Headlines--- Apology ######## surrounding the article denotes it is a “press release”
------------------------------------------------------------------ Apology: The eMail headline version that was sent out Wednesday had an incorrect format that quite annoys me. The award should not have been beneath the portrait of former President Ford, but at the end The web site layout was correct. In addition, we saluted former President Ford in our classified ads with a photograph and information that I did not see the other media mentioning (At birth, the 38th U.S. president was christened Leslie King by parents struggling with their marriage. After the Kings' divorce, his mother was remarried in Grand Rapids, Michigan, to Gerald R. Ford who adopted and renamed her infant. In the dark about his early years, a 16-year-old Jerry Ford was shocked when a stranger approached him to say, "Leslie, I'm your father."), plus we had a poem dedicated to him along with two photographs of his service in the US Navy in World War Two. Unfortunately I do not review the work completed at 3:30am Christopher Menkin, http://www.leasingnews.org/archives/January%202007/01-03-07.htm --------------------------------------------------------------- Leasing News Advisory Board Member: Dan Pulcrano, Publisher
Dan Pulcrano joined the Leasing News Advisory Board on September 29, 2005. It is interesting to note that he does not want his picture on the internet or even his e-mail shared, as he states he gets too A personal friend of Kit Menkin, who has sat on his newspaper and internet advisory boards, helped raise money for ventures that Dan serves as president, and also serves on Dan’s board of directors as a stock holder. Almost fifteen years ago Dan purchasing the names of most US cities, many which he has sold. He also developed perhaps the first platform to highlight city council and other A bachelor who works twenty hours a day, he also is very much involved in San Jose politics, plus very much enjoys the night life with backstage passes and special invites. Despite this tempo, he continues to be on the leading edge on the World Wide Web, brilliant in grasping ideas, and also really smarter than the many internet technicians who work for his companies on World Wide Web concepts. He some how still finds time to write occasional editorials and features, and give advice to Leasing News (“Your ads are too cheap; raise prices and get long term contracts with better pricing Dan Pulcrano Dan Pulcrano is founder, CEO and Executive Editor of Metro Newspapers, a group of locally-based weeklies that includes Metro Silicon Valley, Metro Santa Cruz and the North Bay Bohemian in California's wine country. In 1993, Pulcrano founded an Internet company that grew into Boulevards, the world's leading network of city.com sites. Its properties include San Francisco.com, Los Angeles.com, Houston.com, Philadelphia.com and more than 200 others. In 2004, it acquired an interest in the MrMovieTimes.com network. Pulcrano also oversaw the creation of Silicon Valley Community Newspapers, which was sold by Metro in 2001. Before Metro, he worked for the San Diego Reader and the L.A. Weekly as a writer working his way up to editor. He was editor of the Los Gatos Weekly, active in the community, and began the syndication of local newspapers before starting the Metro Newspaper Group. --------------------------------------------------------------- Classified Ads—Sales Manager
Atlanta, GA Chicago, IL Geneva, IL Marlton, NJ Pennsauken, NJ These job-wanted ads are free. We also recommend to both those seeking a position and those searching for a new hire to also go to other e-mail posting sites: In addition, those seeking employment should go to the human resource departments on company web sites for funders, captive lessors, and perhaps “broker-lessors.” To place a free “job wanted” ad here, please go to: For a full listing of all “job wanted” ads, please go to: * This aerial panorama of Talladega Superspeedway was taken during a NASCAR NEXTEL Cup Series race by James Blakeway. Located on 3,000 acres of land near Talladega, Alabama, this 2.66-mile tri-oval track made its debut on September 13, 1969, with the 'Bama 400 Grand Touring race. The grandstand's seating capacity is 143,231 and the 212-acre all-reserved infield holds many thousands more. Talladega Superspeedway is the biggest, fastest and most competitive superspeedway in the world. Holding records for the fastest 500-mile stock car race at 188.354 mph and the most lead changes in a race with 75, it is widely known as "NASCAR's Most Competitive Track". ---------------------------------------------------------------
--------------------------------------------------------------- Paul A. Larkins---“Others”
Here is the reaction from Paul A. Larkins, President and Chief Executive Officer, Key Equipment Finance, Superior, Colorado, on being named Leasing News Person for the year 2006: “Thank you. “I am honored...really flattered. In fact, the recognition should go to the teams of people that I have the good fortune to work with. They are hard working, bright, and focused. Again, thank you.” Paul A. Larkins Article: --------------------------------------------------------------- Funding List-Up-Dated: Cashmere Valley Bank
A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program
--------------------------------------------------------------- IFC Credit Hits the Mat Again by Christopher Menkin
In its second match, the Chicago boutique law firm of Adamski & Conti again knocked out IFC Credit Corporation in “its attempts to enforce equipment leases fraudulently induced by the now-defunct telecommunications giant, NorVergence,” as described by Managing Partner Gregory Adamski.
