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Kit Menkin's Leasing News www.leasingnews.org
Monday, September 23, 2002 Accurate, fair and
unbiased news for the equipment Leasing Industry Friday’s Leasing News posted www.leasingnews.org at 10:35am PDT ----------------------------------------------------------------------------- e-Mail Removal
Form: \http://65.209.205.32/LeasingNews/removalform.asp ----------------------------------------------------------------------------- Pictures from the Past
-------------------------------------------------------------------------------------------- Classified Ads---- http://65.209.205.32/LeasingNews/JobPostingsWanted.htm Sales: Tustin, CA "UAEL"
Need 2 inside sales reps with leasing experience. Top commission
paid, established company w/strong lines of credit with major funding
sources. Good working environment. Email:bgriffith@socalleasing.com Sales: Scottsdale or Los Angeles "UAEL" Sales, 60% Commission, INC Magazine ranked #1, minimum 2
yrs experience, vendors & customer base required. Telemarketing
assistant & marketing campaign provided. AZ, LA or Home office.
Email:hr@alliancecap.com Sales: Cleveland, OH "CLP",
"MAEL", "NAELM" Independent 13 year old small ticket & middle market
lessor looking for additional sales reps w. some experience in leasing.
Draw/ commission from 50% to 60% commission. Email:Spencer@AFNLeasing.com Sales: San Juan Capistrano, CA "ELA" Variant Leasing has a current opening for an experienced,
self-motivated professional. Excellent compensation package. Work with
professionals that know how to get deals done. Email: jverbeerst@variantleasing.com Sales: San Clemente, CA. "UAEL" Positions open immediately for qualified sales people. Aggressive
commission scale and a great work environment. Contact Todd Clark 949-369-4688 ext 223. Email: tclark@intelfinancial.net Sales: Carlsbad, CA
"UAEL" ILS has immediate openings for Vendor salespeople. With diverse
funding relationships/ the latest in lease automation technology, ILS
offers seasoned salespeople unlimited commission potential in a stable
environment. Email: andrew@ilslease.com For the entire list of Help Wanted, go to: http://65.209.205.32/LeasingNews/JobPostingsWanted.htm ----------------------------------------------------------------------------------------------------------- The Week's Economic Events September 23, MONDAY Eastern Association of Equipment Lessors Conference. September 24 TUESDAY Consumer Confidence: September September 25 WEDNESDAY ELA Municipal Leasing Conf. Denver Existing-Home Sales: August September 26 THURSDAY ELA Municipal Leasing Conf. Denver Durable Goods Orders: August Streamline Sales Tax Project Meeting New-Home Sales: August Weekly Jobless Claims September 27 FRIDAY ELA Municipal Leasing Conf. Denver Streamline Sales Tax Project Meeting G.N.P.2nd Qtr. final Headlines---- GSC Capital---Bulletin Board Complaint ---$1.3
Million in "Advance Rentals" Not Returned? Middle
Eastern descent Collection Calls---- Streamline
Sales Tax Project Meeting Sept 26-27 Milwaukee, Wisconsin GATX
Ventures Completes Management Transition 2002
Bankruptcy Yearbook to be issued Mid-America
Association of Equipment Lessors 20th Annual Meeting Dot-com
Era Start-Ups Still Feeling Woes Aircraft
Leasing-Fitch Ratings Affirms ILFC ### Denote Press
Release Tomorrow---Top
Gun Sales Manager Brad Kissler _______________________________________________________________________ GSC Capital---Bulletin Board Complaint ---- GSC Capital----- 602 North Park Center
Drive, Suite 2302 Santa Ana, CA 90720 Frank Veloz at Coptech, Sunnyvale, California: This is recap of what happened with a lease deal we were
setting with GSC Capital. Their address is 601 N. Parkcenter Dr. Santa
Ana CA 92705. Ph (714)479-0334. The VP of operation is Chad Lee and he is also the agent
for service. The controller is Mark Johnston. Their emails are mjohnston@gsccapital.com <mailto:mjohnston@gsccapital.com> and clee@gsccapital.com <mailto:clee@gsccapital.com> . A quick summary this.
