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Credit Analyst: Seeking an energetic and organized Credit Analyst. At least one to two years of experience as a Credit Analyst in financial services (banking, insurance, leasing, or mortgage) is required. Funding Manager: Seeking a very organized, detail oriented Funding Manager. Minimum two years experience in brokering and discounting commercial equipment transactions is required. Operations Manager: Seeking an experienced Operations Manager with knowledge of all sides of operations. Must have a minimum of five years related experience. Send
email or fax to Ryan Johnson, Corporate Recruiter. |
Thursday,
July 29, 2004
Headlines---
Classified
Ads---Contract Administrator
Lessors.Com
to Help Unemployed at Conference
Citigroup
to Sell Unit to CIT Group
Creditors
request examination of DVI
Great
Opportunity for Lessors/Leasing Companies
Construction
Leasing Marketplace Strong, Says New Study
Microfinancial
$5.9M Q Loss/Revenues Down $8.2M
Fastest
Growing Leasing Company Adds Another Territory Manager
NetBank
Income Down for Quarter and Six Month
BofA
Leasing New Corporate Aircraft Finance Division
######## surrounding the article denotes it is a “press
release”
|
|
Classified
Ads---Contract Administrator
Los Angeles, CA Documentation Manager; 25+ years experience; strong documentation skills; solid reputation for submitting complete funding packages consistently resulting in same day fundings; will consider reasonable commute.
Email: sgrigs@netzero.net
New York, NY.
10+ years in equipment
leasing/secured lending. Skilled in management & training, documentation,
policy and procedure development & implementation, portfolio reporting.
Strong work ethic.
Email: dln1031@nyc.rr.com
Portland, OR.
6+ years small ticket
leasing/financing. Documentation/funding
Policy development
&implementation, management &training, process mapping, customer
service, broker, vendor, portfolio experience.
Email: susanc777@hotmail.com
Ridgewood, NJ.
Organized person
with two years leasing experience to document and book deals. Work with
customers, vendors and funding sources to process, fund and track leases.
Email: twslevin@ffcsi.com
Schaumburg, IL
10 yrs. small/mid-ticket leasing. Proficient in documentation, funding and legal. Worked with brokers, portfolio purchases, vendor programs, municipal transactions. Prefer to stay in Suburban Illinois.
Email: sophie1900@msn.com
full list of 104 Classified ads “Jobs Wanted” at:
http://64.125.68.90/LeasingNews/JobPostingsWanted.htm
-------------------------------------------------------------------------------
Lessors.Com
to Help Unemployed at Conference
National Lease Funding
Source Showcase
August 25 & 26
| The Ritz-Carlton | Atlanta, GA
Challenges &
Opportunities !
Are You Currently
Unemployed?
At a time of unprecedented
consolidation of bank, independent and captive lessors, many industry
professionals unfortunately find themselves unemployed. The Lessors
Network recognizes that your unemployment is temporary and attending
this event can offer you:
The opportunity to
network with prospective employers attending this event. The value of
scheduled presentations, upon your re-employment with a new company.
Access to two professional executive recruiters speaking at this event
who may be of assistance in your job search.
The Lessors Network
has reserved a limited number of complimentary attendee registrations
for confirmed unemployed leasing professionals, available on a first
come basis.
http://www.lessors.com/Events-2004/Fall/unemployed.html
-------------------------------------------------------------------------------
|
Your
One stop solution for training and reference material for the
Leasing Professional
www.theleasinglibrary.com |
Citigroup
to Sell Unit to CIT Group
Citigroup announced it has agreed
to sell its European vendor finance leasing operations to CIT Group
for an undisclosed sum as it pursues a plan to shed noncore businesses.
The transaction is reported to close before the end of the year.
"This acquisition
is an excellent strategic fit for CIT, adding scale to
our European portfolio,
diversifying our customer and dealer base in vendor finance, and accelerating
our international expansion," said Jeffrey M. Peek, President and
CEO. "We will continue to look for opportunities that expand our
business by customer, region and industry."
Tom Hallman, Vice Chairman, Specialty Finance, commented: "This
transaction significantly
increases our network of dealers and solidifies our leadership position
in global small and mid-ticket financing.
We look forward to offering our new dealers and vendors efficient,
cost-effective leasing and financing solutions."
The business operated
by Citigroup unit CitiCapital has assets of $950 million and 200 employees
in Britain, France, Spain, Germany, and Italy.