Findings of Fact & Conclusions of Law pursuant to Federal Rule of Civil Procedure 52 were filed December 27 and are now public regarding IFC Credit Corporation vs. Kay Automotive Distributors Inc. United States District Judge Virginia Phillips of the Central District of California invalidated four NorVergence leases signed by Kay Automotive after a two day bench trial. In an opinion dated December 20, 2006, and filed on December 27, the Court held that the leases were signed by a low level Kay Automotive employee who lacked any authority to contract for the company. Representing IFC Credit Corporation was D. Alexander Darcy, Askounis and Borst, Chicago, Illinois. Also representing Kay Automotive was Karen Conti, Adamski and Conti, Chicago, Illinois. This victory follows Adamski & Conti's jury trial win over IFC Credit Corporation, Morton Grove, Illinois, against the enforcement of other fraudulent NorVergence leases in Chicago, Illinois, in August 2006 regarding United Business & Industrial Federal Credit Union. IFC Credit originally filed the Kay Automotive lawsuit in the United States District Court for the Northern District of Illinois on September 9, 2004. The case was transferred to the Central District of California on August 5, as the company is located in Ontario. The parties waived a jury trial, and the matter was tried to the Court on November 7 and November 8. In the United Business jury trial, Adamski & Conti proved that its client did not understand that it was contracting for equipment leases without any guarantee of telecommunications services. IFC Credit's post trial motions were denied last month. Gregory Adamski, who tried both cases, said that "It's not often that the consumer is vindicated as well as Kay Automotive and United Business. “ IFC Credit had no comment on the case, which may be appealed. The Kay Automotive judgment brought forth IFC Credit's conduct. John Estok, Executive Vice-President of IFC, in other cases first testified about “hold backs,” and in this case presented Leasing News is attempting to obtain a copy of the trial transcript as it did in the Texas court “hold back” revelation to learn more about what was considered “due diligence” with NorVergence leases by IFC Credit. Those in the equipment leasing business will have a better understanding then of how this situation occurred. In this particularly case, a relatively low level employee was found targeted by NorVergence. He repeatedly told NorVergence that he had no financial authority to bind the company. All negotiations occurred away from Kay Automotive's headquarters, most at the apartment of the employee. The final leases were signed at the employee's apartment. No officer signed or even saw the leases. IFC Credit itself recognized the problem before it purchased the lease. It demanded an authorization from Kay Automotive's president. The low level employee was given a blank credit application for the president's signature. He got his signature and then backdated the form. The trial revealed IFC Credit knew that it was given a questionable authorization. Karen Conti of Adamski & Conti said "This stinks... IFC Credit knew or should have known that it was dealing with a crook. It saw a cash cow and bought it. It tried to hide behind the holder-in-due-course rule. The Court saw through the ruse." Gregory Adamski added, “We're fully and uniquely prepared and excited to represent the next consumer defrauded by NorVergence or IFC Credit." Karen Conti and Gregory Adamski also appear on a weekly law talk show on the Chicago Tribune's radio station, WGN. www.wgnradio.com. The firm's web site is: http://www.adamskiandconti.com/ Mr. Adamski may be contacted at aadamski@acchicagolaw.com. Memorandum Opinion from United States District Judge Virginia A. Phillips: IFC Credit Corporation v. Kay Automotive, EDCV-5-717 (VAP). IFC Credit Corporation v. United Business & Industrial Federal Credit Union, 04 C 5905. IFC Credit “Hold Back” situation: --------------------------------------------------------------- Leasing Business could be better by Christopher Menkin
Overall equipment leasing originations declined in October and now November, according to the Equipment Leasing and Finance Association /1 (ELFA) Monthly Leasing and Finance Index (MLFI-25.) The trend follows the Credit Managers Index released on Wednesday as well as other polls. Here is the month by month MLFI-25 graph:
Despite the report, ELFA President Ken Bentsen remains optimistic.
