The Continuing Tale of Kris Roglieri
and Prime Capital Ventures et al.
By Ken Greene, Leasing News Emeritus

This article discusses “Lawyer Says Deal Closed In,” the lead story in the July 8, 2024, Leasing News, regarding a possible “financial settlement” between Kris Roglieri and creditors, as reported by the Albany Times Union.

According to the Times Union article, the permanent receiver and the Roglieri Chapter 7 estate trustee have crafted a “term sheet for a path forward” to maximize the recovery for creditors in both the receivership and the bankruptcy. A motion is to be filed shortly for approval of the settlement.

However, this is not the end of the story. In fact, it might just be the beginning. Roglieri is accused of embezzling over $100 million. In his Chapter 11 petition, filed before the case was converted to Chapter 7 on May 15, 2024, Roglieri claimed his assets were worth around $28 million. These assets included a $3.8 million Maserati, a $2.2 Richard Mille Tourbillion Skull watch, a $100 thousand Andy Warhol print of John Gotti, and $28 thousand worth of firearms, based on the valuations in the schedules.

According to his companies' values, as listed in the bankruptcy schedules, even with his 100% ownership interests in Prime Commercial Lending, Prime Capital Ventures, and Commercial Capital Training Group, assets are still almost $70 million short of creditors’ claims.

There appears to be several inconsistencies in those schedules, which raises doubts about their accuracy. All of it begs where the rest of the money went.

It seems that the proposed settlements negotiated by the trustee and receiver will likely be far from the end of Roglieri’s problems. It appears implausible that the settlements will entail complete releases. Without releases, creditors may pursue nondischargeability actions against Roglieri personally based on fraud claims.

There is already one pending nondischargeability case, filed by 1800 Park Avenue LLC and based on a federal racketeering claim, among other things, against both Prime entities, Roglieri, and several other individuals, including Scott DiBerardinis  (who, coincidentally, is the Executive Director of the newly formed Commercial Loan Broker Association).

Additionally, any such settlements will have little or no impact on the federal criminal charges for wire fraud, which could have severe consequences. Mr. Roglieri is presently in federal prison, being held without bail pending trial.

The future does not appear bright for Mr. Roglieri.

Ken Greene
Law Office of Kenneth Charles Greene
5743 Corsa Avenue, Suite 208
Westlake Village, California 91362
Tel: 818.575.9095
Fax: 805.435.7464
ken@kengreenelaw.com
www.kengreenelaw.com

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Ryan Marr Resigns as Chesswood CEO
Financial Waiver expires on Monday, July 15

Ryan Marr, President and Chief Executive Officer as well as Director of Chesswood Group Limited resigned July 8, 2024. He remains a Partner & Portfolio Manager of Waypoint Investment Partners, the major group behind the leasing and finance companies in Canada and the United States.(1)

Chesswood Group Limited is at the tail end of actively engaging in strategic discussions to optimize shareholder value through the potential sale of subsidiaries and management of its loan and lease portfolios. The company is also working to address a breach of its $300 million credit facility before the current waiver expires on July 15, 2024, while it continues to seek funding solutions.

Leasing News has reported from a reliable source "Pawnee Leasing has stopped funding all deals and suspending originations.” Pawnee is an important part of the eco system.

One of the Canadian businesses owned by Chesswood is Rifco, located in Red Deer. The website describes itself: "Your Key to Auto Financing. Join thousands of satisfied customers who trust Rifco as one of Canada's leading non-prime auto finance companies."

The financial waiver expires Monday, July 15th.

These are the Chesswood Group Limited companies, several located in the United States:
www.ChesswoodGroup.com
www.PawneeLeasing.com
www.TandemFinance.com
www.VaultPay.ca
www.VaultCredit.com
www.Rifco.net
www.WaypointInvestmentPartners.com
www.EasyLegal.ca

(1) Ryan Marr LinkedIn Biography
https://www.linkedin.com/in/ryan-marr-a9254320/?originalSub

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Chesswood Group Limited Issues Press Release
Still Working on Situation

Synopsis Includes:

Chesswood Provides Update on Strategic Review, Announces Senior Management Changes

Strategic Review

The Committee, with the assistance and participation of its financial advisor, has continued to engage in discussions and negotiations for potential sales of key operating subsidiaries and considerations for how best to maximize value of the Company's large portfolios of lease and loan receivables for the Company's shareholders while also seeking to ensure that the interests of other key Company stakeholders are served.

A number of potential opportunities and strategies are being evaluated. While there can be no assurance as to the timing of finalizing negotiations or entering into definitive transaction documents, or that any such transactions will ultimately be agreed to, the Committee is working to complete its evaluations and settle definitive documents in the coming weeks – in conjunction with formalizing, and receiving any required lender approvals for, the Company's action plan to remedy the existing breach of the Credit Facility (described below).

