Wednesday May 24, 2006
Headlines--- New Feature: SuDoku puzzles ######## surrounding the article denotes it is a “press release”
---------------------------------------------------------------- New Feature: SuDoku puzzles At the end of each issue, a new SuDoku puzzle will be posted. This is an experiment. Readers may play the game on line, or print for a latter time, plus choose the “level” they would like. The idea was that often leasing is numbers, and perhaps readers might enjoy SuDoku. editor ---------------------------------------------------------------- Classified Ads---Operations
Stag's Leap Wine Cellars Three Estate Vineyards, Napa, California http://www.stagsleapwinecellars.com/vineyards.htm Orange County, CA East Windsor, NJ New York, NY Wayne, NJ For a full listing of all “job wanted” ads, please go to: To place a free “job wanted” ad, please go to: ---------------------------------------------------------------- T-bills rates fall The interest rates on short-term Treasury bills fell to the lowest levels in three weeks. The Treasury Department auctioned $15 billion in three-month bills at a discount rate of 4.705 percent, down from 4.740 percent last week. Another $14 billion in six-month bills was auctioned at a discount rate of 4.810 percent, down from 4.820 percent. The three-month rate was the lowest since an average of 4.685 percent on May 1. The six-month rate was the lowest since 4.780 percent on May 1. The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,881.07 while a six-month bill sold for $9,755.49. Separately, the Federal Reserve reported that the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, fell to 4.98 percent last week from 5.01 percent the previous week.
---------------------------------------------------------------- North Shore Leasing & Funding joins “Broker/Lessor” List Third Column: YES - Year Company Started | YELB - Years in equipment Leasing Business A - City Business License | B- State License | C - Certified Leasing Professional |
For full list, please go here: http://www.leasingnews.org/Brokers/broker_Lessor.htm ---------------------------------------------------------------- Bank of Walnut Creek Leasing Sold
This greeted employees on Monday morning, May 22: "Subject: Exciting News about BWC "Good morning, BWCers! I am pleased to announce that, on May 20, 2006, the Board of Directors of BWC Financial Corp. signed a definitive agreement whereby Bank of Walnut Creek will merge with First Republic Bank, a bank with $9.6 billion in assets, long recognized for their friendly, personalized, old-fashioned banking service. The union of these Banks, who share similar philosophies and similar goals, will provide employees and clients with new opportunities, convenience and benefits. As with BWC, one of First Republic's strategic values is “having fun.” You may have heard radio commercials featuring their tag line: “It's a privilege to serve you” – a statement that mirrors our motto – “Our priority is people.” The merger will give our clients access to First Republic's wealth management and private banking services, along with a continued commitment to exceptional service. First Republic offers free ATMs worldwide, including rebates of others' access fees. First Republic, with headquarters in San Francisco, has offices in 10 major metropolitan areas. Bank of Walnut Creek offices are a strategic fit for FRB and represent an opportunity for them to grow private banking and wealth management in this market. There is no duplication in office locations. BWC Financial Corp.'s majority interest in BWC Mortgage Services has been sold to its president Scott Simonich. The company will continue to be headquartered in San Ramon. The merger is expected to be completed in the fourth quarter of 2006, subject to regulatory approval, other customary conditions and approval by BWC shareholders, with final transition taking place early in 2007. Tom Mantor will stay on as East Bay Regional Managing Director. After the completion of the merger, I'll stay on for six months, and then I'll be spending more time with my grandchildren. It has been my privilege, honor and joy to work with you over the past 25 years. I thank each of you for the important contributions you have made to the success of Bank of Walnut Creek. "To celebrate this exciting happening and to give us an opportunity to meet the management of FRB, we will host a reception and dinner on Wednesday, May 24th at the Walnut Creek Marriott. The reception will begin at 5:30 p.m., followed by a buffet dinner. Please join us for this important event." Leasing News was able to reach Paul Knowlton, president of Bank of Walnut Creek Leasing. He is on the board of directors of the United Association of Equipment Leasing and the Fall Conference Chair. Knowlton told us, “You know as much as I know about it.” Perhaps he will find out tonight at the meeting of all employees, but maybe not. It is like what happened to Ira Romoff, in fact, a few times, the last time he gets ICB Leasing going and Sovereign Bank buys the bank and merges it into their leasing program; he retires, again. Republic Bank in San Francisco is more a "retail" bank, active in the mortgage and SBA programs. Bay Area residents know the bank for its ATM ads: no extra ATM/foreign exchange fees when you use your ATM card overseas. Knowlton may be available. His e-mail address is public: Here is the announcement on the Republic Bank web site: ---------------------------------------------------------------- Bruce Horton still president of Popular Leasing by Christopher Menkin Jourdan Saegusa, is now “Manager Acquisitions and Syndications,” and according to a February, 2006, press release, is “... reporting to Fred Van Etten, head of commercial sales." Popular Leasing is actively looking to buy leasing portfolio's, they report, plus stepping up other direct marketing sales. Van Etten left Silvermark Capital, a division of Sterling Bank in Houston, Texas, now reportedly out of the equipment leasing field, to turn things around at Popular Leasing.
