|
May 25, 2001 Headlines--- MSM Capital Buys Alliance Funding TotalFunding.com and Corona America Financial “Merger” Apology to Randy Anderson by Jeff Bob, CLP Western Power and Equipment Expands Internet Presence for Its Dealers Certified Leasing Professional Program-----Cindy Spurdle 2001 Lease Sourcebook--Hot off the Press!!! State Revenue Officials Release New Draft Definition of Leasing Dot Com Life Similar to the Leasing Industry The List—Up-dated on Tuesday Have a Good Weekend. ------------------------------------------------------------------- Tuesday---The List to be Up-Dated Total Funding Grows---- Corona America Financial a small leasing company in Southern California, reportedly purchased by TotalFunding.com. Alan Collier is the president. Coronoa America Financial president, Jack Winsten did work at SDI Capital, before opening this company about a year ago. It was at this time that SDI Capital announced that it was no longer accepting broker business. Alan Collier was a lease broker before he founded Total Funding in 1999. Winsten is bringing his group of nine to Total Funding's reported group of 13. It is unconfirmed at this time, but Leasing News is told Bob Quigley will become the new president of the merged company and the name Total Funding is to be the "survivor." Stanley Daniels and Scott Daniels have not returned multiple telephone calls to confirm or deny the sale of their company. It is reported by an "ex-employee" that Alan Collier has been actively looking at SDI Capital's "assets." /////////////////////////////////////////////////////////////////////////// ############################################ MSM Capital Buys Alliance Funding MSM Capital (MSM), a diversified financial services company headquartered in Irvine, CA, has acquired Alliance Funding Group (AFG), a small-ticket and middle-market leasing company headquartered in La Habra, CA. Terms of the acquisition, effective May 1, 2001, were not disclosed. "MSM plans to continue looking for acquisitions that have strong management and proven quality track records in the small-ticket, middle-market and vendor areas. The AFG acquisition immediately accelerates the growth potential of both companies and extends our reach for talented sales personnel further into the L.A. area," stated Mike Cingari, president & CEO of MSM Capital ( former president of Colonial Pacific Leasing, Oregon ). AFG President Brij Patel said, "We had a great history of success as a stand alone company for the past five years. We believe that AFG's seasoned sales organization combined with MSM's information-based direct mail marketing and operational support can increase lease originations exponentially". MSM provides equipment-financing solutions for small-ticket, middle-market and large-ticket lease transactions for both end-users and vendors. Based in Irvine, California, MSM Capital has 76 employees with offices in San Francisco, Fresno, San Diego & Los Angeles, California along with Salt Lake City, UT. Visit MSM on the Internet at www.msmcapital.com ################################### Jeff M. Bob, CLP Apology to Randy Anderson, formerly of System 1, Now Going into Leasing Sales: Since I'm pretty sure that everyone already knows that it was me that made those comments, feel free to use my name. Hopefully that will stop the lambasting that I've been getting and set the record straight. It was not my intent to attack Randy; I apologize if it came across that way. For that very reason, I made the comment:
" No offense to Randy directly, but I certainly hope that none of my vendors and customers will suddenly be contacted by anyone that has recently left the company, and that Capital Stream is doing everything it can to protect the data that we have entrusted them with. "
As for you System 1 files; you are correct that they do not have access to those. However, if you signed up with them to use the Capital Stream product, the vendor information and fundor info had to be sent to them in order for them to put them in the database. That's the information that I was referring to.
My comments were meant to be precautionary, not a personal attack on anyone's reputation. Jeffrey M. Bob, CLP 800-255-7430 ext. 15 503-214-5542 fax Leasing News welcomes Randy Anderson in the sales side of the leasing industry as he has integrity, cares about his customers, and being an ex-computer programmer and system analyst, he must have persistence---selling is 5% skill, 5% experience, 90% persistence ( okay, luck helps, and more knowledge gets more skill, presentation is important, dressing well, looking good, helping the customer, caring about people, but when you get down to what makes one salesman better than another---persistence. Welcome, aboard, Randy. editor.
