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Januray
10, 2003
Post time 6:48 a.m. PST |
Headlines---
Pictures
from the Past---1992---Richard E. Carolan
Classified
Ads---Mark Stuart Finds Position
Bankruptcy
judge OKs auction plans for Conseco Finance
Alexa Ranks Leasing Association
Web Sites
DOT's
Mineta returns to hospital
Silicon
Valley vacancy rate highest in U.S.
Top
Stories of 2002----
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Pictures from
the Past---1992---Richard E. Carolan
Richard E. Carolan, Senior Vice President of BOT Financial
Corporation, a Boston based subsidiary of The Bank of Tokyo
Ltd. Mr. Carolan has worked at BOT Financial and its predecessor
company, Banc New England Leasing Group, since 1979, prior to
which he worked for the IBM Corporation. He received his B.A. from Georgetown and MBA
from Boston College.
---------------------------------------------------------------------------------------------------
Classified
Ads---Mark Stuart Finds Position
I would like to withdraw my posting from the "Post a
Job Wanted" section of your web site.
Please remove when you have a moment.
You were of help in that I received a number of inquires,
talked to a lot of
people, and visited their web sites. The job I decided to go with is with
US Bank as a commercial lending officer. It was a very good offer. One
more thing, I will certainly recommend your site to others
if they are
looking for a position.
Mark Stuart
Portland, Oregon
Finance: Atlanta,
GA
Twenty five plus years experience in middle market lease/
asset based/cash flow transactions. Heavy banking and credit
background, with particular expertise in structure and negotiation.
Email:brown235@bellsouth.net
Finance: Lyndhurst,
NJ
CFO w/20+ years leasing/financing. Respected by lenders/rating
agencies full & fair financial reporting. Outstanding record
restructuring debt. Adept at investor relations and mentoring
people. Email:joemcdev@aol.com
Finance: Orange
County, CA
CFO/Controller/IT Director - 15 years experience in leasing
and ABL. Experienced in: Accounting, Finance, Systems, Tax,
Operations,Securitizations, etc.MBA, ELA member. Many accomplishments.
Email:gosween@cox.net
Legal: Los Angeles,
CA
Experienced in-house corporate and financial services attorney
seeks position as managing or transactional counsel. Willing
to re-locate. email:sandidq@msn.com
Operations:
Experienced Credit, Collections, lease and Finance operations.
Manager w/ expertise in improving bottom line performance, excellent
trainer, manager, motivator. Get result/ keep the customer coming
back. Email:rgmorrill@comcast.net
Operations:
Wayne, NJ
20+ heavily experienced collection/recovery VP looking to
improve someone's bottom line. Proven, verifiable track record.
Knowledge of all types of portfolio. Will relocate Email:cmate@nac.net
Receptionist:
San Diego, CA.
An outgoing, people loving person. Can handle several tasks
at once. 35 wpm, some receptionist exp.in high school office,
&some comp.knowledge. email:dvynangel69@msn.com
Sales:
Seattle, WA
Sales professional, looking for sales/leasing position to
work from home office. Tenacious, aggressive, personable. Strong
on the phone. Outstanding PC, cold-calling, and closing skills.
Email:bsmith@mybillsmith.com
full list available at: http://65.209.205.32/LeasingNews/JobPostings.htm
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EAEL
hangs in there----
At the end of 2002 the Eastern Association of Equipment Lessors
had 216 members.
2000---240
2001---228
2002---216
Eastern Association of Equipment Lessors
600 Mamaroneck Avenue
Harrison, NY 10528
P: 914-381-5830
F: 914-381-5829
Alison Pryor, Executive Director
amfnyc@eael.org
The Eastern Association of Equipment Lessors is a trade association
for
entrepreneurial leasing companies, banks, brokers and their
services firms.
As of June 30 EAEL had 202 members:
132 Lessor/Broker
29 Funding Sources
18 Service Providers
23 Attorneys
Last June EAEL had 213 members, and the end of the year,
2001: 228 members.
