|ACC Capital/Amembal Capital
Services of America, Inc.
|All Points Capital
|Allco Leasing and Financial Services of Lake Oswego, OR
|Alliance Financial, Syracuse, New York
Funding Group, Anaheim, CA.
|Alliance Funding, Jacksonville, Florida
|Alpine Capital, Cincinnati, Ohio
|AMC Funding Group
|American Leasing Corporation
Financial Services, Sacramento, CA.
Bancorp Group, Inc. Southfield, MI.
/ First Commerce Leasing
|Bank of America Leasing
of the West, San Francisco/Dublin, Ca.
|Bank of West Managed Service Division
|Bank of Walnut Creek Leasing
|Bankers Healthcare Group
View Capital, San Mateo, CA.
|Bay4 Capital, LLC, Danbury, Conn.
|Benchmark Financial Group
|Blue Dot Funding, Irvine, Ca.
|Blue Bridge Financial, LLC
|Blue Star Financial Group, Inc.
|Boullioun Aviation Services, Seattle, WA
Inc., of Tampa
Bulldog Truck & Equipment Sales
|Business Leasing Northwest
|Butler Capital, Hunt Velley, MD
|Capital Network Leasing Corporation
|Capital One Commercial Leasing
Asset Management Fund, Arizona
|Celtic Capital Corp
|Certified Leasing Foundation
|Churchill Group/Churchill Churchill Group/Churchill
/ City Capital
|C and J Leasing Corp
|CLEARLINK Capital Corporation, Ontario
|Cole Taylor Bank Equipment Leasing
|Columbia Bank Leasing
Security, Sacrament, CA.
|Commercial Equipment Lease
|Commercial Financial Group, Westlake, Ohio
Money Center, Southern Ca.
|Concord Financial Services, Long Beach, California
Bank of Commerce
|Conrad & Associates, Carlsbad Ca
Finance Vendor Services
|Corona America Financial
|Corporate Capital Leasing Group
|Creative Capital Leasing Group
|Cybernet, Grand Rapids
|East Coast Leasing Inc
|East West Bank
|Econocom USA, Inc., Memphis, Tennessee
|Edwin C. Sigel , LTD, Northbrook, Illinois
|El Camino Lesing
|Enterprise Funding Group, LLC
|Equipment Acquisition Resources
|Equipment Finance, Lancaster, PA.
|Equipment Finance Group, Fresno, CA
|European American Bank
|Evans National Bank
|Excel Financial Leasing, Texas
|EXCEL Investment Group, Florida
|Ladco Financial Group
|Landmark Leasing, LLC
|LaSalle Systems Leasing
|Latitude Equipment Leasing LLC
|LEAF Specialty Group, formerly NetBank/ Republic Leasing of South Carolina
|LEAF Third Party Funding
|Lease Acceptance Corp.
|Lease Corporation of American, Troy, Michigan
|LeaseNow, Warrendale, PA
|Leasing Advantages/Sterling Capital Partners
|Leasing Institute of America
|Liberty Leasing, Des Moines, Iowa
|Lombard, part of The Royal Bank of Scotland Group
|LPI Financial Services, Inc., GA.
|PFF Bancorp, Inc, Pomona, CA
|Pacific Capital Leasing
|Parker Leasing and Finance (Parker Leasing)
|Parnters Equity Capital Corporation
|Pawnee Leasing Corp., Fort Collins, CO
|PDS Gaming Corporation dba PDS Leasing , Nevada
|Penske Truck Leasing, FL
| Pentech Financial
|Pinnacle Business Finance
| Pinnfund / Pinnleasing
|Pitney Bowes, Conn.
|Pioneer Capital Corporation
|Prime Capital, Chicago
|Prime Leasing, MN.
|Preferred Capital, Brecksville, Ohio
|Professional Solutions Financial Services
|Proviso Financial Services
| Popular Equipment Finance
|Portfolio Financial Servicing Company
|Powernet Financial Group, Boston, MA.
|Publish West Inc.
|PureMarkets, San Francisco, Ca.
|Safeco, Seattle, WA.
|Scottrade Financial Services
|SDI Capital, So, CA.
|Security Financial, San Jose, CA.
|Siemens Financial Services, Iselin, NY.
|Signature Leasing, Dublin, CA.
|Sky Financial, Bowling Green, Ohio
|Source Capital, Spokane, WA.
|Southern Pacific Bancorp
|Spectrum Leasing, Austin TX.
|Studebaker Worthington Leasing
|Summit National, Illinois
|Sun National Bank
|Sun Bancorp, Inc.
| SunBridge Capital
|Sunrise International Leasing
|Synovus Capital Finance
|T&W, Tacoma, WA.
|TCF Financial Corporation
|Tech Com (Universal Equipment), Southern California
|Telemark, Syracuse, NY.
|Terminal Marketing, NY., NY.
|Texas Capital Bank
|Thalman Financial, Apple Valley, CA.
|Triple Point Capital
|Triad Leasing & Financial, Inc
|Truck Lenders Group/ TruckLendersUSA
|Turbine Engine Corp.
|Tygris Commercial Finance Group
ABCO Leasing, Bothell, Washington (09/11) Calls it quits; "Unfortunately, the U.S. economy remains weak and has yet to meaningfully and substantially improve. Due to the perceived instability in the U.S. economy, we don't expect to provide leasing or lending services in the foreseeable future." (07/10) filed against Allied Health Care Services, Orange, New Jersey as well as the guarantor Charles K. Schwartz. It regards two leases for a total of $400,000. Attorney Dennis Lenard responded August 4th, denying charges.
ACC Capital/Amembal Capital
(07/11) Banks collecting receivables, Lowder now employee of Stalwart Contract Services as manager. http://leasingnews.org/archives/Jul2011/7_08.htm#update_lowder (06/11) Loni Lowder, 100% owner says company in “pay down” to creditor. He is now manager of Stalwart Contract Finance doing $1+ million service
(05/11) No longer a member of NAELB http://leasingnews.org/archives/May2011/5_25.htm#acc_capital (01/11) Complaint from GeNESISCommercial Capital non-payment of $48,000, their share of $120,000 residual collected by ACC Capital. Loni Lowder, President-CEO says "One time situation, no comment." (07/09) down to 15 employees, moves to Midvale, UT (07/09) exits small ticket market, now going back to main stay of the middle market, no deals under $100,000
(4/07) William Dalton named President/CCO. (2/2001) changes name to ACC, Sudhir Amembal leaves to devote time to lecturing and education
Adirondack Leasing Associates, Rensselaer NY. (9/04) Gerry Oestreich sells his company to First Niagara Bank, Lockport, NY. "I'm here for at least 4 more years and could be more. They say it's not work if you're having fun" he declares.
AdvanceMe, Inc., (03/11) Settles California suit for $23.4MM; doesn't hold California Finance Lender's License.
Advanta Leasing (10/2001 ) Advanta Leasing Division Net Loss $44 Million "These included a $44 million charge associated with discontinued operations, principally reflecting a revision to the valuation of leasing assets and a decrease in the estimated pretax operating results over the remaining life of the lease portfolio. The leasing revision results primarily from the impact of a former leasing vendor's bankruptcy. The Company also recorded asset valuation charges of $10 million on its venture capital portfolio due to the continued weakness in the current market for venture capital investments. As a result of these charges, the Company reported a net loss for the quarter of $41.7 million or $1.59 per share for Class A and Class B shares combined on a diluted basis." (7/2001) Advanta Corp: 2nd quarter shows $4 million loss in leasing biz (1/2001) Advanta ceases leasing business announcement Chris Ciarrocchi says "goodbye". Mortgage Division sold, re-affirms Leasing Division still for sale (9/2000) for sale, former prez now at eOriginals, others let go like Kaye Lee.
Affiliated Corporate Services, Lewisville, Texas (8/05) -Rick Gatelli joins Heritage Leasing of Fresno, California (7/05)-Jim Lahti starts Affiliated Investment Group, Lewisville, Texas (1/2001) Merges with First Commerce Leasing.
Affinity Leasing, Washington (12/2000) to close and concentrate on Financial Pacific biz.
AEL Financial et. al., Buffalo Grove, Illinois (07/10) Sue Allied Health for $661,000 along with M2Lease Funds, Brookfield, Wisconsin and Cedar Rapids Bank, Cedar Rapids, Iowa. Not served
Ag Services of America, Inc. (NYSE:ASV) (11/03) Rabobank to Acquire Ag Services of America, Inc.; Rabobank (corporate and investment banking arm of The Netherlands-based Rabobank Group) Continues Its Expansion of US Agri-Business Finance
Allco Leasing and Financial Services of Lake Oswego, OR (03/05) old timer Jim Harris's leasing company sells company to LEAF Financial Corporation, a subsidiary of Resource America. Jim was one of the 80 brokers in an association in the 1970's who decided he wanted to be a lessor. His firm specialized in collateral deals over $100,000 in the Northwest, limiting brokers to 5%, often structuring transactions 1 st and 5%.
Allegiant Partners , San Rafael, Ca. (07/10) Completes $13 million line.(01/09) Doug Houlahan, CLP, Director, Sales and Marketing, leaves company; remains a shareholder.
Alliance Financial, Syracuse, New York (04/10) Leases (net of unearned income) decreased $6.8 million or 10% in the first quarter as a result of the Company's previously announced decision to cease new lease originations. The remaining balance of the lease portfolio of $61.4 million is expected to continue to run-off at the rate of approximately $6 million per quarter over the next year.
Alliance Funding, Jacksonville, Florida (08/06) sold. Renee Fox, CLP, who started the company in 1989 will remain with the company as a consultant. http://www.leasingnews.org/archives/August%202006/08-02-06.htm#afund
Anaheim, CA ( 10/2001) Merger/purchase did not go through.AFG
(La Habra) was always owned by Brij Patel, now based in Anaheim
CA. Grown to 50+ employees, 4 offices nationwide and still expanding.
Still large on small ticket leasing. GE Cap's 2nd largest broker.
3rd move in 6 months - new space 15,000 square feet to accommodate
newly "acquired" sales people from Saddleback, American Express,
and expansion of New Medical Funding Division etc. Expected to
be 100+ by the end of 2003.( 5/2001 ) purchase/merger by MSM Capital,headed
by Mike Cingari, formerly pres. of Col. Pacific Leasing.
All Points Capital, Melville, NY (2/05) subsidiary of North Fork Bancorporation,announces that it has expanded its nationwide reach through the opening of an origination office headquartered in the Seattle, Washington area. Mr. Richard Kurz, formerly of Washington Mutual Equipment Finance ("WaMu") and SAFECO Capital Credit Company ("Safeco") will head the office on behalf of All Points as Senior Vice President / Group Manager (Bruce Kropschott negotiated bringing the team to All Points). The new office will include full service sales and underwriting capabilities and is staffed by several former associates of Mr. Kurz at WaMu and Safeco who have also joined All Points. In addition to the Seattle office, four satellite sales offices have been staffed and opened in Detroit, Boston, Dallas and Minneapolis. Several additional sales offices in the mid-west and western United States are planned.
Capital, Cincinnati, Ohio (11/04) acquired by National City
Bank, a subsidiary of National City Corporation, announced that
it acquired Alpine Capital Corporation, an equipment leasing organization.
Alpine Capital will continue to be managed by Michael Morris,
who will report to Vince Rinaldi, president and CEO of the National
City leasing entity, National City Commercial Capital
AMC Funding Group, Charlotte, NC (07/11) Found guilty of check fraud, ordered to pay $21,425.76, dissolve AMC Funding Group, take his website down and not own or operate a "similarly situated business." (02/11) Brendan Job Messenheimer arrested for felony worthless check.(10/10) After many complaints from brokers and vendors with bounced checks, it is learned Brendon Job Messenheimer and his wife filed Chapter 7 Bankruptcy before other credits came after him and his main company Advanced Med Corp, Greensboro, North Carolina. (8/10) Reports from brokers and vendors not being paid, or worse, checks bouncing. Owner is reportedly Brendan Messenheimer, who also owns Advanced Med Corp, Greensboro, North Carolina.
American Bank, Atlanta, Georgia (08/11) No longer funding leases. Jeff Schubert purchases interest from founder Jim Doster and is now president/CEO." I am currently only using the ABL name as a dba for my new company. I am not booking or funding any new business at ABL."
American Business Leasing (gone) 6/2000
American Financial Holdings (8/2002) acquired by Banknorth acquires American Financial Holdings Portland, Maine/Banknorth Group, Inc. (NASDAQ;BKNG), and nearly quadruple its size in Connecticut. American Financial is the $2.9 billion parent company of American Savings Bank and recent acquirer of American Bank of Connecticut. The transaction is valued at approximately $709.3 million in cash and stock.
American Leasing Corporation, Camden, NY (07/09) John Manning pleads guilty
to embezzling $6.2 million from the company.
Ampent (11/2001) Ampent's site back up, reportedly ; landlord is allegedly sueing them; VC has reportedly dropped them, may even be perusing legal action. appears they are operationg out of a PO Box. (10/2001) site is off line, looks like they are going "south." (8/2001) formerly Accesslease.com; There are rumors there have been serious cutbacks in sales and marketing here. Senior Marketing Manager Parker Trevin says it is minor, basically a change in strategy and denies the rumor.
Amresco Inc., ( 7/2001) which lends to small and mid-sized businesses, said Monday it has filed for bankruptcy and agreed to sell its assets for $309 million to investors including Goldman Sachs
Ascentium Capital, Kingswood, Texas (10/11) Len Baccaro company merges with Ascentium (hew was
Exec. VP sales with First Sierra prior to acquistion by American Express. (09/11) Bob Fisher has been appointed Senior Vice President, Business Development (08/11) Tom Depping announces Ascentium Capital with loan/lease portfolio from Main Street Bank, which is being sold. He brings key management from bank as well as from former First Sierra. https://ascentiumcapital.com/news.aspx
Atel Capital Group ( 4/2001 ) A.J. Batt retires, world's richest leasing owner, Dean Cash, his "partner for twenty years" now owns almost 75% and takes on the title.
Axis Capital, Grand Island, Nebraska (02/10) Receiver eyes Triton investment in Axis Capital(02/10) Triton Financial? Hayman $600MM Investment
http://leasingnews.org/archives/Feb2010/2_19.htm#axis (01/2010) States Triton Holdings Securities and Exchange Commission and the Texas State Securities Board not affecting them, investment in Axis by Triton:"The Triton Financial receivership has no effect on the operations of Axis Capital Inc., and the receiver's only position is as trustee for the shares securing the equity infused into Axis Capital Inc."
Balboa Capital, Irvine, Ca. Irvine, California (12/12) Bulletin Board Complaint
http://leasingnews.org/archives/Dec2012/12_10.htm#bbc (02/12) Mass Fax Class Action Case; company can’t seem to stay out of trouble.
http://leasingnews.org/archives/Feb2012/2_08.htm#fax (03/11) Calif. A.G. files regarding Church Kiosks http://leasingnews.org/archives/Mar2011/3_02.htm#bite (06/09) another Bulletin Board Complaint about residual: http://www.leasingnews.org/archives/June%202009/06-15-09.htm#bulletin (12/07) Curt Lysne, Senior. Vice President of Sales, who both started and headed the broker division, left the company last week (Lysne later in the month joins PFSC in Portland, Oregon )(12/08) Exits broker business badly with no time period notice, cutting off brokers, approvals, many report fundings not complete. Much more to follow. (03/07) takes on Marlin Leasing (03/07) completes its first term securitization by issuing $100,000,000 in contract backed notes through its subsidiary, BCC VI. (4/05) Enters internet fray with on line processing http://www.leasingnews.org/archives/April%202005/4-29-05.htm#toon (5/2004) Balboa Capital Corporation announces that Patrick Byrne has completed the acquisition of 100% of the company's stock and is now the sole shareholder of Balboa Capital, ending rumors that the company was listed for sale because the two owners were not getting along ( for quite some time, it is said ) and it was dividing employees on each side of the camp. ( 2/04) Surprise! Surprise! Surprise! --Shawn Giffin Back at Balboa Capital. Rumors float that company is up for sale that both owners not getting along; they deny it. Byrne had taken a two year sabbatical and came back to the helm in late September of last year. It was then Giffin's turn to take some time off, they both said. Since that date, Byrne was back in the swing of things, increasing originations, creating a more sales friendly environment, improving credit and funding processes using Six Sigma, cleaning house, increasing customer service, finding fraud from vendors and salesmen, starting a broker division, the first time in 15 year history, hiring Curt Lynse, formerly with GE-Colonial Pacific, working on a national vendor program division, and getting the company moving in a very competitive manner. ï¿½I'm thrilled to be back, ï¿½ Shawn Giffin told Leasing News. ï¿½My head is clear. I'm invigorated. This is a great company.ï¿½ Asked about his ability to get along with the other major share holder, he said, ï¿½ Pat has a unique set of skills, as I do. I think we are very complimentary working together. The point is I am fired up and am really glad to be back at work. I love it! ï¿½ Asked about what his title would be, he said, ï¿½Titles aren't important to Pat or I. ï¿½ (2/04) Curt Lynse, formerly at GE Capital/Colonial Pacific Leasing, joining Balboa Capital to start a broker division, something the company has not done in sixteen years; they founded in 1988. (9/03) Patrick Byrne is back, Shawn Giffin goes on sabbatical. ( 9/2000) Founder Pat Byrne "...office available any time he wants to use it".
Banc One Leasing ( 12/2000 Lays Off 60, Closes 5 offices )
Bancorp Financial Services, Sacramento, CA (5/2001) Humboldt Bancorp closes Bancorp Financial, citing second quarter loss "...not at this time expected to exceed $8 million on an after-tax basis; Kevin Cochrane let go, Security Exchange Commission, Sacramento looking into disclosures, reportedly other activity (4/2001) Humboldt Bancorp says "closing Bancorp Financial Services "in press release and report to Security Exchange Commission, but CFO Pat Rusnak says "company is for sale" and statement made for "accounting purposes."
The Bancorp Group, Inc., Southfield, MI ( 2/2000) Not accepting news business. The BOD of the parent bank is assessing what to do with the Leasing subsidiary.....currently servicing portfolio but not originating. no longer in business.
BancPartners/First Commerce Leasing (3/2002) Lahit makes it official resigns, and opens up Affiliated Corporate Services again. (3/2002) It is reported that Jim Lahti, formerly president of Affiliated Corporate Services and past president of the United Association of Equipment Leasing, along with several staff members will resign from BancPartners of Lewisville, Texas. Chairman/CEO Rick Galtelli says,ï¿½ this news way too premature." Jim Lahti says," some changes are under way. We are excited about the new changes are under way. We are excited about the new opportunities will be issuing a press release." (1/2002) Affiliated Corporate Services, Lewisville, Texas Merges with First Commerce Leasing.
Bank of Walnut Creek Leasing, CA (05/06) To merge with First Republic Bank, San Francisco, CA.
Bankers Leasing ( 11/2002) Bankers Leasing, Illinois, New York, California, plus Softech Financial. Citibank can't sell these, so closes them down, over 300 now out of work. "Citibank already had a bankers leasing division when they bought EAB, and when they bought Bankers Leasing in Northfork, Illinois. Northfork also had as division Wilco,Soft Tech, as wells as Bankers Direct Leasing. So CitiCapital, not Citibank, decided that this was not the type of leasing they wanted to do, AKA ABC type leases, so they tried to sell them off since last February and when no one stepped up and consummated the relationship, they waited awhile and now the ax has fallen and everyone from Illinois down has been terminated. Rumors of "goofing off."
(Bankers Leasing stories)
Bank of America Leasing, Charlotte , NC (12/08) Doug Bowers, former President of Banc of America Leasing and Capital LLC is no longer with the bank. May 27,2004 BofA announced "Doug Bowers, managing director of the Bank of America Leasing & Capital Group, has been chosen to replace Ron Chamides as head of the Bank of America Leasing unit. Chamides recently announced that he is retiring from the company for personal and family reasons." Bowers and 20-25 other executives at his level were let go in what appears to have been a cost cutting measure. Reportedly Rick Fleischer, Mr. Bower's right hand man, is now running the leasing unit from Charlotte, NC.
Bank of the West, San Francisco/Dublin, Ca. (02/11) Bank posts a fourth-quarter profit that reversed the bank's losses of a year ago. All leasing divisions continue to grow and aggressively seek business.
(07/09) Bank of the West plans to consolidate its 1,600 San Francisco Bay Area employees to a 240,000 square foot facility at Bishop Ranch in San Ramon, California, including leasing division. Bank Hq. to remain in SF.
(3/04) BancWest to purchase CFBX in a cash transaction valued at $1.2 billion and is expected to close during third-quarter 2004 (3Q'04), at which time the CFBX franchise will be merged with BWE's subsidiary, Bank of the West. Fitch believes that the proposed transaction is a positive for CFBX investors, as CFBX becomes part of a larger franchise that is supported by a highly rated global banking company in BNP. (10/2002) purchases Trinity Capital.Sr.VP Jerry Newell says,ï¿½ This transaction underscores Bank of the West's commitment to equipment leasing as a core product line. Bank of the West has operated a nationwide funding business for equipment leasing brokers for 30 years and provides direct equipment leases to bank customers. Bank of the West's equipment lease portfolio currently exceeds $400 million. The Bank will continue to strongly support and grow its broker funding business which represents more than three-quarters of its portfolio. In particular, we want our lease brokers to know that Bank of the West values their business and will continue to protect brokers' interests in their transactions. The addition of Trinity Capital will further expand the scope of the bank's equipment leasing product line, but is not intended to compete with the bank's existing leasing businesses. Moreover, the market focus of Trinity Capital is sufficiently different from Bank of the West's broker funding business that we do not anticipate any overlap."
Bank of West Managed Service Division, Portland, Oregon (09/11) Eric Gross notes the division now providing Microsoft Financing with complete portfolio management and servicing for its existing U.S. loan portfolio. “We selected Bank of the West on the basis of their experience, systems, financial strength and reputation,” said Seth Eisner, General Manager of Microsoft Financing. (10/10) Eric Gross notes the division now providing Microsoft Financing with complete portfolio management and servicing for its existing U.S. loan portfolio. “We selected Bank of the West on the basis of their experience, systems, financial strength and reputation,” said Seth Eisner, General Manager of Microsoft Financing."
Bankers Healthcare Group , Weston , FL. (05/08) Cuts off brokers, "...will honor all outstanding approvals (30) days from the original approval date and respond to all outstanding applications currently in credit throughout the month of May, however no new credits will be accepted."
Bankvest (1/2000) files voluntary bankruptcy (12/99) involuntary petition
filed by Orix and 2 smaller banks.
(11/99) sales disbanded
(10/99) ARB walks from purchase
(8/99) Fleet pulls their credit line.
Barklay Capital, Costa Mesa, CA (09/11) Costa Mesa Police Department arrested Ashwani “Matt” Hingorani, age 32, Barklay Capital, after they received over 40 complaints of his keeping advance rentals. It started with three local business complaints, but grew as they began to look more into the leasing brokerage company. The dollar amounts were between $400 to one at $15,000, but in all, added up to over $200,000.
Capital, LLC, Danbury, Conn. (10/04) The independent information
technology lessor is acquired by GE Commercial Finance.
Bay View Bank (9/2000) discontinuing all franchise loan and lease production.
Bay View Capital, San Mateo, CA (7/03) (the Company) reported net assets in liquidation of $409.9 million, or $6.37 in net assets in liquidation per outstanding share at June 30, 2003 as compared to $411.0 million, or $6.41 in net assets in liquidation per outstanding share at March 31, 2003. (8/2001) Jeff Allard last day, door now closed says "Goodbye", going to co-produce "Texas Chain Saw Massacre" movie. (7/2001) reports a second quarter 2001 net loss of $95.4 million. (5/2001) Jeff Allard, CLP, COO ... "decided to exit the commercial leasing business and other business lines due to the strategic change in the company's direction as determined by the new management team." Parent company running out of money, a lot of good people let go. (2/2001) reports fourth quarter net loss of $92.5 million. (12/2000) Announces $17 million loss/later does not issue dividend.
Benchmark Financial Group, Aliso Viejo, CA (07/11) pressure from victims and their web sites forces company to create Cobalt Funding Group and Partners Capital,
whose website pictures funding its 10,000 customer.
http://leasingnews.org/archives/Jul2011/7_20.htm#name_filing (01/11) Eight Bulletin Board Complaints plus law suits: http://leasingnews.org/archives/Jan2011/1_06.htm#bench_complaint (03/09) Gets first Bulletin Board Complaint.
Blue Dot Funding, Irvine, Ca. (6/05) the fourth company acquired by IFC Credit Corporation in as many years. Earlier, the company acquired Pioneer Capital Corporation, Addison, Texas, First Portland Corporation dba FirstCorp, Portland, Oregon and Spectrum Medical Leasing, Inc., Downers Grove, Illinois. Blue Dot Funding LLC was formed in 1999, and provides equipment leasing services to small and mid-size businesses referred to the company by equipment suppliers through formal vendor financing programs.
Bombardier (4/05) GE Commercial Finance says will purchase Bombardier Capital's inventory finance division for $1.4 billion in cash. This division is headquartered in Colchester, Vermont, with an estimated 280 employees. ( 12/2000 reported having leasing problems, not confirmed, company strong in other divisions, but appears backing out of leasing division )
Blue Bridge Financial, LLC, Williamsburg, New York (08/09) John Gallo, who was president of M&C Leasing, West Seneca, New York, who sold his company to Evans Bank Hamburg, New York, and was involved in the running of the division, has resigned from Evans Bank several months ago to open his own company with his son Brian Gallo
Bluestar Financial Group, Inc., Richland, Washington-OTCBB:BSFG -(10/09) Entering small ticket marketplace, net worth/profit very small:
Boullioun Aviation Services, Seattle, Wash.(6/05)the Seattle-based aircraft leasing company, which provides commercial airliners on operating leases to a variety of carriers worldwide, since 2001, sold to Aviation Capital Group for U.S. $2.65 billion.
Brican America, Miami, Florida (04/10) Three class action suits filed, while Professional Services files suits against lessees, whether they are current or have not notified them about their intentions of joining a class action suit. Evidently Professional Services wants case heard in Iowa, not Florida, attorneys conclude.(03/10) New York Dental Association asks New York AG to investigage. (03/10) Blames Leasing News articles and Brican Viso Blog for misinformation (03/10) Brican America President Chuck Brazier makes offers to some 40 lessees to purchase lease contract back. No takers. (03/10) Brican America Finance starts putting lessees into collection for not making payments. Chuck Brazier signs documents as president of Brican Financial. (02/10) Lawsuit between Brican America and PSFS Dismissed (02/10) Dentists and optometrist on various blogs state not receiving advertising payments which make the lease payments. (12/09) Depositions state advertising part of lease arrangement, case goes into mediation. (10/09) Sued over its leasing portfolio sold to a bank regarding "marketing agreement" not disclosed as part of lease documents. Reportedly Chuck Brazier trying to sell another one of Brican's portfolio. His email address: firstname.lastname@example.org
http://leasingnews.org/archives/October%202009/10-05-09.htm#Alert_Brican (01/2010) Brochure explains how advertising plan works.
BSB Leasing (1/2001) Don Meyerson bought back the company and they are back in business at 303-329-0927. Official announcement to be made soon. They are notifying brokers to start sending them business again. (12/2000) Don Meyerson says to be "re-born" (11/2000) closed to accepting new business.
BrokerWare, Inc., of Tampa, Florida (7/2001 ) acquired by Funder OnLine
Brookfield leasing (09/05) John Engelbrecht, chairman/CEO sells 80% of company to a bank holding company in Illinois for $5 million. QCR Holdings (NASDAQ: QCRH - News) is a multi-bank holding company that serves the Quad City; Cedar Rapids, Iowa; and Rockford, Ill., areas. Engelbrecht, who founded the company more than 30 years ago, holds the remaining 20 percent membership interest.
Bulldog Truck & Equipment Sales, Cumming, Georgia (03/12) Tennessee Commerce Bank fails, lines with BullDog closed, assts and debt involved in FDIC settlement.
Business Leasing Northwest, Seattle, Washington (03/11) Promises broken, many made repeatedly since November 15, 2010. New complaints received from original. BBB is "F". Michael Palmer, former Colonial Pacific officer questions about if he resigned
Butler Capital Corporation, Hunt Valley, Maryland, (10/10) Acquired by BankUnited, Miami Lakes, Florida. CEO Larry Butler to consult for one year, his son and daughter stay with the new operation; will operate as United Capital Business Lending. Formed in 1978, the company found several niches from health equipment, the health industry, and became very will known in the franchise marketplace. They exited the broker marketplace three years ago. About the same time, the company started downsizing since it ended third party originations, letting long time credit executive Don Blody go ( he is now at Madison Capital) and then July, 2009, Vice-President/ Credit Officer Steve Bradley, who had worked for Butler Capital for eleven years.
Cambridge Partners (12/08) Seed investors in several leasing companies such as Pentech and Pinnacle Leasing reportedly having their difficulties, stories unconfirmed.
Capital Associates, Denver, Colorado (12/2000) (no longer doing business, filing bk?)
Capital Network Leasing Corporation, Los Angeles, CA (1012) no longer in business. In 2007 the company "was recently ranked #5 on the List of Best Places to Work in LA by the Los Angeles Business Journal.
Capital One Commercial Leasing, McLean, Virginia (06/12) Dan McKew, former President of SunTrust Leasing, appointed President, Capital One Commercial Lending.
Capital Pro Asset Management Fund, Arizona (6/2004) The Arizona Corporation
Commission announced Gary G. Johnson, 50, of Peoria, who agreed to pay a $12,500
penalty and return $164,000 in commissions that he earned from selling unregistered
long-term promissory notes issued by CapitalPro Asset Management Fund, a California-
based company dealing in equipment leasing. The company should not be confused
with Capital Pros Network. It was reported that Capitalpro filed bankruptcy in California, but this could not be confirmed.
Capital Source, Chevy Chase, Md. (03/11) New unit led by leasing veteran Laird Boulden finds after his 11 month hire. approvals for over $450 million in loans/ leases and funded $260 million (with another $110 million on backlog for 2011). Its largest loan was $35 million, and the top sectors for their equipment finance/leasing deals were:
• Transportation (air, marine, rail, truck) – $90 million
• Energy – $51 million
• Retail – $27 million
Capital Stream, 1/04) " a leader in front office automation solutions for commercial
and equipment finance operations, today announced that it has acquired CapitalThinking
Inc., a leading vendor of process automation and risk management software products
for the commercial lending and commercial mortgage industry. The combined companies
will continue operating under the CapitalStream name,ï¿½ stated the press release.(8/03)
Loses bid to purchase Decision Systems/IDS-USA. (8/03) John Kruse, Jim Brady, Cliff
Monlux Open New Company: MAINSTREET FINANCE. Kruse and Monlux were original
founders of CapitalStream, originally System 1 and Capital Advantage (6/03) Raises
money for acquisitions, first move is to Buy Decision Systems International American
operation. (1/2003) John Kruse has left the building. (10/2002) Corporate take-over by
Wired Capital, complete new management team and officers, John Kruse now "salesman." For a full story click here (3/2002) Steve Campbell Resigns as CEO, (8/2001) John Kruse,
VP, Account Development, announces another reduction of staff as "... precautionary
measures because we don't see an immediate resolution to the economic downturn. We
still remain financially healthy, and believe that reducing our capacity is a prudent business
decision." Hal Hayden, Jim Buckles, Randy Anderson, many sales people gone.
