April 17, 2001
The Value of Sierra Cities Stock---Depping as the Gazelle
Heller Financial Chooses Doc 4i
CitiCapital's Profit Off 67% --Wall Street Journal Story
U.S. Bancorp building in Marshall to Break Ground Thursday
Intuit Acquires More Tax and Accounting Software--appropriate after April 16 Largest Peterbilt HD Truck Dealers Reports DownTurn
Intel First Quarter Profits Down 80 Percent,
while they slash new Pentium IV Prices
The List is Up-Dated
Lease Association Conference Count Low---report later this week
Sierra Cities Stock
Kit, for the record, Sierra Cities went public in May 1997 as First Sierra at
8 or 8.25 per share.
May 16, 1997, if you had invested $10,000 at$8.375 per share
Split Adjustment Factor 1:1
Shares Owned Today (split adjusted) 1,194.03
Investment Value Today $6,791.04
Percent Change -32.09%
June 16,1997, if you had invested $10,000, $10 a share
Split Adjustment Factor 1:1
Shares Owned Today (split adjusted) 1,000.00
Investment Value Today $5,687.50
Percent Change -43.13
April 16, 1998, if you invested $10,000, $26.12
Split Adjustment Factor 1:1
Shares Owned Today (split adjusted) 382.78
Investment Value Today $2,177.03
Percent Change -78.23
April 16, 1999 if you invested $10,000 , $17.75 per share,
it would be worth today:
Investment Value Today $3,204.23
Percent Change -67.96
April 17,2000, if you invested $10,000, $11 per share
Split Adjustment Factor 1:1
Shares Owned Today (split adjusted) 909.09
Investment Value Today $5,170.45
Percent Change -48.30
February 28, 2001, if you invested $10,000, 5.625 per share
Split Adjustment Factor 1:1
Shares Owned Today (split adjusted) 1,777.78
Investment Value Today $10,111.11
Percent Change 1.11
What does this prove? It depends on what you paid for your share of First Sierra-Sierra
UAEL invites you to visit www.uael.org!
The UAEL website is continuously growing and improving, and
we'd like you to take full advantage of the site.
In this www.uael.org update we showcase membership benefits and
resources. As a UAEL member you have access to our full online
Membership Directory, Funding Source Directory, as well as
the Discussion Boards where you can communicate with other
UAEL members in 4 different rooms (Brokers, Funders, Lenders, and
Services). If you are a UAEL member and don't know your
username and password for the site be sure to contact Marlon Urias
at email@example.com and he will get you set up.
Have a great day and don't forget to Hit the Site!
Gibraltar Financial Complaint
I have posted complaints about Gibraltar Financial on past occasions. Hopefully people do not
forget that they kept a lessee's deposits and were unable to issue an approval. Another party
has informed me that the same thing happened to them. Since then, I have complained to the ELA
about their 10 year + member. My first complaint was issued 8/31/00. Guess how much progress
has been made since? ZERO!!!! After re-submitting my complaint three times over the proceeding
2 months, it finally got acknowledged. Since, I have called Ms. Koch and Mr. Flemming on
several occasions. The only thing I know is that Gibraltar is aware of the complaint. Someone
please let me know what it takes to get results.
-Capital Funding Group
Paul von Bruck
888-468-5822 x 208
( We have it posted at Leasing News: http://www.leasingnews.org/bulletin_board.htm. editor )
I first want to say that I thoroughly enjoy your daily e-mails on
our industry. Secondly, I couldnt help but respond with my own personal
experiences in dealing with First International Bank. I almost said to their
representative once that they scare me due to their lack of knowledge in our
business and their partial control of the central money supply. Even with UPS
buying them, it will take a while for the marriage to work. I am sure UPS is
relying on their "knowledge" of this business.
( name with held )
Pioneer Planet Report
U.S. Bancorp building in Marshall
U.S. Bancorp will break ground Thursday for a new 75,000-square-foot building in Marshall,
Minn., to house its business equipment finance group, which leases a variety of equipment to
businesses. About 325 employees will work there when construction is completed this fall.
