Friday, June 10, 2005
Classified Ads--Leasing Attorneys
######## surrounding the article denotes it is a “press release”
Leasing Industry Attorneys
EFG Gets Hit for 300 Lap tops
Ken Wheeler, president of Equipment Finance Group, Fresno, reported to both the Fresno police and Farmers Insurance Company the theft of 300 laptops.
He says the theft occurred the previous weekend, witnessed by a neighboring company, who thought he was moving.
Some other computers and furniture were taken, but he says his main network computers were left intact, as well as his files.
The laptops were mainly for his independent contractors, who he says he supplies for direct contact with his company.
They were all new in unopened boxes, just delivered, to be sent out the beginning of the week.
At the time of the theft, he also stated a woman in San Jose wrote checks on his business Bank of the West account, which bounced some of his checks. The bank froze the account to prevent other false checks. He said luckily for him on one of the checks the woman's driver's license number was written down. The San Jose Police were able to track her down right away.
Ken Wheeler says he was able to make payroll from his private account, using his “black” American Express for other expenses, until the business bank account was corrected. He says the card has no limit.
Due to the amount being over $500,000 Farmers Insurance still has not processed the payment, although he has provided both the police report, delivery receipts of the laptops and copies of the paid invoices.
He says some funding checks bounced, and he has made them all good, plus is trying to get a handle on things, and with the insurance check, it sure would straighten out the cash flow. To add to his misery, he was cleaning out his aquarium the weekend of the robbery, taking it out empty in his back yard to wash it out, tripped on the hose, and really damaged his knee, that he can hardly walk, has had several MRI's, and needed this like another hole in his head.
He adds the leasing business is not the fun that it used to be.
California A.G. Late for Dinner with NorVergence Lessees
by Christopher Menkin
Lagging behind the country's other twenty-one states attorneys general, California State Attorney General Bill Lockyer, who has announced he is running for state treasurer, not the governorship, finally made an agreement with a leasing company involved in the NorVergence lease scandal: USbancorp.
The agreement on line does not have the exhibits attach that name how many are involved or alludes to the figure in the press release, different from the other agreements. In fact, the main difference in the California agreement with USbancorp are three items: It is not retroactive to other USbancorp lessees who settled earlier, whereas the other states it is ( 80% of the payment ) and this one has a different starting time. Normal USbancorp contracts call for the last two payments upon signing the contract with the first due in 30 days ( it gives them a higher yield.) There is also no provision for personal property tax refunds.
In New York they forgave 90% of the payments, and in many other states 85%. Here in California it appears to be 80%,
Instead of a date of July 15,2004 or July 31,2004 with Wells Fargo, this one covers “...that the customer make all payments due on its Rental Agreement through January 31,2005. To take advantage of this opportunity, customers shall not be required to make any payments(s) for late fees, penalties or equipment insurance charged after July 15,2004. Any such payments already made but not required by this Final Judgment will be refunded or credit to the customer's account.”
In his press release, Lockyer announced “...California businesses will receive up to $2.6 million in financial benefits under an agreement between his office and U.S. Bancorp (USB) to resolve a case connected to a consumer fraud perpetrated by NorVergence, Inc., a bankrupt New Jersey-based telecommunications company.
“NorVergence scammed nearly 1,000 California small businesses,” said Lockyer. “And when it went under, NorVergence left its victims on the hook to pay thousands of dollars for nonexistent service and high-priced equipment. This agreement with U.S. Bancorp provides a much-deserved remedy to defrauded California companies.”
Since the exhibits were not attached to the “final judgment” nor the number of USbancorp given in the press release, it gives reason. USbancorp was perhaps the first to seek settlements with their lessees, which they should be given credit for being a leader without seeking headlines. In an interview at the time, Leasing News was told they had 700 NorVergence lessees. If this is the case, what about the others not named in this agreement? They must be with other leasing companies.
Strange indeed is the emphasize regarding the weak venue provision in the “Equipment Rental Agreements” as being a main source of the settlement with USbancorp, according to the press release:
“The contracts purported to require customers to pay in full even if they received no services. Additionally, customers often found it difficult to challenge charges because the contracts allowed the finance companies to pursue collection lawsuits in venues far from customers' locations. USB's venue of choice was its home state of Minnesota, an extremely inconvenient forum for California businesses.
“As part of the settlement, USB has agreed to not enforce the provision of the rental contracts that purportedly allows USB to choose the venue to resolve disputes.”
Here is a copy of the agreement that appeared on the California
Attorney General's web site:
For those interested, here is the story about Lockyer not running for Governor:
R.W. Professional Leasing Trial Postponed
While confirmation was not forthcoming, neither was denial to understand the ruling in the “Pacer” files that the "Waiver of Speedy Trial" document meant that this trial will be delayed until 10/25/05 for the "interest of justice."
Elizabeth E. Macedonio is now the attorney for Barry Drayer, and appears to being a public defender, as the court approves "itemized" expenses. Drayer and other major defendants remain under house arrest, meaning wearing ankle bracelets that record their location. To obtain the ability to travel from the house appears to take the permission of the court in writing.