Carlton Financial, Wayzata, MN (04/10) No longer in business, web site down, telephone doesn't answer.
Celtic Capital Corp, Santa Monica, Ca. (1/05) Discovery Bank of San Marco, CA, to
purchase certain assets, including its $23 million loan portfolio, and assume certain liabilities/
Celtic to become subsidiary and continue operating the commercial finance business under
the Celtic name.
Center Capital (3/2001) acquired by Webster Bank, Farmington, Conn. Center
Capital finances commercial and industrial equipment through installment sales and
leasing programs to customers in all 50 states. The firm employs a staff of 60 and
will continue to operate under the Center Capital name.
Centaur Financial Services, Inc, Aliso Viejo, California-( 7/2001) HPSC has
hired the two principals, Gary and Dorren ( Leonard) Kropp, of Centaur Financial
Services, Inc, Aliso Viejo, California http://www.centaurinc.com ). HPSC will
purchase some of the portfolio, it is reported. HPSC has a website (HPSC.COM)
and is located in Boston, MA, specializingin the healthcare industry
Centerpoint Financial, Denver, Colorado (08/05) Gordon R. Roberts, the
1993 president of the United Association of Equipment Leasing, was convicted of
theft for basically stealing money while he was president of Centerpoint Financial. (6/2002) faxes sent, can't fund deals (6/2002) Reports Centerpoint not funding deals
(3/2002)" Not true" says John Otto, chairman of Heritage Leasing, major stockholder
of Centerpoint Financial, LLC, and Pentech Financial, Campbell, California. " I am not
pulling the plug on Centerpoint. It is true we hit a small bump in the road, but that
is taken care of. "The thirty year plus lease veteran with deep pockets confirmed
the resignation of Randy Schiel, now former Chief Financial Officer.
Centura Leasing (5/2001) Centura Bank/Centura Leasing was a major
player in rolling stock and non-titled equipment in North & South Carolina.
Centura was recently purchased by the Bank of Canada. The leasing division
was closed for business. Commercial Lease Officers are being relocated within
the Commercial Loan Division of the Bank.
Central Leasing, Birmingham, Alabama (07/11) Barry A. Thomas, Chief Credit and Financial Officer plead guilty to $1.2 million embezzlement. http://leasingnews.org/archives/Jul2011/7_06.htm#cfo
Certified Leasing Foundation (12/05) the total count on line is 173, according
to Cynthia W. Spurdle, Executive Director of the foundation.
http://leasingnews.org/PDF/CLP_List.pdf At the beginning of the year, there were 223,
with 221 active in the equipment leasing industry; a loss of 50, over 22%, despite the
fact in 2005 that ï¿½15 leasing professionals that successfully passed the CLP Exam and
received their CLP designations.ï¿½ The actual loss, before new CLP's, would then be 65.
(in the Alphabet section, find LeaseNow and add this to it: (11/05) Changes its name
and corporation to Mount Pleasant Capital Corp. to serve as an umbrella organization
for four separate d/b/a names. Those will be LeaseNOW, Franchise Business Capital,
Motor Coach Financial Service, and RAPIDTrack. Mount Pleasant Capital Corp is an
independent finance company that offers franchise systems and alternative strategy
to SBA Loans. Its loans are fixed rate, 84 month loans and do not require additional
collateral, such as real estate. Please see new heading as Mount Pleasant Capital Corp.)
Charter Financial (purchased by Wells Fargo 9/5/2000)
Chase Industries Grand Rapids, Michigan (09/11) The story regarding Chase Industries, Grand Rapids, Michigan, closing its doors due to embezzlement may not be true. There is no police report filed, nor does the owner of the company intend to file such a report, he told Leasing News. Today he, and his sales crew, are now working for Ascentium Capital, Tom Depping’s new company, who evidently is gearing up to go after the healthcare industry, among others. (08/11) Owner declares company closed due to embezzlement of $900,000.
Chesterfield Financial Chesterfield, Missouri (12/09) Closes its offices, founded in 1979. More news to follow.
CHG-Meridian Group, Woodland Hills, CA (07/11) Wants to be off "Looking for Broker list."
"As we work in a very special customer environment, CHG Sales Management focuses very selectively on certain brokers.”We think your services are valuable, however not the right fit for now. (02/11) Expands in US, continues leasing in US, Europe, South America: http://leasingnews.org/archives/Feb2011/2_24.htm#chg_joins (08/09) Purchases El Camino Leasing; http://leasingnews.org/archives/August%202009/08-28-09.htm#CHG_MERIDIAN
Churchill Group/Churchill Leasing, Jericho, NY (08/09) Closes its door.
CIT Group, New York (03/11) announces it has renewed its $1 billion committed U.S. Vendor Finance conduit facility. (8/10) Announces Continued Progress in Reducing Funding Costs. (03/10) Reports net loss of
$4 million for 2009. December 31, 2009 Common Equity of $8.4 billion or $41.99 per share Tier 1 and Total Capital Ratios of 14.2%. Reorganization-related items had a $10.3 billion pre-tax benefit to fourth quarter results. This benefit consisted of an $11.2 billion gain on debt extinguishment and related items, partially offset by an $855 million loss on the termination of certain transportation lease agreements (primarily related to the purchase of railcars previously subject to sale-leaseback arrangements) and $43 million of expenses and other net costs attributable to the plan of reorganization. (12/09) Exits BK (12/09) Court okays BK plan. CIT Group, New York (11/09) Q3 Net Loss Tops $1 billion
(07/09) Needs loan to stave off BK
&$135MM(10/08) CEO Peek calls CIT an underdog (05/08) to cut 1,000 employees.(03/08) Many problems dues to consumer loan side, attracted by current president, former Merrill-Lynch executive(01/08) CIT will lose between $125 MM & $135MM(10/08) CEO Peek calls CIT an underdog (05/08) to cut 1,000 employees.(03/08) Many problems dues to consumer loan side, attracted by current president, former Merrill-Lynch executive(01/08) CIT will lose between $125 MM & $135MM (4/07) CIT hit with $64 Million Insurance Class Action Suit (3/07) First Quarter: Top-line revenue grew 14% as a result of our 24% increase in new business volume. (10/06) to buy a Barclays Plc unit that provides financing to customers on behalf of manufacturers and construction firms in the U.K. and Germany. (12/05) Chief executive Jeff Peek told The Business he plans to double its European assets to $ 20bn (B£11.6bn, E17bn) in the next three years. (11/05) agrees to sell its micro-ticket leasing business unit (Lease Finance Group), to affiliates of Cerberus Capital Management, L.P. and Goldman Sachs. The sale is consistent with CIT's continued focus on freeing capital for redeployment into targeted strategic growth opportunities. (10/05)In campaign to optimize our portfolio of businesses, CIT to divest approximately $290 Million of Non-Core Assets: approximately $190 million older vintage, out-of-production aircraft as part of its strategy to maintain a modern fleet capable of contributing positively to the company's risk-adjusted returns, accelerate the liquidation of approximately $100 million in manufactured housing receivables, other real estate interests (7/05) will cut its work force by about 200 employees in North America, consolidating its units and technology, expecting a second-quarter charge of about $25 million for expenses related to the job cuts. (7/05) announced the sale of the majority of its corporate aircraft portfolio to GE Commercial Finance. (7/03) CIT Elects Jeffrey M. Peek President & COO, Reorganizes Senior Management Structure (8/2002) CIT Execs/Directors take stock Bonuses (7/2002) The 200 Million share offering, led by Goldman Sachs and Lehman Brothers went out at $23 each. Tyco Intl in a bid to ease its heavy debt load, raised $4.6 billion from the sale of its CIT Group, accepting half of what it paid for the finance Company a year ago. (6/2002) Tyco loses 30% of stock value, insider loans and shenanigans by directors embarrassing to all, maybe illegal, too, says SEC, IRS, State Attorney General. (6/2002) CEO Dennis Kozlowski---Delusions of Grandeur: Tyco gets a lot worse, like a dark Opera, CEO resigns, directors taking private loans, and talk is they should all resign (5/2002) Tyco to spin off CIT within 45 days (5/2002) Tyco to pay off $10 billion debt by selling CIT(4/2002)CEO Al Gamper says this is the "quiet period" to employees on line.(3/2002)board member borrows millions, loans to insiders made. (2/2002) Tyco International pledged to accelerate its breakup plan, starting with a spin-off or sale of its Tyco Capital finance arm within 8 to 12 weeks. (2/2002) Participants at the Equipment Leasing Association Annual CEO Forum, Feb. 4-5, expressed doubt that Tyco can successfully spin off it financial unit, CIT, through an IPO. Prez. Kozlowski says $10 billion- paid too much for CIT, analysts say will sell for $7.7 billion to $12 billion. Stockholder suit against company. Says Kozlowski made too much money-finder fee to director Walsh too much. Trouble in River City, however Kozlowski holding it together, But the shares remain 49% below where they started the year. (1/2002) Tyco to Separate Into Four Independent, Publicly Traded Companies. (10/2001 ) Tyco Makes it Official: CIT Tyco Capital (8/2001) Many opt to move to Tempe, AZ, stay with CIT, become bold, challenge GE and others in the marketplace, morale up, company on the move. ( 5/2001) CIT Shareholders Approve Proposed Tyco-CIT Acquisition (3/2001) Tyco International Ltd. makes offer for about $9.2 billion in cash and stock in a deal that would allow the manufacturer to finance purchases of its wide array of products. Bermuda Hq, N.H.. operation office. ( 2/2001) Closing Atlanta office and others, "freeze" on new broker business from this office (5/2001) Bruce Nelson, Tempe, Arizona seeking broker business. "We are an asset based lender and provide equipment financing in the following industries: Construction, Transportation, Logging, Material Handling, Corporate Aircraft, Mining, Energy, & Marine."
Citicorp/City Capital (2/2002) Machine Tool Group of Citicorp/CitiCapital closes. This was
originally part of the old Copelco run by Phil Meyers, based in Atlanta, Georgia.
Citigroup, New York (11/04) Citigroup Inc. announced that it has agreed to sell a unit that
lends to the trucking industry to General Electric Co. for about $4.4 billion. The business provides
financing, leasing, and asset-based lending. It has about 600 employees, two-thirds of whom are
in Dallas. The rest are in Toronto. Citigroup stated the reason for the cash sale was to divest itself
of a business that doesn't offer viable cross-selling opportunities. The deal is the last in a series of
recent sales of leasing businesses at its CitiCapital unit.
Citibank, New York (06/08) starts closing leasing operations, has several units for sale. (04/08) Citigroup reveals serious losses.
C and J Leasing Corp, Des Moines , Iowa (06/11) Rice convicted of $8 million lease discount scheme. (11/08) in business since 1982 has let go its 18 employees, stopped funding, and is not taking on any new business, according to its president C. Allen Rice. He says he has been in the business for over 26 years and has never seen anything like today's financing marketplace.
CLEARLINK Capital Corporation, Ontario (1/06) purchased by ICON Capital,
Cole Taylor Bank Equipment Leasing , Townson, Maryland (07/12) Edward A. Dahlka, Jr., former president of LaSalle National Leasing Corporation (sold to Bank of America 2007 ), as well as past president of the Equipment Leasing and Finance Association (2002-2003) and Equipment Leasing and Finance Foundation (2010 -2011),
and team from LaSalle to head new bank division.
Colford Capital, Norfolk, Conn. (11/12) Acquires Equilease Financial Services to Create North Mill Equipment Finance
Concord Financial Services Long Beach, California (10/09) Moe Essa, President,informs Leasing News he has closed his company doors.
Colonial Pacific Leasing ( 12/2001) to close Portland office, move to Chicago to be under one
roof with other GE purchases, 500 brokers paired down to top 75 producers/250 employees effected.
No more business at Portland operation after December 14th. Merry Christmas.
http://www.leasingnews.org/Conscious-Top%20Stories/CLP.htm (2/2001) closes former Tilden operation
in Hauppauge, NY (11/98) purchased by GE Capital 5/2000 no more re-brokered applications, except
from one or two sources, such as Steve Dunham's Leasing Associates (10/98) Pitney Bowes Inc.
announces it has agreed to sell its lease finance unit to the General Electric Capital Corporation, a unit
of the General Electric Company, for more than $800 million in cash. The move is the latest in a year-long
restructuring by Pitney Bowes, based in Stamford, Conn., a maker of postage meters, mailing systems, copiers
and other equipment. The unit being sold, the Colonial Pacific Leasing Corporation, is based in Portland, Ore.,
and finances equipment leases through a network of 355 brokers and agents, Pitney Bowes said.
Columbia Bank Leasing, Tacoma, WA (12/07) Sr. VP Tom Mahaffey leaves to become, Vice President, Chief Credit Officer, Pinnacle Business Finance (11/08) Bank to exit leasing although excellent portfolio,very low delinquencies, scared of leasing, they say.
Comdisco (8/2002) Comdisco expects QIII loss of at least $68 million. (5/2002) re-organization
plan filed with SEC. (2/2002) Loses $216 Million in First Fiscal Quarter Comdisco To File.
Reorganization Plan by April 15, 2002 ( 2/2001) deal falls apart with Tyco Financial, Wins Approval
to Sell Leasing Units to GE Capital. (11/15/2001)Comdisco, Inc. and 50 domestic U.S. subsidiaries filed
voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy
Court for the Northern District of Illinois on July 16, 2001. The filing allows the company to provide
for an orderly sale of some of its businesses, while resolving short-term liquidity issues and enabling
the company to reorganize on a sound financial basis to support its continuing businesses.
Simultaneous with the filing, Comdisco also announced business to Hewlett-Packard Company for
$610 million. Closing of that the proposed sale of substantially all of its Availability Solutions
ransaction is subject to a court-supervised auction process. (8/2001) Comdisco lays off 450 more,
3rd Quarter shows $168 million loss (7/2001) -Comdisco + Execs face bankruptcy, many left
holding the bag, assets for sale or sold, working on trying to get healthy by 2002, they say
(7/2001) change of executive officers (6/2001) reportedly considering bankruptcy (5/2001) Lays
off 10% of staff, further cuts to be made ( 5/2001 ) Reports Second Quarter: $8 Million Loss, CEO
Pontikes takes early retirement a few weeks before formal announcement. Reports many losses
follow due to leases and loans with Dot Coms, among others. (2/2001) deal falls apart with Tyco Financial, Wins Approval to Sell Leasing Units to GE Capital.
Commerce Security, Sacramento,Ca (8/99) Ron Wagner ceases taking brokered/discount
business (Preferred Leasing was one of their sources) and make it an "in-house banking product
(Hq'd in Southern California at El Dorado Bank). Deadline to fund deals was end of November, 1999.
Several months later Ron decides it is time to play golf. He becomes the first to see "The Perfect
Storm" brewing ahead
Commercial Equipment Lease, Eugene, Oregon (09/10) Part of Liberty Bank, Recently purchased by Home Federal Bancorp, Inc., Home Federal Bank, Nampa, to take on no new business. Most employees laid off, reports portfolio for sale. (8/10) Home Federal Bancorp, Inc., Home Federal Bank, Nampa, Idaho, whose bank purchased the 15 branches of LibertyBank, Eugene, who were the owners of Commercial Equipment Lease. Len E. Williams, President/CEO was very complimentary about the management of the leasing company by Jim Johnson, which has been in business for 35 years. The company is a specialist in the small ticket market place with a very successful and proven origination process.
Commercial Financial Group, Westlake, Ohio (02/05) John Spano, who spent five years in jail,
was arrested again, for doing the same thing, keeping deposits and advance rentals.
(12/11) Fallout from CMC Continues in Nevada Federal Court http://leasingnews.org/archives/Dec2011/12_28.htm#fallout (03/10) Southern CA. Sterling Wayne Pirtle being sentenced to serve 57 months in custody and Ronald Allen Fisher being sentenced to serve 63 months in custody. Each was sentenced to serve three years of supervised release for his role in a $70 million scheme involving fraudulent equipment leases and tax evasion. Often with good behavior, it is half or less than the time granted. (12/09) Nancy Fisher gets four years, plus. Sentencing continues for: Ronald Allen Fisher continued to 2/1/2010, Sterling Wayne Pirtle continued to 2/1/2010, Mark Edward Fisher continued to 2/8/2010. (07/09) Sterling Wayne Pirtle and Ronald Allen Fisher pled guilty to evading $1M each in taxes, Fisher to remain in jail, Pirtle to be sentenced Nov. 23, 2009. http://leasingnews.org/archives/July%202009/07-01-09.htm#CMCmaster
(06/09) Two principals plead guilty to tax invasion: http://leasingnews.org/Pages/70_bank_fraud.htm (06/0)7 Kelly Fisher-Buh takes a plea agreement in $300 million dollar tax evasion claimed by United States Attorney Carol C. Lam, who brought a twelve-count indictment charging Sterling Wayne Pirtle, Ronald Allen Fisher, Mark Edward Fisher and Kelly Michelle Fisher-Buh with income tax evasion, arising from their receipt of unreported and untaxed income from their operation of a now-bankrupt CMC. She admitted to not reporting perhaps as much as over $600,000 in income. (08/06) CMC Officers Indicted for $300 Million Tax Evasion (6/05) Ameriana Bancorp to Recover Approximately $1,000,000 from Commercial Money Center Bankruptcy
Commercial Money Center (CMC), Southern CA.
(03/05) CMC Portfolio Turned Over to US Bancorp . ï¿½Should you or your readers have any questions regarding this matter feel free to contact me direct at 605 361 7781.ï¿½Troy Lang 3400 w 49th St #200, Sioux Falls, SD 57106 Phone: 605 361 7781 Email: email@example.com (12/04) Reportedly the settlements over unpaid leases continue two years after the bankruptcy of Commercial Money Center (CMC). Officers have been back in business since then, but under different names. The latest agreement involves Lakeland Bank and Royal Indemnity. Allegedly both firms filed claims against each other over the pools of commercial leases Lakeland purchased from CMC and surety bonds Royal issued that guaranteed lease income. Under terms of a recent agreements. Royal will pay $1.85 million to Lakeland, which in turn gets to retain $531,000 Royal already paid. The deal must still be approved by the U.S. Bankruptcy Court (5/2004) CMC Cases Like Timexï¿½Keeps Going and Going. (11/03)The officers of this company are back in business while the "disputes" continue among insurance companies, banks, vendors, lessees, and perhaps only the attorneys are being remunerated (10/03) Ameriana said it will write off two lease pools in the third quarter, an action that will reduce the quarter's net income by approximately $2,784,000 or $0.88 per diluted share. Heretofore, Ameriana had established reserves against these lease pools equal to approximately 58% of the approximately $10,900,000 that currently remains outstanding. Note: NetBank and others have taken over certain aspects of the defaulted portfolio, as reported earlier, and suits with the insurance agency surely continue, while the class action suit continues taking depositions, while the former officers have started new leasing and finance ventures. (3/2002) Court filing agreements http://www.leasingnews.org/archives/March%202003/03-13-03.htm#cmc (3/2003) NetBank Lakeland settle BK for portfolio http://www.leasingnews.org/archives/March%202003/03-12-03.htm#new (3/2003) CMC attorney withdraws, not getting paid http://www.leasingnews.org/archives/March%2020 03/03-06-03.htm#cmc (3/2003) Class action lawsuit regards not being licensed in California for lease financing http://www.leasingnews.org/archives/March%202003/03-05-03.htm#believe 12/2002---Commercial Money Center Bankruptcy Docket for case 02-09721 http://two.leasingnews.org/temporary/bankruptcy.htm (12/2002) Ameriana Bancorp to Boost Reserves 4Q re: Commercial Money Center (Nasdaq: ASBI) announces that it will set aside additional reserves of up to $5.6 million in the Company's fourth quarter ending December 31, 2002. This action will reduce fourth quarter after-tax net income approximately $3.4 million or $1.08 per share, resulting in a net loss for both the quarter and full year. In 2001, Ameriana reported net income of $1,216,000 or $0.39 per diluted share for the fourth quarter and full-year net income of $3,800,000 or $1.21 per diluted share. Approximately $4.7 million of the additional reserves to be set aside pertain to Ameriana's investment in a pool of leases acquired from the Commercial Money Center ("CMC"), a now- bankrupt equipment leasing company. Ameriana originally purchased two separate pools of equipment lease receivables totaling $12,000,000 from CMC in June and September 2001, of which approximately $10,900,000 currently remains unpaid. Each lease in the pools was backed by a surety bond issued by one of two insurance companies rated at least "A" by Moody's Investors Services. The bonds guaranteed payment of all amounts due under the leases in the event of default by the lessee. Each pool was sold under a Sales and Service Agreement by which the insurers serviced the leases. In each case, the insurers assigned their servicing rights and responsibilities to Commercial Servicing Corporation, an affiliate of CMC, which also has filed bankruptcy. When the lease pools went into default earlier this year, one insurer made payments for several months under a reservation of rights while the other refused to make any payments. Both insurers now claim they were defrauded by CMC and are denying responsibility for payment. Ameriana is one of a number of financial institutions around the country that purchased interests in lease pools from CMC. All of the CMC lease pools are in default and in litigation. The Federal Panel on Multi-District Litigation has taken control over most of the federal actions involving the insurers of the lease pools and has assigned them to the U.S. District Court for the Northern District of Ohio, Eastern Division, for consolidated pre-trial purposes. (NetBank has $80 million as part of the suit, among others.) (10/2002) Deadline for filing for claims for Commercial Money Center has been extended since the proceedings were converted to a Chapter 7. The CURRENT attorney is Bradley Shraiberg and his phone number is 561.395.0500. He is the contact until a further motion is filed to have him removed (he said for geographical reasons, as it is now moving to the Southern District of California Bankruptcy court in San Diego .) ( Read about CMC ) (6/2002) files voluntary bankruptcy, #11, in Florida, all hell breaks loose (5/2002) Gets worse, officers may go to jail (4/2002) Many, many complaints; reports of leases where equipment never existed, paying for leases that do not exist, much behind the scenes on the reputation of the founders, lawyers having a field day, San Diego FBI investigating all.(3/2002) Throws in the towel, 128 employees out of work, Dir. of Marketing Bill Hanson not paid, goes back to work for himself, bringing Gil Evans and his son Ty with him. closes door, leaving many unpaid bills and questions, especially about Kiosk leasing. (2/2002) Returns $1.2 Million to Date admit many complaints by applicants, vendors, and brokers. Fails to secure insurance line of credit after September 11th.
Connecticut Bank of Commerce, Hartford---( 11/2002)--facing state fines of $2.3
million, regarding non-performing loans and equipment leases. Readers report it was
known in the area they were being "real loose" with equipment leasing transaction.
Conrad & Associates, Carlsbad Ca (12/05) United States Bankruptcy Judge Dale L. Somers issues
the following: "After reviewing the file and being duly advised, the Court finds the case should be dismissed
for the following reasons: FAILURE TO FILE MISSSING/DEFECTIVE DOCUMENTS The case is therefore ordered
DISMISSED." (11/05) CMC Bill Hanson files Chapter 7 Bankruptcy in Kansas .No real estate was claimed
among his assets, and only listed were two accounts, less than $100 in one, and less than $500 in another,
a television, bed, couch worth less than $500, and clothes less than $500, plus ï¿½Sole Stockholder WGTD Inc
with a value of minus $200,000. He stated on schedule ï¿½Iï¿½ his current income consists of $1,494 in monthly
Social Security ï¿½government assistance.ï¿½
http://www.leasingnews.org/archives/December%202005/12-09-05.htm#cmc (7/04)--Reader Finds CMC's
Hanson and Fisher. Mr. Fisher keeps a condo at the \"Sterling\" on Tierra Verde, Florida (in my neighborhood)
and visits here monthly. If anyone would like to look for him, he is very easy to find! He also scammed my
father out of 50K so I am happy to help anyone make Ron Fisher held responsible for his debts. ï¿½For anyone
who wants to find them, Mr. (NOT Dr - he is a fake) Fisher spends a lot of his time at his Gulf front Condo in
Florida, 1100 Pinellas Bayway, #H4, St. Petersburgh, FL 33715. (02/05) Looks like Bill and TY Hanson, late of
CMC have done it again. Complaint received ï¿½I think my investment of 50k is no more. Got $500 a month or
12% return for 2004. Got January 05, but none for this month. All phones etc off!!! Sold me a Promissory
note.ï¿½ Attempts to find them for a response have all failed. They seem to have disappeared.
Conseco Finance Vendor Service (1/2003) Bankruptcy judge OKs auction plans for Conseco Finance 12/2002---In the third- largest
bankruptcy in U.S. history, Conseco Inc. filed for Chapter 11 protection after four months
of talks with creditors to restructure the insurance and finance company's $6.5 billion in
debt. Although the filing was not surprising given Conseco's recent woes, it marked a
dramatic downfall for a company whose stock was once a Wall Street darling. From 1988
to 1998, the company's stock averaged a total return of 47 percent per year and
Conseco shares traded as high as $58. Today, the stock trades at less than a nickel
per share. The filing follows a years long tailspin after the conglomerate's aggressive
acquisition strategy in the 1990s backfired. ( 12/2000) purchased by Wells Fargo Leasing.
Copelco (4/2000) sold to Citibank (10/2000) stock down rated ceases broker business, many complaints to manner turning off faucet.
CORONA AMERICA FINANCIAL, So. CA (5/2001) purchased by Total Funding.com, although called a merger.. Corona Pres. president, Jack Winsten worked at SDI Capital,
as did Total Funding president Alan Collier. TotalFunding to become soley an "application service provider" and utilize Corona direct sales force. No more broker
business, except on "case-by-base" basis, Collier says.
Corporate Capital Leasing Group (8/04) grows to 24 offices by advertising on eBay.
Court Square, Malvern , Pennsylvania (03/09) Reports noted denied that the subsidiary of Provident Bank is closing down.
Country LeasingBloomington, Illinois. Country Leasing, part of COUNTRY Financial, will discontinue new public leasing sales on Aug. 1, 2009. Six sales employees will be displaced
Creative Capital Leasing Group , LLC, San Diego , CA. (04/08) Goes Chapter 7, portfolio's placed for sale. (12/007) Perhaps the first equipment leasing company to file bankruptcy because of the subprime mortgage market problems. A hard line leasing company, well-known for taking both consumer and commercial real estate, the company filed for Chapter 11 Bankruptcy in the Southern California Bankruptcy Court on September 10, 2007. They listed up to 99 creditors, which may exceed to $100 million, but most likely is perhaps $75 million, including PFF Bank and Trust.
Crocker Capital, California-(11/2001)-Assets:only" purchased by Dimensional
Funding, creditors, reports that creditors and employees not being paid. Bill Booth
(owner) put in $500,000.00 of his own money to try to keep afloat. http://www.leasingnews.org/archives/November%202001/11-20-01.htm
Crossroad Bank, Wabash, Indiana, formerly known as First Federal Savings Bank of Wabash filed for $144,788.20 plus attorney and court costs regarding respirators leased to Allied Health Care Services, Orange New Jersey and Charles K. Schwartz. No response to date from attorney.
(06/06) Horton, 54, of Grand Rapids, pleads guilty to 4
felony charges. (05/06) Trial set for ex-Pres. James. M. Horton (04/06) FBI to go after
Cybernet, Grand Rapids
(5/05) CyberNET's jilted creditors want to know more about Huntington Bank's
relationship (who also is having troubles with Preferred Capital underwriting of leases.
Note: Bank earnings very good.) (5/05) CyberNet Claims total $114 million (4/05)
Auctions raises $1.1 mm. Wife says she is broke and not responsible for late husband's
(2/05) Trustee looks for help with Cyberco (1/05) Creditors looking for money,
find a lot of expensive wine (11/04) Founder Barton Watson barricades self in house,
commits suicide (11/04)According to public records, ï¿½approximately (70) banks and
leasing companies are involved with a fraud estimated to be in excess of $60 million.
Dana (2/2001) reports huge 4th quarter loss (7/2000) sold off portfolio, active as captive lessor (2/2001) posts a fourth-quarter net loss, eliminates 10,000 jobs (7/2000) sold off portfolio, active as captive lessor
Decision Systems/IDS (9/03) Becomes private company (8/03 Twins Engineers wins bid (8/03) Capital Stream to let offer lapse (7/03) Twins Engineering, Summit enter fray (7/03) Capital Stream ups ante ( 6/03) Bidding starts for ownership by CapitalStream, as others jump in. (3/2003) Year-end not so good in UK. www.leasingnews.org/archives/March%202003/03-12-03.htm#ids (2/2003)Highly reliable rumors US company for sale.
De Lage Landen Financial Services, Wayne, Pennsylvania (8/10) sues Charles K. Schwartz, president, of Allied Health Care Services, and for the first time Bruce Donner and his company Donner Medical, claiming the equipment never existed, for $1.425 million.
Dell (captive lessor) (08/07) Admits to overinflating sales reports for four years. (09/06) Up For Delisting NASDAQ regarding failure in filing quarterly reports
Denis Horner (12/2000) acquired by Sandy Spring Nat'l Bank ans subsidiary of OLNEY, MD dased Sandy Spring Bancorp
Direct Capital Corporation, Portsmouth, N.H. Direct Capital Corporation, Portsmouth, N.H. (10/10) "DCC has no relationship with Allied/Ares Capital as the management team led a buyout of Allied’s interest in the company a couple months ago. We bought back all the ownership of Allied and now we’re 100% employee owned," Chris Broom, CEO. (03/10) Seven year veteran Bob Sweeney, Executive Vice President and CFO is no longer with the company, Direct Capital Chairman Chris Broom told Leasing News. "It was a mutual decision. Bob Sweeney played a key role here and I would be glad to be a reference for him." (10/09) Exits the broker business marketplace. (10/09)
let's people go, now down to 200. (12/08) many cutbacks reported by readers as well] as nearby leasing company receiving applications from employees fired, but CEO Chris Broom says business is up 23%, $10 million put into the company and approaching banks to increase their lines of credit.(11/08) Readers report cutbacks, Broom says ï¿½normal.ï¿½ (11/07) Mike Murray, co-founder with Dave Murray of company retires. (03/07) Allied Capital commits to $75 million to acquire a majority interest in Direct Capital.
Diversified Financial Service , Omaha , NE (06/08) exits the broker funding business.
Dolphin Capital (11/07) Sold to LEAF Corporation
Dolsen Leasing Company, Yakama, WA Dolsen Leasing Company, Yakama, WA (12/09) Joanie Dolsen retires: "Our Bellevue office will be closing and we are consolidating all remaining leasing activities to our corporate office in Yakima where all of our other companies are located." (1/05) Bob Dolsen passes away, the founder of the oldest independent leasing company in Washington State.
Drake Bank, St. Paul, Minnesota (8/10) sues Allied Health Care Services, Orange, New Jersey and Charles K. Schwartz $270,053.79 plus
Dubai Aerospace Enterprise, Dubai (12/06) ---will invest between $1 billion and $3 billion to establish an aircraft leasing business
Dubai, UBAI (2/06) to develop own $ 10.8 Billion aircraft lease company, plus $10 billion to develop airports and make aircraft parts to tap into growing demand for air travel in the Middle East and Asia.
