Wednesday, November 23,2005
Headlines--- Dashiell this Thanksgiving ######## surrounding the article denotes it is a “press release”
We at Leasing News wish you and your family a very happy Thanksgiving. We will not have a November 24 or November 25th edition; most likely not a November 28 th edition, too. We hope you and your family also enjoy the long Thanksgiving weekend. Thank you for reading Leasing News. Christopher Menkin, Publisher Dashiell this Thanksgiving
My son Dash on the right with his buddy “Heff.” No matter our opinion about the politics of the war in Iraq, or our armed forces stationed here or overseas in harm's way, we should be thinking of our sons and daughters...and their families as we gather for our Thanksgiving dinner. I have not seen my son in the U.S. Navy for over a year. He returned from duty last year in Kuwait and off Pacific ocean and South American waters, then volunteered for the riverine. His unit is in pretty intensive training. He is career navy. The good news, he may be coming home for Christmas. He did send me an article about his unit, which I will share with readers who are interested. http://leasingnews.org/PDF/Greater_Riverine%20_Role.pdf -------------------------------------------------------------- Classified Ads---Collector/Controller/Contract Administrator Collector Boston, MA. Jacksonville, East Brunswick, FL. Controller Seattle , WA Southeastern, MI. Uniondale, NY Contract Administrator New York, NY. Portland, OR. For a full listing of all “job wanted” ads, please go to: http://216.66.242.252/AL/LeasingNews/JobPostings.htm To place a free “job wanted” ad, please go to: http://216.66.242.252/AL/LeasingNews/PostingForm.asp -------------------------------------------------------------- Enterprise Funding joins “Funder” list Funder - Update A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program
(O) Enterprise Funding equipment restrictions:
For the full list, please go here: http://www.leasingnews.org/Funders_Only/Funders.htm ### Press Release ########################### Enterprise Funding Releases Statement to Avoid GRAND RAPIDS, Mich. – Enterprise Funding, having won a major judgment against Fresno-based Equipment Financing Group for defaulting on payment obligations, has no intention of fighting for the right to use the initials “EFG.” Enterprise Funding Group, a Michigan company, is in no way affiliated with EFG Leasing, Inc., which sometimes calls itself Equipment Financing Group or EFG. “It is important to clarify that we are simply Enterprise Funding, rather than EFG,” said Fred Croft, CEO of Enterprise Funding. “We don't want people to confuse us with the EFG in Fresno, especially considering the controversies now surrounding that company.” “Enterprise Funding is stable and strong, with a flawless reputation,” said Senior Vice President of Enterprise Funding Mike Coon. “We have operated for ten years according to the highest ethical standards, and we continue to do so. We do not want customers or others in the industry reading negative headlines about an equipment financing company called EFG and thinking it might be us.” Enterprise Funding Group, founded in 1996, is an equipment finance company that provides lending and leasing services to small and medium sized businesses across the country, with a focus on income-producing capital equipment in the construction, manufacturing, healthcare and selected service industries. The company's website is www.enterprisefundinggroup.com. Contact: Mike Coon 866-774-5050 mcoon@enterprisefundinggroup.com ### Press Release ########################### Sales Makes it Happen---“Focus on Results”
-------------------------------------------------------------- Six Leasing Companies Wait for Pumpkin Pie
Rodney Dixon, was sentenced to more than five years in federal prison on Monday, November 21,2005. U.S. District Judge Joan Gottschall also ordered Dixon to pay $13.3 million in restitution October 28,2004, Rodney Dixon admitted falsely inflating his company Lacrad's net worth to defraud six equipment-leasing companies of more than $11.4 million and a Texas bank of $2.25 million for the jet purchase. Jay Chanen Stuart of the United States Attorney's Office, Chicago, Illinois filed four charges against him December 2,2003. Dixon, the chief executive of Lacrad International Corp. in Oakbrook Terrace was found guilty of fraud by wire, radio, or television and violation of interstate commerce. Prosecutors were able to ptove the financial statements were a carefully crafted illusion, built on fake bank statements, phony invoices and "elaborately false tax returns." Dixon was able to mislead many of the lenders into thinking he had as much as $20 million in Banco Popular by faxing fraudulent confirmations of the deposits on papers that appeared to be produced by the bank, according to the Chicago Tribune story. Dixon also supplied the lenders a phony phone number for Banco Popular to ensure any calls would be routed back to his office. He would then pose as the banker and confirm the huge bank deposits, O'Rourke said. It turned out that Lacrad's auditors, Goldblum & Goldblum, never existed. He was able to fool lenders in part by working out of well-appointed offices in 1 Oakbrook Lane, a DuPage County