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Kit Menkin’s Leasing News www.leasingnews.org Monday 20, 2002 Accurate, fair and unbiased news for the equipment Leasing Industry Headlines---- Tyco Affirms Forecasts, Expects CIT Spin-off or Sale in Less than 45 Days Lessors Network Establishes Newswire For Equipment Leasing Industry Executive Solutions for Leasing and Finance to Expand
Malloy and Associates/MonitorDaily Complaint Ron Caruso Food for Thought The Week Ahead May 20-26, 2002 Monday---Odds and Ends eLessors August Conference Agenda Hal Horowitz Remembers Jim Merrilees at Golf Group details plan for bringing pro football back to L.A. Vision FinancialPromotes Kimberly S. Smith to Chief Financial Officer Goodbye “Who Wants to Be a Millionaire” ### Denotes Press Release Johnnie Johnson,CLP, found in Kuwait---story tomorrow ____________________________________________________ Tyco Affirms Forecasts, Expects CIT Sale by June 30 Exeter, New Hampshire: Tyco International Ltd. affirmed fiscal third-quarter and full-year profit forecasts and said the planned share offering or outright sale of its CIT finance unit will be complete by June 30. ``We're committed fully to the separation of CIT and Tyco,'' Chief Financial Officer Mark Swartz said on a conference call. ``We are very confident'' it will happen by the end of June. Swartz said that by using cash on hand and proceeds from the IPO or sale of CIT, Tyco expects to pay about $10 billion in debt this year, taking its debt level to below $17 billion. ``Management's credibility, which is already somewhat tarnished, would be further tarnished and the stock price would be badly hurt,'' should Tyco fail to separate CIT, said Jim Bitter, an analyst with Wilmington Trust Corp., which manages $25 billion in assets including Tyco shares. (from efj.com—also first time have seen a statement regarding a “sale”; plus 45 days is quite a short period to pull this off, unless there is a buyer standing in the wings. All my sources are shut down at CIT. President Bush would like to run as tight a ship about leaks as Gamper . editor ) #### ##################################### ################# Lessors Network Establishes Newswire For Equipment Leasing Industry (Lessors.com, Inc.) - Atlanta, GA – The Lessors Network (www.lessors.com) today announce establishing the Leasing Newswire, serving the equipment leasing industry. The Leasing Newswire enables companies active in the equipment leasing markets to increase exposure of their press releases, personnel announcements, etc., while significantly increasing traffic to their own web sites. The total process takes less than one minute. Companies actually post their news text on their own web sites and publish a headline link from the Leasing Newswire. When visitors to the Leasing Newswire click on the headline to read the article, they are automatically delivered to that company's web site where the text is posted. Additionally, the Lessors Network includes the Leasing Newswire headlines in its weekly email distribution to over 12,000 industry professionals. About the Lessors Network The Lessors Network is a Lessors.com, Inc. company, privately owned and based in Atlanta, GA. Rated by Yahoo as one of the top ten most popular equipment leasing web sites, the Lessors Network serves as a vertical market portal to the equipment leasing and finance industry from http://www.lessors.com. ### ######################################### ############## Executive Solutions for Leasing and Finance, Inc.
to Expand Executive
Solutions for Leasing and Finance, Inc. is proud to announce a new
division to augment Executive Search in the Leasing industry. Legal
Solutions will be providing Talent solutions for both corporate
and private practice legal opportunities. There will be a strong
focus on leasing divisions of law firms and in house counsel within
leasing companies. For more information, please contact Teri Gerson
at the Corporate Office at 908.654.1550 (terigerson@exsolutions.com) or Stan
Evans, who is the Director of this new division. Mr. Evans can be
reached at 949-640-5272 or stanevans@exsolutions.com.
(Courtesy of ELAonline.com—ELT News ) ### ############################### Malloy
and Associates/MonitorDaily Complaint In
a competitive market, we flourish, fail, or maintain based on the
quality of our products, delivery, and performance.
I am quite aware that Executive Solutions for Leasing and Finance,
Inc., is not the only Executive Search firm in our industry, and
that's just fine. Our Talent specialists never concern themselves
with whom we compete with. We work on every search with our
eyes focused on our clients and we do the best job we are capable
of doing. Then, we rely on the results to earn our rewards.
Our competitors can take care of themselves. The fact that
they exist is not something we try to change. All of this
is leading up to a recent exchange, of sorts, that I had with a
competitor. Malloy and Associates is a search firm that has been in business
many years and has also diversified into a publisher of a well-respected
leasing newsletter. Few people in this industry don't read
the Monitor. Now, most of us receive daily Enews from them.
Like many others, I find their articles informative and interesting.
I pay a yearly subscription for everyone in my company in order
to receive the Monitor.
Here's my gripe. Malloy and Associates are recruiters.
The Monitor is a news journal. They are two different businesses
and are driven by different ethics. Journalists print
news. They educate, inform, and disseminate news. They don't
edit it. They don't bias it. They report it. Every single time I have submitted a news release (each daily E-news
invites them), either on behalf of a client of mine or about my
own company, the Monitor selectively decides not to print them.
They never respond. This is inexcusable. First, common
courtesy dictates that they should contact me. Second, if they are journalists, then they should behave according
to the code of ethics their industry is governed by. I don't
ask them to advertise my search assignments. I ask them to
print news items. The Monitor is NOT Malloy & Associates. If they take my subscription money, then they must deliver their
product and honor their contract. Otherwise, they should not
accept my subscription and should not spend my money.
