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March 27, 2001
Deadlines Approaching for Spring Leasing Association Conferences
( This is also on line at our web site: http://www.leasingnews.org/list.htm ) all press releases have ############ as header and bottom border
Security Financial to Close San Jose Office, Get out of Leasing Business
Security Financial---This company ended their application business in March, 1998. Ken Studer, veteran of Atlantic Financial, among many other companies, took early retirement, and is about to move to his ten acre ranch in Turlock. Len Sampaio, in the business 35 years, the last 27 with Security, is going to take early retirement and the San Jose office will close. Most of their recent business has been either real estate loans or leases secured with real estate. Security Financial will continue in the real estate loan business from their main office in San Francisco. Correction: It is Homes.com----not home.com Do you realize that your headlines yesterday included a link to www.home.com? This is the @home network. Not bankrupt. You meant to put homes.com.
Doug
Delack
( Story was about homes.com. The headline was a typo. Thank you for pointing this out.editor ) Terminal Marketing
Hearing all kinds of "rumors" from brokers regarding vendors not being paid, while funding source processed the lease, and lessee is making payments to lessor. Some of these companies "cannot" file bankruptcy due to possible fraud, such may the case with Metrolease, among others. These are not just civil matters, but may include Federal law, such as not returning advance rental payments. The Department of Justice is getting very active in this because of all the complaints they have been receiving. editor
PinnLeasing
We reported the action yesterday of what is happening with PinnFund and PinnLeasing. Here is the story that appeared in the San Diego Union-Tribune:
PinnFund's
assets frozen by court here
A federal judge in San Diego froze the assets of Carlsbad's PinnFund USA and its chief executive, Michael J. Fanghella, accused by the Securities and Exchange Commission of an eight-year fraud scheme that raised $276 million and provided $10 million to Fanghella's former girlfriend. U.S. District Judge Marilyn Huff ordered the freeze, along with other steps to prevent hiding funds, after the surprise withdrawal of the lawyer representing both PinnFund and Fanghella. The judge also named former U.S. Attorney Charles La Bella as receiver to oversee PinnFund, a sub-prime mortgage lender, until the extent of the alleged fraud can be determined. La Bella led a U.S. Justice Department probe of 1996 Clinton-Gore fund-raising practices. Meanwhile, stunned PinnFund employees cleaned out their desks and hugged each other in the parking lot of the company's headquarters yesterday morning. PinnFund employed about 200 workers locally and operated about 60 offices in 28 states. "The only thing we were told is nobody knows what's going to happen and there's no pay," said a PinnFund employee who wished to remain unnamed. "This is a good place to work. PinnFund had a good reputation with (mortgage) brokers. It's just unfortunate that other side happened." On Wednesday, the SEC filed civic fraud litigation against PinnFund; Fanghella; Oakland lawyer James L. Hillman; a company Hillman controls, Peregrine Funding Inc.; and other companies controlled by Hillman. According to the SEC, Hillman's companies raised money provided to PinnFund and Fanghella. Investors were promised 17 percent returns. Regulators allege a host of violations, including selling unregistered securities and altering financial reports. At least 166 investors are involved. Bogus reports conceal $95 million in losses by PinnFund and the transfer of $107 million to Fanghella since 1997, the SEC contends. According to regulators, Fanghella spent nearly $10 million on gifts for his ex-girlfriend, Kelly Cook, a former porn star who worked under the name Kelly Jaye. Gifts included at $5.2 million house in Laguna Niguel, cash, jewelry and a piano. Although Cook isn't accused of wrongdoing, the SEC wants the gifts returned. Yesterday, the judge forbid Cook from taking out loans against the house, and from using money obtained by Fanghella for anything besides reasonable living expenses. Cook's lawyer told Bloomberg News that she is entitled to keep the house and other gifts from Fanghella. PinnFund and Fanghella were represented by Los Angeles lawyer Irving Einhorn. He withdrew during a morning conference call, citing conflict of interest. Einhorn appeared to win a victory in court hearings. He convinced Judge Huff that remedies sought by the SEC, such as appointing a receiver and freezing PinnFund's assets, were too severe and would harm PinnFund's business. The judge said she would lift a temporary asset freeze and would appoint a "special master" to investigate PinnFund's business. Afterward, Einhorn said he drove to PinnFund headquarters and met with managers for about 90 minutes. "We discussed what happened, and new information came to light," said Einhorn, who was retained about 10 days ago. "Based on that information, we all agreed that the company had no objections" to the SEC proposed remedies. Huff also ordered Peregrine Funding, Allied Capital Partners, Grafton Partners and Six Sigma LLC to cease fraudulent activities. Another business, an equipment leasing firm called PinnLease USA, is located at the same address as PinnFund. The relationship between the two remains unclear. PinnLease's Web site lists PinnFund as the copyright holder on some of its pages. No one answered calls to PinnLease's toll-free phone number yesterday.