Its assets, located
mainly in Britain, consist mainly of leases and loans for technology,
health care, and construction and industrial equipment.
"This
divestiture is consistent with our desire to focus on core businesses
where we possess a significant market presence," said Ellen Alemany,
EVP Commercial Business Group and President & CEO, CitiCapital.
During Citigroup's
second-quarter earnings conference call on July 15, Chief Financial
Officer Todd Thomson said the New York-based financial-services giant
will look into sales of operations that Citigroup feels ``aren't a good
fit.'' CIT has announced its
intention to expand
in European markets that are “less” competitive than the domestic marketplace.
Full Press Release:
http://www.prnewswire.com/cgi-bin/micro_stories.pl?ACCT=683178&TICK=CIT&STORY=
/www/story/07-28-2004/0002219918&EDATE=Jul+28,+2004
About
CitiCapital
With a current global portfolio of over $20 billion, CitiCapital,
a business unit of Citigroup, is one of the largest commercial finance
companies, and the leading independent provider of material handling
equipment financing in the USA. CitiCapital provides a full range of
financing solutions and services to over 575,000 customers throughout
the world and is also a market leader in construction equipment, transportation,
healthcare and business technology equipment finance.
Additional
information can be found at www.citicapital.com.
About Citigroup
Citigroup (NYSE:C), the preeminent global financial services company which has
200 million customer accounts and does business in more than 100 countries,
provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, insurance, securities
brokerage, and asset management. Major brand names under Citigroup's
trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith
Barney, Banamex, and Travelers Life and Annuity.
Additional information may be found at www.citigroup.com.
About CIT Specialty Finance:
Specialty Finance provides
global financing solutions for commercial and consumer customers of
manufacturers, distributors, dealers and brokers. Its five divisions include Consumer, International, Major Vendor
Partners, Small and Mid-Ticket Financing, and Small Business Lending.
About CIT:
CIT Group Inc. (NYSE:
CIT), a leading commercial and consumer finance company, provides clients
with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $50 billion in assets under management
and possesses the financial resources, industry expertise and product
knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company, holds leading positions
in vendor financing, factoring, equipment and transportation financing,
Small Business Administration loans, and asset-based lending. CIT, with its principal offices in Livingston,
New Jersey and New York City, has approximately 5,800 employees in locations
throughout North America, Europe, Latin and South
America, and the Pacific Rim. For more information, visit
-----------------------------------------------------------------------------------------
Creditors
request examination of DVI
By JOHN WILEN
The Intelligencer
Creditors for bankrupt Warwick medical finance company
DVI have asked the judge overseeing the company's
bankruptcy case to order an examination of its former
accountants and lawyers.
The requests, filed earlier this month in U.S.
Bankruptcy Court in Wilmington by a committee of DVI's
unsecured creditors, ask Judge Mary Walrath to order
accounting firm Deloitte & Touche and law firm
Clifford Chance to let representatives be questioned
on the record. The creditors also want the
representatives to produce documents relevant to their
work for DVI.
The creditors have failed so far in attempts to
negotiate an agreement with either Deloitte & Touche
or Clifford Chance to question employees and examine
DVI-related documents, according to the requests.
"Although counsel for the parties have engaged in
extensive good-faith negotiations, to date, they have
been unable to agree on the scope of the examination
... as well as the documents to be produced by it."
Deloitte & Touche served as DVI's accountant until the
firm was fired last year in a dispute with the
company's management over the way DVI accounted for
transactions related to a Corpus Christi-based
radiology facility.
Clifford Chance and a predecessor firm served as DVI's
attorneys from 1995 until the company filed for
bankruptcy last year, according to court documents.
DVI was a medical finance company that helped doctors
and small clinics buy expensive equipment like MRI
machines. The company filed for bankruptcy after
defaulting on loans. Its former management team
resigned amid allegations of accounting improprieties,
and was replaced by an interim team from New
York-based distressed company management firm Alix
Partners.
Earlier this year, a court-appointed examiner issued a
report alleging "massive fraud" on the part of former
CEO Michael O'Hanlon and a number of other former
executives and directors. O'Hanlon's attorney has
denied the charges.
According to the examiner's report, the company is
also under investigation by the FBI and Securities and
Exchange Commission, among others. The FBI and SEC
have declined comment.
The recent requests for examinations of Deloitte &
Touche and Clifford Chance ask for information related
to both firms' work for DVI that might shed additional
light on the company's accounting practices and
payments. While both requests list the types of
information the creditors are seeking, neither request
specific documents.
