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October 10, 2001
headlines---- Joe Bonnano Now a CLP Leasing Conference Count— Day/180 Lease Option Notification ePlus / SourceOne Computer Acquisition Expands West Coast Operations Procure Financial /Secure Lease Join Hands Secretary of Education Paige Urges Schools to Recite Pledge on Friday ###denotes press release Secretary of Education Paige Urges Schools to Recite Pledge on Friday WASHINGTON (AP) - If all goes as planned, many of the nation's 52 million students will simultaneously recite the Pledge of Allegiance on Friday. ``Today I ask students, teachers, parents and other proud Americans across the country to join me in showing our patriotism by reciting the Pledge of Allegiance at a single time and with a unified voice,'' Paige said.. ``We can send a loud and powerful message that will be heard around the world: America is `one nation, under God, indivisible, with liberty and justice for all.''' The pledge will be recited at 2 p.m. EDT on Oct. 12, and at the corresponding times in the other U.S. time zones. Paige will participate from a Washington-area school. Paige spokeswoman Lindsey Kozberg stressed that taking part in the synchronized pledge recital is voluntary. Villa Park, Calif.-based Celebration U.S.A., founded by a retired teacher, distributes educational materials to schools to help students learn about American democracy and patriotism. The Pledge of Allegiance was first published in 1892, and has been changed twice since - to substitute ``the flag of the United States of America'' for ``my flag'' in 1924 and to add ``under God'' in 1954. It was officially recognized by the U.S. government in 1942. - ________________________________________________________________________ Pacbell.net Again, Pacbell.net e-mail is “coming back.” We thought we had fixed this problem. We will continue to talk to them, but it appears users may want to move to another ISP to get Leasing News and other e-mail as Pacbell.net is reducing their “broadband,” saving money, by eliminating “group mail.” For the record, all the Balboa Capital e-mail came back yesterday, too, so many did not see the resolution. This does not seem to be a management decision, but a problem with their carrier, which may be a subsidiary of Pacbell.net. editor ____________________________________________________________________ National Association of Equipment Leasing Brokers Legal Counsel Joseph Bonnano now Certified Leasing Professional “It is true, Joe Bonanno is our newest CLP and the second attorney to receive this designation. “Joe was the only one to take the exam last month. We have three exam dates scheduled this month so there may be several more by the end of the month. “Thank you for the interest as always. I'll keep you posted.” Cindy ( We heard he did not take a refresher course, nor did he study, but took it “cold turkey,” and passed the first time in record speed.. editor __________________________________________________________________ Leasing Conference Count As of today, we have 977 members registered to attend the 40th ELA Annual Convention in Boca Raton, Fl. Best wishes, Amy J. Miller Vice President, Communications Equipment Leasing Association 4301
N. Fairfax Drive, Suite 550 Arlington,
VA 22203 703-516-8367;
Fax: 703-527-2649 amiller@elamail.com;
www.elaonline.com ELA - The Association for Equipment Leasing and Finance ( the list of attendees is available on line http://www.elaonline.com/events/2001/AnnConv/attendees.cfm#lite ) September 24 is the Last Day to Register http://www.elaonline.com/events/2001/AnnConv/index.cfm ~~ Several readers have asked us to find out if there have been any cancellations as the list of attendees for the October 25-27 San Antonio , Texas United Association of Equipment Leasing is 150, not 300 as reported earlier. Executive Director Joanie Dalton states there are 150 registered attendees and 150 registered exhibitors. She states five people have cancelled for various reason. from fear of flying, illness, and she is aware members attending the UAEL conference may also be attending the Boca Raton, Florida conference of ELA. Association for Government Leasing and Financing 2001 Fall Annual Conference Dear AGL&F Members: The Early Bird Registration Deadline for the Fall AGL&F Annual Conference has now been extended from today to October 17th. Please make sure that you register with AGL&F now to receive the discounted Early Bird Rate for the Fall Annual Conference. We look forward to seeing everyone at the Loews Ventana Canyon Resort in Tucson, Arizona - November 7 -9 - for what promises to be a spectacular event at which to network and learn. It all kicks off at Noon on Wednesday the 7th with the golf tournament and our first educational session is the Basics Session at 2:00 PM. We close with the Lawyers Panel at 10:30 AM on Friday November 9th - email your questions or hot issues to be discussed to lawyerspanel@aglf.org and we will have the answers there! Please call or email us to receive additional registration