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| December 11, 2000 Headlines-- UniCapital
Announces Bankruptcy Filing MIAMI--(BUSINESS WIRE)--Dec. 11, 2000--UniCapital Corporation (OTCBB:UCPC) today announced it has filed petitions for reorganization under Chapter 11 of the United States Bankruptcy Code. Chapter 11 petitions were filed on behalf of UniCapital Corporation and substantially all of its subsidiaries, not including certain special purpose entities related to the company's conduit and securitization financings. The Chapter 11 cases were filed in the United States Bankruptcy Court for the Southern District of New York. The cases were assigned to the Honorable Judge Blackshear, Bankruptcy Judge. Prior to the Chapter 11 filing, UniCapital sold its lease servicing operations to Portfolio Financial Servicing Company. Also prior to the Chapter 11 filing, UniCapital sold certain assets composing a portion of the businesses of five of its wholly owned operating subsidiaries. Terms of the transactions were not disclosed. UniCapital Corporation has provided asset-based financing in strategically diverse sectors of the commercial equipment leasing industry. UniCapital has originated, acquired, sold and serviced equipment leases and arranged structured financing in the big ticket, middle market, small ticket and computer and telecommunications segments of the commercial equipment leasing industry. Certain statements contained in this press release (including, without limitation, statements regarding the Company's relationships with its financial creditors and statements with respect to the circumstances of the Company during and after bankruptcy) may be deemed to be forward-looking statements that involve risks and uncertainties. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, and should be read in conjunction with the risk factors set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 1999, as filed with the Securities and Exchange Commission. Those risk factors include, among others, limitations imposed by the Company's credit facilities, risks related to the need for additional capital, risks related to the Company's acquisition strategy, risks arising from the absence of combined operating history for the Company and its subsidiaries, risks related to internal growth and operating strategies, interest rate risks, risks related to fluctuations in quarterly operating results, risks related to consummating securitization transactions and other risks. In addition, the Company is subject yo risks and uncertainties incident to its bankruptcy filing, including, among others, risks relating to the unavailability of credit or of cash at any time and from time to time, the need to seek an obtain bankruptcy court approval of actions, and the possibility that any plan of reorganization that may ultimately be confirmed with respect to the Company may dilute or eliminate the equity position of the Company's current stockholders. These risks and other factors could cause actual results to differ materially from those expressed or implied in any forward-looking statements contained in this press release. In addition, results may vary as a result of factors set forth from time to time in the documents filed by the Company with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements to reflect actual results or changes in the factors affecting such forward-looking statements. CONTACT: UniCapital Corporation, Miami Jody Campbell (Investor Relations), 305/899-5000 KEYWORD: FLORIDA BSB
Leasing to Rise from the Ashes Kit, To borrow a phrase from Carl Sandberg, "the reports of our demise have been greatly exaggerated". BSB Leasing is still alive and kicking. You couldn't get through to Bruce Zwillinger at our office because we are in the process of changing out our servers from "UniCapitals network" to our own network and in the short term lost our e-mail capacity. We'll be up shortly. The address and the phone numbers (800-945-3372) remain the same. I can't make an "official" announcement just yet but I can tell you that we, BSB Leasing, expect to be accepting new business in the next few days. Most of our staff is still in place and looking forward to continuing our strong relationships with our clients and colleges. We appreciate all the support you have shown during this difficult period. Sincerely, Don Myerson President BSB Leasing dmyerson@uswest.net ( It was Mark Twain, I believe, who is attributed to the saying about the premature death... but the message is received. I also note a new e-mail address, and that is perhaps why all the BSB addresses came back. As I remember, Don Myerson had signed a "non-compete clause with Unicapital...but now that they have filed bankruptcy, I would guess this clause is "mute" --editor Portfolio
Financial Servicing Acquires Assets of UniCapital Portfolio Financial Servicing Company (PFS) announced that it had acquired substantially all of the assets of UniCapital Operations Group headquartered in Portland, Oregon, from UniCapital. Jerry T. Hudspeth, the former president of UniCapital Operations Group, would be its president and CEO. PFS will provide loan and lease administration for a variety of financial services clients specializing in servicing equipment and vehicle lease and loan portfolios with unique requirements. As part of the acquisition, PFS will continue to provide these services for UniCapital. PFS provides a full range of services for the administration of asset-based finance portfolios. These services comprise a complete "back office" and "front-end" support product. The Company provides complete transaction processing and management services for each finance contract, from the time it is originated by the customer through its termination. PFS provides both the personnel and system resources for credit scoring, application and document management, compliance and financial reporting, loss and litigation, collateral management and perfection, customer service, insurance, accounting, collections, tax compliance, remarketing, asset management, trust and securitization services and technology consulting. "We look forward to not only continuing to provide the servicing we have in the past but also to servicing new clients." Hudspeth stated. Banc
