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Wednesday, July 17, 2013
Today's Equipment Leasing Headlines
Correction—Top Five Leasing Web Sites—
Broker/Funder/Industry Lists |
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Correction—Top Five Leasing Web Sites—
While the story and statistics were correct, the listing of the Top Five companies was not in graphic sequence. It was corrected on line, but for readers who came before the correction:
(Note: Balboa Capital is listed in both:
(July 7, 2013)
MB Financial Taylor Cole Merger
MB Financial, Inc. (NASDAQ: MBFI), the holding company for MB Financial Bank, N.A., on Monday announced 2013 second quarter net income of $25.3 million. A joint press release also announced MB Financial Taylor Capital Group, Inc. (“Taylor Capital”) (NASDAQ: TAYC) announced the signing of a definitive merger agreement whereby MB Financial will acquire Taylor Capital. Taylor Capital is the holding company of Cole Taylor Bank, a commercial bank headquartered in Chicago with $5.9 billion in assets, $3.3 billion in loans and $3.7 billion in deposits as of June 30, 2013. MB Financial is the $9.4 billion Chicago-based holding company of MB Financial Bank, N.A.
It was noted that the MB Financial increase was driven by the addition of Celtic Leasing Corp. ("Celtic"), a recently acquired leasing subsidiary, which contributed $13 million in leasing revenues during the first six months of 2013. Excluding Celtic, leasing revenues increased 28% in the first six months of 2013 compared to the first six months of 2012.
Cole Taylor bank got into equipment finance with a team lead by Edward A. Dahlka, Jr., former president and founder of LaSalle National Leasing (now part of Bank of America Leasing). He had been building his team, opening offices throughout the United States with new people, as evidenced in Leasing News "New Hires-Promotions" David M. Drury has joined the company as group senior vice president of sales and capital markets. In this role, Drury will report to CTEF president, Edward A. Dahlka, Jr.
Jill York, CFO
Jill York, CFO, MB Financial told Leasing News it will be "Business as usual. Ed is doing a great job with this business and focuses on a different segment than MB's lease banking group and leasing subsidiaries. Ed does large ticket, while Celtic and LaSalle do mid ticket. All originate direct."
A conference telephone call after the announcement found wide acceptance from the press as the thinking was the strategically attractive combination is expected to nearly double MB Financial’s middle market commercial banking market share in the Chicago area. Reportedly, Taylor Capital’s nine branches complement MB Financial’s existing network of 85 Chicago-area branches. The combined bank is expected to have a top-10 deposit market share ranking in the Chicago MSA and top-5 deposit market share ranking in Cook County.
“The merger of Taylor Capital and MB Financial is a terrific strategic transaction. Each side brings a strong middle market commercial banking business as well as significant national niche businesses,” stated Mitchell Feiger, President and Chief Executive Officer of MB Financial.
The Chicago Tribune noted in its first sentence: "MB Financial Bank plans to close three to six branches in the Chicago area as part of its newly proposed $680 million purchase of the parent of Cole Taylor Bank," as well as ",,,That will also mean the end a company that has been overseen by three generations of the Taylor family."
Feiger will remain CEO of the combined parent company. Taylor Capital CEO Mark Hoppe will become CEO of MB Financial's subsidiary bank, MB Financial Bank.
The Chicago Tribune noted that Mitchell Feiger said "he has known Hoppe for 30 years. Upon completion of the merger, Jennifer Stearns and C. Bryan Daniels from Taylor Capital's board of directors will join the MB Financial board.
"Feiger said on the call that he also looks forward to working with Bruce Taylor, chairman and a board member of Taylor Capital.(overseen by three generations of the Taylor family.), (however)... Taylor isn't named as a director of the merged company. The Taylor family owns about 30 percent of the company, with the Steans family, who invested in the bank a few years ago and were instrumental in installing Hoppe, owning about 14 percent, the latest proxy statement shows."
Mark A. Hoppe
"Hoppe is a former LaSalle Bank lender who left that institution after Bank of America bought it. Cole Taylor and other local banks have grown amid the shakeout of Bank of America's purchase of LaSalle."
It was Hoppe who convinced Ed Dahlka to form a new equipment finance division in Towson, Maryland.
Taylor Capital President and Chief Executive Officer Mark Hoppe will become President and Chief Executive Officer of MB Financial’s subsidiary bank, MB Financial Bank. Upon completion of the merger, Jennifer W. Steans and C. Bryan Daniels from Taylor Capital’s board of directors will join the MB Financial board. The definitive agreement was unanimously approved by the boards of directors of MB Financial and Taylor Capital.
