Wednesday, May 2, 2007
Headlines--- Archives, May 2, 2000---Bruce Kropschot re-opens ######## surrounding the article denotes it is a “press release”
--------------------------------------------------------------------- Archives, May 2, 2000---Bruce Kropschot re-opens Bruce Kropschot re-establishes Kropschot Financial Services
Bruce Kropschot announced today that he has re-established Kropschot Financial Services, which he founded in 1986 as a merger and acquisition advisory firm for the equipment leasing and financing industry. Mr. Kropschot left the firm in late 1997 to become Vice Chairman - Mergers and Acquisitions of UniCapital Corporation, which he helped acquire 17 equipment leasing businesses. and go public in May 1998 in the largest roll-up initial public offering ever. Effective April 1, 2000, Mr. Kropschot retired from UniCapital Corporation, where he was also President of UniCapital Business Credit Group. Under Mr. Kropschot's leadership. Kropschot Financial Services arranged over 125 acquisitions of equipment leasing and specialty finance businesses from 1986 through 1997 and was ranked as the leading provider of merger and acquisition advisory services in this sector. Mr. Kropschot stated, "I am pleased to be devoting again all of my attention to M&A activities. There is a need for an advisory firm that understands the opportunities and the challenges unique to the equipment leasing market. When representing owners in the sale of their businesses. Kropschot Financial Services will not only be looking to maximize the sale price but also to find a buyer under whom the business and its employees can achieve their potential. When representing acquisition searches for buyers, we will utilize our vast knowledge of the leasing industry and its many participants to locate those companies that best fit the defined acquisition parameters. The firm will also arrange financing for equipment leasing and specialty finance companies and perform business valuations. Mr. Kropschot indicated that Kropschot Financial Services would soon be making an announcement regaining other key executives who will be joining the firm. Bruce Kropschot, Historian
Bruce keeps everything he is involved with confidential, including potential clients or projects. As a matter of fact, often a press release is sent out about a company who he was responsible in putting together the sale or merger, and the first we learn of his involvement is when we read the press release. He never tells us anything about his clients, potential clients, or association activities. His main role is as a historian. If it is public information about a person or a company, Kropschot is a walking encyclopedia about who is who and who did what. Often he knows the president personally. He is a wealth of equipment leasing history. We can often can check facts, verify what we have heard, or Bruce will tell us where to look. But if it comes to one of his clients or potential clients, he will tell us “no comment.” But when we call him about something he can talk about, he is a tremendous asset. Leasing News Advisory Board Member Biography
Kropschot Financial Services Bruce Kropschot is President of Kropschot Financial Services, a firm he founded in 1986. The firm has been for many years the leading provider of merger and acquisition advisory services for equipment leasing companies, having initiated the sale of more than 150 businesses. He has been active in the equipment leasing industry since 1972 and has been a senior executive of three large leasing companies. Mr. Kropschot has served on the Board of Directors of the Equipment Leasing and Finance Association (formerly the Equipment Leasing Association,) Eastern Association of Equipment Lessors, and United Association of Equipment Leasing. He currently serves on the Equipment Leasing and Finance Association Capital Markets Committee. He is also a founding director of the International Network of Merger & Acquisition Partners, a worldwide organization of over 60 merger and acquistion firms. Mr. Kropschot is a CPA and graduated with BBA and MBA degrees (with honors) in Accounting and Finance from the University of Michigan.
