Leasing News

“However, while the heading of the item states that I was appointed as "New LJN Equipment Leasing Newsletter Director", I would like to point out that I was actually appointed as just one of a number of distinguished members of the Newsletter's "Board of Editors".

Senior Credit Officer experienced in middle-market leasing; structured, vendor and 3rd party to the fortune 1000. Proactive team builder, originations capable with strong work ethic. Email: kyletrust@hotmail.com

25 year veteran of commercial and equipment leasing seeking a senior management position with leasing or asset based financing company in the southeast (Florida preferred)Email: kellogg_md@yahoo.com

Twenty plus years. Senior sales and marketing management most recently Building "businesses" from scratch. Leveraging leadership, administrative, operations, financial, auditing background. WANTED: challenging new opportunity.

Senior Management: Denver, CO. Fortune 500 GM/SVP wants to team up with aggressive lender looking for Western expansion mid-market equip. finance/leasing. 20+ years experience within Rocky Mountain/Southwest and Ca markets. Email: legal@csotn.com

Credit executive, portfolio manager and syndication facilitator. Extensive business building experience in small and mid-ticket operations. Highly innovative. Fortune 100 audit and technology skills. Bottom-line manager. Email: lenhubbard@bigfoot.com

Degree Banking/Finance. 13 years leasing exp. Now prez young leasing company where promises were not met. Interested in joining established firm with future. Email:bob33483@yahoo.com

Senior Management: Portfolio Management Consultant; 25+years experience in Collections, Customer Satisfaction, Asset Management, Recoveries, Continuous Process Improvement, Back end Revenue Generation, Cost per Collection Analysis. $5+Billion Portfolio expertise. Email: efgefg@rogers.com

Senior Management: San Francisco, CA., 25 years experience w/global leasing company, sales, marketing, business dev., P&L responsibility, asset mgmt, brokering and re-marketing. Interested in joining an est. firm with a future. Email:rcsteyer@yahoo.com

28 year veteran in Construction Equipment/Transportation. Full P&L responsibility, profit driven, team builder, sales manager, strong portfolio management skills. Will consider relocation. email: leasingman_95@hotmail.com

Senior Management: Tampa FL.20+ years of small to middle ticket finance, operations and sales management experience. Outstanding record of revenue enhancement, operational improvement and team development. Email: rlindcpa@earthlink.net

A window of opportunity has opened up since many banks and lenders will put SBA loan applications into abeyance.

The Small Business Administration announced Thursday that it has suspended its main $9.4 billion loan program, stating it had run out of money.

The 7(a) Loan Guaranty program benefits business owners who typically do not qualify for traditional bank loans, said Sue Hensley, an SBA spokeswoman. Major lenders said the program’s suspension, even though temporary, is a sharp blow to small- business owners.

Some members of Congress, meanwhile, said the agency did not request enough money to meet mounting loan demand.

Congress did not approve a budget for the SBA before it adjourned last month. It passed a continuing resolution in October, giving the agency $3.3 billion until the budget is approved, but that money has evidently run out. Reportedly the administration is waiting for Congress to approve an additional $470 million that the Office of Management and Budget has allocated, Hensley said.

“... attached is the memo from Gary Corr regarding Gusoff's departure. Also, five senior executives have already been told

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After six months of preparation and planning, the new “Navigator program” between US Bancorp Manifest and Pentech Financial Services, on an exclusive basis has been formerly announced in a press release to the industry.

Pentech will provide “B-C” or story credit funding alternative to Manifest brokers who sign up for this program along with“partnership” customers.

This is a long term program, Benjamin E. Millerbis, CLP, Pentech's President & CEO says, and he does not plan to expand it to other leasing companies. It is only available to US Bancorp Manifest; brokers may not go direct. His main company will continue in the $250,000 and above “story credit” program headed by Peter Eaton, CLP, also another ex-UAEL president, where brokers and other referrals are accepted.

credit, bank, trades, financial statements, are scanned and forwarded to San Diego by e-mail in a pdf format. The transactions are from $10,000 to $75,000 and must pass a US Bancorp Manifest “hurtle” for the program. Speed is important. Pricing will be different, as presented in the program.

to both brokers and lessees with a new credit window; three, the broker gets a expanded window for creating more sales, and keeping their customers happy.”

