Friday, December 30, 2005
Headlines--- We wish you a Happy New Year ######## surrounding the article denotes it is a “press release”
Please enjoy the New Year Celebration. Drive carefully. Tuesday we hope to see you back for our Leasing News up-dated “masthead” features, up-dated “Funder” list, plus announcement of the Leasing News Person of the Year for 2005. Christopher Menkin, Publisher -------------------------------------------------------------- Classified Ads---Documentation Manager / Finance / Legal
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For a full listing of all “job wanted” ads, please go to: http://64.125.68.91/AL/LeasingNews/JobPostings.htm To place a free “job wanted” ad, please go to: http://64.125.68.91/AL/LeasingNews/PostingForm.asp (The panoramic photograph by James Blakeway is from one from the largest collection of cities, and highest quality. The above is an expanded “thumb nail” version. The original is clearer and more colorful, available for $35 plus shipping/handling, please go to: http://www.retrocollection.com/htmlpages/panorama.htm) --------------------------------------------------------------
-------------------------------------------------------------- Lessors John Semon Makes New Orleans Appeal---
New Orleans, Louisiana “I would appreciate your feedback... “For the past eight years we have held all Lessors Network events at the Ritz-Carlton, Buckhead hotel in Atlanta. This year I am considering a departure from tradition and would appreciate your thoughts. “Like many of you I am disturbed by the devastation caused to the Gulf Coast area by Hurricane Katerina and Rita. I am also disappointed by the decision of event promoters to move their events out of the New Orleans area. Frankly, I think our industry stand to profit from the rebuilding of this area and wonder why we aren't making ourselves better known to local business leaders there. So here is my idea… “I am thinking about asking those of you who would normally attend our March 2006 showcase in Atlanta to join me in New Orleans for a day or two of volunteer work. (We are currently contacting the Habitat for Humanity office in New Orleans and other organizations to see where volunteers from the equipment leasing & finance industry might be of service.) “There will be no formal meeting agenda and no scheduled speakers. We'll fly into New Orleans one evening and spend the first day volunteering. “That evening, depending on the number of participants, we'll likely plan an informal evening in the French Quarter to ensure all lessors have the opportunity for one-on-one networking. It might be fun to go to a club owned and operated by Harry Anderson called Oswald's - www.harryanderson.net. “The next morning we'll host a Funding Source Reception & Exhibit (Brunch) where funding sources representatives can gather to exchange buy/sell investment strategies for 2006. We'll also invite local business leaders to stop by and meet prospective funding sources, necessary for the rebuilding of their businesses. We'll conclude by noon so everyone has plenty of time to catch a flight home. “Would you and your company view this investment of time and financial resources viable? Would your company be interested in sponsorship? “Thank you for your comments.” John O. Semon -------------------------------------------------------------- Postal Rate goes UP
The cost of a First Class postage stamp will go from 37 cents to 39 cents in January. Media and Book rates were increased to 12.7 percent and increases for nonprofits and local newspapers were reduced to 2.3 percent. Nonprofits are expected to pay $17 million less than expected, the Chatham Journal Weekly reported. -------------------------------------------------------------- Classified Ads---Help Wanted Equipment Finance & Leasing Representative
Senior Funding Manager
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-------------------------------------------------------------- Chuck Lietz/Richard Brown join US Bancorp Finance
President and chief executive officer of U.S. Bancorp Equipment Finance, Inc., Sal Maglietta, announces that Chuck Lietz has been named senior vice president and director of finance, and Richard Brown has been named senior vice president and chief credit officer.
Sal Maglietta In his new role, Lietz will have responsibility for finance and accounting, including audit and compliance, according to Maglietta.
