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, WA.

For additional information or questions about LPC, contact Bruce Larsen, National Sales Manager, 877-333-5864 or email him at blarsen@leasingpartnerscapital.com, or check out their web site @ www.leasingpartnerscapital.com

ROSLYN HEIGHTS, NY, - Thanks to a strengthening economy, equipment leasing and finance companies are pursuing fewer difficult repossessions than in years past and focusing more of their attention on resolving problem accounts at earlier delinquency stages, says Ed Castagna, senior executive vice president of Nassau Asset Management. Nassau, which provides a broad spectrum of asset management services to the industry, has responded by expanding and enhancing its accounts receivable capabilities.

Nassau recently dedicated an arm of its company to accounts receivable management and hired additional experts in the field. Dan Potts, director of accounts receivable management, heads the new unit based in Woonsocket, Rhode Island. He formerly was in charge of asset-based portfolio management for AT&T Capital Leasing Services, Inc., where he experienced the accounts receivable needs of the industry first-hand. During his tenure at AT&T Capital, Potts was particularly impressed with Nassau Asset Management, one of his company's vendors.

"Several major leasing companies today are using Nassau's enhanced accounts receivable services to improve their lease, commercial, consumer, and international collections processes," Potts says. "In addition, Nassau's strict compliance and knowledge of revised UCC Article 9 guidelines provides our clients with the confidence their assigned portfolio of accounts are being managed appropriately and within set legal parameters."

Nassau has introduced aggressive solutions for resolving problem accounts. For example, Nassau can post information about equipment in question on its international Web site, www.nasset.com, to gather competitive bids and determine its commercially reasonable sale price before collecting deficiency balances. The company also offers a complete debtor program, providing equipment leasing and finance companies with a one-stop shop for managing routine collections, repossessions, equipment remarketing, and collections of deficiency balances.

"By utilizing Nassau's complete debtor program, an equipment leasing and finance company can recoup its losses up to 400 percent faster, than if handling the process alone or outsourcing different processes to numerous vendors with varying capabilities," Castagna says. As a result, Nassau effectively manages:

Castagna says Nassau's strengths include its focus on commercially reasonable sales using its www.nasset.com Web site, which experiences 700,000 hits a month and is a well-known portal for buyers and sellers. The company also offers customers access to an extensive network of attorneys located throughout the United States who are specialists in legal issues pertaining to the equipment leasing and finance industry.

Nassau Asset Management of Roslyn Heights, NY, has been providing full-service asset management, including asset recovery, collections, remarketing, full plant liquidations, and appraisals for more than 25 years to the equipment leasing and finance industry. For more information, please visit www.nasset.com.

CapitalStream Announces Strategic Acquisition of CapitalThinking to Expand Mid-Market Lending Solutions

Union Offers Banks a Complete Front Office Automation Platform Supporting Enterprise Risk Management Across the Commercial Portfolio

SEATTLE, WA -- -- CapitalStream®, a leader in front office automation solutions for commercial and equipment finance operations, today announced that it has acquired CapitalThinking Inc., a leading vendor of process automation and risk management software products for the commercial lending and commercial mortgage industry. The combined companies will continue operating under the CapitalStream name.

Already well-established in the commercial lending, small business lending and equipment finance industries, CapitalStream has purchased CapitalThinking to expand its product and service offering in front office automation for mid- market lending, commercial mortgage and enterprise risk management. CapitalThinking's tremendous domain expertise in one of the most complex components of commercial lending -- commercial mortgage origination and securitization -- will significantly enhance CapitalStream's product and service offering in mid-market lending.

"To lead and compete, financial institutions are improving the systems and processes that manage commercial finance operations -- automating and integrating operations to ensure consistency, mitigate risk, reduce cost, and enhance business opportunity with each customer," said Jeanne Capachin, research director, corporate banking, Financial Insights. "The merger of CapitalStream and CapitalThinking consolidates two providers of front office automation solutions and offers support for a broader range of commercial lending products from a single provider."

CapitalThinking's product platform, bluewire™ ERM (Enterprise Risk Management), is based on the same Web-based, Java architecture as CapitalStream's FinanceCenter application. As a result, components will be combined rapidly to offer a wider range of advanced commercial lending capabilities on a common platform. By providing greater support for the full range of commercial products and more complex banking relationships, the CapitalStream platform will offer banks a complete enterprise risk management solution with a total view of the commercial relationship across all commercial products and portfolios.

"By acquiring CapitalThinking, we're expanding our established base of products and services for mid-market commercial banking. CapitalStream's offering now spans from high volume business lending and small ticket leasing to sophisticated, high touch multi-million dollar securitized commercial loans and mortgages," said Kevin Riegelsberger, president and CEO of CapitalStream. "No other front office automation solution can automate commercial lending across the full range of channels, products and relationships."

