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Kit
Menkin's Leasing News
www.leasingnews.org Friday, May 3, 2002
Accurate, fair and unbiased news for the equipment Leasing Industry __________________________________________________________________ Headlines---
Rates for 30-year and 15-year mortgages dip to six-month lows
U.S. Could Face Debt Crunch on June 28
Intern Program for Your Company Milestone
Capital to Acquire Capital Financial Resources, Ltd.
Sunrise Int./ Electronics Form Central/South America
Leasing Partnership
ePlus Man Paul Brockmann Joins LFC Capital Special: #### Denotes Press Release --------------------------------------------------------------------------------------------------- Commercial
Money Center Telephone Numbers As
Leasing News reported, we were not able to reach anyone at the CMC corporate
office in Las Vegas, Nevada; however, an “anonymous” reader
sent us this: CMC
HAS MOVED INTO A LAW OFFICE DOWNTOWN LV 702-382-1714, MOST BUSINESS
IS CONDUCTED THRU EZ AUTO 702-207-4444, TRY CONRAD ASSOCIATES SAN
DIEGO (888) 350-0701
billh@cnaleasing.com tyhanson@cnaleasing.com (
“anonymous” means it came via our website “contact
“ that if the person does
not give their name, we have no idea who it is from. editor ) Here
is the official address: Commercial
Money Center 101
Convention Center Drive, Suite 1225 Las
Vegas, Nevada 702-894-9400 Capital
Markets Corporation has the same address and
telephone number. Commercial Servicing Corporation is
also located at this address ( sorry, telephone number not known
). Leasing
News understands that Conrad Associates is not legally connected
with CMC, but there is a relationship as evidenced by this e-mail
from Ty Hanson, son of CMC vice-president and officer Bill Hanson: I
am amazed at all the pot shots, half truths, and assumptions that
are being made
at Commercial Money Center. I
don't mind assumptions or allegations by people,
but if you are going to go out on a limb with YOUR beliefs (NOT FACTS)
than at least have the backbone and sign your name. I was an employee at
Commercial Money Center and by no means does that give me a right
to defend
or attack the company! There are maybe three people at Commercial Money Center that know for sure if their business ethics were flawless. Just like a personal relationship if you don't know what went on behind closed doors, then you shouldn't stand in judgment. But, after reading our processing manager's comments, who wasn't any higher on the corporate ladder than myself, I figured WHY NOT! I am going to address two allegations. First,
that Ron Fisher was sued for malpractice and doesn't hold a medical license
in Florida. Two,
that Commercial Money Center is being sued for over 6
million dollars by insurance companies for fraudulent deals. Ron
had a chiropractic
practice in Florida with several doctors on staff. ONE of the doctors
was sued for malpractice, which caused the whole practice to be
in the
suit. Ron was later dropped out of the suit! The only reason he
doesn't have
a medical license in Florida is because he stopped practicing and
moved to
California and started a leasing company. Two,
Commercial Money Center is being sued by one of our surety companies
for over six million dollars. But does anybody talk about the 600
MILLION dollar lawsuit that Commercial Money Center has against
the surety company? I don't know for sure what went on with the
surety companies, Commercial Money Center, or the investors. But,
I do have more facts that most of your readers. One,
Commercial money Center DID refund over 1.4 million dollars in advance
rentals. Two,
Ron made sure all the employees at Commercial Money Center were
paid before he closed the Escondido office. Three,
Ron is in the process of filing a class action lawsuit for the employees
against the surety companies that refused to honor their bond! Four,
Ron has won an injunction against a former disgruntled business
partner who enjoyed sending lies and falsehoods to newspapers, banks,
lessees, etc.... about Commercial Money Center without signing his
name! In
closing, I don't know if Commercial Money Center is flawless, but
I like
to go with patterns and consistencies. Is it an insurance company
that refused
to pay when the claims were made on these tough to do deals, or
Ron Fisher,
a man that sent over a million dollars in advance rentals to insurance
companies so deals could be funded. When these deals did not fund, he paid everybody back with HIS own company bankroll.HMMMMMMMMM Insurance companies that fight and don't pay claims or Ron Fisher, a man that steps up to the plate and does the right thing! Until Commercial Money Center's 600 million dollar lawsuit is settled, I am standing by Ron Fisher. And by the way, unlike most of your Monday quarterback readers who love to put in their
2 cents.............I WILL SIGN THIS LETTER! ! Ty
Hanson A
man with a backbone ------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------- View
CEO Paychecks at Forbes Magazine Ratings: http://www.forbes.com/2002/04/25/ceos.html?partner=netscape ------------------------------------------------------------------------------ Rates
for 30-year and 15-year mortgages dip to six-month lows amid signs
of sluggish recovery By
Associated Press WASHINGTON
(AP) Mortgage rates around the country edged down this week amid
signs of a sluggish economic recovery. Rates on 30-year and 15-year
mortgages fell to six-month lows. Freddie
Mac, the mortgage company, reported that the average interest rate
on 30- year fixed-rate mortgages dropped to 6.78 percent this week,
down from 6.88 the previous week, according to a nationwide survey
released Thursday. A year ago this time, 30-year mortgages averaged
