Headlines—

 

    NAELB  Membership Up 148 Members!

      American Express/Sierra Cities Breaks Affiliates Agreement

           SDI Capital---What the Employees Tell us

             Tommy Larsen and PinnLease Legal Matters

                 Tyco Purchases CIT ---It is Now Official!!!!

                    Nigeria Scams Continue---Here are a few more.

 

 

National Association of Equipment Leasing Brokers Membership Up 25%

 

 

Here are the current numbers for NAELB as of May 30, 2001:

 

            Brokers Members:            437

            Funder Members:            124

            Associate Members:       37 (service providers)

 

            TOTAL:                                 598

 

Please contact me with any further membership/administrative questions you

may have.

 

Thanks!                                    - Buzz Thomas -

bthomas@clemonsmgmt.com

 

 (  At the close of last year, the membership total was 450*  One of the most popular

new features is “listserve,” where only 200 of the 598 members are taking advantage

of.  Here members can go on line and ask where to send a transaction or ask a legal

question or any business question and get an instant response, often from a fellow

broker, but sometimes from a funder.  Often it appears as a “auction” and perhaps

then should be viewed as a “super broker”---but no middleman commissions.

    Another reason for the increase, remarkable in this economy, is the hard work

of two legal experts, Barry S. Marks and Joseph Bonnano, who have worked

for members at all times of the day and for no pay but to help out.  Mr. Bonnano

has a website of legal leasing information: http://www.leasingissues.com and Mr.

Marks has published a book on leasing, available by contacting phdleasing@hotmail.com or bsm@blik.com.

   The NAELB board of directors has an excellent track record for keeping expenses down, providing meaningful services, and getting other members to volunteer their

time to improve the association.  Morale is very high; excellent espirit des corp,

and it is easy to predict the membership should grow to 700 this year, and perhaps

1,000 next year.

   Membership Chair Donna Cole is not scheduling a membership contest at this time,

but is concentrating on improving communications and processes with current members,

working on improving the process at a minimal expense. She has a tough order for

a rapidly growing organization.

    They also have great conferences.  If you have heard anything negative about

NAELB, attend one of their conferences and you will come away with a different

attitude and viewpoint. editor )

 

*  http://www.leasingnews.org/links_section.htm

 

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 ( Leasing News has not been able to verify this from American Express, but this

    came from a reliable source, so we are printing it. editor )

 

Sent: Friday, June 01, 2001 10:02 AM

Subject: Affiliate Program Cancellation Notice

 

June 1, 2001

 

VIA ELECTRONIC & REGULAR MAIL

 

Dear SierraCities Affiliate Member:

 

This letter shall constitute your thirty (30) day notice, as required under

the Affiliate Program Agreement (the "Agreement"), that SierraCities has

elected to discontinue the Affiliate Program, and the Agreement is hereby

terminated effective 11:59 p.m. on July 1, 2001 ("Termination Date").

 

All web site and e-mail links to our application form will be deactivated as

of 12:00 a.m. on July 2, 2001, and thereafter all rights and obligations

under the Agreement shall be deemed cancelled.

 

Pursuant to the Agreement, you will receive commission payments for all

properly funded transactions arising from applications that were received on

or before the Termination Date and submitted from your Internet site or

e-mail messages, whether such funding occurs prior to or subsequent to the

Termination Date.  Please be reminded that no commission will be paid for

any application that does not contain your referral code or that of your

secondary affiliate (if applicable), or for any application that we decline

to fund pursuant to our rights under the Agreement.

 

Please be reminded that all links to the SierraCities site must be removed

from your Internet site and / or e-mail messages prior to the Termination

Date, and you shall have no further rights in or to the same after the

Termination Date.  Additionally, please note that from and after such

Termination Date you shall have no further right to use, as provided in the

Agreement, www.sierracities.com or any of SierraCities' logos.

 

We thank you for your past support, and wish you much luck in your future

endeavors.

