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December
17, 2002
Post time 7:15a.m. PST |
Pictures from the Past---1980-Bill Minerly
Classified---Other
"On Line" Job Sources
Holiday
Gift: The Journal of Equipment Lease Financing
Oh,
No!!! Not Again, Mr. Bill!!! The Funding Tree-Laughlin, Nevada
Rates
rise in Treasury bill auction
Letters---We
get e-Mail Letters!!!
OPEC
to cut oil supplies; diesel price spike a concern
Immelt
to meet GE investors Later Today
Cat
PowerNotesSM investment offering tops $1 billion mark
Residco
Celebrates 20th Anniversary
Travel
by Vehicle Down says American Automobile Association
San
Jose Symphony officially files for bankruptcy
### Denotes Press
Release
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Pictures from the Past---1980—Bill Minerly
 |
Bill Minnerly, Vice-President, IFG Leasing
Great Falls, Montana
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Classified---Other “On Line” Job Sources
www.craigslist.org
(available in many cities now, use scroll feature)
www.insidevcjobs.com
Venture County, CA. Newspaper
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*****************************
Holiday Gift: The Journal of Equipment Lease Financing
******************************
Are you looking for the right holiday gift for your colleague, broken/ banker/employees?
A gift relevant to the business, a gift that not only informs
but continues to educate on the lease financing industry?
If so, a subscription
to the Journal of Equipment Lease Financing may be the perfect gift!
For just $40 a year, a subscription to the Journal helps
support the industry and support ongoing education of your employees.
The Foundation will
provide a special holiday gift certificate with your subscription.
You may e-mail the certificate or print to put into an envelope.
To order holiday
subscriptions contact: llevine@elamail.com.
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Oh, No!!! Not Again, Mr. Bill!!! The Funding Tree—Laughlin, Nevada
Looks like the Funding Tree is still not returning “Advance
Rentals.”
For readers not aware of this “Bulletin Board Complaint”
or story,
please go here:
Henry’s Automotive of Hanford, California sent in a cashier’s
check for $3,893.37
along with a signed lease for a Smog machine. The person they were in contact “...was
named ‘Sandy’, with Network Capital. We sent a cashier’s check in the amount of
$3,893.37 dated June 14,2002, and it was cashed on June 18,2002 ( they
faxed Leasing
News a copy of the check.”
The vendor has not been paid and “...they either wanted their
smog machine back or they wanted to be paid in full. Now we cannot reach Sandy.
--
From a highly reliable source, we understand the attorney
who represented Kendra Bernal, the former president of the California
corporation, who was arrested for
violating parole, is now suing his client as he has not been
paid. The court instructed
him to represent her as she allegedly did not have any money
to pay for her defense.
At press time, we did not have permission to use the sender’s
name, but the e-mail
is timely in view of the latest incident:
I read with interest your various articles on The Funding Tree, Inc. and its principal Kendra
Bernal. Kendra Bernal and her associate
Bruce Peterik are alive and well in Laughlin, NV under the name Legacy Leasing. Their offices are down the
hill from my home, and from these offices
at 3650 South Pointe Circle, Suite 201F Laughlin, NV 89029 (702)
299-1234. It is strictly a boiler room with telemarketers who blow
in and
out with great frequency.
I met with Ms. Bernal and her EVP Bruce Peterik early this
year, when they
were recruiting for sales people. I introduced myself as
a credit person who
would like to talk to them once they completely relocated
to NV. Mr. Peterik
said that they were vacating CA because of its regulatory
environment. Ms.
Bernal would stay in CA to run her other business, a judgment
collection
service. Mr. Perterik would not be relocating to NV either,
he had the job
of finding strategic funding partners.
I checked out Legacy's Clark county, NV business license
on line and found
that the corporate name is The Funding Tree, Inc., the license
date
10/15/02,the Category Description is "Equipment Rental",
and "ownership
information is temporarily unavailable. Please call (702)
455-3573" I
called that number at Clark County, and was told by a Carol
that
"Hopefully, by spring of next year, the information
will be available".
( name with held )
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Rates rise in Treasury bill auction
By Associated Press
WASHINGTON (AP) Interest rates on short-term Treasury securities
rose in Monday's auction.
The Treasury Department sold $14 billion in three-month bills
at a discount rate of 1.200 percent, up from 1.195 percent last week.
An additional $16 billion was sold in six-month bills at a rate of 1.260
percent, up from 1.245 percent.
Both the three-month and six-month rates were the highest
since Dec. 2 when the bills sold for 1.210 percent and 1.290 percent,
respectively.