---------------------------------------------------------------- Classified Ads---Sales
Sales
To place a free “job wanted” ad here, please go to: For a full listing of all “job wanted” ads, please go to: ---------------------------------------------------------------- Leasing Jobs Overseas
Leasing Job Index Survey being conducted, some complete: Join the European Leaseblog. It’s free: -------------------------------------------------------------- Leasing Industry Help Wanted
Account Executive
Finance Consultant
Regional Sales Managers
Sales Director
Sr. Credit Analyst
---------------------------------------------------------------- Please “add me” to mailing list
The automated feature to “add” to our mailing list was down, most of last week. The acknowledgment warns that if you do not receive an issue, you may not have been added. This feature is often “hacked” by spammers. We have spent several thousands of dollars to make it more secure. Each time, it slows them down, until the next time. This time they learned how to go through our “spam arrest” to send out e-mail, which is their main goal: to use someone else’s broadband width to send out e-mail. It is not working again. Please pardon the inconvenience. If you utilize the feature, and do not receive our news edition, please e-mail me directly at kitmenkin@leasingnews.org
---------------------------------------------------------------- Alert—Sheldon Player Greycas Inc. and another Greyhound unit, Greyhound Leasing & Financial Corp., were bilked of over $ 75 million by one Sheldon Player, a former Vernal, Utah, resident assumed to be in the machine and oilfield equipment sales business, who gained the money through fraudulently obtained loans from Greyhound. Greycas then devised an elaborate cover-up scheme to prevent disclosure of details about the loss. This episode began at the beginning of the 1980's with one $ 600,000 loan. Player and his companies would sell Greycas heavy machine tools, lease them back and then pretend to sublease the expensive devices to end-users. In most cases the machines, which were collateral for the loans, were non-existent. By 1984, Player had borrowed nearly $ 8 million from Greyhound in the same scheme. That year he asked for $ 40 million in new loans to continue his transactions. A total of $23.5 million had been disbursed by the time the company first got suspicious and confronted Player. He was told the company wanted to inspect the machinery that it was supposed to have owned. In 1985, he told them he had been putting the money into real estate. The leases were attempted to be converted to loans for the real estate to avoid the large loss, when it was discovered in doing the escrow, there were other loans against the property, too. He wound up with a five year sentence in a minimum security prison. Reportedly he is back, this time in Illinois, with his wife as the president of the corporation. Several leasing companies have made $250,000 leases for him, but one doing an inspection found another leasing companies identification tag on the equipment---guess what, he bought back the lease, but the funder is not talking. This may be another Allserve. Where is the Lease Police when you need them??? Leasing News is not able to divulge the name of the company or city at this time, but if you hear the name Sheldon Player, be very alert.
---------------------------------------------------------------- More on Sterling Financial—Serious!
As Leasing News reported that Sterling Financial, Lancaster, Pa., In the press release they stated, "Sterling Financial Corp. will restate earnings for 2004 through 2006 pending the results of an internal investigation of contract irregularities at its Equipment Finance LLC subsidiary. “Sterling expects to restate or amend these financial statements once the extent of the impact is known, which may require the Corporation and its affiliates to raise additional capital. The impact of the irregularities may also be material for years prior to 2004, depending on the results of the ongoing investigation. “In connection with the investigation, two senior executives of EFI have been placed on leave.” It is reported that the equipment finance division dollars may “Sterling is postponing its 2007 annual shareholder meeting, originally scheduled for May 8, 2007, and the Corporation does not expect that it will be able to file its Form 10-Q by the due date of May 10th.” “I want to assure shareholders, customers and the public that Sterling is moving aggressively to take corrective action on the issues that have emerged during this investigation. We are taking steps to strengthen EFI’s management structure and internal control processes immediately,” said J. Roger Moyer, Jr., president and chief executive officer of Sterling Financial Corporation. Sterling has implemented changes in EFI’s management structure, installing an acting Chief Operating Officer. The Chief Executive Officer of EFI has voluntarily relinquished his role as President, CEO, “We understand that our shareholders, customers, employees and communities may have questions. We ask for your patience, and continued loyalty, as we complete our investigation,” added Moyer. Full press release here:
---------------------------------------------------------------- Original Sierra Cities unit to close in Houston
Key Business Finance, a part of KeyCorp, is reportedly shutting down the Key Equipment Finance business unit office at 600 Travis St. Houston, Texas. According to the Houston Business Journal, this will affect 164 employees. Reportedly operations will be gradually wound down during the next 12 months before the office closes. "12/04 AMEX turned over control to Key Bank last night and on the way out the door AMEX funded EVERYTHING in the system,.....verbals were not completed on many transactions, nor had delivery of the equipment occurred for many deals as well.....random attempts were made to complete verbals however after a message was left the deal was BOOKED.... "Nice to see Integrity rises to the upper levels of management in this industry!!" (10/04) American Express Business Finance Sold to Key Equipment Finance. "(11/2002) Lays off salesmen, rumors float they are about to get out of leasing business; Richard Anderson does not return telephone calls to confirm or deny. (09/2001) American Express Business Finance has closed down their broker division. We can submit deals until 10/12/01. All deals must be funded by 12/31/01. Unconfirmed rumors that salesmen are now going after the broker vendor accounts. We are seeking to confirm or deny this. (8/2001) Discovers up to $20 million write-off with RW Leasing portfolio, other portfolio's, alleged stock fraud, Amex declares they are investigating (7/2001) pretax write-down of $826 million that will pummel, second-quarter profits. The company also unveiled plans to cut as many as 5,000 more jobs because of the weak economy. Rumors abound about portfolio performance and major problems in the woodpile/going the way Rockford Industries went. (5/2001) New Name: "American Express Business Finance" (4/2001) Merger complete, Depping resigns as "gazelle" (3/31/2001) American Express completes purchase/merger (3/2001) Sierra Cities-Amex Merger gets green light by authorities (2/2001) offer from American Express for $5.68 per share in cash. We predicted this last week, naming the company and floor price. American Express active in equipment leasing, likes what it sees, and Sierra Cities is the vehicle, not Advanta or others that it has viewed to purchase. (1/2001) VerticalNet Merger falls apart. (1/16/01) Sells Off UK Assets. (7/2000) 2nd quarter loss, see report
---------------------------------------------------------------- 500 IFC Credit NorVergence leases in Mediation? It appears the 500 NorVergence IFC Credit Corporate leases have not only been consolidated, but that Judge William D. Maddux, Circuit Court of Cook County, Illinois has asked that they be mediated. There were 148 attorneys listed with their telephone numbers in the original hearing. Leasing News is attempting to find how this will be arranged and what the next steps will be. In the Ninth Circuit of Appeals the case regarding Kay Automotive appears cases have been reassigned to Circuit Mediator Margaret A. Corrigan. The court will initiate a further conference by telephone on 5/31/07, at 11:30 a.m. PACIFIC (SF) Time (1:30 p.m. Central Time). “Of the 500 pending cases, 496 or 99% involve only IFC---the Defendant in this first-filed class action-as the finance company: The remaining four cases break down as follows: one case involving Wells Fargo, one case involving Popular Leasing, and two cases involving Crown Bank. As will be demonstrated to Judge Henry, counsel for Plaintiffs are experienced class action lawyers, have succeeded in obtaining class certification in numerous consumer class action cases, have dedicated their entire practice to consumer class action litigation for years, and, for example, were counsel of record in the following matters: Valley Forge Ins. Co. v. Swiderski Electronics, lnc., 223 I11, 2d 352 (I11. November 30, 2006); Kinkel v. Cingular Wireless LLC, 273 I11. 2d 1 (I11. October 5, 2006).” Leasing News is attempting to learn if this is binding arbitration or perhaps "Alternative Dispute Resolution," as outlined in attorney Paul Bent's "To Tell the Truth:" http://www.leasingnews.org/archives/March%202007/03-30-07.htm#truth Please stay tuned as we hope to have more definitive information in the next edition.
----------------------------------------------------------------
--------------------------------------------------------------- Icon Mourns Passing of Beau Clarke, announces new