Van Etten was the top man at First Sierra/Sierra Cities:” co-founder, executive vice president and chief marketing officer for First Sierra Financial,” his on line biography states. He was fired by Tom Depping (who fired many directors, perhaps all, except for his personal accountant, so that is no big onus.) In fact, Van Etten got a pretty generous settlement from American Express, who purchased the company in 2001, and the lawsuit closed all files to the public (there were several such lawsuits, as previous board of directors signed covenants not to talk about.) “Freddy,” as he is affectionately called, is considered one of the best marketing men in the business, in fact, when he was told to fire Mark McQuitty as sales manager of First Sierra, McQuitty wrote a letter back saying that Tom Depping should step down and Van Etten become president. One of the first things that happened was new hires, new directions, including a move into the small ticket medical industry. He would not return Leasing News calls or e-mails, letting him know we were writing a story about his company and the NorVergence leases. Juan Carlos Cruz, Vice President, Public Relations and Media, Banco Popular North America, said he was aware from Van Etten that Leasing News was writing an article about Popular Leasing purchase of NorVergence “Equipment Rental Contracts (ERA.), but he would have no comment on that subject for us. When asked if a photograph of President Bruce Horton was not available, he said they did not have one. Horton is the man who agreed to the $30 million figure in a "master plan" for NorVergence Leasing. He did it with the real brains behind the group, chief operation manager Alexander Wolf, and of course, Bob Fine, the bank PR man, former president of the Eastern Association of Equipment Lessors. Horton most likely paid for the dinner, in many ways, too.
The letter comes from the Jefferson County, Texas case of Party Props, Inc., plaintiff vs. Popular Leasing USA, Inc. Defendant. There will be many more of such suits being filed, including old issues of "floating forum," usury, and new issues of "hold backs," “agency,” and perhaps “fraud” coming home to roost. One of the aspects here is how much a “partner” NorVergence was with Popular Leasing. In the January 19, 2005 deposition of Dan Kinealy, the vice-president of risk management, mentioned in the above letter as having dinner with Mr. Horton, Mr. Wolf and Mr. Fine, dances around in the deposition on how much the NorVergence portfolio is worth and the actual amount of leases. He appears to respond to the “best of his ability,” but those in the leasing industry know the questions that were not asked, but should have been: 11 Q. What is the current value of the 1. actually paid by Popular Leasing to NorVergence? The actual question of holdbacks or "repayments" as in the "mast plan" agreed in the funding of lease contracts submitted was not asked. How many leases were purchased back, or pending, or what reserves or "hold backs" were kept, was not asked. The aspect of commission for NorVergence was covered: 1 Q. Is this a template? You fill in some April 27,2006 Arizona Attorney General Terry Goddard issued a press release, announcing “a settlement with Popular Leaisng USA, Inc. that could result in more than $200,000 in debt forgiveness to nine Arizona customers still being required to make payments on a telecommunication device that is worthless.” The case in point shows prices on “eBay” show a $500 offer, while in many NorVergence lease court cases, it appears NorVergence paid $1500 for the Matrix or Adtran box, according to many of the invoices found in lease folders. While the contracts showed one or two cards, the Party Prop. “Equipment Rental Agreement” has below “Equipment Model & Description: “Matrix (2 cards.) The Popular Leasing contracts show had varying degrees of “cost to lessor,” but only one or two Matrix cards. Kinealy in this deposition states he was aware “software” was part of the package, thus the reason for the various prices of the lease contract. The fact not brought up was why it was not included in the description of the Equipment Rental Agreement” of “Party Prop” (nor has Leasing News seen it in any ERA contract, and I can testify we have seen hundreds via the attorney general suits, many depositions and other material, which is public information. editor) It was noted in the Arizona press release that Assistant Attorney