|
September 18, 2001 Please forward to a colleague as we are trying to build our readership ---------------------------------------------------------------------------------------- Headlines--- Stock Market Stabilizes Today Finova Offer Terminated American Express Re-Builds--Story Still Alive –They also Expect 3rd Quarter Earnings to Be Negatively Affected By Recent Terrorist Attacks Airline Industry Drops 26,000 --Serious Problems with their Leases to Follow IRS Gives Postponement of Estimated Payments Streamlined Sales Tax Project Postponed until Oct 22-23 S. F. Bay Area Residents Find Housing More Affordable Seismiq adds resources expand its national sales efforts Web-enabled solutions Sharon K. Davis Joins Textron Financial’s Finance Company Services Paragon Leasing Finalizes Purchase e-lease.com/leasingexchange.com ( formerly known as equipmentleaisng.com
) www.balboacapitalbitesme.com - RIP!? #### denotes press release __________________________________________________________________ Finova Offer Terminated Berkshire Hathaway, Inc. announced that it has invoked an "act of war" clause in order to terminate its offer to buy up to $500 million of Finova Group, Inc.'s 7.5% Senior Secured Notes. Berkadia further stated that termination of this purchase offer does not affect Berkadia and Leucadia National Corp.'s joint rescue package for Finova. __________________________________________________________________ American Express Business Finance Looks like AmX is pulling a “United Capital.” Steve Dallas was very adept at “closing it down” and moving to “Spectrum,” but then, United Capital was not a publicly held company such as American Express. It appears AmXBF exec’s are running around looking for a scapegoat among themselves, that they were not aware of the problem(s) at Sierra Cities nor potential stock fraud, that “due diligence” was done and any of the rumors floating before the acquisitions were just “smoke” and not “fire.” In fairness, they did have serious problems with the New York office. It will have to be torn down due to structural damage. About 8% of their work force was in that building and they are being relocated to their New Jersey office, new offices in NYC, and Connecticut, we are told. Some will be working out of their homes for the time being. The Business Finance division is annoyed they don’t get e-mail, whereas other “departments” and “executives” do from Leasing News. All telephone lines, we are told by other executives are being monitored, and e-mail from home and cellular telephone from home are the only means Leasing News is getting information. The AmX execs are reportedly trying to find all the skeletons and bring them out in the open so they can say it did not happen on their watch. Others believe the terrorist activity has let the issue die down, except for Leasing News that has two ex-Sierra Cities directors, three individuals directly involved, seeking information from collectors no longer there ( collectors know everything ), plus we are talking to another who knows the story about the stock---but will he talk. He might. Stay tuned. This story is not going to go away. _____________________________________________________________ ### ##################### ######################### American Express Expects Third Quarter Earnings to Be Negatively Affected By Recent Terrorist Attacks
NEW YORK, / -- American Express Company (NYSE: AXP) said today that it expects third quarter earnings to reflect a negative impact relating to the recent terrorist attacks in New York and Washington, D.C. American Express said that prior to the attack, it expected quarterly results to be in line with Wall Street estimates. The Company now believes its third quarter EPS will be below that level. The recent terrorist attacks have already created, and are likely to continue to generate, additional economic and market weakness throughout the travel, payment services and financial services industries. In addition to the anticipated weaker business volumes, the Company's headquarters at the World Financial Center is adjacent to the World Trade Center area and cannot be occupied for at least several months due to the damage caused by the collapse of the World Trade Center towers and related structures. The building is believed to be structurally sound. Notwithstanding the inability to use the company's headquarters building and office space in the World Trade Center complex, the Company said its business operations and customer service activities continue to function normally around the world. The Company is implementing previously designed business continuity plans and is in the process of relocating its employees based at the World Financial Center to other locations in the New York City metropolitan area. American Express said that while it continues to assess the impact on its businesses and the expected costs related to these events, it does expect a significant negative effect within its third quarter results due to the following: * Temporary curtailment last week of all air travel within the U.S. and the likelihood of reduced corporate and consumer travel volumes for the near term; * Reduced corporate and consumer spending levels in reaction to the events and their potential impact on global economic activity; * Lower financial product sales volumes and assets under management due to the temporary halt in securities trading and weakness in the financial markets; and * Costs related to leasing alternative headquarters facilities, and relocating and equipping up to 5,000 employees within those facilities. Also, as previously announced, the company also expects to recognize a restructuring charge of $310-$370 million pre-tax ($200 to $240 million after-tax) in the third quarter as it launches accelerated reengineering initiatives originally planned for 2002. This press release contains forward-looking statements relating to the expected economic and financial impact of recent terrorist attacks in New York and Washington, D.C. Factors that could cause actual results to differ materially from these forward-looking statements include, but, are not limited to the following: restrictions imposed on air travel by the federal government and the willingness of passengers to continue to travel generally; insurance reimbursements to the company; the willingness of consumers and corporations to spend notwithstanding fears relating to the global economy; the response of investors to developments in the financial markets; and actual expenses relating to the dislocations caused by the need to occupy alternative headquarter facilities. ### ######################## ######################### -------------------------------------------------------------------------------------- Stock Market Stabilizes on Tuesday Amy Baldwin ASSOCIATED PRESS NEW YORK – Wall Street found some stability Tuesday when investors curtailed their selling and did some buying, but ran into late resistance in its attempt to rebound from Monday's shock wave that sent blue-chip stocks tumbling to their largest one-day point drop. The market gave up earlier gains that had pulled the Dow back above the 9,000 level, as investors turned their attention late in the day to the political uncertainty following last week's terrorist attacks. "Uncertainty is a primary enemy for the market, and the events of the last week have created a high level of uncertainty. The market was in a downturn before, and this only exacerbates that," said Ricky Harrington, technical analyst for Wachovia Securities. European markets slide, Asian stocks lose momentum amid uncertainties over terror attack The Dow closed down 17.30 at 8,903.40, according to preliminary calculations. However, the slump in the Dow paled in comparison with the decline Monday – the first day of trading since hijacked jetliners smashed into the World Trade Center and the Pentagon – when the blue chips lost a record 684.81 points and fell below 9,000 for the first time since December 1998. The broader market also retreated from an earlier advance Tuesday. The Nasdaq composite index fell 24.47 to 1,555.08 and the Standard & Poor's 500 index declined 6.03 to 1,032.74. Major indexes aside, a sign of the market's attempt to stabilize was apparent in New York Stock Exchange trading volume, which returned to a more moderate level of 1.65 billion after a record-breaking session Monday when 2.33 billion shares were traded. Still, analysts expect the market to be weak and vulnerable throughout this week as skittish investors rush to adjust their portfolios. Investors now have more to be nervous about – namely national security – than the weak economy, which had been pulling stocks lower for weeks. "What is holding it down are the new questions political uncertainties," said Joseph V. Battipaglia, chief investment strategist at Gruntal & Co. Battipaglia expects the market to move in a range of 5 percent in either direction until it becomes clearer what form the war on terrorism pledged by President Bush will take. Over the longer term, however, analysts say stock prices will recover. In fact, they say massive selling like Monday's might be what is needed to finally form the market bottom that investors have been longing for. "Weak now, stronger later. There is no question there," said Jon Brorson, director of Northern Trust in Chicago. "The question is how much weakness do we get and when does the turn (upward) come." Tuesday's losers included sectors, such as travel services and insurance, that were weak Monday. Online travel agent Expedia dropped $4.36 to $19.64. Insurers again traded lower as the industry faces big losses following last week's attacks. American International Group fell 95 cents to $70.05. Financial companies suffered as Wall Street expects that investors and consumers will invest, spend and borrow less amid greater uncertainty about the economy. Dow industrial American Express, which issued a third-quarter profit warning late Monday, skidded $2.87 to $27.38. But winners