|
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Kit Menkin’s Leasing News www.leasingnews.org Tuesday, February 4, 2002 Comdisco
Sale Troubles Sudhir Amembal Sells Interest in Amembal Capital??? Kansas City----Back in Business Banks tighten lending standard due to “economic
slump” slump Venture Capital Investment Increases
in Fourth Quarter System 1/Capital Advantage Users—Buckles
to the Rescue What’s the Best Day to
Get Something Done? Tueday-- LFC Capital Appoints Bill Mount Executive
VP Leasing Group Inc. Leasing Group/ Thinque Systems
Strategic Financing Solutions Funder OnLine and Divine
Win .NET Award IBM Selects Fair, Isaac Decision for New Global Credit Solution Richard L.Rockhold
joins Cypress Leasing Special: Streamlined Sales Tax Update - NCSL Task Force
Voices Concerns Future Feature: Whatever Happened to Fred Van Etten? ###
Denotes Press Release ________________________________________________________________________ Comdisco
Sale Trouble According
to published reports, the proposed sale of Comdisco, Inc.'s information
technology leasing business to Tyco International, Inc. has reportedly
hit a roadblock as a result of the recent significant fall in Tycos
stock price. www.BankruptcyData.com
News. Sudhir
Amembal Sells Interest in Amembal Capital??? There
has been no comment so far from Amembal Capital to deny or confirm
that founder Sudhir Amembal has sold his interest and will concentrate
in the education/lecture field. http://www.amembalcapital.com/ ACC
(Amembal Capital Corporation) is a diversified middle-market financial
services
company that specializes in structuring, origination, servicing and
syndication
of a broad array of lease products. Headquartered in Salt Lake City,
Utah, ACC is adept at structuring advanced, complex capital and operating
lease structures for all types of equipment acquisition needs. AMEMBAL
CAPITAL CORPORATION (ACC) Type of Business: Independent 420 E. South Temple Suite 240 Annual Sales:
50-100 Million Salt Lake City, UT 84111-1328 Geographic Areas: International Phone: (801) 595-0009 Fax: (801) 595-6008 . Markets
Large Ticket (Over $5 million) Middle
Ticket ($250 000-$5 million) Small-to-Middle
Ticket ($25,000- Sudhir
Amembal, chairman of Amembal Capital, is world-renowned for his scholarship,
consulting and publications in the area of equipment leasing and
lease accounting. He
has consulted on behalf of a variety of institutions, ranging from
small businesses
to Fortune 500 companies and governments, including China, Indonesia
and Russia. He
has also authored fourteen books, including the industry standard,
The Handbook
of Equipment Leasing. Sudhir
is known throughout the equipment leasing world, both as an educator
and
as a master of the domestic and international tax, accounting and
legal intricacies
of the equipment leasing process. He is active in four leasing
associations, appearing at conferences, often accompanied by his
wife. He may be considered the "most respected" individual in
the leasing industry, world wide. Mr.
Sudhir P. Amembal Chairman
& CEO 420
E. South Temple Suite
240 Salt
Lake City, UT 84111-1328 Phone:
(801) 539-8100 Fax:
(801) 539-1484 EMail:
sudhir@amembalandassociates.com _____________________________________________________________ Good
News/Bad News Saddam
Hussein has now agreed to weapons inspections. The bad news is that he wants Arthur Andersen
to do it. _______________________________________________________ Kansas
City----Back in Business Our
thanks for your patience to the many brokers who had trouble getting
through to us by phone last Thursday and Friday. Our power, Computers, and faxes were completely
out as a result of a massive ice storm which hit the Kansas City metro
area. We had power out to more than 250,000 homes and businesses in
the area. I am sorry for any inconvenience that this may have caused
to any of our customers. But, the good news is that we are back in
business and ready to do deals!!!! Lee
Greif 1st
Financial 888-756-2521
phone 913-756-2521
fax lgreif@fflusa.com -------------------------------------------------------------------------------------------------
###
################################### ################# Venture
Capital Investment Increases in Q4 for First Time Since Mid-2000 2001
Finishes as 3rd Strongest Year for Venture Capital Software
& Biotechnology Lead The Way
WASHINGTON, Venture capitalists invested $7.1 billion in
entrepreneurial enterprises in the fourth quarter of 2001, reversing
a downward trend that began in the third quarter of 2000, according
to the PricewaterhouseCoopers/Venture Economics/National Venture Capital
Association MoneyTree(TM) Survey.
These fourth quarter numbers suggest that the economic and
psychological climate for venture investing is beginning to improve
after 18 months of steady decline. The survey also showed that despite an extremely
difficult economic environment, $36.5 billion was invested in the
twelve months of 2001, ranking the year as the venture capital industry's
third best in terms of total dollars invested. "The
free-fall is over and we've landed safely on higher ground,"
said Tracy Lefteroff, global managing partner of the venture capital
practice of PricewaterhouseCoopers. "The up tick in dollars and
deals in the fourth quarter occurred despite economic disruption and
uncertainty. And, calendar year 2001 investments were nearly double
1998, which was the last pre-bubble year. The stars have realigned
along historical norms." INDUSTRY
ANALYSIS The
two sectors that showed the most strength in Q4 2001 were software
and biotechnology. The life
sciences categories (biotechnology, medical devices and equipment,
and healthcare services) continued to capture a greater percentage
of overall investment than seen in recent years, attracting 18.5 percent
of total investment, compared with only 7.97 percent in Q4 2000 and
6.42 percent in Q4 1999. The biotechnology sector, itself, increased
to 14.0 percent in Q4 2001 from 10.1 percent in Q3 2001. The software sector increased to 22.5 percent
of total investment in Q4 2001 from 16.9 percent in Q3 2001. When
looking at trends on an annual basis, biotechnology saw the largest
gains in terms of percentage of investment, rising to 8.2 percent
in 2001 from 3.5 percent in 2000.
