|
May 3, 2001
Headlines---- JDR Capital--No Longer Accepting Broker Business ( not confirmed ) PinnLease/PinnFund--Judge Freezes Ex-Girl Friend Assets ( no joking here ) Tommy Larsen--"Setting the Record Straight" Mellon Comes Clean---Makes it "official" $1 Billion Sales Order Container Leasing Up Advisory of Credit Card Sharing Personal Information A Sign of the Times---Gas $3.00
---------------------------------------------------------- JDR--Un-confirmed Report It should not surprise anyone in the industry that JDR Capital announced they are no longer accepting broker business as of 5-4-01. JDR was a good company to deal with several years ago. The last 2 years have been hard on this company since they lost their Copelco lines.The last two years, they have lost good people and they were reduced to nothing more than brokers. I do understand that Colonial Pacific was there last week. &;With the announcement now, apparently, things did not go well with the meeting. Name With Held ------------------------------------------------------------ United Association of Equipment Leasing Scottsdale, Arizona Conference Reports The conference was actually pretty well attended. I would say about 220 or a little better. For a UAEL, Spring Education Conference that is pretty good. I actually thought there were more at this conference than last spring in San Francisco. The sessions themselves were topical and good. I enjoyed sitting through the lively session on association ethics. It's always hard for any association to put into legally binding words behavior that is considered acceptable or not acceptable, but it did enlighten the members and let them know that treating other members ethically is important. I think aside from the very competitive nature of this business, it gets back to treating others as you would want to be treated. We had lots of customers and industry friends attending and my sense from speaking with them was that business is a bit tougher than it has been but that they are working extra hard during this current down cycle, and that as they do they are getting there business in a position for greater future growth. Most of them were actually very positive about their future, and the future of the industry. They are seeing better spreads right now and less competition. This is still a great and exciting industry to be a part of lets not forget that. Like I have said before. The leasing and equipment finance industry is like a forest. When the fire comes through, the trees that survive continue to grow to be large and strong, also new trees spring for the seeds of the old burned down trees and a new more vibrant forest emerges. Best Regards, Randy Haug Vice President / Partner LeaseTeam, Inc. eMerging Technology for the Financial Services Industry Developers of LeasePlus, and Lease Sales Manager www.leaseteam.com 1(800)531-5086 x 1014 + + + I just got back from Scottsdale. While Theresa is reluctant to take credit, I think she, and her committee and Joannie and her staff, did a wonderful job. It was one of the best conferences I have been to in a while. Okay to quote me. Steven B. Geller, CLP Leasing Solutions LLC www.leasingsolutionsllc.com 20 Dike Drive, Wesley Hills, NY 10952 sgeller@leasingsolutionsllc.com phone:(845)362-6106 fax: (845) 354-2803 cell phone: (914) 552-0842 ------------------------------------------------------------------ PinnFund founder's ex-girlfriend's assets frozen By Mike Freeman SAN DIEGO UNION-TRIBUNE STAFF WRITER A federal judge yesterday issued a preliminary injunction freezing the assets of Kelly L. Cook, the ex-girlfriend of PinnFund USA founder Michael J. Angela. The freeze, which will remain in place until trial, essentially extends a previous court order already in place. The U.S. Securities and Exchange Commission has accused Fanghella and his Carlsbad company, among others, of bilking investors out of more than $300 million as part of an extensive securities fraud. Fanghella, 49, remains a fugitive, and authorities believe he is in Barbados. Cook, 35, has not been accused of any wrongdoing by the SEC. However, authorities say she received gifts from Fanghella totaling $10 million, which the federal agency hopes to recover. The gifts include a $5 million house in Laguna Niguel and a $350,000 diamond ring, according to the SEC. Cook also charged nearly $1.9 million on a PinnFund USA credit card during a seven-month period last year, the SEC contends. Cook's attorney, William J. Genego, argued on Friday that the scope of the SEC's asset-freeze request was too sweeping, preventing Cook from using money she earned before she "ever heard the name Mr. Fanghella." But U.S. District Judge Marilyn Huff said the freeze was necessary to make sure the gifts and other assets remain available during the course of the case. In a civil lawsuit Fanghella filed against Cook in August, he said he met her in December 1999 while both were going through divorces. He gave her the gifts thinking the two would marry, the lawsuit contends. But in June, after the Laguna Niguel house had been bought, Cook broke