Kit Menkin's Leasing News

                   www.leasingnews.org  Friday, June 28, 2002

Accurate, fair and unbiased news for the equipment Leasing Industry

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Headlines----

 

Lease Acceptance, Farmington Hills, Michigan

  Andersen at Center of Scandal Again

   Remaining CEO's Left Make a Break for It

    ELA S.F. Convention Registration On Line

     Rob Yohe, Stillwater, Kansas Doing Better

      Ken Greene, Esq. Thinks Too Much Bad News

        The List---Up-dated

 

 

Lease Acceptance, Farmington Hills, Michigan

 

A very reliable source states Lease Acceptance Corporation in Farmington

Hills, Michigan closed their doors for business today... regional

manager and sales reps were given their pink slips today with small

severances.

 

________________________________________________________________

 

Andersen at Center of Scandal Again

 

By DAVE CARPENTER, AP Business Writer

 

CHICAGO (AP) - What did Arthur Andersen know, and how could it have approved financial statements full of corporate chicanery?

 

The questions that arose in Enron's meltdown have surfaced again with WorldCom. And while Andersen blames WorldCom for the latest debacle, some experts say the manipulation of the telecommunications  giant's books should have been clearly evident to its former auditor.

 

The concept is so fundamental, says accounting professor Roman Weil, that he teaches it in the second week of class at the University of Chicago Graduate School of Business.

 

"It's basic accounting stuff," said Weil. "An auditor who looked into this would say it's wrong. Andersen said it wasn't consulted. Who knows?"

 

WorldCom's bookkeeping maneuvers, while involving a sum several times greater than the amount hidden by Enron, were far simpler and more transparent, according to those familiar with both situations.

 

Enron used a complex web of partnerships to conceal more than $1 billion in debt, hedging against losses with an esoteric and bogus strategy that experts still find hard to decipher.

 

WorldCom, by contrast, counted $3.8 billion in basic telecom costs as long-term investments, making it look far more profitable than it was. Such capital investments can be written off over a period of as long as 40 years, meaning only a fraction of the actual cost is visible to investors on current earnings.

 

Arthur Bowman, editor of Atlanta-based Bowman's Accounting Report, said he couldn't fathom how Andersen could have missed it.

 

"It wasn't just a one-time booking," he said. "Three-point-eight billion dollars is a lot of money to miss."

 

Andersen's response: Just as with Enron, WorldCom officials held back critical material concerning its financial dealings.

 

The Chicago-based firm issued a statement this week saying "important information ... was withheld from Andersen auditors by the chief financial officer at WorldCom." Andersen said the officer — Scott Sullivan, who was fired Tuesday — "did not tell Andersen about" the accounting in question "nor did he consult with Andersen about the accounting treatment."

 

Andersen spokesman Patrick Dorton declined to comment further about the case Thursday, referring back to the earlier statement.

 

WorldCom fired Andersen as its auditor in the spring, making it one of many corporate clients to desert the struggling firm after the Enron scandal broke.

 

Securities and Exchange Commission ( news - web sites) investigators who have been looking into WorldCom for months haven't yet accused Andersen of any impropriety in the case. And former SEC chairman David Ruder said Andersen wasn't necessarily at fault, noting that the audit examines a representative sample of a company's financial statements rather than all of them.

 

"If a company is intending to make fraudulent entries, it's often very difficult for the auditor to find the fraud," he said.

 

But Andersen nonetheless is coming in for scathing criticism in some quarters for missing such whopping accounting misstatements — under fire again less than two weeks after being convicted of obstruction of justice for shredding Enron documents.

 

The Enron and WorldCom cases are not isolated. Andersen has settled at least a dozen cases over the past 20 years to end investigations into allegations its auditors missed, ignored or hid clients' financial problems from unwitting investors — most notably involving Waste Management and Sunbeam. Its role in the recent crash of Global Crossing is currently under investigation.

 

Other large accounting firms also have been implicated, but far less often.

 

Weil blames a freewheeling culture at Andersen that results from the fact that it's the only Big Five firm not to require that the head office have the final say on significant accounting issues.

 

"People in the field could have known about the situation at WorldCom and decided to wink at it, fearing they could lose a client," he said. "We know that in the Waste Management case, Andersen knew they were doing wrong and went along with it anyway.

