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Way to Go “A’s” !!! Kit Menkin’s Leasing News www.leasingnews.org Thursday, September 5, 2002 Accurate, fair and unbiased news for the equipment Leasing Industry --posted daily at www.leasingnews.org--- Wednesday Leasing News posted at 10:40 am PDT ---------------------------------------------------------------------------------------------- E-Mail Removal Form: \http://65.209.205.32/LeasingNews/removalform.asp ------------------------------------------------------------------------------------------------------ Pictures
from the Past
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Classified Ads here are four from: http://65.209.205.32/LeasingNews/JobPosting.htm 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: Chicago, IL MBA w/ "C" level relationships. Extensive sales/ sales management exper. in new business development w/end-user, vendor and captive programs. Very adapt at complex credit/ economic lease structuring. Email:IrishReel@AOL.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: Mission Viejo, CA Account Sales Executive with 10 years of leasing experience looking for company to bring existing customer base. Email: makelly21@hotmail.com Headlines--- GE Buys ABB Unit for $2.3 Billion No Back-to-School Blues for HP/HP Financial Taylor to Charge $24-$35 Year for "unlimited access" September 11 may ultimately cost city $95 billion August Vehicle Sales Up 18% as Interest Rates are Down News Briefs---- Where is Larry Grant of ACC, formerly of Amembal Capital???? --------------------------------------------------------------------------------------- GE Buys ABB Unit for $2.3 Billion By JOHN CHRISTOFFERSEN .c The Associated Press STAMFORD, Conn. (AP) - General Electric Co. announced Wednesday it has agreed to buy most of the structured finance unit of Swiss-Swedish industrial giant ABB for $2.3 billion. The acquisition significantly expands GE's finance operations in energy, transportation and infrastructure in Europe, especially with customers in Nordic countries and Italy. ``It is in line with our strategy of growing our business across Europe,'' said Ivan Royle, a GE spokesman in London. ``This deal is just another step to becoming a significant player.'' The ABB business was acquired by GE Commercial Finance, the Stamford-based commercial lending, financing and leasing business of GE. The ABB unit provides loans to companies for infrastructure projects such as railways and leases office equipment and vending machines. John Inch, an industrial analyst with Bear Sterns in New York, said the acquisition was not a surprise, noting that the ABB unit had been up for sale for some time. He said ABB's business fits with GE's business and is consistent with GE's strategy of expanding in Europe. ``I'm pleased with the acquisition,'' Inch said. The move to expand in Europe comes after GE's proposed $45 billion deal to acquire Honeywell International was blocked last year by the European Union. The ABB deal is the first since GE announced in July that it would split GE Capital in Stamford into four separate businesses: equipment management, insurance, commercial finance and consumer finance. The move was designed to improve transparency and streamline management. The acquisition is typical of GE, which looks for bargains in distressed markets, said Lawrence Horan, research director for Parker/Hunter in Pittsburgh. ``It's a distressed sale,'' Horan said. ``They're taking advantage of a situation where there probably aren't a lot of buyers.'' The deal also expands GE's growing relationship with Stamford-based Xerox Corp. GE has provided financing for the printer and copier company and will now assume ABB's leasing of Xerox products in Europe. Shares of GE closed Wednesday on the New York Stock Exchange at $28.70, up 24 cents. The sale, which is subject to regulatory approval, helps ABB reduce its $5.2 billion debt. ``The divestment of this activity is fully in line with our strategy to focus on power and automation technologies for industry and utility customers,'' said ABB chief executive Joergen Centerman. ABB shares rose 13 percent to 8.66 Swiss francs ($5.89) in trading in Zurich. The structured finance portfolio includes global infrastructure, financing, equipment, leasing and financial businesses. ABB will retain about 15 percent in areas relating to its core business, and its financial advisory unit. The ABB structured finance business employs 500 people in 11 countries. ABB said it was expects to meet its target of cutting its debt by at least $1.5 billion this year with additional asset sales. It stood at $4.1 billion at the end of 2001, but rose to $5.2 billion in the first half of 2002. On the Net: www.ge.com ________________________________________________________________________ No Back-to-School Blues for HP/HP Financial By Brian Morrissey Internetnews. com As classes begin across