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Kit Menkin’s Leasing News www.leasingnews.org Friday, October 12, 2001 Headlines---- GE Capital Records 19% Revenue Drop in QIII Parker Leasing Up-Date /$650,000 Advance Deposit Over 1,000 Equipment Leasing Association 40th Annual Conference Up-Date United Association of Equipment Leasing San Antonio Conference. Clarification Compaq Helping Businesses Prosper With Superior Finance Options Donald J. Schaffer Named LeasePlan USA Senior V-P, CFO Credit Online, Inc. and Reynolds and Reynolds Sign Strategic Partnership Management Group Offers to Buy Comdisco IT Leasing Pollock NationaLease Acquires Tiger Leasing Replies to Paul Menzel on Lease Renewal Policies Friday---Odds and End # denotes press release
_____________________________________________________________________ GE Capital Records 19% Revenue Drop in QIII A Wall Street Journal Online News Roundup General Electric posted a 3.2% rise in net income for the third quarter, but gains were pared by insurance losses from the Sept. 11 terrorist attacks. Revenue fell 8%. GE reported net income of $3.28 billion, or 33 cents a share, compared with $3.18 billion, or 32 cents a share, a year earlier. The huge conglomerate said net income in the latest period was dragged down by losses of $400 million, or four cents a share, from insurance costs related to the terrorist attacks. Revenue fell 8% to $29.47 billion from $32.01 billion a year earlier. GE's earnings for last quarter matched the consensus estimate from analysts surveyed by Thomson Financial/First Call. The company had issued estimates of its reinsurance losses in the wake of last month's attacks. "The diversity of our portfolio and the ability of our people to execute in all markets helped us grow earnings despite the economic downturn and the Sept. 11 tragedy," GE Chairman and Chief Executive Jeff Immelt said in a prepared statement. "We remain confident that our mix of businesses and our operating system position us to deliver double-digit earnings growth of $1.41 per share this year and double-digit growth next year as well," Immelt said. Analysts expect the company to earn $1.41 a share for 2001 and $1.59 a share for 2002. GE Capital Services recorded a 19% drop in revenue for the period to $13.30 billion, while profit before accounting changes fell 12% to $1.30 billion. GE blamed the insurance losses from the terrorist attacks for the decline at the segment. GE was a major reinsurer of office space at the destroyed World Trade Center and also reinsured the four hijacked planes that crashed in New York, Pennsylvania and Washington D.C. GE said that without those losses, the capital-services business would have recorded a 15% rise in earnings to $1.70 billion. The segment increased its assets by 7% to $391 billion from a year earlier. GE said the capital-services unit is poised to continue double-digit growth in its core operations as well as through acquisitions. The company's aircraft-engines business saw revenue jump 11% to $2.85 billion, while profit rose 10% to $674 million. The company said that since Sept. 11, its aircraft-engines unit has been working closely with its U.S. military customers. But earlier this month, GE said it would cut as many as 4,000 jobs at the unit, blaming the slumping economy and the crisis in the airline industry. GE also said at the time that more reductions could be in store. GE's power-systems unit posted a 43% surge in revenue for the third quarter to $5.04 billion. Profit jumped 94% to $1.30 billion. GE cited strong orders for power-generating equipment and services for the gains. The company said its NBC unit remained the No. 1 broadcast network in key demographic groups for advertisers, airing eight of the summer's 10 top-rated shows. But revenue at NBC slid 45% to $1.05 billion, and profit fell 13% to $255 million. GE's appliances unit reported a 3% rise in revenue to $1.54 billion, but profit slipped 1% to $158 million. Its materials division, which includes products used in the computer, electronics, mining, personal-care, automotive, building and construction industries, reported an 18% drop in revenue to $1.68 billion, while profit at the segment fell 27% to $374 million. GE's industrial products and systems business saw revenue climb 2% to $2.78 billion, but it posted a 7% decline in profit to $437 million. The technical products and services division recorded an 11% rise in revenue to $2.11 billion but a 3% slide in profit to $427 million. "They came in pretty much in line with [the company's] Sept. 14 guidance, and with my estimates," said David Brady, manager of Stein Roe Young Investor Fund, which holds 800,000 GE shares. "The long-cycle business is where all the growth came from and the short-cycle is still struggling, but was still profitable, which was encouraging." GE's short-cycle businesses, or those with quick product turnover and little backlog, are most sensitive to changes in the economy. Its long-cycle businesses include the industrial groups such as aircraft engines and power generators. ________________________________________________________________________ Parker Leasing, Ft. Lauderdale, FL ----up-date to Bulletin Board