Thursday, December 30, 2010
Good Riddance 2010
Cell Phone Users Can Register for Emergency Notifications
2010 Leasing News Person of the Year
######## surrounding the article denotes it is a “press release” and was not written by Leasing News nor information verified, but from the source noted. When an article is signed by the writer, it is considered a “by line.” It reflects the opinion and research of the writer. It is considered “bias” as it is the writer’s viewpoint.
ZRG Partners Acquires Starting Point Companies
In this story, Ken Vancini, managing partner, photo was used to identify Larry Hartman, as the URL was coded with his name. Larry must know a lot of people in the leasing industry, as Leasing News received over 50 emails about having the wrong photo.
Here is Larry:
Vaughn Indicted for defrauding banks, leasing companies
At the hearing on the Chapter 12 Plan, he sheepishly admitted using multiple names, was caught lying on the stand about his business partner who in reality was dead, and using one thousand dollars in government money for a week at the Mark Hopkins Hotel and a $10,000 shopping spree at Victoria's Secret to dress up his lover. He also claimed that he did not know what his previous conviction was for (he forgot, he told the Bankruptcy court).
Left out was this remark from attorney Tom McCurnin:
"One of my fondest memories was asking the question about the Victoria's Secret clothing, and watching the Judge's Clerk literally lose a half glass of water through her nose, and wrecking her keyboard when that question was asked and answered. Priceless. "
Classified Ads---Senior Management
(These ads are “free” to those seeking employment
Free Posting for those seeking employment in Leasing:
All “free” categories “job wanted” ads:
Leasing Companies Out of Business
Companies with an * are no longer in business. The others are companies that were taking broker business, but announced that they no longer are accepting broker business. Many have also down-sized or are managing an existing portfolio.
More details are available in this list by company name:
Advantage Business Capital, Lake Oswego, Oregon
(Note: Should a company policy have changed, please contact firstname.lastname@example.org)
Funders looking for new Brokers:
"Broker/Lessor" looking for broker business:
NAELB Broker Exchange
ICON Capital is the Only Bidder
At the time of the filing a $21,599,653 suit against Equipment Acquisition Resources, Palatine, ICON Leasing Fund Eleven, LLC and ICON Leasing Fund Twelve, known as ICON EAR, LLC and ICON EAR II, LLC, also named Donna Malone (alleged wife of Sheldon Player and officer of Equipment Acquisition Resources) and Mark Anstett (president) as personal guarantors along with Equipment Acquisition Resources.
Filed in US District Court for the Southern District. the suit notes a master agreement with base rent of $131,765, $120,602.50, $120,184.50 and $46,911 each per month respectively. "The base term for each Equipment Schedule began on July 1, 2008 and was to continue June 30, 2013.
The transactions were secured by real estate in Wyoming, where Player had also established his bottle water company bottling (ironically, it was being leased from a neighbors well). In the E.A.R. bankruptcy filing, ICON fought for its right of property held as additional security to the leases, which was convoluted as being held by Players sons and special tax incentives to the family in the process. The loan being called, the property was finally put up for auction.
According to jhpropertyguide. com "The six parcels – in Horse Creek and on Henry’s Road – failed to attract any bidders other than the loan holder at a foreclosure auction Tuesday morning. Instead, the company that holds the mortgages, ICON EAR LLC, took the properties for the minimum bid of almost $23 million.
"The lot owners were listed as Sheldon Player, Dale Player, Donna Malone and Dana Malone.
"Cheryl Chidester, civil process supervisor for the Teton County Sheriff’s Office, said she was told the owners took out a loan against the properties to buy equipment for their business and defaulted on that loan.
"Also on Tuesday, U.S. Bank took back a condo at 536 Snow King Loop, No. 363. The bank took possession with an opening bid of $715,126 for the property.
"The parcels and condo bring the total number of properties foreclosed on in 2009 to 34.
"December is on track to set records for the value and number of homes in the county’s foreclosure process. Another nine properties are scheduled for auction through this month. The biggest one is a lot in the Lake Creek Ranch subdivision that has a starting bid of $5.6 million. That auction is scheduled for Dec. 29.
"Historically, Teton County has had few foreclosures. This year was a record year, with 127 auctions scheduled that had combined starting bids of $80.3 million."
(if not working, please go to: http://leasingnews.org/items/teton_forclosure.html )
Icon Ear filing:
E.A.R. Collection of stories:
Lease Police $$$ Special
(If ICON had been a member of LeasePolice, they could have saved themselves not only the $23 million, but time and costs involved, too!)