the country, No. 1 computer maker HP (Quote, Company Info) said it has recently closed a bevy of million-dollar deals with schools and universities HP bragged the 40 deals, inked with school districts and universities in 22 states and two Canadian provinces, each total over $1 million. Further, the company said two out of three, in the United States, came against bidding from rival computer makers Dell and IBM. "We're experiencing solid growth in the education market beyond what we projected prior to the merger," Jim Milton, a senior vice president of HP Enterprise Systems Group, said in a statement. "School districts and colleges are looking at HP and obviously liking what they're seeing, turning this into a strong back-to-school season for us." HP said the contracts include everything from notebook and desktop PCs to printers to wireless local area networks. With computers increasingly ubiquitous in classrooms, the education market is an attractive target for computer makers, since much of it offers the stability of government financing. IDC estimated that U.S. public schools alone would spend nearly $2.5 billion on computer hardware in the 2005/2006 academic year. The education industry's splurge on computer equipment could make up for a persistent sluggishness in overall IT spending, particularly spending on computer hardware. After solid double-digit growth during the boom years of 1999 and 2000, spending on computers and peripheral equipment plunged 20 percent in 2001, according to Giga Information Group. The researcher expects spending will continue to fall, albeit only incrementally, before rebounding in 2003. On top of a stagnant PC market, HP is dealing with fierce competition from Dell, which continues to steal overall market share and threaten HP's industry leadership. Based on the second quarter, HP remained the top PC maker, but its market share dropped to 15.5 percent from 18.3 percent in 2001. Dell's market share climbed to 14.9 percent from 13.1 percent over the same period. Their active HP Financial Services is being aggressive in all segments of the marketplace, pushing technology equipment. Goodbye,
Satirewire.com
after three years he says he is basically “burnt out.” www.satirewire.com ___________________________________________________________________ ---------------------------------------------------------------------------------------------------- Taylor to Charge $24-$35 Year for “unlimited access” Jeff Taylor, Founder of ExecutiveCaliber - Global Lease Training., to charge subscription fee for “Leasing Training for Lease Professionals” Newsletter. Here is part of his announcement: 1) In order to inform the leasing community of newsworthy items I will continue to produce the semi- monthly newsletter free of charge 2. As of Jan 1, 2003 access to executivecaliber.ws (our main lease training website which contains numerous articles on lease accounting and tax, plus audio, case studies and quizzes) and leasecoach.com (our article archive) with be by annual subscription. 3. The Leasing Academy website will continue to be free 4. Although we have not finalized password protection arrangements and fees, we are leaning towards a modest fee of $24-$36 per year for unlimited access. We will announce more details as they become available. 5. We have moved up the announcement date of my new book Selling Leasing In A Tough Economy to Jan 1, 2003 6. We are now accepting paid sponsors for banner ads on any or all of our three websites. Please call or e- mail me for pricing info. Since this is an inaugural service, we expect to be extremely price competitive. For more information, or to see his newsletter: http://www.leasingnews.org/articles.doc/LeaseAccounting_sept4.htm -------------------------------------------------------------------------------------------------- Where is Larry Grant of ACC, formerly of Amembal Capital???? ------------------------------------------------------------------------------------------------------ September 11 may ultimately cost city $95 billion by Jeanhee Kim The devastation caused by the attack on the World Trade Center could cost the city between $83 billion and $95 billion through 2004, according to a report released Wednesday by the New York City comptroller. The figures include the costs of rebuilding or repairing offices, wiring, transportation lines, and personal property, and the economic impact from the loss of jobs. Before presenting the report, just a week before the first anniversary of September 11, Comptroller Bill Thompson praised the city’s big businesses who chose to say downtown, including American Express and Merrill Lynch. Mr. Thompson also singled out several small businesses that remained open, sometimes conducting their work over cell phones when their offices were declared off-limits. Among the report’s findings: ï‚· It will cost an estimated $22 billion to replace the 30 million square