A reliable source told Leasing News that Drayer is claiming he has no money to pay for representation, and therefore has received a public defender, and for the defense to be able to represent the defendant, has been granted time to review all matters to date. It appears CIT has also entered the proceedings. CIT did not return telephone or e-mail regarding this subject.
June 27, 2002, the case was filed in the Eastern District Court of New York, United States District Court, following this story that appear in the New York Times:
“Forty federal agents raided the small headquarters of a company that leases medical equipment and arrested its top officers today for what prosecutors described as nationwide bank frauds that could total $200 million.
“ Just 10 days of investigation into a small part of the company's dealings found $6.5 million of fraud, prosecutors said in United States District Court in Central Islip, where three suspects were arraigned. A fourth was arraigned in Boston.
“Prosecutors said that the company, the RW Professional Leasing Corporation, concocted elaborate schemes using up to 100 rented mailboxes as far away as California to send phony checks, sham invoices, bogus leases and other false documents to banks in various states. Based on those documents, the banks lent RW millions of dollars to buy equipment and lease it out, prosecutors said.
“The schemes included multiple loans from different banks for the same medical equipment and loans for equipment that was never bought or leased, prosecutors said.
“Those arrested were RW's president and co-owner, Rochelle Besser, also known as Rochelle Drayer, 66, of Long Beach; her brother, RW's senior vice president, Barry Drayer, 62, who operated a branch in Wellesley, Mass.; another brother, Roger Drayer, 59, of Long Beach, who holds various titles; and Roger Drayer's daughter, Jennifer Tarantino, also known as Jennifer Drayer, 31, of Oceanside.”
In the meantime, various lawsuits against the parties, including $20 million from American Express for the Sierra Cities portfolio, $10 million from a group of community banks, and another group totaling a similar amount, were put on hold pending this criminal proceeding. Bank of New York admitted their error in the actions and wrote off $24 million.
Bets are among those in the leasing know that Barry Drayer won't spend a day in jail, and the smooth talking medical equipment leasing veteran knows the way to talk himself out of anything, as he did with CIT, Old Kent Bank, and First Sierra/Sierra Cities.
Those not familiar with this story may want to read the United States Attorney Office's press release in the matter included in the previous story about the postponement until June, 2005:
Mortgage rates drop to 14-month low
Freddie Mac economist revises end-of-year forecast lower Rates on 30-year mortgages fell again this week, according to their survey, dropping to the lowest point since the spring of 2004.
30-year, fixed-rate mortgages averaged 5.56 percent, down from 5.62 percent last week.
This marks the ninth decline in the past 10 weeks, pushing rates down to the lowest level since they averaged 5.52 percent the week of April 1, 2004.
While the Federal Reserve is contemplating raising their best rate another quarter, it seems not to have affected the competition or market place to any great degress.
Certainly the steady in decline in mortgage rates over the past two months has helped spur sales of both new and existing homes to record levels in April and analysts predicted further strong sales in May. It also has been one of the main reasons the construction industry is having record months.
The most recent drop in rates was attributed to the weaker-than-expected jobs report last week which showed businesses added just 78,000 workers to their payrolls, the poorest showing in nearly two years.
“The May employment report came in at less than half of what was expected last month, which pushed bond yields — and mortgage rates — down further,” said Frank Nothaft, chief economist at Freddie Mac.
As Federal Chairman Greenspan has noted there is a paradox in the worldwide marketplace that experts such as he do not understand, nor have experienced before.
Classified Ads---Help Wanted
Sales / Sales Support
EQUIPMENT LEASING IN UKRAINE
Robert Teichman, CLP
Bob Teichman, CLP, has been in the leasing business for 42 years, currently serves as an "educator" for the leasing industry with his company Teichman Financial Training, and recently spent 19 days in the Ukraine on a lease education project.
The development of Ukraine's financial markets is a top priority for the United States Agency for International Development (USAID). In this connection, USAID launched the “Access to Credit Initiative” in October 2004 - a five-year project implemented by the Pragma Corporation – in order to develop 4 discrete sectors of Ukraine's financial markets: mortgage, municipal finance, credit bureau and leasing. Given the pool of leasing experience in the US, ATCI asked lessor Bob Homans of Norden Capital and me, together with Pragma's in-country team, to help lay the ground work for the development of leasing in Ukraine.
Ukraine is a country that holds tremendous promise. Since independence in 1991, the country has been moving from a largely centralized economy to a consumer-driven market economy – a major accomplishment in light of Ukraine's recent history. This positive trend towards establishing a market economy has continued to accelerate following Ukraine's “Orange Revolution” last November. One of the government's main goals is to develop financial markets consistent with Western economic models. That's precisely where USAID, Pragma and we fit in.
Availability and access to credit is a basic need for a market economy. While we here in the US are used to the easy availability of all kinds of credit, from credit cards to home equity loans to highly competitive equipment leases, the financial infrastructure for such credit is at an early stage in Ukraine. There are no credit bureaus, for instance, and few equipment leasing companies.
