Wednesday, April 16, 2008 Headlines--- Correction: DWJ Capital listing ######## surrounding the article denotes it is a “press release”
------------------------------------------------------------------ Correction: DWJ Capital listing
Many readers contacted us, questioning DWJ Capital listing in “Broker/Lessors.” First, the error in the number of employees at DWJ Capital, Irvine, California was a typo, caught after it went on line. It should be seven not 70. We corrected it on line. When Daniel Wabs faxed the form to Leasing News, he was contacted and it was suggested that he add his name, e-mail address, and telephone number instead of what he had put down. The 15 years of leasing experience was discussed. The company has employees who have been in the leasing industry for extended periods of time, so that was acceptable to this editor. Dan Wabs never claimed to have 15 years himself. His company also is in the commercial finance business with more employees, but this was not mentioned as it is not covered in the form. Many broker/lessors have other companies or services they offer. Leasing News only counts those in the leasing, as we have done with many other companies, specifically bank leasing companies Several readers called to let us know they could not find the company as a member of the Equipment Leasing and Finance Association (ELFA) or United Association of Equipment Leasing (UAEL.) First, we are glad that they contacted us. It is true that we did not check this out, but Dan Wabs told us an application was in process. It was our decision to list the leasing associations as Leasing News wants After the calls from readers, Leasing News contacted UAEL Membership Director Bill Grohe, who confirmed an application was in process. Bill also thought Dan Wabs or someone from his company was coming to the Spring Conference in Sonoma. Bill told us UAEL is over their expected turn-out, but he added there is always room for one more. Don Ethier, Membership Chairman of the Equipment Leasing and Finance Association, at first could not find the company listed, but then followed up with an e-mail that they had an application from DWJ One or two readers mentioned there was no street address in the web site “contact us” form. This is not uncommon and in putting lists together, we have found large companies, such as LEAF who does not put division address or telephone numbers on their web site, as well as medium to small companies, who primarily want to be contacted by e-mail or “contact form.” Dan Wabs said they were in the process of “tweaking” their web site. He wasn’t happy with it and it was on his priority list. For readers who were concerned, Leasing News appreciates hearing from you. Kit Menkin, editor Here is the amended listing: "Broker/Lessor" List Third Column: YES - Year Company Started | YELB - Years in equipment Leasing Business A - City Business License | B- State License | C - Certified Leasing Professional |
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"Broker/Lessor" List Third Column: YES - Year Company Started | YELB - Years in equipment Leasing Business Business Reports: Companies listed may make any netiquette comment about their company or reports or other information in the footnote section of their listing. Leasing News recommends readers also view the footnote as well as the section itself or searching reports on the business. It also should be noted that if a BBB report listing is found by a reader, as there may not have been one when this was last up-dated, please send the link to maria@leasingnews.org so Leasing News may up-date this section. BBB - Better Business Report | CBB - Leasing News Complaint Bulletin Board A - City Business License | B- State License | C - Certified Leasing Professional |
-------------------------------------------------------------- Automatic Lease Extensions Not So Automatic
www.credittoday.com Credit and the Law: The Situation Radiologists Sander Derrickson and Paulina Smith were partners in a medical practice known as Suffolk Open MRI. In February 1996, the practice entered into a 60-month written agreement with Diagnost-Equip, Inc. ("DEI") for the lease of an MRI machine and CT scanner. The lease, which was personally guaranteed by Drs. Derrickson and Smith, appeared to be fairly standard and contained the following relevant provisions: "16. Ownership of Leased Property: The Equipment shall at all times remain the property of the Lessor, and Lessee shall have no right, title or interest therein. Lessee shall have no option to purchase or otherwise acquire title to or ownership of any of the Equipment and shall have only the right to use same under and subject to the terms of this Lease. ... "17. Obligation to Return Leased Property: Upon the termination in any manner whatever of this Lease or any extension thereof, the Lessee shall forthwith deliver, freight prepaid, the Equipment to the Lessor at an address to be designated by Lessor, complete and in good order and condition, reasonable wear and tear excepted, and shall pay to Lessor the full amount of rental then due on it ... "19(a) Failure to return Property as Extension of Lease: If upon the expiration of the full term of this Lease, the Lessee does not immediately return the Equipment to the Lessor, and the Lessor does not request its return, then the Equipment shall continue to be held and leased under and in