Credit Facility Action Plan

After receiving the initial waiver in respect of the Credit Facility breach on June 14, 2024, the Company has been pursuing near-term funding that can allow it to reduce the amounts outstanding under the Credit Facility. The initial waiver provided by the lending syndicate under the Credit Facility expires on July 15, 2024, and the Company is focused on arrangements that will allow it to provide sufficient progress towards remedying the existing non-compliance such that an extension of the waiver may become available from the lending syndicate under the Credit Facility in order to complete the negotiation and settlement of definitive arrangements and documents for its Credit Facility action plan.”

Full Press Release:

https://www.newswire.ca/news-releases/chesswood-provides-update-on-strategic-review-and-credit-facility-action-plan-and-announces-senior-management-changes-880344263.html

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New Hires/Promotions in the Leasing Business
and Related Industries

(Retired)

Joe Collins, Senior Vice President, Business Development Officer, Orion First Financial, Gig Harbor, Washington. He is located in the greater Chicago Area. He joined Orion February, 2014.  Previously, he was Account Executive, International Decision Systems (June, 1998 - October, 2013); Government Affairs and Communication Manager, Data Processing Management Association ( July, 1985 - June, 1989); Social Studies Teacher, St. Gregory High School (August, 1981 - June, 1985). He was Vice President, Membership, Equipment Leasing and Finance Association (June, 1989 - June, 1998).
https://www.linkedin.com/in/joecollins2/

Cody Nestor, CLFP, was hired as  Senior Vice President, Ten Oaks Commercial Capital, LLC., Coeur D’Alene, Idaho.  He is located in the Greater Phoenix Area. Previously, he was Vice President, Sales, Ascentium Capital (February, 2019 - July, 2024); Sales Manager, Balboa Capital (October, 2014 - February, 2019); Sales and Marketing, Big Bear Capital (March, 2012 - October, 2014).  Full Bio:
https://www.linkedin.com/in/codynestor/details/experience/
https://www.linkedin.com/in/codynestor/

Rob Nielsen was hired as Americas Business Development Executive, Lenovo Global Financial Services, Phoenix, Arizona.  He joined Hewlett Packard Enterprise as Channel Manager, February, 2011, promoted National Solutions Provider/Sales Director November, 2019, North American Sales Director, November, 2020. Prior, he was National Account Manager, Macquarie Equipment Finance (October, 2008 - November, 2010). Full Bio:
https://www.linkedin.com/in/robnielsen1/details/experience/
https://www.linkedin.com/in/robnielsen1

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Leasing and Finance Industry Help Wanted
Excellent Compensation/Marketing Support
Plus other openings for successful, growing funders

Follow-Up Interview with Focus Group
By Scott Wheeler, CLFP

In the summer of 2023, I met with a group of young aggressive originators in the commercial equipment finance and leasing industry. I asked what changes or developments they believed would impact their careers over the coming years and what they were doing to confront these industry-wide opportunities and challenges. Below are a sample of topics that the entire group agreed will impact their careers over the next five to seven years, followed by a few summer of 2024 updated comments.

Technology: The group agreed that advances in technology will impact on every stage of the financing and leasing process. They all agreed that technology is a net positive for originating new relationships and transactions. Most of the group also admitted that they had little, if any, involvement in their company's current technology plans or implementation of new technology. One of the originators explained how he offered to be on a technology committee and how the experience helped him better understand the company's objectives. The committee participation also provided him with more visibility with the management team.

Managerial Transitions: The group agreed that most of their managerial teams were older and many would be retiring in the next decade. They agreed that this development will create opportunities for the next generation of leaders. However, they each needed to obtain more knowledge about the details of running an equipment finance and leasing operation beyond just originations. One originator commented that it is never too early to learn more about how top companies outperform their competition and grow their bottom-line profitability (well said).

Small Community: The group was aware of the close-knit community that makes up the commercial equipment finance and leasing industry. They expect additional mergers and acquisitions over the coming years and perhaps activity within their own companies. The comment was made that leaders are well connected throughout the industry and are well respected by their peers and competitors. The group agreed that industry involvement and association participation was key to long-term career enhancement.

2024 Updated Comments:

• Technology advancements are moving faster than the group expected. Originators who are embracing the advancements are outperforming their internal peers and external competitors.

• Management is struggling to communicate the current changes in the industry. Some management believes that "ignorance is bliss." More aggressive, strong originators want the facts. They can adapt to change when it is properly presented. Older professionals are often the ones holding on to the past. Seasoned professionals have exceptional knowledge to pass on to the younger generation but at some point, the next generation will assume their proper role as leaders. The transfer is coming quicker than the group thought a year ago.

