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August 6, 2001 Headlines---
Jeff Allard says, “ Goodbye.” Heller/GE Deal to Close by September 1st Orix Hype Improves “Image” Mike Price Resigns from Westar Financial CIT Employees Seemingly Not Interested in Tempe, Arizona U.S.Bancorp—Changing Name to Emphasize What They Do “Check “Em Out” says Alfredo R. Vionnet, Vionnet & Associates UAEL Annual Conference & Exposition (October 25-28 ---------------------------------------------------------------------------------------- HellerGE Deal-- Heller will be closing this deal with GE by September First, according to an inside source. No real word on how many will end up on the street in this exchange. Orix--- "Orix Corporation was raised to "outperform" from "hold" by analyst Tomotaka Oshio at UFJ Capital Markets Securities. In a related story, Orix was reiterated "hold" by analyst Edward Gordon at WestLB Panmure. Insider tells us not much action happening at Orix. Shows what a press release about a new president coming on board and new credit manager. Hype still works on Wall Street. ---------------------------------------------------------------------------------------- CIT, Atlanta, Ga According to reliable sources, many do not want to take the offer of Tyco/CIT and move to Tempe, Arizona. Several wags said if the move was to Tyco's H.Q. in Bermuda, they might consider it, but "no, thank you" to New Hampshire, and and "no way! " to Tempe, Arizona--- both are too far away, plus Tempe is too hot ( press time: Mostly sunny. Highs 106 to 109. Morning east wind 5 to 10 mph becoming west 5 to 10 mph during the afternoon Heat Index: 107 degrees.) --------------------------------------------------------------------------------------------- Jeff Allard says, “Goodbye.” I wanted to give you my updated contact information: email: jeff_allard @ yahoo.com Today is my last day at Bay View Commercial Leasing. It is possible that I might work with them in the near future on a independent contractor basis - I'll know after returning from my trip to Oahu. FYI, I will likely continue in the leasing business as a broker/consultant - I have a few offers and prospects. However, my primary focus will be in the movie business. My business partner (a Warner Bros. TV producer) and I have purchased the rights to remake the classic horror film - the Texas Chain Saw Massacre. This project will keep me quite busy for the next 6-8 months (we are planning for a Summer 2002 release). I'll keep you apprised of my status. I hope all is well with you. Thanks, Jeff jeff_allard @ yahoo.com --------------------------------------------------------------------------------------------- Mike Price, formerly of T&W Leasing, Resigns from Westar Financial ### ###### ## Michael Kranitz Appointed to Board for Westar Financial
TUMWATER, Wash--Westar Financial Services Incorporated (OTC:WEST), the leading automobile e-finance company, today announced Michael Scott Kranitz, formerly of CarPoint.com and DriveOff.com, has been appointed to Westar's Board of Directors and nominated for election to a three year term at the annual shareholders' meeting scheduled for September 24, 2001. Kranitz fill's the seat vacated by Michael Price, who has resigned to afford more time for his personal business ( press release statement. IRS and others have issues with Mr. Price, see: http://www.leasingnews.org/archives/July01/7-10-01.htm ) "Michael Kranitz is one of the pivotal innovators in the automotive e-commerce industry and was a leader in the development and launch of DriveOff.com, the first online business model capable of selling and financing new automobiles in real time," said R.W. Christensen, Jr., Westar's President and CEO. "His leadership and ingenuity helped establish an entirely new way for consumers to purchase and finance a car. I believe that his industry experience will make him a great addition to our Board of Directors. We appreciate the service of Michael Price and have benefited from his expertise in leasing and management during the past three years. We wish him all the best in his other endeavors." With more than 15 year of experience in the legal, financial and automotive industries, Kranitz brings a wealth of experience and knowledge to Westar. He started as a lawyer in 1985 specializing in financial law. In 1997, Kranitz formed LeaseSource Online, Inc., an online resource for consumers seeking to lease new automobiles. In its first six months, LeaseSource.com became the top auto leasing site on the internet, earning Kiplingers Magazine's "Leasing Site of the Year" in 1997 and recognition as one of the top fifty internet sites in 1998 by CIO Magazine. In 1998, LeaseSource and its sister site CarWizard.com were acquired by Navidec, and Kranitz was named Vice President of Strategic Development. He developed Navidec's new online automotive strategy, which eventually evolved into DriveOff.com. In 2000, Carpoint, Inc. acquired DriveOff.com, along with the rights