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Kit Menkin's Leasing
News www.leasingnews.org Thursday, May
2, 2002 Accurate, fair and unbiased news for the
equipment Leasing Industry _________________________________________________________________________ Headlines Greater Bay Bancorp Appoints Susan Black Prez.
Community Banking Group
--One World Leasing-----Leasing Co-Op Up-Date Uncertainty in U.S.Economy Fails to Dampen
Home Buyer’s Vigor Leasing News Classified
Ads
CMC Address-Telephone Number AOL Chooses Google Xerox Comments On Ratings
Action by Moody's ###
Denotes Press Release ###### ############################################################ Greater Bay Bancorp Appoints Susan Black President
of the Community Banking Group
(Newstream) -- Greater Bay Bancorp (Nasdaq:
GBBK), an $8.3 billion in assets financial services holding company,
announced the appointment of Susan K. Black as President of the
Company's Community Banking Group. "We are very fortunate
to have Susan heading our new Community Banking Group, which is
comprised of nine of our subsidiary banks, as well as three Greater
Bay Bank offices and our Service Management division," stated
David L. Kalkbrenner, President and Chief Executive Officer of Greater
Bay Bancorp. "This is a new position created as a result of
our tremendous growth over recent years." Ms. Black will continue
to serve as the President and Chief Executive Officer of Mid-Peninsula
Bank, a subsidiary of Greater Bay Bancorp. "We believe that
Susan is an outstanding choice for this position due to her expertise
in the areas of relationship banking and client service," stated
Byron A. Scordelis, Senior Executive Vice President and Chief Operating
Officer of Greater Bay Bancorp. "We believe that the new Community
Banking Group will strengthen our approach to the delivery of banking
services and further differentiate Greater Bay as the relationship
bank of choice." Susan Black has been
an officer of Mid-Peninsula Bank since its formation in 1987. She
is also a member of the Board of Directors of Bank of Petaluma,
Bay Area Bank, Golden Gate Bank, Mid-Peninsula Bank and Peninsula
Bank of Commerce, all subsidiaries of Greater Bay Bancorp. Greater Bay Bancorp through
its eleven subsidiary banks, Bank of Petaluma, Bank of Santa Clara,
Bay Area Bank, Bay Bank of Commerce, Coast Commercial Bank, Cupertino
National Bank, Golden Gate Bank, Mid-Peninsula Bank, Mt. Diablo
National Bank, Peninsula Bank of Commerce and San Jose National
Bank, along with its operating divisions, serves clients throughout
Silicon Valley, San Francisco, the San Francisco Peninsula, the
East Bay Region, the North Bay Region and the Central Coastal Region.
ABD Insurance and Financial Services, a wholly owned subsidiary
of Greater Bay Bancorp, provides commercial insurance brokerage,
employee benefits consulting and risk management solutions to business
clients throughout the United States. For additional information
and press releases about Greater Bay Bancorp, visit the Company's
web site at www.gbbk.com.
------------------- Leasing Co-Op Up-Date There is a lot of talk about One World Leasing. That's an exceptionally good thing. Since our
initial press release in late March, the cooperative has received
a tremendous response from the broker community - some responses
skeptical and many very enthusiastic. As expected, the "traditional"
funding community has expressed some degree of skepticism; however,
"non-traditional" funders have greeted the idea with open
arms. On the other hand, there has been a bit of confusion about the cooperative.
For example, in Leasing News from the 26th and 29th of April,
there was some banter back and forth about a "10% bonus"
and how that gets split. Understandably, this commentary engendered
some comical response (i.e. "how are 25 brokers each going
to get 10% of the co-ops profits?"). We'd like to take a few moments of your time (and some of your valuable
Leasing News space) to try and clarify exactly how the cooperative
model works. As we've said
before, many issues are still to be determined, but the basic outline
is the same for every cooperative.
There are over 47,000 cooperatives in the United States -
it is a successful business model that adds value to its members
(and it's suppliers). Let's address the "how we make money" questions first.
The idea is that the cooperative, based upon the value proposition
that will be provided to funders, will be able to achieve a attractive
cost of funds for it's members and a "rebate" schedule
from the funders based upon equipment cost volume achievements. OneWorld’s earnings (some realized right away by the member
in the form an attractive cost of funds; some realized later on
in the form of rebates issued after the end of each fiscal year)
are reduced by the operating expenses of the cooperative.
In the leasing forum, we indicated that the average expenses
of operating a mature cooperative are approximately 10% of revenue.
