Headlines:

 

      Three Leasing Companies Begin Again----

        United Association of Equipment Leasing Scottsdale Conference

          Sunday Sermon

            The Leasing News List Up-Dated

 

  Coda: Menkin Answers Stan Nathanson,"Why Would You Move to Indiana?"

 

 

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  JDR Capital to become "Forway Partners?????"

 

First of all they are changing their name to Forway Partners, LLC.  And yes they were once a great place to work for, we did have barbecues and a $5K bonus and went to the Bahamas. 

However, we worked very hard for the bonus and the trip, which was initially suppose to be for a week and was reduced to a 4 day weekend, which we had to pay for our spouse and room if you took your spouse.  The year before we missed our goal by a small amount and were not compensated for it.  If the owners set a goal and the employees meet it then they should stick to it.  It was not a gift it was incentive for us to sell our programs and in turn receive a reward at the end of the year.  Unfortunately, when the end of Copelco came - it was a very difficult place to work and the pressure was extreme. As times got worse they reduced commissions on deals so that they would make a better profit.  I am an ex-employee and I use to love going to work at JDR,

however, out of the 90% of people who were laid off I'd say 89% would not go back.  We all still get together and talk and everyone is so hurt by the way that they treated them in the end.  One person actually stopped in for their paycheck and was asked to find a file for them, after they were laid off!!!!  Every time they had a lay off they said that it would be the last.  There was no notice for anyone to make arrangements, to set up interviews with other companies, to find a way to pay bills!  We were laid off at somewhere around 2 in the afternoon and that is when they punched out our time card.  They couldn't even pay us until the end of the day!  This can be verified with anyone who worked at JDR.  The people who were left were told to make it look as  though they were a "larger company" whenever they had funders come in.  This is fact not  hearsay.  You would be able to confirm it with the owners if they would take your calls but we all know that they aren't.

 

Name and Address Withheld

 

 

 

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  Terminal Marketing to become Milestone Capital, L.L.C.?????               

 

"I have a very good friend that is the President of a very large and

reputable company in Washington, DC who recently received a letter from one

of the "top three" at Terminal Marketing. My friends company had done some

business with Terminal over the years.

 

"Long story short........I personally had many dealings with the woman who

wrote the letter, Karen Klein, when she was at Terminal years ago and I know

for a fact that she has been with Sandy Schneiderman since the beginning.

Anyway, he read me the letter and it mentions that Terminal has dissolved

but that she (and others) are affiliated with Milestone Capital, L.L.C.

based in Corona Del Mar, CA and she hopes they can "make a seamless

transition" (Direct Quote from the letter)

 

"Another very interesting point is that I think Milestone was started by a

guy who used to do a lot of business with Terminal and I had heard at least

two years ago that Karen Klein, Ravi (another of the Top Three at Terminal)

and the principal from Milestone had set this company up almost two years

ago to co-mingle transactions with what was happening at Terminal when they

tightened up their belts with credit."

 

Name With Held

 

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       PinnLease to Become "Aloha"

 

Re:  The "reincarnation" of PinnLease - It has been said that one should read

history, or thy will be doomed to repeat it - The largest "Ponzi Sceme" ever

perpetrated was that of Bennett Funding - in the Leasing business - based in 

Syracuse, NY.  They filed for bankruptcy in 1996, and one of the Bennett

brothers is now in federal prison for more than one decade. 

 

The irony is.... one of their principal dba's was...  Aloha Leasing (that

name known to every copier dealer in the US at one time.

 

And now we have "Aloha Pacific" ??  Also too cute!

 

Charlie Meaker - Lease Financing, Inc.

 Mrlease@aol.com

 

___________________________________________________________________________________

 

Note: We have not added JDR Capital and Terminal Marketing to the Leasing News

  List as we do have confirmation they are no longer accepting new business. editor

-------------------------------------------------------------------------------

 

 

UAEL SPRING EDUCATION CONFERENCE

 

IT JUST KEEPS GETTING BETTER 

 

The UAEL Executive Committee along with the UAEL

Standards committee and the Spring Education Conference

Chair tackle the hottest topic in equipment leasing...

 

ETHICS:            How To Take Action!

