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| December 6, 2000 HEADLINES---
United
Capital Against the Ropes??? Kit, I have heard from several insiders that United Capital in Austin, Texas may be going out of business. Thay have supposedly been bouncing vendor checks and holding fundings since last week. Rumors that half of the staff are going to be let go this week are also being heard. Name Withheld ( We have tried to seek comment from United Capital for two days, but no confirmation or denial to date. We will print any comment they may have regarding these "rumors" ---editor ) Bank
of America is pulling back from all equipment lessors even the good ones, because
of the problems with the bad ones. Name Withheld ( This broker gave us other information, but to utilize it, may reveal who sent us the comment, so we are withholding it, but mentioning the comment about Bank of America---editor ) Bad
Checks Checks they wrote to us for leases we funded and assigned to them did not clear their account, and other checks we were supposed to receive today did not arrive. Calls throughout the day were not returned until our general counsel reached them. He was informed United experienced a trigger event with Lehman, and that all outstanding checks were "stopped" while Lehman could come in and assess the situation. Further, he was told there is no certainty any of these checks will be made good. All outstanding approvals will be reviewed and held to new credit standards. Thus, brokers and discounters who relied on these approvals and issued purchase orders may find their subject leases will not be funded. Name Withheld ( We also edited this and believe the comment reputable, or we would not use it---editor ) 57
Leasing Companies Major Changes Advanta Leasing ( 9/2000 for sale, former prez now at eOriginals,others let go like Kaye Lee.) Affinity Leasing, Washington ( 12/2000 to close and concentrate on Financial Pacific biz ) American Business Leasing ( gone ) Balboa Capital ( 9/2000 Founder Pat Byrne "...office available any time he wants to use it" ). The Bancorp Group, Inc. (Southfield, MI) (Not accepting news business. The BOD of the parent bank is assessing what to do with the leasing subsidiary.....currently servicing portfolio but not originating. no longer in business ) Bankvest (bankrupt) Bombadier ( 12/2000 reported having leasing problems, not confirmed, company strong in other divisions, but appears backing out of leasing division ) BSB Leasing (11/2000 closed to accepting new business ) Charter Financial ( purchased by Wells Fargo 9/5/2000 ) Colonial Pacific (11/98) purchased by GE Capital 5/2000 no more re-brokered applications, except from one or two sources, such as Steve Dunham's Leasing Associates ) Commerce Security ( 9/99 closed to leasing broker program )(11/99 last fundings) Comstock Leasing ( 3/2000 Unicapital then Linc and discontinued operation this date ) Copelco ( 4/2000 sold to Citibank/10/2000 stock down rated/10/2000 ceases broker business, many complaints in manner turning off faucet ) Dana ( 7/2000 sold off portfolio, active as captive lessor ) DVI Capital (12/2000 out of broker ) El Camino Leasing, Woodland Hills, Caifornia (10/2000 No longer taking broker business 11/2000 struggling to stay in leasing business, according to insider reports ) eLease ( June/July/2000 senior management changes ) Finantra (11/2000 will eliminate its commercial finance operations in order to focus on its two core finance platforms, consumer finance and services and consumer mortgage lending. ) FMA Finance ( 4/2000 reportedly closed to brokers ) Fidelity ( 4/2000 acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V., headquartered in the Netherlands, raising funds ) Finova ( out of market place ( 10/2000 Dow Jones headlines "Finova Stock Falls As Buyout Hopes Wane 10/2000 Dow Jones notes stock falling and problems at Finova 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 )) First State Bancorp, Albuquerque, N.M ( 3/2000 sold leasing division-$64 million---) Franklin Leasing, Des Moines, Iowa--owned by Liberty Bank-- (2/2000)-no longer writing leases ( limited by regulations and leases are for sale ). Franchise Mortagage Acceptance Corporation (FMAC) 11/1999 purchased by Bay View Commercial Corporation (Bay View Bank) 9/2000 discontinuing all franchise loan and lease production. Golden Gate Funding ( 2/99 purchased by Westover Financial ) Heller Financial's Commercial Services Unit ( 10/99 purchased by CIT ) Imperial Credit Industries (ICII) ( sold portfolio ) Japan Leasing Credit claims ( JLC --6/99 purchased by Orix ) Lease Acceptance Corp---( ceases broker business 7/26/2000 ) Leasing Solutions ( bankrupt ) Liberty Leasing ( closed, California company ) Linc Capital ( out of vendor and broker business, Nasdaq halts stock sales, $13.4 loss last quarter,10/2000 assets for sale ) Lyon Credit Corporaton ( 9/99 purchased by Hudson United Bancorp ) Manifest Group--( 9/1/2000 purchased by US Bancorp Leasing and Financial, "...a win for all the parties involved," Brian Bjella. Matsco Financial (12/2000 purchased by Greater Bay Bank ) Merit Leasing ( gone ) Metwest Leasing, Spokane Wa. ( 9/2000 advising brokers that they have run out of funds so they are unable to fund a transaction we have there for funding. 