Ceases New Business---Story Confirms Our Insider Reports for the last 30 days----
NAELB Expels Lease Capital Corporation/Principal
Martin J. Barteske
"We get letters..."
Ron Wagner on
Flemming/SIR Projects Continued Growth for Leasing Industry.
Stream Increases Revenues
Popular Cars Leased On Line---
PT Cruisers!!!!! ( can you believe it? )
and Isley Patents Sterling Bank Increases Dividend 26% --
We could not get Unicapital to respond to us, but Dow Jones got them to talk and
confirm what we have been reporting for the last 30 days from "insiders."
UniCapital To Stop Originating New Leases; Expects QIII Loss
Donna Hemans, Dow Jones Newswires
said it recently decided to stop originating new leases, and as a result will
terminate 245 employees whose duties involved lease originations. In a Form 8K
filed Wednesday with the Securities and Exchange Commission, UniCapital said it
will concentrate on servicing and realizing value from its existing lease portfolio.
The company said its remaining employees are continuing to service its existing
lease portfolio and collect payments. In a previous quarterly report filed with
the SEC on Aug. 14, the company said it eliminated 38 positions and reduced the
salaries of 11 senior officials.
Separately, in a non-timely Form 10Q filed
Wednesday with the SEC, UniCapital said it expects to post a significant loss
in the third quarter versus net income reported in the 1999 third quarter.
said the losses are mainly caused by additions to a previously established reserve
for assets in its Big Ticket Division. The company also cited additional write-offs
of goodwill. UniCapital said it hasn't yet determined the final amounts of reserve
additions and goodwill write-offs.
The company also said it isn't yet able to estimate the impact of these factors
on its financial results for the third quarter, ended Sept. 30.
UniCapital said its quarterly report has been delayed because management has concentrated
on matters related to its credit lines and financing.
NAELB Expels Lease Capital Corporation
ALL MEMBERS OF THE NAELB
FR: JOE BONANNO, ESQ., NAELB LEGAL COUNSEL
NOVEMBER 15, 2000
To All Members of the NAELB:
correspondence is to advise all members of the NAELB that the Board of Directors,
in conjunction with the NAELB Ethics Program, has taken action against a member
of the NAELB. The Board of Directors takes this action after there is a process
of a complaint being filed against a member, a response process taking place,
a review by the NAELB Ethics Committee and a referral by the NAELB Ethics Committee
to the Board of Directors. Therefore, this is a process whereby there is ample
time for the resolution of the matter, review by multiple individuals and finally
a review by the Board of Directors. Every benefit of the doubt is extended to
the parties involved and there is a specific procedure that is followed along
A matter that did reach the Board of Directors involving a company called Lease
Capital Corporation located at 20902 Brookhurst Street, Huntington Beach, CA of
which an individual known as Martin J. Barteske is the principal. The Board of
Directors, in accordance with the Ethics Procedure voted in place by the voting
membership of the NAELB, has voted to expel Lease Capital Corporation from membership
in the NAELB effective immediately.
As always, the NAELB encourages our members to conduct business with members and
in the event there is difficulty between members, the NAELB can attempt to resolve
the matter or in the extreme case, expel a member from membership.
at the NAELB are hopeful that our members find the ethics program to be a great
We had a posting regarding an incident with Lease Capital Corporation and Martin
Barteske with much documentation, but believe we were successful and the sender
asked us to withhold the information. Much of the "complaints" we get are settled
by others, such as the National Association of Equipment Lease Brokers. The $295
membership fee is the lowest in the industry and you not only get help such as
above, but the naelb post, ability to instantly contact fellow members on line
for help in finding a source, or answering a question, is worth much more than
the membership fee, believe me. Having access to both Barry Marks and Joseph Bonnano---that's
priceless. www.naelb.org.----editor )
To Clear Up Any Confusion: Bay View Savings is Still Active In Leasing
I wanted to provide clarification to the Signature Leasing statement that "Signature
Leasing has been a lessor and super broker for many years, with lines at several
sources, including Bay View Savings, that is no longer in the leasing business."
View Savings which is actually Bay View Bank (a publicly traded $6.5 billion financial
institution), is actively expanding its leasing operations through its Bay View
Commercial Leasing Division. We continue to aggressively grow our business through
direct originations as well as through a select group of third party originators.
However, we did recently close our Franchise Mortgage Acceptance Division which
provided large ticket financing to the QSR and Energy sectors.
