Wednesday, May 3, 2006
National Meeting Planners Appreciation Day To recognize the important role that meeting and convention planners play in promoting tourism in local communities. (see other calendar events ) Headlines--- Notice: Technical Difficulties ######## surrounding the article denotes it is a “press release”
--------------------------------------------------------------- Notice: Technical Difficulties Tuesday Leasing News was posted on the web site, but due to technical mailing difficulties, not sent out until 1pm, California time. If you missed it, the edition is now located here: http://www.leasingnews.org/archives/May%202006/05-02-06.htm -------------------------------------------------------------- Classified Ads--Documentation Manager / Finance / Legal
www.sandy-travels.com Dana Point, California *
For a full listing of all “job wanted” ads, please go to: http://64.125.68.91/AL/LeasingNews/JobPostings.htm To place a free “job wanted” ad, please go to: http://64.125.68.91/AL/LeasingNews/PostingForm.asp
-------------------------------------------------------------- How Dana Point got its Name In 1834, a 19 year old Harvard student named Richard Henry Dana shipped as a seaman aboard the brig Pilgrim for a two year voyage to California. The book he wrote about his experiences. Two Years before The Mast, was an immediate best seller and in the century and a half since has never been out of print. This classic description of life aboard a merchantman in the first half of the 19th century is also a classic description of California before it became a part of the United States The vessel on which Dana sailed was the brig Pilgrim which was engaged in the hide trade on the California coast. The ranchos and missions in California raised cattle and traded the hides for most of the manufactured goods they needed. The Yankees took the hides back to Boston to make shoes. Since the only way to get from New England to California by sea was around Cape Horn. the tip of South America. The voyage was long and dangerous. The Pilgrim reached California in January, 1835. 150 days out of Boston. "San Juan is the only romantic spot in California. The country here for several miles is high table land, running boldly to the shore, and breaking off in a steep hill, at the foot of which the waters of the Pacific are constantly dashing. For several miles the water washes the base of the hill, or breaks upon ledges and fragments of rocks which run out into the sea. Just where we landed was a small cove, or "bight" which gave us, at high tide, a few square feet of sand-beach between the sea and the bottom of the hill." Dana Point was incorporated on January 1, 1989. The City's boundaries encompass the three distinct communities of Capistrano Beach, Dana Point, and Monarch Beach. Dana Point's adjoining cities include Laguna Beach, Laguna Niguel, San Clemente, and San Juan Capistrano. Dana Point Harbor provides slips and mooring for over 2,500 boats along with over 50 specialty shops and restaurants. The Harbor attracts thousands of visitors annually for shopping, sport fishing, walking, bicycling, parasailing and a whole host of recreational activities. The Harbor is also home to the Orange County Marine Institute, a nationally recognized research and teaching facility dedicated to the protection of the marine environment. Dana Point Harbor is the gateway to Doheny State Park, one of California's most popular beach facilities. The 62acre State Park offers camping, picnicking, swimming, surfing, bicycling, tide pool exploration and more. http://www.thebeachcities.com/dp.html -------------------------------------------------------------- Hope to See Many Friends at Dana Point Conference
Hope to see many friends again, and certainly there will be those waiting to criticize me face-to-face. This is your chance. I will also be attending the President's reception Friday early evening, then a private dinner with Leasing News Advisors Board members present.
To be presented this Friday at the noon luncheon of the United Association of Equipment Leasing Conference in Dana Point, California. Christopher “Kit” Menkin -------------------------------------------------------------- T-bills hit a five year high
“What! Me worry?” Hitting the highest levels in more than five years the Treasury Department auctioned $15 billion in three-month bills at a discount rate of 4.685 percent, up from 4.635 percent last week. This was the highest rate in five years, a trend continuing to drive the cost of money up. Another $14 billion in six-month bills was auctioned at a discount rate of 4.780 percent, up from 4.735 percent last week. The three-month bill rate was the highest since those bills averaged 4.700 percent on March 5, 2001. The six-month bill rate was the highest since those bills averaged 4.840 percent on Jan. 29, 2001. The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,881.57 while a six-month bill sold for $9,758.34. The Federal Reserve noted the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, rose to 4.94 percent last week from 4.90 percent the previous week.