NEW YORK, NY, ICON Capital Corp. (“ICON”), an equipment leasing and finance company based in New York City, announces with profound sadness today that Beau Clarke, Chairman and Chief Executive Officer of ICON, (aged 60,) died unexpectedly (from a heart attack) on Monday, April 30, 2007. Thomas W. Martin, a Director, President, and Chief Operating Officer of ICON, has been named Chairman and Chief Executive Officer of ICON. Mr. Martin will also continue as ICON’s President. “It is with great sadness that I announce that Beau Clarke, our Chairman, CEO, and a close friend, died on Monday. Beau was an exceptional man who brought tremendous leadership and passion to his job. Our entire company mourns this loss and our thoughts are with his family and friends during this difficult time,” said Tom Martin. By action of the Board of Directors and stockholder of ICON, the following changes to ICON’s Board of Directors and executive management have been adopted: • As noted above, Thomas W. Martin, the President and Chief Operating Officer of ICON and a director of ICON since 1996, has been appointed Chairman and Chief Executive Officer of ICON. Mr. Martin has been President since February 2007, has been a Director (and Director, President and Treasurer of ICON Securities Corp. as well) since August 1996, and was Chief Operating Officer from February 2006 through May 2007 and Chief Financial Officer from May 2003 through January 2007. Mr. Martin has been in the equipment leasing business since 1983. • Michael A. Reisner has been elected a director of ICON. Mr. Reisner has been Executive Vice President and Chief Financial Officer since January 2007 and was Executive Vice President-Acquisitions from February 2006 through January 2007. Mr. Reisner was Senior Vice President and General Counsel from January 2004 through January 2006. Mr. Reisner has been with ICON since 2001. • Mark Gatto has been elected a director of ICON and has been appointed Executive Vice President and Chief Acquisitions Officer. Mr. Gatto was previously Executive Vice President-Business Development of ICON. Mr. Gatto is responsible for business and corporate development, including the acquisition of equipment subject to lease. Mr. Gatto was previously Associate General Counsel of ICON from 1999 to 2000. • Joel S. Kress has been appointed Executive Vice President-Business and Legal Affairs and remains Secretary of ICON. Mr. Kress was previously Senior Vice President and General Counsel of ICON. Prior to joining ICON, Mr. Kress was an attorney with Fried, Frank, Harris, Shriver & Jacobson LLP in New York and London, concentrating on mergers and acquisitions, corporate finance and financing transactions (including debt and equity issuances), and private equity investments. “On behalf of ICON, we express our gratitude for Beau’s leadership and all that he has done for ICON,” Mr. Martin concluded. About ICON ICON is the fifth largest independent equipment leasing and financing company in the United States according to the 2006 Monitor 100 Report, and the largest privately-held independent equipment leasing and finance company in the United States. ICON is headquartered in New York City and has offices in San Francisco, Boston, Toronto, Vancouver, and London and provides businesses with an array of specialty finance solutions that range from traditional leasing of equipment types such as information technology, aviation, marine medical, manufacturing, materials handling, telecom, and furniture, fixtures, and equipment to highly structured financial products for unusual asset types and emerging companies. ICON was established in 1985 and currently manages six publicly registered equipment leasing programs that have raised over US $1 billion to date and has sole management responsibility for approximately US$2 billion invested in leased equipment in its sponsored programs since their inception. (Story in Monday’s edition on the passing of Mr. Clarke: ### Press Release ########################### April CMI Recoups Last Loss Through Manufacturing Sector Performance
Columbia, Maryland: — The seasonally adjusted Credit Manager’s Index (CMI) rose 1.6% in April, recouping last month’s losses as eight of the 10 components of the Index rose. The increase was driven by gains in the sales component and in both collections components. “While overall the report was positive, there was a disparity between the manufacturing sector, which rose 3.3%, and the service sector, which was unchanged,” stated Dan North, chief economist with credit insurer Euler Hermes ACI. He noted that comments from the respondents echo a familiar refrain that the demise of the housing market has been a major drag on distributors of goods into that industry. “Median prices on existing homes have now fallen for eight consecutive months on a year-over-year basis,” he noted. “This is an unprecedented event since house prices almost never fall, and they have never fallen for more than two months in a row in the 38 years that records have been kept.” The continued deflation of the housing market bubble as seen in this data, combined with the lagged effects of monetary policy tightening and the prospect of higher gasoline prices, suggest that the economy will continue to slow throughout the year.
“The manufacturing sector rose 3.3% and enjoyed widespread gains as eight of the 10 components rose in April, more than recouping last month’s drop. Improvements in accounts placed for collections and dollar amount beyond terms were especially notable,” North noted. One survey respondent stated, “We have not placed any accounts for collection YTD. Our receivables are current and deductions are at an all-time low dollar amount open.” Another noted, “…record first quarter in sales.”
