====================== Press release =====================
Allied Schwartz Arrest $87 million Fraud
United States Attorney's Office District of New Jersey Contact: (973) 645-2700
Creditors are meeting in New Jersey to speed up the Bankruptcy 7 hearing today. Story plus previous articles: http://leasingnews.org/archives/Aug2010/8_30.htm#judge
Bring Back the Investment Tax Credit
Instead of spending all the energy and political favors in attempts to influence the pending changes in FASB rules regarding leasing, a positive approach would be to advocate bringing back the investment tax credit (ITC) for equipment purchases, as well as for hiring new employees.
As Terry Winders, CLP, wrote in Monday’s Leasing News:
“The real problem with changing their minds comes from the international nature of the changes and the fact that most countries involved in leasing will now all be using the same accounting rules. That means that any changes in this proposal must have international backing and there does not seem to be any movement in that direction.”
To get the economy going again, moving forward, the ITC is an incentive for small business to get back into the game. It was the alleged abuse of the ITC that brought its downfall, but now with all debt being exposed on a balance sheet, it should be different picture.
The FASB changes will bring transparency as well as opportunity. It can be very positive the leasing industry in the long run.
Incentives are needed that produce growth with modern, innovative equipment to make US industry more productive and competitive, plus will help introduce new innovative software and equipment. It has always been Yankee ingenuity that built this country, not cheaper labor.
If we can get small business buying again, most will finance or lease it! Many may also try “operating leases,” where the Equipment Finance and Leasing Foundation says only 9% did the previous year, mostly large leases. Maybe it will be more “operating leases” for both middle and small marketplace. More turnover of equipment and software, too.
Getting back to this FASB change scare, as an investor in a company or a creditor wanting to grant credit, don't you want to see all debt. It is one of the main things that go the mortgage industry in trouble, transparency that leads to greed and credit approvals due to the manner of what was the real debt! The new changes may indeed benefit small business and the entire business community, including banks and leasing companies and investors.
ABOUT the ITC
One of the most important of the aspects is that it applies to American made equipment. While bonus depreciation has its value, it does not promote American manufacturing or its products, including software.
The Investment Tax Credit has ranged from 5% to 7% to 10% of the equipment or software cost off income tax. It will help create more real “operating leases” as well as more write-off for business.
The ITC was enacted as RA62 by then President John F. Kennedy, who was advocating the credit to stimulate capital formation. He believed higher levels of capital formation would raise productivity, keep people employed, and alleviate a serious balance of payments problem at the time in 1962.
Congress agreed "to encourage modernization and expansion of the Nation's productive facilities and thereby improve the economic potential of the country, with resultant increase in job opportunities and betterment of our competitive position in the world economy" [U.S. Congress, Senate, Committee on Finance, 1962, p. 11]. In 1966, President Johnson moved for its removal to combat inflation. ITC and accelerated depreciation on real property were temporarily suspended from October 10, 1966 to December 31, 1967. Inflation appeared again and the ITC was abolished from 1969-1971.
The revenue act of 1971 was to stimulate the economy as there was high unemployment, inflation, and little growth. In 1975 unemployment was quite high. The Tax Reduction Act of 1975 increased ITC from 7% to 10% for qualified property acquired before January 1, 1977. Once again, Congress believed that the increase in the tax credit would create more jobs, increase productivity, reduce inflation, and improve the U.S. balance of payments [U.S. Congress, House, Committee on Ways and Means, 1975, pp. 7-111.
Under President Ronald Reagan (1981–1989) came the Accelerated Cost Recovery System (ACRS) in 1981. The debates were on about useful life and depreciation. Other changes were made.
The Tax Reform Act of 1986 The Tax Reform Act of 1986 (TRA86) abolished the ITC. Then came more "tweaking" to ACRS and MACRS and instead of the tax laws becoming more simple, they became quite complex, and the removal of many items were not tax increases, but deductions eliminating as everyone was fearful of raising taxes. In reality, it was raising taxes by eliminating deductions.
Ranking Senator Russell Long summed it all up in the famous line "Don't tax you, don't tax me. Tax that fellow behind the tree."
Also while we are it, let’s bring back the tax incentive for business to take a client out to lunch. So what, if it is abused once and a while. The restaurant trade will love you. And while you are at it, let consumers deduct interest rates on credit cards. Remember when we had that ability, but it was taken away!!!