 

Very truly yours,

SierraCities.com Inc.

 

By:  Bradley Alexander

Vice President & Treasurer

 

 

 

 

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             Looking for a Few Good Men  ( and Women )

 

Dear Kit

 

Any sales people in Orange County looking for a placement Southern

California Leasing, would entertain employment.   With the loss of many jobs

our office remains open and operational.

 

Our business as seen much growth since the closer of many of our

competitors.

 

Barbara Griffith

bgriffith@socalleasing.co

President

 

 

 

 

 

 

SDI Capital/Reportedly the Daniels Were Not Nice in Their Goodbye to Employees

 

I am friends with several of the now former employees

of SDI Capital that were let go on Wednesday.

 

I am told that SDI didn't simply lay them off, but let

them go without paying them what was owed to them for

work done because there was not enough money to meet

the payroll.

 

Further they were told that TF would pay them if TF

bought the company.

 

Pretty rotten of the Daniels, if you ask me.  They

have enough personal wealth that they could have paid

the payroll.

 

Name Withheld

 

my friend here in ****** was submitting biz through SDI as an employee

and today is/was their payday - they found out instead that the doors were

closed and no pay cks are coming....needless to say he is not only very

upset at losing his job with no notice but also now has no pay coming for

the biz he has submitted.  Not good.....

 

Name Withheld

 

Kit, I kept in touch with you when I was at SDI as I saw the meetings going

on.  Your Leasing News knew more than what they were telling us, but you’ve

go the facts wrong that we were told TotalFunding would be hiring some of

us.  It was a massacre at that day: no notice, no severance, and we were told

we were lucky to get a paycheck as no money was coming in.

 

There is no way Totalfunding can contact us.  I was not here when most of

the portfolio was put on, so don’t blame the current employees. We got

a very raw deal from the Daniels.

 

Name Withheld

 

 ( Note: Many employees send us e-mail by their home e-mail or a free e-mail provider.

    Many people on our readership list also have two addresses, their business and

    home address, as some tell us they read us in the evening or late at night.

 

    Alan Collier of Totalfunding did confirm his company is considering buying

    the SDI Capital portfolio.  He will not comment any further at this time. editor )

 

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 PinnFund/PinnLeasing

 

Now that the company has been put in receivership, several matters can go on,

including authorizing and rewarding bounty hunters to find the former president

who has disappeared ( a credit card in his name was used in the Bahama’s, authorities

report, and they suspect he is living on one of the small islands ).

 

In the controversy regarding Tommy Larsen and Aloha Leasing, which we have

reported earlier, the Securities Exchange Commission has filed Ex Parte Application for

order to show cause why Tom Larson should be held in Contempt.

 

One paragraph reads:

 

I never authorized Tommy Larsen, or his attorney, to do any of the

following:

 

(a). to obtain or use an Advanta credit card in the name of PinnLease;

 

(b). to change the PinnLease mailing address to Mr. Larsen’s home

   address at 1783 Kings Road;

 

(c). to remove documents, computers or other materials from the

                      PinnFund/PinnLease offices in Carlsbad.

 

There is another, seemingly more serious:

 

 

Mr. Larsen recently founded a new company known as ‘Aloha Pacific Leasing”, operating in Vista California. Mr. Larsen has: 1) attempted to divert PinnLease mail to his home; 2) has been in possession of PinnLease computers and had access to proprietary, downloadable information; and, 3) has had confidential PinnLease records and documents. In all likelihood, Mr. Larsen is using this information, e.g. customer lists etc., to his economic advantage in the operation of his new company. The customer lists, customer information, documents, records, computers and related software and hardware in possession of Mr. Larsen are the property of PinnFund and cannot be used by Mr. Larsen without the express authorization of the Receiver.  actions prohibited by their terms. (See Declaration of Charles G. La Bella at paragraph 6). Mr. Larsen’s use of the property and intellectual property of PinnFund without authorization constitute violations of the Court Orders and Mr. Larsen’s employment agreement with PinnLease. The Receivership now stands in the shoes of PinnFund and PinnLease. Consequently, the Receiver may not only seek the Court’s assistance16 in performing its duties as Receiver, it may also seek to enforce the terms of the employment agreement. to coerce...

