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Kit Menkin’s Leasing News www.leasingnews.org Friday, February 15, 2002 ________________________________________________________________ Headlines Positions
Open---Who’s Hiring Where is Richard Baccaro? Scottsdale, Arizona Ta-Ta-Tyyyyyyyyyyy/ CIT Group! Comdisco Loses $216 Million in First Fiscal Quarter Information Leasing promotes James Cress to VP Vendor Business
Unit E-Audit Fraud EAEL E-Tax-paying Comes of Age Resource America First Quarter Profits Gerard Laviec Joins Willis Lease Finance Board of Directors Leasing News---The List 129 Changes ### denotes press releases ___________________________________________________ Positions Open http://65.209.205.32/LeasingNews/JobPosting.htm Who’s hiring? Regional banks are getting
back into leasing. Examples; One of the Old First Securities banks in Texas hired a friend of mine, November last year, to build a team, took him out of Wells Fargo (he used to service the bank when it was First Securities) and he is building a leasing team in the banks Texas Footprint. Merrill Lynch Leasing is doing it right now… They have a good leader in Frank Striplin and in my opinion he is the best and he has done it before… just what they needed was someone to lead that knows. They need 50 people this year! They have an ad in the Wall Street Journal. I would contact the Chicago HR department. Another friend of mine in
Chicago was syndicating his deal to a small regional bank and they
brought him in and hired him to build a team. Commerce Bank brought in
Don Campbell and Tom Schumacher from Tokai days and they are building
a team in their footprint.
First Continental is doing
it in the South East (Bancorp South’s footprint) There are rumors that De Lage Landen may be hiring again soon. They can be reached in the new offices in PA. There is a trend… Regional banks are hiring “Lease Directors” or “Directors of Marketing” all over the country to offer leasing in the footprint of the bank… Need a job? Another example is ******, he was offered a job today by a bank to do much the same… Offered him a Director Of Marketing position … There is a definite trend nationally. Why am I telling you this? They don’t use recruiters right now, and too many people need work.. so go get a job! Good Luck, Fred St Laurent Senior National Recruiter Member of ELA, UAEL, NAELB Management Recruiters of Melbourne, Inc A division of Management Recruiters International 134 Fifth Ave Suite 208 Indiatlantic FL 32901 321-951-7644 ext 3123 321-951-4235 Fax http://www.leasing-jobs.com/freds.html fred@mrirecruiter.com ________________________________________________________________ Where is Richard Baccaro? Former Executive Vice-President of American Express Business Finance-joined First Sierra, 1998. I have been living in Scottsdale, Arizona with my family since last summer. More recently after leaving American Express Business Finance in November, I have been working on my golf game, enjoying time with my three children and planning the start of a new leasing company. I will be moving my family back to NJ to launch a new leasing venture called American Equipment Finance LLC. The company will focus on attracting top sales people who wish to have more control over their business and personal life as well as their income. It will be a place where sales associates will be treated very well and a safe haven for those unsure of their current employers commitment to the industry. AEF will focus on smaller vendor opportunities with transactions ranging between $25K and $500K. Currently, I can be reached at my home in Scottsdale, AZ at 480-513-8661 and via e-mail at rbaccaro@aol.com or in the NJ office after March 10th at 908-542-9330 and rbaccaro@ameqfi.com. Ta-Ta-Tyyyyyyyyyyy CIT Group Rumors Abound, Now it is Merrill Lynch interested in Tyco/CIT. Other rumors exist that a group of employees want to buy the company back in a partnership with Merrill Lynch, GMAC, FORD, CHRYSLER? $5 Billion Cash and you can walk away right now!!! Tyco Changes Name Back to CIT---here is their press release. #### ##################################### ################# Tyco
Capital Renamed CIT Strengthens Unsecured Debt Indentures LIVINGSTON,
N.J., / -- CIT Group Inc. announced today that it has completed two
key initiatives outlined by the company on February 4, 2002, in preparation
for its return to independence. Specifically:
The
company changed its name from Tyco Capital Corporation to CIT Group
Inc.
and returned to its historical CIT brand.
