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July 30, 2001 Headlines--- GE Buys Heller for $5.3 Billion Cash Code Red this Wednesday, but “Hi,How are You?”—Watch Out SecureLease Delivers First ASP Solution US Bancorp Manifest Funding Services Leasing News List as of Saturday, July 29. $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ To get your attention!!! DO NOT OPEN THIS E-MAIL ATTACHMENT: subject line: proposal 07-3-01 “Hi! How are you?
“I send you this file in order to have your advice
“See you later. Thanks” $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ The Above is Being Sent to many leasing individuals friends via their e-mail address book. Do not open it. It is in our leasing community. This is not a joke. _________________________________________________________________ New Text Format & Anti-Virus Advice I receive your newsletter and will not unsubscribe, despite the virus epidemic. 1. Please do something to encourage every subscriber to change their default email-send setting to "plain text." Most of the popular email programs (Outlook, Outlook Express) default to HTML. ALSO, please inform your readers that their email programs will reply IN THE FORMAT THAT THEY RECEIVE the message. They can change the format of the message before they reply. To my knowledge, plain text will not carry, transmit or otherwise spread a virus! 2. Your newsletter email send setting may be a bit high (80 characters?). Your email arrives with some weird formatting breaks. Perhaps you should shorten your line length to 75 characters just to be safe. Doug Delack DDelack@USA.NET ( Did some research on this, and Doug is correct. Leasing News text format is now changed, too. editor ) --------------------------------------------------------------------------------------------- GECC Acquiring Heller Financial .c The Associated Press
STAMFORD, Conn. (AP) - General Electric Capital Corp. is buying the commercial finance company Heller Financial Inc. for $5.3 billion in cash. Heller's shares leapt more than 47 percent. The deal announced Monday would expand GE Capital's involvement equipment leasing and real estate finance which along with commercial finance are Heller's primary businesses. The boards of directors of both companies have approved the agreement. Dennis J. Nayden, chairman and CEO of Stamford-based GE Capital, said the companies are ``really a perfect fit'' in terms of shared core businesses, cultural attributes and management practices. GE Capital, a diversified financial services company and subsidiary of General Electric Co., has assets of more than $370 billion with customers in 47 countries. Heller Financial has nearly $20 billion in assets with clients in the U.S., Europe, Asia and Latin America. Richard Almeida, chairman and CEO of Chicago-based Heller Financial, said his company brought certain expertise in international financing to the table. ``Over the past decade, Heller has built a brand name and a strong presence in middle market finance in both the U.S. and key international markets,'' Almeida said. GE is offering $53.75 a share, which is nearly 50 percent more than Heller's closing price Friday of $35.90 in trading on the New York Stock Exchange. In morning trading Monday, Heller shares climbed $17.10 to $53 a share while GE lost 57 cents to $44.08. Japan's Fuji Bank Ltd., which owns 52 percent of Heller, has agreed to tender all of its shares to GE Capital, the companies said. The deal is subject to regulatory approval. On the Net: http://www.gecapital.com/news/index-heller.html) --------------------------------------------------------------------------------------------- Is Comdisco Next??? --------------------------------------------------------------------------------------------- Message sent to customers: Dear GE Capital Associates: We are pleased to announce that GE Capital has signed an agreement to acquire Heller Financial, pending appropriate regulatory approvals. With $20 billion in total assets, Heller is a world-class company with a strong market focus and sound underwriting and financial disciplines. We are very excited about this transaction and the opportunities for growth that it brings. This acquisition will significantly strengthen our global financial offerings and market coverage. As you know, GE Capital's business model is based on a combination of acquisitions, organic growth and productivity to drive growth. Our acquisition of Heller is a perfect example of our strategy in action. Its core products and services closely complement our own in commercial finance, equipment leasing, and real estate finance. Heller's strong brand in the middle market finance sector, in particular, will allow GE Capital to bolster its capabilities and offerings. In addition, Heller provides us with two new platforms. Heller's international platforms in factoring, particularly in Europe, will position GE Capital for new success. And, Heller's expertise in the growing healthcare industry adds exciting new