Citigroup's Profits Fall in 4th Quarter

Paul Eidelkind. Dorado Beach Hotel in Puerto Rico. ELA Funding Exhibition in Chicago, April, 1990. At the time the picture was taken, Cliff Fromm was/is with Capital Leasing, Paul Eidelkind was/is with Parimist Funding Corp. and the

others, Steve Geller, Bob Salge, Francie Wilbourne and Allison Feinstein (now

Pryor) were with ORIX Credit Alliance.

Photo courtesy of:

Steven B. Geller, CLP

Leasing Solutions LLC

20 Dike Drive

Wesley Hills, New York 10952

845-362-6106

fax 845-354-2803

cell 914-552-0842

www.leasingsolutionsllc.com

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Classified Ads---Jobs Wanted—Right Now

Sales Manager: Atlanta, GA

Professional. finance mgr. w/formal credit ed./ reg. vp/ secured/unsecured commercial loans/ direct end user network/equip. leasing/structuring small,mid,big ticket transactions. 10+ years NE & SE. Have vendor servicing w/existing and active network of accounts will bring with me. Email:AlanAustin2000@msn.com

Sales Manager: Seattle, WA

Senior level sales professional w/ (20) plus experience in mid market financing & leasing. The last (8) plus years being self employed in middle market brokerage. Email:markhenley@qwest.net

Sales Manager: Atlanta, GA

30 years in transportation Finance with strong management/ sales background. Represented company on national & region markets. Started two successful operations- produce profits and growth. Email:pml@mindspring.com

Sales Manager: New York, NY

I have over 25 years owning an independent leasing company that specialized in truck leasing. Tow trucks, Limos, ambulances, tractors, etc.. Email:rfleisher@rsrcapital.com

Senior Management: Long Island, NY

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

For the full list, please go to:

http://65.209.205.32/LeasingNews/JobPostings.htm

Fred St. Laurent Joins Leasing News Advisory Board

http://two.leasingnews.org\images\stlaurent.gif

Fred with his wife Nora,

Hilary is the oldest 11

Luke is 8 and Isaac is 4

Editorial Advisory Board

Bob Baker, Wildwood Financial, St. Louis, MO
Steve Crane, Bank of the West, Walnut Creek, CA
Phil Dushay, Global Leasing, New York, NY
Steve Geller, Leasing Solutions LLC, Wesley Hills, NY
Ken Greene, Attorney, Greenbrae, CA
Bruce Kropschot, Kropschot Financial Services, Vero Beach, FL
Charlie Lester, LPI Financial, Marietta, GA
Bob Rodi, LeaseNow, Warrendale, PA
Bob Teichman, Teichman Financial Training, Sausalito,CA
Rob Yohe, Yohe and Associates, Stilwell, KS
Ginny Young, Brava Capital, Orange, CA

Fred St. Laurent has covered news events for Leasing News, taken pictures,

and contributed employment leads for readers benefit, such as the Apple Leasing

National Sales Manager position or the 18 regional manager positions listed by

UBS . His heart has always been in the right place, and at a Leasing News

Advisory Board meeting two years ago, it was voted to ask him to join.

Just as I was about to ask him, he left the recruiting industry to become

a leasing salesman, himself. He thought the grass was greener on the

other side.

Fred eventually went back to the industry he knew best.

“The last two years have been complicated for everyone, “ he said. “ Many of my friends in Leasing have had to adapt to the changes in the industry. I took a break

from actively marketing my recruiting services in Leasing to focus on

building a team with Bradbury and Williamson Inc. in Atlanta GA.

http://www.bwresults.com/industry/financial_services.phtml

“Even though I didn't actively market my services as a recruiter in 2002 I

managed to pick up a couple of assignments. Both were new relationships that

were at the end of their rope and willing to take on a relationship with me

in a consultative fashion. Both were exclusive searches and the results were

extremely satisfying. I have kept my hand firmly on the pulse of this

industry.”

He then moved from Florida to Atlanta, GA.

“The reason I decided to come to Atlanta?

There are several:

George Bradbury was with Pitney Bowes for 20 years and Lee Williamson was an

NFL Quarterback, who was a one million dollar producer as a Mortgage

recruiter. They have a National retained relationship with Chase Mortgage.

The environment here, in Atlanta is one that I thrive in and when they

offered to move us here from Florida we decided to go for it. We found a

nice place near Lake Lanier NE of the city about 10 minutes from the office

and my family loves it.

“The Financial Services team has ramped up quickly and we are leading the

company in billings already.

“Leasing has become a part-time job for me in some ways, as I have only taken

the best of the assignments that come my way. This year I do plan on ramping

up my presence in Leasing again but my target is the beginning of the second

quarter.”