The new discount rates understate the actual return to investors
1.219 percent for three-month bills with a $10,000 bill selling for $9,969.70
and 1.286 percent for a six- month bill selling for $9,936.30.
In a separate report, the Federal Reserve said Monday that
the average yield for one- year constant maturity Treasury bills, the
most popular index for making changes in adjustable rate mortgages, dipped
to 1.47 percent last week from 1.53 percent the previous week.
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Letters---We get e-Mail Letters!!!
Thank you for that wonderful article on my upcoming book,
Selling Leasing In A Tough Economy. I appreciate it very much.
I loved seeing my 1987 picture of me as The Leasing Coach.
Where did you find it? Where was it originally published? I had never
seen it before. Wow. Did it bring
back memories.
Jeffrey Taylor
(From an old Western Association of Equipment Leasing magazine.
We have been
asking readers to send us old pictures, magazines, even photographs.
If you want
them returned, we will do so. editor )
----
Thanks for mentioning BLN. Have a good holiday season!
David
David G. Mayer
Patton Boggs LLP
2001 Ross Avenue
Suite 3000
Dallas, Texas 75201
Tel: (214) 758-1545
Fax: (214) 758-1550
Author of: Business
Leasing For Dummies
Publisher of: Business
Leasing News
(Here is the address again: http://www.pblaw.com/newsletters/
bln/Release/bln_2002_12.htm )
---
If I haven't said it before let me restate my enjoyment in
getting your e-mail
updates. Timely and informative. If I could only get my children
to be the
same.
Bill
Bill Clark bclark@leaselo.com
(And to stop asking for money, as if we are made of it. )
--
ENJOY THE DAILY HISTORY
john olmstead
(Thank you. It is fun to put together.)
--
I work for Ryan
Capital Leasing. My manager periodically
forwards me subject of interest from your news letter. Could you please include me on your subscription
list.
Thank you,
Wesley Overstreet
Ryan Capital Leasing
Corporation
340 Eisenhower
Dr., Suite 630
Savannah, GA 31406
Phone: (800)541-6370
Fax: (912)352-0706
woverstreet@ryancapital.com
(Yes, this is how we build our readership...from referrals,
such as yours.
---
I try to read your newsletter every day. There is always something
of interest.
Richard M. Volk
Trinity Leasing Company
Southfield Park Tower II, Suite 300
12835 E. Arapahoe Rd. Centennial, CO 80112
Office: 303-643-6490 Cell:
303-435-6196
rvolk@trinityleasing.com
Fax: 303-643-6499
(When I think there is not enough industry news, we don’t
publish, such
as last Friday. And then there was Tuesday with 40 pages,
or 150mb. And
I cut three stories, too.)
--
While
I have enjoyed keeping up with the news,
and
you sense of humor, please delete my e-mail address.
I
was in the leasing business for many years formed and headed up a leasing
company
for Roadway. I was one of the
Charter members of TRALA and others.
I
finally got smart and got out of leasing into Real Estate.
Web
Site www.dobbinsrealestate.com
I
loved the equipment game for many years.
It was time to move on.
Merry
Christmas. Take care and God Bless all of you.
Bill
Dobbins
Edina
Realty
1-800-456-1268
billdobbins@aol.com
web
site www.dobbinsrealestate.com
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|
Leasing Solutions LLC Very reasonable rates No obligation if transaction is not approved. Call: Office:
(845) 362-6106
Check
my website: Providing
Solutions to the Equipment Finance Industry... |
-----------------------------------------------------------------------------------
OPEC to cut oil supplies; diesel price spike a concern
--By Dick Larsen, senior editor
LandlineMagazine
The Official Publication
of the Owner-Operator
Independent Drivers
Association
Oil prices reached a seven-week high Dec. 13, driven by a
cut in OPEC oil output, concern about war and a strike in Venezuela that
has crippled production in the world's fifth largest oil exporter, according
to press reports.
OPEC said it would seek output of 23 million barrels a day
as of Jan. 1. That's down almost 1.4 million from the 24.38 million barrels
per day (bpd) pumped by the 10 members with quotas last month.
Oil prices have risen by about a third this year to more
than $26 a barrel as OPEC restrained sales and concern mounted about Iraq
and the oil strike in Venezuela.
"Many truck drivers could be out of business should
fuel prices rise by 50 cents a gallon and it certainly could happen in
a matter of just a few days," said Todd Spencer, executive vice president,
the Owner-Operator Independent Drivers Association. "During times
of trouble, Saudi Arabia always says it will make up the shortfall, but
what if it couldn't?"
