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February,
7, 2001
Headlines---- EAEL-NAELB Joint Meeting Comments Linc Capital--Chapter 7 Filing Howard Clark--American Express Visionary Passes Away PLM International Deal Completed The List is Up-Dated ---------------------------------------------------------------------------------------- Linc Capital Creditors have filed a Chapter 7 Voluntary Bankruptcy Claim. It appears there is reported "hidden assets," "transfers of assets," and other "remuneration" to executives. Specifically, David Duxbury of Comstock fame, seeks $1,311,850 from a settlement agreement, Catherine Ross seeks $455,000, and the landlord, Gateway Ridgecrest $33,380. You will notice in the List many bankruptcies that start out as Chapter 11, involuntary, move into this category as the wind down and payment to creditors is not "amicable." In 1997/1998 Linc Capital purchased the following companies: Comstock Leasing - Minneapolis, MN ( formerly San Mateo, CA. ) Monex Leasing - Houston, TX Spectra Credit - Dayton, OH Connor Capital - Chicago, IL IF&E Leasing - Charlotte, NC ------------------------------------------------------------------------------------ Eastern Association of Equipment Leasing/National Association of Equipment Brokers February 5, 2001 Joint Meeting in Atlanta I spoke to a few of my friends that attended and they enjoyed the Atlanta meeting, not that this is a surprise but there were far fewer funding sources than last year. I was told that over 140 people attended the joint meeting which is good to see. Sincerely Michael Granieri Granieri Associates Granite63@aol.com + + + Kit: The EAEL/NAELB Fourth Annual Atlanta Gathering was a huge success. There were over 140 in attendance, including 27 exhibitors. The morning workshops were well received, with speakers extremely well prepared and encouraged audience participation. We truly want to thank our moderators and panelists: Richard Eudicone, Liberty Bank, Kevin Kepp, Fisher-Anderson, Chuck Brazier, Centerpoint Financial Services, Joe Bonanno, Law Offices of Joe Bonanno, Michael Leichtling, Jenkins Gilchrist Parker Chapin, Chris Cooper, Alternative Capital, Dwight Galloway, Republic Leasing Company, Robert "Chip" Leas, OFC Capital Corp., Barry Marks, Berkowitz, Lefkovits, Isom & Kushner and Larry Norwood, Leasing Solutions Inc. and our exhibitors and especially our attendees. We look forward to seeing you next year. Amfnyc@aol.com Alison Pryor, EAEL Executive Director -----------------------------------------------------------------------------------------------
Former Tilden Operation Closed by Colonial Pacific It certainly is a sad day for all of us who were associated with Tilden at one time or another. I spent 7 years there in the 1980's, arriving in 1982, preceding George Berenz by 1-2 years. We then hired Tony Fantauzzi because business was booming. We needed in-house counsel to help with leveraged deals and brought Walt Rabin in from Parker Chapin and Tony Perretine from Apple Bank Leasing. Whenever I see the guys we still reminisce about those days. We had a lot of great memories and I made many good industry friends through my Tilden years. We have chuckled about working for Milt Rudin and Bernie Gluck and their unique management styles. We all survived and moved on to other venues, but I think we still share that camaraderie and we all still have a soft spot for the company. I would be happy if you published this, along with the many tributes you will probably be receiving.
Steve Geller <geller44@optonline.net> ---------------------------------------------------------------------------------------------- The List 70 Companies Chronological Order PLM International (2/2000 )MILPI Acquisition Corp completes cash offer for outstanding stock Colonial Pacific (2/2001)Colonial Closes former "Tilden Operation" in New York and Anaheim, rumors floating tp surface: GE/CPL will leave small ticket broker marketplace ( 5/2000)
no more re-brokered applications, except from one or
two sources, such as Steve Dunham's Linc
Capital (2/2000 creditors file for Chapter 7 (9/2000 out of vendor and broker business, Finova ( 2/2001) downgraded to "C" rating by Fitch "With significant debt maturities due in May 2001 and Leucadia National Corp's $350 million investment withdrawn, Finova's ability to
operate
as a going concern faces serious challenges."(
1/2001) Deal of Leucadia National to about 300 people in Phoenix and 940 nationwide. (12/2000) out of market place, many problems, raises $250 MM, but not enough ) (11/2000 Announces they will discontinue business, sell units 11/2000 Suspends Dividend 11/2000 Leucadia National to Invest $350 Million in Finova 11/2000 reports $274 million loss)( 10/2000 Dow Jones notes stock falling and problems at Finova) (10/2000 Dow Jones headlines "Finova Stock Falls As Buyout Hopes Wane Orix ( 2/2001) Closes re-discount center, Steve Geller says "goodbye." 11/10 First Six Month Profits up 14% at Orix! ) 11/8 New President at Orix appointed 11/10 First Six Month Profits up
14% at Orix! No negative reports, company appears
