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February 15, 2001 LEASING NEWS 02/15/2001 to regularly receive Leasing News kitmenkin@leasing news.org ---also ON LINE ( to be posted soon ). ------------------------------------------------------------------------------------ Headlines---- Sierra Cities/Amex---More Like Christmas!!! Rodi Doesn't Take it Standing Down-----Hits Back United Capital---Leasing News Would like to hear from Steve Dallas ( We have e-mail, phone messages to his cell phone, plus have spoken to United Capital attorney to obtain a comment, verify or deny the many broker complaints we are receiving.editor ) "Smartmoney" Expects Finova to Fold along with other large leasing companies ) " the truth is no one really knows how bad the credit-quality issues are at the nation's banks ( leasing companies)." "DowJones" Sees It the same way as "Smartmoeny" re: Finova ( "When Will the Bad News End???" ) Lyons Capital--Remembered ( List to be Corrected ) U.S.Capital, Santa Barbara--makes "Customer Complaint" List http://www.leasingnews.org/bulletin_board.htm Bay View Capital Reports fourth quarter 2000 net loss of $92.5 million CIT Freezes Broker Business--But They Want the Fashion Industry: 7thOnline Provide Financial Services to the Fashion Industry via CIT Sterling Bancorp Declares 221st Consecutive Quarterly Cash Dividend Penske/Rollins Truck Merger Deal Gets Clearance
--------------------------------------------------------------------------------------------- Not a Valentine Day Massacre! More Like Christmas!!! \ First Sierra---Amex Merger
You have to be kidding. This is the best possible news I can think of. What, exactly, is American Express buying? Are they buying SierraCities' proprietary software? American Express already offers leases to customers holding their corporate card., so I assume they have their own software. Is American Express buying Sierra Cities' customer list? How many of SierraCities' customers already have American Express' corporate card? Is American Express buying SierraCities' lease portfolio? As far as I am aware the portfolio has already been securitized. As far as I am concerned SierraCities, far from becoming more formidable as part of Amex, is in fact being taken "off the table." SierraCities has a good group of inside sales people. Is Amex going to let them sell? If not what do they have to sell? I see this climate as being similar to the climate in 1997. In 1997, and into 1998, all the small leasing companies were getting bought up by First Sierra, UniCapital, and the other "roll ups," taking these lessors off the table. It made it that much easier for new companies to get up with funding sources that either might not have looked at a new company, or would not have wanted to upset one of their existing brokers. Far from being the St. Valentine's Day Massacre for leasing companies I think it is more like Christmas. (name withheld) + + + Regarding the First Sierra Purchase by American Express: I don't think anyone needs to worry about AMEX. All you have to do is take a look at what they did when they purchased Rockford Industries several years ago. At the time, there were over 50 top leasing reps with solid vendor relationships who were all producing big numbers. AMEX came in and tried to turn leasing into a credit card process and all the reps left taking their vendors with them. We have been very successful when competing against an AMEX approval and I think anyone reading your newsletter will find what we have found. They know credit cards, they don't know leasing. Regards Chris Aragon caragon@mpcleasing.com + + + American Express' current attempts at small ticket leasing have been very clumsy. It is very hard to get a quote from them and if you can the rates haven't been anything special. Wasnt there a major overnight carrier getting into leasing? I haven't run into them either. First Sierra aka Sierracities' back room was never very impressive. The only deals I lost were ones I tried to fund through FirstSierra. Bigger is not better and there will be plenty of room below their radar for quality service at competitive products. Bring it on! Paul Knowlton Bank of Walnut Creek <knowlton@bowc.com> + + + Knowing First Sierra has lost all of its legs over the past 12 months, I find the "Massacre" theme comical. Which Baccarro wrote the piece? This is still a viable market for all of us. Bring it on baby!!!Knowing First Sierra has lost all of its legs over the past 12 months, I find the "Massacre" theme comical. Which Baccarro wrote the piece? This is still a viable market for all of us. Bring it on baby!!! name with held + + + I agree that money is tighter along with credit criteria in general. I also agree that the strong brand name, ample cash, and customer base that American Express enjoys is a competitive advantage. However, we compete with AMEX now in several markets and have competed with BTOB in the past. We have won and lost both deals and vendors from each. You are correct that BTOB/AMEX will be a competitive force to be reckoned with. They will be a player, but will not (in my opinion) provide the proverbial straw breaking the brokers back. If brokers can still thrive in the face of competitive giants like GE/Colonial and flash in the pans like Bankvest, we'll still be around after BTOB/AMEX. My point(s)... 1. Competition is a part of the industry, it keeps us sharp. 2. Seasoned brokers have the tools to thrive in the face of even the largest competitors. 3. I don't agree that this merger spells a massacre for the broker, use it to enforce your existing relationships. 4. There is a long journey between hype and facilitation (e.g. LeaseExchange, UniCapital). Kit, my comments are global in scope and are/were not directed to how you conduct business at American Leasing. Nor was my intention to "bury my head in the sand". My intention was to provide a reinforcing viewpoint to the many brokers receiving your newsletter. Finally, Kudos to Mr. Depping for a strong comeback. Even if he is a competitor, you've got to admire his business acumen. Andrew S. Nere <ils@ilslease.com> Innovative Lease Services, Inc. (800)438-1470 Ext. 216 + + + Is this not a similar press release that they came out with when VerticalNet was going to buy them? At this point the deal is not inked yet. Many things could happen before the close date. Although I must admit it appears to be pretty firm at this point. The next question is if there will be consolidation and where, which could result in the loss of key employees and the ability to provide quality service. name with held