------------------------------------------------------------------------------ CERTIFIED LEASING PROFESSIONAL PROGRAM www.clpfoundation.org. Thank you for posting my phone number for those inquiring about the CLP program. Unfortunately the CLP Foundation web site is not ready for the general public. That information should not have been released just yet. ( Both UAEL and NAELB are promoting the website in listserve, e-mail, and it is on line, and perhaps the only thing not working is the application, itself. editor ). But now that the cat is out of the bag, I would like to let everyone know that there is still some fine-tuning that needs to be done. Two very important points: 1) The application is not complete and if anyone would like to apply to become a CLP and sit for the exam they need to e-mail me at CWSpurdle@msn.com and I will e-mail them an Application or they can call me. My phone number is 610/687-0213. 2) The e-mail connection between my computer and the web site is not complete so, once again, any one interested in the CLP Program can call or e-mail me. I would also like to enlist your assistance, if I could. We are trying to make sure my database is up to date. In the last month, I have discovered three CLP's that were not in my original database. If there are any CLP's in your "listening" audience who are not sure whether they are listed in our database, please ask them to e-mail me their current information, including the date they became a CLP. Thank you once again for all you are doing to keep the leasing community abreast of the day to day activity in our industry. Cindy Cindy Spurdle PH: 610/687-0213FAX:610/687-4111 Thanks for including Cindy Spurdle's phone number for CLP information. + + + + I obtained my CLP status in '98, but had not received any information since then. I also have not had the designation appear on any association materials. I contact her today and discovered, that in fact, I was not shown as a CLP. She was very helpful and asked that anyone else in my circumstances contact her via email at Cwspurdle@msn.com or call her at 610-687-0213. I would also encourage the CLP's out there to contact their regional chapters and assist in the development of educational and training program developments locally. Thanks for facilitating the flow of information within the industry Paul Knowlton, CLP knowlton@bowc.com President, BWC Equipment Leasing Division of Bank of Walnut Creek /////////////////////////////////////////////////////////////////////////////////////// 2001 Leasing Sourcebook If you have not received the brochure in the mail, you are missing out on one of the greatest index of almost 1,700 leasing company offices arranged by metropolitan area, business activities ( lessor, funding source, and thirteen other industry roles) and 59 asset categories. 334 pages. Help with gaining credit from D&B filing listings, reference from applicants, or learning who does what and why or who may be hiring, or branch office, or most important, company contacts, so when you call or write, you will obtain a faster and better response. This is the only true list of leasing companies, nut just members of an association, or advertisers who paid to be listed. $135---for more info, go to: http://www.leasingsourcebook.com/ or 781-259-0524 or BarbaraLow@LeasingSourcebook.com If the book is too "expensive" for you, please contact your local city library and ask them to purchase it as a reference book. Most local libraries have a budget for reference books, relying on library members to make requests. Students, small businesses, often ask the librarian for specific books. Sometimes they may borrow from another library branch, depending on the size of the library system, and often they will purchase it from their budget. This is a good reference book and is the only "industry standard" available. ( Yes, this is a plug, but let me testify I put an order in at the National Association of Equipment Leasing Brokers New Orleans Conference for the Conference discount. This is a true testimonial, no remuneration. editor ). -------------------------------------------------------------------------- Fitch Affirms Advanta Corp. Ratings; Rating Outlook Stable “Separately, Advanta announced that it would cease originations in its flagging small- ticket leasing operation and allow the remaining portfolio to run off. The sole remaining operating business at Advanta will be its small business credit card unit.”
