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Thursday, November 22 ,2001 Happy Thanksgiving ( History of Thanksgiving in This Day in American History , included on line today ) Dwight Galloway, Republic Leasing of South Carolina NAELB Appointed Bill Miller Executive Director Crocker Capital Leaves Many Unhappy Employees Ira Romoff to Announce New Product Soon Commercial Money Center Memo to All Associates UniCapital Plan Filed Mortgage Rates Rise New Jobless Claims Fall for Fourth Week in a Row Full Unemployment Report on Majority of US States Directors of Mellon Authorize 25 Million Repurchase of Shares IFS Announces New President, CEO,
#denotes press release
___________________________________________________________________________ Dwight Galloway, Republic Leasing of South Carolina All of us at Republic are thrilled about the acquisition of our long time parent, Resource Bancshares Mortgage Group, Inc. by NetBank, Inc.! Among the many benefits to us will be the continuity of management (RBMG’s CEO Doug Freeman will become the CEO of NetBank), lower-cost funding for our leases and a corporate culture that stresses acquisition of high quality earning assets through wholesale channels. Our strategy for Republic will be simple: Apply the lower cost of funds to become the very best broker/lessor-funding source in the country. In addition to leveraging NetBank’s technology to provide world-class service to our business sources, we intend to become very competitive in the app-only and lower middle market for better credits. We are especially looking forward to establishing stronger relationships with our lessors that develop programs for their niche vendors. We have no doubt that our many long time brokers will be calling soon with their advice on how we can apply these new tools. In addition, we have already begun to hear from lessors whose needs we will soon be able to meet once the acquisition has closed. You were right in your assessment Kit: we certainly have been given an early present! Dwight Galloway dgalloway@rlclsg.com ( Could not happen to a nicer guy. When he was on the United Association of Equipment Leasing Membership Committee, he worked, attended all meetings, came up with ideas, helped us all, and gives to many associations. He is a “giver.” He also holds the distinction to be the first to securitize deals solely from brokers. He “loves” brokers. He is a wholesaler. A true leader in our industry with the highest ideals. A family man, too. To see him come out of top, should make us all feel good. It is a Christmas present for us, too. Let me know play our own horn, when Leasing News started the eLease section, we made special mention of this company to watch as they were way ahead of their time, run correctly, and were going to become a major player in the financial world and gave them a top review: NETBANK. com (http://www.netbank.com), is a financial services company whose sole subsidiary, NetBank, member FDIC, is the first profitable pure Internet bank in the country, having achieved profitability in the past nine consecutive quarters. With more than $1.6 billion in assets and customers in all 50 states and 20 foreign countries, NetBank was recently recognized as the best online bank by readers of Worth magazine in its annual "Readers' Choice Awards" survey and as a Money.com pick for "Best Online Banks." With its low- cost, branchless business model, NetBank also pays its customers with high interest rates on deposits with low- or no-fee banking services. The company is now tied with Quicken in an internet alliance. While their products and services include free online account access, free checking, free unlimited online bill payment and presentment, free unlimited ATM use, VISA(R) Check Card, VISA(R) credit cards, online brokerage services, mortgage lending, home equity lines and loans, insurance, IRAs, and online safe deposit boxes To add the mortgage company and leasing company to their portfolio is “super!” editor ---------------------------------------------------------------------------------------------------- National Association of Equipment Leasing Brokers Appoints Executive Director From Leasing Logic: NAEB has new staff leadership, Bill Miller, CAE, will serve as NAELB’s executive director---overseeing all of the association’s activities and providing NAELB with the benefit of 16 years of association leadership. As president of the Mid Atlantic Food dealers Association MAFDA), Miller oversaw a membership of over 2,000 stores. “ I am excited about the opportunity to take an active role with NAELB, “ Miller says. “ I look forward to working with NAELB’s board of directors to develop programs and events to keep up with the ever-changing equipment leasing industry.” Miller attended Johns Hopkins University and the University of Baltimore and served as president of the Maryland Society of Association Executives. He is also a Certified Association Executive as designated by the American Society of Association Executives. Please feel free to contact Miller at bmiler@clemonsmgment.com or at NAELB headquarters, 410-931-8100 Dee DiBenedicts, who currently sits on the NAELB board, will handle the Help desk. With over 15 years experience in the industry working for funding sources such as Denrich Leasing and Unicyn Funding Group in capacities ranging from credit and documentation through