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| June 16, 2000 Kit, As
I expected some people misconstrued my comments. "desperate people do desperate
things" also applies, or even more so applies, to vendors & lessees, than to brokers/lessors.
Lessors/Brokers are far more dependent upon funding sources that the latter group. Sincerely, Rob
Clearing Board ( Ken Greene's comments ) TheI
have had an interest in this issue since my first stint on the UAEL Board. An
issue arose involving a complaint which was lodged with the Standards Committee,
against an individual whose company was renewing membership in the UAEL. The issue
was whether we could postpone a decision on the renewal of the company's membership
pending the resolution of the complaint against the individual who owned the company.
The problem of course is that only companies can be members of the UAEL, whereas
the complaint was against the individual, rather than his company. I (of course) have my own opinion on this matter, but I do not think that is important now. I believe that we need a dedicated study to form a deliberate and well reasoned game plan so that we (UAEL) can formulate a sensible protocol for dealing with this important issue. I recommend that UAEL (or some other willing association) appoint a small, diverse group which includes, at a minimum, a funding source, a lessor, a broker, and an a attorney to make a recommendation to the board for further action. This is long overdue. Let's get off the stick and get it done. Ken
Greene ( As a point of reference, when I was membership chairman of UAEL, we screened all applicants. In finding one with two complaints from members to not accept as the owner served seven years in jail for leasing fraud and the super broker nature of his business was suspect, I took the application to the UAEL board, which I was a member at the time. We had two attorneys on the board who persuaded the board to accept the application as it would be a "restraint of trade" not to accept it. At the last NAELB Conference in Nashville, I attended a board meeting looking for direction from brokers and also a wrap-up conference. I brought up my experience with a lessor who was exhibiting, saying how can you say you police members and lessors, when this person is present. Several people had the similar experiences with this lessor. Nothing was done. By the way, this lessor has recently made "the list." A few brokers and maybe funding sources could have been helped if we had the guts to police our membership. While I don't want to appear talking out of both sides of my mouth, I am scared to death to put something in Leasing News that I cannot prove. I bend over backwards not to make accusations or want to hurt someone in business or pass on negative information just to gossip. We are in a "sue happy" environment, where people sue others just to be mean, in my opinion. Even the attorneys get hurt, if they are not smart enough to get a retainer to cover their time and expenses----editor ). Kit: I'm writing in response to the message from Bob Rodi. For convenience I've reproduced his message below my comments. Frankly, I think the idea of a 'clearing house' is an excellent one and would be happy to participate in brainstorming or implementation. In fact, a similar suggestion was brought to the Directors of UAEL (then WAEL) in 1991 or 1992. The idea was quickly rejected because of the potential liability to the association. The resemblance to a 'black ball list' simply scared everybody. Although I believe the benefit would have outweighed the possible liability I don't think that aspect should be completely ignored. With respect to a structure, I'd like to see a simply format for the recording of comments with the full identification of the author of those comments, perhaps a bulletin board of sorts. I believe this should include open and candid comments about the lending or funding community as well as brokers, lessors and suspicious transactions and that the leasing community be encouraged to post positive comments as well as negative. The objective should be the enhancement of our industry through an open sharing of experiences rather then slamming a competitor or adversary while hiding behind anonymity. I think comments should be clearly identified as the 'opinion' of the writer and that access to these posts require a simple acknowledgement that the content is 'opinion only'. I'd like to take a moment to thank Bob for his efforts. His contribution should be viewed as an example for future leadership. rick@mediacap.com
------------------------------------------------------------------------------------------------ from Andrew Thorn--- Probably the best way to start policing fraud is to build real relationships and stop asking the question "how much volume can you bring?" This question forces people to send whatever they can send to qualify for lower rates. We refuse to commit to a volume quota. We commit to sending good business. We have had our challenges in maintaining that position. We have sent the business that we have had and relied on the funding sources to say yea or nay. This has proven to be a terrible strategy and we have since become much more knowledgeable about what a deal is. Profit is not and indicator of fraud. Some people drive BMWs and others drive Yugos. They both fulfill the same purpose. Some people pay for my services, some people don't. The ones that do, I call my customers. The ones that don't, I call lost opportunities. It is nearly impossible for any organization to monitor fraud. The truth is people will be as they are. Honest people will be honest whether it is hot or cold. They will make mistakes but they will stand up when they do. The business world is full of people willing to compromise their standards to get what they want. It sucks, but that is the way it is. I have been taken advantage of many times because I trusted somebody to do what they said they would. Many lessons have been learned. I still trust people, but my eyes are opened. Funding sources need to visit their customers and treat them like customers. I have hung up the phone many times with a bank who lives by the golden rule, (he who has the gold makes the rules) and thought, if I treated my customers like that, they wouldn't be my customer. Sometimes we all forget that are relationship as Broker/Lessor/Funding Source is symbiotic and requires attention just like any other relationship. The minute the attention stops than it is on to the next town. The best thing we can do build those relationships. Andrew
