Wednesday, July 7, 2010
Memorial for Shawn Griffin
Memorial for Shawn Griffin
There is a Memorial for Shawn at Mariner's Church in Newport Beach on Friday the 9th at 6PM. It will be held at the Chapel. Mariner's Church is located in Newport Beach. www.marinerschurch.org
"Please join us as we remember Shawn as we knew and loved him. Please bring any photos, stories, souvenirs, and other remembrance to pass to his sons to help keep their father's memory alive forever."
Orange County Register
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GCR Capital Equipment Leasing Closes it Doors
Judy DiVincenzo, President of GRC Capital, Safety Harbor, Florida, in business since April, 1966 announces she had closed her company doors:
“We regret to inform you that after many years of service, GCR Capital has ceased operating and closed its doors because of the current poor economic conditions in the lending industry. GCR tried mightily to continue in operation, but in the end was unable to do so. We sincerely regret any inconvenience GCR's closing will cause you.
“If you have further questions regarding this matter, please contact GCR's attorney, Tom Long at the Barnet Bolt law firm in Tampa, 813 253 2020, email firstname.lastname@example.org, 601 Bayshore Blvd., Tampa, Fl., 33606. “
Sincerely, GCR Capital
In the last few years, all complaints about advance rentals were handled by Ms. DiVincenzo, except for the last one. Her company had also settled with the Attorney General of Florida complaints, and made local newspapers with her not returning deposits:
Bulletin Board Complaint:
Leasing Companies out of the Broker/Discounting Business:
LEAF Specialty to Shut Down in Two Weeks?
A highly reliable source told Leasing News the LEAF Specialty unit, formerly NetBank Finance, Republic of South Carolina, whose co-founder Dwight Galloway, CLP, stopped funding leases in March, will close down in two weeks. Accordingly, "...letters are being mailed in the next two weeks...to all lessees....NetBank is closed; all employees are laid off. not sure about Dwight however."
Leasing News is aware of recent meetings with TD Bank and that Galloway has been actively searching since the end of last year for a bank or group to take over his operation. Originally, it was reported Resource America had given Galloway until the end of March and they then would get active. What they did was cut off the funding.
Perhaps this is an old as the line from a vendor, "Do this deal and I'll give you all my business." When a company is purchase, “Make promises to the management/staff -- get their hands on the portfolio -- wind down the company – get rid of staff. This happened to all these companies with LEAF.
LEAF had a direct sales group in California; LEAF Financial Corporation - 1551 N Tustin Ave, Santa Ana, CA 92705 which Leasing News wrote about several times. This group was hand fed qualified leads from the home office in Philadelphia, primarily these leads were filtered through the portfolios they were acquiring including from brokers. These leads were sent over pre-qualified for approval up to a certain limits for the salespeople to call.
No doubt they will do the same with LEAF Specialty. But then again, so did Marlin Business Services, and brokers wrote Leasing News they would never do business with them again. As soon as Marlin opened up for a limited number of brokers, many of those who wrote Leasing News were complaining now of not being let into the small group accepted back. Perhaps the same may have with US Bancorp dba Lyons dba Manifest Funding.
LEAF Financials attention seems to be leaning heavily on its credit card advance lending companies, Merit Capital Advance, LLC, as well as promoting a factoring company, Prompt Payment, where the buyer can take up to 60 days interest free to repay what was advanced to the seller.
In the meantime, negotiations with the LEAF Specialty Columbia, South Carolina landlord for the 21,000 square foot facility has been underway with reported delinquent rent payments, threats of a law suit, and Bob Hunter of LEAF Financial has been active, it is alleged, and uncooperative, Leasing News is told, to sublease the property. Originally this was to take over the Santa Barbara and other operations, but it appears the direction changed as studies, Leasing News has been told (and by other funders, too) have indicated independent broker business has a higher write-off and problems, so LEAF Financial wanted out, following many others in the last year, who prefer to work with vendors of equipment directly.
As far a negotiating the remaining 21,000 square foot lease agreement, it is reported that Resource America, who's main business is as property managers, has experience in such things---but does LEAF Financial have the same in being on the other side of the table, meaning being the lessee in trying to break a lease with a lessor?
Leasing News is promised the entire inside story should the negotiations blow up.
Leasing Companies Out of Broker/Discounting Business
Claim: PSFS Violated California Finance Lenders Law
Ken Catanzarite, Esq. of the Catanzarite Law Corporation, Anaheim, California told Leasing News his firm has filed has filed an amended class action lawsuit seeking over $30 million on behalf of a Nationwide Class and a California citizens subclass related to what the plaintiffs allege to be the Brican Exhibeo Lease Fraud in the Brican America, Miami Beach, Florida matter. He states, "All of the leases contain the classic $1 end of lease bargain purchase clauses related to equipment fairly valued at no more than $3,500 and as such these are capital leases subject to both the California Finance Lenders Law and are also violate several states usury laws including California."