Posting http://www.leasingnews.org/bulletin_board.htm Thank you so much for the information. It really looks like to become a big thing. As I told you the Austrian soccer club FC Tirol has announced to receive 15 Million Dollar from Parker Leasing. The truth is that the club did not get at least one dollar so far. On the other hand the clubs president, Mr. Martin Kerscher, transferred already 650.000 dollar to a bank account in Florida ? as a deposit ? as he announced. Strange!!!??? But I guess now he awake and he is trying to get the money back. The chance for success is very little. Kerscher get a lot of pressure because he is manager with Nike sports responsible for Austria, Slowenia and Croatia. I would say he is currently pretty helpless. Kerscher cooperates with an English consulter who built up the contact to Parker Leasing. His name is Ian Hethrington. Kerschers last comment to Hethrington: Ian, pull your socks up, because shit is boiling here. And: The Austrian soccer league is thinking about taking them away the license. Greetings, Walter Unterweger NEWS Equipment Leasing Association 40th Annual Conference Up-Date I have an update on the 40th ELA Annual Convention Count. I am pleased to report that we will welcome more than 1,000 members registered to attend the Convention in Boca Raton, Fl. Also, the last date for pre registration is October 18. Please pass on to your readers. Many thanks, Amy J. Miller Vice President, Communications Equipment Leasing Association www.elaonline.com United Association of Equipment Leasing San Antonio Conference. Is that a mistake, 150 exhibitors? I'd be amazed at 50. Thanks and keep up the good work. ( name with held ) 150 attendees and 150 exhibitors. These basically are people, not companies, meaning a company can send two or more, and at the ELA conference you will see perhaps twenty from GE, the world’s largest leasing company. And an exhibitor can bring a party of five to man a booth. The ELA website lists all attendees in two lists, one by name, and one by company. editor. ________________________________________________________________________ You may print any part or anything in Leasing News without our permission. No advertising, banners, and we don’t spam. ________________________________________________________________________ Friday---Odds and End National Association of Equipment Leasing Brokers Legal Counsel Joseph Bonnano Passes Certified Lease Professional Test Thank you so much for your kind words about my passing the CLP Exam. There are many CLPs that have passed before me that deserve the same recognition that I received. I would just like to clarify your footnote. Yes, I did pass the exam without taking the review course. However, I did put in lots of independent study time, taking the material one chapter at a time and calling upon other CLPs with questions along the way to help me in areas that I struggled with. I would never recommend that anyone take the approach of cold turkey and not studying. There is a lot of intricate detailed material on the exam that one must be familiar with in order to pass. There was material in the course book that I had never seen before and needed to know in order to pass. The CLP Exam is definitely a challenging exam and one that requires industry experience and preparation for. I do not want to make the exam sound "easy," as the challenges of the exam are reflective of the industry experience and preparation that the successful candidate must exhibit in order to pass. Thank you again for your kind words and keep up the good work that you do for the industry. Joe Bonanno ( To learn more about the significance of CLP, go to: please go here: ------------------------------------------------------------------------------------------------------------ Classified Ad Reaction In the last hour, I have received 2 resumes. We also received a call from someone from the Monitor soliciting classified space. It seems we've had a decent response since the initial placement. We haven't had time yet to review the applicant's resumes. Thanks Kit Kevin Becker North American Funding Corporation kbecker@northamericanfundingcorp.com His ad: Sales: Deerfield, IL Exp. sales pro for 10 yrs,prvtly held, ind. leasing co. Originate,fund,service transactions internally. Significant industry niche penetration/remarkable record
of repeat business. Transactions
$10,000 - $10,000,000. ave. $150,000. Email: kbecker@northamericanfundingcorp.com ``` SDI Capital Bankruptcies moves from Chapter 11 to Chapter 7, leaving many investors high and dry, including leasing companies and funders. Both Scott and Stan Daniels, father and son founders of the company, have reportedly moved to Canada, where they have started a new financial business. ~~~~ Baseball World Series Kit, as a life-long Detroit Tiger baseball fan, I have to call your attention to the fact that the Tigers won the World Series on this date in 1968, not 1958. I was glad to be able to see one of their victories over the Cardinals in their first post-season appearance since 1945. Bruce Kropschot Kropschot Financial Services 116 Estuary Drive Vero Beach, FL 32963 (561) 234-4544 Not to be excessively focused on faults