 

 

Here is a short part of the above legal paper:

 

. On or about April 24, 2001, Ms. Newell received documents from

 

the United States Post Office confirming that a change of address order had

been filled out requesting that mail sent to “Tommy Larsen” or ‘PinnLease”   the PinnLease offices at 2051 Palomar Airport Road be forwarded to another  address. (See true and correct copies of ‘~Change of Address Orders” from the U.S. Postal Service and correspondence with notice of forwarding address to 1783 Kings Road are attached as Exhibit 7).

 

                    . In addition, Ms. Newell noticed an envelope from Union Bank of

                        California with change of address stickers indicating that PinnLease                          PinnFund records that this was Mr. Larsen’s home address.

 

 These records are public knowledge and posted on the PinnFund.com web site.

 

Leasing News is trying to obtain more information for a complete story, and

hopes to bring you this information by next week.  Mr. Larsen was not available

for comment at press time.  editor.

 

.

 

---------------------------------------------------------------------------------------------

 

  Where In the World is Tom Cetto?

 

Kit on your recent news letter Carol Johnson asked where Tim Cetto was. Tim

is now in partners with Brent Hall of Pinnacle Capital in Wenatchee

Washington. Tim is working with his old crew from the Cascade Leasing days

which was sold to First Sierra then to Brent Hall. 

 

Tim Cetto can be reached at Pinnacle Capital, LLC Phone 888-223-3600

 

Dennis Doyon

ddoyon@inetmail.att.net

 

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Tyco Purchases The CIT Group, Inc.

 

 

PEMBROKE, Bermuda, June 1 /PRNewswire/ -- Tyco International Ltd., (NYSE: TYC; LSE: TYI; BSX: TYC), a diversified manufacturing and service company, announced today that it is completing the acquisition of The CIT Group, Inc. (NYSE: CIT, TSE: CIT.U and Exchangeable Shares: TSE: CGX.U), a leading source of financing and leasing capital in more than 30 industries.

 

CIT shareholders approved the transaction on May 23, 2001. As part of the acquisition, Tyco purchased from The Dai-Ichi Kangyo Bank approximately 71 million shares of CIT at a price of $35.02, in cash, per CIT share. The remaining shareholders received 0.6907 Tyco shares for each share of CIT, or a value of $39.68 per share, based on Tyco's May 31, 2001 closing price on the New York Stock Exchange of $57.45 per share.  The total transaction is valued at approximately $10 billion.

 

According to L. Dennis Kozlowski, Tyco's Chairman and Chief Executive Officer:  "We believe that the CIT acquisition will provide immediate growth opportunities for Tyco and CIT.  It is an ideal fit for Tyco and adds great value to our businesses as part of a total package, including financing, which we can offer customers.  Like other landmark Tyco transactions such as Kendall, ADT, AMP, Mallinckrodt, US Surgical and Raychem, we are acquiring a premier franchise and global platform for growth.  Not only will CIT be immediately accretive to Tyco's earnings, but it will also provide ongoing benefits to the shareholders and customers of both Tyco and CIT.  Overall, we believe that this transaction will result in enhanced levels of organic growth, recurring revenue, stable profitability and competitiveness across our Tyco divisions."

 

Albert R. Gamper, Jr., CIT President and CEO added:  "We believe that the Tyco alliance will enhance our leadership position as an innovative global source of financing and capital leasing.  Our shareholders voiced strong support in last week's vote approving the transaction.  We are delighted to become part of Tyco International and look forward to realizing the many synergistic growth opportunities that now lie ahead of us."  Mr. Gamper will remain with Tyco as CEO and President of CIT and will join Tyco's Board of Directors.