financial products. Globally, we will be able to provide our customers with an even greater depth and breadth of products and services. Heller's impressive intellectual talent and drive for excellence will help us continue our focus on the customer. >From our due diligence efforts, we already know that our cultures are compatible and we both operate by similar values. Both organizations share a deep understanding of the financing industry as well as a commitment to quality and credit risk diligence. We also have a common passion for "customer centricity." Through best practice sharing, including Six Sigma quality processes and digitization efforts, we will be able to quickly drive productivity and cost improvements and accelerate the company's future growth. Once the transaction is closed, these similarities will help facilitate a seamless integration of Heller into our GE Capital businesses. Because of the importance of this deal, we have asked Mike Neal to lead the company-wide integration planning effort. Heller opens up many doors of opportunity, increases our net income, gives us a stronger customer base, and adds great talent to our organization, allowing our businesses to accelerate their expansion plans. This acquisition will help GE Capital solidify its high double-digit growth targets for 2002 and enhances the collective capabilities of GE Capital to better serve customers. #### ################ ########################## ############### Press Release to Media GE to Acquire Heller Financial in $5.3 Billion Cash Transaction
STAMFORD, Conn.--(BUSINESS WIRE)--July 30, 2001-- - Compelling Strategic Fit of Products, Services and Practices - - Enhances GE Capital's Positioning in Key Business Segments and Provides New Platforms for Growth - General Electric Capital Corporation ("GE Capital"), a diversified financial services company and subsidiary of the General Electric Company (NYSE: GE), announced today that it has entered into a definitive merger agreement to acquire Heller Financial, Inc. ("Heller") (NYSE: HF) for $5.3 billion in cash, or $53.75 per share. The merger agreement provides for a cash tender offer by GE Capital for all of Heller's outstanding common stock, which will commence within the next five business days. GE Capital has also entered into an agreement with The Fuji Bank, Limited ("Fuji Bank"), which owns 100% of the Class B common shares of Heller, through which Fuji Bank has agreed to tender all of its shares to GE Capital. The Class B shares represent 52% of the fully diluted ownership of Heller. Consummation of the tender offer and the merger is subject to customary conditions, including regulatory approvals. The announcement was made today by Denis J. Nayden, Chairman and CEO of GE Capital, and Richard Almeida, Chairman and CEO of Heller Financial. The Boards of Directors of both companies have approved the agreement. "GE is very excited about this synergistic combination and the opportunities that it offers for growth and increased shareholder value," said Mr. Nayden. "Heller is a successful, world-class company with a strong commitment to the middle market whose core businesses fit perfectly with our own. Through this transaction, we gain not only the benefits of complementary services and geographic reach, but also the ability to provide new products." Heller's primary businesses in commercial finance, equipment leasing and real estate finance will enhance GE Capital's core businesses in these areas. In addition, Heller provides GE Capital with: - Recognized expertise and relationships across the middle market finance sector that will allow GE Capital to bolster its capabilities and offerings. - New international platforms in factoring, particularly in Europe. - Innovative offerings in healthcare finance, with a primary focus on small and middle-market companies operating in specialized areas of the healthcare industry, including long-term care, assisted living, hospitals, physician practice management, mental health and durable medical equipment. In turn, GE Capital's strong balance sheet will enhance asset growth and offer Heller's customers the most cost-effective solutions for their growth needs. Mr. Almeida said, "Over the past decade, Heller has built a brand name and a strong presence in middle market finance in both the U.S. and key international markets. Our focus on understanding the needs of our customers, and providing the innovative financial solutions they require, has produced a significant origination capability and an attractive growth profile. These factors, and our disciplined approach to financial and credit risk management, has created substantial value for our shareholders, employees and customers. The acquisition of Heller by one of the world's premier financial services companies further validates what the people of Heller have created. Going forward, the synergies generated from the combination of our companies are truly exciting." GE Capital and Heller share a number of values and