• The network of young professionals in the commercial equipment finance and leasing industry is growing and these professionals are excited about the potential in the industry.

If you are an industry professional between the ages of 25 and 40 and would like to join my focus group, send an email to scott@wheelerbusinessconsulting.com.
All information provided is confidential.

Scott A. Wheeler, CLFP
Wheeler Business Consulting
1314 Marquis Ct.
Fallston, Maryland 21047
Phone: 410 877 0428
Fax: 410 877 8161
Email: scott@wheelerbusinessconsulting.com
Web: www.wheelerbusinessconsulting.com

Wheeler Business Consulting is working with individual originators and sales teams throughout the industry to ensure that they are well positioned in the market, capturing their fair share of business, and outperforming the competition. To schedule a one-on-one meeting contact Scott Wheeler at: scott@wheelerbusinessconsulting.com

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Housing Prices Perspective from
Case-Schiller Index
By James Johnson

The Case-Schiller index shows the national average annual increase in houses in the US is 4.8% from 1987 to 2023--about 35 years. This is significant because many folks focus on TODAY's housing prices or TODAY's mortgage rates. You should take a holistic view of the housing market--rates, prices and trends.

The cool thing about a house is that you can use it, live in it. You can't do that with gold coins or stock certificates.

Think about how to get started as a first time buyers. Find a house that you can afford--a broker will be happy to help you if you can't figure the rate on your own--they term that "qualifying you" which just means your borrowing capacity given your income and the like. If you think you are overpaying, in five years you won't feel that way. And if mortgage rates decline, then refinance!!

The important thing is to get started in your home ownership journey. By sitting on the sidelines, you can watch houses continue to appreciate more that 4% each year, as your dream of home ownership climbs higher and higher into the sky.

James Johnson
jamesjohnson@niu.edu
Presidential Professor of Finance Emeritus at Northern Illinois University
https://www.linkedin.com/in/james-johnson-608aba6

 

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##### Press Release #######################

Amur Achieves Record First Six Months
On Target to Exceed $1 Billion in 2024 Originations

GRAND ISLAND, NE– Amur Equipment Finance, Inc. (“Amur”), a leader in equipment financing, proudly announces a new volume record for the first half of 2024, achieving over $500 million in loan originations and positioning itself to surpass $1 billion by the end of the year. Overall, Amur provided financing to over 6,000 small businesses in the first six months of 2024. 

 Rich Chenitz, Chief Commercial Officer, said, “We are certainly proud of the quantity of business we’ve been able to do so far this year, but we’re even more thrilled by the quality.

“While others recalibrate, Amur continues to grow in the construction, manufacturing and specialty vehicle industries, powered by its commitment to partnership and exceptional service. “As the year progresses, we will continue to build our team to establish ourselves as the leading independent equipment finance company in America.”  

Elliott Klass, General Counsel and Head of Strategy, stated “Amur’s growth has been enabled by its multi-decade track record of performance and deep capital markets relationships. Our strong capital position is critical in allowing us to seize this market opportunity. 

“This is a very exciting market for well-capitalized independents like Amur, and our long-term investment in our capital foundation have positioned us well to pick up slack in the marketplace and provide competitive financial solutions, at scale, for our partners and customers.”                

In addition to its origination record, Amur processed a record number of applications during the first six months of 2024.

James Truran, Chief Operating Officer, commented, “The power of our purpose-built financing platform, paired with our ‘no shortcuts’ philosophy and experienced and dedicated team, means that we’ve been able to meet and exceed our own high service standards even in the face of record-setting volumes.

“We are sharply focused on delivering exceptional service to our partners and customers and we're excited to introduce several enhancements later this year inspired by our conversations with them.”   
These impressive results in the first half of the year are a testament to the collective effort of the entire Amur team, which is driven by a shared commitment to the financial needs of its partners and customers. As a national equipment finance leader, Amur continues to build upon its nationwide presence by providing differentiated financing solutions across key economic sectors including construction, manufacturing, franchise, specialty vehicles, transportation and more.

About Amur Equipment Finance, Inc.
Amur Equipment Finance (https://www.goamur.com/) is one of the largest and fastest growing independent providers of commercial equipment finance in America, dedicated to serving its customers and partners with fast, flexible, and customized solutions. With a growing team of nearly 300 talented employees, an efficient, purpose-built processing platform designed to deliver an excellent partner experience, and a sole focus on the equipment finance market, Amur is well-positioned to continue to serve the financing needs of its customers and partners well into the future. Headquartered in Grand Island, NE since 1996, Amur has been a Great Place to Work® certified company for six consecutive years.

