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Wednesday, January 3, 2018
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The recognition is for her past achievements as well as her leadership in promoting women and recognizing women for executive positions in the bank, finance, and leasing industries. Leasing News named her previously as one of the top 25 most influential women in the leasing business. She is a role model for women in executive positions, active on the Boards at the Equipment Leasing and Finance Association, Equipment Leasing and Finance Foundation, first female Chairperson of the Commercial Finance Association, also attending and participating in many other associations ; serving on many committees, very active and outspoken. She also finds time to operate a very successful company.
"She joined her father’s company in 1989 after a stint with what she describes as a poorly run software company that competed against Lotus Development Corp. and its 1-2-3 spreadsheet program.
"The small commission checks at Boston Financial & Equity didn’t deter Monosson, though. She learned how to network with venture capitalists to build her company’s portfolio of clients. And in 2000, she took over the business her late father started in the late 1960s."
She is active as a volunteer for Domestic Violence programs, Dress for Success Boston, Volunteer Executive, Skidmore College.
She has an MBA, Marketing & Finance, Boston University, School of Management. Graduated from Skidmore College, BS, Business.
Job Wanted – Senior Management
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Each ad is limited to (100) words and ads repeat for up to 6 months unless the candidate tells us to stop. Your submissions should be received here by the end of each week.
Top Stories -- December 28
(1) Chairman and CEO LEAF Commercial Capital
(2) Section 179 Increases to $1 Million Retroactive to 9/27/2017
(3) $50 Million Ponzi Scheme in San Jose, California
(4) New Hires/Promotions in the Leasing Business
(5) Employers, Are You Counting Candles
(6) Corporations Potential Tax Cuts Under New Tax Laws
(7) Financing Options for New & Existing Cannabis Businesses
New Hires/Promotions in the Leasing Business
Worst Responses to Questions in Interviews
(Hal says these are true responses from clients and recruiters,
I was prompted by a recent item I read on lame excuses for missing work to think back over some of the worst of the worst responses to questions I asked when vetting candidates, obtaining job searches or debriefing interviews. Caveat:These are not meant as good examples.
Response: My worst weakness is that I often think I can do more so I take on more. As a result, I’ve missed deadlines, caused reports to get out late, I even got someone fired once, because I blamed a major delay on her.
I think I could accomplish a lot there. I even told [the hiring manager] that his department looked like it needs new software, and that he has some weak people in some key positions that should be replaced. When he asked me which ones, I said, him, for one.
I told him we can’t use him. If I want to put someone who swears like a f*****g sailor in front of our customers, I’d do the job myself.
I locked my keys and phone in the car.
I forgot, but it doesn’t matter. If he wants the job, he’ll come back for the interview. If he doesn’t want it, find us someone else. We don’t need someone who’s going to complain and create a negative environment.
I think most employers discriminate against people who lie on their résumés.
Yes. (Pulls out and unfolds a sheet of paper, then reads non-stop.) Why do you like working for this company? What is the one thing you want me to accomplish the most? How can I make your job easier? And where do we go from here?
I don’t think it’s the right position for me. The second guy I met said the company is overly micromanaged and more than that, he said there were some things going on there that hadn’t gotten out yet.
Follow up question: Like what?
Well he wasn’t specific, but he said the bank is probably going to be under an order by the end of the year and be a takeover target if it expects to survive.
You may laugh at the absurdity of these responses, but let me tell you, they’re real, and there are more that are as equally inane or worse. Ask any recruiter.
Like lenders and financers, we have our own horror stories, and like you, at those moments, we’re not laughing. We’re cringing and probably using some colorful language of our own.
We’ve fired candidates and clients because there are people out there who just don’t get it. But most of you looking for jobs or trying to fill slots for your firms do get it. You are dedicated to your trade, your industry and your search, and you have the technical skills to do your job. A major difference between you and them is in how you communicate that to others.
Here’s my 9 cents worth: Candidates, from the moment you pull into your interviewer’s parking lot until you pull out you need to be at the top of your game.
Hiring managers, if you don’t have the skills to engage a candidate, or the confidence that your company has something to offer, step out of the hiring loop.
Happy 2018, everyone.
Hal T. Horowitz
Recruiter Hal T. Horwitz Speaks Out
2018 is going to be different, in a good way. That’s word on the street in the alternative finance industry, many of whom have told me that it’s just something they feel.
