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May 8, 2001 List is 101 ! ! ! Headlines---- JDR Capital--The Horse's Mouth Bank of the West--A Winner!!! Standards & Poor’s Down rates Comdisco Siemens Financial Offers Integrated E-Finance Solution for B2B Business New Orleans "Here We Come! " Salesman Pay Response Signature Correction(s) TCF Changes Its Name ( a press release ) What Else Do You Want for Free? ( the Leasing News List )
******************************************************************* Looking for Confirmation On This Tip: "Fleet Capital Leasing (Formerly Sanwa), lays off 25 people and shifts control of management to parent Fleet Capital in Chicago." If true, this will make it 102. And we will send a bottle of wine to the one with the most accurate information. editor ******************************************************************* -------------------------------------------------------------------------------------- ######################### Denotes a press release from the company ( their spin ). -------------------------------------------------------------------------------------- Comdisco Credit Rating Lowered by Standards and Poor’s Comdisco, a computer leasing company based in Rosemont, IL, suspended its quarterly dividend last week and reported a loss of $54 million, or 35 cents a share, for its fiscal second quarter ended March 31. Standard and Poor's has lowered its long-term ratings on Comdisco's credit, citing concerns over the company's "diminished franchise" and earnings prospects in its core businesses. S&P said it lowered to double-B minus from single B- its ratings on Comdisco long-term counterparty credit; Comdisco senior unsecured notes and Comdisco Finance (Netherlands) senior unsecured notes. ______________________________________________________________ JDR Capital, Sewell, New Jersey from The Horse's Mouth A broker sent us an anonymous tip that JDR Capital was no longer in the "broker business." When we called to confirm, the telephone was answered as " FORINT Financial." Bob Wayne, one of the two principals, got on the telephone right away. " I am glad to speak with you and very glad that you called, " he said in a most happy, positive voice. "Yes, for all intensive purposes, we are out of the broker market! " He took a breathe, and I could swear I could hear the smile on his face, and then a sigh of relief. "Let me qualify that, " he quickly said. " We are still working with a few selective brokers, that's it! We are no longer taking new broker business from the network of over 700 brokers who have been sending us deals for the last two years. Hooray!!!" He explained he and Don Forman have had FORINT Financial for about two years. " We have been a full lessor, funder of deals, but they are ones we manage and take care of ourselves, not from brokers, " he explained. "We hope to keep going at least another fifteen years. We do automobiles and equipment. We do full service. We are full recourse." " When we connected with Copelco for about two years, Don and I continued as lessors, but treated this as as a separate entity, a sister company, you may call it. Forit Financial is a direct company, where we send out plastic cards, mail pieces, to end users a year. Our focus is direct. " We both are very happy to finally be out of the mass broker business," Wayne said." It was not cost efficient for us to keep dealing with 700 brokers, most of whom sent us only one or two deals a year. We would get them approved, but never signed. The approval to funding rate was terrible, and getting worse since we did not have Copelco any more. The last year the deals we have seen have been getting more and more difficult, and we get them approved, contracts done, but they were not getting signed. It just wasn't cost efficient to keep doing this. It was going from terrible to more terrible. "So yes, you can say we are out of the broker business as JDR Capital, but we are still functioning as FORINT Financial, and working with select brokers at JDR Capital, who when we get the leases approved, they get them signed." --------------------------------------------------------------------------- Bank of the West--A Winner!!! BancWest Prospers/Bank of the West Leasing Prospers----Shows When You Know What You are Doing--Approving Quality Credit Only---You Not Only Stay in Business--but Do Very Well!!! -------------------------------------------------------------------------------------- ################################################################ BancWest Agrees To BNP Paribas Acquisition Proposal; BancWest to Remain Based in Hawaii Under Present Management
HONOLULU, May 8 -- The board of BancWest Corporation (NYSE: BWE) today entered into a definitive merger agreement to accept BNP Paribas' offer to acquire the 55% of BancWest stock it does not already own for $35 in cash per share. The transaction, which is subject to