---------------------------------------------------------------- Trial set for Ex-CyberNet President
James. M. Horton April 19, 2006, the former president of CyberNet, Grand Rapid, Michigan James Michael Horton, 54, was charged with four federal felonies: criminal conspiracy, bank fraud, money laundering and attempting to conceal the whereabouts of $700,000 in fraud proceeds. A jury trial has now been set for late June. Horton had inside knowledge of the mammoth fraud that ultimately led to the company's collapse following an FBI raid in November 2004, the Feds declare in their case against him. Although a trial date is set, it is still possible that Horton may reach a deal with the government, particularly since the feds have announced they are after others who they consider as guilty in participating in the scheme to reap nearly $100 million from banks and leasing companies. They appear willing to settle for lesser time for testimony of the involvement of others. The government has changed its attitude in not just seeking the corporate president, but officers and department managers who participate in fraudulent practices, cover-ups, and perjury. It is not just the founder they are after, but all those who participate before and after the event. While not named, it appears there are five co-conspirators at CyberNET they are after. The co-conspirators, identified only as "principals" one through five, signed loan agreements, stuffed computer boxes with bricks to fool creditors and even rented mail boxes outside Michigan to feed the deception, the government said. "The borrowed money was either used to enrich CyberNET (executives) or to repay earlier loans," according to the charges. Prosecutors began seeking Horton's cooperation in December 2004, just weeks after the fraud was exposed, CyberNET shut its doors and founder Barton Watson committed suicide. -------------------------------------------------------------- Classified Ads—Help Wanted Business Development Officer
Chief Credit Officer
Lease Coordinator
Portfolio Collection & Customer Service
Senior Secondary Market Officer
---------------------------------------------------------------- Why I Became a CLP “The Handbook”
This is the seventh in a series about the Certified Lease Professional program, explaining why individuals decided to become a CLP, the process, and their reaction to the knowledge and other benefits gained. The crux of becoming a Certified Lease Professional is passing a test that takes from six to eight hours to complete, plus recertifying every four years. Recertification does not require an examination. There are mentors who help those who want to take the test, who do not charge for their time. There are “schools,” but the main means to pass the test is to read and study “The Certified Lease Professionals' Handbook.” The book is considered by many the “bible” of the equipment leasing industry. While there have been many books on the subject, from James M. Johnson, Ph.D. & Barry S. Marks “Power Tools for Leasing,” David G. Mayer's “Leasing for Dummies, (now out of print)” to books written by the late Peter Nevitt, or collections from Ted Parker, CLP, Shawn Halladay, Sudhir Amembal, and the legal tome by the late Jeffrey Wong, esq., the book used for study is considered the most thorough to pass the test. It is available for $59.95 plus postage and handling directly from 1-610-687-0213 or via email at cindy@clpfoundation.org . HISTORY OF THE CERTIFIED LEASE PROFESSIONALS' HANDBOOK by Robert Teichman, CLP The CLP program was started in 1984 by the members of the Broker's Committee of the Western Association of Equipment Lessors (“WAEL”). The original qualifications relied on a complex point system, which was subsequently changed to the current time-in-business standard. At present, candidates wishing to sit for the Certification exam must have been in the equipment or commercial finance business for at least five years, of which three years must have been in equipment leasing. Originally, there were no study materials or courses. Then in 1990 a group of CLPs and other professionals produced the Home Study Course. This large loose-leaf manual covered the thirteen subjects treated in the Certification exam. The authors were Ted Parker, CLP, Ken Goodman, CLP, Hal Horowitz, CLP, Jim Swander, CLP, Ron Silver, CPA, Paul Menzel, CLP, Jon Haas, CLP and Don Zaretsky, CLP. In 1995, the Board of Directors of the United Association of Equipment Leasing (“UAEL”) (formerly WAEL) asked Ray Williams, the then Executive Director of the association, to produce a textbook for the CLP program, due to an upsurge in interest in the program. Ray asked for my assistance, as I was then Chairman of the Education Committee and therefore nominally in charge of the CLP program. Ray and I developed the First Edition of the Leasing Professionals' Handbook, using the Home Study Guide as base material. The format was trade paperback, smaller and handier than the loose-leaf binder that preceded it. We recruited additional authors, including Ken Greene, Esq., Oren