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Special April Fool’s Edition Kit Menkin’s Leasing News www.leasingnews.org Monday, April 1, 2002 Accurate, fair and unbiased news for the equipment Leasing Industry Headlines---- William Gates Buys GE Capital and CIT Gazelle Leasing—Tom Depping Returns GoodRodi Financial---East to West Coast Mike Fleming Retires ELA, EAEL, NAELB, UAEL Merge Newell Runs Away with Britney Spears Investment Tax Credit Tax Law Signed ________________________________________________ William Gates Buys GE Capital and CIT William Gates buys GE Capital, CIT and the State of New Hampshire for undisclosed dollar amount. To call the new company Cit-GE. The logo will be a Snauzer with a large dog collar with medal with GE on it. Curt Lynse has been hired to train the dog and run the company. Gates announced he is moving Microsoft to Portland, Oregon, as he likes the climate better than Seattle. He added it was time that companies came to Oregon, rather than left. It is reported that he is negotiating the purchase of the City of Portland. ---------------------------------------------------------------------------------------- Gazelle Leasing—Tom Depping Returns Tom Depping starts Gazelle Leasing, selling his tobacco farm and cigar manufacturing company in Costa Rica, moving back to Houston, Texas. He will specialize in ATM machines, tanning booths, and owner-operator trucks. Charlie Lester was hired as sales manager. “ I am really looking forward to working with Tom again, “ he said. http://www.chron.com/cs/CDA/c100story.hts/special/chron100/553482 -------------------------------------------------------------------------------------------- GoodRodi Financial—East to West Coast Ken Goodman and Bob Rodi have joined their operations together, with Goodman to run the West Coast Operation and Rodi the East Coast Operation. Rodi claims he did not form a family trust and charitable trust “ Police Retirement Fund of Baltimore” to protect his assets and has full confidence in the new operation. It is reported they will be using Ken’s old computers on the West Coast. They are so old, they operate by “gas.” -------------------------------------------------------------------------------------------- Mike Fleming Retires Reaching 64, Mike Fleming takes early retirement from the Equipment Leasing Association. He has moved to Wyoming, where he plans to drive his Hummer freely, tired of being restricted in Virginia and Washington, DC, due to its size. He also plans to take up snowboarding and ball room dancing. --------------------------------------------------------------------------------------------------- ELA, EAEL, NAELB, UAEL Merge The new organization will be called the United Equipment Leasing Association and Do We Have to Include Brokers. New membership fees have funders at $295, service providers $125, and brokers doing business under $1 million, $1500, and for each million dollar of volume, another $500 yearly dues, until $10 million, when they receive a $1,000 rebate and free registrations at all conferences. Dr. Ray Williams was chosen to replace Fleming. New Cit-GE president Curt Lynse said, “ I hope he likes dogs.” --------------------------------------------------------------------------------------------------- Newell Runs Away with Britney Spears In a very private wedding, Jerry Newell and Britney Spears were married in Fairfax, California. The ex-vice-president of Bank of the West Leasing said they met when his department was considering a lease of new recording studio equipment.. “We just hit it off, “ he said. “ We both like to have fun.” _______________________________________________________________ Investment Tax Credit Tax Law Signed President George W. Bush signed into law the 15% investment tax credit and 50% first year depreciation initiative for lessors “...to stimulate the equipment leasing industry. “ The proposal was headed by Cit-GE president Curt Lynse who visited the White House often, and along with the combined income and assets of both GE Capital and Microsoft, got the president’s ear. He even got to bring his Snauzer with him, who also stayed overnight in the Woodrow Wilson room. -------------------------------30------------------------------------------------------ THIS IS NOT THE APRIL FOOL’S EDITION Kit Menkin’s Leasing News www.leasingnews.org Monday, April 1, 2002 Accurate, fair and unbiased news for the equipment Leasing Industry Headlines---- Amex Biz Finance Out of Third Party Originations The Week Ahead April 1st---5th/Economic Indicators Pro and Con GE Capital/Colonial Pacific Merger of Operations Golf Handicap System Explained "Job Creation and Worker's Assistance Act of 2002 and It's Affect on Equipment Leasing”—April 4th One Year After the PinnFund/Leasing Collapse Pure