Effective immediately and until January 15, 2011, Lease Police will offer unlimited usage for the entire year 2011 for a one time charge of $650.This is your chance to reduce your losses with a one-time charge and expand your knowledge of your vendors and lessees. Where else can you get the following data at such a low cost?
Verify the phone number (does a stable vendor operate from a cell phone?) Verify the physical address (so many vendors operate from a residence) Search and examine the vendor’s web site (over 98% have one ) Search Credit.Net files for time in their files, SIC code and number of employees Cross-check our files for Vendor Unusual Activities ( we have over 375 at this time ) Check our files for reports of Lessee Unsatisfactory Early Terminations ( they now number over 10,000 with over 560 vendors with 3-55 repossessions) Verify the correct business name, date and state of formation and its active status.
All you have to do is reply to this memo and say “BERNIE---COUNT ME IN”
Bernie Boettigheimer, CLP
1099 Law into Effect January 1, 2012
It is a good idea to start collecting W9 forms from all the companies you have done business with starting January 1, 2011 where you paid $600 or more, as well as providing all the form, including when you buy over the internet or on a credit card. This includes checks to vendors, office supply, internet providers, all who you pay for business purposes whether by check or credit card.
The new 1099 Tax Law requirement for businesses to report to the Internal Revenue Service any purchase from a vendor or for goods and services amounting to $600 or more per year goes into effect 2012 for such purchases that will need to be reported and filed in 2013. You will need all the company's Federal ID or Employment number you do business with in 2012. Better to start getting into the mode in 2011 as it will take time to ramp it up.
The expansion of 1099 reporting was added as a means to capture $2 billion worth of revenue in taxes on income that currently is not reported by smaller businesses, with the intent of offsetting the cost of the health bill.
The law may help track payments to terrorists and other such groups; however, it was put in the National Health bill: Patient Protection and Affordable Care Act. The expansion of 1099 reporting was added as a means to capture $2 billion worth of revenue in taxes on income that currently is not reported by smaller businesses, with the intent of offsetting the cost of the health bill.
In the past, all companies reported only non-corporate payments, meaning to proprietorships and partnerships the amount of money expended in the preceding year.
Technically also many states require reporting the sales tax not paid on internet transactions, as they require that you pay them, although this is generally not followed as to the many exceptions such as the first three sales of a consumer not being recorded, some states 12, some states exempt garage sales, and for the last several years the Streamline Sales Tax Group has been working on making these state laws more uniform.
New computer programs by the IRS will be able to pick up these from the 1099 filings.
Most accounting software programs can automatically comply with these forms, not only adding up the category, but fitting it to the form, including all information such as name and address of the company paid to, as well as a cc: form to the company. Quick Books makes it quite simple to use. Undoubtedly there are many who may file electronically. Many other software programs such as TurboTax or specific programs such as from Realtaxtools.com or www.1099express.com or www.buytaxforms.com or Office Depot.
Smaller companies that use a hand written general ledger can also purchase specific software from many major stationary stores as well as the forms. It is assumed they have been reporting non-corporate and W-9 and this now adds corporations (except non-profits).
Retailers, including restaurants, already report credit card sales. In the past, smaller companies would estimate credit card sales, but under the new law, Plus, a major change goes into effect January 1, 2011, for payments received by credit cards, including PayPal.
"IRS Form 1099-K ensures that small business owners who don't declare all of the revenues they receive via credit cards, debit cards, gift cards and services like PayPal will no longer be able to hide those revenues from the IRS.
"In the years to come, IRS scrutiny will be more intense for small businesses and entrepreneurs that accept credit cards, debit cards, gift cards, PayPal or similar electronic payments.
"Historically, the revenues that small businesses receive through these payment processors have not been readily visible to the IRS.
"On the IRS website, you can view a draft version of new Form 1099K, Merchant Card and Third-Party Payments, which will be used to make these reports."
Small Business Lending Market Trends
We are coming out of the woods!
I have attached a couple of articles that reveal some interesting facts and historical perspective.
The first article shows lending trends from 2000 to 2010 Year to Date and breaks them down by loan size. It supports my contention that this recovery is being led by larger corporate borrowings rather than micro business lending (under $100k) that seemed to lead recovery in past recessions.
I believe the reason for this phenomenon is the psychological impact of the housing and job markets on the small business person. Overall, Federal Reserve Board statistics show that equipment loans and leases that are owned or managed by finance companies have declined continuously from the end of 2008 throughout 2009 and 2010 to a low point in October 2010 (latest statistics).