11/2000 Metwest Leasing Spokane, WA. is pulling the plug, confirmed by five sources. ) Metrolease--( 5/2000 reports closing operation,John Blazek at Evergreen Leasing, Hathcock losing assets, will not confirm nor deny; many serious rumors of serious fraud floating around the marketplace, including debt to Textron Financial, reported to file bk.) NationsCredit, Business Leasing Group (1/29/99 sold to Textron**) *"The Business Leasing Group of Nations Credit was sold to Textron and we still do broker business," say Jim Merrilees, past UAEL president. NIA National Leasing ( 3/2000 purchased by Lakeland Bancorp ) New England Capital ( 6/2000 sold to Network Capital Alliance a division of Sovereign Bank. Sovereign did hire two people who will run a sales office in CT, doing basically the same deals with the same people as before. Little will change in that aspect. Newcourt ( 8/2000 sold off ) Onset Capital ( 9/2000 Irwin buys 87% equity ) Orix 11/10 First Six Month Profits up 14% at Orix! ) 10/2000 "long-term Outlook has been revised from Stable to Negative" Credit Allianchat it has changed its name to ORIX Financial Services, 9/2000 Japanese Bank President Committs Suicide (Orix is a 14.7% shareholder in bank having problems ), ( 8/2000 closes small ticket vendor division in Portland, Oregon, "Business as usual (in New Jersey and with brokers)," says Steve Geller 11/8 New President at Orix appointed 11/10 First Six Month Profits up 14% at Orix! No negative reports, company appears to be doing very well. ) Phoenix ( 5/2000 both divisions closed ) Republic Leasing, South Carolina 9/27/2000 ( "The expected result will be a sale of Republic Leasing"---Dwight Galloway ) Resource Leasing, Herndon, Virginia ( 11/2000 MicroFinancial/Leasecomm acquires major portion of the assets.) Rockford ( sold to American Express ) Scripp Financial ( 6/29/2000 ( purchased by US Bancorp ) Signature Leasing, Dublin, California ( 11/2000 no longer in small ticket marketplace ) SDI ( 5/2000 closed to broker programs ) SFC Capital ( 9/15/2000 purchased by Trinity Capital ) SierraCities (11/2000 acquired by Vertical Net Credit ) T&W, Washington (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) Transamerica ( 11/2000 for sale, but no buyers, so taken off marketplace, no longer for sale ) Unicapital ( 11/2000 NY Stock Exchanges Suspends Sale of Stock, Dow Jones reports 248 employees let go, divisions are closing,BofA credit until December 1. We have received several conflicting reports of what is open or closed, so we are printing their original purchase of various companies to let you know who might be no longer taking new business, because of the difficulties of the parents--at the end of this report ) United Capital, Austin Texas ( 12/2000 reports of deals not getting funded.) Varilease ( 11/2000 closed down ) USA Capital Leasing ( gone-bk ) any corrections, additions, comments will be appreciated. We are presently working on dividing the list into last twelve months and prior. We are close to completion on this project ***Original Purchases by Date by Unicapital American Capital Resources 2/98 Boulder Capital Group 2/98 Cauff, Lippman Aviation 2/98 Jacom Computer Services 2/98 Matrix Funding 2/98 Merrimac Financial Associates 2/98 MunicipalCapital Markets Group 2/98 The NSJ Group 2/98 PortfolioFinancial Servicing 2/98 Vanlease 2/98 The Walden Group 2/98 K.L.C., Inc. dba Keystone Leasing 5/98 Jumbo Jet 7/98 HLC Financial 7/98 Saddleback Financial Corporation 7/98 U.S. Turbine Engine Corp. 7/98 The Myerson Companies dba BSB Leasing 9/98 Please note, we are continuing to fill in the dates, so we can break this list into a "current" and " recent" list to give it more revelant---editor. Credit
Tightening I am finding that the funding sources I work with are approving deals more consistently with full disclosure than app only. Application only days, for bank related funding sources, are coming to an end. Lessors finding full disclosure transactions have better chance of approval at acceptable rates provided the company and guarantors show they have the capability to handle a downturn. Name Withheld ( editor...I have heard similar reports, including credit tightening for broker submitted deals. ) BofA
QIV Profit to Drop on Bad Loans Bank of America earnings in the fourth quarter are expected to be approximately $1.4 billion, or from $.85 to $.90 per diluted share, company executives said. In a presentation prepared for delivery at an investor conference in New York, James H. Hance Jr., vice chairman and chief financial officer, said that the company is experiencing among other factors higher credit costs and slower capital markets activity, which are expected to extend into next year. Hance said that the company currently expects fourth quarter net charge-offs and provision expense to be in the range of $1.1-1.2 billion, which will bring net charge-offs for the year to less than .65 percent of total loans and leases. That number includes approximately $100 million for a one-time adjustment to adopt the new FFIEC regulatory policy on consumer loans. Last month, the company disclosed that one large loan had been placed on non-performing status and a significant portion will be charged off. The company said it is also experiencing continuing deterioration in credit quality. Nonperforming assets are now expected to be about 20 percent above the third quarter level. Including the fourth quarter results, operating earnings for all of 2000 are now expected to approach $8 billion, or $4.72-4.77 