Leasing News Alphabetical Order

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C

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

    CapitalPro Asset Management Fund, Arizona (6/2004) The Arizona Corporation
Commission announced Gary G. Johnson, 50, of Peoria, who agreed to pay a $12,500
penalty and return $164,000 in commissions that he earned from selling unregistered
long-term promissory notes issued by CapitalPro Asset Management Fund, a California-
based company dealing in equipment leasing. The company should not be confused
with Capital Pros Network. It was reported that Capitalpro filed bankruptcy in California,
but this could not be confirmed.

    Capital Stream, 1/04) " a leader in front office automation solutions for commercial
and equipment finance operations, today announced that it has acquired CapitalThinking
Inc., a leading vendor of process automation and risk management software products
for the commercial lending and commercial mortgage industry. The combined companies
will continue operating under the CapitalStream name,” stated the press release.(8/03)
Loses bid to purchase Decision Systems/IDS-USA. (8/03) John Kruse, Jim Brady, Cliff
Monlux Open New Company: MAINSTREET FINANCE. Kruse and Monlux were original
founders of CapitalStream, originally System 1 and Capital Advantage (6/03) Raises
money for acquisitions, first move is to Buy Decision Systems International American
operation. (1/2003) John Kruse has left the building. (10/2002) Corporate take-over by
Wired Capital, complete new management team and officers, John Kruse now "salesman."
For a full story click here (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.

    Celtic Capital Corp, Santa Monica, Ca. (1/05) Discovery Bank of San Marco, CA, to
purchase certain assets, including its $23 million loan portfolio, and assume certain liabilities/
Celtic to become subsidiary and continue operating the commercial finance business under
the Celtic name.

    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 (08/05) Gordon R. Roberts, the
1993 president of the United Association of Equipment Leasing, was convicted of
theft for basically stealing money while he was president of Centerpoint Financial.
(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 Officer.

    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.

    Certified Leasing Foundation (12/05) the total count on line is 173, according
to Cynthia W. Spurdle, Executive Director of the foundation.
http://leasingnews.org/PDF/CLP_List.pdf At the beginning of the year, there were 223,
with 221 active in the equipment leasing industry; a loss of 50, over 22%, despite the
fact in 2005 that “15 leasing professionals that successfully passed the CLP Exam and
received their CLP designations.” The actual loss, before new CLP's, would then be 65.
(in the Alphabet section, find LeaseNow and add this to it: (11/05) Changes its name
and corporation to Mount Pleasant Capital Corp. to serve as an umbrella organization
for four separate d/b/a names. Those will be LeaseNOW, Franchise Business Capital,
Motor Coach Financial Service, and RAPIDTrack. Mount Pleasant Capital Corp is an
independent finance company that offers franchise systems and alternative strategy
to SBA Loans. Its loans are fixed rate, 84 month loans and do not require additional
collateral, such as real estate. Please see new heading as Mount Pleasant Capital Corp.)

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

    CIT / Group (4/07) CIT hit with $64 Million Insurance Class Action Suit (3/07) First Quarter: Top-line revenue grew 14% as a result of our 24% increase in new business volume. (10/06) to buy a Barclays Plc unit that provides financing to customers on behalf of manufacturers and construction firms in the U.K. and Germany. (12/05) Chief executive Jeff Peek told The Business he plans to double its European assets to $ 20bn (B£11.6bn, E17bn) in the next three years. (11/05) agrees to sell its micro-ticket leasing business unit (Lease Finance Group), to affiliates of Cerberus Capital Management, L.P. and Goldman Sachs. The sale is consistent with CIT's continued focus on freeing capital for redeployment into targeted strategic growth opportunities. (10/05)In campaign to optimize our portfolio of businesses, CIT to divest approximately $290 Million of Non-Core Assets: approximately $190 million older vintage, out-of-production aircraft as part of its strategy to maintain a modern fleet capable of contributing positively to the company's risk-adjusted returns, accelerate the liquidation of approximately $100 million in manufactured housing receivables, other real estate interests (7/05) will cut its work force by about 200 employees in North America, consolidating its units and technology, expecting a second-quarter charge of about $25 million for expenses related to the job cuts. (7/05) announced the sale of the majority of its corporate aircraft portfolio to GE Commercial Finance. (7/03) CIT Elects Jeffrey M. Peek President & COO, Reorganizes Senior Management Structure (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. Prez. Kozlowski says $10 billion- paid too 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.

