Headlines--- Alert-Equipment
Leasing Association Classified
Ads---Credit-Documentation-Finance Lease
Broker Showcase Scheduled RW
Leasing Problems Now an Industry Problem Form
to Help the Leasing Industry 1st
Banks further leasing portfolio deterioration Dennis
Houseman V-P - Leasing Of Global Imaging Advanta
Reports 4th Q/Full Year 2003 Earnings CIT
Sale of Direct Private Equity Investments Michael
Ash Promoted to Syndication Manager Alert—Equipment
Leasing Association Hazardous
Electronic Waste-Recycling Fee Added To Sales Tax In California the
Board of Equalization (BOE) will collect the electronic waste-recycling
fee in conjunction with sales tax on the sale or lease of covered electronic
equipment starting July 2004. The fee will be assessed without regard
to sales tax nexus because a separate logic dictates when a fee is due. No distinct accommodation
is given leasing transactions, which would therefore follow guidelines
for retail sales in draft regulations to be issued on March 23. The
last opportunity to advise them of issues unique to leasing is a workshop
at Cal/EPA in Sacramento on Monday, February 6. Regulations dictating
application of the new recycling fee to leased equipment need input
from lessors and the last opportunity is February 6. A representative
from your company can coordinate with other ELA members by contacting
Dennis Brown of ELA at dbrown@elamail.com ( You can be sure
if California enacts this, other states most likely will follow.
editor ) --------------------------------------------------------------------------- Classified
Ads---Credit-Documentation-Finance Credit: Atlanta,
GA. VP Credit/Operations/Sr. Credit Officer. 15yrs exp. in equipment
leasing. Strong financial analysis and management skills. Experience
developing and maintaining profitable customer/vendor relationships.
Email:credops@msn.com Credit: Atlanta,
GA. Senior Credit Officer
in middle-market equip. finance, vendor, 3rd party, specialty, flow
credit to the fortune 1000. Team builder, originations capable, strong
work ethic, ability to multi-task. Credit: Atlanta,
GA. 10 yrs experience
in credit/collections/recovery/documentation
in the leasing industry. P&L responsibility, team builder &
strong portfolio mgnt skills.email: mortimerga@adelphia.net Credit: Boston Ma. Challenging position
where my skills, professional experience, organization, leadership,
strategic thinking, creativity, energy, passion, competitive nature
will enable me to define opportunities and personal development.Email:
bernd.janet@verizon.net Credit: Corona, CA. VP credit Consumer
Credit prime/sub prime Auto lending/leasing/mortgages. 20+yrs exp. If
you are looking for someone to affect the bottom line I am that person.
Will relocate. Email:amosca2000@yahoo.com Credit/Documentation:
Fort Lee NJ 3 Years Experience.
Looking in NJ/NY. Email: angitravis@mail.com Credit: Long Beach,
NY. Credit officer w/more than 20 years of experience. Seeking position
in which I can utilize my credit-collections, communication &management
skills. Email:michaelschaubeck@webtv.net Credit: Los Angeles,
CA Over 15 years experience
in Credit/Operations with Small Ticket and transactions up to $500,000.00.
CLP, with excellent relationships with most major lenders. Email:jonbh123@earthlink.net Credit: Mill Valley,
CA Senior corporate
officer with financial services credit background. M and A, fund raising
and workout expertise. Email:nywb@aol.com Credit: New Jersey,
NJ Credit Analyst with
10+ years experience in small-ticket lending up to $500,000. Experience
with both vendor-direct and with brokers. Email: b.leavy@worldnet.att.net Credit: New York,
NY 3+ years of leasing
credit / contracts experience. Currently in the leasing industry and
moving to NY! Exp. working at both funding source and broker.Email:
lease4you@mail.com Credit: New York,
NY. V.P. Credit &
Collections w/23 years exp.looking for a situation where I can utilize
my varied & extensive knowledge of credit/ collections/risk-management
& leasing. Email:rcouzzi@yahoo.com Credit: New York, NY Credit officer with banking and leasing background; strong analytical and communication/PC skills with lending and portfolio management experience. Email: michaelschaubeck@webtv.net
Credit: Analyst experience
underwriting for a direct lessor, regional bank and vendor leasing company.
Have CLP and will make decisions ( won't rely on a FICO score for enlightenment.)
Email: pmtorres1@yahoo.com Credit Manager: Westlake,
OH 7+ years Credit/Underwriting
experience Comp lit. Please email me for copy of job description at
mgallo@comfingrp.com -- Documentation Documentation/Funding/Collection
Manager: Phoenix, AZ. Five years in Equipment Leasing Industry. Looking
for a Leasing home in Phoenix. Prefer documentation/funding, but interested/open
to managing account portfolios. Email: rrr64@aol.com Finance: Chicago,
IL Experienced in big
ticket origination, syndication, valuation and workout. Twenty five
years, MBA, CPA, JD, LLM (Tax), structuring specialist. Inbound and
outbound transactions. Email:pal108381@comcast.net Finance: Austin,
TX. 20+ years all facets
of lease/finance. Collection and credit management. Equipment &
rolling stock structuring. $150k credit authority, $100 million portfolio
management. Email: texmartin@juno.com Finance: Lyndhurst,
NJ CFO w/20+ years leasing/financing.
Respected by lenders/rating agencies full & fair financial reporting.