feet of Class A office space and an unspecified amount of hotel and retail space that was damaged or destroyed downtown. ï‚· New York City lost 83,100 jobs from September 2001 to July 2002. As well, the comptroller estimates that an additional 63,000 jobs went unfilled in that period because the recovery that started to take root before September 11 was halted. The jobs decline translates to $17 billion in lost wages. ï‚· For fiscal years 2002 and 2003, the city is estimating tax losses of nearly $3 billion, the majority of it in income tax. On a brighter note, real estate values have held steady outside downtown Manhattan, and real estate taxes will offset some of the non-property tax losses. ï‚· Personal injury and loss-of-life claims by city employees exceed $8 billion so far. But the city’s law department says that New York’s liability is likely to be capped at $350 million through an act of Congress. As well, for fiscal 2002, the city has allocated $120 million in increased Medicaid spending for the 380,000 individuals who enrolled in its temporary Disaster Relief Medicaid program. Copyright 2002, Crain Communications, Inc Steven B. Geller, CLP Leasing Solutions LLC 20 Dike Drive Wesley Hills, New York 10952 845-362-6106 fax 845-354-2803 cell 914-552-0842 August Vehicle Sales Up 18% as Interest Rates are Down DETROIT (AP) - Nearly a year after zero percent financing brought on an intense incentive battle between the major automakers, consumers continue to be lured to showrooms by those sweet deals. With summer incentives in full swing, U.S. vehicle sales rose 18 percent last month compared to August 2001. Total sales were about 1.7 million cars and light trucks, the automakers reported Wednesday, as both low interest rates and bountiful incentives pushed otherwise wary consumers to extend credit on new vehicle. Some analysts say buyers now are conditioned to expect the deals, and General Motors Corp., Ford Motor Co. and the Chrysler Group of DaimlerChrysler AG may have a hard time backing down if they want to sell new models. ``They're going to have to keep the incentives going,'' said Walter McManus, executive director for forecasting with marketing company J.D. Power and Associates. ``They're all going to have to launch the 2003 (models) now with incentives.'' Ahead of its sales report, GM - the first of the major automakers to offer zero percent financing after Sept. 11 - announced its latest round of incentives that include 2003 models. Even so, the company is not expecting the pace of August to continue. ``As we head into September and October it's likely that we'll see an industry ease back down for a period of time,'' Paul Ballew, GM executive director of market analysis and research, said in a teleconference with analysts. GM reported a 22.6 percent increase in sales for last month from August 2001, while Chrysler saw sales rise 28.1 percent and Ford's sales rose 12.2 percent. August sales of Ford, Lincoln and Mercury brand cars rose 16.1 percent, while light truck sales for those three brands were up 10.1 percent. Ford said its performance was helped by the best sales month in the history of the Explorer. The company sold more than 51,000 of the SUVs - a 33 percent increase from August 2001. George Pipas, Ford's top sales analyst, said the improvement came across the board for most of its cars and trucks. And he said that sales showed signs that consumers are not just attracted the biggest incentive packages. ``Every product has a ... level of price that is appropriate for that level of product,'' Pipas said. ``And it doesn't hold the product back necessarily if it doesn't have zero percent financing for the longest term.'' Ford last month extended its summer 2002 model incentive program through the end of September and enhanced rebates on several models. Chrysler has resisted relying on incentives as much, preferring to showcase its seven-year/70,000 mile powertrain warranty. Helping to boost Chrysler's sales was its Jeep brand, which had its best sales month ever. Chrysler's car sales jumped 29.4 percent and light truck sales rose 27.8 percent. ``The industry for August was in one word, huge. ... We attacked that market with what we've always said is some great product,'' said Gary Dilts, Chrysler senior vice president for sales. He said the warranty program was attracting a lot of consumer interest. GM's car sales rose 11.9 percent, while light truck sales - including pickups, sport utility vehicles, vans and minivans - showed a 32.1 percent gain. The company also raised its earnings estimates, citing continued strong industry sales. GM's new incentive program, which runs through Oct. 31, will offer zero percent financing for three years on some of its 2003 model vehicles. On its 2002 models, GM is offering financing as low as 1.9 percent on some vehicles through Jan. 2. Asian automakers on the whole saw sales rise 17 percent, and