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------------------------------------------------------------------------------- Leasing News Headlines--- Alert ---Redux: Harold Bishop, Inc, Summerville, Georgia ######## surrounding the article denotes it is a “press release”
-------------------------------------------------------------------------- Alert ---Redux: Harold Bishop, Inc, Summerville, Georgia Kevin Ferguson, sole proprietor This complaint is amended. Our second printing was on November 16,2004, as we received a third complaint against Mr. Ferguson and his various companies. This person stated Mr. Ferguson presented himself as a “lease broker” who was using his “dealership” to place leases. The circumstances brought us to re-instate the first “complaints.” The third party did not want to be named at that time, but he had a bounced check from Mr. Ferguson, who has promised to make it good, on a number of occasions, he told us. The original seller of the equipment also said he had notified HP Financial Services he was the “real” vendor and had not been paid. He was told a fifth or six time that he would get his check, and each time, a specific day. Since this has been going on for over a month, he wanted to further substantiate this by printing his name for those who would like to contact him to verify the complaint or learn more about what had happened.. "Mr. Ferguson assured me two weeks ago ( now six weeks ago from the date of this e-mail )that this would be resolved. He gave me a tel. number to contact him and this has been disconnected; his old number 706 857 2472 is no longer in service. He has a number of 706 346 9067 but he is not answering it. “You should leave the original notice on the bulletin board because he will try and con somebody else. he bounced a check for $3087.50. “Philip Reilly E-mails to by Leasing News to Mr. Ferguson have not been answered, nor any telephone calls to previous telephone numbers we had for his companies. The original “Alert:” http://www.leasingnews.org/Conscious-Top%20Stories/Harold_Bishop.htm ---------------------------------------------------------------------------------------------- Classified Ads---Doc. Mgr./Finance/Legal Documentation Manager: New York, NY.
Finance: Austin, TX. Finance: Lyndhurst, NJ Finance: San Jose, CA. Legal: Los Angeles, CA All 79 Classified Job Wanted ads at: to post your free ad, please go to: ------------------------------------------------------------------------------ Archives---November 22,2000---"Others Award" Goes to Kit Menkin “The kettle will go out after Thanksgiving and the bells will be ringing by many volunteers, such as myself. “It meant a lot to me to receive the Salvation Army "Others" Award. It is a high honor. I have been awarded the San Francisco District Award, "Silver Tambourine" several years ago for organization of the Santa Clara County Board . I have been active in all phases of Salvation Army work for thirty years as a volunteer. “For my two year service as chairman of the San Jose Salvation Army Adult Rehabilitation Center Advisory Board, the Northern California District granted the "Others" Award. Our area takes in Santa Clara, Santa Cruz, San Benito and Monterey Counties, where we run a six month "free" rehabilitation program, solely supported by our Salvation Army Thrift Stores. I ended my term, increasing donations and sales at the thrift stores, increasing automobiles donation sales, developing and maintaining http://www.salvationthrift.com, activating a Speaker's Bureau program, implementing many programs along with a great board of advisors, active in the committee system to accomplish our goals.”
---------------------------------------------------------------------------- Citigroup to Sell Transport Finance Unit for $4.4B Citigroup Inc. announced that it has agreed to sell a unit that lends to the trucking industry to General Electric Co. for about $4.4 billion. The business provides financing, leasing, and asset-based lending. It has about 600 employees, two-thirds of whom are in Dallas. The rest are in Toronto. Citigroup stated the reason for the cash sale was to divest itself of a business doesn't offer viable cross-selling opportunities. The deal is the last in a series of recent sales of leasing businesses at its CitiCapital unit. "The acquisition makes a lot of sense for us. The transportation finance sector is one that we know well and have the capabilities to grow," said Mike Neal, President and CEO of GE Commercial Finance. "This acquisition enhances our financing capabilities in this segment and broadens our relationships with truck manufacturers and dealers. The business will remain based in Dallas, Texas and we look forward to integrating with CTFSG's highly-experienced team." Citigroup will recognize an after-tax gain of about $90 million from the transaction, which is subject to regulatory approvals. The sale is expected to close as early as the end of this year.
