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| June 10, 2000 Number 33 added to the list: 33 METWEST LEASING CO. Spokane, WA. We are told they are unable to fund transactions they have approved and signed. We have confirmed they do not have funds for future business at this time. I am trying to learn the status of Granite? I am also trying to confirm this: " Metropolitan Mortgage and Sec in Washington had a division that funded the lesser credits. Well they have stopped and are not honoring their approvals if they don't already have signed docs. This was told to me by a broker in Arizona who has 10 deals sitting with them and she is now scrambling to replace them. "As soon as I can "clean up this list," I will alphabetize it. We are in very unusual times with plenty of money around, but leasing companies not finding customers or profitable enough to pay for "operations." There appears to be more supply than demand??? Is this also from new internet leasing companies? Where are all the vendors and lessees going from the companies no longer in business?" 33
Leasing Companies with Problems the last Six Months: eCredit purchased by Internet Capital This is another example of not only the trend, but Internet Leasing companies positioning themselves to raise money in other markets as the secularization market is drying up, if you will accept that description. Full story *****1 While most companies are using GE/Colonial Pacific documents as their "generic documents" ( my opinion ), a group of attorneys brings us closer to so called universal and standardized equipment leasing docs, with "PurDoc" Press release in full ****2
Internet Capital Group, a leading business-to-business e-commerce company, announced that it has completed the previously announced acquisition of 30% of eCredit.com for 4.66 million shares of Internet Capital Group common stock. eCredit.com is a valuable asset to ICG in both its potential as a market leader, in online financial services, and the critical financial capabilities it brings to ICG's network of partner companies. eCredit.com's proprietary assets and growing base of premier customers uniquely position the Company to capture and maintain its leadership position. eCredit.com enables ICG partner companies and other businesses to offer a variety of payment and financing options such as trade credit, leases, loans and other alternatives in an electronic fashion at the point of sale, in order to support he unique requirements of e-commerce. eCredit.com is already utilizing the power of ICG's collaborative network, having formed strategic partnerships with other ICG partner companies. "We've identified financial fulfillment capabilities as a critical value enhancer to the success of digital marketplaces, and eCredit.com as a leading provider of these value-added services," said Ken Fox, managing director at Internet Capital Group. "We're excited to continue to help accelerate the growth of eCredit.com while also enabling our collaborative network of partner companies to benefit from the competitive advantage provided by eCredit.com's services." The eCredit.com Global Financing Network(TM), a scalable and flexible Internet infrastructure, allows customers and partners to uniquely represent their business processes, and integrate a rich array of information sources and content providers, thereby supporting a large volume of automated transactions. As a result, eCredit.com helps businesses and financial institutions increase their revenues, improve profitability, speed time-to-market, and capitalize on the e-commerce opportunity. June 12, 2000 Story #2 Pure Markets Now Offers Faster, Easier Documentation with PureDocs (SM) Pure Markets, the leading online marketplace for commercial equipment finance transactions, announced that lessees and lessors can now choose to access standardized lease and loan documentation available online through its PureDocs (SM) service. Developed by the law firm of Ober, Kaler, Grimes & Shriver, PureDocs offers neutral, industry standard terms and conditions for Master Lease Agreements and related documentation. "The primary benefit of PureDocs is that Pure Markets lessees and lessors can use them to reduce the time and cost of negotiating custom documents," states CEO Jay Fudemberg. "Of course, if lessees or lessors require specialized versions or structures, we also provide marketplace tools enabling them to specify their own documents within their bid or refinancing request." Additionally, Pure Markets users can take advantage of professional support services to manage all documentation through a single point of contact. Should the parties desire it, Pure Markets unbiased, expert Transactions Managers can facilitate each transaction from award to lease commencement, further reducing closing time and expenses for all involved. The
Law firm of Ober, Kaler, Grimes & Shriver maintains a leadership role in educational,
organizational and developmental pursuits involving equipment financing activities.
Ober, Kaler, Grimes & Shriver's nationally recognized Equipment Leasing Practice
Group, chaired by Alan J. Mogol, boasts a wealth of transactional expertise and
experience in all manner of equipment finance transactions, involving a variety
of structures and asset types. Farewell, Steve...It is the end of an era for the San Francisco 49ers.
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