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August 8, 2001 Headlines--- Viri Going Through the Leasing Industry Capital Avenue/MyReceivables.com Enter the Internet Fray ALTA Group—Top Equipment Finance/Leasing Consultancy Group in US Trade Finance Magazine Ranks CIT Factoring “Tops” NetBank, Inc. Reports 13th Consecutive Profitable Quarter Chesapeake System Solutions Software Gains Two Major Clients PAYNET Launches Online Payment History Database Colwick, Wagner and Karstens Join TCF Leasing Microforum Appoints Schofield as New CEO Fred St. Laurent Has Job Opportunity Available-- Imperial Bank Appoints Mick Myers as Vice President—Redux 114 Changes---The List Chronological changes the last week plus BMW Financial Services Takes Uncertainty Out of Lease-End Car Returns #### denotes company press release Virus Warnings--- We don’t publish these unless they are hitting our industry. This is not a joke. It isn’t a hoax. It is getting more serious as more of us are opening attachments or using html instead of text in e-mail. You may be next. I bet the person who does not read this, will be next. These were forwarded to us by readers or sent directly: My PC is infected with the W32/Sircam virus. The virus is sending e-mail from my machine to everybody in my address book Brian Ciriello Collection Manager Crown Bank Leasing 800-775-3273 My luck as always, a dollar short and a day late. I upgraded my NAV software last evening and not all infected files could be quarantined and I lost a good number of them. Nothing too important, I hope. At least from your explanation, I understand what happened. Steven B. Geller, CLP Leasing Solutions LLC www.leasingsolutionsllc.com 20 Dike Drive, Wesley Hills, NY 10952 sgeller@leasingsolutionsllc.com phone:(845)362-6106 fax: (845) 354-2803 cell phone: (914) 552-0842 Hi Kit, Chris Oder, IS Department at Republic Leasing here... Vicki Hall In our Marketing department forwards me your news letter when it contains virus alerts... Most of the time they are right on the money, but your latest seems a bit confused... First of all yes there is a new strain of code red that is faster and harder to detect, but code red is not now and has never been an e-mail virus... Code Red only affects Windows NT 4.0 Servers and Windows 2000 Servers and Workstations running IIS... It utilizes a flaw in the default install of IIS that can be easily patched by a security update that has been available from Microsoft since June... http://www.microsoft.com/technet/security/bulletin/MS01-033.asp Every administrator of an IIS system should install this patch to prevent infection from Code Red... For more info on Code red and it's variants see: http://www.symantec.com/avcenter/venc/data/codered.v3.html The information about the e-mail message is sort of accurate... First of all, it's not code red, it's the sircam virus... Sircam changes subject lines and has a variable message body, so it will not always appear the way you have mentioned it... It looks for common office document file formats and attaches one of your personal files along with itself to an e-mail, then sends it to addresses in your address book, and in your Internet cache folder... As of July 17, Norton Antivirus does FIND this virus... You are correct in saying that it cannot clean the virus and deletes it instead... This should not be a problem considering you probably had not requested the random file anyway... If your own PC becomes infected by sircam or you wish to open an infected attachment, Norton has a free tool that will remove it without affecting your own files... It is available at: http://www.symantec.com/avcenter/venc/data/w32.sircam.worm@mm.html ( Many users are not as confident as you are in performing this function. Norton is reacting to the new strain, and this new patch will help. editor ) Also, following Doug Delack's advice will protect you from most virus scripts, though it will not necessarily prevent either of the above viruses... Since, Code Red is not an e-mail virus, it can only be prevented by applying the patch above, using antivirus software on your IIS server, and configuring your firewall to not accept traffic on port 80 that was not explicitly requested from the internal network... Sircam is executed by opening the attachment that is sent with the e-mail... The message body itself serves as an excellent form of social engineering by enticing the user to open the attachment... Training users to not open attachments they did not specifically request is the only real way to prevent viruses of this nature if all your additional security fails... For more info on the latest viruses please visit Symantec's Virus Security page: http://www.symantec.com/avcenter/index.html Thanks for your time, and I hope this clears things up... Chris Oder Network/Systems Analyst Republic Leasing Company P: 800.669.0222 x. 8280 F: 877.398.3223 ( Thank you, indeed. Your information about the two reported virus are correct. Your comments are much appreciated, and confirming what Doug Delack’s advice, which is basically sound and correct, too. There are several “strains” of Sircam making the rounds. It appears the person who wrote it has adjusted it. I have reports from readers at my main site, one a computer consultant with a staff of 25, who runs a very sophisticated anti-virus program, he thought, who got hit on his own laptop. He swears he never opened an attachment and this one went through his latest Symantec ( Norton ) and he clicked “delete” and it deleted all his files infected. Just as what happened to Steve Geller. He had no back-up on his laptop, too. I should also note for the record: American Leasing has leases with Symantec, they are our customer, and it is not to our advantage to say their product is not working. Hopefully the new patch Chris Oder mentioned will help, but to most users, it is confusing and not as easy to use as a professional IS person. This is a serious subject and could take up many newsletters. But the best advice is stated by Chris Oder: “Training users to not open attachments they did not specifically request is the only real way to prevent viruses of this nature if all your additional security fails...” (DON’T OPEN ATTACHMENTS ..BLINDLY. If you want to open it, FIRST----QUERY THE SENDER THAT THEY INDEED SENT IT AND THE ATTACHMENT IS VIRUSFREE. Wait for a response.) and “Every administrator of an IIS system should install this patch to prevent infection from Code Red... For more info on Code red and it's variants see: http://www.symantec.com/avcenter/venc/data/codered.v3.html” This is not a joke. Protect your company, no matter if it is a one person operation or hundreds. Don’t open attachments. It is best to send and receive e-mail in text format today. editor ) ### ############### ################### ################### Capital Avenue and MyReceivables.com Announce Alliance Capital Avenue, a company that gives any institution the ability to offer financial products to its business customers through a simple, co-branding arrangement, today announced that it has entered into an alliance with MyReceivables.com, the leading provider of online accounts receivable funding, management and technology services. Under the agreement, MyReceivables.com will be the exclusive provider of accounts receivable funding and management