Headlines:

 

     "Advance Rentals"--It is NOT Preferred Capital

       Let's Also Straighten Out WHICH "Republic Leasing"...

         A Premier Leasing Attorney's View Point on the return of Advance Fees

           Irwin Financial Tells Dow Jones: " Not for Sale or Acquistion."

            Advanta Completes $1 Billion Sale of Mortgage Division, Moves On to Credit Card Biz

                Fleet and Summit Complete Merger

                    Synovus Completes Acquisition of Creative Financial Group

                       Solutions4SURE.com Signs Vendor Agreement with LawCommerce.com

                           ( They are not afraid of doing business with attorneys on line )

 

             "This Day in History" Explained----

 

 

The List to be Up-Dated on Monday

 

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   Non-Profit Leasing Associations

 

 

  EAEL Says, "It Ain't Us----"

 

EAEL is happy to report that our renewals are on par with previous years, and

we are encouraged with new member applications.  We have not held as many

workshops as we would like, and plan to increase these numbers in the spring,

but our joint meeting with NAELB in Atlanta drew over 140 people.  Hopefully,

other associations are experiencing similar activity.

 

Amfnyc@aol.com

Alison Pryor,

EAEL Executive Director

 

 

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          Last Friday United Association of Equipment Leasing Funding Retreat

 

Many attending the forum in Seattle on Friday (2/23) said they were surprised

 at the low broker turnout.

Usually the Seattle show brings out more folks. Those who did attend were

met with a great cross reference of funding sources and many professionals

ready to do business. Hopefully those

attending made contacts for future business opportunities.

 

I enjoy your updates, keep up the good work.

 

Frank Washburn

fwash@att.net

 

  ( Thank you. We received a report the day of the event, and you are

    the first to send us a summation. editor ).

 

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         Earthquake in North West

 

We experienced firsthand the wrath of the 1994 Northridge quake.  They are

alarming and disrupting.  We send our best to all in the Pacific Northwest

and hope there is little more than broken materials 'things' that can be

replaced.

Kind regards, Tom & Lori Garcia  www.cabomagic.com

 

            =       +           +

 

From Northen California to our friends in and around Seattle:

    Our sympathies go out to you. We've been there (too many times) before.

Please feel free to call if there is anything we can do to help. 

Ken Greene

kgreene100@aol.com

 

( Thank you again, Thersa Kabot,Kabot Commercial Leasing, Seattle USA - Earth.

  Your report was received just at our publishing deadline and kept others

  in the leasing industry informed about their colleagues and what they

  were experiencing. editor )

 

 

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                           Preferred Capital---

 

Unfortunately, somehow the story about the FBI visiting Michael Meacher as

president of the National Assoiciation of Equipment Leasing Brokers and

Preferred Capital has gotten mixed up in reader's minds.

 

 

To our knowledge, the FBI is not investigating Preferred Capital.

 

In the memo regarding "Advanced Rentals" by the "insider", the name of

the company named was NOT Preferred Capital. For many reasons, we are

not at liberty to divulge the name at this time.  It is NOT Preferred Capital.

 

The company has a very strong fraud policy their employees must sign before

they are hired. It specifically not only discourages, but prohibits at

Preferred Capital any unethical selling techniques.  If a lease is not approved,

the applicant gets their  money back, unless there is fraud involved from the

applicant or vendor. That is their official policy.

 

If they back out of the lease, Preferred Capital has verbiage that treats

the fees as a commitment fee, but in most cases, they return the advance fees,

and this was outlined in the internal memo we published here at Leasing News.

 

This should not turn into a witch hunt at Preferred Capital today.

Again, the specific company named in the employee Advance Rental Memo was

NOT Preferred Capital.

 

 

 

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

 

           It is NOT-----

 

  Republic Leasing, South Carolina or Republic Financial, Aurora, Colorado

 

The recent negative references pertains to the defunct California-based

"Republic Leasing Group" of Anaheim.

 

Experienced broker/lessors know that Republic Leasing Company, Inc. of

Columbia, South Carolina has maintained the highest level of integrity as a funding

source for thirteen years. I can personally testify to the integrity of Dwight Galloway,

Charles Randall and their crew. In fact, we do business with them as American

Leasing.

 

It also does not refer to Republic Financial of Aurora, Colorado or Jim Possehl or

his crew. Or any other Republic Leasing other than the "defunct Republic Leasing

Group, Anaheim, California."

