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.

No edition Friday, but Monday

Paul Menzel, CLP, Senior Vice President / General Manager Leasing Division, Santa Barbara Bank & Trust, report on the Equipment Leasing Association National Funding Exhibition at the Fairmont Hotel in Chicago, Illinois. .

Headlines---

Picture from the Past----2000---Louis Secord, Jr.

   Classified Ads---58 Jobs Wanted

      Alexa Ranks Leasing Association Web Sites

         Attorney/Author David Business Leasing News

            Online Fraud Complaints Triple/Nigerian eMail on Top

               Lessors Network Highly Successful Lease Syndication Showcase

                  Universal Express -USXP- Receives $300M For Transportation Funding

               LEASENET Adds Positions to Serve New Markets

            CIT Rail Resources Acquires Flex Leasing Corporation

         Georgia's Legal System Ranking Plunges/US Chamber Survey

      Oasis Leasing Sings $52.5m Credit Facility/HSBC Lead Bank

   Costco Wholesale Reports March Sales Results Up 12%

Leasing News---"The List" Up-date

   News Briefs---

      Sports Briefs---

         Day in American History Highlights

Special: THE MARCH TOWARD SUBPRIME; BEWARE THE LANDMINES

This Border ##### Denotes Press Release (Not Written By Leasing News)

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Picture from the Past----2000---Louis Secord, Jr.

http://two.leasingnews.org/imanges_uael_wael/secord,luis_Jr-baby.jpg

“Puget Sound Leasing president Louis Secord, Jr., and the future of our

industry.”

Winter edition, 2000, United Association of Equipment Leasing Newsline.

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Classified Ads---58 Jobs Wanted

Accounting: New York, NY.

Three(3)years experience in lease accounting.Managing three Partnerships' Funds,preparing external reports for SEC.,10Q &10K. Consolidation of subsidiaries financial position w/parent company. email:hope2live@aol.com

Asset Management: Chicago, IL. MBA, 15+ years exp. Long history of success in maximizing residual position through outstanding negotiation skills & lease contract management. Third party remarketing, forecasting etc... email:jgambla@aol.com

Asset Management: Houston, TX. 10+ yrs. Dealer F&I exp., 20+ yrs. exp. Dealer level selling, managing, reporting, appraising, specifications writing, Light,Med.,Hvy Trucks/ Trailers, Const.,Oilfield, Specialized Equip.. Strong exp. Recon., salvage & Logistics. email: edloredo@hotmail.com

Asset Management: Jacksonville, FL. 15+ yrs of diversified exp.in Comm.Equip.Fin. Equip Generalist, ASA "Cradle-to-Grave," Sr. Management, creative negotiating, presentation and analytical skills. Open to domestic/global travel/relocation. email:AssetMgrASA@aol.com

Asset Management: Redmond, WA 10+ years experience with Small/Middle Market portfolio's. Managed all aspects of Asset Management including residual setting, inspections, repossessions, remarketing& eol negotiations. email:challenger.rt@verizon.net

58 Job Wanted Ads

http://65.209.205.32/LeasingNews/JobPostings.htm

We find people jobs, make connections, network, and you

can give it a try here, for free:

http://65.209.205.32/LeasingNews/PostingForm.asp

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Alexa Ranks Leasing Association Web Sites

These comparison are compiled by Leasing News using Alexa and should be viewed as a "sampling," rather than actual count from the website itself.

The Alexa tool bar works on most browsers. They are partnered with Google. You may download their free tool bar.

To learn more about how the rankings work: http://pages.alexa.com/prod_serv/quicktour_new.html

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Attorney/Author David Business Leasing News

The April 2003 edition of Business Leasing News is now available at:

http://pbnet/webfiles/Newsletters/Bln/3bln_releases/bln_2003_04.htm

This issue addresses some of the difficult credit challenges that lessors

face due to the effects of the War and the slow economy.

It also provides an explanation of the final tax shelter regulations

affecting leasing, gives some hints on how to lease a luxury car, and

describes how Delta is flying very soon with "Song," its new low cost

airline. Other stories offer timely analysis and review of leasing and

financing issues. So check it out!

Please note the conferences at which I am speaking soon. I invite all of

your readers to attend, and/or to ask a friend to attend: The Large Ticket

Conference of the Equipment Leasing Association (ELA) at the end of April

in Dallas, the ELA Legal Forum in the first week of May in Boston, and Jeff

Taylor's comprehensive and fun sales training in the first week of June in

Salt Lake. The sign up deadlines are fast approaching. You can click on

these conferences in BLN for all the details.

By the way, your new html format is a huge improvement-well done!

All the best, Kit.

David

David G. Mayer

Patton Boggs LLP

2001 Ross Avenue

Suite 3000

Dallas, Texas 75201

Tel: (214) 758-1545

Fax: (214) 758-1550

Author of: Business Leasing For Dummies

Publisher of: Business Leasing News

http://www.pblaw.com/Newsletters/Bln/Release/bln_2003_04.htm

Online Fraud Complaints Triple/Nigerian eMail on Top

By Beth Cox

Internetnews.com

Complaints about fraud perpetrated online tripled in 2002, and auction fraud continues to be the mostfrequently reported offense, according to figures from the Internet Fraud Complaint Center (IFCC).

The complaint center, a site run by the Federal Bureau of Investigation and the National White Collar Crime Center, reported that it referred 48,252 fraud complaints to federal, state and/or local law enforcement authorities last year. The year before there were 16,775 referrals.

The Web site not only offers a reporting mechanism for consumers to alert authorities of suspected criminal activity online, but also serves law enforcement agencies as a central repository for complaints related to Internet fraud, working to quantify fraud patterns and provide data on current fraud trends.

The report says that the total dollar loss from all referred fraud cases was $54 million, up from $17 million in 2001. Of course, most fraud cases go unreported, so undoubtedly the dollar value of Internet fraud is much higher.

