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http://www.utdallas.edu/police/wavs/DragnetJob.WAV Headlines--- Leasing
Industry Giant Sonny Monosson Passes Away "DVI
Aside, Equipment Churns Into 4Q03" XeC
New Functional Scorecard Leasing Software "Ready
to Go" CapitalSource Finance/Gallup Poll Finds Irwin
Business Finance/American Insurance a "Go" Pioneer
Capital Corporation Signs New Credit Facility Orion
First Financial/Pioneer Capital Join Venture LaSalle
Home Mortgage to Adopt ABN AMRO Mortgage Name
Latest Recall Election
Returns from California Secretary of State go to: http://vote2003.ss.ca.gov/ This Border ##### Denotes Press Release (Not Written By Leasing
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http://two.leasingnews.org/imanges_uael_wael/Monosson,Adolf.jpg Leasing Industry Giant Sonny Monosson Passes Away
http://two.leasingnews.org/cartoons/Boston_Financial.jpg “Boston Financial & Equity Corporation (BFEC) was established
in 1968 by Adolf F. ‘Sonny’ Monosson. Its purpose was to lease high
technology equipment to unconventional credits. “Thirty years later, BFEC still focuses on leasing capital
equipment to "non-traditional" credits. These are companies
from development stage to large, well established companies that have
sustained losses in the past. In some situations we have even leased
to very large companies in Chapter 11. “In 1986, Quantum Computer Services, now known as America
Online (AOL), came to Boston Financial & Equity. “Corporation for equipment leasing. At the time they were
a small company. They had raised $1,000,000 in equity funding; however,
it was needed for purposes other than equipment. Boston Financial &
Equity Corporation gave them a $750,000 equipment lease line and helped
solve their immediate cash flow problem. ‘The majority of our clients are in the seed or emerging
growth stage, and while they may not be generating revenues, they do
have access to cash! Sources of their cash may be venture capitalists,
angel investors, private placements, IPOs or the principals themselves.
Our clients' money is very expensive because they are giving up equity.
It is usually put to work for research and development and marketing
purposes. . . . . . not capital equipment.” http://www.bfec.com/BFEC/about.html Boston
Globe News Report
Adolf Monosson Passes Away; established a market for computer
leasing By Martha Bartle Adolf "Sonny" Monosson, who established a market
for leased computers in the United States and was known for his signature red bow ties
and forward thinking, died Friday at Beth Israel Deaconess Medical Center. He was 76 and was managing his businesses until his death. (Actually his daughter Deborah was managing the business.
(In a September 3,2003
interview, she said, “ Kit asked me if I miss my Father....he hasn't
left. He's in work before me! He comes to the office everyday; .although
I did give him Fridays off this summer!” (In an April 2002 “Women in Leasing” for the Monitor, she
named her father as her mentor: “ Not just because he is my father, but because
he’s started several successful businesses. He was not afraid to take risk, something he is still trying to teach
me. He3 also was, and still is, not afraid to make changes and adapt
to whatever the environment dictates.
At 75, he is still looking into delving into a new business strategy
for one of his companies.” (Equipment Leasing Association President Michael Fleming
said, “Sonny was truly unique and gave his company distinction. His observations of the marketplace and knowledge
of business were always first rate.