Attorneys for the creditors did not respond to
requests for comment or elaboration on the information
they seek. Representatives for Clifford Chance and
Deloitte & Touche declined comment, citing the ongoing
litigation.
A hearing to consider both requests is scheduled for
early next month.
Separately, Alix Partners requested an order extending
its employment with DVI through at least the end of
October. The company had not previously set an end
date for its employment.
Alix Partners' Mark Toney, who is serving as DVI's
interim CEO, has said his role is to wind the
company's operations down and sell off its assets. DVI
once employed as many as 150 in Warwick. Its staff is
now down to about 10.
-------------------------------------------------------------------------
The
List is Up-Dated
On Line at:
http://www.leasingnews.org/list_chron_new.htm
http://www.leasingnews.org/list_alpha_new.htm
Alphabetical and
chronological.
Here are the changes
in the last three months,
in chronological
sequence:
|
Funding Tree (7/2004) Funding Tree Kendra Bernal in Utah, out on $184,000 bail, due to report in California on August 25, 2004 for sentencing. (3/2003) wrap-up by the late award winning journalist Rene Tankersley, Landline Magazine: http://www.leasingnews.org/archives/March%202003/03-12-03.htm Nevada Attorney General Closes Legacy/Funding Tree Down the Year-end wrap-up by Rene Tankersley, Landline Magazine http://www.leasingnews.org/archives/February%202003/02-12-03.htm#easy (2/2003)---"I Really Didn't Know." Telemarketer confesses for her action, tells all: (2/2003)Rene Tankersley Landline Magazine up-dated 12/2002---Complaints continue about Funding Tree operation in Nevada keeping advance rentals. (10/2002) In the last episode, Kendra Bernal had resigned (went back to jail), a new president was named, and according to the attorney of record, the hearing before the California Department of Corporations was cancelled. The corporation did not have a Finance Lender's License to conduct business, and further was ordered to desist. The Funding Tree was appealing, until Kendra Bernal was arrested for violating parole. It appears The Funding Tree has moved to the State of Nevada, where a license is not required. Leasing News has two complaints, one in Maryland, the other in Kentucky, where advance rentals have been paid, one where the vendor has not been paid for the limousine, but leasing payments were taken out of the lessee bank by ACH. Riverside, CA ( 6/2002) New president says there is hope past vendors and brokers will be paid. Dept. of Corp. "cease and desist order" still in place. Riverside DA Jerry Fox warns, "Don't take advance rentals if there is no lease approval. "(6/2002) Kendra Bernal arrested for allegedly violating parole (5/2002) More complaints, although e-mails say some deals have funded and vendors have been paid---hope--- (5/2002) Many more complaints (4/2002) Many complaints. Vendors/brokers not paid. Orix Financial (7/2004) Reports Closing Kennesaw, GA Office, rental available. (4/2004) Gary Corr, president and COO of ORIX Financial Services, Inc. (OFS) announced the promotion of Bill G. Fite to group president of ORIX's equipment finance group (EFG). Many complaints by employees continue over lack of communication and broker promises. (1/04) On February 13th, forty people will be let go in Orix's New York Office and twenty-five in Kennesaw with layoffs continuing every two weeks from then on through the end of the fiscal year (3/31). “The layoffs will hit IT and Accounting the hardest but they will be across the board (SFG, EFG, RPG, Operations, HR).“Also, apparently there is an internal memo among the Dallas Executives that has a timeline for vacating Kennesaw entirely (1/04) “We Need Your Help!” Orix Employee Cries Out Loud ( http://www.leasingnews.org/archives/January%202004/01-16-04.htm#we ( 1/04) Orix Capital Markets will announce that they are shutting down the NY office. Major layoffs will hit the Kennesaw, Georgia office either mid or late February. Nothing is certain yet but it is probably safe to say that Orix will be out of the leasing business altogether at this time in 2005. (1/04) “ They have also already told the CIO, Chief Legal Officer, EFG Group President, and some other senior level people when their last day will be (1/04) Gary Gusoff is Gone---Five More to Follow (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." (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. NorVergence, New Jersey (7/2004) Campaign to Stop Leasing Company Payments (7/2004) Robert J. Fine Resigns as EAEL President, ran Finance Division, discounting paper to banks and others (7/2004) Telecom Agent Association starts “Legal Co-Op” to breaking third party leasing contracts sold by NorVergence or involved with NorVergence equipment and service. (7/2004) NorVergence files Chapter 7(7/2004) NorVergence files Chapter 11.