To put matters into context, as of 1 st quarter 2005, Ukraine's total population was approximately 48 million: The number of employees/workers who actually work 50% of the time or more is approximately 10.5 million. According to official statistics, only 33% of those 10.5 million people earn more than UAH 750 (US$ 150) per month . That's about 7.33% of the population. Most people in Ukraine still operate on a cash basis and thus much of it (50 % according to the IMF) takes place in the ‘shadow economy' due to a less-than-friendly tax environment. .
To put it differently, there are less than 200,000 credit cards in Ukraine as of today. That means that only 1 out of every 250 people has a credit card and most of those people live in the major cities. Out in the country-side, you'd be lucky to find someone who has actually seen a credit card as opposed to a debit card which carries no risk to the issuer. With respect to leasing, the industry is in its infancy and that's where Homans and I come into play.
Local and foreign banks provide financing for large companies, but small and medium-sized enterprises, farms and individual borrowers are less likely to find acceptable financing. While Ukrainian banks have made tremendous progress in the last few years, credit extension still remains highly risky as evidenced by high down payments (20-50%), interest rates and collateral requirements. Lending tends to be short term and rarely exceeds 1 year. In addition, while there is a leasing law, the legislative environment remains shaky for both lessor and lessee – particularly in connection with dispute resolution or transaction pricing. These factors all contribute as well to the generally scarcity of funding for leasing companies.
For these reasons, there are few leasing companies in Ukraine, and most concentrate on vehicle leasing. After a series of extensive interviews with lessors, it became clear that there is substantial demand for equipment financing. Local banks, too, are increasingly aware that leasing can be a profitable enterprise. The market is beginning to drive the leasing market and, thus, new companies are seeking advice and training, not to mention funding, to soak up the demand for equipment financing. Farmers and small and medium sized enterprises will be the first to benefit.
The ATCI recognized the need to help lessors learn the wide array of practical techniques at the transaction level that our middle market leasing industry in the US has developed over the past 40 or 50 years. That's exactly what Bob and I and the local Pragma team focus on. By zeroing in on leasing at the lessor/lessee level, ATCI offers consultancy and a series of training courses to lessors, lessees, banks, vendors, and even regulators to enable them to understand leasing and to learn the technical skills and practices needed for an efficient and profitable operation. In addition, ATCI is disseminating information about leasing to the business community, the media and the public.
While in Ukraine in May, I provided training to ATCI staff members and others at a six-day “train-the-trainer” session in Kiev. Local ATCI staff members will in turn provide training to others directly involved in the leasing business. Towards this end, in June, ATCI will hold a basic training session for local vendors and prospective lessees, followed by an intermediate session on lease risk management for banks and leasing companies. Later this year, ATCI plans to hold a national leasing conference and will continue to carry out other “learning” related activities at a variety of different levels.
While I was in class, Bob Homans met with lessors, vendors and prospective lessees to further determine the extent of financing, leasing and investment needs in Ukraine. ATCI recognizes that improving the capacity and quality of the people who are employed by the industry will enhance the growth of the equipment leasing industry. To bring this about will involve the creation of a group of lease professionals – that's precisely one of our main goals. With this goal in mind, ATCI intends to create a certification program that incorporates the principles of the Certified Lease Professional program here in the US.
Equipment leasing in Ukraine is approximately where the US industry was in the 1960's, i.e., before lease brokers, before bank leasing companies, and before credit scoring. In order to meet the demand for equipment and for equipment financing, Ukraine needs knowledgeable lessors and banks as well as a friendlier tax and regulatory environment that more actively encourages leasing in the face of competition from other forms of financing. As barriers to leasing fall, Ukraine's leasing industry is expected to continue to grow – pushed forward, of course, by years of hard-won experience in the US.
Bob Teichman, CLP was born in New York. After attending the High School of Music & Art and the New York College of Music, he received his undergraduate degree from Columbia College. He pursued his graduate studies in Geneva, Switzerland.
He started in automotive leasing in 1963 in sales, then moved into equipment leasing in the late 1960's. For over 20 years he provided funding for leasing companies as an officer of both bank and non-bank lenders. Along the way, he started several successful leasing companies. His company, Teichman Financial Training, located in Sausalito, California, was founded in 1998 and provides lease education and consulting services to lessors, funders, brokers and other members of the financial community.
He is active in the United Association of Equipment Leasing (“UAEL”). For three years he was the Chairman of their Education Committee with responsibility for the Certification Program and Educational Programs. He was also a member of other committees including the Standards Committee. Bob recently finished serving his fourth year as a member of UAEL's Board of Directors.
Bob is a frequent speaker at leasing industry events, and has written articles for UAEL's Newsline and other industry publications. He is a co-author of the Leasing Professional's Handbook.
He currently serves on the Board of Directors of the CLP Foundation and Leasing News Advisory Board.
