Commercial Money Center Has Completed Its Verbal Commitment

 

      Bill Hanson has honored his commitment as stated on "Meet the Leasing

News Maker."

 

There are checks that brokers are requesting and vendors requesting, and

there are some legal matters regarding withdrawals and also some other

issues, and Leasing News have reviewed several of the cases to state that

Bill Hanson has completed what he said he would do on "Meet the Leasing News

Maker"

 

http://www.leasingnews.org/archives/January%202002/01-11-02.htm

 

_____________________________________________________________________

 

            Leasing News Will Not Divulge Our Sources

 

 

RW Professional Lawsuit Up-Date

 

 

On or about August 23, 2001, Rich Tambor, Sr. Vice-President of American

Express Small Business Services, conducted a conference call with the all

personnel within his division. In that call, Mr. Tabor referred to issues

with the RW Professional Leasing portfolio and Republic Group of Anaheim,

California that were being addressed by American Express.  This quickly

became common knowledge in the leasing industry since the industry is close

knit. At this point, RW Professional became known to Leasing News, as we

were not familiar with this company at all.

 

We asked our sources at American Express, American Express Business Finance,

former collectors, salesmen, managers, directors, officers. at what was once

known as First Sierra, plus presidents of several companies involved, who

spoke to us on a confidential basis, plus our advisory board.  RW

Professional was a public issue and as such, RW Professional became a

"public figure" subject to public discussion and speculation.

 

Leasing News was given this statement to publish:

 

"A high ranking executive with Amex has verified that Amex is investigating

possible problems with the portfolios of RW Professional Leasing and the

Republic Group.  There is no cover up attempt on the part of Amex, but in

fairness to everyone, the issues have to be thoroughly investigated before

any public comment can be made".

 

  American Express Spokesman  Statement----Name Withheld

 

October 1, 2001 Leasing News wrote: "...We are receiving reports that RW

Professional Leasing has filed bankruptcy, and the principal(s) have started

another leasing company. We are looking forward to verifying this..."  We

explained why, as it was part of several stories we were working on; two

still in the works.

 

We had received a tip, confirmed the tip with several well-informed sources,

who also heard the talk on the street. We did not want to publish this until

we could confirm or deny it from RW Professional.

 

 Leasing News attempted to reach RW Professional for a comment.  We were

attempting to confirm or deny the "rumor."  October 3, 2001. as part of our

story on the inquiry of "AmX Business Finance  Mid/Am Portfolio Bond

Insurance", we wrote, "As a side note, I am surprised there has not been a

reader who has taken me to task for saying " we look forward to the RW

Professional bankruptcy confirmation . We had originally ask

for a confirmation or denial and this was an attempt to "smoke out " a

response. (

 

The main purpose was to up-date readers, and hopefully get a confirmation

or denial as no comment was forthcoming from RW Professional.

The bankruptcy data we searched could find no record.  Everyone

we spoke to seems to have heard the rumor, but we still could

not officially confirm or deny it as RW Professional didn't want

to speak to us.

 

On or about October 12, a fax was received from Salvatore D. Ferlazzo of

Girvin & Ferlazzo representing RW ProfessionalLeasing, stated

 Leasing News was "...claiming that RW Professional has filed

 for bankruptcy protection. That is absolutely false, and, of course,

defamatory to the business reputation of RW Professional.

 

Leasing News had not made such a claim, but was trying to confirm

 or deny the talk on the street.  We tried to reach Mr.Ferlazzo by

telephone, but he was not available.  We tried to reach RW Professional

Leasing, but no one was available. We sent several e-mails to Mr. Ferlazzo.

Finally we reached Mr.Ferlazzo by telephone

 

October 15, we headlined:

 

"RW Professional Has Not Filed Bankruptcy

 

"Leasing news heard from Salvatore D. Ferlazzo of Girvin & Ferlazzo,PC,

representing RW Professional Leasing, Long Island, New York. We have been

trying to confirm or deny the rumor floating around the leasing community.