He could both provoke and support - he was a leader!”) A Boston native, Mr. Monosson graduated from Brookline High
School where he excelled in the sciences. At age 16, he enrolled at the Massachusetts Institute of Technology. His studies were interrupted when
he served in the Navy for two years. Mr. Monosson graduated from MIT in 1948 and earned an MBA
from Harvard Business School in 1950. The day after classes ended, he
married Gloria Haskins, the daughter of a Brookline doctor, whom he had
earlier lost a chance to ask out in a coin toss with a friend. He asked
her out anyway. In his 20s, Mr. Monosson founded American Used Computers,
the first such business in the country. The business leased high-tech computer
equipment to high-risk businesses. His first client was NASA, which leased a DEC computer that
delivered the first pictures of Mars and Venus from space. Mr. Monosson was always noticed for his eccentricities and
intelligence, said his daughter, Susan Kooper of Somerville. At a 1970
National Computer Conference in Atlantic City, Mr. Monosson took an alternative
approach to sales. When most people were inside the conference, he was
strolling along the boardwalk wearing a sandwich board advertising his computers. "I used to tell people, `I've got a great used computer
for you,' and they'd say, `A used what?' " Mr. Monosson recalled in a 1984
interview with Inc. magazine. "He was not a very ordinary man," said another
daughter, Debbie of Cambridge. "He was very quirky and spoke his own mind." But he was a serious business man who ran a finance company,
which eventually y grew into Boston Financial & Equity Corp. ( He was
President o American Computer
Group, Boston Financial & Equity Corporation, Monosson Zero Stage Capital,
Monosson Technology Enterprises.) He wrote a column for Digital Review for several years and published the newsletter Monosson
on DEC, becoming an authority on Digital Equipment Corp. Mr. Monosson
enjoyed taking his family skiing and hiking. Kooper recalled a time the family had gone skiing and her
aunt was bewildered one morning to find the usually raucous children
eating breakfast in silence. She soon realized that Mr. Monosson had fed them
chocolate cake, ice cream, and ginger ale. "He was a great father," Monosson said. "He
was tough, but kind, and brought us all up to think independently." (Deborah Monosson said of her father, “He was a mentor to
many people, his current employees and was most proud to see former employees
go on to excel and flourish when
they left his employ. He felt that he had accomplished something when they left to move on. He never had a harsh
word to say...but he did speak his mind. If he believed in something, he had
no trouble telling you.”) Mr. Monosson was also devoted to his Japanese rock garden,
converted from a backyard swimming pool complete with steps and a waterfall.
Several years ago, he passed a few sickly cactus plants that garden store
employees were planning to throw out. Mr. Monosson offered to take the plants
home and nurse them back to health. The plants are now alive and well
in Mr. Monosson's home, Kooper said. In addition to his wife and two daughters, he leaves two
other daughters, Judith Scherzer of Lexington and Emily of Montague; and four
grandchildren. A memorial service was held at Levine Chapels in Brookline..
Full Story on Sonny Monosson and How He Got Into Leasing http://www.bfec.com/BFEC/pdfs/monitor_1.pdf ----------------------------------------------------------------------------------------
Wednesday—Odds and Ends GE Capital Buys CitiCapital---Not!!!! “The rumor I got back was that this piece of Citi that went
to GE, a portfolio Citi had acquired from the Associates, my not be
the only such deal to be announced between Citi and GE. Better said, there may be more in the works.” ( name with held
) If you think that "hell is freezing over" now,
just wait until the Red Sox beat the Yankees!!!!!!!!!!! Regards, Joe Bonanno, Esq., CLP 151 Mystic Ave., Ste. One Medford, MA 02155 Ph: (781) 391-7800 Fx: (781) 391-7889 Em: law@jgbesq.com ---------------------------------------------------------------------------------------------------- “I think the Red Sox are going to make it this year... probably
attend 25-30 games a season., even when they're losing.” from September 3, 2003 interview with Deborah Monosson --- Thank you for keeping me on your mailing list. I moved in a new direction almost 3 years ago and work
for Information Mapping which helps organizations leverage knowledge to improve performance.
