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| June
21, 2000
McCue Goes On Line Thank you for corrections, now made. Please see e-mail that follows list to read more about the changes made. 33
Leasing Companies Major Changes in the last Six Months: any comments, corrections, additions, or suggestions are greatly appreciated Kit, A brief clarification on Merit Leasing. Originally, it was called LIC (Lacy Investment Corp) leasing founded by a friend of mine, Doug Lacy. He sold it to Merit Holding (a bank holding company) which in turn was sold to Synovus. They are in the process of winding down their portfolio and are not taking new business. Bob
Bell, CLP
Kit, there appear to be so many copies of "The List" that the editor is becoming confused (not an unusual condition for the editor). Several corrections that have been made in the past (and printed in the Leasing News) are back to the old information which was in error. So again, here are my contributions to accuracy in reporting: C&W Leasing - NOT bankrupt...acquired by Granite Financial which was acquired by Fidelity National Title (now FNF); Libery Leasing - Should be "Liberty", not closed, was sold to Mercantile bank and continues under that name as a lease broker/sometimes funder; T&W - "Lost their capital" is very kind...They are Bankrupt and have been de listed from the exchange; USA Leasing is USA Capital which has filed Chapter 7; So much for my contribution. Mark Speros MSperos007@aol.com Kit... Thanks for your newsletter... Though I'm not as active, I'm still a member of UAEL and may become more active... Just thought I would clarify something on your list... Imperial did not sell the portfolio..... They dismissed the President Phil Walden, and closed the production office in Denver... The only Broker production office... They had previously ceased commercial broker business and closed the Irvine direct leasing office which did do a limited amount of broker business... the Atlanta vendor direct office was also closed and I understand the employees bought the furniture and kept the location and are now operating under the auspices of another lessor. They came into Denver on a Friday and told all but two employees not to come back to work on Monday. Those two employees were kept on for about a month to ship files to San Diego, and dispose of the office furniture. John Reed who ran the Denver office moved to San Diego and his major role as I understand it is to liquidate the portfolio. They did not sell it. However I do know they are trying to dispose of it. There is also talk that the parent company would like John to develop a direct middle market leasing business. You may quote me if you wish as I'm pretty comfortable with the accuracy of what I have told you, even though much of it is word of mouth since as you know I retired about a year ago.
Duane Russell Commerce Security - closed (as in out of business or out of the broker business. I know they are out of the broker business, but I believe they are still in operation. I found it sad that they refused to rate to us recently, saying they no longer to outside sources. It's bad enough they cut us all off. Libery Leasing - Is this Liberty Leasing, out of PA? Agaoin, are they out of business entirely? or just out of the broker business. They bought a real tough deal in Hawaii a couple of years ago, that I really shook my head over (I don't think the business even ever got open!) so it wouldn't surprise me to find they were gone) T & W - They have filed BK, correct? Are they still hanging in there, trying to re-structure, or was that all she wrote? Last I heard they hadn't given up yet. Nationsbank - Bought by Textron. Travis
Foxx
There were a number of inquiries regarding others, but was able to respond to them. Most of these have a much longer story as to what happened and why. If you are interested, come to a leasing conference and meet your colleagues over coffee or cocktail, because much has happened in the leasing business the last six months---editor www.leasenow.com Kit, I wanted to let everyone know that we have already begun to make room on our ACE program for a detailed analysis of the "electronic" document legislation passed by congress last week. Jim Coston our conference chair and a prominent leasing attorney (Coston & Lichtman) is moving rapidly to assemble a panel of experts to inform and educate our conference attendees on this issue. We will hopefully have some vendors in attendance who will be able to show us the "real world" implications of this technology. I am personally working on this. I hope to have people there who will demonstrate everything from "encryption keys" to retinal and fingerprint scans. This is the most important piece of legislation to affect our industry since the TRA in 1986. I predict that there will be far reaching implications in the very near future as a result of this law. I will be contacting funding sources to see what plans the major funding sources have to implement technology associated with this legislation. As if our leasing lives weren't interesting enough!! See you in Orlando
Bob Rodi, CLP ( to view the changes, please go to www.leasenow.com ) McCue Goes On Line Seismiq, Inc. and McCue Systems, Inc. Announce Strategic Alliance FLORHAM PARK, N.J., June 21 / -- Seismiq, Inc., a company focused on providing cutting-edge, web-enabled systems and services, and McCue Systems, Inc., a leader in applications software for the financial services industry, today announced a strategic alliance to better serve customers in the leasing and financing industry. Recently Seismiq announced plans to offer the first full lifecycle lease management and accounting system available on the Internet. Its web-enabled system solution will allow client subscribers to initiate, account for and manage a wide variety of financial transactions. Seismiq's systems are being developed using state-of-the-art, component-based software technology and will be delivered on an application service provider (ASP) basis. McCue has more than 25 years of experience providing innovative packaged software solutions to many of the leading equipment leasing and financing companies across the country. Its widely used product family features LeasePak/UX, the industry's most comprehensive lease accounting software and asset management system, with more than 50 integrated modules to automate leasing operations. The goal of the Seismiq/McCue alliance is to combine the leading lease accounting and asset management product with the leading e-Business financial services ASP to offer customers in the finance and leasing industries a comprehensive product and service offering. To achieve this objective, Seismiq intends to utilize some of the unique capabilities of McCue's LeasePak software as an integral component of its back-end offering to its customers as well as offer its web-based front-end solution, available in August, to McCue's customers on a priority basis. "Seismiq's systems enable customers to process their financial transactions in the most effective manner through a totally automated, web- enabled solution," said Tom Wajnert, Chairman of Seismiq. "By partnering with McCue and leveraging our combined competencies, we will be in a unique position to identify, meet and satisfy customer needs more quickly and comprehensively." "McCue's mission is to improve the operational productivity of the world's leading leasing companies," said John McCue, President, CEO and founder of McCue. "By combining Seismiq's advanced technology with the power and functional richness of our LeasePak product offering, we now can jointly offer the finance and leasing industries the most advanced integrated e-Commerce strategy available. Working together, Seismiq and McCue Systems now have the capability to lead the industry to a new level of technological innovation and satisfaction." Seismiq began operations this year and is headquartered in Florham Park, N.J. To learn more about the company, please visit its Web site at www.seismiq.com . McCue Systems, Inc., founded by John McCue in 1972, is headquartered in Burlingame, Calif. McCue has been the leading developer of software solutions for leasing companies for more than 25 years. To learn more about the company, please visit its Web site at www.mccue.com. SOURCE Seismiq, Inc. CO: Seismiq, Inc.; McCue Systems, Inc. ST: New Jersey, California IN: MLM CPR SU: JVN |
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