For the third straight year, Internet auction fraud was the most reported offense, comprising 46 percent of referred complaints. Non-delivery of merchandise and non-payment accounted for 31 percent of the complaints, and credit/debit card fraud made up nearly 12 percent.

And if you ever had any doubts as to why you get so many Nigerian oil scam e-mails as spam, the reason is that it still works for the perpetrators. The IFCC report says that among victims who reported a dollar loss, the highest median losses were found among victims of the Nigerian letter fraud -- $3,864. Plain old identity theft was second at $2,000.

In cases where the perpetrator has been identified, nearly four in five were male and over half resided in the states of California, New York, Florida, Texas, Illinois, and Pennsylvania.

The IFCC said it processed an additional 36,920 complaints on computer intrusions, spam, child pornography, and other violations. The National Center for Missing and Exploited Children, the FBI's Innocent Images task force, the National Infrastructure Protection Center, the Federal Trade Commission, and the U.S. Secret Service are regular recipients of IFCC complaint information.

"The IFCC helps victims by putting fraud information into the hands of law enforcement and then fosters inter-agency cooperation so these complaints are responded to quickly," said Assistant Director Jana Monroe of the FBI's Cyber Division.

Full Report Here: http://www1.ifccfbi.gov/strategy/2002_IFCCReport.pdf

Nigerian e-mail and information: http://www.leasingnews.org/Conscious-Top%20Stories/NIGERIA_STORIES.htm

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Lessors Network To Repeat Highly Successful Lease Syndication Showcase

Last March 65 syndication professionals showcased over $10 billion in buy/sell opportunities

(ABF Network News) Atlanta, GA - On August 25th from the Ritz-Carlton, Buckhead hotel in Atlanta, the Lessors Network will repeat the highly successful "Lease Syndication Showcase" held last month. This event showcased over $10 billion in buy/sell opportunities by 65 attending syndication professionals.

120 days before the end of the year, when portfolio managers begin making final adjustments to their asset based finance portfolios, the renamed "Funding Source Showcase" will again introduce buyers and sellers and showcase their funding/syndication strategies for the final four months of the year.

The Lessors Network has waived all Speaker Showcase registration fees for this event. Speaker Showcase registrations are limited and will be processed on a first come basis.

The Funding Source Showcase has been added to the Asset Based Finance Networking Conference.

http://www.lessors.com/events.html

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Universal Express -USXP- Receives $300,000,000 For Transportation Funding

NEW YORK----Universal Express, Inc. (OTC BB:USXP) today received $300,000,000 in committed and approved funds and plans to acquire a soon to be announced nationally established transportation company.

A Letter of Intent with that Company to be acquired has been signed, but a confidentiality agreement remains in effect until the actual Closing date or by the joint agreement of both parties to announce before the Closing.

"The formal Closing should be concluded in 75 days or less, and a specific announcement will be made by both parties at the appropriate time or prior to that closing date", said Richard A. Altomare, President and CEO of Universal Express.

"This acquisition is intended to become our initial subsidiary within our recently created Transportation Division. When completed, it will add substantially to our domestic delivery capability, our gross revenues and our EBIDTA", continued Mr. Altomare.

Universal Express today simply has informed the public of its financial capability to now effectuate a transaction of this size with a nationally recognized brand name.

During the developmental stages of any company, that company may receive financial commitments based on the funder's due diligence requirements or acquisition targets approved for that funding. Today's commitment is far more definite and it is for that reason a press release has been issued.

"Despite unexpected setbacks, when a developing entity like Universal Express becomes the surviving Company in a potential acquisition of this magnitude, a press release prior to the formal announcement, in the opinion of our legal counsel, becomes appropriate for the benefit of the general public, our shareholders and all others involved", concluded Mr. Altomare.

Universal Express, Inc. today owns and operates several subsidiaries including Universal Express Capital, Universal Express Logistics (including VirtualBellhop, WorldPost and Luggage Express) and the Private Postal Network. These subsidiaries provide the private postal industry and consumers with value-added services and products, logistical services, equipment leasing, and cost-effective delivery of goods worldwide.

More information and website locations are available at www.usxp.com.

Safe Harbor Statement under the Private securities Litigation Reform Act of 1995: The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

CONTACT:

Equitilink

Mr. Ron Garner, 877/788-1940

SOURCE: Universal Express, Inc.

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LEASENET Adds Positions to Serve New Markets

COLUMBUS, Ohio, -- LEASENET, Inc. ( www.leasenet.us ), a wholly-owned subsidiary of Huntington Bank that provides financing solutions for technology equipment, appointed Jeffrey T. Kolda, as marketing and sales executive, and Timothy A. Ballentine and Michael A. Osborne as sales executives serving the company's new business markets.

LEASENET serves more than 300 clients primarily in the Midwest and specializes in the finance of high-technology equipment with a market focus on network server class equipment for commercial businesses.

"We are pleased to add such high caliber talent to the LEASENET team as we begin to expand into new markets, including northern Ohio and Indianapolis, and as we grow the equipment finance business at Huntington," said Rob Allanson, Huntington's Equipment Finance Division president and the Huntington manager responsible for LEASENET. "Combined, our team has more than 150 years of experience in the technology industry, which enables us to provide customized financing solutions that more fully meet the needs of businesses."

Responsible for corporate marketing and business development with Huntington commercial clients, Kolda most recently served as vice president of business development, North America, for Fitch Worldwide. A graduate of The Ohio State University, he also previously held positions with CompuServe, Inc. and AT&T. His office is located in Dublin, Ohio.

Ballentine is responsible for business development and client services in northern Ohio. Prior to joining LEASENET, Ballentine served 33 years in various sales and management positions with International Business Machines (IBM). He earned his bachelor's degree from Miami University. His office is located in Bay Village, Ohio.

