Advanta Leasing (10/2001 ) Advanta Leasing Division Net Loss $44 Million "These included a $44 million charge associated with discontinued operations, principally reflecting a revision to the valuation of leasing assets and a decrease in the estimated pretax operating results over the remaining life of the lease portfolio. The leasing revision results primarily from the impact of a former leasing vendor's bankruptcy. The Company also recorded asset valuation charges of $10 million on its venture capital portfolio due to the continued weakness in the current market for venture capital investments.  As a result of these charges, the Company reported a net loss for the quarter of $41.7 million or $1.59 per share for Class A and Class B shares combined on a diluted basis."  (7/2001) Advanta Corp: 2nd quarter shows $4 million loss in leasing biz (1/2001) Advanta ceases leasing business announcement Chris Ciarrocchi says "goodbye".  Mortgage Division sold, re-affirms Leasing Division still for sale (9/2000)  for sale, former prez now at eOriginals, others let go like Kaye Lee.

Affiliated Corporate Services, Lewisville, Texas (1/2001) Merges with First Commerce Leasing.

Affinity Leasing, Washington (12/2000) to close and concentrate on Financial Pacific biz

Alliance Funding Group, La Habra, CA ( 5/2001 ) purchased by MSM Capital, headed by Mike Cingari, formerly pres. of Col. Pacific Leasing

Amembal Capital (2/2001) changes name to ACC, Sudhir Amembal leaves to devote time to lecturing and education

American Business Leasing ( gone )

American Express/ SierraCities  (09/2001) American Express Business Finance has closed down their broker division. We can submit deals until 10/12/01. All deals must be funded by 12/31/01.  Unconfirmed rumors that salesmen are now going after the broker vendor accounts. We are seeking to confirm or deny this.  (8/2001) Discovers up to $20 million  write-off with RW Leasing portfolio, other portfolio's, alleged stock fraud, Amex  declares they are investigating  (7/2001) pretax write-down of $826 million that will pummel, second-quarter profits. The company also unveiled plans to cut as many as 5,000 more jobs because of the weak economy. Rumors abound about portfolio performance and major problems in the woodpile/going the way Rockford Industries went.  (5/2001) New Name: "American Express Business Finance"  (4/2001) Merger complete, Depping resigns as "gazelle"   (3/31/2001) American Express completes purchase/merger  (3/2001) Sierra Cities-Amex Merger gets green light by authorities (2/2001) offer from American Express for $5.68 per share in cash. We predicted this last week, naming the company and floor price. American Express active in equipment leasing, likes what it sees, and Sierra Cities is the vehicle, not Advanta or others that it has viewed to purchase. (1/2001)  VerticalNet Merger falls apart.  (1/16/01) Sells Off UK Assets. (7/2000) 2nd quarter loss, see report http://www.leasingnews.org/articles.doc/newsletter3.htm.

American Financial Holdings (8/2002) acquired by Banknorth acquires American Financial Holdings Portland, Maine/Banknorth Group, Inc.  (NASDAQ;BKNG), and nearly quadruple 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 stock.

Ampent (11/2001) Ampent's site back up, reportedly ; landlord is allegedly sueing them; VC has reportedly dropped them, may even be perusing legal action. appears they are operationg out of a PO Box. (10/2001) site is off line, looks like they are going "south." (8/2001) formerly Accesslease.com; There are rumors there have been serious cutbacks in sales and marketing here. Senior Marketing Manager Parker Trevin says it is minor, basically a change in strategy and denies the rumor.

Amresco Inc., ( 7/2001) which lends to small and mid-sized businesses, said Monday it has filed for bankruptcy and agreed to sell its assets for $309 million to investors including Goldman Sachs

Atel Capital Group ( 4/2001 ) A.J. Batt retires, world's richest leasing owner, Dean Cash, his "partner for twenty years" now owns almost 75% and takes on the title.

Balboa Capital ( 9/2000) Founder Pat Byrne "...office available any time he wants to use it".

Banc One Leasing ( 12/2000 Lays Off 60, Closes 5 offices )

Bancorp Financial Services, Sacramento, CA (5/2001) Humboldt Bancorp closes Bancorp Financial, citing second quarter loss "...not at this time expected to exceed $8 million on an after-tax basis; Kevin Cochrane let go, Security Exchange Commission, Sacramento looking into disclosures, reportedly other activity (4/2001) Humboldt Bancorp says "closing Bancorp Financial Services "in press release and report to Security Exchange Commission, but CFO Pat Rusnak says "company is  for sale" and statement made for "accounting purposes."

The Bancorp Group, Inc., Southfield, MI ( 2/2000) Not accepting news business. The BOD of the parent bank is assessing what to do with the Leasing subsidiary.....currently servicing portfolio but not originating. no longer in business.