The credit card companies have a right to interest for their risk, and certainly we all wait the best rate we can get, but more importantly, let us write off the credit card interest.
More important, Congress should get small business wanting to acquire modern equipment, as well as new employees to help serve and produce. It certainly would help the finance and leasing industry.
For a full listing of all “job wanted” ads, please go to:
Other e-Mail Posting Sites:
FDIC Consent Order to Main Street Bank
The FDIC issued a Consent Order to Main Street Bank, Kingwood, Texas "...with the STIPULATION, the bank consented, without admitting or denying any charges of unsafe or unsound banking practices or violation of law or regulation, relating to management effectiveness, loan and lease review rating."
Perhaps the strongest consent is the replacement of Thomas Depping as CEO, as the bank is given 90 days to find:
Leasing News reported May 24, 2010 "The latest FDIC report for Main Street Bank, Kingwood, Texas confirms the reduction in employees, from the closing of the leasing department entrance primarily into healthcare and the letting go of Executive-Vice President, Bob Fisher, CLP.
“It may not include the Studebaker-Worthington division. Employees went from 104 full-time employees March 31, 2009 to 81 full-time employees March 31, 2010, a loss of 23.
“ It was not a “few” salesmen as Main Street Bank Chairman and CEO Thomas J. Depping, founder of Sierra Cities, originally told Leasing News." He also said in a subsequent interview the president Mike Hoffman "retired" and later confessed Bob Fisher was one of the people let go.
"What the auditors saw that they didn't like could be:
"From 3/31/09 to 3/31/10 FDIC filings:
"But more than likely:
"Long Term Assets (5+ years: $69 million to $139 million
The June 30, 2010 FDIC filing shows 80 full time employees and a tier 1 of 12.04%. The bank had a $593,000 loss June 30,2009 but a profit of $2.6 million June 30, 2010 with non-current loans with non-current loans at $1.9 million compared to the previous year of $1.4, charge offs $2.2 million ($2.1 in commercial loans and $1.4 million in lease receivables)) compared to $1.7 million last period (lease receivables: $1.39 million. Cash was almost up $60 million from the previous period to $455.6 million. (note: cash from other institutions went from $23.1 million June 30, 2009 to $86 million June 30, 2010)
The FDIC consent agreement has stipulation such as coming up with a strategic plan within 60 days with details about asset management, quality, and a full list of requirements to be reviewed by the board and the commissioner as well as not increase any category more than 5% in the next three month period, requiring a 12% Tier 1 "after allowance for loans and lease losses," capital ratio more than 14% by March 31, 2011, with an increased capital plan to be implemented. This is a brief synopsis of the 25 page consent order which appears below:
FDIC Consent Order:
Leasing News pdf:
Copy of June 30, 2010 2nd Quarter available here
Current Previous Stories:
Broker Referral Exchange
A group of us who belong to the National Association of Equipment Leasing Broker Association have started a "Referral Exchange.” It is an effort to help our broker community survive. There are many of our brokers, especially the seasoned ones, who have specialty funders or community banks they use. These programs are generally in certain geographic areas of the country, but not always. We call these specialty funders “pocket lenders”.
I for example, have 2 pocket lenders that I use. One is a Regional Lessor that does deals in 50 states and the other is a community bank that does deals in 13 states. They are not members of NAELB, but I have been using them for years. Their unique programs include a looser credit window and they also do customers who are only 3 years in business as opposed to 5 yrs in business like everyone else wants. They will take credit scores down to 660 instead of the usual 700.
So with the Broker Referral program, I can post a short profile of my pocket funder(s), but the name of the funder is redacted. It will appear on our special web page created for the Referral program and the person to contact is Rosanne@1stindependentleasing.com. So a broker who is looking for a funder on a certain type of transaction can see the profile of what my pocket lenders do and if the deal fits the parameters, they can submit their deal to me and we split the commission.
There is a document that we call the Memorandum of Understanding which is basically a Non-Circumvent agreement that both brokers have to abide by it. If another broker brings me a deal and I get it approved, I can never solicit their lessee or vendor. Likewise the originating broker can never go direct to my funder.
It is easy to submit. The Broker Referral Program is right on our Home Page (www.naelb.org) over on the right. Keep in mind this is NOT an NAELB sanctioned program, but is being offered up as another service we are bringing to our brokers. It is the brainchild of several board members who helped put this together. It is going to really help others get more deals done.