7.14 percent. Rates
on 30-year mortgages hit a low of 6.45 percent in early November,
their lowest point since Freddie Mac began conducting its nationwide
survey in 1971. Even though rates have moved higher since that time, analysts believe that mortgage rates will be fairly stable this year and will continue to support the housing market. Fifteen-year
mortgages, a popular option for refinancing, fell to 6.26 percent,
down from 6.35 percent the week before. A year ago, 15-year mortgages
averaged 6.66 percent. Rates
for both 30-year and 15-year mortgages this week were at their lowest
point since Nov. 23 when they averaged 6.75 percent and 6.24 percent,
respectively. Those rates have fallen for five straight weeks. On
one-year adjustable-rate mortgages, lenders were asking an average
initial rate of 4.75 percent, compared with 4.91 percent the previous
week. This week's rate was the lowest since April 1, 1994. Last
year this time, one-year ARMs averaged 6 percent. These
rates do not include add-on fees known as points, which averaged
around 0.7 percent of the loan amount for all three types of mortgages
last week. ''There
seems to be some concern in the marketplace that the economic recovery
will be slower than expected, lessening the fear of inflation,''
said Frank Nothaft, Freddie Mac's chief economist. ''This, of course,
allowed mortgage rates to drift further downward this week.'' -----------------------------------------------------------------------------------------------
U.S.
Could Face Debt Crunch on June 28 Treasury
Running Out Of Room to Tap Funds By
Glenn Kessler Washington
Post Staff Writer Faced
with a plunge in tax receipts, the Bush administration will run
out of ways to maneuver around the federal debt ceiling and could
default on payments to bondholders on June 28, sooner than previously
expected, a senior Treasury official said yesterday. On
that date, the government must make more than $60 billion in semiannual
interest payments to trust funds, primarily Social Security. While
that is a paper transaction, consisting of new bonds, it counts
against the government's $5.95 trillion debt limit. Officials said
the Treasury plans to start using a variety of budget tricks later
this month to keep the government below the debt limit, but they
will not be enough to prevent default on June 28 if Congress does
not raise the limit. "The
end of June is really the end of the party. There isn't anything
past that," Treasury Undersecretary Peter Fisher said in an
interview yesterday. "It is necessary that Congress do this
before the end of June. We expect they are going to do it before
the end of June. They need to do it before the end of June." The
administration asked for a $750 billion increase in the debt limit
in December, but the request has stalled on Capitol Hill. Republicans
have historically been reluctant to vote for an increase in the
debt limit, while Democrats have blamed the president's tax cut
last year for the current crisis. "Every
day, new information is released confirming that the budget surpluses
of the 1990s have been squandered and the government is sliding
back into bigger debt and deficits," said Rep. John M. Spratt
Jr. of South Carolina, the senior Democrat on the House Budget Committee. In
April, the Treasury briefly shifted billions of dollars in a federal
savings plan to prevent the government from defaulting on payments
to bondholders. The money was returned a few days later, after tax
receipts started pouring in on April 15. At the time, officials
anticipated that incoming tax payments would keep the government
flush for a few more months. But
tax receipts have fallen far short of expectations, leading analysts
to at least double their projections of the federal budget deficit
for the current fiscal year. Treasury officials last week also began
to realize that because of the shortfall, they would not be able
to get the government past the June 28 deadline for trust fund payments,
even with accounting maneuvers. Besides
again tapping the government-securities "G Fund" in the
federal employee savings program, the Treasury can suspend reinvestments
of Treasury securities in the Exchange Stabilization Fund, divert
interest payments due to the Civil Service Retirement Fund and swap
assets from the Federal Financing Bank to the retirement fund. These
steps were taken by the Treasury in the last battle over the debt
limit in 1995-96 and would help keep the government just below the
debt ceiling even as it is technically breached by about $30 billion
in May and June. But
these steps combined could not produce the more than $90 billion
needed to stay below the debt ceiling and still make the required
payments to Social Security and other government trust funds on
June 28. As
Treasury secretary in 1995 and 1996, Robert E. Rubin also delayed
four scheduled auctions of Treasury securities. But current officials
are reluctant to take such a step after already signaling to the
market that the decline in tax receipts will require substantially
more borrowing than expected. In the short term, delaying auctions
might lower bond yields because supplies would be limited, but over
time it could raise the government's interest costs. "The
Treasury will strive to maintain its regular auction calendar while
meeting the financing needs of the federal government," the
Treasury said in a statement yesterday. The
Treasury also said yesterday that it would change its plans for
selling its securities to the public, in response to the increased
borrowing needs. Last year, as the surpluses turned into deficits,
the Treasury began to sell larger quantities of shorter-term securities.