Markets & CIT e-Financep-it.com Nominated for eLNA Web Award Excessive spending, debt seen as abusive—Money Abuse by Ann Perry ### Denotes Press Release --------------------------------------------------------------------------------------------------- Amex Biz Finance Out of Third Party Originations American Express Business Finance is shutting down all third party origination channels. This includes private label, any remaining broker relationships, and referral fee sources. Sales force has been told to find an industry to focus on or move on. Several vendor programs have been analyzed for risk and over reserved delinquency and have been terminated. AMEX to stay with core programs. More to lose jobs if conversion to core SIC codes is not immediate. (Names withheld) Confirmed from three separate very reliable sources. This is not an April fools Joke. Leasing News attempted to reach American Leasing Express Business Finance by telephone and e-mail, but no response to date. Small ticket funding sources are getting very rare and the ones still standing know it and acting accordingly.. Basically, it appears the only major very small ticket players Manifest, Marlin (who I hear are doing tons of business), Microfinancial and perhaps Republic Leasing of South Carolina ( I say perhaps because we were trying to reach Dwight Galloway on Friday as we are told the finalization of the purchase of the leasing company was to happen Friday. We are also told there is going to be a new implementation policy toward private label and “program” leasing on a more “wholesale basis” than retail basis and wanted to clarify that as it most likely means less small broker business and more “qualified broker and discounter business” with the key being the “buy rate.” There may be some other regional players in the very small ticket marketplace, but definitely less funders and very, very few, if any, “story credit
sources.” This applies to small ticket companies, such as Marlin, who go down to $1,000 as does Microfinancial. Financial Pacific as well as Pawnee were not included in this market. Compaq Leasing is also actively soliciting business from leasing broker in the small ticket market place, but computer and software committed. . We did not mention Capitalwerks, although we should as they are opening offices and expanding, but do not know if they qualify in this small ticket marketplace. Mark McQuitty in “Meet the Leasing Newsmaker” said “ story credits” were dead; of the credit wasn’t there, no one wanted it. If you think you were not mentioned and are a high volume very small ticket leasing company, or the classification needs more “identification,” please let me know at your earliest convenience. Leasing News would be very much interested in your opinion about the small ticket marketplace. Kit Menkin, editor ___________________________________________________________ The Week Ahead April 1-5 Economic indicators: April 1 Monday Hiatus on Enron/Andersen hearings continues as Congress remains in recess. Institute for International Economics opens two-day conference on proposals for an international bankruptcy process for countries. Speakers include IMF Deputy Managing Director Anne O. Krueger and John B. Taylor, undersecretary of the Treasury. Economic indicators: Institute for Supply Management manufacturing index April 2 Tuesday Circuit City issues quarterly report. Economic indicators: February factory orders April 3 Wednesday Treasury's Taylor talks about global economic outlook at Downtown Economic Club in New York, while Institute of International Economics releases its own global forecast in Washington. Liberty Media issues quarterly report. April 4 Thursday National Telecommunications and Information Policy Administration opens two-day Spectrum Management and Policy Summit at Commerce Department and Reagan Building. Speakers include Commerce Secretary Donald L. Evans and FCC Chairman Michael K. Powell. Securities and Exchange Commission takes roundtable on reforming financial disclosure to Chicago. Presidents of Federal Reserve Banks of Kansas City, Mo., Richmond, New York and St. Louis give speeches at various locations around the country on the economy and monetary policy. American Enterprise Institute hosts discussion on unintended consequences of recently passed economic stimulus package. Speakers include Ben Bernanke of Princeton, Charles Calomaris of Columbia and Allen Meltzer of Carnegie Mellon. April 5 Friday Economic indicators: March unemployment rate and payroll employment. ------------------------------------------------------------------------------------------- Pro and Con GE Capital/Colonial Pacific Merger of Operations More to the Colonial dilemma.....Systems between(Platinum CPLC vs. PMS & Cheetah GE) are not compatible. GE was behind 195 fundings as of 3/25. GE extended retention to several key employees at CPLC to help with the situation. No one will return phone calls to CPLC from GE Chicago in order for CPLC to help. They were supposed to send back the deals so Colonial could get them caught-up. Nothing arrived. No one is trained in Chicago to handle the business.....on and on and on......wow. If this were any other company they would be black listed and down the tube..... Now ex, or soon to be ex-Colonial employees who have dedicated many years of excellent service are very frustrated and sadly disappointed over this and for all the brokers and customers that are affected. This is not the way Colonial ever had conducted business before...sad memories of the last days at Colonial. ( Name With Held ) My name is Daniel L. Dew of Suncoast Equipment Funding Corp. located in Tampa, FL. We have been a CPLC broker for 14+ years and have always had great relations with all the people, high and low, at CPLC in Portland. Like any broker and funder relationship, we have had our ups and downs, but overall they have been more helpful to us than harmful. We were initially concerned that the move to Chicago would be difficult for all concerned, and we were right. But patience should be the operational term here. I had no illusions about this transfer and have planned accordingly. Give it some time.
