April 26, 2001

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

Equipment Leasing Association Special Report:

 

Equipment Leasing Continues to Help Companies Increase Profitability and Leverage Capital;

Companies Gain a Competitive Advantage in Today's Uncertain Economy

 

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

Headlines:

Ken Nelson Remembered

CFS Group/Decision Systems Loss

CIT Reports Profit/Plus Declares Dividend

Tech Com/Universal Products Fraud--$1 Million

Oestreich Predicts 450 New Orleans Attendance/300 signed to date

CapitalStream Names Fuhrman New Senior Vice President & Chief Financial Officer

 

Leasing News List is Up-Dated

 

 

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

 

More on Alleged Fraud by TechCom/Universal Equipment

 

Thanks to feedback from several of you we have been able to provide the

police with additional information that is valuable in developing a case

against this vendor and their conspirators. I have learned that this

vendor has potentially been paid by numerous funding sources in excess of $1

million and has victimized several brokers over the last 8 months. I

encourage each of you to search your company database for any additional

transactions that have involved Tech Com, Inc. (Costa Mesa, CA) as a vendor.

 

 

TechCom operations as a vendor appear to have been shut down entirely. The

phone is no longer in service. The alleged ringleader "Ernie" has retained an

attorney and has been contacted by the Costa Mesa Police Dept. He is being

questioned for potential fraud, operating without a business license, not

reporting sales tax and income tax. Of note is that all leases funded

appear to be "current" after a few were delinquent.

 

Tech Com operated under a different vendor name in 1999 of Universal Equipment (Dana Point, CA).

 

 

 

The principal of this company was Ernest Robert Reinhardt ("Ernie")

and he is the ring leader of Tech Com, the current vendor being investigated

for fraud. Research reveals that Universal Equipment approached at least

three funding sources, all which had direct vendor programs (Advanta, Orix,

ABL), in the summer of 1999 to get approved as a vendor on the respective

vendor finance programs. Well, Ernie and Universal blundered when they

submitted financials to one source to get approved, problem was they used

the exact same financials as those that they submitted on behalf of one of

their clients. So you may want to again search your database for a vendor

named Universal Equipment with principal being Ernest Robert Reinhardt (ss#

620-10-9572 or ss# 620-10-9973). It was learned that one of the above 3

sources looked at a minimum of 6 deals before pulling the plug on Universal

as a potential vendor. Once again, any additional information regarding

this individual contact myself Det. Sheila Cannan - Costa Mesa Police Fraud Unit

(714-754-5294). Thanks

 

As a result of the mode of operation of this vendor, it is believed that

someone involved has extensive leasing experience and a link to a leasing

company called "KNOLL LEASE SERVICES" has been uncovered - operated during

1998 -1999 - do any of you recognize or have information about this company,

please contact Det. Sheila Cannan Thanks for your help and I will keep you

posted to developing information, as there is anticipation that Fraud

charges will be filed soon.

 

 

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

 

United Capital/Spectrum Leasing

 

It has come to my attention that Spectrum Leasing( United Capital ) is

even lower than what we first imagined. We recently rated a comp credit

rating on one of our clients that we discounted to United Capital. They did

give us the rating after 2 days, but funny, our client got a call from

spectrum funding the very same day we asked for our rating. I hope you print

this and let everyone know the type of company United Capital has become.

 

Name withheld

 

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

Ken Nelson, U.S.Capital, Santa Barbra, California

 

Kit Menkin,

 

I would like to suggest to that in the future you use a little bit more

emotion when spitting out such shitty news.

 

I am fairly certain that you have never met Ken Nelson let alone a quick

conversation over the phone with him. Ken was not just another person who

committed suicide because he could not handle all of the pressure and dept

he found himself under. He was also a remarkable, energetic, and

compassionate man who had a heart larger than you and any other person

combined that may have received your Leasing News Update.