(7/2004) NorVergence investigated for failing to pay its employees NorVergence (4/2004) "Mr. Arnold comes to NorVergence Capital from HP Financial Services, where he was the Finance Director for North America. At HP Financial Services, he was responsible for all financial functions and was instrumental in integrating the HP and Compaq Financial services portfolios. Mr. Arnold was part of management team that launched Compaq Financial Services in 1997." Republic Leasing of South Carolina/NetBank (7/2004) New name :NetBank Business Finance (6/2004) July 1, 2004, Republic Leasing, a subsidiary of NetBank, will become a division of NetBank. (4/2004) ” The commercial equipment leasing business had production of $39 million, a decrease of $5.2 million or 12% “ (3/2004) Republic Leasing of South Carolina to Become Division NetBank April 1,2004. (7/2003) Jim Merrilees, CLP leaves to join Santa Barbara Bank & Trust Leasing Division as Vice President. Laura Poore also joins the Leasing Division as Marketing Representative. The division specializes in small-ticket leasing transactions originated through equipment leasing companies and brokers nationwide (2/2003) Forms a new division with Jim Merrilees heading it up in Portland-Merrilees left First Corp after Textron, Nations Credit, Greybank, Colonial Pacific Leasing. To concentrate on vendor/captive lessor marketplace. (1/2003) NetBank reported a net loss of $15.9 million (or $.36 per share) for the full year 2002 (12/2002)"The aim is to package the loans and sell them to investors for fatter, "banklike" profits; armed with new management and a coterie of experienced bankers plucked from rivals. .. languished since the Internet bubble burst. At their peak, the shares were trading at more than six times what they are fetching now. NetBank, with total assets of $3.76 billion, operates the nation's largest independent retail Internet bank. It also is a wholesale and retail mortgage lender. No one doubts that Internet banking is here to stay. Most banks -- large and small -- offer online banking in some form." Atlanta-Journal. $80 million loan Commercial Money Center insurance question. http://two.leasingnews.org/archives/December%202002/12-30-02.htm#NetBank (7/2002) cuts over 100 brokers, wants to become more efficient with remaining 150 brokers. (11/2001) parent and company now owned by NetBank; Dwight Galloway gets early Xmas present, broker community cheers the good news too. 9/27/2000 "The expected result will be a sale of Republic Leasing" --- Dwight Galloway. He adds, "We have always been for sale for the right price, but in 13 years we have not sold off any leases or gone direct after broker's business, ever". Financial Pacific, Federal Way, Washington (7/2004) Surprise---“Fin Pac” Sold to Allied Capital, Washington, D.C., $94 Million, to close in third quarter,2004 (5/2004) S.E.C. still studying proposal, talk about promoting stock for company, truck portfolio law suit, and other questions brought up, but considered “routine,” due to nature of portfolio...Menkin would have bought stock if IPO came about,a great company FinPac CEO Dale Winter noted that the value of IPOs has declined significantly since April, when FinPac first began the process of going public. FinPac accepted Allied's buyout offer on June 30, according to Winter, who says the acquisition will not affect FinPac's operations or its 120 employees. Other leasing and finance companies have been successful with IPO's, but underwriters were reportedly not bullish about "Fin Pacs" chances, thus the sale to Allied. (4/2004) “Fin. Pac.” “C” and “D” funding source has filed an IPO to raise $80.5 million dollars. |
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CapitalPro Asset Management Fund, Arizona (6/2004) The Arizona Corporation Commission announced Gary G. Johnson, 50, of Peoria, who agreed to pay a $12,500 penalty and return $164,000 in commissions that he earned from selling unregistered long-term promissory notes issued by CapitalPro Asset Management Fund, a California-based company dealing in equipment leasing. The company should not be confused with Capital Pros Network. It was reported that Capitalpro filed bankruptcy in California, but this could not be confirmed. RW
Professional, Long Island, NY (6/2004) Trial to start
October 14 th , 2004 http://www.leasingnews.org/Conscious-Top%20Stories/RW_update7.htm (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. Northwest Capital Solutions, Portland, OR (6/2004) purchased by American Bank Leasing Corp., an independent commercial equipment financing company located in Atlanta, GA El Camino Leasing, Woodland Hills, California (6/2004) Harmon on his way back. http://www.leasingnews.org/archives/June%202004/6-01-04.htm#harmon ( 2/2001 ) GATX announces purchase of portfolio, making ATEL Capital largest independent owned leasing company in the world (1/2001) reportedly winding down, sold portfolio, selling partner relationships, selling off all assets 10/2000 No longer taking broker business 11/2000 struggling to stay in leasing business, according to insider reports |
|
DVI, Philadelphia (5/2004) Fitch Ratings places certain classes of DVI, Inc. equipment transactions on Rating Watch Negative DVI (4/2004) the bankrupt Jamison medical finance company, loaned its chief executive more than $500,000 - and loaned another senior executive $150,000, and creditors want the loans repaid. (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 ) Commercial
Money Center (CMC) , Southern CA (5/2004) CMC Cases Like