But, anticipating that further increasing the size of the two-year
note auctions would boost the interest rates that the Treasury pays
on the notes, the department said it would instead increase the
size of its quarterly auctions of five-year notes. House
leaders have signaled they will attach an increase in the debt ceiling
to a supplemental spending bill for the war on terrorism, legislation
that is due to be drafted next week. The administration has requested
additional spending of $27 billion, though House members have pressed
for $3 billion more -- demands that may be difficult to turn down
if the crucial debt-ceiling increase is included in the legislation. Senate
Democrats have repeatedly blamed the House for failing to act on
raising the debt limit, though they have also signaled they are
reluctant to grant the full $750 billion increase sought by the
administration. Many Democrats would like to force a politically
embarrassing vote before the November midterm elections to focus
attention on the federal deficits occurring on President Bush's
watch. "We
have been fairly clear about our concerns about the debt-limit request,"
said Senate Majority Leader Thomas A. Daschle (D-S.D.). "It
goes way beyond what support there is in the Senate, at least, for
passing it." John
Feehery, spokesman for House Speaker J. Dennis Hastert (R-Ill.),
said the House will vote to boost the debt ceiling before June 28.
"I am confident the House will act. But I am not sure we will
get final action. The Senate has been a problem on lots of things." At
a recent congressional hearing, Treasury Secretary Paul H. O'Neill
expressed the administration's exasperation over the impasse, asking,
"Why can't we stop this madness?" Staff
writer John M. Berry contributed to this report. Intern
Program for Your Company This
might be of interest to many of the smaller and medium sized firms who
read your newsletter: >From
ELA News ****************************** 13.
Making Student Internships Work For Your Company ****************************** While
virtually all of the Fortune 500 firms actively participate in internship
programs to develop future talent, most small to medium sized leasing
firms do not take advantage of this valuable resource to develop future
talent and assist with everyday work issues. The
Equipment Leasing and Finance Foundation Internship program is designed
not just for larger firms but for ELA Members that are small to medium
sized businesses as well. The Foundation Internship Program will help
you attract exceptional college students to work cost effectively in
your firm, this summer. The Foundation is making this easy as possible,
by locating students for you and by providing training discounts
to company. See Interns Program Benefits, for details on discounts
and corporate benefits, visit http://www.leasefoundation.org/acadstudrsrcs/benefits.htm Many
talented students will consider internships with smaller firms to gain
valuable work experience and insights into the commercial Lending and
Leasing markets. The Internship program can help your firm gain access
to tomorrow's talent today! Are
you asking, "How would I use an intern for the summer?"
Two examples of
summer internships are available on the Foundation site: http://www.leasefoundation.org/interns/index2.cfm If
you would like help setting up on internship and locating the right student,
contact Lisa Levine, Foundation Executive Director at 703-527-8655
or llevine@elamail.com or Foundation Internship Chairman Larry
Hartmann at 201-560-9900
x 222 or lhartmann@zrgroup.com Larry
Hartmann Managing
Director Z
Resource Group 201-560-9900
x222 ###
####################### ################################ Milestone
Capital Signs Letter of Intent to Acquire Privately Held Capital
Financial Resources, Ltd. FAIRFIELD,
N.J -
Acquisition expected to generate substantial revenues -
William Stuckert appointed Vice President of Sales Milestone
Capital, Inc. (OTCBB:MLSP) announced today that it has entered into
a letter of intent to acquire Capital Financial Resources, Ltd.