    Citigroup, New York (11/04) Citigroup Inc. announced that it has agreed to sell a unit that lends to the trucking industry to General Electric Co. for about $4.4 billion. The business provides financing, leasing, and asset-based lending. It has about 600 employees, two-thirds of whom are in Dallas. The rest are in Toronto. Citigroup stated the reason for the cash sale was to divest itself of a business that doesn't offer viable cross-selling opportunities. The deal is the last in a series of recent sales of leasing businesses at its CitiCapital unit.

    C and J Leasing Corp, Des Moine , Iowa (11/08) in business since 1982 has let go its 18 employees, stopped funding, and is not taking on any new business, according to its president C. Allen Rice. He says he has been in the business for over 26 years and has never seen anything like today's financing marketplace.

    CLEARLINK Capital Corporation, Ontario (1/06) purchased by ICON Capital, New York-S.F

    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 (10/98) Pitney Bowes Inc.
announces it has agreed to sell its lease finance unit to the General Electric Capital Corporation, a unit
of the General Electric Company, for more than $800 million in cash. The move is the latest in a year-long
restructuring by Pitney Bowes, based in Stamford, Conn., a maker of postage meters, mailing systems, copiers
and other equipment. The unit being sold, the Colonial Pacific Leasing Corporation, is based in Portland, Ore.,
and finances equipment leases through a network of 355 brokers and agents, Pitney Bowes said.

    Columbia Bank Leasing, Tacoma, WA (12/07) Sr. VP Tom Mahaffey leaves to become, Vice President, Chief Credit Officer, Pinnacle Business Finance (11/08) Bank to exit leasing although excellent portfolio,very low delinquencies, scared of leasing, they say.

    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.

    Commerce Security, Sacramento,Ca (8/99) Ron Wagner ceases taking brokered/discount business (Preferred Leasing was one of their sources) and make it an "in-house banking product (Hq'd in Southern California at El Dorado Bank). Deadline to fund deals was end of November, 1999. Several months later Ron decides it is time to play golf. He becomes the first to see "The Perfect Storm" brewing ahead.

    Commercial Financial Group, Westlake, Ohio (02/05) John Spano, who spent five years in jail, was arrested again, for doing the same thing, keeping deposits and advance rentals.