collections and marketing, DiBenedictis should be able to answer just about any question relating to the industry…. Inquiries regarding general association information such as membership information and renewals, conference and meeting schedules should be direct to NAELB headquarters at 800-9096-2352. The Help Desk should be called for question sand issues that need to be addressed to a peer in the industry. The toll free Help desk number is 866-NAELB71 or 866-623-5271. The Phone will be answered don Tuesday and Thursday from noon until 4-m. Voicemail can be left at anytime. In addition, you can e-mail the Help ‘desk at helpdesk@naelb.org ----- Let Leasing News blow our own horn again, as our other special mention when we started the eLease section, we predicted Listserve would be a big “hit” and very helpful to its members: Post@NAELB.org This may be considered a "portal" or "EIP", but does not fit into the category. The fee for this "portal" consists of becoming a member of the National Association of Equipment Leasing Brokers ( $295 a year for professional lease brokers/costs vary for other professions). Members then can send a message ( post an e-mail ) to all other members requesting information for where is the best place for a certain type of lease, post a complaint, request legal help, pass on information important to others in the leasing industry, and as important, communicate with each other. All members who join the e-mail network receive the message. It is quite unique in the industry. 2002 NAELB Conference will be April 10-14,2002 Caribe Royale Resort Suites & Villas, Orlando Florida Please mark your calendar. --------------------------------------------------------------------------------------------------------------- Great National Sales Manager Now on the Marketplace Richard Baccaro is a great leasing guy. If American Express continues to get rid of the good talent it will be interesting to see where they are in a year or two from now. Todd Kaufman <tkaufman@keystoneefc.com>
Crocker Capital Leaves Many Unhappy Employees Yes, that’s right, Dimension Funding only bought the assets…not the liabilities. The Morris had one of the first “hard deal” companies and when Datronics turned them off due to alleged fraud by the president of Datronics closing the company down ( a summation of the circumstances ), they allegedly never really recovered to the powerhouse they once were. What happened at SDI Capital by the Daniels is now happening to Crocker Citizen employee: “The sales people were told that they weren't being picked up and they can't get calls back. I have a list of deals from one of them with almost 100k in profit.” “ Larry Wagner that any commission I had due to me on the deals that Dimension is now doing is owed to me by Crocker. (they no longer exist)( that is 30k in commissions ++) and Larry made a comment that "there isn't enough to pay anyone.." to me yesterday.” “They sure didn’t give me a happy thanksgiving. We don’t know about our benefits or other plans. Please let the rest of the industry know how we were treated.” Leasing News has more, but I don’t want to reveal their names as they may seek legal action, and do not want to jeopardize their chances. editor _________________________________________________________________________ A NEW PRODUCT TO SUPPLEMENT US DURING THIS TOUGH TIME IRA ROMOFF Phone = 201-995-9594 Fax = 201-327-2011 Email = IraRomoff@aol.com I'M ABOUT TO EMBARK ON A NEW VENTURE AFTER CREATING EAB LEASING OVER THE PAST TEN YEARS AND RUNNING THE TILDEN COMPANIES BEFORE THAT. THIS OPPORTUNITY WILL ENABLE ALL INDEPENDENT LESSORS, AND THEIR SALESMEN, TO EARN RESIDUAL TYPE MONEY WITH NO CREDIT RISK OR CAPITAL OUTLAY. WE SHOULD BE UP AND RUNNING BY YEAR END. I LOOK FORWARD TO HEARING FROM MY MANY FRIENDS AND FORMER "INDEPENDENT" CUSTOMERS. THIS IS JUST WHAT THE LEASING INDUSTRY NEEDS, A NEW PRODUCT TO SUPPLEMENT US DURING THIS TOUGH TIME. IRA National Association of Equipment Leasing Brokers Expels CMC November 20, 2001 To: All Associates From: Mark Fisher, Chief Operating Officer Re: Commercial Money Center, Inc. Response to NAELB Expulsion We have been expelled from the NAELB for what they have termed “ethical violations”. The specific reason for expulsion was Commercial Money Center’s refusal to violate our lease agreement’s contractual requirements on one specific lease. Commercial Money Center’s lease agreement involves a third party. As a part of the documentation, their requirements as well as CMC’s are fully disclosed. The costs associated with our leases are fully disclosed. The ramifications to the lease in the case of a default are fully disclosed. Commercial Money Center incurred an actual monetary loss on the deal in question. The NAELB thought the ethically appropriate response to their inquiry was for Commercial Money Center to incur further losses. We respectfully disagreed. The result has been expulsion from their organization. We regret the NAELB decision, but believe that our actions in this matter were legal, ethical and appropriate for the individual situation. It should be of interest to all, that the Broker making the complaint continues to submit deals to our company despite on his apparent ethical opposition to our contract as they were written and our company policies. Mark Fisher, Chief Operating Officer ___ The question(s) I - and a lot of