(Obviously, this expense ratio will be higher during the
early stages of the business.) Net earnings – that is the money
remaining after expenses and other costs - are then returned to
the members on a pro-rata basis. If the cooperative "earns" $100,000 for a year and operating
expenses & other costs are $10,000, the net of $90,000 is returned
to members pro-rata (the more you fund through the co-op, the more
you get back). If Member A does $10,000,000 of equipment cost volume
out of a total of $100,000,000 of equipment cost volume generated
by the entire cooperative, then Member A is entitled to 10% of the
net; or, $9,000. If Member B did $5,000,000, then Member B is
entitled to 5% of the net; or, $4,500.
Make sense? As has been said before, the cooperative is not, and will not be,
a "roll-up", a "consolidator", or a "super-broker".
The cooperatives main objective is NOT to exert or maintain
any level of control over the broker members - UNLESS those members
desire the control. Any such types of control would be "put
to a vote" to the members at large.
Remember, regardless of a broker's size, one membership =
one vote. The primary directive of OneWorld Leasing is to provide its cooperative
members an opportunity for increased profits, increased capabilities
and a more level playing field in relation to the rest of the leasing
industry. With the coordinated efforts that OneWorld
will provide, the members should enjoy substantial benefits in the
form of marketing, legal, postal, payroll – value-added savings
based upon the volume that will be provided to the service providers. This concept is similar to what is already
being done by hundreds of other cooperatives across the country.
These services can be consolidated at the cooperative level or left
as "un-centralized" based upon the mutual desires of the
service providers and the cooperative members. Again, a board of
directors comprised of the members, controls such decisions.
More importantly,
perhaps, is the coordinated effort that the cooperative will provide
to its members in regard to the funding community. Brokers should ask themselves, “do I have more significance
in a lender’s eyes as a $15 million dollar player or am I more
important as a member of a $1.5 Billion dollar company with a nationwide
brand?” Remember, OneWorld’s efforts will also
substantially benefit our funding partners as well. It's a win-win situation for two parties that, currently, are often
at odds with one another. In
fact, these parties should be working together; unfortunately, very
often they are not. The
cooperative will fix that. There are many lenders that are shying
away from broker business right now.
This is hurting the lenders and the brokers. The lenders are turning their backs on a large part of business
that they have done in the past and that they should be doing now. The brokers, on the other hand, are having
a tough time getting their deals done and comprehensively managing
their businesses because of this impact. The primary directive
of OneWorld Leasing, at the sole discretion of its members, will
be to CHANGE THAT!!! Remember, there
is STRENGTH IN NUMBERS . . . David Stearns dstearns@gacllc.com 847-458-0191 x 12 Richard Selby
rselby@mainstreet.coop 480-831-6118 x 40 James Brustad
jbrustad@gacllc.com 847-458-0191 x 11 OneWorld Leasing 1553 W. Todd Dr., Suite 110
--------------------------------------------------------------------------- Leasing News Classified Ads Job Wanted Asset
Management: Silicon Valley, CA Experienced
Asset Manager with SMT/PCB equipment focus. Managed/sold large ticket
mid-term and EOL transactions with global contract manufacturer
and OEM accounts. Email:boklund9@earthlink.net Asset
Management: Nashville, TN Experienced
Asset Manager with construction/ telecom focus. Managed portfolio
of repo & EOL transactions for large leasing companies. 10 years
experience including sales & credit/ collections focus. Email:jambam2000@comcast.net Collector:
Oceanside, CA Collections
supervisor, experienced with commercial leasing. motivated, good
work ethic, enthusiastic. call (760)941-9209 Email:mantinarelli@yahoo.com Contract
Administrator: San Diego, CA work-at-home
position to perform processing & documentation. 5+ years small
ticket arena, used to handling a 25-30 deal workload. You do the
sales, I'll do the rest. Email:jmccorman@hotmail.com Credit:
Hayward, CA. Versatile/
creative senior financial executive w/ extensive experience in varied
areas of the commercial lending environment. Strong written/ oral
skills with a results-oriented team-player attitude. Email: daveschultz9@aol.com Credit:
Mill Valley, CA Senior
corporate officer with financial services credit background. M and
A, fund raising and workout expertise. Email:nywb@aol.com Finance:
Atlanta, GA Twenty
five plus years experience in middle market lease/ asset based/cash
flow transactions. Heavy banking and credit background, with particular
expertise in structure and negotiation. Email:brown235@bellsouth.net Finance::
Birmingham, AL type: finance description: Admin./International: 10+years global ops mgmt int. biz admin.w import/export/reg.
