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Friday, January 19, 2024

Today's Leasing News Headlines

New Hires/Promotions in the Leasing Business
    and Related Industries
A Look at the Funding Dilemma Caused by Accounting
  Which Affects Banks and Use of Funds Available
    By Dale R. Kluga, CPA, Experienced Funder
Leasing and Finance Industry Help Wanted
    Excellent Compensation/Marketing Support
Why You Need to Hire Top Salespeople
    By Ken Lubin, ZRG Partners, Managing Director
ELFF January, 2024 Confidence Rate Up
    From December 42.5 to January 48.6
Several of the Leasing News Advisors Who Voted
    on the Unanimous Selection of Ken Greene
Leasing News Person of the Year
    Previous Winners
Marshall Goldberg
    Leasing News Advisor/Legal Editor
Video: Leigh Lytle, President/CEO of ELFA
   and Board Chair Rob Boyer Preview

    What's Coming in 2024
Australian Cattle Dog
    Woodland Hills, California  Adopt-a-Dog
Latest batch of Criterion releases
    By Leasing News' Fernando Croce      

News Briefs ---
Google CEO Sundar Pichai explains slew of layoffs
     and threatens more
Macy’s to Cut About 2,350 Jobs,
    Close Five Stores
Over 40 Restaurants Have Closed This Month
    in New York City So Far: Here’s Why
Sheryl Sandberg, who helped to turn Facebook
    into digital advertising empire, to leave board
The Multibillion-Dollar Bet That Truckers
    Will Ditch Diesel for Electricity

You May Have Missed ---
Billionaires wanted to save the news industry
    They're losing a fortune

Broker/Funder/Industry Lists | Features (wrilter's columns)
Top Ten Stories Chosen by Readers | Top Stories last six months
Sales Make It Happen

Sports Briefs
   California News
    "Gimme that Wine"
 This Day in History
   Daily Puzzle
     Weather, USA or specific area
      Traffic Live----

######## surrounding the article denotes it is a press release, it was not written by Leasing News nor has the information been verified, but from the source noted. When an article is signed by the writer, it is considered a byline. It reflects the opinion and research of the writer.


New Hires/Promotions in the Leasing Business
and Related Industries


Kate LeConey, CLFP, was promoted to Senior Marketing Manager, North Mill Equipment Finance, LLC, Norwalk, Connecticut.  She is located in Voorhees, New Jersey. She joined North Mill January, 2021 as Remarketing and Recovery Manager, promoted April, 2022, Relationship and Marketing Manager. Previously, she was at Marlin Capital Solutions, starting December, 2014, Sales Support, promoted September, 2015, Retail Business Development Manager, promoted Senor Commercial and Industrial Business Development Manager (March, 2019 - October, 2020); Sales Support Specialist, Canon Solutions America (January, 2013 - December, 2014). She began her career at L-3 Communications February, 2005, as Data Management Analyst, promoted November, 208, Business Development Marketing Analyst, then Configuration Management Analyst (September, 2009 - April, 2009).

Beth Lewis, CLFP, was hard as Document & Closing Manager, Franchise Group, Celtic Bank, Utah. Previously, she was Vice President, Franchise Finance Documentation, BciCapital (August, 2022 - December, 2023); Credit Analyst III, TD Equipment Finance, Inc. (May, 2018 - August, 2022); Franchise Finance  Bank, Sales Support, BB&T Commercial Equipment Capital Corp. (November, 2013 - May, 2019). She joined Olympus October, 2009, Structured Finance Specialist, promoted Sales Support Specialist (July, 2012 - November, 2013). Full Bio:

Harkiran Nandra was promoted to Contract Specialist, DLL, Brampton, Ontario, Canada. She joined DLL July, 2023, Sales Support Specialist. Previously, he was Funding Analyst, Peel Financial Inc. (February, 2018 - June, 2023).


A Look at the Funding Dilemma Caused by Accounting
Which Affects Banks and Use of Funds Available
By Dale R. Kluga, CPA, Experienced Funder

Smaller regional and most community banks remain in precarious financial condition with the industry having literally zero tangible net worth if you were to mark to market their 300 to 500 bp underwater securities portfolios.