This is not uncommon due the economic times, including mergers,
acquisitions, and failure of many large leasing companies.
EAEL is primarily a regional association with 67% in the
Northeast (NY, NJ,
MA, CT), an additional 5% in PA and MD, and the remainder
in 25 states and
Puerto Rico.
One important distinction in EAEL membership recruitment
is that they do not solicit Brokers/ Lessors west of the Mississippi
River.
Members share information, have a close bond, often join
other leasing
associations in joint conferences.
There has been talk for years that this association would
merge with
another, but there is a closeness among members that would
be lost, and as
important, the membership dues overall are the lowest of
the other three
leasing organization who would be their suitors.
ELA has not raised their membership dues:
$300.00 FULL MEMBERSHIP (less than 3 employees)
$600.00 FULL MEMBERSHIP (less than 50 Employees)
$800.00 FULL MEMBERSHIP (more than 50 Employees)
$800.00 FULL MEMBERSHIP (funding source)
$800.00 SERVICE MEMBERSHIP (attorneys, accountants, etc.)
Many of their members now belong to other leasing associations,
as is common in the industry, especially for funders and those
companies with business
across the United States.
--------------------------------------------------------------------------------------------------
Bankruptcy
judge OKs auction plans for Conseco Finance
ASSOCIATED PRESS
INDIANAPOLIS – A bankruptcy judge has approved plans for
an auction to sell off Conseco Inc.'s money-losing finance unit,
a step that would help the insurance and finance company raise
cash to pay creditors owed $6.5 billion.
Meanwhile, a group of creditors who failed to agree with
Conseco on its reorganization plans have won formal representation
in the Chapter 11 case.
A Chicago-based bankruptcy judge approved auction plans Wednesday
for Conseco Finance Corp., the nation's largest mobile-home
lender and a provider of other financial products.
The Feb. 28 auction for the St. Paul, Minn.-based unit will
come more than two months after its Indiana-based parent became
the third- largest company to file for bankruptcy protection.
Conseco expects to emerge from Chapter 11 by this spring.
Before its Dec. 17 filing in Chicago, Conseco reached a tentative
agreement with a New York investment partnership to buy the
finance unit for about $1 billion.
The auction will allow others to submit bids higher than
the existing offer from CFN Investment Holdings, a joint venture
of Fortress Investment Group and J.C. Flowers & Co.
The partnership has until Feb. 16 to finalize its offer,
with other parties' bids due Feb. 24. The auction is to occur
four days later, with Judge Carol A. Doyle considering approval
of the sale March. 5.
"Our main concern is that we hope Conseco will achieve
the maximum recovery from the sale," Irving E. Walker,
an attorney representing holders of preferred securities, said
Thursday.
Banks and bondholders, who rank above preferred investors
in priority for repayment of their investments, agreed last
month with Conseco on its reorganization plans. Preferred investors,
who are owed $1.9 billion, did not.
They gained formal status in the bankruptcy case last week
when a bankruptcy trustee agreed to appoint a three-person committee
representing preferred investors. Without such an appointment,
many investors could not have afforded their own lawyers and
other professionals to represent them, Walker said.
"We now have a fair chance to be heard," he said.
The sale of the finance unit is a key part of Conseco's reorganization.
Even if a bidder boosts the unit's sale price above the current
$1 billion, Conseco won't come close to recovering the $6 billion
it spent to buy Green Tree Financial Corp. – now Conseco Finance
Corp. – in 1998.
Conseco, then a fast-growing insurer, hailed the deal as
the breakthrough it needed to become a financial-services supermarket
to middle America. But the acquisition became by far the biggest
source of debt that forced Conseco to seek Chapter 11 protection.
Conseco Finance fell victim to a glut of mobile home loan
defaults that grew during the recession.
Conseco, based in the Indianapolis suburb of Carmel, has
said its insurance units remain relatively healthy. Those operations
are excluded from the assets covered in the bankruptcy filing.