BancWest stockholder and regulatory approval, is valued at $2.5 billion. Acting on the unanimous recommendation of a Special Committee comprised of independent directors, the BancWest Board endorsed the BNP Paribas proposal. Paris-based BNP Paribas, with assets of $646 billion, is France's largest banking group and 10th largest in the world. It has one of the world's most extensive international networks, with offices in 87 countries. BancWest is the parent company of Bank of the West and First Hawaiian Bank and has 252 branches in seven western states, Guam and Saipan. After completion of the proposed acquisition, BancWest will continue to be based in Honolulu under existing management as a separate subsidiary of BNP Paribas. Both First Hawaiian and Bank of the West will keep their present names, with current management and operations intact. After the acquisition, Walter A. Dods, 59, will continue as Chairman and Chief Executive Officer of BancWest and of First Hawaiian Bank. Don J. McGrath, 52, will continue as BancWest's President and Chief Operating Officer and as President and CEO of Bank of the West, with his principal office in San Francisco. "We at BNP Paribas know that both First Hawaiian Bank and Bank of the West have proud and successful histories dating back 125 years and more," said Michel Pebereau, Chairman and Chief Executive Officer of BNP Paribas. "Through our relationship with BancWest, we have a great deal of confidence in the people of BancWest and in Walter Dods, Don McGrath and the management team. Above all, it is our respect for their professionalism, their traditions and their banking expertise which has led us to increase our investment in BancWest. "BancWest has an impressive record of growth, profitability and customer service and we'll continue to count on its management team to further develop the bank's network and activities." Dods said: "This is a compelling offer that benefits our stockholders, who will receive a premium of 40% on their shares. It benefits our employees, since the current operations of both Bank of the West and First Hawaiian Bank will remain intact. The transaction reflects the fine job our employees have done to build value in BancWest over the past 2 1/2 years. "The change will be invisible to our customers. They'll be served by the same employees at the same branches. Only the BancWest stockholder will change." BancWest Corporation was formed by the November 1998 merger of First Hawaiian, Inc. and San Francisco-based Bank of the West, which was at the time a wholly-owned subsidiary of Banque Nationale de Paris (as BNP Paribas was then known). Following that transaction, First Hawaiian, Inc., the surviving company, changed its name to BancWest Corporation. Since then, BNP Paribas has owned 45% of the shares of BancWest, entitling the French company to elect nine of BancWest's 20 directors. The new BancWest has prospered in the intervening 21/2 years, posting record earnings and increasing in size by nearly 40%. Since the 1998 merger was announced, BancWest's assets have grown from $14 billion to $19.4 billion and it has added 50 new branches (to a present total of 252) and begun new operations in two additional states. BancWest serves more than 1.1 million households and businesses in California, Hawaii, Oregon, New Mexico, Nevada, Washington, Idaho, Guam and Saipan. "Our 1998 merger created a regional financial services company large enough to effectively compete in the high-tech world of megabanks, and our growth and profitability has more than met the dreams we had. This proposal rewards BancWest stockholders for their faith in our company. With the help of a world-class bank like BNP Paribas, we are now positioned to become one of the true super-regional banks in the United States," Dods said. "BNP Paribas' commitment to local management reinforces our own emphasis on individual customer service, something that's been a hallmark of both Bank of the West and First Hawaiian Bank for well over a century." Highlights of the merger: -- Stock: The owner of each share of "Non-Class A Stock" in BancWest Corporation (that is, all shares not presently owned by BNP Paribas) will receive a $35 cash payment. With about 68.6 million shares outstanding and about 5 million unexercised stock options, that values the transaction at $2.5 billion. This consideration equates to approximately 20 times BancWest's 2000 net income, 3.4 times tangible common equity and 2.1 times book value at March 31, 2001. -- Board: The BancWest Board will include representation from Hawaii, the West Coast and France. The boards of First Hawaiian Bank and Bank of the West will include substantial representation of residents of each bank's primary markets. -- Approvals, timing: The boards of BNP Paribas and BancWest have approved the agreement, which now requires two-thirds approval from BancWest's stockholders and approval