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Kit Menkin’s Leasing News www.leasingnews.org Wednesday, November 28,2001 Headlines---- Funding Tree---Growth 1 Southern California Where is Mark Herman??? Classified Ad Results/ Leo R. Portney Hey, Bill Grohe!!! Alert re: Bridge Transport, North Carolina Home sales rise, defy pessimistic economists Yahoo! To Launch Video E-Mail Service Wells Fargo to Buy Back $30 Million Common Shares The Fed nominees win Senate committee approval TECHSMART EXPANDS GROWING LIST OF ASSET MANAGEMENT CENTRAL SPONSORS #### denotes press release ----------------------------------------------------------------------------------------------------------------- San Francisco Memorial for Jeff Wong, Esq. ( Cooper-White-Cooper, formerly Dinkelspiel & Dinkelspiel ) Jeff's family has arranged a reception in celebration of Jeff Wong's life on Wednesday, November 28 at 6:30 p.m. at 624 Taylor Street in San Francisco. For Additional Information: Mark Schreiber at (415) 433-1900 or mschreiber@cwclaw.com. http://www.leasingnews.org/archives/November%202001/11-19-01.htm ___________________________________________________________________________
Funding Tree---Growth 1 Southern California Looking for more info. on a leasing company called The Funding Tree, Inc. (Riverside, CA) and their President Kendra Bernal - formally of Growth 1. Some brokers & vendors were due FUNDING over 120 days ago! Has anyone heard any positive or negative news???? Name With Held ( We have four telephone calls into Kendra Bernal and five e-mail. She did respond to one that the Funding Tree was not part of Growth 1. Leasing News was given other information which she had not denied nor confirmed. If we can get a second, and best yet, a third substantiation, we will run it by her for a comment, and if not comment after a reasonable period of time, we will print it as we have heard from several brokers who are awaiting funding. editor ) Where is Mark Herman??? I have been trying to get a hold of Mark Herman at First Financial Leasing in Coral Springs Fl. for several weeks, he has suddenly "disappeared", his voice mail is "full", thought you may have some information on his "whereabouts". It is not like him to "disappear" like this. He is helping me on a couple of transactions. Bill Schimmel Advantage Leasing Co. _____________________________________________________________________
Classified We have taken off three from the classified, who found jobs. Even a legal position ( not that we offer illegal positions, this is an attorney who found a job working for a leasing company on their legal staff. By the way, our first posting. Here is a new one just received that we will take off line:: Thanks for posting a summary of my resume in Monday's Leasing News. I am happy to announce that I was fortunate to have been offered and have accepted a position with Charlie Lester's LPI Financial Services in Atlanta. Thanks again. ===== Leo R. Portney Hey, Bill Grohe, I hope you are reading Leasing News My hat is off to The UAEL for appointing Joe Woodley the new CEO. I like many others in this business has gone to Joe for advice on one thing or another, in my case on more than one occasion. I personally am very excited about the future of the Association, with such a 1st Class individual at the Helm. Sign me back up!!!! J Kevin Mellon Biesse America Leasing kmellon@excellease.co Also Ken Duffy, Sr., of Summit National said he will re-join as he likes the new board of directors and the changes to be made. He won’t let me print his e-mail. He said a lot of personal things and even with name with held, that’s not his style. I think UAEL will be glad to have him back as his company donated the first website, e-mail, and made many contributions to the association. Alert re: Bridge Transport, North Carolina I felt it necessary to pass on an alert for a company in North Carolina. Bridge Transport is applying for leases on front loaders and fork lifts. The principal is Marc Porreca. The vendor is AKL International. AKL is a company set up by his wife. I know of two other leasing companies plus ourselves that have been hit by this scam. He will make a couple of payments then ask for more funding. If you don't extend additional funding he will stop paying. When you try to collect on past payments his story is he doesn't like the collection pressure and is returning the equipment. His next step is to turn in an insurance claim for stolen property. The leasing company is left holding the bag. I am working with the Monroe County District Attorney and would welcome any information anyone may have on this company or person. Thanks, John Gallo M & C Leasing Co. Inc. Favorite Morning News Show ''The Early Show'' 1 Hour from 7:00am to 8:00am central time. Jane Clayson is a hottie. :-P The Leasing Guy Television Ratings MORNINGS: TODAY [5.1] OVER GMA [4.3] OVER EARLY SHOW [2.1]... JENNINGS [8.6] OVER BROKAW [8.4] AND
RATHER [6.8] IN NEWS REAR ... LETTERMAN, LENO IN
TIE WITH 5.0 RATING CAROL BURNETT SPECIAL
ON CBS PULLS 19.1 RATING/28 SHARE MONDAY NIGHT -- TOP SHOW IN PRIMETIME.