General Vincent Rabago handled the case, and that “ Popular Leasing denies any wrongdoing. Affected customers will be contacted directly by Popular Leasing with 30 days with details about their individual settlement amounts and given information about how to particpate in the settlement. Affected customers will then have 35 days to decide whether to participate.” There is talk about a multi-state settlement and the adverse publicity, plus many local attorneys now asking “better questions.” While the leasing company attorneys appear to laugh off Randy Brook of the Federal Trade Commission and point to “hell or high water” provisions, the officers of the corporation who authorize the bills, they are not laughing at the growing costs from becoming defendants. Ronald J. Eisenberg, Esq.,Schultz & Little L.L.P.,Chesterfield, Missouri, in the news regarding several motions that made leasing news media publications originally had approximately 45 NorVergence lease "defendants." He is now down to two. Half of his clients, he says the cases were dismissed, and the other half, he said, "settled...You take a suit for perhaps $20,000, and the cost is going to be $10,000 to $15,000 to go to court, with perhaps the victor getting the other attorney fees...and it could even be more expensive, time consuming, on your nerves, and when you get down to a settlement offer of $5,000, for instance, often it is a good business decision to take it, and get this all behind you." Eisenberg was one of the first "defense" attorneys to notice the phenomena of the description on the "ERA", while the leasing company operations department processed hundreds, it appears no one brought it up during the funding of the contracts. If they did, it was not disclosed by the officers in any of the depositions. “I'm attaching a MATRIX product description sheet you might find of interest, “he told Leasing News." Upon review of 17 boxes of documents Popular Leasing made available to me, I observed several documents similar to the one attached and compared like documents. As expected, I found vastly differing monthly payment terms for similar equipment." MATRIX product description sheet http://leasingnews.org/PDF/Popular_Leasing_Matrix_sheet.pdf "Your readers might be interested in knowing that upon my comparison of the Equipment Rental Agreements attached to Popular Leasing's petitions with the copies of the 'ERAs' provided by me to my clients, I consistently noticed that someone (not my clients) had tinkered with the 'ERAs' by adding language to the 'ERAs' without my clients' permission. In some cases, the company name, which was blank when my client signed the ERA, magically appeared on the ERA proffered by Popular as ‘a true and accurate copy of the Equipment Rental Agreement. ‘ “In many cases, handwritten descriptions, such as “2001 3 Cards” emerged in the middle of the first page of the 'ERAs.' Popular Leasing, in response to our discovery requests that probed the issue, indicated it had insufficient information or knowledge regarding my requests to respond on the merits. “I also filed affirmative defenses and counterclaims for spoliation of evidence based on the unauthorized changes made to the 'ERAs' and had intended to move for summary judgment on that ground, but it appears all of my cases will soon be settled or dismissed and the court will not get to address this issue. “I hope another attorney will pick up where I left off, because I believe this would have made a compelling argument.” Several attorneys in Southern California, representing six companies that Popular Leasing had sued in Missouri, brought actions against Popular in various counties, seeking damages and declaratory relief to invalidate the ERAs. One of the attorneys, Gregg A. Rapoport of LEE & ROSENBERGER, a Prof. Corp., in Pasadena, California, turned the tables on Popular Leasing by orchestrating a consolidation of the six cases into one that is now set for trial in October in Orange County,. The case caption is Suh et al. v. Popular Leasing, Case No. 04CC10197. "Popular is fighting our request to depose their corporate representatives and says it is going to bring a motion for a protective order, but still has not done so," Mr. Rapoport told Leasing News. "Popular wants a stay of the litigation until the anticipated A.G. settlement comes and goes. “ Popular Bank has filed applications to open in Mexico, and is also coming to California, as noted on their web