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June 15, 2001
Finova Receives Financing Approval Sean Wheeler -a CLP-Sets the Record Straight Thalman Think Piece-the Leasing Economy McDonald's Reports Lower Earnings CapitalStream Reports Strong First Quarter Results More Nigerial E-Mail---different than before __### denotes press release____________________________________________ Finova Receives Financing Approval Finova Group, Inc. announced that the U.S. Bankruptcy Court approved its motion for a $6 billion financing agreement with Berkadia, Inc. Final approval was delayed to allow the Company sufficient time to review amendments to the Disclosure Statement. --------------------------------------------------------------------------------------------- # #### ##### ############################# CapitalStream Reports Strong First Quarter Results
CapitalStream continues to grow its commercial finance automation solution despite cooler market climate
Seattle-June 15, 2001-CapitalStream, the leading commercial finance automation provider for the financial services industry, today announced a 75 percent increase in revenue in the first quarter of 2001 from its previous quarter. The dollar volume of credit transactions processed through CapitalStream's Internet solution also increased 100 percent over the last quarter of 2000.
CapitalStream's first quarter performance reflects strong execution in both sales and customer service, further evidenced by a 150 percent increase in the value of services billed from the previous quarter.
"CapitalStream's strategy of enabling banks and finance companies to provide better customer service and reduce operating costs is proving to be of great value to today's market," said Stephen Campbell, president and CEO of CapitalStream. "Our ability to support a wide range of financial products including loans, lines of credit, leases and credit cards through virtually any sales channel or device makes CapitalStream's offerings unique."
CapitalStream provides a suite of highly configurable, browser-based applications that improve all facets of sales, marketing, origination, credit management, transaction management, documentation, and booking. CapitalStream's web infrastructure seamlessly integrates with third parties and legacy systems for back-office and credit processing support. The CapitalStream - FinanceCenter solution can be customized to meet unique business and IT requirements and be up and running in weeks, not months. Beyond its technology capabilities, CapitalStream collaborates with key industry software and solution providers, such as Dun and Bradstreet, Experian, and Fair Isaac to continually expand the pool of commercial finance services available through a single access point.
"We will continue to anticipate and meet the needs of our customers, while driving toward profitability," added Campbell. "CapitalStream's strong team of quality professionals is dedicated to continue winning in today's marketplace, by providing exceptional customer service and flexible technology solutions."
About CapitalStream
Seattle-based CapitalStream strengthens existing business relationships and streamlines transaction workflow through its flexible web infrastructure for commercial finance automation. The company provides finance companies, banks and manufacturers the ability to manage, distribute and automate commercial lease, loan and credit card financing programs for their business customers and associates. CapitalStream, an established industry leader for more than five years with deep knowledge about the inner workings of the financing world, has helped hundreds of financial organizations increase their competitiveness, customer service and profitability.
For additional information about CapitalStream visit its web site at www.CapitalStream.com. ###
--------------------------------------------------------------------------------------------- The Controversial Sean Wheeler is a CLP-database error by CLP---
Everyone has had a problem with a funder or super broker or broker. It happens. The American Way is a person is "not guilty," until proven guilty. We print both sides trying to be accurate and fair:
I did want one last moment to go over these issues. One Lease just named a new CEO that is all we were posting. We are not going anywhere, we are not moving. We just added a new employee. I posted this so that our brokers and others would have the ability to speak to our new CEO. Since we will have a booth at the UAEL show in San Antonio I thought this would be a good way to introduce Steve to the industry.
Then several brokers blasted us for really no reason other than the posting of the CEO change. It even went on to say that you could not trust me trust me with what? All I am saying is we hired a new employee don't take my word for it come to the show and meet Steve. One broker even said that our programs looked to good and with our bonus program could not figure out how we made money. Is that even a concern? Our programs are to good to be true! God forbid that is the biggest concern with One Lease.
I faxed you a copy of my CLP certificate today as well Mr. Rodi should take a look at that he is not the only CLP in the world. We are not trying to deceive anyone and we are no longer going be posting any remarks in the future other than the normal positive feedback for which your site is designed.
