Monday, July 31, 2006
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Stone Hill Winery, Branson, Missouri * Atlanta, GA Chicago, IL Chicago, IL Geneva, IL Marlton, NJ New York, NY Pennsauken, NJ Portland, OR For a full listing of all “job wanted” ads, please go to: To place a free “job wanted” ad, please go to:
-------------------------------------------------------------- Marlin Leasing for Sale?
Two reliable sources have told Leasing News that Marlin Leasing is shopping around for a buyer, but they haven't found anyone that will pay a premium to their relatively high stock market valuation. The word is that some of the early private equity backers want to liquidate their shares and can't do so in the public market without adversely impacting the stock price. The stock closing on Friday was at $20.60
There also may be some significance in the SEC filing dated June 30, 2006 and recorded by the Security Exchange Commission on July 11,2006, JP Morgan Chase & Company is the “beneficial owner of 1,237,110 shares of stock...Percent of class: 10.4%” (roughly $27,055,595 a few days ago.) The company has a sale value today of $244 million and have this type of investment could be representative of a group or hedge fund interested in buying the company, making it private, and then later either selling it or bringing out a new IPO based on the buyers involvement. Leasing News has tried unsuccessfully for a comment from the officers of Marlin Business Services, including printing an “Open Letter.” In the meantime, the new Marlin CFO, Lynne Wilson, has announced a Second Quarter 2006 Earnings Conference Call set for Friday, August 4, 2006 at 9:00 AM EDT. Participants should dial 800-540-0559 and the conference ID is: 7MARLIN Marlin Business Services Corp. (Nasdaq: MRLN) announces the following Webcast: What: Marlin Business Services Corp. Webcast - Second Quarter 2006 Earnings Conference Call When: August 4, 2006 @ 9:00 AM EDT Or Live over the Internet -- Simply log on to the web at the address above. Contact: Lynne Wilson, CFO, 888-479-9111 X4108 Here is a collection of recent Leasing News article on Marlin Business Services, including the “Open Letter:”
---------------------------------------------------------------- Analyst suggests NetBank may be for sale By PÉRALTE C. PAUL The Atlanta Journal-Constitution ajc.com Days after NetBank Inc. warned it would post a loss in the second quarter, a second financial analyst lowered his rating Thursday and said the company's performance makes an outright sale of the bank more likely. NetBank's stock fell more than 6 percent, closing at $5.33 per share. Shares fell 11 percent the previous day. "After speaking with management, we came to the conclusion that there is risk of additional erosion in tangible book value," Samuel Caldwell, an analyst at Keefe, Bruyette & Woods, wrote in his report. He downgraded the stock to "market perform." "We believe the poor fundamental performance at NetBank increases the likelihood that the company is for sale." In an e-mail response to questions on Thursday, Douglas K. Freeman, NetBank's chairman and chief executive officer, said the company is focused on a strategy to restore profits. "Our focus is always on generating the best shareholder return, and to that end we are working a strategy we believe will generate significant return over the long term," Freeman wrote. "We are also making adjustments to our business to optimize short-term performance. We are known for our transparency in our financial and business reporting. We do not comment on rumors or speculation." On Wednesday, Peyton Green, an analyst at FTN Midwest Research, downgraded his rating on the company to "sell." Late Tuesday, Alpharetta-based NetBank warned it expects a loss of 65 cents to 70 cents per share vs. Wall Street's loss expectations of 5 cents to 10 cents in the quarter ended June 30. The company is scheduled to report final results Aug. 8. NetBank, one of the biggest online-only banks in the country, said pressures in its wholesale mortgage businesses, a decision to lower the value of the mortgage servicing unit it has up for sale, and lower volume in its recreational vehicle and boat loan unit are behind the expected losses. The company posted a loss in the first quarter and analysts don't expect positive news until the first quarter of next year.