    Commercial Money Center (CMC), Southern CA. (06/0)7 Kelly Fisher-Buh takes a plea agreement in $300 million dollar tax evasion claimed by United States Attorney Carol C. Lam, who brought a twelve-count indictment charging Sterling Wayne Pirtle, Ronald Allen Fisher, Mark Edward Fisher and Kelly Michelle Fisher-Buh with income tax evasion, arising from their receipt of unreported and untaxed income from their operation of a now-bankrupt CMC. She admitted to not reporting perhaps as much as over $600,000 in income. (08/06) CMC Officers Indicted for $300 Million Tax Evasion (6/05) Ameriana Bancorp to Recover Approximately $1,000,000 from Commercial Money Center Bankruptcy (03/05) CMC Portfolio Turned Over to US Bancorp . “Should you or your readers have any questions regarding this matter feel free to contact me direct at 605 361 7781.”Troy Lang 3400 w 49th St #200, Sioux Falls, SD 57106 Phone: 605 361 7781 Email: tlang@stuartallan.com (12/04) Reportedly the settlements over unpaid leases continue two years after the bankruptcy of Commercial Money Center (CMC). Officers have been back in business since then, but under different names. The latest agreement involves Lakeland Bank and Royal Indemnity. Allegedly both firms filed claims against each other over the pools of commercial leases Lakeland purchased from CMC and surety bonds Royal issued that guaranteed lease income. Under terms of a recent agreements. Royal will pay $1.85 million to Lakeland, which in turn gets to retain $531,000 Royal already paid. The deal must still be approved by the U.S. Bankruptcy Court (5/2004) CMC Cases Like Timex—Keeps Going and Going. (11/03)The officers of this company are back in business while the "disputes" continue among insurance companies, banks, vendors, lessees, and perhaps only the attorneys are being remunerated (10/03) Ameriana said it will write off two lease pools in the third quarter, an action that will reduce the quarter's net income by approximately $2,784,000 or $0.88 per diluted share. Heretofore, Ameriana had established reserves against these lease pools equal to approximately 58% of the approximately $10,900,000 that currently remains outstanding. Note: NetBank and others have taken over certain aspects of the defaulted portfolio, as reported earlier, and suits with the insurance agency surely continue, while the class action suit continues taking depositions, while the former officers have started new leasing and finance ventures. (3/2002) Court filing agreements http://www.leasingnews.org/archives/March%202003/03-13-03.htm#cmc (3/2003) NetBank Lakeland settle BK for portfolio http://www.leasingnews.org/archives/March%202003/03-12-03.htm#new (3/2003) CMC attorney withdraws, not getting paid http://www.leasingnews.org/archives/March%2020 03/03-06-03.htm#cmc (3/2003) Class action lawsuit regards not being licensed in California for lease financing http://www.leasingnews.org/archives/March%202003/03-05-03.htm#believe 12/2002---Commercial Money Center Bankruptcy Docket for case 02-09721 http://two.leasingnews.org/temporary/bankruptcy.htm (12/2002) Ameriana Bancorp to Boost Reserves 4Q re: Commercial Money Center (Nasdaq: ASBI) announces that it will set aside additional reserves of up to $5.6 million in the Company's fourth quarter ending December 31, 2002. This action will reduce fourth quarter after-tax net income approximately $3.4 million or $1.08 per share, resulting in a net loss for both the quarter and full year. In 2001, Ameriana reported net income of $1,216,000 or $0.39 per diluted share for the fourth quarter and full-year net income of $3,800,000 or $1.21 per diluted share. Approximately $4.7 million of the additional reserves to be set aside pertain to Ameriana's investment in a pool of leases acquired from the Commercial Money Center ("CMC"), a now- bankrupt equipment leasing company. Ameriana originally purchased two separate pools of equipment lease receivables totaling $12,000,000 from CMC in June and September 2001, of which approximately $10,900,000 currently remains unpaid. Each lease in the pools was backed by a surety bond issued by one of two insurance companies rated at least "A" by Moody's Investors Services. The bonds guaranteed payment of all amounts due under the leases in the event of default by the lessee. Each pool was sold under a Sales and Service Agreement by which the insurers serviced the leases. In each case, the insurers assigned their servicing rights and responsibilities to Commercial Servicing Corporation, an affiliate of CMC, which also has filed bankruptcy. When the lease pools went into default earlier this year, one insurer made payments for several months under a reservation of rights while the other refused to make any payments. Both insurers now claim they were defrauded by CMC and are denying responsibility for payment. Ameriana is one of a number of financial institutions around the country that purchased interests in lease pools from CMC. All of the CMC lease pools are in default and in litigation. The Federal Panel on Multi-District Litigation has taken control over most of the federal actions involving the insurers of the lease pools and has assigned them to the U.S. District Court for the Northern District of Ohio, Eastern Division, for consolidated pre-trial purposes. (NetBank has $80 million as part of the suit, among others.) (10/2002) Deadline for filing for claims for Commercial Money Center has been extended since the proceedings were converted to a Chapter 7. The CURRENT attorney is Bradley Shraiberg and his phone number is 561.395.0500. He is the contact until a further motion is filed to have him removed (he said for geographical reasons, as it is now moving to the Southern District of California Bankruptcy court in San Diego .) ( Read about CMC ) (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.

