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| Today is Monday July 3rd., 2000 -Unicapital
Fights Back Kit - How
do you feel about LeaseExchange's statement that they are "fixing a broken process"?
Do you feel that our industry is broken? (
www.leasexchange.com approach is " The Lease Exchange is the world's first open,
fair, and efficient equipment leasing marketplace." That is the "motto." Hal is
commenting on the last story about Leasexchange being rated in the top ten of
all new internet companies and why. I agree with Hal comments, buy the way, even
though I sit on the Advisory Board of Leasexchange. I was told to avoid negative
selling. Don't build yourself up by putting your competition down. It is my observation,
this approach is common among internet leasing companies. They are hostile toward
brokers, existing lessors, but seek the same funding sources ( most go to the
same source the broker and lessor go to ). The internet leasing companies are evidently aiming for the disgruntled vendor or lessee on the internet. I can't tell you how many times I have heard from a vendor, " If you can put this deal together, I will send you all my business." However===perhaps
this new internet leasing companies have observed something we have overlooked.
Perhaps there are many dissatisfied leasing customers due to over-charging What
is your opinion? MANIFEST TRAINING CAMP---FREE Thanks
for the report of the "Training for Success" sales training seminar The Manifest
Group conducts twice yearly. The Manifest Group has been putting on this seminar
for seven years and it has continued to be a strong value-added benefit to our
customers. Thanks again Jim
Stekl ( October 9-13,2000 Training for Success from The Manifest Group Cost is $850.00 per person or $800.00 per person for two or more attendees. Cost covers food, lodging, materials, and a NEW HP 17B calculator, Airfare to Minneapolis is not included. ) UNICAPITAL CONTINUES TO REORGANIZE AND POSITION ITSELF IN AN ACTIVE MARKETPLACE see story 1
IN CASE YOU MISSED IT, AS PREDICTED, PRESIDENT CLINTON SIGNS ELECTRONIC SIGNATURE
LAW
SIERRACITIES GETS GREAT RATING ON PORTFOLIO LAST FRIDAY, BUT STOCK CONTINUES DOWN>
FRIDAY WAS 3 3/4 now it is 3 5/8 STOCK
CHART IS THE MOST REVEALING---RECOMMEND YOU CLICK AND GO TO: http://www.sierracities.com/stock_chart.asp
Story 1 UniCapital
Corporation received $29 million in proceeds from the pre-funding of a $301 million
securitization of small ticket and middle-market equipment leases, which originally
closed in March of this year. The Class A notes that were issued in the securitization
are supported by a note insu rance policy issued by Ambac Assurance Corporation.
The indenture trustee held the additional proceeds for the benefit of note holders
and Ambac pending the transfer of additional equipment leases to the note issuers.
Most of the proceeds received by UniCapital have been used to reduce outstanding indebtedness under the warehouse commercial paper facility sponsored by Bank of America that had been used to finance the transferred leases. Bank of America has agreed that UniCapital may re-borrow the amount it has repaid under the warehouse facility. An additional $32 million of pre-funding proceeds will be used to redeem notes on July 20, 2000. UniCapital Corporation provides asset-based financing in strategically diverse sectors of the commercial equipment leasing industry. Headquartered in Miami, UniCapital originates, acquires, sells and services equipment leases and arranges structured financing in the big ticket, middle market, small ticket and computer and telecommunications segments of the commercial equipment leasing industry. For more information, visit UniCapital's Web site at www.unicapitalcorp.com. Certain statements contained in this press release (including, without limitation, statements regarding the Company's securitization program, statements concerning the Company's relationship with its financial creditors and statements concerning the Company's search for additional capital and intentions with respect to its application. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, and should be read in conjunction with the risk factors set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 1999, as filed with the Securities and Exchange Commission. Those risk factors include, among others, limitations imposed by the Company's credit facilities, risks related to the need for additional capital, risks related to the Company's acquisition strategy, risks arising from the absence of combined operating history for the Company and its subsidiaries, risks related to internal growth and operating strategies, interest rate risks, risks related to fluctuations in quarterly operating results, risks related to consummating securitization transactions and other risks. These risks and other factors could cause actual results to differ materially from those expressed or implied in any forward-looking statements contained in this press release. In addition, results may vary as a result of factors set forth from time to time in the documents filed by the Company with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements to reflect actual results or changes in the factors affecting such forward-looking statements. story 2 PHILADELPHIA