Hall, Robert Herrick, Bob Rodi, CLP, and Matt Shieman. I authored a chapter and Ray was the overall editor, giving the book a consistent look and editorial style. The book proved popular and was republished as a Second Edition with minor changes and corrections. Both editions retained the original format, covering the thirteen subjects of the Certification exam. Then in 2000, the CLP Program was spun off by UAEL into a free-standing foundation, the CLP Foundation. This foundation is supported by its members and by UAEL, the National Association of Equipment Leasing Brokers (“NAELB”) and the Eastern Association of Equipment Lessors (“EAEL”). It is a foundation comprised of individual CLP's, rather than of companies. It has its own officers and Board of Directors, and is the administrator of the CLP Program. The Handbook was transferred to the Foundation by UAEL, and in 2004 the Handbook was completely re-written and published by the Foundation as The Certified Lease Professionals' Handbook. The book was expanded to the sixteen subjects of the current Certification exam. The Handbook is now in its second printing. Many people contributed to the current Handbook. The authors and editors are: James R. Adler, Esq. The Handbook is the primary sourcebook for those people wishing to take the Certification exam. The book has gone through many changes over the years, but the editors and authors will continue to keep the text timely and relevant, as the leasing industry itself. It is available for $59.95 plus postage and handling directly from 1-610-687-0213 or via email at cindy@clpfoundation.org .
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### Press Release ########################### Dakota Financial Adds New Underwriter to Growing Credit Department
Los Angeles, CA, --Dakota Financial, LLC announced that Jon Aronson has joined the company as the new Underwriting Associate. The position marks an addition to Dakota's credit department that will enable the company to maintain its high standards of responsiveness and customer service for all brokers while managing the recent increase in submissions. Aronson comes to the company from Chicago, IL with a strong background in both the business finance and the construction equipment industries. Michael Green, Dakota Financial's Managing Partner stated, “As our pipeline grows, it is important to ensure that we have the infrastructure in place to properly service our broker community with the level of attentiveness to which they have become accustomed." Aronson is the second person to join the Dakota Financial team in the past two weeks. About Dakota Financial, LLC Dakota Financial is an asset-based direct funding source. Our nationwide programs are specifically designed to provide funding for customers that have prior bankruptcies, tax liens, judgments, repossessions, or slow pays. We fund traditional deals as well as sale-leasebacks, private party sales, start-ups, and owner/operators. For more information, please visit Media Contact: Mae Gilberg ### Press Release ########################### MB Financial and First Oak Brook Bancshares to Merge CHICAGO----MB Financial, Inc. (Nasdaq:MBFI) and First Oak Brook Bancshares, Inc. (Nasdaq:FOBB) announced the signing of a definitive merger agreement. Under the Agreement, MB Financial will acquire First Oak Brook. First Oak Brook is a bank holding company headquartered in Oak Brook, Illinois with $2.3 billion in assets, $1.9 billion in deposits and 21 full-service branches in Chicago. The merger will significantly increase MB Financial's presence in the attractive Chicagoland banking market. Combined with First Oak Brook, MB Financial will have over $8.2 billion in assets and 61 Chicago area locations. "First Oak Brook's strong deposit gathering expertise combined with MB Financial's proven asset origination capability will create a company that has the potential to grow earning assets at double-digit rates while funding them organically -- a truly powerful combination in an industry where net interest income continues to be the main earnings growth engine," stated Mitchell Feiger, President and Chief Executive Officer of MB Financial. "Our companies complement each other exceptionally well in terms of talent, geographic coverage and business orientation," Mr. Feiger continued. "We are truly excited about the opportunities for our combined company." "This merger means great things for First Oak Brook employees, shareholders and customers," stated Richard M. Rieser, Jr., First Oak Brook President and Chief Executive Officer. "Customers will have access to a deep and broad array of banking services across a larger geographic footprint. Since there is little overlap between our footprints, our customers will continue to do business with the people they know and trust. MB's commercial lending and leasing expertise and earnings power will provide us with extra resources to continue to expand our retail and community banking presence and meet the needs of our commercial and public clients, particularly in our centers of influence in