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Kit Menkin’s Leasing News Friday, March 15, 2002 www.leasingnews.org Independent, unbiased and fair news about the Leasing Industry -------------------------------------------------------------------------- Headlines---- Inter-Association Committee Tyco/CIT Merrilees Replaced at Textron MAEL Golf Tournament *** HSBC
to Sell Finance Division Ofek Capital Retains Three Firms Streamlined Tax Project *** Merrilees invited as Guest by
Clyde D. Cady, Facility Capital
### Denotes Press Release
Inter-Association Committee United Association of Equipment Leasing will have two representatives at the meeting in Orlando, April 11th with the National Association of Equipment Leasing Brokers and any other attendee. As the 2002 UAEL President I will be attending with Current UAEL Board Member Terey Jennings, CLP. Terey and I look forward to an enlightening meeting.
Bob Fisher, CLP UAEL President _________________________________________________________ Tyco/Cit The Stanford Business School, Harvard Business School, and others
will have courses on how Tyco fouled up the sale of this magnificent
company. CEO Dennis Kozlowsk should be outraged at his staff. Enough said, right? ____________________________________________________________ ############# ###################################### Merrilees Replaced at Textron Well,
it appears Jim Merrilees has been replaced at Textron, at least that’s
what they believe. In a major
move, Peter N. James group president of its Captive Finance group,”
a business unit dedicated to financing the sales of certain products
manufactured by Textron companies.” The
press release states, “ James will have functional responsibility
over captive finance activities for Textron in order to ensure the
use of common processes, systems, and policies related to captive
finance across all of Textron. James will be based in Providence,
Rhode Island and will report directly to Steve Giliotti, Textron Financial's
chairman and CEO Merrileess
can’t be replaced, but Textron is trying. Leasing News wishes Textron
the best of luck, but next time, stick to leasing golf carts. MAEL 18th Annual Golf
Invitational and 4th Annual Warm Up Golf Weekend
(Merrilees invited as Guest by Clyde D. Cady,
Facility Capital )
May 20th
The
MidAmerica Association of Equipment Lessors (“MAEL”), Equipment Leasing
Association’s largest regional affiliate, will be hosting it’s
18th Annual Golf Invitational on May 20, 2002 at Harborside International
Golf Center in Chicago, Illinois. Harborside is crafted in the links
tradition of treeless, windswept English, Scottish and Irish seaside
courses and is located 16 minutes south of the loop. With two championship
courses reserved at Harborside, there is space for 320 golfers. The
“storm-proof” lakeside clubhouse can accommodate up to 400
people for the reception and dinner. We expect participation this
year to be at capacity, which is up from last year’s 254 golfers
and 290 for dinner and reception. Our after dinner speaker will be
announced in the very near future. The
MAEL Invitational will be preceded by the 4th Annual Warm Up Golf
Weekend with mid-day tee times reserved on May 18th at Ruffled Feathers
Golf Club in Lemont, IL and on May 19th at The Course at Aberdeen
in Valparaiso, IN. Sponsorship opportunities are available for all
events. Arrive on Friday the 17th or Saturday the 18th, enjoy two
or three great rounds of golf and plan your Year 2002 Chicago business
appointments for the 21st and/or 22nd. Reserve your place today to
participate in our industry’s largest golf related networking
opportunity. Hotel accommodations have been blocked for your convenience
at Holiday Inn Chicago Mart Plaza, 30 North Orleans Street, Chicago,
Illinois 60654 (312) 836-5000 (reservations should be made prior to
April 1st). During the day, non-golfing companions/spouses can sample
Chicago’s fine cultural and shopping environment and evenings
are free for entertaining and socializing. Register on-line @ www.mael.org
or e-mail events@mael.org for further information. __________________________________________________________________ HSBC to Sell Finance Division business
for increase yield, HSBC Bank USA http://banking.us.hsbc.com/ is putting
its Buffalo-based equipment finance division up for sale. Looking
at this more closely, HSBC was off the main tangent, according to
their website:
In case you were visiting Mars yesterday: WASHINGTON (AP) A federal grand jury on Thursday indicted the Arthur Andersen accounting firm in the Enron Corp. scandal, the first criminal charges in the nation's biggest bankruptcy ### ######################### ######################### Ofek
Capital Retains Three Firms To Act As Financial, Investor and Public
Relations Advisors TORONTO--(
--Ofek Capital Corp. (Pink
Sheets:OFCC) announces an aggressive new phase in their
corporate development. By engaging a group of highly effective
firms as strategic advisors, OFCC expects to complete
the execution of its business plan. Blue
Merlin, Inc. of Davie Florida, Pentium Financial Group, Inc. of Jerusalem,
Israel, and Emerson Gerard Associates of Boynton Beach Florida will
act on behalf of OFCC as financial consultants regarding funding and
financing, arrangers of strategic alliances, advice with respect to
investor relations, and public relations and shareholder awareness
issues. Mr.