(CFR) a privately held financial services organization. CFR
offers equipment leasing, information technology services, asset
management and creative financing for public sector, federal and
commercial entities. The acquisition, which is expected to close
before the end of May, will be an all stock transaction. William
J. Stuckert, CFR's Chief Executive will be joining Milestone Capital's
EliteAgents Leasing division as Vice President of Sales, effective
May 6, 2002. Mr. Stuckert will be specializing in federal, state,
and local government leasing programs along with vendor programs
in commercial accounts. Mr.
Stuckert was a division president for public sector sales at Comdisco,
Inc. (OTCBB:CDSO). His division grew from $4 million in sales when
he joined in 1991 to over $180 million in sales in 1999. During
that period he was responsible for the company being awarded the
first General Services Administration (GSA) contract for leasing
services and business continuity services. "I
am excited about the opportunity to join Milestone and to be able
to work with Chuck DeMory again," said Bill Stuckert. "At
Comdisco we worked together and built an extremely successful leasing
company and I look forward to helping build a great company." Milestone
CEO Chuck DeMory said, "We expect to become one of the leading
leasing management company's in the industry and this transaction
is another essential building block to achieve that goal. Bill brings
significant skills to our organization and we expect to close several
large transactions he has developed in the near future." Milestone
Capital, Inc. completed a reverse acquisition in early January in
which it acquired the assets of EliteAgents, Inc. EliteAgents (http://www.eliteagents.com)
was established in 1999 as a mortgage banker and has spent the last
three years and over $6 million developing several sophisticated
computer systems to implement its strategic objective. One of these
systems, for which a patent has been applied, allows a non-experienced
individual to easily qualify a borrower for a mortgage and to evaluate
offerings from numerous financial institutions to find the one which
best fits the borrower. Once determined, the system allows the originator
to obtain the necessary information to initiate the mortgage as
well as perform the necessary steps to be eligible to receive a
portion of the commission. Experienced
loan officers utilize this system to develop a network of realtors,
financial planners, accountants, attorney's, home builders and other
professionals to originate mortgages and receive a portion of the
commission which this network generates in addition to their own
commissions. This system is currently being modified to support
leasing transactions. ,
any interest or obligations to update these forward-looking statements. CONTACT:
Milestone
Capital, Inc. Howard
H. Conyack, Jr., 800/848-5442 or Radcliffe
& Associates, Inc. Donald
Radcliffe, 212/605-0100 SOURCE:
Milestone Capital, Inc. ###
############################################### Sunrise
International Leasing Corporation and Sharp Electronics Corporation-
Latin American Group Form Leasing Partnership for Central and South
America Sunrise
International Leasing Corporation (SILC), a wholly owned subsidiary
of privately held King Capital We
also expect to execute other vendor agreements in these markets
with other manufacturers."
About Sharp Electronics Corporation
About Sunrise International Leasing Corp (
courtesy ELAonline.com ) ###
######################################## ################# ePlus
Man Paul Brockmann Joins LFC Capital LFC
Capital Appoints Paul Brockmann as Director, Healthcare IT Leasing CHICAGO,
April 30, 2002 - LFC Capital, Inc., a healthcare equipment leasing
specialist, announced today that Paul Brockmann, 43, has joined
the company as Director, Healthcare IT Leasing. Brockmann will report
to William T. Mount, Executive Vice President, Marketing. "Brockmann
has extensive experience in leasing healthcare information technology
systems," said Martin E. Zimmerman, LFC's President and CEO.
"His experience in this important and growing market will allow
us to better serve our hospital as well as vendor clients."
Prior
to joining LFC Capital, Brockmann managed sales in the Midwest for
ePlus, a lessor providing IT and web-based procurement and asset
management services. From 1998 to 2000, Brockmann was Regional Sales
Manager at Solarcom, an IT hardware and service provider, where
he completed a $35 million syndicated financing for a major healthcare
network. From
1994 to 1998, Brockmann was Regional Sales Manager for LINC Anthem,
the healthcare leasing subsidiary of Anthem Insurance, where he
worked with Zimmerman and Mount. Brockmann developed financial products
for healthcare IT markets for LINC Anthem, as well as Newcourt Credit
Group, which subsequently acquired it. Earlier,
Brockmann worked for Copelco Healthcare Leasing managing both direct
and vendor relationships, and at Chesterfield Financial, where he
developed private-label leasing programs. Brockmann
received a BS degree in finance from Saint Louis University in 1981.