NAELB issue one last time One Lease has never been a member of the NAELB. We have never communicated to anyone that we were. We were never asked to leave because we were never members. Directional Funding was also never a member Marilyn Delerio did complete an application for membership in 2000 and it was never approved due to the Equipment Financing Group, Inc. issue. So we were never thrown out of any association. We are funding source members of the UAEL, and EAEL. Going back to Equipment Financing Group my Father is one of the principals of that company. I did start my career with them but left to come to work for Directional Funding in 2000. Many people felt that Directional Funding and Equipment Financing Group were the same company. Not true. While looking for office space in 2000 we shared a secretarial pool with Equipment Financing Group and 14 other companies included our congressman. That is the entire reason for the NAELB thinking there was a connection between the two companies. Joseph Bannano own letter stated that the issue was with Equipment Financing Group, Inc. not with Directional Funding he just felt there was a connection between the two companies. When they called to verify at times one of the half a dozen receptionist would answer the phone "Services" and could connect you to any of the 16 members of the pool. We had separate phone and fax numbers from E.F.G. throughout this time. We then moved into our present location in March 2000 and hired our own phone staff. This was the only reason for the connection and I think it is well explained. Any proof provided by anyone to date including the NAELB to dispute this. NO. The bottom line is that we have never had a claim against Directional Funding, or One Lease with any organization "ever." And if we have we have never been notified of that claim.
We just want to set the record straight one last time. We are not here to belittle anyone or make slanderous statements we are just here to service the broker community. In this day and age of Funders and Broker going out of business everyday we have been through all of it and are still around. Do we make mistakes sure we do as does everyone else. Looking back on the way we handled the NAELB issue it was wrong we should have handled it in a more positive way. But it does not change the fact that we did nothing wrong in the first place.
In the past the really only concern with One Lease was at times we can be slow in getting back credit decisions and if that is our only issue that is something that we can and will work on. Is that such a bad thing? With the US Capital, PinnLease, and others our concerns are truly small. I do look forward to speaking with anyone face to face at the upcoming UAEL trade show which I will be attending with Steve and others from our staff.
If anyone would like to discuss this issue further please feel free to contact myself at ext #14 Sean Wheeler, CLP 1 Lease 800-996-7440 800-977-4666-fax www.1lease.net www.1leasefranchise.com
Just an update i spoke to Cindy at the CLP office and due to a database error i was not on the listing. She did say that this happens some times and added my name to the listing. She also said she would contact Mr. Rob Rodi and Mr. Bob Bell who did inquire concerning this to advise them on the error.
Sean Wheeler, CLP 1 Lease
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I compelled to respond to the continuing dialogue on "are they or aren't they a funding source". Any objection to the use of a superbroker, from my experience, should always be limited to (1)is the ultimate "lender" truly proprietary (as opposed to one that is generally accessible to the particular field broker)?(2) if the superbroker is not the ultimate decision maker, how does that effect service? (3) if priicing is "retailed" to the field broker, what is the "value-added" of the relationship (credit window, back room services, etc.). If the answers to all three questions is positive, then how the superbroker obtains its funds, in my estimation, is truly irrelevant. Additionally, I too, love to hear Mr. Finster's explanation of what a "faygele" business is. Some of my good friends are...ummmmm.....florists.
Jim Fleming nationalbusinesscredit@yahoo.com
The word you are looking for is "faygeleh" (little fairy). There may be other terms, but I have been away from NYC for a while. from The Wordmeister
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On No, not again!!! recently you posted information about a scam of offshore money that a few people in our business fell for. I just received this notice and thought I would send this along in case you wanted to alert your readers.
David Alvey Atlantic Commercial Credit accredit@mindspring.co
Thalman's Think Piece---
Yesterday I had a meeting with a senior partner at Ernst & Young. They are doing our audit this year. One of the first questions he asked me was how is business. I am not very good at lying, especially to an accountant so I told him that we were well off of the pace from last year. On a side note I have found that it does not diminish my zeal and energy to be honest about the current economy. To say that things are normal right now seems so incredibly blind. Any way, my accountant told me that nearly every one of his customers were in the same position and that it wasn't just our industry that was off. His prediction of third quarter or first quarter recovery in 2002 was and is a little scary.