the western suburbs and North Shore of Chicago." The merger will also increase MB Financial's scale in a number of business lines including treasury management, merchant processing, asset management, trust, private banking, investment services and leasing. Mr. Feiger also noted, "Together, we will enhance our commercial business in Chicago's middle market -- one of the most profitable customer segments in banking. Our combined branches provide us with strong market share in both DuPage and Cook Counties where almost 80% of Chicago MSA middle-market businesses are located." Based on MB Financial's average closing price for the five-day period ended April 28th, the transaction is valued at $36.80 per First Oak Brook share, for a transaction value of approximately $372 million, exclusive of stock options. At closing, First Oak Brook shareholders will receive, in exchange for each share of First Oak Brook common stock they hold, consideration with a value equal to the sum of (1) 0.8304 multiplied by the average of the closing prices for MB Financial common stock during the five trading days ending the day before the completion of the merger and (2) $7.36, representing an aggregate consideration mix of approximately 80% MB Financial stock and 20% cash. Under the terms of the merger agreement, each holder of First Oak Brook common stock will be entitled to elect to receive their merger consideration in the form of MB Financial common stock, cash or a combination of both, subject to limitations and prorations. Receipt of shares of MB Financial stock in the merger is expected to be tax-free. The merger, is subject to regulatory approvals, approval by MB Financial stockholders of the issuance of MB Financial shares in the merger, and approval by First Oak Brook stockholders, and is expected to close in the fourth quarter of 2006. The merger is expected to be immediately accretive to MB Financial's annual GAAP and cash EPS. Following the merger Mr. Rieser and Mr. Charles Gries from First Oak Brook's board will join the MB Financial Board. Mr. Rieser will continue in his current capacity until the transaction closes; at that time, he will become Vice Chairman and Executive Vice President of MB Financial, Inc. The definitive agreement was unanimously approved by the boards of MB Financial and First Oak Brook, and the directors have executed agreements to vote their shares in favor of the transaction. Goldman, Sachs & Co. is acting as financial advisor to MB Financial and Silver, Freedman & Taff LLP is serving as its legal counsel with respect to the transaction. First Oak Brook is being advised by Keefe, Bruyette & Woods Inc. and Vedder, Price, Kaufman & Kammholz, P.C. is acting as its legal counsel. MB Financial, Inc. is the $5.9 billion Chicago-based holding company for its lead bank, MB Financial Bank, N.A., and Union Bank, N.A. (Oklahoma). MB Financial Bank also owns LaSalle Systems Leasing, Inc. and Vision Investment Services, Inc., a registered broker/dealer. MB Financial Bank (www.mbfinancial.com) is a leader among Chicago area banks and has been delivering competitive personalized service for more than 90 years to privately owned, middle-market companies as well as to individuals who live and work in the communities where its branches are located. MB Financial Bank currently has 40 branches strategically located throughout the Chicago area. First Oak Brook Bancshares, Inc. was organized in 1983 and has been traded publicly since 1985. It is the 11th largest independent bank holding company headquartered in Illinois and its primary business is the ownership and control of Oak Brook Bank. Oak Brook Bank is a $2.3 billion commercial bank chartered in Illinois. Oak Brook Bank offers commercial and retail banking services and trust and investment management. Seventeen of the bank's 21 Chicago branches are located in the western suburbs; three in the northern suburbs; and one in downtown Chicago. First Oak Brook is scheduled to open two additional branches later in the year. ### Press Release ########################### U.S. Bank Equipment Finance names new regional manager Philadelphia) — U.S. Bank Equipment Finance has named Eric C. Jackson as vice president and regional manager of its capital equipment group. Jackson will manage the eastern region from his office in Philadelphia. Jackson comes to U.S. Bank Equipment Finance after 12 years with General Electric Capital Corporation, where he served in various sales and managerial positions, and most recently as regional sales manager. Prior to that Jackson was with PNC Bank for four years. “We are extremely pleased to have someone with Eric's background and skill set join the management team of the capital equipment group,” said Blair McBeth, executive vice president of U.S. Bank Equipment Finance. “Eric brings strong deal structuring and team building skills to the capital equipment group. In his most recent assignment at GECC, Eric developed a crucial mid-Atlantic market sales team that grew new business volume by 300 percent over a three-year period. Eric will have