Bay View Commercial Leasing
The Leasing News List does include Franchise M0ortgage Acceptance Division news.
I think the original intention was that Bay View Savings is no longer doing leases
in the manner they had been with Signature Financial and their affiliates. I hope
Jeff's comments clears up any confusion---editor )
trapped the famous Ron Wagner down. He has a house in San Diego and one in the
Desert, where he plays golf. He told me he is no longer with El Dorado Bank, parent
of Commerce Security. He told me he had recommend Dave Copp, and considered himself
now on a sabbatical. I wanted to reach him for a quote on a story we will run
It was interested to speak to him and learn why they decided to close down Commerce
Security Leasing. This is really a thumb nail of what he said, and I don't want
to get it out of context. Commerce Security was one of the first to get out of
the marketplace and in hindsight, was ahead of the trend that follows ( or is
happening today ). Downsizing or just closing is prevalent and tightening of credit
in all broker relationships is happening.
Ron said the margins weren't there, both brokers and vendors had learned the tricks
of application only, telemarketers and the internet was bringing in leasing transaction
with problems not covered by professionals and having relationships with lessees,
brokers were expecting more and more with less and less margins and more and more
problems and he could see the writing on the wall. Of course, Ron has been around
longer than many with much experience in all phases of leasing.
I think he may get bored playing golf all the time, but it is Winter in the desert,
and I bet he stays there while the weather is warm and waits until Spring to see
what thaws out. He didn't tell me that, and I apologize to him if I left anything
out or "misquoted" him, but that was the gist of the conversation.
yes, I see "downsizing" becoming quite prevalent in the leasing industry and also
see "different" times ahead, especially the first and perhaps the second quarter
of next year. -
This Report Says Leasing Industry Will Continue to Grow and ELA President Michael
Flemming evidently hasn't played golf with Ron Wagner recently.... or perhaps
captive vendor leasing programs and on line internet leasing is where the industry
is headed and Flemming is right on the money????? This story is only the headlines
and perhaps we should all read the original report by ELA.
Leasing Volume Continues to Surge;Leasing Industry Expected to Grow to $260 billion
Va., Nov. 16 /PRNewswire/ --
to the 2000 State of the Industry Report (SIR) released today by the Equipment
Leasing and Finance Foundation (ELFF), the equipment leasing industry grew 13
percent in equipment leasing volume from 1998 to 1999. In 1999, the equipment
leasing industry surpassed its 1998 industry performance of $207 billion and reported
$234 billion in equipment leasing volume. The report predicts that with continued
growth, the equipment leasing industry will reach $260 billion for 2000.
SIR revealed the fastest growing segments of equipment leasing are software and
computers respectively. Unaccounted for in the SIR's $234 billion industry total,
software leasing generated an additional $54 billion dollars for the equipment
leasing industry in 1999. According to the report, computers and software leasing
volume increased 23.2 percent between 1998 to 1999.
There are several reasons cited in the SIR for the notable increase in leasing
volume. In the past year leasing has become an increasingly popular choice for
financing for reasons including: convenience, flexibility, increased cash flow,
tax benefits and the opportunity to transfer the cost of upgrading equipment to
"One of the reasons we see an increase in equipment leasing volume is because
strategic financial decision makers are recognizing that the equipment leasing
industry is offering more favorable terms. Many companies are greatly increasing
their technology investments and are recognizing greater cash flow as a result
of leasing. This drives customers to continue leveraging leasing to their financial
benefit," Michael Fleming, president of the Equipment Leasing Association said.
Other SIR highlights include:
* Large ticket (transactions greater than $250,000) and small ticket (transactions
less than $25,000) segments report greater profitability than the middle market
* The middle market segment captured 44 percent of all new leasing volume in 1999.
* Among lessor types, banks were the most profitable segment.
Most major lessors have developed Internet strategies to respond to customers'
its focus on future trends and their impact on the industry, ELFF commissioned
Financial Institutions Consulting (FIC) to create the SIR, a competitive analysis
of the leasing industry.
report incorporates information from the Equipment Leasing Association's 2000
Survey of Industry Activity report, proprietary research and analysis as well
as insight from industry experts representing a cross-section of the major lessor
types, ticket sizes as well as vendors to the industry.
To order a copy of the SIR, please contact Tonya Clements at 202-293-4168 ext.
