Friday, September 22, 2006
Headlines--- Correction: “Who's Pays What?” ######## surrounding the article denotes it is a “press release”
----------------------------------------------------------------- Correction: “Who's Pays What?”
For technical reasons, the questionnaire following Linda Kester's “Who Pays What?” column for Sales makes it Happen did not open in the last edition. We were able to correct it on line, but many may have missed it if they read the edition early in the morning. It is repeated here for those who may have missed it.
---------------------------------------------------------------- Classified Ads---Credit
Isenhower Cellars, Walla Walla, Washington
Atlanta, GA Boston MA Corona, CA Fort Lee NJ Irvine, CA Los Angeles, CA New Jersey, NJ New York, NY Sausalito, CA Orange, CA Senior Credit Officer For a full listing of all “job wanted” ads, please go to: To place a free “job wanted” ad, please go to: http://www.isenhowercellars.com
-------------------------------------------------------------- Sterling Bancorp to Divest Sterling Financial Services Asset Sale of Unit Allows Company to Redeploy Resources into Higher Performing Opportunities and Build on Core Businesses NEW YORK, -- Sterling Bancorp (NYSE: STL - News), a financial holding company and the parent of Sterling National Bank, announced that it has entered into agreements to sell for cash the business conducted by Sterling Financial Services Company, Inc., which includes a loan portfolio of approximately $132 million. The divestiture, which is subject to the satisfaction of closing conditions, is anticipated to be completed by year-end. The Company expects to record a one-time charge relating to the transaction against income in the third quarter of 2006. The Company estimates that the net after-tax effect of the one-time charge relating to the sale will amount to approximately $8.5 million and will be partially offset by the after-tax income from continuing operations, thereby resulting in a net loss for the third quarter of 2006. "Over the past several years, we have pursued a number of strategic initiatives to build on our core banking franchise and to simplify and align our business model within an evolving business environment," said Louis J. Cappelli, Chairman and Chief Executive Officer of Sterling Bancorp. "We believe this transaction will allow us to increase liquidity and redeploy resources into businesses with greater opportunities for growth, lower the cost of funds, continue share repurchases and reduce operating expenses. A changing, increasingly competitive marketplace and increased compliance and regulatory requirements make this the right decision for the Company and our shareholders. We believe this divesture will have a positive impact on future earnings, profitability, asset quality and capital ratios. Moreover, we expect that the benefits of this transaction will fully offset the charge to be recognized in the current quarter within a reasonable timeframe." About Sterling Bancorp Sterling Bancorp (NYSE: STL - News) is a financial holding company with assets of $2.0 billion, offering a broad array of banking and financial services products. Its principal banking subsidiary is Sterling National Bank, founded in 1929. Sterling provides a wide range of products and services, including business and consumer loans, commercial and residential mortgage lending and brokerage, asset-based financing, factoring and accounts receivable management, trade financing, equipment leasing, corporate and consumer deposit services, trust and estate administration, and investment management services. The Company has operations in New York, New Jersey, Virginia and North Carolina and conducts business throughout the U.S. ### Press Release ########################### Dell Up For Delisting Internetnews.com By Clint Boulton
UPDATED: Exploding laptops, delayed financials, and delayed desktops: Dell has seen better days. The computer maker said on Thursday it received a delisting warning from the Nasdaq stock market because it missed its second quarter earnings filing. Dell, whose founder and chairman Michael Dell said at a technology launch last Tuesday that he expected such a letter from the stock market, said it will request a meeting with the Nasdaq listing qualifications panel to work out the issue. Dell said its shares will remain listed on the Nasdaq pending a decision by the panel. Publicly traded companies need to hold regular quarterly financial earnings disclosures to comply with marketplace rules; failure to do so can result in a delisting. Dell was originally supposed to file a Form 10-Q to the Nasdaq for Aug. 4 and announce second-quarter earnings on Aug. 17. But the company has delayed them due to an ongoing investigation into its accounting practices by the Securities and Exchange Commission (SEC). Dell, whose board triggered an independent investigation by its audit committee, said the United States Attorney for the Southern District of New York made a similar request for information as the SEC, subpoenaing documents related to the company's financial reporting from 2002 to now. The company said it will file a report on its findings as soon as possible. Michael Dell reaffirmed that fact at the Sept. 12 technology event, where the company unveiled power-saving and AMD Opteron PCs. Dell is also busy on the enterprise front; yesterday the vendor teamed with Symantec on Secure Exchange, a package of Dell servers running Symantec's security software designed for medium-sized businesses with 500 to 2000 seats of Microsoft's Exchange Server. But for every positive announcement, Dell seems to have a negative one, of late. Just days before missing its Q2 financial report in August, the company recalled 4.1 million notebook batteries manufactured between 2004 and 2006 after some of the laptops the batteries were in caught fire. Today, the Wall Street Journal profiled consumer outrage over delivery delays and missing features in the company's XPS 700 desktop. ---------------------------------------------------------------- Please send to a colleague as we are trying to build our readership. ---------------------------------------------------------------- Outside Sales “Broker-Vendor” List up-dated These companies completed the questionnaire and were added to the list: BSB Leasing, Inc . pays brokers up to 15% commission on app only business from $5,000 $100,000. BSB Leasing, Inc . pays up to 8% on its"Thin to Win" rates that provide brokers with a lower cost of funds when they need a lower rate to be competitive. company: DOLSEN LEASING COMPANY $10,000 - $25,000 - UP TO 8 POINTS VENDOR DIRECT SAME AS BROKER