While we are very active in the financial services industry, we have limited
work with leasing. Therefore,
please remove me from Leasing News. You provide a great service to the leasing industry and I
wish you continued success. Alex Riebe, Jr. AlexR@infomap.com --- I haven't received your news letter in a couple of days and
am wondering if you decided not to send it out on Oct 2 and 3. Please
let me know as I am concerned that the spam filters on our system might
have been tweaked recently - to the point of inadvertently blocking
delivery of your letter. (My day isn't complete without my Menkin Times!) Sincerely, Richard Livingston Leasing Technologies International, Inc. 221 Danbury Road Wilton, CT 06897 tel: 203-563-1100, ext 220 fax: 203-563-1112 email: rlivingston@ltileasing.com (Thank you. If there
is no sufficient equipment leasing news, we don’t print an edition. Sometimes
it happens two days in a row, which it did on October 2 and 3. You are correct
about filters as we are seeing more ISP and corporate mail servers with new features of blocking e-mail by size, by
being “mass mail,” or containing certain words considered to indicate “spam.”
If you don’t get an e-mail, please go to our web site at www.leasingnews.org. We print each edition on the web site. If there
is not one there by 9am, PDT, we most likely did not have an edition that day.
Thank you again for your kind comments. editor) -- ------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------- "DVI Aside, Equipment Churns Into 4Q03" The fourth quarter
of the year is usually a strong volume period for equipment, and issuance
in the equipment sector has already
neared $9 billion this year. Sources forecast that a few repeat
issuers, such as the CIT Group, will close second- or third-round deals
before the end of the year. Frontier Leasing has not yet acted in the
market this year, and DVI will not be doing anything this quarter due
to its post-bankruptcy liquidation. During September, five transactions priced for roughly $2.5
billion through CIT and GE Capital,
Great America Leasing, and CNH Global. GE's first equipment term deal,
excluding aircraft, was four basis points under Libor for its money
market class, and its two-year triple-As were nine over one-month Libor.
Banc One Capital Markets researcher John McElravey points
out that equipment ABS spreads have tightened during the past several
weeks, with DVI's failure not having much impact on the sector--the
company traded behind others even when healthy. Meanwhile, investors
tend to depend on a seller's name, experts note. -------------------------------------------------------------------------------- #### Press Release #################################### XeC, Inc. Announces New Functional Scorecard for Evaluating
Leasing Software (Irwin, PA) XeC announces
a quantitative Functionality Scorecard (FS4LS) for Leasing Systems that
takes into consideration the business processes of the entire finance
operation. The numerical scorecard helps measure the extent a software
system supports a company's business processes enabling a more complete
comparison between solutions. "Scoring a long list of stand-alone software functions
is one thing, " stated Michael Pochan CEO of XeC and an Adjunct
Professor at Carnegie Mellon's Graduate Business School, "but rating
how well they are put together to accomplish a business process is another.
" "Under older approaches, a software system could receive
high scores during the sales process but then fall short when implemented.
You need to know how the business processes work together not just by
themselves." FS4LS was developed as a tool by XeC's senior consultants
who have implemented 451 lease and asset finance systems in 22 countries
over the past 15 years. Their goal was to offer a consistent, business
process-oriented, quantitative measure of the functionality AND usability
of leasing systems. "We have seen many unusual situations in leasing &
asset finance," offered John Voytko, President of XeC, " and
this cumulative knowledge is captured within the scorecard. Handling
the basics is not enough, systems must support and streamline a client's
specific business processes." Companies interested in learning more about the service can
contact John Voytko at 724-861-9953 or info@xec1.com. XeC is an international leasing software support group specializing
in lease/loan asset finance education, multi-national system rollouts,
gap analysis, software specification, testing, and implementations.
