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| November 22, 2000
essay by Paul Menzel "Be a 'Professional' to Survive" If you missed Whatever Happened to Jon Bedernick--first full time executive director for Western Association of Equipment Leasing, now United Association of Equipment Leasing, please go to: http://www.leasingnews.org/jbednerik.htm -------------------------------------------------------------------------------------- "Others Award" Goes to Kit Menkin The kettle will go out after Thanksgiving and the bells will be ringing by many volunteers, such as myself. It meant a lot to me to receive the Salvation Army "Others" Award. It is a high honor. I have been awarded the San Francisco District Award, "Silver Tambourine" several years ago for organization of the Santa Clara County Board . I have been active in all phases of Salvation Army work for thirty years as a volunteer. For my two year service as chairman of the San Jose Salvation Army Adult Rehabilitation Center Advisory Board, the Northern California District granted the "Others" Award. Our area takes in Santa Clara, Santa Cruz, San Benito and Monterey Counties, where we run a six month "free" rehabilitation program, solely supported by our Salvation Army Thrift Stores. I ended my term, increasing donations and sales at the thrift stores, increasing automobiles donation sales, developing and maintaining http://www.salvationthrift.com, helping to establish the largest retail store we believe on the West Coast (http://www.salvationthrift.com/sj_hillsdale.html ), activating a Speaker's Bureau program, implementing many programs along with a great board of advisors, active in the committee system to accomplish our goals. To learn more about what the Salvation Army does, I suggest: http://www.salvationarmy.org/webmain.nsf/sub/whatwedo Kit
Menkin, editor Differentiate
Yourself in a Tough Market I recently overheard some leasing associates lament how our Industry has "dumbed down" during the current expansion. They said that, because of the vibrancy of the marketplace, App Only has become standard fare and leasing salespeople wouldn't know how to read a financial statement if their life depended on it * let alone fill out an application clearly and completely. In a contracting economy, their professional ability might very well become a life or death issue. As we enter into a period of higher rates, tighter credits and diminishing sources of funds, leasing professionals who have educated themselves in the nuances of our trade will be the ones who prosper. Those who have only exercised their fingers by simply passing apps across the fax machine won't be rewarded as well. It is time to exercise our minds. There is no more important time than now to hone your professional skills. The professional who adds value to the process and to their clients will be justly rewarded. Clients will appreciate working with someone who can advise them in matters of finance. Relationships of substance will be sought after. If your strength is in marketing, learn credit. By doing so, you will identify opportunities more quickly and avoid time wasters. You will communicate with funding sources more effectively and get more deals done in the process. If your strength is with numbers, sharpen your people and sales skills. Study marketing techniques that have succeeded in our industry. Equipment Leasing is a sophisticated form of financing in which creativity can play a critical role. The more knowledge one has about their craft, the more creatively they can ply it. Take the time to become an expert ... and a professional. *************************************************
Paul J. Menzel, CLP For Your Calendar Next Year--- National Association of Equipmetn Lease Brokers Conference
May 16-20, 2001 United
Association of Equipment Leasing Conference Fall
Conference Kit, On the press release we did yesterday announcing our affiliation with e-bank her in Atlanta you spelled my name Adrian Eultan. Mike Losey was spelled Michael Losc and the company was C-leasing instead of e-leasing. It is Adrian Bulman and Michael Losey at e-leasing. Are you attempting to protect our identity? - Adrian
Bulman ( Sorry, overlooked Visioneer's Scan of your fax;did not catch these...sorry. editor ) UniCapital Announces Extension of Bank of America Amendment Announced it has reached an agreement to continue through December 1, 2000, the amendment of certain terms of the company's revolving credit facility and the company's commercial paper conduit facility with Bank of America. Dow Jones reported a few days ago over 250 people were let go. It appears BSB is still operating, on a skelton crew, and other "divisions" are operating on a skelton crew. It is reported Bank of America does not want to have a large write-off and is doing the best for its shareholders. We have been reporting the problems with Unicapital since the first of the year, when they made the List Here is their press release: MIAMI--(BUSINESS WIRE)---UniCapital