October 03, 2000

Ray Williams Terminated at United Association of Equipment Leasing
    UniCapital "No Word" until October 4, 2000
        BSB Healthy and Growing, Says President Myerson
            Bancorp Financial Services, Sacramento, California
                 Martin Barteske Complaint about Leasing News Bulletin Board 10/02/2000
                    The List is Up-dated


" Whoelse, but...is Gone"

Raymond M. Williams, Ph.D. CAE, president of the Northern California Chapter of the American Society of Association Executives, and for eight years executive vice-president of UAEL, was terminated by the Board of Directors of the United Association of Equipment Leasing. He was reportedly asked to resign, but took the matter to the full board. He thought he had the votes, but did not.

Previous presidents were not surprised, but did not want to go on the record although they did tell me about their term, off the record,and current issues may concern the costs of two conferences this year, alleged lack of control, no membership 2000 directory, and a host of issues that now may be considered innuendo. Dr. Williams did serve for almost eight years, following Jon Bednerick, CAE. He was very popular among the membership.

There is speculation on Dr. Williams' replacement, but with Joan Dalton and Cindy Sprudle in place, it is perceived management appears to be well under control. It may be ironic to some that Dr. Williams hired Cindy Spurdle, former National Association of Equipment Leasing Broker Executive Director, and she now is "temporarily" helping direct the organization along with Joan Dalton. Estarlita Green, administrative assistant for eleven years, left the association last month to continue her gift basket business, she told me. Stay tuned, as there will be more changes here.

+++++++

Point of Information from editor Kit Menkin:

Dr. Williams leaving UAEL was confirmed by Bob Rodi, CLP, president of LeaseNow and also UAEL. Bob is also on the advisory board of Leasing News. I would like the record to state that Bob was not the first person to give me the information, and only confirmed it after three other people had given me the information.

In fact, he was quite annoyed that I knew, and as much as I did. He did not want to say anything off the record or for background purposes or anything and "quite annoyed" is an understatement when I spoke to him on the telephone this morning.

For the record,"yes, Ray Williams is no longer with UAEL. Any comments should come from me. If any director on the board should want to make a comment, please ask them not to and to defer all this to me. "


Sierra Cities---Delay in decision and announcement--no news, is good news?


John Blazek, former president of Stratford Leasing, vice-president of Metrolease, is now "president" of Evergreen Leasing!!! 847-488-0838


Unicapial

Unicapital Does has not returned telephone calls or e-mail to Leasing News regarding rumors and funding problems reported to us. We are told the board is waiting for their meeting on October 4th to make a major announcement.

We have been putting information on The List since July and perhaps some have seen this as " the writing on the wall."


BSB Still Doing Business "As Usual"

( note: BSB is owed by Unicapital )

I saw the post on UniCapital. I am not directly aware of the situation with UniCapital Corporate or with the funding situations at other UniCapital subsidiaries. I would like our customers to know that all current approvals and new approvals with BSB Leasing will fund with our 3rd party sources.

We are not in any danger of our deals "not funding" because we no longer have any approved backlog at UniCapital waiting to fund. We took a proactive stance about 60 days ago and syndicated all approved backlog and all "new" business with our 3rd party sources.

Don

Don Myerson
President

dmyerson@unicapitalcorp.com


Bancorp Financial Services, Sacramento, California

Hello Kit;

I'm sure you and I have met on a few different occasions and I want to pass along congratulations on the success of your newsletter. I was formerly a vice-president with Heritage Financial Services in Rancho Cordova Prior to Oren Hall selling his interest to First Sierra. I am now the executive vice-president and chief operating officer of Bancorp Financial Services in Sacramento, California. The reason for this email is to make sure your readers don't confuse our company with The Bancorp Group in the midwest that you wrote about in your September 5th article "The Bancorp Group joins the list" Our company here in Sacramento (Bancorp Financial Services, Inc.) is thriving with assets reaching over 250 million. This email is certainly not to boast about the success of our company, but simply to ask that your readers don't confuse the two companies. If you would, please email me back with your comments and if you would, clear up any confusion that may exist. Once again, congratulations on your newsletter and thanks for your assistance.