For example, Saudi Arabia said it would "absolutely"
stick to its new limit. Saudi Arabia told its customers in Asia they would
receive lower crude supplies in January. Riyadh's European and U.S. customers
were expecting to receive notice of lower volumes, press reports said.
"We know this is a really important issue for truckers,"
Spencer said. "But it obviously wasn't to lawmakers who adjourned
without passing fuel surcharge legislation."
Meanwhile, The U.S. Energy Department said Dec. 12 it could
lend crude from the national Strategic Petroleum Reserve to U.S. oil companies
whose refineries are suffering a shortage of supplies from Venezuela.
On the positive side, there appears to be widespread skepticism
about the producer group's ability to enforce discipline across all member
countries or to get anywhere near a cut of 1.7 million bpd.
John Cook, head of the U.S.'s Energy Information Administration's
Petroleum Division, said OPEC would likely fall short of its new goal
to cut actual oil output by 1.7 million bpd, and instead would only be
able to shave 500,000 bpd from production.
Immelt to meet GE investors Later Today
By Andrew Hill in New York
Financial News/Yahoo
General Electric Co. on Monday backed its earnings forecasts
for this year and 2003, but the manufacturing conglomerate said it doesn't
see a catalyst that would raise expectations beyond the targets it gave
late last month..
In a slide presentation on GE's Web site, the company said
on balance its businesses have stabilized, but they lack a "spark."
GE also said it does not see a catalyst to justify any upward revision
of guidance. GE Chairman Jeff Immelt is expected to address investors
on Tuesday in New York, with the slide presentation as a backdrop.
Investors will get another chance to grill Jeffrey Immelt,
chief executive of General Electric, about the US industrial and financial
group's prospects for 2003 at an investor meeting today in New York.
Mr. Immelt is expected to provide more detail about the outlook
for 2003, and reinforce his upbeat view that GE can survive the downturn.
Projections for GE earnings have not changed since the last
analysts' meeting last month.
The November meeting focused on the performance of the power
systems and aerospace-related businesses - which have been hit by a decline
in demand. But Mr. Immelt also took that opportunity to adjust expectations
for the group - including GE Capital.
GE cut its 2002 target last month to $1.51 per share - compared
with previous expectations of $1.65 for the year - because of a $1.4bn
charge at the troubled Employers Reinsurance (ERC) subsidiary.
Mr. Immelt also indicated a range of $1.55-$1.70 per share
for 2003 earnings.
GE, which declared a quarterly dividend of 19 cents per share
on Friday, up from 18 cents, saw its stock rise 3.6 per cent on Monday
to $26.43. That still represents a decline of more than a third so far
this year.
Mr. Immelt is in the throes of reshaping the company. Apart
from ERC, which is for sale, year, GE is also re-examining the lighting
and appliances operations.
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### ##############################################
Cat PowerNotesSM investment offering tops $1 billion mark
A little more than two years after launching Cat PowerNotesSM,
Caterpillar Financial Services Corporation on Dec. 12 surpassed the $1
billion issuance mark on its medium-term retail notes program.
The notes, which are available for sale through licensed
brokers, are issued with various maturities from nine months to 15 years.
Issued weekly, they offer competitive fixed interest rates and require
a minimum investment of $1,000. Interest payments may be made monthly,
quarterly or semi-annually.
"Since our PowerNotes program was launched in September
2000, it has provided Cat Financial a cost effective source of funding,
as well as diversification through access to a broader individual investor
base," Cat Financial Treasurer Jim Duensing said. "We've achieved
very positive results with PowerNotes. I believe the market is recognizing
this offering as a flexible, reliable investment for investors' fixed
income needs."
Cat Financial, a wholly-owned subsidiary of Caterpillar Inc.,
provides a wide range of financing alternatives for Caterpillar machinery
and engines, Solar® gas turbines, as well as other equipment and marine
vessels. The company also extends loans to customers and dealers. Cat
Financial has offices and subsidiaries located throughout the Americas,
Asia, Australia, and Europe, with headquarters in Nashville, Tenn.
Cat Financial reported record revenues of $1.62 billion and
profit after tax of $212 million in 2001.The company's Senior Debt is
rated A2 by Moody's and A+ by S&P. For more information, visit www.catpowernotes.com.
CONTACT:
Marcia Colburn
Cat Financial
Phone Number: (615) 341-5003
E-mail: marcia.colburn@cat.com
( courtesy ELAonline.com)
############ ############################################
RESIDCO CELEBRATES 20TH ANNIVERSARY
Created and led by Vincent A. Kolber, the Residual Based
Finance Corporation, also known as RESIDCO, is celebrating 20 years of
success in the transportation equipment investment management industry.