The increase can be attributed to the wide range of opportunities
created by the integration of technology in the drug development process
and continuing advances in the genomics and proteomics fields. Conversely,
retailing and distribution saw the biggest decrease in terms of a
percentage basis, falling to 10.0 percent in 2001 from 18.4 percent
in 2000. This drop reflects the fallout that occurred in the e-retailing
sector during the past 18 months. The software sector remained strong throughout 2000 and 2001, while
several sectors held their own despite considerable uncertainty, including
telecommunications and networking and equipment. "VCs
have traditionally cut their teeth on IT investments. Investment in
2001 continues this trend in that at least 60 percent of their initial
investments were in IT investments. Eighteen months ago venture investors
were putting a significant portion of their initial investments into
web retailing and e-commerce; now VCs have all but abandoned those
sectors. More and more venture capitalists are looking toward the
life sciences sectors. What is really telling as to the industry's
new view of the world is that these initial investments are now averaging
$7 million per company rather than the $10 million of the typical
mid-2000 deal. This may be a reflection of valuation reality or simply
a way to lower the risk exposure. In any event, VCs are more cautious,"
commented Jesse Reyes, Vice President, Venture Economics. STAGE
OF COMPANY DEVELOPMENT Venture
capitalists continue to support existing portfolio companies but haven't
abandoned early stage enterprises. In
Q4, investments made in expansion stage companies increased to 64.3
percent of total dollars invested compared to 53.9 percent in Q3. Investments in early stage companies fell to
15.6 percent of total dollars invested and 23 percent of total deals
compared to 21.7 percent of dollars invested and 27 percent of the
number of deals in Q3. These
trends can be attributed to the continued effort among venture capitalists
to support their existing portfolio companies while exit opportunities
have been limited. However, when looking at only first round financings,
48.2 percent went to early stage companies in Q4, which historical
data shows as a typical level. For
the year, 2001 showed a higher than average percentage of first-time
financings going to early stage companies, rising to 62.1 percent
from 55.3 percent in 2000. This
clearly shows that venture capitalists continue to believe that companies
in their earliest stages of development present the greatest possibilities
for an extraordinary return on investment.
When looking at all rounds of investment, there was an increase
in expansion and later stage financings while investment in early
stage companies decreased. "We
are beginning to see a shift in how venture capitalists are spending
their time. During much of
the past 18 months, venture capitalists have spent the majority of
their time working closely with their existing portfolio companies,
leaving less time to make investments in new companies.
By the close of the 4th quarter, the focus on portfolio companies
was beginning to return to new investments," commented Mark G.
Heesen, president of the National Venture Capital Association.
"During the past year, venture capitalists demonstrated
a great deal of tenacity, working side by side with entrepreneurs
to build strong companies at a time when exit strategies were very
limited. These efforts will serve new businesses well
as the economy begins to recover." Note
to the Editor When
referencing information included in this release or other venture
capital investment information produced by the three MoneyTree Alliance
partners, the information should be cited in the following way: PricewaterhouseCoopers/Venture
Economics/National Venture Capital Association MoneyTree(TM) Survey.
After the first reference, subsequent references may refer to PwC/VE/NVCA
MoneyTree Survey, PwC/VE/NVCA or MoneyTree Survey. Charts and tables
displaying the data are sourced to PricewaterhouseCoopers/Thomson
Venture Economics/National Venture Capital Association MoneyTree(TM)
Survey. After the first reference, subsequent references may refer
to PwC/VE/NVCA MoneyTree Survey, PwC/VE/NVCA or MoneyTree Survey.
About
the PricewaterhouseCoopers/Thomson Venture Economics/National Venture
Capital Association Money Tree Survey
The
MoneyTree(TM) Survey measures cash-for-equity investments by the professional
venture capital community in private emerging companies in the U.S. The survey includes the investment activity
of professional venture capital firms with or without a US office,
SBICs, venture arms of corporations, institutions, investment banks
and similar entities whose primary activity is financial investing.
Where there are other participants such as angels, corporations, and
governments in a qualified and verified financing round the entire
amount of the round is included. Qualifying transactions include cash
investments by these entities either directly or by participation
in various forms of private placement. All recipient companies are
private, and may have been newly-created or spun-out of existing companies.
The
survey excludes debt, buyouts, recapitalizations, secondary purchases,
IPOs, investments in public companies such as PIPES (private investments
in public entities), investments for which the proceeds are primarily
intended for acquisition such as roll-ups, change of ownership, and
other forms of private equity that do not involve cash such as services-in-kind
and venture leasing. Investee
companies must be domiciled in one of the 50 US states or DC even
if substantial portions of their activities are outside the United
States. Data
is primarily obtained from a quarterly survey of venture capital practitioners.
Information is augmented by other research techniques including other
public and private sources. All data is subject to verification with
the venture capital firms and/or the investee companies.