Serving Indianapolis for LEASENET, Osborne previously was a national account manager for CIT Systems Leasing Inc. A graduate of Indiana State University, he also held account management positions with Newcourt Financial (NCT), AT&T Capital Corp., Storage Technologies Corp. and XL Datacomp. His office is located in Indianapolis.

About Huntington

Based in Dublin, Ohio, LEASENET Inc. is a wholly-owned subsidiary of The Huntington National Bank the principal subsidiary of Huntington Bancshares Incorporated (Nasdaq:HBAN), a $28 billion regional bank holding company headquartered in Columbus, Ohio.

Through its affiliated companies, Huntington has more than 137 years of serving the financial needs of its customers. Huntington provides innovative retail and commercial financial products and services through more than 300 regional banking offices in Indiana, Kentucky, Michigan, Ohio and West Virginia. Huntington also offers retail and commercial financial services online at www.huntington.com ; through its technologically advanced, 24-hour telephone bank; and through its network of more than 900 ATMs. Selected financial service activities are also conducted in other states including: Dealer Sales offices in Florida, Georgia, Tennessee, Pennsylvania and Arizona; Private Financial Group offices in Florida; and Mortgage Banking offices in Florida, Maryland and New Jersey. International banking services are made available through the headquarters office in Columbus and additional offices located in the Cayman Islands and Hong Kong.

SOURCE Huntington Bancshares Incorporated

Jeri Grier
Phone Number: (614) 480-5413
E-mail: jeri.grier@huntington.com

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CIT Rail Resources Acquires Flex Leasing Corporation, Including 7200 Railcars

LIVINGSTON, N.J.,-- CIT Group Inc.

(NYSE: CIT) announced today that its CIT Rail Resources business unit has

acquired Flex Leasing Corporation of San Francisco, California. Flex Leasing

was founded in 1996 and leases railcars to railroads and shippers in the

United States and Canada.

"This move by Rail Resources is part of CIT Group's overall strategy to

make opportunistic purchases where they fit nicely into our existing

businesses," said Albert R. Gamper, Jr., chairman, president and CEO of CIT.

CIT will acquire Flex Leasing's fleet of 7,200 general-purpose freight

railcars, which represents approximately $400 million in assets, increasing

CIT's overall fleet to 54,000 railcars. The average age of CIT's combined

railcar fleet will be seven years.

"The quality of Flex's modern fleet, whose railcars are highly compatible

with our own existing fleet, makes this an attractive acquisition," said Steve

McClure, president of CIT Rail Resources. "We have seen an improvement in

demand from railroads and shippers in the last several months and this

acquisition will enable us to take advantage of this increased activity."

About CIT

CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance

company, provides clients with financing and leasing products and advisory

services. Founded in 1908, CIT has nearly $50 billion in assets under

management and possesses the financial resources, industry expertise and

product knowledge to serve the needs of clients across approximately

30 industries. CIT holds leading positions in vendor financing, U.S.

factoring, equipment and transportation financing, Small Business

Administration loans, and asset-based and credit-secured lending. CIT, with

its principal offices in New York City and Livingston, New Jersey, has

approximately 6,000 employees in locations throughout North America, Europe,

Latin and South America, and the Pacific Rim. For more information, visit

http://www.cit.com.

About CIT Rail Resources

CIT Rail Resources provides a wide array of equipment leasing and

financial products to the rail industry and owns and manages a fleet in excess

of 54,000 railcars and approximately 550 locomotives. As one of the leading

railcar and locomotive lessors in North America, CIT Rail Resources serves

customers in the U.S., Canada and Mexico and is the largest operating lessor

of 286,000-pound capacity railcars in North America.

SOURCE CIT Group Inc.

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Georgia's Legal System Ranking Plunges; U.S. Chamber Survey Shows State Falling From 23 to 39

WASHINGTON----The United States Chamber of Commerce's second annual poll of corporate counselors and senior litigators on the fairness or reasonableness of state liability systems gave Georgia a "C-" rating and continued to find a majority of states deserve a grade of fair to poor. The state ranks 39 this year, a significant drop from 23 in 2002

"Without real and meaningful reform, Georgia's legal system is at risk of getting a worse reputation. Yet, if lawmakers take bold action and pass legal reform, such as the class action bill, they will bring great benefits to the people they serve - more jobs, more investment and more revenues to pay for schools, roads and health care," said Thomas Donohue, Chamber President and CEO.

The Chamber's Institute for Legal Reform commissioned Harris Interactive to interview more than 900 corporate attorneys. The survey found an overwhelming majority of those polled (82 percent) said a state's litigation environment affects important decisions, such as where to locate or do business. And 65 percent ranked state court liability systems as only "fair" or "poor," up from 57 percent last year.

According to the survey, Georgia ranks just above Florida, which is in the "poor" category. States with a failing grade include Mississippi, West Virginia, Alabama, Louisiana and Texas. The Chamber is running full-page ads in national newspapers such as the Wall Street Journal and Washington Post, and in select newspapers in states at the bottom of the list. The states with the best legal systems were Delaware, Nebraska, Iowa, South Dakota and Indiana.

"When abusive lawsuits rush in, new jobs stay out," Donohue added. "States must know that if they maintain legal systems that are unfair for companies, those companies can and will go elsewhere."

Survey respondents - companies with annual revenues of at least $100 million - were asked to grade all 50 states based on: treatment of class action suits, punitive damages, timeliness of summary judgment/dismissal, discovery, scientific and technical evidence, judges' impartiality and competence, and juries' fairness and predictability.

The United States Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region. The mission of the U.S. Chamber Institute for Legal Reform is to make America's legal system simpler, fairer and faster for everyone.

 

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OASIS LEASING SIGNS $52.5m CREDIT FACILITY WITH HSBC LED BANK CONSORTIUM

Oasis International Leasing Company has signed a US $52.5 million revolving credit facility with a consortium of banks, led by Mandated Lead Arranger, HSBC. It will be used to provide short to medium term funding for the Abu Dhabi based big ticket leasing company.