Timex—Keeps Going and Going. (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 surely 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%2020
Balboa Capital, Irvine, Ca. (5/2004) Balboa Capital Corporation announces that Patrick Byrne has completed the acquisition of 100% of the company's stock and is now the sole shareholder of Balboa Capital, ending rumors that the company was listed for sale because the two owners were not getting along ( for quite some time, it is said ) and it was dividing employees on each side of the camp. ( 2/04) Surprise! Surprise! Surprise! --Shawn Giffin Back at Balboa Capital. Rumors float that company is up for sale that both owners not getting along; they deny it. Byrne had taken a two year sabbatical and came back to the helm in late September of last year. It was then Giffin's turn to take some time off, they both said. Since that date, Byrne was back in the swing of things, increasing originations, creating a more sales friendly environment, improving credit and funding processes using Six Sigma, cleaning house, increasing customer service, finding fraud from vendors and salesmen, starting a broker division, the first time in 15 year history, hiring Curt Lynse, formerly with GE-Colonial Pacific, working on a national vendor program division, and getting the company moving in a very competitive manner. “I'm thrilled to be back, “ Shawn Giffin told Leasing News. “My head is clear. I'm invigorated. This is a great company.” Asked about his ability to get along with the other major share holder, he said, ‘ Pat has a unique set of skills, as I do. I think we are very complimentary working together. The point is I am fired up and am really glad to be back at work. I love it! “ Asked about what his title would be, he said, “Titles aren't important to Pat or I. “ (2/04) Curt Lynse, formerly at GE Capital/Colonial Pacific Leasing, joining Balboa Capital to start a broker division, something the company has not done in sixteen years; they founded in 1988. (9/03) Patrick Byrne is back, Shawn Giffin goes on sabbatical. ( 9/2000) Founder Pat Byrne "...office available any time he wants to use it". Publish West Inc. (5/2004) stops publishing daily newsletter “Leasing Today.” |
|
PDS Gaming, Nevada (4/2004) PDS Gaming $1.6M Net Loss for 4th But YE 2003 $659,000 Profit Microfinancial/Leasecomm (4/2004) Reports $7.6 Million revenue loss first quarter, resulting in $4.7 million net loss. (11/03) Changes name to Transaction Enabling Systems http://www.tes-edi.com/ (10/03) Net Loss $3.2 million for 3rd Q (10/03) class action filed. (5/03) Record Fine/Judgment Under the terms of the settlement with the Federal Trade Commission, Leasecomm will stop collection efforts on all outstanding judgments, totaling $24 million, involving the financing of the software and equipment for processing credit-card transactions. The company also agreed to stop financing those kinds of business opportunities in the future. Leasecomm will also pay a $1 million fine to be split by the states of Massachusetts, Florida, Illinois, Kansas, North Carolina, North Dakota and Texas. The district attorney for Ventura County, Calif. will also receive a portion of that fine. The company was looking for a financial partner, and there is the question regarding the selling of $500,000 stock by an executive officer before the stock took a nose dive. The company was also recently "re-listed" on the exchange. http://www.leasingnews.org/archives/June%202003/06_02_2003.htm#24 (5/03) New York Stock Exchange has accepted the Company's proposed compliance plan for continued listing on the Exchange (5/2003) Files $0.8 million quarter loss http://www.leasingnews.org/archives/May%202003/05_08_2003.htm#micro (4/2003) delays filing for 15 days with SEC (3/2003) to be de-listed (3/2003) Net loss for year-end was $7.7 million. http://www.leasingnews.org/archives/March%202003/03-11-03.htm#micro (2/2003) Stocks Falls to .73 cents on Friday, 12/2002-----The Board of Directors of MicroFinancial Inc. (NYSE:MFI) has suspended its dividend to comply with the Company's banking agreements. (11/2002) Leasecomm closes, shuts off all brokers, won't fund deals approved "Goes Down---CEO Sells $500,000 Stock Before the News." ( Microfinancial Stories )Waltham, MA (8/2001) Leasecomm, Attorney General investigating, many complaints on line . Edwin C. Sigel , LTD, Northbrook, Illinois (4/2004), changes name “...to better reflect the broad range of services that we provide our clients. Our new name is ECS Financial Services, Inc. We believe that our new name better demonstrates the diversity of our services which have grown to include not only Lease Portfolio Management, Accounting and Tax Services, but also Consulting, Tax Planning, Business Valuations, Recruitment Services, Litigation Support, Web Design, Expert Witness Testimony, just to name a few. “ |
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|
|
Great
Opportunity for Lessors/Leasing Companies
The Equipment Leasing
Association draws attention to the Construction
and Agricultural
market in their latest report:
“According to the
Equipment Leasing Association, banks and bank-affiliated leasing companies
originate more construction equipment financings than captive finance
companies or independent third-parties.”
