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Kit Menkin’s Leasing News www.leasingnews.org Thursday, October 4, 2001 Headlines---- Republic of South Carolina Cuts 15% Employees Parker Leasing Up-Date Balboa Capital Up-Date PacBell.net Up-Date Mid-America Association Equipment Lessor October Meeting Cancelled Highlights Equipment Leasing Association Thursday Newsletter Three Major Banks Join SVPCo for Electronic Check Processing Thought Works Press Release Reaction Classified Ads---Jobs Wanted----Help Wanted Now on Line ###denotes press release ______________________________________________________________________ Alert Thought I'd let you know the following: We just wrote off 68K in August for Artistic Plastics & Fixtures in Mansfield Texas. They are out looking for new leases as we received an application from a broke today. Steve Reid sr-sbbt@postoffice.pacbell.net _____________________________________________________________ Republic Leasing of South Carolina I thought you might want to know that we had about 15% of employee "job elimination" yesterday due to decline in business (including my position). Netbank.com is also in negotiations with RLC to buy the company. Please keep my name (and former position) confidential. Name With held ( We have heard from three ex-employees. The layoff was ten employees, estimate. We have asked Dwight Galloway for a comment. editor ) Leasing News The List Republic has been for sale for almost a year: (9/27/2000 (“The expected result will be a sale of Republic Leasing"---Dwight Galloway. He adds, "We have always been for sale for the right price, but in thirteen years we have not sold off any leases or gone direct after broker's business, ever." editor) ---------------------------------------------------------------------------------------------------------- Parker Leasing---Austria Soccer League We are going to pass information with have to the Austrian newspaper, as requested. This will be added to the other Parker Leasing complaint on the Leasing News Bulletin Board. Our research indicates this is the same person who we have received complaints about keeping large advance rental deposits. There is also something about being located in Florida and somehow that gives better protection as law enforcement has their hands full. Several funding sources say they will not do business with Parker Leasing, but do not want to go on the record, and it appears Parker Leasing is not a funder or discounter of record at any major funding source that we have contacted. Here is a new response from our readers: I'm not at all sure if this would be the same company, but I believe I am correct in recalling Parker Leasing ads in USA Today a year or so ago -- offering to teach international lease techniques. I called the 800#, got a Mr. Parker, 85-yr old man at the time, claiming for roughly $7,000 would teach and mentor to become international lease brokers. He'd mentioned that rates were immaterial in developing countries, sky's the limit. Why settle for $1500 to $3000 per deal when you can make $100,000? When I mentioned I'd rather not drop $7k into something I know nothing about, I do remember his parting shot: "If you don't have the money, I'm surprised you called at all." By the way, there is a Parker running ads CURRENTLY in the BIZOP section of USA Today --- sorry I didn't get back to you sooner. I enjoy (and benefit from) your publication! Bill Erwin ( Did not return our telephone calls. editor ) __________________________________________________________________ Balboa Capital Up-Date We have been asked by both the president Shawn Giffin and their attorney, Chris Pallas(sp?) to hold off on this story. Originally it was five days, then Jerry Gonzalez was in Mexico, but back on Monday, and we have been asked to wait as a “settlement” is reached by both parties. “ I am hoping for good news soon as we are dotting the ‘i’s’ and crossing the ‘t’s’ right now, “ says Jerry Gonzalez says today. Leasing News’s original intention was to get a comment from Balboa Capital about the website that was taken down and the complaint from the lessee to see if this was an item for the Leasing News Bulletin Board. We eventually received an e-mail from Chairman Pat Byrne that in his opinion his company should not have ordered the website be taken down. We then heard from Shawn Giffin, the president, who was on vacation, and he said on September 20th, the morning he got back, he would look into the matter personally. Many of the “complaints” are settled and do not make the Bulletin Board at Leasing News. A second complaint was made, this one the third week of September from John Bergwell, Fin-Con Capital, LLC, which Balboa Capital is talking directly to the lessee. Upon hearing Balboa Capital side, this appears to be a “civil dispute”, which does not make the Bulletin Board at this time, unless not resolved by the parties or perhaps if it goes to court, then by a legal action. We do not know at this time. Again, let me state, we always post both sides, and most often, when we hear from both sides, the issue often is a “private matter” than a public one. The difference with the Jerry Gonzalez issue was the website that Balboa Capital “forced” him to take off line. To Leasing News, that was quite newsworthy and the fact that Balboa Capital wished to make no comment, not even “no