Shalom Romm, CEO and Chairman of Ofek Capital notes, "Retaining
these firms and having them perform well for us, as they have done
for so many others, allows Ofek to move towards the market dominance
we planned. There are enormous growth opportunities in the sub prime
market and Ofek is poised to assume a leadership role." About
Ofek Capital Ofek
Capital is a North American financial services company that operates
within the sub prime lending and financing market. Ofek has identified
the sub prime market as the most lucrative niche in the financial
services industry. Ofek
Capital is currently trading on the Pinksheets under the symbol OFCC.
Ofek Capital has retained the New York City law firm of Mintz &
Fraade, P.C., and the Toronto accounting firm of Solursh Feldman and
Partners, LLP. and is working closely with them to prepare a registration
statement and documents necessary to become listed on the OTC Bulletin
Board. Ofek
Capital has four subsidiaries: AJM Leasing, AmeriCan Factoring, Mortgage
Bankers of North America, and SecondaryMarkets.com. -
Ofek leases used cars through its Ontario subsidiary, AJM Leasing.
-
AmeriCan Factoring expects to offer factoring and asset based lending
in Canada and the U.S. -
Mortgage Bankers of North America, a California subsidiary, will soon
offer traditional mortgage banking services in 24 states. -
SecondaryMarkets, California based, is developing a proprietary, patent
pending, automated submission and lending approval software system.
It will be state of the art and capable of generating immediate loan
approval from multiple loan providers http://www.OfekCapital.com This
release contains forward-looking statements within the meaning of
Section 21E of the Securities and Exchange Act of 1934, which reflect
management's expectations regarding Ofek's future growth, results
of operations, performance and business prospects and opportunities.
These statements reflect management's current beliefs and are based
on information currently available to management. Forward-looking
statements involve significant risks, uncertainties and assumptions.
A number of factors could cause actual results, performance or achievements
to differ materially from the results discussed or implied in the
forward-looking statements. CONTACT: Emerson
Gerard Associates, Boynton Beach, Fla. Jerry
Jennings, 561/964-3124 603/806-8508
(fax) mediareply@egaplus.com ### ######################################## Yes You Can! Come to Orlando April 11 - 14, 2002 at the Caribe Royale and hear "A Lender's View" of what makes a good broker. A panel of well-known Lenders Jerry Bishop - First Federal Leasing, Dwight Galloway, CLP – Republic Leasing, and will provide their candid prospective of the major characteristics and traits that make up a successful lender Tammy Henry TammyH@clemonsmgmt.com (Bishop will also be at the UAEL Las Vegas conference. They say he is a “dealin’ man.” editor ) ------------------------------------------------------------------------------------------ A Day In History Yesterday---Batman Premiers on TV In regards to Batman-Don't forget Victor Buono as King Tut! Gary Trebels GTREBELS@IFCCREDIT.COM Ah Batman! You neglected to mention Eli Wallach as another version of Mr. Freeze and "?" as False Face, Leslie Gore as Cat Woman's sidekick that had a crush on Robin and of course Nelson Riddle (of Frank Sinatra fame) doing the theme. Frank Latourell fml@ravefinancial.com ( Argh!!! I will add them to the list. I see it was one of your favorite shows, too. editor ). -------------------------------------------------------------------------- March 19, 2002 ELA Metro Co-Sponsored with EAEL The Ashford Club, Atlanta, Atlanta, GA http://www.elaonline.com/events/2002/metros/ March 21, 2002 ELA Metro: Fraud Co-Sponsored with UAEL - How do we Identify and Control? Hyatt Regency San