NEW YORK--(BUSINESS WIRE)--May 24, 2001--Fitch affirms Advanta Corp.'s (Advanta) `B+' senior debt and `B-' preferred stock ratings. In addition, Fitch also affirms Advanta National Bank's (ANB) `BB-'long-term and `B' short-term deposit ratings, and `B+' senior rating. All ratings are removed from Rating Watch Negative where they were placed following the company's announcement that is was considering strategic alternatives for its various business units. The Rating Outlook for all ratings is now Stable. Fitch's action follows the successful sale of its mortgage business to Chase Manhattan Mortgage Co., a subsidiary of J.P. Morgan Chase & Co., for approximately $1 billion completed on Feb. 28, 2001. Separately, Advanta announced that it would cease originations in its flagging small- ticket leasing operation and allow the remaining portfolio to run off. The sole remaining operating business at Advanta will be its small business credit card unit. This unit, started in 1994, has grown significantly since and the portfolio now stands at over $1.78 billion of managed receivables and over 629,000 accounts at March 31, 2001. Fitch's ratings and outlook recognize the strides Advanta has made in improving its business and financial profile through a more focused business strategy coupled with more promising risk/return characteristics. The company's ability to focus its resources on the business card segment of the market which offers healthy margins, should bolster overall profitability. With the proceeds from the mortgage sale, Advanta has substantially paid down maturing debt and reduced financial leverage. Advanta has also announced a 1.5 million share repurchase program, although this will only have a nominal impact on capitalization. Fitch also recognizes that the company's current excess liquidity position affords Advanta a certain degree of financial flexibility over the near-term. Fitch's assessment acknowledges the less seasoned nature of small business credit card lending, strong portfolio growth coupled with weaker asset quality measures, expected increase in competition, regulatory orders at its principal banking subsidiaries limiting deposit growth, and challenges in winding down its small ticket leasing portfolio. As it relates to asset quality, Advanta has forecasted an increase in delinquencies and loss rates for the remainder of 2001 due to portfolio seasoning, weaker macroeconomic conditions and a rise in bankruptcy filings. Fitch also expects that competition in the small business card segment to intensify over time as other diversified and monoline card issuers become more active in this segment. v# # # # # # # # # # # # # # # # # # # # Synovus Named Georgia's Best-Performing Public Company Synovus Leasing
Synovus Ranks No. 1, TSYS No. 8 in Atlanta Journal-Constitution's Annual Survey COLUMBUS, Ga., / -- For the first time, Synovus Financial Corp. (NYSE: SNV) has been ranked as the top-performing publicly traded company in Georgia, according to an annual survey by The Atlanta Journal-Constitution, "Best of Business: The Georgia 100," published on Sunday, May 20. TSYS, the global electronic payment services company in which Synovus owns an 80.8-percent stake, ranked No. 8 on the survey. Synovus and TSYS have placed in the survey's top 10 three of the past eight years. According to the Journal-Constitution, Synovus escaped many of the difficulties other banking companies encountered in 2000 by avoiding syndicated corporate loans, maintaining exceptional credit quality and increasing fee income through expanded asset management services. And the revenue contributions from TSYS make the company largely "recession- resistant," according to Richard W. Ussery, chairman of the board and CEO of TSYS. "We're the secret weapon," he said in the article. "TSYS is such a critical part of who we are as a company," James H. Blanchard, chairman and CEO of Synovus, said in the article. "It's part of our personality, our sense of urgency and intensity level. It gives us a persona that's a little more wound-up than your normal, old-timey bank." In 1996, Synovus ranked No. 3 and TSYS ranked No. 4 on "The Georgia 100." In 1997, TSYS placed No. 3 and Synovus finished No. 9. "The Georgia 100" survey is compiled and evaluated by Pricewaterhouse Coopers, L.L.P., based on five weighted variables: revenue (10 percent), year- over-year revenue change (15 percent), annual change in profit margin (15 percent), return on equity (30 percent) and change in stock price assuming reinvested dividends (30 percent). Readers can find the entire survey online at www.ajc.com . Synovus Financial Corp. is a multi-financial services company with more than $15.2 billion in assets. Based