Bob Teichman, CLP
Leaseurope's new business increases by 7.2% in 2004
(news from Leaseurope, the umbrella body that represents the leasing industry in Europe. Its membership consists of 27 national associations that represent approximately 1300 leasing companies. www.leaseurope.org )
Leaseurope members achieved a new business record in 2004 of €229.6 billion, up 7.2% compared with 2003. The UK headed the league of 27 member countries with new business of €53.7 billion although this represented growth of just 0.1%, largely attributable to a downturn in big ticket activity. The UK was followed by Germany (€44.4 billion), Italy (€38 billion) and France (€26.9 billion).
Equipment leasing and hire purchase rose by 7.6% to €192.2 billion and, again, the UK was in pole position with €52.3 billion new business. Cars represented the largest leasing business sector at €52.7 billion (34.4% of the total), followed by machinery and industrial equipment (€34.8 billion) and road transport (€30.6 billion). By customer type, the services sector accounted for almost half of all leasing activity at €74.9 billion, followed by manufacturing, industry and construction at €46.1 billion.
Real estate leasing rose by 5.5% to €37.4 billion and Italy headed the table with €16.8 billion new business. Leaseurope's total outstandings rose by 10.9% to €603.8 billion at the end of 2004.
At the same time, Leaseurope's European Leasing Barometer shows that the confidence of leasing professionals has continued the downturn that began in the January survey. Regional analysis shows that only the UK, Ireland and Scandinavia saw a rise in their expectations, the rest of Europe remained significantly pessimistic. The ELB is an indicator of the confidence level of European leasing companies in the economy as well as their business and their expectations for the coming months.
The latest survey conducted in April/May shows a fall in expectations of 28 per cent compared with January's survey. After a positive outlook throughout 2004 where high levels of the ELB were confirmed by Leaseurope members' record new business of more than €225 billion, the industry's confidence has returned to the lower levels seen in the first half of 2002.
Confidence in the macroeconomic environment played the biggest role in the fall, down by 54 per cent compared with January. Expectations for leasing's outlook fell by 25 per cent whilst respondents' confidence in their own activities was slightly less pessimistic, down by 9 per cent. For the first time in the ELB's history, levels of confidence in investment are significantly higher than those for the economic climate.
2005NOLDataBase Released by Leasingpress
CHICAGO--For immediate release. Leasingpress announced today the release of their 2005 NOLDataBase product. The new release contains detailed information on more than 925 publicly traded companies that have unused Federal tax operating losses.
James Johnson, President of Leasingpress, indicated that "to my knowledge, this is the only tax product of its kind, and has been a staple of major lessors since 1992."
The NOLDatabase details a firm's net operating losses (NOLs) in terms of dollar amount, year or years of expiration, whether usage is restricted by Section 382 of the Internal Revenue Code, and whether the firm has a fully offsetting, partially offsetting, or no offsetting valuation allowance.
Johnson indicates the valuation allowance "can provide important information as to a firm's expectation of future taxable income--if a firm has no offsetting valuation allowance to their deferred tax NOL asset, the firm is indicating it is 'more likely than not' that they will be able to use the losses before they expire."
The 2005 NOLDatabase is a searchable database which permits the user to sort or search by company name, city, state, zip, phone number, primary SIC code, DUNS number, CUSIP number, total assets, equity, revenue, EBITDA and net income, in addition to being able to sort by NOL size, type of valuation allowance, Section 382 restrictions or NOL expiration date.
Leasingpress is a provider of information, analyses, books, reports and studies to the equipment leasing industry. Its three most recent books are Power Tools for Successful Leasing © 2000, Technology Leasing: Power Tools for Lessees © 2002, and Power Tools for Small Ticket Leasing ©. Their website is www.leasingpress.com .
PINNACLE CAPITAL BOOSTS EFFICIENCY AND CUSTOMER VALUE WITH LEASETEAM AND AMERICAN LEASE INSURANCE.
TACOMA, WA – Pinnacle Capital, LLC (Pinnacle) is offering its lessee customers additional value and improving funding efficiency at the same time, thanks to the American Lease Insurance (ALI) Program. Brent M. Hall, managing member of Pinnacle states, ”Insurance documentation can delay funding considerably. With ALI, we don't have to worry about it anymore.”
The ALI Program provides comprehensive property and liability coverage on eligible leases for equipment valued up to $250,000 from the date they become effective, eliminating potential documentation delays. Fully automated, the ALI Program is integrated with the LeaseTeam portfolio and asset management software Pinnacle uses. “The interface with our software was critical,” says Hall, “Pinnacle staff met Steve (Dinkelaker) at a LeaseTeam conference. His subsequent presentation convinced me that his product was really better than anyone else's, and that he had a very clear understanding of our business. I talked to a lot of people I knew in the industry, and his references were terrific. He and Pam Zoldy, ALI's client relations manager, have provided us excellent educational support after the fact.”