    Connecticut Bank of Commerce, Hartford---( 11/2002)--facing state fines of $2.3 million, regarding non-performing loans and equipment leases. Readers report it was known in the area they were being "real loose" with equipment leasing transaction.

    Conrad & Associates, Carlsbad Ca (12/05) United States Bankruptcy Judge Dale L. Somers issues
the following: "After reviewing the file and being duly advised, the Court finds the case should be dismissed
for the following reasons: FAILURE TO FILE MISSSING/DEFECTIVE DOCUMENTS The case is therefore ordered
DISMISSED." (11/05) CMC Bill Hanson files Chapter 7 Bankruptcy in Kansas .No real estate was claimed
among his assets, and only listed were two accounts, less than $100 in one, and less than $500 in another,
a television, bed, couch worth less than $500, and clothes less than $500, plus “Sole Stockholder WGTD Inc
with a value of minus $200,000. He stated on schedule “I” his current income consists of $1,494 in monthly
Social Security “government assistance.”
http://www.leasingnews.org/archives/December%202005/12-09-05.htm#cmc (7/04)--Reader Finds CMC's
Hanson and Fisher. Mr. Fisher keeps a condo at the \"Sterling\" on Tierra Verde, Florida (in my neighborhood)
and visits here monthly. If anyone would like to look for him, he is very easy to find! He also scammed my
father out of 50K so I am happy to help anyone make Ron Fisher held responsible for his debts. “For anyone
who wants to find them, Mr. (NOT Dr - he is a fake) Fisher spends a lot of his time at his Gulf front Condo in
Florida, 1100 Pinellas Bayway, #H4, St. Petersburgh, FL 33715. (02/05) Looks like Bill and TY Hanson, late of
CMC have done it again. Complaint received “I think my investment of 50k is no more. Got $500 a month or
12% return for 2004. Got January 05, but none for this month. All phones etc off!!! Sold me a Promissory
note.” Attempts to find them for a response have all failed. They seem to have disappeared.

    Conseco Finance Vendor Service (1/2003) Bankruptcy judge OKs auction plans for Conseco Finance 12/2002---In the third- largest bankruptcy in U.S. history, Conseco Inc. filed for Chapter 11 protection after four months of talks with creditors to restructure the insurance and finance company's $6.5 billion in debt. Although the filing was not surprising given Conseco's recent woes, it marked a dramatic downfall for a company whose stock was once a Wall Street darling. From 1988 to 1998, the company's stock averaged a total return of 47 percent per year and Conseco shares traded as high as $58. Today, the stock trades at less than a nickel
per share. The filing follows a years long tailspin after the conglomerate's aggressive acquisition strategy in the 1990s backfired. ( 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.

    Corporate Capital Leasing Group (8/04) grows to 24 offices by advertising on eBay.
http://www.leasingnews.org/archives/August_2004/8-02-2004.htm#corporate

    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

    Cybernet, Grand Rapids (06/06) Horton, 54, of Grand Rapids, pleads guilty to 4 felony charges. (05/06) Trial set for ex-Pres. James. M. Horton (04/06) FBI to go after officers.(5/05) CyberNET's jilted creditors want to know more about Huntington Bank's relationship (who also is having troubles with Preferred Capital underwriting of leases. Note: Bank earnings very good.) (5/05) CyberNet Claims total $114 million (4/05)
Auctions raises $1.1 mm. Wife says she is broke and not responsible for late husband's deeds. (2/05) Trustee looks for help with Cyberco (1/05) Creditors looking for money, find a lot of expensive wine (11/04) Founder Barton Watson barricades self in house, commits suicide (11/04)According to public records, “approximately (70) banks and leasing companies are involved with a fraud estimated to be in excess of $60 million.  

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