Leasing New

July 9, 2001

Leasing News "The List" is Up-Dated

Hello from Ray Williams
Willis-Lease Names Hickerson to Board

Leasing Association Meeting Schedule is Up-Dated

WILLIS-LEASE)(WLFC)

Willis Lease Finance Names Glenn L. Hickerson to Board of Directors Filling Board Seat of Donald E. Moffitt

SAUSALITO, Calif--Willis Lease Finance Corporation (Nasdaq:WLFC) today announced Glenn L. Hickerson, Chairman of the GATX Air Advisory Board has been appointed to fill the seat vacated by Donald E. Moffitt, Chairman of CNF Transportation, Inc.

"We are delighted to welcome Glenn L. Hickerson to our Board of Directors. His 40 years of experience in the aviation and leasing industries will augment our board's industry knowledge and leadership talent," said Charles F. Willis, President and CEO. "We are extremely grateful to Don for the important contributions he made while serving on our Board over the past three years. We thank him for his service to our company and wish him well."

Hickerson joined GATX in 1990 and was named President of the Air Group in 1995. Following his retirement from active service with the company, he was named Chairman of the GATX Air Advisory Board in 1997.

Hickerson started his career at Douglas Aircraft Company in 1962 as a credit analyst and he has served on senior management teams at Universal Airlines, Marriott Corporation, Lockheed, and GPA Asia Pacific. During his career he has developed expertise in commercial aircraft sales and marketing, capital leasing, airline operations and international finance. Hickerson earned a Bachelors of Science degree from Claremont McKenna College and a Masters of Business Administration degree from New York University's Graduate School of Business (now the Leonard N. Stern School of Business).

About Willis Lease Finance

Willis Lease Finance Corporation leases spare commercial aircraft engines, rotable parts and aircraft to commercial airlines, aircraft engine manufacturers and overhaul/repair facilities. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines.

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Ray Williams Says "Hello" to All His Leasing Industry Friends

Kit,

Glad you found me. *

You know, if I could go back 5-6 years, my choice would be for you to become President of UAEL ( United Association of Equipment Leasing). You have always had the highest integrity and God knows we can always use as much of that as possible.

May He bless you and yours.

Whoelsebut,

Ray

( Good to hear from you, Ray. May I quote you, and do you want me to include your e-mail address? editor )

Kit, I really like hearing from my friends in the industry, so please include my email address. Thanks for all your good work.

RAYCAE@aol.com

· June 22 story

Ray Williams, III, PhD " Who else But? "

Former United Association of Equipment Leasing Executive Director Ray Williams has accepted the position of Executive Director of the California Chapter of the American College of Emergency Physicians in Sacramento.

The California Chapter was located in Manhattan Beach, but had elected to move to Sacramento to be closer to other California medical associations. Dr. Williams will assist in the move and setting up new staff. the management and oversight of the day to day administration is critical to the organization. http://www.acep.org/ California Chapter: http://www.acep.org/1,37,CAL%2FACEP.html

Hello Kit,

Please note a change of e-mail address (wouldn't want to miss any of your "gems")

Carole Reed
Lease Consultants
Phone 800/322-0032
E-Mail: caroleatattitude@mediaone.net

I have been in the Leasing business since 1976 and enjoy your information....many familiar names and a surprising number of demises...............thank you for initiating this type of forum, we have needed this for many years.

( Gems, for sure. Thank you for your comments. Change is made Often we don't know an address is changed until the mail starts coming back as "address unknown." In fact, when companies close down we don't start getting the "address unknown" for several months, unless the reader informs us of an address change, as you have done. editor )

Leasing News has a section for all leasing association meetings. We have asked all associations to keep us current, so we may inform you about a meeting your would like to attend. Please go to: http://www.leasingnews.org/meetings.htm

Leasing News List

Chronological Order

109 changes

( This is also on line at our web site

Textron Financial ( 7/2001) reported to end broker business on August 1,2001 (5/2001) Textron announces a new division to serve the capital requirements of independent, middle-market lenders. (4/2001) complaints Textron doing repeat business with leases submitted to Nations, but now being serviced by Textron (common in such situations.editor) (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." ( formerly on list as Nations Credit, Business Leasing Group )

Amresco Inc., ( 7/2001)which lends to small and mid-sized businesses, said Monday it has filed for bankruptcy and agreed to sell its assets for $309 million to investors including Goldman Sachs.

Comdisco 7/2001 change of executive officers (6/2001) reportedly considering bankruptcy (5/2001) Lays off 10% of staff, further cuts to be made ( 5/2001 ) Reports Second Quarter: $8 Million Loss, CEO Pontikes takes early retirement a few weeks before formal announcement. Reports many losses to follow due to leases and loans with Dot Coms, among others.