responsibility for helping the capital equipment group develop the east coast into a significant contributor in terms of volume and revenue for U.S. Bank Equipment Finance.” Jackson earned a bachelor's degree in marketing from Messiah College, in Grantham, Penn. He is married to Marinez and resides in Center City Philadelphia. U.S. Bank Equipment Finance, one of the largest bank-affiliated equipment finance companies in the nation, has been providing quality equipment finance solutions for 35 years. It's a major funding source for companies in virtually every industry sector nationwide. Visit U.S. Bank Equipment Finance on the web at www.usbank.com/leasing. U.S. Bank Equipment Finance is part of U.S. Bancorp (NYSE: USB). With assets of $210 billion, is the 6th largest financial holding company in the United States. The company operates 2,430 banking offices and 4,941 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com. Sites of Reference: ### Press Release ########################### GE Capital Solutions Teams with Teradata to Provide One-Stop Data Warehouse DANBURY, Conn.-- Leasing Solution Helps Transform Major Travel Industry Data Operation GE Capital Solutions, together with Teradata, a division of NCR Corporation and the global leader in enterprise data warehousing and analytics, recently announced the third major upgrade in five years for the critical, day-to-day data management operations of Airlines Reporting Corporation (ARC), the world's largest settlement system for the airline industry. Headquartered in Virginia, ARC processes 45% of domestic air travel; a total of 190 million transactions per year, worth more than $70 billion. They are owned by 12 major domestic airlines and were established as a service operation, with limited assets and working capital. As the airline industry has come under increasing financial pressure, it has also become far more information-driven. "We needed to substantially expand our data management capabilities," recalls Alfred Altschul, ARC's Vice President for Financial Services and CFO. "Data warehousing and data mining would help us cut costs, be more productive and provide new information offerings to customers, but it would also require a significant capital investment." In 2000, as ARC identified Teradata's equipment and software as the best, most scalable solution, Teradata brought in NCR's long-time financing partner, GE Capital Solutions. Adds CFO Altschul, "The unique relationship between Teradata, NCR and GE was very beneficial. GE clearly wanted to make this deal work. They came back with a flexible, competitive financing proposal." With the leasing solution from GE, ARC was able to immediately acquire the Teradata solution - and has performed two major upgrades to faster, more powerful systems since then, at the same or lower cost. "We never would have been able to do that if the first system was on our books," says Paul Romine, ARC's Vice President of Technology Services. "The overall benefits and cost savings these acquisitions have generated are enormous." According to Romine, the benefits include: -- Substantial reduction in fraud losses, totaling millions of dollars per year over the past five years "This was the largest acquisition in our history," explains Altschul . "Yet we can fund it out of our daily operating budget. The Teradata data warehouse and analytics solutions have transformed the way we work, cut substantial costs, established a new profit center - and created major new efficiencies and productivity improvements. We never could have accomplished this without leasing and the partnership ARC has built with Teradata and GE." Concludes GE's Steve Toeniskoetter, President & CEO of the Vendor Finance unit, "It is gratifying to see ARC realize the tremendous power of leasing in a technology environment. They will be able to upgrade every two or three years to faster, more powerful platforms, most likely at a lower monthly cost. This will keep them consistently at the forefront of data management technology and performance." GE Capital Solutions ( www.ge.com/capitalsolutions ) provides leasing, lending and capital investment products and services to help business customers grow. It has over $90 billion in assets, serves more than a million clients around the world and is headquartered in Danbury, Connecticut, USA. Teradata, ( www.teradata.com ) a division of NCR Corporation, is the global technology leader in enterprise data warehousing, analytic applications and data warehousing services. Organizations around the world rely on the power of Teradata's award-winning solutions to get a single, integrated view of their business to enhance decision-making, customer relationships and profitability. NCR Corporation (NYSE: NCR) is a leading global technology company helping businesses build stronger relationships with their customers. NCR's Teradata(R) data warehouses and ATMs, retail systems, self service solutions and IT services provide Relationship Technology(TM) that maximize the value of customer interactions and help organizations create a stronger competitive position. Based in Dayton, Ohio, NCR ( www.ncr.com ) employees approximately 28,400 people worldwide. ARC ( www.arccorp.com, an airline-owned company, is the premier provider of financial settlement solutions and data and analytical services for the travel industry. Airlines, travel agencies, corporate travel departments, railroads and other travel suppliers process more than $70 billion annually through ARC's world-class settlement system, making it the financial backbone of travel distribution. ### Press Release ###########################