------------------------------------------------------------------------------- SBA---Not the bargain that it once was? by Bob Rodi, CLP (Under the bill passed by Congress, the maximum federal guarantee would be raised from $1 million to $1.5 million. In the SBA Express loan program credit available would be expanded from $250,000 to $350,000. The bill also establishes a graduated maximum fee scale for both lenders and borrowers. It makes other changes that make other financial alternatives, such as leasing, look more attractive. ( Our street fighter Bob Rodi tells us the real inside, not just the "spin.") Earlier in the year I had written to you regarding information that came out of the IFA (international franchise association) meeting in Las Vegas. There were pretty strong indications that the SBA was changing their program and the gist of the statements, by more than one lender, was that they (the lenders) may pull out of the market if the SBA got out of the guaranty business. http://www.leasingnews.org/archives/October%202004/10-04-04.htm#sba As I understand it that is exactly what has happened here. The “guarantee”, has been replaced by something akin to a “user fee”. I am guessing that these fees were all formerly classified as “loan guarantee fees”. They have been increasing steadily over the past year. Some recent competitive information I came by, from two very prominent “Preferred SBA Lenders”, detailed some very significant changes in their franchise programs as detailed below: LTV for a start up was decreased to 70%. It appears that this is the limit for the first and second franchise location even if those transactions are RE secured. The “loan guarantee fees” range from .86 to 2.75. This is a significant increase and obviously scaled toward the perceived risk in a transaction The rate that was quoted is floating indexed to prime at “prime plus 2.75%” An 80% LTV would be extended to operators on their 3 rd location with a minimum of 3 years in business. Terms are extended to 7 years (84 months) This would mean that an average to good applicant, would have a monthly payment of approximately $2270.00 for an 84 month loan of $140K. This takes into account the current prime + 2.75 rate, as well as a middle of the road user fee of 1.5% of cost. This would put the all in rate for an SBA loan at approximately 9.00%-9.5% floating, with rates going up. I believe that you will see the “user fees” applied in an arbitrary fashion by lenders, despite the fact that there is allegedly some type of “sliding scale” mechanism that specifies how these are to be assessed. This loan would be RE secured by the applicant. I can offer virtually the same loan structure to a qualified franchise applicant at or below 10%. While we all expect rates to go up, I do not think that funding sources who may be tied to treasuries, LIBOR, or some combination of indexes will move to increase rates as fast as banks do. In addition, even if the differential is 150bps between cash flow financing and SBA financing, there are a lot of people that would rather not go through the trouble of doing an RE secured transaction for that kind of transaction. The difference between 9.25 and 10.75 is about $100 per month for $140K. That is not going to deter an applicant that is looking at an overall investment of $200K if the latter offers a more streamlined, user friendly process that gets their location open months sooner. Another recent report that I came across detailed that SBA loan application volume dropped from approximately $69MM to $53MM in October when the new fee structure took effect. Many critics of the changes are blaming this drop in volume on the changes in the SBA program. In my opinion, the SBA does not appear to be the bargain that it once was. The new SBA regulations also prohibit the use of “Piggy Back” loans. This was a loan structure where a bank would do a fully secured senior loan in first position and then “piggy back” a junior SBA loan secured by a second position and the SBA guarantee. This is no longer allowed. SBA loans are definitely not the “no brainer” loans that they used to be for banks. With the amount of risk to the SBA lender increasing dramatically, I think that we will see many lenders re-thinking their strategy with respect to these loans. There is no doubt that it will get tougher to qualify for an SBA loan while, at the same time, they will become more expensive. I think that this bodes well for those of us that have developed excellent risk management strategies in specialty finance areas such as franchise finance, medical practice finance, and other “cash flow” based lending products. While I don't think that the playing field will ever be leveled with respect to rate, I do think that two things may happen. The better credit applicant may think twice about using RE secured, floating rate SBA loans when the rate differential closes to within 100 bps and a cash flow lender can extend a fixed rate that will provide protection in a rising rate