Telemark LLC dba Telease Financial Services (TFS) a subsidiary of Agway Inc. ( 7/2001) 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

eLease ( 6/2001) ( Paragon, S.F. ( Tom Williams/LeaseExchange ) buys eLease assets. ( 2/2001 )employees Let Go, Prime Street is "History." (12/2000) purchase by Primestreet (June/July/2000)senior management changes )

Finova Group Inc. (6/2001) wins bankruptcy judge's permission to proceed with a $7.35 billion recovery plan for the finance company proposed by Warren Buffett and Leucadia National Corp; hearing date August 11. (3/2001) files Chap. 11 as per plan, many disputes, Finova Former CEO May Get $9.3 Million in Severance, says Arizona Republic Newspaper (3/2001) Dow Jones questions take over plans (2/2001) Finova Bailed Out by Buffett-Led Group , Berkshire Hathaway and Leucadia National announced that they have entered into an agreement for a $6 billion loan to Finova Capital , however to clear up creditor issues, will have to file Chapter 7 and hope creditors don't push into Chapter 11, many guess stock manipulations and other "doings" going on. ( 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 Invest $350 Million in Finova falls apart 1/2001 laid off 90 employees, or about 9 percent of its workforce, in an ongoing effort to cut costs. The company continues to employ 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 Wanes. 1Lease (6/2001) Steve Wheeler announces he is leaving leasing to run three "Wet Pets" stores, Steve Ballard, operations/finance for Michael's Floral to take his place.

Mellon Leasing-Manufacturer and Dealer Services ( 6/2001 ) closes offices, employees let go ( 5/20001)

GE Capital makes formal announcement, confirms Jan. report. (1/2001) key employees told company is sold European American Bank ( 6/200 to close brokerage operation end of month, Ira Romoff resigns, Fred Anderson will be on the streets shortly, along with Omar Diaz and Rich Illich)

SDI Capital,So.CA ( 6/2001) reportedly gong to file BK, investors to lose $20 M (6/2001) let's employees go, owing payroll, 401k, medical/health (5/2001) reported has assets up for sale ( 5/2000 closed to broker programs )

PinnLease (6/2001) Leasing News considers it a "not guilty" judgment against Tommy Larsen, but Larsen's lawyer basically agreed to comply with the temporary restraining order of March 23 and agreed that Mr. Larsen would give an accounting of any possible gains he received that rightfully belong to PinnFund. Since he gave in to everything the receiver wanted, he was not held in contempt. The records shows that being acquitted or not guilty was not what happened. The judge found he wasn't in contempt because, going forward, he agreed to cooperate fully. (6/2001) Judge Hands Down $109 M Default Judgment in PinnFund Scandal. Bounty Hunters Get the Nod to Go Get 'Em ( 4/2001 ) Judge continues freeze of assets. (4/2001) Founder of PinnFund skips bail, judge issues arrest warrant ( 4/2001) PinnFund out of money, closes all offices, including leasing., newspaper stories say "Millions of dollars are gone." (3/2001) PinnLease USA to Fold 47 Nationwide Offices-- $100 Million Fraud, reads like a tabloid story, perhaps largest fraud in West Coast history.

Fidelity Leasing, PA (5/2001) no more broker business accepted. Corona America Financial, So.CA ( 5/2001 ) purchased by TotalFunding.com, although called a merger.. Corona Pres. president, Jack Winsten worked at SDI Capital, as did Total Funding president Alan Collier.. TotalFunding to become solely an "application service provider" and utilize Corona direct sales force. No more broker business, except on "case-by-base" basis, Collier says

Alliance Funding Group, La Habra, CA ( 5/2001 ) purchased by MSM Capital, headed by Mike Cingari, formerly pres. of Col. Pacific Leasing Bay View Capital, San Mateo, CA ( 5/2001) Jeff Allard, CLP, COO "... decided to exit the commercial leasing business and other business lines due to the strategic change in the company's direction as determined by the new management team." Parent company running out of money, a lot of good people let go.

Terminal Marketing, NY,NY ( 5/2001) Announcement all assets for sale by creditors on May 31, 2001 at 2:00 p.m. (3/2001) Brokers report deals not being funded, commissions not paid, appears out of money.

Bancorp Financial Services, Sacramento, CA (5/2001) Humboldt Bancorp closes Bancorp Financial, citing second quarter loss "...not at this time expected to exceed $8 million on an after-tax basis; Kevin Cochrane let go, Security Exchange Commission, Sacramento looking into disclosures, reportedly other activity. ( 4/2001) Humboldt Bancorp says "closing Bancorp Financial Services "in press release and report to Security Exchange Commission, but CFO Pat Rusnak says "company is for sale" and statement made for "accounting purposes."