McManus said he was surprised by the strength shown by Nissan Motors Corp. and American Honda Motor Co. Nissan reported a 24 percent increase, while Honda's sales were up 17 percent. ``Honda especially, since they don't use incentives,'' McManus said. ``The world we were in was one where incentives were just offered everywhere.'' While avoiding offers such as zero percent financing, McManus said Honda, Nissan and other companies are finding ways to use leasing to essentially offer good financing rates and effectively cut prices for customers. ``Consumers were driven to dealerships in August by a combination of model year closeouts, low interest rates and other industry incentives,'' Dick Colliver, American Honda's executive vice president, said in a news release. Luxury automaker Mercedes Benz reported sales were down 0.6 percent for the month compared to August a year ago, with truck sales up 8.5 percent and car sales down 1.3 percent. Ford's Jaguar unit reported sales rose 62 percent compared with August of last year. The automaker's Land Rover unit saw sales rise 65 percent from those during August 2001, and sales at its Volvo were down 12.2 percent for the month. Figures are based on 27 selling days during August. On the Net: General Motors Corp.,http://www.gm.com Ford Motor Company, http://www.ford.com DaimlerChrysler AG,http://www.carloans.net/chrylsler-fans Chrysler Group,http://www.chrysler.com Toyota Motor Sales U.S.A., http://www.toyota.com American Honda Motor Co., http://www.honda.com Nissan Motors Corp., http://www.nissandriven.com Subaru of America Inc. http://www.subaru.com Mitsubishi Motors Corp., http://www.mitsubishi-motors.co.jp/ American Suzuki Motor Corp., http://www.suzuki.com BMW of North America, http://www.bmwusa.com Mercedes Benz, http://www.mercedes-benz.com Kia Motors America, http://www.kia.com Hyundai Motor Company, http://www.hyundai.com Daewoo International, http://www.daewoo.com The Volvo Group, http://www.volvo.com Volkswagen of America Inc., http://www.vw.com Audi AG, http://www.audi.com Porsche, http://www.us.porsche.com Mazda Motor Corp.,http://www.mazda.com Isuzu, http://www.isuzu.com Saab Cars USA, http://www.saabusa.com Jaguar, http://www.jaguar.com Land Rover of North America, http://www.landrover.com ----------------------------------------------------------------------------------------------------------- Construction Spending Was Flat During July Construction spending was flat in July, the Commerce Department reported today, as an increase in government work helped blunt cutbacks in private construction projects, which dropped to the lowest level in nearly six years. --- After heated rhetoric, West Coast port talks may resume: After an escalation in rhetoric that suggested imminent labor unrest at West Coast ports, dockworkers and shipping lines met Wednesday in an apparent move back to the bargaining table. --- Since the market's peak in March 2000, household net worth in America has fallen by about $5.5 trillion, or 13 percent. A lot of middle-class people are sitting on paper losses of $50,000 or more. Under the current tax code, they can take a maximum of only $3,000 in losses each year to offset ordinary income. Think of it as the tax version of the Count of Monte Cristo's jail term. It means it might take decades to realize their total loss. As a result, they let their portfolios sit. -------------------------------------------------------------------------------------------------------- A's survive Royal scare, extend record win streak Blew a 11-0 lead to cliff hanger. Bruce Jenkins San Francisco Chronicle (What a game!!! Sue and I were on the edge of our seats as the A's pulled it out almost at the last minute )
In case you missed everything that led up to it, the Oakland A's crafted a wild, twisted novel Wednesday night, a week's worth of thrills and disappointment in a few hours at Network Associates Coliseum. Perhaps their 12- 11 victory over the Kansas City Royals made perfect sense, because the last three weeks have carried the ring of utter improbability. Before a regular-season record crowd of 55,528, giddy with anticipation on a "Dollar Wednesday" promotion night, the A's set an American League record with their 20th straight win. But that doesn't begin to tell the story. In the early chapters, they were like a powerful freight train that had suddenly found an extra gear. Rocketing line drives all over the park, they had an 11-0 lead through three innings. Already the toast of the nation, they were outdoing themselves; they looked like carefree winners bolting for the finish line. But the plot thickened. The Royals hung around, unsatisfied with their fate. They nicked away at the lead, their innocence taking turns toward menace, and there was a sickening silence in the park when Mike Sweeney's three-run, pinch- hit home run in the eighth inning cut the lead to 11-10. Then Luis Alicea completed