BancParnters/First Commerce Leasing (3/2002) Lahit makes it official resigns, and opens up Affiliated Corporate Services again. (3/2002) It is reported that Jim Lahti, formerly president of Affiliated Corporate Services and past president of the United Association of Equipment Leasing, along with several staff members will resign from BancPartners of Lewisville, Texas. Chairman/CEO Rick Galtelli says,” this news way too premature." Jim Lahti says," some changes are under way. We are excited about the new changes are under way. We are excited about the new opportunities will be issuing a press release." (1/2002) Affiliated Corporate Services, Lewisville, Texas Merges with First Commerce Leasing.

Bankvest (1/2000) files voluntary bankruptcy (12/99) involuntary petition filed by Orix and  2 smaller banks.  (11/99) sales disbanded  (10/99) ARB walks from purchase    (8/99)  Fleet pulls their credit line.

Bay View Bank (9/2000)  discontinuing all franchise loan and lease production.

Bay View Capital, San Mateo, CA (8/2001) Jeff Allard last day, door now closed says "Goodbye", going to co-produce "Texas Chain Saw Massacre" movie.  (7/2001) reports a second quarter 2001 net loss of  $95.4 million.  (5/2001) Jeff Allard, CLP, COO ... "decided to exit the commercial leasing business and other business lines due to the strategic change in the company's direction as determined by the new management team."  Parent company running out of money, a lot of good people let go.  (2/2001) reports fourth quarter net loss of $92.5 million.  (12/2000) Announces $17 million loss/later does not issue dividend.

Bombardier (12/2000)  reported having leasing problems, not confirmed, company strong in other divisions, but appears backing out of leasing division

BSB Leasing (1/2001)  Don Meyerson bought back the company and they are back in business at 303-329-0927. Official announcement to be made soon. They are notifying brokers to start sending them business again. (12/2000)  Don Meyerson says to be "re-born"  (11/2000)  closed to accepting new business.

BrokerWare, Inc., of Tampa, Florida (7/2001 ) acquired by Funder OnLine

Capital Associates, Denver, Colorado (12/2000) (no longer doing business, filing bk?)

Capital Stream, (3/2002) Steve Campbell Resigns as CEO,  (8/2001) John Kruse, VP, Account Development, announces another reduction of staff as  "... precautionary measures because we don't see an immediate resolution to the economic  downturn. We still remain financially healthy, and believe that reducing our capacity is a prudent business decision." Hal Hayden, Jim Buckles, Randy Anderson, many sales people  gone.

Center Capital (3/2001) acquired by Webster Bank, Farmington, Conn. Center Capital finances commercial and industrial equipment through installment sales and leasing  programs to customers in all 50 states. The firm employs a staff of 60 and will continue to operate under the Center Capital name.

Centaur Financial Services, Inc, Aliso Viejo, California-( 7/2001) HPSC has hired the two principals, Gary and Dorren ( Leonard) Kropp, of Centaur Financial Services, Inc, Aliso Viejo, California (http://www.centaurinc.com ). HPSC will purchase some of the portfolio, it is reported. HPSC has a website (HPSC.COM) and is located in Boston,  MA, specializingin the healthcare industry

Centerpoint Financial, Denver, Colorado (6/2002) faxes sent, can't fund deals (6/2002) Reports  Centerpoint not funding deals (3/2002)" Not true" says John Otto, chairman of Heritage Leasing, major stockholder of Centerpoint Financial, LLC, and Pentech Financial, Campbell, California. " I am not pulling the plug on Centerpoint. It is true we hit a small bump in the  road, but that is taken care of. "The thirty year plus lease veteran with deep pockets  confirmed the resignation of Randy Schiel, now former Chief Financial Office.

Centura Leasing (5/2001) Centura Bank/Centura Leasing was a major player in rolling stock and  non-titled equipment in North & South Carolina. Centura was recently  purchased by the Bank of Canada. The leasing division was closed for business.   Commercial Lease Officers are being relocated within the Commercial Loan Division of the Bank.

Charter Financial ( purchased by Wells Fargo 9/5/2000 )

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 Int'l 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 from this 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."

Citicorp/City Capital (2/2002)  Machine Tool Group of Citicorp/CitiCapital closes.  This was originally part of the old Copelco run by Phil Meyers, based in Atlanta, Georgia.

Colonial Pacific Colonial Pacific Leasing (12/2001) to close Portland office, move to Chicago to be under one roof with other GE purchases, 500 brokers paired down to top 75 producers/250 employees effected. No more business at Portland operation after December 14th. Merry Christmas. http://www.leasingnews.org/Conscious-Top%20Stories/CLP.htm (2/2001) closes former Tilden operation in Hauppauge, NY (11/98) purchased by GE Capital 5/2000 no more re-brokered applications, except from one or two sources, such as Steve Dunham's Leasing Associates )

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 ransaction 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.

