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Tomorrow is the Anniversary of what we now call
“September 11th.” It is a day we should not forget. It can happen
again. We must not let our guard down.
Friday,
September 10,2004
Headlines---
Classified
Ads--- Asset Management
Oestreich
Says,“ I’m Outta Here, Maybe in Four”
First
Niagara Expands Equipment Leasing Business
Watch
Out! McQuitty-Raeder Have the Video Tape
NorVergence Class
Action Suit Marches Forward
25
Leasing Companies Now Named
“Weir
& Partners” typical List Serve reaction:
Chicago
Tribune notes “No ICC Licensing Control”
Synergy
Resources Forms Alliance with RBC Centura Bank
CIT
Extends Financial Services Relationship With Dell
First
Fleet Names David Cardew VP, Syndications
McCue
Systems Releases LeasePak Version 5.1
IFC
Credit Aquires Pioneer Capital Corporation
Beige
Book—Capital Equipment Demand Improves
######## surrounding the article denotes it is a “press
release”
-------------------------------------------------------------------------------
|
Classified
Ads--- Asset Management
Austin, TX.
20+ years exper. lease/finance. P & L responsibility, strong credit & collection management, re- marketing& accounting. Computers, construction, auto & transportation. Both commercial/ consumer portfolios.
Email: kmalone@austin.rr.com
Bloomfield Township,
MI.
15+ yrs experience
asset management and credit analyst.
Leadership and training
skills. Audited returns, max residual, lease end
and resale negotiator.
E-mail: cmcozzolino@msn.com
Chicago, IL.
MBA, 15+ years exp. Long history of success in maximizing residual position through outstanding negotiation skills & lease contract management. Third party re-marketing, forecasting etc...
Email: jgambla@aol.com
Oxnard-Hollywood
Beach, CA.
19 Years w/Equity
Analysis/Placement and Residual Forecasting of Computer Assets. Portfolio
Manager for Two Major Lessors and Strong Analyst Background w/Leading
Information Services Firm.
Email: GregoryMLorenz@aol.com
Princeton, NJ.
Asset management/credit/collection
20+ years experience in equipment financing. Last five years in Asset Management including remarketing, end of lease negotiations, equipment and market evaluations
E-mail: bgaffrey@earthlink.net
Post your free “job wanted” ad here:
http://64.125.68.90/LeasingNews/JobPostings.htm
Here are other “on line” sites, some are free:
www.craigslist.org
(available in many cities now, use scroll feature)
www.insidevcjobs.com
Venture County, CA. Newspaper
-------------------------------------------------------------------------------
Oestreich
Says,“ I’m Outta Here, Maybe in Four”
“Just a note to let
you all know what we've been up to here this summer, at Adirondack Leasing
Associates in Albany NY.
“I've just sold the
business to First Niagara Leasing on Tuesday, see the attached Press
Release for more of the details. For
the most part it will be business as usual, except for the lower rates
in many cases, because we are a bank now.
We will still be outsourcing a good part of our business that
is outside of our banks direct lending footprint which is currently
only 6 states.
“We're all very excited
and ready for an incredible ride. I'm here for at least 4 more years
and could be more. They say
it's not work if you're having fun!
“I'll try to be in
touch with most of you in the coming weeks.”
Warm Regards,
“Gerry Oestreich, Executive Vice President First Niagara Leasing formerly Adirondack Leasing Associates Ltd
620 Washington Avenue
Rensselaer NY 12144
800-678-7342 Ext
232
Mobile 518-857-5206
##### Press Release
###########
First
Niagara Expands Equipment Leasing Business
Bank acquires Rensselaer-based
Adirondack Leasing Associates, Ltd.
.Lockport, New York,
,---First Niagara
Bank, the wholly-owned subsidiary of First Niagara Financial Group,
Inc. (Nasdaq: FNFG), announced today that it has reached an agreement
to acquire the leasing business from Adirondack Leasing Associates,
Ltd. (ALA). The acquisition of the Rensselaer-based equipment lease
broker becomes effective today.
ALA has served the
leasing needs of businesses and municipalities since 1983. The transaction
enables First Niagara to further expand its already nationwide leasing
business and complements its growing lending and banking presence in
the Capital Region, a key strategic initiative.
“This acquisition
creates opportunity for us to expand our market with a complimentary
business that has a similar business philosophy, culture and commitment
to professionalism and customer service,” said First Niagara’s President
& CEO Paul J. Kolkmeyer. “ALA has a long-term presence in the Capital
Region and an excellent reputation and track record. We look forward
to what we will be able to accomplish as a team.”
As a result of the
acquisition, Adirondack Leasing Associates will merge into First Niagara
Bank’s leasing division and will immediately operate under the First
Niagara name. Leadership and employees of ALA will remain in place.