by U.S. banking regulators. Once those approvals are received, the transaction is expected to close during the third quarter of this year. -- Management: In addition to Dods and McGrath, other senior managers will continue to be John K. Tsui, Vice Chairman (and also President of First Hawaiian Bank); Joel Sibrac, Vice Chairman (and also Senior Executive Vice President of Bank of the West); Howard H. Karr, Executive Vice President/Chief Financial Officer (and also Vice Chairman of First Hawaiian), and Douglas Grigsby, Executive Vice President/Treasurer (and also Chief Financial Officer of Bank of the West.) Goldman Sachs provided investment-banking advice for BancWest in the merger and Simpson Thacher Bartlett provided legal advice. Merrill Lynch and Cleary, Gottlieb, Steen & Hamilton advised BNP Paribas. About BNP Paribas BNP Paribas (www.bnpparibas.com) is a world leader in banking and financial services, offering retail banking and financial services (consumer credit, leasing, e-brokerage, insurance, car fleet management, etc.) to millions of individual customers and corporations mainly in France (2000 branches), Europe, the United States, Mediterranean basin and Africa. Headquartered in Paris, France, it has one of the most extensive international networks in the world with offices in 87 countries. Active in all major financial centers, and providing services to large corporations and institutions, BNP Paribas enjoys key positions in Corporate and Investment Banking, Private Banking, Asset Management and Securities Services. With total assets of $646 billion (EUR 694 billion), shareholders equity of $19.3 billion (EUR 20.6 billion), and Year 2000 net income of $3.86 billion (EUR 4.12 billion), BNP Paribas is the Number 1 listed bank in France and Number 2 listed bank in the Euro zone. About BancWest BancWest Corporation (www.bancwestcorp.com) is a bank holding company with assets of $19.4 billion. It is headquartered in Honolulu, Hawaii, with an administrative headquarters in San Francisco, California. Its principal subsidiaries are Bank of the West (193 branches in Northern and Central California, Oregon, New Mexico, Nevada, Washington state and Idaho) and First Hawaiian Bank (56 branches in Hawaii, two in Guam and one in Saipan). ############################################################### ----------------------------------------------------------------------------------- Please send our "insider news" to a colleague. Leasing News is free. No banners or advertisements--ever! Plugs allowed in e-mail--okay. You may also quote any or all without our permission. -------------------------------------------------------------------------------------- Salesmen Pay Reponse I'd like to remit a to your Salary Survey PLEASE CONSIDER THIS SUBMITTED: ANONOMOUSLY. Sector: Capitive Lessor Working for a tech company, as the Leasing Manager in a captive scenario I find am in the a middle of the road in you compensation survey. I am paid a base salary of 45K, .0075 of volume on deals until I hit 50% of a 6MM quota. Over 50%, I am bumped to .1025 on volume. I also receive 33% of GP on fee income from transactions. Volume Commissions paid out monthly, and Fee commission paid out at the end of each quarter (the bonus incentive). PS. Just got on your Email list, and the its terrific. Now I know what everyone has been raving about. Name With Held ( Thank You Very Much. The appreciation keeps me going. We are still seeking more salesmen pay information to compile and share with everyone. editor ------------------------------------------------------------------------------------------ Sierra Cities---The Shadow Knows---- Things have really tightened up since American Express took over Sierra Cities. But the shadow knows there is a required sales meeting for all First Sierra sales employees in Houston, Texas this week. A good information e-mail gets a dinner at Mark's. And we will keep it anonymous. editor ) -------------------------------------------------------------------------------------------- New Orleans Is Next Kudos’ keep coming in on the Scottsdale, Arizona United Association of Equipment Leasing Conference. We do not know the total number that attended, expected to be 225, according to Joan Dalton, Executive Director. Normally there is the result of the membership contest. The National Association of Equipment Leasing Brokers Conference is the end of next week. It is not too late to attend, you can also meet the editor of Leasing News and ten members of the Advisory Board at a Special Workshop to give us direct feedback. There will be a workshop on web site addresses for the leasing community, sales techniques, networking, and many workshops. To learn more, please go here for more information, including the brochure and application for the conference: http://www.leasingnews.org/archives/March01/3-13-01a.htm + + + Kudos to Theresa(Tree) Kabot for