high-rise, holding meetings around an $85,000, custom-made conference table, according to O'Rourke. To give the office the appearance of a bustling operation, Dixon hired about a dozen temps to pose as employees, O'Rourke said. He also wore suits costing several thousand dollars each to have the look of success, he said. Dixon also had glossy brochures produced with a photo of his supposed management team -- all but a couple of them actors hired from a modeling agency, according to O'Rourke. Waiting for the verdict are six equipment leasing companies, who were also suing him, and had their case set aside until the verdict. Wells Fargo Equipment Finance Corp., European American Bank, American Equipment Leasing, Balboa Capital Corporation, CIT Group Equipment, and Regions Bank were hoodwinked by Lacrad, that sold religious sermons on compact discs. They state he purposefully lied about his financial assets which claimed the company had annual revenues of $100 million a year. The six equipment leasing companies that have sued Dixon say they lost over $11.4 million because of the scheme On June 22, 2001, it appears Winthrop Resources filed against Rodney T.E. Dixon et. all for $9,999,999 plus expenses. A receiver was appointed and assets to be discovered and to go to the favor of the Winthrop Resource. What the six leasing companies will get? Not even pumpkin pie for Thanksgiving. --------------------------------------------------------------
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These ads were designed by Maria-Martinez Wong. Let her construct and design your ad with the goal to keep your costs down. --------------------------------------------------------------- Wine for Thanksgiving Actually the best wine to go with turkey and stuffing is a cold beer in a glass. 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: La Belle Strasbourg; with a country course pate. Any good, cold beer, and the larger the glass, the better (not bottles or cans, and not for etiquette reasons—it inhibits the “carbon dioxide” and the beer bouquet.) The next best is Champagne, cold. Again, it is extra dry ( sweeter if that is the flavor of the table—never Brut ) • extra sec or extra dry: slightly sweeter; 1.2 to 2 percent sugar (this is the one) • sec: medium sweet; 1.7 to 3.5 percent sugar (dessert wine) • demi-sec: extra sweet; 3.3 to 5 percent sugar (dessert wine) • doux: very sweet; over 5 percent sugar (dessert wine) I would NOT recommend the others, especially brut. brut: bone dry to almost dry; less than 1.5 percent sugar (not with turkey.) You can also find Champagne Rose extra dry ( don't think this is a cheap version, as some of the best Champagne Rose are also often more expensive than the Chardonnay based ones.) If you don't like any of the above, then go to German white wine. Ask the wine person at your store about which ones he thinks are best. I personally think German wines are much underrated here in the United States. We are used to the cheap ones, but get a good one, and you'll start to explore others. When I mentioned German wine, it also means German grapes. I think they are much fruiter when grown in California. For instance, Gundlach Bundschu Gewürztraminer is a great wine to accompany a turkey dinner; a Sonoma County winery: Zinfindel, Pinor Noir, Merlot and even Cabernet Sauvignon are wasted on a Thanksgiving dinner. Never Chardonnay, even a cheap one that is well over oaked; even if you put ice cubes in it. You might have one before as a cocktail, but never-never with the main meal. They have conflicting flavors for such a meal. For the ones without the money for a good wine, a cold box of Chablis will work, honest. --------------------------------------------------------------
-------------------------------------------------------------- Merrill Lynch Capital announces Expansion of Business CHICAGO, – Merrill Lynch Capital announced that its Business Aviation Finance team will begin offering financing for qualified customers in select foreign markets for business aircraft registered in Canada, Brazil, United Kingdom, Switzerland and Mexico. Additional countries of registration will be added as the market opportunities warrant. In addition, they will provide aircraft financing for qualified customers in certain other foreign countries provided that the aircraft is registered in either the United States or another acceptable foreign country's registry such as Switzerland. Merrill Lynch Capital will continue its ongoing activities of financing business aircraft for customers throughout the United States. The Business Aviation Finance Team offers innovative and flexible business aviation financing and leasing solutions to both corporations and individuals. The group's primary focus is to provide financing for turbine-powered business jets and turboprops. The size of the transactions typically range from $5 million to $50 million. “We view this as an important step in bringing the capabilities of Merrill Lynch Capital and our expertise in business aviation finance to a broader client base while accelerating the continued growth of our business aviation finance platform. With the foundation of our experienced and knowledgeable team, led by Don Gies, this expansion will enhance