He enjoys coaching sports for teams on which his three children
play. You
may contact Paul Brockmann at (314) 854-1392, pbrock@lfccap.com.
LFC
Capital provides true leases and other innovative financing services
to vendors, lessors and users of healthcare equipment. (
courtesy of ELAonline.com) ##########
############################### CareerBuilder Survey Also Finds That 38 Percent Misrepresent Qualifications RESTON, Va., / -- For most job seekers, the all-important resume -- still the primary ticket for landing new jobs -- is in need of a major makeover, according to a new CareerBuilder survey. Only three percent of job seekers say they use professionals to help with resume writing, according to the Job Search 2002 survey of more than 2,500 U.S. workers. (Photo: http://www.newscom.com/cgi-bin/prnh/20010104/DCTH002LOGO-a ) "People will spend a couple days shopping for the perfect interview attire, but they'll slap their resume together in a few hours," said Barry Lawrence, a senior career advisor at CareerBuilder. "It's a smart investment of time and money to get some one-on-one professional resume help. The resume is often the difference between success and failure in this job market." In crafting a resume, the resource most often used, according to workers: * 35 percent create their own resumes. * 25 percent use a resume template, an outline of major resume components. * 9 percent use books on resume writing. * 9 percent consult with family, friends or business associates. * 9 percent use software guides. * 8 percent use other people's resumes as guides. * 3 percent use professionals to assist with the resume writing. * 2 percent -- other. "For even for the best wordsmiths, resume writing is difficult," Lawrence noted. "It's advisable to get the most professional opinion possible, preferably from an objective party who can help you define strengths and structure your resume to stand out in this very crowded job market." Job seekers don't have to look far for resume help -- they can link to careerbuilder.com's Stellar Resume service (made available by CareerBuilder and e-resume.net) to get one-on-one resume assistance, including personal interviews to highlight achievements and talents. Within three days, Stellar Resume will provide the first draft of a new resume. In addition, CareerBuilder was named the best career site for its "breadth of premium services such as professional resume writing," according to Kiplinger.com's career columnist, Sacha Cohen. Other CareerBuilder Resume Tips: * Be truthful. Surprisingly, 38 percent of workers say they have intentionally misrepresented their qualifications. Don't do it. Background checks will uncover misstatements of fact. * Be concise. One or two pages maximum. * Be error-free. Most job seekers rely on their own editing skills. Get help. * Pass the scan test. If scanned by an employer, make sure your resume echoes keywords and job functions included in each job description. Otherwise, a computer could eliminate your resume. Only 34 percent of job seekers say their resumes can pass the scan test. Most, 64 percent, said they weren't sure. * Pass the achievement test. Not only list skills and job functions, but explain the results that skills and functions produced. Did you lower costs? Increase revenue? Win an award? About the Job Search 2002 Survey CareerBuilder's Job Search 2002 survey was conducted January 30, 2002, through February 5, 2002. A total of 2,550 workers participated in the survey. To collect data for the survey, CareerBuilder commissioned SurveySite to use an e-mail methodology whereby individuals who are members of SurveySite Web Panel were randomly selected and approached by e-mail invitation to participate in the online survey. The results of this survey are accurate within +/- 1.9 percentage points. About CareerBuilder CareerBuilder is a leading online source for maximizing recruitment dollars and optimizing job searches with superior products, customer service and technology. With a unique combination of national, local and niche audiences, CareerBuilder makes it easy for recruiters to reach the most qualified candidates with industry-leading market research data and support. Job seekers can search for the right job from more than 300,000 continuously updated postings, representing more than 25,000 of the top employers in virtually every industry, field and location. In partnership with Tribune Company (NYSE: TRB) and Knight-Ridder Inc. (NYSE: KRI), CareerBuilder includes the Web's top newspaper sites -- the most trusted employment sources in recruiting. For more information about CareerBuilder products and services, call 888-670-TEAM or visit CareerBuilder at http://www.careerbuilder.com .
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