Rosanne Wilson, CLP
Sample “Broker Referral:”
Brian Barber promoted to the position of senior vice president, sales, LeasePlan USA, Alpharetta, Georgia, global leader in vehicle leasing and fleet management solutions. For the last four years he has served as four years as national vice president, client services with an overall client activation satisfaction rating of nearly 97%. Previously he was with US Fleet Leasing, CitiCapital Fleet and CitiCapital Relocation Inc. He has a bachelor's degree, Business Management University of Missouri at Kansas City.
Mark Brewer was named chief credit officer for Key Equipment Finance, Superior, Colorado, lease advisory and syndications group. Previously he was a managing partner at Union Creek Partners in Atlanta, Georgia. Prior he was Vice President - Business Development at Prudential Capital Group, Vice President at GMAC Commercial Finance, Vice President at Fremont General Corporation, Vice President at FINOVA Capital Corporation, Principal/Consultant at Brewer & Associates. He graduated from Lindenwood University.
Edward B. Connolly appointed senior business training manager for Key Equipment Finance, Superior, Colorado. He previously was a lead performance consultant and lead instructional designer for Qwest Communications. Prior he was a training and development manager for TCF Financial, which followed positions as a training consultant for Drake Beam Morin and manager of experiential training and development for Hands On Resources LLC.
Connolly is a faculty member of the University of Colorado at Boulder, where he has instructed the “Leadership for the 21st Century” course. He has a bachelor’s degree in environmental management from the University of Rhode Island and a master’s degree in organizational leadership from Regis University.
Thomas N. Doughty has joined Key Equipment Finance, Superior, Colorado as director of major markets team. He most recently worked as a consultant advising Fortune 500 companies on vehicle, aircraft and construction equipment financing. Previously, he was a director of loan sales for The Debt EXCHANGE, which followed 18 years at CitiGroup/CitiCapital, where he was senior vice president, sales. Before that, he held various positions at General Equipment Leasing Company and Borg Warner Acceptance Corp. Doughty has a bachelor’s degree in accounting and an MBA from Ball State University.
Paul Hackett joined U.S. Bank Equipment Finance, Portland, Oregon, as account manager for its technology finance group, responsible for financing solutions to middle market clients in the Northeast. He previously served as financial account manager with Hewlett-Packard Financial Services. Prior, he spent nine years as vice president with ORIX Financial Services, before this as a leasing account executive with OCAI. He holds a B.S. in Management from Manhattan College in Riverdale, New York. He is a 7x Ironman triathlon finisher (IM Lake Placid 5x, IM Wisconsin & IM Canada '05)
Alan Leesmith has been appointed as a Director with responsibility for International Business for IAA-Advisory. He joins from The Alta Group which is a Business partner of IAA-Advisory and where Alan has been a Principal of the European region. Alan started his leasing career in vendor leasing as the Finance Director of a UK leasing company. Following various mergers he progressed to Group Treasurer and then Managing Director of what became the UK’s leading independent leasing company. He led the company to a full listing on the London Stock Exchange, undertook the UK’s first AAA rated small ticket securitization and raised some of the largest syndicated facilities of their kind in the London market.
Having held over 60 directorships over his career, including President of a US company, Chairman of an Australian company and Deputy Chairman of a European group of leasing companies he is experienced in quoted company and M&A transactions.
Alan is Chairman of an Australian company which arranges and administers insurance programs for finance companies and equipment providers. He has been travelling to Australia and the Far East in this capacity since before the turn of the century and as a result has established extensive connections in those regions. Subsequently Alan joined The Alta Group in 2003. Alan is also the Secretary of The Forum of Manufacturer’s Sales Finance Companies Limited which is a Trade Association administered jointly by IAA-Advisory and The Alta Group. He is a Fellow of the Institute of Chartered Accountants in England & Wales and a Fellow of the Association of Corporate Treasurers.
Derek Soper, Chairman of IAA-Advisory, said “We are delighted to have Alan on Board as part of the new Team. His depth of experience, success in his chosen markets and his extensive network in the industry fits in exactly with what we believe is the basis for success in a changing market.”