included airlines, which endured double-digit dollar losses Monday. AMR, the parent of American Airlines, gained $2 to $20, and UAL, the parent of United Airlines, rose $1.49 to $18.99. The boost to airlines also came as Wall Street expected the government to announce relief for the industry. Transportation Secretary Norman Y. Mineta said the Bush administration was preparing an aid package, noting that the attacks are costing airlines $250 million to $300 million a day. Since the attacks, all major U.S. airlines have announced reduced flight schedules, anticipating that a fear of flying will curb demand. Other winners included technology companies, which analysts said could benefit as businesses, particularly in the financial sector, spend more money to revamp offices in the wake of the attacks. IBM rose $3.06 to $94.86, while Microsoft advanced $1.41 to $54.32. Both are Dow industrials. Retailing issues also moved higher after selling off Monday amid concerns that consumers would further curb spending. Wal-Mart rose $1.35 to $45.35. Declining issues outnumbered advancers slightly more than 3 to 2 on the New York Stock Exchange. The Russell 2000 index, which measures the performance of smaller company stocks, fell 6.01 to 411.66. Stocks were mixed overseas Tuesday. Japan's Nikkei stock average ended the day up 1.9 percent, but European markets fell. France's CAC-40 finished down 1.1 percent, Britain's FTSE 100 declined 1.0 percent, and Germany's DAX index lost 0.9 percent. IRS Gives Postponement of Estimated Payments You mentioned in today's news that quarterly estimated payments are due. Just thought you and your readership might be interested in this IRS notice regarding the postponement of tax obligations, including estimated payments, with due dates falling between September 10 and September 24th. Nancy Geary, CPA, CLP Edwin C. Sigel, Ltd. Portfolio Management Services www.edwinsigel.com 800-826-7070 Part III - Administrative, Procedural, and Miscellaneous Additional Disaster Relief for taxpayers on account of the September 11, 2001, Terrorist Attack Notice 2001-63 The Treasury Department and the Internal Revenue Service recognize that the continuing disruption to the nation's financial markets, transportation system, and telecommunication and computer networks, and continuing security concerns have made it difficult for many taxpayers to meet their September 17, 2001, filing and payment requirements, and for their representatives to assist them in doings of. This notice provides additional tax relief under sections 6081, 6161, and 7508A for taxpayers who, regardless of their location, are continuing to experience difficulties in meeting their filing and tax payment requirements on account of events related to the September 11, 2001, terrorist attack. The Internal Revenue Service has determined that the due date for all federal tax obligations falling between September 10, 2001, and September 24, 2001, is postponed to September 24, 2001. This postponement of time covers the filing of returns and claims for refund, the payment of tax (including estimated tax payments), making elections, and filing any other federal tax documents. The postponement does not apply to deposits of federal taxes. For relief with respect to deposits of federal taxes, see Notice 2001-61 and IRS News Release IR-2001-79. The relief provided by this Notice is in addition to the relief provided in Notice 2001-61 and IRS News Release IR-2001-79. _________________________________________________________________ Streamlined Sales Tax Project Postponed until Oct 22-23 The Streamlined Sales Tax Project is canceling the September 20-21 work group/committee meetings in Chicago. SSTP leaders apologize for the inconvenience but the consensus of the registrants is that we should cancel due to world events. SSTP will still plan on the October 22-23 meeting in Louisville for which online registration is available at web address www.streamlinedsalestax.org. There may be teleconferences scheduled as well. Dennis Brown DBROWN@ELAMAIL.COM ----------------------------------------------------------------------------------------------- Bulletin Board Complaint www.balboacapitalbitesme.com
- RIP!? Jerry Gonzales had a site up: Balboa Capital Bits Me.com The attorneys for Balboa have threatened legal action if he did not take it down. Leasing News made a copy before this order was given, and we have tried on several occasions to obtain a statement from Balboa Capital. This Leasing News is not in text, we cannot reproduce it here, and for the time being, will not produce it on line. It did have the Baboa Capital logo. "This letter is being sent to you because you have been identified as representing Jerry Gonzalez dba Lone Wolf Productions. It's purpose is to demand the immediate cessation of your client's conduct that has and will cause Balboa Capital Corporation irreparable harm. If you do not represent Mr. Gonzalez, then please contact the undersigned immediately to confirm that fact.