The Minneapolis-based bank purchased Lyon Financial Services Inc. from Schwan's Sales
Enterprises Inc. last September and renamed it U.S. Bancorp Business Equipment Finance Group.
The business will remain at Schwan's headquarters until U.S. Bancorp's new building is
Heller Financial Uses Documentum 4i for Enterprise Content Management
eBusiness Platform to Power Both Heller Internet and Intranet Sites Globally
PLEASANTON, Calif., April 17 /PRNewswire/ -- Documentum (Nasdaq: DCTM), the leading enterprise
content management provider, today announced that Heller Financial, Inc. (NYSE: HF), a leading
provider of commercial finance products and services, has begun integrating the Documentum 4i
platform for its enterprise content management needs. Heller has already implemented Documentum
4i in one of its businesses and expects that the platform will be made available to four
additional businesses by the end of 2002.
"One of our corporate objectives is to streamline the processes by which we manage a growing
volume of content, enterprise-wide," said Mike Nuteson, Vice President of Information Technology at Heller. "Our first step in meeting this goal was to implement Documentum 4i eBusiness
Platform in our Global Vendor Finance business. We are now in the process of rolling out
Documentum 4i throughout the company. At the same time, we will be utilizing the Web content
management and workflow functionality to allow various business units self-service access to
their content. During the product evaluation, we were particularly impressed with Documentum
4i's open, flexible architecture and wide range of standard APIs that facilitate integration
with virtually any back-end system we use."
Heller's use of Documentum 4i-and the improved enterprise content management capabilities that
result-is expected to yield a number of benefits that will allow Heller to accelerate product
and service availability, personalize online interactions, mobilize e-business networks, and
facilitate further globalization of its businesses. Enhanced customer service, better control
over deal integrity, and increased staff productivity are the immediate benefits. The company is also looking forward to streamlined content creation and versioning processes with the internal
and external collaboration features of the content management platform, as well as its automated workflows and lifecycle management features.
"By standardizing on Documentum 4i technology, Heller Financial has exhibited strong confidence
that Documentum will be able to facilitate their transition to a new business model based on
enterprise content management and collaborative e-commerce," said Dave De Walt, president and
chief operating officer for Documentum. "We're pleased that Heller has placed their confidence
in Documentum. This vote of confidence is further proof that Documentum content management is
fast becoming the standard for all organizations looking to capitalize on e-business
opportunities for a decided competitive edge."
About Heller Financial
Heller Financial, Inc., is a worldwide commercial finance company providing a broad range of
sophisticated, collateralized financing solutions. With $20 billion in total assets, Heller
offers equipment financing and leasing, sales finance programs, collateral- and cash flow-based
financing, financing for healthcare companies and financing for commercial real estate. The
Company also offers trade finance, factoring, asset-based lending, leasing and vendor finance
products and programs to clients in Europe, Asia, and Latin America. Heller's common stock is
listed as "HF" on the New York and Chicago Stock Exchanges. Heller can be found on the World
Wide Web at http://www.hellerfinancial.com .
Documentum is the industry's leading enterprise content management provider, automating the
production, exchange and personalization of all types of content, making it easier for the
Global 2000 to gain competitive advantage by connecting employees, business partners and
customers, worldwide. Built on an Internet-scale, XML-enabled and standards-compliant platform,
Documentum products manage Web content, power portals, enable collaborative commerce, and solve
regulatory content challenges. Over 300 partners across all major industries, including high
tech, pharmaceutical, healthcare, consulting services, government, manufacturing, financial
services, automotive, retail, and consumer goods, build and implement specialized applications
using Documentum's content management infrastructure. For more information, visit Documentum on
the Web at www.documentum.com
NOTE: Documentum and the Documentum logo are trademarks or registered trademarks of Documentum,
Inc. in the US and throughout the world. All other company and product names are used for
identification purposes only and may be trademarks of their respective owners.
In addition to historical information contained herein, this news release contains
forward-looking statements that involve risks and uncertainties. Documentum's future actual
results could differ materially from the forward-looking statements discussed herein. Factors
that could cause or contribute to such differences include, but are not limited to, those
discussed from time to time in Documentum's public reports filed with the Securities and
Exchange Commission, such as those under "Risk Factors" included in the company's annual report
on Form 10-K for the fiscal year ended December 31, 1999 (they may have filed their 2000 10-K),
as well as the company's other public reports filed with the Securities and Exchange Commission.
