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| November 27, 2000 LEASING
NEWS 11/27/2000 to regularly receive Leasing News kitmenkin@leasingnews.org ---also ON LINE at www.leasingnews.org--- Headlines--- El Camino Insider Report UniCapital Stock Suspended by NY Stock Exchange \ The List Is Up-Dated ( purpose again, is explained ) SalesRep.Com Reports Increase In Biz Leasing Insider---El Camino Leasing El Camino has axed the top two men, sold off or stopped operations in certain areas( not sure if this is a fate accompli or in the works), and has retrenched back to its core business. In the process they lost several of their key salesmen. As a result of the personal losses, the new management team had a conference call with ALL of the sales force. The upshot is that El Camino will be issuing a "salesman retention package." The package is supposed to be in place early this week. Overall he came away from the conference call with positive feeling about El Camino's prospects. As for business, several of my friend's sales deals, ones that had been put on hold during the crisis, funded last week. His feeling is that El Camino will survive. He wasn't sure about broker business but suspected that El Camino would not be accepting broker business until they can prove to their backers that the tide has turned, and things have stabilized. name with held Sierra Cities I have it on good authority: SIERRA CITIES IS AGAIN SOLICITING LEASE BROKER BUSINESS!!!! Federal Financial Clarence Y. Palitz, Jr. We reported last week when Federal Financial Clarence Y. Palitz, Jr. passed away. He has received several tributes---Here is one of them: Mr. Palitz was a visionary in our industry. He surrounded himself with the best and the brightest. Most people are not aware that had it not been for Mr. Palitz CNN may not have existed. In 1982 I was approached by Paul Beckham of Turner Broadcasting telling me they needed $2,000,000.00 for satellite uplink equipment to launch a 24 hour news network. I and most of the lenders I knew asked what is a satellite uplink. Scientific Atlanta would not turn a screw until they had a purchase order from a major lender because, at that time, the technology was very new. Everyone declined this application because Ted Turner was considered a wild man and no one knew what the equipment was and most thought Turner was nuts to attempt to launch a 24 hour news service. After months of frustration I ended up at Credit Alliance meeting with Jack Clement and Howard Brenowitz . This deal was taken to Mr. Palitz and years later he told me he looked at it and figured, "What the hell! He had Turner's pg and if it went sideways he could always negotiate national advertising on the Super Station." He got paid! I closed the deal on 8/29/83 while my wife was on the way to the hospital to have our oldest son. Mr. Palitz and his brother were always willing to listen to a transaction that made sense. The stories about the Palitz brothers and their brilliance and foresight are legendary. - Adrian Bulman American Leasing and Financial aleasing@mindspring.com -NY Stock Exchange Suspends Unicapital Trading (Sorry, this came in too late on Wednesday and overlooked not including in Friday's report. We have been tracing the demise of this company for many months and they have been on the list since the first quarter of the year. NEW YORK, Nov 22 (Reuters) - The New York Stock Exchange on Wednesday said it determined that UniCapital Corp.'s (NYSE:UCP - news) common stock should be suspended immediately due to its ``abnormally low selling price.'' The NYSE also said an application to the Securities and Exchange Commission to de-list the issue is pending the completion of applicable procedures, including any appeal by the company of the exchange's decision. The NYSE said UniCapital has a right to a review of the determination by a committee of the board of directors of the exchange. Shares of UniCapital, which provides asset-based financing for the commercial equipment leasing industry, unofficially closed at 3/64 on Wednesday, between a 52-week low of 1/32 and a 52-week high of $5-11/16. The company is below the NYSE's continued listing criteria relating to average global market capitalization over a consecutive 30 trading-day period of less than $15 million, and also the minimum share price of $1 over a 30 trading-day period. For a while, we utilized this quote from Bruce Kropschot, as I think he said it best about the purpose of The List: "It is merely an informal recap of major changes. Those major changes may not necessarily be adverse changes, as when a leasing company that is struggling for funding is acquired by a major bank...It merely puts lease brokers and small leasing companies on alert that there may be some policy changes at their funding sources." 