"The rapid consolidation of funding sources in the small ticket market has had a dramatic impact on lease originators,” Millerbis said. "Working with the Manifest broker base, we will focus on understanding and managing the credit risk, pricing for that risk, and delivering a high level of service."

but in a prepared press release stated, "In essence if a transaction falls outside our credit window we can provide a convenient funding alternative with a commensurate rate structure. The consolidation and contraction of B-C funding sources in the broker/lessor marketplace has left our customers with few alternatives. Our partnership with Pentech helps fill that void for our customers".

The “Navigator” program was up and running in October, then came the fires in the San Diego area, the holidays, but is now fully functionally, according to Millerbis. “ One/third of the US Bancorp Manifest brokers who have qualified for the program are on line, “he said. “The program is expected to be fully operational by this April.”

Pentech has created a new division, Pentech Funding Services, specifically to service this program. It is this division, located in San Diego, CA, that has been chartered to exclusively service the company's strategic partnership with Manifest Funding Services.

Ron Wagner, CLP, formerly Senior Vice President of Imperial Business Credit ( plus Commerce Security, Sacramento, Ca. editor), will manage a professional team with extensive of experience dealing in this product niche.

“We are excited to be working with such a great strategic partner as Manifest Funding, “ he said.

---1990---

Ron Wagner

1990 Western Association of Equipment Lessors President Ronald L. Wagner, CLP, President, Heritage Leasing Capital(4), receives his Presidents Plaque from Bill Grohe, VP Marketing, Brentwood Funding Enterprises, who takes office as WAELs President January, 1991.

1990 WAEL President Ronald L. Wagner, CLP, President, Heritage Leasing Capital, smiles broadly as he addresses registrants at the WAEL Fall Conference and Funding Forum

WAEL Newsline, Winter, 1990

Mr. Wagner, a former President of the United Association of Equipment Leasing (UAEL) was also Founder and President of Heritage Leasing of San Diego until its sale to Imperial Business Credit. After Commerce Security, he took a sabbatical, as he calls it, for three years, playing golf mostly, while waiting for the leasing market to turn around. The new company advertised in Leasing News last year while in formation and we kept confidential the news of this new affiliation.

and Pentech Financial will not work directly with brokers in this marketplace, but will continue to work with brokers and those who

Pentech Funding Services
6310 Greenwich Drive, Suite 140
San Diego, Ca 92122

Main # 858-597-9200
Wagner direct: 858-334-0585

Established in 1987, U.S. Bancorp Manifest Funding Services specializes in financing equipment through a network of independent finance brokers and lessors. It strives to be the premier funding source in the business equipment finance industry by emphasizing long-term relationships and innovative products that are focused on the success of the independent broker and lessor.

Founded in 1978, Pentech Financial Services specializes in providing value-added financial services tailored to the specific needs of our clients - today and tomorrow. With offices in Silicon Valley, San Diego, Boston, and Washington, DC, it has served the equipment leasing market for more than two decades and provided well over billion dollars in debt and lease financing.

1988 WAEL (Western Association of Equipment Leasing President ) Ben Millerbis, CLP (left) of Pentech Financial Services passes the gavel to 1989 President-elect Jim Possehl, CLP of Republic Financial Corporation during the Annual Business Meeting at Lake Tahoe Conference.

Brian Bjella, Senior Vice President and General Manager, Manifest Funding Services
Brian Bjella
brian.bjella@themanifestgroup.com

Conference Chairman Peter Eaton, CLP,(l) and his wife Patricia visit with First National easing Corporation executive Vice-President Casey Kolp and his wife Linda during the Sports Reception.

October, 1990, Western Association of Equipment Lessors Conference, Monterey, California

Sterling Financial Corp. has completed its merger with Klamath First Bancorp, the parent company of Klamath First Federal Savings and Loan, creating a major competitive force in the Northwest U.S., with 134 new branches serving Oregon, Washington, Idaho and Montana.