One Leasing Eliminates 60 Jobs, Closes 5 Offices - Ballantine Leaves Company By Scott Silvestri, Bloomberg Bank One said it fired 60 employees from its equipment-leasing unit and closed five of its offices, in the latest round of cost cutting and reorganization by Chief Executive Jamie Dimon. The executive who ran the leasing business has left the company. Banc One Leasing, which leases everything from computers to heavy equipment to Bank One corporate customers, will be absorbed by the fourth-largest U.S. bank instead of operating as a stand-alone unit, said Thomas Kelly, spokesman for the Chicago-based bank. Kelly said he did not know why the head of the unit, Rick Ballantine, left the company. Steve Samford, who was a manager for Bank One's middle market banking business in central Texas, already has succeeded Ballantine. The 60 employees, who were told Dec. 1 their jobs would be eliminated, represent 18 percent of the 325 employees working in the leasing business throughout the U.S. The job cuts targeted sales and office support positions. The affected offices are in Los Angeles, Kansas City, San Francisco, Portland and Salt Lake City. "There are no plans to discontinue this service to our customers," said Kelly. Bank One, however, no longer will offer leasing to its customers' vendors as it had in the past. The company also is scaling back on its national leasing presence to focus on its main geographic territory, he said. "They are going to be very sensitive to some cost savings things, but they are going to spend some money too," said Denis Laplante, a banking analyst at Fox-Pitt Kelton. "Everything (Dimon) is doing I wouldn't view as a slash and burn effort." Laplante said Dimon is willing to make investments in other areas. For instance, he is keeping WingspanBank.com, Bank One's online bank, up and running. People can expect some more cuts from the company in non- customer related jobs, said Joseph Duwan, a bank analyst at Keefe, Bruyette & Woods. Dimon has been "ruthless" on inefficient spending, he said, but noted the bank is adding staff in other areas. For instance, he said Bank One has told him it plans to spend roughly $2 million to add customer service employees in its call centers. The cuts came a few days after Bank One said it eliminated several jobs in its capital markets business, including six public finance bankers and three traders at the Chicago Board of Trade, where the bank no longer has a presence. Since Dimon arrived at the company in late March he has repeatedly said a top priority is to get the bank to "run lean and fast" by cutting $500 million in annual expenses and rooting out corporate waste by getting rid costs tied to things like thousands of corporate cellular phones and pagers and unoccupied office space it owns. He has said the company will wrap up its cost cuts early next year. By the end of the third quarter Bank One had reduced its expenses by $360 million. Bank One reported third-quarter profit fell 37 percent to $581 million, or 50 cents a share, from $925 million, or 79 cents a year earlier United
Capital, Austin, Texas Reaction Kit.....I really enjoy reading your news brief each day....being in the industry only 6 years, your updates and info's give me a better perspective on this industry.....I just got off the phone with United Capital.....I finally got a human responce to a funding status.....all that was needed was a verbal.......guess what....my approval and funding are on hold as they have another "Bank" looking at the deal as Lehman rejected the deal now......try explaining that to the vendor after he's installed and called repeatedly for his check.......I had been trying for over a week to get the verbal done so this transaction would fund........feel like I've got the black eye now........Thanks for your input. Name Withheld ( hang in there, work together...I have been there many times, and I have lost vendors because of it, clients, too, but if it is a good deal, it will stay together. ----editor ) This
is off the record. They have let more than 3 employees go. As of now, it is 8
employees and an additional 2 have had their salaries reduced. Anyone who tells
you differently is flat out lying. Company morale is at an all time low and there
are very few who believe the company will last more than 30 days. Name withheld ( Steve Dallas confirms the employee dismissal now is 8. When we spoke, it was three and several more than two have had their salaries reduced. He is trying very hard not to lay people off,he says, and doesn't want to downsize. We did up-date the article on line on Friday. I would suspect it is not "Merry Christmas" around United Capital---but it can be a Happy New Year if everyone pulls together...editor ) Kit:
We have been watching and listening to the news about United Capital. I think Steve Dallas's interview with you, was only attempting to control the damage that has been done in the last week or so. Let's not forget, it is the broker/discounter that goes through the damage control with it's customers (vendors). Most of the time when payment is stopped with a vendor, that business is lost forever. The damage control that Steve needs to do is make good on what he has in house as well as making those checks good to us and the vendors. Please do not use our name. I
appreciate the comments you conveyed from Steve Dallas, however, our experience
up to this point is not consistent with his message. We have deals not funded
nor checks returned. name with held We
still have deals in for funding and not funded. Please do not use my name. Your
Newsletter will giving us more insight as to what the industry is going through.