Only professional independent venture capital firms, institutional
venture capital groups, and recognized corporate venture capital groups
are included in venture capital industry rankings. MoneyTree
Survey results are available online at http://www.pwcmoneytree.com,
http://www.ventureeconomics.com, and http://www.nvca.org. The
National Venture Capital Association (NVCA) represents over 450 venture
capital and private equity organizations.
NVCA's mission is to foster the understanding of the importance
of venture capital to the vitality of the U.S. and global economies,
to stimulate the flow of equity capital to emerging growth companies
by representing the public policy interests of the venture capital
and private equity communities at all levels of government, to maintain
high professional standards, facilitate networking opportunities and
to provide research data and professional development for its members.
The
PricewaterhouseCoopers Private Equity & Venture Capital Practice
is part of the Global Technology Industry Group, www.pwcglobaltech.com.
The group is comprised of industry professionals who deliver a broad
spectrum of services to meet the needs of fast-growth technology start-ups
and agile, global giants in key industry segments: Networking &
Computers, Software & Internet, Semiconductors, Life Sciences
and Private Equity & Venture Capital. PricewaterhouseCoopers is
a recognized leader in each industry segment with services for technology
clients in all stages of growth. PricewaterhouseCoopers
(http://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,
we help our clients solve complex business problems and measurably
enhance their ability to build value, manage risk and improve performance
in an Internet-enabled world. PricewaterhouseCoopers
refers to the member firms of the worldwide PricewaterhouseCoopers
organization. Venture
Economics, a Thomson Financial company, is the foremost information
provider for equity professionals worldwide. Venture Economics offers
an unparalleled range of products from directories to conferences,
journals, newsletters, research reports, and the Venture Expert(TM)
database. For over 40 years, Venture Economics has been tracking the
venture capital and buyouts industry. Since 1961, it has been a recognized
source for comprehensive analysis of investment activity and performance
of the private equity industry. Venture Economics maintains long-standing
relationships within the private equity investment community, in-depth
industry knowledge, and proprietary research techniques. Private equity
managers and institutional investors alike consider Venture Economics
information to be the industry standard. For more information about
Venture Economics, please visit http://www.ventureeconomics.com. Contact Jeanne
Metzger NVCA, 1-703-524-2549,
ext. 16, jmetzger@nvca.org Laura
Beck Porter
Novelli for PricewaterhouseCoopers
1-512-241-2231 #############
############################### System
1/Capital Advantage Users—Buckles to the Rescue If
you are not able to attend the February 22nd Costa Mesa,
Southern California Funding
Retreat, where one of the workshops will be held by Jim Buckles, PReferred
Broker Solutions, support specialists, you may be able to contract
with him directly for consulation by telephone or arrange his service
for a visit. Jim
offers technical support, on-site training, custom reports, custom
templates, and
web development. Go
to www.psbs4u.com or Jim
Buckles 19621
82nd PL W Edmonds,
WA 98026-6412 835-352-8665
toll free 253-826-3303 2/22
Costa
Mesa ( Southern California
) Funding
retreat Westin
South Coast Plaza 686
Anton Boulevard Costa
mesa, CA 92626 http://www.uael.org ----------------------------------------------------------------------------------------------- Poll Not
Much Response, however, if you don’t like Thursday, 1pm, PDT for “Meet the Leasing News Maker” Plase
go here and make your voice heard: http://www.leasingnews.org/poll.htm ####
########################## ########################## What’s
the Best Day to Get Something Done?
Tuesday MENLO PARK, Calif., -- What's the best way to get
something done quickly? Ask someone to do it on Tuesday. Nearly half
(48 percent) of executives surveyed recently said employees hit peak
performance on Tuesdays. Not surprisingly, Fridays were viewed as the least
productive day of the week. The results are consistent with two earlier polls
conducted in 1987 and 1998.
The survey was developed by Accountemps, the world's first and largest
temporary staffing service for accounting, finance and bookkeeping
professionals. It was conducted by an independent research firm and includes
responses from 150 executives with the nation's 1,000 largest companies.
Executives were asked: "In your opinion, on which day of the week are
employees generally most productive?" Their responses:
Monday 26%
Tuesday 48%
Wednesday 9%
Thursday 5%
Friday 1%
Don't know/no answer 11%
100%
"It's natural for activity levels to fluctuate throughout the course of a
week," said Max Messmer, chairman of Accountemps and author of Motivating
Employees For Dummies(R) (Hungry Minds, Inc.). "By learning to identify the
normal peaks and valleys in staff productivity, managers can provide
additional motivation when it is needed most."
Messmer noted, "Mondays can be hectic because there are frequently more
meetings scheduled. By Tuesday, employees may be better focused on day-to-day
responsibilities." He added that as the weekend nears, productivity clearly
is impacted -- a sign that workers may need closer guidance or an extra morale
boost to keep projects on track.
Accountemps has more than 330 offices throughout North America, Europe and
Australia, and offers online job search services at http://www.accountemps.com.
####
################################## ######################## LFC
Capital Appoints Bill Mount Executive Vice President LFC
Capital, a healthcare equipment leasing specialist, announces that
William T. Mount, 51, had joined the company as executive vice president,
marketing. Mount will report to Martin E. Zimmerman, president and
chief executive officer. (
Courtesy ELAonline.com ) #### ################################ ##################### SUPER BOWL XXXVI hits 42.5 rating/61 share
in Nielsen overnights top 51 cities -- up nearly 10% over CBS's 2001
game... Largest Audience in FOX-TV history... MORE... Show hits high
of 83 share in St Louis; 81 share in Boston; 68 Dallas; 64 in Chicago...