By agreement of all parties, financial terms were Employees of ALA will
continue to operate out of 620 Washington Avenue in Rensselaer.
The team is expected to join forces with First Niagara’s Eastern
Region commercial lending team at or near the close of First Niagara
Financial Group’s acquisition of Hudson River Bancorp, Inc., scheduled
for January 2005.
“Our target market
combined with First Niagara’s expansive banking presence and robust
commercial product line will help our business grow beyond our most
optimistic expectations,” said ALA Founder, President and CEO, Gerald
G. Oestreich. “We are pleased to be partnering with a substantial, successful
company that will support our efforts to build long-lasting customer
relationships.”
ALA was established
in 1983 and provides equipment lease financing for manufacturers, distributors,
vendors and customers from many industries throughout Eastern New York
State.
Founded in 1 870,
First Niagara has more than 1,300 employees throughout New York State
and specializes in banking, investments and insurance. Including this
transaction, First Niagara Bank and its parent, First Niagara Financial
Group, have completed 12 acquisitions since 1999.
First Niagara Financial
Group, Inc., through its wholly owned subsidiary First Niagara Bank,
has assets of $5.0 billion and deposits of $3.3 billion. First Niagara
Bank is a fill-service, community-oriented bank that provides financial
services to individuals, families and businesses through 71 banking
centers, a loan production office, several financial services subsidiaries,
and 95 ATMs across New York State. Terms of the purchase were not disclosed.
Officer Contacts
Paul J. Kolktneyer
President and CEO
John R. Koelmel Chief
Financial Officer
Christopher J. Thorne
Reporting and Investor Relations Manager
(716) 625-7645
6950 S. Transit Road
P.O. Box 514
Lockport, NY 14095—0514
Phone 716 625—7500
www.
tirstniagarafinancial.Com
###
Press Release ###################
Watch
Out! McQuitty-Raeder Have the Video Tape
Unbeknownst to “sass654789@yahoo,
” CapitalWerks’ Mark McQuitty
is an old time radio
“hard boiled detective mystery” buff.
Put him
together with Jim
Raeder, a street fighter who
is not afraid to
spend a lot of money
to “ get even,” and you have a powerful
duo.
“sass654789@yahoo”
we cannot name at this point as all
the “legal positions”
are being finalized, but we
can relate
the situation.
from Jim Raeder, CapitalWerks/Preferred Leasing:
“This email written
by an employee of a competitor, and in my opinion directed by their
executive management is once again completely false. There is
neither a formal, nor informal relationship with any of these vendors
listed. This embittered and frustrated competitor will be
revealed shortly after consulting with our legal council.
“To avoid the same
liability of libel and slander, as has been subjected on CapitalWerks
by this organization, we will be sure to have irrefutable evidence revealing
the identity of this individual and organization. In reference
to the absurd statement that we have repurchased transactions from GE,
we have not had a single loss with GE nor any other lender since inception.
“I could go through
each and every charge and categorically provide proof these statements
are false. However, there is no point as every statement listed here
is absolute lunacy and far from the realm of reality.
Our competition has reached a new, all time low, in mudslinging
which will ultimately prove to be their undoing. “
The Last of a Series of E-Mails:
“Return-Path: <sass654789@yahoo.com>
Received: from rly-yg01.mx.aol.com (rly-yg01.mail.aol.com
[172.18.180.97]) by air-yg04.mail.aol.com (v101_r1.3) with ESMTP id
MAILINYG42-268412f916b33e; Fri, 27 Aug 2004 15:54:30 -0400
Received: from web90001.mail.scd.yahoo.com (web90001.mail.scd.yahoo.com
[66.218.94.59]) by rly-yg01.mx.aol.com (v101_r1.3) with ESMTP id MAILRELAYINYG16-268412f916b33e;
Fri, 27 Aug 2004 15:54:20 -0400
Message-ID: <20040827195419.30457.qmail@web90001.mail.scd.yahoo.com>
Received: from [198.81.26.47]
by web90001.mail.scd.yahoo.com via HTTP; Fri, 27 Aug 2004 12:54:19 PDT
Date: Fri, 27 Aug
2004 12:54:19 -0700 (PDT)
From: George Georgey
<sass654789@yahoo.com>
Subject: Capitalwerks
To: angiebauer@hp.com,
scrane@bankofthewest.com, jnewell@bankofthewest.com,
john.j.callaghan@citigroup.com, knordendahl@bankofthewest.com,
kralph@bankofthewest.com, pgreen@bankofthewest.com,
pateb@balboacapital.com, vipulp@balboacapital.com,
clysne@balboacapital.com, swehner@bsbleasing.com,
rwehner@bsbleasing.com, newsletter@efj.com, kwheeler@efginc.net,
dcoleman@efginc.net, info@efginc.net, amfnyc@aol.com,
mfleming@elamail.com, aholmes@elamail.com, tereyj@finpac.com,
