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Kit Menkin's Leasing News www.leasingnews.org Thursday, July 18, 2002 Accurate, fair and unbiased news for the equipment Leasing Industry ------------------------------------------------------------------------------------- Headlines---- Where is Chuck Brazier? Barry S. Marks on: Photoshop Owner Complaint-Advance Rentals Capital One Stock Falls By Nearly 40 Percent Polls: Public concern about economy grows; four in 10 say it's getting worse Housing construction slips in June, but sector remains healthy American Bank Leasing Appoints Jeffrey G. Schubert EVP Bid to Simplify State Sales Tax Snags on Level of Enforcement News Briefs----including Seahawks Stadium Ready for Opening as promised: African E-Mail (non-Nigeria ) ### Denotes Press Release Where is Chuck Brazier? He packed up last night, and this morning started his drive back to Miami in a U-Haul Truck. Rumor has it he has been offered several jobs. (Perhaps I can catch him on the road, as I have his cell telephone number now, for an up-date on Monday. Editor). http://www.leasingnews.org/Conscious-Top%20Stories/CENTERPOINT_stories.htm _______________________________________________________________ Barry S. Marks on: Photoshop Owner Complaint—Advance Rentals Two points re: advance rentals and "non-cancelable leases" - 1. All good leases contain hell-or-high-water language, non-cancellation clauses and similar protections for the lessor AFTER the lease term commences. Usually, commencement occurs on signing of the Acceptance Certificate (D&A). Before the Acceptance Certificate is signed, there is no lease and all this verbiage is non-binding. That's one reason why the lessee should never sign an Acceptance Certificate until the equipment is delivered and inspected (there are several others). If the photoshop guy didn't sign a D&A, he should be able to get his cash back. If he did, he has a chance - there are cases and articles free to anyone who is interested on my website about all this - www.leaselawyer.com. 2. Advance rentals, in some states, fall into the "advance loan fee" statutes and the broker and/or superbroker may be in big trouble for collecting and attempting to retain them. Joe Bonanno and I have both written about this, Joe in the Monitor, I on the website and both of us in speeches and seminars for NAELB and other leasing associations. Brokers should check the states where they do business. The photoshop guy should check his state attorney general and see if a loan broker or advance fee statute is in force. * * * * * Barry S. Marks * * * * * BERKOWITZ, LEFKOVITS, ISOM & KUSHNER 420 N 20th St., 1600 SouthTrust Tower Birmingham, AL 35203-5202 bsm@blik.com - www.leaselawyer.com 205.250.8333 - fax:322.8007 --------------------------------------------------------------------------------------------------- Capital One Stock Falls By Nearly 40 Percent Deal Raises Concerns Over Subprime Loans By Neil Irwin Washington Post Staff Writer Capital One Financial Corp. lost more than $4 billion in market value yesterday as investors digested news that the Falls Church credit card company made an agreement with federal regulators to raise allowances for bad loans and improve its internal controls. The company's stock fell $20.10, nearly 40 percent, to close at $30.50, as analysts and investors concluded that a "memorandum of understanding" with the Federal Reserve Board and Office of Thrift Supervision, disclosed late Tuesday, could signal that the company's outlook is chancier than was thought. Capital One competitors such as Providian Financial Corp. that specialize in issuing credit cards to "subprime," or high-credit-risk, customers have faced severe financial problems because of higher-than-expected rates of default. While Capital One has less than 30 percent of its assets lent to such customers, the regulatory agreement raised the specter of the problems elsewhere spreading. "The market is worried that Capital One may be the next subprime lender that has gotten in trouble, like the Providians of the world," said Matthew Park, an analyst with Thomas Weisel Partners, who added that he thinks those fears are overblown. The firm is not engaged in investment-banking work for Capital One. A Capital One spokesman did not return phone calls requesting comment. The agreement, between the two agencies and Capital One's bank and savings-and-loan subsidiaries, calls for the company to classify subprime loans more broadly than in the past. Under the new definition, the two subsidiaries have a total of $8.3 billion lent to high-risk borrowers. The company agreed to add $247 million to its allowance for defaults on those loans, at the prodding of regulators. The company, which has grown rapidly in the past decade and is now one of the nation's largest issuers of MasterCard and Visa credit cards, also agreed to improve its internal procedures. It agreed to hire a senior executive in charge of "enterprise risk management" and invest more in its technology infrastructure, internal audits, contingency planning and formal documentation of policies. In a conference call with investors on Tuesday evening, Capital One executives stressed that the agreement was voluntary and, in many of its provisions, follows