her stewardship in leading a successful UAEL conference in Phoenix this past week. The presentations, the educational sessions, and the networking made it a very positive event. The presentation by DJ Harrington was worth the price of the conference. In a soft economy with so much consolidation, the price of not going and being tuned into reality, far exceeds the cost of admission. I suggest that all leasing professionals participate and attend events in their associations at the national or local level or both. Raphael Lavin, CLP Standard Professional Services, LLC SPSLLC @ AOL.COM ----------------------------------------------------------------------------------------- Gas With regards to the increasing gas prices. I recently received an e-mail urging me to stop buying from Exxon/Mobil. The theory takes into consideration that we all need to buy gas and can't boycott gas altogether, however, if we all boycotted Exxon/Mobil, the largest producer, and reduced demand with them by 20% or more, they would have to react with lower prices causing the other gas companies to follow. Since my last fill-up was at $2.03 per gallon, this is probably worth a try. P.S. I noticed while in Scottsdale that prices were $.40 per gallon less than CA. Jeff Rudin jrudin@quailcap.com --------------------------------------------------------------------------------------- ################################################################# TCF Leasing Changes Name of Broker Division TCF Leasing announced that its broker division located in Knoxville, TN, has changed its name to TCF Express Leasing and has moved into its new location at 109 Peterson Road, Knoxville, TN 37922. The phone number will remain 800-247-4011. TCF Express Leasing's broker division provides lease financing and funding programs to brokers nationwide. TCF Express Leasing's corporate office is located in Minnetonka, MN. "Our new name, TCF Express Leasing, more clearly defines our business objectives and creates a natural association between our company and our parent company, TCF Financial Corporation," said Bill Henak, general manager of TCF Express and executive vice president of TCF Leasing. "Our customers tell us that financial strength, stability and service are important to them. We are confident that our new name conveys a strong message about the financial strength and stability of our company along with our commitment to deliver a high level of service." ################################################################## ----------------------------------------------------------------------------------------- Signature Correction(s)
Kit: 1. Beethoven's Ninth was in D Minor. I believe John Cage may have done something in O Minor, but that's another story. 2. McGavin's character was Kolchak, not to be confused with Kochak or Kojak -- the other bald guy. 3. Malcolm B. Allen (not Macon B. Allen) was admitted to the Maine Bar in 1844. He later returned to his native South Carolina to practice law. He became a Lower Court Judge there in 1873. [American Negro Reference Book, Volume II, Educational Heritage Edition]. Regards, Barry Reitman baldguy@keystoneleasing.com --------------------------------------------------------------------------------------------
The List Chronological 99 changes ( This is also on line at our web site: http://www.leasingnews.org/list.htm Preferred Capital (5/2001) Preferred Lease, A CapitalWerks Company Mark Seif now in private law practice, company one of his clients ( 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." (Reportedly now at VenServe ). LeaseExchange.com (5/2001) hiring salesmen, Tom Williams making it work, as he did at Paragon (4/2001) "on a 'Slim Fast' diet." (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, Aaron Ross starts training for Triathlon. Comdisco ( 5/2001 ) Reports Second Quarter: $8 Million Loss, CEO Pontikes takes early retirement a few weeks before formal announcement. Reports many losses to follow due to leases and loans with Dot Coms, among others. Mellon Leasing-Manufacturer and Dealer Services ( 5/20001) GE Capital makes formal announcement, confirms Jan. report. (1/2001) key employees told company is sold Mellon US Leasing ( 5/20001) GE Capital makes formal announcement, confirms Jan. report. (1/2001) key employees told company is sold. Golden Eagle Leasing , Phoenix, Arizona ( 5/2001 )takes $13.3 million Loss in quarter Atel Capital Group ( 4/2001 ) A.J. Batt retires, world’s richest leasing owner, Dean Cash, his “partner for twenty years” now owns almost 75% and takes on the title. Bancorp Financial Services, California ( 4/2001) Humboldt Bancorp says “closing Bancorp Financial Services “in press release and report to Security Exchange Commission, but CFO Pat Rusnak says “company is for sale” and statement made for “accounting purposes.” PinnLease ( 4/2001 ) Judge continues freeze of assets. (4/2001) Founder skips