### Sites of Reference: http://www.xec1.com/Press_Releases/NR%202003-10-%20Functional%20Scorecard%20Oct%207%2003.pdf CONTACT: John E. Voytko XeC, Inc. Phone Number: 724-861-9953 Fax Number: 603-658-4847 E-mail: info@xec1.com ### Press Release ######################################### "Ready to GO: 72%
of Mid-Sized Companies Will Increase Capital Spending in Next 12 Months, a CapitalSource Finance/Gallup Poll Finds" Middle-market companies
are signaling strong optimism about their growth and the overall economy,
with a full 72 percent planning to increase capital spending
in the coming year. Larger companies are even more upbeat, with eight in ten
planning on spending, and 39 percent reporting expected capital expenditures
to exceed $5 million. These were among the key findings from a recent
CapitalSource (NYSE: CSE) Gallup national survey
of 500 top financial executives at mid-sized companies (revenues
between $25 million and $500 million). This segment of the market includes
approximately 57,000 companies that as a group employ approximately 3 million
people nationwide. "Based on our
extensive experience with companies of this size, we're not surprised that the
vast majority of them are moving ahead with growth plans, despite the
slowdown affecting some business sectors," said John Delaney, CEO of CapitalSource
Finance. "Middle-market companies tend to be more nimble, and
have seen and survived multiple economic cycles. These businesses know how
to navigate through changing conditions and often are the first to recognize
cyclical shifts and seize the opportunities they afford." Other key survey
findings include: -Spending priorities:
Financing equipment (78%) and technology (70%) were the top priorities
named by respondents. More than
40% also indicated plans to add to their
workforce in the next 12 months. -Economic outlook:
Despite geopolitical unrest and some consumer uncertainty, eight
in 10 respondents (80%) feel the economy will strengthen somewhat or strengthen
considerably in the next 12 months, while only 4% think the economy
will weaken. -Growth: Approximately
two-thirds (68%) of chief financial officers or senior financial
executives believe their companies will grow with the economy, with the
majority predicting this growth would come sooner rather later (fourth quarter
'03, or 2004.) -Funding sources:
Although most companies (56%) plan to fund growth by either cash or self-funding,
one in three plan to raise debt (31%). Options mentioned
most often as possible sources for debt financing were cash flow financing
(55%), leasing and equipment financing (46%), asset-based funding
(34%) and commercial mortgages (21%). -Sarbanes-Oxley Act:
More than half of the mid-sized companies (59%) are familiar with the
legislation with larger companies much more familiar than the smaller ones
(74% compared to 51% of smaller companies). Of those who knew of the legislation,
nearly half (47%) felt it might encourage private companies to remain
private and some public companies to privatize. "If midsize
private companies want to become public they should adopt many best corporate governance
practices to be more appealing to lenders and the investing community,"
said Delaney. "From our lending
experiences, we have found that a sizable portion of the middle market will
always have a healthy appetite for capital throughout the economic cycle,"
Delaney said. "The survey results reflect a prudent optimism among a
majority of middle-market companies that we believe could play a key role in
an economic recovery." About CapitalSource
Finance LLC CapitalSource is
a specialty finance company offering asset-based, senior, cash flow and mezzanine
financing to small and mid-sized borrowers through three focused lending
units: Corporate Finance, Healthcare Finance and Structured Finance. * The Healthcare
Finance group provides a variety of financing products to small to mid-sized
healthcare service companies, * The Structured
Finance group provides innovative debt facilities to companies active
in the real estate and finance industries, and * The Corporate Finance
group partners with private equity and leveraged buyout firms to deliver
senior and mezzanine financing to their portfolio companies. Headquartered in
Chevy Chase, Md., CapitalSource has a national network of offices in Atlanta,
Boston, Buffalo, Chicago, Dallas, Los Angeles, Nashville, New York,
Philadelphia and San Francisco. The company has more than 260 employees.
More information is available at www.capitalsource.com
or toll free at 866-876-8723. The Survey This report is based
on the results of a survey conducted by The Gallup Organization on behalf
of CapitalSource Finance LLC. A national cross-section of
mid-size companies, defined as those with annual sales of $25 million to $500
million dollars, was sampled. In each company, the chief financial officer
or equivalent position was interviewed by telephone. A total
of 500 telephone interviews were completed from August to September 2003.
