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Kit
Menkin’s Leasing News
www.leasingnews.org Monday, June 17, 2002 Accurate,
fair and unbiased news for the equipment Leasing Industry ------------------------------------------------------------------------------------- Finance
company operator arrested
Will the Real Sean Wheeler Please Stand Up?
New Business-where is it? by Ron Caruso
The Week Ahead June 17-21, 2002 Tyco
Plans to Repay $10 Billion of Debt in Next 6 Months
American Equipment Finance LLC opens Scottsdale Office
Authors berate 401(k)s as a 'great hoax' –Ann Perry
San Francisco--- Dog Attack Judge Orders New Trial
Omtool Adds Leading E-Form Provider Create!form
IDS’ InfoLease Managed Service ##
Denotes Press Release ------------------------------------------------------------------------------------ Finance
company operator arrested by
Rene Tankersley Landline Magazine The
official publication of the Owner-Operator Independent Driver Association The
president of an advance-fee finance company has been arrested on seven
felony counts. Kendra Bernal, of The Funding Tree (not to be confused
with The Lending Tree) and Integrity Group, was arrested May 31 in Riverside
County, CA. Under the two company names, Bernal offered financing of
commercial vehicles and other equipment. Bernal
faces six felony counts of taking money and personal property of a value
exceeding $400 and one count of engaging in the business of a finance
lender and broker without obtaining a license from the Department of
Corporations. The
complaint alleges Bernal operated without a license from September 2001
through May 30, 2002, and "took, damaged and destroyed property
of a value exceeding $150,000." The complaint listed money and
property taken from Freedom International, Luis Ojeda, Joe Diaz, Fernando
Hernandez, Diversified Sales and Service Corp., and Jose Martinez. Finally,
the complaint noted a violation of probation had been filed based on
these allegations. Bernal was serving a 60-month probation, which prohibited
her from receiving or accepting any type of money on behalf of her employer,
and from purchasing, selling, registering, transferring, leasing or
renting a vehicle without prior permission of the probation officer. The
latest charges came five months after the California Department of Corporations
issued a desist and refrain order in January. The order warned Bernal
and her companies to stop engaging in business as finance lenders or
brokers without a license in violation of the California Finance Lenders
Law. The same month, Land Line became aware of Bernal, after two OOIDA
members read Land Line's report about advance fee finance companies
and called in their complaints about Bernal. OOIDA
member Donny McCain paid The Funding Tree a $2,000 deposit Sept. 9,
2001, at the Great American Trucking Show in Dallas, for trailer financing.
McCain never received the promised financing, but REB Express, the company
where he was leased, put up the remaining $9,707 for the trailer. OOIDA
member Robert Kovalcin paid Integrity Group $8,795 in December 2001
for a down payment and fees for truck financing that never came through.