On the Net:
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|
News: Around the Industry
What Lessors Are Saying About. . .Marketing 2003 Posted 01/09/03 CFOs have always focused their attention on the bottom
line. But in today’s world, scrutiny on deals grows
tougher. Even the smallest deals are being placed under
a watchful eye. A few lessors agreed to comment on being
their deals bug under a microscope, and even gave a
little advice on what do about it.
|
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Alexa Ranks Leasing Association Web Sites
01/08/03 12/09/2002 WEBSITE NAME
59,689 61,021
www.aba.com American Bankers Association
72,640 66,206
www.monitordaily.com Monitor Daily
78,388 95,739
www.leasingnews.org Leasing News
104,374 116,970
www.elaonline.com Equipment Leasing Association
132,950 126,411
www.nacha.org The Electronic Payments Association
304,657 285,201
www.us-banker.com U.S.
Banker
307,547 586,221 www.leasingtoday.com
Leasing Today
315,834 269,781
www.cfa.com Commercial Finance Association
326,065 432,923
www.executivecaliber.ws Exec. Caliber-Jeffrey Taylor
334,195 350,430
www.uael.org United Assoc Equipment Leasing
383,001 378,221
www.naelb.org Nat’l Assoc. Equip. Leasing Brokers
548,271 830,226
www.leasefoundation.org Equip Lease & Fin Found.
695,290 586,221
www.clpfoundation.org CLP Foundation
751,146 780,576
www.pblaw.com/newsletters/bln/
Bus. Leasing News
778,573 842,274
www.eael.org Eastern Assoc. of Equipment Leasing
838,591 871,787
www.ibaa.org Ind. Comm. Bankers of America
1,256,726 1,197,705 www.nvla.org National
Vehicle Leasing Association
1,781,592 1,025,866 www.iicl.org Inst.of International Container
Lessors
3,324,980 3,206,908 www.mael.org
Mid-America Assoc. of Equip. Lessors
3,687,589 3,680,586 www.leaselawyer.com
Lease Lawyer
NO DATA NO
DATA www.nationalfunding.org National Funding Assoc.
3,743,401 3,740,334 www.aglf.org
Assoc. of Gov. Leasing and Financing
3,934,172 3,932,424 www.elessors.com
eLessors Networking Association
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DOT's Mineta returns to hospital
Transportation Secretary Norman Y. Mineta returned to Walter
Reed Army Medical Centers Jan. 7 for treatment of back pain,
a day after he left the facility to attend a Cabinet meeting.
Mineta has been holding meetings and telecommuting from his
hospital bed, according to a DOT statement.
In August 2002, Mineta underwent a surgical procedure at
Walter Reed intended to relieve persistent back pain. Following
a trip to visit Coast Guard members at Guantanamo Bay, Cuba,
over Thanksgiving, the pain reappeared and the secretary returned
to the hospital.
Further tests revealed a staph infection had developed. Scoliosis,
a curvature of the spine, is also contributing to his discomfort.
The infection has been gradually responding to antibiotics,
DOT said. Once the infection is treated, he will undergo a surgical
procedure to counteract the scoliosis.
Mineta's prognosis is very good and he expects to resume
office duties late next month, DOT said.
----------------------------------------------------------------------------------------------------
Silicon Valley vacancy rate highest in U.S.
Nearly 30% of offices in South Bay are empty
Kelly Zito,San Francisco Chronicle Staff Writer
Buffeted by the ailing
high-tech sector, commercial
vacancy rates in parts of Silicon Valley soared in the latter
part of 2002 to nearly 30 percent, the highest in the nation.
The glut of office space was not limited to the epicenter
of the dot-com boom-and-bust days. Vacancy rates in portions
of the Peninsula, San Francisco and Oakland also jumped in the
fourth quarter, in some cases above 26 percent, according to
Cushman & Wakefield, a New York commercial real estate firm.
Rents have dropped significantly.
"The business market, particularly spending on telecommunication
and information technology, has been depressed and the vacancy
rates continue to show that," said Tom Lieser, an economist
at UCLA.