Corporation (NYSE:UCP) late yesterday announced it has reached an agreement with Bank of America, N.A., its principal financial creditor, to continue through December 1, 2000, the amendment of certain terms of the company's revolving credit facility and the company's commercial paper conduit facility with Bank of America. UniCapital Corporation provides asset-based financing in strategically diverse sectors of the commercial equipment leasing industry. Headquartered in Miami, UniCapital originates, acquires, sells and services equipment leases and arranges structured financing in the big ticket, middle market, small ticket and computer and telecommunications segments of the commercial equipment leasing industry. For more information, visit UniCapital's Web site at www.unicapitalcorp.com. Certain statements contained in this press release (including, without limitation, statements regarding the Company's relationship with its financial creditors and statements concerning efforts to address and resolve operational challenges and seek improved financial performance) may be deemed to be forward-looking statements that involve risks and uncertainties. These statements are made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, and should be read in conjunction with the risk factors set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 1999, as filed with the Securities and Exchange Commission. Those risk factors include, among others, limitations imposed by the Company's credit facilities, risks related to the need for additional capital, risks related to the Company's acquisition strategy, risks arising from the absence of combined operating history for the Company and its subsidiaries, risks related to internal growth and operating strategies, interest rate risks, risks related to fluctuations in quarterly operating results, risks related to consummating securitization transactions and other risks. These risks and other factors could cause actual results to differ materially from those expressed or implied in any forward-looking statements contained in this press release. In addition, results may vary as a result of factors set forth from time to time in the documents filed by the Company with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statements to reflect actual results or changes in the factors affecting such forward-looking statements.
CONTACT: RFQsolutions.com Selects First International Bank to Deliver e-Commerce Financing to Precision Manufacturers Companies That Emphasize Industrial Accuracy And Value Gain Access To Loans And Leases Up To $5 Million TUSTIN,
Calif./HARTFORD, Conn.--Nov. 22, 2000--RFQsolutions.com and First International
Bank, a subsidiary of First International Bancorp Inc. (NASDAQ: FNCE), have formed
an alliance to offer online financing to manufacturers of custom and made-to-order
parts. First International has agreed to make commercial and international credit
products available online to buyers and sellers via RFQsolutions.com - the first
global, membership-based e-marketplace for the precision manufacturing industry.
Credit is available to purchase parts and services up to US $5 million per transaction.
About RFQsolutions.com RFQsolutions.com (www.RFQsolutions.com) is an innovative, member-based online business-to-business network for manufacturers throughout the world that buy and sell custom and made-to-order parts, products and services, including tooling, molds, dies, castings, forgings, extrusions, grinding, heat-treating and metal-forming. RFQsolutions.com develops a detailed analysis of member companies based on capabilities, methods, materials and certifications. The site provides a precision marketing forum where members can acquire extensive knowledge about each other and form partnerships and alliances based on trust, compatibility and reliable information - for an all-around "best value" purchase decision. Rohsen Technology & Marketing Inc., d/b/a RFQsolutions.com, is created, designed and owned by experienced manufacturers. About First International Bank and First International Bancorp Inc. First International Bank (www.firstinterbank.com) - a world leader in the use of SBA, USDA and Export-Import Bank loans - provides innovative credit, trade and financial solutions for small and medium size industrial businesses. The company has more than 200 employees and representatives at 29 locations worldwide, including offices coast-to-coast in the U.S. and international representatives located in the Americas, Asia, Africa, the Middle East and Central Europe. In 1999, the company originated $551 million in loans primarily within its industrial niche, and closed the year with a managed loan portfolio of $1.1 billion. Established in 1955, the bank is a subsidiary of publicly traded First International Bancorp Inc. (NASDAQ: FNCE), with headquarters in Hartford, Connecticut. CONTACT:
or First
International Bank