CIT ( 5/2001) CIT Shareholders Approve Proposed Tyco-CIT Acquisition (3/2001) Tyco International Ltd. makes offer for about $9.2 billion in cash and stock in a deal that would allow the manufacturer to finance purchases of its wide array of products.
Bermuda Hq., N.H. operation office. ( 2/2001) Closing Atlanta office and others, "freeze" on new broker business from this office ( 5/2001) Bruce Nelson, Tempe, Arizona seeking broker business. "We are an asset based lender and provide equipment financing in the following industries: Construction, Transportation, Logging, Material Handling, Corporate Aircraft, Mining, Energy, & Marine."

Imperial Credit Industries (ICII) (5/2001) Charles F. O'Hara, "We discontinued lease originations through our Imperial Business Credit (IBC) ....( last year ) ICII decided that it could not compete effectively in the small-ticket leasing arena. IBC, however, continues to service the portfolio that they originated and have expanded their servicing options to include middle- market leasing.

SierraCities (5/2001) New Name: " American Express Business Finance" (4/2001) Merger complete, Depping resigns as "gazelle" (3/31/2001) American Express completes purchase/merger (3/2001) Sierra Cities-Amex Merger Gets Green Light (2/2001) offer by American Express for $5.68 per share in cash. We predicted this last week, naming the company and floor price. American Express active in equipment leasing, likes what it sees, and Sierra Cities is the vehicle, not Advanta or others that it has viewed to purchase. (1/2001 VerticalNet Merger falls apart (1/16/01) Sells Off UK Assets, (7/2000_ 2nd quarter loss, see report http://www.leasingnews.org/articles.doc/newsletter3.htm Fleet ( 5/2001)

Fleet is consolidating Sanwa and the Chicago operation. ILC (Cincinnati, sub of Provident Bank) may likely take over the Sanwa sales team.

Centura Leasing (5/2001) Centura Bank/Centura Leasing was a major player in rolling stock and non-titled equipment in North & South Carolina. Centura was recently purchased by the Bank of Canada. The leasing division was closed for business. Commercial Lease Officers are being relocated within the Commercial Loan Division of the Bank.

JDR Capital, Sewell,NJ (2001) Bob Wayne says, "out of the broker business as JDR Capital, but we are still functioning as FORINT Financial, and working with select brokers at JDR Capital who when we get the leases approved, they get them signed."

Preferred Capital (5/2001) Preferred Lease, A CapitalWerks Company Mark Seif now in private law practice, company one of his clients ( 3/2001) Rumor close to sell to Capital Werks, and will become Preferred Leasing, a Capital Werks Company, this month (2/2001) internal memo about training by company about to take over, supposedly there for several months, "training" employees (01/2000 Mark Seif confirms for sale; will make no further comments (12/2000) Company reportedly on the block "one the block." ( 11/2000). David Murray left 11/7 "didn't like letting his friends go." (Reportedly now at VenServe ).

LeaseExchange.com (5/2001) hiring salesmen, Tom Williams making it work, as he did at Paragon (4/2001) "on a 'Slim Fast' diet." (3/2001) Tom Williams to give it a 90 day trial run, also trying to raise money (2/2001) reported on "auto- pilot" ( 1/2001) Closes Irving office, cuts staff, Aaron Ross starts training for Triathlon.

Mellon US Leasing ( 5/20001) GE Capital makes formal announcement, confirms Jan. report. (1/2001) key employees told company is sold.

Golden Eagle Leasing , Phoenix, Arizona ( 5/2001 )takes $13.3 million Loss in quarter

Atel Capital Group ( 4/2001 ) A.J. Batt retires, world's richest leasing owner, Dean Cash, his "partner for twenty years" now owns almost 75% and takes on the title.

U.S.Capital, Santa Barbara, Ca. (4/2001) Principal Ken Nelson commits suicide, cannot handle loss of company and reputation, he tells relatives, the day after he turned 40. (3/2001) Many brokers, super brokers, discounters left hold the bag, report they will be filing bk

BrokerWare ( 4/2001 ) merges with Funder OnLine

FlexLeasing ( a subsidiary of Griffin and Associates),Albuquerque, New Mexico (4/2001) Merger falls apart, Chuck decides to take early retirement, also has serious surgery. (3/2001 ) closing office, to merge with another company, "announcement soon," say Chuck Griffin

Unicapital (4/2001) founder Robert New dies in plane crash in Aspen, Colorado ( 12/2000 files bk ) *** series of company that may be affected, end of report )

Sanwa-Tokei (4/2001) Major bank/leasing merger on West Coast, as Sanwa Bank and Tokei merge to become United California Bank.

