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The only annually-updated international reference book for the asset financing and leasing industry available. The new 25th edition includes the latest market trends, over 100 authoritative articles and reports on the leasing software and IT market, an exclusive ranking of the top 50 leasing markets by size worldwide with feature profiles from Africa to Venezuela PLUS a directory of over 4,400 contacts.
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Tuesday,
July 20,2004
Headlines---
Correction: ASA “Asset
Control”
Classified
Ads---Sr. Credit officer/ Sr. Management
NorVergence
“Application Only” Quagmire
NorVergence
Leasing Portfolio: “Other things to go wrong.”
Norvergence
Customer Legal Co-op Announcement
Alexa
Ranks Leasing Association Web Sites
Fitch
Affirms Toronto-Dominion Outlook to Stable From Negative
######## surrounding the article denotes it is a “press
release”
-------------------------------------------------------------------------------
Correction:
ASA “Asset
Control”
“Several days ago
you put out a news release stating Asset Control was no longer performing
services for companies other than Textron and you cited a reliable source.
This is incorrect,
the fact is, AC is still performing appraisals and inspections for other
parties, the only services discontinued, to other parties, were the
recovery and remarketing of assets. In the future, a call to the subject
you are reporting on may serve you better and enhance the credibility
of your news releases. Please correct your past news release.”
Robert C. DiBerardino
ASA, Vice President
904-886-7941 Fax: 904-886-7959
Cell: 904-254-0772
www.assetcontrol.com
Leasing News did
attempt to reach ASA as we received this
from a reliable source:
“AssetControl is laying off at least half the staff today (July 1).
They are not going to process any more third party business, only Textron.
I hear that Textron is getting back into the leasing business.”
Mr. DiBerardino explained
“Process,” however, we requested clarification on the reduction in staff
and change:
“Did you cut your
staff by half? Did you cut your staff at all?
Mr. DiBerardino only wanted the above statement printed:
“The statement is what I just gave
you. You need to correct your previous release. Your well known source
obviously did not know what has taken place.”
[headlines]
----------------------------------------------------------------------------
Classified
Ads---
Senior
Credit Officer/Senior Management
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
Senior Management:
Baltimore, MD
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
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
Senior management:
Hope, NJ.
25 years in optimizing
call center operations, collections, billing, and back end revenue generation.
Experienced in $7 + billion dollar portfolios. Verifiable achievements.
E-mail: cmate@nac.net
Senior Management:
Irvine, CA.
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
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
Senior Management:
New York, NY, NJ, Ct Tri-State
Top Exec. middle
and big ticket, top skills treasury, funding, ops,transaction detail,
syndication, ready to max profit, help build quality operation. right
now!
E-Mail: leasefinance@optonline.net
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
full listing of all classified “job wanted”
ads:
http://64.125.68.90/LeasingNews/JobPostings.htm
-------------------------------------------------------------------------------
Economic
Events This Week
Today
July 20
Housing Construction:
June
Thursday
July 22
Leading Indicators:
June
Weekly Jobless Claims
|
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NorVergence
“Application Only” Quagmire
by Christopher Menkin
It should have been
no surprise when Qwest postponed their
turn-off for NorVergence
users. No firm date has not been made,
although many believe
it will be in two weeks.
While this may be
considered benevolent in postponing cutting off
current NorVergence
users, the move may be viewed as
lacking the technical
ability of actually “turning off” 7,000
accounts, plus covering
all legal bases, and business wise: the opportunity to obtain “new”
customers.
What will happen
to the alleged 7,000 NorVergence Qwest customers
or the reported other
3,000 to 4,000 users serviced by other “telephone” companies is yet
to be seen. Remember, users
mean “companies,” not individuals.
Telecom Agent Associations
states there are “11,000 Norvergence
customers.... who need new long distance, T-1s, 800 numbers and cell
phones.”
The Chapter 7 first
creditor’s committee meeting will be held on August 27,2004. The form for creditors to fill out may not
be
complete, meaning
all the claims and creditors may not be able
to report actual
facts for the first meeting.
http://www.two.leasingnews.org/loose_files/NorVengence_court_docs.pdf
Third party contract
holders may take up to sixty days to realize
they are involved
in a “credit dispute” that may or may not involve
NorVergence (depends
on which side you are on---lessor, lessee, creditor, employee, insurance,
government(s), and this more than
likely will be much
larger than recent bankruptcies such as Commercial Money Center, or
alleged fraud, such as RW Professional Leasing.
It appears that these
dollar amounts are small in comparison to
Enron, Worldcom,
and others, to the media, but perhaps when
this gets to the
$100 million mark it will be more than a local
New York-New Jersey
television news story.
Deborah Monosson,
president of Boston Financial & Equity sent an e-mail that we will
include in our next group, but her first comments on NorVergence were”
Collateral. Collateral. Collateral.”
Her company has a long term history of “high risk” transactions.