The CIT name remains synonymous
with industry leading positions, financial expertise and high levels
of customer satisfaction; and The
company completed the amendment of its public unsecured debt indentures
to prohibit the extension of loans and payment of dividends to Tyco
International, restrict the purchase of assets from and the sale of assets
to Tyco International, and limit other intercompany arrangements.
"These
initiatives are illustrative of Tyco and CIT's commitment to quickly
execute on our plan to return the company to independence and build
further confidence with the debt markets," said Albert R. Gamper,
Jr., President and CEO of CIT. "The CIT name reflects excellence
in commercial and consumer finance as well as a diversified and solid
core franchise." About
CIT The CIT family of companies are subsidiaries of Tyco International Ltd. (NYSE: TYC, LSE: TYI, BSX: TYC). CIT is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries. Managing $50 billion in assets across a diversified portfolio, CIT is the trusted financial engine empowering many of today's industry leaders and emerging businesses, offering vendor, equipment, commercial, factoring, consumer and structured financing capabilities. Founded in 1908, CIT operates extensively in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific Rim. ########### ################################ Comdisco Loses $216 Million in First Fiscal Quarter
ROSEMONT, Ill--Comdisco, Inc., (NYSE:CDO) today reported operating results for its fiscal first quarter ended December 31, 2001. Operating Results: For the fiscal first quarter, Comdisco reported a loss from continuing operations of $216 million, or $1.44 per common share, as compared with earnings of $86 million, or $.55 per common share, for the year earlier period. These results exclude Comdisco's Availability Solutions business, which has been recorded as a discontinued operation following the sale of the business to SunGard (NYSE:SDS) on November 15, 2001. The decrease in fiscal 2002 compared to the first quarter of fiscal 2001 was primarily the result of losses from Comdisco Ventures and a pretax charge of $250 million ($189 million after-tax or $1.25 per common share) to reduce cost in excess of fair value related to the sale of the company's Electronics and Laboratory and Scientific assets. Net earnings from discontinued operations was $204 million, or $1.36 per common share, for the three months ended December 31, 2001 compared to $0 million in the year earlier period. Approximately $199 million (or $1.32 per share) of the net earnings within discontinued operations for the current year period relates to the gain on the sale of the Availability Solutions business. Overall, the company had a net loss for the first quarter of $12 million, or $.08 per common share, compared to net earnings of $88 million, or $.56 per common share, for the prior year period. Total revenue for the three months ended December 31, 2001, was $496 million, compared to $788 million for the prior year quarter. The decrease in total revenue in the current year compared to the year earlier period is due to lower revenues from the sale of equity securities in Comdisco Ventures' portfolio, and lower leasing and remarketing revenues. Leasing Sales Evaluation Process: On January 25, 2002, Comdisco announced that the U.S. Bankruptcy Court for the Northern District of Illinois approved the sale of the company's Electronics and Laboratory Scientific Leasing businesses to GE Capital's Commercial Equipment Financing unit. Under the terms of the agreement, GE Capital Equipment Financing will pay Comdisco approximately $665 million, plus future contingent payments based on portfolio performance. The consideration includes the assumption of approximately $250 million of related secured debt. The sales are expected to close no later than March 31, 2002. Not including proceeds from this sale, Comdisco's cash position as of February 14, 2002 was approximately $1.8 billion. On February 5, 2002, the company announced it had completed the Bankruptcy Court supervised sales evaluation process for its remaining leasing businesses--North American IT Leasing, Telecommunications and Healthcare--without completing a transaction and intends to retain those businesses. The company said it would now focus on its plan of reorganization. Comdisco, Inc. and 50 domestic U.S. subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Illinois on July 16, 2001. The filing allows the company to provide for an orderly sale of some of its businesses, while resolving short-term liquidity issues and enabling the company to reorganize on a sound financial basis to support its continuing businesses. Comdisco's operations located outside of the United States were not included in the Chapter 11 reorganization cases. All of Comdisco's businesses, including