ALL-TIME HIGH: SUPER BOWL XVI
[San Francisco 49ers vs. Cincinnati Bengals] CBS, 49.1 rating/73 share.
Aired Jan. 24, 1982... ###
################################## ####################### Leasing
Group Inc. Chosen by Thinque Systems to Arrange Strategic Financing
Solutions AUSTIN,
Texas--Leasing Group Inc. ("LGI"),
the industry's leading provider of innovative vendor-based financial
solutions and outsourced transaction management services, announced
today the signing of a Program Services Agreement with Thinque Systems
Corporation, the nation's leading provider of mobile enterprise applications
(MEAs). Under
the agreement, LGI will provide outsourced program management, administration
and marketing services in addition to arranging competitive financing
solutions for Thinque Systems' clients throughout the United States.
The
program enhances Thinque System's position in the mobile workforce
marketplace by enabling the company to seamlessly offer its customers
a host of financial solutions from a variety of financial institutions.
This flexibility, combined with the electronic efficiencies of LGI's
Web-based platform generates faster turnaround on funding decisions,
higher close rates and increased satisfaction from customers who are
looking to finance mobile Sales Force Automation (SFA) and Field Force
Automation (FFA) solutions. Mark
Huetteman, Thinque Systems' vice president of Worldwide Sales, announced
the program by saying, "We are very excited about the relationship
we have established with Leasing Group Inc. Our SFA and FFA solutions
eliminate redundant, time-consuming, data collection and communications
tasks empowering mobile workers to better serve their customers. Likewise,
LGI enables us to better serve our customers. Their people, processes
and industry expertise enable us to offer a wider range of financing
options and a higher level of service to our customers." Under
the agreement, Thinque Systems will take advantage of LGI's comprehensive,
vendor-driven Web Finance Portal(tm) technology. Utilizing this proven
platform, LGI will serve as Thinque Systems' business process outsourcing
partner. LGI will assist in the receipt, documentation, processing
and communication of credit applications and approval activities.
"Thinque
Systems is the clear leader in the emerging mobile enterprise applications
arena," said Clark Covert, chairman & CEO of Leasing Group.
"Equipping mobile workers, wherever they may be, with the exact
information they need to do their job is a competitive advantage every
company can appreciate." Covert
went on to say, "LGI provides a similar value through our Web
Finance Portal(tm). This tool provides up-to-the-minute status information
on every sales opportunity and customer interaction we've handled.
And our financing experts will work directly with Thinque Systems'
customers to facilitate a fast, efficient transaction and to ensure
each individual is offered a financing solution that meets their unique
business requirements." About
Thinque Systems Incorporated
in 1997, Thinque Systems Corporation is a developer of mobile enterprise
applications that has a history of supplying solutions to Global 2000
companies. Thinque develops and markets mobile enterprise applications
for sales force automation (SFA) and field force automation (FFA)
that reduce operating costs, increase worker efficiency, and drive
incremental revenue while building stronger ties to customers. Thinque's
applications enable companies to connect with, manage and share information
with mobile workers by providing connections and transactions via
real-time or synchronized dial up enabling workers to operate in dead
zones or off-line. Thinque MSP supplies the business rules, business
processes and enterprise data that mobile workers need while providing
them with information as to the where, when, why and what they need
to accomplish. Thinque's products empower mobile workers engaged in
sales, marketing, quality assurance and customer service to create
competitive advantage in a wide variety of industries, including consumer
goods, over-the-counter pharmaceuticals, and commercial products and
services. For more information, call 877/Thinque or visit the company's
Web site at www.thinque.com. About
LGI Leasing
Group Inc. (LGI), www.leasinggroup.com, is the industry's leading
provider of innovative vendor-based financing solutions and outsourced
transaction management services. Serving both the equipment vendor
and the funding source community, LGI provides a faster, more efficient
way for equipment vendors to offer world-class financial solutions
to their clients. Through a variety of national account programs and
Internet-based solutions, LGI provides the funding source community
with aggregated volumes, lower origination costs, and lower marketing
and account management costs. Based
in Austin, Texas, and founded in 1988, LGI has a 14-year history of
vendor-driven industry leadership. The firm pioneered many of today's
common industry practices including authorized transactions via faxed
signatures, electronic transfer of funds using EDI standards, non-recourse,
small ticket leasing programs; and leases that do not require the
use of delivery and acceptance documents. Currently backed by Conning
Capital Partners and Stephens Inc., LGI has funded over $1 billion
in financial transactions since its inception and its innovative and
technological leadership continues today with the expansion of its
Web Financial Portal(tm). For more information about LGI, visit www.leasinggroup.com
or call 800/608-5201. CONTACT: Leasing
Group Inc., Austin Patrick
Laughlin, 512/344-1202 patrick-laughlin@leasinggroup.co ###
######################################## Funder
OnLine and Divine Win .NET Award Microsoft
Recognizes Unique Application during Microsoft Canada Innovation
Awards Gala www.funderonline.com TORONTO,
/ - Funder OnLine Corp., a Financial Web Services applications and
technology solutions provider, today announced that Microsoft Corp.