---------------------------------------------------------------- Teichman to Cover ELA Conference
Equipment Leasing Association Annual Conference 45th Annual Convention It is the first convention that former president Mike Fleming, CAE, will not be attending (according to a source at the Alta Group.) It is the first conference for the new president Kenneth Bentsen, Jr. It is a major "changing of the guard" in a time of great FASB turmoil, corporate board room ethics, and both the growth of captive lessors, community banks and industrial banks entering the equipment leasing fray. This certainly will be a major convention, and for the first time, Leasing News has assigned a reporter to cover it, arranging for his registration, lodging and expenses: Bob Teichman, CLP, chairman of the Leasing News Advisory Board. Both JW Marriott Desert Springs Resort & Spa and the Rancho Las Palmas Resort are now SOLD OUT. Two nearby hotels do have availability. Attendees still needing a hotel room should call one of the following two locations: Courtyard by Marriott Residence Inn The two additional hotels may be sold out soon as this is a very important convention. Flights to the Palm Springs Airport are most likely booked, so you may have to fly into Orange County ( John Wayne Airport) or Ontario (one hour drive )or Los Angeles International Airport and drive (one and half to two hours.) You will love the weather the end of October. Bring your golf clubs. Great restaurants in the entire area, too. Registration and all information about the Annual Convention are now available on-line at October 12: Last day for receipt of mail-in registrations. After this date, individuals should register or make substitutions on site. Last day to cancel and receive a partial refund.
Attendance List Today: ---------------------------------------------------------------- Classified Ads---Help Wanted Office Administrator
Operations Manager
Sales
---------------------------------------------------------------- Super "Broker/Lessor" List ( for funders specializing in “Story Credits, “ please click here There is no advertising fee or charge for a listing. They are “free.” Leasing News makes no endorsement of any of the companies listed, except they have qualified to be on this specific list. For those who want to be listed on this form, please fill out Super "Broker/Lessors" Form Leasing Associations: All non-profit leasing associations are abbreviated. To see the full name and learn more about the association, please click here. Business Reports: Companies listed may make any netiquette comment about their company or reports or other information in the footnote section of their listing. Leasing News recommends readers also view the footnote as well as the section itself or searching reports on the business. It also should be noted that if a BBB report listing is found by a reader, as there may not have been one when this was last up-dated, please send the link to maria@leasingnews.org so Leasing News may up-date this section. BBB - Better Business Report | CBB - Leasing News Complaint Bulletin Board A -Requires Broker be Licensed | B -Sub-Broker Program | C -Warehouse Line | D -Also a Funder N/R (not reported)
N/R (not reported) (A) BSB Leasing, Inc has been providing syndication services for brokers nationwide since 1982 and have been funding business directly since 2002 through BSB Direct Finance, LLC. We offer Brokers a complete internet solution for credit submission and tracking and document preparation. BSB will fund up to $75,000 App Only on our direct line under BSB Direct Finance, LLC and we now offer App Only up to $150,000 through BSB Syndication (our house syndication group Broker Qualify - Please Call or see application on-line at bsbleasing.com (B) Affiliated Investment Group, Inc. is the proud continuation of over 20 years of serving the broker community. We are a balance sheet, cash flow, credit lender. The primary question on every transaction is "what is the likelihood of being paid back". Our motto is "any equipment, for any Lessee, anywhere in the country". Also known as "The Flexible Funding Source" as we look at a deal with the philosophy of "what's right" about it "how can we make it work". We have significant sources of funds from A to C+ credits. (C) Quail Capital specializes in large structured and complex transactions. Mohammed Ahsan began his days at Westinghouse Credit (then Atlantic Federal, Mitsubishi Bank, Bank of CA, First Sierra) funding transactions. He has been in the leasing industry for 25 + years. His partner Jeff Rudin has over 27 years. In addition to equipment leasing, Quail Capital is also involved in Asset Based Lending, Franchise Funding, International Finance, Acquisition Finance and Real Estate Secured transactions. (D) LPI-HC specializes in Working Capital Loans for new and established medical professionals with our target market being dentists, medical doctors, veterinarians and physical therapists. We also offer Dental Practice Refinancing for established dentists that want to consolidate all their practice debts and improve their cash flow position. "We have the financial solutions to help start and grow a practice with repayment programs designed for medical professionals to manage their money." ------------------------------------------------------------------------ These companies basically function as a "broker," meaning