Orix (4/2001) Orix to "consolidate;" close offices, moving to Atlanta, Ga. ( 2/2001) Closes
re-discount center, Steve Geller says "goodbye." Geller joins Leasing News Advisory Board, receives many accolades from readers ( 11/10) First Six Month Profits up 14% at Orix! ) 11/8 New President at Orix appointed . (10/2000) "long-term Outlook has been revised from Stable to Negative" Credit Alliance that it has changed its name to ORIX Financial Services, 9/2000 Japanese Bank President Commits Suicide (Orix is a 14.7% shareholder in bank having problems ), (8/2000 closes small ticket vendor division in\ Portland, Oregon, "Business as usual (in New Jersey and with brokers)," says Steve Geller)

Linc Capital (3/2000) files motion in bankruptcy court requesting more time to file certain schedules . (2/2000 creditors file for Chapter 7 (9/2000 out of vendor and broker business

Security Financial, San Jose, CA ( 3/2001) To close San Jose office, ceased application March,1998, only going to do secured mortgage transaction from San Francisco office.

Center Capital (3/2001) acquired by Webster Bank, Farmington, Conn. Center Capital finances commercial and industrial equipment through installment sales and leasing programs to customers in all 50 states. The firm employs a staff of 60 and will continue to operate under the Center Capital name.

Safeco, Seattle, Wash. (3/2001) announces they are seeking a buyer for its commercial credit and leasing subsidiary, Safeco Credit.

United Capital, Austin Texas ( 3/2001) reports from readers that customer base, leasing deals, being given to "sister company" Spectrum Leasing, same building; United Capital still not taking new deals, many employees let go, looks dark. ( 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."

Manifest Group-( 3/2001) changes name to U.S. Bancorp - Manifest Funding Services Manifest Group--( 9/1/2000 purchased by US Bancorp Leasing and Financial, "...a win for all the parties involved," Brian Bjella. 11/2000 Donald Polfiet leaves and no one knows where he went. If you know, please tell us.

Studebaker Worthington Leasing ( 2/2001) sold to State Bancorp

Efinanceworks (2/2001) lays off 27 employees, says will return $150 million to investors, and is shutting down.

Keystone Leasing (2/2001 ) the former management team of K.L.C., Inc. (dba Keystone Leasing), headed by its co-founder Alan Kaufman, formerly a Unicapital, has formed a new equipment leasing business, Keystone Equipment Finance based in West Hartford, CT.

Saddleback Financial ( 2/2001) the management team of Orange, CA-based Saddleback Financial, headed by co-founders Warren Emard and Stuart Kennedy, survives with new investors, and does not do broker business.

Lyon Credit (2/2001 ) founder John Bowes leaves , the company still is seeking new business, despite reports to the contrary ( 10/2000 ) operating as United Capital, a Division of Hudson United Bank, closes Dallas, Texas office (6/2000) closes Atlanta and Irvine, Calif. office (9/99 Hudson United Bancorp buys Lyon Credit

Bayview Capital ( 2/2001) reports fourth quarter 2000 net loss of $92.5 million ( 12/2000 announces $17 million loss/later does not issue dividend )

U.S. Mellon, San Francisco (2/2001) Brian Madison Leaving, reportedly U.S.Mellon for sale

Dana (2/2001) reports huge 4th quarter loss ( 7/2000 sold off portfolio, active as captive lessor ) (2/2001 posts a fourth-quarter net loss, eliminates 10,000 jobs ( 7/2000 sold off portfolio, active as captive lessor )

Comstock/Linc (2/2001) files bankruptcy as part of Linc Capital (2/1998) sold for cash, to LINC Capital, Inc. in Chicago, Il..

El Camino Leasing, Woodland Hills, California ( 2/2001 ) GATX announces purchase of portfolio, making ATEL Capital largest independent owned leasing company in the world (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

Old Kent (2/2001) Closes door to new broker business

Source Capital, Spokane, Washington, (2/2001) Issues $.22 per share cash dividend, $1 million net income, 4% decrease from previous year. ( 11/2000 ) ceases accepting broker applications

PLM International (2/2001 )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 to 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

Leasing Associates (11/98) purchased by GE Capital ) , Nasdaq halts stock sales, $13.4 loss last quarter, 10/2000 assets for sale )

Affiliated Corporate Services, Lewisville, Texas (1/2001) Merges with First Commerce Leasing

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.

