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The iFinancial Group is looking for highly motivated individuals with experience originating equipment lease transactions . We offer a relaxed work environment, provide leads and offer above industry standard commission. Call Todd Clark 888-852-5155 x223 Ten years providing financing nationwide |
Friday, May 22, 2009
On Memorial Day the flag should be flown at half-staff from sunrise until noon only, then raised briskly to the top of the staff until sunset, in honor of the nation's battle heroes. Remember: The flag should be briskly run up to the top of the staff before being lowered slowly to the half-staff position.
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Headlines---
Memorial Day---Kit & Dash
Archive May 22, 2001
Classified Ads---Controller
Largest Bank in Florida Fails
Good News--Foreclosures Drop in California
Medical/Dental Sales Group Home Search-Up-Date
Top 25 Most Influential Leasing People
ATTENTION ALL LEASE POLICE SUBSCRIBERS
HL Leasing going into Receivership?
by Christopher Menkin
Classified Ads---Help Wanted
Survey---Need your Opinion
2,300 sign up for "SmartBrief"
Cartoon-Baseball
Terminator Salvation/The Girlfriend Experience
Man Who Shot Liberty Valance/Zabriskie Pt/Man Hunt
Fernando's View By Fernando F. Croce
FDIC Approves GMC Financial $7.4 billion TLGP
News Briefs---
$200 Million Wine Country real estate Ponzi scheme
J.G. Wentworth BK (A Marlin Leasing Investor)
New Mark-To-Market Accounting Boost Banks' Equity
Auto sales forecast falls to 10 million
Satyam still losing clients
Dollar tumbles against euro
Xerox's Mulcahy to retire as CEO
Liddy to leave AIG
American Idol
Idols on the iTunes Top 100 list
You May have Missed---
California Nuts Brief---
Sports Briefs---
Gimme that Wine"
Today's Top Event in History
This Day in American History
Baseball Poem
SuDoku
Daily Puzzle
GasBuddy
Weather, USA or specific area
Traffic Live----
######## surrounding the article denotes it is a “press release”
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This standard is displayed by immediate family members of a person serving in the Armed Forces during a period of war.
(My son Dash is in Iraq on his fifth mission to this area. He has asked me not to write about him at this time.
(My old friend Larry Blazek (( he was the manager at Barclay's Bank, Santa Clara, California where I personally banked and then went into leasing, still works for Pentech Financial)), his son Eric is to graduate soon from Great Lakes, Illinois. So in his honor, I show a photograph of my son Dash and myself at his graduation at Great Lakes. Will be glad to print a photo of Larry with his son Eric at his graduation. Kit Menkin.)
2000
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Archive May 22, 2001
Kit Menkin wears his "Walter Winchell Press Hat"* at the National Association of Equipment Leasing Brokers (NAELB) Conference at the Hilton Riverside Hotel, New Orleans, Louisiana. It was presented the day before with the condition that he was to wear this hat at every NAELB Conference he attends.
*Walter Winchell Press Hat---Well known syndicated columnist, and the picture above his column had him wearing a dark hat with brim, with his press card showing in the band. In the old days, a newsman would put his press credential in his hat band to access a news scene or event.
(I still have the hat today on top of the bookcase in my office. Kit Menkin).
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Classified Ads---Controller
Controller
| Boca Raton, FL CPA w/ Sarbanes Oxley/ 15 years management exp. as CFO/ Controller/5 yrs w/ PWC Extensive exp providing accounting/ tax guidance for the equipment lease industry. Willing to relocate. Email: bltushin@hotmail.com |
| Chicago, IL experienced in lease accounting, operations, management, and Sarbanes-Oxley. Seeking position with equipment lessor. Would consider contract assignments or relocating. Email: leasecontroller@comcast.net |
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Southeastern, MI Controller & Management experience w/ equip lessors &broker. MBA, CPA w/ extensive accounting, management, securitization experience with public and private companies. Willing to relocate. Email: Leasebusiness@aol.com |
For a full listing of all "job wanted" ads, please go to:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm
To place a free "job wanted" Leasing News ad:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm
ELFA Career Center: Job Seekers (free):
http://careers.elfaonline.org/search.cfm
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Largest Bank in Florida Fails
by Christopher Menkin
BankUnited FSB, Coral Gables, Florida became the 34th bank to fail this year. With about $13 billion in assets as of May 2, it called itself the largest banking institution headquartered in Florida. The FDIC took over the bank and sold it to a group of investors who will operate it as BankUnited.