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On Friday, we printed the web sites of PinnLease USA. We are told from brokers that millions of dollars of leases will not get funded, and approvals will not be honored.
http://www.pinnlease.com/contact.html http://www.pinnlease.com/regions.html http://www.pinnlease.com/map.html#top41 Code of Ethics
We are continuing our story about the leasing association standards and code of ethics. Well-known leasing attorney Victor Harris, Esq. will be giving us a synopsis of the United Association of Equipment Leasing procedures.
For the formal procedure at UAEL, please go to: http://www.leasingnews.org/archives/March01/3-26-01a.htm
Make Up Your Mind----Four Leasing Association Conference/Highlights
ELA's National Funding Exhibition 2001 April 18-20, 2001 * Fairmont Hotel * Chicago, IL ELA Member * $475 Non-Member Registration: $750.00 Non-members who have previously attended the Funding Exhibition are not eligible to attend again as a non-member.
In order to appear on the FINAL LIST OF ATTENDEES, you must register by April 12, 2001. Remember: On-line registration is faster!
Hotel Information Fairmont Hotel at Grant Park 200 North Columbus Drive Chicago, IL
Very impressive list of funders, and you can make appointments on line. Do it now, or you will have to make an after hour meeting. This will be a very well attended conference, and all the major players will be here. For the Big Guns.
ELA members only: to learn more, go to:http://www.elaonline.com/events/2001/FundExHome.htm To become a member, go to: http://www.elaonline.com/aboutela/BE_A_MBR.HTM
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It still isn't too late for the Eastern Associaton of Equipment Lessors meeting, now less than a month away.
EAEL Spring Conference 2001 April 26 to the 29th Hyatt Dorado Dorado, Puerto Rico
"Our spring conference is being held at the Hyatt Dorado Beach Resort in Dorado, Puerto Rico from April 26 to the 29. The event kicks off with our golf tournament Thursday, and the opening night is the EAEL Legal Committee Presentation and opening reception. Workshops include an "Historical, Legal and Economical Aspect of Puerto Rico", "The Changing Marketplace", "How to Grow Your Business", "Marketing on the Internet" and "An Additional Income Source for Equipment Lessors Utilizing Your Existing Vendor and Lessee Base", as well as our infamous legal breakfast round tables. Social Activities include a Beach Olympics, Beach Volleyball Competition and Sand Sculpture Contest and Saturday evenings "Island Adventure Party". This is our fourth trip to this venue and we look forward to greeting as many of our friends as possible."
Amfnyc@aol.com Alison Pryor, EAEL Executive Director
The Eastern Association of Equipment Lessors is pleased to offer a variety of events throughout the year, please e-mail info@eael.org or call: (914) 381-5830 for further information.
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Scottsdale, Weather is Great and Golf is Better!!!
May 3-6
If you are a golfer, the Scottsdale United Association of Equipment Leasing Conference is definitely for you. The cost is $695 for a member, and $795 after April 16, plus $100 additional after April 26. Non-members are $775 and $850 for Scottsdale. Weather is great. Course is fantastic. Great leasing agenda, too. Definitely has the most beautiful conference chairman of all the association's conferences this Spring. For more information, go here: http://www.leasingnews.org/archives/March01/3-16-01a.htm
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The Big Easy
May 16-20 Price Break Deadline Coming Up Fast---Get Your Money In!!! Apirl 5 in House
This conference promises to be the group's largest in attendance, and may also have the most in attendance in this time period of all association conferences. The price is the most economical, New Orleans is a fun town, and members are rip-roaring to get together.
National Association of Equipment Leasing Brokers: You may not be able to get into the Hotel Riverside in New Orleans, so you better make a reservation now. Also the broker member price goes up from $395 to $545 after April 5.