site: “ ---California Branch Opening! We are pleased to announce the opening of our newest in-store Wal-Mart branch in Beaumont on March 22nd, 2006! We are excited to have another new location to serve your financial needs. Thank you for choosing Banco Popular.” http://www.popularleasing.com/us/personal/us-per-home-en.jsp Copy of Party Prop. filings, partial deposition, other evidence presented: http://leasingnews.org/PDF/BeaumontMSJ.pdf Who is Alex Wolf? http://www.leasingnews.org/Conscious-Top%20Stories/Novergence_46.htm “Established in 1996, Popular Leasing is the 38th largest bank-owned leasing company in the U.S. and is recognized by the St. Louis RCGA as a “Top 50 Business”. The company offers small- to large-ticket equipment leasing services to medical and commercial markets throughout the U.S., Canada, Puerto Rico and the U.S.V.I. Headquartered in Ballwin, Missouri, Popular Leasing has a network of twelve sales offices in ten states. It is part of Popular, Inc.; a publicly owned diversified financial services company. Popular, Inc. is ranked among the 40 largest bank holding companies in the United States. With assets in excess of $45 billion in assets, is a complete financial services provider with operations in Puerto Rico, the United States, the Caribbean and Latin America. “ http://www.popularleasing.com/pr/about/whoweare/abu-who-corp-en.jsp ---------------------------------------------------------------- **** Announcement************************************* FRAUD...It's Back: The Cost of Leasing Equipment or the An ELA Web Seminar http://www.elaonline.com/events/krm.cfm You are invited, you and your staff, to participate in an informative, web-based seminar scheduled for Tuesday, June 20, 2006 that explores recent frauds and scams plaguing the industry and what you can do to detect and avoid them. Leasing companies have lost a great deal of money due to fraudulent schemes. These schemes can be perpetrated by vendors, end users, insiders in leasing companies or a combination of all of the above. An experienced panel of inside and outside counsel will discuss recent frauds and scams, including the All Serve Systems case. Panelists will consider the anti-fraud tools and resources available, and the steps to take to mitigate losses from fraud. The panel will emphasize what set of facts and circumstances may warrant additional attention to a deal, and other suggestions to aid you in detecting fraud. Get answers to these and other questions: • What new schemes and new technologies are being used to defraud leasing companies? Time of Web Seminar (depending upon your time zone): 2:30 pm - 4:00 p.m. Eastern Panelists: Michael A. Leichtling, Partner Managing Partner Intended Audience This program is designed for business executives, credit and sales personnel and all individuals involved in documenting and negotiating lease transactions. Most companies will want to include a multi-person team in this web seminar who represent these disciplines. Registration and General Information FFor complete registration information, please go here: The tuition fee includes the seminar materials, one toll-free connection to the live web seminar and your personal name and password to log on to the internet. You will be able to follow the presentation, ask questions and participate in polling questions directly from your computer. You pay one fee and you can ask as many people to listen in on your one connection, via speakerphone, as you wish. Can't Make the Web Seminar, but want the Audio CD and Materials? If you can't attend the web seminar, you may still purchase the audio CD and seminar materials. For complete details, go here Web seminar services are provided by KRM Information Services, Inc. You may contact customer service at 715-833-5426 or 800-775-7654 to register for this event. ****Announcement************************************ ---------------------------------------------------------------- Classified Ads---Help Wanted Jr. Analyst
Operations Manager
Senior Secondary Market Officer
VP-Manager of Equipment Lease Division
----------------------------------------------------------------
Normally we don't allow advertisements, but this falls in the category of "news." Damian Novak came up with the idea for an online golf club leasing business when he realized he was trading his clubs in every year for new ones. TopSwing Leasing is now 2 years old and has about 250 sets of clubs out on leases.
