Friday, March 2, 2007
Headlines--- Classified Ads— ######## surrounding the article denotes it is a “press release”
-------------------------------------------------------------------- Classified Ads—
Credit
For a full listing of all “job wanted” ads, please go to: -------------------------------------------------------------- Aggregate Funding Sources down to three
Since Leasing News started this Aggregate Funding Sources page in 2000, eMarketCapital is now off the list, as they appear to have merged or are now http://www.internetcapital.com/, a company that states they are "owning and building" leasing companies and are on NASDAQ as ICGE. No one returned calls to talk about eMarketCapital or why their old web site goes to Internet Capital. The same with efinance.com, which goes to http://www.identrust.com/, which seems to be involved with "OnDemand Bank Systems and Technology." No one contacted leasing news as to the status of efinance.com Another change has occurred to Captara, formerly known as puremarkets.com, as now "Captara now offers a single solution from which to manage all company-wide leasing activity including real estate, equipment, information technology, transportation and telecommunications assets." It appears the eLease brokers/online brokers/super brokers did not work very well. The ability to go on line and get the best rate and quickly via an internet software program did not work as wells as talking directly with a human being, particularly one with "account executive" skills. eLeasing- aggregate funding sources ( Soley eLease brokers/online brokers/super brokers )
Top eLeasing companies as ranked by employees and volume
-------------------------------------------------------------- Turning your declines into cash
"The Leasing Store is running a program which can supplement any lease approval or decline by offering the lessee the option to take cash funding against their credit card processing volume", says principal Jason M. Geraci, active in the leasing industry. "Basically we can offer the business owner a check equal to up to 150% of their average monthly Visa and MasterCard processing volume. “ Bob Rodi, CLP, Mount Pleasant Capital, among others in the industry recommend Jason Geraci. "All of us equipment leasing brokers try to cultivate live leads to then offer our financing services to," Geraci says. "One of the hardest parts of our business, if not the hardest, is making the phone ring. Once a live lead comes in, it's always a let down to have that potential payday end in a decline. At that point, what do we do? We thank the client for their time, we apologize for not being able to help them, and then we file their lease app in the "decline file" or perhaps we just shred it." "Here's where my program comes in. It can act as an alternative to lease financing when a prospect is declined, and it can act as a supplement to a lease approval when a client is approved. I feel this is very relevant to all leasing brokers in that it is an avenue for them to maximize their commissions on a lead they've already cultivated." "Any referral commissions I can pay out to a broker on a decline are much better than what they stand to make on a dead application, and of course getting a second check from me on an approval who signed with me for additional funding is also very nice, "he concludes." Of course I'm promoting my new program, but at the same time I am trying to promote it in a way which encourages leasing professionals to think beyond the finality of a decline and create revenue from dead leasing leads once considered worthless." Geraci says, “There are no restrictions on use of the funds, as owners are welcome to use them to expand their business, buy out a partner, pay off old debts, purchase new equipment, take a vacation, etc. Bad credit is not a problem, only four month's processing history is needed, and there's no personal guarantee or collateral required. Approval is primarily based on credit processing volume and the amount owed gets paid back over the next six to nine months through us taking a portion of future credit sales volume." Jason M. Geraci -------------------------------------------------------------- CIT Global Branding, how and why--- by Christopher Menkin Part I
Readers can learn much from the new CIT global brand campaign. In an exclusive interview with Thomas B. Hallman, CIT Vice Chairman, Specialty Finance, regarding the strategic vision behind CIT’s acquisition of Barclays UK and German vendor finance businesses, Hallman outlined the success of his program: "We developed a core set of principles," he explained, "unifying sales and credit. We took our model to other countries, hired local sales and credit talent and trained these ‘in country’ operations so well that they began to train new employees in other countries as we expanded."