The service sector remained unchanged overall but six of the 10 components fell and two remain below the 50 level indicating economic contraction. “Once again, the demise of the housing market is the primary concern of the survey participants,” North said. Distributors of home furnishings and building supplies note, “sales are down considerably,” “housing market continues to cause problems” and “customers tell us they will ‘pay when paid’.” Other respondents cite a “slowdown within the housing market” and “higher than normal disputes…more liens filed.” North said, “On a year-over-year basis, the combined index fell 0.9%, reflecting a resilient yet slowly deteriorating economy. The disparity between the two sectors on a year-over-year basis was notable. The manufacturing sector gained 1.3% but the services sector fell 2.9% as the decline of the housing market weighed on suppliers to the home building and construction industries.” The CMI, a monthly survey of the business economy from the standpoint of commercial credit and collections, was launched in January 2003 to provide financial analysts with another strong economic indicator. The CMI survey asks credit managers to rate favorable and unfavorable factors in their monthly business cycle. Favorable factors include sales, new credit applications, dollar collections and amount of credit extended. Unfavorable factors include rejections of credit applications, accounts placed for collections, dollar amounts of receivables beyond terms and filings for bankruptcies. A complete index including results from the manufacturing and service sectors, along with the methodology, is attached. A complete view of the index can be viewed online at http://www.nacm.org/resource/press_release/CMI_current.shtml . The National Association of Credit Management (NACM), headquartered in Columbia, Maryland supports more than 25,000 business credit and financial professionals worldwide with premier industry services, tools and information. NACM and its network of Affiliated Associations are the leading resource for credit and financial management information and education, delivering products and services which improve the management of business credit and accounts receivable. NACM's collective voice has influenced legislative results concerning commercial business and trade credit to our nation's policy makers for more than 100 years, and continues to play an active part in legislative issues pertaining to business credit and corporate bankruptcy. ### Press Release ########################### Taylor to Direct Marketing and Communications at
Harbour Capital Corporation, Newington, New Hampshire, a company with 45 employees announces that it has hired Jay C. Taylor as Director of Marketing and Communications for the 13-year old New Hampshire firm. Mr. Taylor brings over 20 years of public affairs and marketing experience to the company. He has served in public affairs positions within the New Hampshire Governors office as well as serving the communications needs of various candidates for local, State and Federal elective office. Most recently, Taylor was owner of a regional energy efficiency consulting company where he negotiated several lease-finance contracts for his clients. “We’re excited to have Jay putting his knowledge and experience to work for our team”, says Chip Kelley, Harbour’s President. “His ability to present a clear message to the markets we serve is critical to expanding our potential in those areas.” Taylor is a 1984 graduate of Portsmouth High School. He received his Bachelors degree in Political Science from the University of NH in Durham, NH.
### Press Release ########################### Susquehanna Bancshares Inc. and Community Banks Inc.
Lititz, PA & Harrisburg, PA--Susquehanna Bancshares, Inc. ("Susquehanna") (NASDAQ:SUSQ) and Community Banks, Inc. ("Community") (NASDAQ:CMTY) jointly announced the signing of a definitive merger agreement pursuant to which Susquehanna will acquire Community in a stock and cash transaction valued at approximately $860 million. The transaction, unanimously approved by the boards of directors of both companies, will consolidate the companies’ presence in southeastern Pennsylvania and the Mid-Atlantic region, particularly in the attractive York and Lancaster markets. The combined company will have over $12 billion in assets and approximately $2 billion in market capitalization, making it the 45th largest bank holding company in the United States. The acquisition ranks as the largest in Susquehanna’s history, and as Pennsylvania’s third-largest in-state bank transaction.
"Community's core markets, particularly in the York/Hanover and greater Harrisburg area, have long been at the forefront of our targeted expansion strategy, “William J. Reuter, Susquehanna's Chairman, President and Chief Executive Officer, said. Additionally, Community’s locations in the attractive markets of Lancaster, York and Berks counties in Pennsylvania complement our existing franchise.” “The combination of Susquehanna and Community's branches will create a comprehensive network of banking offices to serve customers throughout central Pennsylvania and will give us market leadership in six of our key markets, “he added. “We look forward to working with Community’s experienced management team, which has demonstrated its ability to drive growth and profitability over the years.” Eddie L. Dunklebarger, Chairman, President and Chief Executive Officer of Community, and five independent Community directors will be appointed to the Susquehanna Bancshares Board of Directors upon consummation