We applied for a $ 175,000 lease for equipment. We were told we were
pre-approved for a $100K line and they were confident their underwriter
would approve the increased amount. We sent a check for
$7510.26 as a deposit on July 24, 2002. This was for the 1st and last month payments and we filled out their
standard deposit form. After many emails and phone calls in July and August
telling us the deal was at their underwriters, they notified us August 29th
that they could not get the deal underwritten and would promptly refund our
deposit. Since then , they have not returned calls and when pressed said
they were waiting for their underwriter to return the deposit. Their VP operations, Chad Lee has refused to talk to us and
our controller, Pat Cohan talked to their controller, Mark Johnston.
He said they cannot return the deposit at the present time because of their financial condition. I have lots of emails detailing the deal and if you need more information, let
me know. Anything you can do to get our deposit back will be appreciated. ( Frank Veloz is
a personal friend of mine, president of the San Jose Opera Association, has sat on the board of the directors of the San Jose Arts
Council with me, is a customer of American Leasing, where I am managing partner. I tried to reach the parties mentioned above, plus left voice mail messages with Mark
Johnston, who is listed in the United Association of Equipment Leasing
roster as the “primary contact.” In
addition, two faxes were sent to Mr. Johnston. After the first one was sent, Frank Veloz was telephoned
and told him he would never get his money back for making a complaint to Leasing
News. At this point, Mr. Veloz made arrangements to file a small claims
$5,000 court action in Santa Ana. I also
suggested he contact the local police department, the district attorney’s
office, and the attorney general’s office, plus the Department of Corporations who issues licenses to conduct business in the State of California
under the Finance Lender’s Law. I also suggested filing a grievance
with the UAEL. Editor) Leasing News has repeatedly requested GSC Capital for their
side of the story. For other Bulletin Board postings, please go to: http://www.leasingnews.org/bulletin_board.htm ----------------------------------------------------------------------------------------------- $1.3 Million
in “Advance Rentals” Not Returned? by Christopher Menkin Around the end of last year, Leasing News started getting
complaints for the Bulletin Board that MSM Capital, Irvine, California was
not returning “Advance Rentals.” Callers told us MSM would approve a
lease in less than an hour, send out the documents, and take the check,
but not fund leases. Officer Rob Pardini was mentioned often. At first the officers Mike Cingari, formerly president of
Colonial Pacific Leasing in Oregon, and his “partner officer” Rob Pardini,
denied it. It was a mistake. (I
still have all the e-mail responses from them.) As the complaints piled up over the news few months, they
started to “discover” alleged accounting errors, they told us, and in the beginning, Leasing News was successful
in having “Advance Rentals” returned to applicants who contacted us..
We don’t list on the Bulletin Board companies who return the money
claimed. Both officers of the corporation were becoming more difficult to reach.
As we got more complaints, the MSM
Capital telephone calls were not being returned and Leasing News was
getting “stonewalled.” Readers will remember
President Cingari’s comment: “Tell them I am not available.” In May, the complaints became so numerous, they made it to
the Leasing News Bulletin Board. We found out we were no longer successful in getting money returned, and evidently there were serious
problems that neither officer Cingari or Pardini wanted to admit. Up to
this time, they had been somewhat cooperative. MSM Capital Corporation also known as NASBA Capital and MSM
filed Chapter 7 Bankruptcy on July 31, 2002. The filing was accepted on
August 1,2002 by the Clerk of the Central
District, U.S. Bankruptcy Court. During this time, ex-employees were winning past due salary
and commission claims from the previous year to almost $200,000. Leasing News printed their stories, but it was not until we were able to obtain the
over 100 page filing signed by Michael Cingari, President, that we understood the “advance
rental” game. It appears over $1.3 million in “advance rentals” were not
returned as documented by 93 pages and 549 creditors. Not all are “deposits.” Perhaps 90 percent are. We called several of the creditors listed.
They were located all over the country, mostly smaller cities. The ones we contacted went back over a year, telling
stories of signed leases, but no fundings. Creditor dollar numbers were $250,
$494.58, $1,675.24, $4,536.08, $10,000, one $40,000 ( these were labeled
deposits, but may have been vendor payments?) We did not verify all of them.