DVI, Philadelphia (3/07) Steven Garfinkel, the former chief financial officer of DVI, Warwick, PA was sentenced to 2 Â½ years prison, as well as serving five years of probation; in addition he is to repay Fleet Bank $51.7million at the rate of $200 a month upon his release. At that rate, the then 66 year old Garfinkel will not satisfy the debt for 21,542 years. (6/05) FBI reportedly Investigating DVI officers (01/05) BK Trustee Seeking ï¿½Vendor Paymentsï¿½ 90 Days, meaning deals funded within last 90 days before bankruptcy, also going after broker commissions paid during this time period. (5/2004) Fitch Ratings places certain classes of DVI, Inc. equipment transactions on Rating Watch Negative DVI (4/2004) the bankrupt Jamison medical finance company, loaned its chief executive more than $500,000 - and loaned another senior executive $150,000, and creditors want the loans repaid. (12/03) The U.S. District Court entered an order appointing Cedar Street Group as lead plaintiffs, and Krislov & Associates, Ltd. as lead attorney in the securities class actions brought against DVI, Inc.'s former chief executive officer, Michael A. O'Hanlon, and chief financial officer, Steven R. Garfinkel, and DVI's former lead underwriter, Merrill Lynch & Co. Claims against DVI, Inc. (DVI or Company) are currently stayed due to its Chapter 11 filing. (9/03) Suit Filed Against Former Senior Executives of DVI as law suits galore appear (8/03) starts cutting employees, half let go, close to 200 now (8/03) DVI files BK (8/03) Leasing News insiders say deals not being funded, real problems, company most likely will file bankruptcy, major problems. (12/2000 out of broker )
DZ Bank, Germany/USA (03/09) Exits securitization marketplace; "...unit's 21-member staff will soon shift somewhere else."
EXCEL Investment Group, Florida (12/03) A Federal Inspector by the name of Sal Farash said this operation has now reached over $1.9 Million dollars in fraud. Peter Gonzales, the President of EXCEL Investment Group was arrested a few weeks ago. He got bailed out 24 hours later, but they are "watching" him. ï¿½They are going to get this case tried within 90 days to 6 months and hopefully put him away for good. There are assets that they can seize and hopefully get some of the victims compensated. The Inspector, Sal Farash, can be reached at (954) 436-7228.He is asking for victims of EXCEL Investment Group or Nations Capital Credit.
Equipment Acquisition Resources, Palatine, IL. (05/11) No evidence that Player filed personal bankruptcy. (12/10) BK trustee are still seeking $1.785 million from Wynn casinos, $471,000 from the Rio, $236,500 from the Luxor, and $30,000 from Harrah's. There are other casinos, according to court documents, $4.3 million in payments to the Horseshoe Casino in Hammond, Ind., $584,000 in payments to the Ameristar Casino in East Chicago, Ind., and $30,000 to the Palms hotel-casino in Las Vegas. (10/10) BK trustee filed against Harrah's Entertainment, Luxor Hotel, Wynn Las Vegas, as Sheldon Player is a gambler, playing at this clubs, and as reported by a previous story was intercepted at a Colorado airport with a duffle bag of $900,000 in cash that he claimed he won while playing at the clubs in Las Vegas, Nevada. (8/10) E.A.R. Counsel asks for $254,249 legal services (8/10) Sheldon Player still big player at casino's, while BK trustee files $4 million tax suit against IRS as Player, EAR tax returns were bogus (04/10) Joining Minnwest Bank and Highland Bank, The National Bank (TNB), Bettendorf, Iowa, has also filed suit against First Premier Capital, Edina, Minnesota, all accusing that First Premier Capital had knowledge of its referral of Equipment Acquisition Resource, specifically stating derogatory information that was not discussed although reportedly known to First Premier Capital. (03/10) Report equipment crated and being sold to German company. (02/10) E.A.R BK Trustee sues I.R.S for $4.7 Million (12/09) Separate law suits now up to $50 million Comerica the latest. (11/09) more join separate lawsuits seeking "Default Judgments" on guarantors (11/09) Sheldon Player Caught w/$900,000 Cash in Duffle Bag (11/09) Bank of Dixon, Ponca, NE latest to file, lawsuits now over $30 million,
East Coast Leasing Inc. North Carolina (09/06) a trucking company with 79 Triad employees, announces they are shutting down
East West Bank, Pasadena, CA (10/12) to cut back Healthcare Leases/Loans, Paul Appel no longer at bank: http://leasingnews.org/archives/Oct2012/10_29.htm#eastwest
Econocom USA, Inc., Memphis, Tennessee (12/05) provider of solutions for the finance and management of technology assets, announced that it has agreed to sell its lease portfolio to Meridian Leasing Corporation, a Chicago-based provider of IT asset and financial management solutions. Founded in 1979, Meridian Leasing, part of the Meridian Group, is a comprehensive single source for lease financing and used equipment solutions for IT equipment of all sizes, as well as a wide variety of other products.
Edwin C. Sigel , LTD, Northbrook, Illinois (4/2004), changes name "...to better reflect the broad range of services that we provide our clients. Our new name is ECS Financial Services, Inc. We believe that our new name better demonstrates the diversity of our services which have grown to include not only Lease Portfolio Management, Accounting and Tax Services, but also Consulting, Tax Planning, Business Valuations, Recruitment Services, Litigation Support, Web Design, Expert Witness Testimony, just to name a few."
Efinanceworks (2/2001) lays off 27 employees, says will return $150 million to investors, and is shutting down.
El Camino Leasing, ((08/09) sold to CHG-MERIDIAN Group Weingarten, Germany. http://leasingnews.org/archives/August%202009/08-28-09.htm#CHG_MERIDIAN 6/2004) Harmon on his way back. http://www.leasingnews.org/archives/June%202004/6-01-04.htm#harmon ( 2/2001 ) GATX announces purchase of portfolio, making ATEL Capital largest independent owned leasing company in the world (1/2001) reportedly winding down, sold portfolio, selling partner relationships, selling off all assets 10/2000 No longer taking broker business 11/2000 struggling to stay in leasing business, according to insider reports
El Camino Resources International Leasing and Financing , Chatsworth , California (11/08) Not funding deals in Mexico ; suit along with ePlus Group against Huntington Bank, Columbus , Ohio is preceding to a trial, perhaps by July of next year.
eLease ( 6/2001) Paragon, S.F.Tom Williams/LeaseExchange buys eLease assets ( 2/2001 ) employees Let Go, Prime Street is "History." (12/2000) purchase by Primestreet (June/July/2000) senior management changes
Element Financial, Toronto, Canada (12/12) to Acquire Nexcap for $20 Million (08/12) Bradley Nullmeyer back
with Steve Hudson team.
http://leasingnews.org/archives/Aug2012/8_20.htm#nullmeyer (05/12) Acquires the vehicle fleet business from Scotiabank for $146.7 million, plus debt, and he receives a report $430 million of lease assets. Goes back to the market for more cash.(12/11) Steve Hudson takes the company public. (11/11) Steve Hudson says "Now's the Time!" Plans major expansion, including more business in USA.
Enterprise Funding Group, LLC, Grand Rapids, Michigan (09/05) acquired by James Investments, LLC. Enterprise Funding Group, founded in 1996, is an equipment finance company that provides lending and leasing services to small and medium sized businesses across the country. Its primary focus is on income-producing capital equipment in the construction, manufacturing, healthcare and selected service industries. James Investments, based in Grand Haven, Michigan, is a privately held venture capital firm.
ePlus (07/06) ePlus has settled a lawsuit with GMAC Commercial Finance in a deal that includes a cash payment of $6 million. GMAC's claim against ePlus was for $13.4 million, including interest and legal fees, with the trial set to begin July 24. The suit was in connection with an alleged breach of warranties regarding an assignment of debt from ePlus, as lessor, for leases with Cyberco Holdings, a now defunct tech company that was based in Grand Rapids, Mich.
Equalfooting.com (11/2001) files for bankruptcy, going under.( 10/2001) having financial problems. We asked president this question and then sales manager a few months ago when reported they let salespeople go. They denied any problems. Leasing News heard otherwise.
Equipment Finance, Lancaster, PA (11/2001) Sterling Financial to purchase for $30 million
( 70% stock/30% cash )
Equipment Finance Group, Fresno, Ca. (1/06) President Ken Wheeler passes away, company to go into probate; however, many brokers-vendors still claim owed money and/or wait for their deals to fund. (11/05) Wheeler tells Leasing News the Fresno Bee story is ï¿½erroneous.ï¿½ He did confirm he was interviewed by the Fresno Police, but explained the three examples were not correct. He expects no legal action. Vendors , seeking payment, who recently visited the office wrote Leasing News: ï¿½They are down to one inside sales person, and do not answer the phone. I am told Ken Wheeler comes in around 9:30 to 10:00am, stays to 11:00am, and then goes to his favorite restaurant-bar, returning at 2:00pm and then leaves around 3:00pm to 3:30pm every day. I am also told he has health problems.ï¿½ http://www.leasingnews.org/archives/November%202005/11-22-05.htm#wheel (11/05) "Fresno Bee" newspaper writes story "EFG subject of lawsuits, fraud inquiry." Part of story states," In October, Inc. magazine named EFG Leasing the 48th fastest-growing private company in the United States with a 1,449% increase in sales from 2001 to 2004. But 2005 has been a brutal year for the company, said President Kenneth Wheeler, 61. A serious illness that keeps him away from the office most of the day, combined with the effects of two thefts and a former employee who cheated the business, plus significant changes in his industry, have crimped purse strings this year and contributed to business woes, he said. 'If you put it all together in a lump, it hasn't been a great year even though last year was a great year,' Wheeler said. EFG, which provides leasing programs for businesses, reportedly had $14 million in sales in 2004. That will dwindle to about $5 million this year, Wheeler said.' http://www.leasingnews.org/archives/November%202005/11-21-05.htm#efg (10/05) Leasing News received many e-mails that brokers and vendors could not reach the Equipment Leasing Group in Fresno, California, that the telephone was disconnected. Wheeler says changing telephone systems, down for ten days? (10/05) named to the Inc. 500 a list of the fastest growing companies in the nation for 2005. With the three year revenue increase of 1,450% EFG Leasing Inc. was the #48 fasting growing company. (6/05) 1992 company founder Ken Wheeler says 300 laptops stolen, also hit by phony checks, reasons for complaints about time involved in processing leases and paying vendors, other problems were due to his illness, denies that operation manager Steve Davis is really his son Sean Wheeler. From a telephone call to his house, Sean said that he thought his father would hire him, if he wanted to get back into the equipment leasing business, but at the present time was unable to do so. He reads Leasing News, from time to time, he said, and that is basically the extent of his involvement in the leasing industry today.
Equiplease (10/06) Autobahn Funding Company, LLC and NewStar Financial, Inc. increase their commitment from $100 million to $175 million.
European American Bank (09/2001) American Bank Equipment Lease Finance Unit Closing Today. Frederick Anderson new e-mail address, which is FrdA4@aol.com. Telephone # 516-822-2008 (8/2001) Fred Anderson announces as of Sept. 17, " We are looking to move as a group to another bank or finance company to start our operation up all over again". (7/2001) Citigroup finalizes acquisition of American European Bank, whose subsidiaries include Fidelity Leasing, American Equipment Leasing and Wasco Funding. (7/2001) made the announcement official, Romoff will be leaving the Company at the end of the summer. The company's leasing activities will be run by CitiCapital, with its Lease Lending Division headed by Dave Frankel at the head of the Leasing Lending Division. It is reported that within CitiCapital, Frank McCaughey will continue to head up the Vehicle Lease Financing unit. It is also reported that EAB's leasing subsidiaries in the U.S. will continue to originate equipment leasing and financing transactions for CitiCapital. (6/2001) to close brokerage operation end of month, Ira Romoff resigns, Fred Anderson will be on the streets shortly, along with Omar Diaz and Rich Illich).
Evans National Bank (04/10) Evans Bancorp, Hamburg, New York, reported ï¿½first quarter net income increased to $1.45 million from a net loss of ($1.25) million in last year's first quarter, which included a $2.9 million provision for lease losses and $2.0 million goodwill impairment charge associated with the Company's discontinued small-ticket commercial equipment leasing business. (02/10)-Evans Bank Ceases effort to sell lease portfolio
"http://leasingnews.org/archives/Feb2010/2_15.htm#bank_beat">http://leasingnews.org/archives/Feb2010/2_15.htm#bank_beat (08/09) "The direct financing lease portfolio declined $14.5 million to $40.9 million at the end of the 2009 second quarter as the Company ceased lease originations in the second quarter of 2009. As it was the Company's intent as of June 30, 2009, to sell the portfolio, the lease portfolio was classified as held-for-sale and marked to its market value of $40.9 million. The market value is based on preliminary bids from marketing efforts."
(04/09) A divison of Evans Bank, exits leasing
(08/07) net loss of $(139) thousand, may affect leasing operation.
Evergreen Leasing, South Elgin, Illinois(10/12)John Blazek, CLP, closes door. He was on the board of directors of the United Association of Equipment Leasing, very active, until his company Stratford Leasing filed bankruptcy in 2000. He then became a principal and vice-president of Metrolease involving alleged "double funding" between LaSalle Bank and Textron, who at the time left to start Evergreen Leasing.
Excel Financial Leasing, Lubbock, Texas Excel Financial Leasing, Lubbock, Texas (11/09) Benny Judah pleads guilty $50MM Ponzi scheme (04/09) SEC freezes all assets, claims $40
million security fraud.
Falcon Leasing, St. Cloud, Minnesota (03/07) Founded by well-known and respect leasing industry leader Don Polfliet. He worked his way up the sales ladder, was very active in several leasing associations, and became the head of Lyon Financial, who owned Manifest Leasing. When US Bancorp bought Lyon, he left. http://www.leasingnews.org/archives/March%202007/03-28-07.htm#don
FedFinancial (2/2001) Universal completes its planned purchase more information available at www.usxp.com http://www.leasingnews.org/archives/December%202001/12-13-01.htm
Finantra (11/2000) will eliminate its commercial finance operations in order to focus on its two core finance platforms, consumer finance and services and consumer mortgage lending.
Fidelity (4/2000) acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V., headquartered in the Netherlands, raising funds.
Fidelity Leasing, PA (5/2001)
No more Broker Business accepted.
Financial Advisory Consultants, Lake Forrest, CA (05/06) James P. Lewis Jr., 59, received the maximum sentence of 30 years from U.S. District Judge Cormac Carney on Friday in Orange County, California, federal court. He also was ordered to pay back the $156 million he stole from 1,600 people in a Ponzi scheme that lasted over twenty years, until it imploded from the duplicate selling of equipment leasing contracts and loans.
Pacific, Federal Way, WA (08/11) Financial Pacific, licensed in California, doing business with unlicensed companies in California, including Benchmark Financial Group, in top list of funders for last two years in Southern California, despite many Bulletin Board Complaints, loses in small claims court, many complaints on the web, including web sites outlining their complaints against Benchmark. Similar companies supported by Financial Pacific fundings. (07/11) Does not control funders and Evergreen clause. http://leasingnews.org/archives/Jul2011/7_13.htm#menzel (10/10) Flexpoint Ford, LLC, Chicago, Illinois, acquires substantial interest in "Fin Pac," who increased its syndicated credit facility, led by Bank of America, from $155 million to $192 million. The company has also renewed its existing $100 million structured warehouse facility with WestLB. Appears Allied has been having its own problems, divesting itself of its interest in leasing entities. (01/09) "Parent" Allied Capital in trouble due to "Mark to Market." Paul J. Menzel, CLP President, says "FinPac is a portfolio investment of Allied's. We operate independently and are not presently affected by them." http://www.leasingnews.org/list_alpha_new.htm#finpac (7/2004)
Surprise---ï¿½Fin Pacï¿½ Sold to Allied Capital, Washington, D.C., $94
Million, to close in third quarter,2004 (5/2004) S.E.C. still studying
proposal, talk about promoting stock for company, truck portfolio
law suit, and other questions brought up, but considered ï¿½routine,ï¿½
due to nature of portfolio...Menkin would have bought stock if IPO
came about,a great company FinPac CEO Dale Winter noted that the
value of IPOs has declined significantly since April, when FinPac
first began the process of going public. FinPac accepted Allied's
buyout offer on June 30, according to Winter, who says the acquisition
will not affect FinPac's operations or its 120 employees. Other
leasing and finance companies have been successful with IPO's, but
underwriters were reportedly not bullish about "Fin Pacs"
chances, thus the sale to Allied. (4/2004) ï¿½Fin. Pac.ï¿½ ï¿½Cï¿½ and ï¿½Dï¿½ funding source has filed an IPO to raise $80.5 million dollars. (01/2010) Completes the renewal of its $100 Million Term Credit Facility with WestLB AG. The lending relationship between the two financial institutions was originally established in 2001.
Finova (9/2001) Offer terminated. Berkshire Hathaway invoked an "Act of War" clause in order to terminate its offer to buy up to $500 million of Finova Group, Inc.'s 7.5% Senior Secured Notes. Berkadia further stated that termination of this purchase offer does not affect Berkadia and Leucadia National Corp.'s joint rescue package for Finova. (8/2001) Finova Group won a judge's approval of a Chapter 11 recovery plan proposed by Warren Buffett's Berkshire Hathaway and Leucadia National, clearing the way for the finance company to emerge from bankruptcy. The plan is based on a $6 billion loan from Berkadia LLC, a joint venture of Berkshire Hathaway and Leucadia. Scottsdale, AZ based Finova will use the loan plus its cash reservies to pay $7.35. (8/2001) for the second quarter 2001, reporting a net loss of $436.5 million (6/2001) wins bankruptcy judge's permission to proceed with a $7.35 billion recovery plan for the finance company proposed by Warren Buffett and Leucadia National Corp; hearing date August 11. (3/2001) files Chapter 11 as per plan, many disputes from creditors, Finova former CEO may get $9.3 million in severance, says Arizona Republic Newspaper (3/2001) Dow Jones questions take over plans (2/2001) Finova Bailed Out by Buffett-Led Group , Berkshire Hathaway and Leucadia National announced that they have entered into an agreement for a $6 billion loan to Finova Capital, however to clear up creditor issues, will have to file Chapter 7 and hope creditors don't push into Chapter 11, many guess stock manipulations and other "doings" going on. (2/2001) downgraded to "C" rating by Fitch "With significant debt maturities due in May 2001 and Leucadia National Corp's $350 million investment withdrawn, Finova's ability to operate as a going concern faces serious challenges." (1/2001) Deal of Leucadia National to Invest $350 Million in Finova falls apart (1/2001) laid off 90 employees, or about 9 percent of its workforce, in an ongoing effort to cut costs. The company continues to employ about 300 people in Phoenix and 940 nationwide. (12/2000) out of market place, many problems, raises $250 MM, but not enough (11/2000) Announces they will discontinue business, sell units, Suspends Dividend. (11/2000) Leucadia National to Invest $350 Million in Finova (11/2000) reports $274 million loss) (10/2000) Dow Jones notes stock falling and problems at Finova (10/000) Dow Jones headlines "Finova Stock Falls As Buyout Hopes Wanes.
First American Equipment Finance, Fairport, NY (11/11) William “Bill” Verhelle, CEO, First American Equipment Finance, past president of the Equipment Leasing and Finance Association, goes against the trend to build his company's business. He has been consolidating his offices to his Fairport, New York office, and in addition, a plan to add more employees with his company’s approach that has been bringing them success using Cisco's Show and Share and other internet/software programs.
First Capital Group (3/2000) sold by First State Bancorporation for approximately $62.5MM. They were acquired by First Banks, Inc. of St.Louis. Since that time they have grown from $62.5MM to $175MM and are continuing to do business in the middle market arena.,aka David W. Friiede
First Capital Group, Albuquerque (6/2001) purchased by First Bank of St. Louis, the largest privately owned (non-public ) bank in the country with around $7BB in asset purchases. Founded by Gary Millhollon 1955, specializes in $250m to $10mm market/ cash flow drive with 2000 customers in 45 states and 3 foreign countries.
First Commercial Capital Corp ( 2/2001) to be acquired by TCF Leasing )
First Merit, Akron, Ohio (09/12) To acquire Citizens Republic Bancorp Inc. (Nasdaq: CRBC) of Flint, Mich., in a stock transaction valued at $912 million. In the joint announcement the companies stated the transaction "...creates a unique, contiguous Midwest banking franchise, expanding FirstMerit's footprint into Michigan and Wisconsin, as well as strengthening its presence in Northeast Ohio.”
FirstCorp, Portland Oregon (3/2003 )acquired by IFC Credit. Highlights, according to their press release, include: "10,000 leases under management totaling $200 million in receivables.120 employees located in the metropolitan areas of Chicago, Los Angeles, Dallas, Atlanta, New York, and Portland, with IFC's headquarters being maintained in Morton Grove, Illinois.32 sales and marketing professionals serving the vendor services, middle market, and venture leasing market segments. Assimilation of FIRSTCORP's business platform into IFC Credit's leasing operations, with lease operations being directed by John Estok, former President of FIRSTCORP.Integration of FIRSTCORP's web-based Lease Sales Manager front-end software with IFC Credit's LeasePlus software, both products of Lease Team, Inc. of Omaha, Nebraska." http://www.leasingnews.org/archives/March%202003/03-03-03.htm#ifc (1/2003) Purchased by IFC Credit (reported 1/2003 but full story is here)
First International Bank ( 3/2002)to concentrate on its parents customers as part of UPS Capital, to focus on UPS 1.8 million customers for equipment leasing business. First International Bank was formerly named First National Bank of New England. It was sold to UPS Capital, a UPS Capital Company. The web site is www.firstinterbank.com. Spokesperson denies out of "broker business," yet brokers report otherwise.
First Premier Bank, Sioux City, South Dakota (8/10) sues Allied Health Care Services, Orange, New Jersey and Charles K. Schwartz for $1,023,225
First Premier Capital, Edina, Minnesota (11/10) ordered to pay $5.62 million in a "representation and warranty" case regarding Equipment Acquisition Resources, Palatine, Illinois.
First Republic Bank , San Francisco , Ca. (01/08) Paul Knowlton, CLP, Managing Director, First Republic Equipment Finance, 2008 president of the United Association of Equipment Leasing (UAEL), confirmed that First Republic Bank, San Francisco , California is closing its leasing division that Knowlton heads. First Republic Bank was purchased by Merrill-Lynch and in recent news about selling off more of its assets, which previously included Merrill-Lynch Commercial Finance Lease division. May 20, 2006 Republic announced that it had purchased Bank of Walnut Creek, across the San Francisco Bay in Walnut Creek , the hub of Contra Costa County.
First Security Bank, Canby Minnesota (8/10) sues Allied Health Care Services, Orange, New Jersey and Charles K. Schwartz for $241,240 plus
First State Bancorp, Albuquerque, N.M ( 3/2000 sold leasing division-$64 million)
First Trillion, Columbus, South Carolina First Trillion, Columbia, SC (12/10) Dwight Galloway announces deal with his LEAF Specialty Finance staff has fallen apart. The investor was predicating all in acquiring a bank which would add the product of leasing with Dwight Galloway and his group bring small ticket leasing, which was a plus, but evidently outbid. (09/10) Reports will be open for business by end of year; Dwight Galloway not an employee, or employee of LEAF Financial, but staff of company is his former staff for many years.
Fisher-Anderson/Firerock Capital (12/04) While no confirmation from former president Bob Fisher, all e-mail comes back and only telephone goes to a salesman, who does not answer telephone. Let us assume they are no longer in business, until confirmed or denied by a former officer. (4/2003) Bob Fisher becomes sales manager for Douglas-Guardian, leasing service company. He remains a partner in Firerock Capital. Scott Anderson is president. http://www.leasingnews.org/archives/April%202003/4_29_03.htm#bob (2/2002) Bob Fisher resigns to form Firerock Capital; Scott Anderson stays behind to wind down portfolio; company was sold to MarCap, Fisher reveals; MarCap reportedly having problems with many of its leasing portfolio's and wants to get out of small ticket marketplace (8/2001) Many sales people let go the last few months, company cuts back, Don Shadel, former Commercial Vehicle Division Manager of Fisher Anderson L C, and several CVD staff members, have started a new company named Mark III Credit Corp. The focus will continue to be new and used work oriented vehicles in the small ticket range from $15,000 to $150,000. Our prior company, Atlas Funding Group, Inc. was acquired by Fisher Anderson L C in September of 1998 to market a national titled vehicle program for brokers and lessors." Our affiliation with Fisher Anderson L C the last three years has been a pleasant experience, however recent changes in the transportation industry dictated that we both move in different directions. " firstname.lastname@example.org
Five Point Capital, San Diego, CA (04/12) David Gilbert buys out his "partner," Greg Wells/Tamara McCourt, CLP, Michael Losey, Jason Norton released. Gilbert becomes CEO. http://leasingnews.org/archives/Apr2012/4_18.htm#five_point (07/11) joins the Evergreen Notification List. http://leasingnews.org/archives/Jul2011/7_25.htm#five
Fleet (5/2001) Fleet is consolidating Sanwa and the Chicago operation. ILC (Cincinnati, sub of Provident Bank) may likely take over the Sanwa sales team.
FlexLeasing (4/2001) ( a subsidiary of Griffin and Associates), Albuquerque, New Mexico, Merger falls apart, Chuck decides to take early retirement. (3/2001 ) closing office to merge with another company, "announcement soon," say Chuck Griffin.
FMA Financial, CA (4/2000) reportedly closed to brokers
FNF Capital (12/2001) the nation's largest provider of title insurance and real estate related products and services, today announced that it has discontinued the origination of small-ticket leases by FNF Capital, its wholly-owned leasing subsidiary. The Company will take a one-time, after-tax charge of approximately $8 million in the fourth quarter to cover costs associated with this discontinued business. FNF Capital will continue to service those leases currently in the portfolio. FNF originally entered the leasing business through the February 1998 acquisition of Granite Financial, which was renamed FNF Capital (10/2001) /closes down Small Ticket Operation.
Franklin Leasing, Des Moines, Iowa--owned by Liberty Bank-- (2/2000)-no longer writing lease, limited by regulations and leases are for sale
Franklin National Bank of Minneapolis, Minneapolis, Minn. (8/10) files $216,000 suit against Allied Health Care Services, Orange, New Jersey
Franchise Mortgage Acceptance Corporation (FMAC) 11/1999 purchased by Bay View Commercial Corporation
Frontier Leasing, Des Moines, Iowa (07/10) loses Royal Golf case regarding "non-cancelability." http://leasingnews.org/archives/July2010/7_07.htm#iowa
Funding Tree (03/05) Kendra Bernal Gets One Year in County Jail, pleads her routine before the judge who buys it, just like all her victims fell for her story. She communicates from jail by internet to her boy friend and other friends, spinning her web (evidently she also reads Leasing News, as she has sent them our coverage of her sentencing.) (8/04) Kendra Bernal sentencing moved to October 13,2004 (7/2004) Funding Tree Kendra Bernal in Utah, out on $184,000 bail, due to report in California on August 25, 2004 for sentencing. (3/2003) wrap-up by the late award winning journalist Rene Tankersley, Landline Magazine: http://www.leasingnews.org/archives/March%202003/03-12-03.htm Nevada Attorney General Closes Legacy/Funding Tree Down http://www.leasingnews.org/archives/February%202003/ 02-27-03.htm#fdic the Year-end wrap-up by Rene Tankersley, Landline Magazine http://www.leasingnews.org/archives/February%202003/02-12-03.htm#easy (2/2003)---"I Really Didn't Know." Telemarketer confesses for her action, tells all: (2/2003)Rene Tankersley Landline Magazine up-dated 12/2002---Complaints continue about Funding Tree operation in Nevada keeping advance rentals. (10/2002) In the last episode, Kendra Bernal had resigned (went back to jail), a new president was named, and according to the attorney of record, the hearing before the California Department of Corporations was cancelled. The corporation did not have a Finance Lender's License to conduct business, and further was ordered to desist. The Funding Tree was appealing, until Kendra Bernal was arrested for violating parole. It appears The Funding Tree has moved to the State of Nevada, where a license is not required. Leasing News has two complaints, one in Maryland, the other in Kentucky, where advance rentals have been paid, one where the vendor has not been paid for the limousine, but leasing payments were taken out of the lessee bank by ACH. Riverside, CA ( 6/2002) New president says there is hope past vendors and brokers will be paid. Dept. of Corp. "cease and desist order" still in place. Riverside DA Jerry Fox warns, "Don't take advance rentals if there is no lease approval. "(6/2002) Kendra Bernal arrested for allegedly violating parole (5/2002) More complaints, although e-mails say some deals have funded and vendors have been paid---hope--- (5/2002) Many more complaints (4/2002) Many complaints. Vendors/brokers not paid.
GATX, Chicago (1/05) Reports Net Los $112.3MM 4Q/$15.1MM year-end Loss
GCR Capital, Safety Harbor, FL (07/10) Closes doors, refers all calls to attorney. Gave up fighting the Florida US Attorney General;
many complaints at Leasing News, made Complaint Bulletin Board.(06/10) Receives Bulletin Board Complaint not paying broker since January.
GE Capital , Conn (10/10) GE Keeps on Trimming. http://leasingnews.org/archives/Oct2010/10_18.htm#ge (04/10) GE 1Q profit down 32%, revenue slips; Immelt upbeat (01/09) makes more cuts in GE Capital (01/09) More cuts in several divisions. http://www.leasingnews.org/list_alpha_new.htm#ge (12/08) sends out new rules regarding termination, more layoff expected after first of the year. (11/08) GE becomes commercial bank to seek TARP funds (10/08) closes more leasing divisions (09/08) starts cutting leasing divisions. (04/08) Citibank sells units to GE Capital (12/07) purchases most of Merrill-Lynch Finance Division, officers given notice to look for other employment. (1/06) Wall Street Journal says exiting small ticket leasing marketplace http://www.leasingnews.org/archives/January%202006/01-25-06.htm#ge (10/2001) Records 19% Revenue Drop in QIII
GE Commercial (10/09) "we are shrinking GE Capital faster than we had planned,ï¿½ Jeff Immelt, Chairman & CEO, confessing in telephone conference call. (04/06) With $15 billion in served assets and 400+ professionals across 40 locations in North America, GE Commercial Finance announces the expansion of its Corporate Lending business, providing middle market and larger corporate customers a broader suite of financial solutions. As part of the announcement, the company formally introduced Tom Quindlen as President and CEO and Jim Kelly as General Manager of North America.
GMAC Financial Services (02/08) Net Loss $724 Million compared to net income of $1 billion in 4th quarter of 2006.
Global Funding LLC. Clearwater , FL (12/08) Jeff Maricle says just a "consultant" for Landmark Financial, not his company, returns all advance rentals before this company closes due primarily to publicity, it is claimed. (11/08) Jeff Maricle was found guilty of not returning an advance rental (10/08) Company out of business, founder Jeff Maricle, names SunBridge Capital truck deals not funding as prime cause.
