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November 20, 2001 We wish you a Happy Thanksgiving---- Headlines---- Surprise! Surprise! Surprise! Joe Woodley New UAEL Chief Executive Officer Commercial Money Center Kicked Out of NAELB Jim Raeder Defends Capitalwerks---Better Business Bureau Xerox, GE Capital announce equipment financing deal Crocker Capital Purchase by Dimension Funding More Friends Remember Jeff Wong A Boost for E-Philanthropy Richard Baccaro Leaves AmX Biz Finance Ex-WAEL Prez to Be New Chief Executive Officer Joe Woodley, CLP, is the new full-time United Association of Equipment Leasing ( UAEL )Chief Executive Officer. He will continue at Westover Financial. Steve Jones is the president of Westover. He was president of the organization in 1987, when it was the Western Association of Equipment Lessors ( WAEL ).. Joanie Dalton, former executive former meeting planner, executive director, has been elevated to Chief Operating Officer. “ This is a very, very positive move for our association, “ Joanie Dalton said. “ It is also both very positive for me personally and professionally…to have a mentor such as Joe Woodley is perfect. We can provide more benefits to our members. 2002 will be an exciting year for UAEL.” Bill Grohe, who was president of the organization in 1991 when it was WAEL, remains as membership director. Since the departure of long time executive vice-president Dr. Raymond Williams, CAE, Joanie Dalton along with the executive committee, utilized “outsourcing” to keep the budget in line. 2001 president Chuck Brazier, CLP, Centerpoint Financial, says it is “ time to get the executive committee out of running the office and to spend more time with members, listening to them, providing solutions, and being more active. “This will provide consistent leadership, giving Joanie more time to run the office, work on conferences. It will give management more time to work with members, plus give time to the executive committee to meet with committees, make committees work, and bring balance back to our organization.” Brazier said the 2001 UAEL board meeting along with the 2001 UAEL Board UAEL board meeting in Hilton Head, South Carolina produced many positive changes, which he will outline in a letter to be made available to all members he hoped by this Wednesday. He was attending the Eastern Assoication of Equipment Leasing, where Equipment Leasing Association President Mike Fleming was scheduled to speak. “ We need to get the executive board and board back to member services, “ he said. “ Joe is doing this job out of the love for the association, as Bill Grohe is doing…not for the money.” The UAEL membership directory shows Westover Financial, Ontario, California as a “broker/lessor” with twenty employees; Steve Jones as president. The company
accepts “broker business. ”The November, 1987 issue of WAEL
“Newsline” has a picture, to be put on the Leasing News
Website. ( ironically it is a picture of Woodley turning the gavel
over to Ben Millerbus, 1998 president, who will be serving on the
2002 board of directors as “past president,” a position
rotated among past presidents.)
1988 WAEL President-elect Ben Millerbis (right) of Pentech Financial Services receives the traditional letter of advice from 1987 President Joe Woodley, Westover Financial, during passing of the gavel at WAEL Elections & Awards Meeting at Hawaii Conference
The October/November 1986 edition shows he served a vice-president in 1987, and “…also served as Secretary /Treasurer and has been on the Board of Directors since 1982. He chained the Spring Conference in 1985, and was Chairman of the Management Review Committee in 1984 and the Government Affairs Task Force in 1985. Here also is a picture of recent Certified Lease Professional Graduates in 1987:
The third set of Certified Lease Professionals was granted final approval and received plaques commemorating the designation at the Fall Conference in Hawaii. New CLPs recognized by WAEL President Joe Woodley (left) were from left: Michael Walsh, Atlantic Financial Savings Bank; Ron Wagner, Heritage Leasing Capital; Brian Pindell, Commercial Equipment Lease Corp.; Ben Millerbis, Pentech Financial Services; Peter Eaton, First National Leasing Corp.; Duane Russell, Atlantic Financial Savings Bank. Not shown was Robert Ackerly, Chase Manhattan Leasing.