Novak says TopSwing will soon close on a $10 million line of credit that it can tap to expand its golf club and game business. "When the (golf) Web site was first launched we underestimated demand" for clubs, Novak said. He says the real profit comes from when the clubs are either bought by the customer at the end of the lease, or returned and then resold to the secondary market such as second hand sports stores. http://www.topswingleasing.com/
----------------------------------------------------------------
---------------------------------------------------------------
### Press Release ########################### MicroFinancial Incorporated Signs Agreement with Kropschot Financial Services Agreement Provides the Company with Additional Outside Experience in Order to Identify and Evaluate Leasing and Financing Opportunities WOBURN, Mass.---MicroFinancial Incorporated (AMEX:MFI - News) a financial intermediary specializing in vendor based leasing and finance programs for transactions in the $500 to $15,000 range, today announced the signing of an agreement with Kropschot Financial Services (KFS), a leading lease advisory firm founded in 1986 by Mr. Bruce Kropschot. KFS will serve as MicroFinancial's financial advisor in the search, identification, evaluation and negotiation of equipment leasing and financing acquisition opportunities. Richard Latour, President and Chief Executive Officer said, "We are pleased to be aligned with KFS. KFS has represented both buyers and sellers in over 150 equipment leasing and financing businesses and numerous portfolios over the past 20 years, with the majority of the business focused on small ticket leasing companies. We believe being aligned with such a strong and experienced partner will facilitate the acquisition of new clients seeking leasing opportunities with MicroFinancial." About MicroFinancial MicroFinancial Inc. (AMEX: MFI - News), headquartered in Woburn, MA, is a financial intermediary specializing in leasing and financing for products in the $500 to $15,000 range. The Company has been in operation since 1986. About Kropschot Financial Services Kropschot Financial Services, located in Vero Beach, FL, is the leading provider of merger and acquisition advisory services for equipment leasing and specialty finance companies with over 150 acquisitions arranged. Contact: Microfinancial OR Kropschot Financial Services ### Press Release ########################### Key Equipment Finance names Scott Sullivan Senior Vice President
SUPERIOR, CO. – Key Equipment Finance, one of the nation's largest bank-affiliated equipment financing companies and an affiliate of KeyCorp (NYSE: KEY), has named Scott Sullivan as senior vice president of global program management and strategic planning within Key's global vendor services group. Through its global vendor services group, Key Equipment Finance builds strategic alliances with capital and technology equipment manufacturers, distributors and resellers who want to offer lease-based financing programs to their business customers around the world. Mr. Sullivan will relocate with his family from Houston, Texas, to Key Equipment Finance's worldwide headquarters outside Boulder, Colorado.
“As the leader of our Office Products and IT segments, Scott has had excellent results,” said Karen Larson, president and chief operating officer for Key Equipment Finance's global vendor services group. “He has proven leadership skills that will be a strong asset as he takes on this international position. Scott will broaden his knowledge of other markets as he travels within North America, Europe and Asia Pacific ensuring that Key's current and new global vendor programs are optimized.” Prior to this announcement, Mr. Sullivan was senior vice president of sales for Key's express leasing services group where he lead the Office Products and Information Technology divisions. The express leasing services group is a recognized leader in delivering streamlined equipment financing solutions (focusing on acquisitions of less than $250,000) to point-of-sale equipment leasing and financing to manufacturers, dealers and resellers. Sullivan had joined American Express Business Finance in 2002 and was responsible for launching the Office Products division in addition to establishing their Houston sales call center. Key Equipment Finance acquired the American Express division in 2004. Sullivan also spent eight years at G.E. Capital's Vendor Financial Services group where he held various roles including national sales manager for its Office Imaging division. Sullivan earned his bachelors of science degree in marketing from Drake University. Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. They focus on four distinct markets: · businesses of all sizes in the U.S. and Canada (from small business to large corporate); Headquartered outside Boulder, Colorado, Key Equipment Finance manages a $12.6 billion equipment portfolio with annual originations of approximately $5.7 billion. The company has major management and operations bases in Toronto, Ontario; Albany, New York; Chicago, Illinois; Houston, Texas; London, England; and Sydney, Australia. The company, which operates in 26 countries and employs 1,100 people worldwide, has been in the equipment financing business for more than 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at KEFonline.com. Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $93 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.