comment,” for up to ten days of pursuit, was the second issue to Leasing News. Balboa Capital is a major survivor in the leasing business with much potential and it appears management is addressing the customer complaint issues from the top, where the buck stops. editor Pacbell. Net\ E-Mail Problems Steve Reid at Santa Barbara Savings and Trust Leasing received Leasing News today, but other Doug D who helped us with this. However, others did not. And an individual e-mail to Louis Funston brought us this: ----- The following addresses had permanent fatal errors ----- <Lfunston@pacbell.net> ----- Transcript of session follows ----- ... while talking to mta4.snfc21.pbi.net. [206.13.28.142]: <<< 500 5.7.1 Mail from 199.171.54.122 refused, see http://relays.osirusoft.com/ ... while talking to mta2.snfc21.pbi.net. [206.13.28.123]: >>> QUIT <<< 500 5.7.1 Mail from 199.171.54.122 refused, see http://relays.osirusoft.com/ and to Doug: The following addresses had permanent fatal errors ----- <dawkindr@pacbell.net> ----- Transcript of session follows ----- ... while talking to mta3.snfc21.pbi.net. [206.13.28.141]: <<< 500 5.7.1 Mail from 199.171.54.122 refused, see http://relays.osirusoft.com/ ... while talking to mta4.snfc21.pbi.net. [206.13.28.142]: >>> QUIT <<< 500 5.7.1 Mail from 199.171.54.122 refused, see http://relays.osirusoft.com/ ... while talking to mta1.snfc21.pbi.net. [206.13.28.122]: >>> QUIT <<< 500 5.7.1 Mail from 199.171.54.122 refused, see http://relays.osirusoft.com/ ... while talking to mta2.snfc21.pbi.net. [206.13.28.123]: >>> QUIT <<< 500 5.7.1 Mail from 199.171.54.122 refused, see http://relays.osirusoft.com/ 554 <dawkindr@pacbell.net>... Service unavailable Well, as of this morning, "leasingnews.com" can send me individual e-mails, and I can receive them. But as of yesterday afternoon, I could not receive his newsletter, as all of them sent to PacBell e-mail address holders came back to the sender. "leasingnews.org" will try again later today to send out his next daily newsletter to all subscribers. What do I do if I am again blocked from receiving it? Doug Dawkins ( We are working on this problem, and talking with osirusoft.com, which seems to be the relay provider. editor ). ----------------------------------------------------------------------------- NBC Pulls 18.00 rating/26% share for “West Wing” Terror Episode...down slightly from last year’s open... It did top: “Law and Order of 16.2 or 25% share. “West Wing” share NYC:27’ LA: 28; Chicago:31; Philly:32; Boston, 33. ------------------------------------------------------------------------------------------- Mid-America Association Equipment Lessor October Meeting Cancelled. The following was cancelled or put off to next year. October 11th, 2001 MAEL 20th Annual Meeting [ MAEL ] Location : Metropolitan Club, Chicago The Annual Meeting is open to membership only and their guests. Gary Trebels <GTREBELS@IFCCREDIT.COM> ---------------------------------------------------------------------------------------------- Thought Works Press Release Reaction “ThoughtWorks and DCC marked the event as a significant milestone in the leasing and financial services industries, since the J2EE-based, Web-enabled system goes far beyond the functionality of traditional contract-based accounting, asset management and billing systems. The Traq-IT back-office system delivers technology that essentially is missing from the leasing industry. “ Press Release Sounds too good to be true, as they must have completely rewritten Lease Accounting from scratch. Cool! Perhaps they would share with us, meaning which CPA firm signed off on GAAP compliance. Seriously, ThoughtWorks is overstating the case a bit on XML technology since everyone that we compete with uses it in some form. For example, our front end AP2000 and our friends at LeaseTeam's Novametric use XML technology and both of us have several successful installs. We believe SecureLease, Capital Stream, Myrrdin and many others also now have installed new tech solutions. Also, Summit's ASP hosting solution for our three back end lease accounting products has been live for nearly a full year and the clients using it seem more and more comfortable as time passes. Ironically, or perhaps a mere coincidence, but yesterday we (and perhaps others) received an unsolicited inbound email request from a senior Dana manager requesting info on our leasing software! The manager advised that Dana has over 100 business units and general ledgers and Traq-it is not the corporate standard. Perhaps Dana could clarify as the press release conveys, at least to us, something quite different. Now I know why you put ### around articles in Leasing News. They are press releases, not necessarily factual. Regards Ken Classified Ads---Jobs Wanted----Help Wanted Now on Line This is the “text” posting, not html as on line: Collector: Near Boston, A My name is John Kenny. I have 14 years experience in leasing collections. I currently offer outsourced services to clients nationwide on a contractual, contingency basis.Email:ReceivablesMgmt@prodigy.net Credit: Portland, OR Credit professional w/ emphasis in equipment lending and securitized transactions. 