I feel it too. The S&P 500 is at an all-time high, Bitcoin is up more than 1,400% for the year, lenders are lending in full force, and on top of it all, Donald Trump is president. The world is changing and from a one thousand foot view, it’s an exciting time for finance.
2018 will welcome Broker Fair, the inaugural conference for MCA and business loan brokers.
2018 will transform alternative finance into just finance. For example, a mailer I received from PayPal advertising a small business loan up to $500,000 in as quick as 1 business day, included a letter signed by a top manager of Swift Capital. PayPal acquired Swift in 2017. Yesterday’s alternative loan is simply today’s loan. The one-day small business loan is becoming normalized and being offered by widely recognized financial companies.
Ripple surpassed Ethereum this morning to become the 2nd largest cryptocurrency by market cap. Cryptocurrency, once the domain of Bitcoin-obsessed internet anarchists, is quickly being adopted by the world’s largest banks.
It’s one thing to just talk about innovations in finance and another to realize that you now rely on those innovations. My company got a loan from Square, I got insurance through CoverWallet, I have funds in Lending Club, Prosper, Bitcoin, Ethereum, and Bitcoin Cash. Coinbase is the new etrade. MCA and online business loans are the new community banks. Payments can be made instantly and cost effectively.
2018 will be special because the world that we predicted would come, has come. That means it will be time to think about what will come even next. Online lending has come, instant payments have come, and cryptocurrency is fast approaching. What will be the cool edgy hip thing in the ’20s that we may once again refer to as alternative? Mull that one over for a bit and consider that in the next decade the sexy FinTech companies of the 20-teens will be stodgy financial institutions in the 2020s. This decade’s innovation will become part of the boring normal manner in which finance is transacted.
That’s a fact.
Enjoy 2018. I know I will.
Court Holds Debt Settlement and Bankruptcy
By Tom McCurnin
Once Debt Adjustment Groups Get In the Picture, Collection Becomes Complicated. This Case May Provide Equipment Lessors with Some Relief
Farinash v. UpRight Law, LLC (In re Elrod), 2017 Bankr. LEXIS 3911 (E.D. Tenn 2017).
Most back end officers of equipment lessors know this scenario well. The lessor has a customer which is in default and possibly heading toward litigation. After demand, but before litigation is ensued, the collections department receives a letter from a debt adjustment company. The debt adjustment company has signed a contract with the customer and is now negotiating for pennies on the dollars.
Some of these outfits actually defend the customer in court, hiring local lawyers to drive the litigation costs up, while holding out the olive branch of a cheap settlement. Other groups write posturing letters threatening bankruptcy.
What can a creditor do? A Tennessee bankruptcy court may provide some ammunition for the equipment lessor by holding that these outfits engage in the unauthorized practice of law. While not a perfect case, it does provide some insight into the bottom feeding industry. The facts follow.
Barry Elrod contacted “UpRight Law” via telephone relative to a foreclosure on his Tennessee home. The foreclosure was four months away. The borrower spoke with a Mr. Smith, a “Senior Consultant” with UpRight Law, who advised him of his rights and generally sold the borrower one of the great legal commodities—fear. All communications were apparently tape-recorded.
UpRight Law collected a fee in the sum of $2,060 and discussed future fees of $1,250. Mr. Smith promised to assign the matter to “some local attorneys.” Smith advised the borrower of his rights to get a repossessed automobile back. Ultimately, an attorney was assigned to represent the borrower but backed out. Another lawyer took the case on but it was filed very close to the foreclosure deadline.
At the first meeting of creditors, the borrower testified as to the conversations with UpRight Law and Mr. Smith. The bankruptcy trustee, claiming that Mr. Smith engaged in the unauthorized practice of law, filed an adversary action against UpRight Law and Mr. Smith for unauthorized practice of law and negligence.
The trustee alleged that Mr. Smith: (1) negotiated the fee for the representation of the Elrods; (2) advised the Elrods as to what chapter of the Bankruptcy Code under which they should seek relief; (3) advised the Elrods that they could not regain possession of the Jeep that had been repossessed; (4) advised the Elrods what the amount of their chapter 13 payment would be [Id. at ¶ 12(j)]; (5) advising the Elrods not to pay $1,000 to their mortgage company to stop the pending foreclosure [Id. at ¶ 12(i)]; (6) advising the Elrods that their house was not up for sale [Id.]; and (7) advising the Elrods how long the bankruptcy would stay on their credit report [Id. at ¶ 12(s)].