We only sampled them, hearing stories of leases not funded. They are listed in the Chapter 7 filing as
“deposits” owed to creditors. We actually don’t know the exact number
of creditors with “deposit” as there is a mixture, nor did we verify
they were all not “advance rentals” not returned.
If we were able to do this, we believe the dollar figure may
be higher. Labor claims were here, such as for salesman Ziya Arik, $75,000;
Mark Bloom, $26,786.29; Jim Bowles, $28,855.46; Shawn Donahue, $25,381.53:
$16,632.43; Vishal Masani, $14,848.70; Mathew Swan, $27,041.00 ( there
are others who are pending, listed elsewhere in the filing. ). Several “suppliers” are also listed, such as GE Capital/Colonial
Pacific $135,000; Centerpoint Financial Services, $23,081.76; Manifest, $8502.61;Business
Insurance, $2,455; workman’s
compensation insurance, $4,000. There
is no estimate for personal property taxes (they stated “unknown,” evidently
not paid,) sales tax, pensions or 401K plans. These are claims “to be made by the governmental
agencies.” There is no mention of “reps and warrants” on leases “discounted”
or disputes with funding sources, as perhaps they are “contingent liabilities.” The reason the salesmen were not paid their commissions:
it appears the corporation had spent the money to meet overhead. The evidence: page 1, Statement of Affairs: Income from operation
of business: Year to Date: $538,856
Lease fee income Last Year: $3,912,459
Lease fee income year before: $4,229,952
Lease fee income The company evidently had no income to pay the salesmen for
their commissions, so they left. Claims
and counter-claims were made, but the California Labor Court to date has ruled in favor of the ex-employees,
even in appeals. MSM has lost every labor complaint. It appears the salesmen will never see the money as assets listed are: accounts receivable, $405,000;
office equipment and furnishings, $400; and in debtor’s possession, office
furniture, $250.00: total of $422,864.
After attorney expenses, court costs, payments to the government
for taxes, and secured claims, you can see from the math there
will be nothing left. Who’s fault is it that the company filed Bankruptcy 7.
After hearing what appear as outright lies for over a year, it is obvious
from the actual income statement filed, MSM Capital desperately needed
“advance rentals” and the salesmen’s commissions----The chapter 7 bankruptcy filing
signed by President Michael Cingari gives every indication they had
no means or intention of paying them. http://www.leasingnews.org/bulletin_board.htm#MSM http://www.leasingnews.org/Conscious-Top%20Stories/Conscious-Top%20Stories/MSM_stories.htm ------------------------------------------------------------------------------------------------------ Middle Eastern descent Collection Calls---- Here is a story you might want to investigate. I have several
clients who have ******** leases
with ****. Due to the economy,
they have been running slow with their
payments and have been receiving collection calls. They tell
me that in every case the collector is apparently from Middle Eastern
descent. I have asked others about this and get the same story. Is
it possible that *****l has hired people
who have a Middle Eastern accent to be collectors and cash in
on the fear of terrorism? I have been
told that in some cases the collectors can barely be understood because
their accent is so thick. Since this was told to me in confidence
and since I am unable to verify
it I would appreciate it if you didn't use my name but you might be
able to find out about it using your own sources. If it is true it doesn't speak well of *******. “Name With Held” -------------------------------------------------------------------------------------------------------- Streamline Sales
Tax Project Meeting Sept 26-27 Milwaukee, Wisconsin The attached word document contains the paper to be finalized
by the Digital Property Subgroup
regarding "Digital Property" and "Digital Equivalent
of Tangible Personal
Property" during the Streamlined Sales Tax Project Meeting on September 26th
and 27th at the Hyatt Regency, in Milwaukee, Wisconsin. The concepts discussed
in this issue paper will be the major focus of the subgroup meeting
from 1 to 3 p.m. on Thursday, September 26. The subgroup will also plan
for future definitions from approximately 3 to 5 p.m. that afternoon. http://www.leasingnews.org/PDFFiles/Digital_property.pdf Dennis Brown ########## #################################### GATX Ventures Completes Management Transition CHICAGO,/ -- GATX Ventures today announced that Robert D.