tbrownrigg@finpac.com, kitm@aol.com, rick.hanson@usbank.com,
brad.peterson@themanifestgroup.com, paul.meyer@themanifestgroup.com,
admin@themanifestgroup.com, bsickel@marlincorp.com,
Broker@marlinleasing.com, CustService@marlinleasing.com,
info@naelb.org, dcole45@mindspring.com, heatherv@caladesicapital.com,
chaselease@aol.com, reo@oblfinancial.com, bob@independentleasing.com,
law@jgbesq.com, lhrafter@monitordaily.com,
dgalloway@netbankbusinessfinance.com,
celmore@netbankbusinessfinance.com, rviola@netbankbusinessfinance.com,
cleas@ofccap.com, LearLease@aol.com, Bob.Robichaud@PFFB.com,
johnb@pioneerfunding.com, reidst@sbbt.com, PaulM@sbbt.com,
newsline@uael.org, advertising@uael.org, membership@uael.org,
ethics@uael.org
MIME-Version: 1.0
Content-Type: text/plain;
charset=us-ascii
X-AOL-IP: 66.218.94.59
X-AOL-SCOLL-SCORE:
0:0:0:
X-AOL-SCOLL-URL_COUNT:
0
“Dear Leasing Professional,
You have fraudulent deals in your portfolio. If you
have not already, you will soon have serious portfolio
problems. A scheme is being perpetrated on your company
that is potentially larger than NorVergence and which
will result in tens of millions of dollars in
portfolio losses. You are at risk if you are either
working directly with Capitalwerks/PreferredLease the
company responsible for the fraud or; if you have any
of the following, but not limited to, vendors in your
portfolio-EcoTech, Trynetics, Delta Services, Sebrim
Systems, I-Systems, Infinity Services, MacroTech, and
Add-on Computers. We even have a DBA of
Capitalwerks/Preferred Lease set up to legitimize
these transactions- Working Capital Technologies of
America.
This is how it works. Capitalwerks/Preferred Lease
identifies a company looking for a working capital
loan through one of their thousands of cold calls. The call from Capitalwerks/Preferred
Lease starts with an inquiry about an equipment lease but then takes
a turn when the potential lessee says they have a need for a loan but
they do not have any equipment needs. Not a problem, this is normal.
Capitalwerks/Preferred Lease
specialty- making up equipment.
Mark McQuitty, Jim Raeder, and Tim Lewison have set up
a vast network of computer vendors that falsify
invoices (they are even part owners in a few of these
vendors).Why would the vendors participate in this
fraudulent activity? Easy money! The vendors, primarily
computer vendors, simply create dummy invoices (either
no equipment exists, the equipment is already owned by
the company- sale-leaseback, the equipment is old, or
the equipment is on your restricted list).These
vendors receive the funding proceeds from you and they
then cut a check to Capitalwerks/Preferred Lease less
their commission, which usually is half the profit.
Capitalwerks/Preferred Lease mainly targets sending
this fraudulent business through smaller equipment
lease brokers. We employ this strategy in order to keep
our own portfolio relatively clean. When the fraudulent
deals blow up they won’t be linked back to us. The
broker will keep quiet because he knows he has help
perpetrate the fraud. This scam is getting extremely
sophisticated so just because you have done an
inspection on lessees of the above mentioned vendors;
don’t think you are out of the
woods. Capitalwerks/Preferred Lease will actually ship
dummy equipment (typically computers).They ship the
dummy equipment and then once the inspection is done
they instruct the lessee to send it back to them. When
the inspector comes in he sees the boxes of computers
in the lobby and will sign off that the equipment was
there.
”So you ask, what is the big deal about not having any
equipment? You probably have a policy on soft
collateral (software, etc.). Why not a working capital
loan?pan>You don’t have equipment but you have a
lessee that would have qualified for a lease had the
lessee had an equipment need? Two reasons- first, a lot
of the deals have had their credit scrubbed and second
a request for a working capital loan shows desperation
on the borrower’s side (the credit reports just
haven’t picked this up, yet).Both of these issues will
lead to a default rate that will be substantially
higher than normal.
”Don’t take my word for it. Check to see if you have
any of the vendors mentioned above in your
portfolio. Ask your brokers if they are accepting
applications from Capitalwerks/Preferred Lease and
order a follow on inspections on any lessee with the
above mentioned vendors (make sure the inspector-
obtains serial numbers, turns on the computers, and
checks the processor speed and memory to see that it
matches the invoice. Also, independently verify the
value of the equipment).?.more laterI
I'm out, The modern
day Upton Sinclair
P.S. - This will be the next New York Times story.