of the merger. Dunklebarger will become Vice Chairman of Susquehanna Bancshares’ Board of Directors and Co-Chair of the Transition Team. Jeffrey M. Seibert will join Susquehanna Bank PA as Chief Operating Officer. "Susquehanna’s similar focus on community banking and its wealth management business complement Community’s strategy and will enable us to leverage our platform to better serve our combined customer base. We believe that this combination will provide tremendous opportunities to create value for our combined shareholders, customers, employees and communities,” said Eddie L. Dunklebarger. Susquehanna expects to achieve approximately 35 percent cost savings, or approximately $33 million, through the reduction of administrative and operational redundancies. It is anticipated that the transaction will be completed during the fourth quarter of 2007, pending regulatory approvals, the approval of the shareholders of both Community and Susquehanna, and the satisfaction of other closing conditions. The transaction is expected to be accretive to earnings per share in the first full year after closing. Susquehanna Bancshares, Inc., is a financial services holding company with assets of $8.2 billion. It includes three commercial banks that provide financial services at 163 branch locations in the mid-Atlantic region. Through Susquehanna Wealth Management, the company offers investment, fiduciary, brokerage, insurance, retirement planning, and private banking services. Susquehanna also operates an insurance and employee benefits company, a commercial finance company, and a vehicle leasing company. For more information, please visit www.susquehanna.net. Community Banks, Inc., a financial holding company with approximately $3.8 billion in assets and 80 banking offices throughout central and eastern Pennsylvania and northern Maryland, is headquartered in Harrisburg, Pennsylvania. ### Press Release ########################### National Vehicle Leasing Association Plans Annual Conference
ALEXANDRIA, Va. — The National Vehicle Leasing Association announced the venue, date and agenda for its annual conference. Officials said the event will be June 6 to 9 at the Venetian Resort Hotel and Casino in Las Vegas. What the association titled "NVLA + You: A Winning Combination" is open to any individual who operates in the vehicle leasing industry, including lessors, manufacturers, bankers and suppliers. Organizers noted that the conference offers several workshops and seminars on industry topics and products as well as the opportunity for face-to-face interaction with attendees and other business experts. The NVLA went on to mention that Joan Pender is scheduled to speak and to give out the Clemens Pender Award, a significant honor for industry achievement. "We're proud to build on last year's success at the Gaylord in Texas by continuing to provide in this year's conference leading-edge educational programs for today's busy lessor," explained Tarry Shebesta, conference chairperson. "We've listened to member feedback and are incorporating many suggestions into this year's conference. We're also bringing back some old traditions. An exciting new location, Las Vegas, two three-hour workshops and world-class entertainment that only our host city can provide will make this NVLA conference a winner," Shebesta continued. Officials pointed out that a pair of concurrent half-day workshops will cover the subjects of time management and maximizing presence on the Web. The other workshops and seminars conference organizers highlighted were: —Selling Cars Online — Easy as 123 The association also noted several entertainment activities are planned for the conference, including a presentation by pickpocket entertainer Bob Arno, available tickets to Cirque du Soleil's Mystere and a golf tournament. "There's no better place to network with your peers, bankers, suppliers and the like. These special events help foster new relationships, rekindle old friendships and cement business opportunities," association officials pointed out. For more information on the conference, individuals can contact NVLA headquarters at
### Press Release ########################### Isuzu, ITOCHU, and Tokyo Leasing, Partner on Captive Finance Unit. ITOCHU Corporation, Tokyo Leasing, and Isuzu Motors have established a captive sales finance company, ISUZU Finance of America, Inc. for Isuzu products in the North American market. The North American market for medium-sized trucks is on an annual scale of just over 100,000 units. Isuzu, which accounts for about 30,000 of these units, said it is an important market for the company in which it has the highest sales volume of all Japanese manufacturers. Isuzu launched the new captive financing unit in partnership with ITOCHU and Tokyo Leasing. The new company is scheduled to launch initial sales activities in the U.S. Northeast, which is a priority region for bolstering sales. "We regard the North American market as ranking alongside the Japanese one in importance," the company said in a statement. "Through entry into the downstream sector of financing, we hope to strengthen our commercial vehicle business in North America while helping to increase the value-added level of Isuzu commercial trucks." For Tokyo Leasing, the venture represents its full commitment to the field of commercial vehicle financing in the North American market. ### Press Release ########################### ZRG Ads Rich Weinstein as Managing Director Z Resource Group (ZRG) has added Rich Weinstein as a Managing Director working out of the Princeton, New Jersey offices.