The merger is subject to regulatory approvals, approval by MB Financial stockholders, approval by Taylor Capital stockholders and certain other customary closing conditions and is expected to close in the first half of 2014. The merger is expected to be immediately accretive to MB Financial’s annual GAAP and cash EPS.
Bulletin Board Complaint
(Looking for response from readers on
Leasing News would like readers to respond whether the company not named in this complaint should be named. This complaint is considered "open." The back-up data is not included as well as some information is "disguised" in order to disguise names.
XYZ was looking for a "finance lease" of $150,000, primarily software delivered by wire, and decided not to use their bank lines, which were quite available. The two best bids came from East Coast and West Coast lessors. They chose the West Coast 36 month .304 rate. Most of the installation started in March, 2010, almost three months in advance with XYZ making payments to the vendor, accepting the software well before the signing of the lease. $115,000 remaining was remaining not paid and included in a June 22, 2010 contract, now a 12 quarter payment lease at a .063886 factor as the salesman had convinced it was a better deal, requiring $9,582.90 with the face of the contract which stated it would be applied to the "Last Quarterly Rental." There also was a documentation fee of $1,050.00.
The quarterly payment also said "Plus sales/use tax if applicable."
West Coast then required what was assumed the first payment on July 14, 2010 and after conversations, was paid on July 30, 2010. The vendor was paid on July 13th by wire, the vendor states.
There were ten payments made to the bank starting on September 13, 2010. When the bank requested the last payment, XYZ said to apply the security deposit as per the contract. And in looking at this, wondered why the bank was charging use tax on the payment, not noticed until the documents were reviewed by him. There also was a $495 termination fee from their earlier notification they were exercising the $101 purchase option (termination fee not in the lease contract.)
In speaking with the Bank, West Coast had assigned 11 payments, counting the security deposit as perhaps the first payment. As to what XYZ considered the first payment, it was never received by the Bank (the bank states) and appears West Coast treated as "interim rent" and kept the amount. XYZ had decided not to send in payment number 11 to the Bank as they had signed a contract where the security deposit was to be applied for this purpose.
Leasing News was contacted and while West Coast never returned a telephone call or many emails, Leasing News spoke with the Bank, and explained the contract was with XYZ, who kept the 12th payment and did not apply the “first payment” but treated it as profit.
At last conversation, it appears half of the "interim rent" which XYZ thought was to be returned (not confirmed). It is believed the 11th payment was sent to the bank, who also told Leasing News would waive the late fee under the circumstances.
The issue of the use tax on software and maintenance by wire is not resolved, and it is unknown if the $495.00 termination fee not appearing in the lease contract was waived by West Coast.
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Modern History of Leasing
(Part Two of Four)
Brokers Grow in Leasing
As the brokers got into the field, many started their own leasingcompanies as originators and some brought in investors or obtain lines of credit via investors or relatives or putting up their house. Private label contracts used by funders for “captive vendor” business became the purview of independents who did the sales while the funder did the approvals and servicing.
At first it was recourse with the banks, then non-recourse as they taught bank officers how the procedure worked and banks become more comfortable. Companies also were obtaining recourse lines of credit from banks with leasing divisions such as Crocker Citizens, Security Pacific, Union Bank, Wells Fargo with its auto center division. Companies such as TRE Financial, Phoenix, Key Lease, and SHW Capital grew to compete with AT&T Capital, Dana, FMC, and Tri-Continental. GE was still the elephant in the room.
Larger banks at this time were getting into middle-market leasing, and for a long time, Bank of America did not consider any leasing below $500,000, even for good existing bank customers.
Leasing commission by leasing companies financed by banks were often capped at 2% to 3%, what the funders were also paying dealers or the dealer sales personnel direct. Copiers were the most popular to be leased, then telephones, security systems, office furniture, and finally computers and even software in the 1980’s. There was very little “franchise leasing,” even McDonald’s and “7- Eleven were financed, not leased--- and Small Business Administration loans prohibited leasing until their loan was paid off. Brokers learned they could not only earn more of a commission in “discounting,” but could earn the residual when the lease paid out, as it was treated as a “balloon payment,” not counted in the “stream of payments.”
