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Oct. 3, 2001
Kit Menkin’s Leasing News www.leasingnews.org ------------------------------------------------------------------------------------------------------ flag here Please forward to a colleague. You can also have Leasing News delivered to your e-mail address. Included in the signature is “This Day in American History.” written soley for Leasing News ---------------------------------------------------------------------------------------------------------- Headlines--- AmX Business Finance Mid/Am Portfolio Bond Insurance PacBell.Com Problem Solved, Thank You, Doug D eLessors Networking Association Membership Grows National Leasing Group Partners with Scotiabank GATX Appoints Tom McGreal to
Head GATX Technology
Sandra Schuler Joins Pawnee
Leasing Do Something, Just Don’t Sit There!!! #denote press release AmX Business Finance Mid/Am Portfolio Bond Insurance This information came from Sierra Cities SEC filings. It is public information: Sierra Cities carried $12 million of trust certificates on its balance sheet at Sept. 30, 2000, the last quarterly report they filed with the SEC; this $12 million was net of an unspecified reserve for losses, so it would appear that Sierra Cities' maximum loss on securitizations would be $12 million, unless they violated warranties, representations or other agreements. In addition, Sierra Cities had a $12 million reserve for bad debts on Sept. 30, 2000 for its $950 million on-balance sheet portfolio. Sierra Cities credit enhanced its Class A securitization certificates with a financial guaranty insurance policy; also in certain default and performance deficiency situations, the Class A certificates can be allocated cash flows that would otherwise be allocated to the holders of Class B-1 certificates, Class B-2 certificates and the Trust Certificates; the Trust Certificates are generally retained by Sierra Cities. Cash flows that would otherwise be allocated to the Trust Certificates can also be allocated to the Class B-1 and B-2 Certificates in certain default and performance deficiency situations. The Class A certificate holders should never have a loss, assuming the insurance company is solvent. The first losses will be absorbed by the holders of the Trust Certificates, followed by the holders of the B-2 and B-1 certificates. Bruce Kropschot Kropschot Financial Services 116 Estuary Drive Vero Beach, FL 32963 (561) 234-4544 It then appears the bondholders of the First Sierra securitization will take the losses on the MidAm portfolio rather than Amex if the losses exceed the $20,000,000 Letter of Credit. He does not know the details on how First Sierra did their securitization, but even the bondholders may not take any losses if there is an insurance wrap or bond. Here is a viewpoint from David Rabinovitz: As to losses, it depends how much of the stream was sold. Say they PV'ed the stream at 8% and got a 113% PV, less advances got them down to 109%. If they had a fat 92% advance rate, 92% x 109% = 100.28%. That leaves 8.72% as retainage. Sooo... losses must exceed 8.72% before the bondholders are affected. David I. Rabinovitz david-rab@mediaone.net As a side note, I am surprised there has not been a reader who has taken me to task for saying “ we look forward to the RW Professional bankruptcy confirmation.” In this case, we thought the venue might protect some creditors, also protect some assets, and it definitely would then make information public, plus end all side agreements and arrangements regarding Old Kent, which is no longer around anyway, we are told. We then could name names and print information that we cannot do on other stories, such as Metrolease, as we are told $3 million of leases were booked at Textron and at a bank, while allegedly Metrolease made monthly payments to one, and there may be fraud involved...therefore a bankruptcy has not happened to our knowledge; the result, all we are repeating are “rumors” and one officer involved in two leasing company bankruptcies is in business again, and the other officer has also started a leasing company after closing this one down. The same may be happening with RW Professional. These are questions that may be answered as soon as the bankruptcy is confirmed. We do know that several former directors of Sierra Cities have lawsuits and cross lawsuit, meaning Mark Mcquitty, Fred Van Etten, and others with several issues, including stock fraud and stock manipulation If the Securities Exchange Commission is not aware of these, they will be soon as it is public information. editor ) ___________________________________________________________________- You do not need our permission to quote anything in leasing news or to re-print, with or without attribution. Anything we print is “public information.” If you would like to ask us for specific permission, we will always grant it. editor. ____________________________________________________________ PacBell.Com Problem Solved, Thank You, Doug D I just spent an hour on hold to be told that there is no blockage of your e-mail messages by Pacbell... Their only guesses were: 1) It's your ISP that is blocking you from sending to us, maybe a software or hardware conflict? 2) Someone with a Pacbell e-mail address has accused you of "spamming" and you have been blocked for that reason. I asked if they couldn't tell me if the 2nd was true, and they said they couldn't do that, but that your ISP could tell you if that was the case. Assuming 1) is incorrect, and 2) is BS, do you have any suggestions? I'll look for your answer on the website. DougD dawkindr@postoffice.pacbell.net ( Thank you. I have looked at MAS which is the central list of all spammers, and we have no complaint and are not listed. We do not spam. We add only when requested, and we remove as soon as we can when requested. We do not spam. We are making some changes, as pacbell is not responding to us by e-mail to my AOL account. You may have made a difference, as no pacbell came back after our late afternoon mailing...a first time in almost two weeks, so maybe your call did something, as it sure is coincidental. Thank you again. Kit Menkin ) Coda: Also Doug received our e-mail, for the first time, so many Pack Bell users are back on line. ### ###################### ################### Sandra Schuler Joins Pawnee Leasing Pawnee Leasing Corporation, Fort Collins, Colorado, announces