As you may or may not be aware, your client is currently maintaining a website with the domain name "balboacapitalbitesme.com". Included in the domain name and the website itself are numerous instances of infringement on Balboa Capital's registered Trademark.
Further, the comments posted by your client are defamatory and untrue. He makes allegations of illegal conduct, which will subject him to per se damages.
Further still, your client has ma a point to send emails with a link to the site to numerous persons and entities within and without the leasing industry. This will undoubtedly have an impact on Balboa Capital's business, for which Mr. Gonzalez will be held responsible.
Balboa Capital will file a complaint in the District Court for the Central District of California, ----Division, for Trademark Infringement, Defamation, Intentional Interference with Contractual Relations, and Intentional Interference with Prospective Economic Advantage among other claims, seeking compensatory and punitive damages. This deadline will not be extended, and the complaint will be filed on Monday morning should your client fail to immediately cease and desist."
Very truly yours,
Christopher G. Parsons General Counsel Jerry Gonsales is considering making some changes to allow him to again post the webite and find other Balboa Capital customers with a complaint. The introduction was basically a question that asked you to “agree” or “disagree” It began The intention of this web-site is to inform potential customers about the particular leasing practices of Balboa Capital Corporation®™, a Fortune 500 Company. Before you agree to enter this site, I would like to brief you on my experience with the hopes that if you are thinking about leasing you will be better informed before accepting any financial terms and conditions with any lending institution. As I turned to the web for research and information
regarding leasing
standards and practices,
I was unable to
find any site that
could answer my
concerns regarding
leasing company
conduct and complaint
outlet. As
I turned to state
agencies, the BBB
but they were of
little help.
The reality is that
these organizations
are toothless and
ineffective. Many
attorneys and financial
professionals all
varied in opinions
with regards to
leasing issues and
questions.
There are few if
any experts visible.
I
hope that we can
collectively develop
a site for the honest
and hard working
small business owners
who depend on lending
institutions.
I invite you to
post your experiences
both good and bad
regarding Balboa
Capital®™ and
any other leasing
company. I
have posted what
I believe to be
the “get you
clauses” in
Balboa’s leasing
contracts.
As professionals,
you are invited
to please post your
opinions and observations
in a constructive
manner using laymen’s
terms and explanations.
Jerry’s story: In December of 1997, I was solicited by Balboa Capital Corporations®™
Sr. Account Representative
Eric Sidebotham
for a new lease.
I was in the market
to purchase the
latest Betacam camera
technology for my
freelance business
as a professional
network news cameraman.
I had traditionally
financed my past
purchases through
my bank and had
only leased small
office items. During
my discussions with
Eric, I informed
him that I was shopping
around for the right
lease company and
informed him of
the various companies
I was considering.
I was hoping for
a better leasing
rate, but instead
I was faxed BBB
complaints of some
the companies I
mentioned! I agreed to lease with Balboa Capital®™ after many conversations
with Eric. Eric
was very knowledgeable
and convincing.
Eric told me that
since I lived in
Texas, Texas law
did not permit $1
Buy Out leases and
therefore only a
Fair Market Value
lease was available.
Eric also assured
me that at the end
of the 36 month
lease, all I needed
to do was send Balboa
a check for $1 to
terminate the lease.
Eric cited companies
that choose to send
more than the $1
and termed their
excess payment as
unnecessary. My
two leases totaled
slightly more that
$60,000. Within a day, I was express shipped the Lease contract that
required many signatures
along with first
and last months
payments, a security
deposit and a processing
fees. I read over
the general terms
of the lease and
was concerned over
Section 14 of the
lease agreement
that generally states
terms for the end
of the lease options
that include an
"automatic
12 month lease extension"
if my intentions
are not stated 180
days prior to the
end of my lease.