Only IndyMac, which failed in July, beats the numbers of UnitedBank. It cost the FDIC $11 billion. The FDIC estimates that the cost for the Florida Bank to its Deposit Insurance Fund will be $4.9 billion. BankUnited's acquisition of all the deposits and assets of BankUnited, FSB was the "least costly" resolution for the DIF compared to alternatives.
BankUnited's 86 offices will be open today, Friday, during normal business hours. BankUnited, the successor institution, will be the largest independent bank in Florida, as was its predecessor (BankUnited, FSB). The management team is headed by John Kanas, a veteran of the banking industry and former head of North Fork Bank.
Bank United, FSB had assets of $12.80 billion and deposits of $8.6 billion as of May 2, 2009. The new BankUnited will assume $12.7 billion in assets and $8.3 billion in nonbrokered deposits. The FDIC and BankUnited entered into a loss-share transaction and will share in the losses on approximately $10.7 billion in assets covered under the agreement. BankUnited will recapitalize the institution with $900 million in new capital.
BankUnited will not assume the approximately $348 million in brokered deposits. The FDIC will pay the brokers directly.
In addition to the management team led by John Kanas, ownership includes WL Ross & Co. LLC; Carlyle Investment Management L.L.C.; Blackstone Capital Partners V L.P.; Centerbridge Capital Partners, L.P. LeFrak Organization, Inc; The Wellcome Trust; Greenaap Investments Ltd.; and East Rock Endowment Fund.
The last bank to be closed in the state was Riverside Bank of the Gulf Coast, Cape Coral on February 13, 2009.
http://www.fdic.gov/news/news/press/2009/pr09072.html
Bank Beat in the Leasing News Tuesday edition will focus on a bank that claims it need not be closed, from an insider.
There is one thing to be learned from the list that follows, many banks are still in trouble, and certainly we are not out of the real estate down turn yet.
List of Bank Failures:
http://www.fdic.gov/bank/individual/failed/banklist.html
Where Banks are Failing:
http://money.cnn.com/news/storysupplement/economy/bank_failures/index.htm
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Good News--Foreclosures Drop in California
"Although it is hard to see right now, the real estate market in Northern California is improving," said Serdar Bankaci, founder of Default Research, whose daily pre foreclosure lists, which also include commercial properties, are e-mailed directly to real estate professionals in the region. "The real estate indicators show a steady decline in home inventories in 2009 and an increase in median home prices in the past 60 days."
"Our commercial property lists have been expanding for the last several months in our extensive coverage area. With overall consumer spending declining and the slowdown in the economy, lenders are enforcing more stringent requirements to underwrite mortgages and businesses are ending up in foreclosure."
The hardest hit counties, which are measured by households in foreclosure, were San Joaquin (9.05 percent), Solano (8.31 percent), Contra Costa (7.53 percent), and Sacramento (7.13). For more detailed Northern California foreclosure statistics listed by county, please visit http://market.defaultresearch.com.
Southern California dropped about four percent from March 2009 when there were 32,845 foreclosures to April 2009 when the number fell to 31,331. With 9,867 unique foreclosure filings, Los Angeles County, the nation's largest county, saw a decrease of approximately 10 percent. For more detailed Southern California area foreclosure statistics listed by county, please visit http://market.defaultresearch.com.
"While there are a lot of misguided statistics being reported that show foreclosure activity higher than it actually is, our more accurate method of counting foreclosures indicates continued improvement in the region," he added.
According to Bankaci, the three hardest hit counties in Southern California, which are measured by percentage of households in foreclosure, are Riverside (10.25 percent), San Bernardino (8.99 percent), and San Diego (5.12 percent). Housing indicators in the region are consistent with many parts of the country, with a sharp decrease in home inventories in the past four months and median home sale prices that have increased slightly in the past 60 days.