After months of telephone calls and complaints, Kovalcin finally received
$8,400 of his money back last month. n
Rene Tankersley http://www.landlinemag.com/Archives/2002/June2002/June2002.pdf ------------------------------------------------------------------------------------- Will
the Real Sean Wheeler Please Stand Up? In
the year 2000, Sean Wheeler and 1Lease were making the rounds of Leasing Association
Conferences, promoting this "franchise." Wheeler actually
became a "Certified Leasing Professional." To say the least,
he was quite controversial. Since
Leasing News has added over 1,500 readers since then, perhaps many have
not heard of him nor understand the significance of his applying for
an "application only lease" to what we are assuming is another
lease broker His
father Ken Wheeler is in the leasing business in Fresno, California June
12,2001 he left it. He evidently has been in the marine animal business
before he went into leasing, as he stated in a leasing application
Leasing News was asked as a "reference." Leasing
News has also received a report that Mr. Wheeler was on the Fresno TV
News about this equipment, which we are investigating. Leasing News
is also following up a report concerning legal action taken by Commercial
Equipment Lease in Eugene, Oregon. To
bring all readers up to date on this "Whatever Happened to"
story, here are three re-prints from last June's Leasing News in chronological
order.:
Sean Wheeler says, " Bye-Bye, Baby" to Equipment Leasing
Sean Wheeler Leaves the Leasing Business for "Wet Pets" Dear
Kit: Steve
Ballard who came to us in February of this year has taken over control of
One Lease, and the Franchise Group. Steve spent his last 6 years in
the Operations
/ Finance department with Michael's Floral the fastest growing retail
store chain in the West. We feel he brings a solid financial background
to the company which One Lease is in need of at this time. As
One Lease has grown several issues have needed special attention that
one leasing professional could not handle. Sean Wheeler felt it was
time to turn the company over to a highly qualified individual that
truly could propel One Lease to the next level and beyond. Steve will
take a much more active approach to the company staring with a booth
and the UAEL annual conference in October. Steve
officially takes over July 1st. Sean Wheeler and his wife will be moving
to the East coast in the next few months to expand there 3 store chain
of Marine Pet Stores called "Wet Pets." We
wish him all the luck in the future! Marilyn
Delerio One
Lease Corporation One
Lease Franchise Corporation 800-996-7440 800-977-4666-fax www.1lease.net www.1leasefranchise.com Dear
Kit, Yes,
it is true I am leaving the leasing industry. Steve
Ballard has taken over as CEO of One Lease Corp. This will go into effect
on July 1st. I really think Steve will bring a strong Customer Service
platform back to One Lease. I
think if One Lease has a knock it's that we can be slow at times. All
issues aside we have always taken care of our approved brokers. And
we have always been broker driven from the very beginning. many felt
we were a super broker of some kind. That is an incorrect statement
we are a funder with our own money. We
are a funding source member of the UAEL(United Association of Equipment
Leasing), & EAEL (Eastern Association of Equipment Leasing )and
will have a booth at the Annual UAEL conference in Texas this year.
I really think that Steve and his new team with propel One Lease into
the future as a major source in the industry. With
funding sources closing at a record pace One Lease has been a consistence
source for the industry. Thank
you Sean
Wheeler, CLP 1
Lease (
It is my impression One Lease Consultants sets up individuals in the
leasing business, a franchise type operation, with procedures, manuals,
and support, and treats the leasing business as a "retail"
business or franchise with backing from the franchiser. Their website
is "under development" .We hope to get more information about
this fascinating approach to leasing. editor ) http://www.leasingnews.org/archives/June01/6-12-01.htm 1Lease
---"Not a Joke," says Sean Wheeler ( and more ) Kit
Give
me a break! I saw the posting by Izzy Finster and he should leave the
house more often. Michael's Floral is a $5 Billion dollar a year company.
And Steve Ballards title is one that Mr. Finster I'm sure could not
even apply for. Steve has 15 years of corporate finance experience.
Joke / not a Joke who cares the reality is that One Lease does have
over 240 satisfied brokers if you don't like us go somewhere else. We
don't need anyone's business that bad. One Lease increased sales in
2000 by over 136% from 1999. Anyone that would like to compare financial
statements for year end 2000 please feel free to call and then we will
see who the joker really is. Our statements are audited by the firm
of Arthur Anderson. Sean
Wheeler, CLP 1
Lease Corp. 800-996-7440 800-977-4666-fax www.1lease.net (
The e-mail said, "Steve spent his last 6 years in the Operations
/ Finance department with Michael's Floral the fastest growing retail
store chain in the West." The 15 years was not mentioned. I guess
you are saying that 240 brokers cannot be wrong. That is quite a following,
indeed. I will ask Mr. Finster to respond, and also to let us know what
"faygeleh" business means. editor ) http://www.leasingnews.org/archives/June01/6-14-01.htm Sean
Wheeler/1lease National Association of Equipment Leasing Brokers In
reading your recent newsletter with the comments from Sean Wheeler About
the NAELB, I felt that I must of course set the record straight. By
no means do I wish to open up the entire issue, it is an issue that
is done. I just want to respond to the comments made by Mr. Wheeler
about the process. As to Mr. Wheeler's comments point by point: 1.