those that filed for Chapter 11, are conducting normal operations. The company has targeted emergence from Chapter 11 during the first half of 2002. About Comdisco Comdisco (www.comdisco.com) provides technology services worldwide to help its customers maximize technology functionality, while freeing them from the complexity of managing their technology. The Rosemont (IL) company offers leasing to key vertical industries, including semiconductor manufacturing and electronic assembly, healthcare, telecommunications, pharmaceutical, and biotechnology. Through its Ventures division, Comdisco provides equipment leasing and other financing and services to venture capital backed companies. ONTACT: Comdisco, Inc. Mary Moster, 847/518-5147 mcmoster@comdisco.com or Kekst and Company Fred Spar or Jeremy Fielding, 212/521-4800 ############# ########################################## ############## Information Leasing promotes
James Cress to VP Vendor Business Unit
Provident
Bank and its subsidiary Information Leasing Corporation (ILC) named
James Cress Vice President of ILC's Vendor Business Unit. With more
than $1.3 billion in assets under management, ILC provides small to
medium size businesses with a wide variety of flexible financing solutions
for acquiring major purchases including capital equipment and other
high-tech resources. ILC's Vendor unit services
many national and regional manufacturers, distributors and value added
resellers through it's nation-wide sales force. With broad capabilities
and cutting-edge technology, ILC provides select vendors with significant
competitive advantages through flexible invoicing options, private
label program administration, usage based contracts and competitive
pricing. In his new role, James will assume responsibility for further
expanding and enhancing ILC's largest strategic business unit. He
will apply his hands-on approach to vendor service, complemented with
ILC's proprietary partner transaction interface, InfoTrac. The group
combines a high degree of personalized service with successful e-strategy
products, like InfoB2B and software development tools, designed for
the benefit of our vendor partners. Immediately preceding
this appointment, James served as Assistant Vice President and Credit
Team Leader for the vendor unit. He joined ILC in 2000 after previously
working for Firstar Bank as Assistant Vice President in Business Banking.
( courtesy of ELAonline.com ) ####################### ################################### E-Audit
Fraud Good
info to pass around. Fraud
comes in many flavors, and they get more creative
(or people get more stupid) all th time. Protect
yourself. Randy
Schiell rschiell@cpfs.com ======================================== Everyone, This
is a notice I received from the Colorado Society of CPA's, so I'm sure
that it's true. Protect yourself. There's
no such thing as an E-Audit . . . It has come to our attention that
some US taxpayers have received e-mail from a non-IRS source indicating that
they were under audit and need to complete a questionnaire within
48 hours to
avoid assessment of penalties and interest. The e-mail refers to an "E-Audit."
The taxpayer is requested to provide social security and bank account
numbers as well as other confidential information. Members in public
practice may want to inform clients that in the event they receive
such an
e-mail that THE IRS DOES NOT CONDUCT E-AUDITS, NOR DOES IT NOTIFY
TAXPAYERS OF A PENDING AUDIT VIA E-MAIL. THEREFORE, THESE E-MAILS
ARE NOT FROM THE IRS. If you or a client receives an e-mail of this
nature, please contact the
Treasury Inspector General Office of Tax Administration at 303-446-1880. Any
questions, let me know. Keith ( Several readers sent us this, but Randy was
the first. editor ) _____________________________________________________________ Leasing News List Chronological 129 changes CIT /TYCO ( 2/2001) Moves
to increase liquidity, looking to
also buy leasing portfolio’s, for sale, Prez.Kozlowski
says $10 billion- paid to much for CIT, analysts say will sell for $7.7
billion to $12 billion.
Stockholder suit against company. Says
Kozlowski made too much money-finder fee to director Walsh too much. Trouble in River City, however Kozlowski holding it together, But the shares remain 49% below where they started the year. (
1/2002) Tyco to Separate Into Four Independent,
Publicly Traded Companies(10/2001 ) Tyco Makes it Official: CIT Tyco Capital (8/2001) Many opt
to move to Tempe, AZ, stay with CIT, become
bold, challenge GE and others in the marketplace, morale up, company on the move. ( 5/2001)
CIT Shareholders Approve Proposed Tyco-CIT Acquisition (3/2001)
Tyco International Ltd. makes offer for about $9.2 billion in cash
and stock in a deal that would allow the manufacturer
to finance purchases of its wide array of products. Bermuda Hq, N.H.