brokers who have CMC deals pending - is : What is the status of getting these "bundles" funded and when. Some transactions are pending as much as 6 months I understand. My transactions are probably over 120 days depending upon what date is used as the starting point (docs in , or audit done). What is the companies security for future deals? Why should brokers send more deals in for approval and documentation when there is so much trepidation about current fundings or lack thereof? Perhaps if Leasing news could get the scoop on the "status of the business", the broker community would better understand where CMC fits into the funder universe. Regardless of their NAELB status. We've done many transactions with CMC and - until this current problem (since about May) not being able to get "bundles" funded - we have been stressed , but not disappointed. Accountants use the term "going concern". Many brokers, vendors and lessee's are on the ropes right now due to these "bundles" not being funded. Their main concern is whether CMC is a going concern now, in three months, in six months ... etc. I'm sending this in confidence though you can use the content in contacting CMC if you feel this has merit. Most brokers that do business with CMC don't want to cause terminal bleeding. They just don't know if the wounds are stable, critical or fatal. If CMC goes down before all these deals are funded the negative ripple effect will be great among brokers, vendors and lessees. Name With Held ( My old mentor Mac Pollock of Key Lease, Redwood City, California, said, ” If you sleep with dogs, you get fleas.” Depending on your point of view, this may refer to CMC… but in my mind, it is the point of view of the lessee or applicant. When you are dealing with difficult situations, difficult credits who will accept a high rate, terms, conditions, you have a lot o fleas. It often is extremely difficult for the broker, the vendor, the fundor, and all those involved to hold this together, particularly when there may be a long check list and difficulties ahead. These are not transactions that get approved in an hour or funded by “fax-to-fund.” They often takes months, yes, months, and that is typical of this marketplace. So you have to decide, why is the lessee willing to enter into these terms; usually because they have no where else to go. Therefore, CMC is serving a special part of the marketplace. They have the knowledge and experience. The problem that occur primarily is because the lessee and vendor are not prepared for the time involved to complete the process; often, new brokers are not either. If you are going to “entertain” such credits, prepare your customer and vendor that the train ride will be long unless everyone cooperates and plays by the rules. editor ) Employment Rates Kit, There are only 40 states listed. Where are the other 10 states? Sincerely, Todd Schwartz todds@leaseapp.com Capital Funding Group Washington State Your list cuts off after RI and does not include all 50 states.... Wyoming may sue... I wonder if it's still the only state in the union with diminishing population because of lack of jobs. :) DuaneRuss@aol.com Archie Julian of Dumac and others have asked the same question. This story came from Associated Press. I went back, and I did reproduce their list. I did not count the states in advance. I am assuming readers looked for their state, such as Duane, and when they didn’t find it, realized it was not a complete list. For those interested in the original report where the statistics came from, you will find it as the last story. editor ) UniCapital Plan Filed UniCapital Corp. filed a First Amended Plan of Reorganization and related Disclosure Statement with the U.S. Bankruptcy Court. ____________________________________________________________________________ Mortgage rates rise
By
Associated Press, WASHINGTON (AP) Mortgage
rates around the country rose this week after 30-year mortgage rates
recently dropped to their lowest level in 30 years of record keeping.
The average interest
rate on 30-year fixed-rate mortgages climbed to 6.75 percent from 6.51
percent last week, according to a nationwide survey released Wednesday
by Freddie Mac, the mortgage company. Two weeks ago, 30-year
mortgage rates fell to 6.45 percent, the lowest level since Freddie
Mac began conducting its nationwide survey in 1971. Even with the uptick,
this week's rate of 6.75 percent marked the 15th week in a row that
30-year mortgages have been under 7 percent. Fifteen-year mortgages,
a popular option for refinancing, rose to 6.24 percent this week. That
compared with 5.98 percent the previous week. A year ago, rates for
30-year mortgages averaged 7.73 percent and rates for 15-year mortgages
averaged 7.41 percent. On one-year adjustable-rate
mortgages, lenders were asking an average initial rate of 5.18 percent,
up from 5.06 percent from the previous week. Last year at this time,
ARMs stood at 7.28 percent. These rates do not include
add-on fees known as points, which averaged around 1 percent of the
loan amount for all three types of mortgages. Mortgage rates rose in
response to some recent economic indicators in November suggesting that
the recession may be shallow, said Freddie Mac's chief economist Robert
Van Order. ''With mortgage rates rising this week, the industry may
well see a rush to lock in or refinance at current mortgage rates.''