accordance with the conditions in this Lease, and the same shall thereupon be extended indefinitely as to term, but thereafter either the Lessee or the Lessor upon thirty (30) days notice in writing to the other may terminate it, whereupon the Lessee shall forthwith deliver the Equipment to the Lessor at the designated address." At the conclusion of the lease period in February 2005, Derrickson and Smith did not return the radiology equipment covered by the DEI lease. Eventually a sizeable arrearage accumulated. After dealing with the office manager for a period of time, DEI sent formal demand letters to the doctors, seeking to collect on the personal guaranties. When the doctors failed to respond, DEI contacted a lawyer for assistance with collection. To DEI's surprise, the lawyer informed DEI that its chances of recovering the outstanding debt were nil. Why? Answers and analysis As it involves a fairly typical equipment lease situation, there are a number of fairly typical legal defenses that might be interposed against a suit for collection of this outstanding balance. The doctors might contend that DEI waited an extraordinary length of time before attempting to collect on the Lease extension payments. They might throw around the word "unconscionable." They might try to invalidate the personal guaranties on one of a number of bases. They might even try to prove that this was not a lease at all but a disguised sale, after which they had no further financial obligation and title to the Equipment passed to them. None of these arguments is persuasive. The stinger here is a state statute that overcomes and supersedes this Lease's clear language automatically renewing the lease under its terms. New York, for example, has passed legislation that provides a complete defense to any such action for rent. Part of New York's statute (General Obligations Law §5-901) reads as follows: Since DEI did not, between 15 and 30 days before the last day of the lease, send a written notice advising the radiology practice that the lease would automatically renew if they failed to return the equipment, the lease extension is invalid. Under the law, then, no rent is due thereunder. This legal result, however, does not leave the parties in limbo nor does it entitle the doctors to keep the equipment without paying for it. DEI should immediately make formal demand for return of the equipment or, in the alternative, the execution of a new lease agreement. If the doctors do not return the leased items, they can be sued for conversion of (improper exercise of ownership over) the equipment. Such a conversion suit can proceed in two ways: first, as a monetary claim for the value of the equipment; or second, as a replevin action, in which the court orders return of the equipment, and a sheriff's deputy or constable executes the order, physically accompanying the creditor onto the debtor's property to retrieve the equipment under color of law. Not all states have this type of protective "notice" legislation in place; in fact most do not. But if a brief written reminder of the renewal provision of the lease, sent just before its conclusion, can be easily incorporated into the collections process, it would be beneficial even for creditors in states that do not have such a law. Gently making one's legal position clear at a time when one has the upper hand and before the credit situation has deteriorated is almost always a good idea. Ann Morales Olazábal, MBA, JD, is an Associate Professor of Business Law, University of Miami and a contributing editor of Credit Today. Sample articles are available at: To learn more about subscription, please go to: ELFA Legal Forum – May 4-6 in Chicago --------------------------------------------------------------
News on the street is that Marlin Leasing has dropped its “Capital Business Loan” program. Since CEO Dan Dyer is not talking, perhaps the investors have confirmed the news, hence the stock is down to
Also out of the factoring business along with opening an industrial bank in today’s financial climate, now out of “capital loans!?” Once a leader in the small ticket marketplace, the company is becoming
US Bancorp stopped sending us press releases when we identified Sal Maglietta when he was appointed to head the specialty group in Portland, Oregon, mostly from the old Oliver-Allen operation. Reportedly six of his top sales left, who were doing 70% of the business, because of the changes in compensation. Other salesmen are unhappy. They told Leasing News they would like to leave as soon as some of their deals are completed. Located in Larkspur, California, Oliver-Allen started in 1973, when Marin County was the location for over a dozen leasing companies and funders. Oliver-Allen was one of the first companies to specialize in IT: leasing equipment for computer systems, networking, communications, PC connectivity, primarily to middle market clients. They were sold in March, 2000 to US Bancorp.
Leasing employment statistics seems to have made one of the largest declines from March to April, 2008. The results were so surprising, the figures are being completely re-done. Hopefully Leasing News What the expectations of GE first quarter meant: more cuts there, including the leasing industry. For readers who think otherwise, the editor personally holds GE stock and CIT stock, both excellent companies, despite what you may read elsewhere.