The shareholders of both companies approved the deal in separate meetings on December 11.

With about $1.07 billion in total deposits at September 30, Klamath First Federal Savings and Loan had offices in Oregon and southeast Washington, where it aided members buy one- to four-family real homes, as well as commercial real estate and multi-family residential loans, loans to consumers and loans for commercial purposes. Klamath First Bancorp's assets totaled $1.54 billion on September 30.

Under the terms of the agreement, holders of Klamath common stock will receive 0.77 shares of Sterling common stock for each Klamath share that they own, and cash in lieu of fractional shares.

Bank of America says it will open 23 new banking centers in South Florida by 2005, beginning with one in Coconut Grove. This expansion represents an investment of $68.1 million in South Florida for land, construction, personnel and building operations. Since 1998, Bank of America has invested more than $3.2 billion in community development lending and investments in South Florida, including $1.2 million in charitable activities and through the Bank of American Foundation.

The expansion in South Florida is part of a national initiative to open 550 new banking centers over a three-year period. New banking centers opened in 2003 in Miramar, Estero, Bonita Springs and Lake Worth/Wellington. Neighborhoods scheduled for new banking centers include several in greater Miami, Deerfield Beach, Weston, West Palm Beach, Tequesta, Delray Beach, West Palm Beach and Palm Beach Gardens.

Orix (12/03) Despite the press releases and hoopla, according to a highly reliable source, Gary Gussoff last day will be December 31, with more officers to follow, with rumors Orix may be getting out of the leasing business in the USA (11/03)Fitch Withdraws ORIX Financial's Senior Debt Rating (11/03) " Holmes had four businesses reporting to him, the ones run by Hidder, Crain, Neptune and Fite. Today after the reorganization Corr gets only one of those businesses, the old Credit Alliance portfolio run by Fite. The other three organizations that Holmes recruited and nourished at OFS are all reporting elsewhere. How long will those guys stay around, they jumped ship from elsewhere to follow Holmes? And what is the fate of Fite, is he really necessary if all Corr has is the Equipment business?" (11/03)Fitch Places ORIX Special Servicer Rating Watch Negative| (10/03) http://two.leasingnews.org/loose_files/Orix_Motivational_Posters.ppt (10/03) Beyond comedy. (10/03) Holmes gone! (10/03) Orix floundering, Holmes to going, going... (9/03) US team in trouble, look for shake-up on top. (8/2001) "Orix Corporation was raised to "outperform" from "hold" by analyst Tomotaka Ohio at UFJ Capital Markets Securities". In a related story, Orix was reiterated "hold" by analyst Edward Gordon at WestLB Panmure. Insider tells us not much action happening at Orix. Shows what a press release about a new president coming on board and new credit manager. Hype still works on Wall Street. (7/2001) Hires Donald Cox as Exec.VP/CFO-30 years exp. at BofA. Many predict he will be a "figure head" and the company will not be around in two to three years---history will tell if this is correct or not. (4/2001) Orix to "consolidate;" close offices, moving to Atlanta, GA. (2/2001) Closes re-discount center, Steve Geller says "goodbye." Geller joins Leasing Advisory Board, receives many accolades from readers. (11/10 First six months profits up 14% at Orix! ) (11/8) New President at Orix appointed. 10/2000 "long-term Outlook has been revised from Stable to Negative". Credit Alliance has changed its name to ORIX Financial Services, 9/2000 Japanese Bank President commits Suicide (Orix is a 14.7% shareholder in bank having problems), (8/2000) closes small ticket vendor division in Portland Oregon, "Business as usual in New Jersey and with Brokers" says Steve Geller.