per share. Return on equity for the year is expected to be about 16.5 percent. Hance said that Bank of America is budgeting for significantly higher loan losses and credit costs in 2001. But he said net charge-offs are not expected to exceed the upper end of the company's targeted charge-off range of 45 to 75 basis points. And he pointed out that the company has strong reserves and capital that combined exceed $50 billion. Hance emphasized that the company will continue to make important investments in such areas as e-commerce, payments and asset management that will result in an increase in expenses. "We continue to see good momentum in a number of our core product lines," Hance said, adding that many business lines are expected to reach or exceed the company's annual revenue growth target of 7-9 percent. He reiterated that the company continues to make progress in pursuing its customer-focused strategy to expand relationships and grow revenues as indicated by growing customer satisfaction scores as well as increasing deposit growth and assets under management. As a result of these factors, Hance said the company now expects earnings per share in 2001 to be in a range of $5.10 to $5.20, which represents an increase over anticipated 2000 operating results of at least 7 percent. Return on equity should be in a range of 16.5-18 percent. The projections are based on the assumptions of a soft landing for the U.S. economy and no change in the company's business mix. December 6, 2000 Asset Management Advisory Company Formed Asset Managers, in Little Silver, New Jersey, has been formed to provide asset management advisory services to the equipment finance and leasing industry. Founded by Andrew V. La Stella, the firm's focus is in the areas of portfolio management, asset sales, workout management and the development of special programs. La Stella has held senior positions at Manufacturers Hanover Leasing, The CIT Group, Parrish Leasing and Republic Financial. LeasePoint.com
Announces First Digital Signature Capability in Online Leasing Industry MINNEAPOLIS--(BUSINESS WIRE)--Dec. 6, 2000--LeasePoint.com, an industry leader in online technology equipment leasing, announced today that it now offers the industry's first integrated digital signature capability, LeasePoint Mark(TM). LeasePoint Mark(TM) solidifies the company's industry-leading paperless model, LeasePoint Ease(TM). Users are able to procure an entire lease online, right through signing the closing documents. "Digital signatures are the future of e-commerce--not just in equipment leasing, but throughout the business world," Elen Bahr, LeasePoint.com vice president of marketing, said. "LeasePoint.com is pioneering the leasing industry with LeasePoint Mark(TM), a technology that guarantees a rapid leasing process from start to finish." "The lease process can now be conducted without ever picking up a pencil," LeasePoint.com CIO Bruce Underwood said. "A digital signature is similar to a fingerprint. When a user signs online, a digital fingerprint is created through a unique set of encrypted codes. The validity of a user's LeasePoint Mark(TM) is verified through a code similar to your bank card's PIN number. This ensures that an individual's digital signature remains secure." LeasePoint.com is able to bring digital signatures to the leasing industry through Signonline, Inc., a digital signature service provider. As digital signatures become more prevalent in other industries, LeasePoint Mark(TM) users will be able to carry their digital signature capabilities to other businesses utilizing Signonline's technology. About LeasePoint.com, Inc. Located in Minneapolis, Minnesota, LeasePoint.com is an industry-leading Internet site for businesses seeking to lease technology equipment. LeasePoint.com matches business customers needing technology equipment with vendors and lenders to give businesses the best lease options available. LeasePoint does this with specially developed technology that removes obstacles of traditional leasing, making the process fast and easy. CONTACT: LeasePoint.com, Minneapolis Elen Bahr 952-841-7500 ebahr@leasepoint.com KEYWORD: MINNESOTA CapitalStream
and Unicyn Funding Team to Offer Online Lease Transactions Small-ticket finance company utilizing CapitalStream's hosted e-finance platform, CapitalStream.com, to link with their online network of brokers Seattle - December 6, 2000 - Capital Stream, Inc., a hosted e-commerce provider of services and applications for the commercial finance industry, has announced signing Unicyn Funding Group as a new subscriber. Specialists in funding the broker community, Unicyn focuses on the small and micro-ticket leasing of medical, office, technical equipment and manufacturing. Unicyn has successfully worked with CapitalStream products and services since 1995, and most recently chose CapitalStream to automate their services by creating tailored finance programs, building credit workflow, retrieving credit scores and content, and offering financing at the point of sale. "As an industry leader in the broker segment, we have very strong working relationships with our customers," said Fred MacDonald Jr., President of Unicyn Funding Group. "CapitalStream's customized finance programs allow us to better manage our customer service and make quicker deals, while saving us time and money." By subscribing to CapitalStream.com, Unicyn will be able