Commercial Money Center Southern CA, (6/2002) files voluntary bankruptcy, #11, in Florida, all hell breaks loose (5/2002) Gets worse, officers may go to jail (4/2002) Many, many complaints; reports of leases where equipment never existed, paying for leases that  do not exist, much behind the scenes on the reputation of the founders, lawyers having a field day, San Diego FBI investigating all.(3/2002) Throws in the towel, 128 employees out of work, Dir. of Marketing Bill Hanson not paid, goes back to work for himself, bringing Gil Evans and his son Ty with him. closes door, leaving many unpaid bills and questions, especially about Kiosk leasing. (2/2002) Returns $1.2 Million to Date admit many complaints by applicants, vendors, and brokers. Fails to secure insurance line of credit after September 11th.

Conseco Finance Vendor Service ( 12/2000) purchased by Wells Fargo Leasing.

CORONA AMERICA FINANCIAL,  So. CA (5/2001) purchased by Total Funding.com, although called a merger.. Corona Pres. president, Jack Winsten worked at SDI Capital, as did Total Funding president Alan Collier. TotalFunding to become soley an   "application service provider" and utilize Corona direct sales force. No more broker  business, except on "case-by-base" basis, Collier says.

Copelco (4/2000) sold to Citibank (10/2000) stock down rated ceases broker business, many complaints to manner turning off faucet.

Crocker Capital, California-(11/2001)-Assets:only" purchased by Dimensional Funding,  creditors, reports that creditors and employees not being paid. Bill Booth (owner) put in $500,000.00  of his own money to try to keep afloat.   http://www.leasingnews.org/archives/November%202001/11-20-01.htm                        http://www.leasingnews.org/archives/November%202001/11-27-01.htm

Dana (2/2001) reports huge 4th quarter loss (7/2000) sold off portfolio, active as captive lessor  (2/2001)  posts a fourth-quarter net loss, eliminates 10,000 jobs   (7/2000) sold off portfolio, active as captive lessor

DVI Capital (12/2000 out of broker )

Efinanceworks (2/2001) lays off 27 employees, says will return $150 million to investors,  and is shutting down.

El Camino Leasing, Woodland Hills, California ( 2/2001 ) GATX announces purchase of   portfolio, making ATEL Capital largest independent owned leasing company in the  world (1/2001)  reportedly winding down, sold portfolio, selling partner  relationships, selling off all assets  (10/2000)  No longer taking broker business, struggling to stay in leasing business, according to insider reports

eLease ( 6/2001) Paragon, S.F.Tom Williams/LeaseExchange buys eLease assets ( 2/2001 )employees Let Go, Prime Street is "History." (12/2000) purchase by Primestreet (June/July/2000)senior management changes )

Efinanceworks (2/2001) lays off 27 employees, says will return $150 million to investors,         and is shutting down.

Equalfooting.com (11/2001) files for bankruptcy, going under.( 10/2001) having financial problems. We asked president this question and then sales manager a few months  ago when reported they let salespeople go. They denied any problems. Leasing News heard otherwise.

Equipment Finance, Lancaster, PA (11/2001) Sterling Financial to purchase for $30 million                  ( 70% stock/30% cash )

European American Bank  (09/2001)  American Bank Equipment Lease Finance Unit Closing Today.  Frederick Anderson new e-mail address, which is FrdA4@aol.com. Telephone #  516-822-2008 (8/2001) Fred Anderson announces as of Sept. 17, " We are looking to move as a group to another bank or finance company to start our operation up all over again".   (7/2001) Citigroup finalizes acquisition of American European Bank, whose subsidiaries include Fidelity Leasing, American Equipment Leasing and Wasco Funding.  (7/2001) made the announcement official, Romoff will be leaving the Company at the end of the summer.  The company's leasing activities will be run by CitiCapital, with its Lease Lending Division headed by Dave Frankel at the head of the Leasing Lending Division. It is reported that within CitiCapital, Frank McCaughey will continue to head up the Vehicle Lease Financing unit. It is also reported that EAB's leasing subsidiaries in the U.S. will continue to originate equipment leasing and financing transactions for CitiCapital.  (6/2001)  to close brokerage operation end of month, Ira Romoff resigns, Fred Anderson will be on the streets shortly, along with Omar Diaz and Rich Illich).

FedFinancial (2/2001) Universal completes its planned purchase more information  available at www.usxp.com    http://www.leasingnews.org/archives/December%202001/12-13-01.htm

Finantra (11/2000) will eliminate its commercial finance operations in order to focus on its two core finance platforms, consumer finance and services and consumer mortgage lending.

Fidelity (4/2000)  acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V.,  headquartered in the Netherlands, raising funds.