 

Ken was my Best Friend of 10 years and he was like a brother to me. He did

not leave without any friends as your quote from Detective Alvarez had

mentioned. He left with a number of people that loved him very much and who

deeply cared about him and we are absolutely torn up over what has happened.

My world will never be the same without my friend.

 

Kenny had more issues than just his business and the dept that he had

incurred. You are absolutely out of line for painting a snapshot picture of

him and titling it "End Of Story" when you do not have any idea of what the

beginning of the story is about.

 

In all fairness, people that read your updates should also know the positive

side to Kenny and not just the selective piece that you have painted. Kit,

he was a PERSON Just like you and I and neither one of us are without our

faults. He deserves more than what you have simply wrote as an Update to the

leasing world. My life will never be same now that he is gone and neither

will his families.

 

Kenny had much more to give and he certainly had a lot more to say then the

single sentence "I could no longer handle the debts that my company and I

have incurred". There was much more in his letter to his family and to me

and to the rest of his friends than what you are reporting.

 

Your National Enquirer gutter information is nothing less than sickening to

me. It just goes to show what media and the reporters are all

about....shallow heartless people who care nothing about the whole

story...just a sliver of negative will do just fine!

 

Thank you for nothing Kit!

 

Rick Sellman

ricks@balboacapital.com

 

( As stated in the story, the letter was considered private and we did not

read it, and with the company closed, there are only creditors, lessees,

people who were hurt by U.S.Capital that we could contact. We did not think

it was appropriate to do so. Unfortunately, most news is "bad news." This

certainly was a sad one,too, as we stated. editor )

 

+ + +

 

Mutltifund has never done business with US Capital.

I have spoken with Ken that is before he moved to Santa Barbara. I found him to be friendly and

easy to get along with. However, this was the extent of my association with Ken.

 

Bob Wilkins

bobw@multifund.com

 

( We said "reportedly" Nelson was a salesman for your company when it was located in

San Jose. I thought I remembered meeting him in your office when I think you had a dozen

or more salesman working for you. I spoke to two other "old timers" in the industry,

and they remember him being an early salesman for your company. We never reported that

Multifund did business with U.S.Capital. As requested, we will print your

statement above. editor )

 

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

 

" 100 US lessors and 28 of the top 50 US Banks"

 

Decision Systems/CFS Group

 

 

Alfred Stein, Tom Brockbank and Fred Newall have resigned from the board of directors

of CFS, following the acquisition of Decision Systems, Inc. (“DSI”) in October, 2000.

the business, which comprised the CFS Group will record a substantial loss for the period ended

31 December 2000. Negotiations in respect of these substantial license agreements are continuing

 

 

and the Board expect these to be concluded in early 2001.

 

It was further stated, " negotiations with regard to substantial new license agreements in the

businesses that comprised CFS Group plc were not concluded prior to 31 December 2000 year end,

resulting in the resignations." it was reported, "Businesses that comprised Decision Systems,

Inc. performed in line with expectations in the period since acquisition in October 2000."

 

 

Commenting on the outlook for the Group, John Hubert, Chairman, said:

 

 

"We have taken decisive action to stabilize the Group while remaining

focused on building on our core strengths and rebuilding shareholder value.

 

 

"The first half of the year will be affected by the high cost base of the

Group prior to the implementation of the reorganized structure and the

management time spent on addressing the issues within the CFS Group.

However, I am confident that the steps we have taken will ensure a more stable

earnings base for the Group and we will see the effects of this from the second half

of the year."

 

 

Their press release states:

 

"The Group is the US market leader in the provision of software and services

to the equipment leasing industry and a world market player in the provision of

software and services to the asset based finance industry. The Group has

over 300 customers including 54 of the top 100 US lessors and 28 of the top 50 US

banks where it is the supplier of core leasing software and services."

 

 

Some excepts from the press release include:

 

"Following a review of the entire product range of the merged companies,

conducted by a team led by DSI, concerns emerged as to the underlying

stability of the CreditLine LeaseManag-r product. The previous Board was

working to resolve these issues through ongoing product development work.

