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Kit Menkin’s Leasing News
www.leasingnews.org Monday, April 8, 2002 Accurate, fair and unbiased
news for the equipment Leasing Industry Headlines---- United Capital to Spectrum to Oblivion? ELFF Appoints Deborah Monosson Treasurer Inside GE Capital Interns from Russia Ron Caruso on the Economy The Week Ahead April 8-12 MicroFinancial Names James R. Jackson CFO Stories
this week: The Funding Tree/ Commercial Money Market ###
Denotes Press Release _______________________________________________________ 11:00am,PDT—12:00pm Denver—1:00pm Chicago 2:00pm New York “Meet
the Leasing News Maker” www.leasingnews.org/newsmaker.htm David Stearns/Richard
Selby and One World Leasing ( the
first United States Leasing Co-Op) -------------------------------------------------------------------------------- United
Capital to Spectrum to Oblivion? This
story started with an appeal by Michael Wagner of Dimensional Funding
regarding the stream of payments of leasing were “discounted” to
United Capital, now being serviced by others, and the residual not being
recognized as still being “owned” by Dimensional Funding. “I
just read the article submitted to you by Dimension Funding, I have
also
found out that a lot of people left the employ of United and their
sister companies
in Sept and Oct due to the ethics of Steve Dallas..”. name
with held “Recently
we had a situation wherein we tried to collect a residual on a transaction
previously discounted to United Capital.
All of the old United leases
have been taken over as you know by Old Kent, Heller, GE etc. Our lessee
told us they paid the residual to United and faxed us a copy of the back
of the check showing United's endorsement!
Since these contracts belong
to someone other than United this is fraud and conversion. I left two
explicit messages for Steve Dallas at his "new" company. Guess what!! No return phone calls. “I have a meeting set up with the FBI next
week to discuss this as well as other
matters regarding unlawful retention of deposits in our industry. If any
of your readers have any information regarding these two subjects
please email
me on or before Monday at 5pm. “ Thank
you. Michael
Wagner President Dimension
Funding, LLC 949-250-0585
x222 949-250-8042
(fax) email:
mwagner@dimensionfunding.com We
received this on Thursday and attempted to get a response from Spectrum,
but did not. “Is
United Capital / Spectrum Dallas and Cantrell out of business. There
is no
response by phone. And my customer has tried to reach them to get
their Advance
Rental back... Can you help find out if this is true?” Name
Withheld Leasing
News was not able to confirm or deny that Spectrum leasing is out
of business. We never were able to confirm that Steve Dallas moved his
United Capital operation over to Spectrum, although it is located in
the same shopping center office complex, and had many of the
same employees. We did report
that telemarketer were claiming they
were part of United Capital, when calling as Spectrum Leasing. The
original source could add no more: “The
information that I have forwarded to you is very accurate, And knowing
that
they are now out of business, should concern all of us. “The
information is coming from
a now x-employee/friend who has not been paid for weeks with the promise to get their money with no success....
In addition United / Spectrum
has also not paid any of the Health Insurance Benefits for more than
9 months leaving the employees with unpaid medical bills which has
been estimated
at more than 300K. The company has taken the insurance payroll deductions
and used it for other purposes. They are also being investigated by
some government agencies. “The
advance rentals that we spoke about are from deals which have not
funded and
have been taken my Spectrum/ United over the last 60 days, leaving
the lessee
without and approval and now without any advance which would have
needed
to be returned. “My contact along with about 10 other employees
have now applied for unemployment
benefits. The doors are closed, the phone is a constant
busy and only from time to time will the calls get forwarded to an
answering
machine. “This
data base is now being marketed by Mike Cantrell, with Dallas in the
wings.
This data base belongs to their previous funding sources and the brokers
who assigned the deals to United. “
They are still hurting the industry by calling these lessees and billing
them PO and fees which still belongs
to the original lender or brokers who just assigned the stream of payments. Due to the fact that the portfolios
have been sold so many times with
the final and current now being GE. These organizations are so large
it would
take them years to discover the problem if they are even interested. “I
am glad as others are that are gone. I just feel sorry for the brokers.
