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August 17, 2001 ---------------------------------------------------------------------------------------------- +++++++++++++++++++++++++++++++++++++++++++++++++++++++++ We know what Bob Rodi drives. He drives us all crazy......LOL ( Anonymous ) ---Exclusive! Seriously. Revealed here for the First Time!!!
What Bob Rodi Really Drives!!!! +++++++++++++++++++++++++++++++++++++++++++++++++++++++ ----------------------------------------------------------------------------------------------- Headlines---- PinnFund boss faces 20 counts Steve Dallas E-Mail Address Dell posts $101 million loss as demand for PCs dwindles Trade deficit widens to $29.4 billion in June as exports fall faster than imports
“Jackson,
she said, has seen
his now 2-year-old
daughter --- only once in the past seven months”—Scuttles Presidential Bid China passes U.S. as the nation with most cell phones Other Friday’s Odds and Ends
Featuring--- : Leasing News Friday Reader Car Survey Results _______________________________________________________________ San Antonio, Not Scottsdale Just one quick correction if I may. The UAEL Annual Conference & Exposition is in SAN ANTONIO, TX (not Scottsdale) October 25-28, 2001 at the Hyatt Regency Riverwalk. Thank you for your continued support! Joanie joanie@uael.org ( I must have had Scottsdale on my mind. Headline is corrected in the online version. It was the end of the day and I was late and rushed. Have no excuse. Sorry..editor ) _________________________________________________________________ PinnFund boss faces 20 counts By Mike Freeman , San Diego Union Tribune A federal grand jury indicted PinnFund USA founder Michael J. Fanghella late yesterday, charging him with transferring millions in stolen funds to Barbados and submitting a false financial statement to a U.S. housing agency. The 20-count indictment replaces a two-count criminal complaint filed against Fanghella, 50, by the U.S. Attorney's Office on Aug. 2 -- one day after Fanghella turned himself in to U.S. marshals after four months as a fugitive. Carlsbad-based mortgage-lending firm PinnFund, Fanghella and others are embroiled in massive securities fraud in which the U.S. Securities and Exchange Commission alleges investors were bilked out of $330 million. Fanghella remains behind bars at the Metropolitan Correctional Center in San Diego, where he has been held since he surrendered. He is expected to appear in court Thursday. His attorney, Ezekiel Cortez, could not be reached for comment. Nineteen counts in the indictment carry a maximum penalty of 10 years in prison and a $250,000 fine. One count -- filing false financial information with the U.S. Department of Housing and Urban Development -- carries a maximum penalty of 30 years in prison and a $1 million fine. Defendants, however, rarely receive the statutory maximum if convicted. More criminal charges could be coming. The U.S. Attorney's Office in San Diego said a federal investigation is continuing into the operations of PinnFund and its related businesses. A spokeswoman declined to elaborate. Fanghella fled the country the day after the SEC filed its litigation on March 22. A San Diego federal judge issued a warrant for his arrest for contempt after he failed to appear in court. The SEC charges were filed in a civil complaint, which is less severe than criminal charges. According to lawyers involved in the case, agents with the Federal Bureau of Investigation in San Diego and other government agencies have been investigating PinnFund at least as far back as the SEC action. PinnFund investors were told their money would be used solely to fund subprime mortgage loans, which would be then bundled and sold in the secondary market. Investors were promised returns of 17 percent. The indictment alleges Fanghella transferred $8 million in investor funds from PinnFund's bank accounts to a bank in Barbados, then sent that money back to banks in Orange County to benefit is ex-girlfriend, Kelly Cook, and others. The indictment also charges Fanghella used investor funds to pay four American Express bills in 2000 totaling $4.46 million. Some of those purchases were made by Cook. According to court records, Cook is living in a $5 million house in Laguna Niguel that the SEC alleges was bought with investor funds. Court records also indicate that Cook performed in porn films under the name Kelly Jaye prior to meeting Fanghella in 1999. In all, the SEC contends Fanghella diverted $109 million of investor funds to pay for his lavish lifestyle and that an additional $95 million went to cover operating losses at PinnFund. The rest went to pay investors in what authorities describe as a classic Ponzi scheme, in which money from new investors was used to pay interest to earlier investors. _______________________________________________________________ Steve Dallas E-Mail Address