However, by the end of 2000, it had become apparent that the product's

failings could not be resolved on an economically satisfactory basis. The

decision was therefore taken to discontinue this product. As a consequence,

sales could not be delivered and it was no longer possible to recharge

on-going development costs for the customization of the product to

customers.

 

"The combination of sales that were not completed, unrecoverable development

costs and previously booked revenue that could no longer be realized, were a

principal contributor to the significant operational losses outlined in this

report."

 

The Pittburgh, PA has been closed.

 

The Annual Report and Accounts for IDS Group for the year end 31 December

2000 was posted to shareholders during the week commencing 23 April 2001

and copies will be available from the registered office: IDS Group plc, 1

Stewart Road, Kingsland Business Park, Basingstoke, Hampshire, RG24 8NF.

 

 

##############################################################

 

 

Equipment Leasing Continues to Help Companies Increase Profitability and Leverage Capital;

 

Companies Gain a Competitive Advantage in Today's Uncertain Economy

 

ARLINGTON, Va.---Businesses are looking for ways to control costs, leverage capital and ensure

long-term survival in today's changing financial landscape.

 

The leasing industry has emerged as a strategic financing option that companies of all sizes are

 

utilizing to leverage capital, increase cash flow, take advantage of tax benefits and hedge

against the risk of technological obsolescence.

 

Companies across all industries are taking advantage of leasing to better control procurement

costs, contribute to the bottom line and increase business growth. In 2001, the Equipment

Leasing Association (ELA) estimates that the leasing industry will grow by 8 percent ($20

million).

 

Equipment leasing offers companies the opportunity to procure equipment at a fixed rate, for a

fixed amount of time without having to purchase equipment outright. By leasing, a company is

relieved of the uncertainties and risks associated with equipment ownership and can concentrate

on using that equipment as a productive part of its business.

 

"Leasing has always been a strategic solution for businesses, and with the economic uncertainty

of the past few months, businesses in all sectors of the economy are considering how leasing can

 

help them successfully ride out the storm," said Amy J. Miller, ELA's vice president of

communications. "Leasing offers valuable financing options that allow companies to maximize

their purchasing power."

 

Benefits of Leasing

 

-- 100 Percent Financing. With leasing, there is very little

 

money down - perhaps only the first and last month's payment

 

is due at the inception of the lease. Since a lease does not

 

require a down payment, it is equivalent to 100 percent

 

financing.

 

-- Tax Treatment. Companies can deduct lease payments from

 

corporate income because the IRS does not consider an

 

operating lease to be a purchase, but rather a tax-deductible

 

overhead expense.

 

-- Balance Sheet Management. Because an operating lease is not

 

considered long-term debt or a liability it does not appear as

 

debt on corporate financial statements, making a company more

 

attractive to traditional lenders.

 

-- Flexibility. Companies can upgrade or add equipment to meet

 

ever-changing needs at any point during the lease term.

 

Companies also have the option to include installation,

 

maintenance and other services, if needed.

 

-- Asset Management. A lease provides the use of equipment for

 

specific periods of time at fixed payments. It assumes and

 

manages the risk of equipment ownership.

 

-- Upgraded Technology. If the nature of an industry demands

 

having the very latest technology, a short-term operating

 

lease can help acquire equipment and control cash flow.

 

-- Customized Solutions. A variety of leasing products are

 

available allowing companies to tailor a program to fit

 

month-to-month or year-to-year cash flow needs.

 

-- Speed. Leasing allows companies to respond quickly to new

 

opportunities with minimal documentation and red tape. Many

 

leasing companies approve applications within one or two days.

 

For more information on the leasing industry or ELA, please contact Robin Baker at 202.293.8567

or via email rbaker@hillandknowlton.com. You can visit ELA online at http://www.elaonline.com or

 

check out ELA's informational portal for financial decision-makers at www.leaseassistant.org.

