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Kit
Menkin’s Leasing News
Thursday, March 21, 2002 www.leasingnews.org
Independent,
unbiased and fair news about the Leasing Industry --------------------------------------------------------------------------
Headlines---- William Purcell to Lead U.S. Bancorp Equipment Finance Hibernia Rolls Out Small-Business Equipment Leasing Program GE not interested in CIT, contrary to reports- spokesman (BS) NAELB---Ahead of the Pack Experienced Sales Professionals Never had it So Good? Jim Merrilees Golf Handicap Randy S. Cameron Joines Sentry Financial Wells Fargo- “...pretty nice chunk of change for the ranks!” Streamlined Sales Tax Report—Dennis Brown, ELA “Leasing for Dummies”—David G. Meyer ### Denotes Press Release __________________________________________________________ Please send to a colleague, as we are trying to build our readership. We find people jobs, tell the truth, give you the inside news, not the press release spin on half-truths, mis-truths, and just plain mis-information. editor __________________________________________________________________ #### ############################### ####################### William Purcell to Lead U.S. Bancorp Equipment Finance
PORTLAND, Ore--U.S. Bancorp (NYSE:USB) today announced that William Purcell has been named president and CEO of U.S. Bancorp Equipment Finance, following the retirement of the company's current president and CEO, Chuck Langer. The Equipment Finance and Leasing Group, based in Portland, is part of U.S. Bancorp's corporate banking department. Purcell will report to Joseph Hasten, vice chairman of U.S. Bancorp. In his new position, Purcell will be responsible for leading all operations of U.S. Bancorp Equipment Finance, which is comprised of six business units, including the Capital Equipment Group, Business Equipment Finance Group, U.S. Bancorp Oliver-Allen, Machine Tool Finance Group, Vendor Finance Group and Syndications Group. "I am delighted to have Bill assume these wider responsibilities over a critical business that serves so many of our customers across the country. Given his deep experience in this industry and within U.S.Bancorp's leasing business, I am sure he can lead it to even greater success," said Hasten. "Bill has worked with Chuck Langer for years and shares his view of the importance of this business and its healthy prospects." A native of southern Calif., Purcell has over 23 years of experience in finance and leasing. Prior to joining U.S. Bancorp, he held finance and marketing positions at Community Bank and Liberty National Bank in southern California. In 1984, he joined Machine Tool Finance Corporation of Bridgewater, N.J., which was acquired by U.S. Bancorp in 1990 and renamed Machine Tool Finance Group. He has held positions as regional manager, national sales manager, executive vice president and president of middle market leasing at U.S. Bancorp Equipment Finance. U.S. Bancorp Equipment Finance has assets of over $7.5 billion and offices across the country. It is the 5th-largest bank leasing company in the United States, and is a major national funding source for companies in nearly every market sector. Transactions range in size from $5,000 to $50,000,000 and up. Products range from traditional loans to a variety of lease-oriented financing. U.S. Bancorp Equipment Finance offers creative solutions for customers who are interested in the financing of capital equipment, while maintaining the highest standards of customer service. For more information about U.S. Bancorp Equipment Finance, visit www.usbank.com/leasing. Minneapolis-based U.S. Bancorp, with assets in excess of $171 billion, is the 8th largest financial services holding company in the United States. The company operates 2,147 banking offices and 4,904 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of Firstar Bank and U.S. Bank. Visit U.S. Bancorp on the web at www.usbank.com and Firstar Bank at www.firstar.com. CONTACT: U.S. Bancorp Jennifer Wendt, 612/973-1151 jennifer.wendt@usbank.com #### ############################ ######################### Hibernia Rolls Out Small-Business Equipment Leasing Program; Small Businesses Get Answers Within Four Hours, Funding by the Next Day
NEW ORLEANS)-- --Hibernia National Bank (NYSE:HIB) announced a new small-business equipment leasing product that promises to deliver answers in four hours or less and funding of approved leases by the next business day. "We developed the improved Hibernia Small Business Leasing product after recognizing that small-business owners need much-faster turnaround when they identify equipment-leasing needs," said Chris Bucher, senior vice president and manager of the bank's Commercial Leasing Department. Bucher said 85% of small-business owners lease equipment for their companies. "We know their time is extremely valuable and want to make the equipment-leasing process as efficient as possible," he continued. "We also believe the new product is so attractive that it will help us increase our share of this growing market in Louisiana and Texas." Bucher pointed out there are more than 300,000 small businesses in the Gulf South area served by Hibernia. "That's a large market we believe is under-served," he said. Bucher noted that small businesses most likely to lease include law firms, printing companies, medical clinics, automotive stores and small manufacturers. The most popular types of leased equipment include computer and phone systems, as well as medical and manufacturing equipment. The Hibernia Small Business Leasing program offers a variety of equipment leases up to $100,000, subject to normal credit qualifications. "Small businesses increasingly are realizing the value of leasing instead of securing a loan to fund their equipment needs," said Bucher. He noted that the advantages of leasing include cash-flow preservation through 100% financing, potential deduction of payments instead of interest and depreciation for income-tax reporting, and increased flexibility in the terms and types of equipment that can be financed. Small-business owners can receive additional information, and apply for equipment-lease funding, by calling 877/866-6650 toll free. Hibernia National Bank is the principal subsidiary of Hibernia