Tuesday we reported that Steve Dallas e-mail address for Leasing News was being returned; meaning he was no longer using this address. We did receive his new e-mail address, from an “avid reader,” and sent him an e-mail to this address to see if he still wanted to receive Leasingnews. We did not hear from him. But the e-mail did not come back either, so it must be his new address: sdallas@sfgllc.com Leasing News was also informed they changed their email system a while ago from United to Spectrum. ___________________________________________________________ Eastern Equipment Leasing Association Conference Not Scottsdale, either, but New Jersey September 24, 2001 If you want to survive the rapid consolidation and changes in the leasing industry, the EAEL Expo, Monday, September 24, 2001 in East Rutherford, NJ is the one event to attend this fall. Featured Speakers include Michael J. Fleming, President of ELA, whose topic is "Where Are We Now", DJ Harrington will provide "Prospecting Tools for the Future" and Everett Erlich, one of the nation's leading economists, who served as vice-president of strategic planning at Unisys Corp., assistant director of the Congessional Budget Office and is a regular economics commentator on National Public Radio, will discuss "What's "New" in the New Economy". Workshops include: Funding Small Ticket Transactions, 21 Ways to Springboard Your Vendor Marketing Program, Fee Income--The Money You are Not Generating, How to Present Your Company to a Funding Source, Funding Middle Market Transactions, How to Get Tough Deals Done , An Executive Roundtable and Legal Workshops, including: UCC Article 9 update, and the Greamm Leach Bliley Act. Also, visit the exhibit area where funding sources and service providers showcase their programs and products. For further information, please visit our website (eael.org) or call the EAEL office for a brochure--914 381 5830. Amfnyc@aol.com __________________________________________________________________ Dell posts $101 million loss as demand for PCs dwindles San Diego Tribune Union Story Dell Computer Corp. posted a $101 million fiscal second-quarter loss yesterday due to a hefty restructuring charge as it coped with slumping demand for personal computers. For the three months ended Aug. 3, Dell lost 4 cents per share, compared with earnings of $603 million, or 17 cents per share in the year-ago period. Excluding a $482 million after-tax restructuring charge to account for job cuts and asset write-downs, Dell earned $433 million, or 16 cents per share, matching expectations of analysts surveyed by Thomson Financial/First Call. Revenue slipped 1 percent to $7.61 billion from $7.67 billion, slightly below analysts' estimates. Chief financial officer Jim Schneider said he expects Dell's third-quarter revenue to be flat to down as much as 5 percent as the entire PC industry continues to struggle. Dell and other computer manufacturers have been hurt by a global economic slowdown that has hit the technology sector particularly hard. "This has been a challenging quarter for us," Schneider said. The company has reduced 5,000 positions to save money. It plans no more layoffs, Schneider said. _________________________________________________________________ FRIDAY”S ODDS AND ENDS---- TEXT ONLY Email Good job on this e-mail virus issue. If you use the preview pane in Outlook Express there is a vulnerability because the html code fires even before you open the message. Microsoft played this one down to the best of their ability because it was such a substantial security hole. >From Knowledge Base: "Microsoft has identified a vulnerability that allows a malicious Hypertext Markup Language (HTML) e-mail message to monitor the contents of the Outlook Express preview pane. After you view a malicious e-mail message in the preview pane, the contents of subsequent e-mail messages that you display in the preview pane can be sent to the malicious e-mail message's author. For this exploit to succeed, the malicious e-mail message's author must also open a separate Microsoft Internet Explorer window during the session. If you quit or restart Outlook Express, the exploit does not work." David Leidy dleidy@flexlease.com ~~~ --------------------------------------------------------------------------------------------------- CapitalStream I was reading your newsletter of Friday, August 10th and want to make sure that you have the most current descriptor of our client, CapitalStream, should you need to reference the company in future news. Here you are: Seattle-based CapitalStream (http://www.capitalstream.com) automates and streamlines commercial finance processes for banks, finance companies, and manufacturers. CapitalStream - FinanceCenter TM reduces processing time, lowers costs, and enables companies to cost effectively take advantage of new business opportunities by automating manual