most of their transactions are sent to other leasing companies or funders. The great majority of their transactions are on a “non-recourse” basis. They may have a “warehouse” line for “housing” a lease transaction or making payments in advance, or building a portfolio to sell, and they also may “keep” leases for their own “in house” portfolio. They are classified as a “Super Broker” because the great majority do not directly “service” accounts, but “sell” the transaction to another. Their intention it not to act as a “funder,” although they may present themselves as one, but to “sell” to another. An additional description: the majority of their business comes from others, who are acting as a “broker.” These “deals” may come from an independent, a “company,” or even a “lessor” or “funder.” Most are very experienced in the leasing industry and well-known. In relation to the rest of the industry categories, this is the smallest. You will only find the “elite” listed here. To date, Leasing News has turned down eight who have requested to be listed due to not having a “satisfactory” Better Business Bureau report (this does not include those listed on the Leasing News Bulletin Board Complaint who have not applied to date.) It is Leasing News experience that most “advance rentals” or “deposits” have been kept primarily by those acting as “super brokers,” particularly with “tougher” credits or equipment situations. Their source of business is varied, meaning both new and experienced brokers will come to them because they may not have the "volume" for the source the "super broker" may have; they may be have sufficent years in the leasing business to qualify for many sources: they may be looking for a better rate than their regular sources, or the transaction was originated by another broker and they need to acknowledge that the transaction comes from another broker, called "sub broker," in the trade (most funders will not accept business from that has been “re-brokered.” .” As important, the sender may not have a regular source for the specific transaction they want to place, such as a young privately held company wanted the lease as “corporate only.” Both parties also realize the sender may “go direct” or grow to that point or utilize the “Super Broker” as a consultant for new sources. Most important, the transactions may come from a lessor that wants to satisfy their client, and they have a "minimum" that the transaction does not meet; or perhaps their client is to the maximum amount of exposure for them. For whatever reason, they come to a "super broker" to place the deal on their behalf. In the question of sub-broker business, we take for granted that the “super broker” not only has a written agreement with the sub-broker but informs the lessor when submitting an application it has come from a sub-broker. A violation of this will have the company removed from the list. In addition to the above qualifications, the "Super Broker" must have a "clean" Better Business Bureau rating, no Leasing News Bulletin Board complaints or a poor record, and must belong to a national leasing association, as we view this that they are professional and abide by their association standards and code of ethics. We also will be verifying warehouse lines or "lessor" lines with their bankers (as done with those on the Story Credit List.) Leasing News reserves the right not to list any company it believes does not meet the qualifications as stated above. ----------------------------------------------------------------
---------------------------------------------------------------- Feds Fund Rate Unchanged
----------------------------------------------------------------
----------------------------------------------------------------
Editorial---Shame on the San Francisco Bay Area Council Shame on the president of the Bay Area Council for applauding HP Chairwoman Dunn's comments about spying on board members and the press after presenting her with a business award. Where are the Bay Area Council's ethics? This is not a terrorist issue. The idea to plant spies in newspaper press rooms, to obtain telephone records of board members and reporters, to invade their privacy, and more importantly, the Bay Area Council president's endorsement of these business terrorist acts as justified reminds me of the ethics of the Enron board of directors. Dunn's speech as aired on the local 24 hour KCBS radio news such as she hoped “The Pope would continue” his comments about the Muslim faith, to obviously take the news of HP off the headlines was out of line, as was much of the alleged “humor.” The attitude that it was correct, whether legal or not, to spy on board members and the press further demonstrates the insensitivity to the issue, despite the applause from the business audience present. It is not humorous. It is not ethical to spy on board members or the press because you don't like their viewpoint or what they are saying. The continue lies is not worthy of the founders of Hewett-Packard. And worse of all, for the Bay Area Council to condone, to actually applaud Patricia Dunn's comments at the dinner presentation, is poor business leadership. Shame on Ms. Dunn and those who applauded her comments at the award dinner. Christopher Menkin, editor/publisher -------------------------------------------------------------- Kingsbridge Holdings Uses Vast Experience to Achieve Early Success
(Chicago, IL) Kingsbridge Holdings LLC, a Chicago-based equipment-leasing group, has recently opened its doors, but is already turning heads. With over 50 years of experience between them, Co-CEOs John Morand and Dan Flagstad launched the company in April of 2006 and have already acquired $10 million in leases, exceeding expected earnings for the first quarter of the firm's fiscal year. Kingsbridge's immediate success has shown the two that their entrée into the market was well-timed, and not only are Flagstad and Morand not surprised about the early growth of the company, they fully expect to continue growing rapidly.
