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Thursday, May 26, 2005 Headlines--- Classified Ads—Collector/Controller/Contract Admin. ######## surrounding the article denotes it is a “press release” Classified Ads—Collector/Controller/Contract Administrator Collector Collector: Boston, MA. Collector: Jacksonville, East Brunswick, FL. Controller Controller: Seattle, WA Controller: Southeastern, MI. Contract Administrator Contract Administrator: New York, NY. Contract Administrator: Portland, OR. Full Listing of all ads here: --------------------------------------------------------------- Connecticut $143,000 NorVergence Settlement As evidence that GE Capital is settling its NorVergence leases around the United States, over $6 million to date, including Georgia, Illinois, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Dakota, Washington, D.C., you can add Connecticut. This is from the announcement by Illinois Attorney General Lisa Madigan that all the AGs offices are working together on this. Connecticut Attorney General Richard Blumenthal stated that GE Capital will forgive $143,000 that it claimed was owed by ten Connecticut businesses victimized by a telecommunications scam. Connecticut AG Richard Blumenthal NorVergence, Inc., a telecommunications company based in Newark, New Jersey, offered the businesses discounts on telecommunications services through long-term leases on so-called "matrix" boxes. The boxes, however, failed in most cases to deliver the promised discounts, leaving businesses stuck with expensive years-long leases. The announcement was joined by Department of Consumer Protection Commissioner Edwin R. Rodriguez. "Deceptive sales pitches lured Connecticut businesses into signing long-term agreements that failed to deliver promised discounts," Blumenthal said. "When the service ceased, collection agency hassles started. GE Capital rightly recognized the unfairness of demanding businesses to pay for services promised, but not received. GE's agreement to forgive the vast majority of the money ends a nightmare for businesses that thought they were getting a useful deal, but ended up with a useless debt." NorVergence claimed that the "matrix" device would enable a small business to reap a 30 percent discount on its telecommunications services, including long distance, DSL, and wireless phone. The total cost the matrix boxes leases ranged from about $12,000 to $175,000. Connecticut consumers who signed agreements with NorVergence bought by GE Capital or signed NorVergence agreements directly with GE Capital will receive a letter informing them of the settlement. Any businesses with questions should call the Attorney General's Office at (860) 808-5400. -----------------------------------------------------------------
Callahan, Robichaud, Walley, Wood New CLP's The Certified Professional Leasing Foundation reports that four have passed all certifications and tests to become a “CLP,” and have the designation behind their name. The Board of Directors of the CLP Foundation would like to extend its congratulations to our new Certified Lease Professionals: Jennifer Wood, CLP Gig Harbor, WA Indianapolis, IN Tustin, CA The letters "CLP" behind their names are visible recognition of their experience in the industry and their professional achievement in passed the CLP Exam. The CLP Foundation is the official governing body for the Certified Lease Professional ("CLP") Program. The CLP designation sets the standard for professionalism in the leasing industry. This designation identifies and recognizes individuals within the leasing industry who have demonstrated their competency through continued education, testing and conduct. Please visit: www.clpfoundation.org for detailed information about the CLP Foundation and the CLP Program. For further information about the Mentor Program and Anonymous Test take Program please contact: Cynthia W. Spurdle ---------------------------------------------------------------- Strong Overseas Demand Lifts Leasing Companies Out of Slump" ELTnews --- Boosted by strong overseas demand for both widebody and narrowbody aircraft, U.S. leasing companies appear poised for a significant comeback from the downturn experienced since Sept. 11, 2001. Two industry leaders--International Lease Finance Corp. (ILFC) and GE Commercial Aviation Services (GECAS)--are reporting increased overseas demand coupled with rising lease rates in the past year. Despite a recent rating downgrade due to an accounting investigation of parent company American International Group, ILFC President and COO John Pluger says the company's aircraft leasing business is "stronger than it's been in many years," particularly in China, India, the Middle East, and Europe. Pluger does not expect a debt rating downgrade from Fitch to impact ILFC's aircraft leasing business significantly, as the market lease rates for Boeing 757s have nearly doubled since 2002, and rates have also risen for widebody aircraft like Boeing 777s, Airbus A330-200s, A330-300s, and A340-300s. Both Pluger and GE spokesman Eric Jones are reporting increased global demand for Boeing 767s, which are being used as placeholders for the upcoming Boeing 787s and Airbus A350s, due in 2008 and 2010, respectively. Like ILFC, GECAS is reporting "tremendous demand" for leased aircraft from China and India, as well as Vietnam, Taiwan, Indonesia, the Philippines, and central and Eastern Europe, according to Keith Sherin, senior vice president for finance at GE. GECAS recently opened a new office in Delhi and signed a major contract with ATA Airlines to redeploy 18 Boeing 737-800s to India, China, and Brazil. ---------------------------------------------------------------- Leasing Association Conferences—Fall, 2005 Eastern Association of Equipment Lessors ------------------------------------------ National Assocation of Equiment Leasing Brokers ----------------------------------------- United Association of Equipment Leasing for more information, please go here: -----------------------------------------
Equipment Leasing Association ---------------------------------------