compliance, global biz development, in, transaction P/L,
global recruitment/training/staff mgmt. middle market
to Fortune 20 account development. Funding:
Northern, NJ Coordinate
all aspects of financing for leased equipment, prepare necessary
documentation for discounting with banks.Handle renewals of and
amendments to lease schedules. Email:istaub@unicapitalcorp.com Legal:
Chatsworth, CA Managing
attorney for general corporate and financial services law including:
leasing, acquisitions, service agreements, commercial loans, securitizations,
workouts and litigation. Email:SandiDQ@msn.com Operations:
Phoenix, AZ 15
years of increasingly responsible positions as a financial-marketing
manager in commercial leasing, credit, and collections. Extensive
experience in leasing and accounts receivable portfolio management.
Email:williamdoughty@hotmail.com Sales:
Louisville, KY I
have been in leasing/financing of construction, machine tool, and
mfg equipment for 20+ years. Traveled KY, IN, OH and TN. Email:kyle90@msn.com Sales:
Boston, MA Boston,
MA (big Patriots' fan) Senior Sales person, 15 years experience,
strong vendor program background, middle market concentration Email:smillard27@juno.com Sales:
Minneapolis/St. Paul, MN 6+
years experience in small & large ticket leasing. Current customer
database. Seeking a position that will utilize my prospecting, structuring
and presentation skills. Email:golfadm@yahoo.com Sales:
Silicon Valley, CA VP
level Business Development and Sales Manager, well connected in
Silicon Valley. Experienced in major vendor programs on a global
basis.Email: Tadadzn@ix.netcom.com Sales:
Oklahoma City, OK 20
years sales and marketing experience. Aggressive but relationship
selling technique, proven success record, want to work out of home
office, will travel if necessary Email:jammoon@earthlink.net Sales:
Mission Viejo, CA Account
Sales Executive with 10 years of leasing experience looking for
company to bring existing customer base. Email:makelly21@hotmail.com Sales:
Phila, PA Proven
Aggressive Winner w/strong prospecting skills,vendor program exp.
both captive/non- captive,territory mgmt on all levels,remote office
for many years,very adaptable. Email:jppa100@cs.com Sales:
Silicon Valley, CA 9
years Leasing Exp. small/medium ticket arena , Proven overachiever/exceeding
company goals, vendor& & direct. Home office for several
years, Currently in IT leasing. Email:scott61@attbi.com Sales
Manager: New York, NY I
have over 25 years owning an independent leasing company that specialized
in truck leasing. Tow trucks, Limos, ambulances, tractors, etc..
Email:rfleisher@rsrcapital.com Sales
Manager: Hartford, CT Director
of Equipment Lease Division with credit/collateral evaluation, marketing
& operations experience. Simultaneously coordinated efforts
to develop new vendor business. Email:pkumiega@peoplepc.com Sales
Manager: Atlanta, GA 15
years experience in Small Ticket Vendor Leasing. Managed sales team
for eight years in Copiers, Telecom, IT, Construction, Auto Aftermarket,
etc. Email:jim_acee@hotmail.com Senior
Management: Hicksville, NY Senior
equipment leasing and banking executive with credit, collections,
marketing and operations experience. Background includes development
of new business,risk management and budgeting. Email:FrdA4@aol.com Senior
Management: Irvine, CA Senior
Manager at Enterprise Leasing Software Company. 10 yrs programming,
15 yrs system/ network, and 15 yrs management experience. Working
Experience with 12 Leasing companies. Email:sw_leasing@hotmail.com Syndicator:
Wilmington, NC Ten
years experience/contacts placing debt & equity for middle market
end-users for transactions $75K - $10MM. Can relocate or telecommute.
Email:ccrllc@yahoo.com Sales:
Overland Park, KS 15
YRS. LEASING EXPERIENCE. CAPTIVE, PRIVATE LABEL AND NEW VENDOR PROGRAM
DEVELOPMENT. RELATIONSHIPS, STRATEGIC SELLING SKILLS AND TRAINING
HAVE BEEN MY KEYS TO SUCCESS Email:
JWALTER53@KC.RR.COM Senior
Management: Denver, CO Eleven
years of small/mid ticket leasing. Seven years sales and sales management.