to be doing very well. 10/2000 Affiliated Leasing, Lewistown,Texas (1/2001) Merges with First Commerce Leasing January 26. Advanta Leasing (1/2001 Advanta ceases leasing business announcement 1/2001 Chris Ciarrocchi says "goodbye" Mortgage Division sold, re-affirms Leasing Division still for sale, former prez now at eOriginals,others let go like Kaye Lee.) (9/2000) for sale. LeaseExchange.com (2/1 reported on "auto-pilot" ( 1/2001) Closes Irving office, cuts staff Union Bank, San Francisco ( 1/2001 Leasing curtailment/cutback 1/2001 Union Bank, Los Angeles, no more lease purchasing, not confirmed about S.F. yet ) El Camino Leasing, Woodland Hills, California (1/2001) ( 1/2001 reportedly winding down, sold portfolio, selling partner relationships, selling off all assets (10/2000 No longer taking broker business 11/2000 struggling to stay in leasing business, according to insider reports NationsCredit, Business Leasing Group (1/2001) complaints from brokers regarding getting information for NationsCredit and GrayRock Capital on FMV, payoffs, residuals from Textron who is servicing the portfolio )(1/29/99) sold to Textron *** Textron does "broker business." eLease (12/2000) purchase by Primestreet (June/July/2000)senior management changes ) Saddleback Financial ( 1/2001) Prez. Warren Emard announces "... still in business... We are still originating business through vendors and directly to lessees. Does not accept broker business." First Commercial Capital Corp ( 1/2001 to be acquired by TCF Leasing ) First International Bancorp ( 1/2001 ) to be acquired by UPS Capital First State Bancorp, Albuquerque, N.M ( 3/2000 sold leasing division-$64 million---) BSB Leasing ( 1/2001 Don Meyerson bought back the company and they are back in business at 303-329-09227. Official announcement to be made soon. They are notifying brokers to start sending them business again. 12/2000 Don Meyerson says to be "re-born"11/2000 closed to accepting new business.) SierraCities (1/2001 VerticalNet Merger falls apart 1/16/01 Sells Off UK Assets, 7/2000 2nd quarter loss, see report ) United Capital, Austin Texas ( 1/2001 ½ employees let go, portion of portfolio sold, discounters not paid, vendors not paid, it is alleged.1/2001, selling off portfolio, problems ahead with vendors not paid, brokers not paid, sinking in quicksand 12/2000 no new deals until after the 1st of year, Steve Dallas trying to hold it together. Dallas says, " We will survive." Preferred Capital (01/2000 Mark Seif confirms 12/2000 On the block. David Murray left 11/7 "didn't like letting his friends go." ) Affinity
Leasing, Washington ( 12/2000 to close and concentrate
on Financial Pacific biz ) Bayview Capital ( 12/2000 announces $17 million loss/later does not issue dividend ) Bombardier ( 12/2000 reported having leasing problems, not confirmed, company strong in other divisions, but appears backing out of leasing division ) Capital Associates, Denver, Colorado ( 12/2000 no longer doing business, filing bk? ) Conseco Finance Vendor Service ( 12/2000 purchased by Wells Fargo Leasing). DVI Capital (12/2000 out of broker ) Finantra (11/2000 will eliminate its commercial finance operations in order to focus on its two core finance platforms, consumer finance and services and consumer mortgage lending. ) Metwest Leasing, Spokane Wa. (11/2000 is pulling the plug, confirmed by five sources. 9/2000 advising brokers that they have run out of funds so they are unable to fund a transaction we have there for funding.) Newcourt ( 8/2000 sold off ) Old Kent Financial ,GrandRapids, Michigan ( 11/2000 Fifth Third Bank, Cincinnati, Ohio announces acquirement, to close second quarter 2001-Gateway Leasing sold to Old Kent in 1997, small ticket leasing specialists ) Resource Leasing, Herndon, Virginia ( 11/2000 MicroFinancial/Leasecomm acquires major portion of the assets.) Signature Leasing, Dublin, California ( 11/2000 no longer in small ticket marketplace; appears to have closed down ). Transamerica ( 11/2000 for sale, but no buyers, so taken off marketplace, no longer for sale ) Varilease ( 11/2000 closed down ) Copelco (10/2000 ceases broker business, many complaints in manner turning off faucet 5/2000 sold to Citibank 10/2000 stock down rated/ ) Matsco Financial (10/2000 purchased by Greater Bay Bank ) T&W,
Washington (10/2000 filed Chapter 11. Creditors meeting
on 12-4-00 Seattle. Balboa Capital ( 9/2000 Founder Pat Byrne "...office available any time he wants to use it" Reported he is no longer "in control" or working "full time" at Balboa, the company he started). Liberty Leasing, Des Moines, Iowa ( 10/2000 closed, selling portfolio, owned by Commercial Federal Bank, Omaha, Nebraska ) Bay View Commercial Corporation (Bay View Bank) 9/2000 discontinuing all franchise loan and lease production Charter Financial ( purchased by Wells Fargo 9/5/2000 ) Manifest Group--( 9/1/2000 purchased by US Bancorp Leasing and Financial, "...a win for all the parties involved," Brian Bjella. 