 

Rule breakers beware. This general session will define the UAEL Standards of Professional Practice and instruct members and non-members how to take action against violators. You've seen the issues on Kit Menkin's LeasingNews.org, these are the hottest topics and UAEL will give you the solutions.

 

For further details and to register please visit our website at www.uael.org or contact the UAEL office at (510) 444-9235.

 

Reminder Rooms are going quickly at the Doubletree Paradise Valley Resort. Call today to make

your reservations at (480) 947-5400.

 

Joanie Dalton Managing Director

UAEL

(510) 444-9235 x27 (510) 444-1346 fax www.uael.org joanie~uael.org

 

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         Welcome to California Not from Doug Delack            

 

 

  Hey Kit! This is very entertaining, but it wasn't from me. Please post the

correction.

Thanks!

 

Doug Delack

DDelack@USA.NET

 

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             Sunday Sermon

 

Kit - really enjoy your newsletter, especially the "this day in history"

where I always learn something new.  You might want to fix the spelling of

"thirty" in your auto signature.  

 

Best regards,

Kimberlee Coleman, Counsel

CommVest, LLC

Kimberlee@commvest.com

 

 ( Thank you.This is the first time that I used the signature from American Leasing

   in the Sunday Sermon.  Thank you for pointing out the typo.  You are the first

   to notice this.

 

   For the last four to six months, I have been sending out a Sunday Sermon, actually including  Leasing News readers on it, as I have been sending out one for a long time at American      Leasing,where I make my living.  The signature is American Leasings, and that was an  error, as it should be LeasingNews, a separate entity and incorporated as such. Kit Menkin )

 

                 +              +             +

 

Unfortunately Kit, some folks have to criticize others in order to help

themselves feel better and superior.

 

Keep up the great work on reporting on what is happening as it develops.

We'll just hope that more of your readers learn how to use their delete keys

if something bothers them.  Or they do they certainly have the right to

"unscribe" don't they?

 

Perhaps we should all remember that if we don't have something nice to say,

we shouldn't say anything at all.

 

Peace brother!

 

Gerry Oestreich

gerryo@nycap.rr.com

Adirondack Leasing Associates Ltd

 

            +              +              +

 

Well written, Kit - thanks...

 

Have a great week...

 

Bette Kerhoulas

bettek@pacifica-capital.com

 

      +               +                +

 

 

Here here Kit. It's about time somebody stepped up and attempted to

re-establish some semblance of morality and decency in these insane times.

Good for you!

Ken

KGreene100@aol.com

 

      +              +                          +

 

This is a very special week.  No other event in our history is as important.

 

Thanks for standing up!!

 

Harold E Bailey

 <harold@ntexas.com>

 

                   +             +                  +

 

Kit

 

This Sunday issue was by far the best that I have seen to date.  It is time

to move past the negative issues and start a new future for all of us.  Life

is just too short to spend all of your time complaining, hating and being

negative.  This is a good step in the right direction.

 

Sean wheeler

One Lease

info@1lease.net

 

 

              +           +             +

 

 I think it is great that you are taking a moral stand and addressing

this.  Business Lending can be callous at times but it doesn't mean we have

to be callous people.

 

Tom Williams

 <tom@leaseexchange.com>

 

              +                 +                 +

 

 

Thank you not so much for the Sunday Sermon but for the message it contained.  We

seem to get caught up with what's wrong with our individual universes and

miss all the things that are good and right.  We chase the dollar to the

exclusion of most other things.,.,.,.,very sad.  I am thankful for your

little reminder and hopeful that it will get me a little closer to the

really meaningful things in life.

 

Rick Wilbur

Managing Partner

Media Capital Associates,LLC

http://www.mediacap.com

(800)  836-7753  ext. 104

 

      +            +            +

 

A simple 'Amen', Brother....

 

Thanx...... terry

 

Terry Waggoner

waggoner13@verizon.net

 

 

  BUT THERE ARE THOSE WHO OBJECT TO "SUNDAY SERMON:"

 

 

 

How did I get on your mailing list?

 

Are you a participant in the weekly publication of  "Leasing News"???   If

so, please remove me from other personal mailings regarding religion.  I am

only interested in Leasing & Finance materials.

 

Thanks!

 

Name With Held

 

 ( I suggest that when it appears, on Sunday, as Gerry Oestreich suggest, all you need to do ist delete it, instead of reading it. editor ).