It reminds me a little bit of white water rafting in that you get in the boat expecting a great time and then the rapids come and there are no exits until the bottom.
Some of the most fearful experiences I have ever had have been manageable only because I had a good guide or inner voice that told me everything would be ok. I still have that voice, however it sometimes gets drowned out by the shouts and screams of dying entities.
I am wondering if there is anything positive that is going on right now. Is there anything beside the smell of death in the air? Are the rapes, murders and suicides the only thing to report? Will the sun shine today somewhere? If there is I would like to know about it. One of the ways our government manages our economy is by expectation. The moment Bush was "elected" he began saying how bad the economy was. He saw it coming and he didn't want to be blamed for it. You know he would like it to improve about 18 to 24 months from now so it looks like he solved the problem and so he is easily reelected. That is all he is interested in right now. When you see your mother, or your wife or your children and they say, "you don't look so good", suddenly you don't feel so good either.
The fever is breaking. It takes time to build endurance back up after an extended time off due to illness, but it is possible. The main question is what can I do now to make things better. I have been in this business for 13 years and I have been through a recession. Dan Rather was not so far off when he closed his broadcast with, "Courage". That's what it takes, because when the going gets tough, the tough get kicked in the crotch too. They just respond better because they are committed to making things better.
The worst thing is not failing. The worst thing is failing to try.
Let's not talk ourselves into being sick. I'm personally sick of it.
Go Lakers!
Andrew -----------------
From: Andrew Thorn athorn@nowlease.com
-----Original Message----- -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------=
ATTN: THE PRESIDENT/CEO
FROM: MR. KOFFI BIYAH DIRECTOR, DELIVERY/OPERATIONS TRANSWORLD SECURITIES, SOUTH AFRICA. TEL: +27-835853895.
Dear Sir, RE: TRANSFER OF US$25.5M FOR INVESTMENT. I am Mr. Koffi Biyah, the Director of Delivery/Operations Transworld Securities, South Africa. Our firm is a security company of high repute with years of outstanding service to the people of Africa especially top government officials and military leaders here in Africa. I have resolved to contact you through this medium based on business proposal that will be of mutual benefit to both of us. I have not discussed this transaction with anybody because it is of top secret.
To be explicit and straight to the point. Some time early 1997, a reputable client of ours deposited a consignment in our company's vault for safe keeping. And since then our client has failed to come forward to claim his consignment, which has accumulated a considerable amount of money in demurrage. Consequently, in our bide to contact this client to redeem the demurrage which his consignment had accumulated we discovered that our client was the former president of the Federal Republic of Zaire, who died of illness after he was dethroned in the same year the consignment was entrusted into our care. Since the death of our client President Mobutou Seseseko, none of his benefactors has come forward to claim the consignment with us, which means that non of his relatives or aids had any knowledge of this consignment. Hence out of curiosity I decided to secretly open the two boxes that our client deposited in our vault. And to my surprise I discovered that the two boxes that were registered as treasurer by our client actually contained a considerable amount of money in United States Dollars amounting to about US$25.5million US Dollar. Since this development I have been nursing plans secretly. I also found out from enquiries and the foreign media that our late client siphoned a lot of money from his country while he was in office as head of state. It is my conviction that the consignment in our vault was part of the money that our client siphoned and now that he is dead there is no trace to this money in our care. I am now soliciting your noble assistance to assist me in transferring this money out of South Africa to your country for immediate investment with your assistance.
I have also decided that you will generously be entitled to 40% of the total amount. Upon my receipt of your reply confirming your willingness to assist me of this transaction, I will immediately arrange and transfer all the rights of ownership of this consignment to your name to facilitate your easy clearance and transfer of the complete funds to your country for onwards investment. This transaction is 100% risk free. Please maintain absolute confidentiality on this matter. I await your most prompt response through my email address.