( We print all comments. The press release was issued by American Express. That is one major different than the VerticalNet. Another is the marketplace squashed that deal. It was really never a good one, in my opinion. The American Express makes a lot of sense, solid logic, and yes, I have lost deals as a broker to UPS Leasing, American Express Leasing, Sierra Cities, among others. The pie is smaller and any loss is a loss, even if one deal. I am telling you to be prepared for stiffer competition from the surviving leasing companies, brokers, and customers who are more rate conscious than ever. Now is the time for relationship salesmanship. editor. --------------------------------------------------------------------------------------------- Hello, Steve Dallas. Leasing News Calling! ( We have e-mails, phone messages to his cell phone, plus have spoken to United Capital attorney to obtain a comment, verify or deny the many broker complaints we are receiving.editor ) Another Ex-United Capital Broker Complaint When United Capital shut down it's broker operations, it cost us $4K to $5K in unpaid commissions (by way of canceled checks). Not a lot of money by any means - so we consider ourselves lucky. We did not pursue this by legal means for 2 reasons: 1. we honestly wanted to see United come back from the dead and felt we could absorb this opportunity cost with the idea they might make it up to us if they survived. 2. if they did not make it, we would be wasting our time filing. Now, it appears that they might make it - but at our expense. If you are able to confirm that they are soliciting our lessee/vendor database, please make it publicly known. At that time we will pursue United Capital for these unpaid commissions by every legal means available. Further, I invite other brokers to contact me so we can combine our efforts on this. Hopefully there are people at United who keep up with your newsletter and might think twice if they see a grassfire starting. Then again, they might not care. Christopher Simpson chris@creditleaseonline.com> CreditLease, Inc. 800/398-4067 fax 888/436-0386 While you, and almost everyone else, wants desperately to see a silver lining in at least one leasing cloud, it is dangerous to interject you personal hopes when reporting a conversation, in this case, the conversations with Steve Dallas. I remember your comments asking readers to give Mr. Dallas the benefit of the doubt when he claimed he was working hard to dig United out of the hole they were in. As it turns out, apparently, he and his team were maneuvering to fund deals behind the backs of his brokers. As things continue to deteriorate for lenders and brokers, and they will I think, you might want to be extra careful not to buy into the spin doctoring that you'll hear almost daily. Finally, here's the bottom line on United: They have no lender, with Old Kent Leasing Services exiting the market. Their last, best hope, at least at this point in time, is to broker business through their retail company. Name With Held ( Steve Dallas had a leasing company with his brother in Santa Clara, where we are located. I tried to get them in the Chamber of Commerce, but they moved to San Jose. I think his brother still runs a leasing company there. And yes, I think Steve Dallas is remise in not actively doing "damage control." I am sure he is not having a happy time, and I can tell when I call that his voice box is full on his cellular telephone, meaning he probably doesn't have time even return his wife's telephone calls. It appears things are getting "out of his control" at United Capital. editor ).
----------------------------------------------------------------------------------------------- Lyons Capital In your list of demised leasing companies you show that Lyon Credit Corporation was acquired by Hudson United Bancorp in September, 1999. I was with Lyon Credit at the time of the sale. Hudson renamed Lyon Credit Corporation as "United Capital, A Division of Hudson United Bank". (Not to be confused with the Steve Dallas United Capital operation located in Austin, Texas.) Operations continued normally as "United Capital" until June 2000 when the bank demanded that United cut its overhead. United did that by laying off all of the personnel in its Irvine, California and Atlanta, Georgia regional offices on August 4, 2000. The Dallas office, where I was located, was to remain open until October 27, 2000. However, the company offered a severance package to any Dallas personnel who wanted to leave early. Come August 7 and it was only myself and my region manager (who was responsible for marketing) left in Dallas and one person who also stayed on in Atlanta to handle the portfolio collections. I left the company October 27. My region manager left in January, 2001 and the fellow in Atlanta left the company February 9, 2001. The company president (and founder of Lyon Credit Corporation), John Bowes, left the company February 2, 2001. The remaining corporate staff from the Stamford United Capital headquarters moved into one of Hudson United Bank's office buildings in Westport, Connecticut at the end of January of this year. >From what I hear, the bank is now trying to force the remainder of the executive staff to resign and is trying to renege on the balance of their employment contracts, which have about two years to run. One EVP, as I understand it, was offered six months severance (vs. the 24 that would be due under the contract) and the rest of the corporate clerical staff, not covered by an employment contract, if and when they are let go, will not get the more lucrative severance package myself and others received (three months) but rather the bank's severance package of one week for each year of service. Although the company technically is still in business, they have not accepted any new business since last August, they honored existing commitments through December 31, 2000 and the remaining few personnel are running off the portfolio at the present time. I'd say, "Stick a fork in 'em; they're done." And, as Paul Harvey says, "That's the rest of the story." Ronald J. Brodt National Equipment Capital ronbrodt@nationalecapital.com ---------------------------------------------------------------------------------------------- One item in your Today In history section that was left out. Irv Ellis irv@leasecor.com ( Did not mean to overlook Arizona, especially since you now will have a new stadium for Cardinals. editor ). ----------------------------------------------------------------------------------------------- Rodi Doesn't Take it Standing Down-----
Dear Mr. Goodman, I sincerely doubt that I would ever have to worry about "outselling" you. I'm fairly certain that my customers don't travel anywhere near the same circles that yours do. You are right about one thing, however. My customers don't care about customer service because when they deal with our company it's a given. You are also the one who's lost touch with reality. If "price" were the only issue those dot.com companies would have had a much more prosperous run. Their entire business plan revolved around getting the lowest price. We all now know how effective that strategy was. With respect to my tenure as the UAEL president it is now obvious to me that you harbor some bad feelings toward me since I emphatically declined to let you teach your fee income "tactics" to the UAEL membership. Sorry Mr. Goodman, but I'm one of those "holier than thou" types that actually believes in the UAEL standards, and I'm damn proud of it. We do our best to operate within the context of those standards. You don't think that would have anything to do with the fact that we've prospered somewhat in this industry, do you? By the way, when my bank recently began collecting a "fee" for a service they performed, we were notified as to the nature of the fee, why it was being added, and the amount of the fee. The explanation and reason made sense therefore I had no quarrel with it. It was all above board and yes, it was done in an ethical, up front manner. It's fairly obvious from your comments that you would prefer to generate fee income in whatever clandestine manner you can fabricate. If the customer complains or refuses to pay it, then you can employ "scare" tactics and threaten them with collection activity. I dare say Mr. Goodman, that you are a dinosaur in this industry. As such it won't be long until your species is totally extinct. Incidentally, I think you spelled "guerilla" wrong. You meant "Gorilla", didn't you? Bob Rodi <drlease@leasenow.com> --------------------------------------------------------------------------------- no dates on these changes: We keep reducing this list, thanks to readers. Anyone who has approximate dates on these changes, please let us know.