P.S.S.- Was Jim Raeder in New York last week?
P.S.S.S- Ask us about the deals we are buying back
from GE.”
---
The email was not
only broadcast to the people named in
the original e-mail,
but to others.
Jim Raeder responded
to the first one:
His latest to those
addressed:
“You recently received an email from an individual claiming to be
an employee of CapitalWerks. The information provided in
this libelous and slanderous attack couldn't be further from the truth.
This coward whom believed could hide behind a thinly veiled anonymous
email address has been identified and is in fact not an employee.
The letter has since been removed from Leasing News as the information
was proven false and misleading. This individual whom works for
a competitor will find that his attack on our character was a costly
mistake.
“I realize by reading the message boards of every public company that
each and every CEO and CFO are under attack from people that are jealous
and envious of their accomplishments, or have bet on the companies stock
to go down. I believe we will continue to be a target as
long as we work in this highly competitive and lucrative industry.
“It has been a difficult last four years for most leasing companies
including ours to survive the difficult economic downturn. There's
enough business for all of us out there now and to focus on the negative
vs. the positive results in less then optimum results. Thanks
for taking the time to listen to the truth and thanks again for your
continued support.”
J. Raeder
Yahoo and others realize they have liability, so when a person signs
up from a “free mail account,” they agree to terms and conditions.
Violation of them allows they to “share” information. In this case,
the original e-mail was traced to a Kinko’s address. The person
came and rented a computer from Kinko’s, evidently paying
cash, and feeling quite safe that in this anonymity. So they
could register the Kinko’s computer as the yahoo “free mail address.”
As part of the agreement with Kinko’s, violation of the agreement
of
allows them to share information, including the video surveillance
of the store and the use of their computers. With the exact date
to the second of the internet use, the video shows who the person
is. Plus both Yahoo and Kinko’s
have records of all the e-mail sent
by this individual as all of it is saved for legal liability purposes.
-------------------------------------------------------------------------------
NorVergence
Class Action Suit Marches Forward
25
Leasing Companies Now Named
On Wednesday, September
1, 2004, an Order to Show Cause Seeking an Injunction to stop the leasing
companies from enforcing the leases was filed in the class action. In
addition, an amended complaint against 26 leasing companies was filed.
The Court has scheduled the hearing date for the Order to Show Cause With Temporary Restraints for Friday, October 1, 2004 at 2:30PM .
The web site www.njnorvergenceclassaction.com
will be posting a list of a network of attorneys in key states that
is accepting the defense of individual cases already filed by the leasing
companies against putative class members, while the class action continues
to litigate.
Michael S. Green says, “This list will be updated as we hear about
suits filed in the different states by the leasing companies. At the present time we are aware of suits filed
in PA, Illinois, Iowa, Ohio, Washington State. If you are aware of other states involved please let us know.”
MICHAEL SCOTT GREEN,
ESQ.
Law Offices of Michael
Scott Green
14 Easton Ave., #340
New Brunswick, New
Jersey 08901
Tel: (732) 390-0480
Fax: (732) 390-0481
Cell: (732) 690-2093
E-mail: msgreen@lawmsg.com
On the web@: www.lawmsg.com
From the Web Site:
http://www.lawmsg.com/njnorvergence.html
\
“The class action
is being represented on a contingency fee basis, there is no retainer
fee. If we are successful in the class action litigation, we will make
an application to the Court for attorneys’ fees and expenses, which
are typically paid out of a settlement fund or judgment collection which
is paid by the defendants. Such a fee is first passed upon by the Court
which must approve all fees and expenses paid to counsel in a class
action.
If a settlement is
reached, Class Members are afforded the opportunity, at that time, to
consider their options and opt-out, if they so desire, to pursue an
individual claim.
In addition, if you
fit the definition of the class in the amended complaint, you are, by
definition, a putative class member. You do not need to “sign up” or
“join” in any manner at this time to be included as a member of the
putative class.
For more information
regarding class actions you may review the Class Action FAQ sections
at www.lawmsg.com and www.kgglaw.com.
There is, unfortunately, a great deal of misinformation regarding class
actions circulating and we urge you to review these sections.
The following lease
companies are named in the amended complaint that was filed on Wednesday,
September 1, 2004:
ABB Leasing,
BB&T,
CCL (Commerce Commercial
Leasing),
Celtic Bank,
CIT Technology Financing,
Court Square Leasing,
Crown Bank Leasing,
Dolphin Capital Corp.,
First Lease,
General Electric
Capital Corporation
IFC Credit Corp.,
ILC (Information Leasing Corp.),
Interchange Capital,
Irwin Business Finance,
Lakeland Bank,
Liberty Bank,
Norv Capital (De
Lage Landen),
OFC Capital (ALFA
Financial),
Patriot Commercial
Leasing,
Popular Leasing,
Preferred Capital, Inc.,
Sterling National
Bank,
Studebaker-Worthington,
TCF Express Leasing,
US Bancorp.,
Wells Fargo Financial
Leasing.
