2007

December

    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.

November

    Dolphin Capital (11/07) Sold to LEAF Corporation

    Pawnee Leasing Corp., Fort Collins, CO (11/07) $7.9 million loss (05/06) 24 year old Pawnee Leasing, Fort Collins , Colorado issues their IPO in Canada as “Chesswood Income Fund”; Pawnee Raises $57,781,930 (Canadian) on First Offering. Other companies are reportedly interested in same tax scenario between countries. (11/05) cars4U Ltd, Toronto, Canada (company traded on the Toronto Stock Exchange) signs agreement to acquire company. For more that 20 years, Pawnee has been a leader on the start-up and near prim finance market throughout the United States." For the year ended June 30, 2005, Pawnee had income before taxes of US$8.9 million." Pawnee's senior management team to continue in their roles with Pawnee. In addition, Rob Day and Sam Leeper, Pawnee's Chairman and founder, and CEO respectively, will be among the trustees for the income fund. Gary H. Souverein to remain as president/COO. Leasing News has exclusive interview: http://www.leasingnews.org/archives/November%202005/11-04-05.htm#gary

    NetBank/formerly Republic Leasing of South Carolina (11/07) Name is now LEAF Specialty Finance. Georgia (10/07) FDIC closes bank, approves assumption of by ING Bank, Wilmington , Delaware ; CMC Leases and NetBank Business Finance not included. (4/07) It is official, EverBank acknowledged as making the offer.(3/07) Leasing News reports from insiders that the bank is sold. (11/06) posts $73.3 million loss for the third quarter(10/06) Douglas K. Freeman Steps Down as Chairman and CEO (08/06) NetBank posts loss, halts dividend (07/06) Bank may be for sales, confirmation that not only is mortgage unit up for sale, but four suitors review terms and conditions of NetBank Business Finance. The CMC insurance as part of portfolio is a major problem in the sale, it is said. (12/05) announces an affiliation between NetBank and Wall Financial Services, LLC (WFS), for WFS to provide secured lines of credit to NetBank's small business customers.Typical candidates for this product include established manufacturers, wholesalers, or other B2B business owners with a need for working capital. (11/05) NetBank reports $3.5MM Loss. The $3.5 million provision is based on a review of the underlying property values in a foreclosure and liquidation scenario. (11/05) NetBank Inc., the leader on the internet banking circuit with $5 billion in assets, considered one of the largest internet banks, said it had found "irregularities" associated with $13 million in mortgage loans; delays 3/4 report. (02/05) NetBank Loss $17.7 Million 4 th Q; Current period results include a provision expense against the company's Commercial Money Center, Inc. (CMC) lease receivables totaling $29.0 million, pre-tax (10/04) "Production within our business finance division (formerly known as Republic Leasing) increased by $4.4 million or 10% for a record of $46.9 million." (7/2004) New name :NetBank Business Finance (6/2004) July 1, 2004, Republic Leasing, a subsidiary of NetBank, will become a division of NetBank. (4/2004) ” The commercial equipment leasing business had production of $39 million, a decrease of $5.2 million or 12% “ (3/2004) Republic Leasing of South Carolina to Become Division NetBank April 1,2004. (7/2003) Jim Merrilees, CLP leaves to join Santa Barbara Bank & Trust Leasing Division as Vice President. Laura Poore also joins the Leasing Division as Marketing Representative. The division specializes in small-ticket leasing transactions originated through equipment leasing companies and brokers nationwide (2/2003) Forms a new division with Jim Merrilees heading it up in Portland-Merrilees left First Corp after Textron, Nations Credit, Greybank, Colonial Pacific Leasing. To concentrate on vendor/captive lessor marketplace. (1/2003) NetBank reported a net loss of $15.9 million (or $.36 per share) for the full year 2002 (12/2002)"The aim is to package the loans and sell them to investors for fatter, "banklike" profits; armed with new management and a coterie of experienced bankers plucked from rivals. .. languished since the Internet bubble burst. At their peak, the shares were trading at more than six times what they are fetching now. NetBank, with total assets of $3.76 billion, operates the nation's largest independent retail Internet bank. It also is a wholesale and retail mortgage lender. No one doubts that Internet banking is here to stay. Most banks -- large and small -- offer online banking in some form." Atlanta-Journal. $80 million loan Commercial Money Center insurance question. http://two.leasingnews.org/archives/December%202002/12-30-02.htm#NetBank (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".