Pinnfund/PinnLeasing (12/03) Tommy A. Larsen, president of PinnLease, admitted to scheming to funnel money from bogus equipment leases to himself, among other charges. He pleaded guilty to scheming to obtain funds for PinnFund U.S.A. through fraudulent equipment leases, and laundering kickbacks of those funds to the mortgage lender and himself through sham transactions and false invoices, prosecutors said. Larsen also pleaded guilty to obstruction of justice in connection with his previous attempt to provide false testimony in federal court. The defendant also pleaded guilty to evading taxes with respect to his 1999 and 2000 federal income taxes by charging personal expenditures to PinnFund, by structuring his compensation to avoid payroll taxes, and by hiding the proceeds of illicit activity in offshore financial in offshore financial institutions. Sentencing is set for April 5 before U.S. District Judge Marilyn Huff. (11/03) Jury trial set for 9:00 3/16/04 for Tommy A Larsen, for Kim A. Larsen before Judge Marilyn Huff (2/2003) PinnLeasing President denied bail (2/2003) Four indicted on charges of fraud in the PinnFund case ) (2/2003)Former Pinnfund CEO plea bargain- 10 years in prison 12/2002--A former employee of defunct PinnFund USA, a Carlsbad mortgage lender that imploded in March 2001 when regulators uncovered a $300-million pyramid scheme, pleaded guilty to lying to a federal grand jury. U.S. Attorney Carol Lam said Kimberly Hulihee admitted that she provided false testimony on Nov. 14 to a federal grand jury investigating the removal of files and other materials from a PinnFund subsidiary - PinnLease USA Inc. Hulihee, 38, was the former office manager of PinnLease, and later a company linked to former PinnLease President Tommy Larsen called Aloha Pacific Leasing. Hulihee is the second person to plead guilty to criminal charges in the PinnFund fraud. Former PinnFund chief executive Michael Fanghella also has admitted to myriad federal charges. He is cooperating with authorities and remains behind bars in the Metropolitan Correctional Center in San Diego awaiting sentencing. Larsen faces a pending civil suit related to the PinnFund fraud but no criminal charges, according to court documents. (8/2002) Federal authorities plan to auction expensive wine, jewelry and coins seized from the Ramona house of John D. Garitta, the former PinnFund USA chief financial officer who pleaded guilty last week to securities fraud charges. Merchandise to be sold at the auction includes more than 400 bottles of wine worth an estimated $163,000, $480,000 in jewelry and gems and $19,000 in collectible coins. The auction will be held in Rancho Dominguez in the Los Angeles area. (7/2002) investors in Carlsbad's defunct PinnFund USA sue the PricewaterhouseCoopers Accounting Firm for failing to detect fraud at the Company. (4/2002) the Receiver in the case filed a lawsuit against Tommy Larsen, related companies and a law firm, in bankruptcy court. It's a preference that may climb to $6.7 million. Larsen denies it all, and says, "prove it!" (12/2001 ) a top Executive Officer to turn over $47 deal/judge makes okay as it favors return of investor money. http://www.leasingnews.org/archives/December%202001/12-07-01.htm. (11/2001) Girlfriend to return millions. http://www.leasingnews.org/archives/November%202001/11-01-01.htm. (8/2001) Fanghella pleads not guilty to all charges, remains in jail. (8/2001) A federal grand jury indicted PinnFund USA founder Michael J.Fanghella 20-count indictment; 19 counts in the indictment carry a maximum penalty of 10 years in prison and a $250,000 fine. One count -- filing false financial information with the U.S. Dept of housing and Urban Development -- carries a maximum penalty of 30 years in prison and a $1 million fine. (8/2001) In San Diego Feds file charges for filing false financial statements plus criminal charges for bilking at least 166 investors out of $330 million after Fanghella turns self in. (7/2001 ) Barbados Court Freezes PinnFund Exec's Assets (6/2001) Leasing News considers it a “not guilty” judgment against Tommy Larsen, but Larsen's lawyer basically agreed to comply with the temporary restraining order of March 23 and agreed that Mr. Larsen would give an accounting of any possible gains he received that rightfully belong to PinnFund. Since he gave in to everything the receiver wanted, he was not held in contempt. The records shows that being acquitted or not guilty was not what happened. The judge found he wasn't in contempt because, going forward, he agreed to cooperate fully. (6/2001) Judge Hands Down $109 M Default Judgment in PinnFund Scandal. Bounty Hunters Get the Nod to Go Get 'Em (4/2001) Judge continues freeze of assets. Founder of PinnFund skips bail, judge issues arrest warrant ( 3/2001) PinnFund out of money, closes all offices, including leasing. Newspaper stories say “Millions of dollars are gone.” (3/2001) PinnLease USA to Fold 47 Nationwide Offices-- $100 Million Fraud, reads like a tabloid story, perhaps largest fraud in West Coast history.