Four years general management running entire operation. Willing
to move. Email:
vandewalker1@attbi.com Sales:
Chicago, IL 12
years end-user and vendor, captive and 3rd party experience. Avg.
trans. size $250K. MBA w/ sales mgmt. and new business development
background. Email:
Irishreel@aol.com Sales:
Dallas, TX Director,
Business Development for global vendor programs with minimum sustainable
volume of $24M annually. Several CFO and Treasury contacts with
technology and energy corporations. Email: tkorpolinski@ev1.net 37
Help Wanted http://65.209.205.32/LeasingNews/JobPostingsWanted.htm 15
Outsourcing http://65.209.205.32/LeasingNews/JobPostingsOutsourcing.htm 3
Attorneys http://65.209.205.32/LeasingNews/JobPostingsAttorney.htm 7
recruiters http://65.209.205.32/LeasingNews/Recruiters.htm Other
E-Mail Sites http://65.209.205.32/LeasingNews/Classified.htm CMC
Address-Telephone Number Leasing
News receives many e-mails and several telephone calls a day, wanting to
reach CMC over problems. Here is the only address we have: Commercial
Money Center 101
Convention Center Drive, Suite 1225 Las
Vegas, Nevada 702-894-9400 Capital
Markets Corporaiton has the same address and
telephone number. Commercial
Servicing Corporation is
also located at this address ( sorry, telephone number not known
). All
their e-mail comes back and while the website is up, no
one responds in our several tests. -------------------------------------------------------------------------- AOL
Chooses Google by
Michael Liedtke SAN
FRANCISCO –– America Online Inc.'s decision to hire search
engine leader Google to help its 34 million members find their way
around the Web provided another reminder of Google's rising popularity.
That
success may turn into Google's biggest challenge. With
a rising number of Web surfers bypassing online portals and going
directly to Google's site for search results, the fun-loving company
is now viewed as a competitor by some Internet giants. That's
one reason Microsoft relies on two of Google's biggest rivals, Overture
Inc. and Inktomi Corp., to deliver the search results at its MSN
service, said Danny Sullivan, editor of SearchEngineWatch.com. "MSN
recognizes that Google is a threat and it doesn't want to help (a
rival)," said Vish Makhijan, Inktomi's general manager of Web
services. "We don't steal users or advertisers away from our
customers." Mountain
View-based Google remains confident that the highly relevant responses
served up by its powerful search engine will continue to attract
new customers. "We do quite well whenever the user experience
is a factor in choosing a search engine," said Sergey Brin,
Google's co-founder and president of technology. Google's
site ranked as the sixth most popular destination on the Web in
March, attracting 33 million unique visitors, according to Jupiter
Media Metrix. At the same time last year, Google ranked 22nd, attracting
10.9 million unique visitors, Jupiter Media Metrix said. Some
analysts believe Google's rise will discourage Yahoo from renewing
its contract with the search ###
################################################ Xerox
Comments On Ratings Action by Moody's STAMFORD,
Conn.---Xerox Corporation's (NYSE:XRX) chief executive officer today
commented on the ratings decision by Moody's Investor Services,
calling it "inconsistent with the company's progress and momentum." "Our
performance demonstrates that we have significantly improved our
operations and strengthened our liquidity. We have consistently
and effectively executed on every element of our turnaround plan
and have clearly set the stage for a return to full-year operational
profitability," said Anne Mulcahy, Xerox chairman and chief
executive officer. Among
the company's recent accomplishments: -- Xerox Capital Services, Xerox's joint venture
with GE Capital Vendor
Financial Services, formally began operations today. Xerox
Capital Services will manage Xerox's customer administration
and leasing activities in the U.S., a key element
of the company's plan to transition equipment leasing to
third-party partners. -- The company's worldwide cash balance increased
to $4.7 billion at
the end of the first quarter. Since announcing the turnaround
plan in October 2000, Xerox has reduced debt net of cash
by 28 percent to $12.3 billion, as of first-quarter 2002. -- Xerox has taken actions to reduce annual spending
by more than $1.2
billion over the past 18 months, while investments in research
and development have been sustained at about 6 percent
of revenue. -- Xerox has announced it expects to complete
negotiations no later
than the end of June to refinance the $7 billion revolving
line of credit. -- Xerox reached a settlement with the Securities
and Exchange Commission,
effectively resolving all outstanding issues with the
SEC. Xerox neither admitted nor denied the allegations of the
SEC complaint. -- The company said it expects to file its 2001
10-K and 2002 first-quarter
10-Q by the June 30 extension deadline. Mulcahy
concluded, "We will continue improving the efficiencies of
our operations; investing in our core production, office and services
businesses to drive future profitable and sustainable revenue growth;
and delivering on our commitment to build back value in the company." CONTACT:
Xerox
Corporation Media Contacts: Christa Carone, 585/423-5074 christa.carone@usa.xerox.com Bill
McKee, 585-423-4476 bill.mckee@usa.xerox.com ###
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