The company undertakes no obligation to update or revise these forward-looking statements.
SOURCE Documentum, Inc.
CitiCapital's Profit Off 67%
By Paul Beckett, Wall Street Journal
Citigroup reported an 8.2% decline in first-quarter net income but inched past the expectations
of analysts, who said the results show that the nation's biggest financial services company can
withstand a slowing economy better than many of its rivals.
Citigroup, whose stable of brand-name financial services includes Citibank, Salomon Smith Barney and Travelers insurance, reported net income of $3.54 billion, down from $3.86 billion in the
first quarter of 2000, when U.S. equity markets were still performing strongly.
Net in the first quarter of this year was reduced by $42 million because of a change in U.S.
Per-share net on a diluted basis, including the accounting adjustments, was 69 cents, down 8%
from 75 cents a year ago. Without the adjustments, earnings a share were 71 cents, one cent
higher than a consensus of analysts' estimates compiled by Thomson Financial/First Call.
Citigroup's revenue rose 6% to $20.28 billion from $19.13 billion a year ago.
"The strength and diversity of our earnings by business, geography, and customer helped to
deliver a strong bottom line in a period of market uncertainty," said Citigroup Chairman Sanford
I. Weill. In 4 p.m. composite trading Monday (4/16/01) on the New York Stock Exchange, shares of Citigroup, a component stock of the Dow Jones Industrial Average, slipped 35 cents to $46.95,
amid a decline among several financial stocks.
As has happened in past quarters when the company's investment and corporate banking activities
were hurt by some weakness in financial markets, Citigroup's huge consumer business picked up
much of the slack.
Profit in the global corporate division, which includes the Salomon Smith Barney brokerage firm
and the Citibank corporate bank, fell 7% to $1.75 billion. That included a 67% drop in profit to $19 million at CitiCapital, the company's global equipment financing arm, largely because of the continuing workout of problems in the truck-leasing portfolio Citigroup took on with last
November's acquisition of Associates First Capital of Dallas.
There also was a steep drop-off in income in the company's private-client, or retail brokerage,
division, where profit fell 47% to $191 million from a year ago, though the investment-banking
business benefited from increased issuance of bonds for clients.
Offsetting many of those declines was strong growth in the global consumer business, where
profit rose 18% to $1.78 billion. That was fueled by a 23% rise in profit at the U.S.
credit-card business, to $469 million, and a 24% increase at the Citibank consumer bank in North
America, to $164 million. In the third, smaller pillar of Citigroup's business - investment
management and private banking - profit rose 11% to $193 million, bolstered by a 21% rise in
profit at Citigroup Private Bank to $97 million.
The overall results also were hurt by the market-related slump in the company's proprietary
investment activities, where profit fell 79% to $136 million.
Still, analysts said the generally strong performance was an indication that being as diverse as Citigroup helps; other financial concerns such as Bear Stearns Cos., Morgan Stanley Dean Witter
& Co. and American Express Co. have either reported much weaker profits or announced to Wall
Street bad news in advance of earnings. Indeed, this year is shaping up to be important for the
future of Citigroup, which operates in more than 100 countries.
Now that it has largely overcome the friction that followed the 1998 merger of Travelers Group
and Citicorp that created Citigroup, Weill is anxious to show that his company deserves to be
included among the handful of financial companies that attract high price-to-earnings ratios. He sees this market slump as a chance to make Citigroup stand out from the pack, especially from
other Wall Street firms. "We don't want to disappoint people," Weill said in an interview,
adding, "I think we should have a higher [stock] multiple.
"Citigroup has a price-to-earnings ratio of about 18 times trailing earnings. That puts it above traditional brokerage firms such as Merrill Lynch and Morgan Stanley, but still trails such
companies as Bank of New York Co., with a multiple of about 26, and Charles Schwab Corp., with a multiple of about 37.