### Press Release ########################### Greystone Equipment Finance Corporation Launches New Website
BOSTON----Greystone Equipment Finance Corporation (Greystone EFC), an affiliate of Greystone & Co., Inc., a full service commercial finance company providing small ticket equipment leasing, announces the inception of the company and the launch of its website, www.greystoneefc.com. Headquartered in Boston, Massachusetts, the company was created in November 2005. Offering 100% lease financing to B and C rated small and mid-size businesses throughout the United States, Greystone EFC funds revenue producing equipment with an acquisition cost ranging from $15,000 to $150,000 and repayment terms up to 60 months. Equipment types include manufacturing, communications and audio/visual, industrial, medical, office, restaurant, scientific/environmental, security and titled commercial vehicles. Greystone EFC originates business through multiple channels including brokers, banks, equipment vendors and private label programs. No minimum volume commitments are required. Greystone EFC offers web-based application processing, same-day credit approval and rapid turnaround on documentation. Clients may tailor the term and frequency of payments to suit their company's unique cash flow requirements. "Collectively, our team has over 70 years in the equipment leasing industry. Through the years we've come to understand the importance of top-flight service" says Don Synborski, President. "Customer service is a key driver to our success and we have developed a team of experienced professionals that will quickly and accurately communicate our credit decisions and documentation criteria to our customer base of brokers, banks and vendors." The company's website - .www.greystoneefc.com - went live in May 2006. In addition to outlining the business' services and capabilities in detail, the website also features a payment calculator and an online application for brokers. About Greystone & Co., Inc. Greystone & Co., Inc. together with its affiliates is a private investment and real estate organization with expertise in a range of loan products, servicing, trading, securitization and transaction structuring. Contact: Greystone & Co., Inc or Greystone Equipment Finance Corporation ### Press Release ########################### Leasing Group 43rd Financial Institution. Less than a year after its launch, Civic Bank & Trust is rolling out new products and watching its numbers climb. The one-branch commercial bank has been offering remote deposit services to its clients for free since the beginning of the year. And as of June 1, Civic Bank will be offering leasing services through an exclusive relationship with Louisville, Ky.-based The Leasing Group. Randy Austin, president and CEO of Civic Bank, calls the remote deposit launch "the bank's branching plan." The bank has one location at West End and 18th avenues and has no intention of creating a large retail presence. Remote deposit involves scanning an image of a check and then transmitting it to a bank via the Internet. The Check Clearing in the 21st Century Act, better known as Check 21, legalized this process in October 2004. Civic Bank provides the equipment, software, training and secured Internet access through its core check processor, Brookfield, Wis.-based FiServ. Austin says the bank is able to go without charging for the service because it's not paying to build brick-and-mortar locations. "Our overhead costs are a lot lower than our peer groups'," he says. Mark Trogdon, senior vice president and chief loan officer, says almost 20 clients have signed on for the remote deposit set-up. So far in May, almost 70 percent of the weekly deposits have been made using the check-imaging technology. At the beginning of June, Civic Bank will begin underwriting lease agreements for businesses wanting to lease vehicles or equipment. The Leasing Group will manage the leases and be responsible for disposing of the assets at the end of the leasing periods. Bob Callander, president of The Leasing Group, says Civic Bank is the 43rd financial institution to become part of its community bank network. He says large banks typically have their own in-house leasing division. "The small banks find that they don't want to have that kind of overhead," Callander says, adding that Civic Bank customers won't notice the difference. "They will work with their Civic Bank lender. We're in the background." As the products are rolling out, the bank's financial statements continue to look up. Assets in the last quarter increased 15 percent from $22.6 million at the end of 2005. And deposits grew 36 percent from $8 million at the end of the year. The bank still hasn't turned a profit, although losses continue to decrease. Austin says he expects to break even by September or October of this year, in line with original projections. ### Press Release ########################### Stephenson, Hawes, Cottler ,Fowler Key Senior CIT Hires
NEW YORK, -- CIT Group Inc. (NYSE: CIT), a leading provider of commercial and consumer finance solutions, announced the appointments of Randal Stephenson as head of its Middle Market Mergers & Acquisitions Group and R. Thomas Hawes, James Cotter and Larkin Fowler as directors. Stephenson, Hawes, Cotter and Fowler will work with CIT's clients and customers to deliver transaction ideas and to execute merger, acquisition, divestiture and other advisory mandates; and especially to generate deal flow for CIT's private equity clients. Mr. Stephenson will report to Gregg Smith, senior managing director, Investment Banking Services. "We are extremely pleased to welcome these seasoned investment bankers to CIT," said Rick Wolfert, CIT's vice chairman of Commercial Finance. "CIT has served the middle market for nearly 100 years. Our M&A Advisory offering represents a natural next step in delivering a more complete suite of investment banking services to our core middle market financing customers and the private equity community. These bankers are well-known in the middle market and throughout the private equity sponsor community. Randal has led M&A advisory teams in this space with great success for more than a decade. He, along with Tom, Jim and Larkin, is a critical addition to CIT and will contribute greatly to our growth."