Chuck Lietz "Chuck brings strong leadership abilities and expertise in cash flow management, including GAAP and tax compliance issues. He is a welcome addition to our senior management team," said Maglietta. Lietz was most recently business office director of Precision Interconnect, a manufacturing division of Tyco International. Prior to that, he was with Tidland Corporation for more than eight years in increasingly responsible financial and managerial accounting functions. He earned his master's degree from Washington State University and his bachelor's degree from the University of Portland. Brown will oversee the company's credit policies and have responsibility for the management of the company's assets and portfolio, according to Maglietta.
Richard Brown "We are pleased to have attracted someone of Rick's caliber to join our senior management team. He has a strong record managing credit risk and a broad portfolio background in large-corporate lending, including leasing," said Maglietta. Brown has more than 30 years of experience in the financial services industry concentrating on portfolio management and credit underwriting and process. Most recently he was with Bank of Bermuda, a subsidiary of HSBC as senior vice president/chief credit. Prior to that Brown was chief credit officer for UPS Capital Corporation.) His experience also includes key positions with Copelco Financial Services Group, First Union National Bank, Fleet Financial Group and First Bank System (now part of U.S. Bank). He earned his bachelor's degree from the University of California at Los Angeles. -------------------------------------------------------------- Don't Lease, Purchase Now by Kit Menkin The basic use of equipment is not who owns it, but who uses it? The basic use of a house is not who lives in it, but who owns it? Many baby boomers are retiring on the real estate they purchased years ago. The message is simple: Lease personal property. Purchase real property. Previously owned house sales were slow in November, the real estate boards noted. This means they had the inventory, but it was not moving as fast as it was the previous month, falling 1.7 percent compared with November 2004, according to a report released yesterday by the National Association of Realtors. At this rate, some 6.97 million used homes will change hands in the year, still a record year for sales. At this sales rate, the Realtors predict there will be a five-month supply of unsold homes, up from January of this year, when there was a 3.8-month supply. Mortgage rates have been down the last few weeks, not up. Fed Reserve Greenspan said in one of his talks, even a 3% increase was not going to freeze those out who could afford a home. The monthly payments would not be a “deal killer.” In reality, Housing is historically Up, Not Down. In the December 21 edition of Leasing News: “Housing starts bounced back in November, increasing 5.3% to 2.123 million (SAAR). This is the eighth consecutive month they have been above the 2 million level (in fact, 12 months out of the past 14).”
These are new houses. http://www.leasingnews.org/archives/December%202005/12-21-05.htm#housing Another consideration is the size of the house. When most of these houses were built, they did not have family rooms, nor large kitchens, bathrooms or master bedrooms. Look at all the remodeling. It is hitting a financial limit on the inventory. See this story: http://leasingnews.org/PDF/HousingPrices_per_SF.pdf More important is the price of the median house, still going up, even when houses are not moving as fast. While the economy is still week in the San Francisco Bay Area, the demand for the right house is not. Here is the latest market watch for the San Francisco Bay Area:
People who do not live in this area, or New York City, or certain pockets such as Rancho Santa Fe, can certainly get a much larger house with property for much less money. But for the last 200 years, the rural outlining areas have been moving to the suburbs of the larger, modern cities. The trend has not changed. Yes, there are people moving to Arizona, Nevada, Utah, Colorado, even Oregon as never before, but it does not change the fact that we are running out of prime land to live. Land that was not prime, is becoming prime as it is available and that alone makes it more attractive, particularly if you get more house for the buck. A home is still one of the best