Steve Dinkelaker, who founded ALI in 2000, is a licensed insurance agent and broker who has been active in the equipment leasing industry since the mid 1980s. He created, implemented, and managed lease insurance programs for almost all of the major small-ticket leasing companies. Today, ALI delivers comprehensive coverage, systematic tracking, full collections follow-up and claims processing to 20 lessor clients.
“Our interface with LeaseTeam has helped LeaseTeam users to easily implement the ALI Program, protect their assets and streamline funding,” reports Dinkelaker. “We impress upon clients that the program can be a key sales tool, as it offers lessees better coverage than they can generally arrange on their own at extremely competitive rates.” Hall concurs. ”We present it as a benefit – it's really an excellent option for lessees.”
For Pinnacle, tracking may be the most important function ALI provides. The ALI Program tracks insurance coverage during the terms of the leases for lessees who choose to use their own insurance.
“We really don't have – or want to devote – the resources tracking requires,” admits Hall. “With ALI, we can focus on our business and let them handle the insurance.”
Founded by Brent M. Hall in 2000, Pinnacle Capital, LLC provides full service equipment financing solutions nationwide from offices in Tacoma and Wenatchee, Washington, and Sacramento, California. For more information, go to www.pinaclecap.com .
LeaseTeam, founded in 1989, is a leader in software development for the leasing industry. With a growing client base of more than 300 successful equipment finance companies in North America, LeaseTeam is known for its commitment to serving customers by providing responsive service and comprehensive, high-quality solutions. For more information, go to www.leaseteam.com .
ALI is headquartered in Sunderland, Massachusetts, 45 minutes north of Hartford, Connecticut. An active member of all major equipment leasing associations ALI has been the corporate sponsor of the Equipment Leasing and Financing Foundation's annual Industry Future Council since 2003. For more information, go to www.aliac.net.
CONTACT: JANET UNGER, MARKETING COMMUNICATIONS, ALI (413) 586-6479, firstname.lastname@example.org
BRENT HALL, MANAGING MEMBER, PINNACLE CAPITAL, (253) 926-1800 X 203, email@example.com
Leasing Partners Capital Inc. expands Xerox vendor program to include secondary financing agreement for NASG and NAAO sales activities.
Wayne, New Jersey,. Leasing Partners Capital Inc. a leading technology and equipment leasing company, announced an agreement to expand its vendor leasing program with Xerox Corporation. Headquartered in Stamford, Conn., Xerox is the leader in manufacturing and distribution of office imaging and document management systems.
Under the terms of the agreement Leasing Partners Capital will provide secondary lease financing for purchasers of Xerox systems originated from both Xerox's direct sales operation and Xerox's extensive dealer/agent network.
“We have a long history of providing services through the Xerox direct sales channel. This agreement enables Leasing Partners to continue to serve the needs of the direct Xerox sales team and makes our services available to the growing dealer & agent channel”, says Duane E. Rouba, Managing Partner and co-founder of Leasing Partners Capital Inc. Rouba goes on to say, “Xerox has many choices available to them, we're pleased that the company continues to see value in the high level of responsiveness and service that our company provides.”
About Leasing Partners Capital Inc.
Leasing Partners Capital Inc. is a leading equipment and technology leasing company based in Northern New Jersey. The company operates 21 field offices throughout the United States.
Leasing Partners Capital is known as a leader in vendor leasing programs, and has been offering financial and operating lease products to businesses and vendors in the Commercial, and Government Market sectors for more than 20 years.
Robert T. Mayer
Merchants Leasing Hires Gary Scanlon
MANCHESTER, N.H., -- Merchants Leasing is pleased to announce that Gary Scanlon has joined the company as National Sales Manager. Scanlon has a strong track record and reputation built during more than 25 years in the leasing industry. He most recently served in senior sales, marketing and business development roles with Donlen Fleet Services and Piemonte National Fleet developing a full array of fleet services and a national sales force. Prior to that he was Senior Vice President of LeasePlan USA in Atlanta where he had national responsibility for sales, marketing, contract administration, strategic accounts, new product development and introduction and the emerging markets unit. Scanlon also worked as a sales executive in the mid-west and on the west coast before becoming Regional Manager for ARI in Chicago.
About Merchants Leasing
Merchants Leasing offers customers nationwide a total fleet solution which includes its unique No Risk closed-end lease option. Other services include professional insurance and maintenance programs, fuel cards to manage mileage and gasoline expenses, local and nationwide delivery, and expert fleet management and administration services. Merchants leases a variety of vehicles including cars, trucks and vans, law enforcement vehicles, handicap-equipped vehicles and more. Merchants Leasing is part of Hooksett-based Merchants Automotive Group and a Singer Family Company which includes Merchants Original Auto Superstore, Merchants Nissan in Concord, as well as Merchants Service and CARQUEST Parts. For more information about Merchants Leasing, visit the company's website at
SOURCE Merchants Leasing
Web Site: http://www.merchantsleasing.com
eCredit Launches Industry-Specific Credit Management & Data Solutions
DEDHAM, Mass., -- eCredit, a leading provider of online solutions for credit and collections professionals, today announced the introduction of eCredit Transportation, which combines market-leading automation capabilities with access to industry-specific data and analytics. Building on eCredit's years of experience and expertise helping companies in specific verticals meet their credit and collections challenges, eCredit Transportation will provide organizations in the transportation and logistics industry with flexible business process software, accurate and timely data, and sophisticated analytics they need to successfully manage risk, drive revenue, and lower DSO and bad debt.