Finova  (9/2001) Offer terminated.  Berkshire Hathaway invoked an "Act of War" clause in order to terminate its offer to buy up to $500 million of Finova Group, Inc.'s 7.5% Senior Secured Notes.  Berkadia further stated that termination of this purchase offer does not affect Berkadia and Leucadia National Corp.'s joint rescue package for Finova.  (8/2001)  Finova Group won a judge's approval of a Chapter 11 recovery plan proposed by Warren Buffett's Berkshire Hathaway and Leucadia National, clearing the way for the finance company to emerge from bankruptcy.  The plan is based on a $6 billion loan from Berkadia LLC, a joint venture of Berkshire Hathaway and Leucadia.  Scottsdale, AZ based Finova will use the loan plus its cash reservies to pay $7.35.   (8/2001) for the second quarter 2001, reporting a net loss of $436.5 million (6/2001) wins bankruptcy judge's permission to proceed with a $7.35 billion recovery plan for the finance company proposed by Warren Buffett and Leucadia National Corp; hearing date August 11.  (3/2001) files Chapter 11 as per plan, many disputes from creditors, Finova former CEO  may get $9.3 million in severance, says Arizona Republic Newspaper (3/2001) Dow Jones questions take over plans (2/2001) Finova Bailed Out by Buffett-Led Group , Berkshire Hathaway and Leucadia National announced that they have entered into an agreement for a $6 billion loan to Finova Capital, however to clear up creditor issues, will have to file Chapter 7 and hope creditors don't push into Chapter 11, many guess stock manipulations and other "doings" going on. (2/2001) downgraded to "C" rating by Fitch "With  significant debt maturities due in May 2001 and Leucadia National Corp's $350 million  investment withdrawn, Finova's ability to operate as a going concern faces serious challenges." (1/2001) Deal of Leucadia National to Invest $350 Million in Finova falls apart  (1/2001) laid off 90 employees, or about 9 percent of its workforce, in an ongoing effort to cut costs.   The company continues to employ about 300 people in Phoenix and 940 nationwide. (12/2000) out of market place, many problems, raises $250 MM, but not enough  (11/2000) Announces they will discontinue business, sell units,  Suspends Dividend.  (11/2000)  Leucadia National to Invest $350 Million in Finova  (11/2000)  reports  $274 million loss)  (10/2000) Dow Jones notes stock falling and problems at Finova   (10/000) Dow Jones headlines "Finova Stock Falls As Buyout Hopes Wanes.

First Capital Group (3/2000) sold by First State Bancorporation for approximately  $62.5MM. They were acquired by First Banks, Inc. of St.Louis. Since that time they  have grown from $62.5MM to $175MM and are continuing to do business in the middle market arena.,aka David W. Friiede

First Capital Group, Albuquerque (6/2001) purchased by First Bank of St. Louis, the largest privately owned (non-public ) bank in the country with around $7BB in asset purchases. Founded by Gary Millhollon 1955, specializes in $250m to $10mm market/ cash flow drive with 2000 customers in 45 states and 3 foreign countries.

First Commercial Capital Corp ( 2/2001) to be acquired by TCF Leasing )

First International Bank ( 3/2002)to concentrate on its parents customers as part of  UPS Capital, to focus on UPS 1.8 million customers for equipment leasing business.  First International Bank was formerly named First National Bank of New England. It was sold to UPS Capital, a UPS Capital Company. The web site is www.firstinterbank.com. Spokesperson denies out of "broker business," yet brokers report otherwise.

First State Bancorp, Albuquerque, N.M ( 3/2000 sold leasing division-$64 million)

Fisher-Anderson  (2/2002) Bob Fisher Resigns to form Firerock Capital; Scott Anderson stays behind to wind down portfolio; company was sold to MarCap, Fisher reveals; MarCap  reportedly having problems with many of its leasing portfolio's and wants to get out of small ticket marketplace (8/2001) Many sales people let go the last few months, company cuts back, Don Shadel, former Commercial Vehicle Division Manager of Fisher Anderson L C, and several CVD staff members, have started a new company named Mark III Credit Corp. The focus will continue to be new and used work oriented  vehicles in the small ticket range from $15,000 to $150,000. Our prior company, Atlas Funding Group, Inc. was acquired by Fisher Anderson L C in September of 1998 to market a national titled vehicle program for brokers and lessors. Our affiliation with Fisher Anderson L C the last three years has been a pleasant experience, however recent changes in the transportation industry dictated that we both move in different directions.  dshadel@markiiicredit.com

Fleet ( 5/2001) Fleet is consolidating Sanwa and the Chicago operation. ILC (Cincinnati, sub of Provident Bank) may likely take over the Sanwa sales team.

FlexLeasing (4/2001) ( a subsidiary of Griffin and Associates), Albuquerque, New Mexico,  Merger falls apart, Chuck decides to take early retirement. (3/2001 ) closing office to merge with another company,  "announcement soon,"  say Chuck Griffin.

FMA Financial, CA (4/2000) reportedly closed to brokers

FNF Capital   (12/2001) the nation's largest provider of title insurance and real estate related products and services, today announced that it has discontinued the origination of small-ticket leases by FNF Capital, its wholly-owned leasing subsidiary.  The Company will take a one-time, after-tax charge of approximately $8 million in the fourth quarter to cover costs associated with this discontinued business.  FNF Capital will continue to service those leases currently in the portfolio.  FNF originally entered the leasing business through the February 1998 acquisition of Granite Financial, which was renamed FNF Capital (10/2001) /closes down Small Ticket Operation.