---------------------------------------------------------------- Top Stories--July 24-28
Here are the top ten stories most "opened" by readers last week. (1) Balboa Capital, Irvine, California (2) John Morgan: Small leases, big profits? (3) California Law may impact other states, equipment next? (4) Bank and Thrift Executive Compensation (5) Biz Lending Center/“Broker/Lessor” list Tie (6) Due Diligence on Steroids---by Shawn Halladay (6) Sales Training Doesn't Work/What To Do About It (7) Gerry Egan Video Out on Monday-"Free" (8) Lease Accounting Overhaul Likely a Hot Topic at the Annual Lessor Resources Showcase (9) EPlus settles with GMAC Commercial Finance, pays $6MM (10) Leasing Association Events-Meetings Open to All
---------------------------------------------------------------- Pat “Evergreen” Byrne, CEO Balboa Capital
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**** Announcement ******************************** --- June 27, 2003--- LEASING TOOLS FOR THE HARD TIMES Today, July 31 st , is the last day for “The Leasing Library.” Ted Parker, CLP, said, “Lost my lease.” And he is basically cutting back his work time. The announcement June 27,2003 Let's face it, leasing today is no walk in the park. “Yes ,That's the very reason why we created “The Leasing Library and resource center . We invite you to visit The Leasing Library http://www.theleasinglibrary.com Where we feature a variety of industry related books, “ebooks” and “ereports.” In addition, there is software you're familiar with, like TValue v.5.0 and some exciting new products such as Address Grabber, List Grabber and Visual Communicator Ad Grabber and List Grabber can help you mine prospects from the Internet and automatically insert the information into your contact management programs. These are great programs for sales people and very cost effective. Visual Communicator lets you easily create, on CD/Rom, professional-looking videos for training, employee orientation, sales prospects, Power Point presentations and much more. During these hard times, you need every tool available. Check our website often as we will be adding additional products from time to time Thanks for your interest in (CLP—Certified Lease Professional) (UAEL-United Association of Equipment Leasing )
Today, July 31 st , is the last day for “The Leasing Library.” Ted Parker, CLP, said, “Lost my lease.” And he is basically cutting back his work time. *********announcement*****************************
-------------------------------------------------------------- Why I b ecame a CLP…Wendy L. Storino
This is the fourteenth article in a series about the Certified Lease Professional program, explaining why individuals decided to become a CLP, the process, and their reaction to the knowledge and other benefits gained. It is recommended you read others in the series, a cross section of the equipment leasing industry to learn how this helped the individual person and their career. Wendy L. Storino Wendy spent the majority of her life in the Chicago Illinois area and recently relocated to Florida. She is married with one child; her hobbies include reading, spending time with family, and since moving to Florida, would really like to take up scuba diving. She has broad experiences in customer service, end-of-lease, vendor relations, pricing and administration. Her strengths include extensive knowledge in Leasing, as evidenced by the CLP designation. She also believes that in addition to her experience and credential, it is her technical ability with the capacity to manage multiple projects efficiently that attracted CIT to hire her. "Received a better job/brighter future" I was working for a mid size leasing company when the corporation decided to sponsor experienced professionals in our company to go through the CLP Training and take the exam. As I sat in the first class, I was honored to be chosen to participate among so many professionals from all levels of the business. The first thing the instructor told us was that of those that decided to attend the training, about 50% wouldn't not make it through the training sessions, and to the final exam; and of those that made it to the final exam, only 65% would pass. He did not say this to intimidate us, but he wanted to convey the difficult journey we were about to undertake, sitting for the 6 to 7 hour exam is not for the weak. Naturally, this only fueled my desire to attend the training classes, study the materials and pass the test. I first learned about the CLP designation while I was doing some consulting work with a leasing company. Like many leasing professionals, I was laid off during the downsizing of a large organization. I saw a CLP Plaque on the wall of a Vice President's office and asked what it meant to be a CLP, and like many people, my initial response was, “I can do that” believing that since I had been involved with several areas of the leasing organizations I worked for, I felt I had a firm understanding of the aspects of leasing. I did some more research into the CLP Organization and certification process and soon made it a personal goal to become a CLP. I was eventually hired by the company that I was consulting for, to build their customer service and end of lease department. I soon listed this goal as one of my professional goals and objectives for that year. This was the year my company sponsored the training and exam for professionals in the organization. I was very excited. I tried to organize study groups, I put together a calendar to schedule time to go over the materials in each chapter with my colleagues between training sessions, and set up meetings to discuss sections of the CLP handbook. I did not get a lot of cooperation from my colleagues, so I decided to just make sure I knew the material backwards and forwards. I studied weekends, wrote down key sections in my own binder, and used mind mapping techniques to make sure I had fully understood the sections; then I used colored paper clips to reference the sections that I felt I mastered, but wanted to go over again just in case I missed something. I even made flashcards. I felt like I was in school again no doubt, but I was determined to pass that exam. When I sat down to take the test, I surveyed the room and found that not only was I the only female sitting for the exam that day, I was the only person in the room below a Vice President level with the company. I was certainly nervous, but confident that I would pass that exam. The trainer was right, about 50% of the people that began the class, slowly dropped out and didn't make it to the exam, and around 65% of those that took the exam passed. I now work for a global leasing company as an Asset Manager. Having the CLP designation not only makes me proud that I know my profession, but I really believe it helped me obtain a better job and gives me a brighter future.