Smith moved to dismiss.
The Court denied the motion to dismiss, holding that the allegations of the complaint set forth a valid cause of action—e.g., unauthorized practice of law by a non-lawyer. In addition, the alleged statements made constituted legal advice, not merely filling out a form and were inaccurate. Those statements, if actually made, could be negligent.
What are the takeaways here?
• First, Debt Adjustment Firms Engage in the Unauthorized Practice of Law. Unless the borrower is actually speaking with a lawyer licensed to practice in the state where the borrower lives, those communications if in the form of legal advice, are subject to claims of professional negligence and the tort of unauthorized practice of law. Sadly, the cause of action probably belongs to the borrower, not the creditor.
• Second, Creditors May Be Able to Scare the Debt Adjustment Companies Away. When they call, the creditor should confirm that the person is not a lawyer, or if the person is a lawyer, not a lawyer in the state where the customer or the creditor is located. Elevate the call to a senior collection guy at the creditor’s office and politely inform the debt adjustment company representative that you believe he is engaging in the unauthorized practice of law and you intend to report him to the office of the attorney general and the state bar. Maybe this will scare him off.
• Third, Advise Your Customer That These Guys Are Bottom Feeders. As set forth in this case, the debt adjustment companies rarely work for the benefit of the customer, and often dispense incorrect legal advice. If the customer wants to negotiate a settlement, elevate the call to an experienced collector and hopefully both sides can compromise and resolve the dispute.
The bottom line to this case is that this debt adjustment company and its consultant just got busted for doing what we’ve all known has been going on for years—the unauthorized practice of law. While the claim belongs to the customer, not the creditor, perhaps a savvy creditor can use this case to the creditor’s advantage and scare these guys off.
Farinash v. UpRight Law (17 pages)
Tom McCurnin is a partner at Barton, Klugman & Oetting
Previous Tom McCurnin Articles:
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AuctionTime.com Sells Record-Breaking $46 Million
LINCOLN, Neb., -- AuctionTime.com set a new record for gross auction proceeds in its final online only auction for 2017. The sale concluded Thursday, and included over 3,600 assets; items received bids from over 9,800 bidders across all 50 U.S. states and 40 other countries worldwide.
Auctions are held every week on AuctionTime.com, which includes hundreds of thousands of active listings for upcoming auction items from qualified sellers around the world. New auction listings are added constantly, and bidding is easy with free bidder registration, no buyer fees, and no hidden reserves. Auctioneers interested in leveraging the platform can contact AuctionTime directly:
(Leasing News Equipment OnLine Auctions
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NACM’s CMI Continues Up and Down Trend
The swing of the pendulum continued in the December Credit Managers’ Index (CMI) from NACM, and it is headed in the wrong direction as credit professionals prepare for a final holiday rush. After breaking a more than three-year-long record in November, the December CMI has reversed course with its combined reading of 54.2, down from 56.6 in November.
“In November, the sense was that real progress was ahead and many people have been speaking of 2018 with great expectations,” said NACM Economist Chris Kuehl, Ph.D. “It may yet work out that way. This month may be written off as an anomaly, but it may also signal that some of those weaknesses that had been warned about are manifesting.”
Most of the reversal was within the favorable categories, which saw a large drop off and fell out of the 60s for the first time since last December. The favorable factors index is at 59.4 after a more than six-point drop in December. All favorable factors—sales, new credit applications, dollar collections and amount of credit extended—in the combined and manufacturing and service sectors saw a decline this month. The favorable categories have been near record levels for much of 2017, so even with the large drop, the overall score is comfortably in expansion territory.
With the bad comes the good. The combined index of unfavorable factors stayed in expansion (above 50) for the fifth straight month and increased in December. A reading of more than 50 indicates economic growth, and the opposite is true when the number is under 50. Overall, credit application rejections, accounts placed for collection and bankruptcy filings saw only minor declines this month. Disputes, dollar amount beyond terms and dollar amount of customer deductions all edged closer to the expansion zone.
For a complete breakdown of the manufacturing and service sector data and graphics, view the December 2017 report at http://web.nacm.org/CMI/PDF/CMIcurrent.pdf. CMI archives may also be viewed on NACM’s website at http://www.nacm.org/cmi/cmi-archive.html.
ABOUT THE NATIONAL ASSOCIATION OF CREDIT MANAGEMENT
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This Day in History
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- Lesley Farmer, KLC Finance, A Top Woman in Finance