---------------------------------------------------------------- To Fax or Not to Fax----- Most people are aware of the Telephone Consumer Protection Act of 1991 because it is the act that created the “Do Not Call” list that has proved very popular with consumers and enabled many households to get through dinner without a telemarketer calling. The act does much more that that however, and a relatively small portion of it has had major consequences for small businesses. What follows here will be a general overview of what the act says and some practical consequences for businesses that use a fax machine…especially if they use it to market services. This is not a comprehensive assessment of the law, and since congress is currently working on amendments to the relevant portions, what is true today may not be true tomorrow. Currently, (as of 5-25-05) no “unsolicited fax advertising” may be sent to any fax machine without an “established business relationship” between the sender and recipient or “prior express permission”. Penalties for violating this portion of the TCPA are fixed within the act at “actual damages” to $500 PER FAX and can be tripled to $1500/per fax if it is shown that the sender “willfully violated” the act. This is to be taken to “the appropriate state court” Some things to consider: Several things are very loosely defined…
Some of the practical fallout from this includes…
There are lawyers who make their entire living off of this legislation. They go from business to business saying “do you get to many junk faxes? Save them all for me”. Every fax that the secretary doesn't recognize gets thrown into a basket and given to the lawyer. He then will send a demand letter to the sender which informs them that they are in violation of the law, and offers to settle for the maxim penalty of $1500. This letter will often include case examples of huge awards (2 million dollars or so) awarded in junk fax cases. The implication is that you'd better hurry up and send the $1500 and settle or it's going to get a lot worse. What they won't tell you is that the FCC has to levy these fines, and there is a process by which they do this that has nothing to do with the lawyer sending you the letter. These lawyers share information…if you settle in one state you will probably be sued in another. Currently, congress is debating whether to define “established business relationship” very loosely or very narrowly, as well as whether or not to keep the “prior express permission” the way it is now or require it to be WRITTEN. Written permission was supposed to be required after January 1, 2005, but a stay on the implementation was issued by the FCC until June 1, 2005 to allow congress time to consider and act. A further 6 month stay of implementation has been requested, but no decision has been announced by the FCC, and Congress is busy with the Filibuster debate, so changes for the better are unlikely. If you use a fax machine to send documentation, applications or even greetings, you should know that there are lawyers out there who are looking for the opportunity to make a quick buck.
You should write your Congressperson, your Senator anyone else you can think of to tell them how much hardship and expense this legislation will cost your business. Even if the most stringent version of the law is passed, it will not stop junk faxes because the worst violators don't care if they're breaking the law and they are very difficult to find and sue. ----------------------------------------------------------------
Memorial Day---from Texas Many of you will be taking Friday off, and perhaps there will not be enough equipment leasing news for a Friday edition, so I thought I would share with you what my good friend John Semon of lessors.com, Atlanta, Georgia, sent to me with the express purpose of sharing with my son Dash in the Navy. Dash was transferred to a special small boat naval unit, doing some intense training, and I have not heard from him for almost a month. He volunteered to go back to duty in the waters of Kuwait; that is all he would tell me. He has a new e-mail, so I can't send to him what John sent to me. I think he would very much appreciate this, and might even pass it around to his buddies: ---------------------------------------------------------------- #### Press Release #################### GE Commercial Finance, Commercial & Industrial Finance Names Industry Leader to Drive Growth in Automotive Market NORWALK, Conn.-----GE Commercial Finance, Commercial & Industrial Finance (CIF) announced the appointment of Rich Carratu as Industry Leader for the automotive market. In his new role, Carratu will be responsible for expanding the global focus for CIF in the automotive space. With more than $1.75 billion in automotive industry transactions, CIF relies on its deep industry expertise to help public and private entities across the globe access capital through the use of traditional debt, leasing and alternative sources of liquidity. Carratu will report to Craig Reynolds, Senior Managing Director, CIF. "Rich brings a wealth of automotive sector experience and will take a leadership role delivering solutions to our customers," Reynolds said. "His industry knowledge and customer insight will help accelerate CIF's growth objectives in this important market." Carratu joined GE in 1998 as Vice President of Business Development in a structured financing business. He most recently was Managing Director within CIF's sales group where he has been actively involved in originating, negotiating and closing numerous transactions. Prior to joining GE, Carratu was with the Polish-American Enterprise Equity Fund in both New York and Warsaw where his assignments included the monitoring and exiting of portfolio companies. He also was a Vice President at Joseph Littlejohn & Levy where he worked with portfolio companies in the communications and industrial manufacturing industries. Before working with Joseph Littlejohn & Levy, he held various positions at Coopers and Lybrand (now Pricewaterhouse Coopers). Carratu holds an MBA from Columbia Business School, where he became a member of the Beta Gamma Sigma honor society, and a BS in Accounting from Long Island