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| August
03, 2000
SOURCE: LINC Capital, Inc. LINC Capital Announces Delisting by Nasdaq CHICAGO, /PRNewswire/ -- LINC Capital, Inc. (Nasdaq: LNCC - news), a specialty finance company, announced today that it has been notified by the Nasdaq Stock Market that its common stock was delisted from the Nasdaq Stock Market with the open of business on Tuesday, August 1, 2000. The company was notified by the Nasdaq on June 13, 2000 that because of the disclaimer of auditors opinion on its financial statements for 1999, LINC is not in compliance with Marketplace Rule 4310(c)(14), which requires annual reports to contain audited financial statements. The company is also in violation of Rule 4450 (a)(5) by failing to maintain a minimum bid price of $1.00 over the last 30 consecutive trading days. The
company's common stock is eligible to trade through a broker on the Pink Sheets.
Visit the LINC Capital website at www.linccapital.com . F or
further information regarding LINC Capital free of charge via fax, dial 1-800-PRO-INFO
and enter ``LNCC''. SOURCE:
LINC Capital, Inc.
Major Funder Tells Discounters/Brokers---Don't Send Us Business from the Internet
( this is a copy of the agreement sent to all their broker/discounters ) (funder
).developed a policy to not accept deals originated via the Internet ( with no
vendor or lessee relationship ). There are two reasons this was implemented. (a)
No one knows how to control the fraud (b Even if there is no fraud, the loss rates associated with this product are substantially higher than paper originated directly by the broker with lessees or vendors relationships. At that time, we informed all our sources of this policy, however, we have many new brokers who've become a part of our program during the past twelve months, As a result, we felt the need to restate this policy. Our goal is to offer an "A" paper funding source, which will provide you with "A" paper rates, and good service on the credit and funding side. In order to accomplish > this, the policy must be implemented to maintain credit quality. Funding sources are reporting large losses (as a percent) when compared to the volumes of Internet business they have received. I am always open to any ideas or suggestions you may have but we feel that this is a proper direction for anyone thinking long term. We will take a very dim view of any source that violated this policy. We are asking you to sign below, acknowledging receipt of this policy statement, and return to.... (funder)is having a good year and we thank you for your participation. We remain ready In partner with you in growing your business. We appreciate having you as a customer, and working with us in maintaining credit quality within your portfolio
Sierra Cities ( First Sierra ) Closes Wednesday Below 2 http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=BTOB&script=340&layou
t=6&item_id=BTOB compared to one year ago http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=BTOB&script=345&layou
t=6&selected_month=8& selected_day=2&selected_year=1999&item_id=BTOB ( copy the
url with right click of mouse and paste in your browser to see results )
NAELB "Post It" Notice on Lease Acceptance In
correspondence from Lease Acceptance Corporation dated July 27th, 2000, Betty
Colbert, Account Manager of the Broker Division writes: This
letter is to inform you that as of Wednesday, July 26, 2000, we will not be processing
any broker business. Any deals approved before this date will be funded.
We appreciate the relationship we have had in the past. We can continue to do
the business with you as a broker if you decide to turn over the vendor relationship
to us and we pay you as set "fee" for every transaction. These are the requirements
for this to happen: A
vendor profile signed by the vendor must be submitted and approved by our credit
department; A vendor agreement must be signed by the vendor; The lease transaction
must be documented on our paperwork. No generic lease can be used; We must generate
our standard rates or better or have an increased doc fee or the vendor application
will be submitted on a LAC application. We apologize for any inconvenience this
may cause you in your efforts to service your customers. Please call me with any
question you may have regarding this change.