Advanced systems handle the array of currencies involved and produce leasing documents in the various languages of the countries served. These systems are key to the local sales teams in supporting their deep relationships with manufacturers, dealers, and brokers. "This acquisition represents a significant step for CIT in our strategic effort to increase our presence in key global markets,” he said. ”This complements our significant presence in the EU, China, Australia, and Latin America, having used the same successful approach that we developed in the U.S. over the last ten years. It’s our goal to bring the success we created in these markets to all the countries CIT is successful because its press and public relations department is active telling its story. They not only have a dedicated press release section, but an active group that responds very quickly. From personal experience, it appears the staff, including Curt Ritter, Director of External Communications and Media Relations, returns e-mails and calls during all hours, meeting West Coast deadlines and even European deadlines, as if he is in the office 24/7. He follows up on all details, almost with the attitude "if I don't get it done now, it will never get done." The new global brand program is brilliant,
"Capital Redefined is based on what we do best...deliver relationship capital, intellectual capital, and financial capital to our customers, ," said Jeffrey M. Peek, CIT Chairman and CEO, formerly a successful Merrill-Lynch executive.” We know the middle market and understand that our customers expect more than just ‘traditional financing’." CIT then announced the launch of its new global brand campaign. "This campaign highlights our unique go-to-market strategy and reflects our rich heritage and strong competitive position in the middle-market," Peek continued. With 7,300 employees in locations throughout the world, with more than $74 billion in managed assets, the theme is not to judge by the balance sheet alone, but by having strong customer relationships and having employees who deeply understand their business/industry have more influence over success. Harris Interactive, in a survey commissioned by CIT, found "Three out of four respondents (75%) agreed that networking with customers/prospects is more effective than traditional marketing (ads, brochures, direct mail, etc.) Surprisingly those who responded to this, only half (55%) only attend 1-5 networking events annually. Here are the 45% responses: More on the CIT Brand Campaign in the next edition, including how branding can help your company, no matter its size, plus perhaps one of the great reasons for success, the CIT people, such as: James J. (Jim) Duffy, executive vice president and global head of Human Resources. He is responsible for the tradition of developing strategies and programs that unify, engage and develop employees. He continues the culture of building a corporate culture that aligns employees with business goals and facilitates sustained growth. -------------------------------------------------------------- Leasing Association Spring Conferences---up-date
Take the tip from the CIT networking information above. Leasing Association Conference 2007
---------------------------------------------------------- April 15-17 ************************** The ELFA Financial Institutions Conference (the newly combined Bank and Large Ticket Conferences), April 15-17, 2007 at the Four Seasons Las Colinas Resort & Club in Dallas is now open for registration. To download a copy of the conference brochure, please go here: http://www.elfaonline.org/events/2007/FIC/FIC07_Brochure.pdf By merging the bank and large ticket conferences into one event, ELFA has developed a conference with greater substance and broader appeal. For the rest of this story, go to: --------------------------------------------------------- April 18-19 ******************************** 35 (and counting) Funding Source Exhibitors are ready to take your appointments! Brochure: ----------------------------------------------------------- April 22-24 ----------------------------------------------------------- May 6-9
------------------------------------------------------------ May 17-19, 2007 Hotel Information Airline Information Northwest Airlines is offering a 5 - 12 % discount on their fares for air travel to and from the conference.
10 th Annual NAELB Golf Tournament information: ------------------------------------------------------------- National Vehicle Leasing Association June 6th - June 9th, 2007 Brochure, to enlarge the information on the pages, increase the size of the page on your tool bar: To see a brochure for this event, click here. ------------------------------------------------------------- October 4-7 ------------------------------------------------------------- October 28-30
-------------------------------------------------------------- Leasing Industry Help Wanted
Credit Analyst
Sales Regional Office
Small Ticket Specialists
-------------------------------------------------------------- Rudy and Lee Trebels win Award
(left) Rudy (president, IFC Credit Corp.) and his wife Lee Trebels, recipients of the Joseph S. Kearney Sr. Heart of Gold Award; Hillary and Tom Pontarelli ( Chicago Sun Times) Chicago Sun Times story:
--------------------------------------------------------------