has recognized the partnership of Funder OnLine and divine Inc., a
leading provider of managed services, with the ".NET Award of
the Year" at the Microsoft Canada Innovation Awards gala last
night in Toronto. A member of the Microsoft First Wave Program for
the .NET platform in Canada, Funder OnLine relies on divine Managed
Services to test, deploy and manage its Web Services application across
multiple data centers with a high level of security. The
award was open to all organizations and service providers for the
most innovative use of the .NET suite of products, including Visual
Studio .NET, BizTalk Server 2000 and SQL Server 2000 components, Active
Directory(TM) and leveraging Digital Media, XML and Networking. A
panel of Microsoft, technical and solutions executives selected the
award recipients. "Microsoft's
annual Innovation Awards provide an important forum to recognize and
celebrate outstanding technology solutions and organizations across
the country," said Frank Clegg, president of Microsoft Canada.
"Companies such as Funder OnLine and divine Managed Services
represent some of the best and brightest in the technology sector
in Canada today and Microsoft is proud to count them among their partners."
Microsoft
Canada's Innovation Awards program was created in 2000 to recognize
outstanding innovation, industry partnership and leadership within
the ranks of Microsoft Canada's channel. The awards are open nationwide
to Microsoft Certified Partners, Certified Technical Education Centres,
Independent Software Vendors, and sales organizations. "There
is no doubt that Funder OnLine deserves the recognition lauded upon
it by Microsoft Canada for having the most innovative .NET Web Services
application, and we are proud to stand with them as co-recipients
of this award," said Jim Dennedy, chief operating officer, divine
Managed Services. Funder
OnLine's ExpressOS(TM) application is designed to take advantage of
the highest-end managed service technologies available today. The
application is cluster-aware and manages its own session state information
so that user's connections can be seamlessly moved from one Web server
to another for scaling, load balancing or failure-recovery. divine's
combination of Business Continuity Services and heightened security
measures makes certain that Funder OnLine's customers will lose no
revenue due to down time. "We
are honored to receive this prestigious award which recognizes our
innovative Web Services solutions and our belief in Microsoft's .NET
platform," said Hollinsworth Auguste, CTO of Funder OnLine. "divine
is an outstanding partner for us, providing unparalleled reliability
and scalability for our applications to support our global financial
services customers." The
Innovation Awards Program, MCTB and Solutions Summit are part of Microsoft
Canada's ongoing commitment to support a wide group of partners and
to strengthen and broaden these relationships through the development
of new initiatives aimed at helping to grow their business. About
Funder Online Funder
OnLine Corp. is a specialized financial services technology company
focused on providing the global equipment finance industry with Internet
based technology solutions to both financial institutions and manufacturers
and distributors. Funder
OnLine's ExpressOS(TM) solution offers a suite of lender-based software
and hardware technologies that have been designed, tested and proven
in the global marketplace over the last six years. Funder OnLine's
technology as well as its accumulated business experience is focused
on leasing and lending programs. This technology has been developed
on the strength of customer demands for products that help reduce
operating costs while increasing market size and penetration. The
result is high quality e-business products that encompass sales origination,
deal structure, credit adjudication, document management, asset management,
as well as integration to credit bureaus and back-end systems. For
more information, visit the company's Web site at www.funderonline.com.
About
divine, inc. divine,
inc., (Nasdaq: DVIN) is focused on extended enterprise solutions.
Through professional services, software services and managed services,
divine extends business systems beyond the edge of the enterprise
throughout the entire value chain, including suppliers, partners and
customers. divine offers single-point accountability for end-to-end
solutions that enhance profitability through increased revenue, productivity,
and customer loyalty. The company provides expertise in collaboration,
interaction, and knowledge solutions that enlighten, empower and extend
enterprise systems. Founded
in 1999, divine focuses on Global 5000 and high-growth middle market
firms, government agencies, and educational institutions, and currently
serves over 20,000 customers. For more information, visit the company's
Web site at www.divine.com. ####
############################################# ############# IBM
Selects Fair, Isaac Decision System to Power Its New Global Credit
Solution SAN
RAFAEL, Calif--Building on the success of its next generation decision
engine technology in the marketplace, Fair, Isaac and Company, Incorporated
(NYSE:FIC), the leading global provider of customer analytics and
decision technology, recently announced that IBM Corporation selected
its Fair, Isaac Decision System(TM) software as its decision technology
for its planned Global Credit Solution. IBM
Global Financing (IGF) intends to deploy the solution to support IBM's
global credit operations. Decision System, one of Fair, Isaac's Strategy
Machine(TM) solutions, will be a component powering IBM's credit origination
and credit review decisions. "We
are very pleased that IBM has chosen Fair, Isaac's Decision System
as the best-of-breed strategy engine to support its Global Credit
Solution," said Fair, Isaac CEO Tom Grudnowski. "I believe
that our experience in analytics and business lending enabled us to
demonstrate clearly to IBM that we understand their unique issues
and have proprietary technologies that can address these challenges
on a worldwide basis. As a result, I believe that we can and will
provide real value to IBM in its credit management process throughout
the world," he said. IBM
plans to use Decision System to implement analytics and automate the
company's business policies, procedures and rules for financing activities
in the markets where it does business. Decision System provides IBM
with the flexibility to design their business rules once, deploy them
in a phased geographical rollout, and easily manage them across the
regions served by its Global Credit Solution. John
Palermo, director of IGF Global Financial Systems, said, "The
integration of Fair, Isaac's Decision System into the IGF strategic
solution is part of the many investments we have made to improve our
customer satisfaction and operational efficiencies." First
introduced in early 2001, Fair, Isaac Decision System allows businesses
in any industry to deploy, manage and improve their unique customer
relationship strategies across product lines, delivery channels and
software platforms. Users can quickly design and implement analytically
driven decision engines that can be executed in real time to consistently,
accurately and automatically make complex business decisions that
lead to improved business performance. Currently,
more than 20 clients in the financial services, insurance and retail
industries use Fair, Isaac Decision System, which is available as
client/server end-user software and in ASP mode. Decision engines
created using Decision System can be deployed across the enterprise,
on mainframe, AS/400, Unix and Windows 2000 platforms. In this way,
an enterprise can house their business strategies in a common architecture
regardless of target applications or execution environments. Decision
System is also embedded in a range of Fair, Isaac's business solutions,
including the latest release of TRIAD(TM) adaptive control system,
ClickPremium(TM) system, LiquidCredit(R) service and myFICO(SM) service.
