Leasing News Will Not Divulge
On or about August 23, 2001, Rich Tambor, Sr. Vice-President of American
Express Small Business Services, conducted a conference call with the all
personnel within his division. In that call, Mr. Tabor referred to issues
with the RW Professional Leasing portfolio and Republic Group of Anaheim,
California that were being addressed by American Express. This quickly
became common knowledge in the leasing industry since the industry is close
knit. At this point, RW Professional became known to Leasing News, as we
were not familiar with this company at all.
We asked our sources at American Express, American Express Business Finance,
former collectors, salesmen, managers, directors, officers. at what was once
known as First Sierra, plus presidents of several companies involved, who
spoke to us on a confidential basis, plus our advisory board. RW
Professional was a public issue and as such, RW Professional became a
"public figure" subject to public discussion and speculation.
Leasing News was given this statement to publish:
"A high ranking executive with Amex has verified that Amex is investigating
possible problems with the portfolios of RW Professional Leasing and the
Republic Group. There is no cover up attempt on the part of Amex, but in
fairness to everyone, the issues have to be thoroughly investigated before
any public comment can be made".
American Express Spokesman Statement----Name Withheld
October 1, 2001 Leasing News wrote: "...We are receiving reports that RW
Professional Leasing has filed bankruptcy, and the principal(s) have started
another leasing company. We are looking forward to verifying this..." We
explained why, as it was part of several stories we were working on; two
still in the works.
We had received a tip, confirmed the tip with several well-informed sources,
who also heard the talk on the street. We did not want to publish this until
we could confirm or deny it from RW Professional.
Leasing News attempted to reach RW Professional for a comment. We were
attempting to confirm or deny the "rumor." October 3, 2001. as part of our
story on the inquiry of "AmX Business Finance Mid/Am Portfolio Bond
Insurance", we wrote, "As a side note, I am surprised there has not been a
reader who has taken me to task for saying " we look forward to the RW
Professional bankruptcy confirmation . We had originally ask
for a confirmation or denial and this was an attempt to "smoke out " a
The main purpose was to up-date readers, and hopefully get a confirmation
or denial as no comment was forthcoming from RW Professional.
The bankruptcy data we searched could find no record. Everyone
we spoke to seems to have heard the rumor, but we still could
not officially confirm or deny it as RW Professional didn't want
to speak to us.
On or about October 12, a fax was received from Salvatore D. Ferlazzo of
Girvin & Ferlazzo representing RW ProfessionalLeasing, stated
Leasing News was "...claiming that RW Professional has filed
for bankruptcy protection. That is absolutely false, and, of course,
defamatory to the business reputation of RW Professional.
Leasing News had not made such a claim, but was trying to confirm
or deny the talk on the street. We tried to reach Mr.Ferlazzo by
telephone, but he was not available. We tried to reach RW Professional
Leasing, but no one was available. We sent several e-mails to Mr. Ferlazzo.
Finally we reached Mr.Ferlazzo by telephone
October 15, we headlined:
"RW Professional Has Not Filed Bankruptcy
"Leasing news heard from Salvatore D. Ferlazzo of Girvin & Ferlazzo,PC,
representing RW Professional Leasing, Long Island, New York. We have been
trying to confirm or deny the rumor floating around the leasing community.
"He says it "ain't so." We have asked him for an official statement or
comment or e-mail or any comment from RW Professional Leasing, as we have
not been able to obtain one."
Mr.Ferlazzo telephoned us back and it was not a "retraction" they
were seeking, he told me. Basically Mr. Ferlazzo said his client
"Barry Drayer" would not pursue the matter if I told him who were the
sources of the rumor.
Peter S. Hemar, of Hemar Associates in Santa Monica, agreed to
represent us gratis. December 13,2001 we received a summons
from Richard L.Weiner, Encino, California representing
Mr. Hemar contacted him, and the gist was basically the same,
this could be settled if Leasing News divulged who was
"spreading rumors." In our viewpoint, wehad heard it,
tried to verify it, and really don't know who originally
started the claim, which we were trying to confirm or deny.
Now we are served with a lawsuit, deposition and order to
produce documents. Unfortunately, Leasing News is at point
that we will have to seek a new attorney. Ken Greene, on
our advisory board, has agreed to help out in the interim,
as we cannot continue with Mr. Hemar, who also represents
American Express and American Express Business Financial,
paying clients. It is not fair to put him in this position,
although he has been generous with his time and effort.
The fact is the Leasing News sources include officers
of American Express, American Express Business Finance,
present and past officers, past managers, collection
personnel, and salesmen of American Express, American
Express Business Finance, First Sierra and Sierra Cities.com,
Old Kent Financial, plus present and past presidents of these
It was alleged that Leasing News has a "vendetta" against
Barry Drayer, which is not true. I personally do not
know him and until doing some research today, was not
even aware of what the company does, as I originally
thought they were in the medical leasing market place.
Again, Leasing News attempted to obtain a comment
from RW Professional Leasing, twice on Thursday, and
was told to speak with Mr. Weiner, who was not available,
although we did leave a voice mail early morning with him,
and now learn he will only talk to us through our attorney.
This is what we know publicly about the company:
Sales are stated at $10 to $20 million per year and the
geographic area is National. They are direct lessors
specializing in computer, medical, and office equipment,
in the "small ticket" and "vendor program" marketplace.
RW PROFESSIONAL LEASING CORP.
Ms. Rochelle Besser4584 Austin BlvdP.O. Box 296Island Park, NY 11558Phone:
(800) 431-4319Fax: (888) 443-4190 Business Council: · Small Ticket
Function Code: · Marketing · Sales
RW PROFESSIONAL LEASING CORP.
Mr. Adam DrayerCredit Analyst4584 Austin BlvdIsland Park, NY 11558Phone:
(800) 343-4319Fax: (888) 443-4190 Business Council: · Small Ticket
Function Code: · Collections · Credit
RW PROFESSIONAL LEASING CORP.
Mr. Barry DrayerVP445 Washington StreetWellesley, MA 02181Phone: (800)
343-4353Fax: (800) 822-3127 Business Council: · Small Ticket · Vendor
Programs Function Code: · Corporate Executive
If readers can fill us in with other information, or anything that might be
helpful "on" or "off the record," it would be appreciated.
Kit Menkin, editor/publisher