MOST VIEWERS FOR CBS IN SLOT SINCE SEPT. '92 What is your favorite morning news show? What time and how long do you watch? __--------------------------------------------------------------------------------------------------------------- Home sales rise, defy pessimistic economists Associated Press WASHINGTON (AP) Sales of previously owned homes
rose by 5.5 percent in October despite rising unemployment and sagging
consumer confidence. The National Association of Realtors reported Tuesday
that existing-home sales increased to a seasonally adjusted annual
rate of 5.17 million units last month, the highest level since August.
The rebound came after existing-home sales plunged
by 11.6 percent in September as the terror attacks made Americans
wary of making big-ticket purchases. ''Three weeks after the Sept. 11 attacks, some
of our major brokers were reporting that sales had recovered to 95
percent of pre-attacks levels,'' said David Lereah, the association's
chief economist. ''Some of last month's recovery results from transactions
that were postponed from September.'' The housing market has been one of the few bright
spots in an otherwise gloomy economic picture. The market has remained
stable during the more than yearlong economic slowdown, thanks in
large part to low mortgage rates. In October, the average rate for a fixed-rate 30-year
mortgage was 6.62 percent, down from 6.82 percent in September, and
well below the 7.80 percent posted in October 2000, according to Freddie
Mac, the mortgage company. In early November, 30-year mortgages dipped to
6.45 percent, the lowest level in 30 years of record keeping, Freddie
Mac had reported. Since then, rates have edged up and now stand at
6.75 percent. Analysts say that the lure of low mortgage rates
are cushioning the impact of other negative, economic factors. The
nation's unemployment rate soared from 4.9 percent in September to
5.4 percent in October. That month, consumer confidence hit a 7 1/2
year low. Against the backdrop of low mortgage rates, the
association predicts that for all of 2001, existing-home sales will
total 5.19 million, the second highest level on record, and a 1.3
percent increase from 2000. In an effort to stabilize the ailing economy, the
Federal Reserve has cut interest rates 10 times this year, with three
of those rate reductions coming after the terror attacks. By region, home sale rose last month by 10.2 percent
in the Northeast to a rate of 650,000. In the Midwest, they went up
by 7.3 percent to a rate of 1.17 million and in the South they rose
6.2 percent to a rate of 2.05 million. Sales grew by 1.6 percent in
the West to a rate of 1.31 million. The rise in overall sales in October lifted prices.
The median existing-home sales price, meaning half sold for more and
half for less, was $145,300, up 4.8 percent from the same month a
year ago. On the Net: The report: http://nar.realtor.com/ ------------------------------------------------------------------------------------------------------ Yahoo!
TO Launch Video E-Mail Service by
Michael Singer, Silicon Valley Internet.Com News With
so many people using e-mail to communicate over the Web these days,
it's no wonder that the major Internet outlets are looking to jazz
up their specific brands. Yahoo! (NASDAQ:YHOO)
Monday took a big step in its dogfight with AOL
(NASDAQ:AOL)
and Microsoft (NASDAQ:MSFT)
as it announced it is close to offering its users video e-mail services
through Yahoo! Mail. The
deal is made possible through a partnership with San Mateo, Calif.-based
SpotLife, which has developed a private label
video publishing and delivery platform. "Video
e-mail offers Yahoo! the ability to provide their users with easy
and reliable video e-mail capabilities, while ensuring that Yahoo!