DVI Capital (12/03) The U.S. District Court entered an order appointing Cedar Street Group as lead plaintiffs, and Krislov & Associates, Ltd. as lead attorney in the securities class actions brought against DVI, Inc.'s former chief executive officer, Michael A. O'Hanlon, and chief financial officer, Steven R. Garfinkel, and DVI's former lead underwriter, Merrill Lynch & Co. Claims against DVI, Inc. (DVI or Company) are currently stayed due to its Chapter 11 filing. (9/03) Suit Filed Against Former Senior Executives of DVI as law suits galore appear (8/03) starts cutting employees, half let go, close to 200 now (8/03) DVI files BK (8/03) Leasing News insiders say deals not being funded, real problems, company most likely will file bankruptcy, major problems. (12/2000 out of broker )

HPSC, Boston, MA (11/03) reports a 14% decrease in net income for the third quarter ended September 30, 2003 of $1.5 million compared to $1.8 million in restated net income in the same quarter last year (11/03)GE Healthcare Financial Services to Acquire HPSC, Inc.; Transaction Strengthens Medical and Dental Practice Offerings. GE will acquire all of the issued and outstanding common stock of HPSC for $14.50 per share or a total consideration of approximately $72.4 million.

Commercial Money Center Southern CA,(11/03)The officers of this company are back in business while the "disputes" continue among insurance companies, banks, vendors, lessees, and perhaps only the attorneys are being remunerated (10/03) Ameriana said it will write off two lease pools in the third quarter, an action that will reduce the quarter's net income by approximately $2,784,000 or $0.88 per diluted share. Heretofore, Ameriana had established reserves against these lease pools equal to approximately 58% of the approximately $10,900,000 that currently remains outstanding. Note: NetBank and others have taken over certain aspects of the defaulted portfolio, as reported earlier, and suits with the insurance agency surety continue, while the class action suit continues taking depositions, while the former officers have started new leasing and finance ventures. (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

