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| May 1, 2000 Rumors---
I am getting e-mails from brokers who are telling me some of the internet leasing .com sites are "bait and switch," meaning promising the lower rate, then changing them, not because of credit criteria, but because of better profit. That's the street talk. It is too early to point a finger, but in three to four months, perhaps there will be some consistency to confirm or deny the rumor. Remember the Internet is a "technology." It is not a company or new " business." It is quick exchange of information, communication, and it is not "evil." Learn more about this at the UAEL S.F. Conference this weekend.... I have several unconfirmed e-mails again about United Capital, such as some of the top people at United Capital have been fired, that Leaman is look at taking over the servicing, vendor checks are bouncing and it was not airline reservations that prevented them from attending NAELB -- they were being audited. I must admit United Capital says the rumors are not true, and I have quoted them in the past. That is the talk on the street. The official word is United Capital is doing well and is open for business. United Capital has denied the rumors, and we should remember a man or company is "innocent," until proven "not innocent." If the rumors are not true, please stop repeating them. Let's assume United Capital will be around for a long time, and leave it at that. Please no more rumors!!!! It is a disservice to our industry to pass around negative comments. Putting a competitor down, does not build up your reputation. Let's give them a chance and start talking about positive things!!! Okay? Good News!!!!! See Bruce at the UAEL S.F. Conference This Weekend ! ! ! BRUCE KROPSCHOT RE-ESTABLISHES KROPSCHOT FINANCIAL SERVICES Bruce Kropschot announced today that he has re-established Kropschot Financial Services, which he founded in 1986 as a merger and acquisition advisory firm for the equipment leasing and financing industry. Mr. Kropschot left the firm in late 1997 to become Vice Chairman - Mergers and Acquisitions of UniCapital Corporation, which he helped acquire 17 equipment casing businesses. and go public in May 1998 in the largest roll-up initial public offering ever Effective April 1.2000, Mr. Kropschot retired from UniCapital Corporation, where he was also President of UniCapital Business Credit Group. Under Mr. lKropschot's leadership. Kropschot Financial Services arranged over 125 acquisitions of equipment leasing and specialty finance businesses from 1986 through 1997 and was ranked as the leading provider of merger and acquisition advisory services in this sector, Mr. Kropschot stated, "I am pleased to be devoting again all of my attention to M&A activities. There is a need for an advisory firm that understands the opportunities and the challenges unique to the equipment leasing market. When representing owners in the sale of their businesses. lKropschot Financial Services will riot only be looking to maximize the sale price but also to find a buyer under whom the business and its employees can achieve their potential. When representing acquisition searches for buyers, we will utilize our vast knowledge of the leasing industry and its many participants to locate those companies that best fit the defined acquisition parameters. Ihe firm will also arrange financing for equipment leasAng and specialty finance companies and perform business valuations. Mr. Kropschot indicated that Kropschot Financial Services would soon be making an announcement regaining other key executives who will be joining the firm. Bruce Kropschot has been in the equipment leasing industry for nearly 30 years. Prior to founding Kropschot Financial Services, he was Executive VP of HBE Leasing Corporation and President and an owner of Master Lease Corporation (now known as De Lage Landen Financial Services). He is a CPA and holds BBA and MBA degrees in accounting and finance from the University of Michigan. He has served on the Board of Directors of the Equipment Leasing Association of America, United Association of Equipment Leasing and Eastern Association of Equipment Lessors and is a founding member of Intemational Merger & Acquisition Professionals, an organization of leading M&A intermediaries located throughout North America and Europe Mr. Kropschot can be reached in his Stuart, FL. office at 561-225-8800 or through e-mail at bkropschot@aol.com. See Bruce at the UAEL S.F. Conference This Weekend ! ! ! Bennett
Receives 30-Year Prison Sentence Patrick Bennett, the accused mastermind of one of the biggest Ponzi schemes in U.S. history, was sentenced Friday (4/28/00) to 30 years in prison. Bennett was chief financial officer of the family-owned Bennett Funding Group, a Syracuse, NY, firm that allegedly bilked some 12,000 people out of $700 million. U.S. District Judge John S. Martin postponed sentencing several times to allow Bennett and his wife, Gwen, more time to turn over assets to a trustee for the investors. Last month, the judge offered to sentence Bennett to 20 years on the condition he turn over additional assets, such as the sprawling upstate New York horse farm registered in his wife's name. But Judge Martin said in Manhattan federal court that Bennett had failed to turn over assets and that "damage was done, and continues to be done, to people who lost life savings while [Gwen Bennett] lives in luxury." Before the sentencing, Bennett called the judge's handling of the case "illegal, unethical and un-American" and continued to maintain his innocence. Bennett was convicted in June on 42 counts of fraud and money-laundering, although the jury deadlocked on 11 counts, including the securities-fraud charge related to the pyramid scheme. He was ordered to forfeit $109 million, the amount of money he was found guilty of laundering. His attorney, Michael D. Pinnisi, said Bennett would appeal the conviction and sentence. Because he wasn't convicted on the most serious charges, Bennett should only have received a sentence of a few years, Pinnisi said. Prosecutors said Bennett used his company to sell securities based on phony office-equipment leases. Bennett Funding filed for bankruptcy protection in 1996. |
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