In order to further strengthen its transportation industry solution, eCredit has acquired The CreditExchange (TCE) of Scottsdale, Arizona. The premier supplier of industry-specific credit reporting services for the trucking, truck leasing and fuel, and air cargo industries, The CreditExchange has an extensive database reporting on over 35 million trade experiences on over 7 million unique companies. This acquisition will combine the expertise and extend the reach of each company, providing a complete software and data solution to the entire transportation industry.
"Over the past several years, eCredit and TCE have partnered to deliver credit and collections solutions to joint customers such as Ryder System, XTRA Lease, Continental Airlines, FFE Transportation and Comdata," said Jeff Dickerson, eCredit President and CEO. "TCE has established a market-leading position in the Trucking, Truck Leasing and Fuel, and Air Cargo industries and brings over 650 satisfied blue-chip customers to the eCredit family. We are very excited about the addition of TCE's powerful data to our product family and the ability to provide a comprehensive credit risk management solution to the transportation vertical."
"I have always felt that TCE has immense opportunities to grow and add even more value to our customers in the transportation industry," said John Weiss, CEO of The CreditExchange. "eCredit Transportation will allow TCE to achieve this. In today's fiercely competitive business with its historically lean profit margins, transportation companies cannot afford to extend credit to customers without the experience of eCredit and TCE."
In addition to eCredit Transportation, eCredit leverages industry-leading software, years of experience, and an extensive partner network to enable businesses in a wide variety of sectors, including Energy, Equipment Leasing, Manufacturing and others, to more effectively manage credit and collections operations.
eCredit is the leading provider of online solutions for credit and collections professionals. Its award-winning on-demand software family -- Personal Edition, Professional Edition, and Enterprise Edition -- supports the mission critical processes of granting credit, monitoring portfolio risk, resolving disputes and collecting accounts receivables. Within the Transportation industry, eCredit's solutions also include credit reports with over 35 million trade experiences on over 7 million unique companies. With deep roots in the credit and collections community, eCredit has over a decade of experience helping companies reduce bad debt and DSO while improving productivity, lowering costs and demonstrating results. eCredit is a private company headquartered in Dedham, Massachusetts. Major clients include American Airlines, Chevron, Cisco, Continental Airlines, Con-Way Transportation Services, Samsung Electronics, Cargill, NEC Financial, Graybar, CDW, Sun Microsystems, and Ryder System. eCredit is a private company headquartered in Dedham, Massachusetts. For more information, please visit http://www.ecredit.com.
eCredit.com and the eCredit.com logo are registered trademarks. Press Contacts Kate Anderson eCredit(781) 752-1250 firstname.lastname@example.org
Minority Alliance Capital Selects Tabitha Software To Provide Lease Management Technology Solution For Fortune 1000 Companies
WEST BLOOMFIELD, MICHIGAN – --- Minority Alliance Capital (http://www.mac-leasing.com) today announced that they have implemented Tabitha Software's technology to deliver unique value to financial and procurement executives in Fortune 1000 organizations through a web-based technology platform that optimizes the lease financing process, streamlines lease originations and effectively manages portfolios of financed assets.
Minority Alliance Capital (“MAC”) is a comprehensive provider of equipment lease financing and advisory services primarily serving Fortune 1000 companies and municipal entities. Tabitha Software is the leading provider of asset management solutions to the equipment leasing and commercial finance industries.
By combining MAC's lease consulting expertise with Tabitha's proven technology, the solution will help to ensure that companies incorporate best practices for equipment financing into policy standards consistently deployed throughout their enterprise. The solution consolidates critical information, manages contractual obligations, provides extensive reporting and integrates easily with other back-end systems. Additionally the solution will enable regulatory compliance, support corporate governance and leverage asset management tools to prevent cost leakage throughout the entire financing process.
“I believe that this managed technology approach provides a pretty compelling value proposition. Companies gain all of the benefits that Tabitha's technology platform offers and can leverage MAC's team of experienced leasing professionals to help them optimize their lease financing process. The result is a consistent and standardized approach to planning, sourcing and managing their assets throughout the life of the lease”, said Oscar Hatchett, President and CEO of Minority Alliance Capital.
About Minority Alliance Capital
Minority Alliance Capital is the nation's first minority-owned company to provide equipment leasing administration and advisory services for the Fortune 1000 market. Headquartered in West Bloomfield, Michigan, the company is a joint venture of three minority-owned banks and GE Capital.
About Tabitha Software
Tabitha Software, is the leading provider of asset management solutions for the equipment leasing, commercial finance and manufacturing industries. Through its suite of integrated asset management solutions, Tabitha Software helps corporations to better manage their assets by consolidating information and automating mission critical processes.
