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June 25, 2001 Headlines--- Comdisco to File BK AOL Hits 30 Million User Mark European Leasing Securitizations on the Rise Texas Bank Goes 24 Hours a Day We Get E-Mail ________________________________________________________________________ Comdisco to file Bankruptcy It appears the suitors do not like the portfolio or direction of Comdisco. The many leases and loans with dot.com, even with a percentage of found stock, appears not to be enticing. The most recent chart of Dot Com layoffs may give a hint to what investors see in the portfolio: http://interactive.wsj.com/public/resources/documents/dotcomlayoffs.htm Informed sources tell us GE Electric is very interested, but the price is “not right.” This being the date of the buyer, the seller needs to lower their price, or perhaps a bankruptcy court is in order. It appears GE Electric is willing to go to a “mediator” again, and maybe this time the person with the gold can help make the rules. Lease Sales Manager Compensation Regarding the item on a salary survey for sales personnel, the ELA Industry Compensation Survey (2000) contains this and other similar data for 33 leasing positions. Ralph Petta VP-Industry Services Equipment Leasing Association (703) 516-8364 fax (703) 522-7099 email: rpetta@elamail.com
http://www.elaonline.com/library ( We asked readers to respond to sales manager compensation, but there were no replies, so what stands to date is available at www.elaonline.com . editor ) --------------------------------------------------------------------------------------------- America Online Signs Up 30 Millionth User Everyone seems to criticize AOL, however, today AOL Time Warner (AOL:NYSE - news - commentary) unit said Monday that it had reached the round-number landmark of 30 million subscribers worldwide, adding 1 million users in the past two months. The milestone suggests AOL is adding subscribers faster than analysts have expected. Raising of rates and faster service from DSL and @home has not slowed down the pace of new subscribers.
Looking for more “inside” information Leasing News will have an up-date on United Capital, Austin, Texas...anyone with recent inside news, please send to us, “on” or “off the record.” Our information is the United Capital is being serviced under private label by ILC 888-452-7845; Spectrum Leasing representatives are getting bold, reportedly telling lessees, vendors, and brokers they were “formerly United Capital.” --------------------------------------------------------------------------------------------- UAEL 2001 Annual Conference & Exposition October 25 - 28 Hyatt Regency RiverWalk - San Antonio, TX This is a "Not To Miss" event!! "STEPPING STONES TO SUCCESS: EDUCATION * INVOLVEMENT * NETWORKING" * One-on-one appointments with Funding Sources and Service Providers!! * Set-up your appointments online in advance!! * Educational Sessions!! * Keynote Speakers!! * Legal Forum!! * Networking!! * UAEL Annual Meeting - Thank our outgoing leaders and welcome our new leaders!! * Golf Tournament!! * Welcome Reception in front of THE ALAMO!! * Saturday Night Fiesta!! Call us directly to reserve your exhibit booth or to be a sponsor - time is running out.... Don't wait, make your reservations today!! *Hyatt Regency RiverWalk at (210) 222-1234 *United Airlines at (800) 521-4041 Meeting Code #597QW *Southwest Airlines at (800) 433-5368 Meeting Code #C5924 *Avis at (800) 331-1212 #101015XPIAOI Keep an eye on our website for up-to-date information and to visit the San Antonio Convention & Visitors Bureau's site on what is happening in beautiful San Antonio!! See you in San Antonio! Joanie Dalton - Managing Director UAEL - United Association of Equipment Leasing 520 Third Street, #201 Oakland, CA 94607 (510) 444-9235 x27 (510) 444-1346 fax joanie@uael.org www.uael.org We Get E-mail--- I have been on your e-mail list for the past few months. Our server has been down for the past couple of weeks so I just signed up to receive the newsletter again. If I am still on the list, no need to re-sign me up. I find the letter quite interesting, and educational at times about the different things going on in the industry. Keep up the good work. Brett Sher ( After several days of e-mail coming back, we delete you for the list. It is so common for SDI, CIT, BVL, United Capital, and many others, when they let people go, unless we are not notified to remove someone from the list, unless they contact us with a new address. So after a few days of getting CIT or BVL, we remove the person from the list. This may have happened to you, due to server problems. We welcome you aboard, again. editor ) ~~~ I read your newsletters and really enjoy them because your information is on the mark and so incredibly timely. What amazes me is how you get the news before any of the other leasing "newspapers" do. Thank you! Helene G. Kugit helenekugit@exsolutions.co Executive Solutions for Leasing and Finance, Inc. ( Our readers keep us informed. Kudo’s go to our readers. editor ) Talking about scooping the press! Kit you are the man when it comes to reporting in our industry. Keep