Franklin Leasing, Des  Moines, Iowa--owned by Liberty Bank-- (2/2000)-no longer writing lease, limited by regulations and leases are for sale.

Franchise Mortgage Acceptance Corporation (FMAC) 11/1999 purchased by Bay View  Commercial Corporation

Funding Tree, Riverside, CA ( 6/2002) New president says there is hope past vendors and brokers will be paid. Dept. of Corp. "cease and desist order" still in place. Riverside DA Jerry Fox  warns, "Don't take advance rentals if there is no lease approval. "(6/2002) Kendra Bernal arrested for allegedly violating parole (5/2002) More complaints, although e-mails say some deals have funded and vendors have been paid---hope--- (5/2002) Many more complaints  (4/2002) Many complaints. Vendors/brokers not paid.

GE Capital (10/2001) Records 19% Revenue Drop in QIII

Golden Gate Funding ( 2/99 purchased by Westover Financial )

Golden Eagle Leasing , Phoenix, Arizona ( 5/2001 )takes $13.3 million Loss in quarter

Heller Financial Corporation (8/2001) GE to close by September First, according to an inside source. No real word on how many will end up on the street in this exchange.   (7/2001) General Electric Capital Corp. buys for $5.3 billion, plus Connecticut Avenue. Is Microsoft next?

Heller Financials Commercial Services Unit (10/99 purchased by CIT )

Imperial Credit Industries (ICII) (5/2001) Charles F. O'Hara, "We discontinued lease originations through our Imperial Business Credit (IBC) ....( last year ) ICII decided that it could not compete effectively in the small-ticket leasing arena. IBC, however, continues to service the portfolio that they originated and have expanded their servicing options to include middle- market leasing.

Japan Leasing Credit claims ( JLC --6/99 purchased by Orix )

JDR Capital, Sewell,NJ (1/2001) Bob Wayne says, "out of the broker business as JDR Capital, but we are still functioning as FORINT Financial, and working with select brokers at JDR Capital who when we get the leases approved, they get them signed."

Keystone Leasing (2/2001 ) the former management team of K.L.C., Inc. (dba Keystone  Leasing), headed by its co-founder Alan Kaufman, formerly a Unicapital, has formed a  new equipment leasing business, Keystone Equipment Finance based in West Hartford, CT

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.

Lease Acceptance Corp---( ceases broker business 7/26/2000)

LeaseExchange.com (5/2001) hiring salesmen, Tom Williams making it work, as he did at Paragon (4/2001) "on a 'Slim Fast' diet." (3/2001) Tom Williams to give it a 90 day trial run, also trying to raise money (2/2001) reported on "auto-pilot" (1/2001) Closes Irving office, cuts staff Aaron Ross starts training for Triathlon.

Leasing Solutions, San Jose ( bankrupt ) (9/2000) Files BK (10/1998) stock loses more than 50% of value in a single day with announcement that auditors were forcing LS to write down the residual values of a small portion of equipment returned for remarketing. After a long stream of announcements of ongoing negotiations, forbearance periods, the establishment of an internet strategy (yes, the lenders let them use cash for that rather than apply it against borrowings!)

Lessors.com (10/2001) Lessors.com closes to become eLessors Networking Association Web site (http://www.elessors.com) URL up for sale. Perhaps the best leasing portal to date.

Liberty Leasing ( 6/1999 closed, California company )

Liberty Leasing, Des Moines, Iowa ( 10/2000 closed, selling portfolio, owned by  Commercial Federal Bank, Omaha, Nebraska )

Linc Capital (3/2000) files motion in bankruptcy court requesting more time to file certain schedules (2/2000) creditors file for Chapter 7 (9/2000) out of vendor and broker business, Nasdaq halts stock sales, $13.4 loss last quarter, (10/2000) assets for sale

Lyon Credit (2/2001 ) founder John Bowes leaves,  the company has reportedly not received any new business since last August, and is dissolving ( 10/2000 ) operating as United Capital, a Division of Hudson United Bank, closes Dallas, Texas office (6/2000) closes Atlanta and Irvine, Calif. office (9/99) Hudson United Bancorp buys Lyon Credit

Manifest Group (4/2002)Troy Molitor resigns as General Manager. He follows Don Polfiet...Chris Canavati. Good men, that Manifest does miss. (3/2001) changes name to U.S. Bancorp - Manifest Funding Services. Manifest Group--( 9/1/2000 purchased by US Bancorp Leasing and Financial, "...a win for all the parties involved," Brian Bjella. 11/2000 Donald Polfiet leaves and no one knows where he went. If you know, please tell us.

Matsco Financial (12/2000 purchased by Greater Bay Bank)

Mellon Leasing-Manufacturer and Dealer Services ( 6/2001 ) closes offices, employees let go (5/20001) GE Capital makes formal announcement, confirms Jan. report.(1/2001) key employees told company is sold

Merit Leasing ( gone )

Metwest Leasing, Spokane Wa. (11/2000) Metwest Leasing Spokane, WA is pulling the plug, confirmed by 5 sources.  ( 9/2000)  Advising brokers that they have run out of funds so they are unable to fund a transaction we have there for funding.