services to the entities partnering with Capital Avenue. MyReceivables.com is now part of Capital Avenue's suite of financial products that non-financial institutions will be able to offer their business customers. By working with some of the nation's premier financial institutions, Capital Avenue provides any entity with business customers, from insurance companies to associations to ISPs, the ability to easily and seamlessly offer lending and leasing products to its customers or members through the Internet. In addition to the accounts receivable solutions provided by MyReceivables.com, other financial products available through Capital Avenue include: business loans; SBA loans; leasing; discount purchasing; and merchant services. MyReceivables.com provides businesses with instant cash for their accounts receivable through its integrated Web-based platform. In addition to providing receivables funding, the company offers invoicing and statement processing, collections and reporting through its easy-to-use Internet interface. MyReceivables.com also provides proprietary online payment and transaction processing technology offering a variety of custom credit purchasing programs for consumer and business-to-business Internet transactions. The company is backed by the CDS Group, a firm with a successful 28-year history. "Capital Avenue is changing the rules in terms of which institutions are able to offer their business customers access to financial products," said Leonard Leff, president and chief executive officer of MyReceivables.com. "We are very pleased to be part of this effort and to provide Capital Avenue's end users with our accounts receivable and management services. Our service fits perfectly with other products offered by Capital Avenue." "We are very pleased to be working with MyReceivables.com," said Thomas Danehey, chief executive officer of Capital Avenue. "We have taken pains to ensure that the companies we put together are the best in their respective fields. In the arena of receivables financing and management services, no one does it as well as MyReceivables.com. Business customers will be very happy with their services." About MyReceivables.com MyReceivables.com, a member of the CDS Group established in 1972, began offering its services online in early 2000. The company is the first and largest provider of a full range of online accounts receivable services. This includes accounts receivable management and funding, technology, virtual credit cards, billing, collections, and database marketing. MyReceivables.com is the Internet's leader for small business accounts receivable funding and management. The CDS Group is a New York-based financial services and technology company. For more information, visit the company's Web site at http://www.MyReceivables.com or call Leonard Leff, president and chief executive officer, at (800) 338-7353. About Capital Avenue Based in New York City and Hartford, Connecticut, Capital Avenue provides non-financial institutions with the ability to offer commercial banking products such as premium financing, business loans, SBA loans, leasing, receivables financing, discount purchasing and merchant services, to an entity's business customers. These financing opportunities are brought together through Capital Avenue's relationships with some of the nation's premier financial institutions: National Cooperative Bank; MyReceivables.com; Sierra Cities; Republic Leasing; and CIT Small Business Lending. More information on Capital Avenue can be found at www.capitalavenue.com or by calling (800) 883-2498. ### ############## #################### PS Completes Acquisition of First International Bancorp August 08, 2001 UPS announced completion of its acquisition of First International Bancorp, a move that fortifies UPS Capital's comprehensive supply chain finance offerings, especially for small and mid-size businesses. First International is a national leader in the use of U.S. government-guaranteed loan programs made available by the Small Business Administration, the U.S. Department of Agriculture and the Export-Import Bank of the United States. The acquisition of First International was structured as a tax-free merger in which First International became a wholly owned subsidiary of UPS. Each share of First International common stock has been converted into the right to receive 0.1320 shares of UPS Class B common stock, of which 0.0173 shares has been placed into escrow pursuant to the terms of the transaction. UPS will issue approximately 1,062,398 shares of Class B common stock and will account for the transaction as a purchase. UPS expects the acquisition to be non-dilutive to earnings per share in 2001 and slightly accretive in 2002. First International common stock will be delisted from the NASDAQ National Market, effective at the close of trading, and First International will take steps to deregister its common stock with the Securities and Exchange Commission #### ############# ALTA Group—Top Equipment Finance/Leasing Consultancy Group in US
LAKE TAHOE, Nevada Four of Top Five Companies in Top 100 Rankings Among the Clients Serviced by the Leading Equipment Finance/Leasing Consultancy in US Twenty-five of the top 100 companies listed in The Monitor 100, the equipment leasing and financing industry's leading annual ranking of top companies, have contracted the consulting services of a single agency in recent years -- including each of the top four and five of the top ten companies. The agency, known as The Alta Group, has long-been known as the top international consultancy for the equipment leasing and financing industry. "We have known all along our efforts have produced positive and profitable results for our client, but this is a huge endorsement for what we have accomplished since we were founded in 1992," said founding principal, John C. Deane. "You can't perform much better than having all four of the largest companies in one specific industry sector on your client list. Our performance in the annual rankings confirms that The Alta Group's principals are the most sought after consultancy in industry." A partial list of companies in the Monitor 100 that The Alta Group has serviced include: General Electric, IBM, John Deere Credit, Boeing Capital, Heller Financial, Farm Credit Leasing, LaSalle National Leasing, Verizon Capital Corp., Key Equipment Finance and Hewlett-Packard Tech Finance. Upon their founding in 1992, industry experts immediately deemed The Alta Group as the top consultancy for the industry worldwide. The company's structure is unique, in that its principals are in offices spread throughout the globe, including: Lake Tahoe (headquarters), San Francisco, New York, Miami and Salt Lake City, among others. Deane founded the company in 1992 along with principals Norman L. Chapman, John H. Giddens and William Montgomery, each of whom previously served in a prominent executive position within the equipment finance/leasing industry prior to establishing the consultancy. The company was founded with only one client, The Boeing Company, who proposed the same question to the consultancy that they have heard from many clients since: "Should we enter the equipment leasing and financing business?" For more information please call Josh Luke at 775/323-2181 or visit www.thealtagroup.com. CONTACT: Bayer Bauserman for The Alta Group Josh Luke, 775/323-2181 ######## ################# ########################### PS Completes Acquisition of First International Bancorp August 08, 2001 UPS announced completion of its acquisition of First International Bancorp, a move that fortifies UPS Capital's comprehensive supply chain finance offerings, especially for small and mid-size businesses. First International is a national leader in the use of U.S. government-guaranteed loan programs made available by the Small Business Administration, the U.S. Department of Agriculture and the Export-Import Bank of the United States. The acquisition of First International was structured as a tax-free merger in which First International became a wholly owned subsidiary of UPS. Each share of First International common stock has been converted into the right to receive 0.1320 shares of UPS Class B common stock, of which 0.0173 shares has been placed into escrow pursuant to the terms of the transaction. UPS will issue approximately 1,062,398 shares of Class B common stock and will account for the transaction as a purchase. UPS expects the acquisition to be non-dilutive to earnings per share in 2001 and slightly accretive in 2002. First International common stock will be delisted from the NASDAQ National Market, effective at the close of trading, and First International will take steps to deregister its common stock with the Securities and Exchange Commission ### ################### ####################### Job Opening Kit, I have a job opening in the NY NJ PA area for a 2 billion dollar bank that is looking for someone from the broker world, who is looking for a true salary (50k) as well as a percentage of profit (30% of the NPV) And a volume over ride....( starting at 1/4 % up to 1 full % after 4MM in volume). Someone who brings relationships, (book of business) and who isn't afraid to cold call. Home office all the expenses and a computer. Great benefits. This is a good sales job for someone... Is this something that you can help me with? Fred St Laurent Senior National Recruiter ELA, UAEL, NAELB Management Recruiters of Melbourne, Inc A division of Management Recruiters International 134 Fifth Ave Suite 208 Indiatlantic FL 32901 321-951-7644 ext 3123 321-951-4235 Fax 321-749-4618 Cell http://www.mrirecruiter.com ( Sorry, Fred, can’t help you at this time. Steve Chriest is still working on the Classified script. I am ready on our end with the lead ins and extras. And would like to start a lease recruiters section, too, but if I run this, others will ask me to do the same, so therefore can’t be of help to you at this time. editor ) --------------------------------------------------------------------------------------------- I'm always interested in happenings at Imperial Bank. But, I didn't see anything written about Mr. Myers. Did I miss it? Stewart ( Sorry, perhaps when I was posting the Leasing News policy I deleted it somehow. It was on the "online version." Leasing News is written in word, then pasted by me in text for sending and html by our webmaster for the online line version. I add the policy statement for the e-mail version. The Story was at the end, and that's how it happened. For those that don't read Leasing News on line, here is the story that Stewart requested. editor ) ########## ################### #################### Imperial Bank Appoints Mick Myers as Vice President
DENVER--Imperial Bank, a Comerica Incorporated company (NYSE:CMA), today announced that Mick Myers has joined the Denver office of its Emerging Growth Division as vice president of its equipment financing practice. Myers' responsibilities will include administering the leasing portfolio, evaluating equipment for collateral coverage and developing strategic alliances with venture-backed technology companies. "Mick brings a wealth of knowledge and experience in the banking, advertising and marketing, and technology fields," said James Ellison, senior vice president and managing director of the Northwest region of Imperial's Emerging Growth Division. "His extensive background in venture leasing and equipment remarketing will ensure strong leadership as we expand our equipment financing activities nationwide." Myers began his career at General Electric Capital/Ellco Leasing Corporation, where he was responsible for negotiating lease options, performing equipment evaluations and remarketing. Prior to joining Imperial Bank, Myers was vice president and general manager at Capital Associates, where he managed the operations of Name Brand Computer Outlet (NBCO), which included a computer refurbishment facility in Denver and several retail stores in the Midwest. Myers is a graduate of the University of Wyoming with a B.S. in journalism. About Imperial Bank Imperial Bank, a Comerica Incorporated company that was founded in 1963, has been a technology banking leader for nearly a decade, and offers a wide range of financial services tailored to corporate customers, entrepreneurs and professionals. The Emerging Growth Division provides credit and financial services and products to young, growing professionally backed technology companies in the computer products, Internet services, telecommunications, life sciences and e-commerce industries. Within the Emerging Growth Division is Venture Capital Services, which is dedicated to providing venture capitalists a full range of banking services. From offices located across the U.S., Imperial's senior level venture banking team serves all major technology centers. Comerica Incorporated is the 17th largest bank holding company in the nation, with $49 billion in assets. Comerica acquired Imperial Bancorp, the former holding company of Imperial Bank, on January 31, 2001. ### ################ ######################## Leasing News The List http://www.leasingnews.org/list.htm
on line in chronological and alphabetical order. Here are the changes from last week added to the list: 114 changes T&W, Washington ( 8/2001) Mike Price, formerly of T&W Leasing, Resigns from Westar Financial (7/2001) T&W Mike Price charged with evading taxes on $3.2 million yacht (10/2000 filed Chapter 11. Creditors meeting on 12-4-00 Seattle. Case # 00-10868 US Bankruptcy Court Western District of Wash. 206-553-7545. Debtor Attorney-Marc Barreca 206-623-7580) Bay View Capital, San Mateo, CA ( 8/2001) Jeff Allard last day, door now closed, says, “ Goodbye,” going to co-produce “Texas Chain Massacre” movie (7/2001) reports a second quarter 2001 net loss of $95.4 million ( 5/2001) Jeff Allard, CLP, COO “... decided to exit the commercial leasing business and other business lines due to the strategic change in the company's direction as determined by the new management team.” Parent company running out of money, a lot of good people let go. Heller Financial Corporation (8/2001)GE o close by September First, according to an inside source. No real word on how many will end up on the street in this exchange Bay View Capital, San Mateo, CA (7/2001) reports a second quarter 2001 net loss of $95.4 million ( 5/2001) Jeff Allard, CLP, COO “... decided to exit the commercial leasing business and other business lines due to the strategic change in the company's direction as determined by the new management team.” Parent company running out of money, a lot of good people let go.