577 or e-mail at firstname.lastname@example.org; or contact Jennifer Shields at 202-293-8563
or e-mail at email@example.com.
The Equipment Leasing and Finance Foundation is a 501 (c) 3 non-profit organization
established by the Equipment Leasing Association of America in 1989. The Foundation
develops and promotes the body of knowledge to enhance recognition and understanding
of lease financing through programs that identify, study, and report on critical
issues affecting equipment leasing and finance.
Equipment Leasing and Finance Foundation
CO: Equipment Leasing and Finance
ST: Virginia, District of Columbia, Maryland
a supplier of Lease Processing Software to equipment lessors over the past 5 years
has led me to respond to your newsletter (which is one of only a dozen newsletters
that I find value in).
as producers of a software application that helps Leasing companies take an advantaged
position over competitors by providing quicker responses and facilitating Vendors
and brokers with more useful tools and information at a breakneck speed have found
that this wireless revolution is just yet another tool for us to expand our information
out to. We have expanded our application away from the desktops and lap tops down
to the Palm devices (Palm VII Wireless) and Web Enabled Phones (WAP). It has been
exciting technology to show off to say the least. We are able to publish the same
sort of information that a sales person, broker, vendor or end user would wait
around for to appear on their PC out to the freedom of their WAP enabled cell
phone or Palm Device (or Blackberry for that matter). The information that is
being exchanged is Activity Status of deals, Task Queues (To-do lists), Searches
of companies and contact info (and direct dialing them when located) and wireless
creation of credit apps and submission for processing (allowing for signature
capture as well).
I was compelled to share this with you because I wanted you to know that with
all the high tech devices and services out there that you may have been exposed
to, I was not sure if you had seen of or heard of any of the software vendors
servicing the leasing market having leveraged these devices to good usage. We
are very proud of what we have done and look forward to expanding usage on this
platform as well as future platform or device options of the future.
up the good work (and word).
Dan Gleason Dan Gleason
Manager Automated Resource Management
Creators of the ARMLease
CapitalStream Increases Revenues, Subscribers and Contract Value Since Launch
of its e-Finance Platform
transaction volume also indicative of healthy market for online financing solutions
15, 2000-Capital Stream, Inc. announced steady increases in revenues, subscribers
and contract values since April 2000, the launch date of CapitalStream.com, its
e-finance platform that allows companies to streamline commercial financing online.
Since this April, company revenues increased an average of 28 percent per month,
the number of subscribers to CapitalStream.com has increased an average of 35
percent per month and values of contracts signed have increased an average of
85 percent per month.
Said Stephen Campbell, president and CEO of CapitalStream, "We have a unique value
proposition that services each segment of the commercial finance industry. In
fact, over 50 companies and 460 respective participants have turned to CapitalStream's
e-finance platform. The expanding number of funding sources and lease brokers
who subscribe to the CapitalStream.com network have increased the number of online
commercial finance applications by an average of 200 percent every month."
By providing customers an e-finance platform with a broad range of applications
and services, CapitalStream helps finance companies, manufactures and B2B e-commerce
companies put in place online transaction processing. Unlike commercial finance
solutions that market direct to end users and disintermediate the finance brokers,
CapitalStream is helping both the originators and suppliers of financing to streamline
work flow, better manage credit risk and improve profitability. CapitalStream
supports both the traditional distribution channels and emerging markets online
and enables subscribers to better control upstream and downstream relationships
while differentiating their service offerings online.
"These numbers represent a fast move out of the gate for an e-finance platform
provider," said Campbell. "They place us on track to quickly become the leader
in the industry in terms of actual approved finance deals."
CapitalStream is a leading provider of hosted e-commerce solutions - including
customer program management tools, workflow automation, and an online transaction
network - for the global commercial finance market. The company's e-commerce solution,
CapitalStream.com, provides the infrastructure that enables private label and
customer-managed online capabilities for finance companies, manufacturers and
B2B e-commerce companies to capture, grow and service customers. CapitalStream
has been an established industry leader for over five years, and has helped several
hundred financial organizations increase their competitiveness, customer service
additional information about CapitalStream visit its web site at www.CapitalStream.com.
PS Capital Strengthens Management Team; Also Announces Alliance with ABN AMRO
WIRE)--Nov. 16, 2000--UPS Capital Corporation, the financial services subsidiary
of UPS (NYSE: UPS), today announced the addition of four financial services industry
leaders to its senior management team, bringing both experience and innovation
to the company's business of integrating the flow of funds with the flow of goods
and information through the resources of UPS.