-------------------------------------------------------------- Say “no” to conspiracies! Mr. Halladay responds to the criticism from NorVergence lessees on his comments in his column regarding NorVergence lessors: http://www.leasingnews.org/archives/July%202006/07-28-06.htm#due
I am not certain if my post on the NorVergence conspiracy theory has made any converts, but it certainly has generated feedback and comments, which is good. I would like to respond to these comments in one place, if I may. It is true that many lessors had a “We need to get some of that” attitude towards NorVergence business, so you could use the “if it is too good to be true…” argument here. There also were lapses in residual and operational diligence, and, as in any business (just think of your own industry) there are sleazy individuals. I still have a real difficult time, however, accepting the premise that there is collusion and willful deception going on in the mainstream leasing industry and that lessors are out “to get” lessees. As a case in point, I have been in industry meetings in which the concept of sharing data such as loss experience, etc., generated a genuine fear that such an exchange would be considered anti-competitive and a form of collusion subject to prosecution. As such, the idea never got off the ground. Putting aside the emotions, ethics, etc., it just doesn't make economic sense for lessors, or anyone else, to knowingly enter into transactions that will eventually collapse (Ponzi schemes) or in which they must rely on legal enforcement to collect. A lessor only generates about $2,500 of cash on a $50,000 transaction after paying taxes, which is not a whole lot. Why would someone say we are going to screw this lessee with a bad deal and if they complain, we will win in court? The profit is gone on such a deal after several hours of legal work, especially when you consider the internal costs to even get to that point. Such an attitude will kill your repeat business and decimate your industry. As Gerry Egan, a long time lessor, points out, customer retention and business longevity “… isn't about what I can get away with legally in the fine print, it's about what makes good business sense.” I would like to think that most lessors follow this good advice. I am sorry that you have been taken advantage of, but the NorVergence debacle was not a conspiracy amongst lessors. So, why, you ask, did lessors not respond to lessee information and feedback on the problems? Most of it was bureaucracy and processes being followed at a low staff level. People had their job to do and were not aware, or interested, enough to see the big picture or, in some cases, as another reader pointed out, maybe “it is an individual buyer, a commissioned performance driven corporate drone who ignores obvious signs so he or she can make the quarterly number.” Finally, although of little consolation, because of issues like the Allserve and NorVergence frauds, the ELA has reviewed and revised its code of ethics and identified a list of practices that it would like to see reconsidered. Are you convinced yet? Shawn D. Halladay
-------------------------------------------------------------- Distance Learning: Gerry Egan With the permission of NAELB, you may link direct at: http://www.leasingnews.org/Pages/NAELB_D_learning.htm
-------------------------------------------------------------- After Fed approves Basel II, industry ABSnet ponders effects on ABCP, smaller banks Considering that the Basel II recommendations for bank capital requirements affects about two dozen banks — at the most, according to banking experts — it sure is causing a stir in the industry. Capital markets observers, however, say the revised set of recommendations, might have, only minor effects on securitization. Under the Basel II scheme, for which large banks mainly pushed passage, institutions are allowed to choose between two methods for calculating adequate regulatory capital, and apply one of them. The first employs an internal rating based (IRB) approach. Banks can utilize their own internal estimates for default probabilities to determine the risk-weighted capital allocation. The second is more standardized. Risk weights are applied based on the exposure's external rating, according to DBRS. As such, Basel II is more sensitive to credit ratings than the previous model. Banks might realign their securitization business lines and asset mix in response to Basel II. For asset-backed commercial paper programs in particular, Basel II sets out the risk weights and suggests banks to consider external ratings on the liquidity and credit enhancement facilities, according to Dorothy Poli, a senior vice president in Toronto-based Dominion Bond Rating Service's ABCP group. Banks, therefore, appear to have less flexibility when calculating capital requirements for their asset-backed commercial paper programs. Some banks could be considered ‘originating banks,' under Basel II, especially if they sponsor ABCP conduits or provide liquidity and credit support. Proposed capital charges could have a significant impact on the types of assets financed through the ABCP conduits and the liabilities that conduits issue to finance their purchases, according to research from Standard & Poor's. Some of Basel II's effects include an increase in the volume of commercial paper issued by CDOs and a decline in the volume of commercial paper issued by securities arbitrage vehicles. Industry comfort level Because Basel II essentially allows large U.S. banks to hold less regulatory capital in reserve against their balance sheet assets, bank industry participants become instinctively less comfortable with the outcome. “We are used to seeing a certain level of capital in banks and judging them to be safe,” said Doug Landy, special