practices. They both have a customer-centered vision, a strong credit risk management philosophy, a skilled and experienced workforce, superior asset origination capabilities and a commitment to quality. "Heller and GE Capital are really a perfect fit. In addition to our shared core businesses, we have many of the same cultural attributes and management practices," Mr. Nayden said. "In bringing our companies together, these similarities will allow us to integrate quickly and to accelerate best practice sharing, including GE's Six Sigma quality processes and digitization efforts, to quickly drive productivity and cost improvements." "GE Capital has a proven track record of successfully closing and integrating acquisitions, having completed more than 400 of them over the past 10 years," said Dennis D. Dammerman, Vice Chairman of General Electric and Chairman of GE Capital Services. "The acquisition of Heller is in line with GE's long-term strategy to grow GE Capital through a combination of acquisitions, core growth and productivity, delivering consistent earnings." "We believe the acquisition of Heller will help GE Capital solidify its high double-digit growth targets for 2002," said Mr. Nayden. "Heller's specialized service offerings, additional geographic reach, and significant intellectual capital help position GE Capital for a strong future." Fuji Bank has strongly supported Heller since its acquisition in 1984. Fuji believes this transaction is an attractive one that serves the best interests of all Heller shareholders. GE Capital's financial advisor on this transaction was Morgan Stanley and its legal advisor was Weil, Gotshal & Manges LLP. Heller's co-financial advisors were Credit Suisse First Boston and Lehman Brothers and its legal advisor was Wachtell, Lipton, Rosen & Katz. Fuji's financial advisor was JPMorgan and its legal advisor was Shearman & Sterling. GE Capital, with assets of more than US$370 billion, is a global, diversified financial services company grouped into six key operating segments comprised of 24 businesses. A wholly-owned subsidiary of General Electric Company, GE Capital, based in Stamford, Connecticut, provides a variety of consumer services, such as credit cards and life and auto insurance; mid-market financing; specialized financing; specialty insurance; equipment management, and specialized services, to businesses and individuals in 47 countries around the world. GE is a diversified services, technology and manufacturing company with a commitment to achieving customer success and worldwide leadership in each of its businesses. GE operates in more than 100 countries and employs 313,000 people worldwide. (For more information, visit: http://www.gecapital.com/news/index-heller.html) Heller Financial, Inc., is a worldwide commercial finance company providing a broad range of sophisticated, collateralized financing solutions. With nearly $20 billion in assets, Heller offers equipment financing and leasing, sales finance programs, collateral and cash flow-based financing, financing for healthcare companies and financing for commercial real estate. The company also offers trade finance, factoring, asset-based lending, leasing and vendor finance products and programs to clients in Europe, Asia and Latin America. Caution Concerning Forward-Looking Statements: This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global economic, business, competitive market and regulatory factors or failure of the transaction described to be completed for any reason. More detailed information about those factors is contained in GE's filings with the Securities and Exchange Commission. Investors and security holders are strongly advised to read both the tender offer statement and the solicitation/recommendation statement regarding the tender offer referred to in this press release, when they become available, because they will contain important information. The tender offer statement will be filed by GE Capital with the SEC, and the solicitation/recommendation statement will be filed by Heller with the SEC. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed by Heller and GE Capital at the SEC's web site at www.sec.gov. CONTACT: GE Capital: For Media: Valerie Di Maria, 203/357-3965 Marissa Moretti, 203/961-2290 or GE For Investors: Mark Vachon, 203/373-2468 or Heller Financial: For Media: Gunnar Branson, 312/441-7404 For Investors: Linda Anderson, 312/441-7034 KEYWORD: CONNECTICUT ### ############################ ################# ################ --------------------------------------------------------------------------------------------- GE to Buy Microsoft??? Are they next? ______________________________________________________________ Where is Donald Polfiet? Please let us know. editor --------------------------------------------------------------------------------------------- #### ############### ###################### ################### SECURELEASE DELIVERS FIRST ASP SOLUTION TO MARKET USING MICROSOFT'S .NET FRAMEWORK