There was some recovery signals this summer, which we also felt, but the September/October 2010 contraction was the most severe in the last two years. It is pretty much the same story for consumer and commercial bank lending.
The next article shows how lending recovered after the recessions in 1990-91 and 2001.
In both cases it took a couple of years from the official end of the recession before lending started to recover in any meaningful way. That would put us at the middle of 2011 in this recession.
Some are arguing that it will take longer this time around due to the affect of the housing and job markets. Counter to that might be the advantage of low interest rates and the aggressive fiscal and monetary policies of the administration and Fed.
We shall see.
I believe that we have been bouncing along a bottom in our small ticket leasing market over the last few months and are at the beginning of a gradual but slow recovery throughout 2011.
Happy Holidays to all and Best Wishes for a Prosperous New Year!
Paul J. Menzel, CLP
Why No Business Loan Growth:
Small Biz Lending Weakness:
(This ad is a “trade” for the writing of this column. Opinions
Bank Beat---Tracking the Bank Failures
Map (please click on link)
157 banks failed this year compared to 140 last year. There were more smaller bank failures than major bank failures of last year; 92.1 billion in assets this year compared to $169.7 billion in 2009.
This is a copyrighted feature by the Wall Street Journal. In opening the map, there is a list by date, and the map itself shows the most failures, the Southeast, the middle of America, Southern California, and Washington state.
You can resize the map and learn more, such as "value of assets" at the time making Washington state area the largest, which was primarily Washington Mutual; Colonial Bank in the South, BankUnited in Florida, IndyMac and Downy Savings and Loan in Southern California, Guaranty Bank in Texas, AmTrust in Illinois.
Worst Loan Portfolio (commercial real estate, construction and land development), then residential loans, then other business loans (note: the smallest of the group.) This backs up Paul Menzel’s comments above.
Total deposits go to the major bank failures and the preponderance are small banks.
Cost of failure is as interesting with the major bank failures the most costly (of course.)
Number of branches again the major player as most bank failures were from single and or regional banks; the community banks.
You can also view the bank failures on the map by state and not only see the geographical area but click on to see the bank name and its branch locations, as well as click on the bank to see information on the banks in all the circles.
List of Bank Failures:
(Leasing News provides this ad as a trade for investigations
Leasing Industry Help Wanted
Please see our Job Wanted section for possible new employees.
San Mateo, California---Adopt-a-Dog
“If you are looking for an angel then look no longer, for you have found her! This is Angel, a 1 year, 7 month old altered female Rottweiler mix. Angel is an absolute sweetheart! She loves to give kisses and get belly rubs! This is a gentle dog who is VERY mellow. In fact, she would be content just to sit at home all day with her owner! Angel does not need a lot of exercise, so her ideal owner would be someone who stays home for most of the day. Angel should be an only dog in the home. For all her sweetness, however, she will need a strong owner used to big dogs. Is this divine dog calling to you? If so, then please email Anika in order to set up an appointment or to learn more about her at: ALiljenwall@PHS-SPCA.org. ID #470296.”
Peninsula Humane Society
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
Leasing News: Fernando’s View
Special Year’s Best Edition
As 2010 comes to an end and we look forward to a new year, it’s time to look back at the best cinematic offerings. Here is a list, in alphabetical order, of some of the greatest movies released in 2010. Hurry and catch them in theaters, or, if they’ve already been released on DVD, give your Netflix queue to workout.
Alamar: Shot with few funds but bottomless love, director Pedro Gonzalez-Rubio’s gentle family drama provided a much-needed breath of fresh air amid loud and overproduced blockbusters. Using non-professional actors to create a unique blend of storytelling and documentary, its tale of family love and natural connection is a portrait of breathtaking beauty and pure, almost childlike emotions that lingers in the mind and heart long after it’s over.
Ghost Writer: Roman Polanski (“Rosemary’s Baby,” “Chinatown”) was in top form with this alternately chilling and blackly comic tale. Using its thriller plot to depict the treacherous theater of modern politics as well as a personal tale of artistic exile, this impeccably crafted and acted film is a master class in how to create a mood of sardonic unease and sustain it with wit and unsettling elegance. Top acting by Ewan McGregor and Pierce Brosnan.