to service existing customer relationships, as well as, gain exposure to other brokers within the CapitalStream network. Utilizing the CapitalStream solution, will reduce costs by streamlining Unicyn's manual financing processes, increase efficiency and allow better business tracking. ### Said Steve Campbell, CapitalStream President and CEO, "Unicyn Funding Group wanted to conduct its funding transactions more efficiently by automating their process online with CapitalStream.com's hosted e-finance platform. Many of their existing customers are already part of CapitalStream's expanded network, making this partnership a win for everyone." As a subscriber to CapitalStream, Unicyn will be able to increase their transaction volume and enter the high tech leasing market. CapitalStream's hosted e-commerce platform Web-based services enable finance companies, manufacturers, B2B e-commerce companies and finance brokers to integrate financing at the point-of-sale, reach a wider range of financing partners, and automate credit management and workflow. About Unicyn Funding Group Ft. Lauderdale based Unicyn Funding Group specializes in small ticket transactions with a variety of products and programs to help better serve the Broker/Lessor community. A highly qualified and professional staff stands behind the Unicyn name, bringing over 50 years of experience in serving the broker community. For more information, visit their web site at www.unicynfunding.com About CapitalStream Seattle-based CapitalStream provides hosted e-commerce solutions for commercial financing. CapitalStream gives finance partners the power to automate and control the commercial finance process from transaction origination to documentation via our e-finance platform. The company's private-labeled solution, CapitalStream.com, provides the infrastructure that enables finance companies, manufacturers and B2B e-commerce companies to create tailored finance programs, build credit workflow, retrieve credit scores and content, and offers financing at the point of sale. CapitalStream has been an established industry leader for over five years, and has helped several hundred financial organizations increase their competitiveness, customer service and profitability. For more information, visit their web site at www.capitalstream.com ### Regards, Jennifer Fox PR Mgr. - CapitalStream 206.548.1651 jenniferf@capitalstream.com TexWorld.Com
and First International Bank Close Deal to Finance E-business Transactions for Textile Companies IRVINE, Calif. & HARTFORD, Conn.--(BUSINESS WIRE)--Dec. 6, 2000--First International Bank (Nasdaq: FNCE) Textile Industry Participants Worldwide Gain Online Access To Loans And Leases Up To $5 Million TexWorld.Com and First International Bank, a subsidiary of First International Bancorp Inc. (Nasdaq: FNCE), have formed an alliance to offer online financing to companies in the textile industry via TexWorld.Com, the world's most comprehensive, online textile business exchange. First International has agreed to make commercial and international credit products available online - up to US $5 million per transaction - to buyers and sellers of raw materials, products and machinery. First International will integrate these online financing options with the TexWorld.Com platform using ThruCredit(SM), the bank's technological solution for financing industrial transactions via the Internet. Exchange participants will be able to choose among 14 credit products comprising First International's e-CreditMenu(SM) to settle transactions and to meet their other business borrowing needs. Products in the e-CreditMenu range from basic payment guarantees, working capital lines, equipment loans and industrial mortgages, to sophisticated international trade, barter and energy financing programs. Krish Chinnaswamy, CEO of TexWorld.Com, stated: "First International has an outstanding record in financing textile manufacturers in the U.S. and overseas. These capabilities smartly complement our goals at TexWorld.Com - to reduce the barriers of time and distance for textile buyers and sellers with our global, online sourcing solution." First International will underwrite loans and other facilities appearing in the e-CreditMenu in accordance with Riscope(SM), the bank's proprietary commercial credit scoring system. Riscope applies to most types of industrial companies worldwide and facilitates an efficient and rapid credit approval process. Brett N. Silvers, the bank's chairman and CEO, stated: "First International is pleased to unite with TexWorld.Com in the effort to streamline routine purchase and sales transactions for textile manufacturers throughout the industry supply chain. We have both established Internet-based services that open a world of opportunities where new-found efficiency can energize growth and improve profitability." First International Bank has achieved acclaim for its commercial and international trade financing abilities. The U.S. Department of Commerce recently honored the company with the President's "E" Award for Export Service for promoting U.S. exports and economic interests abroad. For four straight years, the company has been the world's number one underwriter of loans supported by the U.S. Export-Import Bank based on number of transactions - closing more than 100 loans each year. Likewise, First International's e-business strategy has been spotlighted in publications