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Noon---Today www.leasingnews.org/newsmaker.htm Please type the address in your URL, then put in your name and create a password and join us in “Meet the Leasing News Maker---Mark McQuitty.” You read his story about Republic Leasing of Anaheim and First Sierra/Sierra Cities, now here is your opportunity to meet him and ask him any question you may have. Noon, PST, California “Facts always speak stronger than rumor and character attacks.” Jim Raeder, Mark McQuitty’s “partner.” Kit Menkin’s Leasing News www.leasingnews.org Thursday, February 28, 2002 Headlines---- Bob Fisher Resigns from Fisher-Anderson Leasing/Forms New Company Gateway expects first-quarter loss of up to $120 million Bob Rodi Speaks Out re: Leasing Association Conference Cooperation Amtrak---Let's Keep the Railroad Running Streamlined Sales Tax Meeting Bob Fisher Resigns from Fisher-Anderson Leasing/Forms New Company Kit,
Thank you for your e-mail concerning my situation. By way of background, MarCap Holdings Corporation headquartered in Chicago currently owns Fisher-Anderson, L.C. 100%. This past year, December of 2001, I sold my final interest in Fisher-Anderson.
Effective February 28th 2002 I have resigned to pursue another opportunity. My leaving FA was made on amicable terms with MarCap. As you are aware I have been active in our industry for 20 plus years and felt the time was right to refresh and pursue a new venture. Fisher-Anderson, L.C. remains active in the small ticket arena.
This opportunity will be in the leasing industry. It is currently in the development stage and as such there are no "major announcements" at this time. The new company will be called Firerock Capital, Inc. and will be incorporated in Iowa. I will keep both you and your readers advised as things develop.
Bob Fisher, CLP ( What a surprise! I have known Bob Fisher since his days at CIT, when as American Leasing we submitted leases to discount. He was perhaps the most fair credit manager we encountered. He had a sixth sense. Then he want to New Era, which became Datronics, where the president started buying real estate he was not authorized to buy and there was a big “scandal,” so Bob left to start Fisher-Anderson with his brother-in-law, Scott. Along the way he got more involved with the United Association of Equipment Leasing, where today he serves as president. Here is a credit manager who became an entrepreneur, but in Iowa???? You would have to know Bob, because you would laugh at what he has been through. editor ) Leasing News---The List --------Fisher-Anderson (8/2001) Many sales people let go the last few months, company cuts back, Don Shadel, former Commercial Vehicle Division Manager of Fisher Anderson L C, and several CVD staff members, have started a new company named Mark III Credit Corp. The focus will continue to be new and used work oriented vehicles in the small ticket range from $15,000 to $150,000. Our prior company, Atlas Funding Group, Inc. was acquired by Fisher Anderson L C in September of 1998 to market a national titled vehicle program for brokers and lessors. Our affiliation with Fisher Anderson L C the last three years has been a pleasant experience, however recent changes in the transportation industry dictated that we both move in different directions." dshadel@markiiicredit.com- ( Betty Ferraro, formerly with Phoenix Leasing and IFG Leasing, was let go July 11th and wrote us this e-mail:) “I'm sorry to say I was one of three people let got last Tuesday from a sales staff of five. This decision was completely unexpected as I had been a consistent producer. I was told the decision was made in order to "improve the bottom line" which is a major concern these days. Very disconcerting to say the least as Fisher-Anderson is a fine company. “But, what's done is done and I'm now looking for a new position. Your newsletter will become even more important as I search this difficult job market. “Thank you for the notification I've been restored as a subscriber. Being without your newsletter for several days created a definite void. “Please let my friends and clients know I haven't disappeared. I can be reached at Baferrero@aol.com and would love to hear from them Betty Ferrero Baferrero@aol.com” from the Fisher-Anderson.com website: Fisher-Anderson, L.C. is a small ticket ($5,000 - $150,000) funding partner/lessor headquartered in Des Moines, Iowa with offices located throughout the United States. Fisher-Anderson is directing its focus for 2001 and beyond in developing strategic partnerships with a select number of qualified independent finance companies and vendors able to provide a regular flow of business. Based upon the recent developments within the equipment leasing industry, Fisher-Anderson believes that the way to minimize much of the risk associated with doing business is to develop meaningful partnerships, knowing the individual we are doing business with and ultimately becoming a team whereby much success can be enjoyed. There are two main markets that we are actively offering financing: 1. The Indirect Market, where we offer these products. The entry level product which has been developed for those accounts that produce a minimum annual volume of $750,000. The Master Lessor product is a discounting program designed for the lessor who has the ability to commit a minimum of $2,500,000 on an annual basis. The structured program is a tailored financing product designed to address the unique needs of the originating source. The goal is to be able to capture as much qualified business as possible via an overall structure which provides protection against credit losses while delivering a pricing structure that makes economic sense. The structured program is a valued product for those originators with vendor flow programs. The minimum commitment under this product line is $4,000,000 on an annual basis. 