ST. CHARLES, Missouri - - SecureLease announces the availability of SecureLease VISION. This product provides a Business-to-Business e-commerce solution for the equipment leasing industry. The Internet version of the SecureLease.net product line was developed using the Microsoft .Net framework and an Application Service Provider (ASP) model. This industry leading technology offers a cost effective solution that can be implemented quickly, while permitting significant customization by subscribers. Steve Lundergan, President and founder of SecureLease stated, "We feel that VISION brings more to the table than any other e-commerce equipment leasing and small business lending solution in the market today at significant economic value to our clients. While we have one of the most respected technology staffs in the world, our business rules used in building VISION were governed by our knowledge and expertise in the leasing and commercial finance industries. Our goal is to provide a flexible product to accommodate any number of different business rules at the best value and ultimate security to our clients. We believe VISION accomplishes that goal." Leasing companies, brokers, lenders, vendors, dealers, and their clients all benefit from the speed and reliability SecureLease VISION brings to the marketplace. Determined to deliver value to customers SecureLease VISION offers a uniquely flexible set of features that include: * An interface that reflects the image of each customer * Complete customer control over access to information * Flexibility to choose funding sources, backend systems and credit reporting services * Broadcast electronic messages to keep in touch with business partners * Options to either automatically issue an agreement based on specified parameters, or to modify an agreement after receiving the credit report * Proposal and lease agreement documents that print consistently * Instant review of the history and progress of every lease application * Submittal of credit applications through a web interface * Instantaneous response to credit report requests * Data on-line to identify high level trends and then drill down to details of the operation * Exporting data from SecureLease.net for analysis and reporting * A modest initial investment in set-up costs. Fees only grow as Internet based business grows * Website services such as development, e-mail, and hosting are available at a minimal fee According to Kirk Hall, the company's Chief Technology Officer, "The new technology will allow SecureLease to offer our clients a more robust, scalable solution in a stable and secure environment. And, while SecureLease was designed to run on its own centralized servers delivered through the Application Service Provider model, we have improved the foundation of our product to allow companies with special needs to install, run and manage the software on their own servers if they prefer. VISION allows our clients to build their e-commerce plan in conformity to their unique business rules and corporate image. The benefits to subscribers of VISON are invaluable." About SecureLease.net SecureLease.net was originally created to serve the equipment leasing industry. The goal of the company is to provide subscribers access to E-commerce solutions at an affordable price. The company's philosophy is that technology should automate routine processes and provide real-time information, but can never replace industry experience and equipment knowledge. The software uses an Application Service Provider (ASP) model so clients can quickly establish a unique Internet identity. SecureLease.net is responsible for maintaining the hardware and software, while the subscriber maintains complete control of access to confidential information.
SecureLease was established in 1999 to build on the success of software developed for Richlund & Associates, a leasing company headquartered in St. Charles, MO. The leadership team offers leasing industry experience, technology expertise and a commitment to listen to our customers. Note to editors: If you are interested in viewing additional information on SecureLease.net or SecureLease VISION, please visit the SecureLease.net Web site at <http://www.securelease.net>. \ ### ############# ############### ######################## --------------------------------------------------------------------------------------------- GE to buy Connecticut? Are they next? US Bancorp Manifest Funding Services US
Bancorp Manifest Funding
Services remains committed
to the broker market. We have been providing funding services exclusively to brokers and
lessors since 1987.
Since the acquisition
of Manifest by US Bancorp
last fall, there has been
much speculation as to
our commitment to this
business.
Our entire business
philosophy is focused
on the success of the
independent broker.
We back our commitment
with an “Insurance
Policy” that protects
the confidentiality of
their database and the
fact that we will not
solicit business on a
direct basis.