 

 +                    +                  +

 

With respect to any damage control on The Republic Group (which I believe

was the actual name of Mcquitty and Raeder's company), make the point that

Republic Leasing, is run by Dwight Galloway and Charles Randall.  Dwight is one

of the most upstanding people I have ever met in the leasing industry, a great volunteer

and supporter of the UAEL, and a "true" funding source.  I sincerely hope

that no one is even remotely associating the two companies.  They are about

as far apart in their business methodology, ethics, and market position as

Earth and Alph Centauri.

 

Bob Rodi

 <drlease@leasenow.com>

( Bob is also past president of the United Assoication of Equipment Leasing.

  Mr. Galloway has been active in the association, along with the other professional

  associations. He is very well-known in the industry to be a straight shooter. editor )

        

              +               +              +

 

From now on, when we can, when "Republic Leasing" is mentioned, we will make every

effort to edit the reference to the "defunct Republic Leasing Group of Anaheim, California."

 They were sold to Sierra Cities for in excess of $30 million.  Jim Raeder, and perhaps Mark

McQuitty, then were hired by Sierra Cities.  We have a story, the tip of the iceberg, about

this at: http://www.leasingnews.org/articles.doc/newsletter3.htm

 

 

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              A Premier Leasing Attorney's View Point on the return of Advance Fees

 

With all that's been going around lately on advance fees, you can see why

this topic has become even hotter than fraud prevention. I'm going to have an

article on advances in the upcoming issue of Leasing Logic, the NAELB

newsletter. Unfortunately, I think it would be too much to go into here.

 

However, suffice it to say that there is a great misnomer about First and

Last, Advance Fees, Security Deposits and Commitment Fees. The bottom line is

that if anyone is using these fees as a profit center, then the practice is

unequivocally wrong.

 

However my good friend Mr. Goodman raises an issue that someone else has

raised with me and it is yet more food for thought. If it is determined that

the lessee or vendor has committed fraud or misrepresentation in the

application process, would that be a sufficient "trigger" to keep advances?

The lawyer in me says that no one should take the law into their own hands

and that clearly there is no definitive clear cut legal answer on this

question. However, I do know that no one's lease documents come close to even

saying that. That might be an issue to try to work in, but the caveat is

whether or not such a provision is enforceable. Remember, any contract, even

a commercial contract, can say anything, but the legal issue is whether or

not the term is enforceable.

 

Thanks for all you do Kit.

 

Joe Bonanno, NAELB Legal Counsel

(781) 391-7800

attyjgb@aol.com

www.leasingissues.com

 

 

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            Fleet and Summit Complete Merger

 

 

BOSTON--(BUSINESS WIRE)--March 1, 2001--FleetBoston Financial today announced it has completed

its merger with Summit Bancorp. The combined company, with assets exceeding $200 billion, will

rank as the nation's seventh largest bank holding company with some 60,000 employees and 22

million customers worldwide.

 

While both financial institutions are now operating as one holding company, Fleet Bank and

Summit Bank will operate separately until systems conversions are completed this summer.

Customers of both institutions are asked to bank as usual until further notice, and all

customers will be notified in writing well in advance of any changes relating to their accounts

 

"With the completion of this merger, we are poised to begin delivering on the tremendous

opportunities this transaction presents for our customers and our shareholders," said Terrence

Murray, Chairman and Chief Executive Officer of FleetBoston Financial. "Our first priority will

be to provide superior service to our new customers as we continue to work through the process

of integrating these institutions."

 

"This announcement marks an important milestone as we move forward on combining our two

outstanding companies," said T. Joseph Semrod, who will serve as Chairman of Fleet New Jersey.

"Our new organization will offer our customers a broader and more sophisticated array of

products and services, while offering the highest levels of customer service, and continuing our commitment to economic development and our communities."

 

Under terms of the merger agreement, each share of Summit common stock will be converted to 1.02 shares of FleetBoston Financial common stock.

 

FleetBoston Financial's lines of business include commercial and consumer banking, institutional and investment banking, cash management, trade services, export finance, mortgage banking,

corporate finance, asset-based lending, commercial real estate lending, equipment leasing,

insurance services, government banking, investment management services, credit cards, discount

brokerage services, student loan processing, and full-service banking in Latin America.

