Whatever Happened to...feature next week---
IFG Remembered
Jim
Borland said the demise of Unicapital reminded him about IFG. He asked if anyone
else thought there were similarities and to share them.
Here is a comment from Betty Ferrero, now at Fisher-Anderson, formerly with Phoenix
Leasing and IFG, too.
I loved IFG! In 1979 I was working as a salesperson for a lease broker in Fresno,
California. Apparently IFG wanted to have a stronger presence in the California
marketplace and acquired the brokerage firm including the staff. Suddenly private
jets began to appear and names like Oren Hall, Dick Lorenz and Dennis Myer became
familiar. The next thing I know all of the salespeople are down at the local Pontiac
dealership pickup up our new company cars! Quite a change for a group of commission
only salespeople do ag leasing.
Suddenly
no deal was too big or too complex. Suddenly you worked for a company with name
recognition. Suddenly a company with respect for its sales staff. And how we struggled
to reach "President's Club". One year I actually qualified on December 30th! First
class hotels. Fabulous food. But most of all, recognition for our hard work.
The
bubble burst in 1983 with a phone call saying IFG was no more. We were all faced
with more than losing a job. We lost a home. Fortunately, IFG had a good reputation,
and the headhunters and lease companies appeared from nowhere with offers and
opportunities and we moved on with our lives.
Most
of us are still in the leasing business and have done well. If you notice a fairly
large group of smiling people at the next leasing convention you attend, it could
very well be in impromptu IFG reunion talking about the good old days.
B.Ferrero@fisher-anderson.com
VerticalNet and SierraCities Announce Commencement of Exchange Offer
VerticalNet and SierraCities.com announced late yesterday, Thursday, November
16, that VerticalNet, through a wholly owned subsidiary, commenced its previously
announced exchange offer for shares of SierraCities common stock.
SierraCities'
board of directors has voted to recommend that SierraCities' stockholders accept
the exchange offer. SierraCities' stockholders will receive a fraction of a VerticalNet
share of common stock for each SierraCities share they tender in the exchange
offer. The fraction will fluctuate according to a formula that is based on VerticalNet's
stock price.
The exchange offer is subject to the tender of two thirds of
the outstanding SierraCities shares and other customary conditions. The offer
and withdrawal rights will expire at 12:00 midnight, New York City time, on December
14, 2000, unless extended.
First Union Securities Leads Follow-On Equity Offering
for American CapitalStrategies
CHARLOTTE N.C., -- First Union Securities announced that it has led a $58.7 million
secondary equity offering for American Capital Strategies (Nasdaq: ACAS), a publicly
traded buyout and specialty finance company based in Bethesda, MD. The offering
of 2.7 million shares of co mmon stock was priced at $21.75 per share.
"We
chose First Union Securities because they have the ability to offer a full set
of capital markets products and were able to execute the most effective solution
for our financial needs," said Malon Wilkus, Chairman and CEO of American Capital.
"We are delighted to further build upon our relati onship with First Union."
"Our American Capital relationship is a perfect example of First Union's full-service
financing and advisory capabilities for growth companies," noted Bob Grunewald,
Head of First Union Securities' Financial Services Investment Banking Group. "Leading
this transaction demonstrates the strength of First Union's equity origination
platform and execution expertise."
American
Capital is a publicly traded buyout and mezzanine fund. The company is an equity
partner in management and employee buyouts; invests in debt and equity of companies
led by private equity firms, and provides capital directly to private and small
public companies. American Capital funds growth, acquisitions and recapitalizations.
First
Union's Financial Services Investment Banking Group focuses on specialty finance,
insurance, and eFinance companies. Specialty Finance coverage includes consumer
finance, credit cards, diversified commercial finance, leasing, and mortgage finance.
Insurance coverage includes insurance brokerage and alternative distribution,
life and health, property and casualty, reinsurance, insurance technology and
services, and third-party administrators. eFinance coverage includes online insurers
and lenders, online marketplaces, and financial service technology enablers.
First Union (NYSE: FTU), with $247 billion in assets and stockholders' equity
of $15 billion at September 30, 2000, is a leading provider of financial services
to 15 million retail and corporate customers throughout the East Coast and the
nation. The company operates full-service banking offices in 11 East Coast states
and Washington, D.C., and full-service brokerage offices in 46 states and international
offices worldwide. Online banking products and services can be accessed through
www.firstunion.com.
Important
Notice: First Union Securities is the trade name under which Charlotte based First
Union Corporation conducts its investment banking, merger and acquisition, asset
management and mutual fund, brokerage and insurance businesses.
First
Union Securities includes: (1) First Union Securities, Inc. ("FUSI"), a registered
broker-dealer and member NYSE/NASD and SIPC providing investment banking, merger
and acquisition advisory and brokerage services to corporations, individuals and
other institutions throughout the United States; (2) First Union Brokerage Services,
Inc. ("FUBS"), a separately registered broker-dealer and member NASD and SIPC
providing primarily retail brokerage services; (3) First Clearing Corporation
("FCC"), a separately registered broker-dealer and member NYSE/NASD and SIPC,
providing securities clearance and settlement services; (4) the Capital Markets
and Capital Management Groups within First Union National Bank ("FUNB"), a national
banking association, and its subsidiaries, providing asset management, lending,
structured finance risk management, derivatives, and fiduciary services to institutions
and individuals; (5) various subsidiaries within First Union Corporation providing
investment advisory, administrative and other services to the Evergreen and Mentor
families of mutual funds; and (6) various wholly-owned state insurance agencies.
Stocks,
bonds, mutual funds or other securities offered or sold through First Union Corporation
or any of its bank or non-bank subsidiaries are not deposits of any bank and are
not insured, guaranteed or otherwise protected by the Federal Deposit Insurance
Corporation or any other government agency; are not endorsed or guaranteed by
First Union Corporation, FUNB or any bank; and involve investment risk, including
possible loss of principal.
SOURCE
First Union Corporation
Farm Credit Services announces:
o
Mike Jewell joined the company as vice president of leasing. He will be responsible
for the direct marketing of leasing projects and services, implementing leasing
programs, facilitating support and training to 46 branch locations in four states.
Jewell has more than 25 years of experience in the financial industry and most
recently was vice president and area manager for U.S. Bancorp Leasing and Financial
in Spokane. He is a graduate of Central Washington University with a degree in
economics and business.