12 yrs plus years exp. secured lease financing/exp. all facets of operations within major corporations. Email:ttt@hevanet.com Legal: Arlington Heights, IL I am looking for a position as an attorney within the leasing industry which will utilize my 10 years'legal and operational skills and experience.Email:robertecondon@yahoo.com Operations: San Diego, CA I have nearly 5 years experience in the app-only arena; from generating credit applications, to credit, processing & documentation, through to final funding. Looking for a growth opportunity with a stable organization in a credit/operations role.Email:jmccorman@hotmail.com Sales: Atlanta, GA Add pizzazz to your team! Highly motivated sales exec with strong relationship management and communication skills offers record of achievement and desire to succeed. Email:stsilva@msn.com Help Wanted: Marketing: Oakland, CA Consultant for possible 3-12 month assignment in San Francisco Bay area on vehicle leasing business development and expansion contract. NVLE certification and significant experience ideal. Email:MPeter@globalbusdev.com Sales: Tustin, CA Sales person for equipment financing company. Company has 10 years in business with a good reputation. Commission split 50% - 60%. Office supplies: Desk, Phone, Back up staff and telemarketer to assist in sales. Email:bgriffith@socalleasing.com Sales: San Francisco, CA We are looking for an experienced small ticket lease processor who can work in a fun downtown SF office. Competitive package. resume/salary require to tom@elease.com Sales: Carlsbad, CA ILS has immediate openings for Vendor salespeople. With diverse funding relationships/ the latest in lease automation technology, ILS offers seasoned salespeople unlimited commission potential in a stable environment. Email: andrew@ilslease.com Sales: Deerfield, IL Exp. sales pro/10 yrs,prvtly held, ind. leasing co. Originate,fund,service t transactions internally. Significant industry niche penetration/remarkable record
of repeat business. Transactions
$10,000 - $10,000,000. ave. $150,000.
kbecker@northamericanfundingcorp.com Sales: Phoenix, AZ For Phoenix or branch location..20 year old company..commission 50+/draw.Office supplied or costs if branch operation. Email:john@odysseyequipfinance.com Highlights Equipment Leasing Association Thursday Newsletter ******************************** ELA E-Leasing Newsletter 10/04/01 ******************************** The ELA E-Leasing Newsletter is published every Thursday and is sponsored by the Equipment Leasing Association and its co-sponsor. To get Full-Text Stories, go to the web page associated with the story you wish to read. The links to news stories require an ELA MEMBERS-ONLY NAME AND PASSWORD. To receive a password, please contact Daniel Aubain at database@elamail.com or phone 703/516-8377. NOTE: Address change/unsubscribe instructions and contact information can be found at the end of this e-mail. If you received this e-mail (but it was NOT forwarded to you by someone else) you are ALREADY subscribed. *********** The E-Leasing Newsletter is SPONSORED by: ********** Nassau Asset Management Recovery and Remarketing Specialists 1(800)462-7728 or 1(800)4-NASSAU GO HERE>>>>>> http://www.nasset.com WE GET RESULTS!!!!!!!!! Servicing The ELA for more than 10 years!!!!!! **************************************************************************** ****************************** 1. Letter to Congress: ELA Weighs-In with Congress and Bush Administration on Stimulus Package ****************************** In a letter to House and Senate leadership, key members of the Bush Administration, the House Ways and Means Committee and the Senate Finance Committee, ELA made three recommendations, which it believes will stimulate economic growth should the decision be made to enact an economic stimulus package. First is the suspension or elimination of the mid-quarter convention contained in Section 168(d)(3) of the Internal Revenue Code (IRC). Second is the institution of an investment tax credit (ITC) for investments made in equipment and machinery. Third, the repeal of provisions limiting the amount of depreciation available to a U.S. taxpayer leasing property to a foreign person not subject to U.S. Federal income tax. To read the entire letter, please visit http://www.elaonline.com/govtrelations/federal/econstimltr.htm *********** The E-Leasing Newsletter is SPONSORED by: *********** Words cannot adequately express the shock and sadness felt by us regarding the tragedies that occurred Tuesday morning, September 11th. As with all Americans and our allies, our deepest thoughts and prayers are for the safety and well being of the survivors of this unspeakable tragedy and their families. Quiktrak recognizes that in addition to the emotional impact of this time, some of you may be experiencing ramifications in your business as well. Quiktrak is dedicated to providing you with the highest level of service possible during this time, recognizing that flexibility will be the key factor, and will take all steps necessary to ensure that business runs smoothly. **************************************************************************** ****************************** 10. Convention Attendance at 950 and Counting... ****************************** "When the Going Gets Tough..." ELA 40th Annual Convention October 28-30 Boca Raton Resort & Club