counsel with the securities and financial institutions department in Cadwalader, Wickersham & Taft's New York City office. “People are saying banks can be just as safe with less capital.” Further, securitization industry participants point out that if banks are allowed to hold back less regulatory capital, the incentive for banks to move assets off of their balance sheets through securitization also drops accordingly, Landy said. “The impetus to do it for capital relief may not be as strong as it was under Basel I, but there will be other securitization techniques that will become more attractive under Basel II,” Landy said. Another issue: Will the new accord put smaller banks — which will continue to operate under Basel I's restrictions — at a competitive disadvantage once Basel II takes effect? The Federal Reserve Board approved a notice of proposed rulemaking (NPR) on the Basel II capital framework on March 30. These rules are not expected to take effect in the U.S. for several years, because the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., and the Office of Thrift Supervision have to complete their individual review and approval processes. Then the new accord will be sent out for official comment in the Federal Register. Basel I, which has already been revised more than 25 times to reflect changes in the banking industry, will come under scrutiny again in consideration of small and midsize banks who will not take advantage of Basel II rules, Susan Schmidt Bies, a Federal Reserve governor, said at the Risk Capital 2006 Forum in Paris earlier this month. “We expect only one or two dozen banks to move to the U.S. version of Basel II in the near term, meaning that the vast majority of U.S. banks will continue to operate under Basel I,” she said. “The agencies have issued an advance notice of proposed rulemaking discussing possible changes to increase the risk sensitivity of U.S. Basel I rules and to mitigate any competitive distortions that might be created by introducing Basel II.” Basel II will be effective for standardized banks at the beginning of 2007, and one year later for IRB banks, according to Poli. — DM (c) 2006 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.
--------------------------------------------------------------- Netsol Technologies Bolsters Management Team with Industry Experts Company Adds New Leadership to Drive Sales for Wholly Owned Subsidiaries
CALABASAS, CA – – NetSol Technologies, Inc. (NASDAQ:NTWK), a U.S.-based, multinational provider of enterprise software and services for equipment financing, today announced it has appointed Gary Lowrey as Commercial Director for its wholly owned subsidiary, NetSolCQ. In this capacity Mr. Lowrey will head NetSolCQ's marketing and sales operations throughout Europe. “Identifying, closing and servicing new business is a vital component of our global growth strategy," said NetSol CEO Naeem Ghauri. "Gary's industry experience and his sales and business development expertise will play an integral role in the building of our team and our pursuit of multi-million dollar contracts.” Lowrey joins NetSol from InitioStar, where he was responsible for providing board-level sales and marketing advisory services to a variety of IT companies in the financial services, security and outsourcing business. Prior to InitioStar, Gary was Group Sales and Marketing Director for Rebus Insurance Systems, Regional Sales Director for Misys, and held senior management roles with Oracle, Fujitsu and Wang. The company also announced the appointment of Robert Bailey as Senior Account Manager for Sales of its wholly owned Burlingame, Calif.-based subsidiary, McCue Systems. “We are delighted to have someone with Rob Bailey's depth of experience and ability to understand customers' complex business requirements join our staff,” commented McCue Systems CEO John McCue. “Rob has developed a vast wealth of knowledge of the important players in our industry, along with a rich network of key contacts who respect him as equipment leasing technology expert. We are proud to have him join the NetSol Technologies family.” Bailey, who will be reporting to McCue Systems Vice President of Global Sales Operations, Todd Brinkmeier, brings to the NetSol team more than 20 years of enterprise software sales and management experience. Most recently, Bailey was North American Senior Account Executive for Toronto-based Cyence International, a major provider of software solutions for the banking, manufacturing and equipment finance markets. Bailey also held senior sales positions with BMC Software, Netscape Communications, and the Royal Bank of Canada. Completing the NetSolCQ management team is Stephanie Comley, who was promoted to Client Services Director. Comley will lead high profile system implementations and manage the company's more than 40-member professional services team. About NetSolCQ Established in 1986 as CQ Systems Ltd and now part of the NetSol Technologies, Inc. group, NetSolCQ provides software and services to the financial services industry. NetSolCQ is recognized as a premium provider of software solutions to the asset, motor, consumer, wholesale and premium finance sectors with 75 banking, independent and captive finance house clients in the UK, Europe, Africa and Asia. Please visit the company's website at www.netsolcq.com. About McCue Systems With over 30 years of experience in developing business solutions for the equipment and vehicle leasing industry, McCue Systems Inc. is the leading provider of lease/loan portfolio management software for banks, leasing companies and manufacturers. Its flagship product, LeasePak, simplifies lease/loan administration and asset management by accurately tracking leases, loans and equipment from origination through end-of-term and disposition. McCue