August

    Dell (captive lessor) (08/07) Admits to overinflating sales reports for four years. (09/06) Up For Delisting NASDAQ regarding failure in filing quarterly reports

    Evans National Bank (08/07) net loss of $(139) thousand, may affect leasing operation.

    RW Professional, Long Island, NY (08/08) Barry Drayer surrenders to federal jail, Barker gets 60 months. (ADD: http://www.leasingnews.org/list_alpha_new.htm#rw ) (02/07) Barry Drayer was sentenced to 117.3 months (minus the 14 days credit), plus three years probation. Drayer's sister Rochelle Besser was sentenced to 21 months (2/06) Drayer and Barker Found Guilty http://www.leasingnews.org/archives/February%202006/02-17-06-flash.htm (11/05) The former branch manager, Myrna Katz of Long Beach, pleaded guilty to making false statements and will be sentenced in January. Four R.W. principals - Rochelle Besser, her brothers Adam and Roger Drayer, all also of Long Beach, and Susan Cottrell, of Mansfield, Mass. - also have pleaded guilty. Another principal, Barry Drayer of Wellesley, Mass., is scheduled to be tried in January before U.S. District Judge Arthur Spatt, along with Stephen Barker of Lake Forest, Calif., the owner of Carefree. Katz's attorney, John Wallenstein, didn't immediately respond to a request for comment. Steve Zissou, one of Barry Drayer's attorneys, said his client is "innocent, and we're going to show that at the trial ... Barry was a salesman." (10/05) Trial postponed for the sixth time. Readers tell Leasing News the key officers will not see any jail time, but will walk. The stall, postponement and deal making have been reportedly the modus operendi as happened at Old Kent, CIT, Sierra Cities, among others. (09/05) Loses Motion to Suppress Evidence, public defender attorney Elizabeth E. Macedonio now representing Barry Drayer (06/05) Believe it or not, trial again delayed until 10/25/05 for the "interest of justice." Elizabeth E. Macedonio is now the attorney for Barry Drayer, and appears to being a public defender, as the court approves "itemized" expenses (02/05) case postponed to after June, 2005, one source says Barry Drayer has let go the original attorneys and is using his best sales techniques in trying to plea a deal. (12/04) Bank of New York pays $24 million fine in order to avoid criminal indictment for allegedly failing to report suspicious activity at a branch. "Bank of New York eats $24,000,000 for not handling the infamous "E" account properly. Barry will never serve time in jail, but the deep pocket guys will roll to cover their ****." (9/04) Drayer Fires Attorneys, Trial Postponed until March, 2005 (8/04) Trial scheduled for October 14,2004. http://www.leasingnews.org/archives/August_2004/8-09-2004.htm#rw (6/2004) Trial to start October 14 th , 2004 http://www.leasingnews.org/Conscious-Top%20Stories/RW_update7.htm (11/03)Jury to be selected for trial on April 12,2004 (9/03) Defendants on bail, "house confined," with trial to start April 12, 2004. "Status Conference adjourned to 11/14/03 @ 1:30 p.m. before USDJ Spatt. Conference held. Speedy Trial Information on Dfts: Code Type: XT, Start Date: 9/5/03, Stop Date: 4/12/04. Excludable Delay entered on the record. Next Status Conference: 1) Conclude discovery 2) Set motion schedule. Questionnaires two weeks before jury selection on 3/30/04. 