Wednesday, July 28, 2010
Alert---Mark Anstett, InSpec Global Technologies
Alert---Mark Anstett, InSpec Global Technologies, LLC
Former president of Equipment Acquisition Resources, Palatine, Illinois, named in the bankruptcy along with ex-convict Sheldon Player, as well as various complaints from creditors, including banks, has opened his own company: InSpec Global Technologies, LLC.
"InSpec Global Technologies acquires and sells pre-owned equipment, refurbish's equipment, offers peripherals and parts. Warranty and support included. Come back often to view our current inventory."
The charges in bankruptcy and complaints center around leases of the same used equipment many times, ghost equipment, as well as other performances.
Anstett's LinkedIn lists him as past president of "Equipment Acquisition," no address, and the current company has a web site with his name and address. The telephone is his cell telephone. Leasing News called, but did not receive a response.
Equipment Acquisition Resources articles:
For a full listing of all “job wanted” ads, please go to:
Other e-Mail Posting Sites:
Sun National Bank “Conservative Loan” to Allied Health
Perhaps the problems started with Sun National Bank (NASDAQ-SNBC), Vineland, New Jersey, who had lent Allied Health Care Services, Orange, New Jersey, $15 million as well as extended other credit. Sun lost $17.1 million in 2009, compared to a $14.9 million profit in 2008. In April 2010, the bank signed an agreement with the OCC committing it to boost its capital base and revise its commercial credit, which it did, announcing an infusion of $100 million July 7th.
Charles Schwartz, president of Allied had been telling creditors, including banks, leasing companies, that he was negotiating a $15 million loan. What he didn't tell them was that his loan at Sun National Bank is in "work out," according to a highly reliable source.
February 9th, Leasing News issued an alert to learn more about this company. It came from an inquiry to Lease Police from a funder who had turned down the vendor, Donner Medical, for a lease to Allied Health Care Services, and the broker said he would provide another vendor who would present the invoice. The new vendor appeared on the Lease Police list as someone not to do business with. The funder had already turned the transaction down, but was curious about the new vendor. Bernie Boettingheimer, CLP, president of Lease Police, was in turn curious about Allied Health Care Services and called me up, saying he saw the problem, but couldn’t “nail it to the wall”--- had I ever heard of them. "No, but let me see what the readers can tell me."
Wow, I received over 50 telephone calls the next few days, several dozen emails, and spent the next basic two months talking with the callers, all off the record, as well as receiving financial statements, tax returns, and other information for an opinion.
In almost all the conversations, the bankers would start off, "My first impression is it looked too good to be true." Whether the creditors ever spoke to anyone at Sun National Bank was not covered, although the UCC shows a 11-18-2004 lien on "Inventory including proceeds and products - Accounts receivable including proceeds and products - Account(s) including proceeds and products - Computer equipment including proceeds and products - and OTHERS." The others, Leasing News is told, are all the personal and commercial real estate owned by Charles Schwartz, which Sun National has a lien. Whether this legally includes the pension fund is not known.
In speaking with the various creditors, they noted all the certificates of deposits. Perhaps they were checked "on line" through the banking system, but it appears no one asked the banks where they were domiciled if they were pledged or being secured for other loans and leases. The pledges and liens on real estate were not noted on the business or personal financial statements as seen by Leasing News, and noted by others, as well as the security held by Sun National.
Several verified the tax returns as being what was submitted to the IRS.
A reliable source in the industry, suggested we verify the serial numbers listed on the recent public UCC filings. Leasing News found the relatively sequential numbers odd as mentioned in previous articles, in addition an odd occurrence was the manner in which Allied was purchasing the units. Leasing News asked ourselves the following question: Why would a company buying such large quantities of equipment buy from a broker? Most companies buying such large quantities would find it easier, cheaper and beneficial to buy direct from the Manufacturer. The equipment was discontinued and most of the units purchased were “used,” although not disclosed on the invoices, although many creditors were told they were “refurbished.”
Leasing News called the manufacturers and discovered that none of the serial numbers we provided were real.
In checking out the marketplace, Leasing News found the respirators retailed from $995 to $1500, with the average price of $1250. These were for one unit, not a discount for more than one. The dealer, who rented them for $200 a month on a rental contract, including the care of the equipment with a free loaner, also offered at $256 a month and own at the end. In all the Allied transactions, they were purchased for $5,000 a piece. Due to the nature of the equipment, no sales tax or personal property tax, verified by both the New Jersey and New York law statutes.