American Business Leasing ( gone ) The Bancorp Group, Inc. (Southfield, MI) (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 ) Imperial Credit Industries (ICII) ( sold portfolio ) Merit Leasing ( gone ) Prime Leasing, Minnesota ( no longer doing business ) -------------------------------------------------------------- Up-Date to our Bulletin Board: Customer Complaints http://www.leasingnews.org/bulletin_board.htm Customer Complaints ( We have received many complaints from many brokers and super brokers about this company. This is only one of the many we have received. editor ). U.S. Capital, Santa Barbara, California 2/14/2001 A short while ago JDR Capital Corporation received a faxed communication from U.S. Capital Corporation of Santa Barbara, California in which the latter was informing the leasing community of a new program it was offering. In its correspondence it described a leasing line of 30 million dollars which it was offering to brokers to fund their leases. It included full details as to credit criteria and rates. For a period of years prior to the receipt of the aforesaid fax JDR had received a great deal of business from U.S. Capital. Its representative, Ken Nelson, never demonstrated any cause for concern. When the fax arrived, updated due diligence was performed which also did not indicate any cause for concern. Consequently, JDR offered the program to its customers. Not long after JDR received numerous approvals and, in some cases, had documents prepared and forwarded to U. S. Capital for funding, U. S. Capital and Ken Nelson appeared to drop off the face of the Earth. Although we were able to leave voice-mail messages we had no success in speaking to a live person. We received no return phone calls or any other communication. As quickly as possible we notified our broker customers that a problem appeared to exist and we suggested that they try to get their deal funded elsewhere. As we have many other funders we are in the process of attempting to find alternative financing for those transactions In the last week or so we have received numerous calls from other super brokers and brokers that are experiencing an identical problem with U.S. Capital. It seems that they have created a very widespread problem in a very short period of time. We are sure that there are a great many brokers and/or vendors that have been affected by this. The leasing community should be aware of the problem. As to JDR we are doing our best to assist those that we dealt with. If you desire further information please feel free to contact me. Very truly yours, Don Forman JDR Capital <dforman@jdrcapital.com> note: Please do not confuse Lease Capital, Inc of Alabama, Bo Bohannon, with Lease Capital, California, Martin Baraeske. They are not affiliated ----Lease Capital---Martin Bareske Complaint Mr. Marteske--- This came to us originally as a complaint on November 28 for the Leasing News Bulletin Board. You responded by e-mail on several occasions, the last being December 2, that the funds would be returned. Here it is 13 days later, and according to lessee, the money has not been returned. Here is what Keith Ahearn as to say. They are again asking me to post this, from very beginning, and I would like to know if there is anything new you would like to add before posting this on LeasingNews, which we will do after January 2 as 30 days from your promise date is a reasonable period of time. Mr. Menkin, I would like to inform you of the status of my failed sales / leaseback commitment with Mr. Barteske. I realize that Sheila has been corresponding and has informed you of all of the lies and misdirection that Lease Capital has done. Realizing that not doing the proper research caused the majority of my problems. When I was contacted by Mr. Barteske, on the footer of his fax was , Member of the NAELB and even the last fax received still has it . Below this is the Better Business Bureau of So. Cal. Atleast when you pull them up on their web site they inform you that doing business with Lease Capital is pretty risky. As of this date I have not received the $3,825.00 and it looks like I never will. Meanwhile I watch my business slowly slipping away, not just from the loss of revenue but from losing 6 weeks of valuable time. Most of my vendors have had enough of waiting for me to find the funding necessary to continue on. I'm getting close to losing every thing i've worked for and pretty much lost hope. I don't intend on this letter to sound like I'm crying the blues, quite the contrary. It's a shame that a piece of "work" like Barteske can topple small business owners with cash flow problems so easily while riding on the coattails of brokers who work hard at their profession. Thank you, Keith Ahearn 1unicorn2@PRODIGY.NET Precision Diagnostics Plus Inc. Kit, As of today, Jan 6, 2001, We have not heard or received any of the money that we were supposed to have returned to us from Mr. Barteske. He last told us that he was looking into the situation and would let us know something, but we have not heard a thing. He can write a good letter when he needs to cover his butt, but when it comes down to it he just a bunch of lies and excuses. Keith Ahearn 1unicorn2@PRODIGY.NET
NAELB Expels Lease Capital Corporation/Principal Martin J. Barteske ( PLEASE PLACE A NOTE IN YOUR LETTER THAT LEASE CAPITAL, INC OF ALABAMA , BO BOHANNON PAST BOARD MEMBER AND VICE-PRESIDENT OF NAELB, IS IN GOOD STANDING WITH NAELB AND IS NOT AFFILIATED WITH LEASE CAPITAL OF CALFORNIA . THANKS BO BOHANNON, PRESIDENT ) Martin Barteske, CEO 20902 Brookhurst Street, Suite 204, Huntington Beach, CA 92646-6637 Toll Free Phone: (866) 836-5600 (866) 964-8350 Toll Free Fax: (866) 834-5600 (800) 964-2140 www.LeaseCapital.net / ceo@leasecapital.net TO: ALL MEMBERS OF THE NAELB FR: JOE BONANNO, ESQ., NAELB LEGAL COUNSEL DT: NOVEMBER 15, 2000 To All Members of the NAELB: This correspondence is to advise all members of the NAELB that the Board of Directors, in conjunction with the NAELB Ethics Program, has taken action against a member of the NAELB. The Board of Directors takes this action after there is a process of a complaint being filed against a member, a response process taking place, a review by the NAELB Ethics Committee and a referral by the NAELB Ethics Committee to the Board of Directors. Therefore, this is a process whereby there is ample time for the resolution of the matter, review by multiple individuals and finally a review by the Board of Directors. Every benefit of the doubt is extended to the parties involved and there is a specific procedure that is followed along the way. A matter that did reach the Board of Directors involving a company called Lease Capital Corporation located at 20902 Brookhurst Street, Huntington Beach, CA of which an individual known as Martin J. Barteske is the principal. The Board of Directors, in accordance with the Ethics Procedure voted in place by the voting membership of the NAELB, has voted to expel Lease Capital Corporation from membership in the NAELB effective immediately. As always, the NAELB encourages our members to conduct business with members and in the event there is difficulty between members, the NAELB can attempt to resolve the matter or in the extreme case, expel a member from membership. We at the NAELB are hopeful that our members find the ethics program to be a great member benefit. ( We had a posting regarding an incident with Lease Capital Corporation and Martin Barteske with much documentation, but believe we were successful and the sender asked us to withhold the information. Much of the "complaints" we get are settled by others, such as the National Association of Equipment Lease Brokers. The $295 membership fee is the lowest in the industry and you not only get help such as above, but the naelb post, ability to instantly contact fellow members on line for help in finding a source, or answering a question, is worth much more than the membership fee, believe me. Having access to both Barry Marks and Joseph Bonnano---that's priceless. www.naelb.org.