11/2000 DONALD POLFLIET leaves and no one knows where he went. If you know, please tell us. Onset Capital ( 9/2000 Irwin buys 87% equity ) Republic Leasing, South Carolina 9/27/2000 ( "The expected result will be a sale of Republic Leasing"---Dwight Galloway. He adds,"We have always been for sale for the right price, but in thirteen years we have not sold off any leases or gone direct after broker's business, ever." ) SFC Capital ( 9/15/2000 purchased by Trinity Capital ) Dana ( 7/2000 sold off portfolio, active as captive lessor ) Lease Acceptance Corp---( 7/26/2000 ceases broker business ) New England Capital ( 6/2000 sold to Network Capital Alliance a division of Sovereign Bank. Sovereign did hire two people who will run a sales office in CT, doing basically the same dealswith the same people as before. Little will change in that aspect. Prime Capital, Chicago ( 6/2000 closed ) Scripp Financial ( 6/29/2000 ( purchased by US Bancorp ) Metrolease--( 5/2000 reports closing operation, John Blazek at Evergreen Leasing, Hathcock losing assets, will not confirm nor deny; many serious rumors of serious fraud floating around the marketplace, including debt to Textron Financial, reported to file bk.) Phoenix ( 5/2000 both divisions closed ) FMA Financial, California ( 4/2000 reportedly closed to brokers ) USA Capital Leasing ( 5,2000 ) creditors force Chapter 7 ( 4,2000 ) file chapter 11 bk Fidelity ( 4/2000 acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V., headquartered in the Netherlands, raising funds ) Comstock Leasing ( 2/2000) purchased by Linc Capital. NIA National Leasing ( 3/2000 purchased by Lakeland Bancorp ) Franklin Leasing, Des Moines, Iowa--owned by Liberty Bank-- (2/2000)-no longer writing leases ( limited by regulations and leases are for sale ). Bankvest (1/2000)bankrupt,voluntary (11/99) Orix, smaller banks,creditors file for involuntary bankruptcy against Bankvest (10/99) ceases new business ( 8/99 )Fleet pulls their lines. Commerce Security ( 9/99 closed to leasing broker program )(11/99 last fundings/ 12/2000 Leasing News gives credit to Ron Wagner as the first to see the quality and margins of leasing changing, decides to avoid what was to happen in the year 2000 ). Franchise Mortgage Acceptance Corporation (FMAC) 11/1999 purchased Heller Financial's Commercial Services Unit ( 10/99 purchased by CIT ) Lyon Credit Corporation ( 9/99 purchased by Hudson United Bancorp ) Japan Leasing Credit claims ( JLC --6/99 purchased by Orix ) Liberty Leasing ( 6/1999 closed, California company ) Golden Gate Funding ( 2/99) purchased by Westover Financial Rockford Industries (2/99) sold to American Express no dates on these changes: American Business Leasing ( gone ) The Bancorp Group, Inc. (Southfield, MI) (Not accepting news business. The BOD of the parent bank is assessing what to do with the leasing subsidiary.....currently servicing portfolio but not originating. no longer in business ) Imperial Credit Industries (ICII) ( sold portfolio ) Leasing Solutions , San Jose ( bankrupt ) Merit Leasing ( gone ) Prime Leasing, Minnesota ( no longer doing business ) ***Original Purchases by Date by Unicapital American Capital Resources 2/98 Boulder Capital Group 2/98 Cauff, Lippman Aviation 2/98 Jacom Computer Services 2/98 Matrix Funding 2/98 Merrimac Financial Associates 2/98 MunicipalCapital Markets Group 2/98 The NSJ Group 2/98 PortfolioFinancial Servicing 2/98 --acquires assets of Unicapital Vanlease 2/98 The Walden Group 2/98 K.L.C., Inc. dba Keystone Leasing 5/98 Jumbo Jet 7/98 HLC Financial 7/98 Saddleback Financial Corporation 7/98 ---back in business U.S. Turbine Engine Corp. 7/98 The Myerson Companies dba BSB Leasing 9/98 --- back in business under original owner now: Don Meyerson ----------------------------------------------------------------------------- We encourage you to quote us, or send to a friend, or reproduce in any manner. We are trying to improve our readership, and input from our readers. Our readers are our best source of "inside news." ---------------------------------------------------------------------------------- Howard Clark GREENWICH, Conn. (AP) - Howard Clark, a visionary corporate executive who manned the helm at American Express while it developed into a corporate giant, died Friday. He was 84. Clark was named president and chief executive of American Express in 1960, when the now-ubiquitous green charge card was only two years old. Although the company was losing money, Clark declined to sell the business to Diners Club, a competitor, and instead chose to aim the card at wealthy travelers taking advantage of the burgeoning growth of commercial air travel. The gamble paid off, because after an aggressive advertising campaign in which people with well-known names but not-so-well-known faces asked ``Do you know me?'' the company began to turn a profit. A second successful campaign told travelers to ``Don't leave home without it,'' helping to increase the company's sale of travelers checks. When Clark retired as chief executive in 1977, the company had 650 offices in 108 countries and more than 8 million card holders. After retirement, Clark devoted his life to philanthropy and golf. --------------------------------------------------------------------------------------- Tender Offer for Shares of PLM International, Inc. Completed