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  Andrew Thorn

 

I read Doug Delack's e-mail with interest.  I don't know Doug, but I doubt

very seriously anybody could steal his credibility.  One of the greatest

things that I have discovered through a careful study of the economy is that

all questions can be answered with the phrase "it depends".  It is true that

we have a lot of "aggressive" (to be kind) individuals in our industry who

sometimes conduct business in a way that diminishes the reputation of our

industry.  Does this hurt my name, my firm or Doug's name or his firm.  It

depends.  If I engage in the same practices or I like working with

uninformed people who scare out of the industry with one bad experience it

hurts me.  If I possess integrity, people know that as soon as they meet me,

they trust me with their concerns and I am usually able to resolve them.  It

is true that bad companies hurt our industry, but I like to think that I

control the reputation of our firm and that my marketing skills and sales

abilities attract people to my offer.  There will always be bad companies

that exist in the industry.  Generally speaking though they usually serve as

a good comparison for why our customers choose our firm.

 

Andrew Thorn

athorn@nowlease.com

 

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             Articles

 

Kit, I applaud your comments that while one reader may not have interest in

a particular article, others might. Conversely, it is easy to appreciate a

request for brevity.  For some of the longer articles - such as releases

with financial statements, the list of million-dollar homes or the The

Investment Capital Conference 2001, would it be practical to give the 1st

paragraph and provide a link to your site, much like the Monitor's daily or

even VentureWire's daily newsletter?  Just a middle-of-the-road thought.

 

Keep up the good work.

"David I. Rabinovitz" <david-rab@mediaone.net>

 

( We run things in text and have no budget for frills or fancy internet programs.

  My suggestion is not to read these stories.  If you are going to print out

  leasing news, then delete them before you print. The best idea is to go

  to our webside where we post the news daily, as the type is larger, easier

  to read, and scroll. Remember we have no advertising or banners. editor )

 

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 "This Day in History" in our e-Mail Signature

 

I rather enjoy your "this day in history" snapshot at the end of your daily

leasingnews letter.

With your message often reaching the east coast industry professionals at

the end of the day, may I suggest that you consider presenting "tomorrow in

history" instead?

When your subscribers get this late in the day or pick it up early the next

morning, it can be a conversation catalyst for that day rather than for the

day before.

 

Name With Held

 

( Frankly, my division has instituted a

fairly rigorous approval protocol regarding employee quotations.  I would

prefer not to go through that process for the statement I e-mailed to you

last night.   Innocent as the statement is, you are free to attribute the

quote to anyone else who needs recognition or reformat it into a story.)

 

 A story within a story. We never quote anyone without their specific

confirmation that they sent the e-mail and we can print it.

Obviously employers are afraid that their employees

are telling me too much. This should not discourage readers from writing

to me, off the record, as I will always honor the request.  Leasing News

has much of its readership due to the "inside news."  If a company has

something to hide, I certainly would question the legal, ethical, and

other aspects that involve you and affect your career.

 

Regarding "today in history," I am always both surprised and pleased when people read them.

I do have typo's that readers catch.  I write them first thing in the morning. I

also have been saving them since last April. It opens my day for me.

 

I figure if I can still remember,I don't have Alzheimers ( my father died of this disease,

so I am not joking ).

 

The fact is my deadline for getting out Leasing News is 1pm, California time.

I don't go out for lunch anymore, but spend this time working on Leasing News.

Sometimes it stretches to 1:30pm, and I hate to go beyond this as I am very aware of the time

difference.  I was the Night ABC TV News West Coast News Producer in the late 60's for a short

time and often stayed working late as New York was closed and I had to make decisions on Viet

Nam feeds, coordinating things, calling for transmissions from the satellite ( very expensive in those days ), often called in early to cover the Sirhan Sirhan afternoon trial, and became very

well aware of the time differences of New York and the Far East. It is burned into my head.

 

My only excuse is sometimes I get late news, or am promised late news, and it goes to 3:00pm, or later, which I do not like. The other problem, is I earn my living in leasing, and sometimes I

have to sign a lease with a customer, so that often delays things,too.

 

I hope this long response will let you know I am serious that I need to stick to my time

deadline and should keep with the same format. I will try harder to be more thoughtful to the

East Coast readers. I need to take this responsibility more seriously. Thank you for

reminding me. I don't want to get you in trouble with your company policy of clearing

anything you e-mail with them before sending, so I will not mention your name to

anyone.

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

 

     Irwin Financial Adopts Staggered 3-Year Terms for Directors/Not for Sale

 

 

Thursday, March 1, 2001

COLUMBUS, Ind. -- Irwin Financial Corp. (IRWN) adopted a shareholder rights plan and also implemented staggered three-year terms for directors.

