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May 23, 2001
Headlines--- Bay View Capital Exits the Scene—Good People on the Street Terminal Marketing Officially Bites the Dust May 31, 2:00pm, New York Time Humboldt Bancorp Declares Bancorp Financial Services: “The Weakest Link—Goodbye!” SDI Capital Merging with Total Funding.Com????? More Corrections re: New Orleans Conference—on, No!!! CIT Shareholders Approve Proposed Tyco-CIT Acquisition Amplicon Reorganizes as Bank Holding Company; Launches California First National Bank Capital Stream Names Garry Welch to the position of Executive Vice President of Marketing, Business Development, and Sales ( company continues to grow and prosper )
Listserve and Randy Anderson—Let’s Set the Record Straight! ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Bay View Capital Exits the Scene, Good People on the Street It
is true that Bay View Capital
has decided to exit the commercial
leasing business
and other business lines due to
the strategic change in the company's
direction as determined by the
new management team. Although Bay View
Commercial Leasing met or exceeded
its objectives, our organization
no longer
fit within the regional bank holding
company's future business plan. Accordingly,
we have discontinued originating
new leases and loans and are funding
out all commitments through the
end of the month. We
would like to thank the select
group of originators we have been
working with
for the past two years for allowing
us the opportunity to be one of your
valued funding sources.
Although we are proud of
the accomplishments we
have achieved at Bay View, we
take greater pride in the knowledge
that we provided
the broker community with an ethical,
reliable and competitive funding
source whose values were based
on integrity, professionalism, teamwork
and good old-fashion personal
service. As
an experienced group of leasing
professionals, we will continue
to pursue our
endeavors, individually or collectively,
in the leasing industry. Farewell
for now. Best
regards, Bay
View Commercial Leasing Jeff
Allard CLP, COO and staff, Paul
Torres CLP, AVP & Credit Manager;
Jan Eriksen AVP & Division
Sales Manager;
Amy Slavin, Division Sales Manager,
Broker Desk; Jennifer Isip, Sr. Leasing
Specialist; Antoinette Fresquez,
Leasing Specialist ( This is an excellent operation who’s
main source of funds basically ran out of money. We hope all the excellent people from this
company end up standing on their feet. editor ) ``````````````````````````````````````````````````````````` Terminal Leasing Bites the Dust---Officially PUBLIC AUCTION NOTICE OF SECURED PARTY SALE OF COLLATERAL (PORTFOLIO OF PERSONAL PROPERTY LEASES) OF THE TERMINAL MARKETING COMPANY, INC. BY VIRTUE OF A DEFAULT under that certain Loan and Security Agreement, dated as of June 5, 1998, as amended, modified and/or supplemented (the "Loan Agreement"), between The Terminal Marketing Company, Inc. (the "Borrower") and Lehman Commercial Paper, Inc. ("Secured Party"), and pursuant to the terms and conditions of the Loan Agreement, other agreements entered into in furtherance thereof and Section 9-504(3) of the Uniform Commercial Code as enacted in the State of New York. NOTICE IS HEREBY GIVEN that the Secured Party, through licensed auctioneer William A. Mannion, license no. 796322, will sell the Collateral (as such term is defined in the Loan Agreement) consisting of a portfolio of leases of personal property (including without limitation audio/visual equipment and autobus leases) having a face value of approximately $125,308,512.49, at public sale to take place at the offices of Hahn & Hessen LLP, 350 Fifth Avenue, New York, New York 10118, on May 31, 2001 at 2:00 p.m. The purchase price for the Collateral shall be payable to Secured Party in cash, by wire transfer of immediately available federal funds, or by certified or bank check drawn upon a member bank of the New York Clearing House. A ten (10%) percent deposit is required with the successful bid and the balance of the purchase price shall be payable within thirty (30) days. The sale shall be "as is" and "where is", without expressed or implied representations and warranties of any kind or nature whatsoever. The sale shall be subject to the further conditions set forth in the terms of sale which are available upon request from Hahn & Hessen LLP, 350 Fifth Avenue, New York, New York 10118, attn: Mark S. Indelicato, Esq., attorneys for the Secured Party, and such revisions thereto as may be announced at the start of the public sale. The Secured Party reserves the right (a) to bid, to become the purchaser at the sale and, without deposit, credit against the purchase price bid all sums due to it under the Loan Agreement, including without limitation expenses of sale, principal and interest and (b) to adjourn, delay or terminate the sale in its sole and absolute discretion. Please direct all inquiries with respect to the foregoing to: HAHN & HESSEN LLP 350 Fifth Avenue New York, New York 10118 (212) 