Approximately 83.2% of Shares of Common Stock Received SAN FRANCISCO, Feb. 7 /PRNewswire/ -- PLM International, Inc. (Amex: PLM) (the Company) announced today that MILPI Acquisition Corp. completed its cash tender offer for the outstanding common stock of the Company at $3.46 per share. The offer commenced on December 29, 2000 and expired at 12:00 midnight, New York City time, on Tuesday, February 6, 2001. Based upon preliminary information from the depositary, a total of approximately 6,287,732 shares of common stock (including 12,340 shares subject to guaranteed delivery), representing approximately 83.2% of the outstanding common stock of PLM International, were validly tendered prior to the expiration of the offer and not withdrawn. All such shares have been accepted for purchase by MILPI in accordance with the terms of the offer. Under the terms of the merger agreement between MILPI and PLM International dated as of December 22, 2000, MILPI will complete its acquisition of PLM International by effecting a merger of MILPI into PLM International under Delaware law, in which the remaining outstanding shares of the Company's common stock held by persons other than MILPI or PLM International will be converted into the right to receive $3.46 per share. The merger is expected to be completed shortly once MILPI obtains approval of the merger by PLM International's shareholders pursuant to a special shareholders' meeting. Pursuant to MILPI's acceptance of such shares and the merger agreement dated as of December 22, 2000, MILPI has waived any condition to the consummation of the merger other than the condition that no provision of any applicable law or regulation and no judgment, injunction, order or decree shall prevent or prohibit the consummation of the merger. Shares of PLM International common stock will continue to trade until the consummation of the merger. Stephen M. Bess, Randall L-W Caudill, Douglas P. Goodrich, Warren G. Lichtenstein, Howard M. Lorber, Harold R. Somerset and Robert L. Witt, directors of PLM International, have tendered their resignations, effective upon payment for the tendered shares, which PLM expects will be effective today. Following such payment and resignations, Gary D. Engle and James A Coyne will be appointed to the Board of Directors of PLM to fill the vacancies due to such resignations and MIPLI will assume control of PLM International's operations. PLM International is a management company providing services to transportation, industrial and commercial companies. The company also manages a diversified portfolio of over $700 million (based on original equipment cost) of transportation and related equipment for approximately 60,000 third-party investors. Semele Group Inc. is a holding company with interests in a number of real estate development projects, income producing real estate, and equipment leasing funds. This release contains forward looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those projected in such statements. Potential risks and uncertainties include, but are not limited to, satisfaction of the conditions to closing and MILPI's ability to integrate PLM International operations and achieve the anticipated synergies of the transaction. The parties are required to file documentation with the Securities and Exchange Commission concerning the transaction. WE URGE INVESTORS TO READ THE SCHEDULE TO-T, THE SCHEDULE 14D-9 AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. You may obtain a free copy of the documents filed by PLM International, Inc. with the SEC at the SEC's web site at www.sec.gov. In addition, documents filed with the SEC by PLM International will be available free of charge by directing a request to the Secretary of PLM International at One Market, Steuart Street Tower, Suite 800, San Francisco, California 94105. Neither Semele nor any of its affiliates takes any responsibility with respect to the accuracy or completeness of PLM International's filings. PLM International, its directors, executive officers and certain other members of PLM International management and employees in the future may be soliciting proxies from PLM International shareholders in favor of the merger transaction and may have an interest either directly or indirectly by virtue of their security holdings or otherwise. In such case, information concerning the participants will be set forth in a proxy statement that will be filed with the SEC. Information regarding such officers and directors is included in PLM International's definitive proxy statement for its 2000 special meeting of shareholders filed with the SEC on July 27, 2000, the Schedule 14D-9 filed with the SEC on December 29, 2000 and other documents to be filed with the SEC. Such documents are available free of charge at the SEC's web site at http://www.sec.gov and from PLM International at the address set forth above. SOURCE PLM International, Inc. CO: PLM International, Inc.; MILPI Acquisition Corp. www.leasingnews.org
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