Concurrently, the company declared a quarterly dividend of $0.065 a share, to be paid March 23 to shareholders of record March 12. The dividend rate is a $0.005 a share, or 8.3% increase from previous dividends in 2000.

In a press release Thursday, Irwin Financial said the plan won't change the financial condition of the company or the way in which shares are traded.

Irwin Financial said the plan was designed to prevent a potential buyer from gaining control of the company without offering a fair price to shareholders.

The board is not aware of any current or potential activity by minority shareholders which threatens its ability to govern the company.

A company spokesperson wasn't immediately available to confirm if the plan has a trigger or when the rights will expire.

On April 26, Irwin Financial's board will nominate directors for one- to three-year terms.

Shares of Irwin Financial recently traded at $23.38, down 50 cents, or 2.1% on Nasdaq volume of 24,200 shares. Average daily volume is 50,270 shares.

Irwin Financial provides consumer and commercial financial services through its units.

Advanta Closes Sale of Mortgage Business to Chase Manhattan Mortgage Corp.; Advanta Focuses

Future on Profitable Business Credit Card Business

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   Advanta Completes $1 Billion Sale 

 

SPRING HOUSE, Pa.--(BUSINESS WIRE)--March 1, 2001--Advanta Corporation (NASDAQ: ADVNB; ADVNA)

today announced that it has completed the sale of its mortgage business to Chase Manhattan

Mortgage Corp. for a cash price of in excess of $1 billion. With the conclusion of the strategic alternatives process, the Company anticipates book value per share of $16.00 to $17.00 at March

31, 2001, after restructuring and other charges.

 

Advanta will now focus on its profitable business credit card business, already one of the

nation's largest issuers of MasterCard business credit cards. "The completion of this strategic

transaction has converted a substantial portion of our book value to cash. The proceeds from the sale will be used to reduce debt and enhance the Company's funds available to invest in our very successful small business credit card operation," said Chairman and Chief Executive Officer

Dennis Alter. "With the disposition of the Mortgage business, our best resources are now focused on Business Cards and we are poised to take every advantage of a growing and profitable market," said Alter.

 

Advanta is a highly focused financial services company which has been providing innovative

financial solutions since 1951. Advanta leverages its first-class direct marketing and

information based expertise to develop state-of-the-art data warehousing and statistical

modeling tools that identify potential customers and new target markets. Over the past five

years, it has used these distinctive capabilities to become one of the nation's largest issuers

of MasterCard business credit cards to small businesses. Learn more about Advanta at

www.advanta.com.

 

This Press Release contains forward-looking statements that are subject to certain risks and

uncertainties that could cause actual results to differ materially from those projected. The

most significant among these risks and uncertainties are: (1) competitive pressures; (2)

interest rate fluctuations; (3) the effects of government regulation, including restrictions and limitations imposed by banking laws, regulators, examinations, and the agreements between the

Company's bank subsidiaries and their regulators; (4) the amount and cost of financing available to the Company; (5) the ratings on the debt of the Company and its subsidiaries; and (6) factors affecting the ultimate amount of restructuring and other related charges associated with the

conclusion of the strategic alternative process for the Mortgage and Leasing businesses.

Additional risks that may affect the Company's future performance are detailed in the Company's

filings with the Securities and Exchange Commission, including its most recent Annual Report on

Form 10-K and its Quarterly Reports on Form 10-Q.

 

CONTACT: 

 

Advanta Corporation

 

David Weinstock, Vice President, Investor Relations

 

215/444-5335

 

dweinstock@advanta.com

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Solutions4SURE.com Signs Vendor Agreement with LawCommerce.com

 

 

TRUMBULL, Conn.--(BUSINESS WIRE)--March 1, 2001--

 

Direct Marketer Offers Law Community One-Stop

 

Shopping for Computer and Technology Products

 

Solutions4SURE.com, Inc., a leading direct marketer of computer and technology products for

small to medium-sized businesses, today announced that it has signed a vendor agreement with

LawCommerce.com, a web-based business and practice resource for the legal profession.

 

Under the contract, Solutions4SURE.com will provide computer and technology accessories to users of the LawCommerce.com web site, which include lawyers and legal professionals from law firms

and legal departments of all sizes.

 

"By joining forces with Solutions4SURE.com, we provide the legal community with an efficient

vehicle to purchase their computer and technology solutions," said Richard D. Harroch, CEO of

LawCommerce.com. "Our agreement with Solution4SURE.com reinforces our commitment to help lawyers serve their clients better and manage their businesses more effectively."