Brown, Rodney W. Darensbourg, Charles G. Johnson and Jack B. Pereira are joining
the UPS Capital management team and are responsible for the company's Credit,
Leasing Services, Distribution Finance, and Payment Solutions business units,
respectively. They have an average of 25 years each in the financial services
"The new members of our management team - all of them highly experienced and capable
financial industry professionals - will help us achieve our mission of accelerating
the flow of funds through the supply chain with robust efficiency," said Bob Bernabucci,
president, UPS Capital. "In addition, their collective experience will be utilized
to manage the controlled and disciplined growth of UPS Capital, one of our primary
Separately, UPS Capital Global Trade Finance announced an alliance with the North
American operations of ABN AMRO Bank N.V. to provide enhanced international trade
services. ABN AMRO is working with UPS Capital Global Trade Finance to develop
the back-end technology and trade services for companies doing business internationally,
particularly the issuance and negotiation of letters of credit and subsequent
bankers' acceptance financing. This advances UPS Capital's mission of enabling
businesses to streamline the complex and time-consuming process of importing and
Netherlands-based ABN AMRO Bank N.V. is one of the world's largest banks with
total assets of $511 billion and more than 3,500 locations in 70 countries and
territories. In North America, ABN AMRO has $171 billion in assets and banking
offices in 13 cities in the United States, Canada and Mexico.
following is biographical information on UPS Capital's new senior executives:
Richard Brown, who is heading UPS Capital's Credit unit, brings expertise in enterprise
risk management, policy development, credit approval, underwriting, business development,
and portfolio administration. Previously, he has served as senior vice president
and director of portfolio risk management and credit policy at Bank Austria-Creditanstalt;
as chief credit policy officer and director of risk management at Copelco Financial
Services Group, Inc.; as senior vice president and senior credit officer at First
Union National Bank; and as senior vice president and regional director of corporate
loan review at Fleet Financial Group.
Rodney Darensbourg, who is heading UPS Capital's Leasing Services, brings financial
services experience in leasing, distribution finance and asset-based environments.
His previous positions have included senior vice president of operations and senior
vice president of strategy at AT&T Credit/Lucent Technologies Product Finance;
vice president of sales and marketing in the Inventory Finance Division at AT&T
Capital Corp.; vice president of sales and marketing in the Inventory Finance
Unit of The CIT Group; and various positions in credit management, operations,
and sales for Westinghouse Credit Corp.
Johnson, who is heading UPS Capital's Distribution Finance unit, has extensive
experience in asset-based lending and factoring. Prior to joining UPS Capital,
he was president and CEO of Allstate Financial Corp. and previously served as
executive vice president and division manager for Heller Financial, Inc. He also
has held positions with Whirlpool Financial Corp., First Union Commercial Corp.,
and Aetna Business Credit (now Fleet Capital). He is currently president of the
Commercial Finance Association (CFA), the trade association of the asset-based
lending and factoring industry, and will serve as its chairman in 2001.
Pereira, who is heading UPS Capital's Payment Solutions, comes from Inacom Corp.,
where he was vice president, international, and regional general manager. He brings
a wide array of international experience and expertise in technology solutions,
finance, systems and restructuring. He also has held positions as director of
corporate solutions for Cap Gemini; president of Hayden Industries; and vice president
and CFO of Weldco-Beales Manufacturing. He also was a consultant with Ernst &
Young and is a member of the Institute of Chartered Accountants.
Capital Corp. is a wholly owned subsidiary of United Parcel Service. Its mission
is to provide a comprehensive menu of integrated financial products and services
that enable companies to maximize their supply chains to grow their business.
UPS Capital is based in Atlanta, Ga., and resides on the Web at www.upscapital.com.
For more information, contact 404-828-8385.
Except for historical information contained herein, the statements made in this
release constitute forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. Such forward-looking statements involve certain risks and uncertainties,
including statements regarding the intent, belief or current expectations of UPS
and its management regarding the company's strategic directions, prospects and
future results. Certain factors may cause actual results to differ materially
from those contained in the forward-looking statements, including our competitive
environment, economic and other conditions in the markets in which we operate,
strikes, work stoppages and slowdowns, governmental regulation, increases in aviation
and motor fuel prices, cyclical and seasonal fluctuations in our operating results,
and other risks discussed in the company's filings with the Securities and Exchange
Commission, which discussions are incorporated herein by reference.