Corporation, a Forbes 500 company. It has $16.6 billion in assets and 258 locations in 34 Louisiana parishes and in 16 Texas and two Mississippi counties. Hibernia Corporation's common stock (HIB) is listed on the New York Stock Exchange. CONTACT: Hibernia MEDIA INQUIRIES: Jim Lestelle, 504/533-5482 Home: 504/410-8826 E-mail: jlestelle@hibernia.com or INVESTOR INQUIRIES: Trisha Voltz, 504/533-2180 Home: (504) 779-1930 E-mail: tvoltz@hibernia.com ############ ############################################# GE not interested in CIT, contrary to reports- spokesman ( BS ) NEW YORK, (Reuters) - General Electric Co. (GE) is not in talks with Tyco about buying its commercial finance arm, CIT Group, and has "no interest" in the unit at this time, a GE spokesman said on Wednesday, countering a published report. "We are not in conversations with Tyco, we are not pursuing it, and we have no interest in them at this time," said GE spokesman Gary Sheffer. He was responding to a report by Bloomberg News that GE offered between $7.5 billion and $8 billion for CIT and that Tyco was considering the offer. Sheffer characterized the Bloomberg News report as incorrect. A Tyco spokesperson was not immediately available. (The statement from GE is correct, they have no interest in buying the commercial finance arm ( as a unit ). This group has been split into division, and is being sold not as a full division, but as units. However, Bloomberg’s original story is correct, as they GE was definitely interested at the price, and the dollar amount that Bloomberg had was correct, according to two of our inside sources ( by their home e-mail ). Has GE ever told the public what it is going to do? Sheffer is not lying. He is a messenger. He delivers what he is told to deliver. The players know it is not good business to disclose your cards, but to play them to your advantage. Hold them or fold them. The question is how much will the pot be, and will GE fold? editor ) _____________________________________________________________________ NAELB—Ahead of the Pack The National Association of Equipment Leasing Brokers sends their members an “electronic magazine.” http://64.82.65.38/newsletter/conference.htm Experienced Sales Professionals Never had it So Good? This comes from the Monitor Daily Web Site. This organization is professional recruiters who most often earn their fee from employers for finding employees. They have a paid classified. It is interested to learn about the economy by newspaper classified. Here is one from an “emerging company, “ founded by two brothers, Len and Rich Baccaro, who left American Express Business Finance to start this company: EXPERIENCED SALES PROFESSIONALS Are you earning 50-60% commission? Is your company cutting back on your compensation? Are you with your employer due to an acquisition? Are you experiencing a high approval percentage? Are you receiving the lowest cost of funds? Is your company focused on your success? Does your company have a 401K match? Are you part of a profit sharing plan? Do you receive an auto allowance? ARE YOU ENJOYING YOUR LIFESTYLE? You may want to consider joining our team. American Equipment Finance LLC was founded to serve the needs of the Leasing Sales Professional. American Equipment Finance LLC is devoted to the Leasing Professional who believes that the salesperson owns the vendor and customer relationship and not the company that employs them. American Equipment Finance considers you to be our partner and our associate…not our employee. Although the financial rewards can be outstanding, the main reason that people like you join American Equipment Finance revolves around lifestyle. We allow you more control of both your business and personal life. For many people, less structure is positive. Having more control of your time is a wonderful thing. In a strict corporate environment others decide your hours, your commitment and your financial rewards. With American Equipment Finance - you decide the benefit for your personal enjoyment of life. The management team of American Equipment Finance has 32 years of experience and understands that an organization is only as good as its people. If you believe that you deserve to earn more for your production and work in an environment that enables you to succeed, please contact us. Now is a great time to make a change…you deserve more during these tough economic times…not less. Contact American Equipment Finance today. To arrange a confidential discussion about your future, please call 908-542-9330 or fax a resume and letter of interest to 908-542-9333 to the attention of: Richard A Baccaro, President. ---------------------------------------------------------------------------------------------------- Jim Merrilees Golf Handicap As I recall, Jim always commented positively about my "driving" skill on the course. Not that my drives were straight or long, but that they were always close to him. It was uncanny and I was truly amazed at how often I would encounter his smiling face beckoning me even closer as I drove the beer cart through the meandering course path. Always a pleasure, Jim. Hang In there! Ray ____ Regarding the "sandbagger" accusations aimed at Jim Merrilees, I hope they are meant (and taken) in good fun. If anyone questions the integrity of my friend and colleague Jim, that person may consider ME his or her handicap. There are still some people who remain ethical, in or out of the office. By the way, my handicap IS golf itself. And I'm no sandbagger....ask anyone who has seen me play). 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 ( This has been a running gag to help promoted the MAEL golf tournament. Actually, I am told a 14-handicap golfer is a pretty good amateur golfer. editor ) RANDY S. CAMERON JOINS SENTRY FINANCIAL CORPORATION
Sentry Financial Corporation is pleased to announce the appointment of RANDY S. CAMERON as Senior Vice President. Randy Joins Sentry from Amembal Capital Corporation where he served as Executive Vice President since January of 2000. Randy brings twenty-years of commercial banking experience to Sentry. For fourteen years, Randy was Senior Vice President and Senior Commercial Banker at Bank One. Randy is a past-president of the Risk Management Association Mountain States Chapter.