 

With more than 60,000 available products, Solutions4SURE.com offers a one-stop resource for

lawyers and legal professionals to equip their offices with the latest name-brand technology

specifically tailored to meet their needs. Its online catalog offers products including

desktops, modems, mobile devices and laptop computers. In addition to offering a broad selection of top-quality computer products, Solutions4SURE.com features online leasing options, daily specials and open terms credit. Every customer is assigned a dedicated account manager for complete, personalized service.

 

"Solutions4SURE.com is extremely excited to be able to reach the many lawyers and legal

professionals who are part of the LawCommerce.com online center," said 4SURE.com's President/CEO Bruce Martin. "From the start, we've realized the importance of building a successful

business-to-business model. By expanding our reach to the law community, we're once again directing our product offering to a specific vertical market niche to extend our loyal customer base."

 

Analysts are predicting a boom in business-to-business (B2B) e-commerce. Jupiter Communications

predicts businesses will boost spending on B2B in the next few years, with worldwide spending on e-marketplaces reaching $137.2 billion by 2005. Spending by North American companies alone will

grow from $2.1 billion in 2000 to $80.9 billion in 2005, Jupiter said.

 

About Solutions4SURE.com, Inc.

 

Solutions4SURE.com is a subsidiary of 4SURE.com, Inc., a leading direct marketer with two

focused business models: www.solutions4sure.com, which is dedicated to small to medium-sized

businesses; and www.computers4sure.com, aimed at the SOHO and consumer markets. Founded in 1998, 4SURE.com continues to grow its customer base to more than 300,000 customers and continues to increase market share at a rapid pace. Bizrate, Gomez Advisors, and Computer Shopper Magazine have recognized the company for its superior online catalog and customer service model. 4SURE.com is headquartered in Trumbull, CT and employs more than 160 associates. For more information, visit the company at www.4sure.com.

 

About LawCommerce.com

 

LawCommerce.com (www.lawcommerce.com) offers a Web-based business and practice resource for

lawyers and legal professionals. The LawCommerce.com online center supplies a rich selection of

technology solutions, services, and insight tailored for the legal profession, including

contributions from leading law firm investors. The LawCommerce.com site offers powerful

solutions for attorneys in various practice areas as well as for legal professionals in IT, HR,

recruiting, finance, administration, marketing, library and research functions.

 

Investors in LawCommerce.com include major law firms from Silicon Valley to Wall Street,

Lexis-Nexis, Accenture (formerly Andersen Consulting), PurchasePro and Ernst & Young LLP. The

LawCommerce.com Advisory Board consists of leading law firm chairmen, corporate law department

lawyers and well-known private practitioners.

 

CONTACT: 

 

Mason & Madison Public Relations

 

Jennifer Milliken, 203/393-1101

 

jmilliken@masonmadison.com

 

or

 

4SURE.com

 

David Abelman, 203/615-7025

 

dabelman@4sure.com

 

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    Synovus Completes Acquisition of Creative Financial Group

 

 

COLUMBUS, Ga., March 1 /PRNewswire/ -- Synovus Financial Corp. (NYSE: SNV) has completed its

acquisition of Creative Financial Group, Ltd., based in Atlanta, through an exchange of stock. 

The transaction, announced in January, closed on Feb. 28.

 

The units of Creative Financial Group have merged with Synovus Financial Corp. and they will

operate as wholly owned subsidiaries and divisions of Synovus Wealth Management.

 

Synovus Wealth Management, the integrated asset management unit of Synovus Financial Corp.,

serves more than 22,000 customers and holds more than $11 billion in combined assets under

management or administration.  Synovus Financial Corp. is a multi-financial services company

with $14.9 billion in assets based in Columbus, Ga.  Synovus operates 39 banks serving

communities in Georgia, Alabama, Florida and South Carolina; an 80.8-percent share of Total

System Services, Inc. (NYSE: TSS) (www.totalsystem.com ), one of the world's leading providers

of payment services; DotsConnect, which delivers and hosts online credit card management

solutions (www.dotsconnect.com ); Synovus Mortgage Corp.; and Synovus Leasing Services.  Synovus

is No. 8 on FORTUNE magazine's list of "The 100 Best Companies To Work For" in America for 2001.

See Synovus on the web at www.synovus.com .

 

SOURCE  Synovus Financial Corp.

 

CO:  Synovus Financial Corp.; Total System Services, Inc.; Creative Financial      Group, Ltd.

Glenn Miller March 1, 1904