Commercial vacancy rates are closely watched because they
frequently shadow employment figures and therefore signal the
direction of the economy. And empty commercial buildings have
their own ripple effects; fewer filled cubicles mean a smaller
market for dry cleaners, drugstores and restaurateurs.
"A lot of small businesses out there are hurting,"
said Joe Cook, Cushman & Wakefield's senior managing director
for Northern California. "You certainly hear about a lot
of restaurants only offering dinner because there's no lunch
market anymore."
The commercial vacancy rate in the suburban portion of Silicon
Valley, about 33 million square feet comprising about 85 percent
of the region's office market, was 28.7 percent in the fourth
quarter of 2002, according to a recent Cushman & Wakefield
study. That is a 44.9 percent jump from the 19.8 percent vacancy
rate for the fourth quarter of 2001. In downtown San Jose, the
vacancy rate almost doubled, from 9.8 percent to 19.1 percent.
The commercial category includes about 39 million square
feet in Silicon Valley. It does not include the 146.7 million-square-foot
industrial market, buildings used for manufacturing and warehousing,
where the vacancy rate ballooned from 11.2 percent in the fourth
quarter of 2001 to 17.6 percent.
The picture was similar in San Francisco and Oakland.
The rate of vacancies in downtown San Francisco -- the Financial
District and part of the South of Market area -- rose to 19.7
percent from 15.9 percent year- over-year. In the remainder
of the city, office vacancies climbed to 25.3 percent from 23
percent. Citywide, the office vacancy rate was a record 21.7
percent.
In downtown Oakland, the fourth-quarter vacancy rate increased
to 20.4 percent from 13.3 percent; in the rest of the Oakland
area, the business corridor along Highway 880 from Richmond
to Union City, vacancies surged to 23. 1 percent from 15.6 percent.
On the Peninsula, vacancies jumped to 26.4 percent in the last
quarter of 2002 from 21 percent in the last quarter of 2001.
The U.S. downtown vacancy rate rose in the fourth quarter
to 14.8 percent, its highest level since 1996. San Jose's suburban
market had the highest vacancy rate in the nation, followed
by downtown Dallas at 28.2 percent and downtown New Haven, Conn.,
at 26.6 percent.
Demand for office space in the Bay Area began to ebb in the
spring of 2001 after the tech-heavy Nasdaq tumbled and Web shops
and computer software and hardware firms started reining in
expansion plans or shutting their doors altogether. The sector
took another hit after the Sept. 11 terrorist attacks and sagged
further last year amid rising unemployment -- a whopping 7.8
percent in Santa Clara County in November -- and a gyrating
stock market.
Take Agile Software of San Jose. This spring, the company,
which makes programs that track product design and manufacturing,
jettisoned 15 percent of its workforce amid sluggish demand
for its products. Since then, Agile scaled back its offices
on Almaden Boulevard in San Jose and is planning to sublease
about 26,000 feet of the space.
Such consolidations have resulted in a wholesale reduction
of rents, particularly in the valley. Asking prices for Class
A buildings, usually the highest quality properties, plummeted
38.8 percent from $3.50 per square foot a month to $2.52, according
to Cushman & Wakefield.
Asking prices for downtown office buildings in San Francisco
fell about 3 percent in the fourth quarter to $30.48 per square
foot per year.
On the plus side, nonprofits have benefited from new low
rental rates. The San Jose State University Foundation recently
signed a lease for 24,000 square feet in downtown San Jose.
Suzanne Murphy, the foundation's director of client financial
services, said shopping for the space was a dream compared with
two years ago when landlords demanded not only exorbitant rents
but stock options and up-front cash payments.
"Three years ago, landlords were throwing not-for- profits
out on the streets for the sock puppet," she said, referring
to the popular mascot for the now- defunct Pets.com. "Now,
it's more of a tenants' market."
Mark Ritchie, president of Ritchie Commercial in San Jose,
expects commercial rent prices to slow their free-fall, dipping
only another 5 to 7 percent this year, in part because fewer
large scale office buildings are expected to come online.
But few believe the Bay Area commercial market will turn
around until at least 2004.
