Alert--GMD Founder is Back!
Alert--GMD Founder is Back!
When I wrote “A Real Live Sting” which appeared in Leasing News on March 8, 2010, the scenario was very much like the storyline in the movie "The Sting”. The “con-artists” scammed their money, and all those "duped" were willing to leave it alone.
Last week, after over five months, a caller revealed that Gilles Jean Casse, GDM’s former President who had fled to France) was back in New Orleans. Going back on my old notes on the file, I was reacquainted with another theme from this scam - “Where Is the Outrage?” I have been baffled by the complete silence by every one of the creditors. Here we were with unpaid debts exceeding $11 Million and a President who ran off to France to escape prosecution. It was as if the music had stopped, there were no more chairs, so everyone just went home. No bankruptcy, no law suits, and no one cared. It was like the ending of the movie, The Sting”.
Now in getting back to Casse, was he back to face the music and pay his debts? Did he want to clear his name? Where was he located? Some of my sources had no knowledge of his return, some said they were visited by the FBI, and some seemed quite unnerved by my call. Deep suspicion became my reaction when the North Texas banker whose bank lost $3.5 Million would not return several of my calls. What could be going on? Nothing has ever seemed normal or understandable in this case either in March or now in August 2010.
From reliable and public sources we now know that a Louisiana corporation was formed by two former investors of GMD International Inc and it is operating a carbon-copy of the fraudulent predecessor company in New Orleans. In a call to its President, he denied knowing that Gilles Jean Casse had returned to the U.S...Contrary to that remark our investigation revealed that while Mr. Casse is not a direct investor, but in a technical business such as this, he is an important technical contributor.
WE NOW HAVE ACT II…..WE WILL KEEP WATCH!
A Real Life "Sting"
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Many Readers Thank Leasing News for Allied Alert
Thank you for the compliments
This is to remind attorneys for these companies that have not filed Notice of Appearance and Request for Service of Notice for the Allied Health Care Services, Orange, New Jersey Involuntary Chapter 7 hearing to September 7, 2010, 12pm. Courtroom 3A, MLK, Jr. Federal Building, Newark, New Jersey, to please do so. Objections to be received no later than September 3, 2010, 11am.
This should be given to your attorney, if you have not responded, or if not notified, you should get on board now:
OST Interim Motion:
Those who have responded to date (who are not on the list of those who filed separate complaints):
All Points Capital Corp.
Two of the three who filed for Chapter 7, are also not on the complaint list:
Key Equipment Finance Inc
as well as
Here are those that filed a legal complaint prior to the Involuntary Chapter 7 (except for Kingsbridge Holding, one of the three, they have not responded):
These companies who have leases with Allied Health Care Services also have not responded to date:
From April, 2010:
(Don't have files with me as on vacation in Hawaii, but have spoken to several small banks in New Jersey that did leases in March and April. They should file.)
These are UCC filings from February, 2010, not responded:
From late 2009 UCC Filings:
There are many others including:
This also does not include the suit against the vendor and its founder: Donner Medical, Bruce Donner, brought by De Lage Landen. Perhaps the key to the entire matter!
(Leasing News provides this ad “gratis” as a means
BSB Leasing Joins the Funder List
Former “Super Broker” turns funder with over 80% of their deals to their line of credit.
A -Accepts Broker Business | B -Requires Broker be Licensed | C -Sub-Broker Program | D -"Private label Program" | E - Also "in house" salesmen
“In addition we offer an experienced Syndication Desk that can place transactions that fall outside of credit, equipment, geographic or dollar amount appetite.”
Don Myerson, President, is on the Leasing News Advisory Board, a long time personal friend of Kit Menkin, who also did a lot of business with him at American Leasing, a broker/lessor with their own non-recourse and recourse lines of credit; American Leasing is no longer active.
Full Funder List “A”:
Madison Capital Joins the “Back Office List”
Full Information on Madison Back Office:
Back Office Companies:
ELFA July MLFI is Misleading
The July Equipment Leasing and Finance Association (ELFA) Monthly Finance Index Press Release is quite misleading, especially appearing in the Wall Street Journal:
"CHICAGO (Dow Jones)--Financing volume for business equipment purchases grew by 16.7% in July, the largest increase in two years, according to a survey of banks and finance companies."
In the first paragraph of the press release, ELFA states "After 20 consecutive months of declines, business volume continues to show positive year-over-year growth in each of the last four months. The July increase in originations was the strongest in two years."