About
Fair, Isaac Fair,
Isaac and Company is the preeminent provider of creative analytics
that unlock value for people, businesses and industries. The company's
predictive modeling, decision analysis, intelligence management and
decision engine systems power more than 14 billion decisions a year.
Founded in 1956, Fair, Isaac helps thousands of companies in over
60 countries acquire customers more efficiently, increase customer
value, reduce risk and credit losses, lower operating expenses and
enter new markets more profitably. Most leading banks and credit card
issuers rely on Fair, Isaac's analytic solutions, as do insurers,
retailers, telecommunications providers and other customer-oriented
companies. Through the Web site, consumers use the company's FICO(R)
scores, the standard measure of credit risk, to manage their financial
health. For more information, visit wwwfairisaac.com. About
IBM Global Financing As
the largest information technology financier in the world, IBM Global
Financing offers customers in more than 40 countries leasing and financing
solutions for hardware, software and services acquired from IBM and
other vendors. With more than $46 billion in annual financing originations
in 2000, IBM Global Financing also provides flexible commercial financing
for inventory, accounts receivable and other working capital requirements.
In the United States, IBM Global Financing customers are served by
IBM Credit Corporation. The final financing rate that a customer receives
depends on the customer's credit rating and the term of the lease,
among other factors. More information can be found at www.ibm.com/financing.
Except
for historical information contained herein, the statements contained
in this press release are forward-looking statements within the meaning
of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
subject to risks and uncertainties that may cause actual results to
differ materially, including the company's ability to derive expected
revenues from new contracts, recruit and retain key technical and
managerial personnel, the maintenance of its existing relationships
with key alliance partners, its ability to continue to develop new
and enhanced products and services, competition, regulatory changes
applicable to the use of consumer credit and other data and other
risks described from time to time in Fair, Isaac's SEC reports, including
its Annual Report on Form 10-K for the year ended September 30, 2001.
Fair, Isaac disclaims any intent or obligation to update these forward-looking
statements. Note
to Editors: Fair, Isaac, Fair, Isaac Decision System, Strategy Machine,
TRIAD, ClickPremium, LiquidCredit, myFICO and FICO are trademarks
or registered trademarks of Fair, Isaac and Company, Inc., in the
United States and/or in other countries. Other product or company
names herein may be the trademarks or registered trademarks of their
respective owners. CONTACT: Fair,
Isaac Debbie
McGowan, 415/492-5309 (Investors) dmcgowan@fairisaac.com
Angela
Carlson, 415/492-5373 (Media) acarlson@fairisaac.com
####
###################################### ###################### Cypress Leasing Corporation Announces Richard L. Rockhold
has Joined the Company’s Acquisitions Team
Steve
Harwood, President of Cypress Leasing Corporation, today announced
that Richard L. Rockhold has joined the company. In conjunction with
Jim Kaylor, Rick will be responsible for acquiring rail, marine and
industrial equipment transactions on behalf of Cypress. Rick has over
10 years experience in the leasing industry, most recently as founder
and principal of Momentum Leasing Advisors, an advisory firm focused
on the purchase and sale of secondary market leasing transactions
involving transportation and industrial assets. Prior to Momentum,
Rick held various positions in leasing, finance and business development
with USL Capital, ITEL, Southern Pacific Transportation and Wells
Fargo Bank. Rick is a graduate of the University of Iowa, holding
a Master’s Degree in Finance and a Bachelor’s Degree in
Business Administration. Cypress Leasing http://www.cypressleasing.com was founded
in 1985 and is a privately owned company, headquartered in San Francisco.
Cypress specializes in purchasing secondary market equipment leasing
transactions from institutional lessors. Acquisitions are made on
behalf of Cypress managed investment programs and for Cypress' own
account. In addition, Cypress advises lessees and lessors with respect
to end-of-lease negotiations and its executives serve as expert witnesses
in litigation.
( courtesy of ELAonline ) ####
############################################### ############# Streamlined
Sales Tax Update - NCSL Task Force Voices Concerns On
February 1, the National Conference of State Legislatures (NCSL) Task
Force on State & Local Taxation of Telecommunications and Electronic
Commerce met in conjunction with the NCSL Executive Committee.
The NCSL Task Force tracks the streamline process and is co-chaired
by Tennessee Representative Matthew Kisber, who also serves as co-chair
of the Sales Tax Simplification Implementing States.