CIT Establishes New York City As Its Global Headquarters
New Location at 505 Fifth Avenue
Commitment to Corporate Center in New Jersey Remains Strong
NEW YORK, -- CIT Group Inc. (NYSE: CIT), a leading provider of commercial and consumer finance solutions, today announced that New York City will become its Global Headquarters with executive offices in a state-of-the-art building currently under construction at 505 Fifth Avenue. The Company's Livingston, New Jersey campus which will be renamed 'CIT Corporate Center' will continue as its principal base for corporate services and the Specialty Finance management team. CIT expects to move into 505 Fifth Avenue, to be named the 'CIT Building,' in the first quarter of 2006.
CIT's presence in New York reflects the Company's commitment to providing exceptional service and support to its growing mid-market client base, as well as global companies, Wall Street firms and the private equity sector. The building at 505 Fifth Avenue will serve as the main, client-facing offices for senior management, led by Chairman and CEO, Jeffrey Peek.
"We are pleased to mark yet another important day in CIT's history. Our more prominent presence in and commitment to New York City complements our position as a true global leader in commercial and consumer finance," said Jeffrey Peek, Chairman and CEO. "In addition to the business activities at our headquarters site, we look forward to contributing to New York's vibrant community by supporting numerous arts and educational programs, as we continue to do in New Jersey."
Today's announcement is the culmination of a series of recent internal initiatives undertaken by CIT to enhance operating efficiency and strengthen its customer focus. Over the past several months, the Company has realigned many of its businesses to more seamlessly deliver the full range of its product and service offerings to clients. As part of CIT's ongoing focus on organic growth and sales, the leaner corporate structure resulting from the establishment of the Global Headquarters and Corporate Center will facilitate new business generation and strategic marketing activities.
More than 300 employees, over half of the 550 employees currently located at CIT's offices at 1211 Sixth Avenue, are expected to move into 505 Fifth Avenue. The Company will continue to evaluate the optimal mix and location for business operations in both New York and New Jersey.
CB Richard Ellis' Mary Ann Tighe, CEO of the New York Tri-State Region, and Gregory A. Tosko, Executive Vice President, represented CIT in the transaction. CBRE is the world's leading commercial real estate services firm.
Cushman & Wakefield's Paul Glickman, Executive Vice President, Matthew Astrachan, Executive Director, and Shawna Menifee, Director, represented the building's developer/owner, Axel Stawski of Fifth @ 42nd LLC in the transaction.
Designed by renowned architects Kohn Pedersen Fox Associates, 505 Fifth Avenue is a 300,000-square-foot modern glass and concrete office tower situated at one of New York City's most vital crossroads in Midtown Manhattan.
The building's many first-class amenities include concierge service and advanced security and telecommunications systems.
CIT will celebrate its milestone announcement by participating in several upcoming cultural events including Lincoln Center Out-of-Doors and the New York City Opera For All! In addition, as part of CIT's longstanding commitment to the New Jersey community, the Company has awarded a four-year capital pledge to the New Jersey Performing Arts Center and entered into a corporate sponsorship with the Liberty Science Center.
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. CIT, with its principal offices in New York, New York, and Livingston, New Jersey, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim.
For more information, visit http://www.cit.com.
505 Fifth Avenue:
LS2 and Graydon announce strategic data partnership
LS2 Limited is pleased to announce the availability of credit reports supplied by Graydon UK Limited through the LS2DataSystem. The new link enables clients to search and retrieve data from Graydon for both UK commercial and directors' information, and through their EuroGateway services for a range of international on-line services.
The LS2DataSystem enables clients to access a large range of credit information suppliers both in the UK and Europe through a single connection as well as to create their own data retrieval and underwriting solutions. LS2 Director Peter Kainradl said: “A key advantage of the LS2DataSystem is that it substantially reduces the amount of time and cost involved in creating an on-line credit data link and enables use of different agencies via a common interface. This makes the implementation of on-line automated credit decisions easy and affordable.”
Graydon specialises in supplying innovative and powerful credit information and decisioning solutions to major credit insurers, banks and other financial institutions as well supplying large blue chip companies across all industry sectors. Graydon Major Accounts Director David Goddard said: “We are delighted to offer our services in conjunction with LS2 as this will provide LS2 users with fast easy access to our services via a common interface.”
The LS2DataSystem is available for installation at the client data centre in high-volume applications or as a managed solution for smaller traffic volumes.
ABOUT LS2 LIMITED
LS2 Limited was founded in 1999 to provide exceptional e-commerce trading solutions to the asset finance and leasing industry. Originally called LeaseServe Limited, it changed its name in early 2004 to reflect the wider market appeal outside the leasing industry.