"Although origination volume appears to have eased in November," he stated,” the degree to which it declined along with the favorable credit quality would indicate a continued positive capital investment posture for the commercial economy." Bentsen may also been alluding to the new trend of expansion of leasing companies into Europe, such as CIT increasing vendor financing in Great Britain and Germany, GE Capital expanding in India, Citi in China, and much lease financing being generated in the Middle East, particularly in the airline industry. There is also no doubt more captive lessor activity and regional banks becoming more active with professional lessors. In reality, it may be the declining small ticket marketplace that is affecting the November numbers. Bentsen in pointing out the positive aspects of the MFLI report noted “portfolio quality remained about the same, with receivables over 90 days flat at 1.1 percent...”
“...and average losses improving slightly over the prior period.”
“The trend toward enhanced credit scrutiny continues, with credit approval ratios matching their lowest for the year: 78 percent of all submitted deals.”
“Total employment headcount increases, even if slightly, continuing a growth trend indicated in 10 of the last 11 months.”
ELFA MLFI-25 Participants ADP Credit Corporation
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--------------------------------------------------------------- The Future Looks Bright to Western Small Businesses but Not to Southern Firms AccountingWEB.com - A recent national study reported on the opinions of small business managers and owners on how national and international issues could impact their businesses in the coming year and the results showed marked differences in separate regions of the country. The International Profit Associates Small Business Research Board (IPA SBRB) reported on a regional basis for the first time and used attitudes about the direction of the economy, revenue predictions and hiring plans as key ingredients of the poll. More than 550 small business owners and senior managers participated. Small business managers and owners in Western states displayed clearly the most confidence about prospects for the next 12 months, with a 45.9 Small Business Confidence Index (SBCI). Far less confidence was reported in the near term forecast for the South and Southeastern regional states, with a 38.2, according to the IPA SBRB poll results. "We know there are strengths in the small business sector and we are hearing about predictions for growth through 2007. However, the most recent poll-- and specifically the regional breakouts-- give all of us a clearer picture about the diversity in attitudes," said Gregg Steinberg, President of International Profit Associates. "We now have a benchmark from which to move forward and begin determining critical changes within the regions." Small businesses in the Northeastern part of the country had a IPA SBCI of 43.47 and the Midwest came in with 42.2. The small business owners could come to agreement on the most important issues of concern that they all face, which include the cost of energy and materials and trying to contain and meet the increases in health care benefits. All regions also agreed that common goals for 2007 are to decrease expenses and increase revenue. The confidence shown by the West's small business owners is based on revenue growth and increased hiring predictions. Over 63 percent of western respondents believe the next 12 months will produce higher revenues and 43 percent felt it would exceed 10 percent. Thirty-five percent also said hiring would increase in the coming year. In contrast, the businesses in the south and southeast were not as optimistic and their outlook on the economy showed the least positive results, with 35.1 percent saying it would improve in the next 12 months and just under 57 percent indicating that they expect revenue to increase. Only 23.5 percent plan to increase hiring. "While the overall national IPA SBCI was 42.7, it showed a boost in confidence of 3.4 points from the 39.3 index reported at the onset of the third quarter," added Steinberg. "As we have seen from previous years' polls, end of the year exuberance requires that small businesses be pro-active to transfer optimism into reality." The IPA Small Business Research Board reports the opinions of small business owners and managers on a wide variety of topics that are related not only to their own businesses but also national and international issues that could impact their operations. The study results can be found at http://ipasbrb.com/regional-business-confidence.htm. --------------------------------------------------------------- Indian infra equipment ind to reach $ 4.2 Bn by 2010 VISWANATHAN BALASUBRAMANIAN TIMES NEWS NETWORK However, to leverage opportunities for growth in domestic and export markets, the industry must focus on enhancing capabilities in R &D, service delivery and human resources management, according to a recent CII-KPMG study on the industry. India has a large domestic market for infrastructure equipment, pegged at nearly $ 1.9 billion with a growing and skilled workforce. India also ranks amongst top three of 30 nations in terms of availability of skilled labour force and has one of the lowest labour costs per hour compared to other developed and developing countries. The new infrastructure investment by the government and private sector put together for 2004-09 is pegged at $ 141 billion. This is expected to translate to a demand for IE of about $ 18 billion. The market size comprised primarily of products sales from the organised sector and the unorganised sector accounted for 15-18%. Earthmoving and road construction equipment with a turnover of $ 1.09 billion, was the biggest segment in the organised sector, accounting for nearly 68% of the turnover. The market size for Indian tunnelling and drilling equipment used in mining applications was estimated at about $ 216 million. It accounted for about 13% of the organised sector. The material handling equipment market was estimated to be $ 160 million, accounting for 10% of sector turnover. Cranes account for more than 60% of this segment, followed by forklifts. While concreting equipment and material preparation equipment together accounted for about 9% of the organised market. The spare parts revenues as a percentage of total sales for representative players ranged from 20% to 29%, according to industry estimates. In the concrete equipment segment, nearly 50% of the total size of the segment is unorganised. Ready made concrete (RMC) has a penetration of only 13% in India. The CII study said engineering services outsourcing is a key opportunity for the industry. It is estimated the overall engineering and design services outsourcing from India could be about $ 1.8 billion by 2008. Exports of Indian IE were estimated at $ 35 million in 2004-05. India's IE industry is also assured of easy finance. The IE financing industry in India has been growing at over 38% in the last three years. Leasing in India had a penetration of 2% in 2002, estimated to be 5% in 2005, and expected to be 15% in 2008. The size of IE financing in India was $ 909 million in 2004. This industry has been growing at 38% CAGR since 2002. Renting of IE is emerging as a preferred model globally, as if offers multiple benefits to end users, such as avoidance of large capital investments, access to broad selection of equipments and reduction in storage and maintenance costs. The Study said that the equipment rental market in India is poised for quantum growth. It is estimated that penetration of rentals could go up, from 2% currently, to nearly 20-25% by 2010. Rentals market could reach USD 700 million by 2010. However, the Indian IE industry lacks the support of a strong vendor base, and is dependent on imports for several components. For example, India continues to import key components for IE such as hydraulic aggregates steel tubes etc. Industry sources also point out the lack of vendors for manufacturing of under carriage for excavators in India. Another key issue is the lack of indigenous capabilities in bearings and tyres for heavy OTR application equipment. while India has a large pool of manpower there is a shortage of specific skill sets that the industry requires, such as technicians for vehicle diagnostics, maintenance, etc. It points out that lack of indigenous R&D and technology development capability is a key barrier for growth for the industry, as it hampers regular introduction of new products as well as product customisation. CII has urged the need to focus on R&D, as it is quite low in the Indian IE industry, when compared to global players. -------------------------------------------------------------- Robert L. Ingram Appointed Vice President/Director of
Press Release photo of Robert L. Ingram (formerly of Sterling National Bank Leasing. editor. Mr. Ingram graduated from Suny Geneseo with a Bachelors Degree and has fifteen years prior experience in the leasing business industry. Mr. Ingram resides in New Rochelle, NY with his wife, Michelle and daughter, Sarah. Mr. Ingram can be reached at work by calling 973-882-1515 ext. 229 or by email at ringram@lakelandbank.com. Lakeland Bancorp, the holding company for Lakeland Bank, has a current asset base of $2.2 billion and forty-eight (48) offices spanning six northwestern New Jersey counties: Bergen, Essex, Morris, Passaic, Sussex and Warren. Lakeland Bank, headquartered at 250 Oak Ridge Road, Oak Ridge, offers an extensive array of consumer and commercial products and services, including online banking, localized commercial lending teams, equipment leasing, and 24-hour or less turnaround time on consumer loan applications. For more information about their full line of products and services, visit their website at www.lakelandbank.com.