-----------------------------------------------------------------------------
“Weir
& Partners” typical List Serve reaction:
I hired an Attorney
here in St. Louis, MO. to
review the contract
I have with Norvergence and Commerce Commercial Leasing. After some
investigation, he counseled with another local legal
firm that handles Class Action Suits. Together they analyzed all the
documents I gave them and the circumstances related to this event. The
legal counsel at the Class Action firm talked extensively with one of
the lawyers at "Weir & Partners". My lawyers seemed to
be impressed with the amount of time that the "Weir" representative
was willing to spend with them on the phone.
To make a long story
short, these were their recommendations to me:
1.) Keep payments
up-to-date to avoid getting sued. 2.) Join the
Group Legal action
with "Weir & Partners". 3.) Add our name to any
Class Action Suits
that are being filed. 4.) File a report with
the "Attorney
General's Office" and FTC.
I know this is somewhat
redundant information, but I just wanted to
reinforce these recommendations.
This will be my primary game plan,
but I will also be
considering back-up plans if these options fail.
Another note: I also
got stuck with unpaid bills from Norvergence to
SBC. I switched my
phone service to SBC once I heard Norvergence was going into bankruptcy.
About 2 weeks later, SBC shut our service
down. When I called
them, they indicated that I had over $1,400 of
payments in arrears.
They basically were going to hold my phone
numbers hostage until
I paid the bill. I was fuming at this point,
but had no choice
but to pay it.
A couple things to
consider when switching phone providers: 1.) Make
sure that you have
billing switched to your company address. 2.) If
you are using some
type of broker company, you will usually sign a
statement that allows
them to represent you in negotiating rates on
your behalf. My opinion
is that you are better off dealing directly
with the service
provider.
If anyone wants to
verify the authenticity of this posting, you can
contact me direct.
Good Luck to Us All,
Michael S. Mesey
President
Business Systems
Connection, Inc.
mike@bizsyscon.com
314-918-7526
-------------------------------------------------------------------------------
Chicago
Tribune notes “No ICC Licensing Control”
The NorVergence experience
is an outgrowth of rampant competition in telecommunications, said Edward
Hurley, chairman of the Illinois Commerce Commission, which oversees
utilities operating in the state.
Because NorVergence
only resold phone service provided by other carriers, such as Sprint
and Qwest, it required no licensing by the ICC, Hurley noted.
"This is the
kind of thing we have to be wary of," said Hurley. "We allow
just about anybody to get into this business. That's what competition
is about."
Even some people
experienced with fraud became NorVergence customers. Karl Dickhaus,
a consumer fraud attorney practicing in the St. Louis area, signed up
for NorVergence.
"Their office
here is near my office," said Dickhaus. "I went over there
a lot to complain about their terrible service. I asked them if they
really wanted to mess with a consumer law firm. Apparently, the answer
was yes."
Dickhaus said he
became aware that NorVergence's problems extended beyond poor customer
service when NorVergence employees sought his representation in collecting
unpaid wages.
He represented more
than 60 clients from the pool of former NorVergence customers stuck
owing money to finance companies holding their leases.
Dickhaus said NorVergence
victims can go to court to get their leases voided because of the fraudulent
means under which they were obtained. Going to court costs about $5,000,
he estimated.
"To hold down
costs, we try to get several clients who can sue the same finance company,"
Dickhaus said. "If you have 10 clients on one suit, they can each
pay $500, which is more reasonable.
"Of course,
they have to understand, in litigation there are no guarantees,"
he said.
full story at:
http://www.chicagotribune.com/business/chi-0409040171sep04,1,5834696.story
### Press Release
##############################
Synergy
Resources Forms Equipment Leasing Alliance with RBC Centura Bank
MINNEAPOLIS, -- Synergy Resources announced today the finalization
of a program agreement with RBC Centura Bank. Through this new alliance,
RBC Centura Bank will offer equipment leasing as a finance option to
its customers, while relying on the infrastructure and expertise provided
by Synergy Resources.
"We have determined
that outsourcing equipment leasing is the best alternative to having
a leasing division in-house. The referral process is simple; we save
on the infrastructure costs associated with supporting an internal program;
and we have complete confidence that clients referred to Synergy Resources
will be taken care of," says Scott Custer, president, RBC Centura
Bank.
"We expect great
success with the RBC Centura program," says Fred Kuhnen, VP Business
Development, Synergy Resources. "They have a sales culture built
on relationships, and more importantly, they have the right attitude
towards the leasing product. They know their customers lease equipment
and want to offer the best solution for every situation," adds
Kuhnen.