plans the company had anyway. But Wall Street was spooked. Firms including Salomon Smith Barney and Goldman Sachs lowered their ratings of the company's stock. Capital One lost $4.4 billion in market value in extremely heavy trading and ended the day at a new 52-week low. "We cannot ignore the elevated risk profile that accompanies an investment that now has the active involvement of regulators," wrote analyst J. Jeffrey Hopson of A.G. Edwards, who downgraded his rating of the stock to "hold" from "buy." The firm doesn't do investment-banking work for Capital One. Analysts said yesterday that sharp drop in the stock reflects both a heightened risk that the company will encounter further regulatory action and that its growth will be constrained by the new terms. "Regulatory risk is difficult to quantify, difficult to time and difficult to see where it will end," Park said. But some analysts believe the precipitous drop in Capital One stock was out of proportion to the new risks for the firm. "Investors have a long memory and don't forget the amount of money that was lost in the bank and thrift industries in the early '90s," said Todd Pitsinger of Friedman, Billings, Ramsey Group, which does no investment-banking work for Capital One. "But I'm really flabbergasted by the overreaction by the street." ------------------------------------------------------------------------------------------------- Polls: Public concern about economy grows; four in 10 say it's getting worse By Will Lester, Associated Press WASHINGTON (AP) Public concern about the nation's economy is growing along with fears that the stock market is a ''risky'' investment, according to new polls that suggest most people think recent corporate accounting scandals are a big problem. Those growing economic fears were reflected in polls by ABC News-Washington Post and CBS News-New York Times, both released Wednesday. The number of people who think the country is headed down the wrong track was 48 percent, compared with 42 percent who said the country is headed in the right direction, said the CBS-Times poll. In June, more said the nation was headed in the right direction by a 52-35 margin. Despite the growing pessimism about the economy and concerns about government economic policies, President Bush's job approval in the CBS-Times poll was at 70 percent. Recent polls have shown Bush remains personally popular, somewhere in the 70s, even if people question some of his administration's policies. The public rated Bush far higher on caring about the needs of ordinary Americans, 68 percent, than they rated members of his administration on that measure 46 percent felt that way. People were evenly split on whether President Bush cares more about protecting the interests of ordinary Americans than he does about protecting the interests of big business. When asked that same question about his administration, people said the administration cares more about protecting the interests of big business. People were evenly split on whether they think the economy is in good or bad shape in the CBS-Times poll. Most people said the recent corporate accounting scandals are a serious problem, with six in 10 saying ''very serious.'' The ABC-Post poll focused on the stock market and asked people if they think the stock market is a safe or risky investment. Eight in 10 said risky, compared to half who felt that way in the summer of 1999. More than half, 55 percent, said they had some kind of investment in the stock market, through stocks or mutual funds. That's up from one-third who had investments 15 years ago. Seven in 10 said they were concerned about the recent drop in the stock market, with almost three in 10 saying they are very concerned. Even more, 37 percent, said they have been hurt financially by the recent drop in the stock market. The ABC-Post poll of 1,512 adults was conducted from July 11 through Monday and had an error margin of plus or minus 2.5 percentage points. The CBS-Times poll of 1,000 adults was conducted Saturday through Tuesday and has an error margin of plus or minus 3 percentage points. Please forward Leasing News to a colleague. How to subscribe, make a correction, or remove from our e-mail list is printed at the bottom along with our policy. You may quote any or all without our permission. Housing construction slips in June, but sector remains healthy By Leigh Strope, Associated Press WASHINGTON (AP) Housing construction eased in June after a large surge the month before, but was at a healthy level that analysts say suggests continued demand. Builders broke ground last month on 1.67 million units at a seasonally adjusted annual rate a 3.6 percent drop from the May level, the Commerce Department reported Wednesday. In May, housing construction increased by 10.8 percent, according to revised figures. That increase, which was smaller than the government previously reported, followed a drop in April. Despite June's fall, there is ''no evidence the strength in housing is any way impeded,'' Federal Reserve Chairman Alan Greenspan told Congress on Wednesday. Mild weather early this year helped to spur housing construction, which remained solid throughout last year's recession. Analysts have been predicting a slowdown, saying that those