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| October 4, 2000
Good morning Kit! I am hoping to be the first to tell you about an exciting announcement concerning our new parent corporation, US Bancorp Leasing and Financial. I am sending you the following link showing an announced merger of US Bancorp with Firstar Corporation, a merger which will close in the first quarter of the year 2001. I am sending this to you to let you know that nothing will change concerning the Operations and Direction of The Manifest Group. As we merged with US Bank, one of the premises that was a positive for us was the fact that US Bancorp did not have a solid small ticket platform to process small ticket leasing transactions. Lyon Financial and The Manifest Group filled that void for USBL&F. The same is true with the merger to Firstar Corporation--they also do not have a small ticket platform and will be looking to us to continue our success in the small ticket market. We will continue to support the broker marketplace and follow the same policies and procedures which have made us who we are today. The management team will stay in place, and we will continue to operate from our Marshall, MN facilities. With this change comes nothing but exciting opportunities for our internal and external customers alike! If you have any further questions, feel free to give me a call. Thanks!
Sierra Cities---It is normal for things to take longer than anticipated, so the delayed announcement is not being looked upon as negative or pessimistic. This is the feed back we are receiving from our insiders: " The management of Sierra has been very upbeat over the past several weeks and has told some of the employees that they will be very happy with the announcement."
Kit, What a shocker about Williams being terminated. I'm sure the reasons are numerous and serious. I hope the board hires, as soon as possible,a qualified and EXPERIENCED Association Executive. I personally have heard numerous complaints from members about Williams and his administration during the last two years. Having served as a board member previously for four years (with Bednerik and Williams) , I do understand the complexity of the association's EVP job. I do not feel that our association can prosper without the day to day leadership of an extremely qualified, experienced, and proven multi-tasker at the helm. The executive committee and new board of directors have a huge job ahead. Their commitment, expertise, knowledge, and intestinal fortitude is needed more than ever.I have faith that they will endure all the pressures that lie ahead of them until the right EVP is found. Ginny
Hi. I was really surprised to read about Ray. WOW! As Jon B. was the exec under my administration, I only knew Ray as part of the executive committee and screening committee that hired him. From the safety of a non-involved-anymore position, I always looked on Ray as a friend, both to the membership and the industry. Please let me know if you know how I can reach him.
hal horowitz
We have found your news letter to be very informative, keep up the good work.
Some of the people who are yelling the loudest about your letter are probably
dismayed to find out there is finally an accurate forum for people to check. Clarification: Bancorp Financial Services in Sacramento, California. (Humboldt Bank and Tehama Bank are investors in this 60 person leasing company. This company headed by Kevin Cochran is going strong and in great shape, not to be confused with the Bancorp Group in Southfield, Michigan. ). First International Bank and Siemens Financial Services Partner On Private Label Equipment Leasing Program
First International Bank, a subsidiary of First International Bancorp Inc. (NASDAQ:FNCE), will draw on the global resources of Siemens Financial Services, Inc., a part of Siemens AG, to offer a commercial equipment leasing program customized for small and midsize industrial companies in the U.S., Canada, and around the world. The companies today announced a private label agreement whereby First International will market equipment leases to its industrial customers worldwide, and Siemens will provide comprehensive lease processing and operational support. Siemens will underwrite the leases and provide ongoing servicing, all under the name of First International Bank. The agreement was prompted, in part, based on the international capabilities that the companies have in common. Brett N. Silvers, chairman and CEO of First International Bank, noted, "We are impressed with Siemens' extensive resources and expertise as a leader in the lease finance marketplace, plus their strong client focus and commitment to quality, which we believe will facilitate the seamless delivery of leasing services to our customers." He added, "First International recognizes that Siemens has the ideal presence in the global marketplace capable of sustaining a new equipment leasing program for First International's customers in the midsize industrial sector." Richard Kershaw, senior vice president of Siemens Financial Services, Inc., noted that First International Bank's extensive domestic and international origination network, combined with its advanced e-commerce capability, fit perfectly within Siemens Financial Services' target vendor partner profile. "First International Bank's market focus from a customer, equipment, and geographic perspective made them an ideal private label vendor partner for Siemens Financial Services," said Kershaw. E-business also influenced the two companies in their decision to partner. First International Bank has established itself as a first mover on the Internet, delivering online loans to companies in its target industrial market. Equipment leasing options are an important part of the online equation for companies who seek an alternative to purchasing. Likewise, Siemens has efforts underway to streamline and web-enable certain internal processes, such as risk, liquidity management, and contract administration. The new leasing program is primarily targeted to middle market industrial companies interested in leasing capital equipment in the range of $100,000 to $10,000,000 per transaction. The program includes a full range of leasing products designed to meet the financial requirements of companies that pursue leases, whether they be budgetary, cash flow, or tax considerations.
