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Kit Menkin’s Leasing News www.leasingnews.org Tuesday December 18, 2001 LeaseTeam, Launches Integration With American Lease Insurance Arrow Capital Clarifies Purchase of MarCap Vendor Former Heller Execs Looking to Launch Rival Ventures Joe Bonanno eMail Explained
Unicapital Plan Filed---Copy Now Available NationsRent Files Chapter 11, Announces Resignation Analyst: Disney park attendance may not fully rebound for years ( so if you think the leasing business has changed, please read this story ) 127 changes
Leasing News The List ### Denotes press release ___________________________________________________________________________ ### ######################################## ##################### LeaseTeam, Inc. Launches Integration With American Lease Insurance (no relationship with American Leasing, Santa Clara, California) OMAHA, NE - LeaseTeam, developer of LeasePlus(tm) software, announced an integration of its software with insurance programs implemented through American Lease Insurance Agency Corporation (ALI), a national insurance manager exclusively serving equipment leasing companies. The integration allows LeasePlus users to readily implement the customized, automated lease insurance programs available from ALI. "LeaseTeam is pleased to offer the American Lease Insurance integration to our clients," said Russ Hallberg, president of LeaseTeam, Inc. "Part of our mission is to provide the best possible products in the leasing and financial services industry. ALI is a proven leader in lease insurance programs, and this integration offers our customers a solution that gives them access to ALI's quality insurance services. The integration provides automated, secure data exchange through a lessor's LeasePlus software ensuring that their ALI program runs seamlessly and efficiently, exporting data to implement the insurance program, and importing data for accurate billing and collections." "We are very pleased and excited about our integration with LeasePlus software," said Steve Dinkelaker, president of American Lease Insurance. "This integration with LeaseTeam represents a significant strategic business relationship for ALI. Lessors using LeasePlus software now can immediately implement our recently available second generation lease insurance programs simply by purchasing the integration from LeaseTeam." "ALI provides customized, automated lease insurance programs to lessors of equipment valued below $250,000, offering comprehensive lease portfolio protection under a comprehensive Leased Equipment Insurance Policy that lessees can use instead of their own coverage," Dinkelaker stated. "Today's insurance market, both prior to and after September 11, is characterized by significantly increased premiums for alternative coverage on their leased equipment available to lessees. This situation makes our coverage, which is available only under a lessor's policy, much more competitive and attractive to lessees than it had been in the 1990s. The ALI program also faultlessly tracks all lessee-provided evidence of other coverage through the full term of all the leases in an insured lessor's portfolio." "LeasePlus lessors who implement an ALI program are relieved of the administrative burdens and costs of insurance tracking tasks, while being ensured of comprehensive portfolio protection and simultaneously creating additional fee income," Dinkelaker stated." LeaseTeam, founded in 1989, is a leader in software development for the leasing industry. LeaseTeam's LeasePlus Portfolio and Asset Management Accounting Software is the choice of nearly 300 leasing companies throughout North America. LeaseTeam is known for its commitment to serving customers by providing responsive service and comprehensive, high-quality software solutions. Steve Dinkelaker, ALI president, is a licensed insurance agent and broker who has created, implemented, and managed lease insurance programs on behalf of most major small-ticket leasing companies since 1984. In operation since 2000, ALI services its lessor clients and their lessee customers from its customer care and claims processing center in Shelburne Falls, Massachusetts, one hour north of Hartford, Connecticut. -30-
LeaseTeam, Inc. is a privately held company with headquarters based in Omaha, NE. For more information about LeaseTeam, Inc., visit our website at www.leaseteam.com or call (402) 493-3445.
### #################### ############################### ################## Arrow Capital Clarifies Purchase of MarCap Vendor
\On December 11, Arrow Capital Corporation announced that it had acquired certain assets of MarCap Vendor Finance.
Arrow late yesterday clarified that announcement by stating that MarCap
Vendor Finance is the leasing subsidiary of MarCap Holdings and that MarCap
will continue to focus on its core markets of medical and other
high-technology equipment.
About Arrow Capital
Founded in 1988, Arrow Capital is a financial services company that
creates innovative, customized equipment leasing programs that enable its
customers to increase revenue, maximize profitability and grow market share.
Arrow sets itself apart with its financial program flexibility, broad funding
capabilities, long-term company stability and deep industry experience. Arrow
has headquarters in San Jose, Calif. and sales offices in several other
California locations and the East Coast.