Results based on the entire sample have a margin of error of plus or
minus 4.4 percentage points at the 95% confidence level. ### Press Release################################## IRWIN BUSINESS FINANCE SPEEDS FUNDING WITH AMERICAN LEASE
INSURANCE. BELLEVUE, WA - Irwin Business Finance has significantly improved
its funding efficiency since introducing the American Lease Insurance
(ALI) program. According to Irwin Business Finance Contracts Manager
Renee Harrison, "American Lease Insurance expedites transactions
by effectively removing the insurance obstacle which so often holds
up funding. We saw an immediate improvement in our funding process after
we started with ALI." American Lease Insurance provides a fully automated insurance
program integrated with IFS LeaseWorks software, utilized by Irwin Business
Finance. The ALI program includes comprehensive property and liability
coverage on portfolios of equipment costing under $250,000, without
requiring lessor premium advances. It
also tracks insurance coverage during the terms of the leases for lessees
who choose to use their own insurance. "The ALI program is streamlined,"
comments Harrison, "I've seen programs that are just too labor-intensive
to implement and reconcile. ALI is flexible, too. They even provide
tracking for us on leases they don't insure." Customers have responded well. "After researching other
options, our customers have told us ALI is a better deal - better coverage
and better rates," notes Harrison, "creating a win/win situation
for both our customers and Irwin Business Finance." By offering
real value - superior coverage and faster replacement at competitive
rates, ALI has achieved the highest acceptance rates in the industry
- which ultimately delivers higher fee income to lessors. Harrison concurs.
"The fee income was very attractive. But first and foremost, American
Lease Insurance is an excellent sales tool - one with quantifiable benefits
that enhance the service we provide." American Lease Insurance was founded in 2000 by Steve Dinkelaker,
a licensed insurance agent and broker who has been active in the equipment
leasing industry since the mid 1980s. He created, implemented, and managed
lease insurance programs for almost all of the major small-ticket leasing
companies. ALI, located in Shelburne Falls, Massachusetts, one hour
north of Hartford, Connecticut, is a member of the Equipment Leasing
Association, the Eastern Association of Equipment Lessors, the United
Association of Equipment Leasing, and the National Association of Equipment
Leasing Brokers. Irwin Business Finance was chartered in 1999 to fund and
service small-ticket equipment leases nationwide. Irwin Business Finance
is a subsidiary of Irwin Financial Corporation, a 125-year-old organization
based in Columbus, Indiana. Irwin Financial Corporation is a publicly
held group of interrelated, specialized financial services companies
serving markets in the United States and Canada.
### Press Release #################################### Pioneer Capital Corporation Signs New Credit Facility Pioneer Capital Corporation announced that it has signed a multi-million dollar lease funding facility agreement and
lease warehouse line with two West Coast banks. According to Pioneer Capital Corporation President, John
Boettigheimer, "These agreements provide us the ability to make quicker
decisions, and to provide a new source of lease funding to the leasing community.
With so many brokers funding deals through so few sources, many firms
are experiencing total exposure and other credit issues with
their transactions. With these agreements, we can offer a different solution
to our customers." Pioneer's Broker program offers online applications, approvals,
and documentation through their online system called <http://www.zaplease.com> ZapLease.com ®. 8th - 11th. For more
information on Pioneer Capital Corporation, go to <http://www.PioneerFunding.com> www.PioneerFunding.com
or call (800) 521-1308. Pioneer Capital Corporation 15303 Dallas Parkway, Suite 505 Addison, Texas 75001 (800) 521-1308 ZapLease ® is a registered trademark of Pioneer Capital Corporation. ### Press Release ################################ Orion First Financial, LLC and Pioneer Capital Corporation Announce a New Joint Venture to Fund Leases Gig Harbor, WA -- Orion First Financial, LLC and Pioneer
Capital Corporation have formed a new joint venture, Pioneer Capital
Funding, LLC (PCF). The joint
venture has established a revolving line of credit with Kitsap Bank
(Port Orchard, Washington) to warehouse leases originated by Pioneer
Capital Corp. The new venture bundles the warehoused leases into portfolios
and the lease receivables are sold to Union Safe Deposit Bank (Stockton,
California) under a permanent funding facility. Orion First Financial,
LLC will provide lease servicing and administrative services to PCF
and Union Safe Deposit Bank. "Our partnership with Orion First Financial provides
us the ability to make quicker decisions, and to provide a reliable
source of lease funding to our broker customers. With so many brokers
funding deals through so few sources, many firms are experiencing exposure
and other credit issues with their transactions. Together with Orion
First Financial, we can offer an improved solution to our customers."
stated John Boettigheimer, President of Pioneer Capital Corporation.