Pomeroy, Jr., currently a senior vice president of GATX Ventures, will
become president of GATX Ventures on September 30. GATX Ventures also
announced that Gerald A. Michaud, currently a senior vice president
of GATX Ventures, will assume responsibility for all marketing activities
at GATX Ventures. Mr. Pomeroy (51) and Mr. Michaud (49) joined GATX Ventures
in 2000 from Transamerica Technology Finance (TTF), where they co-founded
and led the development of TTF's venture lending business. These announcements mark the final phase of a process by
which James V. Mitchell, the current president of GATX Ventures, and
Lee F. Meier, a senior vice president of GATX Ventures, have been transitioning
management responsibility to Mr. Pomeroy and Mr. Michaud. Mr. Mitchell
and Mr. Meier co-founded GATX Venture's predecessor company, Meier Mitchell
& Co., in 1984 and began collaborating with GATX in 1987. Since
that time, they have been instrumental in developing GATX's domestic
venture finance business and building the foundation for future leadership
through the recruitment of Mr. Pomeroy and Mr. Michaud. Mr. Mitchell
and Mr. Meier will be retiring from GATX Ventures on September 30. Jesse V. Crews, president of GATX Capital, stated, "We
are very pleased to have Rob and Jerry leading GATX Ventures. Their
experience in the industry, insights, and strategic capabilities will
be critical to our future success in this business. At the same time,
I want to recognize Jim and Lee's accomplishments. For fifteen years,
they have been central to the success of our venture finance business,
building the business from a concept into an industry leader. Their
effort and commitment to GATX has been outstanding, and we will continue
to benefit from their vision in the years ahead." COMPANY DESCRIPTION GATX Ventures and GATX Capital are units of GATX Financial
Corporation, a wholly owned subsidiary of GATX Corporation (NYSE: GMT).
GATX is a specialized finance and leasing company. It uniquely combines
asset knowledge and services, structuring expertise, partnering and
risk capital to provide business solutions to customers and partners
worldwide. GATX specializes in railcar and locomotive leasing, aircraft
operating leasing, information technology leasing venture finance and
diversified finance. Investor, corporate information and press releases may be
found at http://www.gatx.com . A variety of current financial information,
historical financial information, press releases and photographs are
available at this site. SOURCE GATX Corporation CONTACT: Analysts and Investors, Robert C. Lyons of GATX
Corporation, +1-312-621-6633 /Company News On-Call: http://www.prnewswire.com/comp/105121.html
URL: http://www.gatx.com ############## ############################################## ---------------------------------------------------------- COMING SOON- A 500-page compilation of information covering all aspects
of corporate bankruptcy, "The Bankruptcy Yearbook & Almanac"
has become an invaluable resource for bankruptcy practitioners of every ilk. Available Mid-October! To
order, call 800-468-3810. To view the 2000 Index, visit: http://www.bankruptcydata.com/Yearbk00_Index.htm Mid-America Association of Equipment Lessors 20th Annual Meeting November 7, 2002 5:00PM Meeting (*Meeting is for Members Only) 5:30PM Reception 7:00PM Dinner 8:30PM Entertainment 9:00PM Adjourn Reservations will be taken on a first-come, first-served
basis. Please respond on or before October 24th. http://www.leasingnews.org/PDFFiles/MAEL_Meeting.pdf Not sure whether you saw this yet. Can you please post periodically on Leasing
News? Hopefully you and your
readers will find a reason to be in Chicago then and join in on the networking festivities!!!
Will be sending out a follow up offering half page/half price
sponsorships including four participants next week, so you have it in
advance. It is a teaspoon, not a scoop. Have a nice weekend!!! Best regards, Clyde D. Cady President Facility Capital 333 West Wacker Drive Suite 1750 Chicago, IL 60606 cdcady@facilitycapital.com www.facilitycapital.com 312.541.6000 phone 312.541.1275 fax 312.399.9335 mobile Members ELA & MAEL Dot-com Era Start-Ups Still Feeling Woes By Michael Chait Internetnews.com Companies that rode in on the "dot-com boom" of
the late '90s are still feeling the woes of the "dot-com bust"
harder than their associates at more established companies, according
to a report issued by VentureOne. Venture-backed companies that received
initial financing in 1999 and 2000 are going out of business at an accelerated
rate, compared to startups initially funded from 1992 to 1998. Twenty-two percent of the 1,842 companies first financed
in 1999 have already gone out of business, compared with an average
of 15 percent for companies started over the previous seven years. Of
the companies initially financed in 2000, 18 percent are already defunct.