----editor ) FMC Leasing Confirms Gibraltor Financial Complaint 10/05/2000 I don't doubt Paul Von Bruck's story regarding Gibraltar Financial. We have had a similar experience. They accepted up front lease payments and then declined the deal. They then refused to return the payments with the justification that they had to work on the deal; therefore, they had earned the money. There is no up front disclosure. We only became aware of their questionable practices after they had accepted funds. I'm sure this won't be the last email you'll receive regarding Gibraltar. Ron Jupka FMC Leasing Corp ;fmcsales@mt.net Gibraltor Financial Complaint 10/04 We brokered a transaction to Gibraltar Financial recently and suffered serious problems. It started when they requested we obtain a signed commitment letter. We did. Cliff Wagner, Beth, Donna and Todd told me they were funding the deal. This was a lie. No big deal however as long as the deal get's done. Our customer then received a letter from Ford saying they were declined. Given Gibraltar's good standing among the various leasing organizations(UAEL etc..), I gave them the benefit of the doubt. They stated, we have someone who will do this deal. We delayed the vendor and lessee for 75 days as we received the same statement over and over from Cliff, Beth, Donna and Todd. Then they stopped returning calls from us the vendor and lessee. After dozens of calls Cliff finally informed me that they "could not get the deal done". We immediately requested a return of the customers commitment fee. We overnighted our portion(2k). We felt so sorry for this guy we could do no less. It has now been 135 days apx. 60 apx days since the decline. When I contacted Cliff and asked why he had not returned the deposit, he stated "Oh, I forgot about that. I'll get it taken care of." 20 days later I got a call from the vendor's Attorney. They are threatening us since we put the deal together and since Gibraltar will not return their calls. (The vendor and lessee have known of Gibraltor through the whole deal) So I called Cliff again. He stated, " Oh wow, they are still pursuing this, I'll get there money out ASAP." 30+ days later nothing has been sent. Cliff Wagner refuses to return any calls. Every time we call, he is on the line. They must have a call identifier. This assumption is backed by some evidence. He refuses to return messages. Based upon his comment "they (the lessee) are still pursuing this?" as if he is confused why a customer would want their $5,000 back, I believe Gibraltar wants to keep this person's money. If any of you can help this lessee with a lease feel! free. I thought they were reasonably solid. They are called Cap of MB out of South Carolina. My number is 888-468-5822 x 208 Paul von Bruck Capital Funding Group. P.S: I have Gibraltor's messages saved on our message machine if any of you doubt this message
BSB Leasing Complaint Hello Kit - After reading your note from BSB LEASING, I found myself unable to sit still and not submit this to you. At this moment I do not desire to get this too complicated ~ however, I do wish to put on record in your newsletter, that some folks in the leasing industry speak from several sides of their mouth. I have worked hard to quietly maintain dignity, integrity and decorum in this industry since I started in it in 1979. Over the last two years, I have had clients contacted directly by BSB LEASING in Denver, and other 'competitors' salespersons or account persons or whatever politically correct title they wish to have assigned to them - In any event, MY clients have been told, upon being telephoned by before mentioned competitors that LJR LEASING was "OUT OF BUSINESS" when my dear clientele inquired of my where-abouts. And, by the way, these competitors somehow managed to access private client data from some of the largest DIRECT LENDERS there are. Just wanted to make myself heard. thanks. Lori Reicheg - We have never had Lori or LJR Leasing as a broker with BSB Leasing. I challenge her to show how we could have contacted her customers when we have never dealt with her. We do have in house sales people that compete for business with the leasing world but our broker side acts as a separate unit and no information is shared. If she did do business with us she would know how honorable a company BSB Leasing is. Please feel free to give her my phone number. I would be more than happy to talk with her about it. We have been in business for close to 20 years, funded almost 400 million dollars in leases, dealt with almost 400 brokers, if we were stealing brokers customers I think it would have surfaced by now at NAELB or UAEL. If you check the record we have never had a single complaint in our history. Bruce Zwillinger Vice President BSB Leasing I have never been a broker that used BSB or any other source to fund a transaction. I have been a DIRECT BROKER since 1979. In 1998 I was forwarded a letter from a client who had been contacted weekly by telephone after receiving a letter from BSB Leasing. That letter was forwarded to Stephanie Desparois at GE Capital/Colonial Pacific Leasing. The letter said something to the effect of "BSB is now the designated leasing source for COLONIAL PACIFIC LEASING CORP". My client was told by whomever from BSB then began a weekly telephone solicitation, that LJR was either out of business or likely out of business. That particular letter was the beginning of a rather nasty and unpleasant series of events at GE/CPLC for me, where I had been a DIRECT BROKER since 1983 with an OUTSTANDING portfolio w/under 1% delinquency. In addition to BSB, another 'source' in Southern California named Alliance Funding managed to access my Client Portfolio information maintained at CPLC - and began an extensive and exhausting solicitation of my clientele - so much so that I was again told by Ms Desparois that they were also sent a "Cease & Desist" letter - this information was told to me by Ms Desparois as instructed by Curt Lysne. The 'challenge' from Mr Zwillinger will not be responded to. It is a nasty 'game' that is played in an industry that is unregulated and unchallenged, and I have never, nor will I ever participate in the play. Since around the time of the buy-out of CPLC from Pitney Bowes by GE there has been a great deal of unprofessional activity and behavior. Perhaps it started by unscrupulous activity 'on the inside' for financial gain. I have as I stated, maintained a quiet dignity about the manner in which I have provided my service. My vendors and clients, tho fewer in number than BSB I'm sure, have remained loyal to my service thru these nearly 17 years, knowing that I did not engage in the oft-engaged practice of deception or other abominable behavior to earn my living. Sincerely, Lori Reicheg TommyLori@cabomagic.com Leasing Network Purchase Option Problems Notice: Received reports from three brokers now about leases they put together through network group to funding source has fmv not 10% purchase options. Disputes trying to be resolved. Any broker experiencing the same, please notify Leasingnews.org. All information will be kept confidential and will not be published without your specific permission. 