The invoices were simple and many numbers in consecutive order; not all, but in groups. An industry source suggested that because of the nature of the equipment, the manufacturer is required to maintain serial numbers and records for all products sold including the LPV-120 and that the Manufacturer could verify the serial numbers provided by Allied and Donner Medical. What Leasing News found was that none of the serial numbers on the lists that we had could be validated raising the question: Does any equipment exist? Or is there something else going on between Allied and Donner? Did they actually buy equipment?
There is more to the report as well as other inside knowledge for a future article. Seven banks so far have filed complaints for non-payment and demand over $20 million at this date. Leasing News is aware of several more banks that are ready to file.
Calls to Charles Schwartz at Allied Health Care Services were not returned, as well as telephone and email calls to Noel R. Devine Director of Marketing, Sun National and
A. Bruce Dansbury, Executive Vice President,
The Sun National bank $100 million infusion of capital announced July 7th included billionaire Wilbur Ross, who now owns a 25 percent interest in the bank, as he invested $50 million, the Brown family contributed $30 million and other investors contributed $20 million.
Bernard A. Brown, 84, has been Sun’s chairman of board since its inception in January 1985. Directors Ike Brown, Sidney R. Brown, Anne E. Koons and Jeffrey S. Brown are his children. Brown also chairs NFI, a trucking conglomerate based in Vineland. Sidney Brown, 52, serves as Sun’s vice chairman and CEO of NFI.
According to Yahoo Finance, Bernard Brown owns 2 million shares as of June 30 while Sidney owns 380,844, Koons owns 408,815, Irwin Brown owns 276,368 shares and Jeffrey Brown owns 225,856 shares. Bernard A. Brown, 84, has been chairman of Sun’s board of directors since its inception in January 1985. Directors Ike Brown, Sidney R. Brown, Anne E. Koons and Jeffrey S. Brown are his children. Brown also chairs NFI, a trucking conglomerate based in Vineland. Sidney Brown, 52, serves as Sun’s vice chairman and CEO of NFI.
Sun Conservatively Managed:
Current Dun & Bradstreet Report on Allied Health:
7th Bank files against Allied Health Care Services:
(Leasing News provides this ad “gratis” as a means
June Sales Statistics from ELFA and ELFF
The Equipment Leasing and Finance Association’s (ELFA) Monthly Leasing and Finance Index (MLFI-25)
Equipment Leasing & Finance Foundation (ELFF) Monthly Confidence Index (MCI-EFI)
Leasing Industry Help Wanted
Please see our Job Wanted section for possible new employees.
Mesa Leasing re-Joins Funder List and Story Credit List
Jeff Macdonald has again connected with his investors, and secured an ability for transactions in California.
A -Accepts Broker Business | B -Requires Broker be Licensed C -Sub-Broker Program | D -"Private label Program" E - Also "in house" salesmen
Story Credit List:
Correction: Commercial Capital "Broker/Lessor" List
Due to a technical error, now corrected, this is being repeated with corrections.- Editor
As many "Broker/Lessors" have the ability, Commercial Capital works with a limited number of brokers, particularly in their specialties.
A - City Business License | B- State License | C - Certified Leasing Professional | D - State(s) sales/use tax license |E - Named as "lessor" on 50% or more of lease contract signed. |
“Commercial Capital Company has been in business for over 25 years centrally located in Overland Park, Kansas, a suburb of Kansas City. Throughout our history, we have been known as the company that can get it done.
"Any financing company can work with typical capital equipment like construction equipment, vocational trucks, or manufacturing equipment. This type of equipment makes up 80% of our assets. We also provide service to industries that are poorly served by the financial industry. For example, we are one of the largest dairy cattle financing companies in the country. We can provide specialized financing such as receivable financing, and asset based financing. We have been a direct funding source for the majority of our history which has allowed us to finance out of the box businesses a bank wouldn’t touch or understand."
Full List “A” Broker-Lessor:
### Press Release ############################
CIT Reports Second Quarter 2010 Net Income of $142 Million; $0.71 Per Diluted Share
NEW YORK—CIT, a leading provider of financing to small businesses and middle market companies, today reported net income for the quarter ended June 30, 2010 of $142.1 million, $0.71 per diluted share, up from $97.3 million and $0.49 per diluted share last quarter.
“During the second quarter we continued to advance our key corporate initiatives,” said John A. Thain, Chairman and Chief Executive Officer. “We improved our funding flexibility, repaid higher cost debt, streamlined our portfolio and largely completed the build-out of our senior management team. We remain committed to increasing the value of our commercial franchises and supporting the small business and middle market sectors that are vital to the U.S. economy."