Arrow can be contacted at 6910 Santa Teresa Blvd., 2nd Floor, San Jose,
Calif., 95119-1339; phone 408-961-8900; fax 408-961-8957; http://www.arrowcapital.net #### ########################## ############################### Former
Heller Executives Looking to Launch Rival Ventures Monitordaily.com Two
former high-level Heller Financial executives are looking to launch
rival ventures in commercial lending - moves that have the potential
to undermine the value of General Electric Capital's $5.3-billion
acquisition of the Chicago-based lender. (Courtesy Monitordaily.com) _________________________________________________________________ Joe Bonanno eMail Explained Several readers wanted to know what Joe Bonanno was referring to in this e-mail: Jim: Please give me a break on the Patriots sportsmanship issue. Does anyone remember Daryl Stingley, the Patriots receiver that was paralyzed due to an unnecessary hit in a game with the Oakland Raiders? I will not go on and on about other events because Kit, I don't want to turn this into a sporting newsletter, but that one just went through me like a knife. Joe Bonanno attyjgb@aol.com
It was this comment from Jim Flemming: Ms. Coleman is correct, a prisoner on furlough cleared the field for the Pat's game-winning field goal during that game. The episode is mentioned by local media here every time the `Fins travel to Foxboro during the winter. Dolphin fans generally agree with them-coach Don Shula that it was the most flagrant and unsettling displays of unsportsmanship condoned and authorized by a team head coach in NFL history. Jim Fleming nationalbusinesscredit@yahoo.com (While the “Day in American History “ now includes sports, we do print what readers respond to, including if there are any Cleveland Browns who want to talk about their “unruly” behavior last Sunday. I also should add I am not a Carmen Policy fan, especially to what he left behind here in San Francisco. You can have him, Cleveland. And since Joe is a Boston Sox fan, here is the latest news: editor. ) Sox bidding enters critical week
By
Justin Pope, Associated Press as reported in the Boston Globe BOSTON (AP) Developer
Frank McCourt dropped out of the bidding for the Boston Red Sox
Monday, but is talking to another group about building a stadium
on his land near downtown Boston, according to a source close to
the negotiations. McCourt has previously
said he would only build the stadium on his site near the city's
financial district if he wins the bidding for the team. But McCourt
is now talking to one other group of bidders about cutting a deal,
and may talk to others if given permission from the team, according
to the source, who spoke on condition of anonymity. ''At some point a marriage
is possible, if not likely,'' the source said. The source confirmed
that McCourt had not submitted a bid by the 5 p.m. Monday deadline.
Bidder Jeremy Jacobs, owner of the FleetCenter and Boston Bruins,
also dropped out, WBZ-AM radio reported. The station did not cite
a source. Red Sox spokeswoman Jodi
Matthews declined to comment Monday on the bidding. ''We're not going to
comment beyond what we have already said about the sale process,''
Matthews said. The Red Sox have proposed
building a new stadium near the current Fenway Park, and one ownership
group has proposed renovating the nearly 90-year-old stadium. McCourt's
proposal is considered by many to be the only viable option. The source declined to
identify the group. The Boston Globe reported Monday that McCourt
has discussed a stadium deal with the group led by Cablevision Systems
Corp. chairman Charles Dolan. The sale of the Boston
Red Sox entered a critical week with some would-be buyers reportedly
working on new offers ahead of the Monday deadline for revised bids.
The winner, originally
expected to purchase only the Yawkey Trust's majority stake in the
team, is now expected to offer up to several hundred million dollars
more to buy out the team's minority owners as well. The trust has scheduled
a meeting for Thursday with the minority partners to discuss the
offers. Red Sox chief executive officer John Harrington is likely
to invite one leading bidder to the meeting, but could still invite
several, according to the source. The Globe has reported
that the two leading bidders so far are groups headed by television
producer and former San Diego Padres owner Tom Werner, and a group
headed by New York lawyer Miles Prentice that is backed by The Quadrangle
Group, a private equity firm. Al Minehan, spokesman
for Prentice, confirmed that Prentice's group had submitted a bid
by the Monday deadline. Both groups have reportedly
already informed the Red Sox they are willing to spend $655 million
or more to buy out the Yawkey share and the team's minority partners.
That would trounce the
previous baseball franchise record: $323 million paid for the Cleveland
Indians last year. Local developers Joseph
O'Donnell and Steve Karp also are expected to submit revised bids,
the Globe and Boston Herald reported. Calls to O'Donnell and
spokesmen for Dolan and Prentice were not immediately returned.
A spokeswoman for Jacobs also did not immediately return a message
Monday. Unicapital Plan Filed---Copy Now Available Unicapital Corp. filed a Second Amended and Restated Plan of Reorganization and related Disclosure Statement with the U.S. Bankruptcy Court. We were able to obtain a copy of the filing from the court. http://www.leasingnews.org/unicapital.htm October 25,2000, Leasing News wrote the following: ___________ These are companies that
Unicapital Purchased, until they basically ran out of money to acquire
companies. Many were in the "hard credit" or "challenged
credit" or franchise financing business.
