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August 16, 2001 Headlines--- Commercial Money Center Has Plenty of Money MicroFinancial “Cardservice” Business Practice BB&T Again Ranked Nation's No. 1 Small Business-Friendly Bank ( They also do leasing ) Sterling Bancorp Declares 223rd Consecutive Quarterly Cash Dividend Best-Ever San Antono, TexasLeasing Conference + UAEL San Antono Highlights: Governors Urge End to E-Tax Ban After $17.1 billion buying spree, Tyco planning to cut 11,300 jobs Poll: Economy in Bad Shape ( surprise! surprise! as Andy Kaufman would say ) Heller Press Release: A Silver Lining in a Soft Economy? GE Capital Completes Safeco Purchase UPS Chairman and CEO Jim Kelly to Retire special report by David Brown, Equipment Leasing Association
State Taxation COST
TOMORROW: BOB RODI TELLS US WHAT HE DRIVES!!!! denotes press release ##### ______________________________________________________________ MicroFinancial Reaction I have lost count of the times that I see a Leasecomm collection account people's personal credit. Its always for a credit card processing system and the amount is always around $1200 to $1500. It seems like they have something going on with the credit card processing company "Cardservice" When you use Cardservice to open a credit card merchant account they just about force you to lease it through leasecom, my clients claim. Problem is, when the client finds out what other seemingly more reputable companies charge they simply stop paying the lease, which although solves their immediate cash flow problem, it creates another problem as they now have a collection account on their personal credit from another leasing company. So now when that business owner comes to us with a 650 beacon score they get declined at every source. Sincerely, Brian Callahan bcallahan@gsccapital.co GSC Capital LLC --------------------------------------------------------------------------------------------------- Commercial Money Center, Escondido, California National Association of Equipment Leasing Listserve has been mentioning complaints about this company.. No one has been coming to their defense. Leasing News has investigated several complaints and none have been justified. Commercial Money Center has always cooperated. The problem is they do “hard deals” which have strict requirements, meaning site inspections, documented signatures, and checks. They fund in $5 million increments, bonded and insured, pools. According to Bill Hansen, president, they have “ $2.2 million” to fund with missing paperwork, waiting to be put in a pool when all the documents are in house. They also have” $2.5 million ready to go into a pool,” but they are all missing checks. Bill says the brokers or vendors have cashed the checks, perhaps have spent it for cash flow, or the lessee does not have the cash, so these can’t go into a pool with evidence of the advance rentals or other cash requirements. CMC has a two page sheet that gives a complete timeline of the processing procedure, detailing the most common delays. It is very well spelled out and you may ask Mr. Hansen for a copy: billh@cmcca.com At the bottom, it states: “Remember, an outer space flight takes more preparation than a flight to L.A.” --------------------------------------------------------------------------------------------------- Ducati 907ie Hi Kit, Just FYI, for those in the industry that may remember me, I still drive a pickup truck for its utility (1999 Ranger 4x4 supercab). Its a totally competent vehicle. But for excitement, I have my Ducati 907ie. I don't remember you saying it was a four-wheel-only survey. Regards, Joe Mioduszewski Account Executive Vision Leasing, L.L.C. joem@visionleasing.com (v) 480.481.8081 (f) 480.481-8082 ( Yesterday a “vet” and today a “Ducati 907ie!!!! Our survey started with a BMW lease new feature of doing your own “Fair Market Value” at termination. Maybe such a program would apply to equipment leasing, or to those in the leasing industry, if you drive a BMW. Our survey is to find out what our readers drive as an indication above; all types, years, fancy, not fancy. Readers such as your self demonstrate those in the leasing industry do not fit the norm of a typical corporate executive, perhaps. What do you drive? editor ) AND YES< TOMORROW BOB RODI TELLS US WHAT HE DRIVES!!! ________________________________________________________ ## ############## ################## ################## BB&T Again Ranked Nation's No. 1 Small Business-Friendly Bank ( Also does leasing. editor )