robust levels cannot be sustained. ''But we keep getting surprised by the strength'' of new home construction, said Dave Seiders, chief economist for the National Association of Home Builders. ''Apparently there's a real emphasis on housing as a place to be focusing on to put your money.'' That is especially true given the uncertainties of the stock market. Seiders predicts a modest erosion in construction, yet still solid numbers in the second half of the year. On Wall Street, stocks surged higher in early trading, but the gains weren't sustained. The Dow Jones industrial average closed up 69 points and the Nasdaq was up almost 22 points. The Federal Reserve, citing worries about the strength of the economic rebound, has opted at each of its four meetings this year to leave short-term interest rates at 40- year lows. One of the Fed's concerns is how consumers, who kept buying big-ticket items such as houses and cars throughout the slump, will hold up. But consumers, whose spending accounts for two-thirds of all economic activity, have continued to open their wallets despite the spotty recovery and the sour stock market, Greenspan told the House Financial Services Committee. Weak stocks have yet to crimp consumer spending because of offsetting boosts from low interest rates, solid appreciation in home values and extra cash from refinancing. ''The fundamentals are in place for a return to sustained healthy growth,'' he said. Wednesday's report showed that construction of single-family homes fell by 2.9 percent in June to a rate of 1.35 million units. That followed a 10.2 percent surge in May. Work on multifamily housing, which includes apartments and condos, dropped by 6.9 percent last month to a rate of 285,000. By region, housing starts rose by 6.1 percent in the Northeast to a rate of 175,000. In the Midwest, they dipped by 0.9 percent to a rate of 344,000. In the South, housing construction plunged by 7.6 percent to a rate of 744,000. The West also saw a drop, by 2.2 percent, to a rate of 409,000. Even with the slowdown in home construction, analysts predict the sector will continue to be healthy. Low mortgage rates and solid housing appreciation make purchasing a home an attractive investment. Mortgage rates have been hovering below the 7 percent mark, providing prospective home buyers with good financing conditions. Last week, the average rate on a 30- year fixed-rate fell to 6.54 percent, down from 6.57 percent the previous week, according to Freddie Mac, the mortgage company. A year ago, 30-year mortgages averaged 7.21 percent. ---- Here is the Government Report: Starts retreated slightly in June, falling 3.6% to a 1.672 million rate (SAAR). There was weakness both in single family (-2.9%) and multi family (-6.7%) sectors. To date, single-family starts have averaged 1.35 million (SAAR), which is about the same as the record pace set in 1999. Multi family housing has averaged 339,000 (SAAR) through the 1st half of the year - exactly the same as the 1999 pace - and about 7% higher than the average rate during 2000 – 2001. Permits, an indicator of future activity, were up 1.4% (1.7 million SAAR) with single family up about 1% while multi family was up 3.3%. Regionally, starts were off in all regions except the Northeast, which was up 6.1%. The weakest region was the South, off 7.1%, with more modest declines in the Midwest and West. Analysis and outlook: Housing fundamentals remain solid, driven by attractive mortgage rates (near 40 year lows), steady consumer confidence, a slowly improving job market despite references to a “jobless recovery”, a good balance between supply and demand, and healthy real dollar asset appreciation. Furthermore, starting in 2000, residential real estate is being viewed as a “new asset class” by many Americans. Falling equity markets are a big reason, however, housing has many attractions of its own, two of which are the perception of lower risk, and lately, quickly rising values. As far as risk goes, house prices have seldom fallen in the past 30 years, and even when it does, the decline has been small and short lived (M. Burt, Dismal Scientist, July 2002). This market has broad base too: (1) we are seeing record pace in new home sales with a record high of 1.028 million (SAAR) in May and to date, we are well over the 900,000 record sales set in 2001; (2) existing home sales remain strong, 5.75 million (SAAR) in May, with the possibility of another record being set in 2002. The outlook for the 2nd half of the year, according to most analysts, is for a modest pull back although total starts for the year are expected to top last years’ numbers. The pull back is expected due in part to rising home prices negatively impacting affordability for more Americans, and the improving economy (manufacturing sector continues to show steady improvement with industrial production up every month in 2002 to date) may eventually nudge interest rates higher sometime later this year. Single family activity remains the best sector, and increasing equity via rising house prices enables more Americans to trade up to larger newer homes. Furthermore, inventories of new homes for sale are low (about 4 months), and this encourages builders to continue building new single family homes.