environment. Secondly, conventional cash flow lenders and leasing companies may begin to secure weaker transactions with real estate, which may make their rates more competitive. For example, LeaseNOW, Inc. is considering a merger/acquisition with a mortgage company that is currently licensed in 36 states. This is a strategic “build it or buy it” decision for us that will greatly extend our ability to structure loans in the franchise industry and plug the holes that will be left by the changes in the SBA programs. I believe that many companies, who were formerly tied to the small ticket, app only leasing business will evolve in this manner as that type of volume grows increasingly elusive. Bob Rodi, CLP ---------------------------------------------------------------------------- ***announcement**************************************** Forecasting Quality; An Executive Guide to Company Evaluation Forecasting Quality is a study that identifies key measures and useful indicators helpful in successfully managing an equipment leasing and finance business - measures that can be used to improve the financial quality of the industry. Lessors can use Forecasting Quality to evaluate their own financial health, which of possible acquisition to targets, and continue to make good business decisions. The study isolates tools helpful in achieving success and is based on an analysis and review of the trends and signals that occurred in The Perfect Storms Study. These tools are separated into two categories. The first category consists of filters that can be used to assess the internal preparedness of the company for dealing with ongoing events. The second category is more specific in nature and relates to industry benchmarking. Price: $10.00 - Donors Save $10.00! http://www.leasefoundation.org/store/index.cfm?f ***Announcement**************************************** ELA List Serve "Tight Ship" In an effort to not only protect the association, but members who participate in the Equipment Leasing Association List Serve, ELA Legal Counsel Edward Groobert often reminds those who join: "The rules for participation in ELA discussion groups state that subscribers will not post messages ‘which encourage or facilitate agreements or other conduct which may violate the antitrust laws, such as agreements with respect to prices or interest rates; profit margins'....'ELA has a long-standing antitrust compliance program, and participation in any email discussion group is fully subject to that program.' The complete text of the participation rules is available on the ELA website. "The ELA antitrust compliance program states, in part, that areas to be avoided in ELA activities include price fixing or other agreements which tend to control or establish prices, and that price fixing can include an understanding or consensus on a specific price, price range, minimum or maximum price, profit margin, or on a pricing formula or system. It adds: "Actions that fall short of direct price fixing also may be found to violate the antitrust laws if they are used to encourage price uniformity or to limit price competition. For example, the exchange of information between competitors on the prices that they charge should usually be avoided, particularly when the information relates to current or future prices and includes details about the business of identifiable competitors. The same is true with respect to exchanges of information about the methods of determining prices." Edward Groobert "ELALeaseTalk is a list for professionals in the equipment leasing "This is purposely a rather broad topical area covering the leasing and "All subscribers can post comments or questions to engage in electronic conversation on leasing-related issues. Every inquiry will automatically be received by all subscribers. Respondents can direct answers to you alone or post their email response to all ELALeaseTalk subscribers. "Messages posted can range from basic concepts to specific questions about industry issues. Subscribers should ensure comments are fact-based as ELA will not edit communications. Those subscribers posting email messages are not anonymous as their return email address always will be posted. Subscribers posting defamatory, illegal or otherwise inappropriate messages may be blocked from the list server. "ELALeaseTalk should not be used as a means of offering to buy or sell equipment, lease-related transactions or any other property, transaction or interest. Such activity is inappropriate, may violate applicable law, and may result in the loss of participation privileges. "Comments transmitted by subscribers are not edited by the Equipment Leasing Association of America and the Association does not affirm these statements or certify the accuracy of views contained within their comments. Subscribers are advised to consult with counsel before instituting actions based on information posted on ELALeaseTalk." Amy Holmes The concern of Mr. Groobert was discussing rates and charges by leasing companies, and other legal liabilities of what appears on the ELA listserve. Ken Wheeler, President of Equipment Leasing Group, Fresno, California Both the Eastern Association of Equipment Lessors and United --------------------------------------------------------------------------------------------------