Unlike last year, it really does not matter anymore whether they are classified as “Available for Sale” or “Hold to Maturity” because of their CPA firms’ reluctance to issue clean unqualified opinions on their yearend audits unless the banks write down a material portion of their securities to current market values, despite the fact that these unrealized losses are not counted toward bank regulatory capital. Incompetent and inexcusable accounting loopholes have been  created by the regulators themselves. Really, really, dumb.

I expect to see rapid community bank consolidation in 2024/2025 depending on what the Fed does this year with rates.

The reality is, if the Fed does not reduce rates quickly and materially this year, the community bank margins cannot sustain these negative spreads on their securities much longer and will be forced to consolidate.

That’s what the CPA firms are worried about.

Those insolvent banks that get bought will be the lucky ones. Those that do not get bought will represent major risk for the CPA firm partners’ own personal liability. I’ve already seen many community banks switching auditors and being forced into taking losses on securities not because they are conservative bankers but only because they won’t get clean opinions unless they write down their securities (irrespective of whether they are classified as HTM or AFS).

We have some of the best independent entrepreneurs in financial services today because of our at risk and skin-the-game business models.

I believe our independents have responsibly deleveraged in anticipation of another bank liquidity crisis. As an industry, we are highly diversified risk managers, have remained lean with respect to cost controls, and have been preparing for an increase in credit and collection activity.

Our collection protocols and in-the-trench experience exceeds that of the banking industry because the most successful independents are collectors by nature and have learned to only use data analytics as a tool , not as the principal means of making coherent credit decisions.

Dale R. Kluga
Equipment Finance Founder & CPA
Cell: 630-675-0828


Leasing and Finance Industry Help Wanted



Why You Need to Hire Top Salespeople
By Ken Lubin, ZRG Partners, Managing Director

In the fiercely competitive business landscape of today, the importance of having a strong sales team cannot be overstated. Salespeople are the frontline warriors who drive revenue, build relationships with customers, and represent your company’s values and products. Hiring top salespeople, therefore, is not just a part of the business strategy; it's a critical investment in your company's future.

1. Sales as the Lifeblood of Business
At its core, every business exists to sell. Whether it's a product, a service, or a combination of both, sales generate the revenue that keeps a business alive. Top salespeople understand this and are adept at identifying and capitalizing on opportunities, thus ensuring a steady cash flow which is essential for growth and stability.

2. Building and Maintaining Customer Relationships
Top salespeople excel in building long-term relationships with clients. They don't just focus on one-time transactions; instead, they aim to understand the client's needs and provide solutions that create value. This approach leads to customer loyalty, repeat business, and referrals, all of which are vital for sustained success.

3. Understanding Market Dynamics
The best salespeople have their finger on the pulse of the market. They understand changing trends, customer preferences, and the competitive landscape. This knowledge is invaluable for businesses as it informs product development, marketing strategies, and overall business planning.

4. Driving Innovation and Growth
Innovation isn't just limited to products or services; it also applies to sales strategies. Top salespeople are often creative thinkers who can devise innovative ways to reach and persuade customers. Their insights can drive growth and help the company stay ahead of the curve.

5. Representing Company Values
Salespeople are often the first point of contact between a company and its customers. Therefore, they play a crucial role in how the company is perceived. Top salespeople not only understand the company's values but also embody them, ensuring that the company's image is positively reinforced in every interaction.

Hiring top salespeople is an essential strategy for any business that aims to grow and succeed in today's market. They bring more than just their sales skills; they bring an understanding of the market, the ability to build lasting relationships, drive innovation, and represent the company's values. Investing in top sales talent is, therefore, not an expense; it's an investment in the future of your business.

Ken Lubin, Managing Director
ZRG Partners, LLC
Americas I EMEA I Asia Pacific
C: 508-733-4789


ELFF January Confidence Rate Up
From December 42.5 to January 48.6

(ELFF Chart)

The Equipment Leasing & Finance Foundation (the Foundation) released the January 2024 Monthly Confidence Index for the Equipment Finance Industry at 48.6, an increase from the December index of 42.5.

David Normandin, President and Chief Executive Officer, Wintrust Specialty Finance, said, “I expect that Wintrust will have a good year in the market as we have stable liquidity, attractive cost of funds, and an engaged and motivated team.

“I expect to continue to see challenges in the overall economy as well as specific segments, and we are diversified and nimble to move to the opportunity. The leasing industry has historically performed better than other asset classes through tougher times because of the nimble and creative nature of the industry.