Mail maintains a superior service offering, and the best Internet
video technology available on the market," says SpotLife CEO
John Walsh. Under
the agreement, SpotLife will be outsourcing its video e-mail technology
and service to Yahoo!. Users can record video with a PC video camera,
or upload video already existing on their PC to SpotLife, which will
compress and upload the video messages to its servers. On
the other end, your friends that get a video e-mail receive a notification
message containing a link to a Web page where they can view the video
through the SpotLife Player. Yahoo!
is taking a relatively safe gamble on the new service. More and more
people with high-speed connections are using the Web to send video.
Based on IDC Forecasts, approximately 60 million PC video cameras
will be sold by the year 2005. The service should officially launch next year but it is unknown if will be free or fee-based. ____________________________________________________________________ Reasons for Delays in Internet Response for ListServe/E-Mails The delays individual subscribers observe in receiving postings or seeing their own postings can almost always be attributed to their own mail systems. Most large, public ---free or paid--- subscription e-mail services, (i.e.: yahoo.com; aol.com; compuserve.com; hotmail.com; etc.), 'batch' process the e-mails they handle for their subscribers. That means that they may process e-mails to a certain group within their member databases every twenty or thirty minutes, for example. This may include outgoing mail as well. Sometimes that's checked for viruses. Part of the purpose of all this is to manage or balance the load on the multitude of different servers they may employ and to route internet traffic along the various 'backbone' lines efficiently. Where your e-mail is going to oncoming from, as well as the amount of traffic on the internet in general and within your carrier's system specifically, can cause significant variance in the amount of time it takes to send or receive any specific e-mail message. What
this all means is that it's quite possible, Doug and Gary, for you
topmost a message and for another member to receive it and reply to
it before you've received your original posting back. Some
e-mails do get lost, also. Though
various attempts are made to gauge the volume of e-mail messages the
internet carries, no one really knows how much it is; though surely
it's an incredible number. It most certainly impossible and likely that
some small percentage simply gets 'lost' along the way. Hope
that explanation helps. Gerry
Egan Vice
President NAELB President TecSource,
Inc. 5621
Departure Drive, Suite 113 Raleigh,
NC 27616 Phone:
(919) 790-1266 Fax:
(919) 790-2262 E-Mail:
<mailto:GerryEgan@ForEquipmentLeasing.com> Internet:
<http://www.ForEquipmentLeasing.com> ### ############################### ########################## Wells Fargo to Buy Back $30 Million Common Shares SAN FRANCISCO, -- Wells Fargo & Company's (NYSE: WFC)
Board of Directors today authorized the Company to acquire, from time to time,
up to 30 million shares of the Company's issued and outstanding common stock.
These shares, to be purchased at market price, are to meet common stock
issuance requirements for benefit plans, conversion of convertible securities,
acquisitions and other corporate purposes. The Company has 1.7 billion shares
outstanding.
Wells Fargo & Company is a diversified financial services company with
$298 billion in assets, providing banking, insurance, investments, mortgage
and consumer finance through more than 5,400 stores, its Internet site
http://www.wellsfargo.com and other distribution channels across North America as well as internationally.
#### ############################################ ################ The Fed nominees win Senate committee approval Associated Press WASHINGTON (AP) The Senate Banking Committee voted
unanimously on Tuesday to approve President Bush's nominations of
Susan Schmidt Bies and Mark Olson to fill two vacancies on the Federal
Reserve Board. Senate Banking Committee Chairman Paul Sarbanes,
D-Md., said he hoped to schedule full Senate votes on both nominations
within the next two weeks, before Congress adjourns for the year.
The two were both confirmed on 21-0 committee votes.