Lead Arranger on the transaction is German transportation bank Deutsche VerkehrsBank AG, with Emirates Bank International acting as Co-Arranger and First Gulf Bank and Persia International Bank as Senior Lead Managers.

This agreement is a significant vote of confidence in Oasis Leasing by a consortium of leading international and regional banks, said Gordon Dixon, CEO, Oasis Leasing.

It will enable us to refinance debt maturities, associated with three of our leased aircraft, as well as providesome new money which can be used to further grow our asset base.

The deal was signed in Abu Dhabi by Oasis Leasings Chairman Mohammed Saif Al Mazrouei and by Abdul Jalil Yousuf Darwish, Vice-Chairman, HSBC Bank Middle East.

We have developed a significant relationship with Oasis International Leasing and we are proud to have acted as lead arranger of their first corporate loan facility, said Darwish

The fact that the facility has been oversubscribed in general syndication demonstrates the support for this important UAE Offsets company in the local and international finance markets.

With the flexibility that this facility provides, Oasis Leasing will be able to capitalise on opportunities in the leasing market, for the benefit of both the company and its shareholders, said Darwish.

Todays announcement comes a week after Oasis Leasing unveiled a substantial increase in its Risk Adjusted Lease Book (RALB) – the present value of contracted lease revenues – in 2002.

Year-end figures show that the company added US $53.2 million to the key performance indicator, bringing the total to US $227 million.

In its annual financial report, Oasis Leasing also recorded revenues of US $53.7 million, representing a 24% growth rate over the five years since it first began reporting in 1998.

Year end figures, released today by the Abu Dhabi based leasing company, Oasis International Leasing, show that it has added AED191million to its key performance indicator, the Risk Adjusted Lease Book (RALB) bringing the total to AED 831m. This reflects an annual growth of 27% over the past five years. RALB is the present value of contracted future lease revenues.

We predicted 2002 would be a challenging year and so our focus has been to successfully transition assets to new customers and refinance assets where necessary. We not only achieved this but also concluded over AED 235 million of new business with three new customers and these transactions will make a significant contribution in the future said Mohammed Saif Al Mazrouei, Chairman, Oasis Leasing.

http://www.oasisleasing.com/access/oasisleasing/indexnews.aspx?articleid=49

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Costco Wholesale Corporation Reports March Sales Results

ISSAQUAH, Wash--Costco Wholesale Corporation (Nasdaq: COST) today reported net sales of $3.88 billion for the five weeks ended April 6, 2003, an increase of 12 percent from $3.46 billion in the same five-week period of the prior fiscal year.

For the first 31 weeks of its 2003 fiscal year ended April 6, 2003, the Company reported net sales of $24.33 billion, an increase of 9 percent from $22.36 billion during the comparable period of the prior fiscal year.

Comparable sales for the 5-week and 31-week periods ended April 6, 2003 were as follows:

5 Weeks 31 Weeks

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US 7% 4%

International 12% 6%

Total Company 8% 4%

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Costco currently operates 414 warehouses, including 306 in the United States and Puerto Rico, 61 in Canada, 15 in the United Kingdom, five in Korea, three in Taiwan, three in Japan and 21 in Mexico. The Company also operates Costco Online, an electronic commerce web site, at www.costco.com. The Company plans to open an additional 6 to 8 new warehouses prior to the end of its fiscal year 2003 on August 31, 2003.

 
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Leasing News---“The List” Up-date

“sold, closed, "in trouble", major changes”

Microfinancial/Leasecomm (4/2003) delays filing for 15 days with SEC (3/2003) to be de-listed (3/2003) Net loss for year-end was $7.7 million. http://www.leasingnews.org/archives/March%202003/03-11-03.htm#micro (2/2003) Stocks Falls to .73 cents on Friday, 12/2002-----The Board of Directors of MicroFinancial Inc. (NYSE:MFI) has suspended its dividend to comply with the Company's banking agreements. (11/2002) Leasecomm closes, shuts off all brokers, won't fund deals approved "Goes Down---CEO Sells $500,000 Stock Before the News." ( Microfinancial Stories )Waltham, MA (8/2001) Leasecomm, Attorney General investigating, many complaints on line.

Merrill Lynch Financial(3/2003) Merrill Lynch Business Financial Services is working with De Lage Landen Financial Services, Inc. of Wayne, PA., enters online lease financing from $10,000 to $2 million-plus for a wide range of commercial equipment. This includes computers, software, telephone and voice-mail systems, medical, dental and diagnostic equipment, construction and materials handling/industrial equipment, and more.

HP/Compaq Financial (3/2003) closes originations by third party, told doing leases without running personal credit on president, not requiring personal guarantees, plus doing start-up restaurants, among other type credits at very low rates, $1.00 out, no additional collateral-puts on a lot of business after merger of parent.

Funding Tree,(3/2003) wrap-up by award winning journalist Rene Tankersley, Landline Magazine http://www.leasingnews.org/archives/March%202003/03-12-03.htm Nevada Attorney General Closes Legacy/Funding Tree Down http://www.leasingnews.org/archives/February%202003/02-27-03.htm#fdic the Year-end wrap-up by Rene Tankersley, Landline Magazine http://www.leasingnews.org/archives/February%202003/02-12-03.htm#easy (2/2003)---"I Really Didn't Know." Telemarketer confesses for her action, tells all: (2/2003)Rene Tankersley Landline Magazine up-dated 12/2002---Complaints continue about Funding Tree operation in Nevada keeping advance rentals. (10/2002) In the last episode, Kendra Bernal had resigned (went back to jail), a new president was named, and according to the attorney of record, the hearing before the California Department of Corporations was cancelled. The corporation did not have a Finance Lender's License to conduct business, and further was ordered to desist. The Funding Tree was appealing, until Kendra Bernal was arrested for violating parole. It appears The Funding Tree has moved to the State of Nevada, where a license is not required. Leasing News has two complaints, one in Maryland, the other in Kentucky, where advance rentals have been paid, one where the vendor has not been paid for the limousine, but leasing payments were taken out of the lessee bank by ACH. Riverside, CA ( 6/2002) New president says there is hope past vendors and brokers will be paid. Dept. of Corp. "cease and desist order" still in place. Riverside DA Jerry Fox  warns, "Don't take advance rentals if there is no lease approval. "(6/2002) Kendra Bernal arrested for allegedly violating parole (5/2002) More complaints, although e-mails say some deals have funded and vendors have been paid---hope--- (5/2002) Many more complaints  (4/2002) Many complaints. Vendors/brokers not paid. 