GMD International, Inc. dba Nolatek of Houma, La.(01/2010) Operation closed after Texas bank foreclosed on the $3.9 Million loan and has repossessed its collateral. Various leasing companies and banks are involved and may exceed $50 million. The founder,
a French citizen, has returned to France. The company is closed
and there is no corporate officer to file a bankruptcy and it appears
the lenders involved do not see any such purpose in doing so
as much of the collateral does not exist, and it appears others have
claimed (taken) what was left.
Golden Gate Funding ( 2/99 purchased by Westover Financial )
Golden Eagle Leasing , Phoenix, Arizona ( 5/2001 )takes $13.3 million Loss in quarter
GreatAmerica Financial Services, (formerly GreatAmerica Leasing) Cedar Rapids, Iowa (01/13) Tony Golobic, CEO, names 2012 Leasing Person of the Year by Leasing News (11/12) new trade name "GreatAmerica Financial Services." "GreatAmerica is far more than a leasing company today,” said GreatAmerica Chairman and CEO Tony Golobic. “We have always been solution driven. Over the years, this has led to the development of a number of innovative, non-leasing products and services. The evolution of our name simply underscores our commitment to the continued success of our customers.” (07/11) purchases the “One GreatAmerica Plaza” building in downtown Cedar Rapids, a major building that also houses their operation.
http://leasingnews.org/archives/Jul2011/7_06.htm#greatamerica (03/11) Completes 10th securization for $362.4 million, total securitization in 18 years $2.5 billion. (10/10) starts new division with Brian Bjella and David Pohlman. Bjella moves his Grandview Financial, Quest Resources, HLC Capital, Dakota Capital, all to Great America Leasing. (10/10) Announces will get into portfolio service business with Joe Andries, VP & GM, who ran US Bank Manifest Portfolio Service, and Brett Steffen, VP, Operations.
Greater Community Bancorp, Totowa, N.J (not to be confused with Greater Bay Bank in California) (01/04)In 2003, we charged off $1.3 million in problem leases. Excluding these leases, our 2003 charge-offs were $31,000. "We also implemented our new leasing strategy this past year, and are positioned with a new management team to expand on a solid foundation of vendor relationships. We now retain high-quality leases in portfolio; this will also contribute to a higher and more stable level of income as the portfolio builds over time," said Anthony M. Bruno, Jr., Chairman and CEO of Greater Community Bancorp.
Greystone Equipment Finance , Massachusetts, Greystone closes, all but skeleton
crew left, portfolio to be administered by one of parent's companies (05/09) "New York pulled the plug" and effectively closed the Greystone Equipment Finance Corporation operation in Burlington, Massachusetts Thursday of last week, April 23rd, 2009.
(04/09) Not funding, paying salesmen. (11/08) Founder Donald Synborski let go by board reportedly over direction of company. Also there is a $1 million group of leases with Acropolis, with four in default, more to follow. Several Alerts were posted in Leasing News, and looks like PFF and Balboa also had write offs. Original vendor group reportedly working under another name in another state.
Healthcare Business Credit Corporation ("HBCC") (7/05) -- a full service healthcare financing company, purchased by CIT. 64 employees and four business development offices located in Atlanta, Dallas, Chicago and Los Angeles; approximately $500 million in assets and $1 billion in loan commitments, HBCC has over 120 customers operating in 40 states
Heller Financial Corporation (8/2001) GE to close by September First, according to an inside source. No real word on how many will end up on the street in this exchange. (7/2001) General Electric Capital Corp. buys for $5.3 billion, plus Connecticut Avenue. Is Microsoft next?
Heller Financials Commercial Services Unit (10/99 purchased by CIT )Imperial Credit Industries (ICII) (5/2001) Charles F. O'Hara, "We discontinued lease originations through our Imperial Business Credit (IBC) ....( last year ) ICII decided that it could not compete effectively in the small-ticket leasing arena. IBC, however, continues to service the portfolio that they originated and have expanded their servicing options to include middle- market leasing.
Heritage Pacific Leasing , Fresno , CA (04/12) May 9th is day to seek judgment for $163,720,000 against the officers of HL Leasing, Inc., Manufacturers Acceptance Corporation dba Heritage Pacific Leasing, Air Fred, along with officers Andy Fernandez, Dan Ramírez and Kathleen Otto. (03/12) The judgment is against Heritage Leasing, MAC dba Heritage Leasing, Kathleen Otto and Air Fred for $114.5 million, plus $46.5 million against both Dan Ramirez and Andy Fernandez; $720,000 on top of that against Dan Ramirez. Attorneys will attempt to collect starting May 6th as collection date. (01/12) Kathleen Otto Found Liable for $114.5 Million Ponzi Scheme
http://leasingnews.org/archives/Jan2012/1_11.htm#otto (08/11) A class action case against the officers and others thought liable in the HL Leasing the president, Dan Ramirez, and Andy Fernandez, chief financial officer, liable and ordered to pay $46.5 million to more than 1,200 who claim to be victims. Kathleen Otto, the late John Otto's wife, even though accounting was done at their home, was not found guilty by the jury, as reportedly they did not find evidence that her actions caused any financial harm to the victims. Case still being investigated by the FBI. (07/11) HL leasing Class Action Case in Fresno, Ca. begins in Fresno. One in New York against funders of Heritage Leasing is finding most leasing
companies named being dismissed from the case. (03/10) Main company continues to collect residuals, work on collection. HL Leasing under investigation. FBI says will be a long time with the suicide of the main party, the investigation centers on the culpability of others. Fresno office working on Home Security issues and other cases primarily in priority order.
(06/09) FBI seize Otto jet, Aston Martin, other material from Palm Desert and Fresno, California offices (06/09) Ben Millerbis, CEO, Pentech, says error of selling back leases was to Heritage Pacific, not HL Leasing (06/09) Letter to HL Leasing investors by Otto very catches him in many lies. (05/09) HL Leasing owned by John Otto misses interest payments, investors call FBI, Otto commits suicide, and it appears a major Ponzi scam involving over 1,000 and perhaps $132 million on leases that allegedly never exiting, FBI investigates, Department of Corporation starts collecting complaints for Receiver, FBI starts seizing assets.
(02/08) Owner John Otto lets entire sales staff including Rick Gatelli, CLP, the president, and Charlie Litt, Senior Vice-President. Ron Mitchell, too. John Otto, the owner, CEO, confirmed that he has rejected an offer to sell the company to Rick Gatelli, CLP, Charlie Litt, and John Estok, CLP, formerly of IFC Credit Corporation and First Portland Corporation (please see archives above.) Otto says he has another suitor and is considering it, but does not need to sell the company. He divested himself of his investment in Pentech Financial, Campbell , California , last year, he confirmed, and as readers know closed down Centerpoint Leasing after Gordon Roberts was convicted of theft. Otto was the major investor in the company.
(05/09) HL Leasing owned by John Otto misses
interest payments, investors call FBI, Otto commits suicide, and it appears a major
Ponzi scam involving over 1,000 and perhaps $132 million on leases that allegedly
never exiting, FBI investigates, Department of Corporation starts collecting complaints for Receiver, FBI starts seizing assets.
Hillcrest Bank Leasing, Overland Park, Kansas (10/10) Parent bank closed by FDIC and with a newly-chartered bank subsidiary of NBH Holdings Corp., Boston, Massachusetts, to assume all of the deposits of Hillcrest Bank. It had one of the lowest Tier 1 Bank Beat has recorded: 0.82%. Chuck Cannata, former SVP in charge of leasing gone and his assistant Karli Stecklein in charge. Numerous calls are not returned learning if leasing company on the block or being closed down with FDIC directing information to come from Ms. Stecklein. (11/09) Parent bank hit with FDIC "cease and desist order." Leasing company in good shape
Hitachi Capital America Corp, Norwalk, Conn.(11/12) acquires the assets and operations of Michigan-based Hennessey Capital LLC. http://leasingnews.org/archives/Nov2012/11_02.htm#hitachi
HP/Compaq Financial (05/06) reports revenue of $518 million, a decrease of 5% year-over-year. Finance volume decreased 14% over the prior year period, and net portfolio assets grew 1%. Operating profit was $39 million, or 7.5% of revenue, down from a profit of $58 million, or 10.7% of revenue, in the prior year period.
(12/04) HP Financial Services recently announced that they are closing their Colorado small ticket operations center and moving to Murray Hill, NJ. All of the employees in Colorado will be laid off. (3/2003) closes originations by third party, told doing leases without running personal credit on president, not requiring personal guarantees, plus doing start-up restaurants, among other type credits at very low rates, $1.00 out, no additional collateral-puts on a lot of business after merger of parent.
HPSC (GE), Boston Mass (7/05)---Five top salesman leave to help launch major move into medical market by Unicyn Financial of New Jersey (1/04) GE Healthcare Financial Services HPSC Conversion takes place.HPSC, Inc., with headquarters in Boston, MA, is a leading non-bank financial services company engaged primarily in financing licensed healthcare providers throughout the United States. HPSC provides financing, in the form of leases and notes due in installments, to the dental, ophthalmic, chiropractic, optometry, veterinary, podiatry and other medical and healthcare professions. HPSC markets its financing services to healthcare providers in a number of ways, including direct marketing through trade shows, conventions, advertising, cooperative arrangements with equipment vendors, and through its sales staff located in 22 offices throughout the United States. GE Healthcare Financial Services, a unit of GE Commercial Finance, is a premier provider of capital, financial solutions and related services for the global healthcare industry. With $12 billion in assets and nearly 700 employees, GE Healthcare Financial Services offers a full range of financing capabilities from equipment leasing and real estate financing to working capital lending and vendor finance programs.(11/03) reports a 14% decrease in net income for the third quarter ended September 30, 2003 of $1.5 million compared to $1.8 million in restated net income in the same quarter last year (11/03)GE Healthcare Financial Services to Acquire HPSC, Inc.; Transaction Strengthens Medical and Dental Practice Offerings. GE will acquire all of the issued and outstanding common stock of HPSC for $14.50 per share or a total consideration of approximately $72.4 million.
HSBC (03/09)6,100 people are being laid off and all HFC and Beneficial branches, estimated to be 800, will close. "ï¿½HSBC remains committed to the US financial services market , including the remaining businesses in HSBC Finance , as well as its US banking operations under HSBC Bank."
Huntington Equipment Finance , Vendor Finance Group, Bellevue, Washington (11/08)Laurie A. Bakke, Vice President, confirmed that Huntington Bank, Columbus, Ohio, is discontinuing funding for her 12 employee division that specialized in vendor finance and leasing programs. She says Huntington will continue to accept credit submissions through December 31, 2008 and will honor all backlog. (ADD: http://www.leasingnews.org/list_alpha_new.htm#marlea )
ICB Leasing/Sovereign Bank (08/09) Former CEO and CFO personally served.
Merger (06/06) June 5th, an ICB Leasing spokesperson told Leasing News: "His last day was 5/31/06 - the merger was official as of 6/1/06." (05/06) Sovereign wins regulatory ruling (04/06) Ira Romoff: "I plan to stay as long as needed, but will not be involved in the long run with the ongoing entity." (10/05) Sovereign Bank announces agreement to acquire Independence Community Bank Corp. of Brooklyn, New York for $42 per share in cash, they also announced that Banco Santander Central Hispano, S.A. of Madrid, Spain had agreed to make a $2.4 billion minority investment in Sovereign, by agreeing to purchase shares from Sovereign at $27 per share, ï¿½a significant premium over market,ï¿½ said Jay Sidhu, chairman, president and CEO of Sovereign. ï¿½As a result of this purchase, Santander will own 19.8% of Sovereign's stock and the proceeds of this investment will facilitate our acquisition of Independence.ï¿½
Icon Capital (New York, S.F.) Icon Capital, New York, NY (12/10) $23 million bid for Equipment Acquisition Resource real estate collateral in Wyoming is only bidder.
http://leasingnews.org/archives/Dec2010/12_30.htm#icon (12/08) Icon had a gala holiday party in SF this week then we found the doors locked and office permanently closed when we tried to get in the next morning. No mention or prior warning. Creepy! Christmas, too. (01/08) Filings with the Securities & Exchange Commission indicate that a "letter of intent" for the sale of the parent company of ICON Capital has been executed, which provides that the parent company will be sold to certain members of ICON Capital's management, led by two ICON Capital executives, Mark Gatto and Michael A. Reisner, and the resignation Thomas W. Martin as CEO and President of ICON Capital. (08/08) Cause of Beau Clarke death revealedï¿½ï¿½Adultï¿½ rated: http://leasingnews.org/PDF/Tycoon_Died.pdf (3/07) President Beau Clarke passes away, cause not known. (3/07) President Beau Clarke passes away, cause not known.
iFinancial Group, San Clemente, CA (08/11) Bulletin Board Complaint,
http://leasingnews.org/archives/Aug2011/8_22.htm#ifinancial (02/11) Bulletin Board Complaint http://leasingnews.org/archives/Feb2011/2_18.htm#bbc_ifinancial
IFC Credit, Morton Grove, Illinois Bulletin Board Complaint
http://leasingnews.org/archives/Nov2012/11_07.htm#bbc (09/12) New Bulletin Board Complaint re: $1.00 out and Evergreen Clause from Commerce National Bank http://leasingnews.org/archives/Sep2012/9_18.htm#bbc (09/12 Another Bulletin Board Complaint http://leasingnews.org/archives/Sep2012/9_14.htm#bbc (04/12) The main bankruptcy case had a trial date set for 3/28/2013, but it was continued until 4/20/2013 with discovery cutoff September 1, 2012. Other related cases continue. (8/10) second interim fee and expense filing from Fishman Glantz Wolfson & Towbin LLC, Special Counsel, Fee: $664,464.55, Expenses: $12,960.21; issue over personal property taxes on Ludwig portfolio. (04/10) Rudolph 'Rudy' Trebles, CLP, former founder of IFC Credit Corporation is back in business as Equipment Leasing Group of America. (12/09) Pioneer Capital/FP Holding Stock Sale with portfolio
(09/09) Trustee to run company until November 6,
Creditors have until November 9, 2009.
(07/09) IFC Credit files Chapter 7, estimated $150 million owing (07/09) More defaults on loans, more suits filed against IFC Credit (07/09) CoActiv Capital Partners of Horsham, Pennsylvania files suit for over $2 million naming Trebels and Langs as individuals, cites fraud, not paying off leases, servicing deception, 180 page complaint. (07/09) Many lawsuits become public such as $1 million from California investor, $170,000 owed to Askounis & Darcy for legal fees in NorVergence matter. (07/09) Audit continues as Ludwig tries to keep First Corp. together as well as IFC, Trebels-Langs gone.
(06/09) Major suit surfaces from Len Ludwig, CEOof Vencore, regarding stock lien held from sale of First Portland Corporation dba First Corp.; appears payments stopped in January; looks like IFC closing down. (05/09) Another Bulletin Board Complaint: vendor claims un-funded $25,731.43 lease that was to have been funded in January. IFC reportedly down to 25 employees.
(03/09) Second Bulletin Board Complaint, removed from Story Credit list.
(01/09) After Bulletin Board Complaint appeared in Leasing News, IFC decided to call up the vendor, release the UCC and return the money back to the customer, confirmed by customer. (01/09) Makes the Complaint Bulletin Board. Says can't fund lease for six months, but Chief Ligation Attorney threatens Lessee they must make the lease payments, regardless than vendor not paid. http://www.leasingnews.org/list_alpha_new.htm#ifc (12/08) admits to letting 15 employees go, readers say it is 26 to 35 (11/08) Reaches Settlement with FTC and Attorneys General and agrees to refund 86% of payments made since NorVergence filed bankruptcy to those who have not settled or paid off to date. Law fees and costs said to be over $50 million. (08/07) FTC files preliminary against IFC, four counts, involving NorVergence leases. (06/07) Missouri AG files against IFC (06/07) FTC files against IFC/Texas AG first to follow (01/07) Chicago boutique law firm of Adamski & Conti again knocked out IFC Credit Corporation in ï¿½its attempts to enforce equipment leases fraudulently induced by the now-defunct telecommunications giant, NorVergence,ï¿½ as described by Managing Partner Gregory Adamski. (09/06) Collection and other problems. http://www.leasingnews.org/archives/September%202006/09-27-06.htm#ifc (05/06) on withholding information, Judge rules: "ORDERED that IFC Credit Corp. (ï¿½IFCï¿½) shall send letters to all lessees against which it has made claims under leases or rental agreements acquired form NorVergence and explain to each lessee the precise amount of money that was delivered to NorVergence for the lease, as well as what amount was held back, the basis for such holdback, and the manner in which the holdback was applied in the accounting records of IFC."(05/06) Texas Judge Sally L. Montgomery Rules against IFC in case http://www.leasingnews.org/archives/May%202006/05-18-06.htm#judge (04/06) Texas Judge Sally L. Montgomery Rules against IFC Credit IFC to sue Leasing News for ï¿½Slanderï¿½ (12/05) announces that its wholly-owned subsidiary, FPC Funding II, LLC, has completed the renewal of its $75 million revolving credit facility with Autobahn Funding Company, LLC, an asset-backed commercial paper conduit sponsored by DZ Bank AG Deutsche Zentral-Genossenschaftsbank. (12/05) Rudy Trebels, President IFC Credit, issues statement to Leasing News:ï¿½...While we would like to provide our views to your commentary in The Leasing News, we feel that it's neither fair nor appropriate to discuss pending litigation or requests for more information in this forum. As you are aware, there are significant issues to be decided that could not only impact our company, but could have serious ramifications within the leasing industry. As such, we feel it is necessary to debate issues solely within the confines of the court system and not through the media. Hopefully in the not too distant future, we will be able to discuss these issues with you in greater detail." (11/05) (11/05) IFC Credit writes "Letter to the Editor" of Equipment Leasing Association ELTnews, basically stating: they have complied with material requested, but then also states at the end, ï¿½That information and other materials requested by the FTC are expected to be delivered to the FTC very soon which should resolve the requests of the FTC's Civil Investigative Demand.ï¿½ (11/05) The Federal Trade Commission asks a federal judge Thursday to aid its efforts in investigating debt collection regarding NorVergence "Equipment Rental Contracts.
Imperial Credit Industries (ICII) (5/2001) Charles F. O'Hara, "We discontinued lease originations through our Imperial Business Credit (IBC) ....( last year ) ICII decided that it could not compete effectively in the small-ticket leasing arena. IBC, however, continues to service the portfolio that they originated and have expanded their servicing options to include middle- market leasing.
Independence Community Bank Corp (11/05)signs agreement for Sovereign Bancorp signs agreement to acquire 100% of the Brooklyn, New York, for $42 per share in cash, representing an aggregate transaction value of $3.6 billion.Ira Romoff head of leasing company, says he is excited about the merger.
Integrity Financial Groups, Murray, Utah (01/13) creates leasingnews.info which leads to their website; also buys listing in Google search top of page for Leasing News that looks like leasingnews.org but goes to leasingnews.info. He doesn't know it but readers who use Leasing News
as a search in Google go there, when they open it, they contact leasingnews.org complaining about why the “.info.” The Bulletin
Board Complaints including the story of the .info are then sent
to him. He's not very bright. (11/12) Bulletin Board Complaint
http://leasingnews.org/archives/Nov2012/11_28.htm#bbc (08/12) Doesn't return advance
rentals, new complaint:
http://leasingnews.org/archives/Aug2012/8_16.htm#bbc (08/12) Doesn't return advance
Doesn't return advance rentals, http://leasingnews.org/archives/Jul2012/7_09.htm#bbc
International Lease Finance Corp . (part of AIG) (03/11) Forbes labels Steven Udvar-Hazay 132 richest in United States (also the the richest man in leasing. http://leasingnews.org/archives/Mar2011/3_14.htm#richest (04/10) ILFC founder Udvar-Hazy forming new leasing co. (11/08) Founder trying to sell unit off of AIG (09/08) Gets stung as a unit of insurance conglomerate AIG, which was effectively taken over Tuesday by the federal government, the jet-leasing company owns 1,000 jets built by Boeing and Airbus and has more than 100 Boeing jets still on order.
Irwin Financial, Columbus, Indiana 09/09) FDIC closes Irwin sells to First Federal. (Irwin Union Bank), Columbus, Indiana, Irwin Union Bank, F.S.B. (Louisville, Kentucky)
(09/09) Irwin desperately trying to stay alive (09/09) sells three branches, reportedly
trying to raise money, undercapitalized.
Japan Leasing Credit claims ( JLC --6/99 purchased by Orix )
JDR Capital, Sewell,NJ (1/2001) Bob Wayne says, "out of the broker business as JDR Capital, but we are still functioning as FORINT Financial, and working with select brokers at JDR Capital who when we get the leases approved, they get them signed."
Jules and Associates, Los Angeles, California (08/11) Uses Evergreen clause for extra payments on 1% purchase option.
Key Equipment Finance/American Express/Sierra Cities/Rockford
(01/13) KeyCorp posts 4% decline in fourth-quarter net income
----Commercial lease financing continues downward. Despite claims otherwise, year-end bank statement reports:
Commercial lease financing (in millions)
4Q 2012 $4,869
3Q 2012 $5,026
(01/12) Key Products Grow except Leasing
http://leasingnews.org/archives/Jan2012/1_26.htm#key (01/11) Year-end 2010 lease charge offs $88.1 million; 2009: $106.5 million, 2008: $62.4 million, according to FDIC filings. (04/10) KeyCorp is looking to expand businesses that have synergy with its community bank, such as its equipment leasing business and some products offered through the capital markets business, executives said in a conference call after the company's quarterly earnings report. (07/09 Key says "no" to copiers. Other changes being made. (07/09) Many cutbacks, changes, no one talking about it. Exits trucking leasing business.
(03/09) Paul A. Larkins resigns. (01/07) Leasing News salutes Paul A. Larkins, President/CEO, as the person who has done the most for the entire equipment leasing industry in 2006. Leasing Person of the year for 2006 http://www.leasingnews.org/archives/January%202007/01-03-07.htm#year (09/05) closes the former American Express Business Finance business operation in Parsippany. (7/05) Key Equipment Finance, the nation's third-largest bank-held equipment leasing plans to hire an additional 145 Colorado-based employees over the next two years, bringing the headcount to 400 by the year 2007.
(12/04) "AMEX turned over control to Key Bank last night and on the way out the door AMEX funded EVERYTHING in the system,.....verbals were not completed on many transactions, nor had delivery of the equipment occurred for many deals as well.....random attempts were made to complete verbals however after a message was left the deal was BOOKED.... "Nice to see Integrity rises to the upper levels of management in this industry!!" (10/04) American Express Business Finance Sold to Key Equipment Finance. (10/04)Former Sierra Cities President Thomas J. Depping reportedly raises $21 million from investors and buys bank in Texas to go back into the equipment leasing business. (9/04) The Gazelle is Back! Registered for the October 27th Equipment Leasing Association Conference in Palm Desert, California: Mr. Thomas J. Depping MAIN STREET INVESTMENT PARTNERS Mr. Robert H. Quinn, Jr. MAIN STREET INVESTMENT PARTNERS (3/2004) 40 Amex Leasing Employees let go in Santa Ana, closing down the office imaging-copier processing center in Santa Ana, CA.---- where the old Rockford use to be in the Xerox building on Third Street. Much of the health operation went back to Parsippany (NJ), and some moved to the old Sierra Cities location in Houston, Texas. The main reason for the closing of the operation here--the building lease was originally to Rockford and it expired. Some HR and marketing amployees will remain in Santa Ana., about ten. All employees were offered jobs in other American Express locations. (11/2002) Lays off salesmen, rumors float they are about to get out of leasing business; Richard Anderson does not return telephone calls to confirm or deny. (09/2001) American Express Business Finance has closed down their broker division. We can submit deals until 10/12/01. All deals must be funded by 12/31/01. Unconfirmed rumors that salesmen are now going after the broker vendor accounts. We are seeking to confirm or deny this. (8/2001) Discovers up to $20 million write-off with RW Leasing portfolio, other portfolio's, alleged stock fraud, Amex declares they are investigating (7/2001) pretax write-down of $826 million that will pummel, second-quarter profits. The company also unveiled plans to cut as many as 5,000 more jobs because of the weak economy. Rumors abound about portfolio performance and major problems in the woodpile/going the way Rockford Industries went. (5/2001) New Name: "American Express Business Finance" (4/2001) Merger complete, Depping resigns as "gazelle" (3/31/2001) American Express completes purchase/merger (3/2001) Sierra Cities-Amex Merger gets green light by authorities (2/2001) offer from American Express for $5.68 per share in cash. We predicted this last week, naming the company and floor price. American Express active in equipment leasing, likes what it sees, and Sierra Cities is the vehicle, not Advanta or others that it has viewed to purchase. (1/2001) VerticalNet Merger falls apart. (1/16/01) Sells Off UK Assets. (7/2000) 2nd quarter loss, see report http://www.leasingnews.org/articles.doc/newsletter3.htm.
Keystone Leasing (2/2001 ) the former management team of K.L.C., Inc. (dba Keystone Leasing), headed by its co-founder Alan Kaufman, formerly a Unicapital, has formed a new equipment leasing business, Keystone Equipment Finance based in West Hartford, CT
Kingsbridge Holding, LLC, Lake Forrest, Illinois (07/11) Acquires Trilogy Leasing, Cranbury, NJ, increasing Kingsbridge’s Total Assets in excess of $420 MM; bringing the total original equipment cost financed in their portfolio to approximately $600 MM. (05/10) Sues Allied Health Care Services
for $1 million
Koch Financial, Scottsdale, Arizona (10/10) sold to BankUnited, Miami Lakes, Florida; will operate as Pinnacle Public Finance, led by Paul Haerle, a 25-year industry veteran of the public finance and tax-exempt leasing industry and former president of Koch Financial.
Ladco Financial Group dba Ladco Leasing, Thousand Oaks, California (06/12) $418,601 in civil penalties, restitution, and cost recovery; also requires that Ladco and Elavon cancel leases, release liens, terminate collection efforts, and provide updated status reports to credit-reporting agencies, for more than 100 impacted lessees. (violated California laws prohibiting unfair competition and misleading advertising; misrepresented the leases as being cancellable and lied about the cost of buying the equipment at the end of the lease, the court found. Clients were also misled about the length of the leases and were tricked into thinking their existing credit-card devices were obsolete.)
Landmark Leasing LLC., Clearwater, Florida (07/10) Jeff Maricle, who closed down Global Leasing after complaints of keeping Advance Rentals is arrested by US Attorney General after receiving 50 complaints of not returning advance rentals.
Lakeland Bank , Oak Ridge, NJ (02/10) Cuts down leasing business. (07/09) Takes loss of $12.7 million their second quarter, they state negatively impacted by a loan and lease loss provision of $34.1 million compared to a provision of $8.2 million in the second quarter of 2008, reflecting the Company's decision to reduce exposure in its leasing portfolio. The second quarter provision allocated $28.4 million to leasing, including the previously reported charge-off of $9.5 million on the sale of $33.1 million of lease pools and a write-down for other lease pools held for sale. (01/09)"The higher provision includes $8.5 million related to the leasing division for the fourth quarter and $17.8 million for the full year. During the fourth quarter, a second leasing originator indicated that it could no longer fulfill all of its obligations under contractual recourse provisions. The Company had $37.8 million outstanding from this originator representing 860 individual leases of which approximately 83% were current or less than 30 days past due." http://www.leasingnews.org/list_alpha_new.htm#lake (10/08) Lets go its Equipment Leasing Division President Stephen Schachtel by ï¿½mutual agreement, ï¿½as per the SEC filing. Chief Executive Officer Tom Shara said the replacement of Schachtel with the division's number two man, Robert Ingram, is part of a plan to downsize the leasing business. ï¿½We want to go to a local leasing platform. We don't want to do a national lease book of business,ï¿½ said the former TD Banknorth executive who took over as CEO in April after former President & CEO Roger Bosma retired. Heavy losses in truck leasing reported, particularly by one major lessee." (01/2010)reports a Net Loss for the year ended December 31, 2009 of $5.4 million, compared to Net Income of $15.2 million reported for 2008.
LaSalle Systems Leasing (04/08) To be absorbed into Bank of America Leasing, with the Towsend, MD closed down and Edward A. Dahlka, Jr. let go. (09/07) Employees fear job losses, leasing division employees to be let go. ( add: http://www.leasingnews.org/list_alpha_new.htm#las ) (7/2002) purchased by MB Financial Bank, N.A. a $3.3 billion subsidiary of MB Financial Inc. (Nasdaq:MBFI), including its affiliated company LaSalle Equipment Limited Partnership. (LaSalle Systems Leasing) for $39.7 million.
Latitude Equipment Leasing LLC, Wayne, New Jersey (02/11) Appears out of business, no web site, telephone: http://leasingnews.org/archives/Feb2011/2_04.htm#latitude (05/09) formed by ex-Advanta and Marlin Leasing veterans, announced the assumption of the sales and administration organization of Leasing Partners Capital Inc. This brings the company into 22 marketing branches
LEAF, New Jersey (05/12) Resource America/LEAF moving in different directions.
http://leasingnews.org/archives/May2012/5_07.htm#moving (05/10) Negotiating lines of credit (04/10) Questions regarding renewing lines of credit.(03/09) Resource America withdraws $250MM IPO (12/08) announces loan to cover NetBank portfolio purchase and more lines, but numbers don't add up. Doesn't respond to questions as parent stock goes into the toilet (10/08) Cuts bank on broker business, letting discounters and even franchise discounters go elsewhere. (08/08) LEAF Third Party Funding in Southern California (formerly Pacific Capital Bank Leasing, Santa Barbara Leasing (03/08) closes old Jim Harris' Alco Leasing Company, Portland, Oregon(02/08) Parent of LEAF reports $6.4MM 1st Q Loss
LEAF Financial (Philadelphia, PA) (02/12) Employee tells all http://leasingnews.org/archives/Feb2012/2_06.htm#leaf (12/11) First Sound Bank Investor Pleads to Keep Bank Open as negotiations continue regarding settlement with Secords. (11/11) LEAF Commercial takes over LEAF Financial.
http://leasingnews.org/archives/Nov2011/11_02.htm#leaf (08/11) June 30, 2011 financial statement "On Page 12, the “CASH FLOWS FROM FINANCING ACTIVITIES” shows a large drop in principal payments, but as important, Resource America used $15.2 million proceeds from issuance of LEAF preferred stock that enabled them to pick up from the cash of $11.2 million at the beginning of the year.
http://leasingnews.org/archives/Aug2011/8_15.htm#leaf (05/11) Trend continues down (01/11) LEAF Commercial Credit under way, looks like LEAF Financial in limbo. (12/10) Puts spin on securitization. Doesn't explain leaf is down to about 15 in staff in Collections and another 5 in Litigation within Jim Grant´ Collections and Litigation department; that’s about 1/3 of staff left. (12/10) If “commercial finance is “ Leaf, they are showing a -81% decrease in revenues from $9,805M to $1,853M; and a loss of -$2,493M from a gross profit of $4,690M (before G&A expenses) for the same 2009 quarterly period last year. (12/10) 2009 SEC LEAF filings showed 377 employees; February down to 271; reportedly to 113 in July, closes down LEAF Specialty, 80 in Missouri, should be enough indication as to who is left at LEAF Financial in Philadelphia LEAF Financial, Philadelphia, Pennsylvania (10/10) Reported continued cash flow problems, paying bills slowly, 2009 SEC LEAF filings showed 377 employees; February down to 271; reportedly down to 113 now (2009 SEC LEAF filings showed 377 employees; February down to 271; reportedly down to 113 now ((including Leaf Dealer Solutions (formally Dolphin Capital). “There are about 80 people at the Missouri location.")) (8/10) 158 laid off, LEAF Specialty, Columbia, South Carolina goes dark. Parent Resource America blames it on leasing: http://leasingnews.org/archives/Aug2010/8_06.htm#ra_blames (06/10) Having trouble with Columbia, South Carolina landlord regarding 21,000 square foot lease (06/10) Receives modified, lower line of credit.