Randy Bauler, CAE, was WAEL Executive Vice-President, along with Arthur Schwartz, CAE, Associate Director Commercial Money Center Kicked Out of NAELB Dear NAELB members: The Board of Directors has unanimously voted to expel Commercial Money Center ( 221 WestCrest Street, #200, Escondido, California ) for membership in the National Association of Equipment Lease Brokers based on the filings of a complaint by a member for ethical violations. The action was taken in accordance with the NAELB ethics procedures. As always, the NAELB advised that members conduct business with other members so that the ethics program can benefit our members. Sincerely Mike Meacher NAELB President (( Leasing News was unable to reach Bill Hansen, who was a major presenter at the United Association of Equipment Leasing San Antonio, Texas Conference. ( Monday the 26th is the last day for voting on the UAEL new ethics standards. www.uael.org ). Leasing News also tried to reach Mark Fisher, who we were told would call us back. editor )) ------------------------------------------------------------------------------------------------------------ Crocker Capital Purchased by Dimension Funding The owners' of Crocker have decided to wind down the business. Dimension and Crocker have done business together for the past year. The relationship that existed provided an opportunity for Dimension to purchase some of the assets of Crocker including a transition of the sales representatives. Michael Wagner Jim Raeder Defends Capitalwerks---Better Business Bureau I was recently made aware of the unfavorable BBB report attributed to the fallout of our acquisition of Preferred Capital Corporation. Preferred Capital Corporation was foreclosed on by their lead bank, causing all liabilities including advance rent deposits, trade payables, and leased office space, to be written off as non-collectable. CapitalWerks, LLC purchased the assets and only the assets, unfortunately leaving the unsecured debtors to pursue their rights directly against PCC, Inc., In an attempt to mitigate some of the losses of PCC, Inc, we reviewed all pending transactions to ascertain the possibility of funding these deals without the benefit of the advanced rents. Although we were successful on many, few were left to write off their losses. All PCC Lessee's were notified of the situation and a new representative assigned to the account to work towards a satisfactory solution. In few instances the relationships were strained beyond repair. Providing proof of the asset sale was not enough for some of these clients, and therefore filing a complaint was their only means of satisfaction. I have spoke to the staff at the bureau and they have agreed to review the asset sale, and to reinstate CapitalWerks, LLC as satisfactory. Upon completion of this process I'll forward you the information for publication. Kit, CapitalWerks, LLC subscribes to the same advanced rent policy as the former First Sierra. In general, all advanced rents are returned unless the proposed lessee is found to have knowingly provided inaccurate information. This I have found to be common and acceptable in the industry. Jim Jim Raeder ( We were trying to obtain a comment prior to printing the Better Business Bureau Report. We will not put on the bulletin board until this is resolved. There have been other instances where Preferred Capital was involved, in which Mr. Raeder straightened them out. editor ) More Friends Remember Jeff Wong I just got back in from my Father's funeral. I am shocked at the news of Jeff Wong's passing. He was my friend, my mentor and my attorney. I can not make sense of these losses. It seems incredible. My prayers go out to Rocky. There are very few people that match the standard set by Jeff. He will be greatly missed by all of his clients. Andrew Andrew Thorn ~~~~ I knew Jeffrey for almost 20 years. I always found him to be warm and kind, and a true gentlemen in a profession which is not always conducive to this type of personality. His wit was legendary, and his knowledge vast. He will be missed by all that knew him. Kenneth C. Greene KGreene100@aol.com __ IT WAS WITH GREAT SADNESS THAT I READ ABOUT THE LOSS OF JEFF. I HAD DINNER WITH JEFF AT THE LAST NAELB CONFERENCE IN NEW ORLEANS. HE WAS TRULY A GREAT INDIVIDUAL AND A TRUE FRIEND OF THE INDUSTRY. I WILL MISS HIM. BOB BAKER CLP <Baker@wildwoodfinancial.com Xerox, GE Capital announce equipment financing deal