7/26 Universal Capital Services Kit, my company, Citation Financial Group located in Fair Oaks, CA (Sacramento) is one of the companies having a problem with Universal Capital Services. They have not returned a Lessee's advance payment nor have they paid us our commisssion on a brokered transaction. I have sent documents to the NALEB attorney, who is following up on our complaint with UCS. We have also contacted a collection attorney in Florida. If you know of others who have been wronged by these people, please have them contact me. If you want all of the details I will be happy to e-mail them to you. We need to stop co mpanies who make a bad name for the industry. Thanks, Allen Greenberg Citation Financial Group (916)535-7710 ag-cfg@pacbell.net Bruce Zwillinger, BSB, cuts off Universal Capital Service Bruce Zwillinger, BSB, cuts off Universal Capital Service, Springhill, Florida informs NAELB of their action. This company not returning money to lessee from deal funding by BSB. Many attempts to get money returned to lessee, but many broker promises by Universal Capital Service. 7/12 Universal Capital Services Source states Universal Capital Services, Springhill, Florida, took up-front fees on deal and has not returned to lessee. Lessee is complaining to funding source. This is the third complaint received on this. Source is trying to find out more and request this be posted on bulletin board. Source will allow us to state name, if this is not resolved. 7/5 Parker Leasing $25,000 SD $29,000 first and last three months did not return money Parker Leasing and Financing, Ft. Lauderdale, Florida no web site, no district attorney complaints, advised to pull a D&B, find out who the secured parties are and if I can identify them, will give them the person to call at the funding source to hear the full story about what is happening. Parker Leasing and Financing refuses to return commitment fee and first and last. 6/16 Dodson Group - Delivery Charge We had been using the Dodson Group for overnight (Airborne) until recently. They were charging us $8.75 per overnight (their cost to Airborne is $7.61, who cares, they deserve a profit). But, in auditing our bills for the last 2 years we kept noticing that we were being repeatedly charged $12.00 to $18.75 for overnight on about 1/3 to 1/2 of the over nights. Initially, Dodson claimed "overweight", so we researched further and discovered that most of the overcharges were on checks going out overnight to vendors and brokers - no way this could be "overweight". For the past year we have faxed and called Dodson repeatedly to get corrected invoices - no one would even respond! So, we put them on notice that we would not pay any more invoices until they corrected their over billing problem - they never did. Their response was to turn us over to a collection agency! We are convinced they purposely overcharged us, and probably every other client! Dodson does a lot of biz with NAELB brokers, don't these brokers need to know about Dodson's policy of quoting one price and charging another? 6/15 Universal Finance / Universal Manufacturing Avoid this company like the plague. I believe that if it is the same one they also run companies under the name(s) Universal Manufacturing -(Vendor) & Universal Finance (Credit repair company). I'll look up the e-mail I received on this a while back. I think what the story was is that Universal Capital would submit a deal to funding source, then if declined due to personal credit, Universal Finance would repair credit then resubmit elsewhere. The vendor would be Universal Manufacturing who would sell $2,000 computers for $40,000 invoice (just under F/S disclosure). Then they split excess with lessee. Though I'm not sure about the Florida part. I'll get back with the additional info ASAP. 6/12 Universal Capital Do you know anything about Univerasl Capital Services, Inc., in Spring Hill, Florida 34606. One of the lease brokers I work with is having trouble getting paid on a deal. He thinks the company is owned by Jim and Anita Koper. Please let me know if you hear anything. Thanks. 6/12 Metropolitan Mortgage Metropolitan Mortgage and Sec in Washington had a division that funded the lesser credits. Well they have stopped and are not honoring their approvals if they don't already have signed docs. This was told to me by a broker in Arizona who has 10 deals sitting with them and she is now scrambling to replace them. 6/12 -------------------------------------------------------------------------------------- Bay View Capital Corporation Announces Fourth Quarter Results
SAN MATEO, Calif., Feb. 14 /PRNewswire/ -- Bay View Capital Corporation (NYSE: BVC) (the "Company") today reported a fourth quarter 2000 net loss of $92.5 million, or $2.83 per share, as compared to a net loss of $234.5 million, or $7.18 per share, for the third quarter of 2000 and net income of $5.3 million, or $0.19 per share, for the fourth quarter of 1999. Bay View took further steps during the fourth quarter to restructure its balance sheet and position itself for 2001. Fourth quarter pre-tax results included $59.4 million in charges associated with the revaluation of franchise-related assets, $52.1 million in net losses associated with asset sales, and $32.1 million of additional loan loss provision related primarily to franchise loans. The revaluation included a $50.7 million mark-to-market valuation adjustment on the Company's $379.4 million portfolio of franchise loans classified as held-for-sale, reflecting conservative bulk-sale pricing. The revaluation also included $8.7 million in adjustments to other franchise-related assets. Net losses on asset sales included a previously announced $26.4 million loss on the sale of $256.4 million of low-yielding franchise-related asset-backed securities and an $18.2 million loss related to the sale of $244.0 million of high loan-to-value home equity loans. In December, the Company also sold $232.3 million of lower-yielding fixed-rate mortgage-backed securities. During 2001, the Company recognized $10 million in gains relating to the December sales of asset-backed securities and high loan-to-value home equity loans. "Although 2000 was a very difficult year, we are optimistic about the future of our core businesses, led by the continued strength of our deposit franchise," said Edward H. Sondker, Bay View's President and Chief Executive Officer. "After shutting down our franchise lending division last quarter, our focus this quarter was on restructuring our balance sheet. Our actions during the fourth quarter have substantially reduced our exposure to franchise and high loan-to-value home equity asset concentrations. These actions should also enhance our marketability as we continue to pursue our strategic options." Bay View's retail deposits grew $68 million during the quarter, reflecting the continued strength of Bay View Bank's deposit franchise. Wholesale borrowings, including brokered certificates of deposit, were reduced by $656 million from the prior quarter-end. The increase in retail deposits was primarily related to the Company's marketing and promotional efforts. These deposits are a significantly lower-cost funding source relative to wholesale borrowings. Bay View remains committed to expanding its deposit base by growing both consumer and business accounts and building on the success of its internet banking program. Loan originations totaled $168.6 million for the quarter. Originations of retail loans were $90.5 million while originations of commercial loans were $78.1 million. These originations were more than offset by loan sales totaling $433.9 million during the fourth quarter, including the sale of $95.9 million of franchise loans, the aforementioned sale of $244.0 million of high loan-to-value home equity loans, $49.1 million of auto loans, and $44.9 million of lower-yielding single-family mortgage loans. Although these loan sales reduced the Company's credit risk profile and generated regulatory capital, they also reduced net interest income. The Company's net interest income and net interest margin for the fourth quarter of 2000 were $37.4 million and 2.95%, as compared to $41.7 million and 3.09% for the prior quarter. Normalized net interest margin, which the Company defines as net interest