"One Lease has never been a member of the NAELB." That is
correct. 2.
"Directional Funding was also never a member." That is incorrect.
Directional Funding was a member, submitted under the name of Marilyn
Delerio. However, once the EFG issue surfaced, a review of the membership
application showed that Directional's membership was paid for with Sean
Wheeler's American Express card. That was one of the factors that showed
The relationship between EFG and Directional Funding. 3.
[The sharing of office space] "is the entire reason for the NAELB
thinking there was a connection between the two companies." There
were many factors that were brought to my attention that showed similarities
and connections between the two companies, not just one. One connection
would not raise a suspicion, many connections would. 4.
"We had separate phone and fax numbers from EFG throughout this
time." This is incorrect, letterhead shows the same phone, fax
and address. At One point in time, they may have changed but they were
not different "throughout this time." From
the perspective of the NAELB, please be aware that one isolated similarity
would not rise to the level warranting action by the NAELB. And in complete
hindsight, if there had never been a problem with EFG, then there never
would have been any issues with Directional Funding, Direct Funding.Net
or One Lease. Also, any action taken is only taken by the full board
of directors, not just me. I
am not revisiting this issue, just responding to the points Mr. Wheeler
made as it pertains to One Lease. Joe
Bonanno NAELB
Legal Counsel attyjgb@aol.com
(781)
391-7800 www.leasingissues.com http://www.leasingnews.org/archives/June01/6-19-01.htm ----------------------------------------------------------------------------------------- New
Business-where is it?
by Ron Caruso Domestically,
many leasing companies are confronted with significant
downturns in new business. Some leasing companies are admitting
new business is down by more than 30%, with no positive signs
of a turnaround in capital spending. This type of situation can
create nightmares-judgment starts to be too flexible or creative,
resulting in credit stretches. The proverbial "credits with
a story" are booked and later become collection horror stories.
The sad reality is there is nothing that can be done by the
leasing industry to turn this around. The captains of industry must
be convinced industrial demand is rising and this demand will
be sustained. Absent that, the case for significant new capital
spending is weak. (full
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The
Week Ahead June 17-21, 2002 May
17 Monday Samuel
A. DiPiazza Jr., global CEO of PricewaterhouseCoopers, speaks at
National Press Club luncheon on "Building Public Trust: The Future
of Corporate Reporting." Robert
Parry, president of the San Francisco Federal Reserve Bank, speaks in
Los Angeles on the outlook for the U.S. economy. 6/16-18 Business
Technology Solutions Conference Philadelphia Marriott Hotel Philadelphia,
PA elaonline.com 6/17-19
Tax
Executives Roundtable Ritz
Carlton Philadelphia, PA elaonline.com 6/17-19 Principles
of Leasing Workshop Hyatt Regency Baltimore Baltimore, MD elaonline.com May
18 Tuesday The
Senate meets to consider terrorism insurance legislation. The
Senate Banking Committee marks up a bill to reform accounting practices. Treasury
Secretary Paul H. O'Neill speaks at the AOL Time Warner Money Summit
in New York. Economic
indicators: Consumer price index, housing starts for May. 6/16-18 Business
Technology Solutions Conference Philadelphia Marriott Hotel Philadelphia,
PA elaonline.com 6/17-19
Tax
Executives Roundtable Ritz
Carlton Philadelphia, PA elaonline.com 6/17-19 Principles
of Leasing Workshop Hyatt Regency Baltimore Baltimore, MD elaonline.com May
19 Wednesday 6/17-19
Tax
Executives Roundtable Ritz
Carlton Philadelphia, PA elaonline.com 6/17-19 Principles
of Leasing Workshop Hyatt Regency Baltimore Baltimore, MD elaonline.com May
20 Thursday President
Bush delivers a speech on development issues including HIV/ AIDS,
education and trade Pascal
Lamy, the European Union trade commissioner, arrives in Washington for
meetings with U.S. Trade Representative Robert B. Zoellick and other
U.S. officials. __________________________________________________________________ Floating
white cloud
Against the new sky
Summer is coming
-Al Gamper http://www.cit.com/about_us/index.html Economic