### Press Release ########################### GE Capital Solutions has Acquired CitiCapital's Marine Finance Division Acquisition Enhances GE's Position in Commercial Workboat and Passenger Vessel Financial Services DANBURY, Conn---In a move that enhances its growing role in equipment financing to the marine industry, GE Capital Solutions said it acquired CitiCapital's Marine Finance division, an Irving, Texas unit of Citigroup. CitiCapital Marine finances and leases commercial workboats and passenger vessels in U.S. and Canadian waters and the Gulf of Mexico. The acquisition, which closed last week, will add approximately $250 million in assets to GE Capital Solutions' marine portfolio. Terms of the agreement were not disclosed. "Our growth in Marine financing continues at a double digit pace," said Richard Laxer, president and CEO, GE Capital Solutions. "This acquisition enhances our ability to bring world-class service and options to our customers." Joseph Pitch, senior vice president, CitiCapital Marine Finance, will join GE as part of the Marine industry team. GE Capital Solutions finances such vessels as tugs and barges, car and passenger ferries, pilot boats, offshore supply vessels/anchor handlers and dredges and derrick cranes. GE Capital Solutions provides leasing, lending and capital investment products and services to the construction, manufacturing, IT, financial and automotive industries, among others. It has over $92 billion in assets, serves more than a million clients around the world and is headquartered in Danbury, Connecticut, USA. www.ge.com/capitalsolutions GE (NYSE: GE - News) is Imagination at Work -- a diversified technology, media, and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com. ### Press Release ########################### Gary Holden Named Five Point Capital’s Vice President of Information Technology SAN DIEGO San Diego-based equipment leasing firm, Five Point Capital has named Gary Holden vice president of information technology. Holden is responsible for the management of Five Point Capital’s IT department. Under his direction, management and staff will strategize and implement cost effective technological solutions to improve efficiencies at the leasing firm. The position demands attention to both technology and automation activities, including web-based applications, software development, computer operations, security and voice/data communications. “Gary’s experience provides Five Point Capital with a commanding vision of what FPC needs to continue its exponential growth. We look to his leadership for the future expansion and direction of our infrastructure and external information systems, “ states President Dan Feder. Gary Holden has over 20 years of experience in the area of information technology. Most recently as the president of Poway-based Tenth Rock Consulting, Holden provided strategic technology support and senior IT consulting services for companies such as Amgen, LSI International and LEA Detection Systems. Additionally he served as VP Information Technology and Systems for dj Orthopedics. Holden also held the position of Director of IT at San Diego-based firms, Mitsui Vendor Leasing, Dole Foods and Merck & Co. Inc., Kelco Division. Holden received his BS degree in Industrial Engineering from Northeastern University in Boston. He also completed Management and Finance for Non-Financial Executives program at Columbia University in New York City. He resides in Poway with his wife and three children. About Five Point Capital ### Press Release ########################### Robert Volk Joins Main Street Bank
KINGWOOD, TEXAS, – Main Street Bank, Kingwood, Texas, is pleased to announce the appointment of Robert "Bob" Volk as Business Development Manager for the AAHOA Leasing Program. Volk will be focusing on providing equipment leasing and financing for members of the Asian American Hotel Owners Association (AAHOA). Volk previously worked with ORIX Credit Alliance, First Sierra and American Express in serving AAHOA property owners. Main Street Bank, an allied member of AAHOA, offers a wide range of leasing and financing programs with features including accepting requests up to $150,000 on an application-only basis from seasoned hotel owners. Volk will be introducing a fitness franchise concept designed to replace the traditional fitness room amenity that, for most properties, loses money and is expensive to upkeep. Bob will continue to specialize in offering financing options for the usual line of products used in the motel and hotel business such as air conditioners, furniture, televisions, door locks, computers and telephone systems, mini-bars, ice machines, kitchen equipment and many other products. Main Street Bank, an FDIC insured bank established in 1984, maintains