 

"I'm not saying it happened that way with WorldCom, but you want to be suspicious about it," he said.

____________________________________________________________

 

REMAINING U.S. CEOs MAKE A BREAK FOR IT

 

Band of Roving Chief Executives Spotted Miles from Mexican Border

 

El Paso, Texas (SatireWire.com)  Unwilling to wait for their

eventual  indictments, the 10,000 remaining CEOs of public U.S.

companies made a  break for it yesterday, heading for the Mexican

border, plundering towns and  villages along the way, and writing the

entire rampage off as a marketing  expense.

 

"They came into my home, made me pay for my own TV, then double- booked

the revenues," said Rachel Sanchez of Las Cruces, just north of El

Paso. "Right in front of my daughters."

 

Calling themselves the CEOnistas, the chief executives were first

spotted  last night along the Rio Grande River near Quemado, where they

bought each  of the town's 320 residents by borrowing against pension

fund gains. By late  this morning, the CEOnistas had arbitrarily

inflated Quemado's population to  960, and declared a 200 percent

profit for the fiscal second quarter.

 

This morning, the outlaws bought the city of Waco, transferred its

underperforming areas to a private partnership, and sent a bill to

California  for  $4.5 billion.

 

Law enforcement officials and disgruntled shareholders riding posse

were  noticeably frustrated.

 

"First of all, they're very hard to find because they always stand

behind  their  numbers, and the numbers keep shifting," said posse

spokesman Dean  Levitt. "And every time we yell 'Stop in the name of

the shareholders!', they refer us to investor relations. I've been on

the phone all damn morning."

 

"YOU'LL NEVER AUDIT ME ALIVE!"

 

The pursuers said they have had some success, however, by preying on a

common executive weakness. "Last night we caught about 24 of them by

disguising one of our female officers as a CNBC anchor," said U.S.

Border  Patrol spokesperson Janet Lewis. "It was like moths to a

flame."

 

Also, teams of agents have been using high-powered listening devices to

scan the plains for telltale sounds of the CEOnistas. "Most of the time

we  just hear leaves rustling or cattle flicking their tails," said

Lewis, "but  occasionally we'll pick up someone saying, 'I was totally

out of the loop on  that.'"

 

Among former and current CEOs apprehended with this method were

Computer Associates' Sanjay Kumar, Adelphia's John Rigas, Enron's Ken

Lay, Joseph Nacchio of Qwest, Joseph Berardino of Arthur Andersen, and

every Global Crossing CEO since 1997. ImClone Systems' Sam Waksal and

Dennis Kozlowski of Tyco were not allowed to join the CEOnistas as they

have already been indicted.

 

So far, about 50 chief executives have been captured, including Martha

Stewart, who was detained south of El Paso where she had cut through a

barbed-wire fence at the Zaragosa border crossing off Highway 375.

 

"She would have gotten away, but she was stopping motorists to ask for

marzipan and food coloring so she could make edible snowman place

settings, using the cut pieces of wire for the arms," said Border

Patrol officer  Jennette Cushing. "We put her in cell No. 7, because

the morning sun really  adds texture to the stucco walls."

 

While some stragglers are believed to have successfully crossed into

Mexico, Cushing said the bulk of the CEOnistas have holed themselves up

at  the Alamo.

 

"No, not the fort, the car rental place at the airport," she said.

"They're  rotating all the tires on the minivans and accounting for

each change as a  sale."

 

+++++++++++++++++++++++++++++++++++++++

 

http://www.elaonline.com/events/2002/AnnConv/

 

"Leadership Matters"

41st Equipment Leasing Association Annual Convention

October 13-15

San Francisco Marriott

 

There are Leadership Matters and Leadership DOES matter--especially today. The 41st ELA Annual Convention focuses on leadership and its

importance in maintaining the position that the lease and other structured finance products enjoy today.

 

Convention information is available on line at:

http://www.elaonline.com/events/2002/AnnConv/

 

New this year -

For ELA Members registering online, you will be able to make your hotel reservations with Marriott online! So register TODAY the fast and easy

way!

 

+++++++++++++++++++++++++++++++++++++++++++++++++++

____________________________________________________________

 

Rob Yohe, Stillwater, Kansas Doing Better

 

Rob Yohe, Leasing Consultant, member of the Leasing News Advisory

Board is recovering from serious spine surgery.  It was an eight hour

operation.   His wife reports he remains in the hospital.   He is under

a “morphine pump” and not able to utilize a telephone.  