3/31/04 counsel to pick up questionnaires. 4/6/04 all counsel to agree on jurors who will return for Jury Selection. Jury Selection 4/12/04 @ 9:00 a.m. Consent to Magistrate Judge selecting jury by dfts and govt. No adjournments of Jury Selection date will be granted. Re: Bradley Simon's Letter dated 9/2/03. Govt. to move documents to another location and keep boxes (2nd set) for the Courthouse." Last file is a letter: "Ms. Besser is currently subject to a 7:00 p.m. curfew as part of her pre-trial supervision and requests that the curfew be lifted on 10/19/03 so she may participate in a gathering in Manhattan." It appears for the defendants to ask to either/or travel from their home or at certain hours, as they are remanded to their residence with electronic monitors on their ankle. "MINUTE ENTRY; before USDJ Spatt on 9/5/03 @ 11:30 a.m., for Criminal Cause for Status Conference as to Dfts Payaddi Shivashankar, Susan Cottrell, Adam Drayer, Roger Drayer, RW Professional Leasing Services Corp., Rochelle Besser, Barry Drayer. Dft RW Professional Leasing Services Corp. present on bail with retained counsel Stuart E. Abrams. Dft Rochelle Besser present on bail with retained counsel Stuart Abrams. Dft Barry Drayer present on bail with retain counsel Stephen L. Cohen. Dft Roger Drayer present on bail with retained counsel Jerald Rosenthal. Dft Adam Drayer present on bail with retained counsel Thomas Marino. Dft Susan Cottrell present on bail with retained counsel Jerald Rosenthal. Dft Payaddi Shivashankar present in custody with CJA counsel Edward Jenks. Govt: Geoffrey Kaiser. Court Reporter: Harry Rapaport. Case called. Status Conference adjourned to 11/14/03 @ 1:30 p.m. before USDJ Spatt. Conference held. Speedy Trial Information on Dfts: Code Type: XT, Start Date: 9/5/03, Stop Date: 4/12/04. Excludable Delay entered on the record. Next Status Conference: 1) Conclude discovery 2) Set motion schedule. Questionnaires two weeks before jury selection on 3/30/04. 3/31/04 counsel to pick up questionnaires. 4/6/04 all counsel to agree on jurors who will return for Jury Selection. Jury Selection 4/12/04 @ 9:00 a.m. Consent to Magistrate Judge selecting jury by dfts and govt. No adjournments of Jury Selection date will be granted. Re: Bradley Simon's Letter dated 9/2/03. Govt to move documents to another location and keep boxes (2nd set) for the Courthouse. Notice of Appearance filed by Jerald Rosenthal for dft #4. (Coleman, Laurie)" (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. Take the Money and Run:
Part I, http://www.leasingnews.org/Conscious-Top%20Stories/moneyandrun1.htm
Part II, http://www.leasingnews.org/Conscious-Top%20Stories/moneyandrun2.htm
Part III http://www.leasingnews.org/Conscious-Top%20Stories/moneyandrun3.htm