LS2 Limited provides business and technology solutions to a range of major well-known clients. Their know-how has been refined over the past 15 years, and a continuous technology refresh program has enabled them to remain at the forefront of technology at all times and plan for the future. For more information, visit www.ls2.net
ABOUT GRAYDON UK LIMITED
Graydon ranks as one of the leading European business information providers specialising in credit information and credit management solutions. Graydon's combined international databases represent a powerful one-stop source providing online access to over 60 million credit reports on businesses in more than 130 countries worldwide. The Graydon ratings and reports are recognised by all major credit insurance companies. For more information, visit www.graydon.co.uk
Margaret Waldren, MW Links
Research and Markets: Latest Trends and Opportunities in
DUBLIN, Ireland, -- Research and Markets (http://www.researchandmarkets.com/reports/c18806 ) has announced the addition of Airfinance Annual 2004 / 2005 to their offering.
The 21st edition of the Airfinance Annual is the most in-depth, informative guide to commercial aircraft financing. In a single volume a comprehensive international review of annually updated aviation market material, financial analysis and information can be found. Introductory articles from specialists in the airfinance and aircraft market provide the reader with an insight into the latest trends and opportunities in the aviation industry, while the country-by-country analysis provides a truly global picture of the major issues at the forefront of the sector.
Included is a unique directory of over 1400 contacts from Banks/Finance Houses, Leasing Companies, Consultants/Brokers, Lawyers/Accountants and Insurance companies active in the airfinance market. The directory lists names, addresses, telephone, fax numbers, email addresses and at least one contact name & title along with a summary of their activities in the market.
This guide will be of use to professionals in: - Banks - Finance houses - leasing companies - Consultants/brokers - Legal consultants - Accountants - Insurance companies Chapters Provided Include: - Industry review and outlook - Is the aircraft market ready for recovery? - Airbus v. Boeing - The aviation expert witness - Eagle Bonds: A case study - Convenience, comfort and cost: The Boeing perspective - The market for 60--100-seat regional aircraft - Creditors' rights against third parties under the Cape Town Convention - Manufacturers, maintenance and repair directory - Airlines directory
For more information visit http://www.researchandmarkets.com/reports/c18806
SOURCE Research and Markets
### Press Release ######################
Greenspan calls economy "reasonably
8.3 million people worldwide had $1 million or more
Storms sweep through St. Louis region
Hispanics Are Fastest-Growing Minority
Army blitz to fight dip in recruits
War in Iraq blamed as sign-ups fall 27 percent
“Gimme that Wine”
Even after 20 years, Napa-Sonoma region struggles to define its identity
Yakima Valley finally promoting its wines
Auction Napa Valley doubles its cash haul
Today's Top Two Events in History
1919- Illinois, Wisconsin, and Michigan became the first states to ratify the 19th amendment to the U.S. Constitution that would remove the barriers to women voting in the U.S. Women had been voters in several states in colonial days, but in the 1787 at the U. S. Constitutional Convention (built on the precept that all men are created equal), the right to qualify voters was placed in the hands of the states that had already deemed women unqualified to vote. The one exception was New Jersey, which fell into line in 1807. It wasn't until Carrie Chapman Catt devised "The Plan" in 1916 - to fight for the vote nationally while continuing the state-by-state march - that the first recognition came that only the federal government could or would guarantee women's rights on a permanent basis.
1935- On this day in Akron, Ohio, Dr. Robert Smith completed his first day of permanent sobriety. “Doctor Bob” and William G. Wilson are considered to have founded Alcoholics Anonymous on that date. It is considered the first step to be the hardest, to admit you have a problem. The twelve steps are used often, not necessarily like a ladder, and it is common for relapses, thus the reason to alcoholics to attend meetings; a sponsor is also recommended.
This Day in American History
1586- A major tornado was reported at 2:30pm. Whatever happened to Jamestown? Perhaps it was a hurricane or a tornado? . Another was inn 1586: Sir Walter Raleigh's Virginia colonists off the coast of North Carolina reported a tornado that they feared would destroy their buildings if it came ashore. A hurricane of record on August 15, 1635 ravaged the Plymouth colony, according to a diary of the time. Of course, they were also not getting along with the American Indians, just putting down a major revolt, but it also could have been a hurricane. There is also a theory that the area was in a seven year drought and they ran out of food, as evidenced in the findings of small animal bones in their garbage. The fact is what happened is not known to this day.
Stanley Cup Champions This Date
1996 Colorado Avalanche
1933, Reagan's voice carried him to Des Moines and WOC's larger sister station, WHO. Broadcasting over a new 50,000-watt clear-channel station that carried throughout the Midwest, Reagan became a well-known sports announcer whose specialty was creating play-by-play accounts of Chicago Cubs baseball games that the station received by wire.
Gene Autry poem
by Jack Buck
This is from a poem written by the famous radio announcer Jack Buck, the voice of the St. Louis Cardinals for over 50 years. This was written for Gene Autry's 83rd Birthday Party in 1990. There are many similarities to Ronald Reagan:
The Last Cowboy
As America grew
He tapped telegraph keys
He wore a white hat
He could shoot at a target
He crooned "South of the Border"
His ride through life
He has enjoyed life to the fullest
We salute him today
Little did he know