 

Organized in 1961, the Equipment Leasing Association (ELA) is a non-profit association

representing companies involved in the dynamic equipment leasing and finance industry. ELA's

mission is to promote the leasing industry as a major source of funds for capital investment in

the United States and abroad. ELA maintains an informational portal for financial

decision-makers at www.leaseassistant.org.

 

Headquartered in Arlington, Va., ELA has more than 850 member companies and a staff of 27

professionals. Equipment leasing is estimated to be a $280 billion industry in 2001. Visit ELA

online at http://www.elaonline.com.

 

CONTACT:

 

Equipment Leasing Association, Arlington

 

Robin Baker, 202/293-8567

 

rbaker@hillandknowlton.com

 

or

 

John Blacksten, 202/293-8559

 

jblacksten@hillandknowlton.com

#################################################################

Heller Financial Adds Merger and Acquisition Services

 

Led by Industry Veterans, Heller Financial Advisors

 

To Serve Middle-Market Companies

 

CHICAGO, April 26 /PRNewswire/ -- Heller Financial, Inc. (NYSE: HF), a leading provider of

commercial finance products and services, today announced the formation of Heller Financial

Advisors (HFA). This team will provide merger and acquisition services to Heller's corporate

finance client base and other companies, primarily in the middle market.

 

HFA's main focus will be on sell-side engagements while also providing targeted buy-side

services, fairness opinions and other financial advisory services to shareholders and directors

on issues relating to enhancing shareholder value.

 

Focusing on companies that generate $25 million - $500 million in annual revenue, HFA will

concentrate on Heller's equity sponsor relationships and on industry sectors where Heller and

the team have demonstrated expertise. These include the distribution, industrial products,

general manufacturing, food, telecommunications, natural resources, information services,

general business services, financial services and consumer products/services industries.

 

"Adding merger and acquisition advisory services fits naturally with our long-standing

consultative approach to business, and complements our current offerings to meet the changing

and expanding needs of our clients," said Dan Marszalek, Group President, Heller Corporate

Finance. "We now have a core group of seasoned professionals to lead our expansion into the

merger and acquisition arena, and we expect this team to become a key component of our Corporate

 

Finance group."

 

The senior team members of HFA are Frederic D. Floberg, Philip R. Clarke III and Jacqueline L.

Archer. Combined, they have more than 50 years of experience in the investment banking

business. Prior to joining Heller, all three were managing directors of ABN AMRO's North

American investment banking operation in Chicago.

 

During the last four years, ABN AMRO's group of approximately 35 professionals generated over

$100 million in revenues and completed more than 100 merger and acquisition transactions

representing in excess of $10 billion in total transaction value. The deal sizes averaged

approximately $100 million and ranged from $25 million - $900 million. Several former ABN AMRO

colleagues have joined the senior members of HFA, with plans for a team of ten professionals by

mid-year.

 

HFA further plans to provide incremental deal flow and to initiate buy- side ideas for equity

sponsors. The team also will offer clients access to several hundred equity sponsor

relationships of Heller Corporate Finance in the United States, Canada and the United Kingdom.

 

The team also will focus on its own private and public company relationships, Heller's portfolio

 

of non-equity sponsor borrowers, and opportunities identified by Heller's Financial Intermediary

 

Team that covers accounting firms, law firms and turnaround consultants. In addition, HFA will

offer to provide financial advisory services on a referral basis to clients of financial

institutions that do not want to devote significant resources to the middle market.

 

Heller Financial, Inc. is a worldwide commercial finance company providing a broad range of

financing solutions to middle-market clients. 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 www.hellerfinancial.com .

 

 

SOURCE Heller Financial, Inc.

##############################################################

 

Monitor Ads

 

Just check the monitor and look at the help wanted ads for sales people.

Preferred Capital is hiring for sales offices long since scuttled.

First Sierra is eager to add sales people too.

There seems to be quite a few stale ads there. A stale sponsorship wouldn't

be surprising.