“I expect that the industry will come through this next couple years stronger having learned from our experiences.”

Jim DeFrank, EVP and Chief Operating Officer, Isuzu Finance of America, Inc., reported, "We still see demand for light and medium-duty trucks to satisfy ever-growing e-commerce business.

“We also see thousands of light and medium-duty trucks waiting for bodies to be upfitted.

“When the body companies catch up with chassis awaiting upfitting, we will see a lot of opportunities for equipment finance companies in this sector over the next three to six months.”

Press Release:


Several of the Leasing News Advisors Who Voted  
On the Unanimous Selection of Ken Greene

Ken Greene, Esq., Leasing Person of the Year for 2023

“Well deserved, Ken for all your hard work for our increasingly chaotic industry. Good luck with the scan. And my best wishes to you and your family for a healthful year.”
Bob Teichman, CLFP

“Ken Greene is the perfect choice for Leasing News Person of the Year for 2023. He has provided so much valuable and free advice to members of the equipment finance industry for so many years that it is very appropriate that he be honored in this way.”
Bruce Kropschot, The Alta Group

“Very deserving.  Ken I am a religious man and I'll also be praying."
Don Myerson, BSB Leasing

“Ken Greene is the definitely the right person. He has stepped so many times this year and written great blogs even as an emeritus. Ken has done so much for Leasing News in the past even during his difficult times. My vote is a yes for Ken.”
Marshall Goldberg, Esq., Glass & Goldberg

“Ken is the most deserving by far.“
Reid Raykovich, CLFP, CLFP Foundation

Phil Dushey, Global Financial Services

“Don't you mean ‘I Second that Emotion!” (Ken Greene joke - once heard him play all the Motown Hits at a conference)
Hugh Swandel,  Meridian OneCap Credit


Leasing News Person of the Year
Previous Winners

2023 - Ken Greene, Attorney

2022 - Steve Glazer, California State Senator

2021 - Lovern J. Gordon, CLFP

2020 - Tom McCurnin, Attorney, Barton, Klugman & Oetting, Leasing News Legal Editor/Writer

2019 - Monica Harper, Executive Director, American Association of Commercial Finance Brokers

2018 - Gerald "Jerry" Parrotto, retired CEO/President, Molloy Associates; Publisher Monitor, ABF Journal

2017 - Deborah Monosson, President and CEO, Boston Financial& Equity Group

2016 - Reid Raykovich, CLFP, Certified Lease & Finance Professional Foundation

2015 - Bruce Kropschot, The Alta Group

2014 Valerie Jester, President, Brandywine Capital Associates

2013 Bernard D. Boettigheimer, CLFP, Founder, Lease Police

2012 Tony Golobic, President, GreatAmerica Financial Services

2011 John C. Deane, Sr. Mgr. Partner, The Alta Group

2010 Curt Ritter, CIT, VP, Communications/Media Relations

2009 Ralph Petta, COO, Equipment Leasing and Finance Association

2008 Robert Teichman, CLFP, Teichman Training

2007 Randall H. Brook, Sr. Attorney, Federal Trade Commission

2006 Paul A. Larkins, Key Equipment Finance

2005 Paul J. Menzel, CLFP, Pacific Capital Bancorp.


Leasing News Advisor/Legal Editor
Marshall Goldberg

Marshall Goldberg
Glass & Goldberg, A Law Corporation
22917 Burbank Blvd.
Woodland Hills, CA 91367-4203
(818) 474-1532 Direct
(818) 888-2220 Main
(818) 888-2229 Facsimile

Marshall F. Goldberg is the Managing Partner and a founder of Glass & Goldberg. He has served as lead counsel in well over one hundred major trials. He has been an active member and leader for over 450 years in financial institution associations, including the Equipment Leasing and Finance Association ("ELFA"), the National Vehicle Leasing Association ("NVLA"), The Alternative Finance Bar Association, and the National Equipment Finance Association (“NEFA”), and its predecessors.

Marshall has been selected for the past fifteen consecutive years for inclusion in “Super Lawyers Magazine,” which represents only 5 percent of the lawyers in the State of California.  Super Lawyers is a listing of outstanding lawyers, chosen from a rigorous, multiphase process, who have attained high peer recognition and professional achievement.