56 Leasing Companies Major Changes Advanta Leasing ( for sale, former prez now at eOriginals, others let go like Kaye Lee?) Affinity Leasing, Washington ( 12/2000 to close ) American Business Leasing ( gone ) Balboa Capital ( Founder Byrne "...office available any time he wants to use it" ). The Bancorp Group, Inc. (Southfield, MI) (Not accepting news business. The BOD of the parent bank is assessing what to do with the leasing subsidiary.....currently servicing portfolio but not originating. no longer in business ) Bankvest (bankrupt) Bombadier ( reported having leasing problems, not confirmed, company strong in other divisions ) BSB Leasing (11/2000 closed to accepting new business ) Charter Financial ( purchased by Wells Fargo 9/5/2000 ) Colonial Pacific (11/98) purchased by GE Capital 5/2000 no more re-brokered applications, except from one or two sources, such as Steve Dunham's Leasing Associates ) Commerce Security ( 9/99 closed to leasing broker program )(11/99 last fundings) Comstock Leasing ( 3/2000 Unicapital then Linc and discontinued operation this date ) Copelco ( 4/2000 sold to Citibank/10/2000 stock down rated/10/2000 ceases broker business, many complaints in manner turning off faucet ) Creative Capital" of Bloomfield Hills, MI. ( shut-down 3/2000 ) Dana ( sold off, active as captive ) DVI Capital ( out of broker ) El Camino Leasing, Woodland Hills, Caifornia (10/2000 No longer taking broker business 11/2000 struggling to stay in leasing business, according to insider reports ) eLease ( June/July/2000 senior management changes ) FMA Finance ( reportedly closed to brokers ) Fidelity ( 4/2000 acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V., headquartered in the Netherlands, raising funds ) Finova ( out of market place )( 10/2000 Dow Jones headlines "Finova Stock Falls As Buyout Hopes Wane 10/2000 Dow Jones notes stock falling and problems at Finova 11/2000 Announces they will discontinue business, sell units 11/2000 Suspends Dividend 11/2000 Leucadia National to Invest $350 Million in Finova 11/2000 reports $274 million loss )) First State Bancorp, Albuquerque, N.M ( 3/2000 sold leasing division-$64 million---) Franklin Leasing, Des Moines, Iowa--owned by Liberty Bank-- (2/2000)-no longer writing leases ( limited by regulations and leases are for sale ). Franchise Mortagage Acceptance Corporation (FMAC) 11/1999 purchased by Bay View Commercial Corporation (Bay View Bank) 9/2000 discontinuing all franchise loan and lease production. Golden Gate Funding ( 2/99 purchased by Westover Financial ) Heller Financial's Commercial Services Unit ( 10/99 purchased by CIT ) Imperial Credit Industries (ICII) ( sold portfolio ) Japan Leasing Credit claims ( JLC --6/99 purchased by Orix ) Lease Acceptance Corp---( ceases broker business 7/26/2000 ) Leasing Solutions ( bankrupt ) Liberty Leasing ( closed, California company ) Linc Capital ( out of vendor and broker business, Nasdaq halts stock sales, $13.4 loss last quarter,10/2000 assets for sale ) Lyon Credit Corporaton ( 9/99 purchased by Hudson United Bancorp ) Manifest Group--( 9/1/2000 purchased by US Bancorp Leasing and Financial, "...a win for all the parties involved," Brian Bjella. Matsco Financial ( purchased by Greater Bay Bank ) Merit Leasing ( gone ) Metwest Leasing, Spokane Wa. ( 9/2000 advising brokers that they have run out of funds so they are unable to fund a transaction we have there for funding. 