Please note that NAELB has a unique policy: Current members of UAEL, EAEL, and ELA pay the same registration fee as members of NAELB, according to the conference brochure.
Do it now!!! so you can also stay at the Riverside Hotel, the site of the convention, walking distance to the Riverboat Casino and the French Quarter.
Here is the Conference brochure and registration. http://www.leasingnews.org/archives/March01/3-13-01a.htm
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Great Golf and Friendship
Mid-America Association of Equiment Lessors
May 19-20 3rd Annual MAEL Warm Up Golf Weekend [ MAEL ]
Location : Ruffled Feathers & Course at Aberdeen
The 3rd Annual MAEL Warm Up Golf Weekend features tee times at: Ruffled Feathers in Lemont, IL on Saturday, May 19 (arrive by 10am) The Course at Aberdeen in Valparaiso, IN on Saturday, May 20 (arrive by 10:30am). Prices are per day, per person, and include transportation. Ruffled Feathers $150 for member co. attendees $200 for non-member co. attendees** The Course at Aberdeen $150 for member co. attendees $200 for non-member co. attendees** Register for the 3rd Annual MAEL Warm Up Golf Weekend by April 10th to reserve your space! go here: http://www.mael.org/events/default.asp?mth=May
They also have a May 21st Meet, too.
This is the smallest of all the associations, but also has the tightest relationship and similar attitude. They are a "family." The Leasing News List is available and kept up to date on our web site. http://www.leasingnews.org/list.htm
Since it is so long, we try and not send it out more than once a week.
91 changes
Security Financial, San Jose, CA ( 3/2001)---This company ended their application business in March, 1998. Ken Studer, veteran of Atlantic Financial, among many other companies, took early retireement, and is about to move to his ten acre ranch in Turlock. Len Sampaio, in the business 35 years, the last 27 with Security, is going to take early reti rement and the San Jose office will close. Most of their recent business has been either real estate loans or leases secured with real estate. Security Financial will continue in the real estate loan business from their main office in San Francisco. PinnLeasingUSA (3/2001) Judge freezes assets after PinnUSA attorney withdraws from the case ( guess is knowledge of fraud ) (3/2001) Parent company PinnFund USA accused of $100 million fraud,millions of dollars in leasing may not get funded, reads like a true tabloid story, including $27,000 restaurant dinner,and millions to his "porn star" girlfriend and divorce hearing brought out the charges of misuse of $80 million dollars. Center Capital (3/2001) acquired by Webster Bank, Farmington, Conn. Center Capital finances commercial and industrial equipment through installment sales and leasing programs to customers in all 50 states. The firm employs a staff of 60 and will continue to operate under the center Capital name. Safeco, Seattle, Wash. (3/2001) announces they are seeking a buyer for its commercial credit and leasing subsidiary, Safeco Credit. CIT (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. FlexLeasing ( a subsidiary of Griffin and Associates),Albuquerque, New Mexico (3/2001 ) closing office, to merge with another company, "announcement soon," say Chuck Griffin. United Capital, Austin Texas ( 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." Terminal Marketing, NY,NY (3/2001) Brokers report deals not being funded, commissions not paid, appears out of money. U.S.Capital, Santa Barbara, Ca. (3/2001) Many brokers, super brokers, discounters left hold the bag, report they are filing bk Finova (3/2001) files Chap. 11 as per plan, many disputes, Finova Former CEO May Get $9.3 Million in Severance, says Arizona Republic Newspaper (3/2001) Dow Jones questions take over plans (2/2001) Finova Bailed Out by Buffett-Led Group , Berkshire Hathaway and Leucadia National announced that they have entered into an agreement for a $6 billion loan to Finova Capital , however to clear up creditor issues, will have to file Chapter 7 and hope creditors don't push into Chapter 11, many guess stock manipulations and other "doings" going on. ( 2/2001) downgraded to "C" rating by Fitch "With significant debt maturities due in May 2001 and Leucadia National Corp's $350 million investment withdrawn, Finova's ability to operate as a going concern faces serious challenges."