"It was a terrific result given the weakness in the market," said Diane Glossman, analyst with
UBS Warburg in New York. "We keep talking about this as a 'Prove it' period for the company. If
they want a higher valuation, they have to earn money through thick and thin, and that's what
Intuit Signs Definitive Agreement to Acquire Tax and Accounting Software Corporation;
Acquisition to Strengthen Professional Tax Business
MOUNTAIN VIEW, Calif.----April 17, 2001--Intuit Inc. (Nasdaq:INTU) today announced that it
has signed a definitive agreement to acquire substantially all of the assets of Tulsa,
Okla.-based Tax and Accounting Software Corporation (TAASC). The acquisition is being made by
Intuit's Lacerte Software Corporation subsidiary and is expected to close by the end of the day.
"TAASC is an excellent fit for Intuit," said Steve Bennett, Intuit's president and chief
executive officer. "The acquisition will provide us with added technology and a solid customer
base, and it will help us meet our overall growth objectives in the future."
TAASC (www.taascforce.com) offers a fully integrated suite of software tools for accounting
and tax professionals. The company, which was founded in 1980 and is privately held, has a
strong track record of innovation and customer service.
"Teaming with Intuit represents a clear win for TAASC customers," said Tim Kloehr, TAASC's
founder. "Intuit has set the standard for excellence in professional tax preparation products
and services, meeting the needs of virtually every type of tax practice through its Lacerte and
ProSeries software. We believe this acquisition will continue TAASC's vision of providing the
best solutions possible, backed by high-quality service and support."
Intuit provides the professional tax preparation community with a comprehensive line of
integrated and reliable tax preparation software under both its Lacerte(R) and ProSeries(R)
brands. "The addition of TAASC is consistent with our long-term growth strategy," said Bennett.
"The acquisition is further evidence of our commitment to grow our professional tax business by
providing innovative, leading edge solutions to tax and accounting professionals."
Under the terms of the agreement, TAASC's operations will become part of Intuit's
Dallas-based professional tax division. TAASC's tax customers will have the option of converting to either Intuit's Lacerte or ProSeries products, and Intuit is developing a conversion program
to make this transition as smooth as possible. TAASC's EasyACCT accounting products, which allow accountants to prepare financial statements and forms, will be added to Intuit's existing
product line and will integrate with future versions of Lacerte and ProSeries products.
Operations at TAASC's Tulsa headquarters will be scaled back, with Intuit offering regular
or temporary employment to approximately 100 of TAASC's 350 employees. TAASC will provide all
its employees, including those who accept jobs with Intuit, at least 60 days of salary. Intuit
will provide TAASC employees with information about other job openings at Intuit and will offer
outplacement assistance to TAASC employees who are not offered Intuit employment in Tulsa.
When Intuit gives financial guidance, it has typically taken into account the expected
impact of anticipated transactions that have not yet been disclosed. The company's guidance for
fiscal 2001 assumed completion of the TAASC acquisition during the second half of fiscal 2001.
It is the company's policy not to confirm, update or otherwise comment on expected financial
results except in compliance with Regulation FD.
Tim Redmond, TAASC's executive vice president, will join Intuit's professional tax division
and will help manage the transition.
About Intuit Inc.
Intuit Inc. (Nasdaq:INTU) is the leading provider of financial software and Web-based
services for consumers, small businesses and accounting professionals. Its flagship products and services, including Quicken(R), QuickBooks(R), Quicken TurboTax(R) and Quicken Loans(R) simplify personal finance, small business management and payroll processing, tax preparation and filing,
and online consumer mortgages.
Founded in 1983, Intuit has annual revenues of more than $1 billion and reaches more than 25 million customers with nearly 5,000 employees in 13 states and four countries. More information
can be found at www.Intuit.com.
Largest Peterbilt HD Truck Dealers Reports DownTurn
Rush Enterprises Inc. Reports First Quarter Results
SAN ANTONIO----April 17, 2001--Rush Enterprises Inc. (Nasdaq:RUSH), which operates the largest network of Peterbilt heavy-duty truck dealerships in North America, John Deere construction equipment dealerships in Texas and Michigan, and three of the largest farm and ranch superstores (D&D) in America, today announced results for the quarter ended March 31, 2001.