“Thinking outside of the Coconut” By Ken Greene Having moved to a corporate counsel position after more than two decades of private practice, I thought I would write about the benefits to those in the leasing business about having an "in house" attorney. The company with corporate counsel may get better results than those relying upon outside counsel for legal advice. This assertion is based in part upon a parable I discovered while reading Robert Pirsig’s “Zen and the Art of Motorcycle Maintenance”. It is called the “South Indian Monkey Trap”. The people of South India have been pestered by monkeys for years. They developed a monkey trap consisting of a stake, a rope, a hollowed out coconut, and some rice. A hole is made in the coconut and the rice is placed inside. The hole is big enough for the monkey’s hand to reach in, but too small for its fist to pull out. While the monkey is struggling to withdraw its fist full of rice, it is captured. If you had to impart one bit of specific advice to the monkey, what would it be? If your answer, like that of most people, is to let go of the rice, consider this: rice, to the monkey, is currency. The monkey will relinquish his grip on the rice about as willingly as you or I would drop a briefcase full of money out of a plane. Not likely. But, if you can convince the monkey that there is something more important than rice, i.e. life, it will open its fist and escape. You can’t change the monkey’s behavior until you change its mind. Only when then the monkey realigns its value system will it will change its behavior. This can be applied to law as perhaps the cost of the case in time, dollars, and danger of bad facts over ride what the truth may be. Before the client will let go of his receivable, or the monkey his rice, a paradigm shift must occur. An attorney, who’s thought process is different from that of his client (and, hopefully, the monkey), is well situated to instigate that change of attitude. Corporate counsel is in still a better position. He or she is familiar with his client’s way of thinking and understands the intricacies and idiosyncrasies of the business. These special attributes, absent in the external attorney-client relationship, make it that much easier for the attorney to persuade the client to relinquish his grip on the old value system. The lesson of the monkey trap illustrates the critical importance of understanding the decision making process before contributing to it. This is, of course, a two-way street. The attorney and client who truly understand each other’s value system yield the most successful marriage of the legal and business minds necessary for the effective governance of any company. Leasing News Advisory Board’s Ken Greene is a well-known jazz piano player and attorney. He lectures on leasing law and documentation, litigation and collection matters, and has produced and presented seminars to leasing companies on enhancing the attorney-client relationship. He has also instructed on law and documentation for the United Association of Equipment Leasing's Institute for Leasing Professionals, with courses leading to the Certified Leasing Professional exam, and has taught nationally for Euromoney Lease Training. -------------------------------------------------------------- Did you know?---Terry Winders, CLP
This was sent by Terry Winders, CLP, who writes a column for Leasing News every Monday: Many will find it “scary,” others quite “eye opening,” or “overwhelmed.” It is quite informative, and worth the six minutes it takes to view (if you don’t have time now, then send to your home computer to view over the weekend:) http://leasingnews.org/Audio/didyouknow.wmv ------------------------------------------------------------------------------------------- Please send to a colleague our news edition as we are trying to build up our readership. ---------------------------------------------------------------
Equilease Financial Services Raises an Additional $20 Million in Growth Capital Gary N. Silverhardt, President and CEO of Equilease Financial Services, Inc. (“Equilease”), announced today that funds managed by Cambridge Place Investment Management LLP (“Cambridge Place”) have agreed to increase their minority interest in Equilease by investing an additional $20 million of capital in Equilease. Cambridge Place had previously invested $20 million of equity and subordinated debt earlier in 2006; this new round of investment had an initial closing in December 2006, a second closing this week, and will have subsequent closings throughout 2007 as capital is required by the Company. The investment consists of common stock and a subordinated debt facility to support the company’s strategic growth. Carl Marks Advisory Group LLC served as exclusive financial advisor to Equilease for the transaction.
Equilease plans to use the capital to continue expansion of its middle ticket and small ticket equipment leasing origination activities and its acquisition of equipment lease portfolios in the secondary market. Mr. Silverhardt said, “We are gratified that Cambridge Place has demonstrated continued confidence in Equilease. This new investment fuels our continued growth and further cements our strategic relationship with a partner that knows our industry well.” Headquartered in South Norwalk, Connecticut, fifty-year-old Equilease has a successful history in the specialty finance industry as an originator and servicer of middle and small ticket equipment leases and loans, and as a purchaser of existing equipment lease portfolios in the secondary market. In its middle and small ticket lease origination business, the company offers financing nationwide for essential-use commercial and industrial equipment directly to end users and through equipment dealers and manufacturers. The Cambridge Place Investment Management group is a leading global investment management firm concentrating on the structured finance product market. Cambridge Place employs approximately 90 people located in London and Boston who provide local coverage of principal markets. The firm has gross assets under management of approximately $7 billion across three investment platforms: hedge funds, CDOs and a closed-end London Stock Exchange listed investment company. For further information, contact: Gary N. Silverhardt ### Press Release ########################### GE'S Equipment Services, Rail Services Unit Appoints New Commercial Leader CHICAGO----GE's Equipment Services, Rail Services