but.......the Detroit Tigers won the world series in 1968, not 1958. It was a significant event due to the fact that there had been a 23 year drought between world series championships for the Tigers (the current iteration appears to have the potential for going much longer) and that the city of Detroit had suffered through the worst riots in America. I remember both events well Frank Latourell ( You both are Right on. This is a typo in the source I use. Verified you are correct via another source. editor ) 1935 over Chicago 4-3 1945 over Chicago 4-3 1968 over St. Louis 4-3 ~~ Kit: I'd appreciate it if you would publish the item below; As a result of the prevailing economic conditions lots of good people are currently unemployed. One of them is Leo Portney. I have worked with Leo for several years and have found him to be intelligent, creative and intuitive. He is an old time credit guy that works extremely hard to figure out how to do deals that ought to get done and clearly conveys his reasoning on those that he can't do. We had a wonderful relationship and I will miss working with him. If anybody out there is interested in a really great credit manager please contact him at: Leo R. Portney 613 Flora Drive Columbia, SC 29223 803-735-1450 ( Dwight Galloway, Republic Leasing of South Carolina stated on October 5 “With new business volume down (year-to-date almost 12% from last year) we made the logical decision to increase current profitability and insure Republic's strength for the long run by eliminating excess capacity. That is the textbook definition for simply "taking care of business" in order to continue funding for brokers for another thirteen years. Logical, yes. Textbook, yes. Easy? Absolutely not. Lost with those positions were nine outstanding people. “ His complete comment is available at: http://www.leasingnews.org/archives/October%202001/10-05-01.htm We also invite Mr. Portney to our classified section, and the other places we recommend in the section. editor. ________________________________________________________________________ Replies to Paul Menzel on Lease Renewal Policies Paul, Wouldn't each leasing companies acceptable return be directly correlated to the amount of risk taken on the lease? Where 18% may be acceptable to a bank it may not be acceptable to a leasing company with a $500,000 lease to a company with 6 months of cash. Sincerely, Deborah J. Monosson President BOSTON FINANCIAL & EQUITY CORPORATION 20 Overland Street Boston Massachusetts 02215 617-267-2900 617-437-7601 Fax Visit us at http://www.bfec.com ~~~ Commenting on Paul Menzel's CLP recent input on the subject; well said. Sure would like to get that kind of input from a few more lenders. Thanks W. Russell Runnalls, CLP Markay Financial Corporation (818)998-6125 (818)998-6127 (fax) www.markay.com OurSourcing now on board http://65.209.205.32/LeasingNews/JobPostingsOutsourcing.htm Collector: Near Boston, MA 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 This is not for funding sources, lessors, brokers, but for service providers to the leasing industry. This is not to promote a product or software, but is "outsourcing work" related as indicated by the people who's service is available. You will see consultants of all types, trainers of all types, and many of them smaller companies who have a real niche in the leasing industry. Nationwide, Sausalito, CA Bob Teichman: Lease trainer and consultant. 38 years in equipment leasing. Expert in transaction analysis, financial statement analysis, credit, packaging, structuring. Presents highly popular classes and workshops. BoTei@aol.com
Jobs Wanted http://65.209.205.32/LeasingNews/JobPostings.htm 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 Operations: Austin, TX 5 years experience in leasing including processing credits, reviewing and funding transactions and performing quality control. Looking for a new challenge and opportunity. Email:neseafort@aol.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 Sales: Austin, TX Moving to the area oct. 16th. Looking for a company that needs an outgoing salespro; good base of developed relationships with vendors and lessees. Email:grm2001usa@yahoo.com Sales Manager: San Mateo, CA 30 years financial sales & sales mgmt/leading companies. Strong Silicon Valley sales finance skills, working for corporate Treasury as contract consultant/biz development for major lessors. Email:jamesmurray6@home.com Help Wanted http://65.209.205.32/LeasingNews/JobPostingsWanted.htm 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 Operations: New York (Manhattan), NY Assist Operations VP Who is also Chief Credit Officer in all general duties. We are prime funding source, generating our own business and running own portfolio. Email:iraymond@easternfunding.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 for 10 yrs,prvtly held, ind. leasing co. Originate,fund,service transactions internally. Significant industry niche penetration/remarkable record of repeat business. Transactions $10,000 - $10,000,000. ave. $150,000. Email: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 Sales: Scottsdale or Los Angeles Sales, 60% Commission, INC Magazine ranked #1, minimum 2 yrs experience, vendors & customer base required. Telemarketing assistant & marketing campaign provided. AZ, LA or Home office. Email:hr@alliancecap.com Sales: Boca Raton, FL independent sales person wanted for a firm in business 21+. commission split 50%-50% flexible with your needs, experience always a plus.Email:lease10@bellsouth.net Sales: Cleveland, OH Independent 13 year old small ticket & middle market lessor looking for additional sales reps w. some exper. in leasing. Draw/commission from 50% to 60% commission. Email:Spencer@AFNLeasing.com ## ###################### ########### Compaq Helping Businesses Prosper With Superior Finance Options