Metrolease--( 5/2000)  reports closing operation, John Blazek at Evergreen Leasing,  Hathcock losing assets, will not confirm nor deny; many serious rumors of serious fraud floating around the marketplace, including debt to Textron Financial, reported to file BK.

Microfinancial, Waltham, MA (8/2001) Leasecomm, Attorney General investigating, many complaints on line http://www.leasingnews.org/archives/August01/8-15-01.htm

Monarch Capital ( 2/2001) sales completed to Interchange Financial( 12/2001) assets and liabilities sold to Interchange Financial Services.

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 judgements 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.

NIA National Leasing ( 3/2000 purchased by Lakeland Bancorp )

New England Capital ( 6/2000) sold to Network Capital Alliance a division of Sovereign Bank.  Sovereign did hire two people who will run a sales office in CT, doing basically the same deals with the same people as before. Little will change in that aspect.

Newcourt ( 8/2000 sold off )

Old Kent Financial, Grand Rapids, Michigan (9/2001) Closes down, lets everyone go. (2/2001) Closes door to new broker business ( 11/2000 Fifth Third Bank, Cincinnati, Ohio announces acquirement, to close second quarter 2001-Gateway Leasing sold to Old Kent in 1997, small ticket leasing specialists )

1Lease (7/2001) 1Lease exits broker application business to focus on vendor and "buying" lease portfolio's: will be at UAEL San Antonio Conference. (6/2001) Sean Wheeler announces he is leaving leasing to run three "Wet Pets" stores, Steve Ballard, operations/finance for Michael's Floral to take his place.

1Lease, Fresno, CA(6/2002) While no web site or e-mail, seems back in the news again, as Commercial Equipment seeks former president Sean Wheeler. To learn more why Sean Wheeler is back in the news, call John Nice, Commercial Equipment Lease in Eugene, Oregon, Credit & Special Assets Mgr, (800) 234-1884.

Onset Capital ( 9/2000 Irwin buys 87% equity )

Orix (8/2001) "Orix Corporation was raised to "outperform" from "hold" by analyst Tomotaka Oshio at UFJ Capital Markets Securities".  In a related story, Orix was reiterated "hold" by analyst Edward Gordon at WestLB Panmure. Insider tells us not much action happening at Orix. Shows what a press release about a new president coming on board and new credit manager.  Hype still works on Wall Street.  (7/2001) Hires Donald Cox as Exec.VP/CFO-30 years exp. at BofA. Many predict he will be a "figure head" and the company will not be around in two to three years---history will tell if this is correct or not.  (4/2001) Orix to "consolidate;" close offices, moving to Atlanta, GA.  (2/2001) Closes re-discount center, Steve Geller says "goodbye."  Geller joins Leasing Advisory Board, receives many accolades from readers.  (11/10 First six months profits up 14% at Orix! )  (11/8) New President at Orix appointed.  10/2000  "long-term Outlook has be revised from Stable to Negative". Credit Alliance has changed its name to ORIX Financial Services,  9/2000 Japanese Bank President commits Suicide (Orix is a 14.7% shareholder in bank having problems),  (8/2000) closes small ticket vendor division in Portland Oregon,  "Business as usual in New Jersey and with Brokers" says Steve Geller.

Phoenix (5/2000) both divisions closed

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.

PLM International (2/2000 )MILPI Acquisition Corp completes cash offer for outstanding stock.

Prime Leasing, Minnesota ( no longer doing business)

Preferred Capital (5/2001) Preferred Lease, A CapitalWerks Company Mark Seif now in private law practice, company one of his clients (3/2001) Rumor close to sell to Capital Werks, and will become Preferred Leasing, a Capital Werks Company, this month (2/2001) internal memo about training by company about to take over, supposedly there for several months, "training" employees (01/2000 Mark Seif confirms for sale; will make no further comments  (12/2000) Company reportedly on the block "one the block." ( 11/2000). David Murray left 11/7 "didn't like letting his friends go." (Reportedly now at VenServe ).

Prime Capital, Chicago ( 6/2000 closed )

Powernet Financial Group., Boston, Ma. ( 11/2001) brokerage firm purchased by Madison Capital http://www.leasingnews.org/archives/November%202001/11-13-01.htm

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".

Resource Leasing, Herndon, Virginia ( 11/2000) MicroFinancial/Leasecomm acquires major         portion of the assets.)