operation office. ( 2/2001) Closing
Atlanta office and others, "freeze" on new broker
business from this office (5/2001)
Bruce Nelson, Tempe, Arizona seeking
broker business. “We are an
asset
based lender and provide equipment financing in the following industries:
Construction, Transportation,
Logging, Material Handling, Corporate Aircraft, Mining, Energy, & Marine.” Amembal Capital (2/2001)
changes name to ACC, Sudhir Amembal leaves to devote time to lecturing and education. Comdisco ( 2/2001) deal
falls apart with Tyco Financial, Wins Approval to Sell Leasing Units to GE Capital
(9/2001) the sale hearing date will be Thursday, November 15, 2001 Comdisco, Inc. and 50 domestic U.S. subsidiaries
filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy
Code in the U.S. Bankruptcy Court for the Northern District of Illinois
on July 16, 2001. The filing allows the company
to provide for an orderly sale
of some of its businesses, while resolving short-term liquidity issues and enabling the company
to reorganize
on a sound financial basis to support its continuing businesses. Simultaneous
with the filing, Comdisco also announced business to Hewlett-Packard Company
for $610 million. Closing of that
the proposed sale of substantially
all of its Availability Solutions
transaction is subject to a court-supervised auction process. (8/2001) Comdisco
lays off 450 more, 3rd Quarter shows $168 million loss
(7/2001) -Comdisco + Execs face bankruptcy, many left holding the bag, assets for
sale or sold, working on trying to get healthy by 2002, they say (7/2001)
change of executive officers
(6/2001) reportedly considering bankruptcy
(5/2001) Lays off 10% of staff, further cuts to be made ( 5/2001 ) Reports Second
Quarter: $8 Million Loss, CEO Pontikes takes early
retirement a few weeks before formal announcement. Reports many losses to follow due to leases and loans with Dot Coms, among others Copelco ( 4/2000 sold to Citibank 10/2000 stock
down rated 10/2000 ceases broker business, many complaints in manner turning off faucet ) Monarch Capital ( 2/2001) sales completed to Interchange
Financial( 12/2001) assets and liabilities sold to Interchange Financial Services FNF Capital (12/2001)the nation's largest provider of title
insurance and real estate related products and services, today announced that it has
discontinued the origination of small-ticket leases by FNF Capital, its wholly-owned
leasing subsidiary. The Company will take a one-time, after-tax
charge of approximately $8 million in the fourth quarter to cover costs associated
with this discontinued business. FNF Capital will continue to service those leases
currently in the portfolio. FNF originally entered the leasing business through
the February 1998 acquisition of Granite Financial, , which was renamed FNF
Capital10/2001Closes
Down Small Ticket Operation David Marks e-mail: LUV2SELLL@aol.com,
home phone is (303) 639-940 Franklin Leasing, Des Moines, Iowa--owned
by Liberty Bank-- (2/2000)-no longer writing lease ( limited by regulations
and leases are for sale ). Complete list, both chronological and alphabetical is available on
line at: http://www.leasingnews.org/list.htm EAEL
from: http://www.leasingnews.org/associations.htm Eastern Association of
Equipment Lessors 600 Mamaroneck Avenue Harrison, NY 10528 P: 914-381-5830 F: 914-381-5829 www.eael.org Alison Pryor, Executive
Director amfnyc@eael.org The Eastern Association
of Equipment Lessors is a trade association for entrepreneurial leasing
companies, banks, brokers and their services firms. The Eastern Association
of Equipment Leasing has 228 members. The following is a breakdown
of the current EAEL membership: Brokers/Lessors: 63% Funding Sources: 17% Service Providers: 7% Attorneys: 13% EAEL is primarily a regional
association with 67% in the Northeast (NY, NJ, MA, CT), an additional
5% in PA and MD, and the remainder in 25 states and Puerto Rico. One important distinction
in EAEL membership recruitment is that they do not solicit Brokers/Lessors
west of the Mississippi River. Members share information,
have a close bond, often join other leasing associations in joint
conferences. There has been talk for
years that this association would merge with another, but there is
a closeness among members that would be lost, and as important, the
membership dues overall are the lowest of the other three leasing
organization who would be their suitors. $300.00 FULL MEMBERSHIP
(less than 3 employees) $600.00 FULL MEMBERSHIP
(less than 50 Employees) $800.00 FULL MEMBERSHIP
(more than 50 Employees) $800.00 FULL MEMBERSHIP
(funding source) $800.00 SERVICE MEMBERSHIP
(attorneys, accountants, etc.) Many of their members now
belong to other leasing associations, as is common in the industry,
especially for funders and those companies with business across the
United States. This is a very unique group
with their own personality, with prime interest on East Coast networking
and business.