Concerns? There are several, foremost of which are the problems in the equity markets. According to NAHB economists, the current economic recovery remains fragile, and if equity markets continue to deteriorate, eventually confidence will erode to the point where consumer spending slows appreciably, and business investment spending is delayed further. Another concern is the weakening dollar (the Euro recently reached parity with the dollar), and the impact it could have on inflation, and further exacerbating equity market woes. NAHB’s latest housing outlook (July 2002) calls for 1.64 million starts in 2002 (1.315 million Single family);a record 934,000 single family new home sales; and a record 5.642 million resales in 2002. This outlook assumes the Fed refrains from raising rates until late in the year, (if at all) and that is a pretty safe bet, given existing PPI and CPI inflation numbers, slow improvement in the job market to date and of course, the Fed is painfully aware of the delicate situation on Wall Street. from: Carl Villella, CLP Onyx Capital Corp. 8150 Perry Hwy. Suite 211 Pittsburgh, Pa. 15237 412-366-6100 412-366-9144 fax 412-980-6139 cell ######################### #################################### American Bank Leasing Appoints Jeffrey G. Schubert As EVP, Bank and Vendor Programs American Bank Leasing (ABL), a financial services company based in Alpharetta, GA that specializes in small ticket leasing programs for community banks and equipment vendors, announced the appointment of Jeffrey G. Schubert as EVP, Bank and Vendor Programs. In this capacity, Schubert will manage new bank and vendor programs and middle market syndications. Prior to joining ABL, Schubert was vice president and division manager for CitiCapital where he managed a middle market equipment leasing operation. Schubert also was a division manager for American Equipment Leasing and Syndication Manager for Lease Plan U.S.A. “We are very excited to welcome Jeff to American Bank Leasing and believe he will add significant value to expanding our successful community bank and vendor programs,” said American Bank Leasing President Jim Doster. American Bank Leasing, established in February 2001, focuses on providing high quality equipment leasing programs for community banks and vendors. ABL currently has contracts with over 40 banks and vendors. For more information about ABL, visit www.abanklease.com. ############# ############################################ Bid to Simplify State Sales Tax Snags on Level of Enforcement By RUSSELL GOLD Staff Reporter of THE WALL STREET JOURNAL A Herculean effort to simplify state sales taxes that was to be a precursor to convincing Congress to allow states to tax Internet transactions suffered a setback as representatives from businesses and state governments failed to agree on a final, crucial part of the plan. After two years of discussions, state officials hoped to emerge from a meeting in Salt Lake City on Friday with a draft of a modernized sales tax. Once states adopt this simpler, uniform tax, they planned to press Congress to approve an Internet tax. But representatives of major retail corporations are threatening to withhold their support of the effort after they failed to agree with state Streamlined Sales Tax Project delegates about how to enforce uniformity among the states. Retailers are worried that if states are allowed to keep too many minor differences, the desired simplicity will vanish. Support of the retailers helped propel the effort this far; without it, the effort is likely to collapse and Congress is almost certain to reject Internet taxation proposals. "If this is their final product, there will be many members of the business community who will not support the final product," says Stephen P. B. Kranz, tax counsel for the Council on State Taxation, a Washington, D.C., trade group of large corporations. Others were optimistic that a final agreement would be reached. "We've had a lot of issues that seemed like they were do or die. When everyone went home and came back after a month, they were able to find a medium satisfactory to 95% of the people," says Warren Townsend, Wal-Mart Stores Inc.'s director of sales, use and product taxes. The state delegates now expect to search for compromise language and finish a draft by September. This is the third effort in a decade to create a national simplified sales tax. All efforts were prompted by a 1992 U.S. Supreme Court decision that found it burdensome to require multistate retailers to comply with thousands of state and local taxes. The states hope to create a simple, uniform sales tax so retailers won't have to deal with a jumble of state and local rates and definitions. Once states agree on a new sales tax, and the language is