unit announced that Nick Tupper has been named to lead the railcar commercial team in the unit's Eastern Sales Region. Mr. Tupper, based in Atlanta, Ga., will be responsible for providing commercial leadership and driving customer loyalty programs for this growing region. "We are delighted to have Nick join our Rail Services commercial leadership team as we focus our business on growth, specifically services growth," said Kareen Gray, executive vice president of sales and services for Rail Services. "Nick brings a wealth of experience and an in-depth knowledge of the industry, as well as a clear understanding of customer needs and market issues." About GE Equipment Services, Rail Services A unit of GE's Equipment Services business, Rail Services, headquartered in Chicago, Illinois, leases approximately 170,000 railroad cars--including grain hoppers, coal hoppers, tank cars, boxcars, plastics and other specialty hoppers, mill gondola, intermodal flat cars that carry highway semi trailers and intermodal containers. Additionally, the company leases 150,000 intermodal trailers, containers and chassis to shippers and railroads. For further information, visit About GE Equipment Services A $7 billion unit of GE (NYSE:GE - News), Equipment Services is a global provider of transport solutions for the world's supply chains. Offering a full range of equipment leasing and intelligence-based asset management and logistics services for manufacturers, retailers and shippers, Equipment Services enables the timely movement of raw materials and cargo for the global economy. ### Press Release ########################### SunTrust Revises 2006 Results Increased Loan Loss Provision Reflected in Revised '06 Results Reported in Form 10-K ATLANTA, -- In its 2006 Form 10-K filed yesterday, SunTrust Banks, Inc. (NYSE: STI - News) reported net income available to common shareholders of $2,109.7 million, or $5.82 per diluted common share, for the year ended December 31, 2006. For the fourth quarter of 2006, SunTrust reported net income available to common shareholders of $498.6 million or $1.39 per diluted common share. These results have been revised from the earnings results the Company reported in its January 19, 2007 press release in which the Company reported net income available to common shareholders of $2,134.8 million, or $5.88 per diluted common share for the year ended December 31, 2006 and net income available to common shareholders of $523.6 million, or $1.46 per diluted common share for the fourth quarter ended December 31, 2006. SunTrust provided the financing to the purchaser. SunTrust believes the purchaser is financially stable and the new financing reflects market terms and conditions. Under the terms of the definitive sale agreement, the ultimate amount of repayment of a portion of the financing is contingent upon future performance of the purchased customer contracts in to the third quarter of 2007. Accordingly, SunTrust has temporarily classified approximately $31 million of the new financing as non-accrual and assigned a specific reserve based on the Company's projection of the actual repayment amount. SunTrust noted that nonperforming loans declined $131 million from the level reported January 19, 2007, as a result of the definitive agreement and new financing. SunTrust management determined that in accordance with generally accepted accounting principles that it was appropriate to revise its 2006 financial statements since these events occurred prior to the filing of the Company's 2006 Form 10-K. SunTrust emphasized that the revision to management's estimate subsequent to year end does not constitute a control deficiency. Rather, it is a reflection of the extremely fluid nature of the workout activities associated with this particular loan which have now been essentially concluded, and specific events which took place subsequent to year end. SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of December 31, 2006 SunTrust had total assets of $182.2 billion and total deposits of $124.0 billion. The Company operates an extensive branch and ATM network throughout the high- growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves customers in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides credit cards, mortgage banking, insurance, brokerage, equipment leasing and capital markets services. SunTrust's Internet address is suntrust.com ### Press Release ########################### Sterling Financial Corporation of Lancaster, Pa., Announces Quarterly Dividend LANCASTER, Pa., -- The Board of Directors of Sterling Financial Corporation (Nasdaq: SLFI - News), at their regular meeting on February 27, 2007, declared a $0.15 per share cash dividend for the first quarter of 2007. This $0.15 per share quarterly dividend is the same as the preceding two quarters and represents a 7.1 percent increase in the quarterly dividend over the dividend of $0.14 declared in the first quarter of 2006. In addition, it represents a dividend yield of 2.81 percent, based on Sterling's closing market price of $21.35 on Feb. 27, 2007. The first quarter dividend is payable on April 2, 2007, to shareholders of record on March 15, 2007. Banking Group -- Banks: Pennsylvania: Bank of Lancaster County, N.A.; Bank of Lebanon County; PennSterling Bank; and Pennsylvania State Bank. Pennsylvania and Maryland: Bank of Hanover and Trust Company. Maryland: Bay First Bank. Delaware: Delaware Sterling Bank & Trust Company. Correspondent banking services: Correspondent Services Group (provider of Sterling services to other financial institutions). Insurance services: Lancaster Insurance Group, LLC (independent insurance agency) and Sterling Financial Settlement Services, LLC (title insurance agency). Financial Services Group -- Specialty commercial financing: Equipment Finance LLC (commercial financing company for the forestry, land clearing and construction industries). Fleet and equipment leasing: Town & Country Leasing, LLC (nationwide fleet and equipment leasing/financing company). Trust, investment and brokerage services: Sterling Financial Trust Company (trust and investment services), Church Capital Management, LLC (registered investment advisor) and Bainbridge Securities Inc. (securities broker/dealer). ### Press Release ########################### Netsol Techologies receives Best Software Exporter Award