Merrill Lynch Capital's position as a significant player in the business aviation finance industry.” said Rick Remiker, Managing Director, Merrill Lynch Capital, Equipment Finance Group. Merrill Lynch Capital is a leading commercial finance business providing a broad range of structured financing solutions to private and public companies within the middle market. Based in Chicago and with regional offices nationwide, Merrill Lynch Capital is focused on four major market segments – corporate finance, equipment finance, healthcare finance and real estate finance. Merrill Lynch Capital is a division of Merrill Lynch Business Financial Services Inc., a wholly owned subsidiary of Merrill Lynch Bank USA. California loans are made pursuant to a Department of Corporations California Finance Lenders License. Merrill Lynch is one of the world's leading wealth management, capital markets and advisory companies, with offices in 36 countries and territories and total client assets of approximately $1.7 trillion. As an investment bank, it is a leading global trader and underwriter of securities and derivatives across a broad range of asset classes and serves as a strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. Firmwide, assets under management total $524 billion. For more information on Merrill Lynch, please visit www.ml.com. ### Press Release ########################### Fitch: U.S. Nonfinancial Commercial Paper Receives a Boost in 2005 (does not include any bank, financial, or leasing company, but primarily manufacturers which may be considered "captives" in the financial parlance.editor) Fitch Ratings-New York- Fitch Ratings has released a new report examining conditions in the U.S. nonfinancial commercial paper (CP) market, focusing on volume and rating activity. The resilient U.S. economy and accompanying strong credit environment provided for meaningful volume gains in the U.S. nonfinancial CP market during the first three quarters of 2005. According to Federal Reserve Board data, outstanding U.S. nonfinancial CP totaled $134.7 billion at the end of September 2005, up 10% year-over-year. In addition, the most recent data available from the Federal Reserve suggests that U.S. nonfinancial CP volumes had moved even higher in the fourth quarter, by mid-November weekly outstanding totals had reached $167 billion, up 26% year-over-year. Nonfinancial CP may in fact end 2005 at the highest level in four years. Both supply and demand conditions supported CP growth in 2005. Borrowers returned to the CP market to fund inventory and other working capital needs and rising short term rates boosted investor demand for CP. These factors, in addition to the rebound in capex in 2005 and the resurgence in M&A will very likely push nonfinancial CP volumes higher in 2006. ‘Growth, however, may continue to be somewhat contained by the substantial cash still sitting on top of U.S. corporate balance sheets and the relatively flat Treasury yield curve, which has allowed issuers to continue to place long-term debt at relatively low rates,' said Charlotte Needham, Director of Fitch Credit Market Research. Mariarosa Verde, Managing Director, Fitch Credit Market Research, added, ‘Another wild card in the CP growth equation is the willingness of companies to increase their exposure to short-term debt and continued investor receptivity to the market despite less than promising rating trends.' In the first three quarters of 2005, for example, Fitch U.S. nonfinancial CP rating activity showed more downgrades than upgrades, a reversal of the more positive trend established in 2004. The ratio of U.S. short-term nonfinancial rating actions in the first three quarters of 2005 reached five downgrades per one upgrade, compared with the more stable ratio of one-to-one recorded over the same period in 2004. The new report ‘U.S. Nonfinancial Commercial Paper Volume Receives a Boost in 2005, More to Come in 2006,' is available on the Fitch Ratings web site at ‘www.fitchratings.com' under ‘Credit Market Research'. Contact: Charlotte Needham +1-212-908-0794 or Mariarosa Verde +1-212-908-0791, New York. Media Relations: Brian Bertsch +1-212-908-0549, New York To access the report please click the link below: http://www.fitchratings.com/corporate/reports/report_frame.cfm?rpt_id=255922 ### Press Release ########################### Creekridge Capital announces agreement with Bremer The company funds leases in the range of $50,000 to $5 million for its own account. Minneapolis ˆ ˆ Creekridge Capital, LLC, a nationwide independent equipment leasing provider, announced today that it has signed a new agreement with Bremer Financial Corporation to provide equipment leasing options to Bremer Bank customers. "This strategic partnership enables Bremer Bank to easily offer equipment leasing to its customers," said Jeff Cowan, executive vice president of Creekridge Capital. „We provide support to Bremer through training, marketing, administration and management support.