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Kit Menkin Leasing News
supplies businesses and consumers with information about
the leasing industry. We have independent,
unbiased, accurate, and fair news about leasing. Feel free to browse our site and learn everything
you need to about leasing.
Headlines---
Correction: Bonanno is NAELB Legal
Counsel Now, Not Marks
Former
UAEL Ray Williams Responds to Bob Rodi
Update
on the State License Project
Fitch:
Aircraft Lease Rates To Fall Additional 15%-20%
Tomorrow: Exclusive
Interview with Michael Fleming, CAE
President of the
Equipment Leasing Association
This Border #####
Denotes Press Release (Not Written By Leasing News)
---------------------------------------------------------------------------------------------
Correction: Bonanno is NAELB Legal Counsel Now, Not Marks
The National Association of Equipment Leasing Brokers makes
changes on a fiscal basis, Barry Marks, Esq. is not the legal
counsel “this year,”
it is Joseph Bonanno.
From: Barry Marks
“Just so Joe Bonanno doesn't gleefully retire and leave me
to field HIS member calls, he is the NAELB legal counsel - I retired to
a rest home
and am now watching American Idol reruns and making plastic
flowers.”
__________________________________________________________________
Classified ads---Attorneys
California - statewide: CA
"ELA"
5-attorney creditors rights law firm, in biz 25 yrs +, specialize
all aspects of creditor representation. Primarily represent equipment
lessors & funders,plus collection and creditor rep. in bankruptcy.
Email:phemar@hemar.com
California - statewide: Encino, CA.
"ELA"
24 Attorney AV-rated Law firm representing the Leasing Industry
for over 25 Years. We specialize in Lease-enforcement, collection and
representation in Bankruptcy Court. email:sjenkins@hemar-rousso.com
Los Angeles -statewide: CA
"ELA "
Practice limited to collections, bankruptcy and problem accounts
resolution. Decades of experience. 10-lawyer firm dedicated to serving
you. Call Ronald Cohn, Esq. (818)591-2121 or email. Email: rrcohn@aol.com
NY Metro and National: Hackensack, NY
Attorney specializing in equipment lease matters for at least
10 years with a 50-State operating network of attorneys experienced in
leasing matters. Email:wuscher@uqur.com
"ELA"
National: http://www.leaselawyer.com/ “ELA” “NAELB”
Full staff of attorneys and legal assistants work with Group
Leader Barry S. Marks to ensure prompt, cost-effective responses to client
needs: Email:bsm@blik.com
Northern California - Statewide: CA "EAEL"
"ELA" San Francisco expertise at San Rafael,CA prices; practice
limited to equipment leasing and finance with 22 years experience, testimonials.
Ken Greene, Esq. 415-721-7900 kgreene100@aol.com
http://65.209.205.32/LeasingNews/JobPostingsAttorney.htm
---------------------------------------------------------------------------------------
This Week's Economic Events
April 7
MONDAY
Consumer Borrowing:
February
ELA Principles of Leasing
Marriott Fisherman's Wharf
San Francisco, California
April 8
TUESDAY
ELA Principles of Leasing
Marriott Fisherman's Wharf
San Francisco, California
April 9
Wednesday
ELA Principles of Leasing
Marriott Fisherman's Wharf
San Francisco, California
Equipment Leasing Association
National Funding Exhibition
Fairmont Hotel, Chicago, IL.
(to be covered by Paul Menzel
for Leasing News
)
April 10
THURSDAY
Balance of Trade:
February
Sales of Leading
Retailers: March
Weekly Jobless Claims
4/9-10
National Funding Exhibition
Fairmont Hotel, Chicago, IL.
(to be covered by Paul Menzel
for Leasing News
)
FRIDAY
Producer Prices:
March
Retail Sales: March
--------------------------------------------------------------------------------------------
Former UAEL Executive Director Ray Williams,Ph.d,CAE Responds
to Bob Rodi
Thank you for the invitation to respond to Bob's letter.
Just two things. I am very proud of what was accomplished at WAEL/UAEL
during my tenure. Enhancement of publications, the CLP handbook, the CLP
academy, national expansion, jointly sponsored conferences and the regional
funding symposiums: these were all accomplished by a visionary leadership
-- the best that I have ever had the privilege of working for and with.
WAEL/UAEL's leaders were some of the best minds in the industry.
Most of these people are still there and they still have the best
interests of the industry at heart. Because
of them, UAEL. will survive and prosper.