Jack Troedson, executive vice president at Cornish &
Carey, a commercial real estate firm in Santa Clara, said his
firm had "positive net absorption" of 450,000 square
feet of office space in buildings from Redwood City to Mountain
View in the fourth quarter. That is, the total number of square
feet leased outstripped the number of square feet vacated by
450,000.
Still, Troedson said there are vast amounts of so- called
shadow space, or underutilized space, that may delay any turnaround.
On a broader note, UCLA's Lieser wonders whether occupancy
rates in Silicon Valley will ever regain their lofty, pre-bust
heights.
"Employers are getting very cost-conscious, and they're
trying to save every penny they can. We may find that the existing
supply of vacant office space (in Silicon Valley) could last
a long time," he said.
----------------------------------------------------------------------------------------------
Top Stories of 2002----
Sean Wheeler
From the
1Lease “franchise” to working out of his father’s office
in Fresno ( both deny it, but applicants, brokers, and ex-employees
say
otherwise—and he often uses another name, they also report).
If PinnFund/
PinnLeasing is a movie, then so is the story of Sean Wheeler---played
by
Jim Carrey ...maybe Adam Sandler.
Leasing News received
word from a bank owned leasing company in California that Sean
Wheeler had applied for a “corporate only” lease. They requested
an up-date from Dun & Bradstreet.
On July 8, 2002,
Sean Wheeler, who gave a Title of Owner, reported that Deep
Blue Sea Marine operates as A Sole Proprietorship under his
name that started in 1998.
Operations were reported as wholesaling Marine Pet Supplies
with 34 employees. A current business address of 2037 W. Bullard #514, Fresno, CA was
provided where the company reported that it leases 9,200 sq.
feet of space. A business
phone listing of (559) 259-8068 was reported.
No Branch locations were reported.
A financial statement dated Dec. 31, 2001 was submitted
showing equity of a low six figures and sales of a low seven
figures.
An investigation
with outside sources on July 8, 2002 revealed that the captioned
address is a mail drop facility utilized for mailing purposes
only. A current physical address, if any, for the
company is undetermined. A
check of records as of July 8, 2002 with directory assistance
found no record of a business phone listing for the company
in the area. It is noted that the phone number provided by the company is a cellular
listing.
A check on July
8, 2002 with the California State Board of Equalization found no record of a State Tax Permit issued to the
company under Sean Wheeler as the owner.
Record of an Active Permit under the name Deep Blue Sea
Marine was found in Fresno, CA;
however, the permit was indicated to be under a different
principal’s name. Further details could not be obtained concerning the permit. Also on July 8, 2002, a check with the Fresno,
CA Business Licensing Dept. found no record of a required license
on file under the name of the company or principal at the captioned
address.
The original
Business Report for the Company was created by D & B on
Nov. 7, 2001 at the request of the Company.
It is noted that since it’s inception there has been
approximately 16 inquiries on the Company’s file.
This advises D & B that the report is receiving a
high end amount of customer activity. Due to the above discrepancies, a reference
start date of 2001 will be utilized and credit and financial
details withheld. For
additional details, see “History”.
“My father (Ken Wheeler, reportedly still active in the leasing
industry, kennethwheeler@msn.com) faxed this e-mail to me. I have no idea in what way what I am doing
now has to do with the leasing business.
“ I already received the lease funds from the lender several
weeks ago.(application was dated May 31.editor) You were not a reference I don’t even know
you. I was on the news
a month ago due to losing a large amount of livestock and several
organizations were concerned (SPCA, Fish and Wildlife
Service)
“As for Commercial Equipment Lease, I have received nothing
to date.
“We, like other companies were very slow over the past year
and fell behind on lease payments.
I also had a falling out with a former partner. But I am not in the leasing business this is
the main reason why.
If you look at what
is going on in today’s society children are being taken out
of there homes in the
middle of the knight, we are at war, Tyco CEO I see him on CNN
all of the time. These are real issues I am just working hard in Fresno and would
like to be left alone. I
am sure there are more newsworthy stories than me life after
leasing----why not stick to them?