In the first quarter, the Company's gross revenues totaled $204.6 million, a 2.6 percent decrease from gross revenues of $210.0 million reported for the first quarter ended March 31, 2000. Net income for the quarter decreased 81.8 percent to $200,000, or $0.02 per share, compared with net income of $1.1 million, or $0.15 per share reported in the quarter ended March 31, 2000.
The Company's heavy-duty truck segment recorded revenues of $172.8 million in the first quarter of 2001, compared to $177.2 million in the first quarter of 2000. The Company delivered 1,387 and 514 new and used trucks, respectively, during the first quarter of 2001 compared to 1,339 and 592 new and used trucks, respectively, for the same period in 2000. Parts, service and body shop sales increased 14.7 percent from $38.2 million to $43.8 million from the first quarter of 2000 to the first quarter of 2001.
The Company's construction equipment segment recorded revenues of $20.3 million in the first quarter of 2001 compared to $25.9 million in the first quarter of 2000. The Company delivered 155 and 59 new and used construction equipment units, respectively, during the first quarter of 2001 compared to 182 and 89 new and used construction equipment units, respectively, for the same period in 2000. Parts and service sales were $5.5 million during both the first quarter of 2001 and the first quarter of 2000. Rental sales decreased from $1.9 million to $800,000, or 55.9 percent, from the first quarter of 2000 to the first quarter of 2001.
In announcing the results, W. Marvin Rush, chairman and chief executive officer of Rush Enterprises, said, "We hope to see the market tick up in the second half of the year, however, year 2001 U.S. new truck deliveries are still predicted to be down approximately 40% from prior year levels. Although industry conditions remain weak, I am satisfied with growth in the back-ends of our business and the progress we are making in terms of servicing niche markets, such as the oil and gas, refuse, and construction industries. We believe the Company is positioned to take advantage of any opportunities that may arise."
Rush Enterprises operates the largest network of Peterbilt heavy-duty truck dealerships in North America and John Deere construction equipment dealerships in Texas and Michigan. Its current operations include a network of dealerships located in Texas, California, Oklahoma, Louisiana, Colorado, Arizona, New Mexico and Michigan. These dealerships provide an integrated, one-stop source for the retail sale of new and used heavy-duty trucks and construction equipment; aftermarket parts, service and body shop facilities; and a wide array of financial services, including the financing of truck and equipment sales, insurance products and leasing and rentals. The Company also operates retail farm and ranch superstores that serve the greater San Antonio, Houston and Dallas/Forth Worth, Texas areas.
Intel First Quarter Profits Down 80 Percent, while they slash new Pentium IV Prices
by Matthew Fordahl
April 17, 2001
Santa Clara, Intel Corp.'s first-quarter profit fell more than 80 percent, and the chip-making giant warned that the effects of the economic slowdown will continue to be felt for months to come.
Intel's net income was $485 million, or 7 cents a share, for the three months ending March 31. That compares with $2.7 billion, or 39 cents a share, in the same period last year.
Exluding acquisition-related charges, Intel earned $1.1 billion, or 16 cents a share, down 64 percent from last year's $3 billion, or 43 cents a share, the company said Tuesday.
Analysts were expecting earnings of 15 cents a share, according to a survey by Thomson Financial/First Call.
Revenue for the period was $6.7 billion, down 16 percent from $8 billion in the same period last year.
Last month, the company said its first-quarter revenue would be off about 25 percent from the fourth quarter of 2000. It also said it would be trimming 5,000 jobs through attrition.
In Tuesday's announcement, Intel said it expects second-quarter revenue between $6.2 billion and $6.8 billion. Last year's revenue for the period was $8.3 billion.
Analysts say Intel's bottom line will face pressure from unprecedented price cuts planned on its high-end Pentium 4 processors.
The Santa Clara-based chip manufacturer this week reduced prices by as much as 19 percent. Later this month, the price of the top-of-the-line Pentium 4 is expected to fall as much as 50 percent, analysts say.
The entire semiconductor industry has been hit hard by the economic downturn and subsequent slowdown in demand. As a result, companies are fighting over smaller markets and Intel so far has been lagging.