In all, the amount invested in startups founded since 1999 that are
no longer operational totals $15.3 billion. "During the 1992 to 1998 time period it was a much more
rational approach to evaluating companies and what was expected in terms
of returns and timing of returns," said Paul Ritter, an analyst
at the Yankee Group. "By 1999 it was a frenzy of funding activities,
with many companies getting funded without much scrutiny and without
much expectation for when payback periods would arrive." According to the report, the sheer volume of funding during
the so- called "dot-com boom" could be the major factor in
the failure rate. The number of initial financing rounds grew steadily
throughout the early '90s, but between 1998 and 1999 it almost doubled,
and then grew by an additional 44 percent in 2000. Analysts agree that
the market simply couldn't support this overabundance of companies.
"How many pet food companies can be sustained in an
online market?" joked Ritter. "Very few companies have the
potential to grow in size to be Amazon-like in revenue, but many companies
had business models predicated on achieving that type of revenue and
new customers. You have so many companies that need so many customers,
but there's a limit to who is on the Web." Products and services ventures, as one may have expected,
fared the worst, with over 27 percent of companies receiving funding
in 1999 and 2000 failing. Healthcare startups, though comparatively
unpopular at the time, have fared better with only 9 percent now out
of business, while 20 percent of Information Technology ventures from
the period have shut their doors. As one might expect, the earlier the vintage year, the higher
the ratio of companies that have achieved liquidity to those still private.
And between 1992 and 1998, this ratio changes at a relatively steady
pace. But for vintage 1999 companies, the proportion alters drastically:
only 18 percent have had a liquidity event, compared to nearly one-third
of the vintage 1998 startups. The good news isn't over yet, as the report notes that it
is likely that the failure rate we've seen to date is probably modest
compared to what's in store for the 1999-2000 crop of companies. Ritter agrees with the studies prediction, noting that many
of those companies have a tough road ahead, especially when factoring
in current economic conditions. "Those companies on the edge should look to improving
their bottom line, but also look for strategic partners and buyout opportunities,"
said Ritter. The VentureOne study, which takes inventory of all companies
receiving initial venture financing during the past ten years, shows
that $26.1 billion were invested in companies that subsequently went
public, versus $26.7 billion in those that were acquired or merged.
Venture-backed companies that are still private have raised $124 billion
to date. ############# ############################################# Fitch Ratings Affirms ILFC; Rating Outlook Revised To Negative NEW YORK--(--Fitch Ratings affirms International Lease Finance
Corp.'s (ILFC) 'AA-' senior debt and 'F1+' commercial paper ratings.
The Rating Outlook is revised to Negative from Stable. Approximately
$18 billion of debt is covered by Fitch's actions. ILFC's ratings reflect the company's superior market position
in the aircraft-leasing sector, well-defined operating strategy demonstrated
ability to navigate through previous downturns in the commercial aircraft
industry, and ownership by its ultimate parent, American International
Group, Inc. (AIG). Rating concerns center on pressure on lease rates
due to shake out of US-based airlines, potential asset impairment due
to the oversupply of aircraft, reduced secondary market activity for
aircraft, and aircraft manufacturers expanding their presence in the
leasing market. In addition, Fitch is increasingly focused on ILFC's
standalone credit worthiness given the absence of explicit support currently
in place. The change in Rating Outlook recognizes the changes that
have occurred in the commercial aircraft market over the last 12 months
and the new challenges facing ILFC. Specifically, the events of Sept.
11, 2001, may have accelerated the long-needed rationalization of the
U.S. airline market. While ILFC's exposure to domestic airlines is moderate,
U.S. Airways Group's bankruptcy could have a direct impact on ILFC.