the comeback, tying the game with a ninth-inning single off ace reliever Billy Koch, and the A's had become the first team to blow an 11-run lead at home since the 1976 Cubs. Perhaps only the A's could turn such disaster into sudden joy. Scott Hatteberg, pinch-hitting for Eric Byrnes, stepped up in the bottom of the ninth and crushed a long, one-out homer to right field off reliever Jason Grimsley. Just like that, all was forgotten. In a scene reminiscent of many victories during their streak, home plate was mobbed again. The victory set Oakland apart from the 1906 White Sox and the 1947 Yankees, each of whom won 19 straight games during pennant-winning American League seasons. As the A's travel to Minnesota for a three-game series opening Friday night, they are at the center of a rather esoteric debate over what constitutes the major-league record. The 1935 Chicago Cubs won 21 straight games, and in the opinion of many, that is the most legitimate National League record. The 1880 Cubs (21 straight) and the 1916 New York Giants (26) each played a tie game -- suspended and not replayed -- along the way. There is no confusion in the official record book, however. To stand alone, the A's will need 27 straight wins, a feat they could accomplish next Thursday night in the finale of a four- game set in Anaheim. That's getting a bit ahead of the game. When it comes to a youthful, exuberant team like the A's, it's always about right now, the game at hand, and wherever the chips may fall. They might strike the appearance of fun- loving kids, but they take the field with the confidence of seasoned card sharks, appearing to understand the game's subtleties a little better than the rest. The man getting all the attention is general manager Billy Beane, with his GQ smile and almost uncanny business sense. In typical keep-you-off-balance fashion, Beane entered the A's clubhouse Wednesday night saying he wanted to do just two things -- "get rid of this tie and watch the Giants (on television)" -- and he was probably serious about the tie. While the lords of baseball cringe (the A's cheap-payroll success makes a mockery of the revenue-sharing push that nearly forced a work shutdown last week), fans and writers around the nation see Beane as a messiah. If this were a movie, he'd get the girl, too. Like all true heroes, however, Beane has his sidekicks. Due recognition is coming to Art Howe, the prince of low-key managers, for he appears to be leading his team into the postseason for the third straight year. During an interview on KNBR Wednesday afternoon, Howe candidly addressed his feelings about not getting all the recognition many think he deserves and playing in the shadow of a celebrated general manager. "You're only human," Howe said. "Down in Anaheim (home of the second-place Angels), all they talk about is the manager (Mike Scioscia); I don't think most people even know who the general manager is down there." Not that Howe makes a big deal of it. "He kind of likes it this way," said co-owner Steve Schott. "He likes giving the players credit for what we've done. Meanwhile, he does a superb job every year." Schott is a story in himself. Downright reclusive during the early years of his ownership, Schott has ventured out in public lately -- not as a George Steinbrennerish cartoon character, demanding the spotlight, but as the team's quiet steersman. You don't gain many admirers when your general philosophy is "Could we spend a little less on that?," but the bottom-line reality has made Schott an odd sort of winner, fleecing free-spending owners with moxie, intelligent hires and the good sense to stay out of the way. If there was a lasting image from Wednesday night's game, it was familiarity, a sense that the A's have dominated the game like this before, and will do so again. You see it in the players, smartly hardened by two playoff disappointments against the Yankees. You see it in the attendance, ridiculed after a tepid Labor Day (just 26,325) but bouncing back so handsomely on a historic Wednesday night. For all of the talk about the Giants and their downtown paradise, it's the A's who have played an astonishing 87 postseason games -- 42 of them in the much-maligned Coliseum -- since they moved to Oakland in 1968. It is a fine, rich legacy, and their players wear it well. -------------------------------------------------------------------------------------------------------- Full List—Alphabetical and Chronological on Line at: http://www.leasingnews.org/list.htm American Financial Holdings (8/2002) acquired by Banknorth acquires American Financial Holdings Portland, Maine/Banknorth Group Inc. (NASDAQ:BKNG), and nearly quadrupled its size in Connecticut. American Financial is the $2.9 billion parent company of American Savings Bank and recent acquirer of American Bank of Connecticut. The transaction is valued at approximately $709.3 million in cash and stocks.