I don’t know what they were talking about. July, 2009 was $4.8 billion, down from the previous month of $5.2 and August, 2009 fell to $3.7. And comparing June of $5.5 to July of $5.6 is no "strongest growth in two years." Yes, it is up, and perhaps up from the previous year, but no “strongest in two years. “ Ask those in the business how they are doing.
The Equipment Leasing and Foundation Association reported July showed “Shows Continued Uncertainty” in their survey and quoted those in the industry about their predictions. (story follows this one).
To add to the misleading information from the Equipment Leasing and Finance Association, the quotation in the press release they chose comes from a man who has closed down LEAF Specialty, Columbia, South Carolina, and LEAF Financial company is reportedly for sale; 2009 SEC LEAF filings showed 377 employees; February down to 271; reportedly down to 113 now, primarily 80 in the former Dolphin operation in Missouri. His company is reportedly for sale, but you would never know it with his comments:
"There have been some positive signs in the industry,” said Crit DeMent, Chairman, CEO, LEAF Financial Corporation, in the ELFA press release. “In addition to the recent encouraging trends in origination growth and portfolio performance, the asset back securitization market seems to be strengthening for equipment leasing. Several lessors have completed transactions in 2010, and investors have been very receptive to our asset class because of its relatively good performance. The latter half of the year promises to be even stronger as issuers and rating agencies become more comfortable operating under some of the new government regulations. The return of this critical source of capital is a vital component to the long-term success of many in our industry, especially among independents and captives.”
It also appears ELFA is also out of touch with its publicity that the association will have any influence on changing the FASB proposal that has been in the works for several years from all sectors and influenced by out of the country financing standards also.
As Terry Winders, CLP, wrote in Monday's Leasing News: "The accounting changes proposed by the Financial Accounting Board on August 17. 2010 will be under review until December 15, 2010. You are invited to send your comments prior to that date. But do not expect much change. It appears they have their minds made up. They want leases “exposed”--- including all of the standard costs associated with it. They expect to implement them some time next year to be in effect for all of 2011."
Other writers on FASB in Leasing News have expressed the same opinion.
Ironically the Equipment Leasing and Finance Foundation reported last year that 91% of the leases are “capital leases.” So what are we talking about: multi-million dollar sales/leasebacks, international swapping, so Bank of America and General Electric pay less income tax. That’s really helping the economy and small business?
It’s about time transparency was more than a word and debt was expressed on the financial statement for both creditors and investors to see the entire balance sheet.
ELFA also has to get their act together regarding the continual opposition to changing "Evergreen" and "Winter Green" clauses to making it mandatory that lessors inform 90 days in advance of the purchase option, as the clause is being seriously abused by many small ticket lessors, even with $1.00 outs. Transparency is the issue, again. The “Evergreen” and “Winter Green” clauses are chasing small businesses away from leasing.
These criticisms on ELFA monthly chart, Evergreen, and being out of touch with small business is not new at Leasing News. It was hoped that new leadership would change things, but it looks like more of the old ways of taking care of Bank of America and General Electric and not the small businesses that make up the majority of the leasing industry clients.
WSJ: EFLA Reports Equipment Financing Up 16.7% July:
Resource America blames it on Leasing:
Leasing 102 by Mr. Terry Winders, CLP
Equipment Finance Industry Confidence Index Shows Continued Uncertainty
The Equipment Leasing & Finance Association reports (ELFA) “Overall, confidence in the equipment finance market is 58.2, an increase from the July 2010 index of 57.6.”
This uncertainty is further illustrated in the August confidence survey results.
Bank, Middle Market
“Companies and individuals continue to delay major capital expenditures, waiting for further evidence of strengthening in the U.S. economy. Pent-up demand for equipment and expansion will have significant favorable impact on the equipment finance industry, which could occur as early as the second quarter of 2011.”
Independent, Middle Market
“The recovery is a lot slower than we had expected. We continue to see demand in certain sectors from the end user side, but not the same confidence in the lending market.”
“I feel OK about the equipment finance industry's future. It is the future of the general economy that gives me pause for concern. Our industry needs the economy to realize some measure of expansion in order for businesses to make capital equipment expenditures.”
Captive, Middle Market
“It appears demand for equipment loans and leases are increasing slightly. We look for fourth quarter demand to be higher than the first half of the year.” Rob Stowers, Altec Capital
“When asked about the outlook for the future, survey respondent Harry Kaplun, President, Frost Bank said, ‘Events in general are positive although guarded. No sector is very robust. There is still quite a bit of capacity to be absorbed before any real growth will occur.’”