CapitalThinking's customers include some of the world's leading financial institutions including GE Capital, Bank of America, Royal Bank of Canada, PNC Bank, and Nomura Securities.

Established in 1995, CapitalStream develops financial front office automation solutions that enable banks and finance companies to transform paper-based, stand-alone operations into integrated, streamlined finance supply chains. CapitalStream solutions streamline application processing, deal structuring, credit analysis and document generation to rapidly originate leases, loans, lines and cards. As an established industry leader, CapitalStream has helped many small business lending, equipment finance and commercial lending operations to improve relationships with customers and partners, streamline operations, reduce risk and achieve significant revenue growth. For more information, visit CapitalStream's Web site at www.capitalstream.com.

CapitalThinking Inc. is a leading application software company for the financial services industry. CapitalThinking delivers bluewire™ Enterprise Risk Management (ERM), a compliance and risk management software solution for the financial services industry. The company's software provides enterprise-wide, customer-centric, process-integrated credit and operational risk management while also providing hard dollar savings and key customer support through workflow efficiencies and process automation. For more information, visit www.capitalthinking.com.

“From the heart of California's Central Coast Wine Region, River Wild Winery, in collaboration with Mossy Oak®, has created the ultimate Wild Game Blends™ where the best wines are handcrafted to be the perfect complement for your wild game.

“Wild Game Blends are made by a team of American Sportsmen for the American Sportsman, because we know the celebration of the bounty shared with family and friends is just as important as the thrill

Dollar to Hurt Import of Wines?

http://www.signonsandiego.com/news/business/20040108-9999_1b8wine.html

Some doubt wine ratings exist to serve the consumer

http://www.contracostatimes.com/mld/cctimes/7651456.htm

Louis Martini on the Comeback ( when the father was alive, it was

one of the best Napa wines made, even if “old style.”

http://www.contracostatimes.com/mld/cctimes/7651451.htm

Mouton-Rothschild Reveals 2001 Artist's Label

http://www.winespectator.com/Wine/Daily/News/0,1145,2304,00.html

[Top]

1788- by a vote of 128 to 40, Connecticut became the fifth state to ratify the US Constitution.

1793- after being invited to the United States by Benjamin Franklin , a Frenchman, Jean-Pierra Francois Blanchard, made the first manned free-balloon flight in America's history at Philadelphia, Pennsylvania, in 1793 on this day. The event was watched by President George Washington and many other high government officials. They hydrogen-filled balloon rose to a height of about 5,800 feet, traveled some 15 miles and landed 46 minutes later in New Jersey. Reportedly Blanchard had only one passenger on the flight-a little black dog ( name unknown ).

1859-Carrie Lane Chapman Catt, American women’s rights leader, founder (in 1919) of National League of Women Voters. Born at Ripon, WI, she died at New Rochelle, NY, Mar 9,1947.

1861- the American Civil War historically began when a detachment of Confederate forces at Morris Island, in Charleston Harbor, Charleston, SC, fired upon the Star of the West, a merchant steam vessel. The vessel had been chartered by the federal government to convey supplies and men to reinforce Major Robert Anderson at Fort Sumter Charleston Harbor, although the announced destinations were Savannah, GA, and New Orleans, LA. It left New York harbor January 5, 1861, and was fired on within two miles of Forts Sumter and Moultrie. Its captain, John McGowan, retired from the scene after 17 shots had been fired at his ship. The first shot was fired by Cadet George E. Haynesworth of Sumter, SC, who was ordered to fire by Major P.F. Stevens.

1866- the Fisk School, to become known as Fisk University convened classes in Nashville, Tennessee. One of the first black colleges in the

United States

, alma mater of W.E.DuBois and others. The Fisk School, forerunner of Fisk University, convened classes for the first time on January 9, 1866, in former Union army barracks in Nashville, Tennessee. The school was named for General Clinton B. Fisk of the Tennessee Freedmen's Bureau who provided the facility. Fisk University, incorporated on August 22, 1867, is one of several historically black colleges founded with help from the American Missionary Association. The organization was formed in 1846 from three antislavery societies involved in the effort to colonize freed slaves overseas. Other schools founded by the AMA include Atlanta University, Hampton Institute (now Hampton University), and University. The Fisk Jubilee Singers, organized in 1867, began touring the United States and Europe in 1871 to raise money for the university. Renowned for their discipline and high standards of musical performance, they brought international attention to traditional African-American sacred music. Jubilee Hall, the first permanent structure built in the South for the education of African Americans, was constructed with proceeds from the Singers' tours. During their first U.S. tour in 1871, the obscure Fisk Jubilee Singers followed the route of the old Underground Railroad and performed in churches and private homes. By 1872 the group, most of whom had been born into slavery, were presenting their artistry and a new body of music to the general public at Steinway Hall in Manhattan, President Grant at the White house, and Queen Victoria in England. sheet music of songs they sung:

1873- in the foremost scandal of the day, Victoria Woodhull, publisher, was arrested for writing that renowned preacher Henry Ward Beecher had committed adultery. The postal authorities charged her with sending obscene literature through the mail. She was acquitted of the charge. What made the event more newsworthy is that Beecher was subsequently sued for alienation of affections by Theodore Tilton. The jury and the public found Dr. Beecher innocent but found Mrs. Tilton guilty.