They are expected to win easy approval before the full Senate. They
would fill two positions on the seven-member Fed board which have
been vacant for more than two years. Bies, who earned a doctorate in economics from
Northwestern University, has been a top executive at First Tennessee
National Corp., a large regional bank headquartered in Memphis. She
would fill a Fed term that runs until January 2012. Olson, a former president of the American Bankers
Association and top aide to former Sen. Rod Gramms, R-Minn., would
fill a Fed term that ends in January 2010. In addition to the Bies and Olson nominations,
Bush will be able to fill two other spots on the Fed board in coming
months. Fed board member Edward W. Kelley Jr. has announced plans to step down when the current vacancies are filled and Fed board member Laurence Meyer has said he will not seek reappointment when his term expires in January. ___________________________________________________________________ TECHSMART EXPANDS GROWING LIST OF ASSET MANAGEMENT CENTRAL SPONSORS
Firm Specializes in High Tech Asset Management Services ARLINGTON, VA –– TechSmart, a leader
in high tech asset management services for the leasing industry, became
the newest sponsor of AssetManagementCentral.com, (AMC) today according
to AMC Vice President and COO Mark Wygonik. The company will be a
sponsor in all of the available areas at the popular equipment management
web site, including the AMC Sourcebook, AMC Newsstand and Events page.
In making the announcement Wygonik, said, “TechSmart’s
sponsorship of the AMC site is a particularly good fit given the company’s
use of the internet to move equipment. TechSmart is a long-time supporter
of our efforts and is now taking advantage of all the high visibility
benefits associated with being a sponsor. We’re delighted they’ve chosen to be
a sponsor which will ultimately help us continuously expand this new
and valuable resource for our industry” he concluded. TechSmart (the “Company”) was founded
in April, 1997 and is the market leader in the management, reconditioning,
disposition and remarketing of off-lease, pre-owned and surplus office-technology
assets. TechSmart creates high value for its customers by providing
its “suppliers” of equipment – leasing companies, corporations,
retailers/”e”-tailers and original equipment manufacturers
– with major savings in time, money, people and capital required
for asset recovery and superior residual market value, while giving
its buyer customers – businesses, schools, hospitals, institutions
and individuals – excellent technology products and services
at outstanding prices. In discussing the company’s decision to sponsor
Asset Management Central, TechSmart’s Vice President of Asset
Management Michael Boyce said, “TechSmart has succeeded in a
field where many other companies have tried and failed. One of the
reasons we’ve been so successful is because we are dedicated
to customer service -- helping asset managers find the most efficient
way to deal with assets -- and this site does just that. We are the
only service provider specializing in the high-tech office products
field who is also a member of AMC and we are proud to be supporting
this emerging technology,” he concluded. As part of their 12-month sponsorship package,
TechSmart’s logo will appear in the Sourcebook, Newsstand and
Events page and on the pop-up thank you card and print advertising
materials. The company will also receive special benefits at ELA’s
2002 Equipment Management Conference and Exhibition. Officially launched in August, Asset Management
Central is a new web-based suite of products offered in conjunction
with the Equipment Leasing Association to help guide executives from
all walks of life to either manage excess, idle or off-lease equipment.
The site features The Source Book, an on-line buyers guide where asset
managers can locate third party-service providers based on 22 service
categories, 38 equipment types and worldwide geographic location;
AMC Newsstand, the first of its kind weekly magazine focusing specifically
on the critical issues surrounding asset management; AMC Events, a
special section where visitors can check the calendar for events of
interest; and AMC Community where visitors can discuss key issues
of the day. The site has been extremely popular with thousands of
visitors registered to date. Wygonik concluded, “We’re delighted that
TechSmart recognizes the unique opportunity associated with sponsoring
the site and look forward to working with them as we continue to build
and expand the industry’s newest online resource.” To learn more about TechSmart, contact Michael
Boyce at 877-707-2246. ( courtesy ELAonline.com ) #### ################################ ################## __________________________________________________________________
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