Regards,

Fred St Laurent

Managing Director - Recruiting

fstlaurent@cfl.rr.com

Fred’s Family Album

http://www.fredstlaurent.com/Isaac/page5.html

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Fred St Laurent is a seasoned marketing professional with a real

understanding of the Financial Services Industry. Fred has been a member of

ELA, UAEL and NAELB. He is currently involved as a member of eLNA. He is a

participant in many forums on behalf of ethics related issues, and has

published articles and spoken publicly about his views concerning topics

related to the future of the Financial Services Industry. Fred trained in

the trenches as a Project Coordinator with Management Recruiters

International, learning from thousands of financial professionals before

being promoted to a Senior National Recruiter. He has mentored under some of

the best Financial Professionals and Recruiters in the industry. His

position as Managing Director of Recruiting of the Financial Services

Division with Bradbury and Williamson consists of building and leading a

team of Recruiters in the financial services industry.

He will also be responsible for the development of retained business, built

on exclusive relationships, structured as partnerships with the goal of

building highly productive teams.

Fred has a depth of sales management experience, having developed marketing

plans, hired and trained sales teams, and he has a firm grasp on what elements are required to create an environment of success for both clients and candidates.

####### ##########################################

AGLF Growing---Las Vegas Conference to be Top Event

Association for Governmental Leasing and Finance increased ten members.

This group with all its focus on tax-exempt and municipal transactions should

be one of the largest as almost all states, counties, and cities are facing

deficits. Leasing would then be more attractive.

Out of the 263 members, only 135 are “company” members. The rest are “individuals” from the company. Company members pay $650 a year, and

individuals $150. The previous year saw 253 with 87 companies/169 individual

members..

“Individual membership is down, “ says Executive Director Graham Hauck.

“The large companies have cut costs, cut sections, and those involved in ‘non-tax’

or ‘tax exempt’ leasing were moved to other sections.”

The members by the category “broker” have also leveled off, from nine in 1999, ten in 2000, twelve in 2001, back to ten in the year 2002.

“This is definitely a small niche, “ Hauck explains. “ Many of our members

belong to the Equipment Leasing Association, for sure, but I can tell you

there is a lot of business, a lot of networking, done at our two conferences

each year.”

Mr. Hauck extended an invitation to Leasing News to attend the Las Vegas

Conference as his guest to prove the point.

“There is a lot of networking that goes on at our conferences, “ he explained.

“With the lack of income for existing program, leasing will be more necessary

for municipalities. Many of them will be “finance” rather than “tax” transactions

for “cash flow.”

It should also be noted that non-members pay the same fee for the AGLF Leasing

Conference.

The association has a very informative, clean website, with much information

for their industry not available anywhere else:

http://www.aglf.org/

AGLF was founded in 1981 to serve municipal leasing industry. Publishes

Bi-monthly newsletter; sponsors 2 annual conferences; 50-state leasing

survey; federal leasing survey; and conducts numerous industry projects.

Two types of membership: regular member - private sector organizations

active in leasing/finance; governmental member - any state, territory, US possession, District of Columbia, or political subdivision of above.

Dues information:

As many people as would like to from any one company may join. One person

must be designated the Regular Member and pay $650/year dues. The other

members are designated Additional Members and pay $150/year dues.

Non-members are very welcome at our conferences. For registration materials, they can call 202.742.AGLF (2453) or email info@aglf.org

2003 Annual Spring Conference

May 14-16, 2003 / Four Seasons Hotel, Las Vegas, NV

The 23nd AGL&F Spring Annual Conference will be held in Las Vegas, Nevada at the Four Seasons Hotel – May 14-16. Room rates for the Four Seasons Hotel are $230.00 per night till April 11, 2003. You may call now to make your room reservations by dialing 1.877.632.5200 – Please be sure to mention that you are with the Association for Governmental Leasing and Finance to receive the above special rate.

AGL&F 23rd SPRING ANNUAL CONFERENCE

TENTATIVE SCHEDULE OF EVENTS

Wednesday, May 14

2:00 PM – 4:00 PM Basics Session

Thursday, May 15

8:00 AM – 5:00PM Keynote Speaker, General Sessions and Luncheon

Evening – Annual Conference Dinner Event

Friday, May 16

8:00 AM – Noon General Sessions, Ending with the Lawyers’ Panel

If you are interested in becoming a sponsor for the 2003 Annual Spring Conference please:http://www.aglf.org/SponsorForm03.pdf

Jim Merrilees moves Forward---Again/Firstcorp Sold?