to Kranitz's book, "Look Before You Lease: Secrets to Smart Vehicle Leasing" and "LeaseWizard(R) Lease & Loan Analysis" software. From late 2000 through May 2001, Kranitz served as both President of DriveOff.com and Vice President of online automobile company, Carpoint, Inc., which was then owned by Microsoft Corporation (Nasdaq:MSFT), Ford Motor Company (NYSE:F), Wells Fargo Bank (NYSE:WFC) and Navidec, Inc. Kranitz earned a Bachelor of Science Degree with High Honors in Economics from the University of Florida, and a Juris Doctorate Degree from Vanderbilt University School of Law. He currently resides in Littleton, Colorado with his wife and three children. In July, Westar posted its third consecutive profitable quarter, as revenues increased 292% to $146 million from $37 million in the first quarter ended June 30, 2000. First quarter net earnings increased to $866,000, or $0.37 per share. Operating earnings increased to $1.1 million or $0.48 per share, which is an improvement of $1.33 per share from the operating loss of $2.0 million or $0.94 per share posted in the first quarter a year ago. WEST is the leading publicly traded automobile-oriented e-commerce financial portal and ASP. Westar originates, decisions, commits to and fulfills consumer financings for itself or others. Westar completed the first entirely electronic Internet automobile purchase and lease transaction in October 1999. The company operates in the western states and nationally through alliances with AmSouth Bancorporation, Mellon Bank, USAA FSB and others. Changing of names---U.S. Bancorp Equipment Finance Group primarily does small ticket leasing with many groups who work with vendors, certain niches, and also contains US Bancorp Manifest Funding Service, according to Phil Buysse of US Bancorp. U.S.Bancorp Equipment Finance does larger ticket items, including transportation equipment. The main headquarters is Tualatin,Oregon, and not elsewhere. Their Press Release: .U.S. BANCORP LEASING & FINANCIAL BECOMES U.S. BANCORP EQUIPMENT FINANCE TUALATIN, OR - As of September 1, 2001 U.S. Bancorp Leasing & Financial will become U.S. Bancorp Equipment Finance, Inc. The merger of parent companies Firstar Corporation and U.S. Bancorp, on February 27, 2001, prompted an evaluation to determine a name best describing the equipment financing operations of the combined company. U.S. Bancorp Equipment Finance President, Chuck Langer, said, “We are in the business of financing equipment. This new name is clearly more accurate because it better describes the wide range of financing products offered by our business units.” Last year’s acquisitions of Lyon Financial Services, Inc. and Oliver-Allen Corporation have enhanced the range of financing tools under the U.S. Bancorp banner. In addition to offering financing for a wide various types of equipment, U. S. Bancorp Equipment Finance also has units that specialize in financing machine tools, office equipment, computer technology and medical equipment. “From product offerings to transaction size to industry specialization, our capabilities have increased significantly from just 18 months ago,” according to Langer. U.S. Bancorp Equipment Finance originated more than $3 Billion in leases in 2000, and is among the nation’s ten largest bank-owned equipment financing companies with assets of $7.8 Billion. Minneapolis-based U.S. Bancorp, with assets in excess of $165 billion, is the 8th largest financial services holding company in the United States. The company operates 2,231 banking offices and 5,208 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of Firstar Bank and U.S. Bank. Visit U.S. Bancorp on the web at http://www.usbank.com and Firstar Bank at http://www.firstar.com. Sites of Reference: http://www.usbank.com http://www.firstar.com ## ### “Do Your Homework” Broker Insurance Policy While I fully appreciate the comments made by Hal Hayden ( Friday, August 3, Manifest Insurance Policy ) with reference to some funding sources, being "few and far between those who protect their brokers interests insofar as the residuals and other subjects, I must disagree with him in his statement that the funding sources do not honor their arrangements. The only times such arrangements are not honored are those in which brokers do business with disreputable funding sources without checking them, in that never spoken about effort to try to book all deals in the interest of just profit. One must keep in mind that while profit is not a dirty word, there is more to life than just money. In the cases when brokers do business with those obscure, new in the arena and not known, so called "funding sources" which nobody knows about, such those springing out everywhere on the Internet, solely to add one more source where to book those questionable deals, the instances actually alluded by Hal will take place. We all tend to serve our vendors and customers, from time to time some of us and all the time others, to the most extreme limits, so