Synergy Resources
has provided equipment leasing outsource programs to community and regional
banks for the past seven years. Turnkey services range from credit underwriting
and documentation to customer service and collections. Synergy Resources,
an affiliate of U.S. Bancorp Bank Services, is located in Minneapolis,
MN. Program information is available online at http://www.leaseoutsourcing.com
.
RBC Centura Bank offers a wide range of financial services and advice, including a complete line of banking, investment, loan, mortgage, life insurance, and other services, to individuals and businesses in North Carolina, South Carolina, Virginia, Georgia, and Florida. RBC Centura's multifaceted customer access network includes more than 270 full-service financial offices, an extensive ATM network, and telephone and Internet banking. In addition, RBC Centura offers residential mortgages through its wholly owned subsidiary, RBC Mortgage, one of the largest retail mortgage originators in the U.S., and builder finance products through RBC Builder Finance. RBC Centura Banks, Inc., is a wholly owned subsidiary of Royal Bank of Canada (NYSE, TSX: RY). Additional information may be found at
SOURCE Synergy Resources
CO: Synergy Resources; RBC Centura Bank; U.S. Bancorp
Bank Services
ST: Georgia, Minnesota
SU: LIC
Web site: http://www.leaseoutsourcing.com
### Press Release
###########################
CIT
Extends Financial Services Relationship With Dell
NEW YORK, -- CIT Group
Inc. (NYSE: CIT), a
leading provider
of commercial and consumer finance solutions, announced the extension
and modification of its U.S. vendor financing joint venture with Dell
Inc., known as Dell Financial Services (DFS).
DFS, established in April 1997, provides a complete range of sales
financing programs
to Dell consumer and business customers.
The new agreements provide CIT with the right to purchase a percentage
of DFS's finance receivables through January 2010, extended from October
2005 under the former agreements. Dell
also has the option to purchase CIT's 30 percent interest in DFS in
February 2008 versus October 2005 under the former agreements.
In addition, CIT and Dell agreed to negotiate to extend their
Canadian and European vendor financing programs and to establish formal
exclusive vendor finance programs in New Zealand, Australia and parts
of Asia.
Tom Hallman, Vice Chairman of CIT, commented: "Our longstanding
relationship with
Dell is an excellent example of our commitment to partnering with premier
global companies. The continued
success of this joint venture is a reflection of the demand for Dell's
superior products and CIT's seamless financing solutions, by consumers
and businesses alike."
Dell Chief Financial Officer Jim Schneider commented: "CIT
plays an
important role in
partnering with Dell to provide services ranging from
consumer credit accounts
to finance agreements for business customers.
We look forward to continuing to work together, as we grow this
business, to provide best-in-class customer service."
More information regarding the new agreements is contained in
a Form 8-K filed with the Securities and Exchange Commission The form isavailable on CIT's website at http://www.cit.com.
About CIT:
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer
finance company, provides clients with financing and leasing products
and advisory services. Founded
in 1908, CIT has nearly $50 billion in assets under management and possesses
the financial resources, industry expertise and product knowledge to
serve the needs of clients across approximately 30 industries.
CIT, a Fortune 500 company, holds leading positions in vendor
financing, factoring, equipment and transportation financing, Small
Business Administration loans, and asset-based lending.
CIT, with its principal offices in Livingston, New Jersey and
New York City has approximately 5,800 employees in locations throughout
North America, Europe, Latin and South
America, and the
Pacific Rim. For more information,
visit http://www.cit.com.
SOURCE CIT Group Inc.
### Press Release
############################
First
Fleet Corporation Names David Cardew Vice President, Syndications
FORT LAUDERDALE,
FL – – First Fleet Corporation, a national provider
of asset management, financial and operational support to the trucking
and transportation industry, today announced the appointment of David
R. Cardew as Vice President, Syndications. In this newly created position,
Mr. Cardew will help steer the company’s syndications group and be responsible
for maintaining ongoing funding source relationships, developing new
funding source relationships to support the company’s growth and volume,
and creating new financial products and strategies to enhance revenue
margins. One of First Fleet’s most important and fastest growing areas,
Syndications has grown annually in excess of 20% over the past three
years.
Prior to joining
First Fleet, Mr. Cardew served most recently as Vice President, Business
Development at GATX Technology Services Corporation, one of the largest
independent technology lessors in North America. During his fifteen-year
tenure in increasingly more responsible positions at GATX, he successfully
directed the company’s Emerging Growth Internet Investment Initiative,
mergers & acquisitions and strategic alliances, growing the company’s
portfolio from less than $50 million to more than $1.5 billion. Before
that, he was Vice President, Financial Services at Systems Marketing
Corporation, a Phoenix-based IBM equipment lessor owned by Commercial
Federal Savings & Loan Association. In that position, he directed
debt and equity syndications, credit and lease administration, and developed
funding strategies to increase the company’s incremental earnings. He
began his career at Xerox.