What happened to Jeffrey Taylor, CLP, CPA, author, lease trainer who moved to Arizona and then went into real estate? He now also has Scottsdale Luxury Cruises. No joke, please go to: Jeffrey Taylor is also the author of Selling Leasing "In A Tough Economy and The Future of Equipment Leasing." Published in September, 2006, the book is available for $14.95 from Target:
Where is Rick Remiker, former Managing Director, Group Head MERRILL LYNCH CAPITAL,
Ending this on a down note, as it was not until recently did Leasing News learn of the passing of Chuck Griffin last September , at one time very active in the industry: “GRIFFIN -- Charles Kevin "Chuck" Griffin Sr., 64, died on September 5, 2007. He was born in Watertown, MA. Chuck devoted his life to community service, serving the country as a pilot in the U.S. Army for 20 years and later helping thousands of people with his service to Civitan International, where he founded three community service clubs and served on the international board of directors. He owned several businesses in the last two decades including Albuquerque Leasing and Flex Leasing. He also was an avid balloonist, having flown in 25 Albuquerque International Balloon Fiestas and holding the world record for the most sky divers to jump from a hot air balloon. He was the pilot of that flight. Chuck is survived by three children - Grace Ann, Charles "Kevin" Jr. of Baton Rouge, his wife, Trista and their children, Colin and Teagan , and Sean; a sister, Beryl Basham of San Diego, her husband, Daryl and their children, Brandon and Blair; two brothers, Brian of Los Angeles and Gerald of Virginia and the mother of his youngest son, Joanie. He is preceded in death by the parents that raised him, Gwen and Negail Riley. A Memorial Service will be held at 10 a.m. Saturday, September 29, 2007 at the Albuquerque International Balloon Museum, 9201 Balloon Museum Drive NE . Memorial contributions should be made in Chuck's name to the Civitan International Foundation, 1 Civitan Place, Birmingham, AL 35213.”
-------------------------------------------------------------- Hal Horowitz added to Leasing Recruiters List Leasing Industry Recruiters These companies have experience in the finance and leasing industry Please fax our request form back to 408.317-2066 or you Second Column: YCS - Year Company Started | YELB - Years in equipment Leasing Business
-------------------------------------------------------------- Leasing Industry Help Wanted Collector
Document Processor
Leasing Sales Representative
Special Assets Workout Officer
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Previous columns on “Selling Up” by Steve Chriest are available here: http://www.leasingnews.org/Selling_Up/index.htm
-------------------------------------------------------------- Dale Davis, Leasing News Advisor
Dale Davis is the President of Endeavor Financial Services He has been in the vehicle and equipment leasing business since 1978. “I spent ten years at the Ford store leasing, renting and selling cars and ten more in independent finance before striking out on my own in 1998. Endeavor still leases cars and trucks (and medical equipment and software and…) but we really concentrate on providing complete lending and procurement solutions for our clients. Dale was the President of the National Vehicle Leasing Association (NVLA) in 2005 and 2006 and currently is active on the board of directors and several committees. He was presented with the association’s Lifetime Achievement award in 2007. Dale is a contributing author to “Foundations of Leasing", an industry publication. He is also active with local community groups and the Make-A-Wish Foundation. Dale is married and has four children ranging in age from 18 to 4.
1. What is the biggest issue you face in your business? “Frankly, we are doing pretty well. We would like to diversify our portfolios a bit so we are working hard on expanding our vendor base to new markets.” 2. What advice would you give to a young person entering the business today? “A. Think long term. The lease you participate in today can become twenty if properly managed. 3. To what do you attribute your success? “I learned to not take the low road early on. Car salesmen rarely garner much respect, if any, so when I started, building a solid reputation was everything. Maintaining that perspective of fairness, regardless of the perceived immediate gain has worked well for me.” 4. What is one big thing that you hope to do before you die? -------------------------------------------------------------- Screen Resolutions affect what you see
Most readers do not realize the resolution size they have their monitor set for will change the size of what is sent; meaning you may not be viewing the original size. To properly measure size on the internet often the "pixel" size is utilized. Inches and meters don't work, nor do "pica" as for printed newspapers. As a rule of thumb, the lower the number, the larger the graphics, including fonts will appear, but are not as sharp as the higher the number. In fact, the higher the number, the clearer and perhaps brighter the picture will appear on your screen. A video card makes a big difference, and there are other programs, such as Liquid View and Pivot that can change the appearance.