CALABASAS, CA – – NetSol Technologies, Inc. (“NetSol”) (NASDAQ: NTWK), a multinational provider of enterprise software and IT services to the financial services industry, today announced that it received the Best Software Exporter Award for the period August 2004 – July 2005 at the 7th NCR National IT Excellence Awards ceremony. The Award was presented to Mr. Salim Ghauri, president of NetSol Technologies (Pakistan), by Sardar Awais Ahmed Khan Leghari, Federal Minister for Information Technology, at the ceremony in Islamabad attended by senior ministers, top bureaucrats, foreign diplomats, business leaders and members of the press. The NCR National IT Excellence Awards are considered the most prestigious IT awards in Pakistan. The Awards recognize people in the IT industry at a national level who are instrumental in introducing, promoting and implementing IT in Pakistan, including software developers, researchers, electronic and print media journalists, exporters and pioneers in the disciplines of IT. The Best Software Exporter Award is conferred to the company with the highest software export earnings as per the State Bank report. Najeeb Ghauri, chairman and CEO of NetSol Technologies, Inc., remarked, “We are very pleased and honored to receive this prestigious, national award, the second in as many months, for the work we are doing in the IT industry in Pakistan. In the past 10 years, NetSol has evolved from a small start-up operation to the largest exporter of software in the country. As a result, we now attract and retain the nation’s best available talent pool of IT professionals.
“Honors such as this Best Software Exporter Award acknowledge the success NetSol has achieved in establishing LeaseSoft, the Company’s flagship product, as the preferred vehicle finance accounting and portfolio management system for leasing companies throughout the world. We are confident that as more organizations come to know and recognize our world-class products and service capabilities, our business will continue to expand and prosper,” concluded Mr. Ghauri. In January, NetSol received the Federation of Pakistan Chambers of Commerce and Industry (“FPCCI”) Best Export Performance Award from the Information Technology Services Sector. About NetSol Technologies NetSol Technologies is a multinational provider of enterprise software and IT services to the financial services industry. NetSol helps clients to identify, evaluate and implement technology solutions to meet their strategic business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol delivers high-quality, cost-effective equipment and vehicle finance portfolio management solutions. The Company also delivers managed IT services ranging from consulting and application development to systems integration and development outsourcing. NetSol’s commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Level 5 assessment, a distinction shared by only 94 companies worldwide. The Company’s clients include global automakers, financial institutions, technology companies and governmental agencies. NetSol’s largest customer, DaimlerChrysler Services, ranks the Company as a preferred vendor in 40+ countries. Headquartered in Calabasas, CA, NetSol Technologies also has operations and/or offices in London, San Francisco, Adelaide, Beijing, Toronto, and Lahore and Karachi, Pakistan. To learn more about NetSol Technologies, visit the Company’s web site at www.netsoltek.com. ### Press Release ###########################
News Briefs---- Dell earnings plunge 33% as sales drop NACM Reports Drop in Credit Applications Greenspan Is Still Able to Move Markets Bank of America finds itself in illegal immigration debate with new credit card January new home sales fall 16.6 percent GDP revised down to 2.2% in 4th quarter 'Zodiac' a puzzle riddled with holes American Idol: Sanjaya, Antonella survive ---------------------------------------------------------------
You May have Missed--- Girl's 5 weeks of hiccups finally end ---------------------------------------------------------------
Sports Briefs---- 49ers release Antonio Bryant Garcia interested in Raiders, agent says Packers have interest in Moss, but receiver would bring lots of baggage Steelers cut LB Joey Porter Drew Bledsoe Released By Cowboys ----------------------------------------------------------------
“Gimme that Wine” Spottswoode's milestone Alexander Valley Winery dinners mark pioneer's birthday Wine Prices by vintage ----------------------------------------------------------------
Calendar Events This Day Banana Cream Pie Day Ethiopia: ADWA Day NEA’s Read Across America Day Texas Independence Day World Day of Prayer Saint Feast Days ----------------------------------------------------------------
There are seven letters that look the same upside down as right side up. (A search finds five letters. l, o, s, x, and z. In addition: m, n, b The letter “m” becomes “w,” “n” becomes “u,” and “b” becomes “q.”
----------------------------------------------------------------
Today's Top Event in History 1877 - A United States electoral commission declared Rutherford B. Hayes president, the only American president to be elected this way. The original result had been too close to call, with several disputed ballots. The nation had never before faced a dispute over the results of a presidential election, although elections had been decided by congress several times due to electoral procedure | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 