“David Cardew is
a valuable addition to the First Fleet team,” said John J. Flynn, President
& CEO, First Fleet Corporation. “He’s a seasoned and creative business
development, financial and syndication executive with a proven track
record of success in the equipment leasing industry.”
He holds a B.S. degree
in Finance, with a minor in Economics, from Arizona State University.
About First Fleet
Corporation
Fort Lauderdale-based
First Fleet Corporation, a subsidiary of PHH Arval, is a national provider
of asset management, financial services and high technology operational
support to the trucking and transportation industry throughout North
America. The company currently owns or manages more than 15,000 trucks,
tractors and trailers for a number of Fortune 500-level companies, including
BP Amoco, DaimlerChrysler, Delta Airlines, Ford, Kraft, Maytag, Hormel,
and Tropicana. First Fleet is located at 350 East Las Olas Boulevard,
Fort Lauderdale, FL. For more information, contact First Fleet Corporation
at (954) 761-9700 or visit Web site www.firstfleet.com.
CONTACT:
Fran Schwartz
Starmark International
Phone Number: (954)
761-1600
E-mail: fschwartz@starmark.com
#### Press Release
#######################
McCue
Systems Announces Release of LeasePak Version 5.1
BURLINGAME, CA, --
McCue Systems Inc. of Burlingame, CA, announces the release of the latest
version of its flagship lease/loan portfolio management solution, LeasePak
5.1.
"We are all
very proud of this newest version of LeasePak. With this release, we
are offering our customers a range of significant new options in both
functionality as well as product architecture," says Douglas Jones,
McCue Systems’ VP of Development. “LeasePak 5.1 allows users to choose
either the Sybase or Oracle enterprise RDBMS as the data tier of their
portfolio management system with no alteration in the desktop user interface,
business logic, or data structure. We have also continued to make LeasePak
able to fully integrate with other SOA-enabled applications with the
publication of our Web APIs. With its wide range of additional technical
and functional enhancements, LeasePak 5.1 represents a major milestone
in the evolution of our technology roadmap,” Jones adds.
The new release,
being delivered to licensed LeasePak users, represents a realization
of a corporate initiative that CEO John McCue rolled out in Jan 2003:
to enhance the company’s flagship portfolio management solutions to
provide lessors with greater productivity efficiencies, resource-conservative
integration tools, state-of-the-art Web-based origination, and an enhanced
user interface.
For McCue Systems,
experience has proved the value of a development methodology that the
company characterizes as “evolution, not revolution”. Observing the
company’s successful delivery of its current release, CEO John McCue
observes, “The principle that technological change must be firmly founded
on business needs has been our long-standing commitment.”
“We continue to adopt
the best of what’s available, based on our 30-plus years of working
with real-world lessors of every variety and size. We believe that LeasePak
5.1 represents the best in lease/loan portfolio management technology,
built from components that have been tested and proven in actual production
and that have been built specifically for equipment finance,” McCue
adds.
CONTACT:
Andrew Lea
MCCUE SYSTEMS, INC.
Phone Number: (650)
348-0650x1171
## Press Release
########################
IFC
Credit Corporation Announces Acquisition of Pioneer Capital Corporation
Posted 09/03/04
MORTON GROVE, Illinois,
- IFC Credit Corporation announced today that it has concluded the acquisition
of Pioneer Capital Corporation.
Pioneer Capital Corporation
is an Addison, Texas-based lessor specializing in providing equipment
lease funding services to third party leasing professionals. Founded
in 1983, Pioneer has funded over $85 million in small-ticket equipment
leases over the last 3 years. Pioneer, through its proprietary web-based
leasing system (Zaplease.com) processes over 5000 lease applications
and funds over 1000 leases annually.
Rudolph P. Trebels,
President and CEO of IFC Credit Corporation, commented: “The acquisition
of Pioneer Capital is an excellent strategic fit for IFC Credit, adding
market share and leveraging our capabilities in lease funding services.”
IFC Credit has provided
lease funding services to third-party leasing professionals in the past,
but on a smaller scale. “Pioneer is highly focused in their market,
with a strong management team that compliments our existing group”,
Trebels added.
Pioneer Capital Corporation
will operate as a wholly owned subsidiary and remain in Addison, Texas.
“This opportunity
makes sense for both companies,” states John Boettigheimer, President
and co-founder of Pioneer. “Pioneer’s growth has remained strong despite
challenging economic conditions, and IFC Credit provides us with additional
financial resources to take the company to the next level.”
Terms of the transaction
were not disclosed.
Pioneer Capital Corporation
will be the third company acquired by IFC Credit Corporation since 2002.