Outstanding record restructuring debt. Adept at investor relations and
mentoring people. Email:joemcdev@aol.com Full Listing of 101 Classified Ads: http://64.125.68.90/LeasingNews/JobPostings.htm Post Your Free “Job
Wanted Ad “ by going here: http://64.125.68.90/LeasingNews/PostingForm.asp Employer’s ads, please
go here: http://64.125.68.90/LeasingNews/PostingFormWanted.asp ------------------------------------------------------------------------------- Economic
Events This Week Monday January 26 Existing-Home
Sales: December Tuesday January 27 Consumer
Confidence: January Wednesday January 28 Durable
Goods Orders: December New-Home
Sales: December Prices
of New Homes: December Thursday January 29 Weekly
Jobless Claims Friday January 30 G.D.P.4th
Qtr. ----------------------------------------------------------------------- ****
announcement **************************** Lease Broker Showcase Scheduled Atlanta,
GA - The Lessors Network has announced plans to develop an Invitation
Only Lease Broker Showcase this summer. Invitation Requests are now
available online from Lease Brokers Showcase. For
more information, please go here: http://www.lessors.com/Events-2004/Brokers/overview.html About
The Lessors Network The
Lessors Network is a sales & marketing network facilitating new
business development opportunities within the corporate and municipal
equipment leasing markets. Additional information can be viewed from
their web site at www.lessors.com. ****
announcement ********************************** -------------------------------------------------------------------------
================================================
---------------------------------------------------------------- RW
Professional Problems Now an Industry Problem This
is one example on e-mail Leasing News receives from businesses that
have had problems with Commercial Money Center, RW Professional, among
others, who have sold their lease twice, three times to other financial
institutions, and/or, the lessee pays off the lease, but RW Professional
or CMC does not pay off the bank where they assigned the lease. In
this example, the problem is not with American Express, First Sierra,
or Bank of Utica, or “Nassau Recover Asset” who picked up the equipment,
it is with RW Leasing, who’s owners away trail in New York allegedly
over a hundred or more of these type situations. Name = patricia jordan Address = po box 12336 City = jacksonville State = nc Zipcode = 28546 Email = coastalcatclinic@hotmail.com Comments or Questions= I have
questions about the RWleasing case. We
are one of the many that have been caught up in the deceitful
practices of RW Leasing. Was there any connection that First Sierra was the same as RW Leasing in l999? The
reason I ask is that credit inquiries
of me prior to the so called "financing" of our business loan
by RW Leasing only had inquiries by First Sierra and never RW Leasing. The
fact that now we are in court with them and yet never received any notice
that the loan was supposedly "assigned" by RW Leasing to First
Sierra as they report at a date
they refuse to list. In July or Aug of 2001, we were to told by RW Leasing
to pay American Express Business Finance that they had been assigned
the loan. Now
we find out other banks were supposedly to have "owned" this
loan like the Bank of Utica whom tried to start to collect on it sometime
in April of 2002. We did have one of three payments having to be sent
to an address in Texas and 2 others in New York and Mass. We
make this connection learning that the parent office of First Sierra
is also in Texas. A company, Nassau Recover Asset company was supposedly
hired by RW Leasing to come
repossess equipment, which they did send
some company reps who supposedly dealt with x-ray equipment from
South Carolina to come get equipment which we had had in storage for
four months awaiting pick up from supposedly RW Leasing. We
now have First Sierra suing us for a loan that we made payments to RW
Leasing and American Express Business Finance and then had reps from
Nassau Asset Recovery pick up in February of 2002. We
have a copy of the zero balance on the loans from American Express Business
Finance in Aug of 2002 after all equipment picked
up and yet about 5 months later had a suit by First Sierra filed against
us. Do you have any information about these connections
and if First Sierra/RW Leasing/American Express Business Finance might
all be the same entity? Sincerely, Patricia
Jordan ((This
is not over for Ms. Jordan. We
suggested she hire an attorney where the lawsuit would be held (venue.) We explained RW Leasing had sold the lease
to First Sierra ( such as she would understand is done in the mortgage
industry, assigned, and perhaps even “sold” on a recourse or non-recourse
basis,) who’s company
was purchased by American Express Business Finance. It also may be true that Bank of Utica has a “claim” against her
company and the “collateral,” if you will. (That
this means more “expense” for her may not be avoided as there appears
to be more than one party involved. It appears she has tried to communicate
this, but is caught in the corporate maze of not speaking to someone
with authority, who may be able to actually help her present her case
without going to court. To
state that she will never lease again, and has told all her friends
and colleagues, not to lease, is an understatement. If any reader has
advice to give to her, please contact her, and if you would like to
share with us, we will print it, too. editor.) For
the latest, and the archive stories on RW Professional Leasing, please
go here: http://www.leasingnews.org/Conscious-Top%20Stories/RW_Update_11-26-2003.htm Form
to Help the Leasing Industry by Kit Menkin December
16,2003 was the last printing of the effort to raise $2,000 at $200
per person for a form that would spell out what could be kept by the
leasing company in considering an application. In it,
we quoted from 1998,
“Leasing Logic,” a publication of the National Association of Equipment
Leasing Brokers: “From the Desk of Joseph
G. Bonanno—Legal Counsel.” To say
the lease, we were criticized for printing something “old” It is time
to try again! There is
a valid reason for a “commitment letter” or agreement. Whether
it is practical or not in leases at the $10,000 level is The people
who are donating $200 to this effort, also are presenting the documents
their company uses today, and “I
think a pool of companies is a great idea. I'm in. I have modified my
agreement a bit already. I'll fax you a copy
later today.” Paul
Behechti --
“I'm
in for the $200.” Gary
Saulter -- “I
support your efforts. “Your
leasing buddy, Theresa
Kabot -- Warren
Hawkins While
we do not want to give legal advice, particularly realizing that states
differ and there are also licensing issue, we asked Ken Greene for some
"generic" help. He
has agreed to perform this service, review the forms, and then devise
a “generic one” to help brokers retain expenses, particularly if an
application is not approved or terms and conditions change. “I
am glad to help if a pool of leasing companies would like to get together
and hire me to put together a thorough form. It can still be simple,
but it should be internally consistent and not appear to be punitive
in nature.” Kenneth
C. Greene For
those who participate, Ken Greene is willing to do extra work for a
minimal fee on the form for their specific needs. Each company will
sign an agreement regarding this form to cover expenses incurred should
a lease not go forward, plus give other clauses for specific terms and
conditions to be covered in the proposal. Should we not obtain the $2,000
needed, all money will be returned. As per our policy, we also reserve
the right to refuse a sponsorship. editor
------------------------------------------------------------------------ ###
Press Release ########################## First
Banks, Inc. Announces Fourth Quarter and Year End 2003 Earnings " The Company experienced further deterioration
in the commercial leasing portfolio in 2003, contributing to continued
higher-than-historical provisions for loan losses. The Company recorded
provisions for loan losses of $13.0 million and $49.0 million for the
three months and year ended December 31, 2003, respectively, compared
to $16.8 million and $55.5 million for the comparable periods in 2002." ST.