The
good news is that some of the employees are trying to ban together
to help
all concerned. “Your
thoughts as how they can help.” (
Any reader with information regarding Spectrum Leasing and Steve Dallas would
be appreciated. editor ) _________________________________________________________________ ### ############################################## Equipment Leasing and Finance
Foundation Appoints Deborah J. Monosson Treasurer of the Board of Trustees Boston, MA- The Equipment Leasing and Finance Foundation has
named Deborah J Monosson, Boston Financial & Equity Corporation
President, as Treasurer of the Foundation Board of Trustees. Thomas
C. Wajnert, Chairman of the Foundation recently announced the appointment. "We're very excited to have Debbie on board, in
a leadership role," says Wajnert. "Attracting such high-quality
member talent speaks to the strength of our Foundation and the promise
of our vision. With her extensive experience, industry knowledge and
drive, she will provide valuable contributions to the stable, yet
growing, equipment leasing and finance industry." Deborah Monosson, has served the equipment lease financing
industry for the past 13 years, in several volunteer positions including
serving on the Board of Directors of the Institute of Equipment Leasing
Association, the Commercial Finance Association and the MIT Enterprise
Forum. Monosson's role as Trustee and Treasurer include identifying specific research needs for the industry, working with industry leaders and consultants to frame future focused reports and studies and raising funds to help continue the work on the non-profit Foundation. As Treasurer, Ms. Monosson is also responsible for overseeing the
financial health and well being of the Foundation. About
Boston Financial & Equity Corporation: Boston
Financial & Equity Corporation leases equipment to high-risk companies;
start-up ventures, Chapter II reorganization, leveraged buyouts, turnaround
situations, and firms unable to secure leasing through traditional
sources. Boston Financial & Equity Corporation was established
in 1968. Visit them at http://www.bfec.com/. About
the Equipment Leasing and Finance Foundation: Organized in 1989 by the Equipment Leasing Association (ELA), the Equipment Leasing and Finance Foundation is a 501 © 3 non-profit organization established to develop and promote the industry body of knowledge; and to enhance recognition and understanding of equipment lease financing. The Foundation's strategic objectives are: To maximize the role that equipment leasing plays in the world economy, and; to be the prime developer and disseminator of a body of knowledge of the leasing industry. Equipment leasing is estimated to be a $280 billion industry in 2001. #### ############################### Inside
GE Capital It's
me again...thanks for all the updates!
I am looking to move on since GE has a new attitude which I
heard from one of the upper echelons!
If you don't like working for GE go work someplace else!
Not a good attitude for an employer to relate to a ***** year
veteran, but these are nothing more than young entrepreneurs who haven't
even begun to taste the reality of life yet. They think that being
on a cell phone with their feet up on their desk is the real
way of life and business. I don't want you to think that I am just a disgruntled
employee... I have been highly revered in this industry for over
**** years as a good, hard and devoted employee and will move
on and make a go of a new company. I have some very stead fast references to that
fact. Just wanted to give you an update on the Human
Resource area of GE! As I said in the past, I never applied for a
job with GE, they just keep acquiring the companies I work for...I
can guarantee GE is not on my top 10 list of employers, not even the
top 500! Name
withheld ________________________________________________________________-- Interns
from Russia This
is an e-mail from my friends
in St. Petersburg, Russia. The
US Dept
of Commerce is offering grants to US Leasing companies who will sponsor
interns from Russia. Commerce
will provide airfare, living expenses
to $750 per month and a $35 per diem for food.
This is part of the
program I participated in last year.
I have been assisting them with
forming their association and I intend on bringing at least 2 interns
over here for training this summer and probably 2 more in the fall. I plan on visiting St. Petersburg next year.
They invited me to speak
at their conference last year but 9/11 prevented that from happening. I will attend this year if I have no scheduling
conflicts. You
may want to print this in leasing news.
I can provide interested parties
with some information on sponsoring the Russian interns. It is a
great educational experience and it has been a long time since I have met
a group of people that were more eager to learn. They are interested
in all phases of the equipment finance industry and this really
is a chance to influence the development of their equipment leasing
and finance industry. One
of my primary contacts in St. Petersburg is Michael Rybakov. He is the
director of Globus Leasing, a subsidiary of Sverbank (the Russian Central
Bank), and the largest leasing company in Russia. He has also written
me about internships. Let
me know if you want to put this in Leasingnews and I will call my friend
at the US Dept of Commerce. Bob
Rodi President
LeaseNOW,
Inc. drlease@leasenow.com www.leasenow.com 1-800-321-LEAS
(5327)x 101 ------------------------------ This
is Tatiana Pozdnyakova and Sergey Siling, your friends from Saint-Petersburg. How
are you, your family and business? We did not get in touch since for
a long time, but hopefully everything is okay with you. We heard some
news about
you from Michael. He is going well and give his warm regards to you
too. With
us everything is okay too. As we wrote before we are working for the Saint-Petersburg
Association. Tatiana currently is a director of Association
and Sergey is the president and as before at the same time the director of
his leasing company. His firm make success and very soon they will
open branch
in Moscow. In general we are going well and we are on our way to grow.
Since November the quantity of our members is twice more and we provide
now more services compare with early times and one of them is training
- short and long-term. Bob,
we have a question to you, which has connection with our activity in
Association. Today we received the information from SABIT (the training program in which we participated and had opportunity
to meet you) that they
could finance the individual training period for leasing specialists from
companies of our Association. So, we need in this case in American leasing
company, which is interested to take participant (individual trainee)
from Russia
in his company. In this case SABIT give a grant for this American company
and cover all expenses for trainee. As association we would like very
much to help our members to receive experience in USA. Leasing in US
is much more sophisticated than here. And we do not know anybody else
in US who were so generous to share experience about leasing as you.