Francisco, San Francisco, CA http://www.elaonline.com/events/2002/metros/Attached is an updated http://www.leasingnews.org/PDFFiles/SanFran.pdf From the Equipment Leasing Association Thursday Newsletter The ELA National Funding Exhibition April 22-24 at Chicago's Fairmont Hotel The unique, dynamic forum puts leasing companies and funding sources together for no other reason than to do business. The Exhibition is fast approaching. Make sure you're there and prepared. LESSORS-Don't miss this unparalleled opportunity to access dozens of active leasing industry funding sources. Register ONLINE today, and immediately begin scheduling meetings with exhibitors! Go to: http://www.elaonline.com/events/2002/fundingexhib/FundExHome.cfm Proactive or Reactive? Where is Your Company on the Spectrum? ****************************** Will you be proactive this year and participate in the public policy process by meeting with members of Congress to help to shape legislation that will impact your company? Or, after Congress passes legislation that may regulate your business practices and earning potential without hearing from you, will you be reactive, and try to adjust? The following list of ELA member companies and their representatives are PROACTIVE. They will be participating in ELA's Capitol Hill Day program, which facilitates meetings with members of Congress on the Equipment Leasing and Finance industry's issues. Company Representative ACCRUIT fka E-LKE, LLC Mr. Dan Morgan AMERICAN APPRAISAL ASSOCIATES, INC. Mr. Kenneth P. Kramer AMERICORP FINANCIAL, INC. Mr. Alan N. Frankel AMSOUTH LEASING CORPORATION Mr. Bryan R. Grantham AMSOUTH LEASING CORPORATION Mr. Charles F. Kiser BNY CAPITAL FUNDING LLC Mr. John A. DeRosa BNY CAPITAL FUNDING LLC Mr. H. Stephen Griffith BNY CAPITAL FUNDING LLC Mr. Michael J. Hankey BNY CAPITAL FUNDING LLC Mr. Dennis P. Neumann BRANDYWINE CAPITAL ASSOCIATES, INC. Ms. Valerie H. Jester CATERPILLAR FINANCIAL SERVICES CORPORATION Mr. James S. Beard CATERPILLAR FINANCIAL SERVICES CORPORATION Mr. Paul J. Gaeto CITICAPITAL Mr. C. Daniel Clark CITICAPITAL Mr. Robert G. Cook CITICAPITAL Mr. Richard V. Schmelz CNH CAPITAL, INC. Mr. Cramer H. Owen DYKEMA & GOSSETT PLLC Mr. Edward A. Groobert EDWIN E. HUDDLESON, III Mr. Edwin E. Huddleson, III EPLUS GROUP, INC. Mr. Phillip G. Norton EXECUTIVECALIBER - GLOBAL LEASE TRAINING Mr. Jeffrey Taylor FIFTH THIRD LEASING COMPANY Mr. Douglas H. Lusco FIRST PORTLAND CORP. dba FirstCorp Mr. James K. Merrilees FLEET CAPITAL LEASING Mr. John Fisher FLEET CAPITAL LEASING Ms. Shari Leigh Gordon FLEET CAPITAL LEASING Mr. Richard L. Specker FLEET CAPITAL LEASING Mr. C. Scott Stevenson FLEET CAPITAL LEASING Mr. Craig A. Zimmerman FRANDZEL ROBINS BLOOM & CSATO Mr. Andrew K. Alper GATX CAPITAL Mr. Curt F. Glenn GE CAPITAL MARKETS SERVICES, INC. Mr. Kenneth E. Lindholm INFORMATION LEASING CORPORATION Mr. Robert J. Rinaldi IRWIN BUSINESS FINANCE CORPORATION Mr. Michael E. Taft KEY EQUIPMENT FINANCE Ms. Jeanne L. Early KEY EQUIPMENT FINANCE Mr. Paul A. Larkins KEY EQUIPMENT FINANCE Mr. Richard J. Remiker KEY EQUIPMENT FINANCE Mr. Kenneth A. Turner KING & SPALDING Mr. Philip H. Spector KROPSCHOT FINANCIAL SERVICES Mr. James R. Billings LASALLE NATIONAL LEASING CORPORATION Mr. Edward A. Dahlka, Jr. LFC, INC. Mr. Peter H. Sutherland LOMBARD US EQUIPMENT FINANCE, A MEMBER OF THE ROYAL BANK OF SCOTLAND GROUP Mr. Laird M. Boulden MATSCO FINANCIAL CORPORATION Mr. Matthew D. Shieman MCCUE SYSTEMS, INC. Mr. John McCue, III OBER, KALER, GRIMES & SHRIVER Mr. Edward K. Gross, Esq. RESIDCO Mr. Vincent A. Kolber SOMERSET CAPITAL GROUP, LTD. Mr. Pedro E. Wasmer SOUTHTRUST BANK Mr. H. Lamar Myers SUNTRUST LEASING CORPORATION Mr. John H. Beville SUNTRUST LEASING CORPORATION Mr. Daniel E. McKew SUNTRUST LEASING CORPORATION Mr. Michael J. Powers THE ALTA GROUP Mr. Jonathan L. Fales UPS