Business is waiting for you in Boca, and we can prove it! MORE THAN 950 INDIVIDUALS have registered to attend this year's convention, with more still coming in. Check out the Attendee lists at http://www.elaonline.com/events/2001/AnnConv/attendees.cfm. If you are already registered, the full "Pre-registration" list (as of 9/24) includes complete contact information for all registered attendees. Go ahead and make your plans to meet, mingle and talk business with other leasing professionals down in Boca. If you haven't yet registered, check out the "Lite" list, which contains just the names and companies of everyone currently registered for the convention. Then, ask yourself if you can afford to miss all those opportunities to network and do business-not to mention the valuable information provided in the sessions. If not, Get Going and register TODAY for the ELA 40th Annual Convention. Registrations received by October 18 will be included in the final registration list, which will be published on line and also handed out at the convention. Remember, "When the Going Gets Tough"...the Tough Don't Stay Home! Complete convention information is now available online at http://www.elaonline.com/events/2001/AnnConv/ ****************************** 11. Need Two More Reasons To Attend ELA's Annual Convention? ****************************** How about the debut of two Equipment Leasing and Finance Foundation Studies--Perfect Storms: Why Major Lessors Exited the Marketplace and the 2002 State of the Industry Report
Both studies, published by the Equipment Leasing and Finance Foundation will be presented during sessions at ELA's Annual Convention, Oct 26-28, 2001. Perfect Storms is an intensive look at why previously successful lessors exited the marketplace during the past two years. Study results include a list of "warning signs" and practical lessons-learned by corporate executives.
To assist in tailoring your corporate strategy and model, the 2002 State of the Industry Report provides an in-depth look at the current state of the industry, its trends, challenges and opportunities.
Both studies are FREE and Foundation donors will receive an "early release" copy of each study. The Foundation is supported entirely through contributions. Please contact Lisa Levine, Foundation Executive Director to make a contribution today, llevine@elamail.com. ****************************** 12. California Tax Credit Meeting Scheduled October 17 ****************************** ELA is meeting with California Senate Revenue & Taxation Committee Chairman Jack Scott (D) in his Pasadena district office at 9:30 AM on Wednesday, October 17 to discuss passage of legislation giving lessees an option to pass the 6% Manufacturers Investment Credit (MIC) to equipment lessors. Any interested industry members are welcome to join ELA for the meeting. A preparatory conference call has been scheduled for Tuesday, October 9. Please respond by email to dbrown@elamail.com if you and/or a colleague wish to participate. Include your name and company. ****************************** 14. ELA Calendar ****************************** For more information on the events listed below, or to view ELA's entire calendar, visit the ELA Conference & Training Home Page at http://www.elaonline.com/events/ and click on the links to programs of interest to you.
October 17, 2001 Managing the Leasing Relationship Hilton Fisherman's Wharf, San Francisco, CA http://www.elaonline.com/events/2001/manage/index.cfm October 28-31, 2001 40th Annual Convention Boca Raton Resort and Spa, Boca Raton, FL http://www.elaonline.com/events/2001/annconv/ November 7-8, 2001 2001 Fundamentals of Credit in the Equipment Leasing & Finance Industry Four Points Hotel Chicago O'Hare, Schiller Park, IL http://www.elaonline.com/events/2001/fundcredit/ November 13-14, 2001 Annual Investors Conference The Westin Copley Place Hotel, Boston, MA http://www.elaonline.com/events/2001/investor/ December 3-5, 2001 Principles of Leasing Philadelphia Marriott, Philadelphia, Pennsylvania http://www.elaonline.com/events/2001/principles/ December 3-5, 2001 Principles of Leasing Sheraton Fisherman's Wharf, San Francisco, California http://www.elaonline.com/events/2001/principles/ **************************************************** Submit your own company news story for ELA'S E-LEASING NEWS! Visit http://www.elaonline.com/news/newsaddedit2.cfm **************************************************** *** FOR MORE NEWS For more leasing news, visit ELA Online's News Home Page at http://www.elaonline.com/news/ *** SUBSCRIPTION INFORMATION To update your current subscription, please e-mail your name, company, and the e-mail address to Daniel Aubain at database@elamail.com or phone 703/516-8377. Fax: 703/527-2649. To unsubscribe, please visit http://www.elaonline.com/discussions/MembersOnly/#ELAnewsletter. If you have other questions or comments relating to ELA E-Leasing Newsletter, please e-mail Amy J. Miller, Vice-President of Communications, at amiller@elamail.com This newsletter is free to ELA members. Forward it to a co-worker! Copyright 2001 by the Equipment Leasing Association http://www.elaonline.com/ Phone: 703/527-8655 Fax: 703/527-2649 Leasing News Advisor Ken Greene Moves!!!! His new address: Ken Greene Law Offices of Kenneth C. Greene 938 B Street San Rafael, CA 94901 Tel: 415 721 7900 Fax: 415 256 9922 E-mail:kgreene100@aol.com #### ################################# ######################### Three Major Banks Join SVPCo for Electronic Check Processing