investments you can make. -------------------------------------------------------------- Mortgage Rates Slip Average interest rates on 30-year fixed rate mortgages continued their December decline, dropping to 6.22% this week from 6.26% last week, mortgage finance company Freddie Mac reported Thursday. Rates on 15-year mortgages dipped to an average of 5.76% this last week. Freddie Mac also reports Rates on 15-year mortgages dipped to an average of 5.76% in the week ending Thursday from 5.79%. For the year, the 30-year mortgage rate averaged 5.87%, she said, adding that it averaged 5.84% in 2004. A year ago rates averaged 5.81% on 30-year mortgages, 5.23% on 15-year mortgages and 4.19% on the one-year adjustable rate mortgages (ARM). This week, the ARM dropped to an average of 5.15% from 5.22%. Lenders charged an average of 0.5% in fees and points on 30-year mortgages, down from 0.6%.They charged 0.6% on the 15-year mortgage and 0.7% on the one-year ARM, both the same as last week. -------------------------------------------------------------- Varig deposits US$ 6.7 million to repay US lessors Alana Gandra Reporter - Agência Brasil Rio - Varig informs that, pursuant to a ruling by the Court of New York, it deposited US$ 6.7 million, yesterday (28), in partial payment of debts owed to US firms from which it leases some of its fleet. The settlement was reached on December 21 at a hearing attended by the president of the company, Marcelo Bottini, and representatives of the leasing firms. The sum will be divided among the 15 airplane lessors. Judge Robert Drain, of the Court of New York, decided to extend the legal protections on Varig's planes until January 13. The grounds for the judge's decision were that the Brazilian company had complied with Brazilian court rulings to present a Recovery Plan approved by its creditors, had reactivated aircraft that were out of service for maintenance, and had submitted a schedule for repaying its debts to the leasing firms. According to the company's press office, Varig plans to return to the Court of New York on January 13 with proof of the payments already made to the leasing firms. The company owes the leasing firms a total of US$ 44 million and expects to make good on US$ 19.7 million by the time of the next hearing in New York. On January 8, Varig expects to present its recovery plan, backed by its creditors, to the 8th Business Court of Rio de Janeiro. ---------------------------------------------------------------
Panos Named President of MB Financial Bank; Field to Head Lease Banking CHICAGO, -- MB Financial, Inc. (NASDAQ:MBFI) - Thomas D. Panos has been named President of MB Financial Bank and Burton J. Field, current MB Financial Bank President, becomes President of Lease Banking, announced Mitchell Feiger, President and CEO of MB Financial, Inc. In addition to becoming President, Panos remains Chief Commercial Banking Officer and will continue to oversee MB's Commercial Banking business with Ronald D. Santo, MB Financial Bank Chairman. In his role as President of Lease Banking, Field will retain responsibility for all lease banking activities, remains a member of the company's Senior Management Committee and continues as a director of the bank. "MB Financial has grown rapidly over the last several years and we remain committed to the value propositions that have made us successful in the marketplace," Feiger said. "Flexibility, senior management accessibility and quick decision making are hallmarks of our company." Panos has served as Executive Vice President and Chief Commercial Banking Officer of Manufacturers Bank and then its successor, MB Financial Bank, since March 1996. Panos has more than 25 years of commercial banking experience. Field served as President and Chief Executive Officer of Manufacturers Bank since 1983 and a Director of Manufacturers Bank since 1977. Manufacturers Bank merged into MB Financial Bank in 2001. Field has more than 40 years of banking and finance experience with a particular expertise in leasing, where he has built a national reputation for the bank. Field joined the bank in 1970. MB Financial, Inc. is a Chicago-based financial holding company which is traded on the NASDAQ as "MBFI." MB Financial has more than $5.6 billion in assets. Information about MB Financial can be found at www.mbfinancial.com. MB Financial Bank, N.A., is a locally-operated financial institution that has been