bail, judge issues arrest warrant ( 4/2001) PinnFund out of money, closes all offices, including leasing., newspaper stories say “Millions of dollars are gone.” (3/2001) PinnLease USA to Fold 47 Nationwide Offices-- $100 Million Fraud, reads like a tabolid story, perhaps largest fraud in West Coast history. U.S.Capital, Santa Barbara, Ca. (4/2001) Principal Ken Nelson commits suicide, cannot handle loss of company and reputation, he tells relatives, the day after he turned 40. (3/2001) Many brokers, super brokers, discounters left hold the bag, report they will be filing bk BrokerWare ( 4/2001 ) merges with Funder OnLine SierraCities (4/2001) Merger complete, Depping resigns as “gazelle” (3/31/2001) American Express completes purchase/merger (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 NationsCredit, Business Leasing Group (4/2001) complaints Textron doing repeat business with leases submitted to Nations, but now being serviced by Textron (common in such situations.editor) (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." FlexLeasing ( a subsidiary of Griffin and Associates),Albuquerque, New Mexico (4/2001) Merger faills apart, Chuck decides to take early retirement, also has serious surgery. (3/2001 ) closing office, to merge with another company, “announcement soon,” say Chuck Griffin Unicapital (4/2001) founder Robert New dies in plane crash in Aspen, Colorado ( 12/2000 files bk ) *** series of company that may be affected, end of report ) Sanwa-Tokei (4/2001) Major bank/leasing merger on West Coast, as Sanwa Bank and Tokei merge to become United California Bank. Orix (4/2001) Orix to “consolidate;” close offices, moving to Atlanta, Ga. ( 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) Linc Capital (3/2000) files motion in bankruptcy court requesting more time to file certain schedules . (2/2000 creditors file for Chapter 7 (9/2000 out of vendor and broker business Security Financial, San Jose, CA ( 3/2001) To close San Jose office, ceased application March,1998, only going to do secured mortgage transaction from San Francisco office. 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. 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. 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. 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. 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/Linc (2/2001) files bankruptcy as part of Linc Capital (2/1998) sold for cash, to LINC Capital, Inc. in Chicago, Il.. 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 re-brokered applications, except from one or two sources, such as Steve Dunham's Leasing Associates (11/98) purchased by GE Capital ) , Nasdaq halts stock sales, $13.4 loss last quarter, 10/2000 assets for sale ) 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. 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 ). The Bancorp Group, Inc., Southfield, MI ( 2/2000) 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 ) 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 Alphabetical Order 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 9/2000 for sale, former prez now at eOriginals, others let go like Kaye Lee.) Affiliated Corporate Services,, Lewisville, Texas (1/2001) Merges with First Commerce Leasing Affinity Leasing, Washington (12/2000 to close and concentrate on Financial Pacific biz) American Business Leasing ( gone ) Atel Capital Group ( 4/2001 ) A.J. Batt retires, world’s richest leasing owner, Dean Cash, his “partner for twenty years” now owns almost 75% and takes on the title. Balboa Capital ( 9/2000 Founder Pat Byrne "...office available any time he wants to use it" ). Banc One Leasing ( 12/2000 Lays Off 60, Closes 5 offices ) The Bancorp Group, Inc., Southfield, MI ( 2/2000) 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 ) Bancorp Financial Services, California ( 4/2001) Humboldt Bancorp says “closing Bancorp Financial Services “in press release and report to Security Exchange Commission, but CFO Pat Rusnak says “company is for sale” and statement made for “accounting purposes.” Bankvest (1/2000)files voluntary bankruptcy (12/99) involuntary petition filed by Orix and 2 smaller banks (11/99) sales disbanded (10/99) ARB walks from purchase (8/99) Fleet pulls their credit line. 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 ) Bombardier ( 12/2000 reported having leasing problems, not confirmed, company strong in other divisions, but appears backing out of leasing division ) BSB Leasing ( 1/2001 Don Meyerson bought back the company and they are back in business at 03-329-09227. 