Marshall has served on the Equipment Leasing and Finance Association Legal Committee and the  Credit and Collections Management Committee. He also served as a member of the Editorial Review Board of the Journal of Equipment Lease Financing.   He has been the Chairman of the Professional Development, Education and Information Sub-Committee for the ELFA Legal Committee.   He was responsible for developing, organizing, managing and editing the Legal Website, which includes an online compendium of legal issues pertaining to the 50 States, "What's New in the Law", and the "Catalogue of Legal Information".

With the assistance of the ELFA staff, Marshall developed, chaired and monitored the Legal Listserve, an online forum for attorneys to discuss pertinent legal issues on a daily basis. Marshall is co-author and co-editor of the Executive Guide to Remedies, and the Executive Guide to Lease Documentation.   Marshall also serves on the ELFA Legislative and Regulatory Subcommittee.

He is the recipient of the annual “Edward A. Groobert Award for Legal Excellence” presented on behalf of the ELFA Lawyers.  This is the highest award given to an attorney by a peer group of hundreds of both in house and outside counsel.

Marshall is married to Patti for 45 years, who is also an attorney and is now the administrator of Glass & Goldberg.  They have three boys: Daniel, a partner and chair of the privacy department for the law firm of Frankfurt Kurnit, Justin, an executive consultant for IBM, and Ethan, a software engineer for Samsara, an Internet of Things company that develops objects with sensors, processing ability, software and other technologies to connect and exchange data with other devices and systems over the Internet.


Video: Leigh Lytle, President and CEO of ELFA and
Chair Rob Boyer Preview What's Coming in 2024

Happy New Year! I wanted to take a moment to introduce myself as the new President and CEO of ELFA. Please see my video chat with Board Chair, Rob Boyer, above for a preview of what's coming in 2024.

In the next few weeks, I will be embarking on a listening tour and look forward to meeting and talking to as many members as possible. This is an exciting time for our association and our industry, and I am privileged by the opportunity to lead us through the next juncture together.

Leasing News invites you to watch their short video chat to learn about Leigh Lytle’s background, what she's looking forward to in her new role, and her plans to meet and talk to members
in the year ahead.

Message to ELFA Members - Q1 2023 from ELFA Channel on Vimeo.

Courtesy: Amy Vogt, Vice President, Communications


Watch at Home
by Fernando Croce, Leasing News Movie Reviewer

The latest batch of Criterion releases include early works from Oscar-winning masters (“Blood Simple,” “Mean Streets”), a splendid thriller (“La Cérémonie”), an impressionistic drama (“EO”) and a distinctive spin on an oft-told tale (“Pinocchio”)

Blood Simple (1984): Oscar-winning fraternal filmmakers Joel and Ethan Coen (“No Country for Old Men”) made a juicy screen debut with this stylish thriller, which unfolds in modern Texas but takes its cues from the noir classics of the Forties. At its center is the illicit romance between Abby (Frances McDormand) and Ray (John Getz), who find themselves in a deadly web of intrigue as Abby’s husband Julian (Dan Hedaya) schemes to murder them. When corrupt private detective Loren (a movie-stealing turn by M. Emmet Walsh) turns out to have plans of his own, however, the drama takes an unexpected detour. Shot on a modest budget but brimming with ingenuity and dark humor, the film is a showcase for the Coens’ distinctive vision as well as a staple of indie resourcefulness.

La Cérémonie (1995): France’s prolific master of suspense, Claude Chabrol is in top form in this unsettling drama, which elegantly bleeds class warfare into the thriller format. Sandrine Bonnaire gives a splendid performance as Sophie, a disturbed young woman who’s hired as a maid for a rich family led by Catherine (Jacqueline Bisset) and Georges (Jean-Pierre Cassel). As she works around the house, Sophie’s mind grows increasingly unmoored—especially after she befriends Jeanne (Isabelle Huppert), a local postal worker with a ferocious, anarchic bent. The complacency of the bourgeois family collides with the frustration of the underprivileged characters, building toward a shocking climax. Keeping an intelligently distanced view for thorny audience identification, Chabrol offers a masterly blend of political analysis and pulp tension. With subtitles.