off her relationship with Fanghella. He filed a lawsuit seeking return of the gifts. Fanghella and Cook settled the lawsuit. According to the SEC, Cook is also known as Kelly Jaye, a former porn star whose movies included "Channel Blonde" and "Blonde Angel." ---------------------------------------------------------------- PinnFund Leasing/Tommy Larsen----Setting It Straight for the Record A few weeks ago, Mr. Larry Turner of Vision Capital Corporation published some false and misleading information in the Leasing News concerning Tommy Larsen and Pinnlease USA, Inc. On May 3, 2001, Larry Turner issued a "clarification" of his prior comments. The "clarification" corrected a few previously misstated facts, but also published new facts which are either directly false, create false innuendo, or state misleading half-truths regarding Tommy Larsen and his former employer, Pinnlease USA, Inc. The time has come for the record to be set straight. 1. Pinnlease USA, Inc. was a wholly-owned subsidiary corporation of Pinnfund USA, Inc. Pinnlease has not been named as a defendant in the SEC action taken against Pinnfund USA, Inc. and its principals for investor fraud. 2. Tommy Larsen was not an officer, director or stockholder in Pinnfund USA, Inc., and is not accused of any wrongdoing in the action filed by the SEC against Pinnfund USA, Inc. and its principals. 3. Tommy Larsen did not act as a legal representative of Pinnfund USA, Inc. on equipment leasing transactions, but rather as a representative of Pinnlease USA, Inc. in transactions with Mr. Turner's company, Vision Capital. The paperwork on equipment lease transactions brokered by Larry Turner's company was signed by John Garitta and Keith Grubba as corporate officers of the equipment lessee, Pinnlease USA, Inc. 4. The equipment supplier (vendor) for the equipment lease transactions referred to by Larry Turner (in which Turner was acting as a broker for Scripps Bank) was Copyfax, Inc., a corporation in which Tommy Larsen is not an officer, director or shareholder. Mr. Larsen, however, did act as a facilitator for the transactions using his position as President of Pinnlease USA, Inc. The question raised with regard to serial numbers for delivered equipment was fully answered by Tommy Larsen to the complete satisfaction of Larry Turner. 5. At the time that the lease transaction funded, Larry Turner was informed by Mr. Garitta and Mr. Grubba, corporate officers of Pinnfund USA, Inc., that it was their intention to place some of the leased equipment in other Pinnfund USA offices. Mr. Turner informed Mr. Garitta and Mr. Grubba that this was not a problem, so long as all of the equipment was in-house at the Pinnfund USA offices in Carlsbad at the time that the transactions funded. There was no "irregularity". 6. The fourth equipment lease schedule referred to by Mr. Turner as having been "rescinded for cause" was in fact a simple situation of the transaction not going through to completion. To the extent Mr. Turner implies that there was any wrong or fault on the part of Tommy Larsen for the transaction not being completed, the statement is false. However, a deposit of approximately $8,000 was paid by the prospective lessee (Pinnfund USA, Inc.) to Mr. Turner's company on this uncompleted transaction. To the best of the knowledge of Tommy Larsen, this deposit was never returned by Larry Turner in spite of the requests that it be returned. 7. Months after the transactions funded, Larry Turner and Scripps Bank raised an issue about the equipment leaving the Pinnfund offices in Carlsbad to go to other Pinnfund offices (even though Turner and Scripps Bank had originally said that it was okay as long as the equipment was on-site in Carlsbad at the time the transactions funded). The matter was fully settled by Pinnfund USA, Inc. making a lump-sum payment to Scripps Bank without any involvement of Tommy Larsen or Pinnlease. It is hoped that all this information will not only set the record straight, but also demonstrate to the readers of this publication how loose statements of a false and critical nature, made without adequate knowledge or investigation, can cause serious problems and misconceptions for the object of the comments, in this instance, Tommy Larsen and Pinnlease. Tommy Larsen Email = ALOHA PACIFIC LEASING ----------------------------------------------------------------- Mellon Comes Clean---Makes it "official" Ending rumors and changes at Mellon that we have been reporting the last few months, it is now official. Leasing News Reported on January 24: Mellon Leasing for Sale?
" Mellon US Leasing was told last Tuesday that the division is for sale. They were told it would not be sold to a competitor, which leads him to believe there may be an overseas suitor. He said Mellon booked about $1 billion in leases last year. Apparently the sales staff was given retention bonuses, and most of them have a lot in the pipeline, so they plan to stay. My friend actually thinks it will be positive since Mellon tightened up the credit standards quite substantially after purchasing US Leasing."