In addition to
our current product offerings
that are designed to help
our brokers grow; we are
in the process of conducting
a survey of many of our
customers in an effort
to better understand the
future needs of the independent
broker/lessor. We
would like to encourage
our customers and others
to contact us regarding
issues that may be of
concern to them. We will
respond accordingly to
those questions and concerns
that are brought directly
to our attention. Troy
Molitor General
Manager US
Bancorp Manifest Funding
Services troy.molitor@themanifestgroup.com Leasing
World Book Perhaps
the overseas market is
not being serviced by
GE, and here is a place
to get some business . To learn more about where to send foreign leases,or to accept them here, try: Leasing World Yearbook 2001 In this changing leasing world, one of the most often asked question is "who will do a lease in Australia?" "The Philippines?" There are very few foreign leasing companies who belong to local associations. The best place to start is with the World Leasing Yearbook 2001. It is considered the international reference book for the asset funding and easing industry. This is not advertising, although it definitely is a "plug" for a great world leasing resource book. It features over 100 authoritative articles by leading industry experts on international leasing and a unique and comprehensive database of over 6,500 companies active in the leasing market. In addition, the book provides a concise overview of the principles of leasing and a discussion of current trends and debates in the marketplace. There is also a special report on the leasing software and 50 market. It also has a ranking of the top 50 leasing markets by size worldwide. Profiles on leasing in 50 regions: Africa - Argentina - Australia - Austria - Bangladesh - Belgium - Brazil - Canada - Chile - Colombia - Czech Republic - Denmark - Egypt - Estonia - Finland - France - Germany - Ghana - Greece - Hong Kong - Hungary - India - Indonesia - Ireland - Israel - Italy - Japan - Korea - Luxembourg - Malaysia - Mexico - Morocco - Netherlands - New Zealand - Nigeria - Norway - Pakistan - Panama - Philippines - Poland - Portugal - Russia - Singapore - South Africa - Spain - Sri Lanka - Sweden - Switzerland - Taiwan - Thailand - Turkey - United Kingdom - United States of America. Database. The most comprehensive database on the industry in the world. Lists of over 6,500 companies in total worldwide providing leasing services in each country in alphabetical order. Companies that are general leasing companies, specialist leasing companies (vehicles, computers, aircraft, vendor/sales aid, containers, shipping, real estate etc.) merchant or investment bankers, consultants, brokers, packagers, lawyers and accountants. We list their names and addresses, telephone and facsimile numbers, at least one contact name and title, and a summary of their leasing activities. The World Leasing Yearbook is the only annually-updated reference book on leasing we have found. It is revised and updated each year it is internationally acclaimed as the standard reference book on the subject. Cost is $250 from: World Publication Service, 1 Maple Street, Unit 8A, East Rutherford, NJ 07073 You can e-mail for more information at wpsjb@aol.com Leasing News List Chronological Up-Date We will-update the Heller listing up-date, as reported above. The last filling we had was: “Heller Financial's Commercial Services Unit ( 10/99 purchased by CIT ) ( The full 112 list in Chronological order, and also in Alphabetical Order is on line at our web site: http://www.leasingnews.org/list.htm ) Orix (7/2001) Hires Donald Cox as Exec.VP/CFO—30 years exp. at BofA. Many predict he will be a “figure head” and the company will not be around in two to three years---history will tell if this is correct or not. (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) CIT (7/2001) CIT to Let 150 Go, close Atlanta, Ga.---Move to Tempe, Arizona or "Goodbye!" ( Tempe website https://www.tempe.gov/water/hotline.htm Roach warning or live camera of downtown Tempe http://www.tempe.gov/millcam/default.asp city services, relocation: http://www.tempe.gov/docs1/moving.htm Weather today: 110 degrees http://www.weatherpoint.com/azcentral/ ( 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, CorporateAircraft, Mining, Energy, & Marine.” 1Lease (7/2001) 1Lease exits broker application business to focus on vendor and "buying" lease portfolio's: will be at UAEL San Antonio Conference. (6/2001) Sean Wheeler announces he is leaving leasing to run three Wetpet stores. Bay View Capital, San Mateo, CA (7/2001) reports a second quarter 2001 net loss of $95.4 million ( 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. Advanta Leasing (7/2001) Advanta Corp: 2nd quarter shows $4 million loss in leasing biz (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. American Express/ SierraCities ( 7/2001 ) pretax write-down of $826 million that will pummel second-quarter profits. The company also unveiled plans to cut as many as 5,000 more jobs because of the weak economy. Rumors abound about leasing portfolio performance and major problems in the woodpile/going the way Rockford Industries went.