Systems leads the leasing technology industry in the development of Web-enabled and Web-based tools to deliver superior customer service, reduce operating costs, streamline the lease management lifecycle, and support collaboration with origination channel and asset partners. For more information, visit www.mccue.com. About NetSol Technologies, Inc. NetSol Technologies is an end-to-end solution provider for the lease and finance industry. Headquartered in Calabasas, CA, NetSol Technologies, Inc. operates on a global basis with locations in the U.S., Europe, East Asia and Asia Pacific. NetSol helps its clients identify, evaluate and implement technology solutions to meet their most critical business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol delivers high-quality, cost-effective IT services ranging from consulting and application development to systems integration and outsourcing. NetSol's commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMM (Capability Maturity Model) Level 4 assessment. For more information, visit NetSol Technologies' web site at www.netsoltek.com. ### Press Release ########################### MWL Financial Services Partners with Networksm to DAYTON, OH – MWL Financial Services, an independent vehicle leasing and sales company, offering unbiased transportation solutions to individuals and business fleets, announced it has partnered with NetworkSM, a full-service vehicle management company. MWL Financial Services will provide customized vehicle management solutions, such as preventive maintenance and repairs, fuel management and emergency roadside service programs to their customers through Network. “We are pleased to offer Network's comprehensive vehicle management programs to our customers,” said Mark Van Nest,of MWL Financial Services. “By offering these additional vehicle management services, we have the ability to provide our customers with a proactive approach to managing costs.” Based in Dayton Ohio, MWL is a leading provider of vehicle leasing, sales and fleet management. MWL is a subsidiary of Tom Whiteside Auto Sales, Inc., a franchised Chrysler, Dodge, Jeep dealer in business since 1960. MWL's mission is to provide services that enhance the experience of obtaining any make or model of car, truck or SUV. MWL achieves this by offering innovative transportation solutions partnered with superior customer service and nearly a half century of experience. For more information, visit www.mwlfs.com. Network is an independent brand of vehicle management services, partnering with lessors to assist them with providing management expertise to their customers. Network offers a competitive sales advantage, while providing substantial savings to the customers on their vehicle operating expenses. Network operates a live customer contact center, staffed with ASE certified technicians 24 hours a day, seven days a week, to assist companies in keeping their drivers on the road. For more information, visit www.thepowerofnetwork.com. ### Press Release ###########################
News Briefs---- Oil Steady Above $73 on Mideast Home Depot bank stalled Wal-Mart Critics Take Campaign on the road Tribune declines L.A. Times offers ---------------------------------------------------------------
You May have Missed--- Men Not Working, and Not Wanting Just Any Job ---------------------------------------------------------------
Sports Briefs---- Madden at the top of his game Bourdais wins San Jose Grand Prix ----------------------------------------------------------------
“Gimme that Wine” Clos du Bois to grow Ravenswood founder Joel Peterson could retire wealthy -- but he still loves making wine Bankrupt Legacy Estates to be bought by joint venture Wine Prices by vintage US/International Wine Events Winery Atlas Leasing News Wine & Spirits Page ----------------------------------------------------------------
Calendar Events This Day Feast of Saint Ignatius of Loyola, Founder of the Society of Jesus and Jesuits. Canonized in 1622 ----------------------------------------------------------------
Today's Top Event in History 1981 - The seven-week baseball players' strike came to an end as the players and owners agreed on the issue of free agent compensation. ----------------------------------------------------------------
This Day in American History 1498- Christopher Columbus first sighted the island that he called La Trinidad. The island was inhabited by two tribes of “Indians, the Arawaks, who were peaceful fishermen and farmers, and the more belligerent Caribs. Upon his return to Spain, Columbus described the islands to the King as very lush and pleasant, and soon the Spaniards began to colonize them. Trinidad and Tobago remained under Spanish rule from 1498 until Feb 18, 1797, when the Spanish Governor, Chacon, surrendered the islands to the British Navy. British rule continued until 1962 when Trinidad and Tobago gained their independence, after having been self-governing since 1956. The chief export were slaves. Those that were not captured were killed and many maimed in the battles between well-armed soldiers on horses and Indians with primitive weapons at best. --------------------------------------------------------------
Baseball P"A clever runner steals a base." - James J. Metcalfe James J. Metcalfe was a widely syndicated columnist for the Chicago Sun-Times and a German-American poet that put together a very nice poem that truly does catch the essence of the game in a most eloquent manner. Baseball by James J. Metcalfe © Published: Unknown (Unknown) The game of baseball is the king http://www.baseball-almanac.com/poetry/po_bball.shtml -------------------------------------------------------------- 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? |
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