adopted by a plurality of states, the states plan to press Congress to require remote vendors to collect sales tax on their behalf. Multistate retailers such as Wal-Mart also would like to see a simplified sales-tax system. Currently, multistate retailers must cope with hundreds or thousands of different local and state rates. An item such as lip balm might be subject to a sales tax in one state, but not in an adjacent state. This latest setback shows just how difficult this project will be to accomplish. States are anxious to close a gap in their sales-tax systems, especially since most states are facing severe budget shortfalls into the foreseeable future. State officials believe an estimated $13.3 billion in sales tax went uncollected in 2001.> Most remote sales, where the buyer and seller are in separate states, aren't taxed unless the seller has a major physical presence in the buyer's state. That means most states, for example, would tax a pair of shoes purchased at a neighborhood store, but not the same pair of shoes if purchased over the Internet. However, states don't appear ready to give up much of their flexibility in designing their sales-tax system. How to enforce uniformity is where the state delegates and business representatives split on Friday. Businesses wanted language to guarantee uniformity, while the state delegates backed language to ensure participating states didn't "substantially deviate" from the common rules. "This is the ultimate question: Is there going to be harmonization among the states," says Art Rosen, head of the state and local tax practice for law firm McDermott, Will & Emery. The states are considering a "subjective, mushy standard" that won't win the backing of the business community, Mr. Rosen says. It has proved difficult, however, to get the states to agree on a common plan, even in the initial stages. The states were originally hoping to allow no more than a single sales-tax rate per state, doing away with a multitude of local rates. But Illinois, which taxes over-the-counter medications at a lower rate than other goods, objected. A compromise to allow a second tax rate was adopted over retailers objections. News Briefs---- Report: Farm income will drop, but 2003 should bring rebound WASHINGTON (AP) The nation's struggling farm economy will get worse before it gets better despite an election-year farm bill that subsidizes thousands more producers, according to an analysis. -- Software maker cutting 1,100 jobs; profits plunge 61 percent SAN FRANCISCO (AP) Business software maker Siebel Systems Inc. is slashing more than 1,100 jobs to deal with the brutally bad market for corporate technology spending, which caused a 61 percent decline in Siebel's second-quarter profits. --- Longshoremen offer job cuts, technology for share of new wealth SAN FRANCISCO (AP) Dock workers presented a proposal they said could break a contract impasse with the shipping lines that bring billions of dollars of goods through West Coast ports. --- WorldCom offers promise to creditors not to sell assets NEW YORK (AP) WorldCom Inc. sought to calm its creditors Wednesday by offering to promise not to sell any of its subsidiaries over the next 80 days, a move that a lawyer for the company said was an effort to buy itself ``breathing room.'' -- Fed chairman couples forecast of improving economy with expressions of concern about accounting scandals WASHINGTON (AP) Chief executives of all publicly held companies should not be forced to verify the accuracy of company finances with federal regulators, Federal Reserve chairman Alan Greenspan said Wednesday. --- Inktomi lays off 40 percent of remaining work force FOSTER CITY, Calif. (AP) - Online search engine pioneer Inktomi Corp. is getting back to basics by dumping all of its peripheral businesses -- a decision that prompted the company Wednesday to fire 270 employees, or about 40 percent of its remaining work force. Seahawks Stadium Ready for Opening SEATTLE (AP) -- When billionaire Paul Allen was a young boy, his father used to take him to football games at the University of Washington. Allen, 49, relied on those memories for his own outdoor football stadium. ``I watched the football team play outdoors,'' the Seattle Seahawks owner said Wednesday. ``What we wanted to do was create a natural facility that was extremely intimate with great sight lines.'' Seahawks Stadium, built on the site of the former Kingdome, is ready for its grand opening. It offers a spectacular view of downtown Seattle as well as Mount Rainier and the Cascade Mountains. ``It's exceeded my expectations,'' Allen said. Built at a cost of $430 million, the 67,000-seat stadium will officially open for the Seahawks' Aug. 10 exhibition game against the Indianapolis Colts. Allen, who