Doug Rees.
rees@bancorpfs.com

( P.S. This company is also added to the list as they were recently acquired by Humboldt Bank of Eureka, Californa, according to a very reliable source--editor )


The List "It is merely an informal recap of major changes. Those major changes may not necessarily be adverse changes, as when a leasing company that is struggling for funding is acquired by a major bank...It merely puts lease brokers and small leasing companies on alert that there may be some policy changes at their funding sources."
Bruce Kropschot

43 Leasing Companies Major Changes

American Business Leasing ( gone )
Balboa Capital ( Founder Byrne "...office available any time he wants to use it" ).
Bancorp Financial Services in Sacramento, California. (10/03 purchased by Humboldt Bank ).
The Bancorp Group, Inc. (Southfield, MI) ( no longer in business )
Bankvest (bankrupt)
Bombadier ( reported having problems, not confirmed )
Charter Financial ( purchased by Wells Fargo 9/5/2000 )
Colonial Pacific (11/98) purchased by GE Capital Commerce Security ( closed to leasing broker program )
Copelco ( sold to Citibank )
Creative Capital" of Bloomfield Hills, MI. ( shut-down 3/2000 )
Dana ( sold off, active as captive )
DVI Capital ( out of broker )
eLease ( summer/2000 management team let go )
FMA Finance ( reportedly closed to brokers )
Fidelity ( acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V., headquartered in the Netherlands, raising funds )
Finova ( out of market place )
Franklin Bank ( no more leases )
Imperial ( sold portfolio )
Lease Acceptance Corp---( ceases broker business 7/26/2000 )
Leasing Solutions ( bankrupt )
Liberty Leasing ( closed, California company )
Linc Capital ( out of vendor and broker business, Nasdaq halts stock sales, $13.4 loss last quarter )
Manifest Group--( 9/1/2000 purchased by US Bancorp Leasing and Financial, "...a win for all the parties        involved," Brian Bjella.
Matsco Financial ( purchased by Greater Bay Bank )
Merit Leasing ( gone )
Metwest Leasing, Spokane Wa. ( advising brokers that they have run out of funds so they are unable to fund        a transaction we have there for funding. )
Metrolease--reports closing operation,John Blazek at Evergreen Leasing, Hathcock losing assets, will not        confirm nor deny; many serious rumors of fraud floating around the marketplace.)
NationsCredit, Business Leasing Group (1/29/99 sold to Textron**) *"The Business Leasing Group of Nations        Credit was sold to Textron and we still do broker business," Jim Merrilees. New England Capital ( sold to        Network Capital Alliance a division of Sovereign Bank. Sovereign did hire two people who will run a sales        office in CT, doing basically the same deals with the same people as before. Little will change in that        aspect.
Newcourt ( sold off )
Onset Capital ( Irwin buys 87% equity )
Orix ( closes small ticket vendor division in Portland, Oregon, "Business as usual (in New Jersey and with        brokers)," says Steve Geller )
Phoenix ( both divisions )
Prime Capital ( "yes and no" sold off, may be negotiating )
Republic Leasing, South Carolina 9/27/2000 ( "The expected result will be a sale of Republic Leasing"---Dwight        Galloway )
Rockford ( sold to American Express )
SDI ( closed to broker programs )
SFC Capital ( 9/15/2000 purchased by Trinity Capital )
SierraCities ( post $7.7 million second quarter loss, rumors abound,including pending sale )
T&W ( bankrupt, lost their listing )
Transamerica ( sold )
Unicapital ( $11.4 million first quarter loss chairman,CEO,CFO resign, 38 employees cutback, 8/23 BSB to use        other funders reported, rumor that BSB will be "spun off", not confirmed and appears to be in the rumor        stage right now. Good news, 9/1 Bank of America extends revolving credit line to October 16,2000.        9/29/2000 Manyrumors floating around. Leasing News working on special report on this company ))
USA Capital Leasing ( gone-bk ) any corrections, additions, or comments are appreciated.


BULLETIN BOARD ( These are postings for informational purposes. Any response, correction, addition, will be posted. We reserve the right to edit or delete any opinion that is not in good taste or is outright derogatory).

       Martin Barteske Complaint about Leasing News Bulletin Board 10/02/2000
       BSB Leasing Complaint 9/26
       Leasing Network Purchase Option Problems 7/26
       Universal Capital reported by Citation Financial 7/19
       Universal Capital Cut Off by BSB 7/12
       Universal Capital Service 7/5
       Parker Leasing and Financing 6/16
       Dodson Group complaint 6/15
       Universal Capital Service 6/12
       Metropolitan Group Question 6/1

Martin Barteske Complaint about Leasing News Bulletin Board

I have been in the leasing industry since 1988 and the CEO of LeaseCapital for 5 years. Recently it was requested of me to review certain articles and comments listed in this forum.