in Columbus, Ga., Synovus is composed of 39 banks in Georgia, Alabama, South Carolina and Florida; an 80.8-percent stake in TSYS (NYSE: TSS) (www.tsys.com ), one of the world's leading payment services providers; DotsConnect, which delivers and hosts online credit card management solutions; Synovus Wealth Management, a marketing unit for securities, trust, insurance and private banking services; Synovus Mortgage Corp.; and Synovus Leasing Services. Synovus is No. 8 on FORTUNE magazine's list of the "100 Best Companies to Work for" in 2001. See Synovus on the Web at www.synovus.com . # # # # # # # # # # # # # # # # # # # Western Power & Equipment Corp. Announces Offer From e*machinery.net, Inc. VANCOUVER, Wash.----Western Power & Equipment Corp. (Nasdaq:WPEC) announces that on May 16 it received an offer from e*machinery.net, Inc. (OTCBB:EMAC.OB) to purchase the business and assets of WPEC for $9,000,000, consisting of $2,000,000 in cash and $7,000,000 in common stock, as well as the assumption of certain limited liabilities. The Board of Directors of WPEC has expressed its concerns to EMAC about the proposal including, but not limited to, accepting EMAC's stock. WPEC's board is waiting for a response from EMAC. WPEC previously announced that it has entered into an agreement dated November 1, 2000 with Western Power & Equipment, L.L.C., a newly formed entity owned by members of WPEC's management, for the sale of WPEC's assets for $4,100,000 pursuant to a promissory note payable over seven years. This agreement is subject to stockholder approval and will be voted upon at WPEC's next stockholder meeting which WPEC is in the process of scheduling. WPEC previously announced that its acquisition of Supply Point, Inc., based in San Jose, California, closed on May 16, 2001. The closing documents are being held in escrow subject to certain conditions, including but not limited to, the approval of Deutsche Financial Services, its chief lender, and Case Corporation. Western believes that these conditions will be satisfied. About Western Power & Equipment Corp. Western Power & Equipment Corp. sells, leases, rents, and services construction, industrial, and agricultural equipment for Case Corporation and over 30 other manufacturers. The company currently operates 18 facilities in Washington, Oregon, northern Nevada, California, and Alaska. About Supply Point, Inc. Supply Point (www.supplypoint.com) was founded in 1997 by a team of accomplished software executives, business architects and software developers with over 100 years of combined experience in Internet technology, manufacturing, order entry, sales force automation and e-commerce. Supply Point's team developed a technology that enables companies with disparate enterprise systems to quickly become web enabled and provide analytical operations via the Internet for customers, suppliers and internal operations. Supply Point's Applications product suite has the unique ability to link multiple ERP, CRM and other SCM or legacy systems, extracting critical information from each. Supply Point's mission is not to compete with ERP software providers (e.g., Oracle; SAP; J.D. Edwards; Baan; PeopleSoft; QUAD; and other Mapics), but rather work with them and/or their solution delivery providers to provide enterprise manufacturers and distributors real-time information that empower customers, suppliers, manufacturers, distributors and other business partners to make critical decisions, save money and time, and increase linkage, performance and efficiencies throughout the entire supply chain. This can be viewed as a broad information layer that aggregates and complements ERP, SCM, shop floor control and other applications. Using Supply Point's thin client architecture, business processes are efficiently managed 24/7, and are accessible from a laptop, personal data assistant (PDA), wireless application protocol (WAP) enabled mobile phone, or any other web-enabled device. Installation of Supply Point's suite of applications is quick and easy and requires little training. Revenues are expected to come from both software sales and maintenance. Sites of Reference: http://www.supplypoint.com # # # # # # # # # # # # # # # # # # # # # # # # # # # # from Equipment Leasing Association News---- State Revenue Officials Release New Draft Definition of Leasing State revenue officials developing a nationwide sales tax system have released a new definition of leasing and rentals. It is part of the Streamlined Sales Tax Project (SSTP) effort to write a uniform nationwide sales tax definition for all transactions to which sales tax is applicable. This is a first draft and SSTP officials will consider changes requested by industry during