Venserve/Salestream (3/2003) Warburg Pincus is selling it's interest in SaleStream Capital to Texas Equity Holdings (TEH, LLC) a company owned and operated by Lighthouse Investments. One report states banker and former Sierra Cities major domo Fred Van Etten is the key to the arrangement. http://www.leasingnews.org/archives/March%202003/03-10-03.htm#ven

Commercial Money Center Southern CA,
Commercial Money Center (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%202003/03-06-03.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. 

Microsoft Financial/Leasing (3/2003) De Lage Landen Financial Services Selected to Provide Lease Contract Management Services

FirstCorp, Portland Oregon (3/2003 )acquired by IFC Credit. Highlights, according to their press release, include: "10,000 leases under management totaling $200 million in receivables.120 employees located in the metropolitan areas of Chicago, Los Angeles, Dallas, Atlanta, New York, and Portland, with IFC's headquarters being maintained in Morton Grove, Illinois.32 sales and marketing professionals serving the vendor services, middle market, and venture leasing market segments. Assimilation of FIRSTCORP's business platform into IFC Credit's leasing operations, with lease operations being directed by John Estok, former President of FIRSTCORP.Integration of FIRSTCORP's web-based Lease Sales Manager front-end software with IFC Credit's LeasePlus software, both products of Lease Team, Inc. of Omaha, Nebraska." http://www.leasingnews.org/archives/March%202003/03-03-03.htm#ifc (1/2003) Purchased by IFC Credit (reported 1/2003 but full story is here)

Southern Pacific Bancorp (2/2003) delays sale of portfolio. (2/2003) The story of SP's demise http://www.leasingnews.org/archives/February%202003/02-18-03.htm (2/2003) Bad Telcom Leases close Southern Pacific down, to open with new owner (first major California bank to close since 2000). http://www.leasingnews.org/archives/February%202003/02-12-03.htm#bad (4/2002) Changes of bank management personnel take place. Imperial Credit Industries, Inc., is the parent company of Southern Pacific Bank, a FDIC insured industrial bank headquartered in Torrance, California. Southern Pacific Bank offers a wide variety of commercial loan and lease products to its borrowers and certificates of deposit, money market, passbook, and IRA accounts to its depositors. Southern Pacific Bank offers loans through its core lending divisions, including: Coast Business Credit -- specializing in asset-based commercial lending; Imperial Warehouse Finance -- offering residential mortgage repurchase facilities; the Lewis Horwitz Organization -- the premier lender to independent film and television production companies; the Income Property Lending Division -- lending to multifamily and commercial property owners; and Southern Pacific BanCapital -- offering equipment leasing to middle market businesses. (3/2002) “for the time being” not going to be able to take any more intermediary business, according to W. Scott McCullum, Capital Advance Leasing

Decision Systems/IDS Group (3/2003) Year-end not so good in UK. www.leasingnews.org/archives/March%202003/03-12-03.htm#ids (2/2003)Highly reliable rumors US company for sale.

full list of 164 changes

chronological and alphabetical

News Briefs---

FleetBoston, Rocked by Bad Loans, Seeks Stability as a Consumer Bank

http://www.nytimes.com/2003/04/10/business/10BANK.html

Winemaker Shows Higher Sales and Profits

http://www.nytimes.com/2003/04/10/business/10WINE.html

U.S. Is Banking on Iraq Oil to Finance Reconstruction

http://www.nytimes.com/2003/04/10/international/worldspecial/10OIL.html

Travel industry seeks government help, tax breaks, to reverse fortunes

http://www.signonsandiego.com/news/business/20030409-1358-promotingtourism.html

Gasoline prices will keep declining, energy officials say

http://www.signonsandiego.com/news/business/20030408-1218-gasolineprices.html

Near-bankrupt Oakland school district asks for loan

http://www.sfgate.com/cgi-bin/article.cgi?f=/news/archive/2003/04/09/state1924EDT0154.DTL

Credit card firms must repay fees ($800 million)

Visa and MasterCard defend charges on foreign transactions

http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2003/04/09/BU8334.DTL&type=business

Lawyers say Scrushy needs $60 million in living expenses

http://www.accessatlanta.com/ajc/business/

My friends daughter lands safely in Iraq after Plane Shot 100 holes

http://www.bayarea.com/mld/mercurynews/news/special_packages/iraq/5592254.htm

Man pleads guilty in scheme that netted more than 48,000 CDs at introductory rates

http://www.boston.com/dailynews/099/economy/Man_pleads_guilty_in_scheme_th:.shtml

MGM Mirage failed to file federal money laundering reports

http://www.boston.com/dailynews/099/economy/MGM_Mirage_failed_to_file_fede:.shtml

Retiring GM chairman led automaker through biggest turnaround

http://www.boston.com/dailynews/099/economy/Retiring_GM_chairman_led_autom:.shtml


[Headlines] 

Sports Briefs---

Bradway on Losing Morton: We Got Bad Advice

http://www.newsday.com/sports/football/ny-jets093214229apr09,0,5797046.story?coll=ny%2Dfootball%2Dheadlines

Arbitrator In Morton Case A Redskin Season Ticket Holder

http://www.nypost.com/sports/jets/33745.htm

Patriots lose out on DT Woodard

http://espn.go.com/nfl/columns/pasquarelli_len/1536184.html

[Headlines] 
 

This Day in American History—Highlights

    1777-the Continental Congress held a lottery for the purpose of raising funds. The lottery was approved on November 1, 1776, and seven managers were appointed to conduct it. Treasury bank notes were awarded as prizes, payable at

the end of five years. Funds were obtained by lottery by individual colonies at various times prior to this national lottery.