GE Capital has now formally announced that it has reached an agreement to acquire two Mellon Leasing businesses. GE Capital's Commercial Equipment Financing business will acquire Mellon US Leasing, which serves mid-to-large corporations, and GE Capital's Vendor Financial Services business will acquire Mellon Leasing-Manufacturer and Dealer Services, which serves leading vendors of small ticket equipment in the office equipment and industrial markets. The transaction, terms of which were not disclosed, is pending necessary regulatory approvals, and is expected to be completed by the end of the second quarter of this year. GE Capital closed the Tilden office, consolidated moves at Colonial Pacific, with upper management aware of changes going on since the end of last year. These units will be folded into their GE Capital Commercial Equipment Financing and GE Capital Vendor Financial Services. The purchase reflects GE Capital's ongoing commitment to equipment financing. "This acquisition complements our existing middle market equipment financing business and reflects our ongoing focus on delivering value to customers across a broad financing market," said Paul Bossidy, president and CEO of GE Capital Commercial Equipment Financing, in a company press release. "Mellon and GE Capital are committed to providing a smooth transition for customers. High quality customer service is - and will remain - the highest priority throughout the transition." "Through this acquisition, GE Capital will strengthen its position as a leader in providing solutions to vendors and manufacturers across the globe," said Bill Cary, president and CEO of GE Capital Vendor Financial Services in an official press release. "Our goal is to help our customers grow their businesses by providing flexible, tailored financial solutions to their end-users." "GE Capital has the necessary scale, resources and commitment across all segments of the leasing industry to ensure continuity of service to our customers," said Peter A. Lofquist, president and CEO of Mellon Leasing in the same press release. "They are well equipped to continue to provide innovative solutions to the equipment financing needs of these companies around the world." About GE Capital: GE Capital, with assets of more than US$370 billion, is a global, diversified financial services company grouped into six key operating segments comprised of 24 businesses. A wholly-owned subsidiary of General Electric Company, GE Capital, based in Stamford, Connecticut, provides a variety of consumer services, such as credit cards and life and auto insurance; mid-market financing; specialized financing; specialty insurance; equipment management, and specialized services, to businesses and individuals in 47 countries around the world. GE is a diversified services, technology and manufacturing company with operations worldwide. GE Capital Commercial Equipment Financing, a GE Capital company, serves a broad financing market from small businesses to Fortune 100 companies worldwide. Its portfolio includes more than 90 different equipment types, including trucks and trailers, corporate aircraft, manufacturing facilities, construction, medical and office equipment. GE Capital Vendor Financial Services, a global leader in developing and providing financial solutions and services to equipment manufacturers, distributors, dealers and their end users, has over $16 billion in served assets worldwide. Vendor Financial Services serves approximately 100 manufacturers, 4,500 dealers and currently has over 500,000 accounts in 33 countries. About Mellon Financial Corporation: Mellon Financial Corporation is a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of asset management, trust, custody and benefits consulting services and offers a comprehensive array of banking services for individuals and corporations. Mellon has $2.8 trillion in assets under management, administration or custody, including $520 billion under management. Its asset management companies include The Dreyfus Corporation and Newton Investment Management Limited (U.K.). CONTACT: GE Capital, Stamford Marcy Brucellaria, 203/961-2281 cell: 203/984-1912 marcy.brucellaria@gecapital.com or Mellon Financial Corporation, Pittsburgh Ron Sommer, 412/236-0082 sommer.rw@mellon.com -------------------------------------------------------------- Leasing News Publishing Schedule Since your May Firewall report, your welcome newsletter has been silent. We miss you terribly. Should your last message been entitled the May Farewell Report? We certainly hope not!!!!!!!!!!!! 1 cheers from Charlie Bancroft ( Thank you. We do not print a news report every day. If it is not a newsworthy day, we hold it until the next day. Some days we get "too much" news and try to save things that are "not dated" for the near future. Since we are free, we don't have to follow a paid advertiser or banner schedule. Thank you again for asking. editor ) ------------------------------------------------------------- Finding Past Articles or Information We really look forward to reading Leasing News. We enjoy it. I have a question. We have a company we are doing business with, and I would like to see if they were mentioned in leasing news. Can this be done? John Haenselman jhaenselman@befcfinance.com ( Yes. Go on line to LeasingNews.org There are two ways to do this. On the top bar there is a "search" button. This is designed for the entire site. Anything we have written can be found here using this "search" button. If you are speficially looking for a past article, or for instance if you missed an article on a Thursday or Wednesday, go to the bottom bar, and go to Archive. There is a master index by month, then day and headlines, or you can use the search button on this page for a specific article or name of a company or person. It will bring up all the references. These features are free. We do not charge for them. editor ) _____________________________________________ ADVISORY/Credit Card Mailings Tell of Privacy Law Changes
Millions of privacy notices will be mailed with credit card bills in the next few months, telling customers of a change in federal law that will allow banks and other financial institutions to share what may be sensitive customer information, according to a story by the New York Times. The notices are required under the 1999 Gramm-Leach-Bliley Act, which removed the barriers that prevented mergers between financial institutions, the story said. The law also requires institutions to tell their customers how their personal information will be used and give them the option to keep the information private -- the apparent aim of the privacy notices, the story said. Many on both sides reportedly have criticized the notices, though. Financial services companies in the story said the notices cost the companies too much and are too numerous for people to notice them. Privacy experts cited criticized the notices as too vague and too confusing to provide appropriate information to consumers. As we learn more of this, we will pass this on as the sharing of credit card information puts more "plastic card" leasing mailers, e-mail, and also allows information by American Express and others a marketing advantage in the credit industry. ---------------------------------------------------------------- Now Here's A Salesman's Dream Order to Sign Lease company's order to launch all-cargo 747-400 By The Associated Press Boeing plans to begin work on a longer-range 747-400 freighter, now that International Lease Finance Corp. (ILFC) has ordered five of the planes for $1 billion. The Los Angeles-based leasing company will be the launch customer for the new all-cargo version of the jumbo jet, with deliveries to begin in October 2002, Boeing said yesterday. The five orders were booked more |