co-founded Microsoft with Bill Gates in 1975, sat for a series of rare interviews at the stadium. He seldom talks to the media in Seattle or Portland, where he owns the NBA's Trail Blazers. Allen, with Seahawks president Bob Whitsitt sitting next to him, said he was happy to promote interest in the new stadium. ``This is a real milestone,'' he said. ``This stadium is going to be the Seahawks' home for many years to come.'' According to Forbes magazine's February 2002 rankings, Allen was the third-richest American, behind Gates and Warren Buffett, with a net worth of $25.2 billion. Under Allen, the Seahawks are still playing catchup from the days when the franchise belonged to Ken Behring. In February 1996, Behring announced he was moving the Seahawks to Los Angeles. The NFL said no. Two months later, Allen entered into an exclusive 14-month option with Behring to buy the franchise contingent upon getting a new stadium. The following year, Washington voters approved a stadium plan and Allen completed the purchase of the team from Behring. Allen could have paid for the new stadium by himself. But he wanted a commitment from Seahawks' fans, too. The taxpayers are paying $300 million. ``I had a number of people involved who came to me and asked me if I'd help to keep the team here,'' he said. ``I was happy to help out.'' Whitsitt said the football fans of Seattle should appreciate their owner. ``I think they feel very positive about what Paul did to save football here,'' he said. ``We said early on -- and Paul would never say this -- but when Paul Allen is your partner, he always delivers more than what you bargained for.'' In Portland, the Trail Blazers play in the Rose Garden. Although professional basketball is still Allen's favorite sport, Seahawks Stadium might be his new favorite building. ``I think the Rose Garden is a great facility,'' he said. ``For football, this may be even more of a leading edge though. I think this will be a hallmark for football fields.'' Allen tries to be diplomatic when asked if he likes pro football as much as pro basketball. ``Football is a great sport,'' he said. ``It's an event people think about the whole week and get up for.'' The Seahawks haven't been to the playoffs the past two seasons under coach Mike Holmgren, who also is the team's general manager. In three years, Holmgren has a 24-24 record with one playoff appearance. Before coming to Seattle, he coached the Green Bay Packers to two Super Bowls. ``Clearly, we want to do better,'' Allen said. ``We want to make the playoffs. That's our goal.''
African E-Mail (non-Nigeria ) Our Top Stories listed at the bottom of www.leasingnews.org have information about the Nigeria e-mail fraud and what to do, including a report on arrests: http://www.leasingnews.org/Conscious-Top%20Stories/NIGERIA_STORIES.htm We have 51 new ones since we printed the last collection. There are too many to re-print. So here are the non-Nigeria from Africa: Sir, Through a careful study of leasing industry and major players in this sector , I developed a lot of interest in the leasing sector, hence I decided to reach you to discuss and negotiate how both of us can mutually operate in this area. I am Major Gen. Akin Williams(retired) former Director of Logistics Ministry of defense. I retired in November 2000 after our transformation from military to civilian rule a year before. Through out my career, I have maintained my professional calling, but now there is need for me to venture into business to grow my savings and other income. I have not been in business before so I need a solid, versatile and trustworthy partner whom I can relate with closely to handle all my proposed investments abroad. I intend going into property and equipment leasing. My vision is to buy properties and leasable equipment over there and lease it out to individuals and corporate bodies; we could also resale those properties after renovations as the case may be. Under this arrangement you will act as my partner to negotiate for leasable properties and equipment. I will provide the funds for the purchase and depending on your country property laws . I expect you to provide your proposals including anticipated commission for participations for deliberations and mutual acceptance between us. I expect your response as soon as possible for us to formalize our operation modalities to kick off this project. Thanks in anticipated co-operation and God Bless. Regards Major Gen. Akin Williams PHONE: 234-1- 7760578 --- Dear Sir, I got your reliable contact from my father’s diary and further explinary investment information about your country from my attorney in New York who has been of great assistance to my family since our departure from Brunei due to the human right abuses in my country.