LOUIS)----First Banks, Inc. ("First Banks" or the "Company")
(NASDAQ:FBNKN) (NASDAQ:FBNKM) (NYSE:FBSPRA) reported net income of $15.4
million and $62.8 million for the three months and year ended December
31, 2003, respectively, compared to $14.8 million and $45.2 million
for the comparable periods in 2002. Results for 2003 reflect increased
net interest income and noninterest income and decreased provisions
for loan losses, which were partially offset by higher operating expenses
and an increase in the effective tax rate. The increase in net income
for 2003 is primarily attributable to increased net interest income
resulting from reduced deposit rates and earnings on interest rate swap
agreements associated with the Company's interest rate risk management
program, increased gains on mortgage loans sold and held for sale and
a gain relating to the partial exchange of First Banks' investment in
Allegiant Bancorp, Inc., St. Louis, Missouri ("Allegiant"),
for a 100% ownership interest in Bank of Ste. Genevieve, Ste. Genevieve,
Missouri. The Company's remaining investment in the common stock of
Allegiant after the partial exchange was contributed in full to a previously
established charitable foundation in the fourth quarter of 2003. This
contribution was partially offset by the gain realized on the increase
in the market value of the Allegiant common stock and the related income
tax effects of the transaction. The increase in the effective tax rate
in 2003 is primarily attributable to higher taxable income and the merger
of the Company's two bank charters in 2003, which resulted in higher
taxable income allocations in states where the Company files separate
state tax returns. On December 31, 2003, the Company implemented
FASB Interpretation No. 46, Consolidation of Variable Interest Entities,
an interpretation of ARB No. 51, resulting in the deconsolidation of
the Company's five statutory and business trusts, which were created
for the sole purpose of issuing trust preferred securities. The implementation
of this Interpretation had no material effect on the consolidated financial
position or results of operations for any of the periods presented.
Allen H. Blake, President and Chief Executive
Officer of First Banks, said, "First Banks' financial performance
for 2003 continues to reflect our adaptation to the current interest
rate environment and weak economic conditions that have prevailed over
the last two years. While continuing to address residual problems in
the loan and lease portfolio, the Company has focused its efforts on
strengthening net interest margin and growing noninterest income while
managing operating expenses. This has placed us in a position to benefit
from improved economic conditions as they occur." The Company experienced continued growth of
net interest income in 2003, primarily attributable to lower deposit
rates coupled with earnings on interest rate swap agreements that were
entered into in conjunction with the Company's interest rate risk management
program to mitigate the effects of decreasing interest rates. In addition,
during 2003, the Company reduced its subordinated debentures by $63.1
million. Net interest margin improved to 4.51% and 4.45% for the three
months and year ended December 31, 2003, respectively, compared to 4.27%
and 4.23% for the comparable periods in 2002. Net interest income increased
to $73.9 million and $287.1 million for the three months and year ended
December 31, 2003, respectively, from $70.2 million and $268.2 million
for the comparable periods in 2002. The derivative financial instruments
used to hedge the Company's interest rate risk contributed $16.5 million
and $64.6 million to net interest income for the three months and year
ended December 31, 2003, respectively, compared to $15.1 million and
$53.0 million for the comparable periods in 2002. During 2003, the Company
issued $73.2 million of subordinated debentures to newly formed trusts
associated with the issuance of $25.0 million of trust preferred securities
in a private placement and $46.0 million of trust preferred securities
in an underwritten public offering. In the second quarter of 2003, the
Company redeemed $132.3 million of trust preferred securities that had
been issued during 1997 and 1998, thereby reducing its subordinated
debenture obligations to the underlying trusts by $136.3 million. The
funds necessary for the redemptions were provided from available cash
of $32.9 million, borrowings under the Company's note payable of $34.5
million and net proceeds from the issuance of the additional subordinated
debentures. These transactions, coupled with the use of additional derivative
financial instruments, have allowed First Banks to reduce its overall
expense associated with the utilization of trust preferred securities.
While these transactions have contributed to the Company's financial
performance, prevailing low interest rates, generally weak loan demand
and overall economic conditions continue to exert pressure on the net
interest margin. The Company experienced a higher level of
problem loans, related charge-offs and past due loans during 2002 resulting
from economic conditions within the Company's markets, additional problems
identified in two acquired loan portfolios and continuing deterioration
in the commercial leasing portfolio, particularly the segment of the
portfolio relating to the airline industry. The Company experienced
further deterioration in the commercial leasing portfolio in 2003, contributing
to continued higher-than-historical provisions for loan losses. The
Company recorded provisions for loan losses of $13.0 million and $49.0
million for the three months and year ended December 31, 2003, respectively,
compared to $16.8 million and $55.5 million for the comparable periods
in 2002. Net loan charge-offs were $7.3 million and $32.7 million for
the three months and year ended December 31, 2003, respectively, compared
to $27.2 million and $54.6 million for the comparable periods in 2002.
Net charge-offs included a $6.1 million net charge-off on one significant
credit relationship in 2003 and $38.6 million on ten significant credit
relationships in 2002. Net charge-offs associated with the commercial
leasing portfolio increased to $14.4 million in 2003 from $7.9 million
in 2002. Nonperforming assets at December 31, 2003 increased to $86.5
million from $82.8 million at December 31, 2002. The allowance for loan
losses increased to $116.5 million at December 31, 2003, compared to
$99.4 million at December 31, 2002. The Company continues to monitor
asset quality and address ongoing challenges posed by the current economic
environment and expects nonperforming assets to remain at elevated levels
during most of 2004. These trends are considered in the Company's overall
assessment of the adequacy of its allowance for loan losses. Noninterest income was $27.7 million and $111.0
million for the three months and year ended December 31, 2003, respectively,
compared to $24.6 million and $89.5 million for the comparable periods
in 2002. Gains on mortgage loans sold increased to $38.9 million in
2003, compared to $28.4 million in 2002, reflecting continued growth
of the Company's mortgage banking activities coupled with high volumes
of new originations and refinancings associated with lower mortgage
loan rates. Overall loan volumes slowed in the fourth quarter of 2003,
resulting in a decline in gains on mortgage loans sold to $5.7 million
for the three months ended December 31, 2003, compared to $8.1 million
for the comparable period in 2002. Service charges on deposit accounts
and customer service fees increased to $9.3 million and $36.1 million
for the three months and year ended December 31, 2003, respectively,
compared to $9.0 million and $31.0 million for the comparable periods
in 2002. In addition, net gains aggregating $4.0 million from the sale
of four branches were reflected in the fourth quarter of 2003. Also
reflected in the increase in noninterest income is a $6.3 million gain
on the exchange of common stock of Allegiant held by First Banks for
a 100% ownership interest in Bank of Ste. Genevieve, recognized in the
first quarter of 2003, and a $2.3 million gain realized on the subsequent
contribution of the remaining shares of Allegiant common stock to a
charitable foundation in the fourth quarter of 2003. The overall increase
in noninterest income in 2003 was partially offset by a reduction in
other income of $4.6 million, primarily attributable to increased amortization
of mortgage servicing rights. Operating expenses were $66.1 million and
$250.3 million for the three months and year ended December 31, 2003,
respectively, compared to $57.5 million and $232.8 million for the comparable
periods in 2002. The increased operating expenses primarily result from
increases in salaries and employee benefit expenses associated with
the Company's 2002 and 2003 acquisitions and increased commissions paid
to mortgage loan originators due to continued higher loan volumes, partially
offset by staff realignments surrounding the Company's core business
strategies. The increase also reflects charitable contribution expense
of $5.1 million recognized by the Company on the contribution of its
remaining shares of Allegiant common stock in the fourth quarter of
2003. In addition, write-downs on operating leases associated with the
Company's commercial leasing business, primarily resulting from reductions
in estimated residual values, were $1.6 million and $6.8 million for
the three months and year ended December 31, 2003, respectively, compared
to $1.2 million and $2.6 million for the comparable periods in 2002.