 

They do not wish get well gifts, but want to report that he survived

the operation.  Rob expects to attend the United Association of

Equipment Leasing Fall Conference to be held early October

in San Diego, California.

 

________________________________________________________________

 

Ken Greene, Esq. Thinks Too Much Bad News

 

I think we all appreciate what Leasing News has to offer. It is, in my

humble opinion, the most comprehensive reporting service on the ever-changing

leasing industry, and then some. I do not envy you, however, in having to

print the news of late for it is, to say the least, disheartening.           

 

I know that it is your goal and intention to provide timely and accurate news

that affects the industry and the economy, but, let's face it, the news has

been pretty bleak these days. Just a rundown from the June 26 newsletter says

it all: Enron, Amtrak, Worldcom, Centerpoint, RW Professional, even Martha

Stewart. It seems all we get is bad news. 

 

  Perhaps that is all there is. On

the other hand, the industry is getting punched out worse than Lewis'

pummeling of Tyson (not that he didn't deserve it!), and I wonder if LN's

extensive readership isn't going to begin to shy away from leasing due to all

the fraud, criminal conduct, and other problems we witness every day.

 

     That is how I feel when I read the newspaper too. Maybe, though, there

are some readers who might contribute some good news to offset the bad. It

would be nice to read about the heroes as well as the zeros. Please invite

your readership to submit positive, uplifting stories, if they can- maybe a

difficult deal that gets funded and truly helps a worthy customer, a broker

going out of his or her way to make a deal work, even a human interest story.

I know there are many upstanding players in the industry, as I have had the

pleasure to know and work with them. Let's hear some good news for a change!

 

     Keep up the good work.

 

Ken Greene

Law Offices of Kenneth C. Greene

938 B Street

San Rafael, CA  94901

Tel:     415  721 7900

Fax:     415  256 9922

E-mail:  KGreene100@aol.com

 

(Ken is a member of the Leasing News Advisory Board and has represented

Leasing News in various matters on a gratis basis.)

 

Editor Response

 

I am working on a July 4th “piece” now that addresses the “corruption” and

“bad news.”  I most likely will have it ready for July 1 where I will tie

in American history, where we have had a good share of crooks.

 

You have many valid points, and your comments are certainly thought

provoking.

 

First, the reality is Leasing News adds about ten new readers a day, unless

we have a big story like RW Professional or some other inside scoop. Then

we add from 30 to more than 50 in one day. The worse the news, the

more readers ask to subscribe to Leasing News.  If salesmen leave American Leasing Express Business Medical, maybe not all the readers are interested,

but those in medical leasing sure like to know what is going on...the same

applies in other sectors of our industry.  The gauges are actual reactions

by readers in their e-mail, and how many new subscribers we get the day

after the “bad news.”

 

The more surprising the news, the more it is passed around.  The worse it

appears to be, the more people become interested.  They pass Leasing News

around and we get new subscribers. We get “inside news” that no one else gets, and often more than a week ahead; often months ahead.  Often the stories

we write about are not covered anywhere else. Our track record for finding

the bad guys is very high.  Funders and lessors also provide alerts.  Brokers

tell about super-brokers and funders.  Ex-employees are not afraid to “blow

the whistle.”

 

So the worse the news, the juicer, the more “inside,” the more it is passed around and the more reader we get.  Everyone complains about the bad news, and isn’t

it terrible, but they want the “inside,” what is really going on, the truth, not just

the press release lies.

 

As to always writing bad news, unfortunately you are right, Ken, what is happening today, is not just happening to the leasing industry.  Believe me, it is also depressing to continually write about all these jerks, crooks, and charlatans, a few who were once part of the “good old boy’s club.”

 

Look at the news yesterday, the leasing executive in Texas got 46 years for minor

fraud.  Most of them hire the best in your professional to get them deals,

a slap on the hand, and even Miliken was out and contributing to both political parties.  If you have money, you can buy a good attorney and make a deal.

 

One thing I can observe, all this bad news is creating good news for attorneys,

who never have been as busy before.