(Reuters) - President Clinton on Friday signed into law a bill that makes electronic
signatures as valid as their ink counterparts. On the grounds where the Declaration of Independence was signed with a quill pen, Clinton used a more modern way of signing the ``Digital Signature'' bill -- a smart card encoded with numbers. The bill, officially known as the Electronic Signatures in Global and National Commerce Act, gives electronic signatures and documents the same force in law as those done with ink on paper. The act eliminates legal barriers to using electronic technology to form and sign contracts,collect and store documents and send and receive notices and disclosures. ``Under this landmark legislation on-line contracts will now have the same legal force as equivalent paper contracts,'' Clinton said. Story 3 Fitch Rates First Sierra Equipment Contract Trust Fitch rates First Sierra Equipment Contract Trust 2000-2's $50,018,622 class A-1 equipment contract-backed notes 'F1+/AAA'; $29,609,332 class A-2, $51,393,341 class A-3 and $33,416,247 class A-4 equipment contract-backed notes each 'AAA'; and $21,149,523 class B equipment contract-backed notes 'A'. In addition, three classes of privately placed notes were also issued and rated by Fitch. The ratings on the class A and class B notes address the timely payment of interest and the ultimate payment of principal by their legal maturity dates. First Sierra Equipment Contract Trust 2000-2 isierraCities.com's (f/k/a First Sierra Financial) eighth term securitization of commercial equipment leases and loans. Fitch's ratings are based on the originating, underwriting, servicing and management experience of SierraCities.com; the performance of SierraCities.com's portfolio and previous securitizations; the underlying pool's characteristics including equipment type, obligor industry and geographic diversity; and the legal and payment structure of the transaction. The assets of the First Sierra Equipment Contract Trust 2000-2 consist of a pool of 12,591 non-cancelable, triple- net commercial equipment leases and loans (the contracts) pertaining primarily to small-ticket equipment in the medical and dental, car dealer, hospitality, grocery, and eating and drinking industries. The total aggregate discounted present value of pool is $211,495,231. The contracts have discounted balances ranging from $92 to $458,000, with an average balance of $16,830, and remaining terms from 2-84 months, with a weighted- average remaining term of 47.1 months. The weighted-average seasoning of the pool is 4.9 months, and the largest lessee/obligor is 0.40%. Credit enhancement for the class A and class B notes is provided by subordination and a cash reserve account. Initial enhancement for the class A notes is 23.25%, composed of the class B notes (10.00%), the three privately placed classes notes and a retained class (total 12.25%) and the cash reserve (1.0%). Initial enhancement for the class B notes is 13.25%, composed of subordination of the privately placed classes and retained class and the cash reserve. Enhancement was sized based on a stress analysis of expected losses derived from the performance of SierraCities.com's historical portfolio and previous securitizations. The reserve account was initially sized at 1.0% of the initial pool balance. During the life of the deal, it will be maintained at the lesser of 1.0% of the initial pool balance or the aggregate outstanding notes. Interest and principal on the notes will be paid monthly commencing July 18, 2000. First Union Securities, Inc. was the lead underwriter for the notes. Based in Houston, Texas, SierraCities.com is a publicly traded specialized finance company engaged in the business of providing equipment financing and e-finance solutions for small businesses. SierraCities.com originates equipment contracts on a regional, nationwide and international basis directly and through alliances with independent leasing companies, contract brokers and equipment vendors. itch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA and Duff & Phelps Credit Rating, provides ratings for Financial Institutions, Corporates, Structured Finance, Insurance, Sovereigns and Public Finance Markets worldwide. June 30, 2000 Tomorrow we will announce the launching of Leasing News On Line We will continue this newsletter, but also post it in java and have other features, including a "bulletin board" and "The List."
www.leasingnews.org
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