The ELFF press continues: “When asked to assess if their current business conditions would remain the same over the next four months, 22% of executives responding said they believe business conditions will improve over the next four months, a significant drop from 33.5% in July. 4.9% believe conditions will get worse, an improvement from July response of 7.5%. 73% believe business conditions will remain the same over the next four months, compared to the July response of 55%.
“22% of survey respondents, down from 30% in July, believe demand for leases and loans to fund capital expenditures (capex) will increase over the next four months, while 73%, believe demand will “remain the same” during the same four-month time period, and 5% believe demand will decrease.
“When asked, 27% of the executives reported they expect to hire more employees over the next four months, up significantly from 17.5% in July, and 71% expect no change in headcount over the next four months while 2% expect to lay off employees.”
August 2010 Survey Comments from Industry Executive Leadership:
Leasing Industry Help Wanted
Please see our Job Wanted section for possible new employees.
Sales Make it Happen
by Bob Teichman, CLP
Equipment leasing isn't the oldest profession in the world, but it comes close. There is evidence that agricultural leases were written over 4,000 years ago. Leases are no longer written on clay tablets, but types of assets leased then are leased today. We still lease agricultural equipment, we still lease land, we still lease cattle.
But leasing as we know it only really dates from the mid-twentieth century. Then a lessor could be a generalist, serving to its customers whatever kind of equipment they wanted using a limited palette of leases. Credit decisions were either heavily oriented towards collateral, or required intensive due diligence. Industry specialists were mainly affiliated with manufacturers.
Today the equipment leasing world is far more complex. Small ticket, medium ticket, large ticket, application-only, full disclosure, domestic, cross-border; the variations alone could and do fill entire volumes.
So how does a small practitioner decide where to spend his or her valuable selling time? Unlike large lessors, who cover all markets through specialized units, the small lessor or broker must establish limits and make careful choices.
Many successful lessors choose to specialize by industry. They learn all they can about their chosen industry, write articles for their industry's newsletters, join their industry's associations and exhibit at their industry's trade shows. They become part of the industry, are well-known to vendors and manufacturers, and, as a result, are the first lessors to come to mind when the subject of financing comes up.
Often, lessors work with industries with which they worked before they entered the leasing business. But how does a lessor with no equipment background choose an industry? The process may start with a preferred vendor, or with an acquaintance, or with a personal interest in a process or device. It doesn't matter if the starting point is small so long as the lessor maintains direction and a continued interest in the industry.
As with all industries, the equipment leasing business has peaks and valleys; we are still recovering from the most recent downturn. What happens to the lessor if his or her preferred industry goes into a decline? When the economy turned bad a few years ago I received a call from a lessor who specialized in an industry which few lenders wanted to fund. He believed he was at a dead end, since he didn't know any other business but that of his specialty. I suggested that he help his vendors obtain financing for their own needs and that he expand his vendor relationships by asking his industry vendors to refer companies who supplied equipment to them. This strategy worked.
Specializing in an industry doesn't mean turning away entirely from related opportunities. But it does require focus and dedication, and can pay long term dividends, both personal and economic.
Bob Teichman, CLP
Leasing Association 2010 Conferences
Conference Agenda at this date:
November 12-13, 2010
To make hotel reservations by phone - Contact (714) 540-7000 or (714) 438-4923
To view Leasing Association Events-Meetings Open to All, please click here.
The feisty comedy “Soul Kitchen” and the fantasy sequel “Nanny McPhee Returns” provide moviegoers with a rollicking double-feature, while DVD watchers will be able to choose from inspired screwball silliness (“Hot Tub Time Machine”), arresting historical drama (“North Face”), and a movie giant’s lesser-known masterpieces (“Three Silent Classics by Josef von Sternberg”).
Soul Kitchen (IFC Films): After tearing through art-house screens with such anguished tales as “Head-On” and “Edge of Heaven,” German-Turkish director Fatih Akin lightens up with this furiously energetic comedy set in the world of scrappy dreamers and tasty dishes. Set in a working-class Hamburg restaurant, the picture follows the misadventures of Zinos (Adam Bousdoukos), who’s scrambling to deal with one problem after another. There’s a girlfriend who’s leaving for China (Pheline Roggan), a new chef with a fiery temper (Birol Unel), and a band that’s going nowhere fast. To top it all, there’s a younger brother (Moritz Bleibtreu) who’s just out of jail and looking for a place to start anew. For a mix of tantalizing dishes and belly laughs, Akin’s on-stop party can’t be beat. With subtitles.