1886- Ida Cohen Rosenthal, Russian-born American manufacturing executive, operated a small dress store in New York along with Ethel Bissett. To make their clothes hang better, the duo added tucks in front of the strips of cloth that were the brassieres of that time. The "cupped" bras became so popular that they organized the Maiden Form Brassiere company in 1923. ICR's mother ran a store in Europe to support the family because her father was a Hebrew scholar.

1903- Frank Farrell and Bill Devery bought the one year old Baltimore Orioles franchise in the American League for $18,000 and moved the team to New York, changing their name to the New York Highlanders, to compete with the New York Giants. They played at Hilltop Park. In 1913, the team was renamed New York Yankees. They played at Polo Grounds from 1913-1922. In 1923, the Yankees moved into Yankee Stadium in the Bronx, New York where they remain to this day except for a two year period from 1974-1975 when they played at Shea Stadium while Yankee Stadium was being remodeled.

1913- Birthday of Richard Milhous Nixon; served as 36th vice president of the US (under President Dwight D. Eisenhower) Jan 20, 1953, to Jan 20, 1961. He was the 37th president of the

, serving Jan 20, 1969, to Aug 9,1974, when he resigned the presidency while under the threat of impeachment. First

president to resign that office. He was born at Yorba Linda, CA, and died at New York, NY, Apr 22,1994.

1920-Singer Betty Roche born Wilmington, DE. With Savoy Sultans 1941-41, Duke Ellington 1943-44 ( first to sing “ Black, Brown and Beige.”

1929 - In Nashville, Tennessee, the Seeing Eye, whose purpose was to train guide dogs for the blind, was incorporated.

1934-Birthday of Bryan Bartlett “ Bart” Starr, pro football hall of fame quarterback and former coach, Montgomery , Al.

1935-actor Bob Denver born in New Rochelle, NY, best known for “Gilligan’s Island.”.

1939- Producer Alfred Lion recorded boogie-woogie pianists Meade Lux Lewis and Albert Ammons at a session in New York. Lion pressed only a few copies for his friends, but demand for the records was so great that he made other recordings of Dixieland artists like Sidney Bechet. This was the beginning of Lion's famous Blue Note record label, for which practically every major jazz artist of the past 50 years has recorded at one time or another. Lion sold the label to Liberty-United Artists in 1966. He died in 1987.

1939 -- Southern Tenant Farmers' Union lead Missouri Highway sit-down of 1,700 tenant families.

1941-Birthday of folksinger Joan Baez, Staten Island, NY. Her politics and music have always been closely connected, and she was active in opposing the US military draft and American involvement in the Vietnam War. In March, 1968, she married David Harris, a former student leader at Stanford University who was facing a three-year prison term for draft resistance. Joan Baez played an important role in launching Bob Dylan's career, inviting him on stage during her concerts in the early '60s.

1941 - Sammy Kaye and his orchestra recorded "Until Tomorrow" on Victor Records. This song became the sign-off melody for Kaye and other big bands.

1945-US forces began the final push to retake the Philippines by attacking at the same location where the Japanese had begun their invasion nearly four years earlier. General Douglas MacArthur landed 67,000 troops in the Gulf of Lingayen on the western coast of the big island of Luzon. The Japanese offered little opposition to the landing itself but fought fiercely against Allied advancement, particularly around Clarke Field, the major air base in the island.

1945—Top Hits
Don’t Fence Me In - Bing Crosby & The Andrews Sisters
There Goes that Song Again - Russ Morgan
I’m Making Believe - Ella Fitzgerald & The Ink Spots
I’m Wastin’ My Tears on You - Tex Ritter

1953---Top Hits
Why Don’t You Believe Me - Joni James
Don’t Let the Stars Get in Your Eyes - Perry Como
Glow Worm - The Mills Brothers
Don’t Let the Stars Get in Your Eyes - Skeets McDonald

1953 - Starring Alan Young, Victor Mature, Jean Simmons, Maurice Evans, and Elsa Lanchester, the film Androcles and the Lion opened in United States theaters. Based on George Bernard Shaw's satirical comedy, it was the story of a Christian in ancient Rome who befriends a lion.