By
Associated Press HARTFORD, Conn. (AP)
The Canadian division of GE Capital's Vendor Financial Services would
become primary source of equipment financing for Xerox customers in
Canada, under an agreement announced by Xerox Corp. and GE Capital
on Monday. GE Capital Canada would
provide Xerox with about $350 million. The arrangement and financing
are subject to Canadian regulatory approval. The arrangement would
improve Xerox's access to cash and help GE Capital use Xerox customers
to improve vendor financing. ''By expanding our relationship
with GE Capital, Xerox customers with operations in the U.S., Canada
or both countries will benefit from access to consistent and flexible
financing services and administrative support,'' said Barry D. Romeril,
chief financial officer at Xerox. Xerox officials said
the company will move its Canadian customer administration operations
into a separate and jointly supervised Canadian venture. It will be
owned and managed by GE Capital Vendor Financial Services. GE Capital and Xerox
also completed an agreement for GE Capital's European Equipment Finance
business to provide Xerox with approximately $450 million. In midday trading on
the New Yok Stock Exchange, Xerox shares rose 9.7 percent, or 64 cents
a share, to $7.22 while GE shares rose 42 cents to $41.27. On the Net: Xerox, http://www.xerox.com
GE
Capital: http://www.gecapital.com Richard Baccaro Leaves
AmX Biz Finance Long time National Sales
Manager Richard Baccaro was reportedly laid off at American
Express Business Finance. He
had just moved to Phoenix, Airzona.
He reportedly received a 90 day severance package. Is his brother Len Baccaro
next? Stay tuned. ________________________________________________________ A
Boost for E-philanthropy by
Beth Cox, eCommerce News A
coalition of corporations and nonprofit agencies launched "Network
for Good," an online portal aimed at helping charities strengthen
their connections with people seeking to donate, volunteer or speak
out on issues. The
ePhilanthropy Portal was
founded by the AOL Time Warner Foundation and AOL Inc. (NYSE:AOL),
the Cisco Systems Foundation and Cisco Systems Inc. (NASDAQ:CSCO)
and Yahoo! Inc. (NASDAQ:YHOO)
in partnership with about 20 nonprofit foundations and associations
that seek to foster use of the Internet for civic participation and
philanthropy. The
Web site was designed to aggregate and organize content and resources,
making it easier for consumers to give of their time and money. The
backers said the Network for Good site builds "on the phenomenal
rise in online giving and volunteering that took place in response
to the events of Sept. 11 and is aimed at making donating, volunteering
and other tools available to all charities, big and small, whether
they have a Web site or not. The
supporters said that consumers will be able to explore and give to
the nearly 850,000 charities listed in the GuideStar database, knowing
that if they choose to make a credit card contribution the charity
they select will receive 100 percent of their donation. Network
for Good will subsidize the transaction and credit card costs of all
donations. The
site also will feature a database of tens of thousands of volunteer
opportunities provided by VolunteerMatch. Twenty-seven different categories
are available for searching, including advocacy and human rights,
women's and children's issues, and community and crisis support. "By
combining the passion, expertise and grass-roots affiliations of our
nonprofit partners and the reach, resources and Internet capabilities
of our corporate founders, we will be able to make giving, volunteering
and speaking out on issues as central a part of the Internet as shopping
or getting e-mail," said Steve Case, chairman of AOL Time Warner.
Network for Good includes supporters and partner organizations that include The Ad Council, The American Red Cross, America's Promise, Benton Foundation, The Better Business Bureau Wise Giving Alliance, ePhilanthropyFoundation.org, GuideStar, Independent Sector, Leadership Conference Education Fund, National Mentoring Partnership, National Urban League, NetAid, PipeVine, Points of Light Foundation, PowerUP, SHiNE, StargazerNET.net, TechSoup, The Urban Institute/National Center for Charitable Statistics, VolunteerMatch, W.K. Kellogg Foundation and YouthNOISE. |
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