materials. Please call the Loews Ventana Canyon Resort at 520-299-2020 today and make your room reservations, be sure to mention you are with the AGL&F to receive the $229.00 per night guaranteed rate. This room rate has been extended until this Friday, October 12th. Thanks very much! Cordially, Graham Hauck Executive Director Association for Governmental Leasing and Finance 1255 23rd Street, NW Washington, DC 20037 202.742.AGLF (2453) fax: 202.833.3636 email: gsh@aglf.org http://www.aglf.org _______________________________________________________________________ Eastern Association of Equipment Leasing Annual Conference Sunday evening, 11/18 and Monday, all day, 11/19 East Rutherford, New Jersey Chairman, Bruce Smith, Diversified Capital Credit Vice-Chairman, Dennis Horner, The Equipment Leasing Company Legal Workshop Chairman, Richard Feldman, Evans Feldman & Boyer, LLC Exhihib / Sponsor, Chairman, Paul Meyer, Manifest Funding Services Workshop Chairman, Robert Ingram, Sterling Bank Leasing EAEL 600 Mamaroneck Ave., Ste., 400 Harrison, NY. 10528-1632 914-381-2001 STAFF: Alison Pryor: Executive Director Cindy Spurdle: Associate Director – Membership cynthia.w.spurdle@verizon.net. eLNA Membership Dues $1500 Corporate/ $150 Executive Membership ### ###################### ################################### Free Membership for Those Who Exhibit or Attend--- eLessors Networking Association Atlanta, Ga. – As part of an aggressive early membership campaign ending October 31, the eLessors Networking Association (eLNA) today announced free membership for companies and individuals participating in upcoming networking events. Companies registering by October 31 for Corporate Membership, who exhibit at an eLNA high profile networking event in 2002, will receive full credit of their $1,500 Corporate Membership Dues against their Exhibitor Registration Fees, making their Corporate Membership to eLNA free. Individuals registering by October 31 for Executive Memberships, who attend an eLNA high profile networking event in 2002, will receive full credit of their $150 Executive Membership Dues against their Attendee Registration Fees, making their Executive Membership free. Networking Event Testimonials... "A must attend for anyone interested in the impact that new forms of technology are taking the leasing and banking industries." - John Kruse – CapitalStream -
"The best opportunity available anywhere to keep abreast of what is available in technology for the leasing industry." - John McCue - McCue Systems -
"Suppliers that bypassed this conference missed intimate exposure of their products to the right audience." - Bob Rinaldi - Information Leasing Corp. -
"This event demonstrated the necessity of replacing well-worn paths with innovation and will be a "spring board" from which to launch a truly unique and prestigious association within the leasing industry." - Timm Baumann - OutSourcing Solutions -
For registration 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 represents a national community of technology and equipment leasing professionals…the new "eLeasing industry". Web Site Address _______________________________________________________________________ . Silicon Alley Venture Capital Summit October 23 - 24 W Hotel New York City http://www.venturecapitalsummit.com Silicon Valley Venture Capital Summit November 8 - 9 Hotel Monaco San Francisco http://www.venturecapitalsummit.com CAPITALIST-DIRECT and BizWiz continue to grow and facilitate deal flow as well as IPO's and DPO's. We are Media Sponsors for two important conferences We all know that the rules of raising capital and building business have changed. While the funding climate has changed, venture investments has not ceased. With that in mind, Rising Tide Studios designed an event with you, the entrepreneur, as the focus. A summit where instead of wasting time listening to struggling companies pitch for funding, you spend two packed days hearing VCs themselves discuss what they're looking to invest in. This summit brings together leading venture capitalists with the management teams of emerging technology firms, to an environment that promotes deal making and high-level networking. This event offers the most powerful set of resources, expertise, and tools available as you build and endure sustainable and profitable businesses. ONLINE REGISTRATION SUPPORT Email help@venturecapitalsummit.com register online at http://www.venturecapitalsummit.com, or call the Silicon Alley Venture Capital Summit registration support hotline at 646-473-2240 (Eastern Time, 9am-6pm). Phone number to contact for these conferences is: 646-473-2240 CAPITALIST-DIRECT specializes in the Identification of Worthwhile Investments Worldwide. Lending, Investments, Direct Public Offerings, etc. You can now arrange to license technology and services through Capitalist-Direct to make qualified Direct Public Offerings (DPOs) and IPOs. For information, register at Capitalist-Direct. http://www.capitalist-direct.com Join Capitalist-Direct for all capital related business needs. We are also interested in identifying "Alliance Partners" and "Capitalist-Direct Solutions Providers". Please submit a proposal if you have a leading service and you want to grow with us; or, call us at 212-692-0704. Further, the company seeks Agents for Capitalist-Direct and offers Finders Fees to identify and submit Businesses for Sale, Capital Seekers and Capital Sources worldwide leading to transactions. (See BizWiz REP Application at http://www.bizwiz.com/reps ) Arthur Rosenfield Founder & CEO BizWiz