RW Professional, Long Island, NY (11/03)Jury to be selected for trial on April 12,2004 (9/03) Defendants on bail, "house confined," with trial to start April 12, 2004. "Status Conference adjourned to 11/14/03 @ 1:30 p.m. before USDJ Spatt. Conference held. Speedy Trial Information on Dfts: Code Type: XT, Start Date: 9/5/03, Stop Date: 4/12/04. Excludable Delay entered on the record. Next Status Conference: 1) Conclude discovery 2) Set motion schedule. Questionnaires two weeks before jury selection on 3/30/04. 3/31/04 counsel to pick up questionnaires. 4/6/04 all counsel to agree on jurors who will return for Jury Selection. Jury Selection 4/12/04 @ 9:00 a.m. Consent to Magistrate Judge selecting jury by dfts and govt. No adjournments of Jury Selection date will be granted. Re: Bradley Simon's Letter dated 9/2/03. Govt to move documents to another location and keep boxes (2nd set) for the Courthouse." Last file is a letter: "Ms. Besser is currently subject to a 7:00 p.m. curfew as part of her pre-trial supervision and requests that the curfew be lifted on 10/19/03 so she may participate in a gathering in Manhattan." It appears for the defendants to ask to either/or travel from their home or at certain hours, as they are remanded to their residence with electronic monitors on their ankle.
"MINUTE ENTRY; before USDJ Spatt on 9/5/03 @ 11:30 a.m., for Criminal Cause for Status Conference as to Dfts Payaddi Shivashankar, Susan Cottrell, Adam Drayer, Roger Drayer, RW Professional Leasing Services Corp., Rochelle Besser, Barry Drayer. Dft RW Professional Leasing Services Corp. present on bail with retained counsel Stuart E. Abrams. Dft Rochelle Besser present on bail with retained counsel Stuart Abrams. Dft Barry Drayer present on bail with retain counsel Stephen L. Cohen. Dft Roger Drayer present on bail with retained counsel Jerald Rosenthal. Dft Adam Drayer present on bail with retained counsel Thomas Marino. Dft Susan Cottrell present on bail with retained counsel Jerald Rosenthal. Dft Payaddi Shivashankar present in custody with CJA counsel Edward Jenks. Govt: Geoffrey Kaiser. Court Reporter: Harry Rapaport. Case called. Status Conference adjourned to 11/14/03 @ 1:30 p.m. before USDJ Spatt. Conference held. Speedy Trial Information on Dfts: Code Type: XT, Start Date: 9/5/03, Stop Date: 4/12/04. Excludable Delay entered on the record. Next Status Conference: 1) Conclude discovery 2) Set motion schedule. Questionnaires two weeks before jury selection on 3/30/04. 3/31/04 counsel to pick up questionnaires. 4/6/04 all counsel to agree on jurors who will return for Jury Selection. Jury Selection 4/12/04 @ 9:00 a.m. Consent to Magistrate Judge selecting jury by dfts and govt. No adjournments of Jury Selection date will be granted. Re: Bradley Simon's Letter dated 9/2/03. Govt to move documents to another location and keep boxes (2nd set) for the Courthouse. Notice of Appearance filed by Jerald Rosenthal for dft #4. (Coleman, Laurie)" (6/2002) 40 FBI agents raided the offices and arrested Barry and Rochelle, Roger and Jennifer Drayer. The investigation found $6.5 Million of fraud. Prosecutors said that the company, the RW Professional Leasing Corporation, concocted elaborate schemes using up to 100 rented mailboxes as far away as California to send phony checks, sham invoices, bogus leases and other false documents to banks in various states. Based on those documents, the banks lent RW millions of dollars to buy equipment and lease it out, prosecutors said. The schemes included multiple loans from different banks for the same medical equipment and loans for equipment that was never bought or leased, prosecutors said. Take the Money and Run: Part I, Part II, Part III

Ag Services of America, Inc. (NYSE:ASV) (11/03) Rabobank to Acquire Ag Services of America, Inc.; Rabobank (corporate and investment banking arm of The Netherlands-based Rabobank Group) Continues Its Expansion of US Agri-Business Finance

One World (11/03) Down to five members, but seeks new president (2/2003) Loses three members, obtains new CEO. http://www.leasingnews.org/#world

LaSalle Bank Corporation has announced organizational changes designed to recognize broader roles for several key executives who have contributed to the bank’s client focused and relationship driven culture. Norman R. Bobins, president and chief executive officer of LaSalle Bank Corporation, announced the following changes:

Larry D. Richman to U.S. senior executive vice president and will assume responsibility for all of LaSalle Bank Corporation’s commercial banking business. In his expanded role, Richman will lead the commercial banking group that serves Chicago and the bank’s 13 regional offices under the LaSalle Bank brand and the state of Michigan under the Standard Federal Bank name.

He will also oversee the bank’s metropolitan banking group, which serves middle market companies, as well as the bank’s financial institutions’ business, and LaSalle National Leasing, based in Baltimore, MD.

LaSalle National Leasing Corporation, headquartered in Towson, Maryland, is a wholly owned subsidiary of Chicago-based LaSalle Bank. LaSalle Bank is a subsidiary of the ABN AMRO Bank N.V., and has been serving individuals, small businesses, middle-market companies and institutions throughout the Midwest for 75 years. LaSalle is one of the Midwest's largest banks with $54.7 billion in assets.

ABN AMRO Bank N.V., is one of the world's largest banks with total assets of over $500 billion and more than 3,500 locations in 60 countries and territories. In North America, ABN AMRO is headquartered in Chicago and has $96 billion in assets and more than 19,000 employees.

(Gig Harbor, WA) -- Orion First Financial, LLC (Orion) announced that Union Safe Deposit Bank of Stockton, CA (Union Safe) has further expanded its servicing relationship with the addition of approximately 850 lease contracts recently acquired by the Bank from an undisclosed seller in the amount of $13,983,000.