    1790-when Robert Gray docked the Columbia at Boston Harbor this day in 1790, he became the first American to circumnavigate the earth. It took him three years. His 42,000-mile journey opened trade between New England and the Pacific Northwest and helped the US establish claims to the Oregon Territory.

    1829- the birthday of General William Booth, founder of the movement that became known, in     1878, as the Salvation Army, was born at Nottingham, England. Apprenticed to a pawnbroker at the age of 13, Booth experienced firsthand the misery of poverty. He broke with conventional church religion and established a quasi-military religious organization with military uniforms and ranks. Recruiting from the poor, from converted criminals and from many other social outcasts, his organization grew rapidly and its influence spread from England to the US and to other countries. At revivals in slum areas the itinerant evangelist offered help for the poor, homes for the homeless, sobriety for alcoholics, rescue homes for women and girls, training centers and legal aid. Booth died at London, England, Aug 20, 1912.

    1845-Erastus Brigham Bigelow received a patent for his invention of gingham manufacturing machinery. Previously, all gingham had been made by hand at home. He capitalized Lancaster Mills at $500,000 and opened it in 1846 in Clinton, MA

    1915-birthday of Harry Morgan, a New York actor, close friend of Clifford Odets, and many of the fine actors, who moved to Hollywood and became a hit on "December Bride", then "Pete and Gladys, then went to M*A*S*H and to Dragnet, among others. His eldest son was Chris, one of my best friends at

University High School, played third “solo” trumpet in my band. His family lived in Harry Carey’s old house, not far from Robert Taylor. I could tell you a lot of funny stories about Manderville Canyon and who lived there. I have lost touch

with him since the 1970’s, although I am told his younger broker is a major

studio producer and to search in that manner.

    1916- A number of golf professionals are invited to lunch at the Taplow Club on January 17, by Rodman Wanamaker to discuss the feasibility of forming a national association of golf professionals. PGA of America founded April 10 in New York City with 35 charter members, says the official site, but history books state the number at 83 “ Following the organizational luncheon meeting called by Rodman Wanamaker in January, 82 charter members approved a constitution to create the Professional Golfers’ Association of America. The members agreed to promote interest in the game of golf, elevate the standards of the golf professional’s vocation, protect their mutual interests and establish a national professional championship

    1921-birthday of Chuck Connors ( Kevin Joseph)."The Rifleman" of television fame, Chuck Connors played that role from 1958 to 1963. His portrayal of a slave owner in the miniseries Roots won him an Emmy nomination. Connors acted in more than 45 films and appeared on many TV series and specials. He played professional basketball , recorded in history as the first player to break the basketball player to break the basketball backboard in a game in Boston. He also played baseball before becoming an actor. Born at Brooklyn, NY; died Nov 10, 1992, at Los Angeles, CA. ( My father Lawrence Menkin wrote many of “The Rifleman” scripts.)

    1921 – birthday of Sheb Wooley (CMA comic of the Year [1968]; singer, songwriter: The Purple People Eater, Are You Satisfied, Hee Haw theme; actor: Rawhide, High Noon, Rocky Mountain, Giant, Hoosiers) http://www.classicimages.com/1998/march98/shebwooley.html

    1939-Glenn Miller records “Little Brown Jug,” “Sunrise Serenade” (Bluebird 10286, 10214)

    1941-Jimmy Rushing records “Goin’ to Chicago” with County Basie (Okeh 6244) http://library.thinkquest.org/10320/Rushing.htm http://www.blueflamecafe.com/index.html

http://www.audio-archives.com/catalogue/fiches/e_Jazz_8.htm

    1942- On this morning American and Filipino prisoners were herded together by Japanese soldiers on Mariveles Airfield on Bataan (in the Philippine islands) and began the Death March to Camp O'Donnell, near Cabanatuan. During the six-day march they were given only one bowl of rice. More than 5,200 Americans and many more Filipinos lost their lives in the course of the march.

    1956--Top Hits

Heartbreak Hotel - Elvis Presley

The Poor People of Paris - Les Baxter

(You’ve Got) The Magic Touch - The Platters

Blue Suede Shoes - Carl Perkins

    1961-South African Gary Player shot an 8-under par 280 to become the first foreign player to win the Masters. Player, defeated Arnold Palmer and Charley Coe by one stroke. He won the tournament again in 1974 and 1978.

    1963- the Houston Colt .45s, a National League expansion team, hosted the first major league game ever played in Texas, beating the Chicago Cubs, 11-2, before 25,000. The Colt .45s finished the year in eight place with a record of 64-96. Renamed the Astros in 1965, they won their first division title in 1980.