 

         His response:

 

please remove me from your mailing list.  thanks.

 

 ( we also have received three others who wanted to be removed, most likely

   they don't like the Sunday Sermon. editor )

 

= + +++++ ++++++++++++++++++++++++++++++++++++++++++

    The List

    Chronological

 

92changes

 

  ( This is also on line at our web site: http://www.leasingnews.org/list.htm

 

Unicapital (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 )

Sanwa-Tokei (4/2001) Major bank/leasing merger on West Coast, as Sanwa Bank

   and Tokei merge to become United California Bank.

PinnLease ( 4/2001)  PinnFund out of money, closes all offices, including leasing.,

   newspaper stories say "Millions of dollars are gone."

 (3/2001) PinnLease USA to Fold 47 Nationwide Offices-- $100 Million Fraud,

  reads like a tabolid story, perhaps largest fraud in West Coast history.

Orix  (4/2001) Orix to "consolidate;" close offices.

        ( 2/2001) Closes re-discount center, Steve Geller says "goodbye." Geller joins Leasing

       News Advisory Board, receives many accolades from readers ( 11/10) First Six Month    

        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 that it 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)

SierraCities  (3/31/2001) American Express completes purchase/merger

 (3/2001) Sierra Cities-Amex Merger Gets Green Light

           (2/2001) offer by 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

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.

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.

Safeco, Seattle, Wash. (3/2001) announces they are seeking a buyer for its commercial

         credit and leasing subsidiary, Safeco Credit.

CIT (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.

FlexLeasing ( a subsidiary of Griffin and Associates),Albuquerque, New Mexico

       (3/2001 ) closing office, to merge with another company, "announcement soon,"

        say Chuck Griffin.

United Capital, Austin Texas  ( 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 ½ 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."

Terminal Marketing, NY,NY (3/2001)  Brokers report deals not being funded, commissions

  not paid, appears out of money.

U.S.Capital, Santa Barbara, Ca. (3/2001) Many brokers, super brokers, discounters left hold

   the bag, report they are filing bk

Finova   (3/2001) files Chap. 11 as per plan, many disputes, 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 11/2000 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) (10/2000 Dow Jones headlines "Finova Stock Falls As         Buyout  Hopes Wanes.

Manifest Group-( 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.

Preferred Capital  ( 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."

LeaseExchange.com    (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

Studebaker Worthington Leasing  ( 2/2001) sold to State Bancorp

Efinanceworks (2/2001)  lays off 27 employees, says will return $150 million to investors,

        and is shutting down.

eLease    ( 2/2001 )employees Let Go, Prime Street is "History." (12/2000) purchase by

        Primestreet (June/July/2000)senior management changes )

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.

Saddleback Financial ( 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.

Lyon Credit (2/2001 ) founder John Bowes leaves , the company still is seeking new business,

    despite reports to the contrary ( 10/2000 ) operating as United  

    Capital, a Division of  Hudson United Bank, closes  Dallas, Texas office (6/2000) closes

Atlanta and        

     Irvine, Calif. office   (9/99 Hudson United  Bancorp buys Lyon Credit

Bayview Capital ( 2/2001) reports fourth quarter 2000 net loss of $92.5 million ( 12/2000

          announces $17 million loss/later does not issue dividend )

U.S. Mellon, San Francisco  (2/2001) Brian Madison Leaving, reportedly U.S.Mellon for sale

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 )

Comstock Leasing (2/2001) files bankruptcy  ( 3/2000) Unicapital then Linc purchased

        Comstock and discontinued operation this date )

El Camino Leasing, Woodland Hills, California   ( 2/2001 ) GATX announces purchase

     of portfolio, making ATEL Capital largest independent owned leasing company

     in the world (1/2001) ( 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

Old Kent   (2/2001) Closes door to new broker business

Source Capital, Spokane, Washington, (2/2001) Issues $.22 per share cash dividend, $1 million

     net income, 4% decrease from previous year. ( 11/2000 ) ceases accepting broker                     applications

PLM International (2/2001 )MILPI Acquisition Corp completes cash offer for outstanding stock

Colonial Pacific (2/2001)Colonial Closes former "Tilden Operation" in New York and Anaheim,

      rumors floating to surface: GE/CPL will leave small ticket broker marketplace ( 5/2000)