To view where you are among users, please go here: marketshare Leasing News is created on a monitor turned sideways for a large portrait using both liquid view and pilot; pixel is 1024 x 1280. According to the chart, we are .02% of the users. Liquid View and Pivot are available at www.portrait.com/
-------------------------------------------------------------- Family Watch Dog---Predator alert
----Developed by John Walsh from Americas Most Wanted. It is www.familywatchdog.us When you visit this site you can enter your address and a map will pop up with your house as the small icon of a house and red, blue, green, dots surrounding your entire neighborhood. When you click on these dots a picture of a person will appear with an address and the description of the crime he or she had committed. You may be surprised. There are other features available. The site recommends that you can show your children pictures and see how close these people live to your home or school. --------------------------------------------------------------- ZRG adds to Toronto and Florida Offices with two new Managing Directors Westborough, MA - ZRG is pleased to announce the addition Christian Bezick and Ryan Van Schyndel as Managing Directors adding to the firm’s financial services lending practice.
Christian Bezick will work out of the firms Boca Raton, Florida offices. He previously worked for Morgan Samuels where he was a senior leader in the firm’s financial services practice focusing on executive leadership in the capital markets, commercial banking, wealth management and commercial real estate areas. His direct business experience spans over twenty years in commercial real estate, corporate finance, mergers and acquisitions, operations and general management. His business experience includes Senior Vice President of Ocwen Financial Corporation, a multi-billion dollar, publicly traded holding company engaged in a variety of businesses related to commercial and residential mortgage acquisition, servicing, and asset management. Chris was also a merger and acquisition consultant, building and project manager at LaSalle Partners and an officer in the US Army, where he was the logistics officer for a rapid deployment force brigade. Mr. Bezick holds an MBA in finance and marketing from Northwestern University's J.L. Kellogg Graduate School of Management and a BS in Engineering, with a concentration in Aerospace Engineering from the United States Military Academy, West Point. Ryan Van Schyndel will work out of ZRG’s Toronto, Canada offices. Ryan brings extensive business experience having spent 10+ years with IBM Canada Ltd. in the IBM Software Group. In 1999 he was promoted to IBM Global Financing, where he held increasingly senior positions. From IBM, Ryan joined one of Canada’s largest retained search firms. With ZRG, Ryan will focus on Canadian search in Financial Services and lending businesses in Canada. Ryan holds a double degree from Carleton University in Political Science and Sociology with a specialization in International Conflict; he has also has 9 years of executive coaching and sales training with IBM Canada Ltd. 
Larry Hartmann, Managing Partner of ZRG, related, “We are maintaining an aggressive growth posture in 2008 focusing in markets and niches where hiring is still robust. Our fact based value proposition is the right solution for clients when every hire counts in markets like this. Both Ryan and Chris bring a strong track record of billing and client successes to our firm that will complement our existing practice areas”. About ZRG ZRG is a leading global boutique Executive Search, Consulting and Advisory firm. ZRG and its subsidiaries are entering their ninth year of providing value added human capital services to the several key markets including Financial Services, Life Sciences, Technology, Energy and Education. Headquartered in Boston, ZRG maintains strategic branch offices throughout the Americas. For more information, Contact or Christian Bezick at ### Press Release ########################### Amembal and Odessa Release Sales Products to Sell Leasing Philadelphia, PA -Odessa Technologies, Inc. and Amembal & Associates, in joint venture, announced the release of a suite of software products aimed at the sales force of leasing companies. After identifying a clear lack of specialized products catering specifically to the sales needs of the leasing industry, the companies have joined forces to address these needs. The sales suite of products, called “Leasedream,” will allow salespersons to sell leasing using an entire array of analytical tools. Each component of the sales suite will address a distinctive sales need and can be used as a stand-alone product. Odessa and A&A plan to market the suite internationally. Sudhir Amembal, Chairman of A&A and among the best-known and highly regarded leasing personalities in the world, organizes and runs numerous leasing classes and seminars for various governments, private companies and regional associations. In all his experience, Amembal has found “a repeated theme in the concerns that were expressed by sales persons, both in the US and abroad. With so much focus on both pre-sales and after-sales efforts, there’s an ironic lack of support for a crucial component: ‘during-sales’. When a sales person is trying to justify the benefits of leasing over purchasing, he/she