    1964---Top Hits

Can’t Buy Me Love - The Beatles

Twist and Shout - The Beatles

Suspicion - Terry Stafford

Understand Your Man - Johnny Cash

    1967 – 39^th Annual Academy Awards held at the Santa Monica Civic Auditorium. Bob Hope was the host. ""Virginia Woolf" won Best Costume Design/Black-and-White (Irene Sharaff) and "Seasons" won the award in the Color category (Joan Bridge and Elizabeth Haffenden); "Seasons" also won Best Cinematography/Color (Ted Moore) and "Virginia Woolf" the Black-and-White division (Haskell Wexler). Then "Virgina Woolf" won for Best Art Direction/Set Decoration, Black-and-White (George James Hopkins, Richard Sylbert) while "Seasons" took the Oscar for Best Writing/Screenplay Based on Material from Another Medium (Robert Bolt). They were tied. Best Supporting Actress: "Who’s Afraid of Virginia Woolf" (Sandy Dennis), but Best Supporting Actor went to Walter Matthau in "The Fortune Cookie". "Virginia Woolf", ahead by one. The Best Music/Song Oscar went to "Born Free" (John Barry-music, Don Black-lyrics) from the movie of the same title. The fight was still on since neither "Seasons" nor "Virginia Woolf" was nominated in that category. The Academy Award for Best Actress went to Elizabeth Taylor for "Who’s Afraid of Virginnia Woolf. The Best Picture of 1966 winner as "A Man for All Seasons", Fred Zinnemann, producer. http://www.infoplease.com/ipa/A0149051.html

    1968 –The Academy of Motion Picture Arts and Sciences postponed the 40th Annual Academy Awards ceremonies two days because of the assassination of Dr. Martin Luther King. It was held at the Santa Monica Civic Auditorium. Bob Hope was the host. The Best Picture of 1967, "In the Heat of the Night" (Walter Mirisch, producer), and "Guess Who’s Coming to Dinner" (Best Actress: Katharine Hepburn—She is the only actress to win the award two consecutive years in a row Guess Who's Coming to Dinner (1967) and The Lion in Winter , plus the most Best Actress Awards *(1968and Best Writing/Story and Screenplay/Written Directly for the Screen (William Rose), . "Heat" won four more Oscars that evening: Best Actor (Rod Steiger); Best Writing/Screenplay Based on Material from Another Medium (Stirling Silliphant); Best Sound (Samuel Goldwyn SSD); Best Film Editing (Hal Ashby). Best Supporting Actor George Kennedy ("Cool Hand Luke"), Best Supporting Actress Estelle Parsons ("Bonnie and Clyde"); Best Music/Song, "Talk to the Animals" from "Doctor Dolittle" (Leslie Bricusse). Mike Nichols who lost to "The Man for All Seasons" the previous year, won this time, as Best Director for "The Graduate". Other serious contenders for the golden statuette were: "Casino Royale", "Thoroughly Modern Millie", "The Dirty Dozen", "Divorce American Style", "Camelot", "The Jungle Book", "Far from the Madding Crowd", "Valley of the Dolls", "In Cold Blood", "Barefoot in the Park". http://www.infoplease.com/ipa/A0149089.html

*

    1970 - Officially resigning from The Beatles, Paul McCartney disbanded perhaps the most influential rock group in history at a public news conference. The Beatles hit, "Let It Be", was riding high on the pop charts. The last recording for the group, "The Long and Winding Road" (also from the documentary film "Let It Be"), would be number one for two weeks beginning on June 13, bringing to a close a chapter in rock and roll music.

    1972---Top Hits

A Horse with No Name - America

The First Time Ever I Saw Your Face - Roberta Flack

I Gotcha - Joe Tex

My Hang-Up is You - Freddie Hart

1972 - The 44th Annual Academy Awards celebration was held at Los Angeles’ Dorothy Chandler Pavilion. The hosts of the evening’s festivities: Helen Hayes, Alan King, Sammy Davis Jr., and Jack Lemmon. The nominees were: "A Clockwork Orange", "Fiddler on the Roof", "The Last Picture Show", "Nicholas and Alexandra" and "The French Connection". And the Oscar goes to ... "The French Connection", Philip D’Antoni, producer. The Oscar also went to "The French Connection" for Best Director (William Friedkin); Best Actor (Gene Hackman); Best Writing/Screenplay Based on Material from Another Medium (Ernest Tidyman); and Best Film Editing (Gerald B. Greenberg). All of the other Best Picture nominees (except "A Clockwork Orange") also received Oscars: "The Last Picture Show" won for both supporting actor and actress (Ben Johnson and Cloris Leachman respectively); "Fiddler on the Roof" won for Best Cinematography (Oswald Morris), Best Sound (Gordon K. McCallum, David Hildyard) and Best Music/Scoring Adaptation/Original Song Score (John Williams); "Nicholas and Alexandra" won the awards for Best Art Direction/Set Decoration (John Box, Ernest Archer, Jack Maxsted, Gil Parrondo, Vernon Dixon) and Best Costume Design (Yvonne Blake, Antonio Castillo). "Klute" won one out of its two nominations: Best Actress (Jane Fonda) and "Shaft" won its only nomination: Best Music/Song (Isaac Hayes, "Theme from Shaft". Other films from 1971 that received accolades: "Willy Wonka & the Chocolate Factory"; "Sunday Bloody Sunday"; "Carnal Knowledge"; "Summer of ’42", "Bedknobs and Broomsticks"; "Mary, Queen of Scots"; and "McCabe & Mrs. Miller". http://www.infoplease.com/ipa/A0149208.html

    1985 - Eddie Murphy’s "Beverly Hills Cop" made it to the top ten on the list of top-grossing motion pictures. The film, at number nine on the list, was the only R-rated and non-summer movie to make the list.

    1988---Top Hits

Get Outta My Dreams, Get Into My Car - Billy Ocean

Out of the Blue - Debbie Gibson

Devil Inside - INXS

Famous Last Words of a Fool - George Strait

NBA Finals Champions This Date

    1953---Minneapolis Lakers

    1955 Syracuse Nationals

Stanley Cup Champions This Date

    1934 Chicago Blackhawks

    1956 Montreal Canadiens

[Headlines] 

#### Press Release ############################################

#### Press Release ##########################################

THE MARCH TOWARD SUBPRIME; BEWARE THE LANDMINES

===============================================================

Within the last week, both AMERICAN BANKER and the FINANCIAL TIMES ran articles discussing the focus that major bank and non-bank lenders continue

to place on the subprime customer. For example:

- Citibank and HSBC are the two largest subprime lenders in the U.S

- JP Morgan Chase recently purchased a subprime portfolio from Providian

- GE Capital views what they term the “near prime” consumer to be their

“sweet spot”

At the same time, other banks, such as Bank of America, have sold subprime

assets.