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.)

Affinity Leasing, Washington ( 12/2000 to close and concentrate on Financial Pacific biz )

Banc One Leasing ( 12/2000 Lays Off 60, Closes 5 offices )

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. )

Dennis Horner (12/2000)acquired by Sandy Spring National Bank, a subsidiary of Olney, MD-based Sandy Spring Bancorp.

The Equipment Leasing Company was a unit of Progress Financial of Blue Bell, PA. 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 ,Grand Rapids, 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. Case
# 00-10868 US Bankruptcy Court Western District of Wash. 206-553-7545. Debtor
Attorney-Marc Barreca 206-623-7580)

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 )

Leasing Solutions, San Jose ( bankrupt )(9/2000) Files BK (10/1998 stock loses more than 50% of value in a single day with announcement that auditors were forcing LS to write down the residual values of a small portion of equipment returned for remarketing. After a long stream of announcements of ongoing negotiations, forbearance periods, the establishment of an internet strategy (yes, the lenders let them use cash for that rather than apply it against borrowings!)

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 )

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 )

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 deals with 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 ) .

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 ).

The Bancorp Group, Inc., Southfield, MI ( 2/2000) 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 )

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 )

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: anyone can help us with dates, would be appreciated. editor

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 )

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 back in business
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

Alphabetical Order

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 9/2000 for sale, former prez now at eOriginals, others let go like Kaye Lee.)

Affiliated Corporate Services,, Lewisville, Texas (1/2001) Merges with First Commerce Leasing

Affinity Leasing, Washington (12/2000 to close and concentrate on Financial Pacific biz)

Alliance Funding Group, La Habra, CA ( 5/2001 ) purchased by MSM Capital, headed by Mike Cingari, formerly pres. of Col. Pacific Leasing

American Business Leasing ( gone )

Amresco Inc., ( 7/2001)which lends to small and mid-sized businesses, said Monday it has filed for bankruptcy and agreed to sell its assets for $309 million to investors including Goldman Sachs

Atel Capital Group ( 4/2001 ) A.J. Batt retires, world's richest leasing owner, Dean Cash, his "partner for twenty years" now owns almost 75% and takes on the title.

Balboa Capital ( 9/2000 Founder Pat Byrne "...office available any time he wants to use it" ).

Banc One Leasing ( 12/2000 Lays Off 60, Closes 5 offices )

Bay View Capital, San Mateo, CA ( 5/2001) Jeff Allard, CLP, COO "... decided to exit the commercial leasing business and other business lines due to the strategic change in the company's direction as determined by the new management team." Parent company running out of money, a lot of good people let go.

Bancorp Financial Services, Sacramento, CA (5/2001) Humboldt Bancorp closes Bancorp Financial, citing second quarter loss "...not at this time expected to exceed $8 million on an after-tax basis; Kevin Cochrane let go, Security Exchange Commission, Sacramento looking into disclosures, reportedly other activity ( 4/2001) Humboldt Bancorp says "closing Bancorp Financial Services "in press release and report to Security Exchange Commission, but CFO Pat Rusnak says "company is for sale" and statement made for "accounting purposes."

Bankvest (1/2000)files voluntary bankruptcy (12/99) involuntary petition filed by Orix and 2 smaller banks (11/99) sales disbanded (10/99) ARB walks from purchase (8/99) Fleet pulls their credit line.

Bayview Capital ( 2/2001) reports fourth quarter 2000 net loss of $92.5 million ( 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 )

BSB Leasing ( 1/2001 Don Meyerson bought back the company and they are back in business at 03-329-09227. 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.)

BrokerWare Merges with Funder OnLine Capital Associates, Denver, Colorado ( no longer doing business, filing bk? )

Centaur Financial Services, Inc, Aliso Viejo, California-( 7/2001) HPSC hsa has hired the two principals, Gary and Dorren ( Leonard) Kropp, of Centaur Financial Services, Inc, Aliso Viejo, California (http://www.centaurinc.com ). HPSC will purchase some of the portfolio, it is reported. HPSC has a website ( HPSC.COM) and is located in Boston, MA, specializingin the healthcare industry Centura Leasing (5/2001) Centura Bank/Centura Leasing was a major player in rolling stock and non-titled equipment in North & South Carolina. Centura was recently purchased by the Bank of Canada. The leasing division was closed for business.

Commercial Lease Officers are being relocated within the Commercial Loan Division of the Bank.