"There are a lot of great deals out there and the savvy investors and homebuyers are certainly taking advantage of our fresh pre foreclosure lists," said Bankaci, whose daily pre foreclosure lists, which also include commercial properties, are e-mailed directly to real estate professionals in the region. "The Default Research clients are the first to approach homeowners in distress and they are reporting multiple offers on the properties they purchased at discounted prices."
Deals are also there to be made in the commercial section of the Default Research foreclosure lists. More commercial and retail buildings are facing tough times as the jobless rate is spiking and consumer spending is down. Most Default Research clients are finding that when the business owners have their commercial loans due, the property owners are unable to refinance, and the land goes into commercial foreclosure.
"Although banks may not be lending money now, private equity may come into play when financing commercial projects," said Bankaci. "Statistics have shown that commercial properties tend to lag behind the residential properties; therefore, while the residential foreclosures have peaked, the market is still seeing commercial foreclosures continue to increase."
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Medical/Dental Sales Group Home Search-Up-Date
May 13, 2009, Leasing News announced an Ex-HPSC/GE Capital sales team headed by Anthony Chan looking for bank or direct lessor that is interested in expanding financing efforts in dental and optical industries by hiring sales team with great vendor contacts.
His staff today have been going on their own, as brokers or working for independents on a commission basis. He states they are mostly family men, who would prefer working as a group for one company, sharing leads and information as a close working team.
Unfortunately, he did not have much luck from the May 13th announcement, telling Leasing News most of the inquiries he received were from brokers and super brokers, no banks. It appears both LEAF and Main Street Bank are not taking on new programs.
"Most of the companies cannot handle our type of deals, 10 year terms, high soft costs. I think that some of the companies were just hoping to pick up some deals that we might be working on. Some of the companies are discussing if they can handle a group like ours.
"Hopefully there are still some companies that saw our story and are intending to call me in the near future. I am planning to sending Bruce Kropschot an e-mail to see if he might know of any companies that might be interested. He might be able to make income as a recruiter for us.
"Thanks again!"
Anthony Chan
Archan1785@msn.com
Medical/Dental Sales Group Looking for a "Home"
http://www.leasingnews.org/archives/May%202009/05-13-09.htm#mdd
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Top 25 Most Influential Leasing People
Nominations are still open. The person nominated must still be alive, but does not necessarily have to be active in the leasing industry today.
Send nominations to: kitmenkin@leasingnews.org
New Nominees:
Joe Bonnano, CLP--He and Barry Marks should be credited with the great help they gave in the formation and beginning of the National Association of Equipment Brokers. In 1998, Barry left from alternating as the Legal Counsel for the association. Joe has not only contributed much here, but also to members and non-members with legal questions and dilemma's, and brought the progress of education, ethics, and good will, including serving on the CLP Foundation board for many years. A major influence in the leasing industry, always available to answer questions, seemingly day and night.
Clark Covert: Original developer of the small-ticket, vendor leasing program & platform for the PC market. He designed and built Dell's vendor program in 1988, then later introduced the model to CompUSA, Staples, NEC, Micron, Gateway and others. He built proprietary workflow systems and automated documentation systems in the early 1990's, which produced faxed contracts and 2 hour turn-around times from application to equipment release. He introduced today's major PC funding sources to the idea of funding this equipment, and coached them on the importance of this market.
Elaine Litwer. Elaine dedicated herself to improving the leasing industry. She fought tirelessly to abolish lessor vicarious liability in New York State. She was involved in the auto industry from almost every aspect, being a lessor, a sales rep, working in the offices at GM, lobbying in Albany. She was involved in the National Leasing Vehicle Association at the state and national levels. She always was there to answer other lessor's questions.
Paul Menzel, CLP - Highest of ethics, good clean portfolios, quality leader. He has been active in two leasing associations himself, also supporting others, giving his time to the industry for many years. Paul is a leader who believes in "do as I do, not as I say". He has set a great example for all his years in the industry. (He also is the First Leasing News Person of the Year: http://www.leasingnews.org/archives/January%202006/01-03-06.htm#person editor)
Descriptions up-dated:
Jim Adler-Jim created a lease document that was the most widely used in the industry while at Colonial Pacific Leasing Corporation. All lenders accepted it and many lessors made it their standard document. Jim being available to explain the document and how to use it to my advantage in marketing and enforcement. Though this is a marketing driven industry without an ironclad document; none of us would be successful
Those who make the nomination are not named should be sent along with the name.