“The headline ‘Will
the real Sean Wheeler please stand up?’ is really sad and just
shows that you and several others learned nothing from 9-11-01.
“I am not hiding
from anyone. I have always responded to your questions and concerns.
“Thank you.”
Sean Wheeler
559-259-8068
: Swheeler00@aol.com
(There also is a
controversy whether Sean Wheeler ever took or passed
the Certified Leasing Professional program. According to CLP executive
director Cindy Spurdle, the records previous to the formation
of the
foundation were lost at the UAEL office. The person who conducted
the test, says he may still have the records of who took
the test and
passed it in his Portland, Oregon garage...and as soon as
he gets
back from Saudi Arabia, where he is working now, he will
look
to see if he can confirm or deny----a charge by an ex-employee
who said that Wheeler used to joke that he never passed the
test....and in recent correspondence, he has stopped using
it. )
---
Will the Real Sean Wheeler Please Stand Up? June 17, 2002
In the year 2000, Sean Wheeler and 1Lease were making the
rounds of Leasing
Association Conferences, promoting this "franchise."
Wheeler actually became a "Certified Leasing Professional." To say the least, he was quite controversial.
Since Leasing News has added over 1,500 readers since then,
perhaps many have not heard of him nor understand the significance
of his applying for an "application only lease" to
what we are assuming is another lease broker
His father Ken Wheeler is
in the leasing business in Fresno, California
June 12,2001 he left it.
He evidently has been in the marine animal business before
he went into leasing, as he stated
in a leasing application Leasing News was asked
as a "reference."
Leasing News has also received a report that Mr. Wheeler
was on the Fresno TV News about this equipment, which we are
investigating. Leasing News is also following up a report
concerning legal action taken by Commercial Equipment
Lease in Eugene, Oregon.
To bring all readers up to date on this "Whatever Happened
to" story, here are three re-prints from last June's Leasing
News in chronological order.:
Sean Wheeler says,
" Bye-Bye, Baby" to Equipment Leasing
Sean Wheeler
Leaves the Leasing Business for "Wet Pets"
Dear Kit:
Steve Ballard who came to us in February of this year has
taken over control
of One Lease, and the Franchise Group. Steve spent his last
6 years in the
Operations / Finance department with Michael's Floral the
fastest growing
retail store chain in the West. We feel he brings a solid
financial
background to the company which One Lease is in need of at
this time.
As One Lease has
grown several issues have needed special attention that one
leasing professional could not handle. Sean Wheeler felt it
was time to turn the company over to a highly qualified individual
that truly could propel One Lease to the next level and beyond. Steve will
take a much more active approach to the company staring with
a booth and the UAEL annual conference in October.
Steve officially takes over July 1st. Sean Wheeler and his
wife will be moving to the East coast in the next few months
to expand there 3 store chain of Marine Pet Stores called "Wet
Pets."
We wish him all the luck in the future!
Marilyn Delerio
One Lease Corporation
One Lease Franchise Corporation
800-996-7440
800-977-4666-fax
www.1lease.net
www.1leasefranchise.com
Dear Kit,
Yes, it is true I am leaving the leasing industry.
Steve Ballard has taken over as CEO of One Lease Corp. This
will go into
effect on July 1st. I really think Steve will bring a strong
Customer
Service platform back to One Lease.
I think if One Lease
has a knock it's that we can be slow at times. All issues aside
we have always taken care of our approved brokers. And we have
always been broker driven from the very beginning. many felt
we were a super broker of some kind. That is an incorrect statement
we are a funder with our own money.
We are a funding
source member of the UAEL(United Association of Equipment Leasing),
& EAEL (Eastern Association of Equipment Leasing )and will
have a booth at the Annual UAEL
conference in Texas this year. I really think that Steve
and his new team with propel One Lease into the future as a
major source in the industry.
With funding sources closing at a record pace One Lease has
been a
consistence source for the industry.