such as Forbes, InfoWorld and InformationWeek. The company has 16 active alliances with industrial e-marketplaces where participants gain direct access to its online financing. About TexWorld.Com Inc. TexWorld.Com (www.TexWorld.Com) is a unique Global Sourcing and Marketing Solution set to revolutionize the half-a-trillion-dollar textile and apparel industry. Savvy buyers and sellers are saving time and money by adopting TexWorld.Com as their International Web-office. The growing TexWorld.Community has more than eight thousand registered business members spread across 54 countries. Currently, TexWorld.Com has more than 60 employees in its offices in the U.S. and Asia. The company is backed by the venture capital arm of ING Barings of the Netherlands. Recently, TexWorld.Com has been the subject of a Microsoft case study for implementing a state-of-the-art solution aligning with their .NET strategy. About First International Bank and First International Bancorp Inc. First International Bank (www.firstinterbank.com) - a world leader in the use of SBA, USDA and Export-Import Bank loans - provides innovative credit, trade and financial solutions for small and medium- size industrial businesses. The company has more than 200 employees and representatives at 29 locations worldwide, including offices coast to coast in the U.S. and international representatives located in the Americas, Asia, Africa, the Middle East and Central Europe. In 1999, the company originated $551 million in loans primarily within its industrial niche, and closed the year with a managed loan portfolio of $1.1 billion. Established in 1955, the bank is a subsidiary of publicly traded First International Bancorp Inc. (Nasdaq: FNCE), with headquarters in Hartford, Connecticut. --30-- CONTACT: First International Bank Michele Zommer, 860/241-4705 zommerm@firstinterbank.com or TexWorld.Com Harish Murthy, 949/727-0406 harish@texworld.com Escrow.com
Announces Integration of Fully FunctionalTransaction Settlement Engine by B2B
Exchanges TransactionPoint(TM) Allows Offline Processes to Be Moved Entirely Online With Platform in Place for Suite of Horizontal Services Including Financing and Logistics LOS ANGELES, Dec. 5 /PRNewswire/ -- Escrow.com(TM) and its operating subsidiaries, which collectively provide comprehensive online transaction settlement and escrow services, today announced from the Net Market Makers' Ground Zero 4 conference, the integration of TransactionPoint into multiple online exchanges, adding a component of speed, efficiency and security to B2B commerce by moving the transaction settlement process entirely online. "The market response to TransactionPoint has been outstanding," said Peter Schlosser, Escrow.com executive vice president of sales and business development. "Customers are anxious to integrate our suite of services because implementation timelines are short and the platform offers the ability to add additional horizontal services over time." With TransactionPoint, the platform is in place to expand and customize each exchange's offering to include horizontal services such as financing and logistics, creating a robust service suite that facilitates compliance by transaction participants and enables the secure settlement B2B transactions. Exchanges in markets ranging from electronics to pharmaceuticals have integrated the Escrow.com transaction settlement engine to manage online transactions. Among these newly integrated partners are: -- AmericasXchange, which offers its members a fully transactional, multi-lingual product exchange, featuring a comprehensive inventory of secondary market medical and telecommunications equipment and an extensive suite of value-added ancillary services necessary to facilitate transactions. AmericasXchange enables hospitals, clinics, physician groups, corporations, refurbishers, re-sellers, leasing companies and brokers the opportunity to search for and purchase secondary market medical and telecommunications equipment directly. By uniting buyers directly with sellers, AmericasXchange reduces the communication and logistical expenses associated with the existing inefficient and fragmented market medical and telecommunications supply chain. "TransactionPoint is a perfect fit for our model because of the speed of the integration, low initial costs and expansion potential," said Tammy Jaffer, chief marketing officer of AmericasXchange. "We were able to implement the technology quickly, and did not have to over extend ourselves financially." -- eHITEX, the independent online marketplace where high-tech industry buyers and sellers connect, collaborate and transact to increase supply-chain efficiencies. The exchange was founded in July 2000 and has received over $100 million in funding from its founders. -- Tradeyard.com, a leading Internet auction and brokerage marketplace for used construction, agricultural, mining, and other heavy equipment with over 50,000 machines for sale. Almost $1 million in Tradeyard.com transactions have been run through Escrow.com's settlement engine. "We evaluated several companies during our search for transaction settlement and escrow services," said Simon P. Newman, CEO of Tradeyard.com. "No other service provider came close to meeting Escrow.com's technical capabilities and service expertise." -- DrugMax.com, Inc. (Nasdaq: DMAX) is the leading business-to-business online trade exchange for