Books and material include: "Indirect Leasing Strategy," Compiled by former banker, broker, lessor, president of United Association of Equipment Leasing, and active in the leasing business for almost thirty years. Wines for Thanksgiving---- by Kit Menkin Actually the best wine to go with turkey and stuffing is a cold beer. If your food is more on the sweet side with cranberry's and sweet potatoes, then a sweet type beer such as Gordon Biersch Marazen or one of my favorites, a French beer ( don't remember the name, but it had a female on the label—wonderful with pate.) Any good, cold beer, and the larger the glass, the better ( not bottles or cans—sorry, it inhibits the “fizz” and the bouquet of the beverage.) The next best is Champagne, cold. Again, it is extra dry ( sweeter if that is the flavor of the table—never Brut with fowl. ) • brut: bone dry to almost dry; less than 1.5 percent sugar I would not recommend the others, especially brut. You can Zinfindel, Pinor Noir, Merlot and even Cabernet Sauvignon Now that I have given you my advice, since we are having Thanksgiving with Sue's parents and other relatives at her brother's house in Laguna Beach, California, he requested to bring his favorite wine ( our house white wine ) 2003 Rombauer Chardonnay Carneros ( very “oaky” and very flavorful, a real California type vintage,) 2002 Louis Jadot Macon Villages ( Sue's favorite Chardonnay) very dry, and 2001 Willamette Valley Pinot Noir. This is mostly for the appetizers before, but I am sure some will bring to the table. (And yes, if the ladies want ice cubes in their white wine, there is nothing wrong with this for a wine consumed as a “cocktail” before dinner.) While I do recommend a good beer with turkey, it is a good idea to have different wines available for guests as everyone has different tastes. Just because I don't recommend a Cabernet Sauvignon does not mean someone else Don't forget non-alcoholic beverages, too. http://www.bevmo.com/productlist.asp?area=beer --------------------------------------------------------------------- World Leasing Yearbook 2005 Available Jan. 1 The World Leasing Yearbook is acknowledged as the standard source book for the asset funding and leasing industry. The new 26th edition will provide an unrivalled and valuable reference for all players in the market. It will feature over 100 authoritative articles by leading industry experts on global leasing and a comprehensive and unique directory of over 4,400 companies active in the sector. The extensive introductory section will provide an informed discussion of current trends and debates in the marketplace. There will be a special report on the leasing software and IT market. A unique ranking of the top 50 leasing markets by size worldwide will complete this essential guide. The Yearbook will feature profiles on leasing in the following regions: Africa – Argentina - Australia - Austria - Bangladesh - Belgium - Bolivia - Brazil - Canada - Chile – China - Colombia –Costa Rica - Czech Republic - Denmark - Ecuador – Egypt - Estonia - Finland - France - Germany - Greece - Hong Kong - Hungary – India - Indonesia - Ireland - Italy - Japan – Kazakhstan - Korea - Kuwait - Luxembourg - Malaysia - Mexico - Netherlands - New Zealand - Nigeria - Norway - Pakistan - Peru - Poland – Romania - Russia – Serbia - Singapore - Spain - Sri Lanka - Sweden - Switzerland - Turkey – Ukraine - United Kingdom - United States of America – Uzbekistan - Venezuela. The World Leasing Yearbook includes the most comprehensive directory on the leasing industry in the world. Lists over 4,400 companies providing leasing services worldwide: general leasing companies, specialist leasing companies (vehicles, computers, aircraft, information technology, capital equipment, shipping, real estate, etc.), investment bankers, consultants, brokers, lawyers and accountants. The World Leasing Yearbook is the only annually-updated reference book on leasing. Thoroughly revised and updated each year, it is internationally acclaimed as the standard reference book on the subject. THE 2004 EDITION IS ALSO AVAILABLE WITH A 50% DISCOUNT http://www.euromoneyplc.com/default.asp?page=4&productID=2898&VS= ------------------------------------------------------------------------ Power Tools for Leasing for Christmas, Hanukah Presents This book is strongly recommended not only for entrepreneurs, salesmen, but all those involved in equipment leasing as it serves as a current primer, refresher, and well-written, easy to understand manual about equipment leasing. Leasing News asked the publisher if they also offers discounts to large companies who wish to purchase for specific departments. “1-4 copies $79.95 each Over 100 we wash your car for a year and give back rubs to those interested.”