Linc Capital In Default Of Some Terms Of Standstill Pact Linc Capital is in default of certain terms of a standstill agreement entered into with certain lenders in October, according to the company's most recent quarterly report filed with the Securities and Exchange Commission. Linc Capital said it's in violation of a provision that limits the "over-advance" to $12 million. As of Oct. 31, the overadvance was about $12.1 million. In addition, the principal outstanding under the loan was $73.9 million, above the $70 million required by the agreement. Linc Capital said it has requested that the lenders extend the standstill period to Jan. 31 from Dec. 31 and adjust the overadvance and permitted maximum principal balance outstanding to higher levels than those currently required. Linc Capital said its lenders are considering its request, but if they choose not to amend the standstill agreement or to waive the events of default, the balance due will be immediately due and payable. If the balance becomes immediately payable, Linc said it may be required to seek protection under the bankruptcy code. As reported, Linc Capital said it intends to proceed with out-of-court sales of its businesses and assets rather than enter bankruptcy proceedings. The company remains doubtful of its ability to continue as a going concern. The company's assets consist primarily of its non-securitized lease portfolio, its analytical instrument rental and distribution business, its equity interest in its equipment lease securitization entities, and equity interests in select growth lessees. 5 million more thank last year to shop on line, industry leaders predict, but not for--- Garden.com, among many others. By Monica Summers AUSTIN,
Texas (Reuters) - Garden.com Inc., an online retailer of gardening products, Wednesday
said it will shut down its retail operations and plans to sell its consumer business
assets after it failed to secure financing to fund operations or find a buyer
for the company. The Austin, Texas-based company, the latest victim in the shakeout
in the online retail sector, also said it plans a "phased layoff" of its consumer
business employees. The company cut 30 percent of its work force Sept. 28. At
that time Garden.com said it hired investment bank Robertson Stephens to evaluate
strategic alternatives for the company. Shares of Garden.com, which have been
on a steady downward slide over the past several months, were down 75 percent
by midafternoon at 1/16. The stock's 52-week high was $15 a share back at the
end of 1999. Executive Cliff Sharples said in a statement on Wednesday. Garden.com said the consumers assets that are fit to be sold include product inventory, some of its Web addresses, editorial content, photo library, online gardening tools and planners, as well as other intellectual property. The company said it will lay off its employees in phases as it continues with a "going out of business" sale to consumers. In September, the company said it had laid off 93 of its 246 employees, leaving 153 on staff. Garden.com said while reducing its operating expenses and marketing costs in an effort to slow its cash burn rate, it also attempted to find additional funding for operations, and also sought out a partner or acquirer for the company. "While that search included contacts with several interesting prospects, none were prepared to fund or acquire the company," the company said in a statement. Earlier this week, the company posted a first-quarter loss of $9.9 million, or 56 cents a share, versus a loss of $5.6 million, or $1.45 a share, in the year-ago quarter. Revenues were $2.6 million versus $1.4 million a year ago. The first quarter loss was narrower than Wall Street analysts on average had expected, which was a loss of 62 cents a share, according to First Call/Thomson Financial. Consumer Complaint List Released By JOHN HEILPRIN .c The Associated Press WASHINGTON (AP) - In the Maryland suburbs, a shadowy unlicensed company bilked customers out of $3,495 for computer training it never gave. In New Jersey, a dentist calling himself the ``Cavity Buster'' pressured patients to wire money to his bank account. Those were among the worst scams reported Tuesday in a national survey. Home improvement services and auto sales sparked the most complaints from consumers, but gripes about household goods outpaced those about auto repairs, two consumer groups said. Auto repairs, a perennial thorn, fell to fourth on the ninth annual list of consumer complaints put together by the National Association of Consumer Agency Administrators and the Consumer Federation of America, both based in Washington. And Internet complaints - mostly over ordered merchandise - have risen nearly 40 percent a year since 1997. Other fast-growing complaints regard car title fraud and utility services. This is the first time the survey has ranked household goods among the top three consumer complaints, and the first time in six years that auto repairs has not joined auto sales and home improvements in topping the list. Credit and lending ranked fifth on the