11/2000 Metwest Leasing Spokane, WA. is pulling the plug, confirmed by five sources. ) Metrolease--reports closing operation,John Blazek at Evergreen Leasing, Hathcock losing assets, will not confirm nor deny; many serious rumors of serious fraud floating around the marketplace, including debt to Textron Financial.) NationsCredit, Business Leasing Group (1/29/99 sold to Textron**) *"The Business Leasing Group of Nations Credit was sold to Textron and we still do broker business," Jim Merrilees, very well respected individual in the leasing industry.. NIA National Leasing ( 3/2000 purchased by Lakeland Bancorp ) New England Capital ( sold to Network Capital Alliance a division of Sovereign Bank. Sovereign did hire two people who will run a sales office in CT, doing basically the same deals with the same people as before. Little will change in that aspect. Newcourt ( sold off ) Onset Capital ( Irwin buys 87% equity ) Orix 10/2000 "long-term Outlook has been revised from Stable to Negative" Credit Allianchat it has changed its name to ORIX Financial Services, 9/2000 Japanese Bank President Committs Suicide (Orix is a 14.7% shareholder in bank having problems ), ( 8/2000 closes small ticket vendor division in Portland, Oregon, "Business as usual (in New Jersey and with brokers)," says Steve Geller 11/8 New President at Orix appointed 11/10 First Six Month Profits up 14% at Orix! ) Phoenix ( both divisions closed ) Republic Leasing, South Carolina 9/27/2000 ( "The expected result will be a sale of Republic Leasing"---Dwight Galloway ) Resource Leasing, Herndon, Virginia ( 11/2000 MicroFinancial/Leasecomm acquires major portion of the assets.) Rockford ( sold to American Express ) Scripp Financial ( 6/29/2000 ( purchased by US Bancorp ) Signature Leasing, Dublin, California ( 11/2000 no longer in small ticket marketplace ) SDI ( closed to broker programs ) SFC Capital ( 9/15/2000 purchased by Trinity Capital ) SierraCities (11/2000 acquired by Vertical Net Credit ) T&W, Washington (10/2000 filed Chapter 11. Creditors meeting on 12-4-00 Seattle. Case # 00-10868 US Bankruptcy Court Western District of Wash. 206-553-7545. Debtor Attorney-Marc Barreca 206-623-7580) Transamerica ( for sale, but no buyers, so taken off marketplace, no longer for sale ) Unicapital ( 11/2000 NY Stock Exchanges Suspends Sale of Stock, Dow Jones reports 248 employees let go, divisions are closing,BofA credit until December 1. We have received several conflicting reports of what is open or closed, so we are printing their original purchase of various companies to let you know who might be no longer taking new business, because of the difficulties of the parents--at the end of this report ) Varilease ( 11/2000 closed down ) USA Capital Leasing ( gone-bk ) any corrections, additions, comments will be appreciated. We are presently working on dividing the list into last twelve months and prior. ***Original Purchases by Date by Unicapital American Capital Resources 2/98 Boulder Capital Group 2/98 Cauff, Lippman Aviation 2/98 Jacom Computer Services 2/98 Matrix Funding 2/98 Merrimac Financial Associates 2/98 MunicipalCapital Markets Group 2/98 The NSJ Group 2/98 PortfolioFinancial Servicing 2/98 Vanlease 2/98 The Walden Group 2/98 K.L.C., Inc. dba Keystone Leasing 5/98 Jumbo Jet 7/98 HLC Financial 7/98 Saddleback Financial Corporation 7/98 U.S. Turbine Engine Corp. 7/98 The Myerson Companies dba BSB Leasing 9/98 Congratulations to you on your Salvation Army Award. A lot of heart and work goes out and it nice your recognized for your efforts. Also, your leasing news is great, thanks for bringing it to us. Jim Moran MBL Financial Services (Member Bank Leasing) 1519 Johnson Ferry Road, Suite 300 Marietta, GA 30062 (770) 971-9790 Phone (770) 971-7632 Fax jmoran@mblfinancial.com SalesRepCentral.com Reports First Quarter Results; Company Reaches Profitability and Quarter-to-Quarter Revenues Grow 695 Percent SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nov. 27, 2000-- SalesRepCentral.com Inc. (OTCBB:SREP), Monday announced the company's first quarter results. Revenue for the three months ending Sept. 30, 2000, were $408,668, compared with $51,570 in the fourth quarter. Additionally, the company recorded $204,553 of Gross Travel Bookings. Net income for the three months ending Sept. 30, 2000, were $3,442, compared with a net loss of $767,000 for the fourth quarter. "We are extremely pleased with these results as they clearly reflect the remarkable growth our company has achieved," said Ralph Massetti, chairman, president and CEO of SalesRepCentral.com. "Both of our core businesses as an application developer and corporate services firm have delivered profitability and that has been the focus of our business model. Additionally, our renewable revenue streams have strengthened our bottom line and we are truly becoming the