Tom McCurnin of Tom McCurnin Barton, Klugman & Oetting, Los Angeles, won a major victor regarding Commercial Money Center as it also was not licensed in the State of California. Catanzarite’s complaint asks for a determination that the Brican leases, both originated with and assigned to Professional Solutions, West Des Monies, Iowa, subsidiary PSFS, "are void or voidable, that the leases and related advertising and marketing agreements were misrepresented to plaintiffs and include usurious interest charges which entitles all plaintiffs to compensatory and punitive damages against all defendants, including PSFS."
"PSFS is a division of NCMIC FINANCE CORPORATION, an Iowa corporation, doing business as Professional Solutions Financial Services. PSFS is a member of NCMIC Group, Inc., a family of companies that offer a diversified portfolio of products to meet the insurance and financing needs of professionals including chiropractors, naturopaths, doctors, dentists and lawyers. The companies were started in 1946 with, what is described as, its “flagship operation”, NCMIC Insurance Company, licensed in all 50 states."
"On behalf of the California subclass the lawsuit asks a determination that the leases and related assignments are all void for failure to comply with the California Finance Lenders Law which plaintiffs allege required both PSFS and Brican to be licensed before entering into the leases and marketing agreements with California citizens, that such unlicensed activity and the failure to fully disclose the complete facts of the transaction results in the leases being void; in turn invalidates the floating forum selection clause; the pay come “hell or high water” clause; the California jury waiver; and related waiver clauses; and entitles each California citizen to a recovery of all money paid to PSFS, punitive damages and treble damages up to $10,000 per class member and attorneys’ fees and costs."
Brican America Lease (note #8: lessee pays personal property tax as owner as well as the many $1.00 purchase option clause:)
Brican America/Brican Financial Lawsuits
((Please Click on Bulletin Board to learn more information))
Iowa Supreme Court Ruling Royal Carts Case
What follows is a case on Friday July 2, 2010 that has a major impact on the Brican America-Professional Solutions $38 million case as well an estimated $12 million with other leasing companies.
Ronald P. Gossett, Gossett and Gossett, Hollywood, Florida has over 750 clients in a class action suit against PSFS as well as 50 California clients in a class action suit against PSFS. There are other attorneys in Florida, New Jersey, and Illinois also representing lessees involved with Brican America, including Ken Catanzarite, Esq. of the Catanzarite Law Corporation, Anaheim, California (see story prior.)
“The 3-column direct lease provides that it is non-cancelable (paragraph 1), and the lease buyout at end of term is $1.00 (paragraph 4, and box checked in Payment Terms), “ Ron Gossett explains regarding the recent court decision. “ Accordingly, pursuant to the Iowa Supreme Court, this is a security agreement, not a financing lease.
“The full page lease provides that it is non-cancelable (paragraph 1), and the lease buyout at end of term is $1.00 (paragraph 4, and box checked in Payment Terms). Accordingly, pursuant to the Iowa Supreme Court, this is a security agreement, not a financing lease.
“Under Iowa Statute section 554.1203, the transaction creates a security interest if the contract is not subject to termination by the lessee, and the lessee has an option to become the owner of the goods for no additional consideration, or for nominal consideration, upon compliance with the lease terms. Under Iowa Code section 544.13103(1)(j), provides that a sale which creates a security interest is not a lease.”
Ironically Leasing News has written about C&J Vantage Leasing Company and its assignments to Frontier Leasing, both in Iowa, and in this case a ruling from the Supreme Court of Iowa regarding OUTLOOK FARM GOLF CLUB, LLC d/b/a THE LINKS AT OUTLOOK GOLF COURSE, as reported by www.leagle.com:
(as a side note, the law firm representing PSFS is the same one that was represent Frontier Leasing: Ginkens & McConnell, P.L.C., Clive, for appellee.)
Brican America Lease (note #8: lessee pays personal property tax as owner as well as the many $1.00 purchase option clause:)
Quiet Enjoyment, Ownership and Performance Protections
Article 2A requires you to give the lessee the right to use the equipment without your interference even though you are the owner. This is called the quite enjoyment clause. It must be in your lease as follows:
Short lease agreements tend to forget these paragraphs until a default occurs and then which article of law is used to make judgment on the lessor’s rights may make you wish you had offered a complete lease agreement instead of a short form.
I can’t advise this more than to conclude by repeating: You should have your lease agreements reviewed by a “lease” attorney at least every two years.
Mr. Terry Winders, CLP, has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at email@example.com or 502-327-8666.
He invites your questions and queries.
Previous #102 Columns:
(This ad is a “trade” for the writing of this column. Opinions
Allied Health Denies Charges in Second Case
Allied Health Care Services, Orange, New Jersey, has responded to the first of three lawsuits, Kingsbridge Holding, LLC, Lake Forrest, Illinois, with a complaint of $1,051,207.74 plus attorney and court fees. It basically is the same denial of being in default or in violation of the leasing contract, almost a boiler plate for June 24 response to the Minnwest Capital Corporation, Minnetonka, Minnesota, (subsidiary of Minnwest Bank Metro) $2,070,690 suit against Allied as well as the Charles Schwartz, president of the company, as personal guarantor to the corporation. Commonwealth Capital Corporation was the third to file; June 18th, for $4,224,543.02 against the corporation and $1,792,893.82 against the personal guarantee of Charles K. Schwartz, "plus attorneys fees, costs, and interest, as well as all other relieve which this court deems just."