LEAF Specialty Group, formerly NetBank/ Republic Leasing of South Carolina (07/10) Dwight Galloway turns lights out, says ex-employees working on a new company with an investment group; he remains employed by LEAF (07/10) To close operation as LEAF Financial negotiates lease of 21,000 square feet they no longer need. (07/10) Most let go, staff is four. (03/10) Stops funding news leases, to cut back on employees, with reliable source saying division to be sold or closed down.(02/10)1st Quarter Down 69%; Down to 271 employees to 377 year before: http://leasingnews.org/archives/Feb2010/2_17.htm#leaf (12/09) For sale or will be closed down by parent, it is reported. (11/09) Cuts Employees, parent not happy with operation. (11/07) Name is now LEAF Specialty Finance. Georgia (10/07) FDIC closes bank, approves assumption of by ING Bank, Wilmington , Delaware ; CMC Leases and NetBank Business Finance not included. (4/07) It is official, EverBank acknowledged as making the offer.(3/07) Leasing News reports from insiders that the bank is sold. (11/06) posts $73.3 million loss for the third quarter(10/06) Douglas K. Freeman Steps Down as Chairman and CEO (08/06) NetBank posts loss, halts dividend (07/06) Bank may be for sales, confirmation that not only is mortgage unit up for sale, but four suitors review terms and conditions of NetBank Business Finance. The CMC insurance as part of portfolio is a major problem in the sale, it is said. (12/05) announces an affiliation between NetBank and Wall Financial Services, LLC (WFS), for WFS to provide secured lines of credit to NetBank's small business customers.Typical candidates for this product include established manufacturers, wholesalers, or other B2B business owners with a need for working capital. (11/05) NetBank reports $3.5MM Loss. The $3.5 million provision is based on a review of the underlying property values in a foreclosure and liquidation scenario. (11/05) NetBank Inc., the leader on the internet banking circuit with $5 billion in assets, considered one of the largest internet banks, said it had found "irregularities" associated with $13 million in mortgage loans; delays 3/4 report. (02/05) NetBank Loss $17.7 Million 4 th Q; Current period results include a provision expense against the company's Commercial Money Center, Inc. (CMC) lease receivables totaling $29.0 million, pre-tax (10/04) "Production within our business finance division (formerly known as Republic Leasing) increased by $4.4 million or 10% for a record of $46.9 million." (7/2004) New name :NetBank Business Finance (6/2004) July 1, 2004, Republic Leasing, a subsidiary of NetBank, will become a division of NetBank. (4/2004) ï¿½ The commercial equipment leasing business had production of $39 million, a decrease of $5.2 million or 12% ï¿½ (3/2004) Republic Leasing of South Carolina to Become Division NetBank April 1,2004. (7/2003) Jim Merrilees, CLP leaves to join Santa Barbara Bank & Trust Leasing Division as Vice President. Laura Poore also joins the Leasing Division as Marketing Representative. The division specializes in small-ticket leasing transactions originated through equipment leasing companies and brokers nationwide (2/2003) Forms a new division with Jim Merrilees heading it up in Portland-Merrilees left First Corp after Textron, Nations Credit, Greybank, Colonial Pacific Leasing. To concentrate on vendor/captive lessor marketplace. (1/2003) NetBank reported a net loss of $15.9 million (or $.36 per share) for the full year 2002 (12/2002)"The aim is to package the loans and sell them to investors for fatter, "banklike" profits; armed with new management and a coterie of experienced bankers plucked from rivals. .. languished since the Internet bubble burst. At their peak, the shares were trading at more than six times what they are fetching now. NetBank, with total assets of $3.76 billion, operates the nation's largest independent retail Internet bank. It also is a wholesale and retail mortgage lender. No one doubts that Internet banking is here to stay. Most banks -- large and small -- offer online banking in some form." Atlanta-Journal. $80 million loan Commercial Money Center insurance question. http://two.leasingnews.org/archives/December%202002/12-30-02.htm#NetBank (7/2002) cuts over 100 brokers, wants to become more efficient with remaining 150 brokers. (11/2001) parent and company now owned by NetBank; Dwight Galloway gets early Xmas present, broker community cheers the good news too. http://www.leasingnews.org/Conscious- Top%20Stories/dwight.htm 9/27/2000 "The expected result will be a sale of Republic Leasing" --- Dwight Galloway. He adds, "We have always been for sale for the right price, but in 13 years we have not sold off any leases or gone direct after broker's business, ever".
LEAF Third Party Funding in Southern California (formerly Pacific Capital Bank Leasing, Santa Barbara Leasing, (08/08) closes operation, lets everyone go.
Lease Acceptance Corp---( ceases broker business 7/26/2000)
Lease Corporation of American, Troy, Michigan (11/05) Receives approval from the State of Utah for an industrial bank.Lease Corporation of America, founded in 1988, is a private multi-million dollar full service commercial leasing company providing financial solutions for distributors and manufacturers of equipment, funding for a select group of equipment lease brokers and delivering quality assets to financial institutions and other investors throughout the United States. Since its inception, Lease Corporation of America has funded in excess of $405 million of equipment leases involving more than 45,000 transactions.
LeaseExchange.com (5/2001) hiring salesmen, Tom Williams making it work, as he did at Paragon (4/2001) "on a 'Slim Fast' diet." (3/2001) Tom Williams to give it a 90 day trial run, also trying to raise money (2/2001) reported on "auto-pilot" (1/2001) Closes Irving office, cuts staff Aaron Ross starts training for Triathlon.
LeaseForum, Inc. (09/05)-- In 2003 moved offices and changed phone numbers. Susan F. Franklin, CEO, Founder, Managing Partner, said " We recently decided to rebrand the company and launched our new website: http://www.americanriverpartners.com/ (6/05) An on-line leasing company since 1998 with Susan Franklin as CEO. Web site down, inquiries to readers gets no response.
Leaseloan.com (6/05) an on-line leasing company since 1999 with Nick Pullen as CEO. Web site down, inquiries to readers gets no response.
LeaseNow, Warrendale, PA (1/04) Acquires Motor Coach Financial, Guilford, Connecticut. Raymond J. Murphy, the president and principal shareholder of Motor Coach will serve as the Executive Vice President of LeaseNOW, Inc. Bob Rodi will continue as President and CEO of the merged companies while Marina Rodi will continue remain as Secretary/Treasurer and CFO.
Leaseusa.com (6/05) an on-line leasing company, and their web site says the name is up for sale.
Leasing Advantages/Sterling Capital Partners, CT (04/06) Founder Peter S. Chipouras dies in car crash.
Leasing Association (11/98) purchased by GE Capital, NASDAQ halts stock sales $13.4 loss last qtr. (10/2000) assets for sale
Leasing Institute of America (8/04) New Institute to train lease brokers, place deals http://www.leasingnews.org/archives/August_2004/8-18-2004.htm#lease
Leasing Solutions, San Jose ( bankrupt ) (9/2000) Files BK (10/1998) stock loses more than 50% of value in a single day with announcement that auditors were forcing LS to write down the residual values of a small portion of equipment returned for remarketing. After a long stream of announcements of ongoing negotiations, forbearance periods, the establishment of an internet strategy (yes, the lenders let them use cash for that rather than apply it against borrowings!)
Lehman Bros , New York (09/08) files for BK, syndicator for many leasing companies.
Lessors.com (10/2001) Lessors.com closes to become eLessors Networking Association Web site (http://www.elessors.com) URL up for sale. Perhaps the best leasing portal to date.
Liberty Capital, Aliso Viejo, CA (05/12) Bulletin Board Complaint
Liberty Leasing ( 6/1999 closed, California company )
Liberty Leasing, Des Moines, Iowa ( 10/2000 closed, selling portfolio, owned by Commercial Federal Bank, Omaha, Nebraska )
Linc Capital (2/2001) Comstock files BK as part of Linc Capital (3/2000) files motion in bankruptcy court requesting more time to file certain schedules (2/2000) creditors file for Chapter 7 (9/2000) out of vendor and broker business, Nasdaq halts stock sales, $13.4 loss last quarter, (10/2000) assets for sale (2/1998) sold for cash to Linc Capital, Inc., in Chicago, IL.
Linc Capital (2/2001) Comstock files BK as part of Linc Capital (3/2000) files motion in bankruptcy court requesting more time to file certain schedules (2/2000) creditors file for Chapter 7 (9/2000) out of vendor and broker business, Nasdaq halts stock sales, $13.4 loss last quarter, (10/2000) assets for sale (2/1998) sold for cash to Linc Capital, Inc., in Chicago, IL.
LPI Financial Services, Inc.,GA. (7/04) Charlie Lester sells his company, new name is LPI Healthcare Financial Services, Inc. owned by Kurt Hess and Kay Smith. ï¿½ I love it--I do credit, sales and consulting for them on an as needed basis. Goof off the rest of the time,ï¿½ he says.
Lombard, part of The Royal Bank of Scotland Group (09/09) Exits broker marketplace
worldwide, including USA.
First National Leasing Corp. of Milwaukee, Wisconsin (12/2002-)
Closes four offices in the states of Texas, Tennessee, Georgia and
New York. The sales representatives located in these offices will
be provided with severance packages based on their tenure with the
company, according to President Tom Podewils. " We will be concentrating
our efforts on the Midwest, " he explained. "This is not a cut back
but a change in direction that will allow us to focus our resources
on those areas that have provided us with the most success."
M&L Marshal & Isley Bank, Milwaukee, Wisconsin (8/10) sues Allied and Charles K. Schwartz for $642,969.42 plus
M&T Credit (Bank)(10/08) Effective October 1, 2008, M&T Credit Services, LLC (M&T Credit) will no longer offer equipment lease and finance services for business and professional banking customers. ï¿½M&T will honor approved applications up to 90 days after the approval date, and existing contracts will continue to be serviced through their expiration dates.ï¿½ Alfred Luhr M&T Business Banking Market Manager
Macrolease International Corporation, Plainview, New Jersey (5/05)Bancorp Rhode Island, Inc. (NASDAQ: BARI), subsidiary, Bank Rhode Island, acquires physical fitness leasing company founded in 1969 by CEO Daniel W. West. Bank to continue niche operation plus "..expand its reach through cross-selling to Bank Rhode Island's customers."
Main Street National Bank,
Kingwood, Texas (03/11) Depping no longer CEO, remains as chairman, no CEO or new president appointed, it appears, but from loss of $1.85 million the year before, Main Street had a profit of $4.8 million and improved its Tier 1 risk-based capital to a very strong 16.15% and Total risk-based capital to 17.43%(9/10) FDIC finds bank with Consent order: "...with the STIPULATION, the bank consented, without admitting or denying any charges of unsafe or unsound banking practices or violation of law or regulation, relating to management effectiveness, loan and lease review rating.Perhaps the strongest consent is the replacement of Thomas Depping as CEO, as the bank is given 90 days to find:
"A Chief Executive Officer with a demonstrated ability in managing a bank of comparable size and with experience in upgrading a low quality loan and lease portfolio.
a. Implement the provisions of this order
b. Act to restore the Bank to a safe and sound condition; and
c. Act as the "principal executive officer" of the Bank under Texas Financial Code 33.103
What the auditors saw that they didn't like could be:
"From 3/31/09 to 3/31/10 FDIC filings:
Volatile liabilities: $39.2 million to $75.3 million
(June 30, 2010: $72.8 million)
Insider Loans: $39.2 million to $41.8 million
(June 30, 2010: 0)
Restructured loans and leases: zero to $6 million
(June 30, 2010: $6.1 million)"
(05/10) FDIC shows 23 less full time employees, financial filing shows:
From 3/31/09 to 3/31/10 FDIC filings:
Commercial and industrial loan charge offs went from $183,000 to $320,000
Volatile liabilities: $39.2 million to $75.3 million
Insider Loans: $39.2 million to $41.8 million
Restructured loans and leases: zero to $6 million
Long Term Assets (5+ years: $69 million to $139 million
Average asset: year-to-date: $310 million to $445 million
Total Risk Capital: $284 million to $379 million.
(04/10) Bob Fisher, Exec. VP, Leasing Division was one of 42 let go. Mike Hoffman retires, says Tom Depping. (04/10) Ex-employees convey 42 let go and explain where. (03/10) Ex-employees say it is 42 employees let go. (03/10) Chairman/CEO Thomas Depping says rumors not true, only a few salesmen let go.(06/06) Bob Fisher Promoted to Exec. VP of Leasing Division.
(12/05) Bob Quinn is no longer with Main Street Bank. He was not terminated for cause and he did not quit. That was all Quinn could say, according to our source. Leasing News asked Tom Depping if he would confirm or deny this? ï¿½No public comment on this.ï¿½ Reportedly the man who originated the First Sierra concept was Bob Quinn, not Tom Depping. Bob Quinn approached Tom Depping in 1993 after Denrich was purchased by ATT Capital in December, 1992.Quinn did not feel ATT was dedicated to their Private Label Program so he approached Tom Depping as an old friend and business acquaintance about forming a new company to do nothing but Private Label. http://www.leasingnews.org/archives/December%202005/12-07-05.htm#bob (12/04) Thomas J. Depping, former president of Sierra Cities/First Cities, makes it official, that he has raised $21 million to become chairman of bank to specialize in equipment leasing; hires Douglas Guardian, the ex-US Marine sales director Bob Fisher, who leaves on good terms to establish national broker program. Fisher is very well respected in the equipment leasing industry.
Manifest Group (USBancorp) (02/02) To require all brokers and discounters in the US who do business
in California to have a CA. Finance Lender's License (05/09) Major "realignments," Mike Rizzo laid off,
not for performance, just bank cut-backs; lease division reports over 3% write-offs
in lease portfolio, reportedly many problems, Navigator program no longer
in place as Pentech shut down, rumors circulate bank may want to sell
operation, reportedly more "re-alignment" to follow.
(9/05) President and Chief Executive Officer of U.S. Bancorp Equipment Finance William Purcell leaves to become Chief Operating Officer at Aequitas Capital Management (8/05)U.S. Bancorp Equipment Finance, Inc. has named R. Blair McBeth, Jr. executive vice president and general manager of its Capital Equipment Group. McBeth replaces Greg Mamula, who will be retiring after 14 years with U.S. Bancorp. (8/05) Curt P. Kovash, named new Senior Vice President and General Manager (8/05) Brad Peterson Joins Pentech Financial Services, Inc. Vice President ï¿½ Navigator Business Programs. The former General Manager - USbancorp Manifest Funding Services, Peterson brings over 15 years of experience in lease sales and management to this strategic position. (3/2004) Brad Peterson New US Bancorp Manifest Sr. V-P & Gen. Mgr. (3/04) Brian Bjella as Senior Vice President and General Manager, resigns to form a Company with Ken Noyes: Grandview Financial, which consists of Quest Resources, headquartered in New Jersey. Bjella will remain in Marshall, Minnesota, where the company will grow, keeping the current staff and operations in New Jersey. This is a 50-50 partnership, according to Brian Bjella, who said, " It has always been a dream of mine, but I never actively pursued anything because I love working for Manifest. The right opportunity never came around until now, and it is one that I need to follow. ï¿½I am excited to have the opportunity to grow my own company, ï¿½he added, ï¿½ but it is very difficult for me to leave Manifest - it is a great organization with great people.ï¿½ (4/2002)Troy Molitor resigns as General Manager. He follows Don Polfiet...Chris Canavati. Good men, that Manifest does miss. (3/2001) changes name to U.S. Bancorp - Manifest Funding Services. Manifest Group- (9/1/2000) purchased by US Bancorp Leasing and Financial, "...a win for all the parties involved," Brian Bjella. (11/2000) Donald Polfiet leaves and no one knows where he went. If you know, please tell us.
Marlin Leasing, Mount Laurel, NJ (09/12) Stock on the rise moving from 52 week low of $9.76 to $20.90' top performer.(08/12) 1st Time Net Income Exceeds Evergreen Income (05/12) Three months again shows Evergreen is their net profit maker.
http://leasingnews.org/archives/May2012/5_07.htm#marlin (04/12) Bulletin Board Complaint http://leasingnews.org/archives/Apr2012/4_04.htm#marlin (10/11) Officers Exercise a lot of Stock Options http://leasingnews.org/archives/Oct2011/10_19.htm#stock (05/11) Evergreen still makes profit, but hiring more sale personnel brings profit down.
(03/11) Evergreen Leasing Continue Marlin's Sole Net Profit (03/11) Marlin Officers Acquire Stock Before 4th Q Announcement http://leasingnews.org/archives/Mar2011/3_07.htm#marlin_stock (11/10) "Evergreen" is Marlin's Third Quarter.
http://leasingnews.org/archives/Nov2010/11_10.htm#marlins_3rd (8/10) files second quarter Net Income $1.6 million, and what do you know, the SEC report shows $1.6 million in "Evergreen Lease" payments, mainly copiers. (05/10) First Quarter profit matches profit in Evergreen Clauses of $1.2 million. (03/10) Contacted 20 brokers, says now accepting broker business from them. (02/10) Shows $179,000 profit 3 months end December 31, 2009, with major cuts, insurance fees, Evergreen leases http://leasingnews.org/archives/Feb2010/2_17.htm#marlin (08/09) Second quarter net income of $555,000 compared to $1.7 million for the previous year. For the six month ending, it is $467,000 compared to the previous year of $3,059,000 (05/09) reports a first quarter revenue loss of $879,000 compared to a profit of $1,359,000 the first quarter of 2008. The company also announced it has closed its Denver office, plus has let additional 53 employees go; many of them have been with the company ten to eleven years. (05/09) Officers and directors received salary/stock issues despite 100 employees being let go, 2008 loss of $7.3 million, year ending loss of $5.2 million compared to a year-end profit of 2007 of $18.2 million
(03/09)Closes Two Office/28 let go. (02/09) Informs vendors slowing down on funding, FDIC matter, plus changing requirements. (01/09) Perhaps the most profitable division, Marlin announces closing down its broker division.ï¿½ Our decision was based on the credit quality deterioration that we have been seeing in broker application flow. The risk vs. price relationship simply did not match the attractiveness of our other origination channels. Therefore we are applying former broker sales resources and capital to our direct channels. We sincerely wish the best for the broker community as we all manage through this economic climate.ï¿½ Ed Siciliano, SVP & Chief Sales Officer. http://www.leasingnews.org/list_alpha_new.htm#marlea (11/08) $941,000 loss Third Quarter 10/08) Let's broker service representatives go, cuts back on brokers. (05/08) Confirms layoffs of 51 employees. (11/07) Exits factoring business. 08/07) Marlin stocks falls (12/01) Marlin Industrial Bank, Salt Lake City, Utah, files to be commercial bank, bank president tells press board approved move to apply for TARP money (11/08) $941,000 loss Third Quarter 10/08) Let's broker service representatives go, cuts back on brokers. (05/08) Confirms layoffs of 51 employees. (12/06) Shivers Resigns as president (07/06) Scuttlebutt is the company is for sale: http://www.leasingnews.org/archives/July%202006/07-31-06.htm#marlin (3/06) Three officers exercise option, purchase 6,612 shares (3/06) Officers sell some stock (3/06) YE 16.2MM/Plans to open Industrial bank in Salt Lake City, Utah http://www.leasingnews.org/archives/March%202006/03-03-06.htm#marlin (2/06) reports $4.4MM 4th Q, corporate officers sell some stock (12/05) CFO Bruce E. Sickel to resign employment with the Company effective March 3, 2006, says press release filed with SEC. Not mentioned was the $50,000 ï¿½stayï¿½ until March 3, 2006, employment to this date, followed by six month severance, plus some other ï¿½odds and ends.ï¿½ George Pelose, General Counsel of Marlin Business Services, who was the contact for the press release, never returned any Leasing News telephone calls. It is suggested that readers go to Willis Lease, the last story in November, and learn about perhaps what may be a similar situation, but at Marlin: clouded and seemingly paid-off? There is certainly more to the story, especially if handled by an attorney and telephone calls to the media not returned. A highly reliable source tells Leasing News Mr. Pelose has not only been reading the stories printed here, but also has seen the following cartoons: http://www.leasingnews.org/archives/December%202005/12-19-05.htm#toon
http://www.leasingnews.org/archives/December%202005/12-28-05.htm#toon (11/05) announces the completion of its second term securitization. Marlin recently sold $96.9 million in asset-backed securities (08/05) Completes seventh securitization since 1999, this one $340.6 million term asset backed securitization.
(05/09) Bulletin Board Complaint regarding "Evergreen Clause" on $1.00 buy-out; not notified 180 in advance, two years extra payments
to date. (05/09) reports a first quarter revenue loss of $879,000 compared to a profit of $1,359,000 the first quarter of 2008. The company also announced it has closed its Denver office, plus has let additional 53 employees go, many of them have been with the company ten to eleven years. (05/09) Officers and directors received salary/stock
issues despite 100 employees being let go, 2008 loss of $7.3 million, year ending loss of $5.2 million compared to a year-end profit of 2007 of $18.2 million
(05/09) Bulletin Board Complaint regarding "Evergreen Clause" on $1.00 buy-out; not notified 180 in advance, two years extra payments to date. (01/2010) Stock hits $10.75
Mar Vista Financial , Villa Park, California (01/2010)Jamie Chisick, founder and president of Mar Vista Financial, Villa Park, California, is a co-founder along with his brother Brad Chisick of Nationscapital Mortgage, found guilty in 2005 in Olympia, Washington and ordered to pay $712,527.19 in restitution to 120 Washington state consumers."Jamie Chisick is banned from the industry in Washington State for 20 years and must pay fines totaling $292,800.00."Another firm involving Jamie Chisick, First Alliance Mortgage went bankrupt. The California Department of Corporations has Jamie P. Chisick named as president of Mar Vista Financial with an expired license as of 5/17/2008
Marquette Business Credit Inc. . (08/09) Closes Minneapolis branch, continues downsizing.
Marquette Equipment Finance, Midvale, Utah (08/12) Utilizes Evergreen PPR clauses
http://leasingnews.org/archives/Aug2012/8_01.htm#marquette (3/12) Changes name to Pacific Western Equipment Finance. (01/12) Acquired by PacWest Bancorp, to change name to Pacific Western Leasing. The New bank gives a lot of abilities to expand in the marketplace. (02/11) Continues aggressive growth in middle market with hiring of Kirstin Patterson of ACC Capital as Vice-President of Syndication. Dorran Sampson had
moved up to vice-president of broker relations.
Matrix Leasing, Utah (01/13) Now defunct, but those using "Purchase, Renewal or Return Clauses" learned it while working there. http://leasingnews.org/archives/Jan2013/1_30.htm#matrix
Matsco Financial (4/07) parent bank Greater Bay Bank sold to Wells Fargo, rumor WF wants to keep operation in Emeryville,CA. (3/06) Greater Bay Bancorp President/CEO Byron A. Scordelis: The company for five years has been growing each year, he said, and in fact, according to the SEC filings, had a 14% growth rate in 2005 with nearly $900 million in assets. "I would also say the loss record is pristine for a leasing company," he pointed out. "Look at the figures, last year $4.6 million in losses on $885 million, that's roughly a half percent. Pristine! (3/06) Matthew D. Shieman is out as president of the Matsco Companies. He is now part of Diversity Capital, working out of Moraga, California, a residential community across the bay from San Francisco. (12/04) Fitch Withdraws Ratings: -----6 Greater Bay Bancorp Bank Subsidiaries, Leasing News trying to confirm reports that Matsco is for sale, in fact, in negotiations. (10/04) The Wall Street Journal reports "Insiders say that Greater Bay Bancorp is soliciting potential buyers-Matsco is a part of Greater Bay Bancorp. (1/04 ) According to three highly reliable sources at Cupertino National Bank, Cupertino, California, where Matsco was banking ( a Greater Bay Bank,) Matsco gave the bank its highest loan write-off in 2003, resulting in restructuring both at the bank and Matsco. The matter is now resolved, the sources said, and changes have been made. The account is also no longer domiciled at the bank, they reported. Steven C. Smith, Executive Vice President and Chief Financial Officer Greater Bay Bank, said that since Matsco is not a separate segment of the business there will not be a separate financial statements in the bank 4th quarter report. He stated there will be information on segment loan growth and loan charge-offs. adding that he thought it was a very detailed disclosure. He stated the bank always does a full disclosure and it is in compliance with all of the latest SEC required disclosures ,- which he added they have been doing well before all of the focus on accounting issues from the Worldcom and Enron's of the world. He did not want to be quoted directly and did not comment, nor confirm nor deny, any loan write-offs at Cupertino National Bank, referring all information to the SEC filing. (1/04)Matt Shieman, president of Matsco, a Greater Bay Bank company, Emeryville, California, told Leasing News last year "was the best ever. We may have let some people go last year, as many companies were forced to do, but everyone is happy here, business is good... No broker business. We cut down on the commercial sector, but any rumor to the contrary that business is not very good here is definitely not true." (7/03) Greater Bay Bancorp Reports Net Income of $48 Million for the First Six Months of 2003; Credit Quality Stable and now in compliance. Greater Bay Bank telephone conference:" Didn't sell any Matsco loans (securitizations last quarter due to operational problems, these loans are in the 1 Â½ million to 2 million dollar range---problem is primarily due to a front system conversion, not complete, that will allow Matsco to save a quarter million a month in operation expenses when it is up and running (said in question and answer session at end of conference). Basically Greater Bay Bank is a "business bank" and should not be compared to peers who are more into consumer finance; they are a relationship bank and want to continue in that manner. Personal guarantees are important in real estate because in many instances the president of the bank can go to the person directly and ask them to stand up; the bank plans to be tight on operations and even more so, the local economy has been one of the toughest, especially the last couple of years, but the bank is in a strong position when the bay area turns around, capital levels very strong, although loans have been sluggish recently, but perhaps will move soon as there are some signs, less commercial real estate loans, no residential mortgages on balance sheet, loans were "flat," didn't sell any Matsco loans this last quarter due to operational problems, but plan to soon in the 1 Â½ to 2 million dollar range (7/03) Having problems with vendors (Patterson Dental), real problem with operation system, while parent Greater Bay has their own with their last audit. Shieman to make announcement (but does not.) (5/2003) Reliable sources report commercial and broker
division shut down, people let go, company to work solely on captive vendor,
dentistry, veteran,CPA marketplace. President Matt Shieman was to
give a statement on this at the beginning of this week, but has
apparently changed his mind. (12/2000 purchased by Greater Bay Bank)
Mazuma Capital Corp, Draper, Utah (09/12) Mazuma and Republic Bank Get Snared on PRR Provision in Equipment Lease http://leasingnews.org/archives/Sep2012/9_07.htm#mazuma(08/12) Utilizes Evergreen PPR clauses
McCracken Financial Software, Billerica, Mass.(02/06) leading provider of origination-through-servicing software, announced that it has changed its name to EnableUs, Inc. The new name unifies McCracken's global operations, which include ORFI, a leading provider of commercial finance and leasing software solutions in Europe. The company also introduced a new logo and tagline, "Enabling commercial and asset finance."
Mellon Leasing-Manufacturer and Dealer Services ( 6/2001 ) closes offices, employees let go (5/20001) GE Capital makes formal announcement, confirms Jan. report.(1/2001) key employees told company is sold
MericapCredit,, Lisle, Illinois (08/09) Sold assets to Main Street Bank, Kingwood, Texas,
closing down. http://leasingnews.org/archives/August%202009/08-21-09.htm#MericapCredit
Merit Leasing, California ( gone ) 6/2000
Merrill Lynch Financial (09/08) sold to BofA (04/08) Reveals serious losses(12/07) GE purchases most of Merrill-Lynch Finance Division, officers given notice to look for other employment.
(11/05) Parent to Acquire WordWave, Inc., a leading provider of litigation support, court reporting, captioning and transcription services for law firms, courts, governmental agencies and corporations worldwide.This acquisition is Merrill's single largest strategic business transaction to date. WordWave is currently owned by Berkshire Partners LLC and Highland Capital Partners, both Massachusetts-based private equity firms. Specific details of the agreement have not been disclosed. The deal is expected to complete by December 31, 2005 and is subject to submission and approval of the governing regulatory agencies. (7/03) Merrill Lynch Capital To Be a Major Player: Remiker appointed John Settano as Director of Syndications to Merrill Lynch Capital Equipment Finance. Mr. Settano, a veteran of US Leasing for twenty-eight years, has extensive transaction structuring, pricing, documentation, tax leasing, credit underwriting, and product distribution experience with a solid reputation in the leasing industry. (4/03) Robert E. Radway, Managing Director and President, Merrill Lynch Capital, announced the appointment of Richard J. Remiker as Managing Director of its Equipment Finance Group (3/2003) Merrill Lynch Business Financial Services is working with De Lage Landen Financial Services, Inc. of Wayne, PA., enters online lease financing from $10,000 to $2 million-plus for a wide range of commercial equipment. This includes computers, software, telephone and voice-mail systems, medical, dental and diagnostic equipment, construction and materials handling/industrial equipment, and more.
Mesa Leasing, San Diego, CA. (10/11) suspends general lease funding "...because its principle investor has suspended funding because of concerns about the economy."
Metwest Leasing, Spokane Wa. (11/2000) Metwest Leasing Spokane, WA is pulling the plug, confirmed by 5 sources. ( 9/2000) Advising brokers that they have run out of funds so they are unable to fund a transaction we have there for funding.
Metrolease--( 5/2000) reports closing operation, John Blazek at Evergreen Leasing, Hathcock losing assets, will not confirm nor deny; many serious rumors of serious fraud floating around the marketplace, including debt to Textron Financial, reported to file BK.