1959- "Rawhide" premiered this day in 1959. My father Lawrence Menkin was the story editor. Supposedly he kept increasing Clint Eastwood's part because the ladies liked him, although Eric Fleming (1959-65) as trail boss Gil Favor wanted larger parts himself. After Favor left, the show continued with Eastwood as the ramrod and trail boss. My father was instrumental in hiring black actors for local and network shows, winning awards for this, and perhaps little know to television history, Raymond St. Jacques as Simon Blake was the first African-American regular on a television series “

1961—Top Hits
Wonderland by Night - Bert Kaempfert
Exodus - Ferrante & Teicher
Will You Love Me Tomorrow - The Shirelles
North to Alaska - Johnny Horton

1961 - "Rhinoceros", the play, opened on Broadway, starring Eli Wallach and Zero Mostel. 1976, C.W. McCall's recording of "Convoy" reached the top of the country music charts. Its success led to a long string of CB radio-related novelty records during the next year and a-half.

1968- “ It Takes a Thief” premiered on TV. ABC’s adventure series starred Robert Wagner as Alexander Mundy, an unlikely thief who agrees to conduct secret government missions instead of serving out his prison term. Malachi Throne costarred as Noah Bain, chief of the SIA and Mundy’s employer. Fred Astaire sometimes made recurring cameo appearances as Mundy’s father.

1969---Top Hits
I Heard It Through the Grapevine - Marvin Gaye
For Once in My Life - Stevie Wonder
I’m Gonna Make You Love Me - Diana Ross & The Supremes & The Temptations
Daddy Sang Bass - Johnny Cash

1970- After 140 years of unofficial racial discrimination, the Mormons issued an official statement declaring that blacks were not yet to receive the priesthood "for reasons which we believe are known to God, but which He has not made fully known to man."

1977- The Oakland Raiders won Superbowl IX, 32-14, over the Minnesota Vikings. Oakland’s first Super Bowl triumph came in the Rose Bowl before a record crowd of 103,424. Raiders wide received Fred Bilennikoff was named the game’s Most Valuable Player.

1977---Top Hits
You Don’t Have to Be a Star (To Be in My Show) - Marilyn McCoo and Billy Davis, Jr.
You Make Me Feel Like Dancing - Leo Sayer
I Wish - Stevie Wonder
Broken Down in Tiny Pieces - Billy "Crash" Craddock

1979-New Orleans basketball player Daryl Moreau set a high school record by converting his 126^th free throw in a row, a streak that lasted a year. 1981 - The Hockey Hall of Fame's, Phil Esposito, said he was quitting hockey after the New York Rangers-Buffalo Sabres game; which seemed unending when both teams played to a 3-3 tie. Esposito then quit playing for the New York Rangers to become their General Manager and coach. In 1969, and 1974, when Phil Esposito played for the Boston Bruinswhen he won the Hart Memorial Trophy for Most Valuable Player in the NHL, and helped the Bruins to two Stanley Cup Championships in 1970 and 1972.

1984 - Television audiences got their first look at Clara Peller in the now-famous, annoying, and yet successful, "WHERE’S THE BEEF?", commercial for Wendy’s fast-food chain. Dave Thomas, the company's owner, spent $8 million on the ads as well as T-shirts, baseball caps, records, greeting cards and other items bearing the picture of the of Dave Thomas. The theme also became a political

1985---Top Hits
Like a Virgin - Madonna
The Wild Boys - Duran Duran
Sea of Love - The Honeydrippers
Does Fort Worth Ever Cross Your Mind - George Strait

1996- “3rd Rock from the Sun” premiere son TV. In this comedy a quarter of space aliens who had taken on human form came to Earth to spy on its natives. They were led by Dick Solomon, played by JohnLithgow, who fell in love with earthling g Mary Albright, played by Jane Curtin. Other cast members included Kristen Johnson, Frenchy Steward and Joseph Gordon-Leviett. On May 22, 2001, Commander Solomon was ordered to conclude the mission and bring his crew home. Thought it won a slew of Emmys, NBC bounced the series around to more than a dozen timeslots, damaging the ratings, and finally pulled the show after six seasons.

1996-Sun Microsystems announced the formation of JavaSoft, a business unit to develop and promote its Java programming language on this day in 1996. Former Delphi Internet Services Corporation president Alan Baratz was named president of the new unit. Microsoft later came to see Java as a powerful threat to its operating system and became embroiled in disagreements with Sun.

1997- Jazz musician Lionel Hampton was presented with the National Medal of the Arts by President Bill Clinton at a White House ceremony. The presentation took place two days after the 88-year-old Hampton lost most of his possessions in a fire at his New York apartment