 

"He says it "ain't so."  We have asked him for an official statement or

comment or e-mail or any comment from RW Professional Leasing, as we have

not been able to obtain one."

 

Mr.Ferlazzo  telephoned us back and it was not a "retraction" they

were seeking, he told me. Basically  Mr. Ferlazzo said his client

"Barry Drayer" would not pursue the matter if I told him who were the

sources of the rumor.

 

Peter S. Hemar, of Hemar Associates in Santa Monica, agreed to

 represent us gratis.  December 13,2001 we received a summons

 from Richard L.Weiner, Encino, California representing

RW Professional.

 

Mr.  Hemar contacted him, and the gist was basically the same,

 this could be settled if Leasing News divulged who was

 "spreading rumors."  In our viewpoint, wehad heard it,

 tried to verify it, and really don't know who originally

 started the claim, which we were trying to confirm or deny.

 

Now we are served with a lawsuit, deposition and order to

 produce documents.  Unfortunately, Leasing News is at point

 that we will have to seek a new attorney.  Ken Greene, on

our advisory board, has agreed to help out in the interim,

 as we cannot continue with Mr. Hemar, who also represents

 American Express and American Express Business Financial,

 paying clients.  It is not fair to put him in this position,

 although he has been generous with his time and effort.

 

The fact is the Leasing News sources include officers

 of American Express, American Express Business Finance,

 present and past officers, past managers, collection

 personnel, and salesmen of American Express, American

 Express Business Finance, First Sierra and Sierra Cities.com,

 Old Kent Financial, plus present and past presidents of these

organizations.

 

It was alleged that Leasing News has a "vendetta" against

 Barry Drayer, which is not true.  I personally do not

 know him and until doing some research today, was not

even aware of what the company does, as I originally

thought they were in the medical leasing market place.

 

Again, Leasing News attempted to obtain a comment

 from RW Professional Leasing, twice on Thursday, and

 was told to speak with Mr. Weiner, who was not available,

although we did leave a voice mail early morning with him,

 and now learn he will only talk to us through our attorney.

 

This is what we know publicly about the company:

 

Sales are stated at $10 to $20 million per year and the

 geographic area is National.  They are direct lessors

 specializing in computer, medical, and office equipment,

 in the "small ticket" and "vendor program" marketplace.

 

 

RW PROFESSIONAL LEASING CORP.

Ms. Rochelle Besser4584 Austin BlvdP.O. Box 296Island Park, NY 11558Phone:

(800) 431-4319Fax: (888) 443-4190      Business Council: ·  Small Ticket

Function Code: ·  Marketing ·  Sales

 

RW PROFESSIONAL LEASING CORP.

Mr. Adam DrayerCredit Analyst4584 Austin BlvdIsland Park, NY 11558Phone:

(800) 343-4319Fax: (888) 443-4190      Business Council: ·  Small Ticket

Function Code: ·  Collections ·  Credit

 

RW PROFESSIONAL LEASING CORP.

Mr. Barry DrayerVP445 Washington StreetWellesley, MA 02181Phone: (800)

343-4353Fax: (800) 822-3127      Business Council: ·  Small Ticket ·  Vendor

Programs Function Code: ·  Corporate Executive

 

 

 

If readers can fill us in with other information, or anything that might be

helpful "on"  or "off the record," it would be appreciated.

 

Kit Menkin, editor/publisher

 

___________________________________________________________________ 

 

American Express earnings miss analysts' reduced estimate

 

By Eileen Alt Powell, Associated Pres

 

NEW YORK (AP) American Express said Monday that its earnings for the fourth

quarter and the year were down significantly because of the drop in travel

after the Sept. 11 terrorist attacks.

 

The giant financial services company said its net profits totaled $297

million, or 22 cents a share, in the fourth quarter, a 56 percent drop from

a year earlier. The results were a penny a share below the estimate from

analysts surveyed by Thomson Financial/First Call.

 

In the year-earlier period, earnings were $677 million, or 50 cents a share.

 

American Express stock fell 70 cents, or nearly 2 percent, to $36.29 at the

close of regular trading on the New York Stock Exchange.