4-Month Deferral Leasing Program Available for All Compaq Commercial Products And Services HOUSTON, / -- Compaq Financial Services Corporation (CFS), the wholly owned leasing and financial services subsidiary of Compaq Computer Corporation (NYSE: CPQ), today announced a new 4-month deferral leasing plan for all Compaq commercial product and service offerings. Now, businesses can take advantage of the latest Compaq solutions, and not pay for them until next year. The offer is effective now until December 31, 2001 and includes award- winning servers, best in class handhelds, wireless devices and PCs, proven storage solutions and services customers need. "With this far reaching and comprehensive offering, Compaq is helping companies grow in tough circumstances so they can meet the needs of their customers and increase revenue, without putting a drain on their immediate budgets," said Irv Rothman, president and CEO of Compaq Financial Services "Compaq is helping businesses get moving despite the current economic downturn," said Jim Milton, Senior vice president of Sales, North America. "Now, companies can take advantage of the latest Compaq solutions, and they don't have to pay for it until next year." Q4 is often budget crunch time for companies. This new program provides an exciting way to help customers grow, as well as manage their capital budgets. The 4-month deferral lease payment program is applicable to all Compaq commercial solutions, all customers, all transaction sizes, and all lease terms and options. Qualified customers make no payments for the first four months of the lease term, followed by 20, 32, or 44 monthly payments. The program is available through all sales channels in North America. Company Background Founded in 1982, Compaq Computer Corporation ("Compaq") is a leading global provider of enterprise technology and solutions. Compaq designs, develops, manufactures and markets hardware, software, solutions and services, including industry-leading enterprise storage and computing solutions, fault- tolerant business-critical solutions, communication products, and desktop and portable personal computers that are sold in more than 200 countries. Information on Compaq and its products and services is available at www.compaq.com . #### #################### LeasePlan USA Names Donald J. Schaffer Senior Vice President, Chief Financial Officer
ATLANTA / -- LeasePlan today announced the appointment of Donald J. Schaffer as Senior Vice President and Chief Financial Officer. Alpharetta, GA-based LeasePlan USA, the nation's second largest vehicle management company, leases and manages fleets of cars and trucks to corporations throughout the U.S. In his new role, Schaffer will be responsible for directing LeasePlan's U.S. financial operations. This will include responsibility for strategic financial activities including financial plans and policies, financial planning and analysis, budgeting and forecasting, tax, risk management, credit and collections, ISO certification, internal audit, and office services and facilities. He will also assist with M&A due diligence and valuation. Schaffer brings over 20 years of experience to LeasePlan in the transportation industry from his former position as Vice President, Finance and Chief Financial Officer of Chicago-based GATX Rail Corporation. During his tenure with GATX, the largest lessor of rail tank cars in North America, he contributed to several international acquisitions, developed innovative financing instruments, led a systems implementation, and implemented profitability analysis tools. Earlier in his career he was a Senior Accountant with Price, Waterhouse & Co. "Don Schaffer's experience and expertise in successfully directing the financial efforts of one of the industry's global transportation leaders will be highly beneficial to LeasePlan USA," said Dave Dahm, President and CEO, LeasePlan USA. "His proven track record to effectively grow business profitably will play a key role in our company's future growth and development." Schaffer holds an M.B.A. Degree from Kellogg Graduate School of Management and a B.S. Degree in Accounting from Illinois State University. He is also a C.P.A. and a member of the Financial Executives Institute, AICPA, and Illinois CPA Society. Founded in 1963, LeasePlan is a wholly owned subsidiary of ABN AMRO Lease Holding, which is owned by ABN AMRO Bank, one of the top financial institutions in the world. LeasePlan manages a total of 1.2 million vehicles throughout the world from offices in 26 countries. LeasePlan's client list is comprised of top global companies who benefit from its unique approach to fleet management. For more information visit www.us.leaseplan.com . Contact: Mark Conroy VP Marketing LeasePlan USA Telephone: (770) 618-4611 e-mail: markc@leaseplan.com ### ################### ######### Credit Online, Inc. and Reynolds and Reynolds Sign Strategic Partnership