This was the start of independent brokers, and a group in California joined together and were up to over 80 members when the then Western Association of Equipment Lessors began to take brokers. In the group were A.J. Batt of Atel Capital, Louis Funkenstein (Funston) of Western States, Mont Gates of Leaserite, Jim Harris of Allco Leasing and Financial, Kit Menkin of American Leasing, Ted Parker of CCLease, just to name a few who began their own leasing companies. (5)
The former Equipment Leasing and Finance Association was slow in accepting third party originators, according to their directories, as well as their membership fees were higher. The newly formed Western Association of Equipment Lessors (WAEL) voted against allowing brokers being a member of their group. In reality, most of the members were “brokers with a staff” acting as a lessor. When it got to the point of competing for broker business, they were allowed to join so they could go to meetings and attract more brokers. Many of them kept direct sales staff, but augmented their business with an “indirect business” representative/processing staff. (6)
As the independent leasing companies grew, they began to have portfolios, warehouse lines to fund leases, and the syndication age began where companies would build up warehouse lines of leases and then discount them in dollar amounts, primarily over $1 million or more. As the marketplace changed, banks got involved and would start to accept portfolios and warehouse lines of credit. In the beginning, it was all recourse to the leasing company.
As competition grew, the 1980's saw the growth of lessors with non-recourse and recourse lines of credit with large banks, then smaller regional banks, and even community banks as it become more acceptable. There were books and manuals published and with brokers joining associations, then other funders, including banks, also wanted to join to vie for their business. The trend was away from direct sales to independent brokers who had access to smaller vendors, manufacturers, distributors, too expensive for the larger companies to service. Fax machines sped up the business, as well as lower price leasing software was becoming available as computers were less expensive and could now not only do accounting, but contain contracts from various companies, which sped up the process. Sending applications, constructs, documents by Federal Express became very popular. Speed became very popular, more than “rate.” Software was catching up with Capital Stream, Lease Team, McCue, and others (even brokers now had software to speed up the typing and processing of documents.)
In 1990, a group of leasing brokers formed an association called the National Association of Equipment Leasing Brokers, where brokers were the only ones who could vote in a general election, as well as had a much lower fee than another group, such as funder or service provider. At first they had a part-time “secretary” and with the help primarily of two attorneys, Joe Bonanno and Barry Marks, Esq. grew into a premier organization which had 1,089 members.
With the roaring economy of the 1990's, everyone became a leasing broker, including the dealers who were demanding higher and higher referral fees for their business. Franchise business was booming, and so was leasing of franchises as well as when they had an SBA loan as the covenant not to lease was changed. Second mortgage made subprime leasing with very high rates acceptable. The trend then turned to "automated credit scoring" and “application only” kept growing up to $150,000 for when once what was standard requirement were a financial statement, tax return, and personal financial statement requirement for small leases especially.
Computerized credit scoring became very popular, not only for marketing purposes, but for approving credit. Often a consumer credit report, time in business, and average bank account was all that was needed. Certain professions such as medical or dental, the limit on “app. only” was higher than others.
Colonial Pacific Leasing developed Pegasus a program for lessors who generated a specific volume and could use the credit scoring system, this may be likened to a franchise operation as the leasing company had a territory and franchise. First Sierra took this a step further by combining many independent lessors into one large company for the volume, making them “corporate partners” and companies such as Republic Leasing of South Carolina began syndicating leases with banks, mortgage companies and others who would underwrite the lease portfolio, enabling them to extend their lines of credit for more leases. (7)
In 1998 and 1999 companies were being merged into large groups, and this trend continued into a downturn in 2000 that saw many companies closed and Leasing News started its well-read “The List”, eventually labeling the list of companies closed as being hit by "The Perfect Storm" after a movie came out starring George Clooney who takes his boat out into weather that the ship no longer can ride. (8)
As the companies merged or went out of business, they rose up again as independents, small lessors who were basically brokers, but instead of using company documents, the thrust was "originators," who began to act as if they were a "funder" as the contracts were theirs, and often the check emanated from them as that was the discounting arrangement with the actual funding source. First Sierra and Colonial grew at terrific rates during this short time period. General Electric was buying leasing companies left and right.