    Sovereign Bank (08/07) Sovereign Bancorp Inc. CEO Joseph Campanelli says looks like recession, subprime loans to affect commercial loans and leasing, too.

June

    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.

    Wildwood Financial (6/07) Wildwood Financial closes its doors (4/07) Founder and well-known industry leader Bob Baker, CLP, dies from his second stroke.

    Pacific Capital Leasing (Santa Barbara, CA) (06/07) It's official, $280 million (06/07) Leasing News reports Pacific Capital sold to LEAF Financial

    Parker Leasing and Finance Service (Parker Leasing), Florida (06/07) Parker sons convicted. http://www.leasingnews.org/archives/June%202007/06-08-07.htm#park (01/07) Indicted: material misrepresentations to loan applicants to induce them to apply for commercial lease funding. As part of the loan process, the defendants required loan applicants to send advanced lease payments. The defendants, however, failed to deliver the promised funding, and then refused to return the victims' advanced lease payments.

May

    Sterling Financial, Lancaster, PA (4/07) Sterling finds $165MM Fraud/Fires 5 Officers (4/07) Looks like this is serious (3/07) Postpones first quarter earnings, after receiving information suggesting irregularities related to certain financing contracts in one of its financial services group companies, Equipment Finance LLC (EFI).

    NetBank/formerly Republic Leasing of South Carolina (4/07) It is official, EverBank acknowledged as making the offer.(3/07) Leasing News reports from insiders that the bank is sold. (11/06) posts $73.3 million loss for the third quarter(10/06) Douglas K. Freeman Steps Down as Chairman and CEO (08/06) NetBank posts loss, halts dividend (07/06) Bank may be for sales, confirmation that not only is mortgage unit up for sale, but four suitors review terms and conditions of NetBank Business Finance. The CMC insurance as part of portfolio is a major problem in the sale, it is said. (12/05) announces an affiliation between NetBank and Wall Financial Services, LLC (WFS), for WFS to provide secured lines of credit to NetBank's small business customers.Typical candidates for this product include established manufacturers, wholesalers, or other B2B business owners with a need for working capital. (11/05) NetBank reports $3.5MM Loss. The $3.5 million provision is based on a review of the underlying property values in a foreclosure and liquidation scenario. (11/05) NetBank Inc., the leader on the internet banking circuit with $5 billion in assets, considered one of the largest internet banks, said it had found "irregularities" associated with $13 million in mortgage loans; delays 3/4 report. (02/05) NetBank Loss $17.7 Million 4 th Q; Current period results include a provision expense against the company's Commercial Money Center, Inc. (CMC) lease receivables totaling $29.0 million, pre-tax (10/04) "Production within our business finance division (formerly known as Republic Leasing) increased by $4.4 million or 10% for a record of $46.9 million." (7/2004) New name :NetBank Business Finance (6/2004) July 1, 2004, Republic Leasing, a subsidiary of NetBank, will become a division of NetBank. (4/2004) ” The commercial equipment leasing business had production of $39 million, a decrease of $5.2 million or 12% “ (3/2004) Republic Leasing of South Carolina to Become Division NetBank April 1,2004. (7/2003) Jim Merrilees, CLP leaves to join Santa Barbara Bank & Trust Leasing Division as Vice President. Laura Poore also joins the Leasing Division as Marketing Representative. The division specializes in small-ticket leasing transactions originated through equipment leasing companies and brokers nationwide (2/2003) Forms a new division with Jim Merrilees heading it up in Portland-Merrilees left First Corp after Textron, Nations Credit, Greybank, Colonial Pacific Leasing. To concentrate on vendor/captive lessor marketplace. (1/2003) NetBank reported a net loss of $15.9 million (or $.36 per share) for the full year 2002 (12/2002)"The aim is to package the loans and sell them to investors for fatter, "banklike" profits; armed with new management and a coterie of experienced bankers plucked from rivals. .. languished since the Internet bubble burst. At their peak, the shares were trading at more than six times what they are fetching now. NetBank, with total assets of $3.76 billion, operates the nation's largest independent retail Internet bank. It also is a wholesale and retail mortgage lender. No one doubts that Internet banking is here to stay. Most banks -- large and small -- offer online banking in some form." Atlanta-Journal. $80 million loan Commercial Money Center insurance question. http://two.leasingnews.org/archives/December%202002/12-30-02.htm#NetBank (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".

    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."

   ACC Capital/ Amembal Capital (4/07) William Dalton named President/CCO. (2/2001) changes name to ACC, Sudhir Amembal leaves to devote time to lecturing and education

