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May 16, 2001
Headlines--- Investment Banker Not Making Ii--Epoch Partners Lays Off 21% of Staff LeasingX Enters the Fray Orix Tries Another Finance Business Canada April unemployment rate holds steady: 7% Equifax Signs Agreement with BCE Emergis for Electronic Invoice Presentment and Payment Service The List is Up-dated
#### Company Press Release ---------------------------------------------------------------------------------------------- IPO Underwriter Epoch Partners Lays Off 21% of staff By VentureWire Staff Reporters SAN FRANCISCO -- Epoch Partners, an online investment bank that underwrites public offerings, laid off 25 of 119 employees last week, a company spokesperson said. The cuts, which were comprised of junior investment banking staff and administrative employees, were made in order to adjust to market conditions, a company spokesperson said. Epoch will continue to hire in its research and institutional sales divisions. The company, which underwrote eight IPOs in 2000, has underwritten three so far this year and expects to see more mergers and acquisitions in place of public offerings. The company is backed by Ameritrade, Benchmark Capital, Charles Schwab, Kleiner Perkins Caufield Byers, Reuters Venture Capital, TD Waterhouse, and Trident Capital. Its second round in October 2000 raised $40 million. ------------------------------------------------------------------------------------------ ####### LeasingX Announces Launch of Equipment Lease Auction Site
LeasingX announced the launch of its web site at www.leasingx.com, an auction web site designed to create a truly competitive leasing process to support the sales efforts of equipment vendors. Through the use of proprietary auction software, LeasingX creates and manages private marketplaces that leverage new and existing funding relationships for vendors of business equipment. With this launch, LeasingX is providing a major vendor of computer systems with the advantages of an exclusive online leasing marketplace. Founded in 1999, LeasingX was created to bring extraordinary value to the $225 billion equipment leasing market. The equipment leasing market does not currently have an organized, liquid marketplace for vendors or lessors of business equipment. The LeasingX business model is built on the foundation of providing vendors with a convenient, reliable and cost effective trading marketplace to arrange equipment leases for their customers. John LaRocca, president and chief executive officer of LeasingX, stated, "Today marks the beginning of a truly unique opportunity for equipment vendors and lessors. LeasingX provides a first-of-its-kind auction process that is key to delivering a cost effective leasing process. We expect to provide our vendor and lessor customers with a unique competitive advantage by making lower financing rates achievable to their business customers and by eliminating non-essential steps leading to a reduction of the cost of origination." He also said, "By working with equipment vendors, both manufacturers and resellers, LeasingX will be able to "aggregate" leases in a much greater number than it could possibly achieve through a direct marketing program and in a much shorter period of time." The company expects to generate positive cash flow within the first year after today's launch and be profitable on a calendar basis in the second year. The company's revenue stream will come from fees paid as a result of completed transactions as well as fees generated from secondary transactions. LeasingX raised $2.5 million in first-round financing from venture and individual capital sources in October of 2000. LeasingX was established in 1999 and is lead by a team of veteran members of the fixed income securities and leasing markets with experience in leasing, finance, sales and marketing: Jed McCarthy, 40, co-founder and chairman, was a founding partner of Prager, McCarthy & Sealy, an investment banking firm specializing in institutional municipal finance. While at Prager, McCarthy & Sealy, McCarthy developed Muniwire.com, the first interactive Internet site for the firm's institutional customer base. Prior to founding Prager, McCarthy, he was senior vice president of Municipal Bond Underwriting at L.F. Rothschild & Co. McCarthy is a graduate of Brown University where he received his Bachelor of Arts in Economics. John LaRocca, 52, is president and chief executive officer of LeasingX, a position he has held since joining the company in 2000, following a 30-year career in leasing, credit, operations and sales. Previously LaRocca was senior vice president of operations and information systems for De Lage Landen Financial Services, formerly Tokai Financial Services. Prior to De Lage Landen, he spent 22 years with Hewlett-Packard in various management roles, including global credit manager. He is a 16-year member of Dun & Bradstreet's advisory group and a consulting member to the Credit Research Foundation. LaRocca attended LaSalle University, majoring in Marketing. Peter Sweetser, 54, co-founder, chief financial officer and chief marketing officer, was formerly president and chief operating officer of Lebenthal & Co., Inc., a New York-based regional securities firm. Previously, Sweetser was vice president of marketing in the municipal bond department of Kidder, Peabody & Co., Inc. and managing director and marketing manager of Ehrlich Bober & Co. He started his career at Citibank where he held a variety of marketing, banking and asset-based lending positions. He is a graduate of Georgetown University where he received a BS degree in Business Administration. Ron Bannerman, 