Some of the originators had warehouse lines to fund the leases and then when all the parts were in place, or a group, they were then packaged and discounted. Computers made it simpler. Summit, Lease Team, among others came up with affordable software packages. Companies such as Pioneer Capital gave brokers not only internet access, but software to type and fund documents very simply. (9)
It was the “Age of the Broker” who often was making 15 points on a transaction. Several, such as Balboa Capital, would pay up to 20%, discounting some of the profit in advance from the residual or Evergreen Lease clause. (10)
As of 2005 the National Association of Equipment Brokers (NAELB) had grown to 648 members, where the now Equipment Leasing and Finance Association (ELFA) who had 850 members in 2000 was down to 780 members, and the United Association of Equipment Lessors who was at 589 members in the year 2000 was down to 297 members. It was a “no holds bar the door” and get the deal funded as quickly as you could, “due diligence” out the window, and the race was on who could bring in the most business and earn the most in commissions---take the money and run. Everyone wanted to be an independent broker and earn the generous commissions.
Friday—Part Three of Four
Sales Makes it Happen by Steve Chriest
Anger and the 80% Rule
All of us have, at one time or another, encountered a lease customer or a co- worker who became angry as we negotiated with them about business or company matters. The most successful negotiators recognize the basis of anger and what to do when they encounter someone who is angry. I am going to pass on to you the "80% rule."
First, it's important to understand what drives people to anger. According to psychological studies, there are three primary causes of anger:
People exhibit anger when they are afraid of something, when they are hurting for some reason, or when they are simply frustrated.
The customer who becomes angry because she cannot obtain the low, implicit interest rate that her boss asked her to secure from your company is not angry because of the higher interest rate. That's just a number. The cause of her anger is most likely the fear she feels when she contemplates telling her boss she failed to secure the low interest rate he wanted.
If for some reason beyond your control you aren't able to provide a service to a long-time customer, he or she may perceive your failure to help as a sign of themself and their company's diminished importance to you and your company. Their feelings may be hurt in this process. These hurt feelings can manifest as anger directed toward you or your company.
Sometimes people express anger simply out of frustration. I've often observed that no one appears upset, irritated or really angry when things are going their way! When a client or co-worker faces one too many obstacles in a day, their increasing frustrations may result in a display of anger directed at anyone within shouting distance.
Although there are three primary drivers of anger, sometimes anger isn't driven by fear, hurt or frustration. In some negotiations, like labor contract talks, anger is used by experienced negotiators as a favorite tactic to coerce, intimidate and threaten the other side. This manufactured anger has become part of the way the labor contract negotiation game is played.
Some leasing applicants use the same ploy to obtain a better deal.
Whatever the source of someone's anger, it's important to remember that your reaction determines, to a large degree, how the negotiation proceeds and ends. According to research done at the Harvard Negotiation Project, there is an 80% chance that you can influence, and even control the atmosphere and tone of a negotiation simply by mirroring the behavior you want from your negotiating partners.
If you find yourself negotiating with someone who is angry, or irritated, and you want to control the tone of the negotiation, don't buy into their anger or frustration. Instead, remain calm, and listen carefully to what your negotiation partner says. At some point, in 80% of all cases, your negotiating partner will calm down and will begin to mirror your behavior. Very few people will argue with themselves or maintain anger when there is no reaction from the other side of the table!
In tough negotiations, remember the 80% rule. By definition, it doesn't always work, but knowing that you have an 80% chance of controlling the tone and atmosphere in any negotiation, simply by mirroring the behavior you want from you negotiating partners, keeps the 80% rule on your side!
About the author: Steve Chriest is the founder of Selling UpTM (www.selling-up.com), a sales consulting firm specializing in sales improvement for organizations of all types and sizes in a variety of industries. He is also the author of Selling The E-Suite, The Proven System for Reaching and Selling Senior Executives and Five Minute Financial Analyst, Basic CREDIT & Analysis Tools for Non-Accountants. He was the CEO of a very successful leasing company and executive at a major company. You can reach Steve at firstname.lastname@example.org.
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Leasing News Advisor
Bruce Kropschot is one of the first asked to join the advisory board and he has been active since September 6, 2000.
Bruce Kropschot has been active in the equipment leasing industry since 1972 and has been a senior executive of three large leasing companies. In 1986 he founded Kropschot Financial Services, a firm he developed into the leading provider of merger and acquisition advisory services for equipment leasing companies. In 2008 Kropschot Financial Services became a part of The Alta Group, the leading worldwide consulting firm for the leasing industry. Bruce heads Alta’s M&A advisory practice, which also arranges debt and equity capital and provides valuation services for leasing companies. He has played a major role representing sellers or buyers in the sale of about 200 equipment leasing and financing companies.