( 2/2001) reports
fourth quarter 2000 net
loss of $92.5 million
( 12/2000 announces $17 million loss/later does not issue dividend ) Orix (8/7001) "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." (7/2001) Hires Donald Cox as Exec.VP/CFO—30 years exp.at BofA. Many predict he will be a "figure head" and the company will not be around in two to three years---history will tell if this is correct or not. (4/2001) Orix to “consolidate;” close offices, moving to Atlanta, Ga. 2/2001) Closes re-discount center, Steve Geller says "goodbye." Geller joins Leasing News Advisory Board, receives many accolades from readers ( 11/10) First Six Month Profits up 14% at Orix! ) 11/8 New President at Orix appointed . (10/2000) "long-term Outlook has been revised from Stable to Negative" Credit Alliance that it has changed its name to ORIX Financial Services, 9/2000 Japanese Bank President Commits Suicide (Orix is a 14.7% shareholder in bank having problems ), (8/2000 closes small ticket vendor division in\ Portland, Oregon. XTRA ( (7/2001) to be acquired by Berkshire Hathaway for $587.9M, Warren Buffett calls for everyone to have a round of Margarita’s. Heller Financial Corporation (8/2001)GE o close by September First, according to an inside source. No real word on how many will end up on the street in this exchange.(7/2001) General Electric Capital Corp. buys for $5.3 billion, plus Connecticut Avenue. Is Microsoft next? Orix (8/2001)GE o close by September First, according to an inside source. No real word on how many will end up on the street in this exchange.(7/2001) General Electric Capital Corp. buys for $5.3 billion, plus Connecticut Avenue. Is Microsoft next? (8/7001) "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." (7/2001) Hires Donald Cox as Exec.VP/CFO—30 years exp. at BofA. Many predict he will be a "figure head" and the company will not be around in two to three years---history will tell if this is correct or not. (4/2001) Orix to “consolidate;” close offices, moving to Atlanta, Ga. ( 2/2001) Closes re-discount center, Steve Geller says "goodbye." Geller joins Leasing News Advisory Board, receives many accolades from readers ( 11/10) First Six Month Profits up 14% at Orix! ) 11/8 New President at Orix appointed . (10/2000) "long-term Outlook has been revised from Stable to Negative" Credit Alliance that it has changed its name to ORIX Financial Services, 9/2000 Japanese Bank President Commits Suicide (Orix is a 14.7% shareholder in bank having problems ),(8/2000 closes small ticket vendor division in\ Portland, Oregon.
CIT (8/2001) 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.) 7/2001) CIT to Let 150 Go, close Atlanta, Ga.----Move to Tempe, Arizona or "Goodbye!" (7/2001) CIT to Let 150 Go, close Atlanta, Ga.----Move to Tempe, Arizona or "Goodbye!" ( Tempe website https://www.tempe.gov/water/hotline.htm Roach warning or live camera of downtown Tempe http://www.tempe.gov/millcam/default.asp city services, relocation: http://www.tempe.gov/docs1/moving.htm Weather today: 110 degrees http://www.weatherpoint.com/azcentral/ ( 5/2001) CIT Shareholders Approve Proposed Tyco-CIT Acquisition (3/2001) Tyco International Ltd. makes offer for about $9.2 billion in cash and stock in a deal that would allow the manufacturer to finance purchases of its wide array of products. Bermuda Hq., N.H. operation office. ( 2/2001) Closing Atlanta office and others, "freeze" on new broker business from this office ( 5/2001) Bruce Nelson, Tempe, Arizona seeking broker business. “We are an asset based lender and provide equipment financing in the following industries: Construction, Transportation, Logging, Material Handling, Corporate Aircraft, Mining, Energy, & Marine.” PinnLease (8/2001) In San Diego Feds file charges for filing false financial statements plus criminal charges for bilking at least 166 investors out of $330 million after. Fanghella turns turns self in 7/2001 ) Barbados Court Freezes PinnFund Exec's Assets (6/2001) Leasing News considers it a “not guilty” judgment against Tommy Larsen, but Larsen’s lawyer basically agreed to comply with the temporary restraining order of March 23 and agreed that Mr. Larsen would give an accounting of any possible gains he received that rightfully belong to PinnFund. Since he gave in to everything the receiver wanted, he was not held in contempt. The records shows that being acquitted or not guilty was not what happened. The judge found he wasn't in contempt because, going forward, he agreed to cooperate fully. (6/2001) Judge Hands Down $109 M Default Judgment in PinnFund Scandal. Bounty Hunters Get the Nod to Go Get 'Em ( 4/2001 ) Judge continues freeze of assets. (4/2001) Founder of PinnFund skips bail, judge issues arrest warrant ( 4/2001) PinnFund out of money, closes all offices, including leasing., newspaper stories say “Millions of dollars are gone.” (3/2001) PinnLease USA to Fold 47 Nationwide Offices-- $100 Million Fraud, reads like a tabloid story, perhaps largest fraud in West Coast history. Finova