WINSTON-SALEM, N.C / -- It's BB&T. Again. For the second year in a row and third time in the past four years, BB&T Corporation (NYSE: BBT) is the No. 1 "small business-friendly" financial holding company in the country, according to a report recently released by the U.S. Small Business Administration. The SBA's Bank Holding Company Study for 2000 ranks the 59 largest financial companies (more than $10 billion in assets) from which small businesses were most successful in obtaining loans. "Our community banking structure and strong credit culture provides our lenders with the empowerment and knowledge necessary to help our small business clients achieve their financial goals," said Lynn Harton, BB&T's Small Business Banking manager. "We are honored by the confidence our clients place in our services and proud to be recognized by the SBA for the third time in the past four years." The criteria used to rank banks on their small business lending are: * The ratio of small business loans to total assets * The ratio of small business loans to total business loans * The total dollar amount of small business loans (as of June 2000) * The total number of small business loans (as of June 2000) The SBA defines small business loans as commercial and industrial loans and commercial mortgages made for less than $1 million. BB&T also was named the nation's No. 1 "small business-friendly" bank in 1998 and 2000. It was named No. 2 in 1999. Rounding out the top five on the SBA's list are Regions Financial Corporation, U.S. Bancorp, Wells Fargo & Company and Union Planters Corporation. More information about the study is available at www.sba.gov. Winston-Salem-based BB&T Corporation, with $68.9 billion in assets, operates more than 1,000 banking offices in the Carolinas, Georgia, Virginia, Maryland, West Virginia, Tennessee, Kentucky, Alabama and Washington, D.C. It is the nation's 16th largest financial holding company. BB&T and its subsidiaries offer full-service commercial and retail banking and additional financial services such as insurance, retail brokerage, corporate finance, international banking, leasing and trust. More information is available at www.BBandT.com. ## ########### ############# ############### Sterling Bancorp Declares 223rd Consecutive Quarterly Cash Dividend
NEW YORK, / -- Sterling Bancorp (NYSE: STL), parent company of Sterling National Bank, today declared a quarterly dividend of $0.16 per common share, payable September 30, 2001, to shareholders of record on September 14, 2001. This dividend is the 223rd consecutive quarterly cash dividend paid by the Company and its predecessors since it became a public corporation in 1946. Sterling Bancorp (NYSE: STL) is a financial holding company with assets of $1.3 billion, offering a full range of banking and financial services products. Its principal banking subsidiary is Sterling National Bank, founded in 1929. Sterling provides a wide range of products and services, including commercial lending, asset-based financing, factoring/accounts receivable management, international trade financing, commercial and residential mortgage lending, equipment leasing, trust and estate administration and investment management services. Sterling has operations in the metropolitan New York area, Virginia and other mid-Atlantic states and conducts business throughout the U.S. More information is available on the company's Website, http://www.sterlingbancorp.com. ### #### ###################### ################## ############## Best-Ever San Antono, TexasLeasing Conference The UAEL Convention kicks off with the Golf Tournament on Thursday morning (Oct, 25th). To make it there for the tournament, almost everyone will be traveling on Wednesday, the 24th. Any golf crazy leasing professionals out there who would also love to play that travel day (Wednesday Oct 24th) around noon, please email me with your desire to play. If there is enough interest, I could get a couple of tee times at La Cantera. La Cantera was listed No. 48 in Golf Magazines Top 100 you can play (in 1996 survey). You might have to take the earlier flight to get there before noon, but for any golf nut, that's a small price to pay! Anyone interested can email me at johnb@pioneercapitalcorp.com . John Boettigheimer johnb@pioneercapitalcorp.com Pioneer Capital Corporation 15303 Dallas Parkway #505 Addison, Tx 75001 214-692-6669 Ext. 301 Fax 214-692-6668 ****************************************************************** UAEL Scotsdale Highlights: (---You can make appointments on line for exhibitors and funding sources. If you want an appointment, register now to find the best time.. First Timers—UAEL member: $425 First Employee—Non-Member Firm $695 ( includes trail membership through 2001 ) All session and events are business casual. Saturday night is casual. October San Antonio temperature average 70 degrees. UAEL Annual Conference & Exposition October 25-28, 2001 Hyatt Regency San Antonio - On The RiverWalk Enrich yourself and your business at the Educational Work Shops! FRIDAY EDUCATIONAL WORK SHOPS Opening General Session - Noble "No Bull" Leadership presented by DJ Harrington - Get a check up on the best communications skills that lead to success. Know Before You Grow presented by Teri Rice, CPA of Cook & Rice CPA's - From the basics of how to prepare a leasing company's balance sheet and p&l to the more complicated issues. This is an interactive session so please bring questions. How To Win More Business presented by the UAEL Education Committee - Informative discussion on how to find and secure more business in today's competitive environment Enlisting E-Commerce Technology to Control Origination Risk presented by Hal