Tamara McCourt was hired as Director of Operations for Five Points Capital, San Diego, California. She was the Western Region Credit Manager at Pentech Financial Services where she and her team had responsibility for all accounts west of the Great Lakes. Prior to Pentech, she spent almost four-years as Credit Manager for Pinnacle Business Finance Tamara started her career in the leasing industry in 1992 where she worked a variety of positions from credit, sales support, administration, documentation, and sales for Cascade Leasing Company and The Money Source. Tamara has also been an entrepreneur, owing her own company, The Virtual Credit Manager, which provided a variety of business services to small business owners.
Greg Wells, Five Point Capital’s recently named CEO and President stated, “We’re delighted to bring Tamara aboard. Her experience, skills and rich background in credit and with the leasing industry in general, will help ensure we are well positioned now and in the future to be a trusted, efficient and valued resource for our clients as well as to our funding partners”. Additionally Wells stated “Tamara’s experience in building credit models, underwriting larger lease transactions and vendor experience will add significant expertise and experience to our company and to our team members as we take steps to enter these markets”.
Tamara earned her Certified Leasing Professional (CLP) designation in 2004 and has served as a proctor in administrating the CLP exam for the past year and is a member of the CLP education committee.
Additionally Tamara received her Certified Credit Executive certification in 2001 from the National Association of Credit Management and went on to graduate from the NACM’s Graduate School of Credit & Financial Management at Dartmouth in 2005. She also has a B.S. degree in Business Management from the University of Phoenix.
Greg Michels was hired by Huntington Bank, Columbus, Ohio as a syndications officer for the equipment finance division. He previously was with Texas Capital Bank, N.A., where he was vice president in charge of new business development. Prior he was vice-president, New Business Development at AIG Commercial Equipment Finance, vice-president, New Business Development at Transamerica Equipment Financial Services Corp/, Director of Asset Management LDI Corporation, VP Finance / Controller, Consolidated Industrial Truck Supply, Senior Operations Auditor Brush Wellman, Inc., Senior Accountant, Ernst & Young. He is a non-active CPA in Ohio.
James R. Newman appointed a senior underwriter at TD Equipment Finance in Vienna, Virginia; a subsidiary of TD Bank, N.A. Prior he worked in credit management positions at Virginia Commerce Bank, LaSalle National Leasing, GE Capital, BancNew England Leasing and Citicorp Industrial Credit. After graduating from DePauw with a degree in business administration, Newman went on to earn master's degrees from Johns Hopkins University and Northern Illinois University.
Jonathan Rupprecht joins Commonwealth Capital Corp, Clearwater, Florida/Chadds Ford, Pennsylvania as Regional Vice President and Business Development Manager, Major Accounts Group. He will be based in Colorado.
Keith Smith has been promoted to Senior Vice President/Division Manager of Sterling National Bank, New York City, Equipment Finance Division. His promotion coincides with the retirement of Andrew Corsi. Before joining Sterling, Smith was Director of Sales for Siemens Financial Services, Inc. Prior to Siemens, Director of Sales, Siemens Financial Service at Siemens National Relationship Manager at Citigroup / CitiCapital, Director of Credit at Siemens AVP, Senior Credit Officer at Lakeland Bank Senior Credit Officer at Copelco-Citicapital Credit Manager at Orix Credit Alliance. Education: The College of Saint Rose, Don Bosco Prep.
David S. Wiener joins the Alta Group, Reno, Nevada as Associate. Based in the greater Baltimore, MD, he has expertise in transaction and portfolio pricing, and negotiation execution. He has personally structured and closed more than $2 billion in volume from more than 700 transactions, in addition to managing and collaborating with capital markets staff to collectively close more than $50 billion in portfolios and transactions. He has created full capital markets syndications capabilities for three top-ten vendor leasing organizations in the U.S.
He previously was Group Head, Capital Markets & Structured Finance at LEAF Financial Corporation, Senior Vice President at GE Capital Markets, Director, Corporate Planning at Tokai Financial Services, Vice President at MNC / Maryland National Leasing Corporation, Loan Officer at Maryland National Bank. Loyola College in Maryland, Wake Forest University.
(This ad is a “trade” for the writing of this column. Opinions
Leasing Industry Help Wanted
Please see our Job Wanted section for possible new employees.
Letters---We get Email!
“Great job with Allied.”
Allied Chooses BK Attorney
“Schwartz’s move of bringing his choice of an attorney into the proceedings is a mild attempt of “white-washing” the bankruptcy but in a way his acknowledgement helps everyone get to the real issues with a minimum of legal costs.