Group Inc. (8/2001) for the second quarter 2001, reporting a net loss of $436.5 million (6/2001) wins bankruptcy judge's permission to proceed with a $7.35 billion recovery plan for the finance company proposed by Warren Buffett and Leucadia National Corp; hearing date August 11. (3/2001) files Chap. 11 as per plan, many disputes, Finova Former CEO May Get $9.3 Million in Severance, says Arizona Republic Newspaper (3/2001) Dow Jones questions take over plans (2/2001) Finova Bailed Out by Buffett-Led Group , Berkshire Hathaway and Leucadia National announced that they have entered into an agreement for a $6 billion loan to Finova Capital , however to clear up any reditor issues, will have to file Chapter 7 and hope creditors don't push into Chapter 11, many guess stock manipulations and other "doings" going on. ( 2/2001) downgraded to "C" rating by Fitch "With significant debt maturities due in May 2001 and Leucadia National Corp's $350 million investment withdrawn, Finova's ability to operate as a going concern faces serious challenges."(1/2001) Deal of Leucadia National to Invest $350 Million in Finova falls apart 1/2001 laid off 90 employees, or about 9 percent of its workforce, in an ongoing effort to cut costs. The company continues to employ about 300 people in Phoenix and 940 nationwide. (12/2000) out of market place, many problems, raises $250 MM, but not enough ) (11/2000 Announces they will discontinue business, sell units 11/2000 Suspends Dividend 11/2000 Leucadia National to Invest $350 Million in Finova 11/2000 reports $274 million loss)( 10/2000 Dow Jones notes stock falling and problems at Finova) (10/2000 Dow Jones headlines "Finova Stock Falls As Buyout Hopes Wanes. 1Lease (7/2001) 1Lease exits broker application business to focus on vendor and "buying" lease portfolio's: will be at UAEL San Antonio Conference. (6/2001) Sean Wheeler announces he is leaving leasing to run three Wetpet stores. #### ################## ########################### ########## CIT Recognized by Trade Finance Magazine as One of the Best Factoring Organizations in the World
NEW YORK, -- CIT Commercial Services, a unit of CIT, the financial services subsidiary of Tyco International Ltd, has received Trade Finance magazine's high commendation as one of the best factoring organizations in the world. Part of Trade Finance's fourth annual Awards for Excellence 2001, the awards are the result of a reader poll and have a global scope. This year CIT is the only US-based factoring company to receive this distinction. "We are extremely honored by the award and by the recognition the readers of Trade Finance have given us," said John F. Daly, President of Commercial Services. "We are committed to supporting our clients' business needs with innovative financing solutions backed by superior service levels. We also place great emphasis on long-term relationships. It is gratifying that many of our clients have recognized our efforts and ranked us among the best factors in the world." Trade Finance magazine is a global magazine focusing on international trade finance. Voting forms are sent out to all subscribers and the results are calculated from returns of the poll. Before 1999, the poll had been open only to corporate and service sectors, excluding banks. Since 1999 the magazine has allowed banks to vote as well, but no one is permitted to vote for themselves. About CIT Commercial Services: CIT Commercial Services is the world's leading provider of factoring, credit protection, accounts receivable management and lending services. We tailor financial solutions that help companies of all sizes increase sales, improve cash flow, reduce operating expenses and control customer credit losses. About CIT CIT, the financial services subsidiary of Tyco International Ltd., is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries. Managing more than $50 billion in assets across a diversified portfolio, CIT is the trusted financial engine empowering many of today's industry leaders and emerging businesses, offering vendor, equipment, commercial, factoring, consumer and structured financing capabilities. Founded in 1908, CIT operates extensively in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific Rim. For more information on CIT, visit the Web site at www.cit.com. About Tyco International Ltd Tyco International Ltd. (NYSE: TYC, LSE: TYI, BSX: TYC) is a diversified manufacturing and service company. Tyco is the world's largest manufacturer and servicer of electrical and electronic components; the world's largest designer, manufacturer, installer and servicer of undersea telecommunications systems; the world's largest manufacturer, installer and provider of fire protection systems and electronic security services and the world's largest manufacturer of specialty valves. Tyco also holds strong leadership positions in medical device products, financing and leasing capital, plastics and adhesives. Tyco operates in more than 100 countries and had fiscal 2000 sales of $28.9 billion.