Top Model Cars Leased Over the Internet
Releases Top 10 New Car Model Lease Requests for October 2000
WIRE)--Nov. 16, 2000--Automobile Consumer Services, Inc. (ACS), a pioneer in online
direct-to-consumer auto leasing, today released a list of the top 10 most requested
vehicles last month from its popular auto leasing website LeaseCompare.com (http://www.leasecompare.com).
list is based on more than 6,800 quote requests submitted in October 2000 to the
LeaseCompare.com leasing service. LeaseCompare.com is the first auto-leasing marketplace
that enables consumers to compare auto lease payments in real-time from multiple
lenders and apply for credit online.
The Top 10 Most Requested Models
Honda Accord 1 2
Chevrolet Corvette 2 1
BMW 5 Series 3 6
Audi A4 4 7
Porsche Boxster 5 5
Mercedes C Class
BMW 330 7 3
Volkswagen Passat 8 NL
Volkswagen Jetta 9 8
TL 10 NL
- Cars that
did not make the September Top 10 List Cars that made the September list, but
dropped off the Top 10 in October included the Lexus RX300 (No. 4 in Sept), Mercedes
E-Class (No. 9 in Sept), and Jeep Grand Cherokee (No. 10 in Sept).
Accord and Corvette continue to battle for first place with the Accord winning
the No. 1 spot in this month's Top Ten List," said Tarry Shebesta, President of
ACS. "These cars have a naturally higher residual which makes them favorable for
leasing by providing a lower monthly payment compared to cars of similar cost."
About Automobile Consumer Services, Inc. (ACS)
Consumer Services, Inc. (ACS) is the web's leading automotive service provider.
Founded in 1989, ACS is an unbiased, comprehensive car buying and auto leasing
service that negotiates competitive prices and lease deals for consumers and small
to medium-sized businesses. ACS was the web's first car-buying service, pioneering
the "Buyer's Agent" approach with its flagship website, American CarBuying Service
(www.acscorp.com). ACS has served as "Buyer's Agent" for more than 6,000 individuals,
saving them time, money, and the considerable hassle associated with buying a
Automobile Consumer Services, Inc.
513/527-7700 ext 11
Here is Silicon Valley, "Dotcomers" pay $5,000 and $10,000 above Retail for PT
Cruisers,plus wait six months for delivery......
Short on PT Cruisers
By JUSTIN HYDE
.c The Associated Press
(AP) - DaimlerChrysler AG has warned its dealers that it can't build enough 2001
Chrysler PT Cruisers to meet all the orders customers have made.
An undetermined number of people who have ordered one of the retro-styled hatchbacks
- some of whom paid hundreds of dollars as a deposit - might have to wait until
the middle of next year to get one and pay next year's prices.
automaker's inability to keep up with demand for PT Cruisers could damage relations
with buyers Chrysler was hoping would be repeat customers in years to come. It
also could mar what has been its one unqualified success in a year of troubles.
warned dealers of the shortfall in a memo sent earlier this month, saying it would
tell dealers by Dec. 1 how many 2001 PT Cruisers they would get through summer
of 2001 ``to assist with managing customer expectations.'' The memo said customers
whose orders are not built before then would be charged whatever price the 2002
The PT Cruiser factory in Toluca, Mexico, will build about 120,000 PT Cruisers
this model year, with 20,000 slated for export to foreign markets. In August,
DaimlerChrysler said it already had 100,000 orders.
company also has ordered hundreds of U.S. executives leasing PT Cruisers under
a corporate plan to give them up for sale to dealers as slightly used ``program
cars,'' and barred executives from leasing new PT Cruisers.
spokesman Dominick Infante said he could not estimate how many customers with
orders might not get a PT Cruiser, or how many orders the company has in its system
a limit to what we can build, and that's the issue we're facing,'' Infante said.
``We realize there are more people who want PTs than we can build.''
help meet demand, the company is ramping up production at a plant in Austria and
trying to increase output at Toluca.
said it would be up to dealers to explain that orders are not filled on a first-come,
first-served basis. DaimlerChrysler allots PT Cruisers based mainly on a dealership's
past record of Chrysler sales - a common auto industry practice. Dealers who sell
more Chryslers and sell their allotments faster get more vehicles.