"We had significant inventories and a downturn in demand," said Eric Ross, an analyst at Thomas Weisel Partners. "Those two on top of each other really did a whammy on the market."
Beyond the economy, however, the Pentium 4's sales have suffered because of its higher cost and performance issues. Critics say existing programs run just as fast on a high-end Pentium III as on a Pentium 4.
"Cost is king, and that makes the Intel Inside brand less valuable," Ross said. "If they don't have the performance that's well above the competitors, they're going to have to drop their price down to competitors' level in order to compete."
Intel's market share has been eroding dropping roughly 1 percent in five of the last six quarters, according to Mercury Research.
In the fourth quarter of 2000, Intel processors powered 81.5 percent of PCs while AMD had 17.1 percent. In the first months of 2001, Intel's share fell to 77.3 percent and AMD's grew to 21.1 percent.
"It had been declining slowly," said Dean McCarron, principal analyst at Mercury. "Our estimates for Q1 showed a little bit more of a dramatic change. The industry downturn impacted Intel more directly."
Intel will not discuss its pricing strategy or market share, said spokesman Robert Manetta. AMD also has not disclosed whether it will match the prices set by its competitor.
Intel's most surprising cut will involve its yet-to-be-released 1.7 gigahertz Pentium 4. Analysts believe it initially will be priced at $700 when released Monday, and then cut to about $350 on April 29.
That would put the pricing in line with AMD's speediest processor, the 1.33 GHz Athlon, which currently runs for about $350.
The pricing could result in high-end consumer PCs costing less than $2,000, which would have bought a machine half as fast six months ago.
Intel has dominated the market with fast processors while its competitors lagged. AMD, in particular, struggled with getting competitive processors to market.
Now, the table has turned. AMD appears to have worked through its challenges while Intel had to deal with the Pentium 4's performance issues and a requirement that it use a more expensive type of memory.
Intel's bottom line will feel more of a pinch from price cuts than before because demand and margins for the company's highest-end server and workstation processors, which earned more profit, have decreased with the economy's slump.
"They don't have that fat store, that profitability to fight AMD," McCarron said. "They're going to feel that pinch of pricing pressure directly."
( This is also on line at our web site: http://www.leasingnews.org/list.htm
SierraCities (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
(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
PinnLease (4/2001) Founder skips bail, judge issues arrest warrant
( 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.
NationsCredit, Business Leasing Group
(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 and NationsCredit on FMV, payoffs, residuals from Textron who is servicing the portfolio )(1/29/99) sold to Textron *** Textron does "broker business."
FlexLeasing ( a subsidiary of Griffin and Associates),Albuquerque, New Mexico
(4/2001) Merger faills apart, Chuck decides to take early retirement, also has
serious surgery. (3/2001 ) closing office, to merge with another company, "announcement soon," say Chuck Griffin
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.
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)
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.
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
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
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)
no more re-brokered applications, except from one or two sources, such as Steve Dunham's
Leasing Associates (11/98) purchased by GE Capital )
Linc Capital (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 )
Affiliated Corporate Services, Lewisville, Texas (1/2001) Merges with First Commerce Leasing Advanta Leasing (1/2001 Advanta ceases leasing business announcement 1/2001 Chris
Ciarrocchi says "goodbye" Mortgage Division sold, re-affirms Leasing Division still for sale, former prez now at eOriginals,others let go like Kaye Lee.) (9/2000) for sale.
Saddleback Financial ( 1/2001) Prez. Warren Emard announces "... still in business... We are
still originating business through vendors and directly to lessees. Does not accept broker
First Commercial Capital Corp ( 1/2001 to be acquired by TCF Leasing )
First International Bancorp ( 1/2001 ) to be acquired by UPS Capital First State Bancorp,
Albuquerque, N.M ( 3/2000 sold leasing division-$64 million---)
BSB Leasing ( 1/2001 Don Meyerson bought back the company and they are back in business at
303-329-09227. 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.)
Affinity Leasing, Washington ( 12/2000 to close and concentrate on Financial Pacific biz )
Banc One Leasing ( 12/2000 Lays Off 60, Closes 5 offices )
Bombardier ( 12/2000 reported having leasing problems, not confirmed, company strong in other
divisions, but appears backing out of leasing division )
Capital Associates, Denver, Colorado ( 12/2000 no longer doing business, filing bk? )
Conseco Finance Vendor Service ( 12/2000 purchased by Wells Fargo Leasing).