 

No Name Attached

 

( It also may be in the same manner as eLease. They paid for the ad, and the Monitor

is fulfilling their obligation. It is really up to Preferred to change the copy,

not the newspaper. Also Len Bacaro, sales manager for Sierra Cities is actively

looking for sales people. Nevertheless, you are correct, the ads are "stale." editor )

 

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

 

National Association of Equipment Leasing Association New Orleans Conference

 

We have been having an incredibly positive response this year Kit. We

are closing in on almost 300 registered already!

 

Buzz Thomas will be sending you an official NAELB Press Release tomorrow,

to clarify where we are exactly. I'm not sure we've ever had this many

registered so early! I wouldn't be surprised if we hit over 450 before

our weekend in New Orleans rolls around!

 

I guess the underlying message is "Get around the rest of the folks in

the industry" if you want to learn how to do more business now, in whatever

kind of times you consider these to be. I personally find business to

be great! Looking forward to seeing you in New Orleans Kit!

 

Ciao!

 

Gerry Oestreich

gerryo@mail4.nyroc.rr.com

 

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

##########################################################

 

CapitalStream Names New Senior Vice President & Chief Financial Officer

 

Fuhrman brings twenty years of financial and administrative experience to

online financing service provider

 

 

Seattle - April 26, 2001 - CapitalStream, a provider of web infrastructure

that automates commercial financing, today announced the promotion of Alan

Fuhrman to senior vice president and chief financial officer. Fuhrman takes

considerable expertise to his new role, having provided leadership in the

finance, accounting and operations of various electronics, medical device,

software and professional service firms during the past twenty years.

 

"CapitalStream's growth over the last year, especially in the small to

mid-ticket arena, combined with bigger e-commerce partnerships coming to

fruition, demands a steady, strategically-oriented leader at the financial

controls," said Steve Campbell, president and CEO. "Alan provides that. He

is ideally prepared to keep our finances sound while we grow our market

share and forge our future path in this industry."

 

Fuhrman's promotion follows his tremendous efforts in helping CapitalStream

close two rounds of equity financing, including a $20 million round in March

when many technology companies were struggling just to stay afloat. His

versatile financial skills have helped him effectively managed

CapitalStream's financial affairs through many challenging market trends.

His experience in equity and debt financing, business information system

implementation and corporate administration helped fundamentally shape

CapitalStream's business strategies.

 

Fuhrman's prior experience as a CFO includes ten years of developing young,

high-growth technology companies prior to joining CapitalStream, including

Neopath and Innovation, Inc. He has also served as a financial analyst for

Hewlett-Packard and a CPA for Coopers & Lybrand. Fuhrman holds Bachelor's

degrees in business administration and agricultural economics from Montana

State University. He and his family reside in the Seattle, Washington area.

 

About CapitalStream

 

Seattle-based CapitalStream strengthens existing business relationships and

streamlines transaction workflow through its flexible web infrastructure for

commercial finance automation. The company provides finance companies, banks

and manufacturers the ability to manage, distribute and automate commercial

lease, loan and credit card financing programs for their business customers

and associates. CapitalStream, an established industry leader for more than

five years with deep knowledge about the inner workings of the commercial

finance market, has helped hundreds of financial organizations increase

their competitiveness, customer service and profitability.

 

For additional information visit www.CapitalStream.com.

########################################################

CIT Announces Quarterly Dividend

 

NEW YORK--(BUSINESS WIRE)--April 26, 2001--The CIT Group, Inc. (NYSE: CIT, TSE: CIT.U and

Exchangeable Shares: TSE: CGX.U) today announced that its Board of Directors has declared a

regular quarterly cash dividend of $.10 per share, payable on May 31, 2001, to shareholders of

record on May 9, 2001.

 

The CIT Group announced first quarter 2001 net income of $160.1 million, an increase of 11.3

percent over the same period last year. Earnings per diluted share were $0.61 for the first

quarter compared to $0.55 in the first quarter of 2000. CIT's first quarter earnings growth was

driven by improved finance margins and stable operating expenses, offset by lower venture

capital gains.