Siemens Financial Services, Inc., a business of Siemens AG, is an international financial services provider with a strong customer focus and more than 1,000 employees in 30 countries, offering customized financial solutions ranging from sales and investment financing to fund management. Customers of SFS today include consumer businesses as well as worldwide industrial and service companies and public sector clients. Siemens AG is an industry leader in telecommunications; energy and power; lighting and precision materials; industry and automation; building technologies; and health care, and a key player in microelectronics and components; transportation; information systems and other products. In fiscal 1999 (10/1/98 to 9/30/99), Siemens' U.S. businesses, with more than 64,000 employees, recorded sales of $14.8 billion. Siemens AG, based in Berlin and Munich, is one of the world's largest electrical engineering and electronics companies and employs 443,000 people worldwide in 193 countries.
First International Bank (www.firstinterbank.com) - a world leader in the use of SBA, USDA and Export-Import Bank loans - provides innovative credit, trade and financial solutions for small and medium size industrial businesses. The company has more than 200 employees and representatives at 29 locations worldwide. U.S. offices are in Boston, Cleveland, Detroit, Hartford, Los Angeles, Miami, Morristown, Philadelphia, Pittsburgh, Providence, Richmond, Rochester, Springfield, St. Louis, and Washington, DC. International representatives are based in Argentina, Brazil, Central America, Egypt, India, Indonesia, Korea, Mexico, North Africa, the Philippines, Poland, South Africa, Turkey and West Africa. During 1999, the company originated $551 million in loans primarily within its industrial niche, and closed the year with a managed loan portfolio of $1.1 billion. Established in 1955, the bank is a subsidiary of publicly traded First International Bancorp Inc. (NASDAQ:FNCE), with headquarters in Hartford, Connecticut.
CONTACT: Firstar Buys U.S. Bancorp
By Courtney Schlisserman, Bloomberg Firstar will exchange 1.265 shares for each of U.S. Bancorp's, valuing the 10th largest U.S. bank at $28.15 a share based on yesterday's (10/3/00) close. That's a 21 percent premium to yesterday's closing price. The new bank will have assets of $160 billion. The companies expect to close the transaction in the first quarter, at which point they will operate under the U.S. Bancorp name. Firstar President and Chief Executive Jerry Grundhofer will continue in those positions and U.S. Bancorp Chairman President and Chief Executive John Grundhofer, his older brother, will be chairman until his planned retirement on Dec. 31, 2002. The transaction is expected to shave $266 million a year before taxes from the combined companies' expenses. A statement from the companies said it would add 3.7 percent to next year's Firstar earnings. Credit Suisse First Boston advised Milwaukee, Wisconsin-based Firstar while Fitch Downgrades ICON Capital Equipment Lease Securitizations Fitch downgrades the proceeding classes of securities as follows: ICON Receivables 1997-A, LLC: Series 1997-A Class A-1 notes are downgraded to 'CCC' from 'BBB'. The Class A-2 notes are downgraded to 'CC' from 'B'. The Class A-3 notes are downgraded to 'C' from 'CCC'. All classes of notes remain on Rating Watch Negative. ICON Equipment Lease Grantor Trust 1998-A: Series 1998-A, Class A certificates are downgraded to 'BBB-' from 'AA'. The Class B certificates are downgraded to 'BB-' from 'A'. The Class C certificates are downgraded to 'CCC' from 'BB'. The Class D certificates are downgraded to 'CC' from 'B'. All classes of certificates remain on Rating Watch Negative. These rating actions are the result of adverse collateral performance and further deterioration of asset quality outside of Fitch's original base case expectations. Losses from defaulted leases have significantly reduced the remaining credit enhancement available for each class of securities. In the 1998-A transaction, several large obligor defaults have also occurred. In both the 1997-A and 1998-A transactions, delinquencies have also been significantly higher than historical levels. Fitch previously put all classes of the 1997-A and 1998-A transactions on Rating Watch Negative and downgraded all classes of the 1997-A transaction and the Class C and Class D certificates of the 1998-A transaction (see Fitch press release dated Sept. 15, 2000). Fitch will continue to closely monitor these transactions and may take additional rating action in the event of further deterioration.