University School of Professional Accountancy. He is also a member of the American Institute of Certified Public Accountants. About GE Commercial Finance, Commercial & Industrial Finance GE Commercial & Industrial Finance (CIF), a unit of GE Commercial Finance, is a premier global provider of structured financing solutions to the commercial and industrial marketplace. CIF provides innovative financing solutions for a broad array of customer needs including recapitalization, equipment leasing, and growth capital. With over $9 billion in served assets, Commercial & Industrial Finance has the expertise and funding capability to deliver exceptional financing solutions. GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of more than US$230 billion and is headquartered in Stamford, Conn., USA. GE (NYSE:GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing, and security technology to medical imaging, business and consumer financing, media content, and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com. GE Commercial Finance Commercial & Industrial Finance Ellen Mann, 203-229-1915 ellen.mann@ge.com www. ### Press Release ##################### CIT Arranges $300 Million Financing for One Equity Partners NEW YORK, -- CIT Healthcare, a unit of CIT Group Inc. (NYSE:CIT) and leading provider of financial services and solutions to the healthcare industry, announced the successful completion of a $300 million senior secured revolving credit facility for One Equity Partners, LLC for the acquisition of Oncology Therapeutics Network (OTN) from Bristol-Myers Squibb Company. This credit facility will help OTN, a provider of comprehensive products, services and technology solutions to community-based oncology practices nationwide, become one of the leading independent oncology services companies. "The CIT Healthcare team has a reputation for delivering exactly what they promise, which for us was a financial package that met both timing and credit structure needs," said James Rubin, partner of One Equity Partners, LLC. "CIT's experience and industry know-how made it the right financial partner for our needs." "We are pleased to support One Equity Partners business objective in the acquisition of OTN," said Flint Besecker, President of CIT Healthcare. "Our ability to understand the uniqueness of the oncology market allowed us to provide a customized financing solution." About OTN OTN is an industry leading oncology services company that provides oncology drugs, supportive care products and related supplies to more than 2,400 office-based oncology practices in the United States, comprising more than 4,000 physicians. The company is dedicated to helping community-based oncology practices extend and enhance the lives of people with cancer by offering the highest level of customer service and a knowledgeable support staff. For more information, please visit About One Equity Partners, LLP (OEP) Established in 2001, OEP manages over $2 billion of investments and commitments for JPMorgan Chase & Co. OEP typically invests $50 million to $200 million per transaction in management-led buyouts, growth capital financings and corporate divestitures. With a growing staff of experienced professionals in the private equity market, the group has offices in New York, Chicago and Frankfurt. For more information, please visit http://www.oneequity.com/ About CIT Healthcare CIT Healthcare is one of the country's leading providers of financial services and solutions to the healthcare industry. The company provides a broad array of products and services designed to meet the large and diverse commercial financing needs of customers in the healthcare industry. CIT Healthcare offers a full range of capabilities from equipment finance and leasing to working capital lending, acquisition finance, vendor programs, and real estate finance, along with selected advisory and capital markets services. 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 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 and a component 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. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit #### Press Release ##################### ----------------------------------------------------------------
---------------------------------------------------------------- News Briefs---- April Sales of New Homes Show a Surge Jury Told That Ex-Executives Used Tyco for Themselves Carrie Underwood Wins 'Idol' Contest ---------------------------------------------------------------- “Gimme that Wine” Wine is Sonoma County's Largest Employer, according to MKF Research study ITALIAN WINE EXPORTS TO US UP 10.2PCT ---------------------------------------------------------------- Top Event History Today 1895—Birthday of Dorothea Lange, one of the great photographers of human emotion. Her photos of the Great Dust Bowl and the effects of the Depression on families is one of the greatest recordings of human suffering and dignity ever made. She used her camera as a sociologist would use words. Her photo "Migrant Mother, Nipomo, California, taken in 1936 hangs in the Library of Congress and is considered one of the 50 best photographs of the preceding half-century. Another of her great series documented the crushing poverty in the deep south rural areas. The photo above is self-explanatory as are most of her photos. ---------------------------------------------------------------- This Day in American History 1649-A ban on Jesuits was enacted by the Puritan Massachusetts colony. Contrary to what is taught in elementary and middle schools, the puritans were quite prejudiced to other religions and did not escape England for persecution, but wanted for the opposite reason, to ensure their own religion above any others. The ban provided that “No Jesuit or ecclesiastical person obayned by the authoritie of the pope shall henceforth come within our jurisdiction” except ting survivors of shipwrecks and trades who “ behave themselves inoffensively during their abode here.” A second offense was punishable by death. Stanley Cup Champions This Date 1988 Edmonton Oilers
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