- New Alliance Solidifies CreditConnection Technology as the Industry Standard For Electronic Financing Connectivity for Automotive Dealerships - ANNAPOLIS JUNCTION, Md., / -- Credit Online, Inc., a member of The First American Corporation (NYSE: FAF) family of companies, today announced a strategic technology and marketing alliance with The Reynolds and Reynolds Company (NYSE: REY), the leading provider of automotive dealership management systems (DMS). This new alliance provides Reynolds' dealer customers with electronic connectivity, via the Internet, to all of their funding sources. Integration with Reynolds ERA(R) finance and insurance (F&I) system will make Credit Online's CreditConnection(R) service available to 9,500 Reynolds dealers in the United States and Canada. When added to Credit Online's existing alliances with Automatic Data Processing (ADP), Universal Computer Systems (UCS), and other automotive software and service providers, Reynolds agreement with Credit Online is a noteworthy development in the online finance market. This new relationship completes the evolution of CreditConnection into the automotive industry's standard for electronic financing. Through these alliances, the CreditConnection integration will be available to the majority of franchised automotive dealers throughout North America. "CreditConnection fits well into our strategy of offering totally integrated solutions that materially improve the business processes within the dealership," said Greg Collins, senior vice president of Reynolds and Reynolds. "We're very pleased to be joining forces with Credit Online to offer this capability to our automotive clients." Howard Tischler, president and chief executive officer of Credit Online, said: "We're delighted to welcome Reynolds and Reynolds as our newest partner. CreditConnection and the CreditOnline Network have now been selected by the top three DMS providers and 26 major lenders, as well as other suppliers of dealership software and services. This validates our technology as the standard solution of choice for electronic connectivity in the F&I office." CreditConnection is part of Credit Online's patented CreditOnline Network, an innovative technology that instantly connects dealers with credit bureaus and multiple funding sources throughout the United States and Canada via the Internet. The service is available 24 hours a day, seven days a week, expediting the credit application approval process from days to minutes. The service also provides a host of communication and analysis tools that cater to an F&I manager's need to increase productivity in the key profit centers in the dealership. In August 2001, Credit Online marked a record 700,000 transactions transmitted through its electronic CreditOnline Network, making it one of the largest business-to-business marketplaces in the world. About First American CMSI Headquartered in Annapolis Junction, Md., First American CMSI has been a premier end-to-end credit automation solutions provider, including Internet-based online lending and leasing technology, since the company's inception in 1987. The company's e-commerce subsidiary, Credit Online, Inc., credit-enables business-to-business transactions through its Internet gateway and its patented CreditConnection technology, which links credit originators such as automobile dealers and borrowers with leading prime and nonprime lenders. First American CMSI also licenses credit-decisioning systems for consumer and business credit that have been the choice of North America's largest and most demanding lending institutions. CreditConnection and CreditOnline are trademarks or registered trademarks of First American CMSI. For more information, visit www.cmsinc.com. About The First American Corporation The First American Corporation, based in Santa Ana, Calif., is the nation's leading, diversified provider of business information and related products and services. The corporation's three primary business segments include: title information and services; real estate information and services, which includes mortgage information services and database information and services; and consumer information and services, which provides automotive, subprime and direct-to-consumer credit reporting; direct-to-consumer public records reporting, resident screening; pre-employment screening; automotive title administration; property and automotive insurance tracking services; property and casualty insurance; home warranties; investment advisory; and trust and banking services. Information about First American and an archive of press releases can be found at www.firstam.com. About Reynolds and Reynolds Reynolds and Reynolds, headquartered in Dayton, Ohio, is the leading provider of integrated information management solutions to the automotive retailing marketplace. The company's services