736-1000 Attention: Mark S. Indelicato, Esq. ````````````````````````````````````````````````````` Bancorp Financial Services, Sacramento, California--- Humboldt Bancorp says Goodbye to the Weakest Link ( Doug Rees, Vice-President, has not returned our calls as it appears the second quarter loss and investigation by the Security Exchange Commission, Sacramento, California, has put the company into an immediate “wind down” as they originally informed the Security Exchange Commission and issued a press release, that they later stated was “misinterpreted” and was only “for accounting purposes.” They had asked Leasing News for a “correction,” which we did. with the express purpose of hoping they would survive. editor http://two.leasingnews.org/archives/April01/4-27-01a.htm It appears the shutdown has affected several leasing transactions and we have been attempting to obtain public information, to help those in the industry, such as this person: Just a note on the Bancorp Financial Issue we have a 300k portfolio in funding now that they are now stating they cannot honor this commitment because they are out of money. This was told to us by Doug Reese on Tuesday. We were notified that they would be closing on Friday of late week at 4:30pm (really nice) As of yesterday they were going to purchase the portfolio through a deal they worked out with G.E. Capital / CPL but that has also fell through. This is turning out to be another United Capital issue. You may print this by please leave our name off since we still are working on selling this portfolio to them. Name Withheld + + + + We have a lawsuit scheduled for August, and perhaps it will be resolved sooner. If there are others who would like to join our suit or share information, please contact leasing news as they will forward your e-mail to me. Name Withheld + + + I have been doing business with Bancorp Financial Services for many years, and have nothing but good experiences to report. I know Doug Rees and feel for he and his staff. They have been put in a very difficult situation, which is further complicated by the fact that they cannot honor and fund existing approvals which may be in the pipeline. Fortunately, I only have a couple transaction which fall into this category, and I wish them the best of luck in the future. Stephen P. Sambor Vice President of Credit and Funding Americorp Financial, Inc. 877 S. Adams Birmingham, MI 48009 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ National Association of Equipment Leasing Brokers Listserve— Setting the Record Straight
" Who steals my purse steals trash; 'tis something, nothing; 'Twas mine, 'tis his, and has been slave to thousands; But he that filches from me my good name Robs me of that which not enriches him, And makes me poor indeed." William Shakespeare Again, the National Association of Equipment Brokers "Listserve"is a public forum when over 200 members communicate with each other, almost on a daily basis. It is not regulated, and as it is beneficial to young brokers looking for a home for their deals, such as for a $3,000 ATM machine , $75,000 electronic power generator for a start-up company with a bankruptcy, a $400,000 transaction for an Indian Casino in Oregon, we have a customer looking for a leasing/finance company out there that will do a floor plan for a trailer dealership...... Listserve does provide communication, and is of benefit to its members, but sometimes it goes awry. Here is an instance sent to me by Randy Anderson, who evidently is not a NAELB member and could not respond to listserve. He is an outstanding person and may be “tainted” by listserve. We hope to set the record straight. Here is the original posting, with the name purposely withheld by Leasing News, but I would like to set the record straight for this terrific person: As a long time user, supporter, and proponent of Capital Stream (fka Vertical Connection), maker of System One Software, Capital Stream, and Centerpoint Software, I felt the need to share with the rest of the group a quote that I just read in Kit Menkin's newsletter re: some recent news items at the NAELB conference. "Randy Anderson, formerly of System 1, has completed Wildwood Financial Training and is about to enter the broker business , as soon as he sells his house in Edmonds, Washington, and moves back to Modesto, California---Jim Buckles, formerly of System 1, has started a software support company, including training and custom programming ( Leasing News will have a feature on this soon )" If any of you are working with, or have worked with this company, you know that they have recently seen major changes in personnel, management style, customer support, etc., and not all for the better. You also know that in order to sign your vendors/brokers up on Capital Stream (their online lease processing product), you had to supply them with the name, phone, address, etc. No offense to Randy directly, but I certainly hope that none of my vendors and customers will suddenly be contacted by anyone that has