indicators: Trade in goods and services for April, leading -------------------------------------------------------------------------------------- Tyco
Plans to Repay $10 Billion of Debt in Next 6 Months http://www.nyse.com/marketinfo/marketinfo.html?sym=TYC By
Rachel Layne, Bloomberg Tyco
International plans to repay $10 billion in debt in the next six months
to help stabilize its credit ratings. It will use cash and all proceeds
from a public offering of its CIT finance unit. Chief
Financial Officer Mark Swartz said on a conference call that Tyco will
have $2.9 billion in cash at the end of the quarter. Tyco, the largest
maker of undersea fiber-optic cable and electrical connectors, is seeking
to raise $5.8 billion from CIT. Tyco's
stock has fallen 77 percent this year amid accounting investigations
and doubts about its ability to pay debt. Tyco has $27 billion in debt,
including $8 billion due through February. Moody's Investors Service
Inc. this week cut Tyco's credit rating to junk, and Standard &
Poor's Corp. said it may do the same. "As
things stand now, it's possible for them to hold their breath and squeeze
by," said Charles Ronson, who follows high- yield debt issues at
Tradition Asiel Global, including Tyco. "But this is a company
effectively sans management, and that question won't be answered for
six months and until it is, I don't see why this should be anything
other than a high-grade junk." Tyco
ruled out spinning off CIT to shareholders because, unlike an initial
stock sale or outright sale, a spin-off produces no proceeds to pay
down debt. The $10 billion payoff also will come from the company's
free cash flow, or profit from operations after dividends and capital
expenditures, Swartz said. "The
company I think made a very good case that, assuming the CIT IPO goes
well, and I think it will, that they are going to get back to investment
grade," said Thomas Flaherty, who helps manage about $30 billion
in fixed-income assets at Deutsche Asset Management. "I'm very
bullish on CIT." The
sale of CIT is crucial to paying debt and restoring trust, said investors.
The indictment of ousted Chief Executive Dennis Kozlowski for sales-tax
evasion last week revived long-held suspicion that Tyco's accounting
for hundreds of acquisitions hid slowing internal growth and liquidity
problems, which Tyco denies. Banks
that hold about $530 million in accounts receivable securitizations
are continuing to buy receivables, though that may change, Swartz said.
Tyco may be forced to pay those back because of its junk rating. The
company also is waiting to find out the status on about $223 million
of yen-denominated notes, he said. "We
will do all we can to get back up to a more meaningful and appropriate
rating level," Swartz said. Part of that includes refinancing and
being able to access the bank and public markets. If
Tyco is forced to pay back the securitization, it would cost the company
about $465 million, Swartz said. The $2.9 billion cash position includes
the payment of $1.5 billion this quarter. The
debt pay down figure assumes Tyco gets $5 billion from the CIT, which
Tyco bought for $9.5 billion last year. It has valued the unit on its
books at $11.3 billion. Tyco took a $4.5 billion write down on the value
and may write down more. Lead
Director John Fort and Swartz also said on the conference call that
Tyco is seeking a "strong leader" with "integrity"
to replace Kozlowski and the board is looking for new members. A search
may take as long as six months, Fort said. An
internal investigation into purchases made by Kozlowski will take six
to eight weeks. Tyco said it's reviewing all aspects of corporate governance,
though it wouldn't comment further on Kozlowski or fired General Counsel
Mark Belnick. The
Securities and Exchange Commission is investigating the disclosure of
purchases made by Kozlowski. The agency also revived an investigation
of how Tyco accounted for acquisitions, people familiar with the matter
said. Tyco has said it isn't aware of an investigation except the one
into Kozlowski. Tyco
also said its fourth-quarter earnings forecasts remain the same. It's
expected to earn 61 cents a share, the average estimate from analysts
polled by Thomson First Call. The
company said it plans to save $125 million annually by closing offices
and cutting 115 corporate jobs. That doesn't include acquisitions personnel,
Fort said. CIT
has been in the business of commercial lending and leasing since 1908.