### Press Release #########################

 

Mixed Breed
Kennebunk, Maine  Adopt-a-Dog

Pons

Male
8 years, 4 months
61 lbs.
Cat-Free Home
Crate Trained
Housetrained
Puppy at Heart
Sweet Senior
Adoption fee: $99.00

Meet Pons

"Gosh, I've been at AWS for a while now, patiently waiting for my new people to come along. While I love the care and attention I receive every day, my friends here want to do everything they can to get me into my new home. To reduce the financial burden on families looking to adopt, AWS has reduced my adoption fee to only $99. There aren't many things going down in price these days so make the most of this limited time deal by adopting me! Let's have the summer of a lifetime together!

Pons is a handsome and loving dog who is ready to find his happy, new home with you! Pons attaches to his humans quickly and forms strong bonds with those he loves. He likes to be right by your side as your shadow and best friend, and can sometimes become anxious when apart. He would love to be able to practice patience when left alone and learn what living the good life as a house dog is all about!

Pons might be eight years old, but he's still an active and outgoing guy. He would love to go for walks around the neighborhood, car rides to fun places, and to play ball outside in the backyard. He is still very much a puppy at heart! Because of his energy level and play style, Pons would do best in a home without cats. They are just too tempting for him! Pons is very much a people's-dog and can be picky about his canine friends sometimes. We totally get it! You can't be friends with everyone you meet!

You can find Animal Welfare Society at 46 Holland Road in Kennebunk, Maine.
https://animalwelfaresociety.org/about-us/location-hours/#hours

News Briefs

Chesswood Group Limited Stock Falls Almost 20%
  406 Full-Time Employees
https://finance.yahoo.com/quote/CHWWF

Rent inflation remains a pressure point
    for small businesses
https://apnews.com/article/small-business-rent-inflation-wages-f34b7e597d2cbbe0827fa4066f52a995

Key takeaways from Fed Chair Powell’s
testimony on Capitol Hill
https://www.cnn.com/2024/07/09/business/fed-chair-powell-talks-up-progress-on-inflation-but-says-rate-cuts-not-imminent-yet/index.html

Tesla’s Share of U.S. Electric Car
Market Falls Below 50%
https://www.nytimes.com/2024/07/09/business/tesla-electric-vehicles-market-share.html

United Airlines Boeing flight lands in Denver
after losing a wheel in Los Angeles
https://www.cbsnews.com/colorado/news/united-airlines-boeing-flight-lands-denver-after-losing-wheel-los-angeles/

Does setting my AC to 78 degrees save money
during a heat  wave? What expert says
https://www.sacbee.com/news/california/article289858269.html

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Does Taylor Swift Impact Wine Sales Trends
    Enjoys Sauvignon Blanc and Pino Grigio
https://www.forbes.com/sites/lizthach/2024/07/09/singer-taylor-swift-impact-wine-sales-trends

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Sports Briefs---

Kings make blockbuster sign-and-trade deal to
   acquire six-time NBA All-Star DeMar
https://www.sacbee.com/sports/nba/sacramento-kings/article289809239.html

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California News Briefs---

Report: Extreme heat events created  $7.7 billion
    in hidden costs in California
https://www.mercurynews.com/2024/07/09/report-extreme-heat-events-created-7-7-billion-in-hidden-costs-in-california/

Older residents at Santa Rosa apartments without
   air conditioning amid heat wave
https://www.pressdemocrat.com/article/news/sonoma-santa-rosa-elderly-heatwave-air-conditioning-low-income/

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Gimme that Wine

 

http://www.youtube.com/watch?v=EJnQoi8DSE8    

Why a cult Cabernet winemaker just
    an under-the-radar Napa winery
https://www.sfchronicle.com/food/wine/article/madrigal-family-winery-sold-19552326.php

Marin County’s O’Neill Vintners & Distillers
buys Washington brand in further ultra premium move
https://www.pressdemocrat.com/article/industrynews/marin-oneill-vintners-washington-substance-acquisition/

Oregon Pinot Camp Draws Nearly 300 'Campers'
From Around The World
https://www.winebusiness.com/news/article/289568

Celebrated Paso Robles Winemaker,
John George Munch, Dies
https://www.winebusiness.com/news/article/289685

Wine Gets In The Game
Stadiums, concession operators, and marketers
https://www.marketwatchmag.com/wine-gets-in-the-game/

Burgundy wine auction breaks eight world records
"shattered multiple world records"
https://www.decanter.com/wine-news/burgundy-wine-auction-breaks-eight-world-records-533837/