THE ATTRACTION OF SUBPRIME

Why are financial services providers, who had been concentrating on

corporate banking, investment banking, and venture capital, suddenly turning

their attention to the subprime consumer?

Given their recent focus, the first reason is almost self-evident. To quote

the AMERICAN BANKER: “Companies like G.E. Consumer Finance, HSBC, and their

competitors, including Citicorp and Wells Fargo, say the [subprime consumer

finance] business is far more stable than the investment banking businesses

that other companies have attempted to build up in recent years.” For most

banks, the corporate, IBK, and VC businesses are tough at best.

Beyond “relative” stability, earnings can be enormous. The FINANCIAL TIMES:

“Subprime finance also offers the potential for big returns. Last year,

Citigroup’s consumer finance operations in North America had a net interest

margin of 8.47 percent. In other areas of the world, its net interest margin

on consumer finance was a staggering 21.14 per cent.” No, that is not a

typo.

Many check cashers, some national, but most local, have generated consistent

earnings by serving the subprime market, albeit in a service tied to check

cashing rather than lending. However, we also know of many “mom and pop”

lenders, located primarily in the Southeast and the Southwest, who have

succeeded for years in lending to subprime customers, often by means of

payday or very short-term loans.

Not only is the market viewed as stable and profitable, but also some

estimate that the market is growing. Today, subprime represents about 40% of

the $14 trillion consumer finance market. Analysts suggest that events such

as corporate downsizing and divorce will serve to increase the market.

BUT, DON’T FORGET THE RISKS

As expected, there are also good reasons to avoid subprime customers. Again,

to quote the FINANCIAL TIMES: “Wachovia, the fourth biggest U.S. bank by

assets, lost billions of dollars in the 1990s (when it was known as First

Union) by buying a subprime lender called Money Store. Conseco, an insurer

that filed for bankruptcy last year, never recovered from its purchase of

Green Tree, a specialist in loans for low-cost manufactured housing.”

Players also face significant regulatory and consumer advocacy risks. Both

Household and Citi/Associates had to pay fines of $484 million and $240

million, respectively, related to so-called “predatory lending” violations.

Capital One also faced some negative publicity resulting from what some

viewed as its surprising degree of dependence on subprime customers.

Banks have to have the “stomach” for this business. In recent years, we

worked with one client on a project related to entering the subprime market.

Despite the client’s enthusiasm about the business’s positive economics,

they decided not to pursue the opportunity because of their concern over the

negative image and poor publicity that they might suffer from entering the

subprime arena.

WHICH PROVIDERS ARE RIGHT FOR SUBPRIME?

As the head of GE Consumer Finance noted in the AMERICAN BANKER, “There are

two ways to blow up as far as I am concerned: risk management and

compliance.”

Big companies should possess an advantage at managing both risk and

compliance. Many have detailed processes and sophisticated systems in place.

However, as Wachovia (then First Union), Household, and other’s experience

have shown, size may not be a key determinant of success.

For another client, several years ago we conducted an acquisition-related

analysis of one of the major subprime companies. Based upon public

information, we could not understand how the target company could generate

sustainable earnings. (We did have the advantage of having worked for a

major subprime player and had an understanding of what made them tick.)

While we recommended taking a pass on this target, a major bank went ahead

and acquired the company. Despite the extensive resources they had available

to evaluate the company and make the deal work, they were fundamentally

wrong in their analysis and integration approach, and, after a time, threw

in the towel on this business.

Our view is that most lenders should avoid the subprime market. It requires

excellent underwriting discipline and strong collections capabilities as

well as rigorous ongoing portfolio management capabilities and a willingness

to bank a customer who often goes against the norm.

On the other side of the size scale, locally based mom and pops can continue

to succeed in this market, even though their cost of capital may be much

higher than publicly funded players. These small companies leverage their

in-depth knowledge of the local customer base to manage risk. While credit

scoring is largely unknown to them, they often excel at reputation-based

lending.

SUCCEEDING IN SUBPRIME

In particular, we are concerned with the ability of the mid-sized player to

succeed in the subprime lending business. Subprime is not a business that

you can enter successfully without a clear commitment to it and all that it

entails.

One key first step involves management determining what “subprime” means

within its institution. As mentioned above, GE talks about the “near prime”

as its market focus; others center on specific ethnic groups or focus only

on consumers and businesses located in specific local areas. As in almost

all marketing endeavors, some simple segmentation will make all the

difference to success.

Compared to investment banking and some other areas, subprime may appear to

be more consistent and less volatile in both growth paths and performance

quality. But, it would be a mistake to rely on past performance to define

likely success going forward. As has already been experienced by several

players, this is a market that suffers fools badly.

=====================================================

NOW AVAILABLE FOR ONLY $500: 2001 SMALL BUSINESS STATE OF THE MARKET

REPORT - a comprehensive study of the small business market and its use of

financial services products and providers. By joining the perspective of

over 400 small business owners with FIC's extensive knowledge of the small

business market and financial services industry, the report looks at market

size, use of products, product providers, credit cards, credit, primary

providers, delivery channels, online banking, and segmentation. For more

information or to purchase, e-mail: mharvey@ficinc.com.

=====================================================

ABOUT FINANCIAL INSTITUTIONS CONSULTING

FIC is a strategy consulting firm addressing issues related to growth and

profitability for financial services clients. We emphasize practical,

bottom-line results based on quantitative and qualitative research and an

in-depth understanding of industry dynamics.

For more information about our consulting services or if you have questions

or comments, please e-mail info@ficinc.com.

FINANCIAL INSTITUTIONS CONSULTING, INC.

475 Fifth Avenue, 19th Floor

New York, NY 10017

212-252-6700

www.ficinc.com

### Press Release #############################################