"Influential" as "a person whose actions and opinions strongly influence the course of events" {Online Dictionary}.
Current Top 25 Influential List:
http://leasingnews.org/PDF/May21_influential_list.pdf
ATTENTION ALL LEASE POLICE SUBSCRIBERS
"We have just received conclusive evidence of a vendor in the Tustin, California area who is setting up masked sale/lease back-working capital deals for local medical practitioners. This vendor was formerly in Rancho Santa Margarita, California and his corporation is currently suspended by the California Secretary of State. He also uses two other DBA's. Please call me if you currently have now any matching applications or have had some in the past. We already have one charge-off in our files on this vendor as he has been operating locally for at least 5 years."
While the names and other information are available only to subscribers, Leasing News asked Lease Police Chief Bernie Boettigheimer, CLP, for more information:
"In the course of our investigation, we discovered a non-Subscriber that had a dual collateralized deal with one of the vendor's sister companies in June 2005. Both deals resulted in total losses for the Lessors. Each victim never reported this to anyone outside their company. Meanwhile another leasing company recently did 20 deals and is now facing a large loss.
"Instances of fraudulent vendors are at an all-time high in our industry's history. Desperate times can bring out the worst in people, and many of the recent frauds involve vendors doing working capital loans disguised as equipment leases. In the past, a lack of a centralized location for industry data on higher risk vendors hindered attempts to stem vendor fraud abuse. Just as big a cause for vendor fraud is the fact that when Lessors in our industry suspect fraud as a potential reason for a default, they keep silent with this knowledge. Like Pogo said "THE ENEMY IS US". This particular vendor has been in operation since 2003 and there is no telling what the final losses will be from his activities!
"LeasePolice now tracks these firms with more than word of mouth information. We are the only source of information in the industry that is matching portfolio losses to the vendors that sold the leased equipment. As a result we can spot trends in vendors and notice those with excessive losses. These losses can be caused by poor equipment quality, high pressure tactics, excessive promises, and in some cases fraudulent activities. Together with the participation of our Subscriber base, we combine information for a large amount of the leasing community. I also, however, welcome the involvement of non-Subscribers. It really is everyone in our industry's duty to report any suspicious activity. Our leasing community has seen a number of fine companies and lifelong industry veterans and friends leave during this recession. Everyone must help! We suspect that leasing fraud results in industry losses of $150 million dollars each year. We also suspect that a mere 5% of the entire legitimate vendors' population accounts for almost 30% of all credit losses. Identifying these vendors could be saving someone's job - and that somebody might be you! "
Regards,
Bernie Boettigheimer, CLP
President
Lease Police, Inc.
972-361-8111
972-692-8091-fax
214-549-3426-cell
bernieb@leasepolice.com
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HL Leasing going into Receivership?
by Christopher Menkin
Over 1,000 investors in HL Leasing, Inc., Fresno, California are waiting to see what happens, many afraid to hire an attorney or investigator or to find out what assets are available, and in Fresno a group is being formed under an attorney allegedly who's firm was originally recommended by the president of HL Leasing Dan Ramirez, others may be able to write off their investment less interest received, and no one knows the total dollar amount, originally guessed at $132 million, then up to $200 million and a few now say $300 million (the actual dollar is not known.) Ramirez told one investor that last year it could have been $65 million invested in "American Express" leases.
It appears the dollar amount may be $132 million, as reported by HL Leasing's attorney as well as Dan Ramirez in an earlier interview, but the fact is no one knows, nor do they know what is left of the money invested. Authorities believe it was spent to make the monthly interest payments and the Ponzi scheme had lost its momentum; basically fell apart.