Occupancy and furniture and equipment expenses remained at higher levels
primarily due to acquisitions, technology expenditures for equipment
and continued expansion and renovation of various corporate and branch
offices. At December 31, 2003, First Banks had consolidated
assets of $7.11 billion and operated 147 offices in Missouri, Illinois,
California and Texas. CONTACT:First
Banks Inc., St. Louis Allen H. Blake or Terrance M. McCarthy, 314-592-5000 ###
Press Release ########################### Dennis
Houseman Named Vice President - Leasing Of Global Imaging TAMPA,
Fla., -- Global Imaging Systems, Inc. (Nasdaq:GISX) announced today
that Dennis J. Houseman, 47, has been named Vice President - Leasing.
Mr. Houseman was previously Director of Leasing for the company. "Denny
has done an outstanding job organizing Global's leasing program,"
commented Tom Johnson, chairman and CEO of Global Imaging Systems. "He
was instrumental in initiating the first customer leasing agreement
with GE, and he played a key role in negotiating the three-year extension
of that agreement announced this week." Mr.
Johnson added, "As a key member of our senior management team,
Denny continues to direct a high-quality leasing program that serves
our operating companies, their sales forces and their customers." Mr.
Houseman has more than 20 years' experience in equipment leasing. He
joined Global Imaging Systems in 1998 as director of leasing. His initial
responsibilities included evaluating the leasing program and making
recommendations for improvement. Mr. Houseman recommended and implemented
the creation of a strategic alliance with one leasing partner, GE. He
works with all Global's leasing relationships to extend and amend their
agreements and to ensure the best leasing opportunities for the company's
customers. In addition, Denny provides sales and lease training to dealer
sales personnel and operational support on larger credit requests. Prior
to joining Global, Mr. Houseman worked at Danka Industries as director
of operations from 1994 to 1996 and as director of leasing from 1996
to 1998. He also served in various senior level positions at Canon Financial
Services, Inc., Eaton Financial/AT&T Capital and Equitable Life
Leasing Corporation. Global
Imaging Systems offers thousands of middle-market customers a one- stop
shop for office technology solutions from a network of 149 offices in
28 states and the District of Columbia. The company provides the sale
and service of automated office equipment, network integration services
and electronic presentation systems. The company is also a disciplined,
profitable consolidator in the office technology industry. SOURCE Global Imaging Systems, Inc. ###
Press Release ############################
Advanta
Reports Fourth Quarter and Full Year 2003 Earnings ( business card charge-offs 7.31%; over 30 day
5.82%; over 90 day 2.93%---"...credit performance strongest in almost three years,"
says CEO Alter. ( Other
segment net loss (A) 43,593,000
1.78 loss on discontinuance of mortgage and leasing businesses,
net of tax, if applicable. ) SPRING
HOUSE, Pa.----Advanta Corporation (NASDAQ:ADVNB; ADVNA) reported net
income from core operations of $0.44 per diluted share for fourth quarter
and $1.30 per diluted share for full year 2003 for Class A and Class
B shares combined, consistent with the Company's expectations. Advanta
reported consolidated net income for the quarter of $11.2 million or
$0.44 per diluted share and $28.2 million or $1.13 per diluted share
for full year 2003 for Class A and Class B shares combined. This compares
to consolidated net loss of $1.36 per diluted share for fourth quarter
2002 and consolidated net loss of $0.97 per diluted share for full year
2002. Net income from core operations is a non-GAAP financial measure
defined by the Company as net income of the Advanta Business Cards segment
and the Venture Capital segment with the exception of venture capital
valuation adjustments, net of tax. "Strong credit performance and customer
activity delivered the robust fourth quarter earnings that we anticipated"
said Dennis Alter, Chairman and CEO. "In 2003, we experienced the
favorable asset quality benefits expected from our high credit quality
customers. In fact, the quarter's credit performance was the strongest
in almost three years." About Advanta Advanta is a highly focused financial services
company serving the small business market. Advanta leverages direct
marketing and information based expertise to identify potential customers
and new target markets and to provide a high level of service tailored
to the unique needs of small business. Using these distinctive capabilities,
Advanta has become one of the nation's largest issuers of MasterCard
business credit cards to small businesses. Since 1951, Advanta has pioneered
many of the marketing techniques common in the financial services industry
today, including remote lending and direct mail, affinity and relationship
marketing. Learn more about Advanta at www.advanta.com. CONTACT:Advanta
Corporation David Weinstock Vice President, Investor Relations (215)
444-5335 dweinstock@advanta.com
or David Goodman Director, Communications (215) 444-5073 AdvantaCommunications@advanta.com Full
press release with financial statements available at: http://www.businesswire.com/webbox/bw.012304/240235080.htm ###
Press Release ###########################
CIT
Announces Sale of Direct Private Equity Investments LIVINGSTON, N.J.,/ -- CIT Group Inc. (NYSE:
CIT) has announced it signed a purchase and sale agreement in connection
with the sale of the company's direct private equity portfolio to Protostar
Equity Partners, L.P. The funding for Protostar was provided by the
Goldman Sachs' GS Vintage Funds II, a series of investment partnerships managed
by Goldman Sachs Asset Management's Private Equity Group. Net proceeds are expected to approximate CIT's
December 31, 2003 carrying value. As a condition to closing, CIT must obtain
consents and/or waivers of certain rights, including rights of first
refusal (held by other stockholders), on approximately 75% of the investment
in the portfolio based on value. Consents and/or waivers must be obtained
by June 30, 2004. These investments will close ("initial closing"),
promptly after the satisfaction of this condition. The closing for the
balance of the investments, where the necessary
consents and/or waivers are received after the initial closing, will
occur no later than December 31, 2004. About CIT: CIT Group Inc. (NYSE: CIT), a leading commercial
and consumer finance company, provides clients with financing and leasing
products and advisory services. Founded
in 1908, CIT has nearly $50 billion in assets under management and possesses
the financial resources, industry expertise and product
knowledge to serve the needs of clients across approximately 30 industries. CIT holds leading positions in vendor financing,
U.S. factoring, equipment and transportation financing, Small Business
Administration loans, and asset-based and credit-secured lending. CIT, with its principal offices in
New York City and Livingston, New Jersey has approximately 6,000 employees
in locations throughout North America, Europe, Latin and South America,
and the Pacific Rim. For more
information, visit http://www.cit.com. About Goldman Sachs: Goldman Sachs is a leading global investment
banking, securities and investment management firm that provides a wide
range of services worldwide to a substantial and diversified client
base that includes corporations, financial institutions, governments
and high net worth individuals. The Goldman Sachs Private Equity Group,
based in New York and London, manages over $11 billion of capital devoted
to primary partnership investments, secondary purchases of limited partnership
interests, direct co-investments and supporting investment teams in
the acquisition of direct private equity investment portfolios. About Protostar: Protostar is a New York based middle-market
leveraged buyout firm dedicated to acquiring portfolios of direct private
equity investments. Protostar targets transactions ranging from $50
million to $250 million in equity value.