Delegates to Implementing States are drafting model legislation
due by Labor Day that will include the new uniform definition of leasing. The
NCSL Task Force will send a letter to Implementing States suggesting
but not dictating the direction state legislators feel Delegates should
take on key issues associated with the interstate agreement. I present some of these specific issues in the section below entitled
NCSL TASK FORCE LISTS CONCERNS AND VIEWS. In general, they fear revenue administrators may endorse provisions
politically difficult to enact. Anxiety
was voiced about the dominant position revenue officials have achieved
as Delegates to Implementing States.
Some states only assigned revenue administrators as Delegates
while others have difficulty gaining attendance by legislators. Streamline
legislation adopted by a few states will be revised to insure the
sole Delegate is not the Department of Revenue. At
times, it is difficult to grasp the interaction between state legislators
and revenue administrators within the various organizations. I thought
it useful to explain this relationship before listing significant
outcomes of the NCSL Task Force meeting.
If you already understand this interaction or wish to move
pass these details, skip down to the heading NCSL TASK FORCE LISTS
CONCERNS AND VIEWS. Three
Organizations Soon To Be Four The
proliferation of organizations is a subject of confusion. I present an explanation of their roles to
assist in understanding while stressing that it represents my observations.
The
National Governors' Association initially called for simplifying sales
tax administration to overturn Supreme Court decisions forbidding
tax collection from remote sellers. NCSL and state revenue departments
endorsed this effort but expanded it to streamline current sales tax
administration while moving toward a goal of Internet and catalogue
collections. This extension beyond Internet sales is the subject of much debate.
NCSL
Task Force NCSL
originally established a Task Force in response to the congressional
commission examining Internet taxation.
This led to drafting of a model act that upon adoption gave
state revenue departments a seat at the table of a new organization,
the Streamlined Sales Tax Project (SSTP or Project) being formed by
the Federation of Tax Administrators and Multistate Tax Commission.
Streamlined
Sales Tax Project State
revenue officials administer SSTP.
They write initial drafts of the interstate agreement while
the NCSL Task Force tracks their activities.
Last year, the NCSL Task Force made significant revisions to
the first draft interstate agreement.
This put two versions of the Agreement on the street, which
caused confusion. Nonetheless, three states opted to enact the Project version last
year, Minnesota, North Carolina and Wyoming. Implementing
States The
Project and NCSL cooperated to form the Sales Tax Simplification Implementing
States that will unite the abovementioned versions of the interstate
agreement into one model bill released by the NCSL.
SSTP will continue to draft new sections of the Agreement for
submission to Implementing States and the NCSL Task Force continues
as a touchstone for state legislators concerned with the process.
Implementing States is the last chance for industry groups
dissatisfied with SSTP definitions to win a reprieve.
NCSL will not dictate to the Implementing States but will occasionally
offer advice on what state legislators deem to be politically feasible. The
number of Delegates sent by states varies but only one vote per state
is applicable to finalizing the model legislation. Delegates are in many instances the same revenue officials assigned
to SSTP and legislators serving on the NCSL Task Force. You also have some Delegates from the private
sector such as state retail association executives and Committee On
State Taxation (COST) Tax Counsel Stephen Kranz, Esq. as the Delegate
from the District of Columbia. As
already noted, NCSL Task Force members feel the number of state legislators
needs to be increased. Governance
Organization A
new governance organization will be formed after sufficient states
adopt the model bill issued by Implementing States.
This governance body will sign contracts with Certified Service
Providers, determine what states can enter the system, police the
compliance rules placed on members and even remove a state from membership
if falls out of compliance. The upcoming NCSL Task Force letter to
Implementing States will advise Delegates of sentiments state legislators
have about keeping certain sections of the interstate Agreement politically
feasible. Leasing
Definition Establishment
of a leasing committee within the Project is an example of the new
sales tax system reaching beyond products and services state authorities
customarily associate with the Internet.
Meeting in New Orleans on January 24, SSTP voted to approve
the new leasing definition drafted by this committee of revenue officials
and submit it to Implementing States following completion of an Issue
Paper. Although Implementing
States could take up the lease definition during a March meeting in
Dallas, it is more likely to be deliberated at the April session in
Dearborn, Michigan. If accepted,
it would become a component of model legislation to be released as
early as Labor Day. Following
adoption of the model bill by states, any industry appeals relating
to deviation from the uniform leasing provisions would fall to the
new governance body established after enough states enact the legislation.
Food
Fight Definitions
assigned food are another example of the Project moving beyond an
initial mission many perceived as taxing Internet transactions. The
food industry is loudest among those displeased with their new definitions
and is waging a lobbying effort to have them removed from the Agreement
when Implementing States meets in Dallas next month.
If unsuccessful, they will be forced to lobby state by state
after model legislation is released. Meeting
Schedule The
schedule of upcoming SSTP and Implementing States meetings is: Thursday,
March 14 - Friday, March 15 Streamlined
Sales Tax Project Le
Meridien Hotel, Dallas, Texas Friday,
March 15 - Saturday, March 16 Sales
Tax Simplification Implementing States Le
Meridien Hotel, Dallas, Texas Thursday,
April 11 - Friday, April 12 Streamlined
Sales Tax Project Dearborn,
Michigan Saturday,
April 13 Sales
Tax Simplification Implementing States Dearborn,
Michigan Friday,
May 3 (Tentative) NCSL
Task Force Captiva
Island, Florida NCSL
TASK FORCE LISTS CONCERNS AND VIEWS BUSINESS
ACTIVITY TAXES: Business faced
off for hours with the Multistate Tax Commission (MTC) over the issue
of Business Activity Taxes. Levies
such as corporate income tax, gross receipts tax, franchise tax and
business license taxes were debated with MTC urging greater state
powers and the private sector favoring diminished nexus standards.