Charter Financial ( purchased by Wells Fargo 9/5/2000 )

CIT ( 5/2001) CIT Shareholders Approve Proposed Tyco-CIT Acquisition (3/2001) Tyco International Ltd. makes offer for about $9.2 billion in cash and stock in a deal that would allow the manufacturer to finance purchases of its wide array of products. Bermuda Hq, N.H. operation office. ( 2/2001) Closing Atlanta office and others, "freeze" on new broker business from this office ( 5/2001) Bruce Nelson, Tempe, Arizona seeking broker business. "We are an asset based lender and provide equipment financing in the following industries: Construction, Transportation, Logging, Material Handling, Corporate Aircraft, Mining, Energy, & Marine."

Colonial Pacific (2/2001) closes former Tilden operation in Hauppauge, NY (11/98) purchased by GE Capital 5/2000 no more re-brokered applications, except from one or two sources, such as Steve Dunham's Leasing Associates )

Commerce Security ( 9/99 closed to leasing broker program )(11/99 last fundings)

Comstock/Linc (2/2001) files bankruptcy as part of Linc Capital (2/1998) sold for cash, to LINC Capital, Inc. in Chicago, Il..

Conseco Finance Vendor Service ( 12/2000 purchased by Wells Fargo Leasing.

Comdisco 7/2001 change of executive officers (6/2001) reportedly considering bankruptcy (5/2001) Lays off 10% of staff, further c uts to be made ( 5/2001 ) Reports Second Quarter: $8 Million Loss, CEO Pontikes takes early retirement a few weeks before formal announcement. Reports many losses to follow due to leases and loans with Dot Coms, among others

Copelco ( 4/2000 sold to Citibank/10/2000 stock down rated/10/2000 ceases broker business, many complaints in manner turning off faucet )

Corona America Financial, So.CA. CA ( 5/2001 ) purchased by TotalFunding.com, although called a merger.. Corona Pres. president, Jack Winsten worked at SDI Capital, as did Total Funding president Alan Collier. TotalFunding to become soley an "application service provider" and utilize Corona direct sales force. No more broker business, except on "case-by-base" basis, Collier says.

DVI Capital (12/2000 out of broker )

Dennis Horner (12/2000)acquired by Sandy Spring National Bank, a subsidiary of Olney, MD-based Sandy Spring Bancorp. The Equipment Leasing Company was a unit of Progress Financial of Blue Bell, PA.

European American Bank ( 6/200 to close brokerage operation end of month, Ira Romoff resigns, Fred Anderson will be on the streets shortly, along with Omar Diaz and Rich Illich)

Efinanceworks (2/2001) lays off 27 employees, says will return $150 million to investors, and is shutting down.

eLease ( 6/2001) ( Paragon, S.F. ( Tom Williams/LeaseExchange ) buys eLease assets ( 2/2001 )employees Let Go, Prime Street is "History." (12/2000) purchase by Primestreet (June/July/2000)senior management changes )

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. )(2/2001) files with NASDAQ to raise money for consumer financing

Fidelity ( 4/2000 acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V., headquartered in the Netherlands, raising funds )

First Commercial Capital Corp ( 2/2001) to be acquired by TCF Leasing )

First International Bancorp ( 1/2001 ) to be acquired by UPS Capital

Finova (6/2001) wins bankruptcy judge's permission to proceed with a $7.35 billion recovery plan for the finance company proposed by Warren Buffett and Leucadia National Corp; hearing date August 11.3/2001) files Chapter 11 as per plan, many disputes from creditors, Finova former CEO may get $9.3 million in severance, says Arizona Republic Newspaper (3/2001) Dow Jones questions take over plans (2/2001) Finova Bailed Out by Buffett-Led Group , Berkshire Hathaway and Leucadia National announced that they have entered into an agreement for a $6 billion loan to Finova Capital , however to clear up creditor issues, will have to file Chapter 7 and hope creditors don't push into Chapter 11, many guess stock manipulations and other "doings" going on. ( 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 Invest $350 Million in Finova falls apart 1/2001 laid off 90 employees, or about 9 percent of its workforce, in an ongoing effort to cut costs. The company continues to employ 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 Wanes. First State Bancorp, Albuquerque, N.M ( 3/2000 sold leasing division-$64 million)

Fleet ( 5/2001) Fleet is consolidating Sanwa and the Chicago operation. ILC (Cincinnati, sub of Provident Bank) may likely take over the Sanwa sales team.

FlexLeasing ( a subsidiary of Griffin and Associates),Albuquerque, New Mexico (4/2001) Merger faills apart, Chuck decides to take early retirement. (3/2001 ) closing office, to merge with another company, "announcement soon," say Chuck Griffin

FMA Financial, California ( 4/2000 reportedly closed to brokers )

Franklin Leasing, Des Moines, Iowa--owned by Liberty Bank-- (2/2000)-no longer writing leases ( limited by regulations and leases are for sale ).