Dan Flagstad “We have a great thing going . At this stage to have a backlog of transactions awaiting funding in excess of $20 million speaks volumes ” said Flagstad. Elaborating on the firm's early success, Flagstad explains, “We have tremendous experience on our executive team. The goal of Kingsbridge is to provide not just financing, but knowledge. That's why we're able to offer better turnaround on quotes, orders and approvals, and, quite simply, better service.” Morand and Flagstad grew their previous firm from start-up to over $300 Million in revenues and $500 Million in assets in just 14 years. In that time, they also developed a unique style of management, working together as Co-CEOs. Capitalizing on their individual strengths, Morand and Flagstad formed a team of independent, yet equal decision makers. With Kingsbridge, this management structure remains effective.
John Morand In addition to providing portfolio management and leasing services, Kingsbridge has also established working relationships with several value-added resellers in the technology space, enabling customers to work with Kingsbridge for both acquisition and financing of their equipment. Kingsbridge Holdings LLC is a market-leading independent technology and general equipment lessor developing customized lease solutions for large and mid-sized companies in the U.S. For more information contact Kingsbridge Holdings LLC at: 150 N. Field Drive, Suite 193, Lake Forest, IL 60045, 847-457-4741, www.kingsbridgeholdings.com
### Press Release ########################### Newest Version of LeaseEnterprise® From International
MINNEAPOLIS, Minn. – International Decision Systems, Inc. announces Version 5.6 of their LeaseEnterprise® software has been released and is now available for download by current users . It will also serve as the base system for new LeaseEnterprise clients. This release contains a number of updates aimed at advancing the product to better meet customer and market needs. “We are very excited by the market acceptance of LeaseEnterprise” said Katie Emmel Director of Product Management at International Decision Systems®, “Small and mid-size lessors find the ease of setup, use and maintenance of LeaseEnterprise to be a big advantage, as they don't need to add a technical support staff to manage the product.” This release brings many anticipated enhancements to the product that add to its value in a finance organization. Functional highlights of the release include: · Integration with our Rapportâ origination software, allowing automated contract booking directly to LeaseEnterprise from this powerful front-end system. “Many of our current LeaseEnterprise customers are considering adding Rapport to their operations to streamline their origination process” advised Dave Antila, Product Manager for LeaseEnterprise. “This release tightens the integration making it easier to exchange data between the two systems.” Customers who are currently on Version 5.4 or lower of LeaseEnterprise are encouraged to upgrade by December 1, 2006. They can download this upgrade through a secure login from the International Decision Systems® support website at www.idsgrp.com/services/client_support.htm or they can request to receive the update via CD. About LeaseEnterprise LeaseEnterprise is designed to handle lease accounting for companies with smaller portfolios and limited staff, is quickly being adopted by organizations big and small as it is easy to set up and simple to use. LeaseEnterprise is the industry's most intuitive and robust tool for automating lease management without intensive training or technical support. When combined with Rapport software it creates a seamless end-to-end solution enabling you to maximize your operational ROA via streamlined business processes, improved productivity, and better information access. See for yourself how easy LeaseEnterprise is to use by downloading a full-featured 15 day demonstration copy from our website at http://www.idsgrp.com/products/demos/LeaseEnterprise_Demo.htm. About Rapport Software from International Decision Systems Since its 2002 introduction, Rapport has been selected by more than 35 prominent equipment finance companies driving toward maximum efficiency in lease and loan origination. The built-in Rapport Rules™ engine makes this software solution powerfully adaptable for companies focused on business transformation through streamlined operations. Easily linked to any portfolio management system, including LeaseEnterprise, InfoLease®, or ProFinia™, Rapport enables extensive real-time information access across the organization, including controlled visibility for dealers, vendors, and other partners. International Decision Systems delivers Rapport with the essential screens, workflow, business rules, and web service connections for credit evaluation. These pre-configured tools promote rapid adoption and beneficial use of the system, and serve as an excellent base for further developing a fully configured, company-specific solution meeting a wide range of business objectives. About International Decision Systems, Inc. International Decision Systems is the global leader in developing equipment finance portfolio management software and services. Headquartered in Minneapolis, Minnesota, International Decision Systems also has offices in London, Sydney, Singapore and Bangalore. International Decision Systems offers the largest and most experienced global consulting, implementation, and technical support teams in the equipment financing industry. For additional information about International Decision Systems, visit www.idsgrp.com or call 1-866-465-9393 or 1-612-851-3200 for the global headquarters. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 