The NCL Task Force has not taken a position. IMPLEMENTING
STATES: NCSL Task Force members
feel they act as a support group of advisors to Implementing States. They have an obligation to offer a political
perspective to provisions drafted by revenue administrators in SSTP. Legislators feel Implementing States is more
effective when you blend the technical expertise of the Project with
the political awareness of the NCSL Task Force.
This is especially true as states begin to look at the governance
body to be formed after sufficient states enact the model bill. EFFECTIVE
DATE OF INTERSTATE AGREEMENT: State
legislators find Article VII of the interstate Agreement as written
by the Project to be troublesome.
A copy of the Agreement is accessible at www.streamlinedsalestax.org.
In
Section 704 of Article VII it called for the interstate Agreement
to "become effective when five (5) states have completed the
prescribed adopting resolution."
Three states have already adopted the Project version of the
Agreement. Some state legislators fear adoption by two
more small states might trigger establishment of the new governance
body that will act as the gatekeeper determining who is allowed into
the system thereafter. This
would shut out participation by major industrial states in administration
of the Streamline system. The
NCSL Task Force will send a letter to Implementing States urging a
threshold of more than 5 states.
Task Force members feel adopting states should represent a
noteworthy market share of commerce and population before the Agreement
becomes effective. The letter will not suggest a proper threshold but will indicate
the 20 state minimum representing 50% of the population suggested
by some in Congress is too high. GOVERNANCE
BODY: After the Agreement
is effective a new governance body will deal with state sovereignty
issues. Section 706 dealing with conditions for other
states to join says the first 5 member states "shall vote whether
the petitioning State is in Compliance to accept its petition for
membership." Furthermore, Section 708 says "the member
states must organize to govern compliance of each state participating
in the Agreement and take other actions as may be necessary to administer
and implement the provisions contained herein." The
NCSL Task Force correspondence to Implementing States will request
a delay in action on the governance section of the Agreement. Preferably, Task Force members wish to address it more closely at
their next meeting tentatively set for Friday, May 3 before Implementing
States takes up the issue. NCSL will pose the following issues to
Implementing States to frame the discussion.
Resolution of these issues will provide a greater level of
comfort to state legislators, business representatives and observers
in Congress. Entry
Provisions..... *
When is the system operational? 5 states? 10 states? ?? states?
?% of population? *
What are the criteria used for certification? *
Who or what certifies that even the first state has complied
with the Interstate Agreement? A
federal agency? Another state body? The Implementing States? *
Should the Implementing States develop a checklist of simplifications
that are necessary for a state to meet in order to participate in
the system? *
Should each item on the checklist bear the same weight in terms
of compliance, e.g. some simplifications are certainly more essential
to a simplified system than others, should each item count the same? Administration
and Compliance... *
What kind of Administrative Body should directly oversee the
Interstate Agreement? *
Board of Directors consisting of all member states? *
Who should comprise such a body?
Tax Administrators? Legislators? Both? *
Should the private sector have a role on the Board? *
What role, if any, should the private sector and consumers
have on such a body? *
Should there be a designated Advisory Board comprised of private
sector representatives and other taxpayer representatives? *
Should there be a full time, permanent administrative body? *
Should there be a separate entity to monitor state compliance? Or should it just be a responsibility of the
Board of Directors? *
Should a compliance body be a subset or subcommittee of the
Board of Directors? *
Would reviews by such a compliance body or board be by request
or on a regularly timed basis? *
What happens if the compliance board determines a state is
out of compliance? *
Should any determination that a state is not fully compliant
bear the same weight? *
Should there be a time frame for a state to receive notice
of such a determination and correct the noncompliance provisions of
their state law or regulations? E.g. 60 days? ?? Days? *
If a state fails to correct a noncompliance, what is the penalty? Expulsion?
Sanctions? Higher cost of collection? *
What happens if a state is expelled from the system? *
What is the appeal process for a state to challenge a determination
of the compliance body or the Board of Directors? *
Will the private sector/consumers have standing to challenge
a determination? Amendments
to the Interstate Agreement... *
What is the process for amending the Agreement once it is operational
by the required number of states? *
If amendments are made to the Agreement, how much time should
states have to, if necessary, make the appropriate changes to their
state statutes or regulations? *
If a state decides or fails to make changes in their state
laws to comply with officially adopted amendments, could this lead
to a state's expulsion or being sanctioned? Withdrawal
from the system... *
What process should be used by a state that wishes to withdraw
from its participation in the System? *
What responsibilities would such a state have to the remaining
states in the System, after they have withdrawn? Other... ·
What
role should the Streamlined Sales Tax Project have after an Interstate
Agreement is finalized? Should
it continue to meet? To make
recommendations to the "governing body" of the System? ·
Dennis
Brown ;DBROWN@ELAMAIL.COM Policy Statement Policy
Statement---Nothing is sent out that is not "fair." Always
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