as to book their deals and make them happy ( and keep them) and, in doing so, some of us consider those funding sources nobody ever heard about or with a bad reputation and a new name. Those are the ones that, not only will do business with to build a database of our vendors and customers and them market to them directly, but also will never respect any of the agreements made because that is not their ultimate goal. The best method to avoid those "inconsistencies" with the unknown funders is to check them as much as they check us, with those boring and illogical forms they use to check out their brokers, like checking the broker's personal credit will actually protect them from the "gray area" actions. The most logical thing to do is to take the time to actually check out the funding source's financial resources, track record and origin of funds, the same way we check our customers. In doing so, a broker could make an intelligent decision as to whether to do business with that new funding source or not. If they want our financial information, they should be able to give us theirs as, ultimately we make promises and representations based upon their commitments to fund transactions. Half of brokers never do that and many get stung by crooks and not having done their homework, frankly they deserve it. In the signing of broker agreements, whether they want to use those boiler plate broker agreements they like to use or not, we should a) read them and consider whether they meet our actual requirements and preferences and b) negotiate with them any areas, which we might not feel comfortable about. If the funding source refuses to do so, maybe it is time to look at another horizon. Remember, it is a two way street and the best ways to protect ourselves is to watch what we do, not only to provide that pecuniary protection we would like to have but also to protect that fiduciary relationship the customers place upon us. If we fail to protect the treatment and options of a customer as much as we should protect our own, then we have not done our jobs. If you are just a cookie cutter "one deal and get money quick broker", then don't worry. Just do it and then get out of the business because that where you're heading. I have been in this industry, as a broker, since September 1978 and certainly not being a spring chicken I have gone through all kinds of funding source changes, as well as changes in their ownership, which gave us the experience on how to deal with them and how to demonstrate to them our integrity first, so as to provide ourselves the ability to demand theirs. For instance, we started doing business with Republic Leasing Company some time about five or six years ago and, prior to even sending them the first application to consider, we took the time to independently and deeply check them, not only financially but also as to their reputation. It paid off, as they have proven to us to be a funding source, which protects itself quite well but, in doing so, protect us too. I wouldn't change them for the world. Try companies such as Bank of the West, Dumac and the like and see how they deal with their brokers and hold the other ones to the same standards these guys demonstrate to us. Even some companies, which ceased taking business from brokers, such as Imperial Business Credit, have demonstrated to us that even long after they stopped receiving our business, they respected our agreements to the very detail. Cannot say the same about AT&T Capital Corp. and their group in Pleasanton, which quickly had their people contact our vendors I don't know about Manifest but if they are what Hal says they are, we shall consider them, provided they fit our niche. But first, we'll check them out. Message: If you want the quick and dirty deal done, you'll probably find just the quick and dirty funding source. It is not always their fault. Or ours. Do your home work and sleep at night. We do. Alfredo R. Vionnet, Pres. Vionnet & Associates, Inc. http://www.vionnetlsg.com (559) 229-4782, Ext 2# --------------------------------------------------------------------------------------------- This year's UAEL Annual Conference & Exposition (October 25-28) is not to be missed! Check out the exhibitors, sponsors, educational workshops and networking opportunities by visiting our website at www.uael.org and downloading the full conference brochure. While online you can: *Register for the conference *Make appointments with Funding Sources and Service Providers *Register as an exhibitor (limited booth space available) *Sponsor an event (limited sponsorship opportunities available) *Visit the San Antonio Convention & Visitor's Bureau website from the UAEL site Don't wait, register today! See you in San Antonio! Joanie Dalton - Managing Director UAEL - United Association of Equipment Leasing 520 Third Street, #201 Oakland, CA 94607 (510) 444-9235 x27 (510) 444-1346 fax joanie@uael.org www.uael.org
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