pharmaceuticals, over-the-counter products, health and beauty aids, and nutritional supplements. The newest division of DrugMax.com, DrugMaxTrading .com, is the first e-commerce platform dedicated to the Alternate Supply of the pharmaceutical and over-the-counter industries. The company's revenues were $28.8 million for the quarter ended June 30, 2000 and $38.8 million for the quarter ended September 30, 2000. TransactionPoint also will be utilized by a significant number of additional partners in the near future, including BidGov.com, BioBid.com, BUSauction.com, GalleryRow.com, LowestBids.com, PrivateVault.com, SellXS.com and XsElite.com. About Escrow.com Inc. Escrow.com(TM) and its operating subsidiaries, founded by Micro General Corporation (Nasdaq: MGEN) and Fidelity National Financial Inc. (NYSE: FNF), offer comprehensive online transaction settlement solutions, including licensed escrow services. The company delivers a secure and scalable business transaction platform with integrated transaction settlement services for business-to-business e-commerce. For more information, please visit: www.escrow.com. This press release contains forward-looking statements. The words "believe," "expect," "intend," "anticipate," "will" and "project," and similar expressions identify forward-looking statements, which speak only as of the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. SOURCE Escrow.com Inc. CO: Micro General Corporation; Fidelity National Financial Inc.; DrugMax.com, Inc.; Escrow.com Inc. ST: California Leading
Credit Market Institutions to Build Online Community: CreditDimensions Will Be
Revolutionary Approach to Credit Risk Management NEW YORK--(BUSINESS WIRE)--Dec. 6, 2000--Ten leading participants in the credit risk arena today announced an initiative to form an online community. CreditDimensions will be the first online credit community to offer financial institutions the full spectrum of integrated credit risk management services within a single web site. Algorithmics, Bureau van Dijk Electronic Publishing (BvD), Credit Suisse First Boston, Cygnifi, eCredit.com, Gifford Fong Associates, KMV, PricewaterhouseCoopers, RiskMetrics and Standard & Poor's will provide site content. PricewaterhouseCoopers is designing and developing the system and network architecture for CreditDimensions. Cisco Systems, Inc. is contributing its expertise in infrastructure design and network security. CreditDimensions will offer subscribers an efficient and effective means to implement credit risk management processes using the following tools: - Credit risk analytic models - Credit and market data - Counterparty static data, including organization hierarchies - Credit analysis process tools - Credit-related news and research CreditDimensions' credit risk management services and intelligence will be offered using an Application Service Provider (ASP) business model. ASPs host and distribute software via secure Internet channels. An ASP business model provides application suppliers with a new and valuable distribution channel while offering ASP subscribers easier access to a broad array of products and services at a potentially reduced total cost of ownership. Credit analysts, originators, portfolio managers and credit operations departments will realize valuable benefits from CreditDimensions, including: - The ability to aggregate exposures across customer relationships by applying robust counterparty hierarchy data - More informed decision-making using comparisons of analytic model output - The unique ability to generate comprehensive analyses that integrate counterparty data, analytic model output and market intelligence - Reduced IT investment and maintenance costs by leasing rather than owning software CreditDimensions anticipates a beta site will be available early in 2001 and a production version will be released shortly thereafter. "The integration of leading credit analytic tools and data within CreditDimensions will significantly improve the decision making capability of credit officers and portfolio managers," said Jim Vinci, PricewaterhouseCoopers partner and co-head of the U.S. Financial Risk Management Practice. "We applaud the contributors to CreditDimensions for recognizing the need for this venture and supplying the resources to make it a reality." "A central reference site for leading-edge models, credit data, and news will be an invaluable tool for risk professionals," said Wilson Ervin, managing director, global head of Strategic Risk Management at CSFB. Gifford Fong, founder and president of Gifford Fong Associates (GFA) said, "CreditDimensions will provide our current customers easy access to our Credit Derivatives Valuation models and provide a unique channel for prospective clients to subscribe to GFA's models on a per-use basis. It will be a win-win situation for all." "Algorithmics provides industry-leading software, analytics and data through a wide range of ASP partners and CreditDimensions represents a unique opportunity to support the first global, credit risk management community," said Dr. Scott D. Aguais, director, Credit Risk Solutions at Algorithmics. "Algorithmics' Algo Credit eValuator (ACV) will be a key product in this community." "Credit Dimensions offers a key ingredient in the pathway to global debt capital markets," said J. A. McQuown, chairman of KMV. "History demonstrates that without data and credit risk