has to often rely on their marketing skills alone.” Amembal points out that if using analytical tools which easily and clearly demonstrate the advantages of leasing, sales persons can be equipped with a major advantage. “If I’m a decision-maker debating between leasing and purchasing, I want to see reports and tangible reasons that show me the advantages that leasing has to offer”, says Madhu Natarajan, CEO of Odessa Technologies, Inc; “a compelling marketing-pitch ought to include definitive and easily understood advantages that the leasing-option might have over other alternatives.” The suite will include products that address the following needs: lease vs. purchase analysis, benefits of off-balance sheet financing and the advantages of true leases from an income tax point of view. Aimed specifically at the sales force, the products are being developed on platforms that are sales-friendly. About Odessa Technologies, Inc. Odessa Technologies, Inc. is a software company located in Philadelphia, PA, with a sole focus in building and marketing software solutions to the leasing industries. The LeaseWave suite is its fully-integrated family of products that cater to various parts of the leasing operations, providing an end-to-end solution that is fully Internet-based. Furthermore, recognizing that each business is unique, the LeaseWave suite has been engineered, specifically, to be customizable. Designed using cutting-edge technology and sound functional expertise, LeaseWave can be custom-built to fit around the unique needs of each lessor. While not every client requires customization, the LeaseWave suite is flexible to cater to even the most complex of business models, as evidenced by its strong customer base. LeaseWave is the only end-to-end system that is fully Internet-based. Its technology as well as its ability to be customized easily differentiates it from competing products. About Sudhir Amembal: Sudhir P. Amembal is Chairman and CEO of Amembal & Associates, the world’s foremost authority in lease education, consultancy and publications. Entities under his stewardship have trained over 60,000 leasing professionals throughout the world. As a government advisor, Mr. Amembal has spearheaded lease consultancy engagements conducted on behalf of over 20 governments. These engagements required him to review the overall leasing industry in each country and devise strategic recommendations to facilitate the growth of the industry. He has co-authored 16 books on leasing, including the current best-seller Winning With Leasing. He has chaired each of the annual World Leasing Conventions from 1993 to date. He will chair the 2008 convention to be held in Amsterdam. He is the publisher of a soon to be launched online global magazine, WorldLeasingnNews.com and he serves as an advisor to Lease Inspection.com. ### Press Release ###########################
News Briefs---- An Inflation Indicator Leaves the Fed in a Tough Spot Washington Mutual posts $1.14B loss amid credit crisis Wholesale prices soared in March Big Tax Breaks for Businesses in Housing Bill ---------------------------------------------------------------
You May have Missed--- The 3 Flavors of Business Voip
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“Gimme that Wine” You Don’t Have to Be Jewish to Love Them New Zealand's next step: Saddled with the popularity of Sauvignon Blanc, winemakers yearn for a challenge Colorado Gov. Signs Bill Allowing Sunday Liquor Sales The Biodynamic Story of Beckmen Vineyards Wine Prices by vintage ----------------------------------------------------------------
Calendar Events This Day Eggs Benedict Day International Moment of Laugher Day National Wear Your Pajama’s to Work National Librarian Day National Stress Awareness Day Stress Awareness Day Saint feast Days
http://www.catholic.org/saints/f_day/apr.php ----------------------------------------------------------------
More than 99.9% of all the animal species that have ever lived on earth were extinct before the coming of man.
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Today's Top Event in History 1935- On snowy day and near freezing day as the band plays Jingle Bells at Boston's Braves Field, Babe Ruth makes his National league debut as he homers and singles off Giants' legend Carl Hubbell. Although the Braves beat New York,4-2, the team will go on to win only 37 more games this season. [headlines]
This Day in American History 1789 - George Washington left Mount Vernon, Va., for the first presidential inauguration in New York. -------------------------------------------------------------- Spring Poem Sonnet 116 Let me not to the marriage of true minds --------------------------------------------------------------
SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? http://leasingnews.org/Soduku/soduko-main.htm -------------------------------------------------------------- Daily Puzzle How to play: Refresh for current date: --------------------------------------------------------------
http://www.gasbuddy.com/ -------------------------------------------------------------- Provence, France-Vacation http://le-monastier.site.voila.fr/ -------------------------------------------------------------- News on Line---Internet Newspapers Henderson, North Carolina -------------------------------- |
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