SOURCE CIT Commercial Services ### ################ ############################### NetBank, Inc. Reports 13th Consecutive Profitable Quarter Amid Strategic Acquisitions and Partnerships
Highlights Include Purchase of Market Street Mortgage, Partnership with Dundee Bancorp and Conversion of CompuBank Accounts ATLANTA, / -- NetBank, Inc. (Nasdaq: NTBK), the holding company for the world's leading and first profitable independent Internet bank, NetBank(R) ( www.netbank.com ), Member FDIC and Equal Housing Lender, announced its 13th consecutive profitable quarter of operations. "This was a truly remarkable quarter," said D.R. Grimes, CEO and Vice Chairman of NetBank. "Our ongoing fiscal discipline and strong balance sheet allowed us to take advantage of some key opportunities in the marketplace. Through the acquisitions and partnerships completed over the past few months, we have an opportunity to expand our services and extend our brand recognition to create greater value for shareholders and an even more dynamic, robust banking experience for customers." As of June 30, the bank reported total assets of $2.2 billion, an increase of $622 million or 40% over the last twelve months. Net income for the second quarter 2001 met consensus estimates, totaling $779 thousand (or $.03 per share), compared to a net loss of $410 thousand (or -$.01 per share) before extraordinary gains of $2.6 million in the same quarter a year ago. For six-month, year-to-date results, net income totaled $1.6 million (or $.05 per share), compared to a loss of $308,000 (or -$.01 per share) before extraordinary gains of $7.1 million in the first six months of 2000. "Last year we took advantage of a unique opportunity to retire debt early at a significant savings," Grimes said. "We used the gains to grow the bank aggressively and invest in infrastructure without sacrificing the bank's bottom line. We are now focused on leveraging our larger account base to increase our core profitability." Fee income during the first six months of 2001 increased by more than 200%, compared to the first six months of last year. At the end of the second quarter, accounts numbered 232,000, an increase of more than 122% over the past year. Grimes noted that the bank's high-quality, carefully managed asset portfolio continued to perform well in today's challenging market of heightened deposit-rate competition and tightened margins due to lower asset yields. One-fourth of the portfolio is made up of cash and investments, such as agencies and mortgage-backed securities. The investments had an unrealized gain of $2.2 million as of June 30. Loans comprise the remaining three-fourths of the bank's portfolio, and single-family residential loans represent about 82% of this total. The bank had an allowance for loan losses in excess of 1% (or $16.1 million) at the end of the quarter and a 90-day-past-due rate of only .16% (or $2.6 million). "We have always maintained a conservative investment strategy -- an advantage that our low-cost operational structure provides us," Grimes said. "Our low delinquency rate on loans reflects this strategy and the strength of our portfolio." Operational highlights of the quarter include the acquisition of Market Street Mortgage and the formation of a subsidiary, NB Partners, Inc., to pursue international partnerships. Market Street Mortgage is a 15-year-old, leading originator of mortgage loans. The Clearwater, Florida-based lender operates 43 offices in 11 states and is expected to originate more than $2.4 billion in mortgages this year. The company ranked as the 38th largest retail mortgage originator last year according to National Mortgage News and has been the top originator of mortgages in the Tampa, Florida-area for the last 10 years. The acquisition closed on June 29. NB Partners licenses limited use of the NetBank name and trademarks to partners in foreign countries or regions. NB Partners provides the bank a means to enter a new market with minimal investment and a business partner that knows local consumer trends and banking regulations. NB Partners announced its first partnership on April 26. The agreement is with Dundee Bancorp, a Toronto-based financial services company, and gives Dundee Bancorp the right to use the bank's trademarks in Canada. "Both deals represent significant revenue opportunities," Grimes said. "Market Street Mortgage is a profitable company with a talented, experienced management team. Our partnership with the lender will lead to new cross-sell opportunities for both companies. Through the agreement with Dundee Bancorp, we earn an annual licensing fee and a minority stake in its new banking subsidiary." NetBank continued its effort to control new account acquisition costs and attract quality accounts. In May, the bank successfully converted the accounts that it acquired from CompuBank. The bank has retained 47,000 accounts as of June 30 and reports an acquisition cost of approximately $110 per account. "This acquisition represented a good opportunity for us to acquire a sizeable number of experienced online banking customers at a very attractive cost," Grimes said. "The majority of the accounts are checking accounts, much like our own. These customers tend to be more loyal and are likelier to use other services over time. The average balance in all of the accounts has increased since the conversion because of the higher interest rate many of the customers are now earning. We have also seen a number of customers open other accounts that weren't available to them previously, such as CDs." Additionally, NetBank signed two important marketing agreements. The bank began a new advertising campaign with MSN(R). The bank also renewed an agreement with Intuit(R) that includes banner advertising on the Quicken.com Web site and brand name presence in the Quicken(R) 2002 software application. A NetBank icon will appear on the PC desktop of Quicken users once the program is installed. "These campaigns put our products and services in front of targeted groups of technology-savvy consumers," Grimes said. "We had great results with both of these partners in the past and expect continued success in the future." NetBank has scheduled a conference call to discuss its second quarter results with financial analysts on Wednesday, August 8, at 11 a.m. (ET). The call will be audiocast live over the Internet. Interested parties may listen to the call on NetBank's Web site. From the homepage, go to "Investor Relations" under "About NetBank" and click "Quarterly Audiocasts." About NetBank(R) NETBANK, Inc. (Nasdaq: NTBK; www.netbank.com ) is a financial services company that has recorded 13 consecutive quarters of profitability to date. Its wholly owned subsidiary, NetBank, Member FDIC, was the first profitable pure Internet bank in the country. With $2.2 billion in assets and customers in all 50 states and 20 foreign countries, NetBank was recognized as the best online bank by readers of Worth magazine in its 2000 "Readers' Choice Awards" survey and as a Money.com pick for "Best Online Banks." With its low-cost, branchless business model, NetBank is able to reward its customers with high interest rates on deposits with low- or no-fee banking services. Products and services include free online account access, free checking, free unlimited online bill payment and presentment, free unlimited ATM use, VISA(R) Check Card, VISA(R) credit card, online brokerage services, mortgage lending, home equity lines and loans, insurance, IRAs, online safe deposit boxes, and business equipment leasing services. NetBank is a member of the AFFN, Cirrus, Star/Honor, MAC and NYCE ATM networks. For more information on NetBank, its products and services, visit the Web site at www.netbank.com , or call 1-888-BKONWEB (256-6932). ### ############## ########################## ################ Chesapeake System Solutions Software to be Installed by Two Major Corporations