delivering competitive personalized service for more than 90 years to privately-owned companies as well as to individuals who live and work in the Chicago metropolitan area. SOURCE: MB Financial, Inc. MB Financial, Inc. ### Press Release ########################### AeroCentury Corp. Announces Aircraft Transactions BURLINGAME, Calif., -- AeroCentury Corp., (Amex: ACY), an independent aircraft leasing company, today announced the purchase and leaseback of four Fokker 50 aircraft. The Company recently purchased the four Fokker 50 aircraft, serial numbers 20177, 20181, 20192 and 20202, and subsequently leased them to VLM Airlines N.V. "We are quite pleased to expand our relationship with VLM," said Neal Crispin, President of AeroCentury. "VLM has been a valued customer since 1998." VLM Airlines, a regional business airline based in Antwerp, Belgium, started operations in May 1993. In 2004 VLM reported its seventh consecutive year of profit and carried over 553,000 passengers. AeroCentury is an aircraft operating lessor and finance company specializing in leasing regional aircraft and engines utilizing triple net leases. The Company's aircraft and engines are on lease to regional airlines and commercial users worldwide ### Press Release ########################### Second Major Financing for Arclight Capital Partners STAMFORD, Conn.----GE Energy Financial Services announced today that it has completed the financing and syndication, with its affiliate, GE Capital Markets, Inc., of a $72.8 million senior debt facility for a portfolio of eight power and transmission projects owned by ArcLight Capital Partners. This is the second major financing led by GE Energy Financial Services and GE Capital Markets for ArcLight. In this transaction, Energy Financial Services underwrote and structured the senior debt facility for Katahdin Power Holdings I, LLC and Katahdin Power Holdings II, LLC, subsidiaries of the funds that ArcLight manages. General Electric Capital Corporation is served as the Administrative Agent for the debt facility, while GE Capital Markets was the Sole Lead Arranger and Sole Bookrunner for the syndication, which generated strong investor interest and was completed with substantial oversubscription. The transaction was structured to enable ArcLight, a leading energy investment firm with more than $2.5 billion under management, to monetize a portion of its holdings and have the flexibility to remove or add assets from the facility. The initial assets in the facility include seven contracted power plants and a transmission line, all of which have investment-grade counterparties. All the assets also have strong operating histories, use proven technology, and are located in various US regions. "GE Energy Financial Services structured a creative and flexible debt facility to accommodate both our monetization and growth objectives," said Dan Revers, Managing Partner of ArcLight Capital Partners. "Expanding our debt capital markets capabilities is a key to our growth and a natural extension of our financial services," said Tony Shizari, Managing Director and leader of GE Energy Financial Services' Debt Products group. "This second transaction for ArcLight demonstrates our ability to advise, structure, underwrite and arrange energy debt to meet our customers' needs." In its first transaction for ArcLight in March 2005, Energy Financial Services structured and underwrote the financing of the private equity funds' acquisition of the Lincoln Generating Facility, a 640-megawatt gas-fired, peaking power plant in Manhattan, Illinois. About GE Energy Financial Services GE's Energy Financial Services business is based in Stamford, Conn., USA, with European operations based in London. It invests about $3 billion annually in the world's most capital-intensive industry, energy. With more than $10 billion in assets, Energy Financial Services offers structured equity, leveraged leasing, partnerships, project finance and broad-based commercial finance to the global energy industry from wellhead to wall socket. For more information, GE GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com. CONTACT: GE Energy Financial Services Ken Koprowski, 203-961-5743### Press Release ########################### --------------------------------------------------------------
2005 Top Stories