margin adjusted to include the net rental income from its auto leasing activities and the expenses related to its Capital Securities, was 3.21% as compared to 3.32% for the previous quarter. The decrease in net interest income was primarily due to lower average interest-earning asset balances. The Company expects its net interest margin to improve during 2001 reflecting the benefits associated with the recent sales of lower-yielding assets, anticipated declines in market interest rates, and further reductions in wholesale borrowings. "Our efforts during 2001 will continue to focus on selling our remaining held-for-sale franchise loan portfolio," commented Mark E. Lefanowicz, Executive Vice President and Chief Financial Officer. "We are encouraged by the sale of over $95 million in franchise loans during the fourth quarter at no significant gain or loss. We currently have multiple parties looking at a substantial portion of the remaining held-for-sale portfolio." Credit quality continued to be impacted by the performance of franchise loans, which is evident when comparing the Company's credit quality statistics with and without its franchise lending activities. Various sectors of the franchise market have been impacted by market pressures, specifically certain fast food restaurant brands. Nonperforming assets were $101.7 million at December 31, 2000 as compared with $48.8 million at September 30, 2000. Loans and leases delinquent 60 days or more at December 31, 2000 were $84.8 million as compared with $34.8 million at September 30, 2000. Net charge-offs as a percentage of average loans and leases improved to 0.31% for the fourth quarter as compared with 1.29% for the third quarter. Nonperforming assets excluding franchise-related assets were $17.5 million as compared with $15.9 million for the prior quarter, while non-franchise delinquencies were $23.3 million as compared with $23.5 million for the prior quarter. In addition, nonperforming assets included approximately $23 million of franchise loans that are technically performing as agreed but require classification as nonperforming assets according to regulatory guidelines. During the course of this past year, the Company was able to cure over $48 million of classified franchise assets and nearly $32 million of nonperforming franchise assets at no loss to the Company. The only charge-off the Company has incurred since its 1999 acquisition of Franchise Mortgage Acceptance Company was a $7.9 million write-down of non-franchise funeral home loans. Otherwise, the Company has had net recoveries on franchise loans. Despite this, the Company has reserves totaling approximately 10% of its franchise loan portfolio classified as held-for-investment. Excluding net losses on sales of assets, noninterest income was $32.8 million for both the third and fourth quarters of 2000. During the fourth quarter, increases in loan fees and charges and loan servicing income were offset by lower income related to auto leases, which the Company ceased purchasing in June 2000. General and administrative expenses were $35.7 million for the fourth quarter of 2000 as compared with $38.8 million for the third quarter of 2000. The decrease in general and administrative expenses from the prior quarter was primarily due to the impact of the shutdown of the franchise production unit as of September 30, 2000. This was partially offset by higher professional and legal fees as the Company continues to explore its strategic options, as well as higher marketing expenses related primarily to its deposit franchise. During the fourth quarter, the Company established a $26 million valuation allowance against approximately $68 million in net deferred tax assets generated in the fourth quarter, a significant portion of which represents net operating loss carryforwards. Liquidity & Regulatory Capital -- At December 31, 2000, Bay View Bank had liquidity levels with cash and overnight deposits in excess of $700 million, representing over 20% of total retail deposits. Further, the Bank's regulatory capital continued to meet the minimum regulatory requirements to be deemed adequately capitalized at December 31, 2000. As previously announced, the Company and Bay View Bank have filed capital plans pursuant to the terms of regulatory agreements. The Company is currently in the process of updating these plans to reflect fourth quarter results. As of December 31, 2000, the Parent Company had approximately $11 million in cash and cash equivalents. This cash, combined with earnings generated from the Parent Company's interest-earning assets, continues to be sufficient to service the Parent Company's debt. Although Bay View again deferred the dividend on its Capital Securities (NYSE: BVS) and cannot predict when regulatory approval will be obtained for payment. Bay View Capital Corporation is a diversified financial services company. The Company's principal subsidiary is Bay View Bank, a nationally chartered commercial bank which is the largest deposit franchise exclusively serving the San Francisco Bay Area with 57 full service branches. Bay View offers a full array of retail and commercial banking products and services to customers throughout the nation. Forward-Looking Statements This press release contains forward-looking statements which describe the Company's future plans, strategies and expectations. All forward-looking statements are based on assumptions and involve risks and uncertainties, many of which are beyond the Company's control and which may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. Factors that might affect forward-looking statements include, among other things: -- the demand for the Company's products; -- actions taken by the Company's competitors; -- tax rate changes, new tax laws and revised tax law interpretations; -- adverse changes occurring in the securities markets; -- inflation and changes in prevailing interest rates that reduce margins or the fair value of the financial instruments held; -- economic or business conditions, either nationally or in the Company's market areas, that are worse than expected; -- legislative or regulatory changes that adversely affect the Company's business; -- the inability to sell or securitize assets; -- the timing, impact and other uncertainties of asset sales or acquisitions and the Company's success or failure in the integration of their operations; -- the ability to enter new geographic and product markets successfully and capitalize on growth opportunities; -- technological changes that are more difficult or expensive than expected; -- increases in delinquencies and defaults by borrowers and other loan delinquencies; -- increases in the provision for losses on loans and leases; -- the inability to sustain or improve the performance of subsidiaries; -- the inability to achieve the financial goals in the Company's strategic plans, including any financial goals related to both contemplated and consummated asset sales or acquisitions; -- the outcome of lawsuits or regulatory disputes; -- credit and other risks of lending, leasing and investment activities; and -- the inability to use net operating loss carryforwards currently held by the Company. As a result of the above, the Company cannot assure that future results of operations or financial condition or any other matters will be consistent with those presented in any forward-looking statements. Accordingly, the Company cautions you not to rely on these forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update these forward-looking statements, which speak only as of the date made. -------------------------------------------------------------------------------------------- Sterling Bancorp Declares 221st Consecutive Quarterly Cash Dividend