the addition of
Sandra Schuler as
Accounts Receivable
Manager. Schuler will provide strategic direction and
management in accounts
receivable collection,
recovery and litigation. Prior to joining the company, her industry
tenure included
16 years of credit
and collections
experience including
the last 7 years
with Leasetec Corporation,
now a Key Bank,
NA owned leasing
company.
Pawnee Leasing
Corporation, founded
in 1982, is a specialty
small-ticket funding
source for start-up
and less traditional
credit applicants. ### ####################### ################### eLessors
Networking Association
Membership Grows
-
The eLessors Networking
Association (eLNA)
reports early membership
registration confirms
the industry's mandate
to establish a stronger
networking forum
between the technology
and business finance
sectors. eLNA
is building its
base of support
from the eLeasing
conferences developed
by Lessors.com and
assumed by eLNA
last August. Additionally,
Lessors.com, Inc.
and the eLessors
Networking Association
have entered into
a continuing collaborative
agreement to providing
enhanced introduction
and access to technology
products & services
and equipment leasing
& finance resources. Within
a few weeks, eLNA
will begin drawing
from its charter
membership to establish
the first eLNA Executive
Committee. The Executive
Committee will be
responsible for
appointing the chairs
for the Membership
Committee, Awards
Committee, Conference
Committee and Liaison
Committee. eLNA
members, interested
in serving on an
eLNA committee,
are invited to submit
their name for consideration
from the eLNA Web
site's "Committee
Registration"
link. For
additional information,
please visit http://www.elessors.com. About
The eLessors Networking
Association Traditional
industry associations
have been slow to
embrace the evolving
new eLeasing industry.
By merging the technology
and financial service
sectors, eLNA will
represent a national
community of technology
and online equipment
leasing professionals…the
new "eLeasing
industry". ####
###############
########### ___________________________________________________ Leasing News is posted daily, often within an hour after sending at: Do Something, Just Don’t Sit There Leasing News very strongly recommends you join Bob Bell and not participate in any recession. This means you find out what is happening, get some new tools, make some new connections, and network---And the best way to do this: attend your association conference. Take the time off, spend the money for an airflight and hotel, and go. The 40th Annual Equipment Leasing Association has over 800 registered to date. This is for members, and you may not be able to stand the full fare, so then go to the United Association of Equipment Leasing Conference, where they have over 300 registred. They have a “first timer” policy. There also is MAEL: October 11th, 2001 MAEL 20th Annual Meeting [ MAEL ] Location : Metropolitan Club, Chicago The Annual Meeting is open to membership only and their guests. You’ll have the opportunity to network with your peers, enjoy an excellent reception, followed by a sumptuous dinner and entertainment. Our distinguished speaker will be: Mr. Jordan Goodman from Financial Communications, Inc. and his topic of discussion will be "How to profit from today's economy". October 11, 2001 5:00 PM Meeting (*Members Only in the 33rd Floor Conference Room) 5:30 PM Reception (*67th Floor Chicago Room) 7:00 PM Dinner (*67th Floor Oak Room) 8:30 PM Speaker 9:00 PM Adjourn Reservations will be taken on a first-come, first-served basis. Kindly respond on or before September 28, 2001 Click here for our secured online reservation form! Rooms are available at the Holiday Inn Merchandise Mart by calling 312-836-5000. Don't forget to say you are with the MAEL! and: Association for Governmental Leasing and Finance Annual Fall Conference, November 7-9, 2001 at Loews Ventana Canyon Resort in Tucson, Arizona , Hotel Deadline reservation is this Friday, October 5. The hotel phone number is 520.299.2020 and please mention to reservations that you are with the AGL&F to receive the $229.00/night room rate. Thank you, Jorie Lagerwey Executive Assistant 202.742.2453 fax 202.833.3636 jlagerwey@aglf.org And let me tell you, if you don’t take this advice, don’t blame me if you continue to have a bad year or next year...and if you are so broke, you can’t make an association meeting, the lease you can do: www.leasingpress.com Power Tools for Successful Leasing by James M. Johnson, PH.d Barry S. Marks Leasing Power tools Press 43W690 Willow Creek Court Elburn,
Illinois 60119 Phone:
630.365.9004 Fax:
630-365.5602 E-mail: phdleasing@hotmail.com or bsm@blik.com This is a wise investment: $79.95 plus $5.00 for handling Check, money order or credit card number ( MasterCard/Visa or American Express) with expiration date. Be sure to include name, address and telephone number, with area code or e-mail or fax or call.