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.) BrokerWare Merges with Funder OnLine Capital Associates, Denver, Colorado ( no longer doing business, filing bk? ) 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. Charter Financial ( purchased by Wells Fargo 9/5/2000 ) CIT (3/2001) Tyco International Ltd. Bermuda Hq, N.H. operation office. ( 2/2001) Closing Atlanta office and others, "freeze" on new broker 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. Colonial Pacific (2/2001) closes former Tilden operation in Hauppauge, NY (11/98) purchased by GE Capital 5/2000 no more re-brokered applications, except from one or two sources, such as Steve Dunham's Leasing Associates ) Commerce Security ( 9/99 closed to leasing broker program )(11/99 last fundings) Comstock/Linc (2/2001) files bankruptcy as part of Linc Capital (2/1998) sold for cash, to LINC Capital, Inc. in Chicago, Il.. Conseco Finance Vendor Service ( 12/2000 purchased by Wells Fargo Leasing. Comdisco ( 5/2001 ) Reports Second Quarter: $8 Million Loss, CEO Pontikes takes early retirement a few weeks before formal announcement. Reports many losses to follow due to leases and loans with Dot Coms, among others Copelco ( 4/2000 sold to Citibank/10/2000 stock down rated/10/2000 ceases broker business, many complaints in manner turning off faucet ) 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 ) DVI Capital (12/2000 out of broker ) 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. 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 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 ) 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. )(2/2001) files with NASDAQ to raise money for consumer financing Fidelity ( 4/2000 acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V., headquartered in the Netherlands, raising funds ) First Commercial Capital Corp ( 2/2001) to be acquired by TCF Leasing ) First International Bancorp ( 1/2001 ) to be acquired by UPS Capital Finova (3/2001) files Chapter 11 as per plan, many disputes from creditors, 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. First State Bancorp, Albuquerque, N.M ( 3/2000 sold leasing division-$64 million) FlexLeasing ( a subsidiary of Griffin and Associates),Albuquerque, New Mexico (4/2001) Merger faills apart, Chuck decides to take early retirement. (3/2001 ) closing office, to merge with another company, “announcement soon,” say Chuck Griffin FMA Financial, California ( 4/2000 reportedly closed to brokers ) Franklin Leasing, Des Moines, Iowa--owned by Liberty Bank-- (2/2000)-no longer writing leases ( limited by regulations and leases are for sale ). Franchise Mortgage Acceptance Corporation (FMAC) 11/1999 purchased by Bay View Commercial Corporation (Bay View Bank) 9/2000 discontinuing all franchise loan and lease production. Golden Gate Funding ( 2/99 purchased by Westover Financial ) Golden Eagle Leasing , Phoenix, Arizona ( 5/2001 )takes $13.3 million Loss in quarter Heller Financial's Commercial Services Unit ( 10/99 purchased by CIT ) Imperial Credit Industries (ICII) ( sold portfolio ) Japan Leasing Credit claims ( JLC --6/99 purchased by Orix ) 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 Lease Acceptance Corp---( ceases broker business 7/26/2000) LeaseExchange.com (5/2001) hiring salesmen, Tom Williams making it work, as he did at Paragon (4/2001) "on a 'Slim Fast' diet." (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 Aaron Ross starts training for Triathlon 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!) Liberty Leasing ( 6/1999 closed, California company ) Liberty Leasing, Des Moines, Iowa ( 10/2000 closed, selling portfolio, owned by Commercial Federal Bank, Omaha, Nebraska ) Linc Capital (3/2000) files motion in bankruptcy court requesting more time to file certain schedules (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 ) Lyon Credit (2/2001 ) founder John Bowes leaves , the company has reportedly not received any new business since last August, and is dissolving ( 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 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. Matsco Financial (12/2000 purchased by Greater Bay Bank ) Mellon Leasing-Manufacturer and Dealer Services ( 5/20001) GE Capital makes formal announcement, confirms Jan. report. (1/2001) key employees told company is sold Mellon US Leasing ( 5/20001) GE Capital makes formal announcement, confirms Jan. report. (1/2001) key employees told company is sold. Merit Leasing ( gone ) Metwest Leasing, Spokane Wa. ( 9/2000 advising brokers that they have run out of funds so they are unable to fund a transaction we have there for funding. 11/2000 Metwest Leasing Spokane, WA. is pulling the plug, confirmed by five sources. ) 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.) NationsCredit, Business Leasing Group (4/2001) complaints Textron doing repeat business with leases submitted to Nations, but now being serviced by Textron (common in such situations.editor) 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." NIA National Leasing ( 3/2000 purchased by Lakeland Bancorp ) 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. Newcourt ( 8/2000 sold off ) Old Kent Financial ,GrandRapids, Michigan(2/2001) Closes door to new broker business ( 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 ) Onset Capital ( 9/2000 Irwin buys 87% equity ) Orix (4/2001) Orix to “consolidate;” close offices, moving to Atlanta, GA. ( 2/2001) Closes re-discount center, Steve Geller says "goodbye." 