NEW YORK, Feb. 15 /PRNewswire/ -- Sterling Bancorp (NYSE: STL), parent company of Sterling National Bank, today declared a quarterly dividend of $0.16 per common share, payable March 31, 2001, to shareholders of record on March 15, 2001. The dividend is the 221st consecutive quarterly cash dividend paid by the Company and its predecessors since it became a public corporation 1946. Sterling Bancorp (NYSE: STL) is a financial holding company with assets of $1.3 billion, offering a full range of banking and financial services products. Its principal banking subsidiary is Sterling National Bank, founded in 1929. Sterling provides a wide range of products and services, including commercial lending, asset-based financing, factoring/accounts receivable management, international trade financing, commercial and residential mortgage lending, equipment leasing, trust and estate administration and investment management services. Sterling has operations in the metropolitan New York area, as well as Virginia and other mid-Atlantic states and conducts business throughout the U.S. More information is available on the company's Website, http://www.sterlingbancorp.com. --------------------------------------------------------------------------------- Moody's Expects Finova to File for Bankruptcy By Matthew Goldstein, Smartmoney.Com As if a slumping economy wasn't bad enough, bankers are getting awfully jittery these days about little-known Finova Group, an Arizona-based financial-services company that specializes in lending to midsize companies. Why the anxiety? Moody's Investors Service, the credit-rating agency, expects Finova to file for bankruptcy any day now in order to restructure or eliminate the estimated $11 billion in debt it owes to banks, bondholders and other creditors. If that were to occur, it would be one of the biggest debt restructurings ever. And the fallout could spell trouble for the banking industry, since nearly $4.7 billion of the debt is in the form of bank loans. That isn't nearly enough to cause problems for the banking system all by itself, but it underscores the nasty problems lenders are faced with these days. It's difficult to determine which banks are on the hook. Multimillion-dollar commercial loans like the ones made to Finova are often "syndicated," meaning several banks buy a portion of the loan in order to spread the risk of a default. But experts say the banks that originated these massive loans are the ones most likely to carry the highest percentage of Finova's bank debt in their portfolios. Assuming that's true, the list of suspects is a Who's Who of the nation's biggest banks: Wells Fargo, Bank of America, Bank One, First Union, Citigroup's Citibank, J.P. Morgan Chase and FleetBoston Financial's Fleet Bank, according to industry analysts and Loan Pricing, a research firm. Creditors usually get paid something when their customers go bankrupt, but sometimes it's just pennies on the dollar. And when banks are the ones left holding the bag, they usually write off the uncollected portion of the loan - an event that results in a charge against earnings. For instance, Wells Fargo recently classified a $122 million commercial loan - believed by some to belong to Finova - as a bad, or nonperforming, loan. (Wells Fargo, which declined to comment on the situation, hasn't yet taken a charge on the loan.) Needless to say, the more bad debts a bank has in its portfolio, the more hits it'll have to take against earnings. Perhaps the most alarming aspect of the Finova situation is how fast things careened out of control. In the first nine months of last year, the dollar value of its bad loans rose nearly 140%, to $421 million. (Finova has yet to report financial results for its last fiscal quarter.) The list of losers includes a $117 million loan to Sunterra, a bankrupt time-share resort company; a $31.7 million loan to an unnamed wireless-messaging company; and loans to the now-defunct airline Tower Air. Finova went to sleep in Wall Street's penthouse and woke up in its doghouse. In the early years after it went public in 1992, the company wowed analysts with its fast growth and dependable earnings results. The firm's assets - loans under management - grew from just over $2 billion in 1992 to $14 billion in 2000, as it became an important lender to midsize businesses. But all the goodwill Finova had built up on the Street began unraveling after the company made a series of stunning announcements last March. With little warning, it announced it was writing off a $70 million loan to an unnamed computer distributor and was taking a big charge against earnings. It also announced the hasty and unexpected retirement of longtime Chief Executive Samuel Eichenfield. The analysts were surprised, to put it mildly. A formerly fawning Robertson Stephens analyst responded by saying, "a loss of this magnitude must force investors to question the company's overall credit quality." A year ago, more than a dozen analysts followed the company; now there's just one. The company's stock, meanwhile, has taken a year-long pounding, falling from around $32 on March 24, 2000 to just $1.14 on Feb. 14. Shareholders are hopping mad. A class-action suit filed in federal court in Arizona alleges that Finova's management concealed the $70 million bad loan as long as possible, and identifies the defaulting borrower as Supercom, a privately owned California computer company. (Finova has never publicly named the borrower.) Meanwhile, value investors and workout artists are squabbling over the remains. There's now a complex battle underway for control of Finova that involves GE Capital, Goldman Sachs and Warren Buffett, among others. While there's no reason to believe there's a minefield of Finovas out there, the truth is no one really knows how bad the credit-quality issues are at the nation's banks. Ruchi Madan, a banking analyst at Salomon Smith Barney, estimates that some $51 billion in problematic loans sits in the portfolios of the nation's big banks. Of course, not all those loans will fall into the nonperforming category. And some banks - like Bank of America - have more problems than others. Like most banking analysts, Madan predicts the bad-loan problem is a manageable one now that the Federal Reserve is cutting interest rates. But that prediction relies on a couple of assumptions - that the economy won't slip into recession despite the Fed's actions, and that there aren't a lot of other Finovas out there getting ready to blow up in their lenders' faces. It's probably a safe bet - but the suddenness with which Finova crumbled shows it's far from a sure one. Are you a bargain hunter with a taste for the unusual? If so, you may want to check out "The Finova Store." On Finova's Web site, shoppers can buy assets that Finova has taken from some of its borrowers who've defaulted on their loans. There's some unusual stuff there you can make a bid on. Are you in the market for a jumbo jet? Well, Finova has a bunch of them. How about some lodging? Finova has a 179-room hotel in Texas for sale. Best of all, Finova says prices are negotiable. ------------------------------------------------------------------------------------- Finova Parties Get Organized as Bankruptcy Looms By Joe Niedzielski, Dow Jones Newswires Finova Group's bondholders, lenders and equity investors are getting organized as the Scottsdale, AZ-based financial services firm attempts to restructure its huge debt load. The parties' discussions thus far are said to be informal. And according to a lawyer representing bondholders and shareholder documents filed with the Securities and Exchange Commission, neither the bondholders nor an ad hoc committee of equity holders are currently in possession of nonpublic information about the company. But the organization of the various interests in recent weeks underscores the dire nature of Finova's financial condition. Several analysts who follow the