These are chosen as the most read articles of the month by readers. They are not necessarily the most important or the most useful in the equipment leasing line of business, but more readers chose them than other articles presented by Leasing News. There were some minor changes, for instance, due to too many stories in the one month. It should be pointed out that the “Top Stories” per week often have little to do with the URL link opened the most. The original formula (percentage) was based on the full year, not for the one week. There are days with less readership than compared with other periods, generally around holidays, such as the last week in December. Where the headline did not tell the full story, a synopsis is presented, along with the link to the full article. Here are the Top Stories presented in chronological order: January Bob Dolsen Passes Away
http://www.leasingnews.org/archives/January%202005/01-07-05.htm#bob Six Leave Capitalwerks, Located in Southern California Six showed up on yesterday, Dr. Martin Luther King, Jr. holiday, to tell Jim Raeder and Mark McQuitty they quit. They had received their last paycheck on Friday. Four were reportedly key personnel, including Quentin Berry, operations, and Arthur Monte, credit, plus Richard Wheeling and another involved in sales, plus two described from a reliable source as “top rookie” sale people." Accordingly they want to start their own leasing company. http://www.leasingnews.org/archives/January%202005/01-18-05.htm#six --- Failed telecom's chief files Chap. 11 Peter J. Salzano, CEO of the Newark telecommunications company at the center of a nationwide equipment leasing scandal, is facing personal bankruptcy. The Morris County resident filed for Chapter 11 bankruptcy protection Monday, listing debts of more than $1 million, according to court papers. Salzano's defunct company, NorVergence, has been accused by federal and state officials, including New Jersey Attorney General Peter Harvey, of defrauding as many as 11,000 small businesses across the country. In connection with his company's collapse, Salzano has been named in several lawsuits that contend he is liable for NorVergence outstanding bills, which total in the millions. http://www.leasingnews.org/archives/January%202005/01-20-05.htm#tele --- Cybernet Creditors Looking for Money, Find Wine GRAND RAPIDS -- The hollow boxes with blinking lights are worthless. But there is nothing phony about Barton Watson's corporate wine cellar. Harlan Estate Cabernet Sauvignon valued at $1,354 a bottle. Joseph Phelps Insignia Red worth $450. Grace Family Cabernet at $895. The bankruptcy trustee overseeing the remains of CyberNET Group plans to auction the company's collection of 1,446 bottles, from Riesling to chardonnay, pinot noir to zinfandel. The money will make a small dent in the millions of dollars owed to creditors. http://www.leasingnews.org/archives/January%202005/01-26-05.htm#cybernet February NetBank Loss $17.7 Million 4th Q Merrill Lynch Capital Names House National Sales Manager, Equipment Finance Rick Remiker, Managing Director and Group Head of Merrill Lynch Capital Equipment Finance, is pleased to announce the promotion of Randy House to Director and National Sales Manager for the Equipment Finance group. Based in Dallas, Mr. House assumes national responsibility for the group's direct sales and sales management infrastructure focusing on large-ticket single-investor leases and structured secured debt transactions. http://www.leasingnews.org/archives/February%202005/02-08-05.htm#lynch Dell Sued For the Old Bait-and-Switch Looking for Ty and Bill Hanson “Any info on Ty & Bill Hanson of Conrad & Associates, Carlsbad Ca. 92008. I think my investment of 50k is no more. Got $500 a month or 12% return for 2004. Got January 05, but none for this month. All phones etc off!!! Sold me a Promissory note. http://www.leasingnews.org/archives/February%202005/02-25-05.htm#look March GE Capital Buys Key Equipment Tom M. Quindlen, recently appointed Vice President & Chief Marketing Officer, GE Commercial Finance, lost no time in making his first bold move, purchasing Key Equipment Finance “Last October we tried to buy American Express Business Finance, but Key beat us to it,” he said. “LaSalle, you are next! “ Our Prayers with Bruce Larsen on “Leave of Absence” We have always kidded Bruce Larsen about his press releases, where he states, “Leasing Partners Capital Inc., the leading equipment and technology leasing company.” as a typical press release