Companies Look to Speed Check Collection and Settlement, and Reduce Risks For Merchants, Customers NEW YORK / -- Three major banks will soon be switching over to the electronic collection, settlement and verification of checks. Central Carolina Bank of North Carolina, First Tennessee National Corporation of Memphis, Tennessee, and Sterling Bancorp of New York, are joining the network of bank customers of Electronic Check Services (ECS) which is owned by the Small Value Payments Company (SVPCo). ECS's sole purpose is to convert the current system of check collection and settlement, which moves paper checks around the country, to a safer, faster, and more efficient electronic system that sends electronic data and images of checks instead. The process works in real-time so checks are presented for collection and settlement, electronically, throughout the business day. ECS began operations in 1998 with 12 bank sites and has expanded to more than 60 sites, representing about 60 percent of U.S. commercial bank deposits, active in ECP. "The addition of these three major banks to our customer base will bring benefits to the whole industry and its customers," said Jeff Neubert, Chief Executive Officer of SVPCo. "SVPCo is supporting a standardized, national electronic check presentment network, comprised of regional check clearing and settlement centers. Every time a bank joins the network the number of possible settlement transactions expands exponentially. In fact, as volume doubles benefits increase approximately sixfold," said Hank Farrar, President and Chief Operating Officer of SVPCo. Check clearing is undergoing revolutionary changes with a more widespread use of technology such as image processing and electronic check presentment (ECP). ECS and its participating banks believe the use of these technologies will eventually become the standard process for check clearing. The system has seen a 600 percent growth in volume during the past three years. ECS operates an electronic, standardized; national, and multi-lateral check exchange. It doesn't reduce the number of checks - ECS just makes processing them more efficient, less expensive, and less risky for participating banks and their customers. "Central Carolina looks forward to the benefits the ECS system," said David Wagoner, a Senior Vice President at Central Carolina Bank. "Having a clear set of standards for ECP increases efficiency and each new participating bank lowers the costs for all others in the system." "We wanted to join the move to ECP early, and the ECS service is clearly the market leader," said Jim Blasingame, Executive Vice President and Manager of Bank Operations at First Tennessee Bank. The service is up and running and the advantages of a single connection point to all participants and one system for exchanging information was very compelling." "The benefits from the electronic check exchange are obvious," said Louis J. Cappelli, Chairman and Chief Executive Officer of Sterling Bancorp. "The system is safer, faster and more efficient than the paper check collection and settlement system we were using. We also liked the standardized agreements and the single rule set provided by ECS, along with the standard pricing and formats." Sterling Bancorp (NYSE: STL) is a financial holding company with assets of $1.3 billion, offering a full range of banking and financial services products. 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 financing, 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 area, 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. Central Carolina Bank (CCB) became a wholly owned subsidiary of National Commerce Financial Corporation (NCFC) of Memphis, Tennessee, in July 2000. CCB serves 87 communities located primarily in the Piedmont Crescent region of the Carolinas. First Tennessee Bank National Association is a principal subsidiary of the First Tennessee National Corporation. Based in Memphis, Tennessee, First Tennessee is one the 50 largest banks in the United States. SVPCo also provides U.S. banks with the ability to work closely together to form an operating company that capitalizes on changing markets and delivers new products and services that support their common interest in the payment system. SVPCo is part of the family of payment and settlement services made available by the New York Clearing House (NYCH), the market leader in private sector electronic payments. For more information on SVPCo visit their website at: http://www.svpco.com . The Clearing House is the nation's oldest and most innovative bank association and payments processor, and is backed by some of the nation's largest banks. Established in 1853 to simplify the exchange of checks and improve the efficiency of the payments system, the Clearing House now processes more than $1.3 trillion in electronic payments worldwide. In addition to the services offered by SVPCo, it operates the Electronic Payments Network (EPN), and CHIPS (Clearing House Interbank Payments System). The Clearing House also runs a well-respected association that serves as a forum for its members to promote common interests in the financial services industry. For more information please contact Chip Savidge (NYCH) @ 201-319-5478 [Chip.Savidge@NYCH.org]. ### ################################# ####################### ####
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