And could we ask
you about taking 1-2 individual trainees during a year (term of training period
is 1 month) in your company.
If you are not interested in it, it is
okay. But if you share our enthusiasm about this idea, we should be
in a hurry
to receive this grant, because this program is open only until 15th
of April. Let
us to know your opinion about this question. Faithfully
yours, Tatiana
and Sergey Ron
Caruso on the Economy In
this bi-weekly e-newsletter, we will be providing you with important
equipment financing news with an interpretation of what’s
happening in this financial sector and its impact. As always,
your comments and suggestions are welcome. =============EFJ
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NOT QUANTITY ( abbreviated version, full commentary is available
www.efj.com) By
Ron Caruso Make no mistake, the amounts of write-downs for some companies
are significant. As an example, entertainment giant AOL Time Warner has
said it would take a $54 billion goodwill write-down. Telecommunication
giants such as Quest with a projected write-down of
$20-30 billion and WorldCom with $15-20 billion could also face some
intensive grilling at their annual meetings. Irate shareholders
and other concerned parties could pressure both management
and Boards of Directors, resulting in compensation packages
in the near future not being as gold-plated as some senior
executives have come to expect. Recession-Over? I
am sure it is as humorous to all of you as it is to me to read that
the non-recession recession is over. All of the economists and
financial analysts who are saying this have not looked at capital
spending and equipment financing, which continue to have severe
problems. The sad reality is that capital spending has not picked
up, nor is there any strong indication that it will in the next
few months. This is the part of the economy that has suffered the
most and continues to suffer. Until all of the bad economic and
investment news is completely digested, businesses will be hesitant
to invest in new equipment. Yes, there are glimmers of hope-travel
is picking up, and that could have a domino-like effect.
Unused manufacturing capacity continues to be reduced. However,
in a world of instant worldwide coverage of news, with the
continuing tension in the Middle East creating uncertainty at home
and abroad, a sustained resurgence in capital spending may not
occur until the new year. Stay tuned. Ron
Caruso The Week Ahead April 8-12 April 8 Monday President Bush to enlist football-team owners, Wall Streeters, bankers, Teamsters, construction workers and casino owners to push for passage of terrorism insurance bill held up in Senate. April 9 Tuesday Cato Institute holds day-long conference on whether Social Security is a bad deal for women. Senate resumes consideration of energy bill, and House-Senate conference committee takes up farm bill. Equipment Leasing Association Visits Capital Hill Senator
Bob Graham (D-Florida), a member of the Senate's tax-writing committee
and Chairman of the Senate Select Committee on Intelligence will speak
to ELA members attending ELA's Capitol Hill Day on Tuesday evening,
April 9, 2002. April 10 Wednesday American Enterprise Institute and Brookings Institution host panel discussion on Microsoft remedies. SunTrust issues quarterly report. Equipment Leasing Association Visits Capital Hill Representative
Roy Blunt (R-Missouri), the GOP's Chief Deputy Majority Whip in the
House of Representatives will speak to ELA members attending Capitol
Hill Day on Wednesday morning, April 10, 2002. April 11 Thursday Senate Finance Committee holds hearings on tax scams. House Financial Services Committee marks up legislation for post-Enron reforms of corporate governance and audits. Bush administration's new policy on repetitive-stress injuries gets an early review at a two-day conference on workplace safety hosted by Georgetown University. Initial stock offering of JetBlue designed to raise $125 million. Securities and Exchange Commission considers requiring more timely reporting of stock sales by, and corporate loans to, company insiders. General Electric and Safeway issue quarterly reports. National Association of Equipment Leasing Brokers three day conference begins in Orlando, Florida April 12 Friday Economic indicators: March producer prices and retail sales, preliminary consumer sentiment for April. ### ############################################# MicroFinancial Incorporated Names James R. Jackson As Chief Financial Officer
WALTHAM, Mass.----MicroFinancial Incorporated (NYSE-MFI), a leader in Microticket leasing and finance, named James R. Jackson as Chief Financial Officer effective March 31, 2002. Jackson brings 16 years of experience in the equipment leasing and real estate financing industries. Most recently Jackson was with Deutsche Financial Services Technology Leasing Group where he was responsible for all of their financial reporting, tax compliance, budgeting, pricing and lease syndication. He will be assuming similar responsibilities from Richard F. Latour who was promoted to President in February of 2002 but had continued to perform the functions of the Chief Financial Officer during the company's search for a permanent replacement. "I'm excited to be a part of MFI's management team and plan to draw upon my experience to contribute to the company's continued success," says James R. Jackson. "I think James will be a good addition to MFI's management team," says Richard F. Latour, President & COO. CONTACT: Richard F. Latour MicroFinancial Incorporated President & COO 781-890-0177 ######################## ################################### www.leasingnews.org |