11/10 First Six Month Profits up 14% at Orix! ) 10/2000 "long-term Outlook has been revised from Stable to Negative" Credit Allianchat 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 11/8 New President at Orix appointed 11/10 First Six Month Profits up 14% at Orix! No negative reports, company appears to be doing very well. ) Phoenix ( 5/2000 both divisions closed ) PinnLease( 4/2001 ) Judge continues freeze of assets. (4/2001) Founder skips bail, judges issues arrest warrant ( 4/2001) PinnFund out of money, closes all offices, including leasing., newspaper stories say “Millions of dollars are gone.” (3/2001) PinnLease USA to Fold 47 Nationwide Offices-- $100 Million Fraud, reads like a tabolid story, perhaps largest fraud in West Coast history. PLM International (2/2000 )MILPI Acquisition Corp completes cash offer for outstanding stock. Prime Leasing, Minnesota ( no longer doing business ) Preferred Capital (5/2001) Preferred Lease, A CapitalWerks Company Mark Seif now in private law practice, company one of his clients ( 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." ." (Reportedly now at VenServe ). Prime Capital, Chicago ( 6/2000 closed ) 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." ) Resource Leasing, Herndon, Virginia ( 11/2000 MicroFinancial/Leasecomm acquires major portion of the assets.) Rockford Industries (2/99) sold to American Express Safeco, Seattle, Wash. (3/2001) announces they are seeking a buyer for its commercial credit and leasing subsidiary, Safeco Credit. Sanwa-Tokei (4/2001) Major bank/leasing merger on West Coast, as Sanwa Bank and Tokei merge to become United California Bank Scripp Financial ( 6/29/2000 ( purchased by US Bancorp ) Security Financial, San Jose, CA ( 3/2001) To close San Jose office, ceased application March,1998, only going to do secured mortgage transaction from San Francisco office. Signature Leasing, Dublin, California ( 11/2000 no longer in small ticket marketplace ) SDI ( 5/2000 closed to broker programs ) SFC Capital ( 9/15/2000 purchased by Trinity Capital ) SierraCities (4/2001) Merger complete, Depping resigns as “gazelle” (3/31/2001) American Express completes purchase/merger (3/2001) Sierra Cities-Amex Merger gets green light by authorities (2/2001) offer from 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 Source Capital, Spokane, Washington, (2/2000) Issues $.22 per share cash dividend, $1 million net income, 4% decrease from previous year. ( 11/2000 ) ceases accepting broker applications Spectrum Leasing, Austin, Texas (3/2001) sister company to United Capital ( see United Capital information on this list ) Studebaker Worthington Leasing ( 2/2001) sold to State Bancorp 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) Terminal Marketing, NY,NY (3/2001) Brokers report deals not being funded, commissions not paid, appears out of money. Transamerica ( 11/2000 for sale, but no buyers, so taken off marketplace, no longer for sale ) Unicapital (4/2001) founder Robert New dies in plane crash in Aspen, Colorado ( 12/2000 files bk ) *** series of company that may be affected, end of report ) United Capital, Austin Texas ( 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." U.S. Capital, Santa Barbara, CA. (4/2001) Principal Ken Nelson commits suicide, cannot handle loss of company and reputation, he tells relatives, the day after he turned 40. (3/2001) Many brokers, super brokers, discounters left holding the bag, rumor that U.S.Capital is filing bk. USA Capital Leasing ( 5,2000 ) creditors force Chapter 7 ( 4,2000 ) file chapter 11 bk U.S. Mellon, San Francisco (2/2001) Brian Madison Leaving, reportedly U.S.Mellon for sale Union Bank, Los Angeles ( 1/2001 ) Out of broker-discounting leasing business. Varilease ( 11/2000 closed down )
------------------------------------------------------------------------------- ############################################################ Siemens Financial Offers Integrated E-Finance Solution for B2B Business Siemens Financial Services (SFS) has become the first financial service provider to offer an integrated e-finance solution for Business-to-Business (B2B) activities in the Internet. The new finance product, Capaxx, enables its user to reproduce complete business processes, including financial transactions, online. Thus the traditional mode of payment via invoice can now for the first time be carried out in a continuous online process for B2B business. Moreover, since SFS is also taking charge of the accounts receivable resulting from the Internet transaction, the seller will enjoy the advantage of immediate liquidity. Additionally, the