Phoenix Leasing Cash Distribution Fund V, L.P. Responds to Third Party Mini-Tender
Offer SAN RAFAEL, Calif. (BUSINESS WIRE) - Phoenix Leasing Associates II L.P. (the "General Partner"), the general partner of Phoenix Leasing Cash Distribution Fund V, L.P. ("CDF V"), has been notified that an unsolicited tender offer was commenced on September 8, 2000 by Peachtree Partners ("Peachtree") to purchase approximately 4.9% of CDF V's limited partnership units at a price of $4 per unit, less any cash distributions made after September 8, 2000 and less certain transfer fees. After review of the offer being made by Peachtree, the General Partner expresses no opinion and remains neutral towards Peachtree's tender offer because it is premature for the General Partner to be able to determine whether the tender offer price is likely to be more or less that the per unit aggregate cash distributions a unit holder will receive through the termination of CDF V. Peachtree's offer, commonly referred to as a "mini-tender offer," is not subject to the filing, disclosure and procedural requirements of the federal securities laws and regulations because it is for less than 5% of the outstanding units of CDF V. The Securities and Exchange Commission ("SEC") has issued an investor alert regarding mini-tender offers, which can be accessed at the SEC's website at www.sec.gov/consumer/minitend.htm. Among other things, the SEC recommends that before accepting a min-tender offer, limited partners should determine the market price, consult with their broker or financial advisor and determine where to get the best price if they want to sell. The SEC warns investors not to assume that a premium over the market is being offered for their units. Contact: ReSourcePhoenix.com CDF V's Investor Services Department, 415/485-4870 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
American Business Leasing ( gone ) any corrections, additions, or comments are appreciated. We are in the process of putting dates on The List to break into last twelve months and last several years..
( 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). Gibraltor
We brokered a transaction to Gibraltar Financial recently and suffered serious problems. It started when they requested we obtain a signed commitment letter. We did. Cliff Wagner, Beth, Donna and Todd told me they were funding the deal. This was a lie. No big deal however as long as the deal get's done. Our customer then received a letter from Ford saying they were declined. Given Gibraltar's good standing among the various leasing orginaizations(UAEL etc..), I gave them the benefit of the doubt. They stated, we have someone who will do this deal. We delayed the vendor and lessee for 75 days as we received the same statement over and over from Cliff, Beth, Donna and Todd. Then they stopped returning calls from us the vendor and lessee. After dozens of calls Cliff finally informed me that they "could not get the deal done". We immediately requested a return of the customers commitment fee. We overnight ed our portion(2k). We felt so sorry for this guy we could do no less. It has now been 135 days apx. 60 apx days since the decline. When I contacted Cliff and asked why he had not returned the deposit, he stated "Oh, I forgot about that. I'll get it taken care of." 20 days later I got a call from the vendor's Attorney. They are threatening us since we put the deal together and since Gibraltar will not return their calls. (The vendor and lessee have known of Gibraltor through the whole deal) So I called Cliff again. He stated, " Oh wow, they are still pursuing this, I'll get there money out ASAP." 30+ days later nothing has been sent. Cliff Wagner refuses to return any calls. Every time we call, he is on the line. They must have a call identifier. This assumption is backed by some evidence. He refuses to return messages. Based upon his comment "they(the lessee) are still pursuing this?" as if he is confused why a customer would want their $5,000 back, I believe Gibraltar wants to keep this person's money. If any of you can help this lessee with a lease feel! free. I thought they were reasonably solid. They are called Cap of MB out of South Carolina. My number is 888-468-5822 x 208 Paul von Bruck Capital Funding Group. P.S: I have Gibraltor's messages saved on our message machine if any of you doubt this message 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 ( Before any posting is out 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. 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.
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. 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. 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. 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. 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. 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. 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? 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. 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.
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