Hayden, CLP of CapitalStream - This panel will review some of the common sources of origination risk, particularly in the small ticket market and look at how technology can be applied to reduce exposure. Equipment Financing Alternatives for Deals in Other Countries presented by Gary Mendell of Meridian Finance Group - Do your vendors sell their equipment to customers in other countries? Learn how these deals get done and how you can access these resources for your vendors. CONCURRENT LEGAL LUNCHEONS - Presented by the UAEL Legal Committee Changes to the FTC Opinion Letter and the Gramm-Leach-Bliley Bill The Troubled Funder and Lessor The Deal Gone Bad SATURDAY EDUCATIONAL WORK SHOPS UAEL Annual Meeting, Luncheon and General Session - This year's Annual Meeting is of the utmost importance. The UAEL Ethics Task Force has proposed changes to our Bylaws in regards to Standards and Ethics. YOUR VOTE COUNTS, please come to this meeting and make a difference in your association. Also during the Annual Meeting we will be honoring our 2001 Board of Director's lead by President Chuck Brazier, CLP of Centerpoint Financial and welcoming our 2002 Board of Director's. The Keynote Speaker is Professor Morton Marcus of the University of Indiana and he will be addressing us on the "State of the Economy". Where Are They Now? (back by popular demand from the Spring Education Conference) Panelist include: Paul Menzel, CLP of Santa Barbara Bank & Trust; Claude Elmore of Irwin Business Finance; Troy Molitor of Manifest Funding Group; Brent Hall, CLP of Pinnacle Capital, LLC; Bette Kerhoulas, CLP of Pa cifica Capital; and Joseph Angelo, Jr. of Lease One Corp. - Designed to address the changes in the funding environment. Using Technology to Secure a Lifetime of Business From Good Customers presented by Jim Brady of CapitalStream - This session will review some of the major advantages of cultivating additional business with current customers and illustrate how technology can be used to help realize this marketing s trategy. Hiring & Retention - presented by Barbara Spector of SmartMoves - This human resources workshop will send you home with tips you can use immediately in hiring and retaining the right employees. NEW UAEL MEMBER SERVICE! Pitfalls for Lease Collection and Enforcement: A State by State Survey presented by the UAEL Legal Committee - This is a must for your collection people! When the Going Gets Tough, The Tough Use "E-Checks" presented by John Jensen of CambridgEcommerce - Learn efficient ways to increase customer service, reduce administration costs and increase revenue. What the Numbers Mean presented by Professor Morton Marcus of University of Indiana - A non-technical but very informative basis for understanding how your business fits into the national economic picture. Maximizing the Use of E-Documents presented by John Kruse of CapitalStream - This session will show how to leverage the Internet to create, route and distribute all types of documents from quoting to booking with efficiency and security. Small Business Financial Exchange presented by Ted LaBadie of Equifax Information Services, LLC - Learn more about a groundbreaking small business credit data solution that assists leasing companies and financial institutions in assessing risk, preventing fraud, managing portfolios, and recovering unpaid balances. NEW UAEL MEMBER SERVICE! Update on the Law presented by the UAEL Legal Committee - You must be on the cutting edge of lease law. How to Get More Deals Funded presented by the UAEL Education Committee - Do you want to be more profitable? Do you want to be more productive? Learn how to get more of your deals into the "Funded" file and not in the "Cancelled" file. Visit the UAEL website for complete information on this year's Annual Conference & Exposition at www.uael.org While you are online you can: Register for the conference Set-up your one-on-one appointments with Funding Source & Service Providers Visit the San Antonio Convention & Bureau website to get tourist information Read Newsline Online! Update your Online Member Profile! Check-out the Bulletin Boards! Post a Job! Look for a Job! Find out what is happening in YOUR association! 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 For complete information,
go on line to www.uael.org
or
For registration and information
on any meetings,
please contact melanie
at the UAEL office:
(510) 444-9235 x.23 -------------------------------------------------------------------------------------------- State
Taxation COST
Dave Brown,
Equipment Leasing
Association The
Committee On State
Taxation (COST)
reports the Streamlined
Sales Tax Project
published addional
white papers yesterday
afternoon covering: 1. Tangible Personal Property, Digital Products
and Software 2. Drugs/Medical Equipment 3. Multiple Tax Rates/Bases The
papers are available
at http://208.237.129.206/sline/aug01IP.pdf
or http://www.geocities.com/streamlined2000/ This
follows the release
of last weeks issue
papers addressing: 1. Bad Debts 2. Rounding 3. Direct Pay Permit 4. Caps & Thresholds 5. Sales Tax Holidays 6. Food 7. Prepared Food 8. Vending/ Candy/ Soft Drinks 9. Multiple Points of Use Form Dennis