Invitation You
are invited to celebrate Jeff Wong’s life on Wednesday, November
28 at 6:30 p.m. at 624 Taylor Street in San Francisco. _____
#### ################## ########################## The board of directors of Mellon Authorize 25 Million Repurchase of Shares
Financial Corporation (NYSE: MEL) today authorized a new repurchase program
covering 25 million shares of Mellon common stock. This new program will take
effect following the completion of an existing 25 million share repurchase
program approved in May 2001, which is expected to be completed by the end of
2001. Mellon had about 468 million common shares outstanding as of
September 30, 2001.
"Consistent with Mellon's strategy to aggressively manage our capital
base, Mellon will invest its excess capital in our high-growth, high-return
businesses, acquisitions that are consistent with our growth strategy, and
share repurchases," said Martin G. McGuinn, Mellon chairman and chief
executive officer.
Since January 1, 1999, Mellon's board has authorized six repurchase
programs for a total of 125 million shares.
Mellon Financial Corporation is a global financial services company.
Headquartered in Pittsburgh, Mellon is one of the world's leading providers of
asset management, trust, custody, benefits consulting and administration,
shareholder services and cash management, and offers a comprehensive array of
banking services for affluent individuals and corporations. Mellon has more
than $2.6 trillion in assets under management, administration or custody,
including more than $545 billion under management. Its asset management
companies include The Dreyfus Corporation and Newton Investment Management
Limited (U.K.). #### ######### ###### ############################# IFS International Holdings, Inc. Announces Appointment Of New President and CEO
Strategic Review Results in Unwinding of Global Insight Group Ltd. Acquisition
And IFS International Inc. Staff Reductions
TROY, N.Y., / --
IFS International Holdings, Inc. (OTC Bulletin Board: IFSH) (BSE: EFT) (IFS or
the Company) has appointed Mr. Per Olof Ezelius as IFS' new President and CEO
for both IFS International Holdings, Inc. and its subsidiary IFS International
Inc. Mr. Ezelius is also the President and CEO of Network Controls
International Inc. (NCI) and was the owner of NCI before merging with IFS in
January 1998.
Mr. Simon Theobald has resigned as the President and CEO of the Company,
as well as including all other executive and board positions within the IFS
Group. A mutually agreed upon Release and Separation Agreement has been
executed.
Mr. Ezelius said, "I am honored by the vote of confidence of the IFS
Board, and I appreciate the opportunity to address the significant challenges
currently facing the Company. I have a strong personal vested interest in
seeing the Company succeed. IFS has great potential, and it will take a lot
of dedication and team effort to properly explore and realize that potential."
Mr. James Denney, Chairman of IFS, stated, "Per Olof has the support and
confidence of the entire board. As part of the Strategic Review process
currently under way, we will be making some difficult, but essential,
decisions regarding the Companies' business and structure. We are very
fortunate to have Per Olof's talent, experience, commitment and vision for the
future to lead the Company in that effort."
As part of the Strategic Review, IFS has entered into a Termination
Agreement that will unwind the acquisition of Global Insight Group Ltd (GIG),
based in the UK and acquired by the Company in December of 1999. The
separation will enable both Companies to focus on their respective core
businesses. Both Companies hope to leverage their respective core
competencies by continuing to partner on projects in the future.
As part of that agreement, the founding GIG principals will return 431,531
IFS common shares to the IFS corporate treasury in exchange for the GIG shares
held by IFS. Also, IFS has agreed to a payment plan for a total of $52,500 to
be paid to GIG over a five-month period beginning in November 2001. The IFS
shares will be held in escrow until IFS has completed its payment obligation
to GIG.
The Company has recently reduced staff at IFS International Inc. by a
total of 12 positions. Based on the current financial and operational
situation, it is anticipated that there will be no further reductions of IFS
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Jobless
Claims Fall for Fourth Week in a Row