"Acquiring portfolios has been an excellent growth strategy for Union Safe and Orion. Providing due diligence support, portfolio analysis and ongoing lease servicing continues to deliver long-term value to our clients. The bank's expansion with Orion is further validation that our strong analytical skills combined with a commitment to portfolio performance are a successful strategy." said David T. Schaefer, President and Managing Member of Orion First Financial, LLC.

Orion provides consulting and advisory services to Union Safe Deposit Bank by assisting in the location of portfolios for acquisition, portfolio analysis and in negotiation of the purchase. The services provided by Orion allow banks and other lending institutions the ability to invest in small-ticket, high-margin leases without additional overhead or the hiring of specialized management. Orion's services include billing, tax administration, customer service and all phases of collection activity.

Karl Miller, Executive Vice President of Union Safe Deposit Bank, stated, "This marks our fourth major portfolio acquisition with Orion First Financial with an aggregate purchase price of over $50,000,000. Orion has provided us with the expertise and servicing resources needed for the bank to profitably grow its commercial equipment leasing business."

Michelle Parker, Vice President and Team Leader of the Bank's Commercial Leasing Group, noted that "This latest acquisition should prove to be an excellent asset purchase for the bank. We continue to work closely with Orion and look forward to expanding our relationship."

Orion First Financial provides a complete and comprehensive suite of services to assist lending institutions and lessors successfully compete in the commercial equipment leasing industry. With a concentration in small-ticket leasing, Orion provides consulting and advisory services, lease servicing and complete portfolio management. The company has developed a funding mechanism by creating joint ventures with lease originators and arranging warehouse and permanent financing. Orion First Financial, located in Gig Harbor, WA, employs state-of-the-art technology combined with years of management experience to insure that lease portfolios are managed in a sound and cost-effective manner. For more information about Orion First Financial visit their website at www.orionfirst.com.

Union Safe Deposit Bank, headquartered in Stockton, California, was established in 1897 and is one of the oldest independent, community banks in California. The Bank offers a complete line of banking products and services in the areas of personal banking, commercial banking and financial management including investments and personal trust services. The Bank currently has 19 full-service branches and 3 commercial banking centers serving the Central Valley. For more information about Union Safe visit their website at www.unionsafe.com.

Equilease Financial Services Inc. to Present at Lessors Network Lease Funding & Distribution Showcase

ATLANTA, - (Lessors Network) - Equilease Financial Services Inc. joins a prestigious list of funding sources from the commercial and municipal equipment lease markets, participating in the Lessors Network Lease Funding & Distribution Showcase scheduled March 11-12, 2004. Last year more than 60 exclusive funding sources represented over $10 billion in buy/sell opportunities at this event.

Burt Feinberg, Senior Vice President, Equilease Financial Services Inc., will participate in the Commercial Funding Source Showcase, delivering an overview of Equilease 2004 lease purchase strategies. Mr. Feinberg will be available to meet privately with attendees in the Networking Suite immediately following showcase presentations.

Leasing Partners Capital, Inc., the fastest growing leasing company in the U.S., has added another Territory Manager to its Team.

LPC is pleased to announce the addition of Jay Bloom as Territory Manager located in Seattle, WA.

After graduating with a BA in Marketing and a minor in Finance, Jay spent eight years in the Army, earning the rank of Captain. He then returned to a third generation retail furniture business, which he eventually sold to a California franchise. He then entered the small ticket equipment leasing business in 1992, most recently as President of Preferred Equipment Leasing and Finance in Bellevue, WA.

Leasing Partners Capital, Inc. (LPC) is a small to lower-middle-market equipment leasing company working with vendors and end users, headquartered in Wayne, NJ. LPC currently has offices in Naples, FL, Louisville, KY, Atlanta, GA, Pittsburgh, PA, Buffalo, NY, Minneapolis, MN, Houston, TX, San Francisco, CA, St. Louis, MO, Boston, MA, Detroit, MI and Seattle,