CIT / Group (8/2002) CIT Execs/Directors take stock Bonuses (7/2002) The 200 Million share offering, led by Goldman Sachs and Lehman Brothers went out at $23 each. Tyco Intl in a bid to ease its heavy debt load, raised $4.6 billion from the sale of its CIT Group, accepting half of what it paid for the finance Company a year ago. (6/2002) Tyco loses 30% of stock value, insider loans and shenanigans by directors embarrassing to all, maybe illegal, too, says SEC, IRS, State Attorney General. (6/2002) CEO Dennis Kozlowski---Delusions of Grandeur: Tyco gets a lot worse, like a dark Opera, CEO resigns, directors taking private loans, and talk is they should all resign (5/2002) Tyco to spin off CIT within 45 days (5/2002) Tyco to pay off $10 billion debt by selling CIT(4/2002)CEO Al Gamper says this is the "quiet period" to employees on line.(3/2002)board member borrows millions, loans to insiders made. (2/2002) Tyco International pledged to accelerate its breakup plan, starting with a spin-off or sale of its Tyco Capital finance arm within 8 to 12 weeks. (2/2002) Participants at the Equipment Leasing Association Annual CEO Forum, Feb. 4-5, expressed doubt that Tyco can successfully spin off it financial unit, CIT, through an IPO. Mocwa ro increase liquidity, looking to also buy leasing portfolio's for sale. Prez. Kozlowski says $10 billion- paid to much for CIT, analysts say will sell for $7.7 billion to $12 billion. Stockholder suit against company. Says Kozlowski made too much money-finder fee to director Walsh too much. Trouble in River City, however Kozlowski holding it together, But the shares remain 49% below where they started the year. ( 1/2002) Tyco to Separate Into Four Independent, Publicly Traded Companies. (10/2001 ) Tyco Makes it Official: CIT Tyco Capital (8/2001) Many opt to move to Tempe, AZ, stay with CIT, become bold, challenge GE and others in the marketplace, morale up, company on the move. ( 5/2001) CIT Shareholders Approve Proposed Tyco-CIT Acquisition (3/2001) Tyco International Ltd. makes offer for about $9.2 billion in cash and stock in a deal that would allow the manufacturer to finance purchases of its wide array of products. Bermuda Hq, N.H.. operation office. ( 2/2001) Closing Atlanta office and others, "freeze" on new broker business fromthis office (5/2001) Bruce Nelson, Tempe, Arizona seeking broker business. "We are an asset based lender and provide equipment financing in the following industries: Construction, Transportation, Logging, Material Handling, Corporate Aircraft, Mining, Energy, & Marine." Comdisco (8/2002) Comdisco expects QIII loss of at least $68 million. (5/2002) re-organization plan filed with SEC. (2/2002) Loses $216 Million in First Fiscal Quarter Comdisco To File. Reorganization Plan by April 15, 2002 ( 2/2001) deal falls apart with Tyco Financial, Wins Approval to Sell Leasing Units to GE Capital. (11/15/2001)Comdisco, Inc. and 50 domestic U.S. subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Illinois on July 16, 2001. The filing allows the company to provide for an orderly sale of some of its businesses, while resolving short-term liquidity issues and enabling the company to reorganize on a sound financial basis to support its continuing businesses. Simultaneous with the filing, Comdisco also announced business to Hewlett-Packard Company for $610 million. Closing of that the proposed sale of substantially all of its Availability Solutions transaction is subject to a court-supervised auction process. (8/2001) Comdisco lays off 450 more, 3rd Quarter shows $168 million loss (7/2001) -Comdisco + Execs face bankruptcy, many left holding the bag, assets for sale or sold, working on trying to get healthy by 2002, they say (7/2001) change of executive officers (6/2001) reportedly considering bankruptcy (5/2001) Lays off 10% of staff, further cuts to be made ( 5/2001 ) Reports Second Quarter: $8 Million Loss, CEO Pontikes takes early retirement a few weeks before formal announcement. Reports many losses follow due to leases and loans with Dot Coms, among others. (2/2001) deal falls apart with Tyco Financial, Wins Approval to Sell Leasing Units to GE Capital. MSM Capital (8/2002) MSM Capital, Irvine CA, Mike Cingari, former president starts another leasing Company. (8/2002) to file ch 7 BK. Seven employees have judgment in excess of $192,000 for back commissions, as well as other employees have disputes over other benefits, plus many equipment dealers have not been paid. Many applicants have not received their advance rentals back. (7/2002) Close doors, let everyone go.