“The court and the attorneys for the creditors apparently felt that the credentials of SLFN could meet the definition of the law and did not block this motion but they certainly will be on guard. This is a “two-edged sword” for this law firm as they must maintain a fiduciary posture. Mistake not, that a bifurcation has taken place and I’m sure that Schwartz and everyone else was made aware of it. The story line is that he did all of this for his young wife who loves the horse life. He won’t be the first or last of men to get in trouble this way but nevertheless he will be responsible for any prior action which was in violation of the law. This is no way close to a “face that launched a thousand ships” scenario.
“At some time down the line, SLFN may have to inform him that they are now an adversary and he best get a personal attorney. Attorney-Client Privilege could take a beating here. That will be the day he realizes that he created a monster and the company he once owned is against him. However, it still could go his way if the creditors’ attorneys are not aggressive and diligent, but only time will tell."
(If the law firm in its role as trustee engages in a “conflict of interest,” they certainly may be censured and the attorneys involved could lose their license to practice. But as you state, there are many heavyweight attorneys with much experience and I bet they will do the best representation they are able to provide. Editor)
(photo on license in story about North Carolina license)
Kit – Very cute - I’m fielding a good ribbing from several leasing friends about my picture. Well deserved. It’s funny!
“Please note that Len Ludwig is not a principle in Vencore Solutions, LLC at the present time and has not been for the last year. Please quit writing this in your reports since it is not accurate.”
(From IFC Credit story as at one time Len Ludwig was president:
Oliver-Allen Group Closing Larkspur, California
“I want to do something. I can not help the world but can help our industry. I was thinking of a data bank of names that we could keep.
“I have office staff that could help. I just feel that we as the lucky ones that still have a job should help our own industry.
“I was even thinking that NEFA or NALEB should start a so call employee bank, but now that they are so corporate they can not make a move with out a board meeting, as we bounce back there are going to be companies starting up again and need to find people. I just feel like I can help. Any ideas?
“You have readers; I have idea’s sounds like a good marriage to me!”
Leasing News also repeats several times a month as well is on our classified ad web site a list of all those sites for those in the financial industry who are seeking employment; many are free. Editor)
e-Mail Posting Sites:
Evergreen/Winter Green Lease Clause
I have been in leasing for over 40 years and every lease I have ever originated or bought was FMV, and most were operating leases. Our average deal size used to be from $1 to $10 million. I rarely saw a 12 month automatic extension for failure to give the 90 day notice. Almost all operating leases in this size range have a rolling 90 day termination notice. This allows for delays in installing replacement equipment. Part of the reason for this is that larger deals are done in larger companies who have competent staff to negotiate the leases. Another reason is that this rolling notice is standard in middle market leases of the size I described above. The lessors who write these leases usually have the capability to remarket the equipment.
(As stated in the article as well as your email, the problem is the small ticket abuse. Not opposed to these clauses except making it mandatory that lessees be so notified. Editor)
Evergreen/Winter Green Lease Clauses
“I would like to respond to Bob Robichaud of Commerce National Bank commentary with regard to ever famous but wrong ‘Evergreen Clause’.
Bob, I have been against this for over 20 years ! I too worked for a bank that was a discount lender and it was a requirement that the assignment document included any and all end of lease options. This way the originator cannot collect any monies at the end of the lease term. You have the right to demand that the originator agree to this in their assignment. If they don’t like it they can go somewhere else.
Or, even better, if you accept their paper, require them to remove this clause from the Lease document. This will alleviate any dispute between you as the assignee and the lessee. Keep in mind, you are buying the paper and have the legal right to not accept this verbiage in the Lease document.
“I agree that this is very underhanded and greedy.”
((Please Click on Bulletin Board to learn more information))
Take Friday Off
(reprinted from Monday’s edition of “Finance Ladder,” top employee recruitment newsletter, written by its founder and president Marc Cenedella)
It's the last Monday of August — "the dog days" of summer are coming to an end, and the new recruiting season will pick up after Labor Day. There's a rhythm to recruiting over the course of the year, and the peaks of activity are "New Year" and "Back-to-School".
After summer vacations wind down, companies begin to gear up: executives are back in the office, it's easier to schedule interviews, and the headcount required for 2011 is starting to loom on the "to do" lists of the HR department.
So next week I'm going to tell you how to get ramped up for the new season.
This week? I'm going to tell you to relax. Specifically, I'm going to ask you to take Friday off from your job hunt.