I feel the pressure too, even though I am a one man company. Thank you. name with held ( at his request ) Now,
let me be sure I understand this message from United. We are out of money, not
honoring our approvals, but you guys hang with us and we will be back in 2001
ready to serve your leasing needs. That about it?????? Got to admire Mr. Dallas
chutzpa! I am just frustrated with these uninformed lenders who are not getting it in this market place and making our whole industry look like a group of Gomer Pyles or crooks, take your pick. Think how long it will be before any major financial players attempt to do equipment leasing again. It will take five years, minimum, for our industry to get over what has happened in '99 and '00, if we ever do. Kit, I will predict a huge loss of brokers in the second quarter of 01. They will hang on through first quarter hoping for the best. 2000 has been the worse year I have had in 26 years in this industry. Everything you can to count is down, especially profits. We are fighting for every deal. 2000 will not go down as a fun year in equipment leasing Name With held Where
is the business going? Kit, I know there are smart people in our industry and I am wondering what these folks are saying about the first quarter of 01. We hear gloom and doom from one source and everything is great from the next. Since we live and work in Atlanta we have weathered the last two recessions well because Atlanta is so diversified. However, Coke has laid off thousands of people for the first time in memory and Lockheed is going through it's semi-annual massacre. So, please, prognosticate! Where are we going in 01? Kit, I have a question. If 57 or 58 leasing companies have gone away or "changed the way they do business" how many brokers have disappeared? If we lost just three brokers per lender that is a bunch. It is also a large dollar amount in sales too. I keep hearing from older brokers I have known for years that they are having a tough year. Most of us have weathered storms before, but I can't remember ever hearing so many people talk about getting out. If the first quarter of 01 is not good I think we could see an unexpected change in our industry by virtue of a number of brokers "retiring". There are no "B" lenders for story credits left, except, maybe, me. Everyone wants to buy "A" credits at higher rates. For the first time in history we are competing directly with banks for small ticket leases. BB&T in NC is now going after transactions where they just book it as a consumer loan in the customers name. They don't even bother attempting to do anything with the company name. We are seeing our profit margins drop and keeping residuals is now the exception rather than the rule. Now, the bright side has to be if 57/58 lenders are gone and several hundred brokers are gone then there has to be a great deal of business out there that is up for grabs. Now, could someone please tell me where to find that hidden business???? Adrian Bulman American Leasing & Financial Marietta, GA aleasing@mindspring.com Euromoney Lease Training's Executive Conference Series is proud to bring you our Equipment Leasing and e-Commerce: Strategies for success in the new e-conomy conference in New York City on January 22-23, 2001. E-commerce is rapidly affecting the leasing industry today in a variety of ways. Find out more about how you and your company can benefit from this revolutionary new way of doing business and take your firm to a mwhole new level. By attending this conference, you will learn about what is in store for the future of the leasing industry. Key players in the field will keep you up to date on what you need to know about tax and legislative issues. They will share with you their experiences, triumphs, and tribulations. These industry experts will also teach you how to streamline your business processes with document automation,increase your profits by empowering customers and managing user expectations, ensure the privacy and security of your online transactions, and examine new Internet business models to see how they can best benefit you. Take advantage of new cutting-edge technology to reach new markets, broaden your offerings, and, most importantly, develop and implement your own unique e-strategy. Don't get lost in the competition - act now to ensure that you are well informed to succeed in the new e-conomy. The unparalleled faculty of speakers includes: Aziz A. Khan, SVP of E-Commerce, Heller Global Vendor Finance Jay Fudemberg, President & CEO, Pure Markets Corp. Lou Vigliotti, EVP of Lender Services, LENDX Michael E. Cromar, VP of E-business, Global Business Process & IT,IBM Global Financing Jim Brady, SVP of Market Development , Capital Stream Steve Gerard, Director of E-Business Solutions, Copelco Capital Brian G. Murray, President, Lease2save.com, Inc. Alan Collier, President,TotalFunding.com Sandra Stern, Commissioner, Article 9 Drafting Committee Carlyle