Flash---MANIFEST
SOLD TO US BANCORP
LEASING NEWS 8/31/99
to regularly receive Leasing News kitmenkin@leasingnews.org
---also ON LINE at www.leasingnews.org---
(report posting delayed
as
Webmaster is on Honeymoon, Carl Moberg on Labor Day Vacation,
and
Kit does not have time, maybe tomorrow will catch up--sorry )
New Feature On Line: Whatever Happened to...Hal
Horowitz http://www.leasingnews.org/whateverhappenedto/Halthorowitz.htm
Rumored for over a month, and confirmed with Manifest Group Spokesman, fax is true:
" It will be business as usual...same place, same staff, same portfolio, but more money than Schwan could commit to our growth---expect better things from us now as we grow in this exciting new leasing world."
Dear Valued Customer,
It is with great excitement that we announce U.S. Bancorp Leasing and Financial has acquired Lyon Financial Services (LFS) and all of its business units, including The Manifest Group, from Schwan's Sales Enterprises. The anticipated close date is September 28, 2000.
U.S. Bancorp, headquartered in Minneapolis, MN, is the 10" largest bank holding company in the United States with $86 billion in assets. U.S. Bancorp along with U.S. Bank and other subsidiaries is a world class financial institution serving millions of customers throughout the West and Midwest. Lyon Financial Services will merge with their already existing U.S. Bancorp Leasing & Financial; the 5th largest bank affiliated leasing company in the United States.
Schwan's Sales Enterprises has had a strong commitment to Lyon Financial, The Manifest Group and the entire leasing industry for the past 20 plus years. They have helped us build a very stable, financially strong, and rapidly growing company. Lyon Financial strives to continue strong growth and this takes a tremendous amount of capital and resources. Schwan's is a multi billion-dollar food company with strong ambitions to focus more resources to allow them to gain a worldwide dominance in the frozen food industry. 11.5. Bancorp Leasing & Financial strives to diversify product offerings and gain more share of the small ticket leasing industry. This partnership allows us all to meet our strategic goals.
The synergies between Lyon Financial and U.S. Bancorp make this a very exciting venture for all of us. The Manifest Group will remain in Marshall, Minnesota with the same employees and management. We will continue to focus on helping you grow your business and adhere to our confidentiality of your customer base. In addition, 115. US Bancorp has a strong line of products. services, and resources that we will leverage and provide you additional opportunities to grow.
Those air exciting times for all of us and we appreciate your support during the transition. We thank Schwan's Sales Enterprises for their years of support and for partnering us with a world class organization, U.S. Hancorp. As always, The Manifest Group is "Focused on Your Success"
Please feel free to call with any questions, 800-325-2236. Thank you.
Troy Molitor, Brian Bjella, Brad Peterson
General Manager Extension 2002
Director of Sales - East Extension 2914
Director of Sales - West Extension 2911
38 Leasing Companies Major Changes
American Business Leasing ( gone )
Balboa Capital ( Founder Byrne pushed out/other changes )
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 )
eLease ( management team let go )
Fidelity ( acquired by EAB, a wholly owned subsidiary of ABN AMRO
Bank N.V., headquartered in the Netherlands, raising funds )
Finova ( out of market place )
Franklin Bank ( no more leases )
Imperial ( sold portfolio )
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, $13.4 loss last quarter )
Manifest Group--( purchased by US Bancorp Leasing and Financial
)
Matsco Financial ( purchased by Greater Bay Bank )
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
serious rumors floating around the marketplace.)
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, doing basically the same deals with the same
people as before. Little will change in that aspect. Newcourt (
sold off )
Onset Capital ( Irwin buys 87% equity )
Orix ( closes small ticket vendor division in Portland, Oregon,
"Business as usual (in New Jersey and with brokers)," says Steve
Geller )
Phoenix ( both divisions )
Prime Capital ( "yes and no" sold off, may be negotiating )
Rockford ( sold to American Express )
SDI ( closed to broker programs )
SierraCities ( post $7.7 million second quarter loss, rumors abound
)
T&W ( bankrupt, lost their listing )
Transamerica ( sold )
Unicapital ( $11.4 million first quarter loss chairman,CEO,CFO resign,
38 employees cutback, 8/23 BSB to use other funders reported, rumor
that BSB will be "spun off", not confirmed and appears to be in
the rumor stage right now ))
United Leasing ( re-financing )
USA Capital Leasing ( gone )***
*** As you should be aware, USA Capital has filed bankruptcy and
is essentially out of business. The case was originally filed as
a Chapter 11 (reorganization) on September 21st and the case was
converted to a Chapter 7 (liquidation) on May 18th.
If any of you have claims for advance deposits, residuals, etc.
the bankruptcy case is in the US Bankruptcy Court for the District
of Colorado, Chapter 7 case number 00-14495 SEB.
I have been told that there are a few scattered bankruptcy cases
out there that hold that the trustee had to return the advance fees
to the Lessees and could not consider those fees part of the bankruptcy
estate, but that the issue has not been raised with much frequency.
If you know of anyone that is caught in the middle of the advances
and the bankruptcy filing, then advise them to obtain Denver counsel
ASAP to file a proof of claim.
Joe Bonanno, NAELB Legal Counsel
attyjgb@aol.com
(781) 391-7800
any corrections or additions, please let me know.
[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