The firm offers a balanced mix of strategic insight, operational
capabilities and financial expertise, and is exclusively focused on
building middle-market leaders. SOURCE CIT Group Inc. ###
Press Release ########################### Michael
Ash Promoted to Syndication Manager NEW
YORK CITY, — Michael Ash was recently promoted to Syndication Manager
for Wells Fargo Equipment Finance, Inc (WFEFI). As a 13-year industry
veteran, Michael most recently served as a Syndicator for WFEFI’s West
and East coast syndication sell efforts. “Michael’s
extensive financial and equipment leasing experience make him the ideal
person for this position,” said Joseph Fantauzzi, Senior Vice President.
“Under his direction, we look forward to expanding Wells Fargo Equipment
Finance’s syndication efforts nationwide.” Prior
to his positions with Wells Fargo, Ash served as Vice President and
Syndicator, Credit Team Leader and Credit Officer for Charter Financial.
In addition, Ash also worked for the CIT Group as both a Credit Analyst
and Portfolio Analyst. He has a Master’s in Business Administration
degree from New York University’s Stern School of Business as well as
a bachelor’s degree from Lehigh University. Wells
Fargo Equipment Finance, Inc. is one of the largest bank-owned equipment
leasing and finance companies in the United States, with nearly $6 billion
in assets. Their customer base includes a broad spectrum of middle-market
companies and industries throughout the United States and Canada. Wells
Fargo & Company is a diversified financial services company with
$391 billion in assets, providing banking, insurance, investments, mortgage
and consumer finance from more than 5,900 stores, the internet (wellsfargo.com),
and other distribution channels across North America and elsewhere internationally.
Wells Fargo Bank, N.A. is the only "Aaa"- rated bank in the
United States. ###
Press Release ############################ -------------------------------------------------------------------------------
News Briefs--- Winter Storm Reaches
From Kan. to S.C. http://apnews.myway.com/article/20040126/D80A6G801.html Weak Dollar Helps
U.S. Firms, for Now http://www.washingtonpost.com/wp-dyn/articles/A47309-2004Jan25.html A Recovery Unlike
Others Seems to Alter Fed Rate View http://www.nytimes.com/2004/01/26/business/26fed.html?pagewanted=all Fewer Online Shoppers
in Canada http://www.nytimes.com/2004/01/26/technology/26ecom.html?pagewanted=all AOL Lost Two Million
Subscribers and One attorney in Stillman Valley http://www.boston.com/business/technology/articles/2004/01/26/youve_got_problems/ Toyota outsells Ford
to become world's No. 2 automaker http://www.ajc.com/business/content/business/0104/23toyota.html http://www.washingtonpost.com/wp-dyn/articles/A48019-2004Jan26.html Securities and brokerage
firms in San Francisco, San Mateo and Marin counties slashed 6, 000
jobs, a 20 percent cut, between January 2001 and last May, according
to the California Economic Development Department, makes great offices
available Will Off shoring
IT Become a Political Issue? http://www.internetnews.com/bus-news/article.php/3303341 Regis Philbin “Who
Wants to be a Millionaire” Coming Back on TV Regions Financial
to merge with Union Planters bank http://www.usatoday.com/money/industries/banking/2004-01-23-up-regions-merger_x.htm ------------------------------------------------------------------------------ Sports Briefs--- Turner close to coaching
Raiders? Payton did Raiders
a favor by turning his back on them http://www.mercurynews.com/mld/mercurynews/sports/ Seifert had hand
in run of Panthers http://www.sfgate.com/cgi-bin/article.cgi?f=/chronicle/archive Patriots' Brady the
talk of the town http://www.mercurynews.com/mld/mercurynews/sports/7789659.htm Back in the swing:
Mickelson wins Bob Hope Classic http://www.mercurynews.com/mld/mercurynews/sports/7796092.htm Weekend Sports Activities
Wrap-Up http://www.nytimes.com/aponline/sports/AP-Transactions.html California
Nuts Brief--- Governor confronts
new crisis, no script http://www.mercurynews.com/mld/mercurynews/7792991.htm --------------------------------------------------------------------- "Gimme That
Wine" Calculator to Measure
Your Blood Alcohol Level http://wine.about.com/library/encyc/bl_bac.htm Shafer v. Young Ridge
II: The Label Lawsuit Reloaded Vineyard Land Going
to Housing In Napa Valley Chief Winemaker for
Gallo George Thoukis Retiring http://www.modbee.com/local/story/8050281p-8911266c.html Women challenge notion
men know more about wine http://www.twincities.com/mld/pioneerpress/entertainment/7762359.htm New York State Foresees
$3M Yearly in Wine Bill 1939 -- a little
bit of Hollywood comes to Napa 1654-Jews flee to
the New World: approximately 150 Jewish families of Portuguese background
fled the city of Recife, in Pernambuco, Brazil. By September a number
of these refugees had established the first community of Jews in the
future United States. http://memory.loc.gov/ammem/today/jan26.html 1695-Considered the first Workers’ compensation agreement was
made by Captain William Kidd of New York City, commander of the “Adventure
Galley” of 787 tons burden. He
promised to distribute to the crew one-fourth of all booty captured
on privateering expeditions. According
to the agreement, “ If any man should Loose a Leg or Arm in the said
service, he should have six hundred pieces of Eight, or six able slaves;
if any man should loose a joynt on the said service, he should have
a hundred pieces of eight.” 1776-The first US Army chaplain who was Catholic was the Reverend
Louis Eustace Lotbiniere, appointed by General Benedict Arnold to act
as chaplain to the regiment of Colonel James Livingston in the Continental
Army. 1784-In a letter to his daughter, Benjamin Franklin expressed
his unhappiness over the choice of the eagle as the symbol of America.