C. Ring, Jr., Chair, NCCUSL Drafting Committee for UCITA Gene Lebrun, President (1997-1999), NCCUSL, Member, Advisory Commission on Electronic Commerce Attached is a copy of the brochure in pdf format for your reference. To register, simply reply to this message with your name, position, company name, address, phone and fax numbers, and preferred method of payment, or fill in the form on the last page of the attached brochure and fax it back to us at (212) 361-3499. If you have any questions regarding this event, please do not hesitate to contact me by e-mail or phone. My direct line is (212) 361-3499. I look forward to welcoming you and your colleagues to the Equipment Leasing and e-Commerce: Strategies for success in the new e-conomy conference in January. Best Regards, James Moloney Client Services Executive Euromoney Lease Training 50 Broad Street, Suite 1937 New York, NY 10004-2307 Tel: (212) 843-5226 P.S. - For more information on the products, courses, and conferences that we offer, please visit our Website http://www.euromoneyleasetraining.com Pitney
Bowes to Spin Off Office Systems Business STAMFORD, Conn.--(BUSINESS WIRE)--Dec. 11, 2000--The Pitney Bowes Inc. (NYSE: PBI) Board of Directors today unanimously approved a plan to spin off the company's Office Systems business to stockholders as an independent, publicly-traded company. The new business consists of U.S. and U.K. Office Systems operations. The transaction is expected to be completed by the end of the third quarter 2001. For financial reporting purposes, Office Systems will be treated as a discontinued operation. Under the proposal, it is anticipated that Pitney Bowes stockholders will receive 100 percent of the stock of the new company. The stock distribution ratio, record and distribution dates will be determined just prior to the spin date. Michael J. Critelli, Chairman and CEO of Pitney Bowes Inc. said, "The successful completion of this transaction will maximize the value of both Pitney Bowes and Office Systems to our stockholders and customers." He continued, "As separate entities, we can leverage the core strengths of each respective company and sharpen the focus on the growth opportunities in our designated markets, while maximizing speed and enhancing responsiveness to changing customer and competitive conditions. Both organizations will also have greater flexibility to invest and structure themselves in alignment with market needs, while continuing during the transition to provide all customers with the quality products and services that they've come to expect from Pitney Bowes." It is intended that Office Systems will be licensed to operate under the "Pitney Bowes" brand name for a period of time as Pitney Bowes Office Systems and will continue to be headquartered in Trumbull, Connecticut. Pitney Bowes Office Systems will feature a separate management team led by Marc C. Breslawsky as the Chief Executive Officer. Currently serving as the President and Chief Operating Officer of Pitney Bowes Inc., Mr. Breslawsky has over 30 years experience in the Office Systems market and, in fact, started the facsimile business for Pitney Bowes in 1982. Mr. Breslawsky and Mr. Critelli will continue to work together during this transition, with more of Mr. Breslawsky's focus being directed toward the spin-off as the transaction nears completion. "There is no one more capable of successfully guiding the new company through today's hypercompetitive office systems marketplace than Marc Breslawsky," commented Mr. Critelli. "When you combine Marc's proven operational effectiveness, strategic sourcing skills, and ability to motivate and drive a direct sales and marketing organization, with his years of experience guiding both of these businesses for Pitney Bowes, he is well positioned to succeed in leading and leveraging the strengths of this new organization." Mr. Breslawsky said, "The Office Systems spin-off is consistent with the strategic actions that we've previously taken with this business --- starting with the merger of the facsimile and copier businesses, and most recently, the phased expansion of the sales coverage to handle both product lines across all market sectors earlier this year. We strongly believe that Office Systems has the right products, the right strategy, the right people and the right customer relationships to succeed in the marketplace." Customers will also benefit from the synergies between the two independent companies according to Mr. Breslawsky. "The spin-off process will be seamless for Pitney Bowes and Office Systems customers because both organizations are committed to working together in the best interests of all customers," stated Mr. Breslawsky. "After the transaction is complete, Pitney Bowes Financial Services will continue to provide Office Systems customers with convenient access to leading-edge leasing and financial services, while Office Systems will continue to provide productivity-enhancing