At Sentry, Randy will be primarily responsible for origination and management of vendor finance programs, serving the domestic and international customer equipment financing needs of major manufacturers and distributors.
Randy graduated "with distinction" from the University of Delaware's Stonier Graduate School of Finance ('92). He received MBA ('82) and BS ('79) degrees (finance and accounting) from the University of Utah. During his career, Randy has taught various lease and finance subjects and has authored several articles regarding banking, leasing and sales management and marketing.
Randy has served the community through many organizations, including the Karl Malone Foundation for Kids; Make-A-Wish Foundation; Junior Achievement; and the Salt Lake Exchange Club.
Sentry Financial Corporation ("Sentry") is a diversified financial services company, providing financing to Fortune 2000 and upper middle market companies, and growth capital to smaller, less established companies with substantial market opportunities. Since its inception, Sentry has provided well over $1 billion of financing -- in the form of leases, loans, and equity investments -- involving a wide variety of assets including high technology, manufacturing, transportation, and construction equipment. Sentry specializes in financing programs for manufacturers and vendors and, in connection therewith, has developed a substantial international focus. Sentry's individual transaction sizes generally range from $250,000 to $25 million, although there is no unequivocal maximum or minimum.
Wells Fargo- pretty nice chunk of change for the ranks!
Hey Kit! First of all, thank you for your newsletter. It's become reading it like my first cup of coffee in the morning--I can't function effectively without it! Secondly, it might interest some people in our community at just how well Wells Fargo is doing right now. All employees received 150 shares of Wells Fargo stock in celebration of their 150 years in business and as a testimonial as to how well this merger actually was. Maybe if they are doing so well, I should contact them and convince them how they could become even more successful if they started up a small ticket funding source for brokers in the equipment leasing business!!! Regards, Bruce Larsen Summit Funding Corp. With Wells Fargo stock trading at about $50/share, that's a pretty nice chunk of change for the ranks!
Streamlined Sales Tax Report Software Licensing: Software licensing issues examined by the Streamlined Sales Tax Project will likely be discussed with the Leasing Subgroup when the Project convenes in Dearborn, Thursday, April 11 - Friday, April 12. ELA members concerned with these topics may wish to have representatives participate in the meeting. Service Taxes: My earlier observation that industry helped delete services from the definition of a sale may have given an impression that taxation of services has been removed from future deliberations. In fact, drafting a uniform definition of services is under consideration as the Project determines new industries to engage now the food category is essentially completed. However, no decisions are expected soon. Uniformity: A discussion on uniformity of definitions during the Implementing States meeting in Dallas offered an indication that some political reality is trickling into their considerations. Previously, comments by revenue officials at Streamlined Sales Tax Project meetings have stressed the need for flawless conformity to the interstate agreement as necessary for a state to join the new sales tax system. Conversely, state legislators in the National Conference of State Legislatures (NCSL) Task Force readily concede the need for state-by-state amendments recognizing local political circumstances. Delegates to Implementing States seemed to acknowledge the probability of amendments by individual states in discussions of possibly inserting definitions in an addendum rather than placing them in the agreement. Dennis Brown DBROWN@ELAMAIL.COM
From
business aircraft to manufacturing facilities, about 80 percent of
all businesses lease some or all of their equipment and other property,
and for good reasons. Leasing is often the least expensive financing
available. It also allows companies, as lessees, to preserve their
capital and use their equipment or other property only as long as
they need it. This
no-nonsense guide explains how leasing works, clarifies the meaning
of its terminology, provides negotiating tips and helps lessees and
lessors gain the most value from leasing. Joseph C. Lane, President
of IBM Credit Corporation and Chairman of The Equipment Leasing Association,
writes a very insightful foreword to the book that describes David’s
significant capabilities and experiences. David G. Mayer
is a partner at the Dallas, Texas office of Patton Boggs LLP, where
he structures, negotiates, documents and closes business transactions,
such as leases and loans on aircraft (including fractional shares
of business aircraft), facilities, and other types of property. David
often represents lessors and lenders in leasing, lending and syndications,
as well as in workouts of troubled companies. He also assists lessees
and borrowers with such diverse matters as buying, selling, managing,
leasing and financing their assets. David
received his law degree from Case Western Reserve Law School. His
other writings have been published in such journals as the Fordham
Law Review and the Harvard Journal on Legislation. He frequently
speaks on financing and other business topics. Contact:
David G. Mayer Patton
Boggs is a 360-attorney firm with a diverse business, litigation,
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