Sincerely, Betty Colbert, Account Manager, Broker Division
EAB Purchases Fidelity Leasing UNIONDALE, N.Y., Aug. 2 /PRNewswire/ -- European American Bank, a commercial bank headquartered in Uniondale, New York, purchased Fidelity Leasing, Inc. (FLI) yesterday. FLI, which is located in West Chester, Pennsylvania, is a small-ticket equipment-leasing company that was a subsidiary of Resource America, Inc. (RAI). At the time of its purchase, FLI had lease receivables under management in excess of $600 million. EAB paid the purchase price in cash and a promissory note. EAB Executive Vice President Ira Z. Romoff heads the bank's nationwide leasing operation, recently ranked 11th for volume of business among bank leasing companies across the United States. For 1999, EAB reported new leasing volume at $1.279 billion. With the FLI purchase, the EAB Leasing now has combined outstandings in excess of $3 billion. The roster of the bank's leasing companies that FLI joins includes WASCO Funding Corp., in New York City; American Equipment Leasing (AEL), in Reading, Pennsylvania; and Banker's Leasing Association of Northbrook, Illinois. EAB Leasing also provides credit to hundreds of leasing companies across the country by purchasing leases by granting full and partial recourse lines of credit. In addition to the bank's nationwide leasing offices, EAB manages the leasing portfolio of ABN AMRO Canada for its parent, ABN AMRO Bank N.V., which is headquartered in the Netherlands. Edward Travaglianti, EAB's chairman and CEO said of the agreement: "The growth of EAB's leasing business over the last five years has been spectacular, in part through the strategic acquisitions we've made. As a result of the acquisition of FLI, our nationwide leasing business will be meeting the needs of equipment vendors' worldwide for web delivery-channel capabilities, as well as for business-to-business e-commerce. We are very enthusiastic about this opportunity and welcome FLI to our leasing family." EAB's president and COO, Brendan J. Dugan, added: "FLI is a good fit for our business, which focuses on small-ticket and niche leasing activities. Our leasing operation has produced particularly strong growth, making it an acknowledged leader in providing leasing services for small and mid-sized companies and funding for lessors." Mr. Romoff commented: "FLI joins a business that provides a range of leasing options to a broad array of industries, including those requiring computer, high tech, medical, office, laboratory, manufacturing, machine tool, light construction, golf, and many other kinds of equipment. Our dedication to finding financial solutions for such a diverse clientele has made us a leader in funding finance leases and in single-investor leasing products. Our professional experience and financial strength, backed by the financial resources of ABN AMRO, have enabled us to develop the kind of resourceful funding opportunities and service that satisfy our customers. The acquisition of FLI enhances our readiness to anticipate our customers' needs." EAB is a New York state chartered full-service commercial bank with assets of $15.1 billion. EAB operates 100 branches in the New York metropolitan area, lending production facilities in Connecticut and New Jersey, and leasing offices nationwide. Its consumer and customers also have the option of banking with EAB at http://www.eab.com. EAB is a wholly owned subsidiary of ABN AMRO Bank N.V., with assets of $460 billion and 3,500 locations in 76 countries and territories. SOURCE
European American Bank
CO: European American Bank; Fidelity Leasing; ABN AMRO Bank N.V. ST:
New York IN:
FIN SU:
TNM
35 Leasing Companies Major Changes American
Business Leasing ( gone ) Bankvest (bankrupt) Bombadier ( reported having problems, not confirmed ) Charter Financial ( purchased by Wells Fargo ) Commerce Security ( closed to leasing broker program ) Copelco ( sold to Citibank ) Dana ( sold off, active as captive ) DVI Capital ( out of broker ) Fidelity ( acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V., headquartered in the Netherlands ) Finova ( out of market place ) Franklin Bank ( no more leases ) Imperial ( sold portfolio ) Lease Acceptance ( will accept no more broker business ) Leasing Corp of America ( for sale below book value ) Leasing Solutions ( bankrupt ) Liberty Leasing ( closed, California company ) Linc Capital ( out of vendor and broker business, Nasdaq halts stock sales ) Merit Leasing ( gone ) METWEST LEASING CO. Spokane WA. ( advising brokers that they have run out of funds so they are unable to fund a transaction we have there for funding. ) Metrolease--reports closing operation, will not confirm nor deny,many rumors floating around the marketplace,will not return telephone calls to leasingnews.org ) Nationbank Leasing ( sold to Textron, no longer doing broker business ) New England Capital ( sold to Network Capital Alliance a division of Sovereign Bank. Sovereign did hire two people who will run a sales office in CT, doingbasically the same deals with the same people as before. Little will change in that aspect. Newcourt ( sold off ) Onset Capital ( Irwin buys 87% equity ) Orrix ( closes small ticket division in Portland, Oregon ) Phoenix ( both divisions ) Prime Capital ( "yes and no" sold off, may be negotiating ) Rockford ( sold to American Express ) SDI ( closed to broker programs ) T&W ( bankrupt, lost their listing ) Transamerica ( sold ) Unicapital ( chairman,CEO,CFO resign, 38 employees cutback, good reports,on comeback trail ) United Capital ( coming back, changes, good reports ) United Leasing ( re-financing ) USA Capital Leasing ( gone )
any corrections or additions, please let me know. Mellon
Leasing
Announces Strategic Alliance With Demandline.com to Increase Participation in
Small Business Market PITTSBURGH,
Aug. 3 /PRNewswire/ -- Mellon Financial Corporation (NYSE: MEL) today announced
that its Mellon Leasing Corporation subsidiary has entered into a strategic alliance
with Demandline.com under which Mellon Leasing will extend competitive leasing
options on capital equipment to Demandline's small business members. "Equipment
leasing has become an increasingly popular option for small businesses looking
to acquire new equipment in a manner favorable to their tax and cash flow situation,"
said Tim Reese, president of Mellon Leasing's Manufacturer & Dealer Services division.