CAPITAL CORPORATION Mr. Rodney W. Darensbourg All you REACTIVE companies out there know who you are‹-But It's NOT TOO LATE! Follow this link for more information on Capitol Hill Day and to register on-line Today: http://www.elaonline.com/events/2002/capthillday Note: The more representatives attending from your company the better represented you, your company, and the equipment leasing and finance industry will be. "If men and women of capacity refuse to take part in politics and government, they condemn themselves, as well as the people, to the punishment of living under bad government." - U.S. Senator Sam Ervin ------------------------------------------------------------------------------- Streamlined Sales Tax Project The next meeting of the Streamlined Sales Tax Project and of the Sales Tax Simplification Implementing States will be held on hursday through Saturday, March 14-16, 2002 in Dallas, Texas. The Streamlined Sales Tax Project (SSTP) meeting will begin at 8:30 am on Thursday and conclude at 1:00 pm on Friday. The session will focus on continuing work on various projects now underway, including definitions, uniform forms and other issues as well as continued development of relevant issue papers. A more complete agenda will be available soon. Delegates to the Sales Tax Simplification Implementing States will meet beginning at 2:00 pm on Friday, March 15 and conclude by mid-afternoon, Saturday, March 16, 2002. The session will be devoted to a continuing review of the issues in enveloping an interstate sales tax agreement, with a focus on issues related to developing a common definition of food. Both of these meetings will be held at the Le Meridien Hotel located at 650 North Pearl Street, Dallas, Texas. A block of rooms has been set-aside at the hotel. To make your reservations, call 214/979-9000 and ask for the Federation of Tax administrators Streamlined Sales Tax room block. The rate is $89 single/$109 double per night plus tax (currently 15 percent). The cut-off date for making reservations is February 18, 2002. Rooms have been blocked for Wednesday through Saturday evening. There will be a registration fee for each of these meetings. The fee for the Streamlined Sales Tax Project meeting is $175; the fee includes a continental breakfast and lunch on both Thursday and Friday. Breaks will also be provided. The fee for the Implementing States meeting is $150; the fee includes lunch on Friday, and a continental breakfast and lunch on Saturday. Breaks will also be provided. Persons attending both meetings are required to pay a fee of $300. You are encouraged to register (and pay if you wish) online at <http://www.taxexchange.org/meet/0302sales.taf>. Registration form for the Streamlined Sales Tax Project and of the Sales Tax Simplification Implementing States to be held on Thursday through Saturday, March 14-16, in Dallas, Texas. If at all possible, you are encouraged to register (and pay if you wish) online at <http://www.taxexchange.org/meet/0302sales.taf Dennis Brown DBROWN@ELAMAIL.COM ________________________________________________________________ Policy Statement Policy Statement---Nothing is sent out that is not "fair." Always unbiased reporting. Fairness always. If it is questionable, we will ask the writer's permission to quote them. We will print information without attribution, but feel as long as we do not name the person who sent it, we can use the information. Any information we think is suspicious, we try to have if substantiated first by at least two reliable people. We will not purposely send out "negative" news. We prefer "positive" news. We have no "axe" to grind or are not paid or seek or accept any remuneration for product or promotion. We do not Spam anyone. To be added to the mailing list, you must request it. 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