Heller Financial, Inc. and Shoe Show, Inc. to Monitor Reconciliations OWINGS MILLS, Md., \/ -- Peter Vogelberger, President of Chesapeake System Solutions, has announced that two large corporations have purchased its software products for use in their cash and reconciliation department. Heller Financial, Inc., the worldwide commercial finance company, has purchased the Total Reconciliation Software (T-Recs) software package by Chesapeake System Solutions. Shoe Show, Inc., the multi-state footwear retailer has purchased Chesapeake's T-Recs and Unclaimed Property Compliance System (UPCS). Said Larry Hund, Executive Vice President and Controller for Heller Financial, Inc., "Using this cash management software, we plan to automate the reconciliation process, track outstanding items, and monitor bank fees. With the new automation, reconciliations can be monitored daily rather than monthly, and outstanding items can be recognized and corrected in the same accounting period." Hund adds that the T-Recs software was chosen because "one of Heller's goals is continuous improvement using the best practices. T-Recs offers us a tool to accomplish this goal. Compared to the competition, Chesapeake's product is the most efficient and user friendly." Continued Hund, "We expect to see a significant reduction in the amount of time spent on reconciling our cash accounts. The time saved on the monthly reconciling process will allow our employees more time for analysis and resolution of outstanding items." About Heller Financial, Inc. Heller Financial, Inc., is a worldwide commercial finance company providing a broad range of collateralized financing solutions. With $20 billion in total assets, Heller offers equipment financing and leasing, sales finance programs, collateral and cash flow-based financing, as well as financing for healthcare companies and commercial real estate. The company also offers trade finance; factoring, asset-based lending, leasing and vendor finance products and programs to clients in Europe, Asia, and Latin America. About Shoe Show, Inc. Founded in 1960 in Kannapolis, North Carolina, Shoe Show, Inc. has over 700 retail outlets in 28 states. The company operates stores under the names Shoe Show, The Shoe Dept., and Burlington Shoes. All stores sell a complete line of brand name family footwear including dress, casual, athletic and work shoes, as well as handbags, hosiery and other accessories. About Chesapeake System Solutions Chesapeake System Solutions is a worldwide leader in the development, distribution and support of reconciliation, cash management and unclaimed property software. The Owings Mills, Maryland based company was founded in 1988 and has furnished its two products and ongoing support to over 250 customers nationwide. Total Reconciliation Solution (T-Recs) provides multi-outlet companies with a comprehensive and customizable system to collect, analyze, verify and reconcile daily deposits, and to manage the subsequent reports and follow-up actions. T-Recs is a desktop, client-server application, which automates the entire reconciliation process -- from the identification of exceptions to automated resolution and adjustment. Unclaimed Property Compliance System (UPCS) enables corporations to automate the management of unclaimed property in all 53 US jurisdictions, including the filing of state-specific regulatory reports for unpaid wages or commissions, stock certificates, dividend checks, overpayments, and accounts payable. ##################### ################################# ( Yesterday: -Donald J. Murray has joined Finance Company Services (FCS) as Director - Business Development, announced Mark D. Quinlan, Finance Company Services President. A division of Textron Financial Corporation, FCS) COLWICK, WAGNER AND KARSTENS JOIN TCF LEASING, INC. Minnetonka, –TCF Leasing, Inc., today announced that Bill Colwick, Wayne Wagner and Kevin Karstens have joined TCF Leasing, Inc., a general equipment finance company with a focus on middle market companies, truck and trailer finance, lease discounting and syndications. Bill Colwick has been named Vice President, Middle Market Division. Bill will focus on providing equipment financing and leasing for machine tool, woodworking and graphic arts vendors. He was formerly President and CEO of LCA until Associates Commercial Corporation (ACC) acquired it in 1995. Bill served as Vice President and General Manager of ACC’s Manufacturing Equipment Group until joining TCF. Bill will be based in Kentucky. Wayne Wagner joins TCF Leasing, Inc., as Vice President, Middle Market Division. He was previously with Associates Commercial Corporation as District Sales Manger and has over 19 years experience in the financial services industry. In addition to providing lease and loan financing to middle market companies in the construction industry, Wayne will also target machine tools and manufacturing. Wayne’s territory includes Pennsylvania, Ohio and West Virginia. Wayne will be based in Pennsylvania. Kevin Karstens has joined TCF Leasing, Inc., as a Vice President, Middle Market Division. Kevin was previously with Wells Fargo Equipment Finance where he served as Vice President, Middle Market, Vendor Division. He has been active in the equipment leasing business for over 15 years. In his new role, Kevin will focus on providing loan and lease financing to middle Market companies in Illinois and Western Michigan for equipment such as rail, packaging, machine tool, construction, printing and manufacturing. Kevin will work out of TCF Bank’s Illinois headquarter location in Burr Ridge, IL. Colwick, Wagner and Karstens will report directly to Chuck Sell, TCF Leasing, Inc., Senior Vice President and National Sales Manager, Middle Market. TCF Leasing, Inc.’s corporate headquarters is located in Minnetonka, Minnesota. The company has additional offices located in Michigan, Colorado, Georgia, Florida, Illinois, Alabama, Pennsylvania, Kentucky and Texas. TCF Leasing, Inc., is a wholly owned leasing and equipment finance subsidiary of TCF Financial Corporation (TCF) (NYSE:TCB). TCF is an $11.6 billion national financial holding company with banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana. Other TCF affiliates provide mortgage banking, insurance and investment sales. Sites of Reference: http://www.tcfexpress.com CONTACT: Jason Korstange TCF Financial Corporation Phone Number: 952-745-2755 Fax Number: 952-745-2775 E-mail: jkorstan@mailbox1.tcfbank.com ( courtesy of ELAonline.com ) ### ########################### ########################### PAYNET Launches Online Payment History Database PAYNET announced the official launch of its PAYNET service for the commercial lending industry, taking advantage of the much-touted "second wave" of the world's technological evolution in commercial credit information. A cooperative network of commercial finance companies representing more than $160 billion net assets are committed to PAYNET's online database illustrating that shared data coupled with the power of the Internet is the future of the commercial credit industry. In exchange for sharing their data, the members have access to PAYNET's exclusive information products and services. "PAYNET is taking advantage of the next step in technological evolution," said PAYNET Chairman Dan Michalek. "PAYNET is using the Internet the way it was intended, using innovative technology applications