“• Most of the major construction equipment manufacturers have captive
finance companies. “
To read more about the report, please see the following
“press release:”
#### Press Release
##########################
Construction
Leasing Marketplace Strong, Says New Study
Construction Equipment
Lease Financing Is Projected To Exceed $12 Billion In 2004
rlington, Virginia—The Equipment Leasing Association, the non-profit
association representing companies involved in the $218 billion equipment
leasing and finance industry, and R.S. Carmichael & Co., Inc., a
marketing research and management consulting firm, White Plains, New
York, has released a new report, Construction and Agricultural Equipment
Leasing, 2004: U.S. Market Dynamics and Outlook.
The construction
and agriculture equipment industries represent two of the largest markets
for lease financing.
The construction
market, in particular, resumed its growth in 2003 and is forecast to
grow eight to 10 percent in 2004 and 2005.
Construction equipment
lease financing is projected to reach $12.5 billion in 2004 and reach
$13.5 billion in 2005. This compares to $11.4 billion in 2003, and $10.5
billion in 2002.
Other highlights
from the report include:
Replacement demand
is projected to sustain the construction market growth through 2004
and 2005.
The general economic
condition of the U.S. is an influential driver of the construction equipment
leasing market.
Construction equipment
categories where lease financing is most prevalent include earthmoving,
road building and forestry equipment.
Mining equipment
also is noteworthy market segment for lessors.
Ticket sizes for
lease financing of construction equipment range widely from $25,000
to $5 million, but mainly fall in the small-ticket category (i.e. $25,000
to $250,000) with average terms being three to five years.
Road building and
home building contractors, major forest products companies, mining companies,
and government agencies are among the primary industries utilizing lease
financing.
“This is the first in-depth study of equipment leasing and finance
in these two markets,” said Richard S. Carmichael, Managing Director
of R.S. Carmichael & Co., Inc., which conducted the study. “Both
construction and agricultural markets are recovering to where they were
in the late 1990s, and we are finding lease financing an important part
of that recovery.”
Michael
J. Fleming, CAE
President
of the Equipment Leasing Association since 1979.
“Overall, the findings
indicate the construction industry understands the value of lease financing,”
added Michael Fleming, the association’s president. “The report evaluates
the trends, practices and needs of customers and equipment vendors.
Clearly leasing’s ability to provide lower monthly payments, off balance
sheet financing and flexible lease structures, such as seasonal payment
options, is paying off for lessor, vendor and end-user alike.”
Added Carmichael,
“The study’s findings show that lease financing has proven to be an
important sales aid to manufacturers and dealers. Being able to offer
this financing mechanism has contributed to their increased sales and
profitability.”
Among the market
studies’ key objectives, the report measures and characterizes the U.S.
construction and agricultural equipment leasing market; identifies the
trends affecting lease financing penetration in each market; evaluates
the leasing practices and needs to customers and equipment vendors;
and projects the U.S. construction and agricultural equipment leasing
markets through 2005.
Organizations may purchase a copy of the study from
http://www.ELAOnline.com/ELAstore/ or
call ELA at 703-527-8655.
For more information on the leasing industry, visit ELA online at
http://www.ELAOnline.com
or check out ELA’s informational portal for financial decision-makers,
which includes the questions to ask before signing a lease and to access
a directory of leasing companies, at http://www.ChooseLeasing.org.