#### ####################################
######################## Resource America, Inc. Reports Earnings for First Fiscal Quarter Ended December 31, 2001 PHILADELPHIA--Resource America, Inc. (NASDAQ:REXI) (the "Company") reported net income before extraordinary item of $2.8 million or $.16 per common share for the first fiscal quarter ended December 31, 2001 as compared to $3.2 million or $.16 per common share for the first fiscal quarter ended December 31, 2000, a decrease of $308,000 (10%). In
the first fiscal quarter ended December 31, 2000, there was an extraordinary
item of $158,000, net of taxes, resulting in an increase of $.01 per
common share. The first fiscal quarter ended December 31, 2001 included
no such item. The diluted weighted average common shares were 17.7
million and 19.8 million for the first fiscal quarter ended December
31, 2001 and 2000, respectively. The average sales price for natural
gas, the Company's chief product, fell from $4.72 per thousand cubic
feet ("mcf") to $3.39 per mcf for the fiscal quarter ended
December 31, 2001, a 28% decrease. Earnings
before interest, taxes, depreciation, depletion and amortization (EBITDDA)
was $10.4 million for the first fiscal quarter ended December 31,
2001 as compared to $11.6 million for the first fiscal quarter ended
December 31, 2000, a decrease of $1.2 million (10%). Net
cash provided by operating activities excluding changes in operating
assets and liabilities was $6.2 million for the first fiscal quarter
ended December 31, 2001 as compared to $7.5 million for the first
fiscal quarter ended December 31, 2000, a decrease of $1.3 million
(18%). Resource
America, Inc. is a specialized financial services company that uses
industry-specific expertise and experience to generate investment
opportunities for its own account and for investors in the energy,
real estate and equipment leasing industries. At December 31, 2001,
the Company managed approximately $1.0 billion in these sectors as
follows: Energy
assets $ 347.5 million Real
estate loans $ 624.3 million Equipment
leasing assets $ 35.1 million Highlights
for the First Fiscal Quarter Ended December 31, 2001: Energy
-- Energy revenues were $28.8 million in the first
fiscal quarter
ended December 31, 2001 as compared to $21.5 million in
the first fiscal quarter ended December 31, 2000, an increase
of $7.3 million (34%). EBITDDA from the Company's energy
operations was $7.6 million in the first fiscal quarter ended
December 31, 2001 as compared to $8.6 million for the first
fiscal quarter ended December 31, 2000, a decrease of 1.0
million (12%). -- Daily gas production volumes in mcfs were 20,577
for the first fiscal
quarter ended December 31, 2001 as compared to 17,211 for
the first fiscal quarter ended December 31, 2000, an increase
of 3,366 (20%). -- Our energy division drilled and substantially
completed 70 net wells
during the first fiscal quarter ended December 31, 2001 as
compared to 50 net wells during the first fiscal quarter of December
31, 2000. -- The Company's energy division closed its Public
#10 drilling program
which raised $21.3 million. This gross raise equates to
approximately 103 additional net wells. At December 31, 2001,
our drilling backlog was approximately 77 wells. Real
Estate Finance -- Due to the current interest rate environment,
the Company has been
negotiating with its senior lienholders to reduce the interest
rates on its senior liens. Since October 1, 2001, the Company
has negotiated interest rate reductions with three of its
senior participants. These rate reductions increase interest
income on an annual basis by $523,000. -- The Company recently hired David E. Bloom as
Senior Vice President
of the Company and President of Resource Properties, Inc.,
its real estate subsidiary, to manage its existing portfolio
of restructured commercial loans which have an aggregate
outstanding balance of $624.3 million and to direct the
resolution of these mortgages and the disposition of the underlying
properties. Other
Developments -- On January 18, 2002, subsidiaries of the Company
entered into an
agreement to sell their 100% membership interest in Atlas Pipeline
Partners GP, LLC to New Vulcan Coal Holdings, L.L.C. for
$29.0 million in cash. -- Concurrently, the Company, Atlas Pipeline Partners,
L.P. (AMEX:APL)
and its general partner, Atlas Pipeline Partners GP,
LLC entered into an agreement under which Atlas Pipeline Partners,
L.P. will acquire Triton Coal Company, LLC from New Vulcan
Coal Holdings and Vulcan Intermediary L.L.C. in exchange
for common, subordinated and deferred participation units
of Atlas Pipeline. The Company's 1.64 million subordinated