After 41 years in the equipment leasing industry, Bruce shows no signs of slowing down. He says that his business is his favorite hobby. When asked what have been the keys to his success, he stated, “Obviously a thorough knowledge of many types of leasing companies is essential in the M&A advisory business. However, of utmost importance is maintaining the highest level of integrity. The Alta Group’s reputation depends upon always treating as confidential any information we receive in confidence from potential buyers and sellers of leasing companies.”
Bruce has served on the Board of Directors of the Equipment Leasing and Finance Association, the Equipment Leasing and Finance Foundation, Eastern Association of Equipment Lessors, United Association of Equipment Leasing and International Network of Merger & Acquisition Partners. He has served on the Leasing News Advisory Board since 2000, and he also served on the alumni advisory board of the Ross School of Business at the University of Michigan. He has BBA and MBA degrees (with honors) in Accounting and Finance from the University of Michigan and is a CPA.
Bruce’s favorite recreational activity has long been skiing. Now that knee problems have curtailed his ski trips, Bruce and his wife Barbara spend their vacations with international travel.
Why I Became a CLP
Krista L. Pressnall, CLP
Back in June 2006, I began my career at Financial Pacific Leasing, starting off as a Booking Coordinator. Within two years, I was promoted to Funding Coordinator Level I, and within two years I was promoted again to Funding Coordinator Level II, which is considered to be a lead position within the department.
The CLP certification was something I had set my sights on when I had first entered the leasing industry. I knew that anybody with this certification had a great and broad knowledge of leasing and were also considered top professionals within the industry.
In 2012, I was asked if I would like to study and sit for the test. I jumped at the opportunity. I’m not going to lie, when I first read the handbook I was a little discouraged. The first thoughts through my head were “What did I get myself into? Am I really ready for this”? I knew from the beginning that this wasn’t going to be easy and that frame of mind wasn’t going to get me very far, so I made the commitment to myself to study as hard as I could. I pushed any negative thoughts out of my head. I attended the 3-day CLP course, studied, took this very seriously, and after almost 2 months felt ready to pass the test.
I knew I did well, as I had studied and really felt I knew much more about leasing and finance before I started. Nevertheless, I was eager to get the results!
All fifteen CLP’s at Financial Pacific Leasing gathered at my desk to tell me the great news: I had passed the test. All of the emotions and experiences that I had gathered over those few months hit me at once and to be honest, it was a great feeling and one of the proudest moments in my life. Knowing that the dedication and determination that I had put into this process had paid off, was priceless.
Anyone who is considering taking the CLP test, I would absolutely encourage it. It is not an easy process, however the experience and knowledge you gain from this certification is tremendous. If you decide to take this journey, remember that it takes hard work, dedication and determination. But in the end, it is fully worth it.
Today’s Top Companies with Employees who are CLP
CLPs in Good Standing
Why I Became a CLP series:
August 16-18 Institute for Leasing Professionals
Letters? ---We get Email!
Pictures from the Past
"Thanks for the pictures of the good old days.
I retired from Pentech two years ago last February. Also my son served his 4 years and got out of the navy last April. I still live in San Jose.
I hope everything is going well with you,"
(Larry was my Barclay's Bank Manager, right down the street, who later got into leasing in an office not far from mine; in his later years joining Pentech (reportedly in a wind down mode. Editor)
"I wonder how much of an adverse effect this is having on our industry? Banks get cheap money, they can afford to take unwarranted risks… the tax payer will pay for their mistakes…"
(Leasing News has written about this:
Leasing 102 by Mr. Terry Winders, CLP
"Kudos to Terry on the private label program basics.
"As you may recall, this is where I spent a considerable part of my career, and I negotiated several private label agreements, providing the business side of the relationship while the law team kept us whole legally. Three of the more contentious were agreements with StorageTek and Xerox while I was at US Leasing, and the Dell Financial Services agreement while I was at Newcourt. It was almost a given for every agreement when I was with Continental Illinois Leasing in the mid-80s.
"Perhaps the biggest flashpoint is addressing the rights and responsibilities of each party to the other when things do not go as planned….and this is inevitable. Far from being a ‘trust’ issue at the beginning of a relationship, it is a proper business consideration that one of our staff attorneys described as the pre-nup for vendor programs, because none of these protections are needed if everything is going as planned in terms of volume, approvals, portfolio quality, etc. As contentious as the agreement negotiations can be, the real challenge is to implement the controls, processes, and procedures as they were intended, so the flow of applications begins with more than a trickle. This is what set the Dell Financial startup apart as the flow of apps on day one was close to 1000, and passed that volume on day two. As a result is was not unexpected that it took only 17 months to have reached $1B in fundings.