"Our first quarter results reflect CIT's diverse and balanced businesses, which have enabled us

to sustain our consistent high quality growth for well over a decade regardless of the economic

climate. We are well positioned to capitalize on a wide range of opportunities in the

marketplace," said Albert R. Gamper Jr., CIT chairman, president and CEO. "By creating multiple

revenue streams, operating efficiently and maintaining our focus on credit quality, CIT has been

 

successful in increasing earnings."

"Additionally, we look forward to the second quarter closing of the Tyco transaction. We will

bring Tyco a significant financial services platform with the ability to provide comprehensive

financing solutions to Tyco's customers, while allowing CIT to continue to build scale in its

core franchises. We are very excited to be joining Tyco and look forward to working with Dennis

Kozlowski and his team in building Tyco's financial services enterprise."

 

About CIT:

 

CIT is a leading, global source of financing and leasing capital and an advisor 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.

 

#########################################################

 

 

 

 

 

The List

Chronological

 

93changes

 

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

 

 

 

U.S.Capital, Santa Barbara, Ca. (4/2001) Principal Ken Nelson commits

suicide, cannot handle loss of company and reputation, he tells relatives,

the day after he turned 40. (3/2001) Many brokers, super brokers, discounters left hold

the bag, report they will be filing bk

BrokerWare ( 4/2001 ) merges with Funder OnLine

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

http://www.leasingnews.org/articles.doc/newsletter3.htm

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 Capital 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, moving to Atlanta, Ga.

( 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)

Linc Capital (3/2000) files motion in bankruptcy court requesting

more time to file certain schedules . (2/2000 creditors file for Chapter 7 (9/2000 out of vendorand broker business

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" onnew 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 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.

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 haveentered 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 agoing 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 percentof 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 notesstock 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/Linc (2/2001) files bankruptcy as part of Linc Capital (2/1998) sold for cash, to LINC Capital, Inc. in Chicago, Il..

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 ), 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

business."

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 startsending 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

started).

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 theresidual 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

lease production

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

Vanlease 2/98

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

Meyerson

 

 

 

 

 

Alphabetical Order

 

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 9/2000 for sale, former prez now at eOriginals, others let go like Kaye Lee.)

Affiliated Corporate Services,, Lewisville, Texas (1/2001) Merges with First

Commerce Leasing

Affinity Leasing, Washington (12/2000 to close and concentrate on Financial Pacific biz)

American Business Leasing ( gone )

Balboa Capital ( 9/2000 Founder Pat Byrne "...office available any time he wants to use

it" ).

Banc One Leasing ( 12/2000 Lays Off 60, Closes 5 offices )

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 )

Bankvest (1/2000)files voluntary bankruptcy (12/99) involuntary petition filed by Orix

and 2 smaller banks (11/99) sales disbanded (10/99) ARB walks from purchase (8/99) Fleet pulls their credit line.

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 )

Bombardier ( 12/2000 reported having leasing problems, not confirmed, company strong

in other divisions, but appears backing out of leasing division )

BSB Leasing ( 1/2001 Don Meyerson bought back the company and they are back in

business at 03-329-09227. 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.)

BrokerWare Merges with Funder OnLine

Capital Associates, Denver, Colorado ( no longer doing business, filing bk? )

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.

Charter Financial ( purchased by Wells Fargo 9/5/2000 )

CIT (3/2001) Tyco International Ltd. Bermuda Hq, N.H. operation office. ( 2/2001)

Closing Atlanta office and others, "freeze" on new broker 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.

Colonial Pacific (2/2001) closes former Tilden operation in Hauppauge, NY (11/98)

purchased by GE Capital 5/2000 no more re-brokered applications, except from one or two sources, such as Steve Dunham's Leasing Associates )

Commerce Security ( 9/99 closed to leasing broker program )(11/99 last fundings)

Comstock/Linc (2/2001) files bankruptcy as part of Linc Capital (2/1998) sold for
cash,
to LINCCapital, Inc. in Chicago, Il..