When last week I once again tried to publish a news item (Executive
Solutions now has a new division called Legal Solutions, which will
specialize in placing attorneys in the corporate and private sector
with a focus on the leasing industry) they failed to print it and
never showed me the courtesy of an explanation. I contacted the editor, who explained that she understood my position
and was conflicted since I was a competitor of Malloy & Associates.
I wasn't contacting Malloy & Associates. Surely, whether
or not they print a news release is not going to influence whether
my company does business. Certainly, they know we are out
here, as do most people in our industry. Refusing to publish
news items I submit is in violation of the implicit agreement we
entered into when they accepted my subscription fee. It is
wrong for them to take my money and then provide a partial product.
This is an Arthur Anderson approach to journalism and a distasteful
statement about their attitude towards healthy competition. I believe
they must either report all the news, or get out of the news business. They
must compete fairly based on their abilities, as we are pleased
to do. But don't ignore paying customers, discriminate, and try
to manipulate the news. I never even received the promised
call from Jerry Parrotta to discuss this. Not following through
on a commitment is unprofessional and rude.
Teri
Gerson, President I
agree with Terri that we owed her a response to the "complaint"
and that I did earlier today. As
to the content of the "complaint", we simply don't agree
that anyone
who is a Monitor subscriber has an inherent right to have a news release
posted either in our publication and/or website - no questions asked. And, by the way, the comment about never responding
to her news release
submittals is simply not true!
I'll leave it to your readers to
form their own opinion. Jerry
Parrotto Jerry
Parrotto is Molloy Associates chief executive and publisher of the
Monitor. “Published
monthly, the Monitor has been the leading publication in the equipment
leasing and financing industry since 1974 ,”according to their
advertising sheet, “...reaching 3,000 leasing companies, 30,000
readers.” “Each
issue provides readers with indispensable, in-depth information
supplied by trusted sources in the industry,” they state. The
advertisements are as well read as the articles by the entire industry. “Monitordaily.com
is the most visited web site in the industry boasting over 100,000
hits per day. Launched in 1996, Monitordaily.com is the only daily
source committed to delivering the latest news and information affecting
the equipment leasing and financing industry,” their advertising
sheet states. “ ...the first ever email service providing leasing
professionals with the hottest industry related headlines---directly
to their mailbox---each and every weekday morning.” --------------------------------------------------------------------------------------------------- Ron
Caruso Food for Thought Just
in case you don’t subscribe to the www.efj.com
Newsletter, Ron
Caruso also has great food for thought; (((((((
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Graying of the Leasing Industry by
Ron Caruso Have
you noticed how many “chronological peers” you have in
the leasing
industry? Want to know why? It’s because the leasing industry’s
population is composed mainly of baby boomers. The reason
for this is simple. There are not many leasing companies that
have been around for a generation or more, and even fewer that
have continued to grow and prosper. Take a look at the leasing
industry’s history. We have participated in several population
shifts-major banks, Fortune 500 industrials, Baby Bells,
Regional Banks, etc., etc. As one segment became disillusioned
with leasing, another would take its place. Unfortunately,
this replacement did not expand the number of people
in the industry as a whole, but merely provided a new home for
those about to lose their current situation. Additionally, the new
entrants typically wanted to hire experienced veterans. This provided
an income boost because of the demand, but as one new group
replaced another, the game of personnel musical chairs left most
of the veterans employed, but provided no openings for trainees. As
I look at the industry today, I do not see this trend changing in
the near term. The reality is the number of true lessors (criteria:
deep pockets) continues to diminish. It is typically this
group that has the financial resources and the long term perspective
necessary to continually bring in new recruits. This does
not mean that the leasing industry in the US is a dying industry-it
simply is in an almost continuous no-growth mode. Can this
be changed? Highly unlikely. Ask yourself this question: Would
you recommend the leasing industry to your son/daughter as a career
choice? If the answer is yes, ask the question again. As I look
at the financial services sector in general, leasing is not a prime
choice for opportunity, when the economy rebounds. It does however
continue to provide solid jobs for those individuals already
in it, who are above average performers. But for the rest- what
happens to them when there is a cutback? What other areas are the
skills from leasing most applicable? Frankly, I don’t know. But
given the knowledge one picks up in financial engineering, as well
as the communication skills, there should be logical career paths
that leasing professionals could transition into. Typically, when
there has been a major cutback in the entire industry or a specific
part of it, those who do not survive either become brokers
and/or form their own companies. The odds against this approach
are extremely high. After a while, they just seem to disappear. I
am not trying to be morose. But in conversations with a number of
you recently, this issue has been raised. Perhaps the reality is
we are or are perceived as such a specialized financial service that
the utilization of our skills outside of leasing has not been considered.
Maybe it’s time that some group, the Leasing Foundation
or the ELA for example considered this. Food for thought?
Stay tuned. ==============
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registering please mention key code DEM001768 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ The Equipment Leasing Association has announced in addition to their Thursday ELT Newsletter, they will publish every Tuesday the recent top news in the leasing industry in capsule form. This is for ========================================================== The Week Ahead May 20-26, 2002 May 20 Monday Economic indicators: April leading indicators. MAEL Golf Invitational, Chicago, IL May 21 Tuesday Senate |