recently left the company, and that Capital Stream is doing, yes and they have a resemblance, too. end of posting--- Here is Randy Anderson’s response: Thank you for bringing your concerns to the surface for me and for our fellow brokers, I can certainly appreciate the sensitive nature of this information. As you know, I have been in the leasing industry for six years now. During that time, I have been conscious of the actions I have taken as news travels very fast. I have built many great relationships with the people I have worked with, as they have entrusted me with sometimes very sensitive, competitive and confidential information. In many instances, I was given the office keys and access to their System 1 database. I do not take their trust lightly, I assure you. Our relationships have been built around trust and honor and I have never let them down, nor do I intend to. As for the information contained on the servers at Capital Stream, it has always been kept locked down and secure. Even the employees that were there from the beginning (I was employee #3) did not have access to the systems data, as it was not essential to our daily work. I realize a reputation is at stake if I or anyone else were to use any information in an unethical manner. I would hope that anyone in this industry that operates in an unethical manner will be held accountable by the associations and other influential entities within our leasing industry. We are all accountable for the actions we take, I believe we will also answer to them sooner or later as well. Thank you again for reminding us ALL of this reality! Randy Anderson RandolphAnderson@Home.com 206-227-6827 Cell from Kit Menkin, American Leasing, Santa Clara, Calif. As a long time System 1 user, perhaps one of the first commercial users, I have known Randy Anderson for quite some time. He has set up the system here, trained several sets of employees during the years, and have gotten to know him. He is both a very honest and trustworthy person. When System 1 cut-back 35 employees, and decided to focus on CapitalStream as the “bread winner,” Randy saw how well others were doing and decided to get into leasing sales, primarily in agriculture, as he is from Modesto. We hope to have a full story about him, but let me print that besides being illegal in sharing this information, it is not something Randy would do. As far as Jim Buckles and Randy Anderson and CapitalStream/System 1, I can personally testify I saw John Kruse, one of the original founders, enjoying their company in the Executive Lounge on the 26th floor at the Hilton, sitting with each other for lunch, and enjoying their friendship very much. We need more people like Randy Anderson in the leasing industry. Kit Menkin, American Leasing. --------------------------------------------------------------------~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ SDI Capital Merging with Total Funding !!!!!!!???????????????????? Have been hearing this for quite some time, including from SDI employees, but at this time, can only print “hearsay:” I am aware that there is a merger being discussed by Total Funding, but assumed it was with another internet company, and not SDI Capital, which we have received many complaints for the “Bulletin Board” but have not been able to get the Daniel’s to respond. Here is from an inside source: “Lots of closed door meetings word has it a company by the name of Total Funding is buying SDI. The Daniels have cleaned out all of there personal items on the sly. they will not conform or deny. Have heard rumors of BK filing. Don’t use my name as I still have a paycheck coming.” Name Withheld Hi there, Was wondering it you have heard any rumblings in the industry about SDI Capital. Weird vibes going on over here. Something is about to break wide open. Post something if you like. ( This is an “executive” at SDI Capital who would like his name withheld ). ``````````````````````````````````````````````````````````````````````` ----------------------------------------------------------------------- More Corrections New Orlean Conference---Oh, no!!! Final count was 686 people (Funding sources and leasing companies) and there were 50 Funding Sources exhibiting at the ELA Chicago Conference. Katie Plona Director of Membership Equipment Leasing Association ( Still, the highest attendance of all the associations. editor ) Maybe you got Timmerman confused with Zimmerman because Leo Timmerman and Bob Dylan) Zimmerman are both Minnesotans. Jim Fleming nationalbusinesscredit@yahoo.com ( There is a resemblance...Seriously, I have met Leo and Dawn many times, even went to his workshop, so it was really a typo that I did not catch as my laptop kept crashing and I was afraid I would lose all before sending out. editor.) ~~~~~~~~~~~~~~~~~~~~ Coverage of NAELB Workshops I hear ya. After re-reading my email, it probably came across a bit harsher than I intended. I just thought that our was worth mentioning given it was probably the most well-attending. I did