    Matsco Financial (4/07) parent bank Greater Bay Bank sold to Wells Fargo, rumor WF wants to keep operation in Emeryville,CA. (3/06) Greater Bay Bancorp President/CEO Byron A. Scordelis: The company for five years has been growing each year, he said, and in fact, according to the SEC filings, had a 14% growth rate in 2005 with nearly $900 million in assets. "I would also say the loss record is pristine for a leasing company," he pointed out. "Look at the figures, last year $4.6 million in losses on $885 million, that's roughly a half percent. Pristine! (3/06) Matthew D. Shieman is out as president of the Matsco Companies. He is now part of Diversity Capital, working out of Moraga, California, a residential community across the bay from San Francisco. (12/04) Fitch Withdraws Ratings: -----6 Greater Bay Bancorp Bank Subsidiaries, Leasing News trying to confirm reports that Matsco is for sale, in fact, in negotiations. (10/04) The Wall Street Journal reports "Insiders say that Greater Bay Bancorp is soliciting potential buyers-Matsco is a part of Greater Bay Bancorp. (1/04 ) According to three highly reliable sources at Cupertino National Bank, Cupertino, California, where Matsco was banking ( a Greater Bay Bank,) Matsco gave the bank its highest loan write-off in 2003, resulting in restructuring both at the bank and Matsco. The matter is now resolved, the sources said, and changes have been made. The account is also no longer domiciled at the bank, they reported. Steven C. Smith, Executive Vice President and Chief Financial Officer Greater Bay Bank, said that since Matsco is not a separate segment of the business there will not be a separate financial statements in the bank 4th quarter report. He stated there will be information on segment loan growth and loan charge-offs. adding that he thought it was a very detailed disclosure. He stated the bank always does a full disclosure and it is in compliance with all of the latest SEC required disclosures ,- which he added they have been doing well before all of the focus on accounting issues from the Worldcom and Enron's of the world. He did not want to be quoted directly and did not comment, nor confirm nor deny, any loan write-offs at Cupertino National Bank, referring all information to the SEC filing. (1/04)Matt Shieman, president of Matsco, a Greater Bay Bank company, Emeryville, California, told Leasing News last year "was the best ever. We may have let some people go last year, as many companies were forced to do, but everyone is happy here, business is good... No broker business. We cut down on the commercial sector, but any rumor to the contrary that business is not very good here is definitely not true." (7/03) Greater Bay Bancorp Reports Net Income of $48 Million for the First Six Months of 2003; Credit Quality Stable and now in compliance. Greater Bay Bank telephone conference:" Didn't sell any Matsco loans (securitizations last quarter due to operational problems, these loans are in the 1 ½ million to 2 million dollar range---problem is primarily due to a front system conversion, not complete, that will allow Matsco to save a quarter million a month in operation expenses when it is up and running (said in question and answer session at end of conference). Basically Greater Bay Bank is a "business bank" and should not be compared to peers who are more into consumer finance; they are a relationship bank and want to continue in that manner. Personal guarantees are important in real estate because in many instances the president of the bank can go to the person directly and ask them to stand up; the bank plans to be tight on operations and even more so, the local economy has been one of the toughest, especially the last couple of years, but the bank is in a strong position when the bay area turns around, capital levels very strong, although loans have been sluggish recently, but perhaps will move soon as there are some signs, less commercial real estate loans, no residential mortgages on balance sheet, loans were "flat," didn't sell any Matsco loans this last quarter due to operational problems, but plan to soon in the 1 ½ to 2 million dollar range (7/03) Having problems with vendors (Patterson Dental), real problem with operation system, while parent Greater Bay has their own with their last audit. Shieman to make announcement (but does not.) (5/2003) Reliable sources report commercial and broker division shut down, people let go, company to work solely on captive vendor, dentistry, veteran,CPA marketplace. President Matt Shieman was to give a statement on this at the beginning of this week, but has apparently changed his mind. (12/2000 purchased by Greater Bay Bank)