Earlier, the company acquired First Portland Corporation dba FirstCorp,
Portland, Oregon and Spectrum Medical Leasing, Inc., Downers Grove,
Illinois. The operations of those firms were integrated into IFC’s organization
and continue to provide incremental growth.
IFC expects to continue
to consider new acquisition opportunities that add long-term strategic
value to the company.
Founded in 1988,
IFC Credit Corporation is a Morton Grove, Illinois-based commercial
equipment leasing firm dedicated to providing superior, innovative financial
services. The company serves a broad market offering its services directly
to middle market companies and venture capital-backed emerging growth
firms, and indirectly through small-ticket vendor lease programs and
third-party lease originators.
For additional information
contact:
Brian Cascarano
Vice President of
Marketing
IFC Credit Corporation
8700 Waukegan Road,
Suite 100
Morton Grove, IL
60053
847.663.6700
bcascarano@ifccredit.com
CONTACT:
Brian Cascarano
IFC Credit Corporation
Phone Number: 847-663-6700
Fax Number: 847-663-6702
E-mail: bcascarano@ifccredit.com
### Press Release
#########################
-----------------------------------------------------------------------
Beige
Book—Capital Equipment Demand Improves
The
economy in many areas of the United States grew at a slower pace in
late July and August as household spending softened, according to the
report issued on Monday.
Several
districts indicated that the pace had slowed since their last reports.
Districts' characterizations of the rate of expansion ranged from slow
(St. Louis) to solid (San Francisco), with many districts reporting
modest or moderate growth.
Household
spending was reported to have softened in many parts of the nation,
reflecting lackluster retail sales and some cooling in new and existing
home sales. Conditions in the manufacturing sector, on the other hand,
improved further nationwide, especially among capital equipment and
other durable goods makers.
Residential
construction activity remained at high levels but slowed a bit in some
regions; nonresidential construction remained tepid, as did demand for
commercial and industrial space. Agricultural conditions were mixed
and generally tied to the weather. Demand for consumer loans softened
somewhat, but several districts noted increased commercial lending.
Employers in most districts continued to expand payrolls, though districts
reported some unevenness across sectors.
While
persistently rapid increases in nonwage labor costs continued to be
a concern for many employers, wage pressures remained modest. Consumer
prices were generally flat or up modestly, although there were noticeable
price increases for energy and some material inputs.
http://federalreserve.gov/FOMC/BeigeBook/2003/20030903/default.htm
by district:
Boston
http://federalreserve.gov/FOMC/BeigeBook/2004/20040908/1.htm
New York
http://federalreserve.gov/FOMC/BeigeBook/2004/20040908/2.htm
Philadelphia
http://federalreserve.gov/FOMC/BeigeBook/2004/20040908/3.htm
Cleveland
http://federalreserve.gov/FOMC/BeigeBook/2004/20040908/4.htm
Richmond
http://federalreserve.gov/FOMC/BeigeBook/2004/20040908/5.htm
Atlanta
http://federalreserve.gov/FOMC/BeigeBook/2004/20040908/6.htm
Chicago
http://federalreserve.gov/FOMC/BeigeBook/2004/20040908/7.htm
St. Louis
http://federalreserve.gov/FOMC/BeigeBook/2004/20040908/8.htm
Minneapolis
http://federalreserve.gov/FOMC/BeigeBook/2004/20040908/9.htm
Kansas City
http://federalreserve.gov/FOMC/BeigeBook/2004/20040908/10.htm
Dallas
http://federalreserve.gov/FOMC/BeigeBook/2004/20040908/11.htm
San Francisco
http://federalreserve.gov/FOMC/BeigeBook/2004/20040908/12.htm
Full Report:
http://federalreserve.gov/FOMC/BeigeBook/2004/20040908/FullReport.htm
-----------------------------------------------------------------------
|
News
Briefs---
Tourists, residents
told to leave Keys as Hurricane Ivan approaches
http://www.ajc.com/news/content/news/breaking/ivan/10ivan.html?UrAuth=
%60NXNUObNTUbTTUWUXUUUZT[U_UWU_U^UZU]UcUcTYWYWZV
EDS May Cut 15,000
to 20,000 More Jobs
http://hosted.ap.org/dynamic/stories/E/EDS_OUTLOOK?
SITE=CADIU&SECTION=HOME&TEMPLATE=DEFAULT
Delta to cut 7,000
jobs
http://www.boston.com/business/articles/2004/09/09/delta_to_cut_7000_jobs/
Oracle wins antitrust
suit in bid for rival
Ruling lifts major
obstacle to takeover of PeopleSoft
http://sfgate.com/cgi-bin/article.cgi?file=/c/a/2004/09/10/ORACLE.TMP
More Mortgage Delinquents,
but less foreclosures