52, vice president of sales, brings 25 years of leasing sales and business development experience to LeasingX. Previously he served as vice president of Vendor and Lessor Programs for eLease, an Internet-based applications provider to the leasing industry. Over his career he developed Hewlett-Packard's first leasing programs, opened and managed Citicorp's technology leasing West Coast office, "went public" with Leasing Solutions, and managed global alliances and OEM sales for Comdisco's Electronics Group. Bannerman received his B.A. and MBA degrees from Stanford University. The company also has an Advisory Board of experts from other disciplines of leasing and online financial services, including: Chuck Davis - CEO of Bizrate.com Gates H. Hawn - head of financial services at Credit Suisse First Boston, responsible for CSFB Direct Brin McCagg - chairman of Tradeout.com Tom O'Shea - former senior credit officer, Citicorp Leasing Paul Renner - president of GVFS Corp., former CEO of Mitsui Leasing Mark Scoular - general manager - Gateway Financial Services Venkat Srinivasan - chairman of eCredit.com John Todd - Former CFO of Gateway, Inc. ( ############################################################## ORIX TRYING OTHER AVENUES BESIDES LEASING--- ############################################################## ORIX Financial Enters Public Finance Arena ORIX Financial Services (OFS) announced that it has established a new business group, ORIX Public Finance LLC. The new group will provide equipment, real estate and project financing to state and local governments. Industry veteran Bob Neptune will be at the helm as group president, leading a team of industry professionals averaging more than 18 years of public finance experience. The group will be headquartered in Kansas City, Missouri, and Neptune will report directly to Jay Holmes, chairman and CEO of ORIX Financial Services. According to Holmes, "The addition of the Public Finance Group (PFG) is an integral part of our long-term strategy. PFG allows us to continue widening our customer base and expand into new markets in order to become more diversified and generate consistent and predictable quality earnings for our shareholder. With PFG complementing our existing businesses, we are well on our way to becoming a premier national provider of commercial finance products and services." Neptune says PFG will leverage the deep expertise of its professional team to help customers successfully navigate the legal and regulatory requirements that make public financing so complex. "The nuances in public finance are intricate and extensive," says Neptune, "and now OFS can offer this special expertise to its customers." Neptune continues, "This complete understanding of the marketplace, our user-friendly documentation and our customer-oriented process allow us to effectively partner with our customers throughout the entire funding process. We're here to do more than fill out the paperwork-we build relationships." Neptune joins OFS with more than 25 years in the commercial and public finance business. He is considered one of the leading experts in the field of municipal leasing and a pioneer in the industry. Prior to joining OFS, he established and managed public finance units at Transamerica Public Finance, Heller Financial, Chrysler Capital and B. C. Christopher Securities Co. In addition, Neptune has managed the origination and administration of over $2 billion in tax-exempt financing on a nationwide basis. ############################################################### Equifax Signs Agreement with BCE Emergis for Electronic Invoice Presentment and Payment Service
MONTREAL----BCE Emergis Inc. (TSE:IFM), a leading provider of e-commerce services and exchanges, announced today that Equifax, a leading provider of consumer and commercial credit information worldwide, has signed a multi-year agreement to employ the Emergis electronic invoice presentment and payment solution for its corporate clients. Equifax will initially deploy Emergis(TM) e-Invoicing to its clients in both the U.S. and Canada, and may extend the solution to its global operations in both Europe and Latin America. "The fact that an industry leader like Equifax selected the Emergis e-Invoicing solution from a host of potential vendors, serves to further solidify our preeminent market position in North America," says Christian Trudeau, President and COO of BCE Emergis. The positive traction that our e-Invoicing solution continues to build upon confirms the value of our solution and of BCE Emergis as a business partner." Equifax (www.equifax.com), based in Atlanta, enables and secures global commerce through its information management, transaction processing, direct marketing, and customer relationship management businesses. As an acknowledged leader in information services, Equifax serves the financial services, retail, credit card, transportation, telecommunications, utilities, information technology and healthcare industries and government, adding value wherever customers do business, including the Internet and other networks. Equifax also enlightens, enables and empowers consumers to manage their own financial health with services offered at www.equifax.com. The company ranked in the top five in return on equity among Business Week's Best Performers for 2001. Equifax employs about 12,000 associates in 17 countries with sales in around 50, and has $2 billion in revenue. BCE Emergis (TSE:IFM) is a premier B2B e-commerce infrastructure provider, strategically focusing on market leadership in the transaction-intensive eHealth and financial services sectors. By layering technologically