include a full range of retail and enterprise management systems, networking and support, e-business applications, Web services, learning and consulting services, customer relationship management solutions and leasing services. To find out more about the company, its vision, products and services, visit www.reyrey.com. For further information, please contact Nancy Weil, Senior VP, Marketing of First American CMSI, +1-800-777-2674, ext. 6089; or Mark Feighery, Director, Public Relations of Reynolds and Reynolds, +1-937-485-4480. ### ##### #### ######################## Management Group Plans to Submit Bid to Buy Comdisco IT Leasing Business Management Team Wants to Keep Company in Chicago area CHICAGO/-- A group of current and former employees of Comdisco Inc. (NYSE: CDO) announced today that on October 29th, 2001, they plan to bid for the Comdisco IT Leasing business. On July 16, 2001, Comdisco, Inc. and 50 domestic U.S. subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Illinois. Representatives of Comdisco have stated that, "the filing allows the company to provide for an orderly sale of some of its businesses, while resolving short-term liquidity issues ... " The Comdisco Acquisition Group is being led by former Chairman of the Board, President and CEO of Comdisco Jack Slevin, assisted by current and former employees of Comdisco. The management team has engaged AMT Capital Partners of New York to act as its advisor. The team feels that the best possible outcome for the company, employees and customers is our proposal and bid for the management to buy out the IT Leasing business, which has been the flagship of Comdisco for 30 years. The team involves existing management and prior employees lead by former, CEO Jack Slevin. Mr. Slevin with his 24 years of experience with Comdisco says, "I feel its important to focus on the core assets and competencies of the business, maintaining senior members of the current management team and it's dedicated employees working in the Chicago area and throughout the U.S." In addition, Mr. Slevin added, "Our people and Comdisco's independence are and have always been our greatest asset along with our outstanding customer relationships and I have been tremendously proud of everything we have achieved in the past and I am confident we can do it again. We also expect that virtually all members of the IT Leasing Group management team will remain with the Company in Chicago following the acquisition. We hold the team in high regard and feel that they have done a great job during a difficult period where the capital structure the Company had inherited created a need to restructure its balance sheet through a Chapter 11 filing." The court approved bidding procedures for the sale of the IT Leasing business on August 9th, 2001. The "bid deadline" for the IT Leasing business was set for September 30th, 2001, but was extended to Monday, October 29, 2001. The auction date will be Thursday, November 8, 2001, and the sale hearing date will be Thursday, November 15, 2001. This transaction is still subject to the higher or otherwise better offers in a court-approved bidding process. About AMT Capital Partners, LLC AMT Capital Partners, LLC is a private equity investment banking firm providing conventional, specialty and dedicated financial services to a broad client base of both private and public growth companies. (courtesy ELAonline.com ) ### ###################### #################\ Pollock NationaLease Acquires Tiger Leasing Pollock NationaLease has acquired Baden- based Tiger Leasing, more than doubling the size of its fleet and moving a giant step toward its objective of becoming a coast-to-coast full-service lease provider. The deal closed Oct. 10. Pollock, engaged in full-maintenance leasing and rental of trucks and trailers to the transportation, manufacturing and service industries, increased its fleet from 1,300 trucks and trailers to 4,000 trucks and trailers and extended its base from six locations serving Southwestern Ontario to 11 locations stretching from Calgary, Alta., to Moncton, NB, with the acquisition of Tiger. The $90-million deal also added 100 Tiger employees to Pollock's roster, bringing the Pollock employee total to 300. All but four Tiger employees agreed to work for Pollock. "This is a big step forward for us," said Pollock President Doug Davis. "We are now in a position to serve more Canadians with what is top-line service in this industry and we're moving into a market we wanted to be in and that is the Kitchener to Toronto region." Davis said the acquisition, which will double sales from $30 million to $60 million, "is in line with our strategic plan" to extend service from coast to coast. "This makes Pollock the largest, Canadian-owned, full-service leasing company in the country," said company Chairman, Jim Pollock. Pollock said the expanded company will continue to build its business based on a superior level of service. Tiger Leasing was primarily engaged in tractor trailer leasing. Pollock plans to maintain that business and grow medium duty truck line markets which Tiger had not been targeting. ### ################################# |
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