Nanny McPhee Returns (Universal Pictures): Nanny McPhee (Emma Thompson), the British governor endowed with awe-inspiring magical powers and less-than-inspiring looks, returns in this enjoyable sequel. This time around, her mission is to come to the aid of the Green family. Struggling to keep her bustling household together while her husband is off fighting during World War II, Mom (Maggie Gyllenhaal) has the extra load of snobbish visiting relatives, including a scoundrel of an uncle (Rhys Ifans). Thompson, who also wrote the screenplay, is marvelous in a role that slyly combines fantasy and sentiment. Building on the tradition of the remarkable British nanny while spoofing it (its potshots at Mary Poppins are delicious), this is family-entertainment of the first order.
New on DVD:
Hot Tub Time Machine (MGM): Don’t let the ridiculous title fool you: This comedy is one of the season’s funniest movies. It starts with a group of best friends coming together for some commiserating. Adam (John Cusack) is having romantic trouble, Nick (Craig Robinson) is a henpecked husband, Lou (Rob Corddry) is an aging party animal, and Jacob (Clark Duke) is too caught up in video games to see the world. Their bonding takes a fantastical turn when the hot tub at their club transports them back to 1986, giving each a chance to regain the dreams of their youth… and be utterly baffled by 1980s fashion. Not for anyone easily offended by crude humor, the movie nevertheless offers a parade of belly laughs and a genuine cleverness that undercuts the silliness of the plot.
North Face (Music Box Films): Ever since the 1920s, Germany has held a long tradition of poetic and exciting stories set on mountaintops. This updated version, based on a true story, offers some of the adventure of those alpine classics. Set in 1936, it tells the tale of Toni Kurtz (Benno Furmann) and Andi Hinterstoisser (Florian Lukas), a pair of daring rock-climbers who become reluctant stars of nascent Nazi propaganda by agreeing to conquer the dangerous Swiss Eiger mountains. Though the plot has plenty of interest for history buffs, the movie’s greatest asset remains its visual splendor. Making exceptional use of snowy peaks and endless icy expanses, director Philipp Stolzl creates a memorable blend of danger and exhilaration. Make sure to get a large screen. With subtitles.
Three Silent Classics by Josef von Sternberg (Criterion): Though his intensely romantic films with his intensely romantic films with his ironic German muse Marlene Dietrich have assured director Josef von Sternberg’s place in cinema, they have also obscured his lesser known but equally striking films. This three-disc DVD set from Criterion should help movie-lovers get acquainted with von Sternberg’s beautifully made silent movies. Included is 1927’s “Underworld,” arguably one of Hollywood’s pioneering gangster sagas, as well as “The Last Command” and “Docks of New York,” two masterful examples of purely visual storytelling from 1928. Peerlessly stylish and emotionally resonant under their luxurious surfaces, these movies are virtual feasts from one of cinema’s most expressive poets.
Brooklyn, New York ---Adopt a Dog
"By any measure, Leroy is a great dog! He was originally found as a stray several years ago and was adopted from us and lived with the family for 2 years. Sadly, some of his needs were sorely neglected, and he ended up being returned to us overweight! He misses having a family and a home. Leroy is good with other dogs and children and loves being outside. He is a great walker and would love to run and he likes water was well. He has been on a diet since he was returned and he is looking great now, having lost nearly 20lbs. His diet will need to be monitored closely, because he just loves his food. Perhaps, it was his time as a stray that made him food "obsessed". In fact, he needs to be stictly kept away from human foods so that he doesn't try to steal your dinner. We think Leroy is about 7 years old. But we know, he would make you a wonderful companion."
More photos of Leroy here:
BARC Shelter (Brooklyn Animal Resource Coalition)
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
Greenbrier Announces New Railcar and Refurbishment Orders
U.S. credit card debt drops to lowest level in 8 years
Woods’ ex-wife says she's ‘been through hell’
New York to tax Sliced Bagels
Google to allow phone calls from Gmail
Early bird gets the tourney: Furyk gets DQ'd for oversleeping
California Biggest Tax Dodgers: see everyone who owes over $300,000
Why did regulators close Sonoma Valley Bank?
Schwarzenegger: Lower the state's sales tax rate and apply it to services now untaxed
Heat wave adds to harvest's weather woes
Dan Berger: Aging wines is tricky, complex
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This Day in American History
1791-John Fitch granted a patent for a steamboat after a dispute on the invention, but it wasn't until 1814 that Fulton and Livingston started
"I Dream of a Baseball Star"
I dreamed Ted Williams
He was in uniform
"Randall Jarrell says you're a poet!" I cried.
He picked up his bat with blown hands;
It came; hundreds came! all afire!
And I screamed in my dream:
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