Based in Chicago, RESIDCO has been a pioneer in creatively
structuring and managing asset risk for its clients in both the aviation
and rail industry sectors, providing portfolio marketing, lease structuring,
and acquisition and remarketing services to lessors and lessees. Over
its history, RESIDCO has closed over $1,000,000,000 worth of transactions
with clients in North and South America, Asia and Europe.
When asked the secret to his success and longevity, Mr. Kolber
stated:
"These would be top among many lessons learned: surround
yourself with the most intelligent people you can find; maintain zero
tolerance for unethical behavior; be able to constantly reinvent strategy
and tactics; and hold a belief in realism as the best foundation upon
which to place your vision."
RESIDCO's motto is "Honesty and Equitable Dealing".
For more information about RESIDCO, please visit our website:
www.residco.com
Contact:
Neil Dixon Smith
RESIDCO
312-726-6086
312-726-3690 fax
( Courtesy ELAonline.com)
############## ###################################################
Travel
by Vehicle Down says American Automobile Association
AAA
says 59.1 million Americans are planning to travel 50 miles or more from
home during this year's Christmas-New Year's period, down about 1 percent
from the near-record 59.9 million people who took a trip during the same
period last year.
The
record is 63 million people, set during the 1995 holiday season.
A
total of 11.2 million travelers plan to go by airplane, up from the 10.5
million fliers during the 2001 holiday.
Another
2 million are expected to hop aboard a train, bus or other mode of transportation
- the same number as last year.
The
Southeast is expected to have the greatest number of motorists, with 12.1
million. Other regions and their expected numbers of motorists include
the West, 11.5 million; Midwest, 9.7 million; Great Lakes, 7.3 million;
and Northeast, 5.3 million.
AAA's holiday travel projections are based on a national
telephone survey of 1,300 adults that was conducted by the Travel Industry
Association.
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San Jose Symphony officially files for bankruptcy
By Mike Guersch
San Jose Mercury News
The San Jose Symphony's slow, painful march to bankruptcy
is over.
Fourteen months after it shut down operations, the symphony
dissolved Monday when it filed Chapter
7 bankruptcy papers, ending the 123-year-old organization.
``I'm very sad that it ended the way it did,'' said Jay Harris,
who last December agreed to try to help revive the orchestra as interim
chairman. ``Our community has lost an institution that has given a lot
to many generations.''
Saddled with $3 million in debt and just $300,000 in assets,
the Harris-led transition committee decided in July to file Chapter 11
bankruptcy, with hopes of saving the music library, the organization's
name and the possibility of a reorganized orchestra.
But by October, Harris concluded that a complete liquidation
under Chapter 7 was inevitable.
``Key donors withdrew their support because they were disappointed
that other key donors in the past were not contributing to the effort,''
Harris said.
He believes the symphony's demise was caused by ``inconsistent
leadership'' and ``board oversight,'' such as approving the use of capital
funds for operations.
``The symphony as an organization had, over the course of
years, lost credibility and in some cases earned the ever-lasting ill
will of past supporters.''
The musicians asked Harris to delay filing for a month so
they could raise money to purchase the 900- score music library at market
value, estimated at $125,000. Harris agreed, but the musicians came up
short. They have raised an estimated $75,000 and, according to percussionist
Galen Lemmon, plan to bid for the sheet music when a trustee has been
appointed by the court.
But that decision is up to the trustee, whose primary responsibility
is to the 500 creditors included in the bankruptcy filing. Over half of
those creditors are individual subscribers who bought tickets to canceled
performances, said attorney Don Raub of Brooks & Raub, the firm handling
the symphony's bankruptcy.
The trustee has several options regarding the music library,
ranging from accepting the musicians' bid to putting the library up for
auction. Either way, a bankruptcy judge must approve the trustee's decision,
Raub said.
Details of creditors, debts and assets will become known
when the symphony files those documents, due to the bankruptcy court by
Dec. 31.
Meanwhile, a trustee will be appointed to handle the case.
A creditors' meeting has been scheduled for Jan. 16 -- a mandatory part
of bankruptcy cases in which creditors, the trustee and the debtor's representative
(Harris in this case) gather to discuss questions about the bankruptcy.
With the long, bumpy ride to bankruptcy and the sudden birth
of the four-concert Symphony San Jose Silicon Valley, most musicians are
ready to move on, Lemmon said.
``They have resigned themselves to the fact that it's not
going to come back,'' Lemmon said. ``But it's really unbelievable to me
that a community of this size could not support a symphony.''
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