not realize you were speaking only to the ones you attending yourself. Anyway, have a good one. Also, I appreciate the Sunday Sermon each week. I always read that one. Best Regards, JeffHolland jholland@capitalpartnersinc.com Despite rumors, Capital Stream is a very healthy company with their colleagues listing them in either the top three or the top five in their field; continuing to lead the leasing industry------ ####################################################### CapitalStream Names 25 Year Industry Veteran as New Executive Vice President Commercial finance automation leader continues to strengthen its focus on expanding sales and business development Seattle - May 23, 2001 - CapitalStream (www.capitalstream.com) announced today the appointment of Garry Welch to the position of Executive Vice President of Marketing, Business Development, and Sales. Welch brings more than 25 years of commercial and corporate marketing, management and technology related experience to the position. Prior to joining CapitalStream, Welch served as Senior Vice President of Business Development and Sales for Activate, a Seattle-based streaming media infrastructure provider for Web sites, operated by CMGI, Inc. During his tenure at Activate, annual revenues grew from $600,000 to $12 million and the company expanded operations throughout the U.S. and Canada. Welch also managed sales and marketing for McCaw Cellular, AT&T and GE. In addition to his proven track record of developing growth strategies for small and large organizations, he has comprehensive expertise in managing the marketing and sales functions for Internet and venture capital-funded companies. "CapitalStream was looking for a proven leader with skills that encompass all aspects of sales and marketing, along with a deep understanding of business development," said Steve Campbell, President and CEO. "Garry brings that experience to the company. We are at a stage in our company's growth, in terms of positive momentum and development, where someone with Garry's skill set is invaluable." Welch holds B.S. degrees in Mathematics and Industrial Technology from Southwest Missouri State University and an MBA from the University of Santa Clara/ Southwest Missouri State University. About CapitalStream Seattle-based CapitalStream strengthens existing business relationships and streamlines transaction workflow through its flexible web infrastructure for commercial finance automation. The company provides finance companies, banks and manufacturers the ability to manage, distribute and automate commercial lease, loan and credit card financing programs for their business customers and associates. CapitalStream, an established industry leader for more than five years with deep knowledge about the inner workings of the financing world, has helped hundreds of financial organizations increase their competitiveness, customer service and profitability. Amplicon Reorganizes as Bank Holding Company; Launches California First National Bank
SANTA ANA, Calif.--(BUSINESS WIRE)--May 23, 2001--Amplicon Inc. (Nasdaq:AMPI) ("Amplicon") today announced that it reorganized into a holding company form of organizational structure. As a result of the reorganization, a new parent company, California First National Bancorp, a California corporation ("CalFirst Bancorp"), owns 100% of Amplicon, the previous publicly held company. Stockholders of Amplicon have automatically become stockholders of CalFirst Bancorp. In addition, today CalFirst Bancorp purchased 100% of the common stock of California First National Bank ("CalFirst Bank" or "Bank"), and with the investment of $20 million by CalFirst Bancorp, CalFirst Bank started operations as an FDIC-insured national bank. The new holding company structure will allow CalFirst Bancorp to manage its entire organization, which now includes a new bank, more effectively. The reorganization was structured in a manner under California law that did not require action by Amplicon's stockholders, whose rights, privileges and interests will remain the same with respect to CalFirst Bancorp. Existing certificates representing shares of Amplicon's common stock serve as evidence of ownership of the same number of shares of common stock of CalFirst Bancorp; an exchange of certificates is not required. The change to the holding company structure is tax free to Amplicon's stockholders. The by-laws, executive officers, board of directors and transfer agent of CalFirst Bancorp are the same as those of Amplicon. CalFirst Bancorp's common stock will trade on the Nasdaq under the new ticker symbol, "CFNB." Trading under the new symbol "CFNB" is expected to commence on Thursday, May 24, 2001. Patrick E. Paddon, chairman and chief executive officer of the new bank holding company, commented: "This is an important day for our company. We have invested significant resources in the organization of CalFirst Bank, which will broaden the financial services offered by the overall organization. We believe we have assembled an impressive