Rich will focus his efforts in the financial services and business information area for ZRG. Prior to joining ZRG, Rich held a variety of executive level roles in finance and corporate development at American Express, including Vice President, Business Development and Mergers and Acquisitions. Rich also led global mergers and acquisitions for D&B (Dun & Bradstreet), where he led numerous transactions in credit, marketing and business information. He also worked as a Managing Director for Berkery, Noyes and Co., a leading information industry boutique investment bank. Rich obtained his B.A. / Economics from SUNY at Stony Brook and his M.B.A. in Finance from NYU Stern School of Business. Rich can be reached at 732-744-4160 or by email at rweinstein@zrgroup.com www.zrgroup.com Larry Hartmann www.zrgroup.com ### Press Release ########################### LEAF/Resource America 1st Quarter -- LEAF Financial Corporation ("LEAF"), the Company's commercial finance asset manager, increased its commercial finance originations to $129.9 million for the second fiscal quarter ended March 31, 2007, an increase of $36.3 million (39%Resource America, Inc. Reports Operating Results for Second Fiscal Quarter Ended March 31, 2007 PHILADELPHIA, PA--- -- Resource America, Inc. (NasdaqGS:REXI - News) (the "Company") reported second fiscal quarter ended March 31, 2007 revenues of $31.6 million, operating income of $15.0 million, income from continuing operations before income taxes of $8.4 million, and income from continuing operations and net income of $5.4 million, or $0.29 per common share-diluted. Assets under management increased to $14.7 billion at March 31, 2007 from $9.5 billion at March 31, 2006, an increase of $5.2 billion (54%). As of April 30, 2007, the Company's assets under management had increased to $15.0 billion.) from the second fiscal quarter ended March 31, 2006. Full press release here: ### Press Release ########################### CIT Decides Not To Early Adopt Fair Value Accounting Standard - First Quarter EPS of $1.01 Versus $1.37 Previously NEW YORK, -- CIT Group Inc. (NYSE: CIT), Reevaluation of SFAS 159 Early Adoption In its April 18, 2007 earnings release, CIT presented financial information reflecting an early adoption of FAS 159, on a basis believed to be an appropriate interpretation of the standard at that time. Following the earnings release, guidance regarding SFAS 159 has emerged, including guidance recently issued by the AICPA's Center for Audit Quality, prompting the Company to reevaluate its initial intent to early adopt SFAS 159 for selected debt and capital securities. Full Press Release:
### Press Release ###########################
News Briefs---- National City to Acquire MidAmerica Bank NetBank sells ATM and merchant servicing operation for $18.0 million Bank's ethics panel not consulted and didn't approve of pay package for Wolfowitz's girlfriend 'Dancing with the Stars' loses another American Idol: A blaze of glory! ---------------------------------------------------------------
You May have Missed--- Modern-Day Look at History of the Latter-Day Saints ---------------------------------------------------------------
Sports Briefs---- Dallas turns it around in the final 3 minutes -- 15-0 run ---------------------------------------------------------------
California Nuts Briefs--- Shedding any pretensions of cool, S.F. goes giddy in O'Brien's spotlights ----------------------------------------------------------------
“Gimme that Wine” Annual Taste of Oakville Pours Tastes of Can't Buy Wines Layoffs coming at Fetzer, Sonoma-Cutrer Australia's Wine Sector Sets Ambitious Target: Delivering Extra $4 Bilion of Wine Over Five Years Winery bottling triggers water fight Wine Prices by vintage ----------------------------------------------------------------
Calendar Events This Day Baby Day Brothers And Sisters Day National Truffles Day Robert’s Rules Day – Saint Feast Days
http://www.catholic.org/saints/f_day/may.php ----------------------------------------------------------------
The raised bump reflectors on U.S. roads are named "Botts dots." http://www.snopes.com/business/origins/bottsdots.asp
----------------------------------------------------------------
Today's Top Event in History 1863-General Stonewall Jackson, leading a large part of Gen. Lee’s army, delivered a devastating blow on Gen. Hooker’s right flank. Reconnoitering with his staff at day’s end, Jackson and his group were mistaken for Union soldiers and fired on by their own forces. Jackson’s shattered left arm had to be amputated. While he was hospitalized pneumonia set in; his death came on May 10. [headlines]
This Day in American History 1837-birthday of our Sue Robert's relative, Henry M. Robert (General, US Army), author of Robert's Rules of Order, today the standard parliamentary guide. Stanley Cup Champions This Date Toronto Maple Leafs --------------------------------------------------------------
-------------------------------------------------------------- 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 -------------------------------------------------------------- Daily Puzzle How to play: Refresh for current date: -------------------------------- |
||||||||||||||||||||||||||||||||||||||||||||||||
Independent, unbiased and fair news about the Leasing Industry. |
||||||||||||||||||||||||||||||||||||||||||||||||
 |
||||||||||||||||||||||||||||||||||||||||||||||||
Editorials (click here) |
||||||||||||||||||||||||||||||||||||||||||||||||
Ten Top Stories each week chosen by readers (click here) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
Cartoons |
||||||||||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||||||||
 |
| 