------------------------------------------------------------------------------- #### Press Release ############################ LEAF FINANCIAL CORPORATION NAMES PHILADELPHIA, PA. – – LEAF Financial Corp. (“LEAF”) announces an expansion of its leasing sales team. LEAF has been joined by four new Regional Directors of Sales who will work with Jim Messina, LEAF's Vice President of Leasing Sales to enhance LEAF's vendor leasing sales effort. As Regional Directors these individuals will manage LEAF's expansive field sales organization as well as recruit new members to the team. The Regional Directors are: John Baker - Northeast Regional Director of Sales, (Pennsylvania, New York, New Jersey, Delaware, Rhode Island, Massachusetts, Connecticut, Maine, Vermont, New Hampshire, West Virginia and Ohio). John has built sales teams and managed originations throughout his 16 years in the small ticket vendor direct industry for AT&T Capital, Newcourt, ABB Business Finance and most recently with Canon Financial. Dan Hathcoat - Southern Regional Director of Sales, (Maryland, Virginia, North Carolina, South Carolina, Georgia, Florida, Tennessee, Kentucky and Alabama). Dan joins LEAF with 18 years of commercial leasing and sales management experience most recently with American Express Business Finance as National Sales Manager for Technology, Industrial. Frank Scharff - Midwest Regional Director of Sales, (Illinois, Indiana, Michigan, Wisconsin, Minnesota, Nebraska, Iowa, and the Dakota's). Frank has over 15 years of leasing sales experience focused in technology vendor programs with Inacomp and CRS Financial. Larry Derrett - Central Regional Director of Sales, ( Texas, Louisiana, Mississippi, Arkansas, Missouri, Oklahoma, Kansas, Colorado, and New Mexico). Larry has been involved in the commercial finance industry with banks and captive finance programs and was the founder of HVAC Capital. Mr. Messina shared, “As we build LEAF, I am excited to have this team's cumulative experience and industry knowledge as well as their access to diverse vendor networks. This team joining LEAF is a tremendous endorsement of the quality of the management of LEAF and their vision for building a National Leasing Company.” LEAF Financial Corporation is a commercial leasing company headquartered in Philadelphia, PA. LEAF's business model is to reach the small to mid sized business market by forming strategic marketing alliances and other program relationships with equipment vendors, commercial banks and other financial institutions. LEAF is a wholly owned subsidiary of Resource America Inc. (NASDAQ:REXI) which is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the equipment leasing, financial services energy and real estate industries. For more information please visit our websites at www.resourceamerica.com, or www.leaf-financial.com. Carol Luber
CIT Names Brian J. Dunlap Executive Vice President of Sales For Specialty Finance Business NEW YORK, -- CIT Specialty Finance, an operating group of CIT Group Inc. (NYSE: CIT), and a leading direct and indirect provider of global financing solutions for commercial and consumer customers of manufacturers, distributors, dealers and brokers, announced the appointment of Brian J. Dunlap to the position of Executive Vice President of Sales, Global Vendor Finance. In his newly created role, Dunlap will be responsible for identifying opportunities and developing growth strategies for the business unit. He will report to Jeff Simon, President, Global Vendor Finance. "Our growth strategy has increased the need for experienced global business development talent," said Simon. "With his expertise, Brian will fill a critical executive role as we work together to extend our leadership in the global marketplace." Dunlap joins CIT with 23 years of lending and leasing experience, having held executive level business development positions with Lucent Technologies, General Electric Capital Corporation, AT&T, and Bell Laboratories. About CIT Specialty Finance CIT Specialty Finance is a global direct and indirect provider of lending and leasing solutions to consumers and commercial customers of manufacturers, distributors, dealers and brokers. Its five business segments include Consumer, International, Major Vendor Partners, Small and Mid-Ticket Financing, and Small Business Lending. About CIT CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has approximately $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately 5,800 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit http://www.cit.com.