"The monitoring of the manufacturer or dealer from a financial capacity perspective is equally critical, as their ability to perform under the terms of the agreement must be assessed continually. If it is part of the credit origination process that precedes the contract process, it becomes a necessity for ongoing monitoring. No one likes to suspend funding but if the vendor slips into negative trends, the lender must be able to evaluate the vendor’s ability to perform whatever repurchase or repossession/remarketing and other obligations are included in the agreement. All too often, the sales and credit conflict rears its head, thereby interfering with the rapid assessment of the problems, negotiation thereof between the parties, and appropriate resolution to minimize the damage to both sides. It is unpleasant and stressful, but it is all too familiar to those of us who have endured the angst of conflict when the vendor is asked to perform…FPDs, concentrations (SIC, assets, geographic) adjustments, D&A issues…that are inevitable.
"These rights and responsibilities are often attacked in the context of the vendor’s ability to take sale treatment under FASB, and this is not a minor consideration. The challenge for the lender’s business and legal staff is manage a balance so the vendor’s sale treatment is assured while the performance obligations of the vendor to the lender are strong…again no small task.
"(I would like to add these are my private opinions, not my company's.)"
(Ralph recently was named to the Leasing News Advisory Board. Editor)
Archives---June 28, 2000
“I remember that program and actually sent people there. It was a great program at the time and did wonders for cementing the relationship between the funder and the lessor.”
"Kit, Bookfun magazine will become the Official Book Magazine of the DeeperCalling Bookseller platform, and the magazine will be promoted across select web stores online and via email. The Magazine currently goes out to 62,000 and this partnership is a match made in Heaven.”
"The combined efforts of our two organizations will help authors and publishers as well as give our readers access to quality books and other products at competitive prices.” This agreement significantly increases the reach of the magazine and creates a conduit that runs directly from publishers to shoppers – enabling for rapid and effective promotion of new book, gift and music products with audiences publishers most want to reach – shoppers."
(Fred is a former Leasing News Advisor when active in the industry. Editor)
Integrity Financial Groups, Murray, Utah
Dallin Hawkins Second Arrest within 25 days
"Great job on the article this morning concerning Dallin!"
"Here's a simple rule that I've followed for years. If a company uses any of the following words in their company name, avoid doing business with them:
“Fidelity, Integrity, Professional, Expert, Honest.
"We’ve been called frequently by D&B Credibility. They always leave messages instructing, not asking, us to call in order to avert some kind of credit down-rating or whatever.
"Now we are getting calls from good customers stating that D&B has told them that ***** has reported them as past due when in fact they’ve never been past due and we haven’t been reporting to D&B for years now.
"Is this D&B Credibility or is it a total scam? One customer told us that they could fix her credit for a price. Seems fishy to us."
(Name With Held--a prominent member of the Leasing Industry, well-known)
(Leasing News attempted by telephone, email, and via Dun & Bradstreet Credibility Corp. web site to obtain a comment or statement, but received none. Editor)
(Leasing News provides this ad as a trade for investigations
### Press Release ############################
ELFA Meets with Lease Accounting Standards Setters
On July 9, ELFA's lease accounting team—members Rod Hurd, John Bober and Bill Bosco and Chief Operating Officer Ralph Petta—met at the offices of the Financial Accounting Standards Board in Norwalk, Conn., to discuss the lease accounting Exposure Draft with several members of the Board and staff, including Chairman Russ Golden and members Larry Smith and Daryl Buck. The purpose of the meeting was to continue the dialogue regarding ELFA’s perspective on a number of critical matters contained in the Exposure Draft. The exchange was productive for both sides and will be especially useful as ELFA drafts its Comment Letter in response to the Exposure Draft.
Separately, Petta and ELFA President and CEO Woody Sutton attended a U.S. Chamber of Commerce-sponsored meeting of the Washington-based lease accounting project coalition. The meeting was attended by FASB Chairman Golden and Board member Larry Smith. The meeting provided another opportunity for the association and its counterparts from other organizations to discuss the project with and provide input to the Board as its conducts its outreach. About 20 different associations and corporations were in attendance or on the phone. It was a productive meeting, and the Board members continued to emphasize the importance of submitting comment letters by the Sept. 13 deadline.
Get the latest on the lease accounting proposal in the cover story in this magazine and on the ELFA website at www.elfaonline.org/Issues/Accounting/
#### Press Release #############################
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