EO (2022): Veteran Polish master Jerzy Skolimowski (“Moonlighting”) offers an impressionistic snapshot of contemporary Europe through animal eyes in this luminous drama, which is told through the eyes of a donkey. Part of a traveling circus act, the equine protagonist passes from owner to owner, from toiling the land of farmers to becoming a soccer team’s mascot. The unavoidable comparison is to Robert Bresson’s classic “Au Hasard Balthazar” (1966), though the film casts an indelible spiritual spell of its own as the donkey finds a possible paradise after a road of abuse. Using images and sounds rather than dialogue and plot, Skolimowski creates a trenchant, vigorous, and ultimately moving view of a brutish world transformed by the possibilities of pure cinema. A deserved Foreign Language Picture nominee. With subtitles.

Mean Streets (1973): A breakthrough hit for Martin Scorsese, this gritty drama already showcases the filmmaker’s intoxicating mix of obsessive morality and cinematic pyrotechnics. Set in New York’s Little Italy neighborhood, the plot follows Charlie Cappa (Harvey Keitel), a Mafioso’s nephew who struggles to maintain a sliver of spiritual responsibility in a world of criminals. While having an affair with Teresa (Amy Robinson), Charlie grows protective of her cousin, an unpredictable gambler and small-time hood nicknamed Johnny Boy (Robert De Niro, utterly electrifying in his first collaboration with Scorsese). When Johnny Boy runs afoul of dangerous loan sharks, Charlie finds himself facing a deadly dilemma. Transforming its grungy locales with impressionistic explosions of color, movement and music, Scorsese’s movie continues to pack a brilliant wallop.

Pinocchio (2022): Oscar-winner Guillermo Del Toro (“The Shape of Water”) brings his own distinctive spin on the oft-filmed fable in this stop-motion animated version, which he co-directed with Mark Gustafson. The classical story is set this time around in Italy between the World Wars, where woodcarver Geppetto (voiced by David Bradley) makes a puppet to honor his dead son. When a forest sprite magically gives the puppet life, the overjoyed Geppetto names him Pinocchio (Gregory Mann), marking the beginning of a long and sometimes brutal road towards the dream of becoming a real boy. Something of a companion piece to Del Toro’s acclaimed fairy-tale “Pan’s Labyrinth” as a portrait of innocence in a darkening landscape, the film brings new heart and humor to a timeless tale.

vFernando Croce is a nationally recognized film reviewer and has been contributing to Leasing News since 2008. His reviews appear each Friday.


Australian Cattle Dog
Wodland Hills, California  Adopt-a-Dog


1 Year Old
Yolo County Animal Services

Friends of Yolo County Animal Services
1296 E Gibson Road, Suite A193
Woodland, CA 95776

Yolo County Animal Shelter Location
140C Tony Diaz Drive
Woodland, CA 95776
Office Hours
Monday - Friday: 10:00 AM - 5:00 PM
Saturday: 10:00 AM - 4:00 PM
Sundays & Holidays: CLOSED


News Briefs

Google CEO Sundar Pichai explains slew of layoffs
    and threatens more

Macy’s to Cut About 2,350 Jobs
    Close Five Stores

Over 40 Restaurants Have Closed This Month in New York City
    So Far: Here’s Why

Sheryl Sandberg, who helped to turn Facebook
    into digital advertising empire, to leave company board

The Multibillion-Dollar Bet That Truckers
    Will Ditch Diesel for Electricity


Billionaires wanted to save the news industry.
    They’re losing a fortune.


Sports Briefs---

Hall of Famer Steve Young thinks the 49ers will
   'buzzsaw' through the Packers, NFC

What's the chance for rain during
the 49ers-Packers playoff game

Falcons are still looking like a pretty
   good option for Bill Belichick

Jerod Mayo introduced as Patriots coach,
says he’s ‘not trying to be Bill’ Belichick

Mike McCarthy will return as coach of the
Dallas Cowboys after stunning wild-card loss

Why are they playing tennis matches
until nearly 4 a.m. at the Australian Open?


California News Briefs---

No bids for dozens of S.F. apartment buildings
    clears way for real estate giant’s takeover

S.F.’s biggest mall loses another store,
     its fifth closure this month


Gimme that Wine    

Wine Country Destination Tops Tripadvisor’s
    Travelers’ Choice Awards 2024

How this $20 California wine became
    the internet’s favorite joke

Emmitt-Scorsone winery owners find
    value in staying small

(Gran Maizal whiskey available –Google search locate near you)
Mexican Whiskey Is on the Rise,
    Powered by Ancient Corn


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