Summary of Financial Results
Net income increased from the quarter ended March 31, 2010, as gains on sales of assets and recoveries of pre-FSA charged-off receivables more than offset a higher provision for credit losses and costs for an employee retention program announced last quarter. The second quarter results include pre-tax net accretion and lower depreciation of $407 million resulting from fresh start accounting (“FSA”) balance sheet adjustments recorded in December 2009.
Net interest revenue declined $31 million on lower financing assets and less net FSA accretion. However, total net revenues1 increased 28% sequentially as an increase in other income offset the decline in net interest revenue.
Net finance revenue1 (which includes operating lease rentals and depreciation) as a percentage of average earning assets was 4.03% compared to 4.09% last quarter and includes a 3.72% benefit from FSA. Excluding the impacts from FSA and prepayment penalty fees on high cost debt, margin was 0.68% up slightly from the first quarter.
Other income (excluding operating lease rentals) increased from last quarter due to gains on receivable sales and recoveries on receivables charged-off prior to the adoption of FSA. The prior quarter included losses on foreign currency exposures that were largely hedged during the second quarter.
Operating expenses increased from the first quarter as costs related to an employee retention program established last quarter more than offset declines in all other expense categories.
Continued focus on balance sheet optimization resulted in total assets declining $3.1 billion to $54.9 billion. Strategic asset sales, net portfolio collections and $800 million in new financings, enabled the pay down of $3 billion of debt. New business volume of over $1 billion was up 14% from last quarter. Assets held for sale declined during the quarter as the Company completed the sales of its Australia and New Zealand vendor business and approximately $580 million of student lending receivables.
Preliminary Tier 1 and Total Capital ratios improved to 17.2% and 17.9%, respectively, from 15.5% and 15.9% at March 31, 2010, benefiting from both growth in common equity and a decline in risk-weighted assets.
Full Press Release with Financial Statement here:
Conference Call Transcript:
Fingerprint Mobile Telephone Security
Yesterday's admission from Citigroup that they discovered a flaw with their iPhone mobile enterprise application, clearly presents the case for strong authentication on mobile devices. While consumer adoption of mobile banking is just one example why stronger mobile security measures are necessary, there are many, many more - worker logging onto his Company's secure server from his/ hers mobile device, and a consumer logging on to conduct any financial transaction.
Yesterday's New York Times article on Citigroup's mishap stated, "an incident that highlights the growing security challenges around wireless apps".
The Times also stated, "Mobile banking is a popular and fast-growing activity on smart phones. The Citi Mobile app, currently the 11th most popular app in the finance category of Apple's App Store, allows customers to check balances, transfer funds and pay bills. The glitch highlights the security challenges that are emerging as cell phones grow more sophisticated and consumers increasingly use them to organize their lives. John Hering, chief executive of mobile security provider Lookout, said his company is discovering more apps that could inadvertently expose or leak personal information, such as location information and phone numbers."
BIO-key International is unveiling its first ever mobile biometric identification and authentication platform. The mobility platform provides enterprises with the ability to capture and transmit fingerprint biometric data to a secure server for identity and authentication of Smartphone, laptop, tablet and desktop users.
In short, you will have the ability to use your fingerprint, to ID you through your mobile device, to an enterprise's secure server. No passwords, keys or tokens... just your finger. This would effectively negate the majority of security issues associated with mobile enterprise ID.
Enterprise Application Providers Can Now Easily Add Biometrics for Strong Authentication of Smartphone Users
WALL, N.J., / -- BIO-key International, Inc. (OTC Bulletin Board: BKYI.OB ), a leader in finger-based biometric identification solutions today announced the company will be unveiling its first ever mobile biometric identification and authentication platform that provides enterprises with the ability to capture and transmit fingerprint biometric data to a secure server for identity and authentication of Smartphone, laptop, tablet and desktop users today, Wednesday, July 28 , from 6:00 to 9:30PM, in Oracle Corporation’s Hospitality Suite at the Burton Group Catalyst Conference held at the Hilton San Diego Bayfront Hotel and Convention Center, San Diego, CA.