> We reported on Wednesday that two CPL employees threw up their hands > and returned to Oregon. My understanding was that they agreed to go to Chicago to help with the transition. When the were done, they went back home. I have spoken with the people who went to Chicago and are now back in Portland. Not once did they indicate that they "threw up their hands". It hasn't been an easy transition, but based on the size of the operation they were transferring, the transition has not been as bad as I thought it would be. > evidently is either the "GE Way or the Highway." This statement tops the cake! I have had great conversations with most of the employees and management at the new office and they have been helpful, courteous and eager to help in any way possible. The employees are at times hard to get on the phone, but once contacted, have been eager to please. I will gladly post my name. Daniel L. Dew Suncoast Equipment Funding Corporation a division of Ervin Leasing Company http://www.dandew.com/ ___ Hey, Kit, they are getting their stuff together quickly. The complainers are the same people that complained when they had over 200 staff processing the business. ( Name With Held ) Golf Handicap System Explained According to the USGA the following applies for posting of scores. ESC is an adjustment of individual hole scores (for handicap purposes) in order to make handicaps more representative of a player's potential. ESC is used after the round and is only used when the actual score or the most likely score exceeds his/her maximum number. ESC sets a limit to the number of strokes a player can take on a hole depending on his Course Handicap. ESC applies to all scores, including tournament scores. Below is the maximum number a player can take: Course Handicap Maximum Number 9 or less Double Bogey 10-19 7 20-29 8 30-39 9 40 and above 10 There is no limit to the number of holes one may take the above maximum strokes. There previously was a limit under the old system but that was done away with several years ago. Anyone desiring information on handicapping as recommended by the USGA can go to the web site www.ghin.com. There one can find all the proper information on handicapping as well as much other valuable data. JW Jerry Withrow __________________________________________________________________ ##### ############################## ################# ExecutiveCaliber - Global Lease Training Announces Jeffrey Taylor To Participate in EAEL Teleconference Series Bountiful, UT - Jeffrey Taylor, Founder of ExecutiveCaliber - Global Lease Training, will conduct an Eastern Association of Equipment Lessors teleconference on April 4, 2002 on the "Job Creation and Worker's Assistance Act of 2002 and It's Affect on Equipment Leasing" (Open to members and non-members. editor) Mr. Taylor lectures worldwide on a variety of leasing topics and specializes in advanced sales training. He frequently writes on leasing subjects and has been published in the Molloy Monitor, Asian LeasingJournal, Journal of Equipment Finance, Practical Cash Management, Asset Leasing Digest, Handbook of Equipment Leasing and E-Trucker Magazine. He earned his MBA from the University of Chicago and a BA in Finance from Washington University in St. Louis. He studied overseas at the University of Strasbourg and the University of Grenoble in France. He is a licensed CPA in Utah, California, and New York. Topics To Be Discussed What is in the Law and What Didn't Make It? Details and Implications: o Changes in MACRS o Change in Net Operating Losses with Carry-Back Provisions How the Law Impacts Pricing How the Law Impacts Lease vs. Buy Analysis How the Law Impacts Estimated Taxes for the First Quarter of 2002 Registration Must Be Received by Monday, April 1, 2002 Members $15.00 per call Non-Members $35.00 per call Time: 12:00 PM Eastern Standard Time (approx. 60 minutes) ExecutiveCaliber - Global Lease Training Announces Jeffrey Taylor To Participate in EAEL Teleconference Series learn.................... About ExecutiveCaliber - Global Lease Training ExecutiveCaliber - Global Lease Training specializes in training equipment leasing companies in the areas of advanced sales, lease accounting, lease taxation and back-office administrative functions. Company Website: http://executivecaliber.ws EAEL The Eastern Association of Equipment Lessors (EAEL) is a non-profit trade association serving its members in the equipment leasing industry. The association is governed by an elected Board of Directors with various committees that administer to its overall operation. Member firms are committed to a philosophy of professionalism and integrity and subscribe to a Code of Ethical Standards as an expression of this commitment. Although EAEL is primarily a northeast regional association, our members are located in 31 states and Puerto Rico. The mission of the EAEL is to serve the interests of its members in the equipment leasing industry and to provide educational, professional and networking opportunities by: o Providing opportunities for the exchange of ideas and information concerning leasing industry management for study, discussion and publication o Developing efficient methods, procedures and techniques for managing common interests of independent lessors o Developing and encouraging the practice of high standards of personal and professional conduct among executive serving in the equipment leasing field o Holding meetings and conferences for the mutual improvement and education of members o Exchanging and compiling information with respect to all new case law and other legal and legislative developments at state and federal levels which affect the leasing industry o Collecting and disseminating statistics and other related information helpful to its members including accounting reviews, lease forms and other documentation Each of these activities substantially contributes to the overall success and accomplishments of the EAEL. They also provide the mechanism for future EAEL activities. Company Website: http://www.eael.org To register for this very important teleconference please contact: Alison Pryor email: amfnyc@eael.org voice: 914-381-5830 ------------------------------------------------------------------------------------------------- Too Serious???? Your newsletter has been a little too serious lately. Here is some humor if you want to use it. Richard Date: Sat, 30 Mar 2002 15:05:18 -0800 To: joanie@uael.org From: Richard Walker <RWalker@CELeasing.com> Subject: Telephone # for Caesars Joanie, I just called the 800 number provided for Caesars Palace in the UAEL Spring Conference Brochure (800-634-6681) and was redirected to a 900 number that was charging $1.95. Is this a new membership benefit or perhaps a new revenue generating device for the Association? Please don't keep your membership in the dark about these great UAEL benefits. Seriously, Jo |