(1/2001) Deal of Leucadia National to Invest $350 Million in Finova falls apart 1/2001 laid off 90 employees, or about 9 percent of its workforce, in an ongoing effort to cut costs. The company continues to employ about 300 people in Phoenix and 940 nationwide. (12/2000) out of market place, many problems, raises $250 MM, but not enough ) (11/2000 Announces they will discontinue business, sell units 11/2000 Suspends Dividend 11/2000 Leucadia National to Invest $350 Million in Finova 11/2000 reports $274 million loss)( 10/2000 Dow Jones notes stock falling and problems at Finova) (10/2000 Dow Jones headlines "Finova Stock Falls As Buyout Hopes Wanes. SierraCities (3/2001) Sierra Cities-Amex Merger Gets Green Light (2/2001) offer by American Express for $5.68 per share in cash. We predicted this last week, naming the company and floor price. American Express active in equipment leasing, likes what it sees, and Sierra Cities is the vehicle, not Advanta or others that it has viewed to purchase. (1/2001 VerticalNet Merger falls apart (1/16/01) Sells Off UK Assets, (7/2000_ 2nd quarter loss, see report http://www.leasingnews.org/articles.doc/newsletter3.htm Manifest Group-( 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. Preferred Capital ( 3/2001) Rumor close to sell to Capital Werks, and will become Preferred Leasing, a Capital Werks Company, this month (2/2001) internal memo about training by company about to take over, supposedly there for several months, "training" employees (01/2000 Mark Seif confirms for sale; will make no further comments (12/2000) Company reportedly on the block "one the block." ( 11/2000). David Murray left 11/7 "didn't like letting his friends go." LeaseExchange.com (3/2001) Tom Williams to give it a 90 day trial run, also trying to raise money (2/2001) reported on "auto- pilot" ( 1/2001) Closes Irving office, cuts staff Studebaker Worthington Leasing ( 2/2001) sold to State Bancorp Efinanceworks (2/2001) lays off 27 employees, says will return $150 million to investors, and is shutting down. eLease ( 2/2001 )employees Let Go, Prime Street is "History." (12/2000) purchase by Primestreet (June/July/2000)senior management changes ) Keystone Leasing (2/2001 ) the former management team of K.L.C., Inc. (dba Keystone Leasing), headed by its co-founder Alan Kaufman, formerly a Unicapital, has formed a new equipment leasing business, Keystone Equipment Finance based in West Hartford, CT. Saddleback Financial ( 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. Lyon Credit (2/2001 ) founder John Bowes leaves , the company still is seeking new business, despite reports to the contrary ( 10/2000 ) operating as United Capital, a Division of Hudson United Bank, closes Dallas, Texas office (6/2000) closes Atlanta and Irvine, Calif. office (9/99 Hudson United Bancorp buys Lyon Credit Bayview Capital ( 2/2001) reports fourth quarter 2000 net loss of $92.5 million ( 12/2000 announces $17 million loss/later does not issue dividend ) U.S. Mellon, San Francisco (2/2001) Brian Madison Leaving, reportedly U.S.Mellon for sale Dana (2/2001) reports huge 4th quarter loss ( 7/2000 sold off portfolio, active as captive lessor ) (2/2001 posts a fourth-quarter net loss, eliminates 10,000 jobs ( 7/2000 sold off portfolio, active as captive lessor ) Comstock Leasing (2/2001) files bankruptcy ( 3/2000) Unicapital then Linc purchased Comstock and discontinued operation this date ) El Camino Leasing, Woodland Hills, California ( 2/2001 ) GATX announces purchase of portfolio, making ATEL Capital largest independent owned leasing company in the world (1/2001) ( 1/2001 reportedly winding down, sold portfolio, selling partner relationships, selling off all assets (10/2000 No longer taking broker business 11/2000 struggling to stay in leasing business, according to insider reports Old Kent (2/2001) Closes door to new broker business Source Capital, Spokane, Washington, (2/2001) Issues $.22 per share cash dividend, $1 million net income, 4% decrease from previous year. ( 11/2000 ) ceases accepting broker applications PLM International (2/2001 )MILPI Acquisition Corp completes cash offer for outstanding stock Colonial Pacific (2/2001)Colonial Closes former "Tilden Operation" in New York and Anaheim, rumors floating to surface: GE/CPL will leave small ticket broker marketplace ( 5/2000) no