MSM Capital, Irvine, California Down to Skeleton Staff

A highly reliable informed source has told Leasing News on Tuesday evening,

MSM Capital laid all its employees off without severance, except for one credit

person and computer person,  help in the “close down.”  There are rumors that Robert Pardini and  Mike Cingari, former president of Colonial Pacific, will be joining their third “partner” Dan Milinor in NSBA Leasing. This has not been confirmed or denied, as Mike Cingari is not available for comment. one credit person, as they wind things down. .

Leasing News reported a Bulletin Board complaint that the company had been keeping advance rentals and not returning to lessess as far as June of last year.

http://www.leasingnews.org/bulletin_board.htm

MSM President Mike Cingari did not appear at the first Appeals Hearing for the California State Labor Commission on May 28.  The bond held by the California Labor commission court was reportedly awarded to the ex-employee, in the amount of $15,000.

There are other cases waiting for the Appeal deadline. Leasing News will have more on this story in later editions, as we need to confirm Dun and Bradstreet information, plus we are trying to learn if Mr. Cingari is available for a comment.  It is our attempt to be both “fair and accurate” in reporting this story.  We have held the stories from the ex-employees in an attempt to be “fair” to all sides.

“The three remaining employees who had cases up at the Labor Board now have

also WON their cases. Total decision amount just over $125k for all

involved plus another previous decision in favor of a former employee

two months ago for 23k, grand total $148K give or take. Of course he could be mad about the fact that all the judgments are now on  his DNB.  I am sure the debt sources he has left love that.  Some  discussion  around this office circles around whether or not he violated his covenant  with PNC when he lost at the labor board.  I believe they fronted him 500k  to do the mass mailings and that may be a violation on his part of the  contract signed with them.  I had a look at his DNB last week and it shows  him currently behind 500k (30 day late).”

(Name With Held)

“That's an interesting point Mike made stating that employees brokered out deals, but upon asking for proof of this Mike had none.  In fact, I had received a letter of recommendation from Mike Cingari upon my termination and he had referred me over to MacArthur Business Credit, and had put in a good word for me.  That is very interesting that a man that went of his way to do all this would have done so for an employee that "brokered" out business?  During the Labor Board case, once I pulled out this evidence and questioned Mike, he stated that he didn't find out until later that I was brokering out business, or he wouldn't have done all that for me.  That's an interesting point, since he stated the reason he fired me was because I was brokering out business. 

some of the stories that happened to some of the salesmen could make

you cry.  I mean to one day just have all your "receivables" cut off,

and you have car payments, rent, bills, and it is Christmas, so you

have been buying presents, and knowing you had these commission coming

in and then not, and no job, and to start back on the system in

this season doesn't turn out cash right away...it was a terrible

position to put anyone into.”

(name with held )

“ I was a commission only sales rep making 40/50% based upon the amount of GM I funded.  If I don't fund, I don't get paid.  On December 15th, 2001 I get a call from my boss who's company I help build at one point up to almost 80 employees and he lets me go.  Reason.....Were getting out of the small ticket business.  Is that the truth....no.  He shorted my paycheck on the 14th of December and decided he didn't want to pay me on a commercial deal I spent a year on putting together for 280k.  I had 34k in margin in that deal that he decided he didn't want to pay.  He asked me on Friday the 14th of Dec if that deal was closed and signed and I said yes.  I spent almost 3 years at MSM and he doesn't even have the courage to fire me in person.  I was the last person on

that Friday to leave the office and all 4 partners were there waiting for us to leave.  I left at 4:45pm and they started calling reps at 5pm.  Next day I get the call and I'm gone. “

(Name with held )

“He fired 10 guys one week before Christmas and shorted all of our paychecks.  Me personally I had blown my savings on an engagement ring the first week of December and paid off all my student loans (30k) in one year and the last check I cut was DEC 12th. 2001.  Mike knew this and didn't care.  No paycheck for Dec, Jan or Feb.  I went 3 months without anything but unemployment which paid my rent barely.  My credit was ruined, car almost repossessed and I had to move.  This is the damage he did to one guy.  Imagine what it did to 9 other guys and their family during Christmas time.  Mike knew what he was doing, he just didn't expect the backlash from us to this extent.  I lectured him in front of the six in the lobby while were awaiting the judge to call us in.  He sat there with an embarrassed smug look on his face and didn't say a word.”

( Name with held )