Thank you for the
opportunity to give credit where it is surely due.
Whoelsebut,
Ray
PS Once again, I congratulate you on an excellent E-publication.
You are doing the industry an invaluable service.
-----------------------------------------------------------------------------------
Bob Rodi Apologies to NAELB
Please print my public apology to the very adept leadership
at National Association of Equipment Leasing Brokers. My comments were was not meant to be "back
biting” or derogatory against anything the NAELB has done. In fact, I had a conversation with Gerry Egan
who will be the NAELB past president, and Rick Wilbur, who, I believe,
is an incoming board member and also a long time UAEL member, regarding
the very items I mentioned in those comments. If they haven't already
done so, I would ask that Bob and Barry, speak directly to these two dedicated
volunteers regarding their personal opinions on my comments.
NAELB has done a great job but, for me, addresses to narrow
a constituency. The operative word here being "ME". The pure "broker" becomes less and
less important to the equipment finance process on a daily basis. Regardless
of what is stated publicly, I received 8-10 calls and/or emails regarding
LeaseNOW's funding process, use of warehouse lines and our technology
platform, as a result of the comment that was under the picture you ran
in Leasing News.
Here's the really interesting thing. All but three of those
people were NAELB members who were curious about how we put this process
together. Associations should be
working to get new bona fide funding sources to the table. To perpetuate
the myth of the "superbroker" as a funding source is a disservice
to newer members of our community.(again, my opinion) I was not trying to brag about the capability of LeaseNOW. I was
merely pointing out that many of the "funding sources" that
attend these conferences, are not. Gerry
Egan asked me if I would consider coming as funder because we have a fairly
unique program for the franchise industry.
While we fund the bulk of that business in house I do not consider
LeaseNOW a "funding source" and would not represent my company
as such. In my opinion, that is in keeping with our industry code of ethics
that governs my business life.
I don't ask people what association they belong to but several
of the people that called me had just attended the Chicago conference.
Several of them stated that they would like to see more about warehouse
lines, credit scoring and technology issues as a topic at future conferences.
This does not mean that the content that was offered is not valuable,
it simply means that other topic of interest were passed over or the leadership
could not fit it in to that particular program.
Bob Bell is correct in calling me out on the fact that I
have not attended a NAELB conference.
Gerry Egan had talked to me about attending in Chicago and I gave
it consideration. I really like and respect Gerry, Barry Marks, Joe, Bob
Bell and many of the other NAELB members. I have contact with a lot of
their membership because of commentary in Leasing News.
I received the conference
brochure in the mail and, when I saw several of the presenters, I made
the final decision that I would not attend. I'm sure many of the NAELB
members would feel the same way when they see my name as a speaker at
the UAEL conference.
And, by the way, Barry, my personal mission with respect
to certain individuals, may have taken the place of some other process
available to any association. In
my experience, however, processes involve politics and I hate politics. Politics generally implies some sort of stupid
diplomacy and I'd just rather call somebody a scumbag rather than dance
around the subject with some committee that doesn't want to hurt someone's
feelings.
In summary, while my comments may sound like back biting
to Barry, or may have been taken somewhat personally by Bob Bell, they
were neither meant to denigrate NAELB nor offend its leadership. In fact, those comments were meant to transcend
the petty differences that I have always seen between and among the associations.
The associations are the "visible" representation of the third
party segment of our industry so anything that they do, as far as I'm
concerned, concerns everybody whether they are a member or not. Look back
in Kit's archives and you will see that many people have commented on
this.
As a case in point, I told Gerry Egan during our conversation
that I thought it was a mistake for the NAELB to restrict voting to "brokers"
only. What does that mean anyway?
If someone discounts a deal, or puts their name on the docs, have
they violated the "broker only" secret handshake criteria of
the NAELB by-laws? Because I still "broker" 10-15% of
my business, would I be eligible to be a voting member of NAELB or is
calling myself a "broker" sufficient. Would Barry Marks take
me to task before the ethics committee if I said I was a broker but really
discounted my deals?
I am of course asking these questions, tongue in cheek, as
I am somewhat certain that Bob Bell, and maybe even Barry, as soon as
they were done being angry with me, would allow me to join the NAELB,
albeit at a penalty for leveling my occasional
"non-member" criticism.