I have done so and find it extremely unsettling that most of the comments are nothing more than opinions and a venting of frustrations distorted to appear legitimate and meaningful while disguised to look like NEWS.

In fact much of the subject matter is nothing more than pure slander being perpetrated upon innocent companies in a blind side-like manner and they don't even see the punch coming. Opinions are like butts, everyone has one. However, to air a private complaint, that may or may not be substantiated or verifiable in fact or in law, is cowardly and patently unfair of the accuser. I see little if any accountability offered by any of the forum participants and fail to see what good could possibly come of such a slanderous medium. Now, having said that, I must say that the concept offered by this forum can be quite useful, not to mention interesting in an "Enquirer" sort of way. My personal preference would be to force accountability upon the those listing their comments and opinions. Reputations are built over time, sweat and generally quite a bit of money. They can be very quickly destroyed with little effort and no money at all!

Kit, your reputation rides on your ability to ride shotgun on these loose canons.

Martin Barteske, CEO
20902 Brookhurst Street, Suite 204, Huntington Beach, CA 92646-6637
Toll Free Phone: (866) 836-5600 (866) 964-8350
Toll Free Fax: (866) 834-5600 (800) 964-2140
www.LeaseCapital.net / ceo@leasecapital.net

( Before any posting is ut on line, they are "screened," and all parties are called, often several times, for their side of the "story." More than 50% of the e-mail sent in are not posted, as many are "civil complaints," but we have tried to help all, referring some to attorneys, getting some commissions paid, or the funder to resolve the matter, or situation explained and resolved. The main purpose is to post "warnings" to others. And just like a marriage, there are always at least two sides to a dispute.---editor )

BSB Leasing Complaint

Hello Kit - After reading your note from BSB LEASING, I found myself unable to sit still and not submit this to you. At this moment I do not desire to get this too complicated ~ however, I do wish to put on record in your newsletter, that some folks in the leasing industry speak from several sides of their mouth. I have worked hard to quietly maintain dignity, integrity and decorum in this industry since I started in it in 1979. Over the last two years, I have had clients contacted directly by BSB LEASING in Denver, and other 'competitors' salespersons or account persons or whatever politically correct title they wish to have assigned to them - In any event, MY clients have been told, upon being telephoned by before mentioned competitors that LJR LEASING was "OUT OF BUSINESS" when my dear clientele inquired of my where-abouts.

And, by the way, these competitors somehow managed to access private client data from some of the largest DIRECT LENDERS there are. Just wanted to make myself heard.

thanks.
Lori Reicheg -

We have never had Lori or LJR Leasing as a broker with BSB Leasing. I challenge her to show how we could have contacted her customers when we have never dealt with her. We do have in house sales people that compete for business with the leasing world but our broker side acts as a separate unit and no information is shared. If she did do business with us she would know how honorable a company BSB Leasing is. Please feel free to give her my phone number. I would be more than happy to talk with her about it. We have been in business for close to 20 years, funded almost 400 million dollars in leases, dealt with almost 400 brokers, if we were stealing brokers customers I think it would have surfaced by now at NAELB or UAEL. If you check the record we have never had a single complaint in our history.
Bruce Zwillinger
Vice President
BSB Leasing
I have never been a broker that used BSB or any other source to fund a transaction. I have been a DIRECT BROKER since 1979. In 1998 I was forwarded a letter from a client who had been contacted weekly by telephone after receiving a letter from BSB Leasing. That letter was forwarded to Stephanie Desparois at GE Capital/Colonial Pacific Leasing. The letter said something to the effect of "BSB is now the designated leasing source for COLONIAL PACIFIC LEASING CORP". My client was told by whomever from BSB then began a weekly telephone solicitation, that LJR was either out of business or likely out of business. That particular letter was the beginning of a rather nasty and unpleasant series of events at GE/CPLC for me, where I had been a DIRECT BROKER since 1983 with an OUTSTANDING portfolio w/under 1% delinquency. In addition to BSB, another 'source' in Southern California named Alliance Funding managed to access my Client Portfolio information maintained at CPLC - and began an extensive and exhausting solicitation of my clientele - so much so that I was again told by Ms Desparois that they were also sent a "Cease & Desist" letter - this information was told to me by Ms Desparois as instructed by Curt Lysne.

The 'challenge' from Mr Zwillinger will not be responded to. It is a nasty 'game' that is played in an industry that is unregulated and unchallenged, and I have never, nor will I ever participate in the play. Since around the time of the buy-out of CPLC from Pitney Bowes by GE there has been a great deal of unprofessional activity and behavior. Perhaps it started by unscrupulous activity 'on the inside' for financial gain. I have as I stated, maintained a quiet dignity about the manner in which I have provided my service.