that “we are the best.” We are sorry to report his health is requiring he is taking time off. We send him our prayers. “I am still doing some consulting for LPC for awhile, “he explained.. “You see, I started kidney dialysis today and I want to take a month to figure out my schedule. I am not sure what the big picture looks like just yet, but if all goes well, I will end up getting a kidney transplant sometime this summer. Right now I'm focusing on that and then I can re-think what I'm going to do after that.” Karl Probst at Radiance Capital This move of Karl's has some humor behind it. While Karl was negotiating his new career via email with the owners of the prospect new lease company, he inadvertently emailed his offer and proposal to 172 of Columbia Banks Lending Officers. Opps's...HR called Karl and he was immediately dismissed for improper use of the bank email system. This seemed to reportedly work out well for all the concerned parties except Karl's wife Kathi who to him he should get a Tattoo in his forehead " DUMMY " http://www.leasingnews.org/archives/April%202005/4-25-05.htm#karl NorVergence Leases Push Preferred Capital into Receivership CapitalWerks Alabama Jury $9 Million Award Tossed Out May Pawnee Closes $57.5MM Revolver Loan Tommy Larsen Passed Away in Jail Tommy A. Larsen, the feisty president of PinnLease, San Diego, who was recently convicted and sent to jail, died in prison of liver cancer. It was discovered approximately three weeks ago and progressed so fast there was no appeal process started to release him to die with his family, according to San Diego Union-Tribune writer Mike Freeman. Bill G. Fite Leaves Orix for Key Nat.Sales Mgr. CyberNet Claims total $114 million The Fall of NorVergence, Insider's Viewpoint 100 ELA Members Run for Safety at Capital Hill Day For participants, the Equipment Leasing Association's Capitol Hill Day is always memorable. After all, taking your industry's case to the seat of government is something you don't do every day. But Wednesday was one nobody will ever forget. A few minutes after noon, when authorities evacuated the Capitol building (along with the White House) and then the surrounding area, more than 100 ELA members were crisscrossing Capitol Hill for appointments with their senators and representatives or their staffs. One minute you're explaining the chilling effect of retroactive taxes on business, the next you're running for safety. http://www.leasingnews.org/archives/May%202005/5-13-05.htm#ela CIT Names Brown EVP of CIT Equipment Finance, Diversified Industries Balboa Capital Names John Bunce New Director of Capital Markets GE Capital Takes another $2.9 Million NorVergence Hit John Chase (Chase Leasing) Passed Away May 1 $24 Million More in Settlements NorVergence Leases “Inside” the NorVergence Lease Settlements June Leasing Companies Win One in Court Ameriana Recovers $1MM in CMC BK Summit National Files Chapter 11 Bankruptcy IFC Credit Acquires Blue Dot Funding EFG Gets Hit for 300 Lap tops FBI Investigating DVI Officers CIT Healthcare Enters Rapidly Growing Heathcare Market GE to Reorganize Into 6 Business Units" Partners Equity Capital Rumors July Five Top Salesmen Leave HPSC/GE Unicyn Financial Companies Announce Major Expansion Key to Expand Facility/Hire 145 More Employees CIT to Acquire Healthcare Business Credit Corporation Exclusive: Former NorVergence chief's new venture falls IFC Credit Takes NorVergence Wallop Controversy: IFC Credit and the word “Wallop” August Brad Peterson Joins Pentech Financial Services, Inc. OneWorld Leasing Announces Election of New Board Members U.S. Bancorp Equip. Fin. Names McBeth Executive VP/GM Leasing Schools/Franchisors Gordon R. Roberts Convicted of Theft My Trip to Chicago—the Windy City Bill Hanson-Conrad & Associates/CMC Up-Date Marlin Leasing Completes $340.6 MM Securitization Rick Gatelli, CLP, at Heritage Pacific Leasing September “We are coming for the rest of the LC's now!” NJ Judge Orders $15 Million to 600 Pennsylvania lessees Oh, No, Mr. Bill... Not CIT again??? A merchant pays a few percentage points in a credit card transaction, plus enters into a contract of service, plus obtains the dial-up hardware to process the transactions. “On July 7th I met with a man and his trainee from “NPMG Registered ISP/MSP of JP Morgan Chase' ...Several times I asked what this would cost me and he always answered 2.2% of my credit card sales. He