Yours faithfully. MR. KOFFI BIYAH
DEAR SIR,
I WISH TO INTRODUCE MYSELF TO YOU. I AM COL. IBRAHIM MUSTAPHA (RTD), ELDER BROTHER TO MAJOR HAMZA AL MUSTAPHA WHO WAS THE FORMER CHIEF SECURITY OFFICER TO THE MILITARY DICTATOR OF NIGERIA, GENERAL SANI ABACHA. THE LATE GENERAL SANI ABACHA DIED UNEXPECTEDLY ON THE 8TH OF JUNE 1998. HIS COLLEAGUES IN THE ARMY POISONED HIM IN THE PRESIDENTIAL VILLA (ASO ROCK) BECAUSE HE RULED NIGERIA WITH AN IRON HAND.
WITH THE DEATH OF THE DICTATOR, ELECTIONS WERE HELD IN THE COUNTRY AND A CIVILIAN ADMINISTRATION WAS SWORN INTO POWER. WITH THE ADVENT OF THE NEW CIVILIAN ADMINISTRATION, A DECISION WAS TAKEN BY THE PRESIDENT OF NIGERIA TO PROBE AND PROSECUTE ALL MILITARY OFFICERS THAT SERVED IN THE LAST MILITARY REGIME OF THE LATE GENERAL SANI ABACHA. MY BROTHER, MAJOR HAMZA AL MUSTAPHA WAS SINGLED OUT BY THE GOVERNMENT OF THE DAY AS AN ARMY OFFICER THAT MUST BE PUNISHED BECAUSE OF HIS CLOSENESS TO THE LATE DICTATOR AND GROSS HUMAN RIGHT ABUSES ON THE CITIZENS OF NIGERIA. MY BROTHER AND I WERE BEST OF FRIENDS AND HE SHARED ALL HIS SECRETS WITH ME.
THE FORMER CHIEF SECURITY OFFICER TO THE LATE HEAD OF STATE MAJOR HAMZA AL MUSTAPHA HAD PRIVATE ACCOUNTS THAT ARE WORTH HUNDREDS MILLION UNITED STATES DOLLARS AROUND THE WORLD. PRESENTLY HE HAS BEEN ARRESTED BY THE GOVERNMENT OF THE DAY AND IS PRESENTLY HELD IN PRISON ON TRUMPED UP CHARGES ON BEHALF OF THE STATE. I WAS DIRECTLY INFORMED BY MY CONTACTS AT THE PRESIDENTIAL VILLA, THAT HE WILL BE CONVICTED BECAUSE OF HIS POSITION AS THE FORMER CHIEF SECURITY OFFICER TO THE LATE DICTATOR.
SHORTLY BEFORE THE PRESENT GOVERNMENT ARRESTED MY BROTHER, HE ENTRUSTED TO ME THE SUM OF US$30.5M FOR SAFEKEEPING. THIS AMOUNT WAS TO BE SENT TO HIS MISTRESS IN LEBANON TO LAUNDER FOR HIM. I HAVE SINCE HAD THIS AMOUNT WITH ME STASHED AWAY A PRIVATE SECURITY COMPANY IN NIGERIA. I CANNOT SEND THIS MONEY TO MY BROTHER'S MISTRESS ANY MORE BECAUSE OF THE SITUATION OF THINGS OVER HERE. I NEED YOUR ASSISTANCE IN MOVING AND SECURING THIS MONEY IN YOUR ACCOUNT ABROAD. I WILL ADEQUATELY COMPENSATE YOU WITH 20% OF THE TOTAL SUM FOR YOUR ASSISTANCE AND CO-OPERATION WITH ME TO MOVE THIS FUND OUT OF THE COUNTRY.