company and specialists that invest in distressed debt agree that Finova may have already violated the terms of its bank agreements as of the end of the fourth quarter. Finova hasn't yet released its year-end financial results and an official declined comment on whether it was in violation of its bank agreements. Finova has about $4.7 billion of bank debt and $6.3 billion of bonds outstanding. The company faces $2.1 billion in bank debt that comes due this May. Absent a debt restructuring agreement with its creditors, rating agency officials say Finova may face a Chapter 11 bankruptcy filing. Already, Goldman Sachs Group and GE Capital, a unit of General Electric, have offered to take effective control of Finova through the purchase of about $2 billion face amount of its debt and a management contract to run the firm. A bankruptcy filing would represent one of the largest in recent memory. Signs that groups representing bondholders, lenders and equity investors have organized indicate that the framework for a prepackaged Chapter 11 filing could be in the works, said one distressed debt analyst, who declined to be identified. An unofficial committee of bondholders has retained the New York-based firm of Wachtel Lipton Rosen & Katz, an attorney there confirmed. Sources say banks have hired Shearman & Sterling, which also has offices in New York. That firm declined comment. Last year, Finova hired Credit Suisse First Boston to explore strategic alternatives. The company has also retained the law firm of Gibson Dunn & Crutcher, the Finova official confirmed. The bank loans and bond debt are on equal standing, potentially giving holders equal treatment in getting repaid in bankruptcy court proceedings. One caveat, though, is that provisions within some of the bank loan agreements may allow banks to seize a certain amount of collateral in event of default, one debt analyst said. If that were to happen, the banks would have some seniority over bondholders in the sense that they might have additional collateral, the analyst said. Equity investors have also been asked by Finova to form an "ad hoc" committee of institutional holders of its common stock, according to a form 13D filed with the Securities and Exchange Commission by James D. Bennett. Bennett, an investor in distressed companies, runs two restructuring funds set up as limited liability companies in Delaware and an offshore restructuring fund that is a Cayman Islands exempted company, according to the SEC filing. He reported a 5.66% stake in Finova's shares in the filing. The filing said the committee's purpose is to obtain information about Finova's options for a financial restructuring and to "facilitate communication" among its members, the company and other shareholders. The Finova official referred calls about the filing to Bennett, who didn't return calls. It's fairly common for bondholders and lenders to organize ahead of a possible restructuring or Chapter 11 filing, since these creditors would have priority over a company's assets if it were to liquidate. Shareholders, on the other hand, are often left with nothing in the event of a bankruptcy. In Finova's case, however, some maintain there may be residual equity value left in the firm after creditors are paid out in a potential liquidation and restructuring. The distressed securities analyst said initiating discussions with equity investors has a "certain rationale" since a potential prepackaged filing from Finova could need the consent of some of the equity holders to gain approval from a bankruptcy court judge. ------------------------------------------------------------------------------------------- CIT Freezes Broker Business--But They Want the Fashion Industry: CIT And 7thOnline in Alliance to Provide Financial Services to the Fashion Industry
NEW YORK--(BUSINESS WIRE)--Feb. 15, 2001--CIT (NYSE: CIT; TSE: CIT.U), a leading global source for financing and leasing capital, and 7thOnline, a major B2B provider of web-based merchandising technology and services for the fashion industry, today announced an alliance to provide online credit protection and receivables financing to fashion industry vendors and retailers. Under the agreement, CIT's Commercial Services unit will issue credit to buyers to purchase goods on the 7thOnline Web site and at the same time provide credit protection and receivables financing to the sellers. According to the credit protection program, CIT will assume the buyer's financial ability to pay its debts on all approved orders through 7thOnline's Web site. Under the receivables financing program, CIT will offer advanced payment to the seller on a buyer's payment expected in the near future. As the premiere B2B site in the fashion apparel sector, 7thOnline provides Web-based merchandising services to the global fashion industry. Explaining why the company chose to partner with CIT, CEO Max Ma said: "We turned to CIT because they are the leader in providing financing to the fashion industry. This alliance will offer our customers real-time access to CIT's services, which will help simplify the financing component of the buying process," added Ma. "CIT is committed to supporting B2B e-commerce," said John F. Daly, president of CIT Commercial Services. "Partnering with 7thOnline will provide fashion industry vendors and retailers with financing for their on-line transactions. As the retail industry shifts towards on-line procurement, we are putting our financial resources and broad range of services to work for the new economy," added Daly. 7thOnline's Web site is tailored for the fashion industry. Fashion vendors create secure online product showrooms that can be accessed by retailers to facilitate the entire merchandising process--including shopping, assortment planning, order placement, and store presentation. By streamlining buying, selling and merchandising activity, the online service helps retailers and vendors increase communication efficiency and reduce operational expenses. About 7thOnline 7thOnline is the premiere web-based merchandising technology and service provider for the global fashion industry. 7thOnline has developed proprietary technology that enhances communication and operational efficiency for both retailers and vendors. 7thOnline streamlines the business of fashion. www.7thonline.com About CIT CIT Commercial Services is the nation's largest provider of factoring, accounts receivable management and lending services. It is a business unit of CIT Commercial Finance, one of six operating groups of The CIT Group, Inc. (NYSE: CIT; TSE: CIT.U). CIT is a leading, global source of financing and leasing capital for companies in more than 30 industries. Managing more than $50 billion in assets across a diversified portfolio, CIT is the trusted financial engine empowering many of today's industry leaders and emerging businesses, offering vendor, equipment, commercial, factoring, consumer and structured financing capabilities. Founded in 1908, CIT operates extensively in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific Rim. For more information on CIT, visit the Web site at www.cit.com. CONTACT: CIT Ann-Margret Crater, 212/536-9310 ann.crater@cit.com or Clifford Public Relations (For 7thOnline) Christian Nelson, 212/358-0800 x 26 christian@cliffordpr.com -------------------------------------------------------------------------------------------- Penske/Rollins Truck Deal Gets Clearance Penske Truck Leasing received Federal Trade Commission antitrust clearance for its $13-a-share proposal to acquire Rollins Truck Leasing. Penske said its Sun Acquisition unit's cash tender offer for Rollins is scheduled to expire on Feb. 21, unless extended. The offer commenced on Jan. 24. Penske agreed to acquire the truck leasing and rental company for about $754 million on Jan. 15. www.leasingnews.org |