He preferred the turkey. 1788-A shipload of convicts arrived briefly at Botany Bay,Australia,
(which proved to be unsuitable) and then at Port Jackson (later the
site of the city of Sydney). Establishment of an Australian prison colony
was to relieve crowding of British prisons. A fleet of 11 ships lands
in Port Jackson after sailing with the continent's first 1,030 English
settlers, including 736 convicts. All told, England ships more than
160,000 men, women, & children in bondage to Australia in the largest
forced exile of citizens by a European government in pre-modern history.
Exiles landing today become known as the First Fleet. They are so unfit
for survival in the new land that they live near starvation amid what
is natural abundance to Aborigines. Most of the First Fleet convicts
have never traveled more than 10 miles from their birth places. They
saw the sea for the first time when they were clapped in irons &
thrust onto the ships. All the convicts were transported for crimes
against property. They include 70-year-old Elizabeth Beckford, who was
exiled for stealing 12 pounds of Gloucester cheese. West-Indian Thomas
Chaddick was sent to Australia after hunger drove him to steal cucumbers
from a kitchen garden. Australia Day, formerly
known as Foundation Day or Anniversary Day, has been observed since
about 1817 and has been a public holiday since 1838. Observed Jan 26
if a Monday, otherwise on the first Monday thereafter . 1831- Mary Mapes Dodge birthday: American writer edited St. Nicholas
Magazine, one of the first periodicals for children. She is best known
for her classic novel Hans Brinker or The Silver Skates (1865). http://wwwa.search.eb.com/women/articles/Dodge_Mary_Elizabeth_Mapes.html 1837 -Michigan became the 26th state. Named Michigan after the
American Indian word, Michigama, meaning great or large lake, Michigan
borders four of the Great Lakes, and is divided into two peninsulas
by the Straits of Mackinac that connect Lakes Michigan and Huron. The
two peninsulas are recognized in the state motto: Si quaeris peninsulam
amoenam circumspice . Michigan is nicknamed the Wolverine State
and/or the Great Lake State . The state bird is the robin; the
state flower: apple blossom; state tree: white pine; state fish: trout;
state gem: Isle Royal Greenstone aka Chlorastrolite. This gemstone is
the Petoskey stone. The state flag, which is blue charged with the arms
of the state, waves over the state capital of Lansing. ( lower portion of:
http://memory.loc.gov/ammem/today/jan26.html
) 1838-The first alcohol prohibition law enacted by a state was passed
by Tennessee. The bill, an “act
to repeal all laws licensing tippling houses,” provided that “all person
convicted of the offense of retailing spirituous liquors shall be fined
at the discretion of the court” and that the fines and forfeitures be
used for the support of common good.”
It appears the law did not apply to wine or beer. 1856 -- Leschi, chief of the Nisqually & Yakama Indians, leads
1,000 warriors in an attack on the town of Seattle. The attack is repulsed
by naval forces in the harbor. http://www.historylink.org/output.CFM?file_ID=1960 1861-Louisiana becomes the sixth state to succeed from the union.
One of the growing reasons for the secession
was the admittance of Kansas to the Union, which officially occurred
January 29,1861,which entered as a “free state.” On February 4th,
the Confederate States of American Leasing was formed at Montgomery
Alabama with Jefferson Davis of Mississippi as president and Alexander
H. Stephens of Georgia vice president. Both were chosen on February
9th. The Confederate constitution specifically stated
the reason for succession was to continue slavery, and on February 9th
the Confederate Provisional Congress asserted that all laws under the
U.S. Constitution that were not inconsistent with the constitution of
the Confederate states would be recognized.
The main issue was the Confederate
government wanted to continue the ownership of human beings ( Blacks were not the only
race that were slaves or owned by others---in fact, during this period,
there were many free Blacks
who owned large plantations of both Creole and Black slaves. In Mississippi itself, there were
many wealthy Black plantation owners. 1863-54th Regiment (Black) infantry formed. http://extlab1.entnem.ufl.edu/olustee/54th_MS_inf.html http://www.afroammuseum.org/site1.htm http://www.state.ma.us/statehouse/articles/54th_men.htm http://www.54thmass.org/54hist.html 1875-George F. Green, of Kalamazoo, MI, received a patent for “electro-magnetic
dental tools” used for sawing, filing, dressing and polishing teeth.
The patent was assigned to Samuel S. White of Philadelphia, PA.
In practice, the engines were too heavy and the batteries too
expensive for general use. 1880-Douglas MacArthur, US general and supreme commander of Allied
forces in Southwest Pacific during World War II. Born at Little Rock,
AR, he served as commander of the Rainbow Division's 84th Infantry Brigade
in World War I, leading it in the St. Mihiel, Meuse-Argonne and Sedan
offensives. Remembered for his "I shall return" prediction
when forced out of the Philippines by the Japanese during WW II, a promise
he fulfilled. He later became involved in politics, and had set up a
committee to run for president. Relieved of Far Eastern command by President
Harry Truman on Apr 11, 1951, during the Korean War, after an incident
regarding the landing of air craft and respect for the commander-in-chief.