fax and copier systems for Pitney Bowes Management Services' customers." The transaction is not subject to a vote of stockholders. The spin-off will be subject to customary conditions, and prior to its completion, the company intends to obtain a ruling from the Internal Revenue Service that the transaction will be tax-free. On a pre-spin total company basis, the office systems operations are estimated to contribute 14-15 percent of Pitney Bowes' forecasted revenue, 11-12 percent of forecasted EBIT, and 11-12 percent to forecasted net income for the full-year 2000. As noted, Pitney Bowes Office Systems will be treated as a discontinued operation beginning in fourth quarter 2000. This will lower the company's proforma continuing operations earnings per share guidance for 2000 to $2.15 to $2.18 and for 2001 to $2.35 to $2.40. For the reasons previously disclosed, Pitney Bowes' revenue excluding the Office Systems operation, is expected to decline about five percent in the fourth quarter, which implies an increase of about two percent for the full-year 2000. The expected full-year revenue growth rate for 2001 is four to six percent. Pitney Bowes' continuing operations will include worldwide mailing, shipping and logistics, production mail, e-billing and statement presentment, small business solutions, management services, document outsourcing, and financial services businesses. Pitney Bowes is a global provider of total messaging solutions. For more information on the company please visit www.pitneybowes.com The forward-looking statements contained in this news release involve risks and uncertainties, and are subject to change based on various important factors including timely development and acceptance of new products, gaining product approval, successful entry into new markets, changes in interest rates, and changes in postal regulations, as more fully outlined in the company's 1999 Form 10-K Annual Report filed with the Securities and Exchange Commission. In addition, the forward-looking statements are subject to change based on the timing and specific terms of the spin-off. CONTACT: Pitney Bowes Inc. Press- heryl Y. Battles Exec. Director, External Affairs (203) 351-6808 Wells
Fargo Financial Leasing, Inc. Agrees to Acquire Assets of ConsecoFinance Vendor
Services Corp. DES MOINES, Iowa, Dec. 11 /PRNewswire/ -- Wells Fargo Financial Leasing, Inc., a subsidiary of Wells Fargo Financial, Inc., has signed a definitive agreement to purchase substantially all of the assets of Conseco Finance Vendor Services Corporation, a subsidiary of Conseco Finance Corp. of St. Paul, Minn. Approximately $1.2 billion in owned and managed lease receivables will become a part of Wells Fargo Financial Leasing, Inc., which currently has approximately $410 million in receivables. Wells Fargo Financial Leasing, based in Des Moines, Iowa, provides leasing to manufacturers, distributors and vendors throughout the country. The purchase is expected to close in the first quarter of 2001. Wells Fargo Financial, Inc., headquartered in Des Moines, Iowa, is an $11.7 billion company providing installment and home equity lending, automobile financing, commercial equipment leasing, consumer and private label credit cards, other financial services to consumers and businesses in all 50 states, all 10 provinces of Canada and in Latin America. It is a subsidiary of Wells Fargo & Company, a $263 billion financial services company providing banking, insurance, investments, mortgage and consumer finance from more than 5,300 stores, the industry's leading Internet site http://www.wellsfargo.com and other distribution channels across North America and elsewhere internationally. SOURCE Wells Fargo Financial, Inc. CO: Wells Fargo Financial, Inc.; Wells Fargo Financial Leasing, Inc.; Conseco Finance Vendor Services Corporation; Conseco Finance Corp.; Wells Fargo & Company 59
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" ). Banc One Leasing ( 12/2000 Lays Off 60, Closes 5 offices ) 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 (12/2000 Don Meyerson says to be "re-born"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 ) Conseco Finance Vendor Service ( 12/2000 purchased by Wells Fargo Leasing. 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 ( 12/2000 files bk ) *** series of company that may be affected, end of report ) United Capital, Austin Texas ( 12/2000 no new deals until after the 1st of year, Steve Dallas says, " We will survive." 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 --aquires assets of Unicapital 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 --- to start again says Don Meyerson Please note, we are continuing to fill in the dates, so we can break this list into a "current" and " recent" list. We have also deleted smaller companies who are no longer around from the list as the list was getting too large. editor
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