“You reported Jim Merrilees has left Firstcorp, but here is

the rest of the story, Firstcorp has been sold to IFG, in IL. John Estok

will be moving to Chicago. Len (Ludwig) of course has his new business

(venture leasing-Ven???) so this looks like the end of Firstcorp as a local

Pacific Northwest lessor.”

( name with held )

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Ty Hanson—He is a Believer!!!!

Subject: Your newsletter got me a tremendous response!

I hope everything has been going well for you and your family in the

year 2003. As you can imagine, it's been quite tough getting back on my feet

from the CMC debacle! As you know, that situation still has not been

resolved in court and I don't think either of us will truly know what

happened until the lawsuit with the sureties is settled. But, I still stand

by Ron Fisher and think it was the sureties that caused the mess! That

situation caused pain and relationships to be severed and I've always

understood that, and I am sorry I couldn't control the situation more. But,

being only an employee for the company I truly was an innocent bystander.

Kit, before I go any further I would like to thank you for printing my

e-mail. The response has been much better than when I originally sent it

myself. I have received 8 calls this morning from brokers around the country

ALL willing to send me business! The top three responses have been :

3. "I made a lot of money funding challenging deals with CMC and when it got

ugly CMC sent the money (deposits) back to my customer"

2. "Ty, you were ALWAYS honest and upfront about what you knew at CMC and I

have no problem doing business with you or your father again"

1. "Today's economy is tough and I've been looking for a source to do my

tougher credits. I am glad to hear you and your father are back in business"

One broker sent me an e-mail that was funny but had a

serious tone. It read, "I am still bleeding from the last time I did

business with you. Give me a call and tell why I should do it again". I

called him back and we had a great conversation and I will hopefully see his

business soon.

Kit, the great news about our (Bill Hanson and myself)

business this time is we fund within 5 business days. Bill Hanson has his

own lines of funds for Fair Isaac's 625 to 700. And we are basically a super

broker to another honest and reputable funding source on the tougher

credits. This funding source is based on a strong interview with the

customer and extra collateral! I wish you and your readers success in 2003.

From reading your newsletter about all the leasing

companies that have gone out of business, I am glad and proud to say "We're

still here!" My Dad (Bill Hanson) also said to say hi and sends only good

thoughts :)

See you at the conventions

Ty Hanson

tyh@cnaleasing.com

(No one can complain about your positive attitude, for sure. The Commercial Money Center and its various corporations and law suits are not as simple as you (Ty) makes them out to be. While you (Ty) were an employee of CMC, Bill Hanson was listed as the vice-president on the three corporations. I know you

were commissioned, as you have told us you were receiving approximately

$5,000 in commissions until the operations closed at CMC.

The other side to the story is the insurance companies are claiming fraud and misrepresentation . Three have a major suit in the Cleveland, Ohio courts. It is over $240 million. Bankruptcy may not be able to protect these claims as fraud and misrepresentation are exclusions. The insurance companies, sureties as you call them, really are fighting over claims to the assets. The Florida and Nevada matters have been moved to San Diego, California.

Current status is that the Lessees (about 250 of them) have filed suit

in United States Bankruptcy Court (USBC) for the Southern District of California against about 20 lenders for usury seeking damages for past payments, voiding the lease for future payments and voiding the security interest. In USBC, the

issue is whether the case should be transferred up to Los Angeles. The

central legal issue is whether the estate of CMC has any future interest

in the residuals.

These are not all the lessees, but those who joined the suit. There are many

vendors who have claims in the bankruptcy court. They will have to wait in line

after the feds and the state, personal property tax claims, and employee claims

issues. A lot of people were hurt, and it appears it will get worse. It is true until the cards started to tumble, many brokers make “good commissions.” Many attorneys liken the operation to the “Ponzi” conspiracy.

There is also the hope commissions paid the last year of operation may be labeled assets and those brokers who received payment, may be held liable as they participated in the alleged fraud and misrepresentations. People, such as yourself,

may have to pay back these monies. It’s not over until the fat lady starts to sing.

On 2/20/03, the Court will hold a status conference as to this issue

and may determine a briefing schedule as to this issue.

I have a Pacer account, but have not had the time to go through the filings,

which are numerous and quite large. The FBI is investigating fraud charges

regarding non-existing Kiosks with some people who were involved turning

states evidence, we are told. Law enforcement believes several of the officers of the several corporations involved have more than a questionable past, and

were actively manipulating the situation and hope to prove this in a court

of law. They may wind up in jail, all the officers.

As important, least we forget, there are several employees , sureties, banks and customers who are finding it slightly more difficult to 'get back on their feet'. I personally feel sorry for those employees who have CMC on their resume,

and were “innocent” to the goings