Franchise Mortgage Acceptance Corporation (FMAC) 11/1999 purchased by Bay View Commercial Corporation (Bay View Bank) 9/2000 discontinuing all franchise loan and lease production.

Golden Gate Funding ( 2/99 purchased by Westover Financial )

Golden Eagle Leasing , Phoenix, Arizona ( 5/2001 )takes $13.3 million Loss in quarter

Heller Financial's Commercial Services Unit ( 10/99 purchased by CIT )

Japan Leasing Credit claims ( JLC --6/99 purchased by Orix )

Leasing Solutions, San Jose ( bankrupt )(9/2000) Files BK (10/1998 stock loses more than 50% of value in a single day with announcement that auditors were forcing LS to write down the residual values of a small portion of equipment returned for remarketing. After a long stream of announcements of ongoing negotiations, \ forbearance periods, the establishment of an internet strategy (yes, the lenders let them use cash for that rather than apply it against borrowings!)

Liberty Leasing ( 6/1999 closed, California company )

Liberty Leasing, Des Moines, Iowa ( 10/2000 closed, selling portfolio, owned by Commercial Federal Bank, Omaha, Nebraska )

Linc Capital (3/2000) files motion in bankruptcy court requesting more time to file certain schedules (2/2000 creditors file for Chapter 7 (9/2000 out of vendor and broker business, Nasdaq halts stock sales, $13.4 loss last quarter, 10/2000 assets for sale )

Lyon Credit (2/2001 ) founder John Bowes leaves , the company has reportedly not received any new business since last August, and is dissolving ( 10/2000 ) operating as United Capital, a Division of Hudson United Bank, closes Dallas, Texas office (6/2000) closes Atlanta and Irvine, Calif. office (9/99 Hudson United Bancorp buys Lyon Credit

Matsco Financial (12/2000 purchased by Greater Bay Bank )

Mellon Leasing-Manufacturer and Dealer Services ( 6/2001 ) closes offices, employees let go ( 5/20001) GE Capital makes formal announcement, confirms Jan. report. (1/2001) key employees told company is sold

Mellon US Leasing ( 5/20001) GE Capital makes formal announcement, confirms Jan. report. (1/2001) key employees told company is sold.

Merit Leasing ( gone )

Metwest Leasing, Spokane Wa. ( 9/2000 advising brokers that they have run out of funds so they are unable to fund a transaction we have there for funding. 11/2000 Metwest Leasing Spokane, WA. is pulling the plug, confirmed by five sources. )

NIA National Leasing ( 3/2000 purchased by Lakeland Bancorp )

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 deals with the same people as before. Little will change in that aspect.

Newcourt ( 8/2000 sold off )

Old Kent Financial ,GrandRapids, Michigan(2/2001) Closes door to new broker business ( 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 )

1Lease (6/2001) Steve Wheeler announces he is leaving leasing to run three "Wet Pets" stores, Steve Ballard, operations/finance for Michael's Floral to take his place.

Onset Capital ( 9/2000 Irwin buys 87% equity )

Orix (4/2001) Orix to "consolidate;" close offices, moving to Atlanta, GA. ( 2/2001) Closes
re-discount center, Steve Geller says "goodbye." 11/10 First Six Month Profits up 14% at Orix! ) 10/2000 "long-term Outlook has been revised from Stable to Negative" Credit Allianchat it has changed its name to ORIX Financial Services, 9/2000 Japanese Bank President commits Suicide (Orix is a 14.7% shareholder in bank having problems ), ( 8/2000 closes small ticket vendor division in Portland, Oregon, "Business as usual (in New Jersey and with brokers)," says Steve Geller 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. )

Phoenix ( 5/2000 both divisions closed )

PinnLease (6/2001) Leasing News considers it a "not guilty" judgment against Tommy Larsen, but Larsen's lawyer basically agreed to comply with the temporary restraining order of March 23 and agreed that Mr. Larsen would give an accounting of any possible gains he received that rightfully belong to PinnFund. Since he gave in to everything the receiver wanted, he was not held in contempt. The records shows that being acquitted or not guilty was not what happened. The judge found he wasn't in contempt because, going forward, he agreed to cooperate fully. (6/2001) Judge Hands Down $109 M Default Judgment in PinnFund Scandal. Bounty Hunters Get the Nod to Go Get 'Em ( 4/2001 ) Judge continues freeze of assets. (4/2001) Founder skips bail, judges issues arrest warrant ( 4/2001) PinnFund out of money, closes all offices, including leasing., newspaper stories say "Millions of dollars are gone." (3/2001)

PinnLease USA to Fold 47 Nationwide Offices-- $100 Million Fraud, reads like a tabolid story, perhaps largest fraud in West Coast history.