group of professionals to manage the Bank. "Colin M. Forkner, chief executive officer of the Bank, has 30 years of commercial banking experience and has held senior executive management positions with Security Pacific Corp., Bank of California and Northern Trust Bank of California. "The board of directors of CalFirst Bank includes Danilo Cacciamatta, president of Cacciamatta Accountancy Corp., an Orange County auditing firm; Robert W. Kelley, who has 30 years of experience with The Office of the Comptroller of the Currency, the Bank's primary regulator; Harris Ravine, a partner with Telecom Partners, a venture capital group, and also a member of CalFirst Bancorp's board of directors; and S. Leslie Jewett, chief financial officer of CalFirst Bancorp." Elaborating on the new Bank's unique business model, Forkner commented, "CalFirst Bank will gather deposits using the Internet, telephone and direct mail from a centralized location and will lease capital assets to businesses and organizations and provide business loans to fund the purchase of capital assets that will be leased by third parties. Teaming this new bank with an established national leasing organization provides enviable access to quality earning assets." Based in Orange County, Calif., CalFirst Bancorp is a bank holding company with two primary subsidiaries. Amplicon leases high-technology capital assets nationwide utilizing an innovative sales management organization that delivers cost-effective leasing alternatives to meet customer needs. This news release contains forward-looking statements, which involve management assumptions, risks and uncertainties. Consequently, if such management assumptions prove to be incorrect or such risks or uncertainties materialize, actual results could differ materially from the results forecast in the forward-looking statements. For further discussion regarding management assumptions, risks and uncertainties, readers should refer to Amplicon's 2000 Annual Report on Form 10K, the fiscal 2001 quarterly reports on Form 10Q and other periodic filings made with the Securities and Exchange Commission. CONTACT: Amplicon Inc., Santa Ana S. Leslie Jewett, 714/751-7551 or 800/496-4640 ljewett@amplicon.com or ljewett@CalFirstBancorp.com ################################################ CIT Shareholders Approve Proposed Tyco-CIT Acquisition
LIVINGSTON, N.J--The CIT Group, Inc. (NYSE: CIT, TSE: CIT.U and Exchangeable Shares: TSE: CGX.U), a leading global source of financing and leasing capital, announced that its shareholders have approved the company's proposed transaction with Tyco International Ltd. (NYSE:TYC, BSX:TYC, LSE:TYI) at a special meeting held today in Livingston, New Jersey. The transaction will close upon receipt of the requisite regulatory approval, which is expected to occur by June 1, 2001. "Our shareholders voiced their strong support for the recommendation of CIT's board of directors and we are delighted with today's affirmative vote," said Albert R. Gamper Jr., CIT Chairman, President and CEO. Forward-Looking Statements Certain statements contained in this document are forward-looking statements concerning our future earnings, financial condition and operations. These statements involve risks and uncertainties that may be difficult to predict. Forward-looking statements are based upon management's estimates of future economic conditions, fair values and future costs, using currently available information. Therefore, actual results may differ materially from those expressed or implied in those statements, due to various risks and uncertainties identified more fully in our 2000 Form 10-K. About CIT CIT is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries. Managing more than $50 billion in assets across a diversified portfolio, CIT is the trusted financial engine empowering many of today's industry leaders and emerging businesses, offering vendor, equipment, commercial, factoring, consumer and structured financing capabilities. Founded in 1908, CIT operates extensively in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific Rim. For more information on CIT, visit the Web site at www.cit.com. About Tyco International Ltd: Tyco International Ltd. (NYSE: TYC, LSE: TYI, BSX: TYC) is a diversified manufacturing and service company. Tyco is the world's largest manufacturer and servicer of electrical and electronic components; the world's largest designer, manufacturer, installer and servicer of undersea telecommunications systems; the world's largest manufacturer, installer and provider of fire protection systems and electronic security services and the world's largest manufacturer of flow control valves. Tyco also holds strong leadership positions in disposable medical products, diagnostic imaging, bulk pharmaceuticals, wound closure, plastics and adhesives. Tyco operates in more than 100 countries and had fiscal 2000 sales of $28.9 billion. ##################################################
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