Rockford Industries (2/99) sold to American Express

RW Professional, Long Island, NY (6/2002) 40 FBI agents raided the offices and arrested Barry and Rochelle, Roger and Jennifer Drayer. The investigation found $6.5 Million of fraud.  Prosecutors said that the company, the RW Professional Leasing Corporation, concocted  elaborate schemes using up to 100 rented mailboxes as far away as California to send  phony checks, sham invoices, bogus leases and other false documents to banks in various states. Based on those documents, the banks lent RW millions of dollars to buy equipment and lease it out, prosecutors said. The schemes included multiple loans from different banks for the same medical equipment and loans for equipment that was never bought or leased,  prosecutors said.

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.

Safeco, Seattle, Wash. (3/2001) announces they are seeking a buyer for its commercial credit and leasing subsidiary, Safeco Credit. Sanwa-Tokei (4/2001) Major bank/leasing  merger on West Coast, as Sanwa Bank and Tokei merge to become United California Bank.

Scripp Financial ( 6/29/2000 ( purchased by US Bancorp )

SDI Capital, So.CA (10/2001 ) SDI Capital to move from Chapter 11 to Chapter 7,  reportedly Scott Daniels part of Compass One Leasing, Southern California (7/2001) files BK 11, many investors caught holding the bag, reportedly the Daniels moving to Canada to open another business. Compass One decision Analysis Group incorporated  6/7/2001. ( 6/2001) reportedly gong to file BK, investors to lose $20 M (6/2001) let's  employees go, owing payroll, 401k, medical/health (5/2001) reported has assets up for sale ( 5/2000 closed to broker programs)

Security Financial, San Jose, CA ( 3/2001) To close San Jose office, ceased application March,1998, only going to do secured mortgage transaction from San Francisco office.

Signature Leasing, Dublin, California ( 11/2000 no longer in small ticket marketplace )

SFC Capital ( 9/15/2000 purchased by Trinity Capital )

Source Capital, Spokane, Washington, (2/2000) Issues $.22 per share cash dividend, $1 million net income, 4% decrease from previous year.  (11/2000) ceases accepting broker applications.

Southern Pacific Bancorp (3/2002) “for the time being” not going to be able to take any more intermediary business, according to W. Scott McCullum, Capital Advance Leasing

Spectrum Leasing, Austin, Texas (3/2001) sister company to United Capital (see United Capital information on this list ) Spectrum Leasing (3/2001) reports from readers that customer base, leasing deals, being given to "sister company", Spectrum Leasing, same building; United Capital still not taking new deals, many employees let go, looks dark.   (1/2001) ½ employees let go,portion of portfolio sold, discounters not paid, vendors not paid,  it is alleged.  (1/2001) ,selling off portfolio, problems ahead with vendors not paid, brokers not paid, sinking in quicksand (12/2000) no new deals until after the 1st of year, Steve Dallas trying to hold it together. Dallas says, " We will survive."

Studebaker Worthington Leasing ( 2/2001) sold to State Bancorp

Tokai Financial Services sold to De Lage Landen (3/99)

T&W, Tacoma, Washington ( 8/2001) Mike Price, formerly of T&W Leasing, Resigns from  Westar Financial.  (7/2001) T&W Mike Price charged with evading taxes on $3.2 million yacht.  (10/2000)  filed Chapter 11. Creditors meeting on 12-4-00 Seattle. Case # 00-10868  US Bankruptcy Court Western District of Wash. 206-553-7545. Debtor Attorney-Marc Barreca 206-623-7580.

Telemark LLC dba Telease Financial Services (TFS) a subsidiary of Agway Inc. (7/2001)  discontinued its broker program in May.; TFS specialized in agricultural, turf and arbor and light construction industries. According to Mark Hartman, Manager of Broker Programs, the Parent made the decision to terminate its third party originations unit to concentrate its efforts on direct vendor markets.

Terminal Marketing, NY,NY (5/2001) Announcement all assets for sale by creditors on May 31, 2001 at 2:00 p.m (3/2001) Brokers report deals not being funded, commissions not paid, appears out of money.

Textron Financial ( 10/2001 ) Fitch lowers rating from stable to negative Textron Finance Division Down $6 million Finance segment revenues decreased $6 million due to a lower average yield reflecting a lower interest rate environment. Interest margin increased, reflecting higher fee income and higher average receivables. The higher interest margin more than offset the decrease in revenues. However, profit decreased $1 million as higher expenses related to new initiatives and a higher provision for loan losses offset the benefit of higher interest margin full press release: http://www.textron.com/newsroom/stories_04a.html  (9/2001) Manufacturing & Machine Tool Division is to close. It appears Textron did not get what they were looking for in this division. With FTC it's all ROE. I understand that Fred Hockman   (President of the Machine Tool Division) is looking to find another leasing company to sell his package to (8/2001) First Corp,Portland, OR, announces Jim Merrilees will join on Sept. 4 as executive vice-president www.firstcorp.com, has left Textron. (7/2001) small ticket equipment financing functions will be moved to its Small Business Direct group that was acquired in early June and is based in Little Rock, Arkansas. As a result, Textron Financial will eliminate its Lake Oswego, OR and Providence, RI   functions that previously handled small ticket equipment financing as support for these programs are migrated to the Small Business Direct operation over the next 30-60  days. The unofficial target date is August 1, 2001. Insider reports: ""Jim Merrilees of Colonial Pacific, Grayrock, Nations Credit fame, Randy Ernst, Denise Mann, and company have all departed TFC. Jim is on the payroll until the end of the year as he has a contract but I don't think he is working here anymore." (7/2001) reported to end broker business on August 1, 2001 (5/001) Textron announces a new division to serve the capital  requirements of independent, middle-market lenders. (4/2001) complaints Textron doing  repeat business with leases submitted to Nations, but now being serviced by Textron  (common in such situations.editor) (1/2001) complaints from brokers regarding getting information for NationsCredit and GrayRock Capital on FMV, payoffs, residuals from Textron who is servicing the portfolio (1/29/99) sold to Textron ***Textron does "broker business."   ( formerly on list as Nations Credit, Business Leasing Group ).