Thank you
Sean Wheeler, CLP
1 Lease
( It is my impression
One Lease Consultants sets up individuals in the leasing business,
a franchise type operation, with procedures, manuals, and support,
and treats the leasing business as a "retail" business
or franchise with backing from the franchiser. Their website
is "under development" .We hope to get more information
about this fascinating approach to leasing. editor )
http://www.leasingnews.org/archives/June01/6-12-01.htm
1Lease ---"Not a Joke," says Sean Wheeler ( and
more )
Kit
Give me a break! I saw the posting by Izzy Finster and he
should leave the house more often. Michael's Floral is a $5
Billion dollar a year company. And Steve Ballards title is one
that Mr. Finster I'm sure could not even apply for. Steve has
15 years of corporate finance experience. Joke / not a Joke
who cares the reality is that One Lease does have over 240 satisfied
brokers if you don't like us go somewhere else. We don't need
anyone's business that bad. One Lease increased sales in 2000
by over 136% from 1999. Anyone that would like to compare financial
statements for year end 2000 please feel free to call and then
we will see who the joker really is. Our statements are audited
by the firm of Arthur Anderson.
Sean Wheeler, CLP
1 Lease Corp.
800-996-7440
800-977-4666-fax
www.1lease.net
( The e-mail said, "Steve spent his last 6 years in
the Operations / Finance department with Michael's Floral the
fastest growing retail store chain in the West." The 15
years was not mentioned. I guess you are saying that 240 brokers
cannot be wrong. That is quite a following, indeed. I will ask
Mr. Finster to respond, and also to let us know what "faygeleh"
business means. editor )
http://www.leasingnews.org/archives/June01/6-14-01.htm
Sean Wheeler/1lease National Association of Equipment Leasing
Brokers
In reading your recent newsletter with the comments from
Sean Wheeler About the NAELB, I felt that I must of course set
the record straight. By no means do I wish to open up the entire
issue, it is an issue that is done. I just want to respond to
the comments made by Mr. Wheeler about the process. As to Mr.
Wheeler's comments point by point:
1. "One Lease has never been a member of the NAELB."
That is correct.
2. "Directional Funding was also never a member."
That is incorrect. Directional Funding was a member, submitted
under the name of Marilyn Delerio. However, once the EFG issue
surfaced, a review of the membership application showed that
Directional's membership was paid for with Sean Wheeler's American
Express card. That was one of the factors that showed The relationship
between EFG and Directional Funding.
3. [The sharing of office space] "is the entire reason
for the NAELB thinking there was a connection between the two
companies." There were many factors that were brought to
my attention that showed similarities and connections between
the two companies, not just one. One connection would not raise
a suspicion, many connections would.
4. "We had separate phone and fax numbers from EFG throughout
this time." This is incorrect, letterhead shows the same
phone, fax and address. At One point in time, they may have
changed but they were not different "throughout this time."
From the perspective of the NAELB, please be aware that one
isolated similarity would not rise to the level warranting action
by the NAELB. And in complete hindsight, if there had never
been a problem with EFG, then there never would have been any
issues with Directional Funding, Direct Funding.Net or One Lease.
Also, any action taken is only taken by the full board of directors,
not just me.
I am not revisiting this issue, just responding to the points
Mr. Wheeler made as it pertains to One Lease.
Joe Bonanno
NAELB Legal Counsel
attyjgb@aol.com
(781) 391-7800
www.leasingissues.com
http://two.leasingnews.org/archives/June01/6-19-01.htm
After Leasing News ran the story that you were no longer
in the equipment leaisng business, contrary to rumors, a California
leasing company on Thursday, June 13 told me you had applied
to them for a lease and asked me for a reference about you,
as you were once a public figure and well-known in the leasing
industry; what kind of character reference and what else did
I know. I asked them to fax me a signed copy of the application,
which they did.
Leasing News has had many stories about Sean Wheeler and
1lease. I think once
you are a public figure, even when you retire, you remain so.
We have features, such as “Whatever Happened to...”,
plus alerts and bulletin board complaints.