The latest development now has Karen Patterson, attorney for the California Department of Corporations (tel: 916-322-6737) recommending that all HL Leasing Investors file a complaint using the California Department of Corporation complaint form:
www.corp.ca.gov/ENF/complaint.asp
From the complaints, a Receiver will get appointed quickly and will freeze assets, conduct financial inquiries as to the disposition of assets and money, and will sue those insiders who have received disbursements over the past few years. Of course, the problem with any Receivership is that the investors lose individual control over their fate, and can not direct the Receiver. And the investors are also at risk from the same fraudulent conveyance law used against the principals, a double edged sword if there ever was one. Meanwhile most of the investors do not want to talk with the news media, seemingly afraid what will happen next.
The major problem right today appears to be what got investors involved with HL Leasing in the first place, they are listing to each other on what to do; not consulting an attorney or other professional who can best give them alternative action to take that is in their best interest. They appear afraid to seek professional counsel, something that led them to originally invest; repeating the same mistake again.
Reaction ranges from:
"I am angry, embarrassed and devastated over this matter. How could we have not seen this?? I have been involved with John Otto and Dan Ramirez for over 18 years...... I introduced friends and family to this nightmare."
"I am devastated. I am single middle age mom who has been unemployed for a year and a half with 65% of my cash assets and 100% of my retirement with HL. I am at a lost. Why can't all of us as a group with the Fresno attorney and then file a class action? I don't know if I'll ever be able to make the right decision."
"My wife and I have lost tens of thousands to what happened and don't know what to do about it... I would like to remind everyone that we need to get all the facts straight before any one is hung. Personally I'm hoping for a positive outcome, it's the only hope I have. And in my mind its worth holding on to."
"My husband and I had many hundreds of thousands of dollars invested, and may be able to recover some small percent of the money. I have been freaking out like the rest of you....but I must accept the reality, count my blessings, and remember to breathe. Losing sleep had not been doing me any good....the heart palpitations, guilt, stress had been making me sick...."
"I am having an emotional day. I am worried that now I am going to loose my home. I lost my life savings with HL over 700K and believe me I have had the EXACT conversations with Dan over the seven years of knowing him. ...I am scared." There is a lot of animosity and hard feelings, as you can guess, primarily directed at HL Leasing, Inc. President Dan Ramirez, who was the person most investors spoke with and met, not John Otto, the man behind the company. In earlier times, 15 years ago, Otto was more active in the meeting and speaking with investors, many said. He was an active visitor to the Elbow Room in Fresno when he was in town, many ex-employees said. The time to talk to him was before 11am, after lunch it was quite different.
There are other corporate officers and employees who may plead guilty and cooperate for a reduced sentence, certainly the FBI along with the U.S. Attorney General Fresno Office will be collecting evidence to bring to a Grand Jury or direct indictment. As to what assets remain, it appears HL Leasing, Inc. was a shell, Heritage Pacific Leasing became a skeleton staff in 2007, other assets are in Otto Trust, and at this time, any financial recovery appears will rest with the California Department of Corporation Receiver. A lot of people have lost their life savings, their plans for the future, their children and grandchildren, and many were relying on the monthly payments to make daily ends meet.
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Classified ads---Help Wanted
Sales
| |
The iFinancial Group is looking for highly motivated individuals with experience originating equipment lease transactions . We offer a relaxed work environment, provide leads and offer above industry standard commission. Call Todd Clark 888-852-5155 x223 Ten years providing financing nationwide |
 |
Like selling vendor programs and large transactions? CLICK HERE to find out how to have fun again. |
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Survey---Need your Opinion
At one time the Certified Leasing Professional membership was at 225. Today it is 179. The CLP Foundation has offered $100 off, a mentor program, private tutoring, and a thrust to revive the membership with a new manual due out this fall, and an effort to find out how well their programs are known to the industry.
Why I Became a CLP http://www.leasingnews.org/CLP/Index.htm
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2,300 sign up for "SmartBrief"
2,300 readers have signed up for the free Equipment Leasing and Finance Association (ELFA) "SmartBrief" Daily Reports, ELFA announced.
This week, the most popular stories in ELFA SmartBrief were:
ELFA voices concern over FASB paper on accounting for leases
Suicide complicates investigation into possible Ponzi scheme
Credit still hard to find for smaller companies
Ask Andrew
Bank Beat
Cartoons
Complaints
Computer Tips
Fernando's Review
Leasing 102
Online Newspapers
Placards
Sales Make it Happen
To Tell the Truth
View from the Top