TotalFundings (3/2002) telephones do not answer...The office number was (818) 889-7979. Alan Collier has confirmed the company has lost a $150,000  arbitration with Jack P. Winsten, former president of Winsten & Associates, Inc dba  Corona America Financial. Alan Collier says his company has “scaled down.” Winsten states  Total Funding has gone through $3 million investor money as a dot.com company. In a  second interview, he stated he will make “no comment.”(5/2001)Corona America Financial,  So.CA. CA (5/2001) purchased by Total Funding.com, although called a merger..Corona Pres. Jack Winsten worked at SDI Capital, as did TotalFunding president Alan Collier.  TotalFunding to become soley an "application service provider" and utilize Corona direct sales force.  Certain assets were purchased from SDI.  No more broker business,  except on "case by case" basis, Collier says.

Transamerica (11/2000)for sale, but no buyers, so taken off marketplace, no longer for sale

Westar, Tumwater, WA  (11/2001) a leading automobile e-finance company, seeking to sell the “rapidly growing and recently profitable” firm due to funding needs and problems.

Unicapital 1998 - original purchases by  date by Unicapital:  American Capital Resources,  (2/98)                                                                                                               Boulder Capital Group,  (2/98)                                                                                                                                Cauff, Lippman Aviation,  (2/98)                                                                                                                        Jacom Computer Services,  (2/98)                                                                                                                            Matrix Funding,  (2/98)                                                                                                                                     Merrrimac Financial Assoc,   (2/98)                                                                                                                                      Municipal Capital Markets Group,   (2/98)                                                                                                                     The NSJ Group,   (2/98)                                                                                                                                        Portfolio Financial Servicing  (2/98)  (acquires assets of Unicapital),                                                                                 Varilease,  (2/98)                                                                                                                                                        The Walden Group.   (2/98)                                                                                                                                              K.L.C. Inc.dba Keystone Leasing -  (5/98)  back in business.                                                                                             Jumbo Jet, HLC Financial,   (7/98)                                                                                                                                              Saddleback Financial Corp.- (7/98)  back in business U.S.                                                                                     Turbine Engine Corp.  (7/98)                                                                                                                                    The Myerson Companies dba BSB Leasing  (9/98) back in business under original owner now-Don Myerson.

United Capital  (4/2002) Michael Wagner of Dimension can get no response, Leasing News calls, too. Looks like they are gone. Austin Texas (8/2001) Telephone not answered, Steve Dallas new e-mail address: sdallas@sfgllc.com; appears all United Capital e-mail addresses changed to Spectrum Leasing. (4/2001) founder Robert New dies in plane crash in Aspen, Colorado  (12/2000 files bk)** series of company that may be affected, end of report  (3/2001) reports from readers that customer base, leasing deals, being given to "sister company" Spectrum Leasing, same building; United Capital still not taking new deals, many employees let go, looks dark. (1/2001) ½ employees let go, portion of portfolio sold, discounters not paid, vendors not paid, it is alleged. (1/2001), selling off portfolio, problems ahead with vendors not paid, brokers not paid, sinking in quicksand  (12/2000) no new deals until after the 1st of year, Steve Dallas trying to hold it together.  Dallas says, " We will survive."

U.S. Capital, Santa Barbara, CA. (4/2001) Principal Ken Nelson commits suicide, cannot;handle loss of company and reputation, he tells relatives, the day after he turned 40.(3/2001) Many brokers, super brokers, discounters left holding the bag, rumor that U.S.Capital is filing bk.

USA Capital Leasing ( 5/2000 ) creditors force Chapter 7 ( 4,2000 ) file chapter 11bk

U.S. Mellon,San Francisco (2/2001) Brian Madison Leaving, reportedly U.S.Mellon for sale

Union Bank, Los Angeles ( 1/2001 ) Out of broker-discounting leasing business.

Varilease ( 11/2000 closed down ) Not the same as Varilease Financial, Detroit Michigan

XTRA ( (7/2001) to be acquired by Berkshire Hathaway for $587.9M, Warren Buffett calls for everyone to have a round of Margarita's.