 

Consistent with its strategy to capitalize on synergistic opportunities presented by the acquisition, Tyco announced that two of its leading business units, ADT and M/A-COM have entered into arrangements with CIT to provide financing to their qualified, credit-worthy customers.  In the case of ADT, CIT's Specialty Finance Group will offer financing programs and tailored financing solutions in support of ADT's more than 600,000 commercial customers.  These programs will be made available through CIT's DigitalEdge web-based origination system.

 

"Our commercial customers have been asking for financing and leasing options for years and through our new relationship with CIT, we have the ability to quickly and knowledgeably respond to our clients' financing needs effectively providing a higher level of customer service," said Mike Synder, President of Tyco's ADT business.

 

CIT's arrangement with Tyco Electronics' M/A-COM, a world leading developer and manufacturer of radio frequency (RF) and microwave semiconductors, components and IP (Internet Protocol) Networks to the wireless telecommunications and defense-related industries, gives M/A-COM the ability to give its OpenSky Wireless IP Network customers access to CIT's financing. According to Tyco Electronics President Juergen Gromer: "CIT provides an excellent opportunity to Tyco Electronics to better serve its clients by providing access to financing capabilities in various sectors such as telecommunications and for business in various countries.  Our customers are showing great interest."

 

Mr. Kozlowski concluded, "Tyco has an established track record of success in building leadership positions. We expect the addition of CIT will be groundbreaking in terms of new capabilities and opportunities for Tyco as well as CIT."

 

About Tyco International  

 

Tyco International Ltd. (NYSE: TYC; LSE: TYI; BSX: TYC) is a diversified manufacturing and service company. Tyco is the world's largest manufacturer and servicer of electrical and electronic components; the world's largest designer, manufacturer, installer and servicer of undersea telecommunications systems; the world's largest manufacturer, installer and provider of fire protection systems and electronic security services, and the world's largest manufacturer of flow control valves. Tyco also holds strong leadership positions in disposable medical products, diagnostic imaging, bulk pharmaceuticals, wound closure, plastics and adhesives. Tyco operates in more than 100 countries and has expected fiscal 2001 sales of $38 billion.

 

Forward-Looking Information  

 

This release contains 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 vary materially from the expectations contained in the forward-looking statements.  The forward-looking statements in this release include statements addressing the following subjects:  future financial and operating results; and timing and benefits resulting from the acquisition.

 

The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements:  the risk that the businesses of Tyco and CIT will not be integrated successfully; and other economic, business, competitive and/or regulatory factors affecting Tyco's and CIT's businesses generally.

 

More detailed information about these factors is set forth in Tyco's and CIT's filings with the Securities and Exchange Commission, including Tyco's Annual Report on Form 10-K for the fiscal year ended September 30, 2000 and CIT's Annual Report on Form 10-K for the fiscal year ended December 31, 2000 and their most recent quarterly reports on Form 10-Q.  Tyco and CIT are under no obligation to (and expressly disclaim any such obligation to) update or alter their forward-looking statements whether as a result of new information, future events or otherwise.

 

MAKE YOUR OPINION COUNT -  Click Here  

 

http://tbutton.prnewswire.com/prn/11690X71444428 

 

SOURCE  Tyco International Ltd.

 

CO:  Tyco International Ltd.; The CIT Group, Inc.; The Dai-Ichi Kangyo Bank

 

ST:  Rhode Island, Bermuda, Canada

#                ###################### ################## ###################

 

Another Nigerian scam.

 

Bruce Kropschot

 

Kropschot Financial Services

116 Estuary Drive

Vero Beach, FL 32963

(561) 234-4544

 

 

DEAR SIR,

 

I WISH TO INTRODUCE MYSELF TO YOU. I AM COL. IBRAHIM

MUSTAPHA (RTD), ELDER BRO