 

Conseco Finance Vendor Service ( 12/2000 purchased by Wells Fargo Leasing.

Copelco ( 4/2000 sold to Citibank/10/2000 stock down rated/10/2000 ceases broker

business, many complaints in manner turning off faucet )

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 )

DVI Capital (12/2000 out of broker )

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.

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

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 )

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. )(2/2001) files with NASDAQ to raise money for consumer financing

Fidelity ( 4/2000 acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank

N.V., headquartered in the Netherlands, raising funds )

First Commercial Capital Corp ( 2/2001) to be acquired by TCF Leasing )

First International Bancorp ( 1/2001 ) to be acquired by UPS Capital

Finova (3/2001) files Chapter 11 as per plan, many disputes from creditors, Finova

former CEO may get $9.3 million in severance, says Arizona Republic Newspaper

(3/2001) Dow Jones questions take over plans (2/2001) Finova Bailed Out by Buffett-Led Group , Berkshire Hathaway and Leucadia National announced that they have entered into an agreement for a $6 billion loan to Finova Capital , however to clear up creditor issues, will have to file Chapter 7 and hope creditors don’t push into Chapter 11, many guess stock manipulations and other “doings” going on. ( 2/2001) downgraded to "C" rating by Fitch "With significant debt maturities due in May 2001 and Leucadia National Corp's $350 million investment withdrawn, Finova's ability to operate as a going concern faces serious challenges."( 1/2001) Deal of Leucadia National to Invest $350 Million in Finova falls apart 1/2001 laid off 90 employees, or about 9 percent of its workforce, in an ongoing effort to cut costs. The company continues to employ about 300 people in Phoenix and 940 nationwide. (12/2000) out of market place, many problems, raises $250 MM, but not enough ) (11/2000 Announces they will discontinue business, sell units 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.

First State Bancorp, Albuquerque, N.M ( 3/2000 sold leasing division-$64 million)

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

(4/2001) Merger faills apart, Chuck decides to take early retirement.

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

say Chuck Griffin

FMA Financial, California ( 4/2000 reportedly closed to brokers )

Franklin Leasing, Des Moines, Iowa--owned by Liberty Bank-- (2/2000)-no longer

writing leases ( limited by regulations and leases are for sale ).

Franchise Mortgage Acceptance Corporation (FMAC) 11/1999 purchased by Bay View

Commercial Corporation (Bay View Bank) 9/2000 discontinuing all franchise loan and lease production.

Golden Gate Funding ( 2/99 purchased by Westover Financial )

Heller Financial's Commercial Services Unit ( 10/99 purchased by CIT )

Imperial Credit Industries (ICII) ( sold portfolio )

Japan Leasing Credit claims ( JLC --6/99 purchased by Orix )

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 Lease Acceptance Corp---( ceases broker business 7/26/2000)

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 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!)

Liberty Leasing ( 6/1999 closed, California company )

Liberty Leasing, Des Moines, Iowa ( 10/2000 closed, selling portfolio, owned by

Commercial Federal Bank, Omaha, Nebraska )

Linc Capital (3/2000) files motion in bankruptcy court requesting

more time to file certain schedules

(2/2000 creditors file for Chapter 7 (9/2000 out of vendor and broker

business, Nasdaq halts stock sales, $13.4 loss last quarter, 10/2000 assets for sale )

Lyon Credit (2/2001 ) founder John Bowes leaves , the company has reportedly not

received any new business since last August, and is dissolving ( 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

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.

Matsco Financial (12/2000 purchased by Greater Bay Bank )

Merit Leasing ( gone )

Metwest Leasing, Spokane Wa. ( 9/2000 advising brokers that they have run out of funds

so they are unable to fund a transaction we have there for funding. 11/2000 Metwest Leasing Spokane, WA. is pulling the plug, confirmed by five sources. )

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.)