processes for leases, loans, lines of credit, and credit cards. CapitalStream, an established industry leader for more than five years with deep knowledge about the inner workings of the financing world, has helped hundreds of financial organizations increase their competitiveness, customer service and profitability. Thank you, and take care, Nancy Gardner DDB Seattle for CapitalStream Nancy.Gardner@sea.ddb.com 206/223-6339 ( Thanks, the one I had came from a previous press release. editor ) ~~~~ Kit, Is that verifiable that John Kruse has turned 40??? He doesn't look a day over Debbie Monosson Boston Financial & Equity Corporation djm200@hotmail.com ( Verified. He says he owes it all to clean living. He also appreciates the e-cards and e-mails wishing him a happy birthday. editor ) _______________________________________________________________ Last Week’s Sunday Sermon Children—You really wanted children? More truth than fiction in this Sunday Sermon. I will keep this one and refer to it regularly. Jerry Withrow ~~~ Nice job. Thanks for making the day. Barry Reitman ~~~ I REALLY enjoyed this Kit. It was thoughtful. My wife really got a kick out of it too. Fred St Laurent _____________________________________ A Bad Day, Yesterday I believe that "Surprise, Surprise" was originated by Jim Nabors as Gomer Pyle. For what it's worth I drive a 1999 Kia Sportage EX 4x4 and am probably the only person on record that traded in a pristine Infiniti for a Kia. Frank Latourell fml@ravefinancial.com Rave Financial Services ( I stand corrected, it was Gomer Pyle. Frank was the first to point this out. Several others have so notified me, too. editor ) ~~~ No big deal Kit, I am just kidding around with you - the actual quote is "surprise, surprise, surprise" (three times). I work the Hollywood industry and have a certain library is film or TV quotes in my head - can't seem to get them out. Les Sechler All Media Capital 800 670-7080 949 363-9150 949 363-7975 fax www.VideoEquipmentLeasing.com ~~~ FYI, my name is Dennis Brown not David. Thanks Dennis Brown ELA ( Of course, I know it is Dennis. Don’t know what happened to me. I had a bad day yesterday with Scottsdale, Gomer Pyle, David Brown. I usually write Leasing News at lunch, but went out, got behind, and it was late, and I guess I am not as young as I used to be. editor ) ~~~ The memory is the 2nd thing to go! Stewart ~~~~~ Hi Kit - Your comments re CMC were somewhat amusing. You described "strict requirements, meaning site inspections, documented signatures, and checks." Our industry is in big trouble if it now considers verification that the equipment exists, that the signatures are real and the lessee must pay the rent, as STRICT! Time to get REAL or get out. Best regards, Paul ************************************************* Paul J. Menzel, CLP Senior Vice President / General Manager Leasing Division SANTA BARBARA BANK & TRUST P.O. Box 1199 Santa Barbara, CA 93102-1199 1 South Los Carneros Road Goleta, CA 93117 (805)560-1650 PaulM@sbbt.com ( It was a bad day, for sure. I could not produce Bill Hansen’s two-page list as he faxed it to me and it would not scan due to the fax quality, so I thought if I mentioned the highlights and noted there were two pages---What I was trying to say difficult credit deals take a long time as there are usually many other difficulties as evidenced by his two page list and it is a real niche marketplace as most other leasing companies will not work that hard, go through so many steps, and put up with what Bill puts up with. editor. ~~~~ Et Tu, My Good Friend, Claude For your information, "viri" does not exist in english. The plural of virus is "viruses". Same for bonus, its plural form is bonuses, not boni. Claude Lanselle clglsng@pacbell.net http://www.bartleby.com/61/81/V0118100.html ( sheep,beef,bacon, deer are both singular and plural, and we have men, women, children, feet, geese, and teeth for plurals and is it: dived or dove? sneaker or snuck? hove or heaved? wove or weaved? strived or strove? Swelled or swollen? The word pea was originally pease as in the nursery rhyme “pease porridge hot, pease porridge cold.” But this was mistakenly thought to signify a plural and the word pea was back-formed to denote singularity, according to Bill Bryson, “Where Words Come From?” "On t'a bercé trop près du mur?" Only a Frenchman would object to the word “ viri.”Also English is always capitalized, as you did not do in your e-mail, Monsieur Lanselle."Le réalité et toi, vous ne vous entendez pas, n'est-ce pas?" But then the frogs don’t like the English. (According to a search on the internet, the English nickname for the French has nothing to do with their fondness for frogs legs, oddly enough the term was coined by the French nobility as a disparaging moniker for the inhabitants of Paris. The land surrounding Paris was notoriously swampy and the 18th century kings and |