retail-banking offices in the Houston, Texas market and is a national leader in commercial equipment lease financing. The bank is excited about Bob Volk joining its team of professional leasing and financing specialists, and invites Bob's former customers and new ones to give him a call, toll free, at 866-404-3999 or reach him by e-mail at rvolk@msnbank.com. ### Press Release ########################### PHH Firstfleet Names Loren J. Luke VP of Business Development, Lease Origination Group FORT LAUDERDALE, FL – – PHH FirstFleet, a national provider of asset management and other services to North America’s private truck fleets, announced the appointment of industry veteran Loren J. Luke as vice president of business development, Northeast Region, Lease Origination Group. In this position, Luke will be responsible for developing new business prospects and securing leasing contracts for tractors, trailers, heavy, medium and up-fitted light-duty trucks and equipment. In addition, he will represent PHH FirstFleet at industry events. A seasoned sales executive, he will report to Jeff Smith, senior vice president, business development, North America. ### Press Release ###########################
News Briefs---- HP contemplates cost cuts, ponders future course Stores Report Holiday Season Of Letdowns Fed Reveals Concern over Housing Slump Boeing announces record 1,044 commercial jet orders for 2006 ---------------------------------------------------------------
You May have Missed--- Owner of Sardi’s Restaurant Dies at 91 ---------------------------------------------------------------
Sports Briefs---- Shell fired by Raiders again with NFL Coach fired wrap-up Davis called coach's '94 dismissal 'a mistake'; apparently thought rehiring was another Purdy: With Shell out, Raiders should go after Cowher -- but they won't Team ties NHL record by blanking Chicago in the first period ----------------------------------------------------------------
California Nuts Briefs--- Inaugural festivities start without recuperating Schwarzenegger Gov. to seek insurance for all children ----------------------------------------------------------------
“Gimme that Wine” Clos LaChance Closes Monterey Tasting Room, Opens in Los Gatos Wine Prices by vintage ----------------------------------------------------------------
Calendar Events This Day Elvis Presley’s Birthday Celebration Flower Basket Day Twelfth Night ----------------------------------------------------------------
About 18 percent of those who own pet animals also share their bed with them. This reports states out of an interview of 300, 22%
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Today's Top Event in History 1947—Birthday of Kathy Switzer, American athlete, who had been refused permission to enter the Boston Marathon but got a number in 1967 as K. Switzer. While racing she was discovered to be a girl. Front page photos seen throughout the world, show race officials chasing her, trying to pull her number off. She outmaneuvered them with the help of a couple of male runners and finished the race. As a member of the Syracuse University track team, she was promptly suspended from the Amateur Athletic Union for "running without a chaperon!" It wasn't until five years later that women were officially allowed to run in the race with men. In 1979 KS began organizing women's racing meets. [headlines]
This Day in American History 1643-The first divorce granted, Quarter Court, Boston, MA. “Anne Clarke, beeing deserted by Denis Clarke hir husband and, and hee refusing to accompany with hir, she is graunted to bee divorced, his refusal was under his hand, and seale, which hee gave before Mr. John Winthrop, Junr. Mr. Emanuel Downing, Mr. Nehemiah Bo’ne (Bourne) and Richard Babington, alsoe hee confsseth hee liveth in adultery with one, by whom he hath had 2 and refuseth hir which hee had two children by.” --------------------------------------------------------------
American Football Poem A poem to the nation Oakland Raider Blog As i look upon Our Oaklands side From Warren Sapp to Randy Moss Our team has stood the test of time I fear the worst, as we fall I read words of anger, disapointment, and hate A nation devided will never prevail Have we lost all hope and respect This silver linning has faded to grey I say this team will stay Silver and Black Raider84 -------------------------------------------------------------- SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? http://leasingnews.org/Soduku/soduko-main.htm |
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| Cartoons Leasing 102 --- by Mr. Terry Winders, CLP Leasing News Advisors Pictures from the Past Placards Sales Make it Happen Why I Became a CLP |
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