XeC Releases Online Training Technology Platform for Leasing (Irwin, PA) XeC has launched a turnkey solution for authoring, digitizing and delivering online training for the leasing industry. The service package includes the specifications, procedures, and technology to create the ‘platform' for hosting an online school for all employees. “Other than the GE's of the world, most leasing companies cannot afford the typical full scale eLearning solution,” stated John Voytko, President of XeC, “They simply are too time-consuming to create and too costly for a small number of students. Ours is a simpler alternative using standard tools for creation and a private label hosting solution.” Michael Pochan, CEO of XeC, added, “I teach as an adjunct at Carnegie Mellon's Graduate Business School and have lived the online, distance experience. I had 12 students 800 miles away who I never met. But it worked.” XeC can implement the entire process and host it. A user can create 100% of their own sessions, or they can blend their company-specific sessions with XeC's existing online session topics. They can also simply access XeC's complete curriculum, the lowest cost alternative. Voytko added, “ When you remove the cost of travel and lost working time, online provides significant savings.” Companies interested in learning more about the service can contact John Voytko at 724-861-9953 or mail to: info@xec1.com. URL: http://www.xec1.com . XeC is a digitally experienced education and training group specializing in the creation and hosting of online leasing schools. Sites of Reference: http://www.xec1.com ### Press Release ############################# ---------------------------------------------------------------------------
News Briefs--- Dollar Gets a Rest on BOJ Worry, Holidays Dollar expected to fall further Gold Hits 16-Year High; Asian Shares Gain Krispy Kreme earnings fall sharply Auto Deals Entering Annual Funk Technical Analysis: Bulls Try Again USA Today Poll: Many say U.S. deeply divided ------------------------------------------------------------------------------- Sports Briefs--- Brady and Patriots Shut Down Chiefs Report: Fan In White Hat Has Criminal History Two Fans Sue Pacers Over Brawl Benson rips Saints after 34-13 loss to Broncos Injured Garcia will have MRI today ------------------------------------------------------------------------------ “Gimme that Wine” World's largest wine bottle goes under hammer Wineries get tax break after Civil War era tariff is eliminated Unsung wine country's sea air, ridge-top views Rustic rules in California Santa Cruz Mountains How a $1.36 billion deal left America's top wine family without a winery| http://www1.pressdemocrat.com/apps/pbcs.dll/article?AID=/20041121/
This Day in American History 1718 - English pirate Edward Teach -- known as "Blackbeard" -- was captured off the Outer Banks of North Carolina near Ocracoke, taken to England and hanged.
American Football Poem In 1996. The Ravens, a team that formerly played in Cleveland, Ohio, moved into Baltimore's Memorial Stadium and began to play in the 1996 season. "This is a new beginning and a new era for us," the Baltimore Ravens owner Art Modell told fans at the team's naming ceremony. The name Ravens was inspired by the poetry of the famous former Baltimore resident Edgar Allan Poe. Ravens can be taught to speak. Poe's raven is thought to have been inspired by the raven Grip in Barnaby Rudge by Charles Dickens. Dickens' bird has many words and comic turns, including the popping of a champagne cork, but Poe felt that Dickens did not make enough of the bird's dramatic qualities.
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