I am Prince Fayad W. Bolkiah, the eldest son of Prince Jefri Bolkiah former Finance Minister of Brunei, the tiny oil-rich sultante on the Gulf Island of Borneo. I will save your time by not amplifying my extended royal family history, which has already been disseminated by the international media during the controversial dispute that erupted between my father and his stepbrother, the sultan of Brunei Sheik Muda Hassanal Bolkiah.
As you may know the international media, the sultan had accused my father of financial mismanagement and impropriety of US$ 14.8 billion dollars. This was as a result of the Asian financial crisis that made my father company Amedeo Development Company and government owned Brune Investment Company to be declared bankrupt during his tenure in office. You can visit this web site http://www.sultanofbrunei.com/jefri.htm or http://rulers.org/indexb4.html to verify what I am saying.
However my father was kept under house arrest, his bank accounts and private properties including a crude oil export refinery were later confiscated by the sultanate. Furthermore during this unfortunate period, I was advised to evacuate my immediate family outside the sultanate to avoid further prosecution from the sultan and his security operatives, but before I could do that I was placed under house arrest by the Sultan and no access to a phone but I have a Palm V hand-held computer from which I am sending you this mail.
Some of the guard here are still loyal to me, so they would be my contact with you if there is any document I need to send to you to enable you collect the boxes of money on my behalf.
Before my In-castration, I went ahead to dispatch the sum of Five Hundred Million United States Dollars (US$ 500.000.000,00) in cash under specified arrangement into the custody of different private security and trust company’s for safe keeping abroad. The money were splitted and kept in the following countries in this proportion: US$ 50 Million is in Dubai (U.A.E.), US$ 135 Million is in London, US$ 100 Million is in Holland, US$ 50 Million is in Spain and the balance US$ 175 Million is in Canada.
Hence I seek your good assistance to invest these funds into profitable investment in your country to facilitate future survival for my family abroad. After due deliberation with my aids we have decided to offer 20% of these funds to you as compensation for your strong cooperation while 5% have been mapped out for both local and international expenses that may be incurred during this dispensation.
Please I count on your absolute confidentiality, transparency and trustworthiness in this transaction and as soon as I hear from you, I will give to you, the contact of one of the Security Company for you to contact them. And the certificate of deposit, of this consignment will be send to you, as an evidence, you will be furnishing me with all question ask by the company, for me to guide you through, while absolute confidentiality should be maintain in respect to this transaction, knowing fully well my predicament. you can reach me on my private email address, as I don’t have access to phone presently.
Best regards Prince Fayed Bookish MR,BROWN CHARLES. 3/5 RIDER HAGGARD CLOSE, JO, BORG SOUTH AFRICA. {URGENT AND CONFIDENTIAL)
(RE: TRANSFER OF ($ 152,000.000.00 USD ONE HUNDRED AND FIFTY TWO MILLION DOLLARS) HELLO, We want to transfer to overseas ($ 152,000.000.00 USD) One hundred and Fifty two million United States Dollars) from a Bank in Africa, I want to ask you to Quietly look for a reliable and honest person who Will be capable and fit to provide either an existing bank account or to set up a new Bank a/c Immediately to receive this money, even an empty a/c Can serve to receive this money, as long as you will remain honest to me till the end for this important Business trusting in you and believing in God that You will never let me down either now or in future. I am Mr., BROWN CHARLES. and the Auditor General of a bank In Africa, during the course of our auditing I Discovered a floating fund in an account opened in the bank in 1990 and since 1993 nobody has operated on This account again, after going through some old files In the records I discovered that the owner of the Account died without a [heir] hence the money is Floating and if I do not remit this money out Urgently it will be forfeited for nothing. The owner Of this account is Mr. Magnus Leon, a foreigner, and a sailor, and he died, since 1993. and no other Person knows about this account or any thing Concerning it, the account has no other beneficiary and my investigation proved to me as well that Magnus Leon until his death was the manager Magnus Coy.