##### ################# ####################### National Leasing Group Partners with Scotiabank
Scotiabank announced the launch today of a revolutionary new service model that will change how their small business customers are served in Canada. ScotiaOne Service for business is a unique business model that will allow for more personalized service, more small business loan approvals, faster, and will provide customers with practical solutions for their day-to-day business and personal banking needs. National Leasing Group will be aligned with the ScotiaOne Loan Source for business program. Applications will be referred to National Leasing Group from Scotiabank?s over 1,000 branches across Canada through an automated process. The application process is fully integrated with National Leasing Group's FastCredit® an online credit scoring and adjudication system. Applications are received and scored by the system and will provide instant credit decisions. "The integration of our online technology platforms positions both National Leasing and Scotiabank as leaders in B2B, e-commerce service delivery," says Nick Logan, CEO and President, National Leasing Group. "Scotiabank looked for the best service providers available, and we are pleased to have been recognized by them as the leader in commercial lease financing. We are very proud to call Scotiabank a strategic partner." National Leasing Group's ability to make credit decisions over the internet was one of the keys to the Scotiabank partnership. FastCredit® scores over 50,000 credit applications per year, 24 hours a day, seven days a week. Over 200 users in the Canadian leasing industry, like Scotiabank, use FastCredit® to process their transactions every day. "We were looking for a partner who was technologically advanced, and who also puts as much value and resources in providing the best customer service - National Leasing Group was a perfect fit," says Susan Kennedy-Loewen, Vice-President, Small Business, Scotiabank. "National Leasing Group shares the same commitment as Scotiabank to small business and customer service. The new credit approval process will provide faster loan decisions and will help facilitate the loan financing process for more small business customers." Headquartered in Winnipeg, Manitoba, National Leasing Group is 100% Canadian-owned and operated with local representation in thirteen centres across Canada. National Leasing Group has been providing financial solutions for business in Canada and the U.S. for over 30 years. Sites of Reference: http://www.nlgonline.com CONTACT: Michael Dubowec National Leasing Group Phone Number: (204) 954-9078 E-mail: michael.dubowec@nlgroup.ca ( courtesy of ELAonline.com ) ### ######################### ################ GATX
Appoints Tom McGreal
to Head GATX Technology
SAN
FRANCISCO, --GATX
Capital announced
today that Tom
McGreal has been
selected to head
its information
technology-leasing
arm, GATX
Technology.
McGreal has
also been appointed
senior vice president
and managing
director of GATX
Capital, a division
of GATX Financial
Corporation.
McGreal has been
based in London,
England as SVP and
managing director
- Europe
of the CIT Technology
Financial Services
Group.
He will relocate
to Tampa,
Florida, headquarters
for GATX Technology.
A 30 year veteran
in the information
technology finance
industry, Tom has broad
experience running
significant lease
finance, technology
outsourcing and vendor
leasing operations
for units of GE
Capital Corporation,
J.P. Morgan Chase
& Co. and Tyco
International Ltd.
With experience
in mergers and acquisitions
and international
management in both
Asia and Europe,
Tom brings excellent
credentials to GATX.
GATX Capital executive
vice president Kathy
Jackson said, "With
the acquisition
of the U.S. lease
portfolio of El
Camino Resources,
GATX Technology has strengt |