I don't comment to offend the current or past leadership
of any association. I comment because the equipment leasing business has
been good to me. When I was a start-up,
working out of my bedroom office there were people who would help me,
share information, teach me, etc. I
met them through my involvement in an association.
If I see curricula or people who are disseminating archaic information,
or anything that would lead new people down a path that would not only
be bad for them, but bad for the leasing business, then I will speak my
mind. All anybody needs to do, is remember what opinions
are like, and that I will always have one. I can't help myself. If I can't
get in a good argument with someone on a daily basis I will suffer withdrawal.
Bob Rodi,CLP
President
LeaseNOW, Inc.
1-800-321-LEASE (5327) x101
PS: Hal Horowitz is
a nice guy and he was an excellent volunteer leader at the WAEL but after
his time as president he wasn't around very much. He is correct that it is the responsibility of the association leadership
to determine the direction of the association. I am pretty certain, however, that he never
saw the book on Ray's shelf, entitled "How to Control Your Board
and Executive Committee" If
the leadership got too "involved" with the day to day operation
of the association we were accused of "micro managing". By the way Hal, the leadership finally did "correct"
those problems and set a new direction.
---------------------------------------------------------------------------------------------
Update on the State License Project.
“ I wanted to give you a quick update on the State License
Project.
The information for three states has been submitted since
3/20/03. CA, OH +
MA.
Perhaps you could post this again.
With all the kvetching about belonging to associations or
not belonging,
here is a project that is FOR the leasing community and everyone
who submits
is automatically part of the "in crowd" and gets
to benefit from it.
So please everyone take a moment and give your interpretation
of "your"
states laws regarding any licensing or filing requirements
that you do to
protect yourself.
This information will be compiled and posted on Kit's website
as a starting
point in choosing the legal filing strategy for your company.
Please email your knowledge on this subject to: license@leasingservice.com.
The Subject line should be "License" + the two
letter abbreviation for the
State you are responding about.
Example: "License
NY" or License MA"
or "License CA", etc...
Thank you. Jim
James A. Hill
__________________________________________________________________
#### Press Release ############################################
Fitch: Aircraft Lease Rates To Fall Additional 15%-20%
Fitch Ratings- Aircraft lease rates are already down between
10%-50% from pre-Sept. 11 levels, and Fitch Ratings anticipates that lease
rates will fall an additional 15%-20% or more in 2003, according to a
new report on aircraft operating lease asset-backed securitizations (ABS)
published yesterday by the rating agency. Aircraft lease ABS transactions
with the least liquid aircraft and the most terminations in the next 12-24
months will experience the highest cash flow impairment and, consequently,
will be the most likely candidates for a rating downgrade.
'It is hard to imagine a year more difficult for aircraft
operating lease asset-backed securities than 2002, but, unfortunately,
the worst is not over,' said Donald Powell, senior director, Fitch Ratings.
'Fitch Ratings expects lease rates to continue their downward spiral in
2003 due primarily to continued economic softness, which could likely
be intensified by the far reaching effects of the war with Iraq and the
possibility of new terrorist activities.'
If the liquidation of one or more large U.S. airlines were
to occur, the utility of many aircraft types would be impaired and the
lease rate decline would be exacerbated. The factors that will have the
most impact on the magnitude of performance changes in aircraft lease
ABS transactions will be the liquidity of the aircraft in the portfolio
and the amount and timing of the lease terminations.
The new report titled 'Aircraft Operating Lease ABS: Iraq
and Beyond,' is available at 'www.fitchresearch.com' Fitch's subscription
based web site by selecting 'special reports' under the 'ABS sector'.
Contact: Donald Powell 1-212-908-0570 or Wendy Cohn 1-212-908-0681,
New York.
### Press Release ##############################################
[Headlines]
News Briefs---
Economic tsunami
http://sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2003/04/06/BU299129.DTL&type=business
New York area to be hit by heavy snow again
http://www.wunderground.com/cgi-bin/findweather/getForecast?query=10001
Sports Briefs---
Buc Owner Glazer's Interest In Dodgers Has Different Possibilities
http://www.theredzone.org/news/040503b.asp
Redzone Mock Draft
http://www.theredzone.org/2003/draft/mock_draft.asp
Bobby Jones' major Golf legend sprinkled his stardust
on Masters
http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2003/04/06/SP2807.DTL
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Leasing News, Inc. 346 Mathew Street, Santa Clara, California 95050 E-Fax: (781)459-4789 kitmenkin@leasingnews.org 
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