their next meeting in Raleigh, North Carolina scheduled June 25-26. To review the draft definition within context of the overall Streamlined Sales and Use Tax Agreement go to the Project website at www.streamlinedsalestax.org. Comments on the draft definition and/or a request to receive periodic email updates should be sent to dbrown@elamail.com. Include your name and company. Following receipt of member comments, ELA will schedule a conference call to finalize an industry position. Lease or Rental Definition May 8, 2001 DRAFT To be inserted in the Streamlined Sales and Use Tax Agreement, Section 312. Definitions. LEASE or RENTAL Lease or rental means any transfer of possession or control of tangible personal property for a fixed or indeterminate term for consideration. 1) Lease or rental does not include: a) A sale; b) A sale under security agreement or deferred payment plan that transfers title upon final payment of a predetermined amount; or agreements that provide a nominal option to purchase upon completion of required payments and the option is $100 or 1% of the contract price, whichever is less; c) Transfers or sales for the purpose of sublease or sublet; d) Sales, assignments or transfers of property that remains in the control and possession of the same person before and after the sale or transfer of tangible personal property, provided the person paid sales or use tax when they acquired such property in a taxable transaction; e) An agreement to provide tangible personal property for a fixed or indeterminate period of time along with an operator and the owner or supplier of the property maintains control of the property. 2) Lease or rental does include: Agreements with future options to purchase, and agreements covering motor vehicles and trailers where the amount of consideration may be increased or decreased by reference to the amount realized upon sale or disposition of the property. These instruments are also known as Terminal Rental Adjustment Clause leases. 3)Characterization of Transaction for Other Purposes: Whether or not a transaction is characterized as a lease under generally accepted accounting principles, the Internal Revenue Code, the [state commercial code], or other provisions of state law, is irrelevant to the proper classification of a transaction as lease for purposes of this [chapter]. This definition will be applied only prospectively from the date of adoption and will have no retroactive impact on existing leases or rentals. Sites of Reference: http://www.streamlinedsalestax.org ELA Members or interest parties may contact: Dennis Brown ELA Phone Number: 703-527-8655 E-mail: dbrown@elaonline.com ( The Equipment Leasing Association is very pro-active in legislative, accounting and legal issues. editor ) This story sums up Dot.com life in the San Francisco BayArea Double disaster A dot-com veteran tries to survive after two layoffs Peter Sinton, San Francisco Chronicle Senior Writer
Friday, May 25, 2001
Many dot-commers have lost their jobs, but few have been laid off twice in a month by different employers. Karl Morris has that dubious distinction. On Friday, April 13, he lost his six-figure job as a manager for Quokka Sports, the San Francisco pioneer in sports programming on the Internet that closed shop and filed for bankruptcy protection last month. On May 11, four weeks later, he was fired from his consulting job at Broadchoice Inc., a San Mateo creator of Web graphics, animation and audio/video content. "I was here for a month and it happens again," said Morris, 42, who has been working in high tech for nearly 20 years. "I've been through it before, but it rocks you. The numbers you read in the papers and see on the news don't tell the full story. It's devastating. I'm sure some marriages are splitting up and people are losing their homes." During the first four months ofthis year, 51,564 dot-com industry employees lost their jobs, including 17,554 in April, according to the Chicago outplacement firm Challenger, Gray & Christmas. During the same period, 91,799 lost jobs in the telecom industry, 81,903 in the auto industry and 53,774 saw their jobs terminated in the computer industry. Still, Chief Executive Officer John Challenger said that as a percent of employees losing jobs in each sector, "dot-com losses are likely the highest." Despite his double dose of layoffs, Morris said it has helped being married to his wife, Leslie, who has a doctorate in industrial organizational psychology. Nevertheless, he added, the experience has been pretty devastating, especially the week in mid-February when Quokka Sports told him he would soon lose his job. "I had a reputation I would sacrifice . . . anything (for Quokka)," |