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Pages, Inc. 330 East 38th Street New York, NY 10016 TEL 212-692-0704 FAX 212-692-0715 mailto:Arthur.Rosenfield@bizwiz.com http://www.capitalist-direct.com http://www.executive-direct.com This special offer has been made available as part of your BizWiz and Access Business Online service submitted to us . If you have received more than one copy of this email, it is because your listing was submitted more than once. Please check the code below. To view your "Get Action" ad in BizWiz: http://www.bizwiz.com/cgi-bin/bizxsrch.pl?terms=ARrSIgBSFe3BAARAygpBmtVmDc ____________________________________________________________________ 90 Day/180 Lease Option Notification I thought I would give my perspective on the "cancellation notice" requirement or clause and how it has been abused by lessors and given our industry a bad name. My perspective is as the funding source caught in the middle on leases that go to term only to fall into controversy over the residual. The problem occurs when a small-ticket, full-payout lessor uses this technique to "juice" their yield in taking advantage of the misunderstanding or outright misrepresentation as to what happens at the end of the lease. The notice had its genesis in the leasing undustry in the larger-ticket, true lease segment where the lessor had a critical dependence on the FMV residual to achieve their target yield. The ability of the lessor to plan for the remarketing of the equipment to maximize the residual is indeed important. To this end, the "notification clause" is valid and ethical. When this technique is used in a small ticket, full payout lease where a fair market yield is realized over the stream and not dependant on the residual, I would characterize its use as "gouging". We have usury laws that were enacted to discourage this unethical activity. In the worst example, many of these clauses are being used even when the residual had been represented or stated at a bargain amount. How can one justify imposing such a clause when the residual was originally negotiated to be a bargain? The only excuse would be greed. I suggest that the determination of the ethical use of the "notification clause" be determined by calculating the all-in yield of the transaction before the residual. If the yield is greater than 18%, then any reliance on this technique is unjustifiable. I'm sure an argument can be made for a threshold even lower than 18%, but "fair return" is not difficult to establish in any market. When we have found ourselves in the middle of such an argument between the lessor and lessee, we use our influence to reach a fair settlement between the parties in acting as sort of a mediator. We will use whatever leverage we have since it ultimately reflects on our own reputation in the lessee marketplace. If we find that the technique is being abused, we will not continue to do business with the lessor who refuses to act ethically. Ethics can be widely interpreted, but in this instance the issue is clear. I, for one, recognize the value of such a clause in realizing a fair return. But I also deplore its use in the small ticket arena as leading our industry down to the lowest form of finance ... "lease sharking". Lets police ourselves before the regulators do it for us. ************************************************* Paul J. Menzel, CLP Senior Vice President / General Manager Leasing Division SANTA BARBARA BANK & TRUST P.O. Box 1199 Santa Barbara, CA 93102-1199 1 South Los Carneros Road Goleta, CA 93117 (805)560-1650 NEW VIRUS MAKING THE ROUNDS--- DO NOT OPEN ANY ATTACHMENT WITH THIS MESSAGE, ESPECIALLY: Hi! How are you? I send you this file in order to have your advice See you later. Thanks ( the attachment has a virus in the “temp” file. ### ############################ ##################### ePlus Completes Acquisition of SourceOne Computer Corporation; Acquisition Expands West Coast Operations