John Nice, Commercial Equipment Lease in Eugene, Oregon,
Credit & Special Assets Mgr, (800) 234-1884.has a representative
who has been trying to locate you.
He is available, if you would like to reach him. He would
also like those in the leasing industry, if you have any questions
or information, to call him directly.
-----------------------------------------------------------------------------Kenneth
Wheeler Takes On NAELB Legal Counsel Joe Bonanno
Fair unbiased news about the leasing industry does not seem
to me to include
the fish industry and then to bring up the history of someone who is not in the industry any longer
makes your news letter like
the National Inquirer.
You ask me a question
and I gave you a straight answer... then you print this
trashy story not based on an interview or a request for info
but some third person's information that is not correct. I know
where you got the info and you can believe that source is not
reliable and is the biggest gossip in this town.
Over half the companies in this industry have financial problems so stick with them or become
the Tropical Fish Newsletter.
I have always thought you were fair and unbiased until today
and I am saddened that you wrote that article about
Sean.
If he is having financial problems that has nothing to do
with your newsletter or your need to report it and I honestly
do not know if he is since we do not talk about such things.
Please Kit in the
future call me if you have any questions and
I will try to get
honest answers for you if it pertains to the leasing industry.
---
to further reply to your story was the quote from Joseph
Bonanno who is a documented liar and cannot be trusted to ever
tell the truth and if you want the documentation I will send
it to you.
He is the typical attorney that all the jokes are made about.
I sent the
documentation to all members of the NAELB (National Association
of Equipment Leasing) when he slandered my company.
I had one employee spend two weeks faxing the info. Bonanno
represents everything wrong with this business and hides behind
a non profit organization so he can operate without liability
and you can print this because I have the documentation in writing
and he cannot deny it.
KENNETH WHEELER
<kennethwheeler@msn.com>
-----
(Leasing News confirmed with Mr. Wheeler that his e-mail
was for publication. Ironically the new Sean Wheeler story started
from a NAELB Listserve by Joseph Bonanno about rumors that Sean
Wheeler was back in the equipment leasing business.
Bonanno was doing his job for the association. It was
not sent to Leasing News
as “gossip.”
(Here is the reference Ken Wheeler is referring to, and only
brought up to clarify today’s news story: editor)
Sean Wheeler/1lease National Association of Equipment Leasing
Brokers
In reading your recent newsletter with the comments from
Sean Wheeler About
the NAELB, I felt that I must of course set the record straight.
By no means
do I wish to open up the entire issue, it is an issue that
is done. I just
want to respond to the comments made by Mr. Wheeler about
the process. As to
Mr. Wheeler's comments point by point:
1. "One Lease has never been a member of the NAELB."
That is correct.
2. "Directional Funding was also never a member."
That is incorrect.
Directional Funding was a member, submitted under the name
of Marilyn
Delerio. However, once the EFG issue surfaced, a review of
the membership
application showed that Directional's membership was paid
for with Sean
Wheeler's American Express card. That was one of the factors
that showed The
relationship between EFG and Directional Funding.
3. [The sharing of office space] "is the entire reason
for the NAELB
thinking there was a connection between the two companies."
There were many
factors that were brought to my attention that showed similarities
and
connections between the two companies, not just one. One
connection would
not raise a suspicion, many connections would.
4. "We had separate phone and fax numbers from EFG throughout
this time."
This is incorrect, letterhead shows the same phone, fax and
address. At One
point in time, they may have changed but they were not different
"throughout
this time."
>From the perspective of the NAELB, please be aware that
one isolated
similarity would not rise to the level warranting action
by the NAELB. And
in complete hindsight, if there had never been a problem
with EFG, then
there never would have been any issues with Directional Funding,
Direct
Funding.Net or One Lease. Also, any action taken is only
taken by the full
board of directors, not just me.
I am not revisiting this issue, just responding to the points
Mr. Wheeler
made as it pertains to One Lease.
Joe Bonanno
NAELB Legal Counsel
attyjgb@aol.com
(781) 391-7800
www.leasingissues.com
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