” Well informed
source says Depping starting
another leasing army. (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 ast 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 PinnLease ( 7/2001 ) Barbados Court Freezes PinnFund Exec's Assets (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. Comdisco (7/2001) -Comdisco + Execs face bankruptcy, many left holding the the bag, assets for sale or sold, working on trying to get healthy by 2002, they say. ( 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. BrokerWare, Inc., of Tampa, Florida (7/2001 ) acquired by Funder OnLine SDI Capital,So.CA (7/2001) files BK, many investors caught holding the bag, reportedly the Daniels moving to Canada to open another business. Compass One decision Analysis Group incorporated 6/7/2001. ( 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 ) T&W, Washington (7/2001) T&W Mike Price charged with evading taxes on $3.2 million yacht (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) European American Bank (7/2001) made the announcement official, Romoff will be leaving the Company at the end of the summer. The company's leasing activities will be run by CitiCapital, with its Lease Lending Division headed by Dave Frankel at the head of the Leasing Lending Division. It is reported that within CitiCapital, Frank McCaughey will continue to head up the Vehicle Lease Financing unit. It is also reported that EAB's leasing subsidiaries in the U.S. will continue to originate equipment leasing and financing transactions for CitiCapital. Textron Financial (7/2001) small ticket equipment financing functions will be moved to its Small Business Direct group that was acquired in early June and is based in Little Rock, Arkansas. As a result, Textron Financial will eliminate its Lake Oswego, OR and Providence, RI f unctions that previously handled small ticket equipment financing as support for these programs are migrated to the Small Business Direct operation over the next 30-60 days. The unofficial target date is August 1, 2001. Insider reports: “"Jim Merrilees of Colonial Pacific, Grayrock, Nations Credit fame, Randy Ernst, Denise Mann, and company have all departed TFC. Jim is on the payroll until the end of the year as he has a contract but I don't think he is working here anymore." ( 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 ) American European Bank (72001-Citigroup finalizes acquisition of American European Bank, whose subsidiaries include Fidelity Leasing, American Equipment Leasing and Wasco Funding 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. --------------------------------------------------------------------------------------------- GE to buy Atlantic Avenue? --------------------------------------------------------------------------------------------- Policy Statement Policy Statement---Nothing is sent out that is not "fair." Always unbiased reporting. Fairness always. If it is questionable, we will ask the writer's permission to quote them. We will print information without attribution, but feel as long as we do not name the person who sent it, we can use the information. Any information we think is suspicious, we try to have if substantiated first by at least two reliable people. We will not purposely send out "negative" news. We prefer "positive" news. We have no "axe" to grind or are not paid or seek or accept any remuneration for product or promotion. We do not spam anyone. To be added to the mailing list, you must request it. We do not send anything about our company or personal e-mail or jokes to the leasing news list. We do not share our mailing list with anyone. We try not to send more than one report a day, if at that, unless an "alert." We follow Internet Netiquette at all times. Our sole purpose is to provide communication to improve our profession. We reserve the right to deny sending the newsletter when requested. We reserve the right to edit or delete an opinion that is not in good taste or is outright derogatory. Leasingnews.org
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