News Briefs---- Canadian Dollar Tops 90 Cents for 1st Time A greater proportion of mortgage refinancers tapped their home equity for cash in the first three months Ameriquest Parent to Lay Off 3,800 Workers April auto sales hurt by higher gas prices ---------------------------------------------------------------
You May have Missed--- American Idol: Who's Going Home? ---------------------------------------------------------------
Sports Briefs---- Sabres slice through Flyers 7-1, advance to Eastern semis Stillman OT goal sends Hurricanes blowing by Canadiens 2-1 Schwarzenegger wants two NFL teams in Los Angeles area ----------------------------------------------------------------
California News Briefs--- Southern California population outweighs Northern California, with majority living in Los Angeles, Orange, and San Diego Counties. However the state only grew by 440,000, 1.2%, to a total of 37.2 million. 113 cities lost population, while 357 gained. Los Angeles added 12,680 housing units and has a total population of 3,976,071 (not counting illegal immigrants.) Here is the full California Department of Finance report: http://www.leasingnews.org/PDF/Dept_fin.pdf ----------------------------------------------------------------
“Gimme that Wine” Clarksburg vineyard outgrows its roots One-sixth of alcohol sales go to minors, study says Wine Prices by vintage US/International Wine Events Winery Atlas Leasing News Wine & Spirits Page ----------------------------------------------------------------
Calendar Events This Day Japan: Constitution Memorial Day National holiday commemorating adoption of constitution in 1947. Lumpy Rug Day To encourage the custom of teasing bigots and trigots for showing unwelcome facts under the rug. When many cans of worms have been shaved under the rug, the defenders of the status quo obtain a new rug high enough to cover the unwanted facts. Mexico: Day of the Holy Cross Celebrated especially by construction workers and miners, a festival day during which anyone who is building must give a party for the workers. A flower-decorated cross is placed on every piece of new construction in the country. National Anxiety Disorders Screening Day Screenings for anxiety and depressive disorders. National Meeting Planners Appreciation Day To recognize the important role that meeting and convention planners play in promoting tourism in local communities. Paranormal Day A day for all paranormal enthusiast to get together and share their unique experience with each other. Seminars, radio broadcasts and reading will take place worldwide. Poland Constitution Day (Swieto Trzeciego Maja) National Day. Celebrates ratification of Poland's first constitution, 1791. United Nations: World Press Freedom Day A day to recognize that a free, pluralist and independent press is an essential component of any democratic society and to promote press freedom in the world. Wordsmith Day A day dedicated to those who write promotional prose that markets our goods and services, from copywriters to marketing writers to all-around wordsmiths. www.wordsmithday.com ----------------------------------------------------------------
Today's Top Event in History 1963 -- In Birmingham, Alabama, Police Chief "Bull" Connor orders fire houses and dogs turned on children marching out of the 16th St Baptist Church to keep them from marching out of the "Negro section". This after jailing 900+ yesterday. There was no national radio or television coverage, let alone the internet or cellular telephone pictures or reporting. Imagine if this were to occur today. ----------------------------------------------------------------
This Day in American History 1494-Christopher Columbus cited the island of Jamaica on his second voyage.. He never actually saw nor did his discoveries include the United States, but the island off the continent. It was the Spanish who first brought slavery into the new world. The islands were Europe's main gateway into the New World. The first Revolutionary naval battle was fought here to gain control of this ocean thoroughfare. . --------------------------------------------------------------
Baseball Poem The Base Stealer Poised between going on and back, pulled ----Robert Francis |
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Ten Top Stories each week chosen by readers (click here) |
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Top Stories chosen by editor Kit Menkin (chronological order) |
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