 

So let me throw this back into your lap, my very good friend, who I personally

appreciate.  I’m doing my job representing all sides of the story, good, bad, happy and sad, just as you are doing the best for your client, representing the good, the bad, and the evil.

 

 

 Kit Menkin

 

 

 

 

 

PinnFund/PinnLeasing

 

In trying to make this download available, there were technical problems due

to the size of the files, which we hope to solve.  Editor

 

 

_____________________________________________________________

 

The List---Up-Dated   http://www.leasingnews.org/list.htm

 

  (This is on line both in alphabetical and chorological sequence. Somehow

we have lost count in the numbers, and are on a project to cross reference

the list as it has gotten too large.  Here are current ones:)

 

 

RW Professional, Long Island, NY (6/2002) 40 FBI agents raided the                  offices and arrested Barry and Rochelle, Roger and Jennifer Drayer.          The investigation found $6.5 Million of fraud Prosecutors said that 

       the company, the RW Professional Leasing Corporation, concocted              elaborate schemes using up to 100 rented mailboxes as far away as

       California to send phony checks, sham invoices, bogus leases and            other false documents to banks in various  states. Based on those              documents, the banks lent RW millions of dollars to buy equipment          and lease it out, prosecutors said. The schemes included multiple   

      loans from different banks for the same medical equipment and loans          for equipment that was never bought or leased, prosecutors said.

Funding Tree, Riverside, CA( 6/2002) New president says there is hope past          vendors and brokers will be paid. Dept. of Corp. "cease and desist           order" still in place. Riverside DA Jerry Fox warns, "Don't take    

       advance rentals if there is no lease approval. "(6/2002)           

        Kendra Bernal arrested for allegedly violating parole (5/2002) More          complaints, although  e-mails say some deals have funded and vendors         have been paid---hope--- (5/2002) Many more complaints (4/2002) Many        complaints.Vendors/brokers not paid.

1Lease, Fresno, CA(6/2002) While no web site or e-mail, seems back in the          news again, as Commercial Equipment seeks former president Sean               Wheeler. To learn more why Sean Wheeler is back in the news, call             John Nice, Commercial Equipment Lease in Eugene, Oregon, Credit &           Special Assets Mgr, (800) 234-1884.

Centerpoint Financial, Denver, Colorado (6/2002) faxes sent, can't fund             deals (6/2002)Reports Centerpoint not funding deals (3/2002)" Not             true" says John Otto, chairman of Heritage Leasing, major                    stockholder of Centerpoint Financial, LLC, and Pentech Financial,            Campbell, California. "I am not pulling the plug on Centerpoint. It         is true we hit a small bump in the road, but that is taken care of.          "The thirty year plus lease veteran with deep pockets confirmed the           resignation of Randy Schiel, now former Chief Financial Office.

MSM Capital(6/2002) down to a skeleton staff (5/2002) MSM Capital makes             Leasing News Bulletin Board for many complaints of not returning             money. Cingari is "not available." (5/2002) Employees sue Mike               Cingari for back pay and win, many advance rental payments not               returned, it is reported, many problems here.

Saddleback Financial (6/2002) Sold to Precom Technology; many salesmen              leave, citing backlog of deals not funded. " New owners will give us         more resources, "Philip Walden, CEO of Saddleback told Leasing News.         ( 2/2001) the management team of Orange, CA-based Saddleback                  Financial, headed by co-founders Warren Emard and Stuart                    Kennedy,  survives with new investors, and does not do broker                business. (1/2001) Prez. Warren Emard announces "... still in                business...We are still originating         business through vendors         and directly to lessees. Does not accept broker business."