online processing will result in a clear reduction of the costs for business transacted via invoice: to 1/3 of the costs of a comparable credit card payment and 1/2 of the costs of an escrow account. Capaxx is fully operational from today on and is for the first time applied by the pilot customer Vertacross, a marketplace for automation products. The second partner will be German banking group Dresdner Bank, where SFS will - based on Capaxx - be providing a new integrated finance product within the framework of Dresdner Bank's internet service platform for B2B transactions. Capaxx will be available throughout the EU and the US by the end of the business year 2001/02. The trend is clear: e-Finance, Internet-based financial services, is gaining more and more ground - and this at a remarkable pace. The most important motor of this e-finance growth is e-business, the volume of which will be multiplying in the years to come. The reason is simple: when Internet business grows, the demand for corresponding financial services increases accordingly. Thus, as recent estimates of the consulting firm Accenture predict, the European market for financial services in the field of e-Business will have reached a volume of 35 billion EUR by the year 2005. Within this growing market SFS is playing a leading role. And while still the major in-house provider for Siemens employees and shareholders, the company is widening its scope to include all other companies as well - providing new technical solutions and innovative financial services in such diverse fields as asset financing, leasing, treasury services as well as online financial products for private customers. SFS views e-business and e-finance as a key element of its corporate strategy. As Dr. Herbert Lohneiß, managing director of SFS in Munich, explains: "At the heart of this commitment is the development - in collaboration with our customers - of continuous, electronically supported processes". Business-to-business transactions in Europe have traditionally been dominated by the payments via invoice as opposed to more expensive credit card payment. Yet, the lack of a reliable e-finance solution has until now not satisfied the needs of many customers to carry out payments via invoice for their Internet business as well. Until now many B2B Internet marketplaces were limited to fulfilling their function as a platform for information exchange and the subsequent exchange of goods. What was missing to date was the ability to actually fulfill the financial transaction directly over the Internet and at a speed meeting the e-business timeframe. Especially anonymous transactions between companies require not only the technical capability to carry out the payment itself, but a means of managing the related risks and offering receivables management online. With Capaxx SFS is offering for the first time in Europe, a complete solution meeting these requirements. Capaxx can carry out an online and worldwide creditworthiness check of the buyer. The system transmits all relevant transaction and customer data to SFS, where they are automatically evaluated. Extensive customer databases and international credit rating agencies enable SFS to provide a reliable purchasing limit within seconds and then accept the risk. The liquidity resulting from the sale is then made available to the seller upon delivery of the goods. The benefits of this integrated solution are evident. Capaxx not only reduces the risks of a transaction; it especially saves time and costs as well. The liquidity transfer via Capaxx involves only a third of the costs that would result from a comparable credit card transaction and approximately half the costs of an escrow account. In addition, by offering a professional and high-quality asset management, the seller can improve his image and thus position within the highly competitive market for e-business. Capaxx is operational and is shortly to be applied by the pilot customer Vertacross. The second partner will be Dresdner Bank, where SFS will be providing - on the basis of Capaxx - an integrated finance product within the framework of Dresdner Bank's new internet service platform for B2B marketplaces. According to SFS' market entry strategy, the near future will witness the quick integration of additional marketplaces in the system as well as the establishment of new sales partnerships - in the fields of logistics, insurance and Electronic Bill Presentment and Payment (EBPP), for example. Moreover, Capaxx is to be further developed to include a whole product family for the Internet economy providing such additional financial services as buyer-side financing or e-leasing. "The international roll-out in Europe and the US will take place by the end of the business year 2001/02", explains Martin Breuer, head of marketing & sales Europe at SFS in Munich.
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