PLM International (2/2000 )MILPI Acquisition Corp completes cash offer for outstanding stock.

Prime Leasing, Minnesota ( no longer doing business )

Prime Capital, Chicago ( 6/2000 closed )

Resource Leasing, Herndon, Virginia ( 11/2000 MicroFinancial/Leasecomm acquires major portion of the assets.)

Rockford Industries (2/99) sold to American Express

Safeco, Seattle, Wash. (3/2001) announces they are seeking a buyer for its commercial credit and leasing subsidiary, Safeco Credit.

Sanwa-Tokei (4/2001) Major bank/leasing merger on West Coast, as Sanwa Bank and Tokei merge to become United California Bank

Scripp Financial ( 6/29/2000 ( purchased by US Bancorp )

SDI Capital,So.CA CA ( 6/2001) reportedly gong to file BK, investors to lose $20 M (6/2001) let's employees go, owing payroll, 401k, medical/health (5/2001) reported has assets up for sale ( 5/2000 closed to broker programs )

Security Financial, San Jose, CA ( 3/2001) To close San Jose office, ceased application March,1998, only going to do secured mortgage transaction from San Francisco office.

Signature Leasing, Dublin, California ( 11/2000 no longer in small ticket marketplace )

SFC Capital ( 9/15/2000 purchased by Trinity Capital )

SierraCities (5/2001) New Name: " American Express Business Finance" (4/2001) Merger complete, Depping resigns as "gazelle" (3/31/2001) American Express completes purchase/merger (3/2001) Sierra Cities-Amex Merger gets green light by authorities (2/2001) offer from American Express for $5.68 per share in cash. We predicted this last week, naming the company and floor price. American Express active in equipment leasing, likes what it sees, and Sierra Cities is the vehicle, not Advanta or others that it has viewed to purchase. (1/2001 VerticalNet Merger falls apart (1/16/01) Sells Off UK Assets, (7/2000_ 2nd quarter loss, see report Source Capital, Spokane, Washington, (2/2000) Issues $.22 per share cash dividend, $1 million net income, 4% decrease from previous year. ( 11/2000 ) ceases accepting broker applications

Spectrum Leasing, Austin, Texas (3/2001) sister company to United Capital ( see United Capital information on this list )

Studebaker Worthington Leasing ( 2/2001) sold to State Bancorp

T&W, Washington (10/2000 filed Chapter 11. Creditors meeting on 12-4-00 Seattle. Case #
00-10868 US Bankruptcy Court Western District of Wash. 206-553-7545. Debtor
Attorney-Marc Barreca 206-623-7580)

Terminal Marketing, NY,NY ( 5/2001) Announcement all assets for sale by creditors on May 31, 2001 at 2:00 p.m (3/2001) Brokers report deals not being funded, commissions not paid, appears out of money.

Textron( 7/2001) reported to end broker business on August 1,2001 (5/001) Textron announces a new division to serve the capital requirements of independent, middle-market lenders. (4/2001) complaints Textron doing repeat business with leases submitted to Nations, but now being serviced by Textron (common in such situations.editor) (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." 2001 ( formerly on list as Nations Credit, Business Leasing Group )

Transamerica ( 11/2000 for sale, but no buyers, so taken off marketplace, no longer for sale )

Unicapital (4/2001) founder Robert New dies in plane crash in Aspen, Colorado ( 12/2000 files bk ) *** series of company that may be affected, end of report )

United Capital, Austin Texas ( reports from readers that customer base, leasing deals, being given to "sister company", Spectrum Leasing, same building; United Capital still not taking new deals, many employees let go, looks dark. 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."

U.S. Capital, Santa Barbara, CA. (4/2001) Principal Ken Nelson commits suicide, cannot handle loss of company and reputation, he tells relatives, the day after he turned 40. (3/2001) Many brokers, super brokers, discounters left holding the bag, rumor that U.S.Capital is filing bk. USA Capital Leasing ( 5,2000 ) creditors force Chapter 7 ( 4,2000 ) file chapter 11 bk

U.S. Mellon, San Francisco (2/2001) Brian Madison Leaving, reportedly U.S.Mellon for sale

Union Bank, Los Angeles ( 1/2001 ) Out of broker-discounting leasing business.

Varilease ( 11/2000 closed down )

any corrections, additions, comments will be appreciated. .

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