprise was the small number who utilize Salesforce, supposed to be one of the most popular software by sales personnel: Here are two unsigned comments, the only ones received: “Previously worked on ACT....preferred ACT on my end..it was very user friendly...but Salesforce is much better for reporting purposes.” “It's an excellent platform, very reliable and customizable. We highly recommend this ASP based CRM.” There were few Saleslogic with no comments and one: Brokers Alley: “Really designed for securities brokers. Does a good job. Flexible and can be searched by any field. Norm. norman.hall@simmonsfirst.com Only a few Maximizer: “I have been using Maximizer for over 10 years.” “One of the more versatile CRMs to use.” With less than Maximizer, there was: COMMERCE: “Used a lot in the computer industry. Very customizable.” There were a number we did not know how to count, as they were in between, or deciding between one and another, such as this one who indicated they also may be using or going to another program: “We are currently evaluating both Microsoft CRM, which would be hosted on our own servers, and salesforce.com which is one of the "hosted" CRM solutions to which Bob Skibinsky refers. Both are very robust applications. In our example, because our proprietary processing software is built on the "dot net" platform, Microsoft has certain advantages such as SQL server database, MS Sharepoint Portal Server (sharing content and pushing it out to remote users) and it is easily interfaced to Office and other MS applications. To accomplish the same thing on the Salesforce.com platform our processing platform would have to undergo some conversion and be uploaded to run on the salesforce platform. The "per seat" cost for salesforce.com is relatively inexpensive if you are just using it for CRM. There is addtional expense, however, if there is integration or customization required for their platform. We now have an extensive Google Ad campaign underway and the idea behind the CRM system is to push those leads to the sales people, "real time" and literally respond to the customer as soon as the click through occurs. We have designed the process so that the output fromt the Google campaign "landing page" will populate the appropriate fields in the CRM software. The CRM system will be interfaced with our Liquid Credit processing application so that a positive response from the customer can be turned into an application and processed in real time while the customer is still on the phone with sales rep. CRM and our processing software then allow the sales rep to follow the transaction in real time until it is completed.” Other: Salesforce Name: BobRodi As reported, the overwhelming number of users were ACT: “CT is the most valuable employee we have. Certainly worth more than the president relative to our continued success in this business.” “Sill going strong after all these years, ACT is powerful, has great plug-ins like swift age email and integrates perfectly with our IP phone system.” “as worked great since ver 1,” “I like it because I have used it for over 10 years, and it is compatible with most other software,” Scott Burnett, scott@cfocommercial.com “Over the years of use, I have dramatically modified the system and added numerous fields to make it more applicable to leasing and our processes,” Russ Runnalls, lease@markay.com “I have used ACT for 10 years and like it.” “Long time user (1990) it helps to take an advanced class to fully utilize the program.” “Oldest and most reliable system out there.” “Best program out there. I have used them all including Goldmine and Siebel.” “A positive benefit is that it is not connected with any other systems. It is not a sales/collection format. Its purpose is singular and pure, Tom Collins, tom.collins@stuartallan.com “Let's me efficiently manage my databases, tracks sales calls, and keep in contact with clients, Joel Wilsford, jwilsford@trilliumcapital.com There were also these following comments: “Act has worked well over the years but I have found that I prefer Act! 6 over the newer releases,” Jerry Bernardy, jbernardy2@earthlink.net “We are a new company and at this time ACT is working fine but it has severe limitations and we may need to upgrade in the not to distant future,” Jim Sweeney, jim@pinetreefinancial.com “Never could get the contacts into the upgrade to 8.0. Had to de-install 8.0. Later, hired an ACT consultant who told us 8.0 was very resource intensive,” Tom Martin Leasing News would like to thank those who participated in the survey. We hope readers respond to Linda Kester's “Broker Commission” survey. Leasing News has reported on sales commissions in the past, but they most likely are out of date.