2. The Direct Market, where we offer select vendors the ability to finance their products, with a focus on long term, repeat business. Here again the goal of our Direct Market team is to structure programs to capture qualified business. Because Fisher-Anderson is privately owned and operated and is committed to the future, we have always and will continue to view credit as the primary ingredient for success and as such, never jeopardized our credit criteria to chase volume as others elected to do in the recent past. Through this consistent approach and the development of additional products, Fisher-Anderson, is in the middle of its most productive year yet. Fisher-Anderson expects to grow by approximately 10% - 20% this year. The growth is centered around structured programs which incorporate risk adjusted pricing, reserve programs and the like. We have maintained a logical and disciplined approach to credit and because of this, we have and expect to experience losses below industry averages. Executive directors included Robert J. Fisher, Scott Anderson, Kevin Kemp, and Sandy Thraser.. December 27,2001, there was a press release from Bob noting the appointment of Robert T.Saddler as western regional sales manager in Baldwin, Mo, joining Tito Hernandez, Eastern regional manager in Miami, Florida and Scott L. Woodring, Western regional manager in Lincoln, Nebraska. Fisher-Anderson was a client of Capital Stream and had much business from high volume discounters who were at First Sierra, Textron, Tilden, to name just a few. There
is more to the story about support from the MarCap Holding, which has
allegedly, has some problem credits, but then, doesn’t every leasing
company. Noon---Today www.leasingnews.org/newsmaker.htm Please type the address in your URL, then put in your name and create a password and join us in “Meet the Leasing News Maker---Mark McQuitty.” _______________________________________________________________________ Gateway expects first-quarter loss of up to $120 million By Associated Press, SAN DIEGO (AP) Citing a tough market, Gateway Inc. said Wednesday that it expects a first-quarter loss of $100 million to $120 million before taxes and charges. The nation's fourth-largest computer maker also said it plans a charge of about $75 million to $100 million as part of a restructuring announced last month. It estimated first quarter revenue at $1 billion, less than half the $2.03 billion from a year earlier. The projected earnings loss is greater than the 8 cents a share loss estimated by analysts, according to First Call/Thomson Financial. ''We are confident that we're executing the right strategy to grow our core PC business, continue the expansion of our solutions business and do what's right for our customers, employees and shareholders,'' the company said in a statement. Gateway has struggled in recent months with reduced industry sales and a shrinking share of the U.S. market. Last month, Gateway said it would cut 2,250 jobs and close 19 stores and several offices as part of a restructuring. The credit rating agency Moody's Investors Service Inc. also downgraded Gateway's debt rating to junk status last month after Gateway reported that domestic sales fell 15 percent in the fourth quarter and revenues would come in below expectations. On the Net: http://www.gateway.co ________________________________________________________________________ Former United Association of Equipment Leasing President and Industry Leader Bob Rodi Speak Out re: Mike Fleming Suggests Cooperation Among Leasing Associations If Richard Walker wants to attend the ELA funding symposium then I think he should do so. I attended as a non-member several years ago when LeaseNOW was a much smaller company than it is now. Aside from the few people that I knew from the UAEL I barely got the time of day from the lenders that exhibit at that conference. As I recall most were looking for portfolios of a minimum $5MM in size. There were a few others that were doing warehouse line of $10-$20MM provided you had a balance sheet that could support that amount at 5:1 leverage. The few that were oriented toward the broker, as we would traditionally define such an entity, were also exhibitors at the UAEL fall conference.
Stating that the ELA symposium is the premiere funding event in the industry should come with the qualifier. Given the market conditions that exist this year, the type of "funding source" that Richard is looking for will undoubtedly be at the same symposium looking for funding sources of their own.
As a past president of the UAEL I have always endorsed and I wholeheartedly support cooperation between and among the associations. In fact it is my opinion that the UAEL, EAEL and the NAELB should be going far beyond cooperation and talking about merger. I have never understood how these associations expect to survive the consolidation that is rampant in our industry. I have had private conversations with members of both the EAEL and NAELB regarding this and there is a great deal of support for this among many of the prominent members of those associations, as well as the UAEL.