. MacArthur died at Washington, DC, Apr 5, 1964. 1893-Bessie Coleman born at Atlanta, Texas: America's first celebrated
Black female pilot Bessie Coleman. Because of her race and gender, she
was denied admission to aviation school programs in the US. In Paris,
she received an international pilot's license in 1921. Upon return,
"Queen Bess" took part in numerous acrobatic air exhibitions
where her daring stunt-flying won her many admirers. She perished in
a plane crash during a practice session, at Jacksonville, Florida, April
30, 1926. Foul play was suspected due
to both her race and gender. 1907-Congress passed a prohibition on corporations from contributing
to candidates’ campaign funds in presidential and congressional races.
An act passed on March 4, 1909, further prohibiting national
banks and corporations from making financial contributions to campaign
funds in connection with any election to any political office. 1893-Birthday of violinist/cajun music player Dennis McGee, Bayour
Marron,LA He died in 1989. http://www.cajunculture.com/People/mcgeedennis.htm http://www.cajunfrenchmusic.org/biographies/mcgee-d.htm http://www.yazoorecords.com/2012.htm 1908-Jazz violinist Stephane Grappelli born Paris, France; died
Nov, 1997. http://www.artistdirect.com/music/artist/bio/0,,437799,00.html? http://www.cyberbites.com/marleys_ghost/grappelliobit.html 1913-Jimmy Van Heusen was born Edward Chester Babcock at Syracuse,
NY. He was a composer of many popular songs with his lyricist partners
Johnny Burke and Sammy Cahn. One of his 76 songs that Frank Sinatra
recorded was "My Kind of Town." Van Heusen won four Academy
Awards for songs in movies such as Going My Way (1944). He was inducted
into the Songwriters Hall of Fame when it was founded in 1971. Van Heusen
died Feb 7, 1990, at Rancho Mirage, CA. http://www.jimmyvanheusen.com/ 1913 - Jim Thorpe wrote the chairman of the Amateur Athletic Union
revealing he had played professional baseball in 1909 and 1910. He voluntarily
returned the two gold medals for the decathlon and pentathlon he won
in the 1912 Olympic games in Stockholm, Sweden. Sixty years later, twenty
years after his death, the AAU restored Thorpe’s amateur standing and
the Olympic medals. 1915-Rocky Mountain National Park was established. Under President Woodrow Wilson, the area covering
more than 1,000 square miles in Colorado became a national park. 1918-Birthday of science fiction writer Philip Jose Farmer, born
Peoria, IL. 1924-Birthday of Calvin Ross(Cal)Abrams, baseball player born at
Philadelphia, PA. Abrams played
eight years in the major leagues and hit .269.
He is most famous for this incident that I remember this day from when
I was eight years old, for being thrown out at the plate by Richie Ashburn
of the Philadelphia Phillies in the ninth inning of the final game of
the 1950 season, thereby depriving his team, the Brooklyn Dodgers, of
a shot at the pennant. Died
at Ft. Lauderdale, FL, January 26,1997. 1925-Birthday of Paul Newman of “Newman’s Own,” actor (Oscar for
The Color of Money; Cat on a Hot Tin Roof, Butch Cassidy and the Sundance
Kid), director (Rachel, Rachel, The Glass Menagerie), born Cleveland,
OH. 1928-Birthday of vocalist Eartha Kitt, North, South Carolina. http://search.eb.com/blackhistory/micro/722/33.html http://www.artsmart.co.za/music/archive/872.html 1929-Jules Feiffer, cartoonist, writer, born New York, NY. 1934 - In New York City, the Apollo Theatre opened as a ‘Negro
vaudeville theatre’. It became the showplace for many of the great black
entertainers in the United States. 1934-Jimmy Lunceford Band records, “WhiteHeat,” 1939 - Producer David O. Selznick began filming Gone With the
Wind. Numerous problems with the script, several directors, and a soaring
budget plagued the project. After he turned down the role of Rhett Butler,
Gary Cooper remarked, "Gone With the Wind is going to be the biggest
flop in the history of Hollywood. I'm just glad it'll be Clark Gable
who's falling flat on his face and not Gary Cooper". 1942-The first American expeditionary force to land in Europe
in World War II arrived in Ireland and was greeted by Sir Archibald
Sinclair, the British air minister. The first officer to land was Major
General Russell Peter Hartle. The first enlisted man to land was Private
Milburn Henke of Hutchinson, MN. 1944-Esquire All-Stars ( Armstrong, Eldridge, Teagarden, Hawkins)
cut Basin St. Blues, Mop Mop for V-Disc._ 1945 - For $3 million, a syndicate headed by Dan Topping and Larry
McPhail bought the New York Yankees baseball team. 1946-Birthday of jazz author/researcher Lee Hildebrand, Williamsport,
PA http://www.amazon.com/exec/obidos/ASIN/1567996930/inkto http://www.villagevoice.com/specials/pazznjop/critic.php3?criticid=215 1947 - On ABC radio, "The Greatest Story Ever Told" was
first heard, making it the first radio series to portray Jesus Christ's
voice. 1948- President Truman decides to end segregation
in the armed forces and the civil service through administrative action
(executive order) rather than through legislation. He
signs on July 26,1948: Executive
Order 9981, to end segregation in US Armed Forces
signed by President Harry Truman. http://www.trumanlibrary.org/9981.htm http://www.trumanlibrary.org/deseg1.htm 1949-The first tape-recording machine for mass production of tapes
was announced by the Minnesota Mining and Manufacturing Company(3M),
St. Paul, MN. The machine tape 48 hours of recorded music in one hour. 1951-The first Rabbi in the Reform movement who was a woman was
Paula Ackerman of Meridian, MS, who was appointed to serve in the place
of her late husband as rabbi of Temple Beth Israel. 1951 - Elizabeth Taylor divorced her first husband, Nicky Hilton,
on the grounds of mental cruelty. It was less than a year after their
highly publicized wedding. 1953 - Film actress, dancer, and sex symbol Rita Hayworth divorced
Prince Aly Khan in Reno, Nevada on this date. Hayworth once said, "Every
man I knew had fallen in love with Gilda and wakened with me,"
referring to her most successful film role in Gilda and her less-than-successful
track record in marriage. 1954---Top Hits Stranger in Paradise
- Tony Bennett Oh! My Pa-Pa - Eddie
Fisher At the Darktown Strutters’
Ball - Lou Monte Bimbo - Jim Reeves 1956 -- Martin Luther
King, Jr. arrested for the first time for driving 30 mph in a 25mph
zone; his home will be bombed on January 30th. http://seattletimes.nwsource.com/mlk/man/MLKtimeline.html http://www.holidays.net/mlk/rosa.htm 1956 - Buddy Holly had his first of three recording sessions in
1956 for Decca Records in Nashville, Tennessee with Owne Bradley as
producer. Nothing much came out of those sessions. He formed the group,
The Three Tunes (changed later to The Crickets), and went on to find
fame and fortune when he hooked up with producer Norman Petty in New
Mexico. Holly died in a plane crash near Mason City, IA, February 3,
1959 (“the day the music died”). He was 22. Holly was inducted into
the Rock and Roll Hall of Fame in 1986. 1958-Ellen DeGeneres, comedienne, actress ("Ellen"),
born New Orleans, LA. 1959 - "Alcoa Presents" was first seen on ABC-TV. Later,
the show was renamed "One Step Beyond". It was based on "true
events that are strange, frightening and unexplainable in terms of normal
human experience." 1960 - Burnsville, West Virginia beat Widen, West Virginia in
basketball, 173-43. Danny Heater starred by getting in 135 points. 1960 - Pete Rozelle was elected commissioner of the National Football
League, a position he held for over 25 years. 1961 - President John F. Kennedy chose Dr. Janet G. Travell (Mrs.