MicroFinancial/Leasecomm (3/06) Delays ASX filing (2/06) Year-end loss $1.7 million, versus a net loss of $10.2 million for the previous year. (1/06) Transfers to American Stock Exchange (10/05) a net loss for year-to-date for September 2005 at $2.5 million, compared to a lost of $14.8 million for the same period last year. Year to date revenues for the nine months ended September 30, decreased 36.7% to $30.4 million compared to $48.0 million for the period in 2004. (10/05) verified that Microfinancial has sold Transaction Enabling Systems, most likely in September. (4/05) MicroFinancial 1Q Net Loss $2.7MM/last year $4.7MM (10/04) Secures $30 Million Line of Credit from CIT(4/2004) Reports $7.6 Million revenue loss first quarter, resulting in $4.7 million net loss. (11/03) Changes name to Transaction Enabling Systems http://www.tes-edi.com/ (10/03) Net Loss $3.2 million for 3rd Q (10/03) class action filed. (5/03) Record Fine/Judgment Under the terms of the settlement with the Federal Trade Commission, Leasecomm will stop collection efforts on all outstanding judgments, totaling $24 million, involving the financing of the software and equipment for processing credit-card transactions. The company also agreed to stop financing those kinds of business opportunities in the future. Leasecomm will also pay a $1 million fine to be split by the states of Massachusetts, Florida, Illinois, Kansas, North Carolina, North Dakota and Texas. The district attorney for Ventura County, Calif. will also receive a portion of that fine. The company was looking for a financial partner, and there is the question regarding the selling of $500,000 stock by an executive officer before the stock took a nose dive. The company was also recently "re-listed" on the exchange. http://www.leasingnews.org/archives/June%202003/06_02_2003.htm#24 (5/03) New York Stock Exchange has accepted the Company's proposed compliance plan for continued listing on the Exchange (5/2003) Files $0.8 million quarter loss http://www.leasingnews.org/archives/May%202003/05_08_2003.htm#micro (4/2003) delays filing for 15 days with SEC (3/2003) to be de-listed (3/2003) Net loss for year-end was $7.7 million. http://www.leasingnews.org/archives/March%202003/03-11-03.htm#micro (2/2003) Stocks Falls to .73 cents on Friday, 12/2002-----The Board of Directors of MicroFinancial Inc. (NYSE:MFI) has suspended its dividend to comply with the Company's banking agreements. (11/2002) Leasecomm closes, shuts off all brokers, won't fund deals approved "Goes Down---CEO Sells $500,000 Stock Before the News." ( Microfinancial Stories )Waltham, MA (8/2001) Leasecomm, Attorney General investigating, many complaints on line .
Microsoft Financial/Leasing (3/06) now going down to a minimum of $3,000 for its vendors (partners) to help them sell Microsoft software, as well as their equipment, training, installation included, the company certainly will become a tour de force in the equipment leasing industry. (3/2003) De Lage Landen Financial Services Selected to Provide Lease Contract Management Services
MidWest Leasing Group, Livonia, Minnesota (09/10) filed bankruptcy as does owner Curt McRea, in 2008, explaining in the Huffington Post: “Banks quit lending, and since we acted as a broker for our 3,000 customers, our business went down approximately 75 percent. Add to that the cost of operating a business building, health care for my employees and the increasing write-offs from my own customers and I was forced to close and lay off my four remaining employees. Personal guarantees on my business credit forced me into a personal bankruptcy and I started searching for work at age 58."
Milestone Capital, NJ (10/01) files for BK protection
Minnwest Capital Corporation , Minnetonka, Minnesota (05/10) (subsidiary of Minnwest Bank Metro) has filed a $4 million suit against Allied Health Care Services as well as the Charles Schwartz, president of the company, as personal guarantor to the corporation.
Capital ( 2/2001) sales completed to Interchange
Financial( 12/2001) assets and liabilities sold to Interchange
Capital, Chicago, IL.(11/04) Theodore L. Koenig forms company
to originate, structure, and provide "customized financing to corporate,
real estate and asset-based borrowers based in the U.S. and Canada
in amounts of $3 million to $40 million, with an ability to agent
and syndicate larger transactions."
Morgan Stanley, New York (2/06) selling its aircraft leasing business to European private-equity firm Terra Firma for $2.5 billion in cash. Morgan Stanley, which had recorded a $1 billion charge last year in writing down the value of the unit, said it will reduce that amount by between $500 million and $550 million. The revision will be included in the company's annual report to the Securities and Exchange Commission. The unit had revenue of $1.7 billion in the fourth quarter and $5.2 billion for 2005.
Mount Pleasant Capital Corp. Warrendale, PA (02/12) Launches Major Franchise Lending Program; look out competition!
http://leasingnews.org/archives/Feb2012/2_01.htm#lending (02/06) announces that the company has negotiated a new warehouse facility with Sky Bank. The new warehouse facility provides MPCC with a borrowing base up to $5MM and is expected to greatly enhance the company's funding capability. (12/05) introduces Franchise Qualifier, an online tool that helps franchisors streamline the process of franchisee recruitment. By analyzing owner, business, and industry factors, Franchise Qualifier accurately assesses whether a new franchisee is likely to be successful. http://www.leasingnews.org/archives/December%202005/12-16-05.htm#bob (11/05) New name of Bob Rodi's "Lease Now."Mount Pleasant Capital Corp. will serve as an umbrella organization for four separate d/b/a names. Those will be LeaseNOW, Franchise Business Capital, Motor Coach Financial Service, and RAPIDTrack. Mount Pleasant Capital Corp is an independent finance company that offers franchise systems and alternative strategy to SBA Loans. Its loans are fixed rate, 84 month loans and do not require additional collateral, such as real estate.(1/04) Acquires Motor Coach Financial, Guilford, Connecticut. Raymond J. Murphy, the president and principal shareholder of Motor Coach will serve as the Executive Vice President of LeaseNOW, Inc. Bob Rodi will continue as President and CEO of the merged companies while Marina Rodi will continue remain as Secretary/Treasurer and CFO.
MSM Capital (7/2004) Mike Cingari Back in the Leasing Business???
It appears on July 25th the former president of MSM Capital, and Colonial Pacific
Leasing, Michael Cingari , with agent Grant Holstrom, formed ï¿½Crosswater Capitalï¿½ in Southern California.
15615 Alton Parkway, Ste 175
Irvine, CA 92618
4 Marquette Way
Coto De Caza, CA 92679
Mr.Cingari was not available for a comment
PETITIONER: MSM CAPITAL CORPORATION
15420 LAGUNA CANYON RD #210
IRVINE, CA 92618
dba NASBA CAPITAL
TYPE: Chapter 7
FIRST MEETING DATE: 09/05/2002
HEARING TIME: 10:00 A.M.
HEARING LOCATION: RONALD REAGAN FEDERAL
BLDG 411 W
MICHAEL G SPECTOR
2677 N MAIN ST #870
SANTA ANA, CA 92705
PHONE NO: 714-835-3130
FIRM: MICHAEL G SPECTOR ATT AT LAW
TRUSTEE: JOHN M WOLFE
2603 MAIN ST #600
IRVINE, CA 92614
PHONE NO: 800-436-4646
Capital Bulletin Board Complaint:
Former employees now have reportedly over $200,000 in judgments against the company, who they are reportedly appealing to the California Franchise Tax Board for relief and preference among creditors, who include banks, funders, dealers not paid, and applicants who's advance rentals were not returned.
(10/2002)It appears over $1.3 million in "advance rentals" were not returned as documented by 93 pages and 549 creditors. (read MSM story)
(8/2002) MSM Capital, Irvine, CA, Mike Cingari, former president starts another leasing Company. (8/2002) to file ch. 7 BK. Seven employees have judgements in excess of $192,000 for back commissions, as well as other employees have disputes over other benefits, plus many equipment dealers have not been paid, many applicants have not received their advance rentals back. (7/2002) Close doors, let everyone go. (6/2002) down to a skeleton staff (5/2002) MSM Capital makes Leasing News Bulletin Board for many complaints of not returning money. Cingari is "not available." (5/2002) Employees sue Mike Cingari for back pay and win, many advance rental payments not returned, it is reported, many problems here.
National Bank, Bettendorf, Iowa (07/10) as the holder of three leases by First Premier Capital, Edina, Minnesota for 50 LifeCare Respirators costing $250,000 each filed against Allied Health. The demand is for $800,000, bringing the total in the suits over $20 million to date. Attorney Dennis Lenard responded August 10th, denying charges.
National Penn Bancshares, Inc. (Nasdaq: NPBC), the parent company of National Penn Bank, and Nittany Financial Corporation, BOYERTOWN, Pa. and STATE COLLEGE, Pa., (09/05) merge. Nittany to be a separate division; assets in excess of $5 billion and to remain the seventh largest bank holding company headquartered in Pennsylvania (equipment leasing services through National Penn Leasing Company.)
National City , Cleveland , Ohio (10/08) Sold to Pittsburg based PNC Financial Services Group, a retail bank serving the East Coast. (10/08) cuts employees, divisions, in verge of failure (06/08) OTS issues memorandum of understanding, starts closing down leasing operation. (05/08) complete $7 billion capital raise.
Navitas Lease Corp. dba Navitas Leasing, Ponte Verde Beach, FL. (RLC Leasing Division, Columbia, South Carolina) (11/11) Obtains California Finance Lender license. (11/11) Blue Mountain invests $22 million. Also reports $50 million expansion of its credit facility with Wells Fargo Capital Finance.(06/11) Gary Shivers announces his company has new division for "brokers only" to be headed by Dwight Galloway, CLP, ex-LEAF Speciality President, called RLC Funding.
NIA National Leasing (3/2000 purchased by Lakeland Bancorp)
NetBank, Alpharetta, Georgia (10/07) FDIC closes bank, approves assumption of by ING Bank, Wilmington, Delaware; CMC Leases and NetBank Business Finance not included. Provident Bank (10/07) Shares fall 22 percent as the bank reserved several million dollars for a defaulted loan, leasing involved.
NetSol, Emeryville, CA (11/09) Mitch Van Wye, COO of North America, company moves to smaller quarters in Alameda, CA. http://leasingnews.org/archives/November%202009/11-16-09.htm#happening_at_mccuenetsol
(07/06) Netsol Technologies completes Acquisition of U.S. Based McCue Systems (05/06)McCue Systems Inc., Burlingame, California, the ï¿½granddaddyï¿½ of the equipment leasing software companies founded in 1973 by John McCue, has been purchased for approximately $8.5 million by NetSol Technologies, Inc. (NASDAQ:NTWK), a US-based developer of proprietary software applications and provider of information technology (IT) services, headquartered in Calabasas, California. Payment will consist of 50 percent cash with the balance paid through the issuance of Netsol's common stock carrying Rule 144 restrictions.
New England Capital (6/2000) sold to Network Capital Alliance a division of Sovereign Bank. Sovereign did hire two people who will run a sales office in CT, doing basically the same deals with the same people as before. Little will change in that aspect.
New Leaf Funding Corporation , Maitland, Florida (06/12) Bulletin Board Complaint, not returning $10,000 deposit. http://leasingnews.org/archives/Jun2012/6_06.htm#complaint
New World Equipment Funding , LLC, Lake Success , New York (07/08) Cuts off many brokers/discounters, denies problems with SunBridge Capital truck portfolio.
Newcourt (5/11) Newcourt’s Hudson Controversial Move Back into Leasing (8/2000 sold off)
Newport Financial Partners, Inc. , Newport Beach, CA (01/13) third Bulletin Board complaint http://leasingnews.org/archives/Jan2013/1_15.htm#bbc (11/12) Second Bulletin Board Complaint http://leasingnews.org/archives/Nov2012/11_21.htm#bbc Bulletin Board Complaint http://leasingnews.org/archives/Nov2012/11_21.htm#bbc (05/12) Bulletin Board Complaint. http://leasingnews.org/archives/May2012/5_09.htm#bbc
Northern Leasing Systems, New York City (04/12) New York AG sues for $10 million. Company previously won $180 million similar suit. lawsuit alleging the company siphoned more than $10 million in unauthorized debits from the bank accounts of more than 100,000 former customers, as well as extended leases beyond their original termination date in many states (Evergreen clauses are illegal in New York). Company denies charges:
Northwest Capital Solutions, Portland, OR (6/2004) purchased by American Bank Leasing Corp., an independent commercial equipment financing company located in Atlanta, GA
( 9/05) Lessee Gets Stay pending other court actions, sets precedent? (9/05) NorVergence 1450 member Class Action Certified in New Jersey (9/05) Texas win and others regarding venue provision creates lessee war cry: ï¿½ We are coming for the rest of the LC's now! ï¿½ (7/05)--Randy Brook of FTC wins 47 million dollars of ï¿½uncommittedï¿½ signed leases, with claims against the receivables, assets. (6/05) FTC Asks for $181 Million NorVergence default judgment plus to negate other AG settlements for full amount; hearing set for July 18, 2005. We were criticized for calling this a ï¿½soap opera,ï¿½ but it truly is, except no love interest. http://www.leasingnews.org/archives/June%202005/6-28-05.htm#norv (6/05) Attorney Green to file Appeal on NorVergence Class Action Denial (6/05) Add Massachusetts to Illinois and Texas dismissing all NorVergence leases because BK receiver failed to appear in court (6/05) Florida AG case thrown out of court, next day, he appeals it. (5/05) $23 million more in settlements (5/05) GE and CIT make settlements in other states. (4/05) Reportedly defaulted leases push Preferred Capital into receivership. Several other leasing companies hit with large portfolio losses.
NorVergence, New Jersey
(07/11) NorVergence’s Tom Salzano on Trial in Louisiana, as bankruptcy is winding down to the last two claims and then whatever assets remain will be divided among creditors. (03/10) The NorVergence Bankruptcy was filed June 30, 2004 and there are apparently settlements from discovery and other issues, but it continues with recent attorney fees over $4 million, and other costs over $500,000. (04/09) Louisiana AG arrests Thomas J. Salzano and
he spends night in jail before posting bail for charges of fraud. (09/06) FTC files injunction against two key officers: Peter Salzano (in addition Thomas N. Salzano (08/06) Under New President Fred Van Etten-- Popular Reaches $15.3MM Settlement (08/06 AG Spitzer now at $20 MM settlements (08/06)NY AG Spitzer gets Nine more (07/06) NorVergence Bankruptcy Trustee Sues 26 Banks/Officers FTC Brook explains what they are looking for http://www.leasingnews.org/archives/March%202006/03-29-06.htm#trade (3/06) NY settlement 67% http://www.leasingnews.org/archives/March%202006/03-24-06.htm#norv (3/06) NorVergence BK charges Salzano wife charged $135,628 to corporate Amex Card (3/6) NorVergence BK charges Salzano son stealing $1/2 MM (2/06) more lessees accept settlements (1/06) Various cases, FTC serves CID on some leasing companies to learn about accounting, insurance, personal property tax. (11/05) Popular Leasing receives ruling requested as the St. Louis court found "that NorVergence has no interest relating to the subject of the action [in Missouri] and is not, therefore, a necessary and indispensable party." (11/05) 10,629 NorVergence Leases in Contention.Allegedly 1,371 NorVergence lessees to date have been offered settlements, out of an original estimated 12,000. This does not include the FTC win of $47 million dollars of ï¿½uncommittedï¿½ signed leases. Leasing News for 30 days has been trying to obtain the statistics in number and dollars of how many lessees accepted the settlements,as they were to do so in 30 days and then the leasing companies to report to the AG's office within 30 days in a specific time frame. (11/05) Hon. James Ryan of the Circuit Court of Cook County, IL, 3rd Municipal District, issues his third decision and order dismissing suits by IFC Credit Corp. against consumers who had NorVergence Rental Agreements ("NRA") assigned to IFC. Judge Ryan held that the forum selection clause in the NRAs was "unenforceable because it offends the public policy of fundamental fairness" and, therefore, the Illinois courts have no personal jurisdiction over the out-of-state defendant.
(03/05) Thirteen state AG's jump on Preferred Capital venue issue, little realizing that the company is closed to receivership (02/05) ï¿½ERAï¿½ contract a joke http://leasingnews.org/PDF/NorVergence_Rental_aggreement.pdf (02/05) Ohio Banks Affected by NorVergence Bankruptcy (2/04) Venue Losses by Lessors local and federal courts (2/04) NorVergence Mess Not Going Away, Perhaps Criminal Action (1/05 NY AG Eliot Spitzer settles two more, now at $13MM (1/05) Peter J. Salzano, CEO file BK 11 (1/05) No disagreements about ï¿½leasing companies caving in,ï¿½ as more state AGs (six now) join in litigating leasing companies for settlements with NorVergence Leasing customers. (01/05) Irwin Financial $4 million NorVergence Charge off. (12/04) More Leasing Companies "Caving In" (12/04) Leasing News Editorial: Amicable, Generous Settlement for NorVergence Lessees (12/04) NY Atty. Gen. Gets Another $11 Million Settlement (12/04) Penn. AG Sues NorVergence/Salzano Brother (12/04) Other leasing companies follow GE's lead. (12/04) GE becomes hero, sets pace for other leasing companies. In a surprise move, GE Capital made a settlement with New York Attorney General Eliot Spitzer and his staff regarding 100 approximate leases for the so-called "matrix box" and long distance telephone service from NorVergence, who filed Chapter 7 bankruptcy in July (11/04) 41 Leasing Companies in NorVergence Dilemma (10/04) ELA meets NY Attorney General's staff (10/04) Leasing companies file on lessees, Weir Group has almost 1300 plaintiffs in class action suit, newspapers print poor picture of leasing companies (9/04) Florida attorney general requests leasing companies cease collecting lease payments; three other state AG's follow (8/04) First class action is filed, two others to follow. (7/2004) Campaign to Stop Leasing Company Payments (7/2004) Robert J. Fine Resigns as EAEL President, ran Finance Division, discounting paper to banks and others (7/2004) Telecom Agent Association starts ï¿½Legal Co-Opï¿½ to breaking third party leasing contracts sold by NorVergence or involved with NorVergence equipment and service. (7/2004) NorVergence files Chapter 7(7/2004) NorVergence files Chapter 11.(7/2004) NorVergence investigated for failing to pay its employees NorVergence (4/2004) "Mr. Arnold comes to NorVergence Capital from HP Financial Services, where he was the Finance Director for North America. At HP Financial Services, he was responsible for all financial functions and was instrumental in integrating the HP and Compaq Financial services portfolios. Mr. Arnold was part of management team that launched Compaq Financial Services in 1997."
1Lease, Fresno, CA(6/2002) While no web site or e-mail, seems back in the news again, as Commercial Equipment seeks former president Sean Wheeler. To learn more why Sean Wheeler is back in the news, call John Nice, Commercial Equipment Lease in Eugene, Oregon, Credit & Special Assets Mgr, (800) 234-1884. (7/2001) 1Lease exits broker application business to focus on vendor and "buying" lease portfolio's: will be at UAEL San Antonio Conference. (6/2001) Sean Wheeler announces he is leaving leasing to run three "Wet Pets" stores, Steve Ballard, operations/finance for Michael's Floral to take his place.
Odyssey Equipment Financing, Scottsdale, Arizona (07/11) John Torbenson Celebrates 43rd Year in the leasing business.
Old Kent Financial, Grand Rapids, Michigan (9/2001) Closes down, lets everyone go. (2/2001) Closes door to new broker business ( 11/2000 Fifth Third Bank, Cincinnati, Ohio announces acquirement, to close second quarter 2001-Gateway Leasing sold to Old Kent in 1997, small ticket leasing specialists )
Oakwood Deposit Bank, Toledo, Ohio-(11/2002)---more embezzlement charges against president of this phony bank involved in money laundering, leases and loans. The Federal Deposit Insurance Corp. seized and closed the bank's two branches in Oakwood and nearby Grover Hill in February. The bank has reopened under the management of The State Bank and Trust Co., a northwest Ohio bank.
OfC Capital, Roswell, GA (09/09) Exits Leasing
Old National Bank, Evansville, Illinois (12/09) exits municipal broker business.
Omni Capital -(12/2002)- Stephen Klein, the Chairman and CEO of Omni National Bank ("ONB"), announces the formation. Omni Capital will be headed by Jule Kreyling, President, who previously formed and managed a middle market leasing division for American Equipment Leasing (a subsidiary of European American Bank) based in Reading, Pennsylvania. According to Kreyling, Omni Capital will focus on originating transactions in the $100,000 to $3 Million range: "Over the past few years, many equipment lessors have retreated from the middle market arena, either to focus on large, highly structured transactions or some have simply exited the market altogether." "We believe the middle market is underserved and while we will look at any transaction that makes sense, we will focus on our core, middle market customer constituency."
On Deck, New York, New York (11/12) reaches $300 Million Delivered to Main Street with the help of 1500 distribution partners
(03/11) Announces they have been approved as a "Preferred Service Provider for community bank equipment leasing and financing for members of Independent Community Bankers of America (ICBA).(04/10) Co-Op combines, moves HQ to OneSource Financial, Austin, Texas. (08/09) OneWorld Business Finance, members report business off. (01/09) Ira Romoff, seasoned veteran who took over August 25, 2006 with 17 members and now 26 members retires, says press release. In LinkedIn and elsewhere, Romoff says, "I've recently retired and am looking for a Board Seat at a bank or large leasing company, consulting in banking, leasing or risk management, or a temporary CEO position.ï¿½ Earlier talk that co-op was merging with one source falls flat, and its no secret that business also off at most of the members operation." It should be noted there were, and are many ï¿½partnershipsï¿½ where the partners put in money and utilize the services of a main partner for servicing or maintaining lines of credit. The co-op is different that a partnership or corporation (LLC or LLP) as it is a legal ï¿½co-operative.ï¿½ http://www.leasingnews.org/list_alpha_new.htm#one (08/08) Ira Z. Romoff, President, confirms: ï¿½Not a merger per se, but a combination. Still under negotiation." (07/08) The leasing co-operative looking for one source, rather than many; could be a merger. (06/06) Sharon Foglesong resigns as President of 17 member-owners representing in excess of $250,000,000 in equipment financing annually. She is moving on in her career; co-op looks to grow from 17 to 75 by 2010, predicts Chairman John Winchester, elected in April, 2006 to the position.
(7/05) Sharon Foglesong appointed president, now 16 members, reports co-op going strong and successful. (8/04) Co-op adds six new members, new exec. dir. gets company going. http://www.leasingnews.org/archives/August_2004/8-06-2004.htm#one (11/03) Down to five members, but seeks new president (2/2003) Loses three members, obtains new CEO. http://www.leasingnews.org/#world
Onset Capital (9/2000 Irwin buys 87% equity)
Onset Financial, South Jordan, Utah (08/12) Utilizes Evergreen PPR clauses
and CW Onset, a Utah limited company, filed a $9,798,000 against Allied Health Care Service, Orange, New Jersey. Not Served.
Orix Financial (06/06) Kropschot helps Orix Vendor Finance Group go to Equilease
http://www.leasingnews.org/archives/June%202006/06-28-06.htm#krop (05/06) "...revenues associated with directed financing leases were flat." Leasing News has received reports of division down sizing, and several departments being eliminated. (10/05) Los Angeles, CA., firm Houlihan Lokey Howard & Zukin, an international investment bank, announced that it has agreed to join forces with ORIX (02/05)
ORIX USA's Structured Finance division, based in Kennesaw, GA, recently exceeded $1 Billion in new business volume since its inception four years ago ( 01/05)ORIX USA Forms Corporate Finance Group (10/04) ORIX Announces Interim Results-Leasing Revenue Down. (7/2004) Reports Closing Kennesaw, GA Office, rental available. (4/2004) Gary Corr, president and COO of ORIX Financial Services, Inc. (OFS) announced the promotion of Bill G. Fite to group president of ORIX's equipment finance group (EFG). Many complaints by employees continue over lack of communication and broker promises. (1/04) On February 13th, forty people will be let go in Orix's New York Office and twenty-five in Kennesaw with layoffs continuing every two weeks from then on through the end of the fiscal year (3/31). ï¿½The layoffs will hit IT and Accounting the hardest but they will be across the board (SFG, EFG, RPG, Operations, HR).ï¿½Also, apparently there is an internal memo among the Dallas Executives that has a timeline for vacating Kennesaw entirely (1/04) ï¿½We Need Your Help!ï¿½ Orix Employee Cries Out Loud ( http://www.leasingnews.org/archives/January%202004/01-16-04.htm#we ( 1/04) Orix Capital Markets will announce that they are shutting down the NY office. Major layoffs will hit the Kennesaw, Georgia office either mid or late February. Nothing is certain yet but it is probably safe to say that Orix will be out of the leasing business altogether at this time in 2005. (1/04) ï¿½ They have also already told the CIO, Chief Legal Officer, EFG Group President, and some other senior level people when their last day will be (1/04) Gary Gusoff is Gone---Five More to Follow (12/03) Despite the press releases and hoopla, according to a highly reliable source, Gary Gussoff last day will be December 31, with more officers to follow, with rumors Orix may be getting out of the leasing business in the USA (11/03)Fitch Withdraws ORIX Financial's Senior Debt Rating (11/03) " Holmes had four businesses reporting to him, the ones run by Hidder, Crain, Neptune and Fite. Today after the reorganization Corr gets only one of those businesses, the old Credit Alliance portfolio run by Fite. The other three organizations that Holmes recruited and nourished at OFS are all reporting elsewhere. How long will those guys stay around, they jumped ship from elsewhere to follow Holmes? And what is the fate of Fite, is he really necessary if all Corr has is the Equipment business?" (11/03)Fitch Places ORIX Special Servicer Rating Watch Negative| (10/03) http://two.leasingnews.org/loose_files/Orix_Motivational_Posters.ppt (10/03) Beyond comedy. (10/03) Holmes gone! (10/03) Orix floundering, Holmes to going, going... (9/03) US team in trouble, look for shake-up on top. (8/2001) "Orix Corporation was raised to "outperform" from "hold" by analyst Tomotaka Ohio at UFJ Capital Markets Securities". In a related story, Orix was reiterated "hold" by analyst Edward Gordon at WestLB Panmure. Insider tells us not much action happening at Orix. Shows what a press release about a new president coming on board and new credit manager. Hype still works on Wall Street. (7/2001) Hires Donald Cox as Exec.VP/CFO-30 years exp. at BofA. Many predict he will be a "figure head" and the company will not be around in two to three years---history will tell if this is correct or not. (4/2001) Orix to "consolidate;" close offices, moving to Atlanta, GA. (2/2001) Closes re-discount center, Steve Geller says "goodbye." (11/10 First six months profits up 14% at Orix! ) (11/8) New President at Orix appointed. 10/2000 "long-term Outlook has been revised from Stable to Negative". Credit Alliance has changed its name to ORIX Financial Services, 9/2000 Japanese Bank President commits Suicide (Orix is a 14.7% shareholder in bank having problems), (8/2000) closes small ticket vendor division in Portland Oregon, "Business as usual in New Jersey and with Brokers" says Steve Geller.
PFF Bancorp, Inc, Pomona, CA (11/08) sold to US Bank, Minneapolis , Minnesota . PFF Bank had total assets of $3.7 billion and total deposits of $2.4 billion. Besides assuming all the deposits, U.S. Bank will purchase virtually all their assets. The FDIC will retain any remaining assets for later disposition. (06/08)--Ron Lear leaves for OTC and Steve Tidland to join Commercial Commerce, PFF basically out of leasing, in trouble. Bank direct active in state, indirect many warehouse loans and lines to "C" and "D" leasing operations. (04/08) Expects $200 million loss (01/08) Wins assets on major lease from Creative Capital. (11/05) It may very well be that IFC Credit, Morton Grove, Illinois, is the largest third party lessor to hold NorVergence "Equipment Rental Agreements," and it is reported $9 million comes from a line at PFF. Bank executive Ron Lear has "no comment."
Pacific Capital Leasing (Santa Barbara, CA) (06/07) It's official, $280 million (06/07) Leasing News reports Pacific Capital sold to LEAF Financial
Pacific Western, Midvale, Utah, formerly Marquette Finance, Utah (01/13) also utilizes "extra lease payment" scheme as did Marquette.
http://leasingnews.org/archives/Jan2013/1_30.htm#pac_west (08/12) Utilizes Evergreen PPR clauses http://leasingnews.org/archives/Aug2012/8_01.htm#marquette (3/12) Changes name to Pacific Western Equipment Finance. (01/12) Acquired by PacWest Bancorp, to change name to Pacific Western Leasing. The New bank gives a lot of abilities to expand in the marketplace. (02/11) Continues aggressive growth in middle market with hiring of Kirstin Patterson of ACC Capital as Vice-President of Syndication. Dorran Sampson had
moved up to vice-president of broker relations.
Panthera, San Francisco, Ca (03/11) Enters $2MM to $50MM fray, includes former ICON president Paul Weiss.
Parker Leasing and Finance Service (Parker Leasing), Florida (06/07) Parker sons convicted. http://www.leasingnews.org/archives/June%202007/06-08-07.htm#park (01/07) Indicted: material misrepresentations to loan applicants to induce them to apply for commercial lease funding. As part of the loan process, the defendants required loan applicants to send advanced lease payments. The defendants, however, failed to deliver the promised funding, and then refused to return the victims' advanced lease payments.
Partners Equity Capital Corp (PECC) Horsham, Pennsylvania (01/07) PECC sold to Marubeni Corporation of Japan, to become CoActiv Capital Partners will initially focus on providing private-label, vendor-oriented lease financing programs (12/05) announces that David Gerrard has been promoted to the position of Vice President and General Manager of their Technology Finance Business Unit. In his new role, Gerrard will have overall responsibility for the Technology Financing Group, including the development of new program partnerships and growth of existing manufacturer private label programs through PECC's revenue-generating lease programs and private label support. ( you will find this under Republic Leasing of South Carolina...please change the list to what is below and replace all information in the alphabet section under NetBank) (6/05) Marc Donahue, Senior Vice President Marketing, "CP conduit will most likely be announced in the Sep/Oct time frame.ï¿½ (6/05) Martin Babicki, Executive Vice President Risk/Operations NorVergence ï¿½Equipment Rental Agreementï¿½ deposition reveals there were about 636 leases (p. 51), 482 of which were not paying (p. 52) and 393 were in suit (p. 52) as of Jan. 6, 2005. Only 25 were continuing to pay, which may have been involved in the Weir Class Action Suit. In addition, there was a $175,000 lease direct to the NorVergence Corporation itself, which may have been a "sale/leaseback." As important, to make this decision, there appears to be no personal guarantee, as per the deposition of Martin Babicki, who also testified he did not know if financial statements were obtained. It was obvious the company had a close relationship with NorVergence officers. Copy of Depostion: http://www.leasingnews.org/items/Babicki_depo_%20in_Florida.doc (5/05) Chairman/CEO Don Campbell new bank line coming in June. (5/05)Evan Wilkoff appointed vice president of finance and treasurer. (4/05) Chairman/CEO Don Campbell says company strong despite rumors of major losses due to NorVergence leases. New bank line coming, soon, papers being signed, he says.