CIT /TYCO (6/2002) Tyco loses 30% of stock value, insider loans and                   shenanigans by directors embarrassing to all, maybe illegal, too,            says SEC, IRS, State Attorney General. (6/2002)         CEO Dennis          Kozlowski---Delusions of Grandeur: Tyco gets a lot worse, like a              dark Opera, CEO resigns, directors taking private loans, and talk            is they should all resign (5/2002)Tyco to spin off CIT within 45             days (5/2002) Tyco to pay off $10 billion debt by selling                    CIT.(3/2002)board member borrows millions, loans to insiders made.          (4/2002)CEO Al Gamper says this is the "quiet period" to employees            on line.Commercial Money Center(6/2002) files voluntary bankruptcy,          #11, in Florida, all hell breaks loose (5/2002)Gets worse, officers          may go to jail (4/2002) Many, many complaints; reports of leases             where equipment never existed, paying for leases that do not exist,           much behind the scenes on the reputation of the founders, lawyers            having a field day, San Diego FBI investigating                            all.(2/2002) Tyco International pledged to accelerate its breakup             plan, starting with a spin-off or sale of its Tyco Capital finance          arm within eight to weeks.(2/2002)Participants at the                        Equipment Leasing Association Annual CEO Forum, Feb. 4 - 5,                  expressed doubt that   Tyco can successfully spin off it financial           unit, CIT, through an IPO. ( 2/2002) CIT/TYCO( 2/2001) Moves to              increase liquidty, looking to also buy leasing porfolio's, for               sale, Prez.Kozlowski says $10 billion- paid to much for CIT,                 analysts say will sell for $7.7 billion to $12 billion. Stockholder          suit against company. Says Kozlowski made too much                            money-finder fee to director Walsh too much. Trouble in River              City, however Kozlowski holding it together, But the shares remain            49% below where they started the year.  1/2002) Tyco to Separate            Into Four Independent, Publicly Traded Companies(10/2001 )

        Tyco Makes it Official: CIT Tyco Capital (8/2001) Many opt to move          to Tempe, AZ, stay with CIT, become bold, challenge GE and others in          the marketplace, morale up, company         on the move. (5/2001)           CIT Shareholders Approve Proposed Tyco-CIT Acquisition.                        (5/2001) Bruce Nelson, Tempe,Arizona seeking broker business. “We             are an asset based lender and provide equipment financing in the           following industries: Construction, Transportation, Logging,                  Material Handling, Corporate Aircraft, Mining, Energy, & Marine.”            (3/2001) Tyco International Ltd. makes offer for about $9.2 billion         in cash and stock in a deal that would allow the manufacturer to            finance purchases of its wide  array of products. Bermuda Hq, N.H.            operation office. ( 2/2001) Closing Atlanta office and  others,             "freeze" on new broker business from this office.

Commercial Money Center, Southern California(6/2002) files voluntary                   bankruptcy, #11, in Florida, all hell breaks loose (5/2002) Gets            worse, officers may go to jail (4/2002) Many, many complaints;               reports of leases where equipment never existed, paying for leases          that do not exist, much behind the scenes on the reputation of the            founders, lawyers having a field day, San Diego FBI investigating           all. (3/2002) Throws in the towell, 128 employees out of work, Dir.           of Marketing Bill Hanson not paid, goes back to work for himself,           bringing Gil Evans and his son Ty with him. closes door, leaving             many unpaid bills and questions, especially about Kiosk leasing.             Southern California---(2/2002) Returns $1.2 Million to Date admit             many complaints by applicants, vendors, and brokers. Fails to                 secure insurance  line of credit after September 11th. Fisher-Anderson (3/2002) Bob Fisher Resigns to form       Firerock                  Capital; Scott Anderson stays behind to wind down portfolio;                company was sold to MarCap, Fisher reveals; MarCap reportedly having         problems with many of its leasing portfolio’s and wants to get out           of small ticket marketplace. (8/2001) Many sales people let go the           last few months, company cuts back, Don Shadel, former Commercial            Vehicle Division Manager of Fisher Anderson L C, and several CVD             staff members, have started a new company named Mark III Credit              Corp. The focus will continue to be new and used work oriented                vehicles in the small ticket range from $15,000 to $150,000. Our            prior company, Atlas Funding Group, Inc. was acquired by Fisher               Anderson L C in September of 1998 to market a national titled                vehicle program for brokers and lessors. Our affiliation with               Fisher Anderson L C the last three years has been a pleasant                 experience, however recent changes in the transportation industry            dictated that we both  move in different                                     directions."dshadel@markiiicredit.com

Comdisco (5/2002) re-organization plan filed with SEC.