“We live in a world with 24 by 7 access to information from mobile devices. Application providers and enterprise IT professionals have been struggling with how they can quickly, conveniently and accurately establish the identity of remote users looking to access their sites and applications,” said Mike DePasquale, CEO of BIO-key International. “With the anticipated ubiquity of fingerprint enabled Smartphone's such as the LG eXpo, the first such smartphone introduced in the US market, enterprise application providers now have a more secure and convenient alternative to passwords for their remote users to establish their identity,”
BIO-key partners including Oracle, IBM, Computer Associates and Evidian, who have added BIO-key’s biometric identity solution into their offerings, can now provide their enterprise customers a fast, secure and convenient way to assure their users identities to access enterprise applications through smartphones
BIO-key is a Gold level member of the Oracle® Partner Network. “The fact that BIO-key’s software is interoperable with numerous fingerprint readers is an important feature for Oracle because it enables enterprises to more easily establish identity remotely on a variety of devices – from laptops to tablets to cell phones,” said Darren Calman, director of product management, Oracle Identity & Access Management. “Software that can enroll, identify and verify mobile users is critical to our customers with today’s work force.”
According to IDC’s May 2010 Worldwide Mobile Phone Quarterly Tracker report, growth in the smartphone market more than doubled that of the overall mobile phone market in the first quarter this year, stating vendors shipped a total of 54.7 million units in the first quarter of 2010 (1Q10), up 56.7% from the same quarter the year prior. Furthermore, a March 2010 Nielson report predicted that smartphones will become the standard device by the end of 2011, with the number of smartphones in the U.S. exceeding mobile phones.
“Cell phone manufacturers recognize that passwords and PIN codes are not sufficient to secure a cell phone user’s personal data or provide secure access to company networks and servers. Over 10 million mobile phones have now added fingerprint readers from AuthenTec into manufacturers’various models to take advantage of the convenient security, personalization and touch control combined with very low solution implementation cost and we see deployments continuing to grow,” said Larry Ciaccia, President of AuthenTec, a leading provider of security, identity management and touch control solutions.
“The BIO-key fingerprint biometric software protects user privacy while providing a convenient and significantly more secure alternative to passwords and tokens for a person remotely accessing an enterprise application. With the simple touch of a finger and without the need for other forms of identification, BIO-key's identification software can quickly search an enterprise database of authorized users to positively establish the identity of a remote user,” added Dr. Ronald D. Black, Chairman and CEO, UPEK a leader in enterprise and consumer biometric fingerprint solutions.
“Smartphones provide enterprise users with further flexibility to access applications and information from virtually anywhere and at anytime;” commented Rob Baxter, CEO, Validity, Inc, a leading provider of convenient, secure and reliable fingerprint authentication solutions. “BIO-key’s biometric enterprise identification platform ensures quick and secure identification of enterprise users from any device running on any platform without the inconvenience of typing passwords, and giving enterprises the reliability and security to include smartphones as part of their IT solution,” he added
The Burton Group Catalyst Conference, is a five-day, industry-shaping conference that explores cutting-edge ideas, current challenges as well as emerging technologies shaping today’s and tomorrow’s enterprise. This event is renowned for its attendee-driven agenda, high-profile speakers, in-depth content and fiercely independent point of view. On Wednesday from 6:00 to 9:30 PM, in the Oracle hospitality suite, BIO-key will demonstrate how a user can establish identity on the Oracle Identity Management platform over smartphones and laptops to gain access to data and applications.
Mr. DePasquale concluded, “For years our fingerprint biometric identity solutions have been running in retail, financial, healthcare, education and civil applications using laptops, tablets and desktops equipped with fingerprint readers to authenticate the identity of users. Now, with the proliferation of smartphones, BIO-key has a fast, secure and convenient identity and authentication solution for businesses that need to establish the identity of smartphone users before giving them access to applications and critical information.”
About Oracle PartnerNetwork
#### Press Release #############################
"Poe is a 4 year old yellow boy. He came from a home with 4 children and gets along well with them. He’s a typical young lab with a lot of energy. Poe likes being around other dogs and uses the doggie door.
He is a smart, expressive boy who knows sit, down, roll, give paw, come, wait, off, lay down and he will go outside and wait at the door when you tell him to. He is slender and has short hair. We believe he may be mixed with a pointer and he will point at times. It is very cute.
He would be a good jogging partner and will do best in an active home where he gets a lot of exercise. Poe loves to cuddle and would be happy to sleep in your bed although he is also happy on a dog bed. He is also being crate trained in his foster home."
Here are other dogs available for adoption:
AZ Labrador & Giant Breed Rescue, Inc
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
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1746-Thomas Heyward birthday, American Revolutionary soldier, signer of the Declaration of Independence. Died Mar 6, 1809.
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