first and final stop on the Internet for sales professionals on every level." "During our last quarter we achieved several significant business objectives, which have inspired us to continue to innovate and produce meaningful products for sales and management professionals. Our business has evolved beyond the hosting of corporate portals, we have developed the internal expertise and technologies to leverage an entirely new model, which allows us to more effectively capitalize on our achievements to date," said Massetti. "It is this dedication that turns our research-driven technologies into benefits our customers can really use like our custom portal Team Rooms that have demonstrated remarkable flexibility and scalability for both small and large customers, which is driving our brand recognition throughout the industry." "After months of continuous research, development, testing and re-testing, we have reached a level of operational success with our collaborative software. Additionally, we are excited to have also reached another very important milestone: profitability," said Massetti. "Most public companies we see today are under tremendous pressure to reach profitability, we have achieved it through perseverance and dedication to the core business. Additionally, we now have the ability to offer performance level custom services to a wide array of customers." "During the quarter we increased the number of strategic partnerships to 18 with companies that add tremendous value to our offerings. These alliances allow us to offer both online and brick-and-mortar-related services that are instrumental to the success of the sales professional. "The company plans to continue to add strategic partnerships in the coming months that will continue this positive trend and allow the company to reach a higher level of sales and marketing success in and throughout the corporate enterprise portal development market," said Massetti. Looking forward, the company believes it has the financial resources and sales activity needed to meet its presently anticipated business requirements, including capital expenditures and strategic operating programs for the current year. SalesRepCentral.com is the Internet's first-to-market, online sales community and leading provider of online B2B Internet resource portals for corporate sales teams. These co-branded and public online sales communities are designed to provide a comprehensive portal of sales resources, daily training articles, communication tools and applications that meet the daily needs of professional sales representatives and corporate sales managers, resulting in enhanced team communication and increased sales. SalesRepCentral's proprietary technology allows for each corporate portal or team room to have specific, private content served to its members every single day, along with group documents, an event calendar, a company roster, real-time company news, private chat rooms and a sales training article archive. Other benefits include employment and job placement, a company-owned, full-service travel agency, leasing and lending services, sales leads and a SalesRepCentral.com loyalty program called RepPoints. For company information, phone 480/922-8444, e-mail SalesRepCentral at ir@salesrepcentral.com or visit the company's Web site at www.salesrepcentral.com. Safe Harbor Statement Forward-looking statements in this news release are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that statements in this news release that are not strictly historical statements, including without limitation, management's plans and objectives for future operations and management's assessment of market factors, and statements regarding the strategy and plans of the company and its strategic partners, constitute forward-looking statements. These forward-looking statements are not guarantees of the company's future performance and are subject to a number of risks and uncertainties that could cause the company's actual results in the future materially to differ from the forward-looking statements. CONTACT: SalesRepCentral.com Inc., Scottsdale Ralph Massetti, 480/922-8444 ralph@salesrepcentral.com www.salesrepcentral.com If you would like to join our leasing news network, all you need to do is ask. We are also ON LINE: www.leasingnews.org |
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