I Am Love: One of modern cinema’s most striking actresses, Tilda Swinton finds just the right role for her singular beauty in this terrifically stylish melodrama about a woman’s self-discovery. Letting the story unfold as a dry and witty comedy of social manners, writer-director Luca Guadagnino displays a luscious sense of visual style, as well as a sensitive touch for the characters. Best of all, he allows enough room for Swinton to shine her one-of-a-kind brand of light.
Let Me In: After a slew of moony “Twilight” bloodsuckers, is there still fresh blood left in vampire movies? There are more than a few drops of effectiveness in this strong and surprisingly affecting movie, inventively directed by Matt Reeves (“Cloverfield”). Following the strange friendship between a bullied young student and a melancholy, mysterious girl nex door, it transcends horror movie boundaries to create a moving tale of soulful sorrow.
Mother: Further cementing his reputation as one of South Korea’s most consistently fascinating filmmakers, Bong Joon-ho scores again with this beautifully made and unsettling look into a troubled woman’s ferocious mind. Anchored by Kim Hye-ja’s tremendous performance as a small-town mother investigating the events leading up to her son’s arrest for murder, it offers a remarkable drama that’s as harrowing as the best episodes of David Lynch’s classic “Twin Peaks” series.
Ondine: Acclaimed Irish director Neil Jordan ("The Crying Game") returns to his homeland with this enchanting fairy tale. Colin Farrell plays a fisherman who one day finds a beautiful young woman caught in his nets. Could she be a mermaid? The two fall passionately in love, but can their union survive as reality intrudes into the realm of myth? A movie that somehow manages to blend fantasy with grit, Jordan's romance is both magical and endearing.
Please Give: Continuing her streak of witty comic gems, writer-director Nicole Holofcener teams up once more with her favorite leading lady, Catherine Keener, for an amusing and often resonant comedy of manners. Painting a canvas of conscience-heavy business people, insecure teens and sensitive wallflowers, Holofcener weaves a series of observant vignettes about human connection. The result is a sharp and well-acted mix of humor and melancholy.
Toy Story 3: Fifteen years after they debuted in Pixar Studio’s first feature film, the “Toy Story” characters remain more beguiling than ever. In this third installment, Woody, Buzz Lightyear, and the other toys face their toughest challenge yet: The waning interest of their beloved owner Andy, who’s now a teenager with little time for playing. Filled with the kind of heart, laughs, and state-of-the-art animation that’s become Pixar’s specialty, this was the year’s most sure-to-please hit.
Vincere: The private life of a controversial historical figure is rivetingly laid out in this one-of-a-kind film from Italian veteran Marco Bellocchio. Telling the story of Benito Mussolini’s discarded mistress, the film employs an operatic style to bring together history and dramatic speculation, past and present, and music and movies, for an invigorating account of a woman refusing to become a historical footnote.
Wild Grass: Undermining the unofficial rule about cinema being a young man’s art, 88-year-old film legend Alain Resnais takes the audience’s breath away with this unpredictable, profoundly comic and moving tragicomedy. That the story of a strange man smitten by an eccentric dentist could lead to romance as well as restraining orders is just one of the elements making this modern screwball farce surreal and poignant at the same time, a cinematically inventive treat not to be missed by movie lovers.
BBB 20/20 Investigation (Buy an “A+”)
Head of L.A.-area BBB resigns amid scandal
Inaction and Delays by New York as Storm Bore Down
New Jersey mayor uses Twitter to clear Newark streets
Cell Phone Users Can Register for Emergency Notifications
NFL fines Favre $50k for 'failure to cooperate'
49ers new GM may have familiar look
Ted Lemon of Littorai Wines - winemaker of the year
Big Wine Brands Lead Growth in U.S. Market
Maryland Reports Great grapes! Growers report best harvest ever
Wine auction sales top $350 MM; Champagne anyone?
Wine Prices by vintage
US/International Wine Events
Leasing News Wine & Spirits Page
This Day in American History
1813 -- Iroquois warriors and British troops capture Buffalo, New York.
American Football Poem
Special Poem written by first-grade students in Room 3 at Lowell Elementary:
Long ago you were just a little boy,
Your days seemed to fly by,
High School in New Orleans and college in Tennessee,
Now you're with us,
Our Colts leader so smart,
The PeyBack Foundation was a terrific decision,
You said you grew up with a blessed life,
But you're here with an excellent recommendation,
You're come a long way Peyton Manning,
Students who participated in writing this poem:
Alleh Clark Ashleigh Pflum
more about PeyBack: http://www.peytonmanning.com/peyback/
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