Although not an ILFC customer, U.S. Airways elected not to affirm its
leases on 10 Boeing 737-300/400 aircraft and four Boeing 757-200 aircraft
during its bankruptcy proceedings. As such, over the immediate term,
the valuations of ILFC's fleet of 79 B737-300/400/500 and 56 B757-200
aircraft could come under pressure, especially if another airline reduces
its fleet of these aircraft types, either voluntarily or through bankruptcy. Longer term, the current shake-up in the commercial aviation
market could strengthen ILFC's market position as many competitors exit
the sector either as part of a business rationalization strategy or
failure. While Fitch views industry rationalization as a positive for
ILFC, it does have downside. A decline in the number of second and third
tier aircraft lessors could result in a reduction in secondary market
liquidity. A vibrant secondary market is crucial for ILFC as management
has used aircraft sales as a way to help manage leverage to its year-end
goal of 4.00 times (x) and refresh the fleet. If the used aircraft market
substantially weakens for an extended period of time, Fitch believes
that ILFC would need to revise its operating strategy and increase the
average age of its fleet. While these concerns could impact ILFC and how it operates
in the future, they must be taken in the context of the company's rating
strengths. More so than any other company in Fitch's leasing universe,
ILFC has real market power. This market power arises as a result of
its nearly 30 year track record of dependability by delivering the aircraft
its customers needs when they need it. Likewise, ILFC, in the event
of underperformance by the lessee, does not hesitate in repossessing
its aircraft to remarket to other users. Founded in 1973, ILFC is one of the world's largest aircraft
operating lessors. At June 30, 2002, ILFC's operating lease portfolio
totaled 532 commercial aircraft. Throughout its existence, ILFC has
demonstrated to be a skillful and efficient operator with significant
industry contacts and clout. AIG, the largest insurance organization in the world as measured
by market value, acquired ILFC in 1990. Although AIG, rated 'AAA' for
long-term debt, does not provide any formal support to ILFC, it has
downstreamed approximately $650 million of capital to assist in the
subsidiary's growth over the years. As such, ILFC's ratings currently
benefit from the 'halo effect' created by the AIG ownership. However,
absent explicit support, Fitch believes that ILFC's ratings would fall
into the 'A' category. Despite these challenges facing the aircraft-leasing sector,
ILFC is on track to report one of its best years ever in 2002. For the
first half of 2002, ILFC reported net income of $248 million before
SFAS 142 adjustments versus $241 million for the same period in 2001.
While return on assets and return on equity declined to 1.95% and 11.95%
in the 2002 period from 2.30% and 13.62% in 2001, profitability remains
solid and within ILFC's 10-year range. Leverage at June 30, 2002 stood at 4.48x. Typically, leverage
increases during the first half of each year when ILFC takes delivery
of most of its aircraft orders but declines during the remainder of
the year as a result of equipment depreciation and sales and increased
retained earnings. With the secondary market for commercial aircraft
being almost non-existent in 2002, ILFC will most likely depend on equipment
depreciation and earnings retention as the drivers for reducing leverage.
Fitch projects that year-end leverage will approximate 4.35x, based
on anticipated deliveries and continuation in the operating trends reported
in the first half of 2002. Fitch would not be surprised, if AIG downstreamed
additional equity to ILFC, as it did in 2001 following the fallout from
Sept. 11, to assist the company in moving closer to its leverage target. CONTACT: Fitch Ratings Philip S. Walker, Jr., 1-212-908-0624 Thomas J. Abruzzo, 1-212-908-0793 (Int'l Lease Fin. Corp.) Julie T. Burke, 1-312-368-3158 (American Int'l Group) James Jockle, 1-212-908-0547 (Media Relations) #################### ########################################## ---------------------------------------------------------------------------------------------------------- New
Mail Server Status: The Sun Cobalt, running on Unix, was not compatible with
our Unix firewall, as it was running on Microsoft software. (We are
running a Windows 2000 mail program. )At the time, Microsoft was compatible
with Unix software, but it appears Sun Unix is not. It appears does
not want to support the Unix operating system. So we had to order a
Sun Unix Firewall device. We will then have to reconfigure the computer
and software. ---------------------------------------------------------------------------------------------------- E-Mail Removal Form: \http://65.209.205.32/LeasingNews/removalform.asp +++++++++++++++++++++++++++++++++++++++++++++++++ Subscribe, Unsubscribe, Make Changes E-Mail. You may subscribe
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