analytics, upon which transparency depends, debt capital markets are largely an unfulfilled promise. The still anemic secondary credit markets will become globally ebullient as a result of technological developments now coming to the fore, and Credit Dimensions should be one of them." "We are pleased to be working with CreditDimensions and look forward to incorporating more of our expertise into the first comprehensive online community for credit risk management," said Peter Bernard, executive director at RiskMetrics. "We provide access to CreditManager, which allows users to measure portfolio VaR and stress test market factors such as interest rate and spread curves as well as credit related factors. Users can also use CreditManager as a powerful tool in making asset allocation decisions." "Cygnifi provides easy access to innovative derivative solutions and is excited to offer its Counterparty Risk Management Tools and an innovative legal risk management service called Trinity to CreditDimensions' subscribers," said Jay Helvey, chairman and CEO of Cygnifi. "CreditDimensions is a pioneering solution to meet the needs of the financial community." Additional information about CreditDimensions' contributors: About Algorithmics Algorithmics was founded in 1989 in response to the complex issues surrounding financial risk management for the enterprise. Today, as the leading provider of with the largest and most experienced team in the industry, Algorithmics continues to focus its efforts on creating and implementing enterprise-wide risk management software that meets the evolving needs of its customers. Continuing its tradition of leading the way in risk measurement and management tools and processes, Algorithmics recently introduced Mark-To-Future(TM) (MtF), an open and comprehensive framework for measuring risk and reward. Algorithmics' product capabilities in Credit Risk are substantial, including, Algo Limits, Algo Collateral and the Algo Credit suite of solutions. Algo Credit eValuator (ACV), an advanced credit valuation application for pricing and valuing credit instruments is the newest capability to join this solution set. Headquartered in Toronto, with 15 offices around the world, Algorithmics serves more than 100 global financial institutions with 140 installations worldwide. About Bureau van Dijk Bureau van Dijk (BvD) is a leading supplier of information solutions worldwide, publishing state of the art business applications for data retrieval and analysis. Bureau van Dijk provides flexible, high quality information and analysis tools to major corporations, investment banks, major accounting firms, and others. The company's product range includes applications offering everything from quick reference to in-depth industry analysis; from project based needs to long-term, customized data integration. BvD has attained a leading role in financial information publishing throughout the world due to its commitment to meet user needs, develop exceptional software and emphasize strategic partnerships with globally respected information providers and clients. About Credit Suisse First Boston Credit Suisse First Boston is a leading investment banking firm, providing comprehensive financial advisory, capital raising, sales and trading, and financial products for users and suppliers of capital around the world. It operates in more than 60 offices across more than 30 countries and has more than 25,000 employees. About Cyginifi.com Founded in February 2000, Cygnifi.com is an independent online derivatives services provider for the financial community and corporations. Cygnifi, a JP Morgan spin-off, offers easy access to sophisticated derivatives risk management capabilities as a state-of-the-art application service provider (ASP) to traders, asset managers, risk managers, corporate treasurers, and other professionals. Covering both market and credit risk, Cygnifi's on-line tools and services for pre-trade pricing, independent portfolio valuation, counterparty credit, and collateral risk management will be offered to customers via subscription. Cygnifi also improves the control, transparency and understanding of the marketplace by offering access to trained professionals that can help subscribers analyze and value their portfolios. Cygnifi is headquartered in New York City, with additional operations in London and Tokyo. For more information, please visit www.cygnifi.com. About eCredit.com eCredit.com, Inc. is a leader in the market for real-time credit, financing and related services for e-business through the eCredit.com Global Financing Network. With the Global Financing Network, the company intelligently connects businesses to financing partners and global information sources so credit and financing decisions can be processed in real time at the point-of-sale. By leveraging sophisticated technology, a diverse portfolio of partners and in-depth financial expertise, eCredit.com helps the world's most innovative companies leverage credit and financing to their competitive advantage, win more business, improve profitability and speed time-to-market. About Gifford Fong Associates Gifford Fong Associates (GFA) provides consulting services and proprietary analytical tools to the financial and legal communities. Its services include the analyses of derivative products, fixed-income portfolios, asset allocation models and credit analysis modeling. Both domestic