As a finance company, it needs to borrow money at low interest rates
to keep making money on what it lends to customers. Its credit rating
is now tied to Tyco's. CIT
was the first to offer financing to help people buy Studebaker cars
early last century. It remained independent until 1980. CIT's owners
over the past two decades included RCA Corp., Manufacturers Hanover
Corp. and Japan's Dai-Ichi Kangyo Bank before a portion of the company
was spun off to the public. Lehman
Brothers Inc. ended negotiations to buy the unit last month after word
of the potential transaction leaked to the media. The
finance unit has distanced itself from its parent by dropping the Tyco
name and selling asset-backed securities to pay off debt. Presentations
to investors ahead of the IPO began, Tyco said. The company hopes to
complete the offering the first week of July. (In
a telephone conference call to all CIT employees last Thursday, CEO
Al Gamper stated they were going ahead with the stock offering. Estimates
are they will raise $5 billion, half of the debt mentioned in
this story. There is no doubt the company is under valuated. As an
individual, I plan to buy some of this stock for our family trust as
I think it is a solid investment, and the company will have back its
original board of directors, has an excellent staff, understands the
financial market, and will return a steady earnings, perhaps 10%
to 15% per year. Rumor has it a foreign financial institution is
interest in acquiring the company before the IPO. Perhaps they
should buy some stock, instead, as I personally recommend to
readers. editor ) ______________________________________________________________ ####################
################################### American
Equipment Finance LLC opens Scottsdale Office Richard
A. Baccaro announces the opening of AEF's new sales office in
Scottsdale, AZ. The office will house up to 5 sales people and a Lease
Administrator. AEF is headquartered in Warren, NJ and has remote sales
people in four states in addition to the new Scottsdale office. The
office
will be managed by Mark Cantarella. Mark can be reached at 480-551-2627
or markc@aefllc.com <mailto:markc@aefllc.com> (if he is not
on the golf course) Richard
Baccaro <rbaccaro@aefllc.com> #################
##################### Authors
berate 401(k)s as a 'great hoax'
Ann
Perry San Diego Union-Tribune All
is not OK with the 401(k). It's
eight years and counting before the first wave of baby boomers –
and the first large group of workers to rely heavily on 401(k)s rather
than traditional pensions – reaches the retirement age of 65. And
the shortcomings of this do-it-yourself system are all too evident,
according to the authors of a provocative new book called "The
Great 401(k) Hoax: Why Your Family's Financial Security Is at Risk,
and What You Can Do About It." William
Wolman, an economist, senior contributing editor at Business Week and
commentator for CNBC, and journalist Anne Colamosca say that the problems
inherent in the 401(k)-driven retirement system were not readily apparent
during two decades of rising stock prices. During
the stock market boom, the 401(k) handily met the interests of large
companies, Wall Street and politicians, because in theory it allowed
workers to share in the good fortune. But, in fact, most workers have
amassed very little in 401(k) savings. "The
hoax promised people they would benefit from the great stock market
boom, that the stock market would save them from the horrors of Social
Security," Wolman says. Colamosca,
who has interviewed workers with small amounts in 401(k)s, says, "I
just don't think it's hit a lot of people that they won't be getting
a pension." In
this post-9/11, post-boom era symbolized by the collapse of Enron and
the vaporization of its employee retirement plans, Wolman and Colamosca
believe the outlook for corporate profits and the stock market could
be bleak for a number of years. They
note that following major market blowouts in the 1920s and the 1960s,
it took more than a decade for stocks to rebound. Thus,
the authors foresee a gloomy future ahead for most retirees and for
the nation – unless workers begin to tune out Wall Street and take
more responsibility for their own retirements. Here's
what they see as the major problems with how 401(k)s work in the workplace:
Rather
than benefiting the average American worker, these retirement savings
plans are set up to benefit corporations, because they cost less than
traditional plans, and Wall Street, which supplies the investments.