Thorn In case I haven't mentioned it I think your newsletter is simply wonderful. It's a format for some of us to convey information on an informal basis and exchange ideas. Some of what I've read has given me food for thought and some great concern about where we are headed as an industry. In any event I think it's great, enjoy it tremendously and hope you keep it up. Rick
Wilbur Congratulations, Grandpa! I enjoy your newsletter. Keep up the good work. Bruce Kropschot ( and thank you for many congratulations I received. I have two lists. One is general and I don't add people unless they request. This Leasing News only contains news for the leasing industry. I don't mix or send things, but when you have a grand child, that is different. Again, thank you for the many who sent my daughter and her family and I congratulations--editor ) Founder of EMTEC Financial Joins CapitalStream Former CEO brings extensive experience in business finance automation full story below ****1 SalesRepCenter/ Partners with Sierracities Grows full story below ***2 PS. SierraCities stock is up to 4 1/4 at the time of this news. http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=BTOB&script=200 E-Original Ready for Electronic Signatures---has software, will travel. full story below ****3 Story #1 SEATTLE
- June 16, 2000 - Capital Stream, Inc., an e-commerce provider of services and
applications for the business finance industry, today announced the hiring of
William (Skip) Wehner, former president, CEO, and founder of EMTEC Financial,
as account executive. Wehner brings to CapitalStream more than eight years of
marketing and operations knowledge in the business finance industry. About CapitalStream Seattle-based CapitalStream offers end-to-end e-commerce marketplace solutions-including customer management tools, workflow automation and an online transaction network-for the global business finance market. The company's e-commerce network, CapitalStream.com, provides an infrastructure for financing companies, manufacturers and B2B e-commerce firms to capture, grow and service customers. CapitalStream has been an established industry leader for five years, and in 1999, its 600 customers used CapitalStream products to facilitate $8.5 billion in transaction volume. For additional information about CapitalStream visit its web site at www.CapitalStream.com. Story #2 SalesRepCentral Corporate Profile for SalesRepCentral.com, dated June 16 --(BUSINESS WIRE)--The following Corporate Profile is available for inclusion in your files. News releases for this client are distributed by Business Wire and also become part of the leading databases and online services, including all of the leading Internet-based services. Published
Date: June 16, 2000 Company description: SalesRepCentral.com Inc. -- Through its Web portal site, salesrepcentral.com, launched on Jan. 3, 2000, the company provides a single, online source for specialized information, products and services for sales professionals and business executives. The site can be customized to provide the conveniences of a mobile office, especially useful for those traveling without the convenience of their home or office base. New Internet Business Model -- The company utilizes a new Internet business model that combines content (i.e., news and information) to attract daily activity with E-commerce (products and services) to produce revenues. The company enters into partnering agreements with visible, high-quality, dependable product and service providers and shares in the revenues generated from business transacted through the company's site. This revenue-producing business model avoids reliance on advertising revenues. SalesRepCentral.com Web Portal -- The Web site provides a one-stop source for information, products, services and communication channels through a customizable home page and links to pages within the site. The home page offers sales and skills articles, current business news, stock quotes, weather, travel services and the SalesRep Mall, a shopping mall geared to sales professionals. Market for Company's Products/Services -- The number of sales professionals and business executives using the Internet on a daily basis is estimated at 10 million and is estimated to reach 15 million by 2004. These individuals control substantial resources through business and entertainment expense accounts. Recent Events -- 5/31/00: Initiates development of wireless access feature via innovative Wireless Application Protocol (WAP) available across multiple platforms. -- 5/16/00: Enters agreement with Palm to become a Palm Wireless Provider. -- 5/4/00: Partners with First Sierra Financial, a full-service equipment leasing firm, to provide value-added, online service to its members looking to enhance customer relationships. -- 5/2/00: Advances launch of SalesRepCentral Magazine, a bi-monthly publication featuring sales-related