Some customer complained that system seemed arbitrary.
has been difficult knowing there are tens of thousands of people driving their
car for several months knowing they ordered several months after I did,'' said
Pat Corkery, a stockbroker in Anchorage, Alaska, who ordered a PT in February
and is set to receive one in January. ``There's no logical explanation for an
allocation system that delivers cars to some people in 10 weeks and some in 10
PT Cruiser was aimed at luring a new class of buyers to Chrysler, especially younger
owners or import buyers who had not considered buying a Chrysler in the past.
It has provided a welcome bit of good news for the Chrysler unit, which has suffered
in a fiercely competitive market. The unit posted a loss of $512 million in the
third quarter, and reports have emerged that the head of the Chrysler division
will be ousted Friday.
the model's popularity appeared to catch DaimlerChrysler completely off guard.
Buyers have formed owners' clubs and spawned a small industry in add-ons. Some
customers follow their order through the company's computer system, into the build
schedule and even track the rail cars and truck transports that carry PT Cruisers
from the factory to their dealership.
But the backlog in orders has tempered the enthusiasm of some would-be customers.
Vernon, an aircraft mechanic from Indianapolis, ordered his PT Cruiser on March
7. Judy Goering, a planner for a utility company in Nebraska City, Neb., ordered
her PT Cruiser on April 4. Neither has been told when their orders would be built.
Vernon put down a $500 deposit to hold his order, and said being told it wouldn't
be delivered until next year - and at a different price - would make him rethink
would probably tell them I would like my deposit back, and I would go to another
manufacturer,'' he said. ``To me, that's inexcusable.''
was told she would get a PT Cruiser in June or July, but the deadline has slipped
every month since then. If Goering can't get a 2001, ``I might cancel my order,
and I'll never buy a DaimlerChrysler product again,'' she said.
Dealers say the PT Cruiser is still selling well, but hope customers will forgive
the hassle of getting one. Alan Helfman, general manager of River Oaks Chrysler-Plymouth
Jeep in Houston said he had about 300 orders for PT Cruisers, and knew several
other dealers with long waiting lists. Helfman said telling customers that their
PT Cruisers wouldn't arrive until the middle of next year might cause a few cancellations,
but not a flood.
hoping a lot of people will stay with me, because if worse comes to worst they'll
get a 2002,'' he said. As for having a car that sells itself, he adds, ``Every
squirrel deserves to have an acorn once in a while.''
the Net: http://www.daimlerchrysler.com
Early News of Major Changes Happening in Paying Bills/Banking/Leasing on the Internet
Marshall & Ilsley Corporation Purchases a License UnderThe Ronald A. Katz Technology
Licensing, L.P. Patents
ANGELES, Nov. 16 /PRNewswire/ -- It was announced today that Marshall & Ilsley
Corporation (M&I) based in Milwaukee, Wisconsin has acquired a license under the
patent portfolio held by Ronald A. Katz Technology Licensing, L.P.
license covers services provided by Marshall& Ilsley companies to their customers
including automated forms of: Telephone Banking and Bill Payment and Credit Card
Activation. In addition, the license covers telephone based Vehicle Registration
service provided through State Departments of Transportation to their customers.
Other terms of the license were not disclosed.
40 United States patents held by Ronald A. Katz Technology Licensing, L.P., and
numerous foreign equivalents, cover a wide range of interactive technology including
automated forms of: customer service, merchandising, prepaid services, telephone
conferences, registration, home shopping, as well as functions involved in securing
information from databases by telephone, interactive cable transactions, and various
other uses of 800, 900 and local numbers. More than 15 additional patents are
currently pending in this portfolio.
to Michael A. Hatfield, Senior Vice President, Marshall & Ilsley "After an extensive
study of the Katz Patents, we recognize the significance of these license rights
in implementing and enhancing M&I's various services."
Ronald A. Katz, chief executive of Ronald A. Katz Technology Licensing, L.P. added
"We are very pleased to welcome M&I to the increasing list of companies who have
purchased license rights under this portfolio. M&I is now licensed to implement
new cost saving technologies which will increase customer convenience and security."
number of companies are licensed under the Katz portfolio, they include American
Express, AT&T Corp., First Data Corporation (including its call-handling unit,
Call Interactive), Home Shopping Network Inc., International Business Machines
(IBM), Microsoft, MoneyGram Payment Systems Inc., NextLink Interactive, Sprint,
Tele-Communications Inc. (TCI, now known as AT&T Broadband), The Gallup Organization,
Universal Card Services Corp., West Interactive Corporation, and WorldCom Inc.