as well as international markets are covered. Whether to support risk management or investment operations of large institutions or in litigation support services, GFA specializes in high quality, timely and cost effective solutions. About KMV San Francisco based KMV was founded in 1989 with a single focus: the measurement and management of credit risk. KMV has two main product areas: the default measure Expected Default Frequency(TM), or EDF(TM), and an array of portfolio management tools including "mark to model" technology, and diversification control. KMV offers software products that integrate data and analytics. KMV's objective is to provide practical and robust methods to capture opportunities presented by credit risk. KMV supports clients intensively in the use of its products. These interactions shape the process leading to global debt capital markets. About PricewaterhouseCoopers PricewaterhouseCoopers (www.pwcglobal.com) is the world's largest professional services organization. Drawing on the knowledge and skills of more than 150,000 people in 150 countries, the organization helps clients solve complex business problems and measurably enhance their ability to build value, manage risk and improve performance in an Internet-enabled world. About RiskMetrics RiskMetrics, the risk measurement experts, provides the financial community with innovative research, software, education and benchmark data. RiskMetrics is responsible for the creation and support of benchmark risk management products including RiskMetrics(TM), CreditMetrics(TM), DataMetrics, CorporateMetrics(TM) and RiskGrades(TM). These measurement tools work seamlessly to promote greater understanding in the financial markets. The company promotes transparency by distributing its risk management information publicly via the Internet and offers financial institutions and individuals measurement tools that enable a complete Picture of Risk. Formerly the Risk Management Products Group of JP Morgan, RiskMetrics was spun-off in 1998. They are a core component of the risk management practice of more than 5,000 institutions around the world. About Standards and Poor's Standard and Poor's offers a range of credit risk management products and services, including empirical data on default incidence, default correlations and rating transitions, credit scoring models, credit indices, and credit training. Consulting services help customers understand, evaluate, and manage their credit risk exposures. Standard & Poor's also conducts research in the area of fixed income trends, defaults and rating transitions, and publishes Standard & Poor's annual Long-Term Default and Ratings Transition Study. CONTACT: PricewaterhouseCoopers Mike Ascolese, 201/521 4322 mike.ascolese@us.pwcglobal.com KEYWORD: NEW YORK BankAtlantic
Bancorp Declares Quarterly Cash Dividend FORT LAUDERDALE, Fla., Dec. 6 /PRNewswire/ -- The Board of Directors of BankAtlantic Bancorp (NYSE: BBX) has declared a cash dividend of $0.0253 per share on its Class A Common Stock. The Board set the payment date for Thursday, January 18, 2001, to all shareholders of record at the close of trading on Thursday, January 4, 2001. About BankAtlantic: BankAtlantic Bancorp is a diversified financial services company and the parent company of BankAtlantic, Levitt Corporation, Ryan, Beck & Co., and Leasing Technology, Inc. Through its subsidiaries, BankAtlantic Bancorp provides a full line of products and services encompassing consumer and commercial banking, brokerage and investment banking, real estate development and business leasing. BankAtlantic, one of the largest financial institutions based in Florida, currently operates 70 full-service branches in 18 Florida counties. Levitt Corporation, which includes Levitt & Sons and St. Lucie West, was America's first builder of planned suburban communities and has built more than 175,000 homes in the United States, Puerto Rico, Canada and Europe. St. Lucie West has been the fastest growing community on Florida's Treasure Coast for the last five years. Ryan, Beck & Co. engages in underwriting, market making, distribution, and trading of equity and debt securities, money management and general securities brokerage, as well as consulting, research and financial advisory services to financial institutions and middle market companies. Leasing Technology, Inc. provides a broad variety of leasing and financing services for business and commercial equipment including heavy equipment, manufacturing equipment, vehicles and aircraft. BankAtlantic Contact Information: For investor and shareholder information, please contact Leo Hinkley, Investor Relations, at (954) 760-5317 or investorrelations@bankatlantic.com. For media and press inquiries, please contact Sharon Lyn, Corporate Communications, at (954) 760-5402 or corpcomm@bankatlantic.com. http://www.newscom.com/cgi-bin/prnh/20000905/BANKATLOGO Statements in this release may constitute forward-looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with economic, competitive and other factors affecting the Company and its operations, future payment of dividends as determined and declared by the Company's Board of Directors, and other factors detailed in the Company's SEC filings. SOURCE BankAtlantic Bancorp CO: BankAtlantic Bancorp ST: Florida IN: FIN RLT SU: DIV Safeguard
Scientific Chairman Broke?
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