 

The earnings report said the company's fourth-quarter results included a

$279 million pretax restructuring charge to cover the elimination of about

6,800 jobs 300 more than earlier announced and to consolidate real estate

facilities after the staff reduction.

 

Analysts had lowered their earnings estimates for the company after American

Express announced in December that it would record charges in the

October-December quarter for further jobs cuts.

 

During the year, American Express eliminated 14,500 positions, or 16 percent

of the work force that totaled 88,500 at the start of 2001.

 

The company said the latest job cuts were mainly in its travel business and

''reflect the sharp slowdown in that sector'' since the Sept. 11 attacks on

the World Trade Center and Pentagon.

 

Chairman and chief executive Kenneth I. Chenault said in a statement

accompany the earnings report that results ''reflected the overall weakness

in the economy throughout the year and the sharp slowdown in consumer

spending, business travel and investment activity after the terrorist

attacks of Sept. 11.''

 

He said the company was being cautious in its projections of recovery this

year. Many economists believe that the economic recession that began in

March last year will end in the current quarter.

 

''While we are seeing signs of improvement in volumes, we are continuing to

take a cautious view and expect the economy to remain weak throughout

2002,'' Chenault's statement said. ''With that in mind, we have lowered our

risk profile and made some important changes in our business that will

position us for good earnings growth in a lower revenue growth

environment.''

American Express executives have been functioning from temporary offices in

and around New York City since their headquarters in the World Financial

Center was damaged in the collapse of the World Trade Center. The company

expects to begin returning to its headquarters building in April.

 

Earnings for the year were $1.31 billion, or 98 cents a share, down 53

percent from $2.81 billion, or $2.07 a share, reported in 2000.

 

American Express said that its full-year results were hurt by a $1.01

billion pretax charge in the first half to write off losses in the American

Express Financial Advisors portfolio; $631 million in restructuring charges

in the second half, and a $98 million pretax cost stemming from the

terrorist attacks.

 

The company said that excluding the restructuring charges and Sept.

11-related cost, earnings per share would have been $1.34 for the year.

 

http://www.americanexpress.com

 

 

 

________________________________________________________________________

 

SANCHEZ BUYS EQUIDITY, TO INCORPORATE SOFTWARE

 

Malvern, PA-based Sanchez Computer Associates Inc. recently announced it has

acquired all the assets of Equidity Inc., including the company's

Java-based, online origination software. Sanchez will incorporate the credit

origination technology into its banking platform, particularly as it relates

to the online origination of loans.  Equidity was a privately owned

financial services software company previously based in Sterling, VA. The

J2EE-compliant origination solution Web-enables and automates the

origination process and can be deployed across multiple delivery channels, a

Sanchez news release said. Terms of the acquisition were not disclosed.

 

eCommerce News

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First Capital Group

 

Name = Gary Millhollon

               Address = 5601 Office Blvd. Suite 2

                  City = Albuquerque

                 State = NM

               Zipcode = 87109

                 Phone = 505-338-2430

                   Fax = 505-338-2431

                 Email = gary.millhollon@fcgusa.com

 

I would like to congratulate you on your web site.

 

We are a company based in Albuquerque with 2000 customers in 45 states and 3

foreign countries.  We specialize in deals from $250m to $10mm and are cash

flow driven.  I founded the company in 1995 and sold it last year to First

Banks of St. Louis, the largest privately owned (non-public) bank in the

country with around $7BB in assets.

 

We do $100mm per year in new business.

 

We have seen a significant increase in demand as we have tried to maintain

our quick response and core philosophies during a time when many of our

competitors have failed or experienced troubled times.

 

We have direct and, on a very select basis, do broker deals.  First Capital

Group, Inc. has always been the name of the company---no name change.

 

 ( Thank you. Will add this information to the Leasing News List.  If

readers  note that we have overlooked a change, or if there is a correction

needed,   please let us know. editor )

 

             http://www.leasingnews.org/list.htm

 

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Tuesday --Odds and Ends