Mr. Katz is the named inventor on over 50 patents primarily in the fields of telecommunications
and computing. He formed Telecredit, Inc. the nation's first on-line real time
credit and check cashing authorization system, and was awarded a patent as co-inventor
of that technology.
& Ilsley Corporation is a multibank holding company headquartered in Milwaukee,
Wis. with $25.2 billion in assets. The Corporation has 26 banks serving the state
from more than 200 offices, one bank in Phoenix, Ariz. with 13 offices and one
bank in Nevada with offices located in Illinois and Florida. In addition, the
holding company owns and operates 49 offices throughout the country that provide
trust and investment management, equipment leasing, mortgage banking, financial
planning, investments, insurance and data processing.
Ronald A. Katz Technology Licensing, L.P
CO: Ronald A. Katz Technology Licensing,
L.P.; Marshall & Ilsley Corporation
Bancorp's Effective Annual Dividend Increased 26%
YORK, Nov. 16 /PRNewswire/ -- Sterling Bancorp (NYSE: STL), parent company of
Sterling National Bank, today declared a 10% stock dividend and increased its
quarterly cash dividend to $0.16 per common share, an increase of $0.02 per common
share. The stock dividend will be payable on December 11, 2000, to shareholders
of record on December 1, 2000. The cash dividend will be payable on December 31,
2000, to shareholders of record on December 15, 2000. This is the ninth increase
in the Company's cash dividend since 1994 and the 220th consecutive quarterly
cash dividend paid by the Company and its predecessors since it became a public
corporation in 1946.
J. Cappelli, Chairman and Chief Executive Officer, said, "At Sterling, we are
committed to delivering shareholder value and sharing our financial success with
shareholders. Today, we are pleased to announce that our continued strong performance,
marked by 29 consecutive quarters of double digit earnings increases, has allowed
us to fulfill this commitment to our shareholders by increasing the effective
annual dividend by 26%."
Bancorp (NYSE: STL) is a banking and financial services company with assets of
$1.2 billion. Its principal banking subsidiary is Sterling National Bank, founded
in 1929. Sterling provides a wide range of products and services, including commercial
lending, asset-based finance, factoring/accounts receivable management, international
trade financing, commercial and residential mortgage lending, equipment leasing,
trust and estate administration and investment management services. Sterling has
operations in the metropolitan New York and Washington, DC areas, as well as Virginia
and other mid-Atlantic states and conducts business throughout the U.S. More information
is available on the company's Website, http://www.sterlingbancorp.com.
press release may contain, and from time to time the Company's management may
make, statements which may constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These statements
are not historical facts but instead are subject to numerous assumptions, risks
and uncertainties and represent only the Company's belief regarding future events,
many of which, by their nature, are inherently uncertain and outside of its control.
Any forward-looking statements the Company may make speak only as of the date
on which such statements are made. It is possible that the Company's actual results
and financial position may differ, possibly materially, from the anticipated results
and financial condition indicated in or implied by these forward-looking statements.
References in this press release to a 26% increase in the effective annual dividend
are forward-looking statements. The actual amounts of dividends in 2001 and later
years will depend on the Company's future results of operations and financial
condition. Important factors that could cause the Company's actual results to
differ, possibly materially, from those in or implied by the forward-looking statements
include, but are not limited to, the following: inflation, interest rates, market
and monetary fluctuations; the effects of, and changes in, trade, monetary and
fiscal policies and laws, including interest rate policies of the Board of Governors
of the Federal Reserve; a decline in general economic conditions and the strength
of the local economies in which the Company operates; competitive pressures on
loan and deposit pricing and demand; changes in technology and their impact on
the marketing of products and services; the timely development and effective marketing
of competitive new products and services and the acceptance of these products
and services by new and existing customers; the willingness of customers to substitute
competitors' products and services for the Company's products and services; the
impact of changes in financial services' laws and regulations (including laws
concerning taxes, banking, securities and insurance); changes in accounting principles,
policies and guidelines; and the success of the Company at managing the risks
involved in the foregoing. The foregoing list of important factors is not exclusive,
and the Company will not update forward-looking statements, whether written or
oral, that may be made from time to time.
ST: New York ü 5 st