advanced e-commerce services on existing Internet-based platforms, Emergis offers its customers increasing value in their e-commerce adoption and ever-increasing levels of sophisticated services. These scalable solutions electronically transform business processes, such as buying, selling, invoicing and payment, and enable companies to succeed in the web-centric, cost-driven, and highly competitive global Internet economy. BCE Emergis' customers include leading North American banks and insurance companies. The Company's shares are included in the TSE 100 composite index. Please visit BCE Emergis at www.emergis.com for more information on the Company. This news release contains certain forward-looking statements that reflect the current views and/or expectations of BCE Emergis with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly. ################################################################ Canada April unemployment rate holds steady By Irene Marushko OTTAWA, (Reuters) - Canada's unemployment rate held steady at 7 percent in April, Statistics Canada said on Friday, and 25,500 full-time new jobs were created -- far above the forecasts of analysts. Economists said the data showed the Canadian economy holding up well in the face of a slowdown in the United States, and that would give the Bank of Canada a wider berth when it decides what do to with interest rates on May 29. "I think it's a blow to those who were seeing the bank (of Canada) as being behind the curve," said Mario Angastiniotis, senior economist at Standard & Poor's MMS. "The Canadian economy is still showing resilience, so essentially the bank remains on track," he said. Analysts are divided on whether the bank will cut rates by 25 or 50 basis points, and they doubt there will be any change in the three weeks before the meeting. Stephen Poloz, chief economist for the Export Development Corporation, said the April jobless rate reflected an economy on the upswing -- sure to play into the central bank decision. "There could be a couple of things that could make them want to go the full 50, but they're holding all the cards," Poloz said. "They could afford to be patient." The data showed unexpected strength in full-time job creation -- analysts had expected 11,400 new jobs to be created. Part-time jobs were virtually unchanged, declining by just 300. The manufacturing sector, unchanged in March, showed a gain of 300 jobs. The Bank of Canada has cut interest rates far less aggressively than the U.S. Federal Reserve this year, nudging rates down by one percentage point in three steps. The Fed has cut rates by two percentage points this year, and most analysts expect it to trim another 50 basis points off the Fed funds rate when it meets next week. That would bring U.S. interest rates a full percentage point below Canadian ones. Paul Ferley, assistant chief economist at the Bank of Montreal, said it was probable the bank would cut again despite the positive job news. "It's indicating that the domestic economy is probably offsetting the weakness that we're seeing coming from the U.S. but the Bank of Canada may still be prepared to take out another insurance cut to ensure that continues to be the case," he said. "I still think we'll probably see some further rate cuts here in Canada as long as we still see weaker numbers coming out of the U.S.," Ferley added. Statscan noted that it was the second consecutive month of rising employment levels, after a pause in January and a slight decline in February. Two-thirds of the job gains were in the private sector. The areas showing the greatest increases were in public administration, finance, insurance, real estate and leasing sectors. Declines were greatest in the management and administrative sector as well as in natural resources. Many economists predict annual growth of 2.5-2.8 percent this year, down sharply from 4.7 percent in 2000. Finance Minister Paul Martin will present a formal outlook for the economy on May 17. ($ - $1.54 Canadian) ---------------------------------------------------------------------------------------------
The List Chronological Order
102 changes
SierraCities (5/2001) New Name: “ American Express Business Finance” (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 Fleet ( 5/2001) Fleet is consolidating Sanwa and the Chicago operation. ILC (Cincinnati, sub of Provident Bank) may likely take over the Sanwa sales team. Comdisco (5/2001) Lays off 10% of staff, further c uts to be made ( 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. Textron ( formerly on list as Nations Credit, Business Leasing Group )
(5/001) Textron announces a new division to serve the capital requirements
of (1/29/99) sold to Textron *** Textron does "broker business." Centura Leasing (5/2001) Centura Bank/Centura Leasing was a major player in rolling stock and non-titled equipment in North & South Carolina. Centura was recently purchased by the Bank of Canada. The leasing division was closed for business. Commercial Lease Officers are being relocated within the Commercial Loan Division of the Bank. JDR Capital, Sewell,NJ (2001) Bob Wayne says, "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." 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 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. 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. 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 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 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 $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 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. 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 ) |