"Partnering with Demandline will make it easier for us to extend our financing
expertise to this rapidly growing market. This approach is consistent with the
component of Mellon's eCommerce strategy whereby we partner with other providers
in the B2B emarketplace to deliver Mellon's high-quality products and services
to a broader spectrum of customers." Based
in San Bruno, Calif., Demandline enables small businesses to increase their purchasing
power in buying core business services by pooling their demand with other Demandline
members. Serving as a virtual auctioneer, Demandline aggregates member service
requests and solicits bids from nationally recognized service providers, such
as Mellon Leasing, interested in securing > these leads and orders. "We're
putting the Internet to work for small businesses, giving this market the buying
power it deserves," said Patrick Burns, president and chief executive officer
of Demandline. "This partnership with Mellon Leasing helps remove one of small
business's biggest headaches -- finding the best equipment lease at the right
price from a leading provider." Headquartered
in San Bruno, Calif., Demandline was founded in June 1999 by Patrick Burns and
Robert Schulman in an effort to improve the way small businesses buy core business
services. Demandline is an Internet-based group- buying service that allows small
business owners to access competitively priced business services in such areas
as telecommunications, finance, > human resources, logistics, Internet support,
and more. Mellon
Leasing Corporation markets a broad range of lease and lease- related services
-- from > small-ticket vendor leasing to large, highly structured transactions
-- to businesses throughout the United States and Canada through its three divisions:
Mellon Leasing Manufacturer & Dealer Services; Leasing/Large Corporate; and Mellon
US Leasing. Mellon
Financial Corporation is a global financial services company. Headquartered in
Pittsburgh, Mellon offers a comprehensive array of banking services for individuals
and corporations and is one of the world's leading providers of asset management,
trust, custody and benefits consulting services. Mellon has approximately $2.8
trillion in assets under management, administration or custody, including more
than $520 billion under management. Its asset management companies include The
Dreyfus Corporation and Newton Management Limited (U.K.). Press releases and other
information about Mellon and its products and services are available at www.mellon.com
on the Internet. For Mellon press releases by fax, call 1 800 758-5804, identification
number 552187. SOURCE
Mellon Financial Corporation CO:
Mellon Financial Corporation; Mellon Leasing Corporation; Demandline.com ST:
Pennsylvania, California IN:
FIN MLM SU:
JVN
Peter Scott Appointed to Farm Credit Leasing Board of Directors MINNEAPOLIS--(BUSINESS
WIRE)--Aug. 3, 2000--Peter F. Scott, executive vice president and chief financial
and administrative officer of Beringer Wine Estates, has been appointed to serve
a two-year
term as a director of Farm Credit Leasing.
Scott joined St. Helena, Calif.-based Beringer Wine Estates in 1997. Prior to
that, he spent seven years with Kendall-Jackson Winery, most recently as senior
vice president, finance and administration. Before entering the wine industry,
Scott worked for six years as a consultant with Edgar Dunn and Company, as well
as eight years with Touche Ross and Company where he obtained his CPA certificate
and was a member of the National Audit and Accounting Staff. Scott earned a bachelor's
degree and an MBA, both from the University of California at Berkeley. Scott,
who represents FCL's agribusiness customers, will be eligible for reappointment
in 2002. With the board appointment, he fills a seat left by David Gill, principal
of Rio Farms in King City, Calif. Gill was ineligible for reappointment and left
the board after four years of dedicated service. Seven
directors sit on FCL's board. Three directors represent the company's two common
stockholder banks in the Farm Credit System. Three of the remaining four directors
represent FCL's cooperative, agribusiness and Farm Credit System customers. In
addition, a member of the leasing industry serves as a director. The non-stockholder
board members serve two-year terms with a limit of two consecutive terms. Those
FCL board members not previously mentioned include: Chairman Douglas Sims, chief
executive officer of CoBank, ACB, in Denver; Vice Chairman Steven Montgomery,
executive vice president, Agribusiness Division, of CoBank, ACB, in Denver; F.A.
(Andy) Lowrey, president and chief executive officer of AgFirst Farm Credit Bank
in Columbia, S.C.; John Bekkers, president and chief operating officer of Gold
Kist Inc. in Atlanta; Terry Campbell, chief financial officer of Farmland Industries
in Kansas City; and Bill Lipinski, chief executive officer of First Pioneer Farm
Credit in Enfield, Conn. FCL
provides equipment leasing and related services for all types of vehicles, equipment
and machinery to agricultural producers, their cooperatives, communications and
energy companies and Farm Credit System entities. The company is also actively
involved in the syndication of multimillion-dollar lease projects and lease portfolio
servicing. It is one of the nation's largest agricultural leasing companies. In
addition to its corporate headquarters, FCL maintains 10 sales offices throughout
the country. FCL
is part of the 84-year-old, $88 billion Farm Credit System, one of the largest
and oldest cooperatives in the nation. Today, this national network of approximately
175 borrower-owned banks, associations and service corporations provides production
agriculture with approximately one-quarter of its credit and financial needs.
CoBank, the System's $24-billion Denver-based cooperative bank, specializes in
agribusiness, ag export, rural communications and rural energy financing, is FCL's
majority common stockholder. AgFirst Farm Credit Bank of Columbia, S.C., owns
the balance of FCL's common stock. The other five Farm Credit Banks own preferred
stock in the company. CONTACT:
Farm
Credit Leasing, Minneapolis Brian
Delgado, Communications Manager Phone:
(763) 797-3418 Fax:
(763) 797-3555
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