Randal Stephenson Stephenson joins CIT from Jefferies & Company where he served as managing director in its M&A Group and coordinated its exclusive sales & divestitures practice. He co-founded Jefferies' dedicated M&A Group upon joining the firm in 2002. Prior to Jefferies, Stephenson was head of the New York office for Merrill Lynch's Middle Market M&A Group. Before Merrill, he was a member of the Wolfensohn & Co. M&A advisory boutique and its successor companies, Bankers Trust and Deutsche Bank. He received his BA in economics from the University of Michigan, an MBA from Harvard Business School and a JD from Boston College Law School. He is admitted to practice law in New York and Massachusetts.
Thomas Hawes Hawes joins CIT from Centre Capital Advisors. He was previously an executive director in the Mergers & Acquisitions Group of UBS Investment Bank. Prior to joining UBS he was a director in PaineWebber's Mergers & Acquisitions Group. He received his undergraduate degree from Baylor University and an MBA from the Wharton School of the University of Pennsylvania.
James Cotter Cotter joins CIT from Jefferies & Company where he was a senior vice president in the Mergers & Acquisitions Group. Previously he was a vice president with the Mergers & Acquisitions Group of JPMorgan Chase and CEO of a distressed publicly held automotive technology company that he restructured. He received his BA in philosophy from Tulane and an MBA from Cornell Business School.
Larkin Fowler Fowler joins CIT from Jefferies & Company where he was a senior vice president in the Mergers & Acquisitions Group. Previously he served in the M&A groups of JPMorgan Chase, Furman Selz LLC, and Paine Webber. He received his BS in business administration and accounting from Washington & Lee University and an MBA from the University of Michigan. About CIT 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 more than $65 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 worldwide. CIT, a Fortune 500 company and a member of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its global headquarters in New York City, CIT has approximately 6,600 employees in locations throughout North America, Europe, Latin America, and the Pacific Rim. For more information, visit http://www.cit.com. ### Press Release ########################### NetSol Technologies, Inc. Continues to Focus on Emerging Markets CALABASAS, CA – – NetSol Technologies, Inc. (NASDAQ:NTWK), a developer of proprietary software applications and provider of information technology (IT) services, today announced that it has appointed Kerry Propper to the company's Advisory Board. Mr. Propper will assist the company in further expanding its business development strategy in China and other emerging markets. Propper is the Chairman of Chardan Capital Markets, LLC, with offices in New York City and Beijing, China. In addition to his chairmanship with Chardan, Propper is the Chief Financial Officer and Director of Chardan North China Acquisition Corporation and Chief Executive Officer of Chardan South China Acquisition Corporation. Both companies are pursuing the acquisition of operating companies in mainland China. Propper is also on the board of directors of Origin Agritech (NASDAQ:SEED), a leading hybrid corn and rice seed company in China. “We will seek Kerry's assistance with NetSol's introduction into the business community as we pursue our growth strategy in China and other emerging markets, and in particular the introduction of NetSol management to China's fast growing capital markets,” commented NetSol Chairman Najeeb U. Ghauri. 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 ########################### Tiffany Pratt Joins Leaseinspection.com
LeaseInspection.com, an up-and-coming national inspection company announced today the hiring of Tiffany Pratt.