-------------------------------------------------------------- Linda Kester Waiting for your e-mail “Broker Commissions” “I'll take on the role of investigative reporter to provide you with more info on this subject. Please share your knowledge of typical points and deal sizes (I'll keep you anonymous if you like), I'll compile a summary and share the information in a follow-up article to make us all more knowledgeable on current industry trends.” Original Story:
-------------------------------------------------------------- Sky Financial to acquire Columbiana County bank
Dayton Business Journal - www.bizjournal/Dayton Sky Financial Group Inc. said it has signed an agreement to purchase Wells River Bancorp. Inc. and its subsidiary, Perpetual Savings Bank Inc. Pending regulatory and shareholder approval, Sky Financial expects to complete the acquisition of Perpetual Savings' three branches in Wellsville, and begin operating the branches under Sky's nameplate by the end of the year. Terms of the deal have not been disclosed. Sky Financial said the acquisition of Perpetual Savings will expand Sky's presence in the Ohio Valley. Wells River Bancorp is based in the Columbiana County town of Wellsville, located north of Steubenville. Sky Financial spokesman Tim Dirrim said the company will try to retain as many of Perpetual Savings' 40 employees as it can, but some cuts will be made due to the creation of duplicate positions after the merger is complete. The company does not know how many employees will be let go, he said. Perpetual Bank has $74.7 million in assets and does not disclose annual revenue. Bowling Green-based Sky Financial (NASDAQ:SKYF) is a $15 billion diversified financial holding company that operates more than 290 financial centers in Ohio, Pennsylvania, Michigan, Indiana and West Virginia. It is the 19th-largest bank in the Dayton area, with five local branches and $116 million in local deposits. Sky Financial E-mail dayton@bizjournals.com. Call 222-6900. ---------------------------------------------------------------### Press Release ########################### Netsol Technologies announces Leasepak Go-Live Wholly owned Subsidiary Drives $1.5 Million Contract with Automotive Leader
CALABASAS, CA – – NetSol Technologies, Inc. (NASDAQ:NTWK), a US-based multinational provider of enterprise software and services for equipment finance, today announced its wholly owned subsidiary, Burlingame, CA-based McCue Systems, has successfully completed the implementation of its flagship vehicle finance software suite, LeasePak, at a major Korean vehicle finance operation in the U.S.. Under the terms of the approximately $1.5 million contract, McCue Systems provided a customized version of its flagship portfolio management system, LeasePak,, along with implementation and support services. The operation will serve the customer's dealer network throughout the United States, facilitating consumer leases for a complete line of vehicles. The customized LeasePak configuration will be integrated into the company's existing dealer network to simplify and streamline contract origination for dealerships. “We are pleased to add this marquee brand to the growing list of global automotive and equipment leasing companies using LeasePak as their vehicle and asset finance software of choice,” commented McCue Systems CEO John McCue. “The customer's fast-ramping program required a robust system designed to efficiently manage growing transaction volume. We look forward to working closely with their team as they move forward to expand the use of LeasePak throughout their operations.” About McCue Systems With over 30 years of experience in developing business solutions for the equipment and vehicle leasing industry, McCue Systems Inc. is the leading provider of lease/loan portfolio management software for banks, leasing companies and manufacturers. Its flagship product, LeasePak, simplifies lease/loan administration and asset management by accurately tracking leases, loans and equipment from origination through end-of-term and disposition. McCue Systems leads the leasing technology industry in the development of Web-enabled and Web-based tools to deliver superior customer service, reduce operating costs, streamline the lease management lifecycle, and support collaboration with origination channel and asset partners. For more information, visit www.mccue.com. About NetSol Technologies, Inc. NetSol Technologies is a US-based multinational provider of enterprise software and services for equipment financing. Headquartered in Calabasas, CA, NetSol Technologies, Inc. operates on a global basis with locations in the U.S., Europe, East Asia and Asia Pacific. NetSol helps its clients identify, evaluate and implement technology solutions to meet their most critical business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol delivers high-quality, cost-effective IT services ranging from consulting and application development to systems integration and outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMM (Capability Maturity Model) Level 4 assessment. For more information, visit NetSol Technologies' web site at www.netsoltek.com. ### Press Release ########################### GATX Rail Announces New Railcar Order CHICAGO----GATX Rail announced that it signed a railcar purchase