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July 3, 2001 Headlines--- Fraud Alert: Vector Services, Granite Bay, Ca. EU Kills $41 Billion GE-Honeywell Merger HPSC Buys Centaur Financial Services Telemark Discontinues Broker Program ( for the Leasing News List ) Besides Article 9—Postal Rates Went Up, July 1 TCF Express Leasing Helps CITGO Fast Lube Operators RVI Promotes Egan to Senior VP/Fitch Upgrades Rating! McCormick & Company Upgrades Computer Systems --through Lease with U.S. Bancorp Intel sends its fastest Pentium off to market Leasing News List Up-Dated on Thursday Have a Great Fourth of July Centaur
Financial Services, Inc. Centaur Financial Services, Inc, Aliso Viejo, California (http://www.centaurinc.com ) has reportedly been purchased by HPSC. The company specialized in equipment lease financing to the medical community. We are attempting to verify this report. HPSC has a website ( HPSC.COM) and is located in Boston, MA, specializing in the healthcare industry. ------------------------------------------------------------------------------------------ Telemark Discontinues Broker Program Telemark LLC dba Telease Financial Services (TFS) a subsidiary of Agway Inc. discontinued its broker program in May.; TFS specialized in agricultural, turf and arbor and light construction industries. According to Mark Hartman, Manager of Broker Programs, the Parent made the decision to terminate its third party originations unit to concentrate its efforts on direct vendor markets. EU Kills $41 Billion GE-Honeywell Merger EU blocks $41 billion GE-Honeywell merger over fears they would dominate engine and avionics market. STRASBOURG, France (A.P.) The European Union blocked General Electric Co.'s $41 billion purchase of Honeywell International Inc. on Tuesday, the first time a proposed merger between two U.S. companies has been blocked solely by European regulators. The veto of one of the world's largest industrial mergers by the EU's 20-member executive Commission was widely expected after the American companies failed to allay European fears the deal would create an unfairly dominant position in markets for jetliner engines and aircraft electronics. "The merger between GE and Honeywell, as it was notified would have severely reduced competition in the aerospace industry and resulted ultimately in higher prices for customers, particularly airlines," EU Competition Commissioner Mario Monti said in a statement. Full story is available at: http://www.nytimes.com/2001/07/03/business/03CND-ELEC.html --------------------------------------------------------------------------------------------- ARIZONA FUNDERS APPRECIATION EVENT---July 26, Thursday Arizona Diamondbacks VS. San Francisco Giants Skybox Opens: 5:35 p.m. First Pitch: 7:05 p.m. BASEBALL, NETWORKING, FUNDERS, BROKERS and REFRESHMENTS Get ready to mix business with pleasure! The Arizona Regional Event is headed to the Bank One Ballpark for an evening of baseball, networking and refreshments. Join industry peers in an exclusive Skybox. Networking in a summer fun manner! The opportunity that you have been waiting for is on Thursday, July 26. Funders are ready to share! Find out what's hot! New Programs...New Funds...New Concepts! Space is limited and on a first come basis. The fun begins at 5:35 p.m. with the opening of the Skybox and continues with the first pitch at 7:05 p.m. Register today! For more information, please contact: Alan Jensen, CLP, Lease2Loan at (602) 788-4422 or Irv Ellis, CLP, LeaesCor, Inc. at (602) 395-0463. Registration must be received by July 21, 2001 to avoid a $10.00 late fee. No refunds given on cancellations, however, substitutes are welcomed! Please photocopy this form for additional registrations. Please tear off this bottom portion; fill out completely and mail or fax with payment to: 520 Third Street, Suite 201 Oakland, CA 94607 Tel (510) 444-9235 fax (510) 444-1346 www.uael.org Member $40.00 Non-Member: $80.00
Sign me up for the AZ Region Baseball Game on Thursday, July 26th! Name: Company: Address: City/State/Zip: Phone: Fax: Email: Web Address: (Circle One) Check Enclosed Visa/MC Amex Account Number: Expiration Date: Name On Card: Signature: Joanie Dalton - Managing Director UAEL - United Association of Equipment Leasing 520 Third Street, #201 Oakland, CA 94607 (510) 444-9235 x27 (510) 444-1346 fax joanie@uael.org www.uael.org Fraud Alert: Vector Services, Granite Bay, Ca. We recently funded a $25k lease for a painting contractor in West Sacramento, Ca. The company was established 8 years ago and had good bank balances. We received partial copies of 98, 99 & 00 corporate returns reflecting earnings of $439k, $367k and $390 respectively. Despite excellent credit the principal's CBR didn't score due to revolving balances of $389k - dated to 1974 with lots of PAID accounts....100 inquiries. We were also considering a second transaction for audio video equipment for $36k. Our lender was contacted by Quicktrax advising they received an order to inspect similar equipment for another lessee at the same address in West Sacramento. Long story short....another broker was preparing to fund another lease for another company owned by the same principal for exactly the same equipment.