UniCapital's
stock, like those of many other financial services companies, took
a steep dive in late August and early September 1998, and UniCapital
made no further acquisitions as it no longer had a stock that was
attractive to use in acquisitions. One
of the major mistakes, according to industry analysts, was Unicapital's
entrance into the commercial jet aircraft and engine leasing market.
It is reported that the Aircraft Group had unlimited abilities in
closing deals. According to information given to me, when insiders
went to the CEO about the poor credit decisions, particularly with
used aircraft prices going downwards, the CEO told them they did
not know what they were talking about. It was reported this was
his "baby" and it was his basic decision, over other objections,
to acquire the refurbishing along with aircraft and engine leasing
to build a leasing department that no one had been able to control
before, and this was an industry that would be very profitable. Allegedly,
the CFO had a great deal of trouble confronting his younger brother,
who was CEO at the time. While the CFO has reportedly told others
about his concern, he was "afraid" to bring up many of
these problems directly with his brother, one highly reliable source
told me. As
business was changing, it became evident to those with leasing experience
that the CEO knew very little about the leasing business itself,
according to several inside sources.. Everyone I spoke with told
me it appeared managements main thrust; their main occupation was
to try and please the Wall Street investors. This was the impression
given to many divisions visited by the CEO, who was not building
up support from people who "knew" the leasing industry
and how it was supposed to work. I
was told by several of the divisional company management, who do
not want me to quote them, that they had little respect for him.
I was told the former CE0 didn't seem to care, that his attention
all went to raising money and not to operations in the street, which
was "below him." He was a "New Yorker," although
the operation was in Florida, the attitude was Wall Street ran the
company. Morale was also poor in the operating area as it not only
filtered down from management, but also was seen by middle management.
There
is an interesting story when the top management team first visited
BSB Leasing in Colorado; they arrived in two long stretch limousines
(they could not all fit in one), dressed as if they had just arrived
from New York City in expensive suits, ties, and well-polished shoes.
They got stuck for over a half-hour going up the elevator. The definitely
were not in a good mood when they meant casual dressed, hard working,”
hands on crowd" at BSB. It was evident, I am told, they didn't
like Colorado, or the people who lived and worked for them. BSB
has made an offer last Friday to purchase their company back. Several
of the "divisions" are in negotiations for sales or wind
down as Bank of America evidently has lost confidence, but wants
to wind down the operation in an orderly fashion, I am told by a
reliable source. I cannot get Unicapital public relations people
to respond by telephone or e-mail and have calls into several officers
for over a week. There obviously is a "gag order", and
in my opinion, a disregard to the public and the news media. I
know the excuse will be "negotiations", and not wanting
to be sued by stockholders, but surely management can handle "the
spin" better than they have in the last month, particularly.
There are many leasing companies on the block, see The List, and
it is no secret this is not a particularly good market for leasing
company investment. And in reality, in this sue happy world, no
matter what you are going to do, you are not going to please everyone,
and if there is any hope of an investor getting a dime back, you
better believe they will explore it. ____________________________________________________________ NationsRent Files Chapter 11, Announces Resignation NationsRent, Inc. announced that the Company filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court in the District of Delaware. NationsRent also announced that the Company has obtained up to $55 million of debtor-in-possession financing led by Fleet Bank, subject to Court approval. The Company further announced that Chairman and Chief Executive Officer James L. Kirk and the Board of Directors have mutually agreed that it would be in the best interest of the Company to allow new leadership to guide NationsRent through the reorganization process. Mr. Kirk will be relinquishing his leadership role. The Company is commencing the search for an interim President and Chief Restructuring Officer and, concurrently, will engage an executive search firm to help in hiring a new, permanent Chief Executive Officer. To insure a smooth transition, Mr. Kirk has agreed to remain with the Company until the interim President and CRO is chosen. 127 changes Leasing News The List http://www.leasingnews.org/list.htm Here
is an up-date to the last month changes: FedFinancial
( 12/2001 ) Universal completes its planned purchase more information available at www.usxp.com http://www.leasingnews.org/archives/December%202001/12-13-01.htm PinnFund/Leasing
(12/2001) a top Executive Officer to turn over $47 in deal/judge makes okay as it favors return of investor money http://www.leasingnews.org/archives/December%202001/12-07-01.htm (11/2001) Girlfriend to return millions http://www.leasingnews.org/archives/November%202001/11-01-01.htm |