About ELA
Organized in 1961, the Equipment Leasing Association (ELA) is the premier non-profit association representing companies involved in the dynamic equipment leasing and finance industry to the business community, government and media. As the voice of the leasing industry, ELA promotes the estimated $218 billion industry as a major source of funds for capital investment in the United States and abroad. Headquartered in Arlington, VA, ELA has more than 800 member companies and a staff of 25 professionals. For more information on ELA, please visit
About R.S. Carmichael
& Co., Inc.
Founded in 1976,
R.S. Carmichael & Co. is a leading marketing research and management
consulting firm serving the equipment leasing field and other financial
services industries. Based in White Plains, NY, the firm has a 28-year
record of success in helping clients identify opportunities and develop
actionable plans that are market-driven and factually based. Visit R.S.
Carmichael & Co. at http://www.rscarmichael.com.
Life-Policy
Deals Flow Into Market
ABSnet
An
expected wave of securitizations from life insurers that need to build
their capital reserves is starting to materialize.
Lehman
Brothers and Goldman Sachs are expected to win the lion's share of
the bookrunning assignments on the $1 billion to $2 billion of securitizations
that insurers are planning for the second half. The deals are being
prompted by the National Association of Insurance Commissioners' "Regulation
Triple-X," under which the separate reserves that life companies
maintain in each state where they operate must always be equal to
the highest amount required by any of those states.
Among
the three to eight offerings on tap for the July-December stretch
are a transaction that Lehman plans to start marketing soon for Legal
& General America of Rockville, Md., and a deal that Goldman is
handling for an undisclosed insurer. Goldman has several more deals
in the pipeline. Morgan Stanley is also working on a deal.
The
initial transactions would weigh in at $300 million to $500 million
each, and would be structured to allow for billions of dollars of
add-on deals in upcoming years. In fact, the first wave of deals could
eventually spawn as much as $10 billion of issues. Most of the deals
would carry bond- insurance policies.
The
insurers are starting to assemble the securitizations now because
four-year-old Regulation Triple-X is just starting to take full effect.
Here's how the deals would work: The life companies would use the
premium payments they collect to fund pools of investments. The income
from those investments, in turn, would act as collateral for notes
that the insurers would sell to issuing trusts. Investors, meanwhile,
would assume the risk that the insurers' reserves and equity capital
are insufficient to cover all claims within the related pools of policies.
Assuming the policies meet expectations, the investors would receive
lump-sum principal payments after eight to 30 years. Until then, they
would receive only interest.
Because
the reserve requirements under Regulation Triple-X would grow each
year - requiring the add-on issues - it's possible that cashflows
stemming from a single policy could wind up backing multiple bonds.
While
other underwriters have been winning mandates, Lehman and Goldman
are considered the market leaders because they've already handled
the complex issues. Lehman completed two such deals during the second
half of last year for First Colony Life, a unit of GE Capital. Each
of the transactions totaled $300 million.
### Press Release
###############################
Microfinancial
$5.9M Q Loss/Revenues Down $8.2M
MicroFinancial Incorporated
Announces Second Quarter 2004 Results
WOBURN, Mass.----MicroFinancial
Incorporated (NYSE:MFI), announced today its financial results for the
second quarter and the six months ended June 30, 2004.
Second quarter revenue
for the period ended June 30, 2004, was $15.8 million compared to $24.0
million for the same period last year. The reduction in revenues is
attributable to the decrease in the size of the Company's portfolio
of leases, rentals and service contracts. The reduction in revenues
is directly related to the Company's suspension of virtually all originations
beyond October 2002.
The net loss for
the quarter was $5.9 million, or ($0.45) per share on 13,182,666 shares
as compared with a net loss of $3.7 million or ($0.29) per share in
the prior year's second quarter. The net loss is primarily the result
of a 61.4% decline in lease and loan revenues to $3.2 million, a 33.0%
decline in service contracts to $1.6 million, and a 44.3% decrease in
service fees and other to $1.8 million as compared to the same period
last year. Other components of revenue declined by 8.5% to $9.2 million
Total operating expenses
for the quarter declined approximately 15.3% to $25.6 million as compared
to the same period in 2003. Interest expense declined 71.5% to $0.6
million as a result of lower debt balances of approximately $95.2 million.