Brown ( Thank you, Dave. I also for one think sales tax should be charged on all internet sales. It is not fair to the cities, counties, states who do not receive their fair share.It is unfair advantage to retail stores who charge sales tax and help pay forthe services of fire, police, etc. It also is not to the leasing industry advantage, as I have personally had customers say they would rather buy on line than pay the 8% California use tax for a leasefinance. editor ) _______________________________________________________________________ Governors Urge End to E-Tax Ban Aug 15, 2001, (The Washington Post /FT Information via COMTEX) -- In a letter to be sent out to members of Congress this week, over 40 state governors are to ask lawmakers for an end to the current ban on online sales taxes. The governors claim that the extension of the moratorium on Internet sales taxes would give e-commerce companies an unfair advantage over traditional stores. The revenue from an Internet sales tax could also generate billions of dollars for state budgets. --------------------------------------------------------------------------------------------------------- UPS Chairman and CEO Jim Kelly to Retire UPS Chairman and CEO James P. Kelly announced his retirement, effective January 2002, during the regularly scheduled meeting of the company's Board of Directors in Boston. The UPS Board subsequently voted Michael L. Eskew, currently vice chairman, as chairman-elect. Eskew will assume the role of chairman and CEO in January 2002. -------------------------------------------------------------------------------------------- After $17.1 billion buying spree, Tyco planning to cut 11,300 jobs By Tim McLaughlin REUTERS BOSTON -- Tyco International Ltd. plans to cut nearly 11,300 jobs while closing or consolidating nearly 300 plants in connection with acquisitions made during the previous and current fiscal years, according to a U.S. regulatory filing made public yesterday. The planned job cuts represent about 6 percent of Tyco's work force of 180,000, which spans more than 80 countries. Tyco, one of the nation's most aggressive corporate buyers, relies on work force reductions and plant closings to squeeze efficiencies out of acquired companies while boosting cash flow. Through the first nine months of its fiscal year ending Sept. 30, Tyco spent about $17.1 billion on acquisitions, according to the company's quarterly filing with the Securities and Exchange Commission. Based in Pembroke, Bermuda, with corporate headquarters in Exeter, N.H., Tyco makes items ranging from ADT burglar alarms and trash bags to surgical sutures and pain medicine. The work force reductions include deeper-than-expected cuts in Tyco's electronics division from companies acquired in fiscal year 2000, the filing stated. The revisions include the elimination of an additional 2,902 employees and the closure of 64 manufacturing plants and sales offices, Tyco said. Tyco adjusted the number as it finalized integration plans of acquired electronics firms such as Thomas & Betts, AFC Cable Systems and Critchley Group PLC. The changes resulted in purchase accounting liabilities of $118 million, Tyco said. A slowdown among computer makers and telecommunications firms has hurt Tyco's electronics business after having a record year in fiscal 2000. In connection with 2001 acquisitions that include health-care firm Mallinckrodt, financing arm CIT and Lucent Technologies' power systems business, Tyco plans to cut 8,394 jobs and close or consolidate 225 plants. U.S. operations will bear the brunt of those reductions, Tyco said in its filing. As of June 30, Tyco said it had eliminated 6,379 employees and closed or consolidated 58 plants from companies acquired during fiscal 2001. Since becoming Tyco's chief executive in 1992, Dennis Kozlowski has set a blistering pace to build an empire of companies resistant to recessionary pressures. He has spent about $60 billion on 120 major acquisitions in the areas of health care, security systems, electronics and lease financing. Kozlowski only buys companies that add to earnings immediately. Cash flow and debt also are important features of Tyco's blueprint. During Tyco's fiscal third quarter ended June 30, its cash flow, a closely watched measure of the underlying strength of earnings, was $1.5 billion, excluding operating cash from CIT and before spending $633 million on undersea cable unit Tycom. Meanwhile, Tyco's debt climbed to $18.6 billion at the end of June. That compared with $9.46 billion at the end of Sept. 30, 2000. ---------------------------------------------------------------------------------------------------------- Poll: Economy in Bad Shape ( surprise! surprise! as Andy Kaufman would say ) By By Dalia Sussman ABCNEWS.com Fifty-one percent of Americans give the economy poor ratings, the first time in four years that a majority of the country felt that way. Public ratings of the national economy fell below an important benchmark this week: when a majority of Americans said it was in bad |