survey of 49 respondents, almost all of them city, county or state consumer agencies that handle consumer complaints. The survey uses 1999 figures, the latest available. ``There's been an increase in household goods complaints,'' said Wendy Weinberg, a spokeswoman for the National Association of Consumer Agency Administrations, who pointed to robust sales of items such as computers and furniture. ``With the strength in the economy, people have been making more purchases in those areas.'' At the same time, home improvement services for the first time overtook auto sales as the No. 1 complaint category, according to the consumer groups. In the previous year's survey, nearly three-quarters of the complaints were about auto sales, a slight percentage higher than there were about auto repair and home improvement. ``There really is not a governing body for home improvement. That's the biggest complaint about the industry is that it's unregulated,'' said Blanche Evans, publisher of Agent News and associate editor of Realty Times, both Dallas-based online services. ``Curiously, we regulate Realtors who sell the properties, but we don't regulate the people who build or improve them.'' And often when people buy homes, they ``fall in love'' with a property and overlook problems that surface later, Evans said. The top 10 complaints: home improvement services, auto sales, household goods, auto repairs, credit and lending, utilities, mail order, collection, landlord-tenant disputes and leisure-travel. In last year's survey, which used 1998 figures, the top 10 were: auto sales, auto repairs, home improvement, household goods, credit and lending, mail order, auto leasing, landlord-tenant disputes, utilities and travel-tourism. ``A car is such an important necessity that if there is a problem they're more apt to complain,'' said Michael Morrissey, spokesman for the National Automobile Dealers Association. ``But we still feel it's more the exception rather than the rule that a customer would be dissatisfied.'' Morrissey cited an Automotive Retailing Today study not yet publicly released saying three of every four people who bought a new car in the past year and a half were highly satisfied. He said U.S. car dealers anticipate selling almost 18 million new cars, trucks and minivans in 2000, up from 16.9 million in 1999. While holiday shoppers for household goods might find reason for pause, the consumer groups' newest survey also finds elderly consumers are among the fastest-growing targets for scams. To help deal with that trend the survey's respondents - government agencies providing consumer services and pro-consumer groups alike - were asked to report the scams they most frequently run across, which are in home improvement and sweepstakes. The survey, done each year since 1992, is performed by the National Association of Consumer Agency Administrators, representing 165 consumer agencies in the United States and several other countries, and the nonprofit Consumer Federation of America, made up of 260 groups. On the Net: National Association of Consumer Agency Administrators: http://www.nacaanet.org Financial Results of Bombardier Inc. for the Third Quarter and the Nine Months Ended October 31, 2000 MONTREAL--(BUSINESS WIRE)--Nov. 21, 2000--Consolidated revenues of Bombardier Inc.(TSE:BBD.) for the quarter ended October 31, 2000 totalled $3.9 billion, a 21% increase over the revenues of $3.2 billion for the same period last year. Net income for the quarter rose to $225.9 million, an increase of 35% compared to a net income of $167.4 million for the same period last year ($151.1 million after special items). Earnings per share rose to $0.16, a 33% increase from $0.12 the previous year (earnings per share after special items in the same quarter last year were $0.11). For the nine months ended October 31, 2000, consolidated revenues amounted to $10.5 billion compared to $9.2 billion for the nine months ended October 31, 1999, an increase of 14%. Net income for the nine-month period, before the net effect of the special items, rose to $631.1 million, an increase of 31% compared to a net income of $481.0 million for the same period last year. Earnings per share for the nine-month period, before the net effect of the special items, rose to $0.45, a 32% increase from the $0.34 the previous year (or $0.33 after special items). After the effect of the special items of $29.7 million ($3.7 million after tax), net income was $627.4 million, or $0.45 per share. Bombardier's order backlog at October 31, 2000 reached $30.5 billion, a 14% increase over the $26.7 billion backlog at the end of the third quarter last year. In aerospace, the backlog increased from $18.4 billion last year to $22.7 billion at October 31, 2000 and in transportation, it went from $8.3 billion to $7.8 billion. The decrease in Bombardier Transportation's order backlog is mainly the result of depreciation of the euro compared to the Canadian dollar
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