Pioneer's Broker program offers online applications, approvals,
and documentation through their online system called ZapLease.com ®. David T. Schaefer of Orion First Financial stated, "We
are pleased to be associated with a quality company like Pioneer Capital
Corp. There desire to adopt innovative
approaches to funding will immediately improve their ability to fund
more transactions and improve their service levels. This is a significant event in Pioneer’s development as a funding
source and we are excited to be part of their success." The Orion First program is unique in that it provides a level
of control and flexibility needed in today's leasing marketplace. As
funders have made dramatic changes in underwriting standards, or exited
the market altogether, originators are looking for funding alternatives
that are more predictable and stable. The Orion First program allows
participants to expand funding resources and build lasting value. Orion First Financial, LLC located in Gig Harbor WA, provides
primary and back up lease servicing, complete portfolio management,
and advisory/consultative services to the commercial equipment leasing
industry. Orion has differentiated itself from other lease servicing
companies by not only offering the standard billing, accounting and
tracking services, but by providing complete portfolio performance management.
CONTACT: David T. Schaefer, CLP Orion First Financial, LLC PO Box 2149 Gig Harbor, WA 98335-4149 Phone: 888.705.8778 ext. 210 dtschaefer@orionfirst.com ___________________________________________________________________-
------------------------------------------------------------------------------------------------------------ LaSalle Home Mortgage to Adopt ABN AMRO Mortgage Name LaSalle Home Mortgage, a division of ABN AMRO Mortgage Group,
Inc., will adopt the name and look of its parent company, ABN AMRO.
In addition to changing its name to ABN AMRO Mortgage, LaSalle Home
Mortgage will also change its logo, adopting the ABN AMRO shield. The goal is to create a greater synergy between LaSalle Home
Mortgage and the reputation of ABN AMRO, a globally trusted and recognized
bank, says Mark Sofyanos, LaSalle Home Mortgage svp. "LaSalle Home
Mortgage's advertising of mortgage lending programs created confusion
with consumers, as LaSalle Home Mortgage and LaSalle Bank had different
mortgage offerings. As ABN AMRO Mortgage, products can be marketed in
a way that eliminates consumer confusion with LaSalle Bank." LaSalle
Bank, while changing its logo to the green-and-gold shield design, will
keep its name. LaSalle Home Mortgage will now join ABN AMRO Mortgage in Minnesota (as well as the ABN AMRO Mortgage
Group-branded NLC Call Center and mortgage.com) in employing the ABN
AMRO Mortgage retail brand identity. ----------------------------------------------------------------------------------------------------- U.S. Banker's 25 Most
Powerful Women in Banking to
be saluted at First Annual Black Tie US Banker will be hosting its first annual black tie honoring
the 25 Most Powerful Women in Banking, featured in this month's issue,
on October 29th at The New York Palace. Space is limited. For more information, contact editor-in-chief Holly Sraeel
at holly.sraeel@thomsonmedia.com. If you missed “The 25 Most Powerful Women in Banking,” please go here: preface: http://www.us-banker.com/cgi-bin/readstory.pl?story=20031001USBO458.xml The complete story http://www.us-banker.com/cgi-bin/readstory.pl?story=20031001USBC467.xml -----------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------- News Briefs--- Hispanics Hit Hard by 'Jobless Recovery' http://www.washingtonpost.com/wp-dyn/articles/A59023-2003Oct7.html Form | |||||||||||||||