Ms. Pratt was recruited to perform quality assurance reviews on completed inspection reports. “We're delighted to welcome Tiffany to LeaseInspection.com, commented Lance Black, CEO of the company. The accuracy of these reports is critical to our customers and the reason we are in business”. As a Quality Assurance specialist, Ms. Pratt will examine and scrutinize completed inspection reports before they are delivered to customers. Her previous work experience has prepared her for this important role as she has been responsible for generating and reviewing various online reports. When asked about carrying out this assignment for LeaseInspection.com, Tiffany replied “This is a perfect fit for me and I couldn't be more excited to join such a young and dynamic organization. I look forward to continuing to build this company by providing the highest level of quality assurance for our customers”. About LeaseInspection.com LeaseInspection.com is the technology leader to the equipment leasing industry and others requiring inspection services. While competing services are built upon older technology – ten years plus in some cases – LeaseInspection.com has pioneered the use of state-of-the-art technological advances to automate the process of requesting, reviewing, conducting, and reporting inspections. A “Form Follows Function” approach to software and processes encourages intuitive user interfaces, develops more sophisticated inspectors; promotes meticulous inspections, with greater accuracy; real-time status updates; and fast turn-around. ### Press Release ###########################
News Briefs---- Wal-Mart 'can't back out' of industrial bank plan Study Finds 'Extensive' Fraud at Fannie Mae Consumer Confidence Sinks to a 2006 Low McClatchy Sells Two Philadelphia Newspapers to Local Group of Investors for $562 Million Charles Gibson Moves To Evening Newscast at ABC-TV Microsoft releases beta versions of three key products STANFORD It's McPheever Versus Hicks' on 'Idol ---------------------------------------------------------------
You May have Missed--- Google to sell video ads on other Web sites http://www.siliconvalley.com/mld/siliconvalley/14647403.htm ----------------------------------------------------------------
California News Briefs--- Gov. Arnold Schwarzenegger's approval rating hovering just where it's been for the past three months: at 36-61. http://www.surveyusa.com/client/PollReport.aspx?g=b31d272e-84cd-4d62-a9b1-b8ea2863ecfc ----------------------------------------------------------------
“Gimme that Wine” How Much 2004 Is in a 2004?—Frank J. Prail, NY Times Hanzell Vineyards—A Winery of Respect Mendocino County Growers and Vintners Vote in Favor of Wine and Grape Commission Cold Weather May Hurt Local New York Grape Crops Insect threatens vines again in Napa Valley Wine Prices by vintage US/International Wine Events Winery Atlas Leasing News Wine & Spirits Page ----------------------------------------------------------------
Calendar Events This Day Belize: Commonwealth Day Brother's Day Bulgaria: Culture Day International Tiara Day ----------------------------------------------------------------
Today's Top Event in History 1883- Nearly 14 years in construction, the $16 million Brooklyn Bridge over the East River opened. Designed by John A. Roebling, the steel suspension bridge has a span of 1,595 feet. http://www.endex.com/gf/buildings/bbridge/bbridgefacts.htm ----------------------------------------------------------------
This Day in American History 1816-birthday of Emanuel Leutze, obscure itinerant painter, born at Wurttemberg, Germany, came to the US when he was nine years old, began painting by age 15. Painted some of the most famous of American scenes, such as “Washington Crossing the Delaware, “ Washington Rallying the Troops at Monmouth” and Columbus Before the Queen.” Died July 18,1868, at Washington, DC. Painting all by his imagination. “Washington did indeed cross the Delaware, but not in the dramatic and elegant style depicted in Emanuel Leutze's famous painting, “as stated in Richard Shenkman's “Legends, Lies & Cherished Myths of American History.” “Washington probably wasn't standing, or course; that would have been, as one writer plainly put it, “stupid.” And Washington probably wasn't quite as impassive as Leutze portrays him(One is reminded of all those pictures which show Washington quietly atop his horse with bullets whirring speedily round him. As one critic commented, at times, his horse seems more active than the general himself.) Furthermore, the American flag probably wasn't flying; while the flay was in existence at this time, it hadn't been yet adopted by Congress ( and there were many versions ),. Finally, Washington's boat probably wasn't filled to capacity; there wouldn't have been any need for crowding. Boats there were aplenty; it was men who were in short supply.” Historian Ann Hawks Hutton contends that Leutze, a German, painted the picture primarily to stir up Germans. Leutze, she says, hoped that bye celebrating the American Revolution, he could help bring about revolution in Germany, where he painted the picture. He had returned to Germany where he painted many of these pictures where the conservative governments had recently crushed the Revolution of 1848. Stanley Cup Champions This Date 1980 New York Islanders --------------------------------------------------------------
Baseball Poem # 1 by Brendan Awerbach Baseball is a game, It has a Hall of Fame. Baseball! Doubleday is the father of the game we know, By the 1920's after the Black Sox scandal, The Yankees of the 30's and 40's started to create quite a sensation, Ruth, Gehrig, Cobb, Johnson and Young all became the names of the day, Baseball from the late 30's to the mid 40's took a back seat to the war, A new generation of players were around, The 60's and 70's gave us more greats, As we entered the 80' and 90's, more stars came around, The Hall of Fame is where all the greats are enshrined, -------------------------------------------------------------- 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? http://leasingnews.org/Soduku/soduko-main.htm |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Ten Top Stories each week chosen by readers (click here) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
Top Stories chosen by editor Kit Menkin (chronological order) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
| 