My vendors and clients, tho fewer in number than BSB I'm sure, have remained loyal to my service thru these nearly 17 years, knowing that I did not engage in the oft-engaged practice of deception or other abominable behavior to earn my living.
Sincerely,
Lori Reicheg
TommyLori@cabomagic.com

Leasing Network Purchase Option Problems
Notice: Received reports from three brokers now about leases they put together through network group to funding source has fmv not 10% purchase options. Disputes trying to be resolved. Any broker experiencing the same, please notify Leasingnews.org. All information will be kept confidential and will not be published without your specific permission.
7/26

Universal Capital Services
Kit, my company, Citation Financial Group located in Fair Oaks, CA (Sacramento) is one of the companies having a problem with Universal Capital Services. They have not returned a Lessee's advance payment nor have they paid us our commission on a brokered transaction. I have sent documents to the NALEB attorney, who is following up on our complaint with UCS. We have also contacted a collection attorney in Florida. If you know of others who have been wronged by these people, please have them contact me. If you want all of the details I will be happy to e-mail them to you. We need to stop companies who make a bad name for the industry.
Thanks,
Allen Greenberg
Citation Financial Group (916)535-7710
ag-cfg@pacbell.net

Bruce Zwillinger, BSB, cuts off Universal Capital Service
Bruce Zwillinger, BSB, cuts off Universal Capital Service, Springhill, Florida informs NAELB of their action. This company not returning money to lessee from deal funding by BSB. Many attempts to get money returned to lessee, but many broker promises by Universal Capital Service.
7/12

Universal Capital Services
Source states Universal Capital Services, Springhill, Florida, took up-front fees on deal and has not returned to lessee. Lessee is complaining to funding source. This is the third complaint received on this. Source is trying to find out more and request this be posted on bulletin board. Source will allow us to state name, if this is not resolved.
7/5

Parker Leasing
$25,000 SD $29,000 first and last three months did not return money Parker Leasing and Financing, Ft. Lauderdale, Florida no web site, no district attorney complaints, advised to pull a D&B, find out who the secured parties are and if I can identify them, will give them the person to call at the funding source to hear the full story about what is happening. Parker Leasing and Financing refuses to return commitment fee and first and last.
6/16

Dodson Group - Delivery Charge
We had been using the Dodson Group for overnight (Airborne) until recently. They were charging us $8.75 per overnight (their cost to Airborne is $7.61, who cares, they deserve a profit). But, in auditing our bills for the last 2 years we kept noticing that we were being repeatedly charged $12.00 to $18.75 for overnight on about 1/3 to 1/2 of the over nights. Initially, Dodson claimed "overweight", so we researched further and discovered that most of the overcharges were on checks going out overnight to vendors and brokers - no way this could be "overweight".
For the past year we have faxed and called Dodson repeatedly to get corrected invoices - no one would even respond! So, we put them on notice that we would not pay any more invoices until they corrected their over billing problem - they never did. Their response was to turn us over to a collection agency! We are convinced they purposely overcharged us, and probably every other client! Dodson does a lot of biz with NAELB brokers, don't these brokers need to know about Dodson's policy of quoting one price and charging another?
6/15

Universal Finance / Universal Manufacturing
Avoid this company like the plague. I believe that if it is the same one they also run companies under the name(s) Universal Manufacturing -(Vendor) & Universal Finance (Credit repair company). I'll look up the e-mail I received on this a while back. I think what the story was is that Universal Capital would submit a deal to funding source, then if declined due to personal credit, Universal Finance would repair credit then resubmit elsewhere. The vendor would be Universal Manufacturing who would sell $2,000 computers for $40,000 invoice (just under F/S disclosure). Then they split excess with lessee. Though I'm not sure about the Florida part. I'll get back with the additional info ASAP.
6/12

Universal Capital
Do you know anything about Univerasl Capital Services, Inc., in Spring Hill, Florida 34606. One of the lease brokers I work with is having trouble getting paid on a deal. He thinks the company is owned by Jim and Anita Koper. Please let me know if you hear anything.
Thanks.
6/12

Metropolitan Mortgage Metropolitan Mortgage and Sec in Washington had a division that funded the lesser credits. Well they have stopped and are not honoring their approvals if they don't already have signed docs. This was told to me by a broker in Arizona who has 10 deals sitting with them and she is now scrambling to replace them.
6/12

 

 

 



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