Fraud Alert: Vector Services, Granite Bay, Ca. The vendor was the same, the equipment was the same, the cost was the same but the invoice numbers were different. The vendor is Vector Services Corporation, 6963 Douglas Blvd. Suite 263, Granite Bay, Ca. We have decided not to proceed with funding and asked our funder to stop payment on the vendor check, which they have done. The other broker has advised they will cancel their approval. We are going to report these events to the local DA and request that they look into the lessee and vendor. If the credit or vendor sound familiar please feel free to call me for details. Rick Wilbur Managing Partner Media Capital Associates, LLC 480-941-8558 ext. 104 480-941-4588 - Fax http://www.mediacap.com Don’t Forget, US Post Office Mail has gone up: Mail went up July 1 34cents for first ounce, after that is it 57 cents and you will have
for zip code search and more about US Mail, go here: http://www.usps.com/ncsc/ #### ############## ################ ############### New Equipment Leasing Options for CITGO Fast Lubes
TCF Express Leasing Helps CITGO Fast Lube Operators Control Cash Flow and Upgrade Equipment TULSA, Okla., -- Buying and updating equipment while preserving cash flow is a balancing act many fast lube operators have to perform every day. To address this, CITGO Petroleum Corporation recently announced that TCF Express Leasing is its newest Preferred Partner for existing and potential CITGO-branded fast lube operations. TCF Express Leasing is an affiliate of TCF Leasing, Inc., a wholly owned leasing and equipment finance subsidiary of TCF Financial Corporation (NYSE: TCB), an $11.8 billion national bank holding company. "For most fast lube operators, leasing is the best way to keep up with ever-changing equipment advancements, avoid technology obsolescence and conserve cash," says Paul McCusker, product manager of Automotive Lubricants/Installed Programs for CITGO. "We designated TCF Express Leasing as a Preferred Partner because they offer the experience, responsiveness, stability and financial strength needed to help our valued CITGO-branded fast lube operators succeed in today's competitive marketplace." TCF Express Leasing, an experienced leasing provider for the automobile industry, custom-tailors leasing packages to cover such items as P.O.S. systems, vehicle lubrication equipment, petroleum dispensers, car washes, monitoring equipment and signage. Partnering with TCF Express Leasing provides several advantages for CITGO fast lube operators: -- The ability to upgrade or add on equipment at anytime -- Tax deductible lease payments depending on lease structure -- Direct funding source- the lease remains with TCF Express Leasing -- Equipment specific finance programs -- Minimal upfront cash requirements -- 100 percent financing for equipment, services and installation -- Easy one-page application CITGO is a preferred provider in the fast lube industry. The company continually strives to provide a better-than-franchise quality program without the associated franchise costs. This is done by promoting superior business practices and supporting marketers with the business tools, flexibility and brand value - through products such as CITGO SUPERGARD(R) motor oil -- to create long-term, profitable and successful businesses. In fact, a 2001 survey by National Oil and Lube News ranked CITGO among the Top Ten largest fast lube chains in the United States. CITGO Petroleum Corporation, based in Tulsa, Okla., is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals, refined waxes, asphalt and other industrial products. The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petroleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela. For more information on CITGO, see the company's website at www.citgo.com . RVI Promotes Egan to Senior VP Daniel P. Egan has been promoted to Senior Vice President at the RVI Group in Stamford, CT. Dan will lead the Commercial Equipment asset group in structuring transactions using residual value insurance to create finance leases under FAS 13 and to convert asset residual risk into a rated credit risk. Prior to joining RVI in March of 1996, Dan spent 13 years in the audit practice of Coopers & Lybrand, where his final position was