THE PRESENT ADMINISTRATION COLLECTIVELY RETIRED NINETY-TWO SERVING OFFICERS INCLUDING MYSELF A COUPLE OF MONTHS AGO. THIS MONEY IS NOT SAFE WHERE IT IS KEPT ANY MORE BECAUSE THERE ARE INDICATIONS THAT ALL THE RETIRED OFFICERS MIGHT HAVE THEIR ESTATE CONFISCATED AS PART OF THE CURRENT SANITATION EXERCISE TO STOP CORRUPTION IN THE COUNTRY. ALREADY OUR VARIOUS PRIVATE BANK ACCOUNTS HAVE BEEN FROZEN PENDING THE OUTCOME OF THEIR INVESTIGATION AND WE ARE BEING CLOSELY MONITORED. I INTEND TO SAFEGUARD AND INVEST THIS AMOUNT OF MONEY ABROAD WITH A RELIABLE FOREIGN BUSINESS PARTNER SO THAT WE CAN INVEST THE FUNDS IN REAL ESTATE BUSINESS IN YOUR COUNTRY. THAT IS WHY I AM SOLICITING YOUR ASSISTANCE AND COOPERATION AS REGARDS THIS BUSINESS. ARRANGEMENTS HAVE BEEN CONCLUDED WITH A SECURITY COMPANY THAT HAS FOREIGN OFFICE IN EUROPE TO RECEIVE THE MONEY IN CASH, DEPENDING ON WHERE IS CONVENIENT FOR YOU.
PLEASE INDICATE YOUR WILLINGNESS TO ASSIST ME BY SENDING TO ME THE FOLLOWING AS THE BENEFICIARY INFORMATION; BENEFICIARY'S NAME, ADDRESS AND YOUR PRIVATE PHONE AND FAX NUMBERS SO THAT I CAN CONTACT YOU AND COMMENCE THE TRANSACTION IN EARNEST. I AM WAITING TO HEAR FROM YOU VERY SOON.
BEST REGARDS. COL. IBRAHIM MUSTAPHA (RTD) -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
AP Business
McDonald's Warns of Lower Earnings
by DAVE CARPENTER AP Business Writer CHICAGO (AP) -- McDonald's Corp. warned Friday that Europeans' lingering wariness of beef and currency pressures around the globe are still holding down profits, confirming it's headed for a third straight quarter of lower earnings.
McDonald's chief Jack Greenberg said he was ''deeply disappointed'' by the continuing slump. So were investors; shares in the world's biggest restaurant company dropped $1.29, or 4.3 percent, to close at $28.67 Friday on the New York Stock Exchange.
The announcement came eight weeks after McDonald's officials voiced confidence they were almost over the months-old sales slowdown, much of it the result of a mad cow and foot-and-mouth disease scare in Europe.
''Some of you had suggested we were too optimistic earlier this year about the speed of our recovery, and you were right,'' Greenberg told securities analysts in a conference call.
McDonald's said it now anticipates earnings of 34 to 35 cents per share in the second -----quarter, down from 39 cents a year earlier and short of the 38 cents expected by Wall Street analysts surveyed by Thomson Financial/First Call.
Despite the sales slowdown, McDonald's said it is proceeding with plans to open 1,500 new restaurants this year, most of them overseas, anticipating ''significant improvement'' in the second half.
While some industry experts have suggested that plan has become too ambitious in light of current concerns, Greenberg said the company is recovering and the mad cow woes should not have a long-term impact on its business.
J.P. Morgan analyst John Ivankoe said the slump's protracted length makes it difficult to have confidence in the company in the near term.
''Certainly they have been hurt by a lot of external factors, but unfortunately that is the nature of this business,'' Ivankoe said.
European consumers began shunning beef in large numbers late last year because of fears of contracting a human form of the brain-wasting disease called bovine spongiform encephalopathy -- mad cow -- that has killed nearly 100 people in Europe since 1995. McDonald's sales have yet to recover strongly from the latest scare even though its beef is not suspect.
''The effect of consumer concerns regarding the European beef supply is persisting longer than we anticipated, and our business growth in other geographic areas is not expected to be enough to offset this effect,'' said Greenberg, who is chairman as well as chief executive. ''Further, increasing costs, weak economies and difficult comparisons caused by strong marketing promotions in 2000 are impacting results.'' He said McDonald's is accelerating its menu variety in Europe and taking steps to make consume
rs aware of its strict safety standards.
McDonald's sales through the first five months of the year were up 2 percent compared with the same period in 2000.
But soaring international growth has eased and same-store U.S. sales have not grown compared with the same quarter a year ago.
Compounding slower sales, the strong U.S. dollar also sliced into McDonald's results.
McDonald's, based in the Chicago suburb of Oak Brook, Ill., has about 29,000 restaurants in 120 countries. ^------= |
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