HERNDON, Va--ePlus inc. (Nasdaq:PLUS), a leader in internet based procurement, asset management, and business process services, today announced that it has acquired SourceOne Computer Corporation, a technology sales and services located in Silicon Valley. "The acquisition of SourceOne gives ePlus a stronger presence in the western United States." stated Phillip G. Norton, ePlus' president, chairman, and chief executive officer. "With experienced management, an established customer base, and an excellent operating platform, SourceOne will be able to successfully cross-sell ePlus' e-commerce and financial services. We are very excited to have SourceOne become an integral part of our company and we welcome its employees and customers to ePlus." Robert Nash, chief executive officer of SourceOne commented "We believe ePlus' business model provides our customers the e-commerce and business process services they have demanded. ePlus' products and services will enable us to dramatically expand SourceOne's offerings and value to customers, which will give SourceOne a significant advantage over the competition and allow us to better service our customers and grow profitability." The acquisition of SourceOne will add approximately 100 customers to ePlus' customer base and add 9 additional salesman in the Silicon Valley Area. ePlus is a leading provider of Web-based e-procurement, asset management, financing solutions and eContent management and outsourcing. The ePlusSuite of products and services is comprised of Procure+, MarketBuilder, Manage+, Finance+, Service+, and the ePlusMarket, to help today's businesses dynamically streamline, improve, and gain management control. ePlus also has an eContent creation and management suite of products. ePlus solutions integrate and automate the supply chain process from requisition to approval, fulfillment, financing and asset management. Founded in 1990, the company is headquartered in Herndon, VA and has more than 25 locations in the US. For more information, visit our website at www.eplus.com, call 800/827-5711 or email to info@eplus.com. ePlus(TM), ePlusSuite(TM), Procure+(TM), Manage+(TM), Service+(TM), B14ZR(TM), OneSource(TM), OneReq(TM), CLG(TM) and MarketBuilder(TM) are trademarks of ePlus inc. Finance+SM is a registered service mark of ePlus inc. ( courtesy of ELAonline.com ) ### ################################ ############################ PROCURE FINANCIAL SERVICES, INC. and SECURELEASE ENTER INTO SALES AGENCY AGREEMENT. SecureLease announced that it has entered into an Agreement with Procure Financial Services, Inc. of Denver to sell SecureLease's proprietary front-end e-commerce solution. The product will continue to be sold on an Application Service Provider model, whereby SecureLease will manage and support the program and store the data on its servers. The company selected Sprint's tier 1 facility in Kansas City to co-locate and manage its equipment. Procure is better known in the leasing industry by their trade name BSB Leasing. Don Myerson, President of BSB Leasing stated, "There is no doubt that e-commerce will play a large part in facilitating business in the future. We wanted to associate ourselves with a company that was a lean, strong player on the front line of the technology battlefield." Myerson went on to say, "The SecureLease product is quality. The technology plan is well designed for continuing enhancements that won't cost customers an arm and a leg. And, the company's management team has no quick exit strategy. They are here to stay." The SecureLease e-commerce software will accommodate any number of different business types, from a one-man broker operation to a large institutional funder in the equipment leasing industry. BSB Leasing will be concentrating its marketing efforts of SecureLease's product to the Broker and Broker/Lessor marketplace. When asked about the contracting of BSB Leasing, Steve Lundergan, President of SecureLease said, "We have added one more very valuable component to our company and our product by joining forces with BSB Leasing to sell our front-end solution. Lundergan continued, "Our management team has been very careful in selecting the right people to sell our product. I wouldn't buy a set of custom made golf clubs from a sales clerk at a department store just because they were a large company that sold golf clubs. I would go to a professional who could fit me properly for my height, weight and swing pattern. BSB Leasing has been a highly respected and professional member of the Equipment Leasing Industry for the last 15 years. They know equipment leasing and they know how our product accommodates the special and varying needs of companies in the Leasing business. We are very excited that they chose to be a part of our success." About SecureLease SecureLease, a leading provider of Internet-based services to the leasing and finance industries, provides its VISION system as a one-stop solution for companies seeking to incorporate the benefits of Internet-based business applications. Offerings range from e-mail and Web site hosting to full e-commerce solutions that incorporate credit-bureau scoring, financial statement ratio analysis, electronic document delivery, transaction tracking and database management. About Procure Financial Services, Inc. Procure Financial Services, Inc. specializes in the origination, front-end servicing including credit management, documentation processing, and syndication of a broad array of small ticket leasing and financial products and services. ################ ################################ |
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