April

    DVI, Philadelphia (3/07) Steven Garfinkel, the former chief financial officer of DVI, Warwick, PA was sentenced to 2 ½ years prison, as well as serving five years of probation; in addition he is to repay Fleet Bank $51.7million at the rate of $200 a month upon his release. At that rate, the then 66 year old Garfinkel will not satisfy the debt for 21,542 years. (6/05) FBI reportedly Investigating DVI officers (01/05) BK Trustee Seeking “Vendor Payments” 90 Days, meaning deals funded within last 90 days before bankruptcy, also going after broker commissions paid during this time period. (5/2004) Fitch Ratings places certain classes of DVI, Inc. equipment transactions on Rating Watch Negative DVI (4/2004) the bankrupt Jamison medical finance company, loaned its chief executive more than $500,000 - and loaned another senior executive $150,000, and creditors want the loans repaid. (12/03) The U.S. District Court entered an order appointing Cedar Street Group as lead plaintiffs, and Krislov & Associates, Ltd. as lead attorney in the securities class actions brought against DVI, Inc.'s former chief executive officer, Michael A. O'Hanlon, and chief financial officer, Steven R. Garfinkel, and DVI's former lead underwriter, Merrill Lynch & Co. Claims against DVI, Inc. (DVI or Company) are currently stayed due to its Chapter 11 filing. (9/03) Suit Filed Against Former Senior Executives of DVI as law suits galore appear (8/03) starts cutting employees, half let go, close to 200 now (8/03) DVI files BK (8/03) Leasing News insiders say deals not being funded, real problems, company most likely will file bankruptcy, major problems. (12/2000 out of broker )

 

March

    Falcon Leasing, St. Cloud, Minnesota (03/07) Founded by well-known and respect leasing industry leader Don Polfliet. He worked his way up the sales ladder, was very active in several leasing associations, and became the head of Lyon Financial, who owned Manifest Leasing. When US Bancorp bought Lyon, he left. http://www.leasingnews.org/archives/March%202007/03-28-07.htm#don

February

    ePlus (07/06) ePlus has settled a lawsuit with GMAC Commercial Finance in a deal that includes a cash payment of $6 million. GMAC's claim against ePlus was for $13.4 million, including interest and legal fees, with the trial set to begin July 24. The suit was in connection with an alleged breach of warranties regarding an assignment of debt from ePlus, as lessor, for leases with Cyberco Holdings, a now defunct tech company that was based in Grand Rapids, Mich.

    Butler Capital, Hunt Valley, MD (02/07) Mitsui injected $6-million in subordinated debt into Butler Capital, Hunt Valley, MD., and had twenty-four months to effectuate the purchase of the $250 million asset firm; new officers don't want to go ahead with purchase.

January

    Partners Equity Capital Corp (PECC) Horsham, Pennsylvania (01/07) PECC sold to Marubeni Corporation of Japan, to become CoActiv Capital Partners will initially focus on providing private-label, vendor-oriented lease financing programs (12/05) announces that David Gerrard has been promoted to the position of Vice President and General Manager of their Technology Finance Business Unit. In his new role, Gerrard will have overall responsibility for the Technology Financing Group, including the development of new program partnerships and growth of existing manufacturer private label programs through PECC's revenue-generating lease programs and private label support. ( you will find this under Republic Leasing of South Carolina...please change the list to what is below and replace all information in the alphabet section under NetBank) (6/05) Marc Donahue, Senior Vice President Marketing, "CP conduit will most likely be announced in the Sep/Oct time frame.” (6/05) Martin Babicki, Executive Vice President Risk/Operations NorVergence “Equipment Rental Agreement” deposition reveals there were about 636 leases (p. 51), 482 of which were not paying (p. 52) and 393 were in suit (p. 52) as of Jan. 6, 2005. Only 25 were continuing to pay, which may have been involved in the Weir Class Action Suit. In addition, there was a $175,000 lease direct to the NorVergence Corporation itself, which may have been a "sale/leaseback." As important, to make this decision, there appears to be no personal guarantee, as per the deposition of Martin Babicki, who also testified he did not know if financial statements were obtained. It was obvious the company had a close relationship with NorVergence officers. Copy of Depostion: http://www.leasingnews.org/items/Babicki_depo_%20in_Florida.doc (5/05) Chairman/CEO Don Campbell new bank line coming in June. (5/05)Evan Wilkoff appointed vice president of finance and treasurer. (4/05) Chairman/CEO Don Campbell says company strong despite rumors of major losses due to NorVergence leases. New bank line coming, soon, papers being signed, he says.

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