‰ Bremer is a privately held, $6.3 billion regional financial services company jointly owned by its employees and the Otto Bremer Foundation. Headquartered in Saint Paul, Minn., Bremer provides a comprehensive range of banking, investment, trust, and insurance services to over 100 locations in Minnesota, North Dakota and Wisconsin. Company profits are distributed in the form of charitable grants to communities throughout the company‚s footprint. Creekridge Capital, LLC, founded in Minneapolis in 1986, is a provider of creative leasing solutions with special expertise in healthcare and technology . http://www.creekridgecapital.com/ -------------------------------------------------------------- Willis Lease Finance to Further Delay SEC Filings; SAUSALITO, Calif.---Willis Lease Finance Corporation (Nasdaq:WLFC), a leading lessor of commercial jet engines, today announced it is not yet ready to file its Form 10-Q for the quarter ended September 30, 2005, and restatements to other financial reports in time to meet today's extended filing deadline. Consequently, the company's Nasdaq ticker symbol will be changed to WLFCE beginning November 22, 2005, until the restated filings are complete. On October 24, the company disclosed that it would restate its financial statements for 2002, 2003, 2004 and 2005 to conform to the accounting requirements of SFAS 133, "Accounting for Derivative Instruments and Hedging Activities." The restatement does not impact the Company's previously reported total assets, total liabilities, total shareholders' equity or total cash flows. The economics of the interest rate derivative contracts are also not affected. Amended Annual Report on Form 10-K for the year ended December 31, 2004, and amended Quarterly Reports on Form 10-Q for the quarters ended March 31, 2005, and June 30, 2005, will be filed with the SEC, and will include the restated financial statements and related disclosures. Willis will also file the Quarterly Report on Form 10-Q for the period ended September 30, 2005, as soon as possible. At this time, no date for filing can be determined due to the complexity of the process and the number of periods involved. About Willis Lease Finance Willis Lease Finance Corporation leases spare commercial aircraft engines, rotable parts and aircraft to commercial airlines, aircraft engine manufacturers and overhaul/repair facilities. These leasing activities are integrated with the purchase and resale of commercial aircraft engines. Contacts Willis Lease Finance Corporation Monica J. Burke, 415-331-5281 (Chief Financial Office ### Press Release ###########################
News Briefs---- A Hint That Fed's Rate Increases May End Soon http://www.nytimes.com/2005/11/23/business/23fomc.html?pagewanted=all Oracle's Ellison to pay $122 million to settle shareholder suit http://www.signonsandiego.com/news/business/ Tough time for metro Atlanta's economy http://www.ajc.com/business/content/business/1105/22bizgmimpact.html Toyota Quickens Quest to Unseat GM http://www.nytimes.com/aponline/business/AP-Japan-Toyota-GM.html Macy's plans its biggest promo--Adds Trump http://www.usatoday.com/money/industries/retail/2005-11-23-macy-usat_x.htm Koppel Bids Farewell to 'Nightline' http://sfgate.com/cgi-bin/article.cgi?f=/n/a/2005/11/22/entertainment/e215649S93.DTL ---------------------------------------------------------------
You May Have Missed Reverse mortgages let you tap cash, but be informed http://www.usatoday.com/money/perfi/columnist/block/2005-11-21-reverse-mortgages_x.htm ----------------------------------------------------------------
“Gimme that Wine” The Judgment of Paris, This Time at Home—Eric Asimov http://www.nytimes.com/2005/11/23/dining/23pour.html Napa maker of 'cork-screwcap' files bankrutpcy Healdsburg for the holidaze Wineries offer a break from feasting, family http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2005/11/22/WIG6UFR0AL1.DTL India gets a taste for wine http://www.stuff.co.nz/stuff/0,2106,3486066a7773,00.html If you want to know if you got a value for your wine, or what the wine price is today, go to www.winezap.com Type in the vintage (year) and name of the producer with wine type or geographic area, such as 1995 Chateau Lynch Bages Pauillac. Even 1995 Lynch Bages will work, or 1998 Viader ----------------------------------------------------------------
Today's Top Event in History 1860—Abraham Lincoln was elected president on February 27 with a population of 31,443,321; 448,070 free blacks and 3,953,760 slaves. The Union was 33 states, 18 of them free and 15 slave. To top this off, the economy was not in very good shape and the banking of 1857 stretching into another decade and showing few signs of lifting, the New York Clearing House moved to offer help: on this day, the Clearing House handed out its first loan, issuing $7.375 million worth of certificates to the nation's ailing banks. By April 21, the next year, the Civil War would begin when Confederate forces at Charleston, SC, open fire on the federal garrison at Fort Sumter in Charleston harbor. Lincoln had inherited not only a country divided, but in great financial difficulty. ----------------------------------------------------------------
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. “Open here I flung the shutter, when, with many a flirt and flutter, “Then this ebony bird beguiling my sad fancy into smiling, The full 18 verse poem: http://www.americanpoems.com/poets/poe/theraven.shtml
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