It's one of those truisms that looking for a job is a job in itself. And like any work that you do, you need to take a break in order to be refreshed, have your batteries charged, and to have the energy and drive to succeed.
As Americans, we tend to not take a balanced approach to work and life. "The business of America is business" as one president put up. We take our BlackBerries to the beach, check our email at midnight, and we do working lunches all the time. It's a pretty strenuous lifestyle.
But this week, I want you to get out of that rut. I want you to get recharged and refreshed for September. And I want you to relax.
So on Friday, please, take some time to do just that. Duck out of the office early, don't focus on the job search, don't put the finishing touches on your resume, and, yes, take a break from your activity here on The Ladders (although we'll be here for you all day — just in case).
Take a break and go do something that you love. Whether it's hitting the links, or going with the girls to see "Eat Pray Love", or just taking a run in the hills. Get out of the office and get into a good state of mind before the long weekend.
So, please, take Friday off from the job search, and make it a day to get on to a different path.
We'll be here when you get back, and we'll make it a great September... together.
OK, Readers, have a great week, er... I mean, four days, in your job search!
Fernando's View: Labor Day Special
Modern Times (Charles Chaplin, 1936): What better figure to celebrate work than Chaplin’s legendary Little Tramp? In the comic genius’ last silent film, Chaplin’s unforgettable character is a harried factory worker who’s driven crazy by the many machines controlling his life. A magnet for trouble, the Little Tramp goes from one scrape to another as he’s mistaken for a street agitator, foils a jail break, goes through a variety of jobs, and falls for a poor, orphaned girl (Paulette Goddard). Defying contemporary Hollywood’s conventions, Chaplin uses sound effects instead of voices to create a remarkable fusion of balletic humor and Depression-era desperation. The scene in which the Little Tramp plays guinea pig for a berserk feeding machine is just one of the film’s classic comic highlights.
Office Space (Mike Judge, 1999): The workplace has often been subject to satire, though rarely with as much hilarious venom as in this wicked tale of cubicle stress and liberation. Peter (Ron Livingston) is a low-wattage software engineer whose job includes endless commutes, dreary co-workers, and arrogant bosses. His life takes a sudden turn when, as the result of a visit to a hypnotherapist, Peter enters a state of serene mischief that allows him to embrace his inner rebel. Asking himself “why not,” he starts arriving late at work, paying less attention to his projects, and leaving early to visit his girlfriend (Jennifer Aniston). That his new attitude somehow makes him more valuable to the company is one of the many unpredictable touches in director Mike Judge’s sharp cult comedy.
Norma Rae (Martin Ritt, 1979): Sally Field won her first Oscar for her strong performance in this acclaimed tale of underdog grit. Field plays Norma Rae, a tough Alabama woman who works under harsh conditions at a local textile mill. The pay is low, the shifts are long, and the machines are dangerous, yet she works diligently and without question. It’s only when she meets a union leader from New York (Ron Lieberman) that she starts to demand better conditions for her and her fellow workers. Unfortunately, her struggle also brings her trouble with her friends and family, including her husband (Beau Bridges). Director Martin Ritt, a veteran of social-conscience pictures like “Hud,” brings a vividly detailed sense of people and environment, along with excellent performances, to this inspiring drama.
Clerks (Kevin Smith, 1994): Writer-director Kevin Smith kicked off his distinctive take on the world with this gritty low-budget cult comedy. Taking place over one hectic Saturday in New Jersey, it follows Dante (Brian O’Halloran), who’s called in on his day off to manage a small convenience store and has to deal with a laundry list of problems. There’s a girlfriend who’s all too ready to reveal awkward bits about her past, goofy customers, and even a friend’s funeral elsewhere in the city. By his side through thick and thin is Randall (Jeff Anderson), the slacker who runs the video store next door and drops in to help Dante make it through the day. Not for the easily offended, it’s a rudely funny look into the nine-to-five grind of work.
The Devil Wears Prada (David Frankel, 2006): Working at a fashion magazine may sound like every young woman’s dream job, but this fluffy box-office hit shows a different side of that dream. Based on the best-selling tell-all book, the film tells the fairy-tale story of Andrea (Anne Hathaway), a naïve young New Yorker who scores the much-desired task of assisting the legendary Miranda Priestly (Meryl Streep), the city’s most ruthless magazine editor. Will Andrea be able to keep up with her very demanding boss, or will the world of fashion come between her and her friends and boyfriend? Taking a page from the glamorous old comedies of Audrey Hepburn, David Frankel directs a terrific cast (which also includes Stanley Tucci and Emily Blunt) in a frothy, enjoyable portrait of high-maintenance office work.