The combined membership of a merged association would be approximately 1200 members. This would give the smaller leasing company a much stronger voice, not to mention a greater chance at survival. An entity such as this could be a force in the industry. I would estimate that an association such as this could control as much as $25-$30 billion in receivables origination per year. Does anyone doubt that would garner some attention?
While we are all competitors, it would be in the best interests of the third party originators to assemble as a collective. If that were to be accomplished then Richard would not have to go to the ELA funding symposium. The lenders that exhibit there would be coming to us.
Bob Rodi President LeaseNOW, Inc www.leasenow.com drlease@leasenow.com 1-800-321-LEAS Equipment
Leasing Association Investor
Opportunities in Equipment Leasing, Finance
& Securitization March
4-5, 2002 The
Essex House New
York, NY Managers of capital - equity and debt - are looking for steady, reliable returns and steady manageable growth. Historically, the equipment leasing and finance business has been one of the most stable sectors of financial services. In 2002, companies in equipment leasing and finance will need an estimated $275 billion in capital. Who is going to provide that capital? ELA
has joined with the Information Management Network (IMN) to deliver
this important conference to help investors and lenders establish or
expand relationships with commercial finance companies and to learn
why the equipment leasing and finance industry is a good investment
decision. Why
We've Partnered with IMN to deliver this Conference Information
Management Network (IMN) is a market leader in organizing finance and
investment conferences. Based in New York City, with correspondent offices
in London and Hong Kong, IMN offers over 40 educational conferences
annually of the highest quality for the global investment community.
To learn more about IMN, go to their website at http://www.imn.org/. Please
Note: Several links in this brochure take you to the IMN site. You must
use your browser's Back button to return to the ELA site. Links that
take you to the IMN site are designated with a . Seven
Reasons to Attend Investor Opportunities in Equipment Leasing, Finance
& Securitization Learn
about the variety of investor/funding opportunities in the $244 billion
equipment leasing & finance industry Understand
the variety of business segments and markets that comprise the business Receive
the most up-to-date industry performance numbers, trends and forecast Understand
how the equipment leasing and finance products are structured to meet
customer needs Learn
how to value a leasing company Become
familiar with standards for what to require/expect in a presentation
from an equipment leasing and finance company seeking capital Experience
an outstanding professional networking opportunity for all involved
in providing capital for the equipment leasing and finance industry Who
Should Attend? ABS
Investors Current
and Potential Funding Banks - Money Center, Regional and Community Banks Insurance
Companies - private debt placement and public debt departments Senior
Commercial Credit Officers Credit
Insurance Companies Investment
Bankers Rating
Agencies Issuers
of Securities Venture
Capitalists Public
Equity Analysts Private
Equity About
the Equipment Leasing & Finance Industry Organized
in 1961, the Equipment Leasing Association (ELA) is a non-profit association
headquartered in Arlington, Virginia that represents companies involved
in the dynamic equipment leasing and finance industry to the business
community, government and media. ELA's diverse membership consists of
independent leasing companies, banks, captives, financial services corporations,
broker/packagers and investment banks, as well as service providers
like accountants, consultants, equipment managers, executive recruiters,
insurance companies, lawyers, publishers, and software providers. ELA
promotes the leasing industry as a major source of funds for capital
investment in the U.S and other countries. In
2001, more than 700 equipment leasing and finance companies of all sizes
and types generated $242 billion in volume. The industry continues its
stable growth in volume and profits because these companies provide
a wide variety of leasing and finance services to diverse industries
throughout the world. go to: http://www.elaonline.com/events/2002/investor/ ______________________________________________________________- Streamlined Tax Meeting The next meeting of the Streamlined Sales Tax Project and of the Sales Tax Simplification Implementing States will be held on Thursday through Saturday, March 14-16, 2002 in Dallas, Texas. The Streamlined Sales Tax Project (SSTP) meeting will begin at 8:30 am on Thursday and conclude at 1:00 pm on Friday. The session will focus on continuing work on various projects now underway, including definitions, uniform forms and other issues as well as continued development of relevant issue papers. A more complete agenda will be available soon. Delegates to the Sales Tax Simplification Implementing States will meet beginning at 2:00 pm on Friday, March 15 and conclude by mid-afternoon, Saturday, March 16, 2002. The session will be devoted to a continuing review of the issues in developing an interstate sales tax agreement, with