Selling, general and administrative expenses decreased 21.4% to $6.8
million for the second quarter ended June 30, 2003, versus $8.7 million
for the same period last year. The decrease was attributable to reductions
in personnel related expenses of approximately $0.7 million, a $0.4
million reduction in sales program costs, a $0.5 million reduction in
professional and legal fees, and a $0.1 million reduction in cost of
goods sold. The provision for credit losses decreased 7.0% to $14.2
million for the quarter ended June 30, 2004 from $15.2 million for the
same period last year, while net charge offs decreased to $19.7 million.
Past due balances greater than 31 days delinquent at June 30, 2004 decreased
to 17.7% from 19.2% last quarter. Total cash received from customers
for the quarter decreased 10.7% to $22.5 compared to $25.2 million for
the previous quarter. During the quarter the Company repaid $15.1 million
on its senior credit facility and securitized debt.
Richard Latour, President
and Chief Executive Officer stated, "I am pleased that the collections
from our existing portfolio remained strong in the second quarter. The
Company's ongoing strategy of driving down expenses while maximizing
collections continued."
The Company remains
in full compliance with the terms and conditions of its securitizations
and senior credit facility. The Company operates within all delinquency
and charge-off covenants and has made or exceeded all scheduled payments
on these debt instruments in a timely manner. During the quarter, MicroFinancial's
successful collections efforts allowed the Company to reduce its bank
debt by $14.4 million to $26.1 million. The Company also made its final
payment on the securitized debt.
Year to date revenues
for the period ended June 30, 2004 decreased 31.8% to $33.8 million
compared to $49.5 million during the same period in 2003. The reduction
in revenues is directly related to the Company's decision to suspend
funding virtually all originations since October 2002 as a result of
its Lenders' decision not to renew the revolving credit facility on
September 30, 2002.
The net loss year
to date ending June 30, 2004 was $10.6 million versus a net loss of
$4.5 million for the same period last year. Net loss per share year
to date was ($0.80) on 13,181,107 shares.
Total operating expenses
for the six months ended June 30, 2004 were $51.4 million compared to
$57.0 million in 2003. Interest expense declined 69.5% to $1.5 million
as a result of lower average debt balances of approximately $101.3 million.
Selling, general and administrative expenses decreased 20.8% to $14.1
million for the six months ended June 30, 2004 versus $17.8 million
for the same period last year. The decrease was driven by a reduction
in personnel related expenses of approximately $1.7 million, a $0.8
million reduction in professional fees and legal costs, a $0.8 million
reduction in sales program expenses, and a reduction in facilities expenses
of $0.8 million. The Company's headcount at June 30, 2004 was 120, down
from 159 from the same period last year. The provision for credit losses
increased 5.9% to $27.6 million for the six months ended June 30, 2004
from $26.1 million for the same period last year. Year to date net charge-offs
increased to $39.3 million from $36.2 million for the same period last
year, and the Company repaid $32.5 million on its senior credit facility
and securitizations for the six months ended June 30, 2004.
MicroFinancial Incorporated
continues to operate without the use of gain on sale accounting treatment
and a balance sheet with total liabilities less subordinated debt to
total equity plus subordinated debt of 0.6 to 1.
Mr. Latour concluded,
"MicroFinancial's capital structure and cash flow remain strong.
Although no new originations occurred during the second quarter, the
closing of a new $10 million credit facility in June has allowed the
Company to begin the process of signing new vendors and processing lease
applications. We continue to seek various financing, restructuring and
strategic alternatives that will enable the Company to strengthen its
position in the leasing market."
ONTACT: MicroFinancial
Incorporated
Richard F. Latour, 781-994-4800
President and CEO
SOURCE: MicroFinancial Incorporated
full press release
with financial statements available at:
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=
MFI&script=410&layout=7&item_id=597812
Other stories on
Microfinancial:
http://www.leasingnews.org/Conscious-Top%20Stories/micro_leasecomm.htm
#### Press Release
#############################
Fastest
Growing Leasing Company Adds Another Territory Manager
Wayne, NJ—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 Yvonne Koulikov as Territory Manager located
in Warwick, NY.
Yvonne attended Empire
State College and majored in Business Management.
Yvonne was most recently
the president and owner of Access Capital Services Corp. Previously, she was with Advanta Leasing Corp.,
Business & Professional Funding, as well as, Orix Credit Alliance.
“About the Company”
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, Minneapolis, MN, Houston, TX, San Francisco,
CA, St. Louis, MO, Boston, MA, Detroit, MI, Seattle, WA, Litchfield,
NH, Tampa, FL and Warwick, NY.
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 @