### Press Release ############################
Tim Cetto of Full Circle, LLC, partners with Mintaka Financial LLC
Gig Harbor WA, Mintaka Financial LLC, announces Full Circle, LLC, of Wenatchee, WA, has invested in Mintaka Financial LLC, joining with four other independent commercial finance firms as an equity stakeholder and service outlet for this small business specialty finance company.
“Mintaka is enthusiastic about working with Full Circle Finance, continuing to grow our small business credit service network across the country,” said David T. Schaefer, founder and President of Mintaka Financial. “Tim Cetto and his team at Full Circle are exceptional at working with small business owners to find the best credit solutions for their business” said David T. Schaefer, founder and President of Mintaka Financial.
“Full Circle Finance believes that small business lending is a relationship business, based on more than just a credit score,” said Tim Cetto, president of Full Circle. “The Mintaka program reflects this point of view and substantially enhances our ability to serve the credit needs of our small business clients, enabling them to grow and provide more jobs in their communities”
Full Circle, LLC was established in Wenatchee, Washington in 2009 by Tim Cetto, who has enjoyed over 30 years of success, providing small businesses with financing solutions. Full Circle distinguishes itself by taking the time to understand their clients’ business needs and long-term goals before choosing the best solution from a variety of credit options, including equipment loans and leases, working capital loans, accounts receivable financing and credit card advances. More information about Full Circle can be found at www.fullcirclellc.us.
Mintaka Financial LLC, located in Gig Harbor WA, was established in December 2004, as a commercial finance company specializing in serving the needs of small businesses across the United States. Mintaka provides equipment leases and loans, originated through a limited group of independent small business finance companies that share ownership in Mintaka. These companies are specialists in small business credit service, selected to participate in the Mintaka program based on their experience and reputation in the industry, and their dedication to building long term relationships with their small business clients. To learn more about Mintaka, please call 888-705-8778, ext. 1097.
#### Press Release #############################
2010 Edition of CLP Handbook Release Oct. 1
The CLP Foundation announces the 2010 Edition of the CLP Handbook has been sent to the publisher and will be available for purchase at www.clpfoundation.org beginning October 1st.
The new edition includes updated chapters on History, Classification and Terminology, Sales and Marketing, Law and Documentation, Collections, Asset Management and Lease Pricing as well as new chapters on Insurance, Agriculture and Advanced Lease Pricing.
Handbooks purchased in the last 12 months are immediately eligible for upgrade to the 2010 Edition for $9.99 plus shipping. Prior copies are eligible for the “Handbook Trade Up Program”. List price for the December 29, 2009 was $59.95.
The CLP Certification Program is the standard of excellence in the equipment leasing and finance sectors in the United States and across the globe. To learn more visit: www.clpfoundation.org
CONTACT: Cindy Spurdle (610) 687-0213 email@example.com
Institute for Leasing Professionals - September 14th and 15th - Bellevue, Washington presented by the National Equipment Finance Association and hosted by Great American Insurance
$395 per person for 2 full days of instruction
Attendees will receive a $20 voucher for use toward the CLP Handbook or application for CLP Certification.
Columbus, Ohio ---Adopt a Dog
“This is Chance. She is a very sweet and loving 11 month old Rottweiler/beagle mix. She is housebroken and gets along well with other dogs. Please contact Mike for more information at 937-497-7387 or 937-622-0679 for more information.”
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
Hurricane Earl forces evacuations along East Coast
FDIC: Profits up, bad loans down in 2nd quarter at banks
Golfer's swing sparks 25-acre California blaze
Wealthy lawmakers' fortunes grow, despite bad economy
California Budget plans fall short
Freeing Muscadet from a Pigeonhole
Sonoma Valley Wine Auction coming this weekend
Highest-Priced Wines Grow Fastest
US/International Wine Events
Leasing News Wine & Spirits Page
This Day in American History
1676 - Nathaniel Bacon led an uprising against English Governor William Berkeley at Jamestown, Virginia, resulting in the settlement being burned to the ground. Bacon's Rebellion came in response to the governor's repeated refusal to defend the colonists against the Indians.
--- with the permission of the author, from his
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