(pity). SA. We will start the first transfer with fifty two million [$52,000.000] upon successful transaction without any disappoint from your side, we shall re-apply for the payment of the remaining rest amount to your account. The amount involved is (USD 152M) One hundred and Fifty two million United States Dollars, only I want to first transfer $52,000.000 [fifty two million United States Dollar from this money into a safe Foreigners account abroad before the rest, but I don't Know any foreigner, I am only contacting you as a foreigner because this money can not be approved to a local person here, without valid international Foreign passport, but can only be approved to any Foreigner with valid international passport or drivers License and foreign a/c because the money is in us deposit http://us.f203.mail.yahoo.com/ym/Compose? YY=19893 HTTP/1.0ollars and the former owner of the a/c Mr. Magnus Leon is a foreigner too, [and the money can only be approved into a foreign a/c. However, we will sign a binding agreement, to bind us together I got your contact address from the Girl who operates computer, I am revealing this to you with believe in God that you will never let me down in this business, you are the first and the only person that I am contacting for this business, so please reply urgently so that I will inform you the next step to take urgently. Send also your private telephone and fax number including the full details of the account to be used for the deposit. I want us to meet face to face to build confidence and to sign a binding agreement that will bind us together before transferring the money to any account of your choice where the fund will be safe. Before we fly to your country for withdrawal, sharing and investments. I need your full co-operation to make this work fine. because the management is ready to approve this payment to any foreigner who has correct information of this account, which I will give to you, upon your positive response and once I am convinced that you are capable and will meet up with instruction of a key bank official who is deeply involved with me in this business. I need your strong assurance that you will never, never let me down. With my influence and the position of the bank official we can transfer this money to any foreigner's reliable account which you can provide with assurance that this money will be intact pending our physical arrival in your country for sharing. The bank official will destroy all documents of transaction immediately we receive this money leaving no trace to any place and to build confidence you can come immediately to discuss with me face to face after which I will make this remittance in your presence and three of us will fly to your country at least two days ahead of the money going into the account. I will apply for annual leave to get visa immediately I hear from you that you are ready to act and receive this fund in your account. I will use my position and influence to obtain all legal approvals for onward transfer of this money to your account with appropriate clearance from the relevant ministries and foreign exchange departments. At the conclusion of this business, you will be given 35% of the total amount, 60% will be for me, while 5% will be for expenses both parties might have incurred during the process of transferring. I look forward to your earliest reply, please contact with this E-mail. (joesph_jerico22@yahoo.com). Yours, BROWN CHARLES. --- MR. frank 3/5 RIDER HAGGARD CLOSE, JO, BORG SOUTH AFRICA. Tel:874 - 762864167 Fax:874 - 762864168 (URGENT AND CONFIDENTIAL) (RE: TRANSFER OF ($ 126,000.000.00 USD} ONE HUNDRED AND TWENTY SIX MILLION DOLLARS Dear sir, We want to transfer to overseas account ($ 126,000.000.00 USD) One hundred and six two million United States Dollars) from a Prime Bank in Africa, I want to ask you to quietly look for a reliable and honest person who will be capable and fit to provide either an existing bank account or to set up a new Bank a/c immediately to receive this money, even an empty a/c can serve to receive this money, as long as you will remain honest to me till the end for this important business trusting in you and believing in God that you will never let me down either now or in future. I am Frankie, the Auditor General of one of the prime banks here South Africa, during the course of our auditing, I discovered a floating fund in an account opened in the bank in 1990 and since 1993 nobody has operated on this account again, after going through some old files in the records I discovered that the owner of the account died without a [heir] hence the money is floating and if I do not remit this money out urgently it will be forfeited for nothing. The owner of this account is Mr. Allan P.Seaman, a foreigner, and an industrialist, and he died, since 1993. and no other person knows about this account or any thing concerning it, the account has no other beneficiary and my investigation proved to me as well that Allan P. Seaman until his death was the manager Diamond Safari [pty]. SA. We will start the first transfer with twenty six million [$26,000.000] upon successful transaction without any disappoint from your side, we shall re-apply for the payment of the remaining rest amount to your account. The amount involved is (USD 126 M) One hundred and twenty six million United States Dollars only. I want to first transfer $26,000.000 [Twenty six million |