-- (6/2002) down to a skeleton staff (5/2002) MSM Capital makes Leasing News Bulletin Board for many complaints of not returning money. Cingari is "not available." (5/2002) Employees sue Mike Cingari for back pay and win, many advance rental payments not returned, it is reported, many problems here. PinnFund/Leasing (8/2002) Federal authorities plan to auction expensive wine, jewelry and coins seized from the Ramona house of John D. Garitta, the former PinnFund USA chief financial officer who pleaded guilty last week to securities fraud charges. Merchandise to be sold at the auction includes more than 400 bottles of wine worth an estimated $163,000, $480,000 in jewelry and gems and $19,000 in collectible coins. The auction will be held in Rancho Dominguez in the Los Angeles area. (7/2002) investors in Carlsbad's defunct PinnFund USA sue the PricewaterhouseCoopers Accounting Firm for failing to detect fraud at the Company. (4/2002) the Receiver in the case filed a lawsuit against Tommy Larsen, related companies and a law firm, in bankruptcy court. It's a preference that may climb to $6.7 million. Larsen denies it all, and says, "prove it!" (12/2001 ) a top Executive Officer to turn over $47 deal/judge makes okay as it favors return of investor money. http://www.leasingnews.org/archives/December%202001/12-07-01.htm. (11/2001) Girlfriend to return millions. http://www.leasingnews.org/archives/November%202001/11-01-01.htm. (8/2001) Fanghella pleads not guilty to all charges, remains in jail. (8/2001) A federal grand jury indicted PinnFund USA founder Michael J.Fanghella 20-count indictment; 19 counts in the indictment carry a maximum penalty of 10 years in prison and a $250,000 fine. One count -- filing false financial information with the U.S. Dept of housing and Urban Development -- carries a maximum penalty of 30 years in prison and a $1 million fine. (8/2001) In San Diego Feds file charges for filing false financial statements plus criminal charges for bilking at least 166 investors out of $330 million after Fanghella turns self in. (7/2001 ) Barbados Court Freezes PinnFund Exec's Assets (6/2001) Leasing News considers it a "not guilty" judgment against Tommy Larsen, but Larsen's lawyer basically agreed to comply with the temporary restraining order of March 23 and agreed that Mr. Larsen would give an accounting of any possible gains he received that rightfully belong to PinnFund. Since he gave in to everything the receiver wanted, he was not held in contempt. The records shows that being acquitted or not guilty was not what happened. The judge found he wasn't in contempt because, going forward, he agreed to cooperate fully. (6/2001) Judge Hands Down $109 M Default Judgment in PinnFund Scandal. Bounty Hunters Get the Nod to Go Get 'Em (4/2001) Judge continues freeze of assets. Founder of PinnFund skips bail, judge issues arrest warrant ( 3/2001) PinnFund out of money, closes all offices, including leasing. Newspaper stories say "Millions of dollars are gone." (3/2001) PinnLease USA to Fold 47 Nationwide Offices-- $100 Million Fraud, reads like a tabloid story, perhaps largest fraud in West Coast history. Saddleback Financial (8/2002) Precom "rescinds" acquisition of Saddleback Financials Assets, down to skelton staff, confirmed they are closing doors. Lets more people go. (6/2002) Sold to Precom Technology; many salesmen leave, citing backlog of deals not funded. " New owners will give us more resources, "Philip Walden, CEO of Saddleback told Leasing News. ( 2/2001) the management team of Orange, CA.-based Saddleback Financial, headed by co-founders Warren Emard and Stuart Kennedy, survives with new investors, and does not do broker business. (1/2001) Prez. Warren Emard announces ..."still in business... We are still originating business through vendors and directly to lessees. Does not accept broker business. LaSalle Equipment (7/2002) purchased by MB Financial Bank, N.A. a $3.3 billion subsidiary of MB Financial Inc. (Nasdaq:MBFI), including its affiliated company LaSalle Equipment Limited Partnership. (LaSalle Systems Leasing) for $39.7 million. Republic Leasing, Republic Leasing of South Carolina (7/2002) cuts over 100 brokers, wants to become more efficient with remaining 150 brokers. (11/2001) parent and company now owned by Netbank; Dwight Galloway gets early Xmas present, broker community cheers the good news too. http://www.leasingnews.org/Conscious- Top%20Stories/dwight.htm 9/27/2000 "The expected result will be a sale of Republic Leasing" --- Dwight Galloway. He adds, "We have always been for sale for the right price, but in 13 years we have not sold off any leases or gone direct after broker's business, ever". ------------------------------------------------------------------------------------------------------------ E-Mail Removal Form: \http://65.209.205.32/LeasingNews/removalform.asp +++++++++++++++++++++++++++++++++++++++++++++++++ Subscribe, Unsubscribe, Make Changes E-Mail. You may subscribe by using the contact form at LeasingNews.org or by contacting me directly at kitmenkin@leasingnews.org. If you change your e-mail address, please don’t forget to notify me. 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