        (2/2002) Loses $216 Million in First Fiscal Quarter Comdisco To              File. Reorganization Plan by April 15, 2002 ( 2/2001) deal falls              apart with Tyco Financial Wins Approval to Sell Leasing Units to GE          Capital.(2/2002) Loses $216 Million in First Fiscal Quarter                 Comdisco To File r5eorganization Plan by April 15, 2002   ( 2/2001)         deal falls apart with Tyco Financial, Wins Approval to Sell Leasing           Units to GE  Capital(9/2001) the sale hearing date will be Thursday,        November 15, 2001  Comdisco, Inc. and 50 domestic U.S.   subsidiaries        filed voluntary petitions for relief under Chapter 11 of the U.S.             Bankruptcy Code in the U.S. Bankruptcy Court for the Northern               District of Illinois on July 16,2001. The filing allows the company           to provide for an orderly sale of some of its businesses, while             resolving short-term liquidity issues and enabling  the company to              reorganize on a sound financial basis to support its continuing            businesses.   Simultaneous with the filing, Comdisco also announced             business to Hewlett-Packard Company for $610 million. Closing of        that the proposed sale of substantially all of its Availability                  Solutions transactions is subject to a ourt-supervised auction              process. (8/2001) Comdisco lays off 450 more, 3rd Quarter shows               $168 million loss (7/2001) -Comdisco + Execs face bankruptcy, many            left  holding the bag, assets for sale or sold,                            working on trying to get healthy by 2002, they say (7/2001) 

           change of executive officers  (6/2001) reportedly considering             bankruptcy  (5/2001) Lays off 10% of   staff, further cuts to be             made ( 5/2001 ) Reports Second Quarter: $8 Million Loss, CEO                   Pontikes takes early retirement a few weeks before formal                    announcement. Reports many losses to follow due to leases  and                loans with Dot Coms, among others              

FNF Capital (12/2001)the nation's largest provider of title                         insurance and real estate related products and services, today               announced that it has discontinued the origination of small- ticket          leases by FNF Capital, its wholly-owned leasing subsidiary. The             Company will take a one-time, after-tax charge of approximately $8             million in the fourth quarter to cover costs associated with this           discontinued business. FNF Capital will continue to service those          leases currently in the portfolio. FNF originally entered the leasing          business through the February 1998 acquisition of Granite Financial,         which was renamed FNF Capital (10/2001)Closes Down Small Ticket               Operation. David Marks -mail:LUV2SELLL@aol.com.l.          

PinnFund/PinnLeasing (4/2002) he Receiver in the case filed a lawsuit             against Tommy Larsen, related companies and a law firm, in bankruptcy           court. It's a preference that may climb to $6.7 million. Larsen               denies it all, and says, "prove it!" (12/2001 ) a top Executive              Officer to turn over $47  in deal/judge makes okay as it favors             return of investor money

        http://www.leasingnews.org/archives/December%202001/12-07-01.htm

        (11/2001) Girlfriend to return millions             

        http://www.leasingnews.org/archives/November%202001/11-01-01.htm

        (8/2001) Fanghella pleads not guilty to all charges, remains in                jail. ( 8/2001 ) A federal grand jury indicted PinnFund USA                 founder Michael J.Fanghella 20-count indictment; Nineteen counts in        the indictment carry a maximum penalty of 10 years in prison and a           $250,000 fine. One count -- filing false financial information with         the U.S. Department of Housing and Urban Development -- carries a               maximum penalty of 30 years in prison and a $1 million fine.               (8/2001) In  San Diego Feds file charges for filing         false             financial statements  plus criminal charges for bilking at least 166           investors out  of $330 million after. Fanghella turns self in                  (7/2001 )  Barbados Court Freezes PinnFund Exec's Assets              (6/2001) Leasing News considers it a “not guilty” judgment against             Tommy Larsen,but Larsen’s lawyer basically agreed to comply with the           temporary restraining order  of March 23 and agreed that Mr.Larsen          would give an accounting of any possible gains he         received            that rightfully belong to PinnFund. Since he gave in to everything           the receiver wanted, he was not held in contempt. The records shows          that being acquitted or not guilty was not what happened. The judge         found he wasn't in contempt because, going         forward, he                agreed to cooperate fully.  (6/2001) Judge Hands Down $109 M                Default Judgment in PinnFund Scandal.  Bounty Hunters Get the Nod to        Go Get 'Em (4/2001 ) Judge continues freeze of assets. (4/2001)            Founder of PinnFund skips bail, judge issues arrest warrant ( 4/2001)            PinnFund out of money, closes all offices, including leasing.,              newspaper stories say “Millions of  dollars are gone.” (3/2001)            PinnLease USA to Fold 47 Nationwide Offices-- $100 Million Fraud,              reads like a tabloid story, perhaps largest fraud in West Coast                history.