a focus on issues related to developing a common definition of food. Both of these meetings will be held at the Le Meridien Hotel located at 650 North Pearl Street, Dallas, Texas. A block of rooms has been set-aside at the hotel. To make your reservations, call 214/979-9000 and ask for the Federation of Tax Administrators Streamlined Sales Tax room block. The rate is $89 single/$109 double per night plus tax (currently 15 percent). The cut-off date for making reservations is February 18, 2002. Rooms have been blocked for Wednesday through Saturday evening. There will be a registration fee for each of these meetings. The fee for the Streamlined Sales Tax Project meeting is $175; the fee includes a continental breakfast and lunch on both Thursday and Friday. Breaks will also be provided. The fee for the Implementing States meeting is $150; the fee includes lunch on Friday, and a continental breakfast and lunch on Saturday. Breaks will also be provided. Persons attending both meetings are required to pay a fee of $300. You are encouraged to register (and pay if you wish) online at <http://www.taxexchange.org/meet/0302sales.taf>. Registration form for the Streamlined Sales Tax Project and of the Sales Tax Simplification Implementing States to be held on Thursday through Saturday, March 14-16, in Dallas, Texas. If at all possible, you are encouraged to register (and pay if you wish) online at <http://www.taxexchange.org/meet/0302sales.taf Dennis Brown DBROWN@ELAMAIL.COM Important figures in deciding Amtrak's future agree on need to change railroad By Laurence Arnold, WASHINGTON (AP) Leading figures in deciding the future of passenger rail service agreed Wednesday that Amtrak, after three decades of losing money, cannot keep running without major changes. They offered competing ideas about what should be done, and at what cost. At a hearing of the House Appropriations subcommittee on transportation, Amtrak President George Warrington presented his request for $1.2 billion in the fiscal year beginning in October double the $521 million proposed by the Bush administration. Warrington repeated his threat to eliminate 18 long-distance trains this fall if Amtrak does not receive its full request. ''Despite our best efforts and tangible signs of progress, the national passenger rail system has reached a critical crossroads,'' he said. Transportation Department Inspector General Kenneth Mead agreed that Amtrak cannot maintain current operations with a federal appropriation of $521 million. He said Amtrak's request is reasonable, but he did not endorse it. Mead said Congress must first resolve the larger issue of how to maintain the nation's rail network. Amtrak says it has a $5.8 billion backlog in work for its trains, tracks, rail yards and stations. ''The magnitude of need makes it clear that neither the administration's request, nor Amtrak's request, would allow Amtrak to begin to meaningfully address these needs in 2003,'' Mead said. Mead reported in January that Amtrak lost $1.1 billion in 2001, the most in its 30- year history, and had made no progress toward meeting Congress' 1997 order that it wean itself from annual operating subsidies from the government. To cut costs, Amtrak is eliminating 1,000 of the company's 24,600 jobs and making other cuts in training, advertising and equipment maintenance. Congress is due to vote this year on whether to authorize Amtrak's continued existence as the nation's sole provider of intercity train service. The Amtrak Reform Council, created by Congress in 1997, released a plan this month calling for breaking up Amtrak and franchising out its routes to introduce competition into passenger rail. The council's chairman, Gilbert Carmichael, told the subcommittee that the key issue with Amtrak is its structure, not any shortage of federal support. ''Effective restructuring will beget funding,'' he said. ''Additional funding will not bring about reform.'' But Mead sided with Amtrak on the issue, noting that any new passenger train operators would face the same problems caused by lack of capital spending. ''Don't be fooled into thinking that (restructuring) is going to solve the problem,'' he said. Warrington acknowledged Amtrak chose not to cut unprofitable long-distance routes even after Congress gave it the authority to do so in 1997. He said those routes are crucial if Amtrak is to retain support from lawmakers. ''We are a creature of the political process,'' he said. ''Congress has made very clear there is an expectation we will run a national system.'' The administration has characterized its proposed spending for Amtrak as a ''place- setter,'' pending decisions about the railway's future. The subcommittee chairman, Rep. Harold Rogers, said he hopes the administration takes a more active role. ''It seems no one wants to tackle this subject,'' said Rogers, R-Ky. Allan Rutter, administrator of the Federal Railroad Administration, said the administration is ''neck deep'' in evaluating Amtrak and passenger rail. On the Net: Amtrak: http://www.amtrak.com Noon---Today www.leasingnews.org/newsmaker.htm Please type the address in your URL, then put in your name and create a password and join us in “Meet the Leasing News Maker---Mark McQuitty.” P.S. You will find him a very witty fellow. www.leasingnews.org
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