information and articles by leading industry experts. -- 4/27/00: Acquired established "bricks & mortar" travel agency, expanding the site's offering of travel products and services. -- 3/30/00: Company reports over 150,000 site hits per day; 46% of first-time visitors registering as new members. -- 3/23/00: Announces partnership with Net2Phone to offer low-cost long distance calls over the Internet. -- 3/22/00: Forms partnering agreement with HealthAxis.com, provider of online medical and health insurance. -- 3/16/00: Toll-free telephone number added to provide direct, personal member support. -- 3/13/00: Switchboard's popular white and yellow pages to be offered through company's Web portal. -- 3/8/00: Yahoo! ad campaign launched, to include 5 million banner ads about company on Yahoo site. -- 2/25/00: SalesRepCentral.com portal enhanced with graphics, fast-loading, simple navigation. -- 2/17/00: Hires sales and marketing executives to lead corporate and Web portal marketing efforts. Investment Rationale -- Company aggressively building product/service offerings Web portal. -- New Internet business model patterned after traditional, successful "bricks and mortar" approach. -- First-to-market branding opportunity. -- Strong, creative management team with technical expertise; sales, marketing and management experience. -- Target market represents significant buying power -- $2 billion in 1999 and increasing annually. -- Lack of visibility, following by analysts creates undervalued situation, investment opportunity. CONTACT: SalesRepCentral.com
Story # 3 Electronic Signature Legislation to Streamline Business Processes and Enable `Complete' E-Commerce; eOriginal Commends House of Representatives BALTIMORE--(BUSINESS WIRE)--June 16, 2000--eOriginal, the pioneering creator of Electronic Original(TM) documents and source records, commends the House of Representatives for its tremendous efforts to enact legislation to legally recognize digital signatures. eOriginal believes the new federal legislation will have a significant impact on minimizing costly paper-based processes that have inhibited true end-to-end e-commerce for a range of industries. The Electronic Signatures in Global and National Commerce Act, or E-SIGN, passed yesterday by an overwhelming bipartisan majority in the House of Representatives. "Congress has cleared the way for true e-commerce," said eOriginal CEO Michael Jordan. "The potential savings for a broad range of industries - both in time and money - is enormous." "While electronic processes have been widely implemented in many industries, there has remained a fundamental block to full and complete e-commerce solutions," said Stephen Bisbee, President, eOriginal. "Wherever a business process has required a unique, original, and legally binding document, electronic processes have had to revert back to paper originals for 'blue-ink' signatures," he explained. "The passage of this Federal legislation, like the Uniform Electronic Transactions Act legislation being passed at the state level, will allow digital signature technologies to be used along with the eOriginal process, to deliver faster business 'cycle time' and significant cost savings through creation and management of all-electronic original documents." Based in Baltimore, eOriginal played an active role in supporting the requirements for the legislation, with an emphasis on ensuring support of open standards that will embrace a wide range of technical solutions. eOriginal's patented process defines and ensures adherence to specific criteria for the creation, transfer, sale and storage of original and source documents, such as those used in the real estate, mortgage, healthcare, financial services and international trade industries. Using the company's process, businesses and individuals can create, read, transfer, sell and store documents, but cannot change them, creating true Electronic Originals(TM). Last year, eOriginal completed a mortgage proof of concept program in Broward County, Florida, producing the first ever fully electronic mortgage - resulting in a savings of $750 per originated loan and reducing the mortgage cycle from 45 days to 5 hours. With the UETA enactment in Florida, eOriginal, with its partners Mortgage.com (NASDAQ: MDCM), e-cloz.com, Attorneys' Title Insurance Fund, Broward County Records Division, an Agency of the Board of Broward County Commissioners, and others, will enable electronic mortgage production, without paper documentation, in Florida this July. The company also has been conducting fully electronic pilot programs for equipment leasing and international bills of lading, streamlining business processes, lowering the cost of original document management and reducing time-to-market and the associated financing risk. About eOriginal eOriginal has created a patented process that allows companies to originate, create, execute and store Electronic OriginalTM documents, and then be able to retrieve, view, transfer ownership of, or destroy those records - all electronically. eOriginal currently offers the only process that fulfills all the emerging legal requirements for documenting and controlling original negotiable documents, such as stock certificates, promissory notes, chattel paper and bills of lading, as well as critical source records such as deeds, medical patient files, aircraft maintenance logs and pharmaceutical clinical trial records. The company allows the use of a range of digital signature technologies and public key cryptography within its process. eOriginal is headquartered at The Warehouse at Camden Yards in Baltimore, Maryland. For more information, visit www.eOriginal.com. CONTACT:
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