units of Atlas Pipeline will convert to 1.48 million
common units. -- The Company changed the name of its leasing
asset management group,
F.L. Partnership Management, Inc. to LEAF Financial Corporation
("LEAF"). LEAF will concentrate on expanding its asset
managment business which focuses on providing investors the
opportunity to invest directly in financial services products
directed towards small businesses. CONTACT: Resource
America, Inc. Steven
Kessler, 215/546-5005 Fax:
215/546-4785 ################## ##################################### Gerard
Laviec Joins Willis Lease Finance Board of Directors; Former President
and CEO of CFM International and Chairman of Shannon Engine Support
Adds Luster to WLFC SAUSALITO, Calif--Willis Lease Finance Corporation (Nasdaq:WLFC) today announced Gerard Laviec, former President and CEO of CFM International -- one of the world's leading suppliers of engines for mainline commercial jets -- will join the company's Board of Directors following the retirement of Willard H. Smith, Jr. Mr.
Laviec retired from his position as President and CEO of CFM International
in September 2001 following a distinguished 38-year career with SNECMA,
one of the world's leading aerospace companies, and co-owner along
with General Electric (NYSE:GE) of CFM International. He also has
served as the Chairman of SES, Shannon Engine Support in Ireland,
a wholly-owned CFM International subsidiary since 1995. "Gerard
Laviec is one of the most influential and well-connected people in
the aviation industry. We are honored to have him join our Board,
which should significantly improve our collaborative initiatives in
the industry," said Charles F. Willis, President and CEO. "I
am excited to have the opportunity to work closely with Gerard. His
broad network of contacts in the industry, coupled with his depth
of knowledge of aircraft and engines, make him an ideal advisor to
our company." Mr.
Laviec joined CFM International in 1976 in its incipient phase. He
served as general manager in product support engineering, business
operations, sales and marketing, and was named President and CEO of
CFM International in 1995. CFM International, based in Cincinnati,
Ohio, is a partnership between SNECMA and General Electric, and is
one of the world's leading suppliers of engines for commercial jets
(over 100 seats). CFM56 turbofan engines power some 4,400 aircraft
deployed by 330 customers around the world. "Charlie
and I have known each other for over ten years, and I am very impressed
with the company he has built. Although Willis Lease Finance is a
small company, it is considered one of the major players in the industry,
and has established an exemplary reputation," said Laviec. "I
am looking forward to participating in Willis Lease Finance's future
growth." Laviec
is a graduate of INSA Lyon France with a degree in Mechanical Engineering.
He served in the French Air Force as a Flight Officer in Search and
Rescue teams prior to joining SNECMA, and is a Knight for the French
National Order of Merit. He currently resides in France, and now devotes
his time to consulting, local community activities, and his vintage
car collection. About
Willis Lease Finance Corporation Willis
Lease Finance Corporation provides leases of spare commercial aircraft
engines, rotable parts and aircraft to commercial airlines, aircraft
engine manufacturers and overhaul/repair facilities. These leasing
activities are integrated with the purchase and resale of used and
refurbished commercial aircraft engines. Except
for historical information contained herein, the matters discussed
in this release contain forward-looking statements that involve risks
and uncertainties. Do not unduly rely on forward-looking statements.
They give the Company's expectations about the future and are not
guarantees. Forward-looking statements speak only as of the date they
are made, and the Company does not undertake any obligation to update
them to reflect changes that occur after that date. The Company's
actual results may differ materially from the results discussed in
the forward-looking statements. Factors that might cause such a difference
include, but are not limited to, the ability of the Company and Mr.
Laviec to initiate new, and improve existing, aviation industry initiatives,
and other risks detailed in the Company's Report on Form 10-K and
continuing reports filed with the Securities and Exchange Commission.
CONTACT: Willis
Lease Finance Corporation Donald
A. Nunemaker, 415/331-5281 ############################################## www.leasingnews.org |
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