Senior Manager. He is a C.P.A. and holds a B.S. in Accountancy from Bentley College. ######## ############ ######################## Fitch Affirms `A+' IFS Ratings on R.V.I. CHICAGO-- --Fitch has affirmed the `A+' insurer financial strength ratings of R.V.I. Guaranty Co. Ltd. (R.V.I. Guaranty) and its subsidiary, R.V.I. America Insurance Co. (R.V.I. America), referred to together as R.V.I. The Rating Outlook is Stable. R.V.I. is the largest insurance company specializing in underwriting and marketing residual value insurance risks worldwide for clients including major financial institutions, leasing companies and equipment manufacturers. Current ownership of R.V.I. Guaranty is split evenly between wholly owned subsidiaries of Quantum Industrial Partners, LDC and CNA Financial Corp. Rationale for the rating includes R.V.I.'s dominant market position in the residual value insurance industry, solid overall underwriting performance, good capitalization and quality management team. Partially offsetting these positives are continued competition from new market entrants, concentration among key insured, and some remaining uncertainty associated with the recent expansion of the real estate line. R.V.I. is recognized as a leader and long-term provider of residual value coverage, particularly in passenger vehicle and commercial equipment for FASB coverage purchased to obtain favorable accounting treatment. Due to very conservative underwriting standards and extensive management experience with the assets underwritten, losses have been minimal and operating results have been very favorable with combined ratios under 100% in recent years. Nevertheless, R.V.I. does have high concentration risk in that the top five clients accounted for about 60% of gross written premiums in both 1999 and 2000. However, this risk is somewhat mitigated by the fact that most key relationships are long-standing and the number of clients has been increasing in the recent past. Since 1998, R.V.I. has also expanded more into the real estate line, which now accounts for almost one-fourth of the company's gross written premiums and provides the most pure asset risk (non-FASB) premiums for R.V.I. Although there is still some uncertainty associated with this expansion, Fitch believes that the risk is low given the conservative underwriting of the real estate business. In addition, it helps to provide a more diverse and stable source of revenue, which could prove beneficial should FASB coverage subside. Entity/Issue/Type Action Rating/Outlook R.V.I. Guaranty Co. Ltd. Insurer financial strength Affirmed `A+'/S R.V.I. America Insurance Co. Insurer financial strength Affirmed `A+'/Stable. ####### ################ ############### McCormick & Company Upgrades Computer Systems Through Lease With U.S. Bancorp
LARKSPUR, Calif., / -- McCormick & Company of Sparks, Md., will upgrade desktop and laptop computers for some 500 employees in its home office and warehouse locations, after entering into an operating lease with U.S. Bancorp Oliver-Allen Technology Leasing to finance the deal. The $1 million, 30 month lease will place new computer equipment in four different McCormick & Company locations. "This is a relatively short-term lease, by design," said David P. Smith, assistant treasurer for McCormick, "which will allow us to provide our employees with the most up-to-date technology tools now and in the future." U.S. Bancorp Oliver-Allen customized the ordering and leasing process to include McCormick's procedures and personnel, and to minimize their paperwork. "McCormick wanted to work with a leasing company that was nimble enough to respond to their needs quickly, yet large enough to grow with them over time," said Mike Read, vice president at U.S. Bancorp Oliver-Allen. Minneapolis-based U.S. Bancorp (NYSE: USB), with assets in excess of $160 billion, is the 8th largest financial services holding company in the United States. The company operates 2,241 banking offices and 5,208 branded ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of Firstar Banks and U.S. Bank. U.S. Bancorp Oliver-Allen Technology Leasing is a division of U.S. Bancorp Equipment Finance Inc. Based in Larkspur, Calif., Oliver-Allen has more than $3.6 billion in leases and loans. Visit