Not that they are an equipment “hock shop,” but simply Boston
Financial understands
the full spectrum
of the transaction.
“Collateral, collateral,
collateral, “she said. “ If leasing companies had actually looked at
the collateral perhaps this would not have gone as far as it did.”
The facts are readers have been informing Leasing News for almost two
years about the value and the structure of what NorVergence was doing. Leasing News printed this, but third party
lessors paid no heed as they felt they are not involved in the choice
of equipment or any
representations,
as per their contract.
I personally received
many calls from bankers, some in charge
of large banks, but
mostly, smaller community banks across
the country, who
thought these leases were “good credit”
situations to purchase. They did not understand the situation.
The trend has been toward “scoring” and “application
only.”
It has been said
by many leasing companies, “ If the credit is
very good, we will
lease them ice.” Allowing high
“soft costs” has
become common, following
the trend of the value of what
is being leasing
in the technology field. The
question regarding
these transactions
were rarely personal or business credit.
Several of the banks
who were mentioned in NorVergence
press releases, as
lenders, and as customers, were contacted,
including those who
gave endorsements in advertisements,
such as on ELT News
for the Equipment Leasing Association.
None wanted to talk
about their lending, or even if they
were using the telecommunication
equipment.
There certainly will
be major repercussions in the financial
community when the
reality of NorVergence hits the desk
of many banking and
financial institution president’s desks.
The zeal for new
business may be more costly than originally
assumed. The actual
bankruptcy filings will list the claims.
The full repercussions
may not be available until the first
of the year.
One thing can be
learned now, which is commonly practiced in
by Municipal credit
desks: the value and use of the equipment
by the lessee. In their decisions, the annual cancellation
of
the contract exists. Will the debtor need the equipment
to keep for the three
years of the contract, or five years?
Will the equipment
become so obsolescent it is cheaper
and easier to cancel
the contract?
Instead of giving
a text book on municipal loan decisions, as most credit officers know,
the decision really is in asset control or loan
quality, not the
credit department. The decision
of accepting
equipment, seller,
manufacturer, should not be
made with the view of putting more business on the books to meet or
exceed quota’s,
but what will come
back to bite us before the end of the
term.
Leasing companies
have a long history of booking
business because
it came from a so-called “trusted source”
or one-dimensional
credit decision. In my thirty-three
years
in the leasing business,
my major problems came from
vendors I had known
for years, trusted sources who had
changed direction,
taken on a new partner, gone in a
new direction, or
just became “desperate.”
Any of the experienced
loan or credit officers realized the
problems of the NorVergence
leases, but their guidelines
were both this company
and situation were acceptable
as long as the credit
was good. Those with experience
with information
technology, or items such as ATM machines,
vending machines,
and types of equipment heavily dependent
on maintenance or
service to function.
“Application Only”
has not been good for the equipment leasing industry as it has grown
from the original concept of making a “good consumer credit decision”
to a business decision. It has
made the industry lazy, soft, and an easy target for sellers of equipment
and salesmen after their commission.
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Many of the links in this newsletter
require a TAA userID & password. Submit a review of service providers
you have experienced first hand for the benefit of other small
business owners. Print the review on your letterhead and fax it
to TAA at 909-797-4257.
TAA will publish the reviews here.
Questions? Call TAA's Dan Baldwin at 206-203-6115 x2.
This
telecom end-user newsletter is written by a small business owner
for other small business owners. My
name is Dan Baldwin. Like many of you, I spend about $1,000 per
month on the telecom services necessary to operate my business. Over the past ten years I've signed up for
just about every type of telecom service a small business owner
could think they need. In
addition to being a telecom end-user myself though, as the owner
of TAA, I'm also a telecom industry insider who has sold telecom
services to other small business. I know what's worth buying,
what's worth trying and what to avoid. The
primary purpose of this newsletter is to share objective information
with other telecom end-user business owners about "how to
manage" their current telecom services and "how to choose"
telecom services if they need something they haven't got. The
newsletter will introduce end-user business owners to new types
of telecom services and suggest ways they can incorporate the
new services into their business to increase their bottom line. Finally,
if a business owner does need a new telecom provider, this newsletter
will introduce readers to screened TAA vendor members that the
end-user business owner can confidently place their business with. The
bottom line? TAA is a membership organization of over 3,800 users,
distributors and providers of business telecom services that have
chosen to do business with one another as opposed to doing business
with strangers. The
strength of TAA comes from the fact that all TAA members agree
to share information with one another so that all TAA members
can make informed choices about the telecom services they use,
distribute or produce. We're real people who eat, sleep and do our
best to take care of their families and help our business associates. Please
feel free to call me any time at 206-203-6115 x2 about any issue
large or small. TAA's value is in its membership. Because you
have chosen to join TAA as an end-user member I will do all I
can to provide you the objective information you seek about telecom
services so you can make informed choices and get back to running
your business. Sincerely, Dan
Baldwin 206-203-6115
x2
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7/16/04 |
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