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 Capital on FMV, payoffs, residuals from Textron who is servicing the portfolio ) (1/29/99 sold to Textron *** Textron does "broker business."

NIA National Leasing ( 3/2000 purchased by Lakeland Bancorp )

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.

Newcourt ( 8/2000 sold off )

Old Kent Financial ,GrandRapids, Michigan(2/2001) Closes door to new broker business

( 11/2000 Fifth Third Bank, Cincinnati, Ohio announces acquirement, to close second quarter 2001-Gateway Leasing sold to Old Kent in 1997, small ticket leasing specialists )

Onset Capital ( 9/2000 Irwin buys 87% equity )

Orix (4/2001) Orix to “consolidate;” close offices, moving to Atlanta, GA.

( 2/2001) Closes re-discount center,

Steve Geller says "goodbye." 11/10 First Six Month Profits up 14% at Orix! ) 10/2000 "long-term Outlook has been revised from Stable to Negative" Credit Allianchat 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 11/8 New President at Orix appointed 11/10 First Six Month Profits up 14% at Orix! No negative reports, company appears to be doing very well. )

Phoenix ( 5/2000 both divisions closed )

PinnLease (4/2001) Founder skips bail, judges 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.

PLM International (2/2000 )MILPI Acquisition Corp completes cash offer for

outstanding stock.

Prime Leasing, Minnesota ( no longer doing business )

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."

Prime Capital, Chicago ( 6/2000 closed )

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." )

Resource Leasing, Herndon, Virginia ( 11/2000 MicroFinancial/Leasecomm acquires

major portion of the assets.)

Rockford Industries (2/99) sold to American Express

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

commercial credit and leasing subsidiary, Safeco Credit.

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

Tokei merge to become United California Bank

Scripp Financial ( 6/29/2000 ( purchased by US Bancorp )

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.

Signature Leasing, Dublin, California ( 11/2000 no longer in small ticket marketplace )

SDI ( 5/2000 closed to broker programs )

SFC Capital ( 9/15/2000 purchased by Trinity Capital )

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 by authorities (2/2001) offer from American Express for $5.68 per share in cash. We predicted this last week, naming the company and floor price. American Express active in equipment leasing, likes what it sees, and Sierra Cities is the vehicle, not Advanta or others that it has viewed to purchase. (1/2001 VerticalNet Merger falls apart (1/16/01) Sells Off UK Assets, (7/2000_ 2nd quarter loss, see report

Source Capital, Spokane, Washington, (2/2000) Issues $.22 per share cash dividend, $1 million net income, 4% decrease from previous year. ( 11/2000 ) ceases accepting broker applications

Spectrum Leasing, Austin, Texas (3/2001) sister company to United Capital

( see United Capital information on this list )

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

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)

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

commissions not paid, appears out of money.

Transamerica ( 11/2000 for sale, but no buyers, so taken off marketplace, no longer for

sale )

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 )

United Capital, Austin Texas ( 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 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."

U.S. Capital, Santa Barbara, CA. (4/2001) Principal Ken Nelson commits

suicide, cannot handle loss of company and reputation, he tells relatives,

the day after he turned 40. (3/2001) Many brokers, super brokers, discounters left holding the bag, rumor that U.S.Capital is filing bk.
USA Capital Leasing ( 5,2000 ) creditors force Chapter 7 ( 4,2000 ) file chapter 11 bk

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

sale

Union Bank, Los Angeles ( 1/2001 ) Out of broker-discounting leasing business.

Varilease ( 11/2000 closed down )  

any corrections, additions, comments will be appreciated.

Last update
04/26/01
by MCM-W.

 

[Back to Archives]

www.leasingnews.org
Leasing News, Inc. (Pending)
346 Mathew Street,
Santa Clara,
California 95050
E-Fax: (781)459-4789
kitmenkin@leasingnews.org
Policy Statement