agreement, under which it will acquire up to 4,000 newly manufactured railcars, subject to the exercise of various options, from American Railcar Industries Inc. (ARI) beginning in 2008. James F. Earl, executive vice president - rail for GATX, stated, "We are pleased to expand our relationship with ARI, a high-quality supplier of railcars in North America. This order continues GATX Rail's practice of securing access to railcar supply through the use of long-term agreements with key suppliers and will provide us with a base level supply of modern, high-capacity railcars allowing us the flexibility and capability to meet customer needs." GATX Rail is one of the largest railcar and locomotive leasing companies in the world and one of the largest tank car and specialized railcar leasing companies in North America. GATX Rail's North American owned railcar fleet totaled approximately 108,000 cars on June 30, 2006. COMPANY DESCRIPTION GATX Rail is a division of GATX Financial Corporation, a wholly owned subsidiary of GATX Corporation (NYSE: GMT). GATX provides lease financing and related services to customers operating rail, air, marine and other targeted assets. GATX is a leader in leasing transportation assets and controls one of the largest railcar fleets in the world. Applying over a century of operating experience and strong market and asset expertise, GATX provides quality assets and services to customers worldwide. GATX has been headquartered in Chicago, IL since its founding in 1898 and has traded on the New York Stock Exchange since 1916. For more information, visit the Company's website at www.gatx.com. Investor, corporate, financial, historical financial, photographic and news release information may be found at www.gatx.com. CONTACT: GATX Corporation ### Press Release ###########################
News Briefs--- U.S. Trade Gap Narrowed in June Study Finds Immigrants Don't Hurt U.S. Jobs For Californians, Deadly Heat Cut a Broad Swath California, Oregon salmon fishing declared economic disaster Converse Exec. flees before arraignment ---------------------------------------------------------------
You May have Missed--- Mortgage applications rebound as rates lowest since March ----------------------------------------------------------------
Calendar Events This Day Chad: Independence Day Kool-Aid Days Saint Clare of Assisi: Feast Day Zimbabwe: Heroes Day ----------------------------------------------------------------
Today's Top Event in History 1921-Birthday of author Alex Haley , Ithaca, New York. He was raised by his grandmother at Henning, Tennessee, and entered the US Coast Guard in 1939 serving as a cook, but eventually he became a writer and college professor. His interview with Malcolm X for Playboy magazine led to his first book, " The Autobiography of Malcolm X," which sold six million copies and was translated into eight languages (it was an excellent, moving biography of a man I interviewed several times as a newsman; he was quite an "electric" interview ). His Pulitzer Prize-winning novel published in 1976, Roots, sold millions and was translated into 37 languages and was made into an eight-part TV miniseries in 1977, holding the first top ratings of any such series, generating interest in all human ancestry. Haley died at Seattle, WA, Feb 13,1992 http://collections.ic.gc.ca/heirloom_series/volume5/226-227.htm ----------------------------------------------------------------
This Day in American History 1760-The first Methodist preacher, Philip Embury, arrived in New York City on the Perry, which carried 70 passengers, half of whom were Methodists. With the assistance of Barbara Heck, he organized the first Methodist Society in America in 1776. --------------------------------------------------------------
Baseball Poem This poem by Robert L. Harrison depicts one of the best teams of all times. The 1927 Yankees or "Murderer's Row" were legendary and this poem pays tribute to those magnificent Yanks. In 1929, Babe was the first to hit 500 home runs. 1927 Yankees by Robert L. Harrison © Published: New York Baseball Poems (1999) Gather 'round you fans of baseball Guided by Miller Huggins Greedy was this awesome bunch Gasping crowds assemble God blessed those boys of summer Gathering in the rosebuds Gone were any pretenders to the throne 1927 Yankees by Robert L. Harrison © Fast Facts Murderer's Row was anchored by Babe Ruth, who hit sixty home runs and batted .356; and Lou Gehrig, who had forty-seven home runs and batted .373. The team won one-hundred ten games and the other members included: Earle Combs, who hit .356 and led the league in hits, singles and triples; Tony Lazzeri, who hit eighteen home runs and batted .309; and Bob Meusel who hit .337. This poem is a Baseball Almanac exclusive and appears here with expression written permission from the author http://baseball-almanac.com/poems.shtml --------------------------------------------------------------
SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? |
||||||||||||||||||||||||||||||
Independent, unbiased and fair news about the Leasing Industry. |
||||||||||||||||||||||||||||||
 |
||||||||||||||||||||||||||||||
Editorials (click here) |
||||||||||||||||||||||||||||||
Ten Top Stories each week chosen by readers (click here) |
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||
 |
| 