to pull together relevant data and then providing exclusive access to its' members." PAYNET manages the Payment Information Network, the alliance of commercial equipment lessors, who through the confidential PAYNET system, exchange their lease and loan payment history information in order to gain access to the company's proprietary information services. All data is exchanged in a secure and private environment and downloaded directly from lender's systems. "Technology can provide a first-line defense in the credit game," said PAYNET President Bill Phelan. "And, to date, PAYNET produces the only online, comprehensive database of lease and loan payment history information available...” ### #################### ######################### Microforum Appoints Schofield as New CEO The board of directors of Microforum announced the appointment of Steven Schofield as chief executive officer and as a member of the Company's board of directors, effective immediately. Schofield has an extensive background in the financial services and technology industries. Between 1998 and 1999, he helped to found and served as the president and chief executive officer of Dell Financial Services, a joint venture between Tyco International and Dell Computer, created to act as the American captive finance company serving Dell. Under his leadership, Dell Financial Services grew over 18 months into an organization originating annual financing volume of US$2 billion worldwide. "We couldn't be more pleased with Steven Schofield's appointment," said David Banks, chairman of Microforum. "Microforum has tremendous potential, which we believe will be further unlocked by Steven's talents. He is an experienced and very solid executive, with broad and diverse business skills. He also has direct working relations with our core business CALMS, so we have a good sense of his excellent fit with Microforum." CALMS (Credit Adjudication and Lending Management System) is a proprietary, web-enabled solution for automating an organization's sale and credit origination process from application to credit scoring, workflow management to funding. Microforum markets its CALMS solution to the financial services market, with a focus on the equipment leasing and captive finance segments. "Microforum's software solutions were an essential component of the success of Dell Financial Services," noted Schofield. "I am well acquainted with the powerful impact the people in this company have on delivering a competitive advantage to their customers. I'm looking forward to using my experience to help drive Microforum's growth." In addition to his experience as CEO of Dell Financial Services, Schofield has served in various senior management positions for CIT, Newcourt Credit Group and Chase Manhattan Bank of Canada. Schofield is Canadian, was educated at Bishop's University in Quebec and now lives in Toronto. ### ############## ############# Since many leasing executives drive BMW’s, thought you might be interested in this press release: BMW Financial Services Takes Uncertainty Out of Lease-End Car Returns
New Self-Inspection Program Puts Customers in the Driver's Seat WOODCLIFF LAKE, N.J., Aug. 8 /PRNewswire/ -- In an effort to make life easier for drivers of leased vehicles, BMW Financial Services (BMW FS) today unveiled a new customer-driven self-inspection program for the U.S. market. The new program, designed to take uncertainty out of lease-end car return, lets the customer conduct a vehicle inspection at home -- before having the inspection validated -- and minimize the surprises that sometimes come at the termination of a lease. "People who lease cars will tell you that they are uncertain of what to expect from lease end inspections ... especially if they return a car with extra miles or minor wear and use," says Bob Devine, Managing Director of BMW FS in the United States. "In an effort to alleviate their concerns and build more solid relationships with our customers, we created this easy-to-use measuring tool and cost sheet. We tested it in focus groups, and learned that many of our customers and retailers really like the concept, the tool and the ability to estimate their lease-end charges in advance " Among the most innovative tools provided by the program is an inspection wheel -- a device that measures small dents, scratches and dings. The transparent, circular device is about the size of a compact disk and looks like a "bulls eye." It is easily held up against damage to estimate the cost. Additionally, the inspection wheel evaluates windshield cracks and tire-tread depth. A comprehensive lease-end inspection form is also provided; it details specific dollar amounts for damages measured by the device. The form also covers excess mileage and parts charges such as worn tires, missing keys and broken headlights. "The self-evaluation process is optional," said Devine. "Customers may choose either a dealer-administrated appraisal or an independent inspection." Also part of BMW's program is a "90 Days To Go" package including self-inspection materials that help facilitate the lease-end process. The package provides customers with a reference guide outlining lease-end options that include releasing, refinancing and purchasing. If, after reading these sections the customer still wishes to return their BMW (hopefully to lease or purchase another vehicle), the package includes a vehicle turn-in checklist wear and use guidelines. The checklist is designed to help customers through the closing of their lease while the guidelines give examples of acceptable and unacceptable conditions for evaluating vehicle wear and use. BMW Financial Services BMW Financial Services of North America was established in 1992 as a captive finance company to support the North and Latin American sales and marketing efforts of the BMW Group. With over $11 billion in managed assets and more than 364,000 customers, BMW FS leases or finances over half of the new BMW vehicles sold in the U.S. BMW FS employs about 400 people, most of whom are located in the Dublin, Ohio Customer Service Center. BMW FS also services the Canadian market and recently opened a new Financial Services company in Brazil. BMW Financial Services provides a wide range of leasing, retail, commercial, banking and insurance products tailored to meet the needs of BMW customers and dealers. All lease servicing, including credit underwriting, funding, customer service, title administration, lease-end and collections are handled at the Dublin customer service center. A growing portfolio of banking, credit card and insurance offerings is also available through the BMW Bank of North America. BMW Group in America BMW of North America has been present in the United States since 1975. Since then, the BMW Group in the United States has grown to include marketing, sales and financial service organizations for the BMW and MINI brands; a South Carolina manufacturing operation; DESIGNWORKS/USA, an industrial design firm in California; a technology office in Silicon Valley and various other operations throughout the country. The BMW Group is represented in the U.S. through a network of more than 340 car, 315 Sports Activity Vehicle and 160 motorcycle retailers. BMW US Holding Corp., the Group's headquarters for North, Central and South America, is located in Woodcliff Lake, New Jersey. Information about BMW Group products is available to consumers via the World Wide Web on the BMW homepage at http://www.bmwusa.com and http://www.miniusa.com. ( If you are not driving a BMW, what do you drive? editor ) ############## ######################### #
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