DVI Capital (12/2000 out of broker )
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. )
Dennis Horner (12/2000)acquired by Sandy Spring National Bank, a subsidiary of
Olney, MD-based Sandy Spring Bancorp. The Equipment Leasing Company was a unit of
Progress Financial of Blue Bell, PA.
Metwest Leasing, Spokane Wa. (11/2000 is pulling the plug, confirmed by five 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.)
Newcourt ( 8/2000 sold off ) Old Kent Financial ,Grand Rapids, Michigan ( 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 )
Resource Leasing, Herndon, Virginia ( 11/2000 MicroFinancial/Leasecomm acquires major
portion of the assets.)
Signature Leasing, Dublin, California ( 11/2000 no longer in small ticket marketplace; appears
to have closed down ).
Transamerica ( 11/2000 for sale, but no buyers, so taken off marketplace, no longer for sale )
Varilease ( 11/2000 closed down )
Copelco (10/2000 ceases broker business, many complaints in manner turning off faucet 5/2000 sold to Citibank 10/2000 stock down rated/ )
Matsco Financial (10/2000 purchased by Greater Bay Bank )
T&W, Washington (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)
Balboa Capital ( 9/2000 Founder Pat Byrne "...office available any time he wants to use it"
Reported he is no longer "in control" or working "full time" at Balboa, the company he
Liberty Leasing, Des Moines, Iowa ( 10/2000 closed, selling portfolio, owned by Commercial
Federal Bank, Omaha, Nebraska )
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!)
Bay View Commercial Corporation (Bay View Bank) 9/2000 discontinuing all franchise loan and
Charter Financial ( purchased by Wells Fargo 9/5/2000 )
Onset Capital ( 9/2000 Irwin buys 87% equity )
Republic Leasing, South Carolina 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 thirteen years we have not sold off any leases or gone direct after broker's business, ever." )
SFC Capital ( 9/15/2000 purchased by Trinity Capital )
Lease Acceptance Corp---( 7/26/2000 ceases broker business )
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.
Prime Capital, Chicago ( 6/2000 closed )
Scripp Financial ( 6/29/2000 ( purchased by US Bancorp )
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.)
Phoenix ( 5/2000 both divisions closed )
FMA Financial, California ( 4/2000 reportedly closed to brokers )
USA Capital Leasing ( 5,2000 ) creditors force Chapter 7 ( 4,2000 ) file chapter 11 bk
Fidelity ( 4/2000 acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V.,
headquartered in the Netherlands, raising funds )
NIA National Leasing ( 3/2000 purchased by Lakeland Bancorp )
Franklin Leasing, Des Moines, Iowa--owned by Liberty Bank-- (2/2000)-no longer writing leases ( limited by regulations and leases are for sale ).
Bankvest (1/2000)bankrupt, voluntary (11/99) Orix, smaller banks, creditors file for involuntary bankruptcy against Bankvest (10/99) ceases new business ( 8/99 )Fleet pulls their lines.
Commerce Security ( 9/99 closed to leasing broker program )(11/99 last fundings/ 12/2000
Leasing News gives credit to Ron Wagner as the first to see the quality and margins of
leasing changing, decides to avoid what was to happen in the year 2000 ).
Franchise Mortgage Acceptance Corporation (FMAC) 11/1999 purchased Heller Financial's Commercial Services Unit ( 10/99 purchased by CIT )
Japan Leasing Credit claims ( JLC --6/99 purchased by Orix )
Liberty Leasing ( 6/1999 closed, California company )
Golden Gate Funding ( 2/99) purchased by Westover Financial
Rockford Industries (2/99) sold to American Express
no dates on these changes:
anyone can help us with dates, would be appreciated. editor
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 )
***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
Merrimac Financial Associates 2/98
MunicipalCapital Markets Group 2/98
The NSJ Group 2/98
PortfolioFinancial 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 7/98
HLC Financial 7/98
Saddleback Financial Corporation 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