Typical employees have little control over how their 401(k)s are set
up and how they can invest their money. Despite
the recent unprecedented prosperity, they note, half of Americans have
less than $14,000 in their 401(k) plans. Companies
can take away what they give. They provide 401(k) and other retirement
plans voluntarily, as well as any matching funds. The authors note that
declining profits last year prompted such major corporations as Daimler-Chrysler,
Bethlehem Steel and Wyndham International to cut back contributions
to workers' 401(k)s. Many
employees don't participate in 401(k) plans. And among those who do,
many end up spending what they save when they leave the company, rather
than rolling the money over into an individual retirement account. Most
401(k) savers are not sophisticated investors. They don't follow the
stock market or hire financial planners to help with their retirement
planning. The
statements that employees receive from their plans give limited information
and can be difficult to understand. Employees
may feel pressured to invest in the stock of their companies, resulting
in an unhealthy concentration of stock in one company. Wolman
and Colamosca say only Washington can make the necessary 401(k) reforms.
However, any solutions could be successfully opposed by the powerful
financial services industry. Will
companies ever go back to the traditional defined benefit retirement
plan? "It just isn't going to happen," says Wolman. "We're
stuck in a situation and people are going to have to understand it better."
But
the talk of reviving the Social Security system by having workers invest
some of their contributions on their own has died down with the break
in the high-tech stock bubble. "That looks like a nonstarter,"
says Wolman. "That notion wouldn't stand up under scrutiny."
The
best approach for American families is to learn to make the most of
their 401(k) plans. Here's
what the authors suggest: Tune
out the Wall Street "pros." While Wall Street forecasters
say stock prices won't surge ahead like they did in the 1990s, they
nevertheless project returns of about 7 percent per year over the next
decade. But
history suggests that after a market bubble like the one in the late
1990s, returns are likely to be meager. The authors predict no more
than 2 percent, after inflation. Fixed-income
investments will be king. During this period, core investments should
be in bonds, not stocks. Wolman and Colamosca recommend I bonds, or
inflation-adjusted bonds, issued by the U.S. Treasury. Minimize
the cost of investing. During periods of low investment returns, it's
especially important to keep the costs of expenses low. To achieve this,
invest using low-cost index funds that match the returns of basic indexes
of stocks and bonds and rely on mutual funds with low administrative
and trading costs, such as Vanguard and TIAA-CREF. Start
401(k) clubs. Wolman suggests that, just as people created investment
clubs in the 1990s, co-workers should get together to learn more about
how their retirement plans work and how they can make corporate management
more sensitive to their needs. In
an ideal world, there would be 401(k) advocates, just as there are advocates
for hospital patients or the elderly. These advocates would look at
individual plans and try to correct what was wrong. Americans
must begin to save more and borrow less from their 401(k)s. Finally,
the authors say, American workers need a 401(k) Bill of Rights. It would
include, for example, the right to buy and sell company stock freely,
a right that many Enron employees no doubt wish they could have exercised.
Ann
Perry can be reached at moneyperry@aol.com. --------------------------------------------------------------------
Dog
Attack Judge Orders New Trial By
Kim Curtis Associated
Press Writer SAN
FRANCISCO –– A judge threw out a second-degree murder conviction
Monday against Marjorie Knoller in the 2001 dog mauling that killed
a neighbor, but let stand involuntary manslaughter convictions against
Knoller and her husband, Robert Noel. ______________________________________________________________ ###
######################### ################################ Omtool
Adds Leading E-Form Provider Create!form International as Premier Channel
Partner; Create!form to Add Genifax Enterprise Fax to its Software Offerings
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--30--mb/bos*
CONTACT: Omtool, Ltd. |