more rebrokered applications, except from one or two sources, such as Steve Dunham's Leasing Associates (11/98) purchased by GE Capital ) Linc Capital (2/2000 creditors file for Chapter 7 (9/2000 out of vendor and broker business, Nasdaq halts stock sales, $13.4 loss last quarter, 10/2000 assets for sale ) Orix ( 2/2001) Closes re-discount center, Steve Geller says "goodbye." Geller joins Leasing News Advisory Board, receives many accolades from readers ( 11/10) First Six Month Profits up 14% at Orix! ) 11/8 New President at Orix appointed . (10/2000) "long-term Outlook has been revised from Stable to Negative" Credit Alliance that it has changed its name to ORIX Financial Services, 9/2000 Japanese Bank President Commits Suicide (Orix is a 14.7% shareholder in bank having problems ), (8/2000 closes small ticket vendor division in\ Portland, Oregon, "Business as usual (in New Jersey and with brokers)," says Steve Geller) Affiliated Corporate Services, Lewisville, Texas (1/2001) Merges with First Commerce Leasing Advanta Leasing (1/2001 Advanta ceases leasing business announcement 1/2001 Chris Ciarrocchi says "goodbye" Mortgage Division sold, re-affirms Leasing Division still for sale, former prez now at eOriginals,others let go like Kaye Lee.) (9/2000) for sale. NationsCredit, Business Leasing Group (1/2001) complaints from brokers regarding getting information for NationsCredit and GrayRock Capital on FMV, payoffs, residuals from Textron who is servicing the portfolio )(1/29/99) sold to Textron *** Textron does "broker business." Saddleback Financial ( 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." First Commercial Capital Corp ( 1/2001 to be acquired by TCF Leasing ) First International Bancorp ( 1/2001 ) to be acquired by UPS Capital First State Bancorp, Albuquerque, N.M ( 3/2000 sold leasing division-$64 million---) BSB Leasing ( 1/2001 Don Meyerson bought back the company and they are back in business at 303-329-09227. Official announcement to be made soon. They are notifying brokers to start sending them business again. 12/2000 Don Meyerson says to be "re-born"11/2000 closed to accepting new business.) Affinity Leasing, Washington ( 12/2000 to close and concentrate on Financial Pacific biz ) Banc One Leasing ( 12/2000 Lays Off 60, Closes 5 offices ) Bombardier ( 12/2000 reported having leasing problems, not confirmed, company strong in other divisions, but appears backing out of leasing division ) Capital Associates, Denver, Colorado ( 12/2000 no longer doing business, filing bk? ) Conseco Finance Vendor Service ( 12/2000 purchased by Wells Fargo Leasing). DVI Capital (12/2000 out of broker ) Finantra (11/2000 will eliminate its commercial finance operations in order to focus on its two core finance platforms, consumer finance and services and consumer mortgage lending. ) Dennis Horner (12/2000)acquired by Sandy Spring National Bank, a subsidiary of Olney, MD-based Sandy Spring Bancorp. The Equipment Leasing Company was a unit of Progress Financial of Blue Bell, PA. Metwest Leasing, Spokane Wa. (11/2000 is pulling the plug, confirmed by five sources. 9/2000 advising brokers that they have run out of funds so they are unable to fund a transaction we have there for funding.) Newcourt ( 8/2000 sold off ) Old Kent Financial ,Grand Rapids, Michigan ( 11/2000 Fifth Third Bank, Cincinnati, Ohio announces acquirement, to close second quarter 2001-Gateway Leasing sold to Old Kent in 1997, small ticket leasing specialists ) Resource Leasing, Herndon, Virginia ( 11/2000 MicroFinancial/Leasecomm acquires major portion of the assets.) Signature Leasing, Dublin, California ( 11/2000 no longer in small ticket marketplace; appears to have closed down ). Transamerica ( 11/2000 for sale, but no buyers, so taken off marketplace, no longer for sale ) Varilease ( 11/2000 closed down ) Copelco (10/2000 ceases broker business, many complaints in manner turning off faucet 5/2000 sold to Citibank 10/2000 stock down rated/ ) Matsco Financial (10/2000 purchased by Greater Bay Bank ) T&W, Washington (10/2000 filed Chapter 11. Creditors meeting on 12-4-00 Seattle. Case # 00-10868 US Bankruptcy Court Western District of Wash. 206-553-7545. Debtor Attorney-Marc Barreca 206-623-7580) Balboa Capital ( 9/2000 Founder Pat Byrne "...office available any time he wants to use it" Reported he is no longer "in control" or working "full time" at Balboa, the company he started). Liberty Leasing, Des Moines, Iowa ( 10/2000 closed, selling portfolio, owned by Commercial Federal Bank, Omaha, Nebraska ) Leasing Solutions, San Jose ( bankrupt )(9/2000) Files BK (10/1998 stock loses more than 50% of value in a single day with announcement that auditors were forcing LS to write down the residual values of a small portion of equipment returned for remarketing. After a long stream of announcements of ongoing negotiations, forbearance periods, the establishment of an internet strategy (yes, the lenders let them use cash for that rather than apply it against borrowings!) Bay View Commercial Corporation (Bay View Bank) 9/2000 discontinuing all franchise loan and lease production Charter Financial ( purchased by Wells Fargo 9/5/2000 ) Onset Capital ( 9/2000 Irwin buys 87% equity ) Republic Leasing, South Carolina 9/27/2000 ( "The expected result will be a sale of Republic Leasing"---Dwight Galloway. He adds, "We have always been for sale for the right price, but in thirteen years we have not sold off any leases or gone direct after broker's business, ever." ) SFC Capital ( 9/15/2000 purchased by Trinity Capital ) Lease Acceptance Corp---( 7/26/2000 ceases broker business ) New England Capital ( 6/2000 sold to Network Capital Alliance a division of Sovereign Bank. Sovereign did hire two people who will run a sales office in CT, doing basically the same deals with the same people as before. Little will change in that aspect. Prime Capital, Chicago (6/2000 closed ) Scripp Financial ( 6/29/2000 ( purchased by US Bancorp ) Metrolease--( 5/2000 reports closing operation, John Blazek at Evergreen Leasing, Hathcock losing assets, will not confirm nor deny; many serious rumors of serious fraud floating around the marketplace, including debt to Textron Financial, reported to file bk.) Phoenix ( 5/2000 both divisions closed ) FMA Financial, California ( 4/2000 reportedly closed to brokers ) USA Capital Leasing ( 5,2000 ) creditors force Chapter 7 ( 4,2000 ) file chapter 11 bk Fidelity ( 4/2000 acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V., headquartered in the Netherlands, raising funds ) NIA National Leasing ( 3/2000 purchased by Lakeland Bancorp ) Franklin Leasing, Des Moines, Iowa--owned by Liberty Bank-- (2/2000)-no longer writing leases ( limited by regulations and leases are for sale ). Bankvest (1/2000)bankrupt, voluntary (11/99) Orix, smaller banks, creditors file for involuntary bankruptcy against Bankvest (10/99) ceases new business ( 8/99 )Fleet pulls their lines. Commerce Security ( 9/99 closed to leasing broker program)(11/99 last fundings/ 12/2000 Leasing News gives credit to Ron Wagner as the first to see the quality and margins of leasing changing, decides to avoid what was to happen in the year 2000). Franchise Mortgage Acceptance Corporation (FMAC) 11/1999 purchased Heller Financial's Commercial Services Unit ( 10/99 purchased by CIT ) Japan Leasing Credit claims ( JLC --6/99 purchased by Orix ) Liberty Leasing ( 6/1999 closed, California company ) Golden Gate Funding ( 2/99) purchased by Westover Financial Rockford Industries (2/99) sold to American Express
no dates on these changes: anyone can help us with dates, would be appreciated. editor
American Business Leasing ( gone ) The Bancorp Group, Inc. (Southfield, MI) (Not accepting news business. The BOD of the parent bank is assessing what to do with the leasing subsidiary.....currently servicing portfolio but not originating. no longer in business ) Imperial Credit Industries (ICII) ( sold portfolio ) Merit Leasing ( gone ) Prime Leasing, Minnesota ( no longer doing business )
***Original Purchases by Date by Unicapital American Capital Resources 2/98 Boulder Capital Group 2/98 Cauff, Lippman Aviation 2/98 Jacom Computer Services 2/98 Matrix Funding 2/98 Merrimac Financial Associates 2/98 MunicipalCapital Markets Group 2/98 The NSJ Group 2/98 PortfolioFinancial Servicing 2/98 --acquires assets of Unicapital Vanlease 2/98 The Walden Group 2/98 K.L.C., Inc. dba Keystone Leasing 5/98 back in business Jumbo Jet 7/98 HLC Financial 7/98 Saddleback Financial Corporation 7/98 ---back in business U.S. Turbine Engine Corp. 7/98 The Myerson Companies dba BSB Leasing 9/98 --- back in business under original owner now: Don Meyerson
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