Pawnee Leasing Corp., Fort Collins, CO (11/11) “...posted another successive quarter of growth in its portfolio, which now exceeds US $125 million for the first time. Net charge-offs during the quarter were also modest at US $1.1 million, contributing to the strong results." (07/10) Acknowledges loses, but raises capital streamlines operations, eager for business.
http://leasingnews.org/archives/July2010/7_30.htm#pawnee (05/10) introduces B+ program "as there is a vacuum in this market due to 'A' funders all going upstream." (11/07) $7.9 million loss (05/06) 24 year old Pawnee Leasing, Fort Collins , Colorado issues their IPO in Canada as ï¿½Chesswood Income Fundï¿½; Pawnee Raises $57,781,930 (Canadian) on First Offering. Other companies are reportedly interested in same tax scenario between countries. (11/05) cars4U Ltd, Toronto, Canada (company traded on the Toronto Stock Exchange) signs agreement to acquire company. For more that 20 years, Pawnee has been a leader on the start-up and near prim finance market throughout the United States." For the year ended June 30, 2005, Pawnee had income before taxes of US$8.9 million." Pawnee's senior management team to continue in their roles with Pawnee. In addition, Rob Day and Sam Leeper, Pawnee's Chairman and founder, and CEO respectively, will be among the trustees for the income fund. Gary H. Souverein to remain as president/COO. Leasing News has exclusive interview: http://www.leasingnews.org/archives/November%202005/11-04-05.htm#gary
PDS Gaming Corporation dba PDS Leasing, Nevada PDS Gaming Corporation dba PDS Leasing, Nevada (10/04) the remaining requisite conditions to the merger of PDS Acquisition Sub, LLC and PDSG, with PDSG as the surviving corporation (the "Merger"), having been satisfied PDS Holding Co., Inc. is now the sole shareholder of PDSG. The common stock of PDSG is no longer publicly traded or quoted on the Nasdaq SmallCap Market (8/04) PDS Gaming 2nd Q Up $10 Million (4/2004) PDS Gaming $1.6M Net Loss for 4th But YE 2003 $659,000 Profit
Penske Truck Leasing, Fl (1/05) Sues Bank of America for $1.6MM Nigerian type scam, prof. believes Nigerian company sent him check to cash for Penske refund, where he received a percentage for ï¿½processingï¿½ it.
Pentech Financial,Campbell, CA (03/09) Both Ron Wagner, CLP, formerly head of Vanguard, and Brad Brisbin, formerly vice-president sales and marketing, are available; a relatively skeleton staff remains to service the existing Pentech portfolio. (01/09) Reporting very small staff, managing existing portfolio. Most employees let go, taking on no new business, status where Brad Brisbin, VP sales, and Ron Wagner, CLP, Vanguard are doing. Brad Brisbin retired as a Captain in the US Navy, 2000, in the navy "31 yrs, 9 months, 21 days ï¿½ but I was the only one counting. I've followed your son via your postings. I was a ï¿½brown waterï¿½ sailor in VN, did two tours in the Middle East, three in Africa (including Somalia) and one in the Balkans." Wagner has held many positions as president or head of a bank leasing company. He has retired several times to play golf. He says he went back to work because he was such a lousy golfer! http://www.leasingnews.org/list_alpha_new.htm#pentech (12/08) Starts laying off employees. (12/08) Negotiations continued (11/08) Memo to all no funding for at least two weeks more weeks, includes Vanguard operation in San Diego , as CEO Millerbus discussed renewal of line with allegedly Wells Fargo, reporting making many changes due to purchase of Wachovia; Pentech loss ratio reportedly back in line. If not resolved by end of December, layoffs expecte.
Phoenix (5/2000) both divisions closed
Pinnacle Business Finance , Fife, WA (01/09) Chuck Brazier, CLP, let go, company ceases all broker business(01/09) All offices but Florida were closed last year (01/09 Announces consolidation of offices to Fife, Wa. (01/09) closes Florida office.
Pinnfund/PinnLeasing (04/10) PinnFund Michael Fanghella Out of Jail, Seeks $150,000 Job http://www.sandiegoreader.com/weblogs/financial-crime-politics/2010/apr/18/michael-fanghella-seeking-150000-job/(08/05) James Hillman, 65, a lawyer now living in Nevada, was the chief money raiser for Carlsbad-based PinnFund, a defunct sub-prime mortgage lender that bilked investors out of millions of dollars. He entered the guilty plea Monday on one count of the 29-count indictment handed up two years ago. (5/05) Tommy A. Larsen, the feisty president of PinnLease, San Diego, who was recently convicted and sent to jail, died suddenly in prison of liver cancer. (8/04) Larsen gets prison term, told to repay investors http://www.leasingnews.org/archives/August_2004/8-03-2004.htm#larsen (12/03) Tommy A. Larsen, president of PinnLease, admitted to scheming to funnel money from bogus equipment leases to himself, among other charges. He pleaded guilty to scheming to obtain funds for PinnFund U.S.A. through fraudulent equipment leases, and laundering kickbacks of those funds to the mortgage lender and himself through sham transactions and false invoices, prosecutors said. Larsen also pleaded guilty to obstruction of justice in connection with his previous attempt to provide false testimony in federal court. The defendant also pleaded guilty to evading taxes with respect to his 1999 and 2000 federal income taxes by charging personal expenditures to PinnFund, by structuring his compensation to avoid payroll taxes, and by hiding the proceeds of illicit activity in offshore financial institutions. Sentencing is set for April 5 before U.S. District Judge Marilyn Huff. (11/03) Jury trial set for 9:00 3/16/04 for Tommy A Larsen, for Kim A. Larsen before Judge Marilyn Huff (2/2003) PinnLeasing President denied bail (2/2003) Four indicted on charges of fraud in the PinnFund case ) (2/2003)Former Pinnfund CEO plea bargain- 10 years in prison 12/2002--A former employee of defunct PinnFund USA, a Carlsbad mortgage lender that imploded in March 2001 when regulators uncovered a $300-million pyramid scheme, pleaded guilty to lying to a federal grand jury. U.S. Attorney Carol Lam said Kimberly Hulihee admitted that she provided false testimony on Nov. 14 to a federal grand jury investigating the removal of files and other materials from a PinnFund subsidiary - PinnLease USA Inc. Hulihee, 38, was the former office manager of PinnLease, and later a company linked to former PinnLease President Tommy Larsen called Aloha Pacific Leasing. Hulihee is the second person to plead guilty to criminal charges in the PinnFund fraud. Former PinnFund chief executive Michael Fanghella also has admitted to myriad federal charges. He is cooperating with authorities and remains behind bars in the Metropolitan Correctional Center in San Diego awaiting sentencing. Larsen faces a pending civil suit related to the PinnFund fraud but no criminal charges, according to court documents. (8/2002) Federal authorities plan to auction expensive wine, jewelry and coins seized from the Ramona house of John D. Garitta, the former PinnFund USA chief financial officer who pleaded guilty last week to securities fraud charges. Merchandise to be sold at the auction includes more than 400 bottles of wine worth an estimated $163,000, $480,000 in jewelry and gems and $19,000 in collectible coins. The auction will be held in Rancho Dominguez in the Los Angeles area. (7/2002) investors in Carlsbad's defunct PinnFund USA sue the PricewaterhouseCoopers Accounting Firm for failing to detect fraud at the Company. (4/2002) the Receiver in the case filed a lawsuit against Tommy Larsen, related companies and a law firm, in bankruptcy court. It's a preference that may climb to $6.7 million. Larsen denies it all, and says, "prove it!" (12/2001 ) a top Executive Officer to turn over $47 deal/judge makes okay as it favors return of investor money. http://www.leasingnews.org/archives/December%202001/12-07-01.htm. (11/2001) Girlfriend to return millions. http://www.leasingnews.org/archives/November%202001/11-01-01.htm. (8/2001) Fanghella pleads not guilty to all charges, remains in jail. (8/2001) A federal grand jury indicted PinnFund USA founder Michael J.Fanghella 20-count indictment; 19 counts in the indictment carry a maximum penalty of 10 years in prison and a $250,000 fine. One count -- filing false financial information with the U.S. Dept of housing and Urban Development -- carries a maximum penalty of 30 years in prison and a $1 million fine. (8/2001) In San Diego Feds file charges for filing false financial statements plus criminal charges for bilking at least 166 investors out of $330 million after Fanghella turns self in. (7/2001 ) Barbados Court Freezes PinnFund Exec's Assets (6/2001) Leasing News considers it a ï¿½not guiltyï¿½ judgment against Tommy Larsen, but Larsen's lawyer basically agreed to comply with the temporary restraining order of March 23 and agreed that Mr. Larsen would give an accounting of any possible gains he received that rightfully belong to PinnFund. Since he gave in to everything the receiver wanted, he was not held in contempt. The records shows that being acquitted or not guilty was not what happened. The judge found he wasn't in contempt because, going forward, he agreed to cooperate fully. (6/2001) Judge Hands Down $109 M Default Judgment in PinnFund Scandal. Bounty Hunters Get the Nod to Go Get 'Em (4/2001) Judge continues freeze of assets. Founder of PinnFund skips bail, judge issues arrest warrant ( 3/2001) PinnFund out of money, closes all offices, including leasing. Newspaper stories say ï¿½Millions of dollars are gone.ï¿½ (3/2001) PinnLease USA to Fold 47 Nationwide Offices-- $100 Million Fraud, reads like a tabloid story, perhaps largest fraud in West Coast history.
Pitney Bowes, Conn.(3/06) Stamford, Connecticut based, Pitney Bowes Inc. the largest U.S. supplier of postage meters and mailing machines, who sold their Colonial Pacific Leasing operation to GE Capital, announced that it has agreed to sell its Imagistics International Inc. lease portfolio to De Lage Landen Operational Services LLC, a unit of Rabobank Group, for between $280 million to $290 million.
Pioneer Capital Corporation Addison, Texas (08/09)John Boettigheimer, former president of Pioneer Capital Corporation, Addison, Texas is back in the leasing and finance business, announcing the formation of Centra Leasing, Inc., Plano, Texas.
(02/09) stops funding (02/09) starts funding deals from December.
(01/09) IFC sells portfolio, Pioneer completes funding of deals with commission checks to follow; no status of IFC, but assume they are funding deals they have been holding off, too (01/09) Does not make Jan. 26th date ((note in Feb. (01/09)issued a memo to brokers confirming that it was unable to fund deals, perhaps since January 14th, perhaps earlier, the same condition as its parent IFC Credit Corporation, Morton Grovel, Illinois. http://www.leasingnews.org/list_alpha_new.htm#pleasing (04/06) Founder Bernie Boettigheimer retires after 24 years in business. Son John succeeds him. Company earlier became a subsidiary of IFC Credit, Morton Grove, Illinois.
PLM International (2/2000 )MILPI Acquisition Corp completes cash offer for outstanding stock.
Popular Finance (10/08) Division of Popular Bank, portfolio is reported for sale as bank starts selling off US Divisions, broker business cut back to direct selling.(01/08) announces sale of consumer divisions and looking to sell other units.
Popular Equipment Finance, Baldwin, MO (02/09) What was left of the portfolio was sold to TCF Financial, Wayzata , MN . It appears leases have been sold off to US Bank Manifest as well as others. No announcement has been made public, although CEO writes memo " I am saddened that not everyone will continue with TCF." (01/09) Highly reliable report this division of Popular Bank, Puerto Rico, is in the process of being sold to TCF Financial Corporation ("TCF") (NYSE: TCB). TCF is a Wayzata, Minnesota-based national financial holding company with $16.5 billion in total assets. Complications with paperwork and bank requirement approvals.
Positron (04/09) Westmont, Illinois (06/12) Mfg., also lessor, not going ahead on leases and also returning advance deposits. http://leasingnews.org/archives/Jun2012/6_13.htm#positron
PredictiFund (04/09) Exits leasing business to concentrate on credit card advances.
Prime Capital, Chicago ( 6/2000 closed )
Prime Leasing, Minnesota ( no longer doing business) 6/2000
Preferred Capital, Brecksville, Ohio (4/05) Files bankruptcy, receiver appointed, some leases assigned back to Huntington Bank, and others. Reports of ï¿½double-dippingï¿½ of leases to community banks. http://leasingnews.org/PDF/PC-Receiver_appointed.pdf (03/05) Leasing News has received several ï¿½insiderï¿½ reports that the company may be closing its doors, primarily due to the debt with NorVergence and many lawsuits involved. Creditors to make decision whether bank goes into receivership. Several reports from community banks that Preferred Capital sold the same deal to each of them, called ï¿½double dipping.ï¿½
Preferred Lease/CapitalWerks (4/05) CapitalWerks Alabama Jury $9 Million Award Tossed Out. New trial date for next year regarding faxing of approvals of lessees (ï¿½...wrongful claims against advertising and marketing of their products and services,ï¿½ says President Jim Raeder. http://www.leasingnews.org/archives/April%202005/4-26-05.htm#capital (11/04) Insider says it was an employee at Balboa Capital. Jim Raeder will not
reveal name of party or company: says he received "cash settlement" and believes matter is "resolved." (10/04) A number of readers question how Kinko's turned over a video so quickly, others believe it is an ex-employee that is the culprit and thus the real reason the name is not being revealed(10/04) ï¿½We do not receive any benefit in publicly humiliating the individuals responsible for this misconduct. Our intentions are to hold them responsible and liable for the consequences of their statements, and to recover damages they have caused to our business,ï¿½ says Raeder (10/04) Survey Results: ï¿½Let Us Know the Nameï¿½ http://www.leasingnews.org/archives/October%202004/10-01-04.html#survey (9/04) Jim Raeder to reveal culprits name(8/04) Jim Raeder allegedly sees video at Kinko's, sales slip, talks to clerk, knows party's name and company (8/04) derogatory and malicious accusations spread around internet and to funders, industry readers, becomes ï¿½chain letter.ï¿½(8/04) New York Times criticizes company for not returning advance rentals. Controversy grows regarding story and commitment fees in general (5/2001) Preferred Lease, A CapitalWerks Company Mark Seif now in private law practice, company one of his clients (3/2001) Rumor close to sell to Capital Werks, and will become Preferred Leasing, a Capital Werks Company, this month (2/2001) internal memo about training by company about to take over, supposedly there for several months, "training" employees (01/2000 Mark Seif confirms for sale; will make no further comments (12/2000) Company reportedly on the block "one the block."
( 11/2000). David Murray left 11/7 "didn't like letting his friends go." (Reportedly now at VenServe ).
Professional Solutions Financial Services (PSFC), member of NCMIC Group, Inc., Des Moines, Iowa (07/10) Ken Catanzarite, Esq. of the Catanzarite Law Corporation, Anaheim, California files class action lawsuit seeking over $30 million. Brican Exhibeo Lease Fraud in the Brican America, Miami Beach, Florida, not licensed in State of California, violates usury and Department of Corporation law.
Proviso Financial Services, Coquitlam, British Columbia (03/12) Bulletin Board Complaint about $2,200 not paid to broker. Also owns Litehaus.
Portfolio Financial Servicing Company, (PFSC,) Portland, Oregon (09/06) Jerry T.Hudspeth, President and CEO resigns. Varilease CEO Robert VanHellemont becomes temporary CEO to fight off potential financial takeover, which he thwarts. (2/2002)" PFSC was backed by Bank of America to handle the UniCapital portfolio, and they wanted to run it down, not invest any more. Jerry Hudspeth, as the portfolio ran down, brought in some new accounts, as he is excellent in marketing. He had an option from Bank of America to buy the assets, which we basically did and were running it for a few months." (2/98) (acquires assets of Unicapital, who had filed bankruptcy.)
Powernet Financial Group., Boston, Ma. ( 11/2001) brokerage firm purchased by Madison Capital http://www.leasingnews.org/archives/November%202001/11-13-01.htm
Publish West Inc. (5/2004) stops publishing daily newsletter 'Leasing Today'.
Puget Leasing, Bellevue , WA (01/12) Court case settled; both bank and leasing company survive under new chairman who has excellent reputation.
http://leasingnews.org/archives/Jan2012/1_06.htm#puget (12/11) First Sound Bank Investor Pleads to Keep Bank Open as negotiations continue regarding settlement with Secords. (11/11) May close and bank with it. Also appeals decision to pay prevailing attorney fees. http://leasingnews.org/archives/Nov2011/11_14.htm#puget (10/11) An insider told Leasing News "First Sound Bank has effectively closed the Puget Sound Leasing operation and has dispensed with brokers. They are only booking direct deals generated by bank sales people." Website down, people let go. ( (10/11) Puget Sound Leasing/First Sound Bank gets delay on $2.3M verdict, as they can't pay it, as well as attorney fees. (10/11) Jury ruled in favor of First Sound Bank once "on its breach of contract claims against Larasco, Inc., Louis Secord, and Richard Secord based on the Asset Purchase Agreement" rewarding damages of $1,244,751. However, they also ruled against the "breach of fiduciary duty" and "breach of contract claims" in favor of Larasco and the Secords, but they did rule in favor of Louis Secord breach of contract against First Sound Bank based on "employment agreement," awarding $2,077,767, and the same with Richard Secord, awarding $1,484,767. (07/10) Parent First Sound Bank, Seattle, Washington raises $3.2 million capital. (04/10) set for a jury trial on May 17th before Judge Thomas S. Zilly. With all the attorneys and depositions involved, it has been expensive for all sides. (08/09) Files Third complaint (08/09) Second complaint filed. The original complaint outlined the alleged deception in the sale of Puget Sound Leasing (PSL), the second brought it further (1), and the third comes from the hiring of a leasing expert who found what the first two overlooked, as well as a continuation of the first two, plus new evidence that the Secords started moving assets soon after the original complaint was made.
(05/09) First Sound Bank restated its year-end to a $20.1 million loss. The bank claims $18.3 is related to the acquisition of Pugent Sound Leasing.
The bank also reported a $37,000 first quarter loss for 2009, and an $11 million decrease in assets to $247 million.
(04/09) New charges, new banks enter court proceedings
(03/09) Filings show 12 employees confess all at instruction of the Secords. http://leasingnews.org/PDF/First_Sound_Bank_Secord.pdf http://leasingnews.org/PDF/secord_declaration1.pdf (01/09) First Sound Bank separate suit against sellers of Puget Sound Leasing: Larasco, Richard Secord and Louis Secord, citing not revealing true nature of portfolio and delinquencies, among other charges, confirms Louis Secord no longer a member of the board of directors. (01/09) Bank owner takes Larasco, two Secords, and 11 banks, seeking judgment of what Larasco, Secords, First Sound Bank, and the 11 banks are responsible for in default and problem leases. Meanwhile, ï¿½Puget Sound Leasingï¿½ won't consider any deal less than five years in business, they send to brokers, as well as make other restrictions, but still active in the marketplace. http://www.leasingnews.org/list_alpha_new.htm#puget (12/08) Original owner no longer on bank board, questions being asked. (09/07) Sold to First Sound Bank. Bank president Don Hirtzel Puget Sound Leasing generates roughly $8 million a month in new leases and has an average delinquency rate of less than 1 percent, it is reported.
PureMarkets, San Francisco, Ca. (1/04) Co-founder, president and ceo Jay Fudemberg departs Pure Markets
| QuickTrak, Beaverton, Oregon (06/11) Sued with others by Farmers Exchange Bank over inspection of equipment for Allied Health Care Services scandal (equipment never existed) (04/06) Celebrates 15 years
http://www.leasingnews.org/archives/April%202006/04-03-06.htm#qt (11/05) QuikTrak Board of Directors unanimously voted to place Matt Hennessee on indefinite administrative leave status from his position as president, CEO and director. No one has heard the full story or from Mr. Hennessee about the newspaper story. (11/05) Matt Hennessee, President and CEO, also an active pastor, civic leader, is accused of sex abuse in the ï¿½Oregonianï¿½ newspaper.
Radiance-Capital, Tacoma, WA (12/12) Bulletin Board Complaint---Up-Date
http://leasingnews.org/archives/Dec2012/12_03.htm#bbc (10/12) New Bulletin Board complaint regarding purchase option at end of EFA http://leasingnews.org/archives/Oct2012/10_31.htm#bbc (08/12) New complaint on Purchase Option on EFA, Won’t Return $5,000 S.D.
http://leasingnews.org/archives/Aug2012/8_13.htm#bbc (12/11) Bulletin Board Complaint as Mike Price claims there is a 10% residual on an Equipment Finance Agreement, calling it an "FAA." (07/11) Tom Price who purchased Radiance Capital was charged with $400 million scam. He and his partner have filed bankruptcy, but there are several lawsuits and other claims. The announcement in January, 2009 was “The company will continue to manage and service the existing portfolio. For the foreseeable future, there are no plans to fund or originate new finance transactions.”
http://leasingnews.org/archives/Jul2011/7_28.htm#scam (01/09) "The company will continue to manage and service the existing portfolio. For the foreseeable future, there are no plans to fund or originate new finance transactions.ï¿½ (01/09) Company is sold. Buyer is Tom Price, son of Mike Price. Mike was former chairman/ceo of T&W Financial and Tom was president. The company was one of the first to use securitization, went public, and was basically very successful until it moved out of the small ticket marketplace. Both Mike and Tom remained in real estate, but did leases with other ï¿½partners,ï¿½ Leasing News was told. After the bankruptcy, only one officer was left holding the bag, it is reported, and he went to jail. May, 2006 Paul B. Luke, CPA 50, of Omaha, Nebraska, was sentenced to one year in prison, three years of supervised release and $1.2 million in restitution. According to records in U.S. District Court in Tacoma, Luke created a fraudulent lease agreement in order to draw more than $1 million from a line of credit T&W had with Bank of America. The money was used to pay T&W's officers, a partners car leases, and it was the $1.2 million loan default with BofA that pushed the company into bankruptcy. http://www.leasingnews.org/list_alpha_new.htm#radiance (12/08)"Currently, Radiance is focused on portfolio management only and not accepting new brokers or credit applicationsï¿½ When things change and we start lending again on more consistent basis and terms, I can update you at that time. Due to the instability in the economy and with those that lend to this industry, I don't see us lending in 2009. Unfortunately, in my humble opinion, I don't think we have seen the worst yet." Meryl L. Newman,Chief Executive Officer."
Rave Financial Services, Sterling Heights, MI-(11/2002-) national, independent full service lessor specializing in the computer industry, portfolio or company for sale announces Rick Darter, President of Rave Computer Associations.
Reliant National Finance, Jacksonville, Florida (03/09) Founder announces "no longer doing business in the United States," also no longer in leasing but "investments" business.
Relational Technology Solutions, Rolling Meadows, Illinois
Informed sources say company sold to Macquarie Group, Sydney, Australia,
most of 350 employees being let go, it is said.
Republic Bank, Bountiful, Utah (09/12) Why out of leasing/in liquidation http://leasingnews.org/archives/Sep2012/9_07.htm#republic_bank (09/12) In Orderly liquidation. http://leasingnews.org/archives/Sep2012/9_05.htm#republic (07/12) According to several reliable sources, Republic Bank, Bountiful, Utah stopped taking new leasing business two weeks ago.
Resource Leasing, Herndon, Virginia ( 11/2000) MicroFinancial/Leasecomm acquires major portion of the assets.)
Rockford Industries (2/99) sold to American Express
RW Professional, Long Island, NY (08/08) Barry Drayer surrenders to federal jail, Barker gets 60 months. (ADD: http://www.leasingnews.org/list_alpha_new.htm#rw )
(02/07) Barry Drayer was sentenced to 117.3 months (minus the 14 days credit), plus three years probation. Drayer's sister Rochelle Besser was sentenced to 21 months (2/06) Drayer and Barker Found Guilty http://www.leasingnews.org/archives/February%202006/02-17-06-flash.htm (11/05) The former branch manager, Myrna Katz of Long Beach, pleaded guilty to making false statements and will be sentenced in January. Four R.W. principals - Rochelle Besser, her brothers Adam and Roger Drayer, all also of Long Beach, and Susan Cottrell, of Mansfield, Mass. - also have pleaded guilty. Another principal, Barry Drayer of Wellesley, Mass., is scheduled to be tried in January before U.S. District Judge Arthur Spatt, along with Stephen Barker of Lake Forest, Calif., the owner of Carefree. Katz's attorney, John Wallenstein, didn't immediately respond to a request for comment. Steve Zissou, one of Barry Drayer's attorneys, said his client is "innocent, and we're going to show that at the trial ... Barry was a salesman." (10/05) Trial postponed for the sixth time. Readers tell Leasing News the key officers will not see any jail time, but will walk. The stall, postponement and deal making have been reportedly the modus operendi as happened at Old Kent, CIT, Sierra Cities, among others. (09/05) Loses Motion to Suppress Evidence, public defender attorney Elizabeth E. Macedonio now representing Barry Drayer (06/05) Believe it or not, trial again delayed until 10/25/05 for the "interest of justice." Elizabeth E. Macedonio is now the attorney for Barry Drayer, and appears to being a public defender, as the court approves "itemized" expenses (02/05) case postponed to after June, 2005, one source says Barry Drayer has let go the original attorneys and is using his best sales techniques in trying to plea a deal. (12/04) Bank of New York pays $24 million fine in order to avoid criminal indictment for allegedly failing to report suspicious activity at a branch. "Bank of New York eats $24,000,000 for not handling the infamous "E" account properly. Barry will never serve time in jail, but the deep pocket guys will roll to cover their ****." (9/04) Drayer Fires Attorneys, Trial Postponed until March, 2005 (8/04) Trial scheduled for October 14,2004. http://www.leasingnews.org/archives/August_2004/8-09-2004.htm#rw (6/2004) Trial to start October 14 th , 2004 http://www.leasingnews.org/Conscious-Top%20Stories/RW_update7.htm (11/03)Jury to be selected for trial on April 12,2004 (9/03) Defendants on bail, "house confined," with trial to start April 12, 2004. "Status Conference adjourned to 11/14/03 @ 1:30 p.m. before USDJ Spatt. Conference held. Speedy Trial Information on Dfts: Code Type: XT, Start Date: 9/5/03, Stop Date: 4/12/04. Excludable Delay entered on the record. Next Status Conference: 1) Conclude discovery 2) Set motion schedule. Questionnaires two weeks before jury selection on 3/30/04. 3/31/04 counsel to pick up questionnaires. 4/6/04 all counsel to agree on jurors who will return for Jury Selection. Jury Selection 4/12/04 @ 9:00 a.m. Consent to Magistrate Judge selecting jury by dfts and govt. No adjournments of Jury Selection date will be granted. Re: Bradley Simon's Letter dated 9/2/03. Govt. to move documents to another location and keep boxes (2nd set) for the Courthouse." Last file is a letter: "Ms. Besser is currently subject to a 7:00 p.m. curfew as part of her pre-trial supervision and requests that the curfew be lifted on 10/19/03 so she may participate in a gathering in Manhattan." It appears for the defendants to ask to either/or travel from their home or at certain hours, as they are remanded to their residence with electronic monitors on their ankle. "MINUTE ENTRY; before USDJ Spatt on 9/5/03 @ 11:30 a.m., for Criminal Cause for Status Conference as to Dfts Payaddi Shivashankar, Susan Cottrell, Adam Drayer, Roger Drayer, RW Professional Leasing Services Corp., Rochelle Besser, Barry Drayer. Dft RW Professional Leasing Services Corp. present on bail with retained counsel Stuart E. Abrams. Dft Rochelle Besser present on bail with retained counsel Stuart Abrams. Dft Barry Drayer present on bail with retain counsel Stephen L. Cohen. Dft Roger Drayer present on bail with retained counsel Jerald Rosenthal. Dft Adam Drayer present on bail with retained counsel Thomas Marino. Dft Susan Cottrell present on bail with retained counsel Jerald Rosenthal. Dft Payaddi Shivashankar present in custody with CJA counsel Edward Jenks. Govt: Geoffrey Kaiser. Court Reporter: Harry Rapaport. Case called. Status Conference adjourned to 11/14/03 @ 1:30 p.m. before USDJ Spatt. Conference held. Speedy Trial Information on Dfts: Code Type: XT, Start Date: 9/5/03, Stop Date: 4/12/04. Excludable Delay entered on the record. Next Status Conference: 1) Conclude discovery 2) Set motion schedule. Questionnaires two weeks before jury selection on 3/30/04. 3/31/04 counsel to pick up questionnaires. 4/6/04 all counsel to agree on jurors who will return for Jury Selection. Jury Selection 4/12/04 @ 9:00 a.m. Consent to Magistrate Judge selecting jury by dfts and govt. No adjournments of Jury Selection date will be granted. Re: Bradley Simon's Letter dated 9/2/03. Govt to move documents to another location and keep boxes (2nd set) for the Courthouse. Notice of Appearance filed by Jerald Rosenthal for dft #4. (Coleman, Laurie)" (6/2002) 40 FBI agents raided the offices and arrested Barry and Rochelle, Roger and Jennifer Drayer. The investigation found $6.5 Million of fraud. Prosecutors said that the company, the RW Professional Leasing Corporation, concocted elaborate schemes using up to 100 rented mailboxes as far away as California to send phony checks, sham invoices, bogus leases and other false documents to banks in various states. Based on those documents, the banks lent RW millions of dollars to buy equipment and lease it out, prosecutors said. The schemes included multiple loans from different banks for the same medical equipment and loans for equipment that was never bought or leased, prosecutors said. Take the Money and Run:
Part I, http://www.leasingnews.org/Conscious-Top%20Stories/moneyandrun1.htm
Part II, http://www.leasingnews.org/Conscious-Top%20Stories/moneyandrun2.htm
Part III http://www.leasingnews.org/Conscious-Top%20Stories/moneyandrun3.htm
Synovus Capital Finance (04/09) Closes down leasing division.
Saddleback Financial (8/2002) Precom "rescinds" acquisition of Saddleback Financials Assets, down to skelton staff, confirmed they are closing doors. Lets more people go. (6/2002) Sold to Precom Technology; many salesmen leave, citing backlog of deals not funded. " New owners will give us more resources, "Philip Walden, CEO of Saddleback told Leasing News. ( 2/2001) the management team of Orange, CA.-based Saddleback Financial, headed by co-founders Warren Emard and Stuart Kennedy, survives with new investors, and does not do broker business. (1/2001) Prez. Warren Emard announces ..."still in business... We are still originating business through vendors and directly to lessees. Does not accept broker business.
Safeco, Seattle, Wash. (3/2001) announces they are seeking a buyer for its commercial credit and leasing subsidiary, Safeco Credit. Sanwa-Tokei (4/2001) Major bank/leasing merger on West Coast, as Sanwa Bank and Tokei merge to become United California Bank.
Sandy Springs , Olney, MD (10/08) Lou Caceres Executive Vice President Caceres confirms that the leasing operation is no longer accepting broker business, adding ï¿½we are not 100% out of this.ï¿½ It appears they still have a few broker relationships, although he did not specifically state this nor expand upon the previous statement. For the record he said Sandy Spring Bank Leasing is not accepting any new broker business.
Scottrade Financial Services, Saint Louis Missouri (01/13) Hires Leasing Icon Fred Van Etten has been named division president of Scottrade Bank Equipment Finance, a subsidiary of Scottrade Financial Services, Inc., where Scottrade, Inc. and Scottrade Bank are separate but affiliated companies.
Scripp Financial (6/29/2000) purchased by US Bancorp.
Signature Bank Leasing, New York City (04/12) makes it official, press release on leasing division to be headed by Walter Rabin, and other former Capital One executives. http://leasingnews.org/archives/Apr2012/4_04.htm#release
Silvermark Capital (03/05) a division of Sterling Bank in Houston, Texas, is reported to be making the move to get out of equipment leasing, as bank spokesman confirms Fred Van Etten and Daniel Fritz no longer with the bank. Whereabouts unknown. If you see either one, let them know we are seeking an interview. Other speculation is the bank is getting ready to take advantage of the ï¿½bank grabï¿½ going on in Texas, putting itself up for sale.
SDI Capital, So.CA (10/2001 ) SDI Capital to move from Chapter 11 to Chapter 7, reportedly Scott Daniels part of Compass One Leasing, Southern California (7/2001) files BK 11, many investors caught holding the bag, reportedly the Daniels moving to Canada to open another business. Compass One decision Analysis Group incorporated 6/7/2001. ( 6/2001) reportedly gong to file BK, investors to lose $20 M (6/2001) let's employees go, owing payroll, 401k, medical/health (5/2001) reported has assets up for sale ( 5/2000 closed to broker programs)
Security Financial, San Jose, CA ( 3/2001) To close San Jose office, ceased application March,1998, only going to do secured mortgage transaction from San Francisco office.