Service has not been made in the third case, and took several weeks for the first two from the original date of filings: May 3, 2010 Kingsbridge filed (53 days for response); May 18, 2010 MinnWest Capital Corporation filed (32 days) ; June 18, 2010 Commonwealth Capital Corporation (no service, therefore no response).
Copy of Allied Health Complaint Response:
Leasing Industry Help Wanted
Please see our Job Wanted section for possible new employees.
BBB Leasing Ratings Update
Three up-dates on Friday. The BBB ratings of all noted from articles that appeared in Leasing News will again be reviewed in three months.
“I noticed the BBB rating you had for our company in your newsletter this morning. I was quite surprised. I called the BBB and they said they “LACKED” information which is why the rating was so low. Please notice below how material accurate information can do for your rating.”
From a C – to A
Bankers Capital, Northborough, Massachusetts
From a B- to A:
TCF Equipment Finance, Minnetonka, Minnesota
Mike Garrity, Marketing Manager
From a C- to a B-
Celtic Leasing, Irvine, California
LEAF Financial Corporation, Philadelphia, PA
Employees rate their Employers
“Love your job? Hate your job?
All the leasing companies on the BBB list were used in the search and these were the only company found: average rating, how many reviews, plus the full report:
Bank of the West
Top Stories --- June 28-July 2
(1) US Bancorp Manifest--It's Official
(2) John Ogden Passes away
(3) Third Law Suit against Allied Health
(4) Cartoon—Manifest Kovash moves to Vendor Side
(Tie) (4) GE Capital Celebrates Financial Bill Regulation
(5) Alert---T.J. Montgomery/Healthy People 2010 Grant
(6) East Lansing Equipment Lessor/Atty. takes his life
(7) Only 1 Now-Lease Portals-Aggregate Funding Sources
(8) Secord Bankruptcy for Real by Christopher Menkin
(9) Archives---June 28, 2000
(10) BBB: Rating Leasing Companies
Grand Rapids, Michigan--Adopt-a-Dog
“Lobo is a 5 month old, male, black and gray, husky/shep mix. Lobo was brought to the shelter by his family when they were unable to care for him. Lobo is very social, has a medium dominance level, likes hugs, loves to play with toys, and hasn't shown any signs of food aggression.
“Lobo will be neutered, brought up to date on vaccines, wormed, licensed and given a microchip before leaving the shelter.
“Lobo is a nice dog but will need to be taught basic manner and attending training classes would benefit him.”
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
Zions, Huntington, KeyCorp make top ten stocks
Chinese bank may be world's biggest IPO
Wainwright insiders (including Frank Keohane) set for big payday
LB Finance launches Islamic Finance unit
Sam's Club will offer small business loans
Former Integrity Bank executives plead guilty to federal charges
US authorities start probe into hidden HSBC accounts in India
Bad-Debt Prices Up Amid Supply Shortage
Restaurants feel pinched, but aren't pinching pennies on improvements
Expect lots of government layoffs at state, local level
Oranje edge five-goal thriller
Joe Montana finds empty nest in San Francisco
Former Oakland Raider JaMarcus Russell sadly shows mastery of his spiral
Schwarzenegger sues, demanding Chiang pay minimum wage
Iowa's Cedar Ridge wine gets high rating
North Carolina wineries are on the map
Woot.com Acquired by Amazon
Female wine drinkers overtake men — who still get the wine list
The S.F. Chronicle Recommends: Portuguese whites
US/International Wine Events
Leasing News Wine & Spirits Page
Today in History
1863-Lt. Colonel Christopher "Kit" Carson (whom I was named after as my father was writing the radio series in 1942) leaves Santa Fe with his troops, beginning his campaign against the Indians of New Mexico and Arizona. A famed mountain man before the Civil War, Carson was responsible for waging a destructive war against the Navajo that resulted in their removal from the Four Corners area to southeastern New Mexico. Carson was perhaps the most famous trapper and guide in the West. He traveled with the expeditions of John C. Fremont in the 1840s, leading Fremont through the Great Basin. Fremont's flattering portrayal of Carson made the mountain man a hero when the reports were published and widely read in the east. Later, Carson guided Stephen Watts Kearney to New Mexico during the Mexican-American War. In the 1850s he became the Indian agent in Taos for New Mexico, a position he left in 1861 to accept a commission as lieutenant colonel in the 1st New Mexico Volunteers.
This Day in American History
1586- Birthday of Thomas Hooker, colonial American pastor and an originator of the earliest system of federal government in America.
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