Manifest (4/2002)Troy Molitor resigns as General Manager. He follows Don             Polfiet...Chris Canavati. Good men, that Manifest does miss.               (3/2001) changes name to U.S. Bancorp - Manifest Funding Services.              Manifest Group--(9/1/2000 purchased by US Bancorp Leasing                    and Financial, "...a win for all the parties involved," Brian                Bjella. 11/2000 Donald Polfiet leaves and no one knows where he              went. If you know, please tell us.

United Capital/Spectrum(4/2002) Michael Wagner of Dimension can get no                response, Leasing  News calls, too. Looks like they are gone.Austin          Texas (8/2001) Telephone not answered, Steve Dallas new e-mail               address: sdallas@sfgllc.com; appears all United Capital e-mail               addresses changed to Spectrum Leasing.

        (4/2001) founder Robert New dies in plane crash in Aspen, Colorado (         12/2000  files bk ) *** series of company that may be affected, end         of report ) ( 3/2001) reports from readers that customer base,                 leasing deals,  being given to "sister company" Spectrum Leasing,            same building;United Capital still  not taking new deals, many              employees let go, looks dark. (1/2001 ½ employees let go, portion of          portfolio sold, discounters not paid, vendors not paid, it is               alleged. 1/2001, selling off portfolio, problems ahead with  vendors        not paid, brokers not paid, sinking in quicksand 12/2000 no new deals          until after the 1st of year,  Steve Dallas trying to hold it                 together.  Dallas says, " We will survive."

BancParnters/First Commerce Leasing (3/2002) Lahit makes it official                    resigns, and opens up Affiliated Corporate Services again.                   (3/2002) It is reported that Jim Lahti, formerly                           president of Affiliated Corporate Services and past president of              the United Association of Equipment Leasing, along with several              staff members will resign from BancPartners of Lewisville, Texas.           Chairman/CEO Rick Galtelli says,” this news way too premature." Jim         Lahti says," some changes are under way. We are excited about the             new changes are under way. We are excited about the new                        opportunities will be issuing a press release." (1/2002)                     Affiliated Corporate Services, Lewisville, Texas Merges with               First ommerce Leasing

Southern Pacific Bancorp (3/2002) “for the time being” not going to be able           to take any moreintermediary business, according to W. Scott                 McCullum, Capital Advance Leasing.TotalFundings (3/2002) telephones          do not answer.. The office number was

         (818) 889-7979. Alan Collier has confirmed the company has lost a             $150,000  rbitration with Jack P. Winsten, former president of            Winsten & Associates, Inc dba Corona America Financial. Alan Collier           says his company has “scaled down.” Winsten states Total Funding            has gone through $3 million investor money as a dot.com company.            In a second interview, he stated he will make “no                           comment.”(5/2001)Corona America Financial, So.CA. CA ( 5/2001 )                  purchased by TotalFunding.com, although called a         merger..            Corona Pres. president, Jack Winsten worked at SDI Capital, as did          Total Funding president Alan Collier. TotalFunding to become solely           an “application service provider” and utilize Corona direct sales            force. Certain assets were purchased from SDI. No more broker               business, except on “case-by-base” basis, Collier says.

         First International Bank ( 3/2002)to concentrate on its parents             customers as part of UPS Capital, to focus on UPS 1.8 million                customers for equipment leasing business. First International Bank            was formerly named First National Bank of New England. It  was sold         to UPS Capital, a UPS Capital Company. The web site is                        www.firstinterbank.com. Spokesperson denies out of "broker                      business," yet brokers  report otherwise.

Capital Stream-(3/2002) Steve Campbell Resigns as CEO . (8/2001) John Kruse,           VP, Account Development, announces another reduction of staff as            “... precautionary  measures because we don't see an immediate               resolution to the economic downturn.  We still remain financially          ealthy, and believe that reducing our capacity is a  prudent business         decision.” Hal Hayden , Jim Buckles, Randy Anderson, many sales              people gone.

Citicorp/City Capital (2002) Machine Tool Group of CitiCorp/CitiCapital               Closes This was originally part of the old Copelco run by                      Phil Meyers, based in Atlanta, Georgia.

 

 

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