U.S. Bancorp on the web at http://www.usbank.com and Firstar Bank at http://www.firstar.com McCormick & Company, Incorporated is the global leader in the manufacture, marketing and distribution of spices, seasonings and flavors to the entire food industry -- to foodservice and food processing businesses as well as to retail outlets. In addition, the packaging group manufactures and markets specialty plastic bottles and tubes for personal care and other industries. McCormick reported net sales of $2.1 billion in fiscal year 2000. For more information about McCormick, visit the company's website on the Internet at http://www.mccormick.com SOURCE U.S. Bancorp CO: U.S. Bancorp; McCormick & Company, Incorporated; U.S. Bancorp Oliver-Allen Technology Leasing; U.S. Bancorp Equipment Finance Inc. ST: Minnesota, California, Maryland --------------------------------------------------------------------------------------------- Intel sends its fastest Pentium off to market By Matthew Fordahl ASSOCIATED PRESS SAN JOSE -- Intel yesterday started shipping the fastest version of its high-end Pentium 4 microprocessor. The chip runs at 1.8 gig hertz, slightly faster than the 1.7 GHz Pentium 4 released in April. The world's largest chip maker also released a 1.6 GHz Pentium 4 yesterday. "These two new speeds enable a broader range of performance and price points for our customers," said Louis Burns, vice president and general manager, Intel Desktop Platforms Group. The company also announced plans to release a 2 GHz version of the Pentium 4 in the coming months. The chips are Intel's latest salvo in the battle with Advanced Micro Devices and its Athlon chip. So far, Intel is winning the gig hertz race, with Athlon topping out at 1.4 GHz. However, several product reviews indicate the Athlon performs better overall than the higher-speed Pentiums. Intel said the chip is optimized for demanding multimedia applications, and developers are beginning to design software that takes advantages of its capabilities. When the Pentium 4 was introduced earlier this year, Intel had hoped to sell as many as 20 million units. So far, according to Mercury Research, about 3 million have been sold. Thanks to aggressive cost-cutting, however, Mercury estimates Intel is on track to sell 13 million Pentium 4 processors in 2001. "Intel has made aggressive price moves, and that's helping," said Mike Feibus, senior analyst at Mercury. "The Pentium 4 has gained acceptance in the consumer market." Later this year, Intel plans to address one big complaint of business users and introduce changes that will make the Pentium 4 compatible with more forms of memory. When purchased in lots of 1,000, the 1.8 GHz version is priced at $562, and the 1.6 GHz version is $294. ( Fry’s Electronic has the 1.4 ghz version on sale with motherboard included for $319, ram $69 for 128mhz. AMD 1.33 ghz with motherboard $219. editor. editor Even Bowling Hit by the Economy AMF Bowling Files for Bankruptcy RICHMOND, Va. (AP) -- AMF Bowling Worldwide, the world's largest operator of bowling centers, filed for bankruptcy protection Tuesday under a plan that would allow it to repay debt and restructure its operations. AMF said in April that it would likely file for Chapter 11 protection under the federal bankruptcy code to help it reorganize. Lenders have agreed to provide the Mechanicsville-based company with up to $75 million in financing so it can keep funding its own operation, company officials said. . AMF's 518 centers will remain open. The company operates 400 centers in the U.S. and 118 centers in 10 other countries. Under the company's reorganization plan, AMF will repay loans with a combination of cash, debt and common stock worth about $625 million. Details of the company's reorganization plan will be submitted to the U.S. Bankruptcy Court in Richmond in August for approval. The company expanded aggressively in 1997 and 1998, growing from 285 bowling centers in 1996. But it posted a $226 million loss in 1999 and a $200.6 million loss in 2000, company officials said. --------------------------------------------------------------------------------------------- Leasing News Policy Statement http://www.leasingnews.org/policy.htm | ||||||||||||||||||||||||||||||||||||