up the great work! Gerry Oestreich gerryo@nycap.rr.com ~~~ Keep up the good work!! I do enjoy the mail I get from you and the Sunday Sermon...is Great! You are as asset that few will never realize. Regards; Paul Horgen Stirling Capital Corporation National Account Executive #2 North Central Avenue Suite #1150 Phoenix,Az 85004 (602)253-1200...x207 (602)254-4814 (623)297-0608<cell> ~~ Sunday Sermon ( by the way, this is not done every Sunday, just an occasional Sunday. editor ) It has been interesting to see the responses that you have been receiving in regards to the "Sunday Sermons" and your "Notes of the Day". I feel that is important for us all to remember that we are not forced to continue to read items in which we have no interest. If we choose to utilize certain areas, then there are ways to "hi-lite or block" only what you want to print and pass on for others to read..... I think we should more appreciative of the information that is provided to us, open our minds, and continue on.... I thank you, and your team, for the work that you do and I hope that you continue. Lisa C. Foxx lisafoxx@merchantcapital.net Merchant Capital "Financing for Entrepreneurs" ~~~ What is a paper or an editorial without personal insight? What if you called it the Sabbath, seventh-day, Sunday, Friday discussions and moral virtues. Then like everything else you could take religion out of it. I am tired of not being able to post the ten commandments because of their religious connection. The last time I checked, they were good rules to follow. Because we don't is why they are not posted not because they are religious in nature. We do not like to be reminded of our wrong doings. Andrew Thorn <athorn@nowlease.com> ~~~ Yes, Kit, Leasing News is wonderful. Thanks again, Merrick --------------------------------------------------------------------------------------------- TEXAS BANK PLANS NONSTOP PROCESSING—24 Hours a Day Weekend breaks may become history if a trend begins at Woodforest Bancshares Inc. The $1.75 billion-asset company in The Woodlands, a Houston suburb, recently announced plans to process transactions 24 hours a day, 7 days a week. The decision was based on a cultural shift, according to M. Ann Thomas, chief operating officer at the holding company and its Woodforest National Bank subsidiary. "We are a seven-day a week and, I would argue, a 24-hour a day society now," she said. ################################### ########################### ############ ########## ################### #################### S&P: European Leasing Securitizations on the Rise
LONDON, / -- The European small- and large-ticket leasing securitization market is growing at a rapid pace, supported by the sector's increased maturity, said Herve-Pierre Flammier, an associate director at Standard & Poor's Structured Finance Ratings group in Paris. Speaking at the annual global ABS conference in Barcelona, Mr. Flammier said that the trend to put leases into ABCP conduits is now being sidelined in favor of term issuance as the markets for these assets in most jurisdictions have matured. "Many of these leases are being initially funded into CP conduits as a warehouse facility before the assets are turned out into the term market," he said. "The flexibility of conduit financing is well-adapted to the warehousing of the assets." Mr. Flammier added that the Italian market shows a lot of growth potential for this asset class as it is still very young and so there are many portfolios that can still be securitized. "As the nonperforming sector is a feature of the development of the Italian market, we would expect a lot of development of this asset class," he said. Mr. Flammier explained further that Standard & Poor's Structured Finance group's rating approach to small-ticket portfolios is very much based on the group's consumer finance criteria and concentrates on assessing the probability of default of an individual or a small business. "The approach is an actuarial one, based on historical performances, and takes account of the financial nature of the obligations of the underlying obligors," he said. "There are normally no concerns with industry concentrations." Mr. Flammier continued that the large lease portfolios are usually concentrated on fewer lessees, and some of the operating lease deals would also rely on the ability to release the asset in the event of a default of the initial lessee or at renewal of the initial lease. This leads to specific servicer exposure in that respect. "Other large lease portfolios rely on the residual value of the asset and the realization of the collateral value if there is a default, which is not a common feature for small-ticket leases," he said. "Large ticket leases may also have exposure to single industries depending on the nature of the assets, resulting in a cap in the ratings that can be achieved at the assumed rating of the industry itself." Mr. Flammier expects the market to start heating up in coming months, given the depth of the pipeline, Standard & Poor's said. -- CreditWire #### ################# ################## |
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