John Powell) to be the first woman to hold the position of ‘personal
physician to the President’. 1961-Wayne Gretzy, former hockey player, Hockey Hall of Famer,
born Brantford, Ontario, Canada. 1962---Top Hits The Twist - Chubby
Checker Peppermint Twist
- Joey Dee & The Starliters Can’t Help Falling
in Love - Elvis Presley Walk on By - Leroy
Van Dyke 1970 - NFL Commissioner, Pete Rozelle, the three major television
networks, NBC, CBS and ABC, agreed to pay a total of $124,000,000 over
four years to broadcast National Football League games. CBS carried
the NFC games and NBC the AFC. ABC had the idea to broadcast, "Monday
Night Football". 1970---Top Hits Raindrop Keep Fallin’
on My Head - B.J. Thomas Venus - The Shocking
Blue I Want You Back -
The Jackson 5 Baby, Baby (I Know
You’re a Lady) - David Houston 1978---Top Hits Baby Come Back -
Player Here You Come Again
- Dolly Parton You’re in My Heart
(The Final Acclaim) - Rod Stewart What a Difference
You’ve Made in My Life - Ronnie Milsap 1979 - The guitar synthesizer was first demonstrated. 1979-“The Dukes of Hazzard” premiered on TV. This comedy/action
show ran for seven seasons and featured car chases. Brothers Bo Kuke(John Schneider) and Luke Duke ( Tom Wopat) were
the good guys, fighting crooked law enforcement in their rural southern
community. Other characters included Daisy Duke (Catherine
Bach), Uncle Jesse Duke(Denver Pyle), Sheriff Roscoe P. Coltrane (James
Best), Deputy Enos Strate(Sonny Shroyer) and Boss Hogg ( Sorrell Books) 1984- "Mike Hammer" re-appeared on TV. Mike Hammer was
a gritty, urban detective created by writer Mickey Spillane, very popular
in both hard back and pocket book “hard
boiled dick” writer, considered still
a classic, definitely ahead of his time. Originally a TV series in the
50s with Darren McGavin, CBS revived
the series with Stacy Keach as the hard-boiled detective. Production
was stopped while Keach was briefly imprisoned for a drug charge in
1984 but the series returned in 1986. Darrin McGavin, who most likely
is best remembered as "Kochak", was the originally Mike Hammer
on television and one of my favorite shows.
As a teenager, I never missed it and consequently read all Spillane's
books, along with Dashiell Hammett, Raymond Chandler, Kenneth Millar
aka Ross McDonald. Spillane is one
of America's greatest authors and his works should be studied in colleges
and universities as there are many levels and messages in his observations
of good versus evil. 1985 - With a 66-65 win, St. Johns University ended Georgetown’s
29-game winning streak. Chris Mullin, now an NBA star, scored 20 points
for St. Johns. Patrick Ewing, also an NBA star, lead Georgetown with
9 points, in this the Big East Conference basketball game. 1986-Chicago Wins Super Bowl XX: In their first Super Bowl outing, the Chicago Bears romped over
the New England Patriots to win Super Bowl XX, 46-10. Chicago spotted the Patriots a 3-0 lead but then scored the next
44 points while holding New England to seven yards rushing. 1986---Top Hits That’s What Friends
are For - Dionne & Friends Burning Heart - Survivor Talk to Me - Stevie
Nicks Never Be You - Rosanne
Cash 1987 - Coca-Cola was officially named the #1 soft drink in the
United States. Pepsi- Cola was at #2. 1988 - The incoming hit musical from London, The Phantom of The
Opera, set a Broadway record in advance sales of over $12 million before
its grand opening on Broadway on this date. Phantom took in a record-setting
amount of $920,272 in seventeen hours when tickets went on sale the
previous November. 1992 - Super Bowl XXVI (at Minneapolis): Washington Redskins 37,
Buffalo Bills 24. Washington led 37-10 before Buffalo scored a pair
of TDs in the final six minutes. Bills’ QB Jim Kelly threw the football
a record 58 times (with 4 interceptions) in the losing effort. MVP:
Redskins’ QB Mark Rypien. Tickets: $150.00 1994—Top Hits All For Love- Bryan
Adams/Rod Stewart/Sting Hero- Mariah Carey
Breathe Again- Toni
Braxton The Power Of Love-
Celine Dion 1997 - Super Bowl XXXI (at New Orleans): Green Bay 35, New England
21. A classic team effort: QB Brett Favre passed for two TDs and Desmond
Howard (MVP) returned a kickoff 99 yards for a score as the Packers
won their 12th NFL championship and the first since Super Bowl II in
1968. Tickets: $275.00. 1998 - Compaq Computer Corp. and Digital Equipment Corp. announced
plans to merge. In the largest computer biz acquisition to that time,
the deal was worth $9.6 billion. March 20, 2002 the stock holders approved
the company’s merger with Hewlett-Packard. http://h18000.www1.hp.com/newsroom/pr/2002/pr2002032001.html SuperBowl Champions This Date 1986 Chicago Bears 1992-Washington Redskins 1997-Green Bay Packers [Top]
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