Siemens Financial Services, Iselin, NJ. (9/04) Enters Small Ticket Fray "The current marketplace demands a provider who can allot as much attention to smaller client needs as it would a large-ticket contract," SFS President and CEO, Bill Zadrozny declares. "SFS now has the capabilities, dedication, and expertise to fulfill such a role."
Signature Leasing, Dublin, California ( 11/2000 no longer in small ticket marketplace )
SFC Capital ( 9/15/2000 purchased by Trinity Capital )
Sky Financial, Bowling Green, Ohio (2/04) to Sell Dental Financing Affiliate to MBNA. "Sky Financial Solutions was a strong performer for Sky in 2003 and has continued to show earnings improvement since it began retaining its loan originations in 2000, however, this was a great opportunity for both Sky and MBNA,
stated Marty E. Adams, chairman, president and CEO of Sky Financial Group.
Snowflake Financial, Orange County, CA, (03/11) New angle "professional engagement pricing," Bulletin Board Complaint about experience
Source Capital, Spokane, Washington, (2/2000) Issues $.22 per share cash dividend, $1 million net income, 4% decrease from previous year. (11/2000) ceases accepting broker applications.
Southern Pacific Bancorp (2/2003) delays sale of portfolio. (2/2003) The story of SP's demise http://www.leasingnews.org/archives/February%202003/02-18-03.htm (2/2003) Bad Telcom Leases close Southern Pacific down, to open with new owner (first major California bank to close since 2000). http://www.leasingnews.org/archives/February%202003/02-12-03.htm#bad (4/2002) Changes of bank management personnel take place. Imperial Credit Industries, Inc., is the parent company of Southern Pacific Bank, a FDIC insured industrial bank headquartered in Torrance, California. Southern Pacific Bank offers a wide variety of commercial loan and lease products to its borrowers and certificates of deposit, money market, passbook, and IRA accounts to its depositors. Southern Pacific Bank offers loans through its core lending divisions, including: Coast Business Credit -- specializing in asset-based commercial lending; Imperial Warehouse Finance -- offering residential mortgage repurchase facilities; the Lewis Horwitz Organization -- the premier lender to independent film and television production companies; the Income Property Lending Division -- lending to multifamily and commercial property owners; and Southern Pacific BanCapital -- offering equipment leasing to middle market businesses. (3/2002) ï¿½for the time beingï¿½ not going to be able to take any more intermediary business, according to W. Scott McCullum, Capital Advance Leasing
Southwest Credit , San Antonio , TX (12/08) sale of its equipment lease portfolio to Kapok Investment Group, LLC (02/08) Two Bulletin Board complaints keeping advance rentals, not being able to fund transactions tied to real estate.
Sovereign Bank (05/09) joins "no more broker list."
(08/07) Sovereign Bancorp Inc. CEO Joseph Campanelli says looks like recession, subprime loans to affect commercial loans and leasing, too.
Spectrum Leasing, Austin, Texas (3/2001) sister company to United Capital (see United Capital information on this list ) Spectrum Leasing (3/2001) reports from readers that customer base, leasing deals, being given to "sister company", Spectrum Leasing, same building; United Capital still not taking new deals, many employees let go, looks dark. (1/2001) Â½ employees let go,portion of portfolio sold, discounters not paid, vendors not paid, it is alleged. (1/2001) ,selling off portfolio, problems ahead with vendors not paid, brokers not paid, sinking in quicksand (12/2000) no new deals until after the 1st of year, Steve Dallas trying to hold it together. Dallas says, " We will survive."
Specialty Funding, Albuquerque, New Mexico (11/09)"Based on our banks new guidance line covenants we will no longer be accepting third party originations. We will still be funding our vendor and direct business with a limited footprint of the southwest region only."
Steelcase (12/2002) -Major capitive lessor reports Results $31M Loss for Third Quarter Fiscal 2003. "The economy has still not seen any meaningful improvement in business capital spending, which is key to our industry's recovery," said James P. Keane, chief financial officer. "Within our industry, it is typical to see a seasonal reduction in fourth quarter shipments, although the amount varies from year to year. Our order and bid activity remains volatile, but appears to be confirming we will see a modest decrease in fourth quarter shipments versus the third quarter, even with an extra shipping week. We are taking steps across our businesses that will help us stimulate additional demand and compete aggressively to win new business."
Sterling Financial, Lancaster, PA Sterling Financial, Lancaster, PA (12/10) Former EFA Sr. VP Michael Schlager to plead guilty (12/10) EFI Chief Operating Officer Joseph Braas and EFI Secretary-Treasury Mary Stankiewicz plead guilty. (11/10) Indicts eight and lays out how they did it. http://leasingnews.org/PDF/FactualBasisforthePlea.pdf
http://leasingnews.org/archives/Nov2010/11_22.htm#scam (08/08) Request NASDAQ listing despite major fraud loss (07/08) PNC to purchase Sterling (ADD: http://www.leasingnews.org/list_alpha_new.htm#sterl ) (4/07) Sterling finds $165MM Fraud/Fires 5 Officers (4/07) Looks like this is serious (3/07) Postpones first quarter earnings, after receiving information suggesting irregularities related to certain financing contracts in one of its financial services group companies, Equipment Finance LLC (EFI).
Studebaker Worthington Leasing (08/08) State Bank of Long Island sells long time leasing operation to Main Street National Bank, who will then take over the broker operation, reporting to Bob Fisher, CLP, and EVP. Main Street Bank expanding leasing operations, also franchise fundings and direct healthcare service division (05/08) Insiders tell Leasing News "due diligence" is being conducted as S-W to be sold to Tom Depping's Main Street National Bank, Kingwood, Texas (04/08) S-W in escrow, name of buyer not known at this time (02/08) According to Omar Diaz, Studebaker is still actively accepting and funding business. He could make no comment, referring to Ken Paston, who was not available for comment (02/08) Reports of company being sold. (01/08) State Bank of Long Island announced that they plan to divest themselves of their leasing subsidiary, Studebaker-Worthington leasing Corp. (01/07) Parent State Bank of Long Island pays $65 MM settlement ( 2/2001) sold to State Bancorp
Summit National, Illinois (3/06) Duffy, as the majority shareholder, provided funds in an amount sufficient to accomplish the "adequate protection" remedy for the secured creditor. Under an agreed order, the company could provide additional protection for the secured creditor before trial. Explains suit against Damier Chrysler, http://www.leasingnews.org/archives/March%202006/03-10-06.htm#summit (11/05) concessions and compromises regarding the original leasing software company Summit National, Chicago, Illinois, dispute with Daimler Chrysler, which Summit President Ken Duffy, Sr., said forced the company to fill bankruptcy earlier this year. (6/05) an early leader of leasing equipment software files bankruptcy. Widow of founder charges not be paid, company has only $100 in bank, two employees, Ken Duffy, Sr., and Jr., fight over rights to software. More to the filing and perhaps in next few months more of the reasons for the bankruptcy will be reveled via another court room drama. Stay tuned.
Sun Bancorp, Inc. (Nasdaq: SUBI) (12/2002) announced that it has reached a definitive agreement to acquire Bank Capital Services Corporation, a leasing company headquartered in Wilkes-Barre, Pennsylvania. Bank Capital is owned by Gary Cook, president, and Carol Phillips, chief financial officer, and provides outsourcing of major equipment and auto leasing for banks. Services provided by Bank Capital include data processing, administration, and marketing of leasing. Terms of the acquisition were not disclosed. "More and more businesses are utilizing leasing each year because it is a cost-effective way to increase efficiency, production and profits. The addition of Bank Capital to the Sun organization will enable us to bring our leasing program in-house. It complements our customer relationship management strategy and fits with our focus on diversifying revenue sources," commented Robert J. McCormack, president and chief executive officer of Sun Bancorp, Inc.
Sun National Bank, Vineyard, New Jersey (03/11) Lent Allied Health Care Services and Charles K. Schwartz over $15 million, allegedly didn't tell creditors who called asked him to move his account as was in work out, also allegedly had officers working on getting moved to other banks, reports lost $182.8 million December 31, 2010 after $79.7 charge off (Allied Charged off previous year, it appears).
SunBridge Capital, Mission, Kansas (05/11) Adrian Weber back as ClearWest Capital, Overland Park, Kansas (04/09) Three creditors push into Chapter 11.Bank of Kansas City holding an original portfolio of $97 million, now down to $76 million;local banks seem to be holding the bag as well as Lakeland Bank, HSH Norbank, and Midwest Bank. (03/09) Posts on internet they have shut down, no more business. (12/01) Bank reportedly repossesses "Trucks on Hand," all but four employees reportedly let go. Brokers owed commissions, they tell Leasing News. (11/08) announces no more funding until first of year to concentrate on "Trucks on Hand." (06/08) cut off from funding, "Trucks on Hand" still in operation.
Sunrise International Leasing (SILC), Golden Valley, Minnesota (03/11) Sunrise International/King Capital Founder Peter John King passed away: http://leasingnews.org/archives/Mar2011/3_21.htm#king (08/06) Peter J King, the CEO and owner of the company announces retirement, selling off portfolio, once at $1.5 billion, he says.
T&W, Tacoma, Washington (05/06) Paul B. Luke, CPA 50, of Omaha, Nebraska, was sentenced to one year in prison, three years of supervised release and $1.2 million in restitution. According to records in U.S. District Court in Tacoma, Luke created a fraudulent lease agreement in order to draw more than $1 million from a line of credit T&W had with Bank of America. The money was used to pay T&W's employees, and the company later defaulted on the $1.2 million loan and went out of business.
( 8/2001) Mike Price, formerly of T&W Leasing, Resigns from Westar Financial. (7/2001) T&W Mike Price charged with evading taxes on $3.2 million yacht. (10/2000) filed Chapter 11. Creditors meeting on 12-4-00 Seattle. Case # 00-10868 US Bankruptcy Court Western District of Wash. 206-553-7545. Debtor Attorney-Marc Barreca 206-623-7580.
TCF Financial Corporation (10/09)Leasing income was reported as "flat," up only $13.78 million, $2.811 billion compared to second quarter of $2.809 billion (11/05) to apply for bank in Arizona. TCF is a Wayzata, Minnesota-based national financial holding company with $12.7 billion in assets. TCF has 442 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana. Other TCF affiliates provide leasing and equipment finance, securities brokerage, and investments and insurance sales.
Tech Com (Universal Equipment), Southern California (11/05)United States Attorney for the District of Maryland Rod J. Rosenstein announced that today United States District Chief Judge Benson E. Legg sentenced Ernest Robert Reinhardt, age 35, to 70 months in prison followed by 3 years of supervised release and Byron Allen, age 35, both of Orange County, California, to 37 months in prison followed by 3 years of supervised release in connection with their conviction. Chief Judge Legg also ordered that Reinhardt pay restitution in the amount of $862,044 and that defendant Allen pay restitution in the amount of $712,865. http://www.leasingnews.org/archives/December%202005/12-09-05.htm#ernie (02/05) Ernie Reinhardt Guilty 13 Counts involving lease advance rentals and deposits.
TechLease Morgan Hill, California (10/09) Dr. Eric Paton, founder and owner, states his business is in a wind down stage and is not accepting any new business.
Telemark, Syracuse, NY (12/2002) Wells Fargo Financial Leasing, Inc., Telmark LLC and Agway Inc. have signed a definitive agreement in which Wells Fargo Financial Leasing, Inc. would purchase substantially all of the assets of Telmark LLC, Agway's agricultural lease financing subsidiary. The purchase is expected to close by March 1, 2003. The acquisition includes approximately $650 million in lease receivables and is subject to obtaining appropriate approvals, including the approval of the U. S. Bankruptcy Court for the Northern District of New York. On October 1, 2002, Agway Inc. and certain of its subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Telmark was not included in Agway's Chapter 11 filing.(TFS) a subsidiary of Agway Inc. (7/2001) discontinued its broker program in May.; TFS specialized in agricultural, turf and arbor and light construction industries. According to Mark Hartman, Manager of Broker Programs, the Parent made the decision to terminate its third party originations unit to concentrate its efforts on direct vendor markets.
Terminal Marketing, NY,NY (5/2001) Announcement all assets for sale by creditors on May 31, 2001 at 2:00 p.m (3/2001) Brokers report deals not being funded, commissions not paid, appears out of money.
Texas Capital Bank, Dallas, Texas (8/10), filed in the District of New Jersey, Newark, a complaint for $608,602. Asks for Replevin
Textron Financial (12/08) Announce "... a complete exit of all commercial finance activity through a combination of orderly liquidation and selected sales, other than that portion of the business supporting the financing of customer purchases of Textron-manufactured products." (10/08) Textron Inc. is downsizing its commercial finance business to reflect "the sustained turmoil in world credit markets." Textron said that it will reduce the size of Textron Financial Corp., its commercial finance business, and the company will exit its Asset Based Lending and Structured Capital segments, along with several additional product lines, through an orderly liquidation over the next two to three years, as market conditions allow. The assets in the businesses to be liquidated represent approximately $2 billion in managed finance receivables within TFC's $11.4 billion portfolio, it said. (ADD: http://www.leasingnews.org/list_alpha_new.htm#tex ) ( 10/2001 ) Fitch lowers rating from stable to negative Textron Finance Division Down $6 million Finance segment revenues decreased $6 million due to a lower average yield reflecting a lower interest rate environment. Interest margin increased, reflecting higher fee income and higher average receivables. The higher interest margin more than offset the decrease in revenues. However, profit decreased $1 million as higher expenses related to new initiatives and a higher provision for loan losses offset the benefit of higher interest margin full press release: http://www.textron.com/newsroom/stories_04a.html (9/2001) Manufacturing & Machine Tool Division is to close. It appears Textron did not get what they were looking for in this division. With FTC it's all ROE. I understand that Fred Hockman (President of the Machine Tool Division) is looking to find another leasing company to sell his package to (8/2001) First Corp,Portland, OR, announces Jim Merrilees will join on Sept. 4 as executive vice-president www.firstcorp.com, has left Textron. (7/2001) small ticket equipment financing functions will be moved to its Small Business Direct group that was acquired in early June and is based in Little Rock, Arkansas. As a result, Textron Financial will eliminate its Lake Oswego, OR and Providence, RI functions that previously handled small ticket equipment financing as support for these programs are migrated to the Small Business Direct operation over the next 30-60 days. The unofficial target date is August 1, 2001. Insider reports: ""Jim Merrilees of Colonial Pacific, Grayrock, Nations Credit fame, Randy Ernst, Denise Mann, and company have all departed TFC. Jim is on the payroll until the end of the year as he has a contract but I don't think he is working here anymore." (7/2001) reported to end broker business on August 1, 2001 (5/001) Textron announces a new division to serve the capital requirements of independent, middle-market lenders. (4/2001) complaints Textron doing repeat business with leases submitted to Nations, but now being serviced by Textron (common in such situations.editor) (1/2001) complaints from brokers regarding getting information for NationsCredit and GrayRock Capital on FMV, payoffs, residuals from Textron who is servicing the portfolio (1/29/99) sold to Textron ***Textron does "broker business." ( formerly on list as Nations Credit, Business Leasing Group ).
Thalman Financial, Apple Valley, CA. (8/04) also known as NowLease, Andrew Thorn leaves leasing industry for www.telioscorp.com. http://www.leasingnews.org/archives/August_2004/8-03-2004.htm#andrew
Tokai Financial Services sold to De Lage Landen (3/99)
TotalFundings (3/2002) telephones do not answer...The office number was (818) 889-7979. Alan Collier has confirmed the company has lost a $150,000 arbitration with Jack P. Winsten, former president of Winsten & Associates, Inc dba Corona America Financial. Alan Collier says his company has ï¿½scaled down.ï¿½ Winsten states Total Funding has gone through $3 million investor money as a dot.com company. In a second interview, he stated he will make ï¿½no comment.ï¿½(5/2001)Corona America Financial, So.CA. CA (5/2001) purchased by Total Funding.com, although called a merger..Corona Pres. Jack Winsten worked at SDI Capital, as did TotalFunding president Alan Collier. TotalFunding to become soley an "application service provider" and utilize Corona direct sales force. Certain assets were purchased from SDI. No more broker business, except on "case by case" basis, Collier says.
Transamerica (11/2000)for sale, but no buyers, so taken off marketplace, no longer for sale
Trilogy Leasing, Cranbury, NJ (07/11) acquired by Kingsbridge Holding.
Trinity Capital (2/04) Donna Halow named president and CEO. After 23 years as President and CEO of Trinity Capital Corporation, Jim Halow has retired (reported by Leasing News on February 11,2004.) Donna Halow, his wife and partner since 1982 in the San Francisco-based equipment leasing company, succeeds him in the role. Promoted from Executive Vice President and General Manager by the firm's board of directors, Donna Halow had been in charge of the company's operations and major client relationships.(10/2002) Purchased by Bank of the West ( Trinity Capital Stories )
Triple Point Capital , Menlo Park, CA (10/11) "...provider of customized debt financing, leasing and direct equity investments to high growth venture capital-backed companies, announced today that it has closed on $1 billion of private capital funds."
Tristar Capital, Santa Ana, California (12/12) No longer in business, although it is reportedly winding down its portfolio and collecting residuals.
Triad Leasing & Financial, Inc. ., Boise, Idaho (08/09) Files Chapter 11 BK.
Truck Lenders Group/TruckLendersUSA, Oyster Bay, New York (10/12) Bulletin Board Complaint:
Tygris Commercial Finance Group Chicago, Illinois Tygris Commercial Finance, Parsippany, N.J. (07/10) Changes name to match parents, now EverBank Commercial Finance.(04/10) changes direction, lets ""less than ten employees" go..Chicago office to handle MarCap portfolio. The Parsippany office will continue to emphasize healthcare, office equipment, and technology as they had when it was USXL Leasing formed in 2004. The cut backs were not due to business, Leasing News was told, but realignment.(02/10) Tygris to operate as division of EverBank; Chicago office downsized to handle MarCap portfolio, operation to run from Parsippany,
basically the USXL operation with the top executives and experience. (10/09) Mergers with EverBank Financial, Jacksonville, Florida, to bring $65 capital injection
Tyco (6/05) Dennis Kozlowski Guilty at Tyco Trial No. 2 (10/03) Trial starts, video's, excess spending, poor taste, many supermarket magazine headlines including affair with party organizer while married. http://www.usatoday.com/money/industries/manufacturing/ 2003-10-28-tyco-party-video_x.htm (7/2002) The 200 Million share offering, led by Goldman Sachs and Lehman Brothers went out at $23 each. Tyco Intl in a bid to ease its heavy debt load, raised $4.6 billion from the sale of its CIT Group, accepting half of what it paid for the finance Company a year ago. (For more see CIT Group - Alphabetical list)
Unicapital 1998 - original purchases by date by Unicapital:
American Capital Resources, (2/98)
Boulder Capital Group, (2/98)
Cauff, Lippman Aviation, (2/98)
Jacom Computer Services, (2/98)
Matrix Funding, (2/98)
Merrrimac Financial Assoc, (2/98)
Municipal Capital Markets Group, (2/98)
The NSJ Group, (2/98)
Portfolio Financial Servicing (2/98) (acquires assets of Unicapital),
The Walden Group. (2/98)
K.L.C. Inc.dba Keystone Leasing - (5/98) back in business.
Jumbo Jet, HLC Financial, (7/98)
Saddleback Financial Corp.- (7/98) back in business U.S.
Turbine Engine Corp. (7/98)
The Myerson Companies dba BSB Leasing (9/98) back in business under original owner now-Don Myerson.
Unicyn Financial, Closter, New Jersey (04/06) A 26 year independent lessor is acquired by Resource America's Leaf Financial.Unicyn provides equipment and practice acquisition financing as well as debt consolidation loans to the healthcare market. The acquisition includes both a portfolio of small ticket leases and loans bought on behalf of LEAF's investment partners and numerous vendor finance relationships as well as a team of experienced origination personnel. After this acquisition, LEAF will manage approximately $475 million of finance assets for its own account, institutions and third party investors. As a result of this transaction LEAF is able to expand its coverage of the healthcare space by providing unique and competitive funding solutions in the medical, dental and veterinary segments of the market. (NASDAQ:REXI).Unicyn Financial Companies is an independent lessor that has been in the business for 26 years. The company's focus has been the healthcare market in the small to middle ticket areas. (7/05) the five top salesmen from HBSC join here. Patrick McGahren, President, announces major expansion in the health care segment. Joining Unicyn in the newly formed Dallas, Texas office is Greg Wood. Greg has extensive history within the Dental Financing market and was most recently with GE Capital / HPSC. Unicyn also opened a new Chicago, Illinois office which will be run by Tom Baker and Angela Baker, both formerly with GE Capital / HPSC. Lastly, the firm opened a new Los Angeles, California office which will be run and managed by Michael and Penny Healy
Union Bank, Los Angeles ( 1/2001 ) Out of broker-discounting leasing business.
Union Capital Partners, MidVale, CO) (03/09) Sole to ACC Capital, principals to work at ACC.
United Airlines -(12/2002)- files bankruptcy, too many leasing companies to list those who will be affected by lack of payment, no payment, or picking up their collateral and moving to store in the desert with the thousand of other airplanes for sale or lease. Unfortunately they cannot be donated to organizations such as the Blind or Salvation Army, as the lessors don't need another "write-off."
Michael Wagner of Dimension can get no response, Leasing News calls,
too. Looks like they are gone. Austin Texas (8/2001) Telephone not
answered, Steve Dallas new e-mail address: email@example.com;
appears all United Capital e-mail addresses changed to Spectrum
Leasing. (4/2001) founder Robert New dies in plane crash in Aspen,
Colorado (12/2000 files bk)** series of company that may be affected,
end of report (3/2001)
reports from readers that customer base, leasing deals, being given
to "sister company" Spectrum Leasing, same building; United
Capital still not taking new deals, many employees let go,
looks dark. (1/2001) Â½ employees let go, portion of portfolio
sold, discounters not paid, vendors not paid, it is alleged.
(1/2001), selling off portfolio, problems ahead with vendors not
paid, brokers not paid, sinking in quicksand
(12/2000) no new deals until after the 1st of year, Steve
Dallas trying to hold it together.
Dallas says, " We will survive."
United Leasing Corporation, VA (04/06) FBI agents reportedly with a subpoena confiscated accounting and leasing records from Mechanicsville, VA office.
United Western Bank, Denver, Colorado (8/10) sues Allied Health Care Services, Orange, New Jersey and Charles K. Schwartz for $167,146.
(OTCBB:USXP), sells 75% of Universal Express Capital Corp. its former
subsidiary, to Capitalliance, a $350,000,000 insurance and funding
operation. USXP will retain 10% of the shares of the new Company
and 15% of the shares of the Company will be distributed to USXP
UPS Capital, a subsidiary of the United Parcel Service-UPS (3/04) UPS Capital Closes Direct Leasing Business According to a UPS Capital spokesman, the direct leasing division was closed on February 26 with 30 employees let go.
US Bancorp (06/06) More info on Fee Class Action Lawsuits http://www.leasingnews.org/archives/June%202006/06-14-06.htm#fee (06/06) US Bancorp is being sued in various states in a class action suit regarding lease contract and other fees. Allegedly others major funders of leases have settled, rather than go to court. Companies reportedly as CIT, Pitney-Bowes, perhaps Wells Fargo, all centered around three items: 1) Property damage insurance (forced insurance ;) 2) UCC fees; 3) Origination fees (doc fee.)
U.S. Bancorp Oliver-Allen group, Larkspur, California (07/10) operation office moving to Portland, Oregon, affecting 60 employees, reports of auditing problems, sales administrative problems, lawsuits by ex-salesmen, one sales lady claim costing US Bank $1.2 million over $27,000 commission not paid; several executive problems, too.
U.S. Bank Manifest Funding Services, Marshall, Minn. (01/12) U.S. Bancorp Loan Products Up, but Not Lease Financing; http://leasingnews.org/archives/Jan2012/1_19.htm#bancorp (10/10) Continues downsizing. http://leasingnews.org/archives/Oct2010/10_06.htm#usbank_downsizing (10/10) Long time employ Adrian Hebig, SVP-COO, resigns, with other changes and layoffs to follow. Does not return many telephone calls for an interview. Joe Andries, VP & GM Reports of major losses the last two years. (07/10) It's official, cut backs in broker division, cutting back to top producing brokers only with high approved to signed ratio. (06/10) More cuts (06/10) Division changes, executives being moved to vendor side, brokers staff being cutback, brokers being informed on new requirements, many be dropped.
U.S. Capital, Santa Barbara, CA. (4/2001) Principal Ken Nelson commits suicide, cannot;handle loss of company and reputation, he tells relatives, the day after he turned 40.(3/2001) Many brokers, super brokers, discounters left holding the bag, rumor that U.S.Capital is filing bk.
USA Capital Leasing ( 5/2000 ) creditors force Chapter 7 ( 4,2000 ) file chapter 11bk
U.S. Energy Capital, Greensboro, GA (02/12) Jim Borland reacquires company, back to work at age 70.
U.S. Mellon,San Francisco (2/2001) Brian Madison Leaving, reportedly U.S.Mellon for sale
USXL, Chicago , Ill. (02/09) attempts acquisition of a bank to obtain TARP funds. (02/09) cutbacks continue on vendor programs
Vision Capital, Southern California (06/09) Larry Turner announces he and his partners Manny Montanez and Gil Evans closing down shop, he is going to work for Pacific Capital.
VGM Leasing, Waterloo, Iowa (3/2004) $120 million portfolio acquired by TCF Leasing, who will also supply a major line of credit. TCF Financial Corporation, a Wayzata, Minnesota-based national financial holding company with $11.3 billion in assets. TCF has more than 400 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana.
Varilease ( 11/2000 closed down ) Not the same as Varilease Financial, Detroit Michigan
Velocity Financial Group , Rosemont, Illinois (01/09) lets go all of their employees last Friday with exception of the venture group. They also have an office in Wakefield, Massachusetts. They had raised an initial $400MM. Company first says "no comment," but later says wants to concentrate on venture leasing as Frank Cirone, "Chief Executive Officer & Co-founder Chief Executive Officer of Comdisco US Leasing responsible for leading the organization and management team for finance, sales, portfolio management, administration and equipment refurbishment." As Yoga Berra would say, "Looks like Dah-Jah-Vue all over again."
Venserve/Salestream (3/2003) Warburg Pincus is selling it's interest in SaleStream Capital to Texas Equity Holdings (TEH, LLC) a company owned and operated by Lighthouse Investments. One report states banker and former Sierra Cities major domo Fred Van Etten is the key to the arrangement. http://www.leasingnews.org/archives/March%202003/03-10-03.htm#ven
Wachovia Bank (10/08) sold to Wells Fargo, let's go its leasing operation. (05/08) May Take $1B Charge Tied to Leases
Wal-Mart (09/08) Had closed direct and indirect leasing business the previous year, winding down operation, bank fails and is purchased by Chase. (3/06) U.S. Congress members want to deny Wal-Mart from opening industrial bank in Salt Lake City, Utah, afraid it will open branches in its stores. Wal-Mart says just wants to handle its credit cards, save over $5 million in costs yearly, also offer lower rates to customers to utilize card at their stores.(02/06) Fed to question Wal-Mart application re: insurance, if parent goes broke, will it affect their industrial bank solvency?
Washington Mutual Financial (09/08) Had closed direct and indirect leasing business the previous year, winding down operation, bank fails and is purchased by Chase. (2/05) Bruce Kropschott negotiates to bring full WAMu team to All Points Capital (08/04) Announces exiting the leasing business(12/03) Commercial lending operation purchased by Citigroup.
Westar, Tumwater, WA (11/2001) a leading automobile e-finance company, seeking to sell the ï¿½rapidly growing and recently profitableï¿½ firm due to funding needs and problems.
Western Alliance Bancorporation, Las Vegas, NV (01/06) parent company of BankWest of Nevada, Alliance Bank of Arizona, Torrey Pines Bank, Miller/Russell & Associates, and Premier Trust merges with merges with Intermountain First Bancorp, parent of Nevada First Bank.
Westover Financial, Santa Ana, CA (03/12) Lanak & Hanna $859,409.50 court case against Westover Capital Corp., Joe Woodley, CLP, and others, in the dissolving of Westover Financial Inc., and creation of Westover Capital, Inc. allegedly from its assets, it appears the plaintiff hands are tied. Joe Woodley has stated that he is not an employee, officer, or involved in the direction of the company. Joe Woodley says he is retired, never appears in court to testify about the alleged assets taken by Westover Capital. Jaime Haver says she is the one who founded the company and is running it. (02/12) Accused of Multiple Grand Thefts, over $1 million and FBI may be interested as well as local district attorney. http://leasingnews.org/archives/Feb2012/2_27.htm#westover (07/09) started by Joe Woodley, CLP, sold 40% to Steve Jones 13 years ago, is dissolving. Semi-retired, except for NEFA post, Woodley has been trying to clean up the mess since Jones left several months ago and joined iFinancial, San Clemente, CA with inside sales crew.
Wildwood Financial (6/07) Wildwood Financial closes its doors (4/07) Founder and well-known industry leader Bob Baker, CLP, dies from his second stroke.
Willis Lease Finance, Sausalito, CA. (02/06) a leading lessor of commercial jet engines, announced that it has completed a public offering of 3,475,000 new shares of preferred stock raising $32.9 million in net proceeds. (11/05) files its amended Form 10-K for the year ended December 31, 2004. Also noted in the filing "Monica J. Burke tendered her resignation as the Executive Vice President and Chief Financial Office of Willis Leasing Finance Corporation on November 30,2005 to be affected as of January 1, 2005. It is anticipated that Ms. Burke will remain employed by the Company through January 15,2006." The next paragraph notes that Robert Warwick has been appointed the position of Exec. VP and CFO as of January 1. He had worked for the Company as CAO since September 27,2005, and his accounting background is noted, including being the controller for San Mateo Times Newspaper Group and subsequently the Marin Independent Journal. Willis Lease issued a press release on December 6, "Willis Lease today announced that Monica J. Burke will be leaving the company's full-time employment in mid-January and has promoted Robert M. Warwick to Chief Financial Officer from Director of Finance effective January 1,2006." Of interest to readers this may be very similar to the Marlin Leasing announcement, except the Marlin CFO was rewarded with money, more time, and other benefits. The press release had the corporate attorney as the contact as the issue certainly appears poorly handled, although legally correct, perhaps? There is certainly more to the Marlin Story, particularly in comparison to how Willis Lease handled this apparently similar situation. (11/05) to delay third quarter 10-Q filing; As previously announced, the company will restate its financial statements for 2004 and the first and second quarters of 2005. Until the restatements are completed, the company will not be in a position to finalize its financial statements for the third quarter of 2005.
| XTRA ( (7/2001) to be acquired by Berkshire Hathaway for $587.9M, Warren Buffett calls for everyone to have a round of Margarita's.
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