said there were no other fees. The 2.2% was good for any transaction and it was guaranteed for 60 months. “While signing I was confused by many items...He assured me that the charge for this equipment would come out of the 2.2%...I was told the $99 a month for the machine would be paid by NPMG. That it would come out of my 2.2% and I would never have to pay anything above 2.2%...the (CIT) recording says I owe more than $5500 just to cancel the lease (this is a$250 piece of equipment as advertised on line.) Then to cancel the draconian service contract I would have to pay another $1000 cancellation fee to NPMG http://www.leasingnews.org/archives/September%202005/9-06-05.htm#cit Don Flies back as Wehner Bros. Leave BSB Skip Wehner, age 36, and Rick Wehner, age 31, have taken their combined twenty years of experience in the leasing industry and started their own company: 5280 Financial, LLC is up and running in Castle Rock, Colorado. The company was named to honor the area, as Denver is a mile high; 5,280 feet. Gary McLaughlin passes away The Original Dave Murray is back “Dave Murray (Founder of Preferred Lease in Lake Tahoe) has started another leasing company. Denali Capital Corporation, located in San Clemente, CA. Rumor has it he has brought back some of the old employees from Preferred Lease. Does this mean another mass mailer of pre-approved credit cards?” Story outlines who Dave Murray is. No confirmation or comments were received from Mr. Murray. http://www.leasingnews.org/archives/September%202005/9-23-05.htm#dave October Uproar re: ELA Convention in Boca Raton ELA Holds Firm on Conference Cancellation Policy Huntington Names Schroeder Vice President to Direct Leasing November ELA may return Portion of Boca Raton Registration to Non-Attendees Readers Comments on Leasing News ELA Conference Uproar Ira Romoff: Sovereign Buys Independence Bank Exclusive Interview with Gary H. Souverein, Pawnee Leasing The Cat is Going to Get You Editorial: NorVergence Leases, advising those leasing companies who have not made settlements, to do so before the FTC and various government agencies come down hard on you http://www.leasingnews.org/archives/November%202005/11-04-05.htm#cat One Leasing Company (Marlin) Reveals Katrina Hurricane Costs Oregon Abuzz re: QuikTrak Exec. Expose Matt Hennessee, President and CEO of QuickTrak, Beaverton, Oregon, also an active pastor, civic leader, was accused of sex abuse in the “Oregonian” newspaper. QuikTrak Moves Hennessee to Administrative Leave Would you Believe? Netbank Reports ‘Irregularities'. Delays ¾ Q Earnings NetBank reports $3.5MM Loss Summit National Chapter 11: Up-Date Royal Links Scandal Up-Date ELA Boca Ratan Convention—Up-Date Leasing firm in Fresno investigated Dashiell this Thanksgiving Six Leasing Companies Wait for Pumpkin Pie Rodney Dixon, was sentenced to more than five years in federal prison on Monday, November 21, 2005. U.S. District Judge Joan Gottschall also ordered Dixon to pay $13.3 million in restitution. October 28, 2004, Rodney Dixon admitted falsely inflating his company Lacrad's net worth to defraud six equipment-leasing companies of more than $11.4 million and a Texas bank of $2.25 million for the jet purchase. IFC Credit/PFF Bancorp NorVergence Lease Connection Paul Menzel, CLP: FTC Investigation of NorVergence Funders “...NorVergence has exposed the leasing industry to more regulatory scrutiny than in the past. ” Although there is plenty of blame to spread around to all parties concerned, not the least of which is the fraudulent but now bankrupt vendor, the Enron motivated demand for transparency in transactions has arrived at our shore. It is imperative that we rise to the challenge and self regulate our practices to meet the highest of ethical standards. “The leasing industry is good for the US economy and has provided a good living for those of us who participate in it. Let's not allow greedy practices by a few ruin it for the vast professional and ethical majority.” http://www.leasingnews.org/archives/November%202005/11-30-05.htm#clp December Sales Salaries in Atlanta as Compared to the rest of the United States IRA Z. ROMOFF Monthly Report Rosanne Wilson, CLP, Number One "Broker/Lessor" Rudy Trebels, President IFC Credit, Issues Statement What's Behind Marlin's Sr. VP/CFO Resignation? | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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