I mentioned this
clause to Eric and
he assured me that
this Section 14
clause was for "huge
companies that lease
millions of dollars
worth of equipment"
and again cited
companies such as
General Motors,
Hertz, etc. Eric
told me not to worry
about that clause
because the lease
was a $1 Buy Out
but written up the
only way the laws
of the State of
Texas allowed. Suffice
it to say, I bought
into this lie. The other lie was that Eric touted Balboa Capital®™ as
being one of the
few leasing companies
that did not resell
the leases and also
funded all their
leases. After the
first initial payments,
I was notified that
I was to send the
rest of my payments
to two new leasing
companies. In the final year of my lease, Balboa Capital®™ mailed
me registered US
Mail, Return Receipt
postcards telling
me to review my
leasing needs and
options. As I read
these postcards,
I remember putting
them in my Balboa
file and thinking
that there was nothing
to review- I was
going to send them
a check for $1 at
the end of the contract. Can image the excitement of coming to the end of a lease after
three years of payments?
Can you imagine
the horror of being
told in a hah-hah
tone that your lease
was extended? Can
you imagine being
told "too bad,
sue us, we have
never lost a case"
attitude? How about
the feeling of being
"taken"
and cheated? I also
felt total humiliation
at the thought that
I was suckered into
a bad deal. I spent
many sleepless nights
wondering why I
was lied to. I offered to return the equipment but was told that it was
"too late"
and threatened my
credit rating and
any new lease or
loans. I called and faxed my contracts to several attorney friends
who did not offer
me the best advice
since the leasing
was not their specialty.
I searched the web.
I e-mailed the Better
Business Bureau
in California. I
filed a complaint
with the Texas Attorney
Generals Consumer
Affairs Division.
Both organizations
had little if any
effect and both
complaints were
quickly addressed
by Balboa's legal
counsel. It seems
that they are sensitive
to their "image". As I tediously searched the web for anything related to Balboa,
all I was able to
find was links to
the many industries
that they offered
equipment leasing.
There was no watch
dog group. No industry
outlet to field
your questions.
There was literally
no site available
that could begin
to answer all the
questions that I
had. As it stands, I am trying to negotiate a reasonable settlement
to end the remaining
extended payments.
Unfortunately, I
agreed to an outrageous
settlement of 24%
"fair market
value" of $14,000
plus personal property
taxes, however,
Balboa's Portfolio
VP Michael Losey
rejected my math
and seems to expect
an additional $14,000
to the six months
of payments that
total $12,000! Wow!
That's a whopping
47% Fair Market
Value buyout!!!! I have reviewed my lease contracts with GE Capital and Trans
Leasing and it appears
that their leasing
contracts are very
simple and straight
forth. As I compared
them with Balboa's
lease contracts
I found many troubling
clauses and I have
posted them for
your review. I wonder if Balboa has different leasing contracts that exclude
their Section 14
clause? How many
of us have been
bitten by their
automatic extension
clause? If you do
the creative math,
how much more income
this "got ya"
clause brings them.
Why don't they get
sued? I'm sure they
have and I'm sure
they have settled
all the legal complaints
as well. This is
where they play
"chicken"
with you. All attorneys
will immediate assess
the dollar amount
to your 12 month
extension and tell
you upfront that
you will be throwing
good money after
bad. You are also
told that such a
case will take years
to resolve. How
many little people
has Balboa Capital®™
rolled over? I can
only imagine. My
wish is that we
find out. Before you consider Balboa Capital®™, please check out
their reputation.
Ask the Account
Rep for "happy
customer" references.
Ask other finance
companies for their
opinion by uttering
one word "Balboa"
and gauge their
reaction. Ask to
see a blank lease
contract to compare
it with another
leasing company.
Just keep in mind one thing. No matter what you are told.
No matter how you
are sold. No matter
what any of them
promise, READ and
have an attorney
READ ALL documents
before you sign.
Put aside all of
what you have been
told because as
they say "the
devil is in the
details". I wish you the best of luck.
Leasing News would very much like to hear Balboa Capital’s side to this story. We would be very glad to print it without any changes or deletion, in entirety. editor ------------------------------------------------------------------------------------------------- Airline Industry Troubles Following the September 11th terrorist attacks in the United States, airline carriers worldwide are facing an uncertain future. According to the BBC, The European Union announced that it will monitor events in order to avoid an industry crisis. The International Air Transport Association has already estimated that numerous flight cancellations will cost the industry $10 billion. Airlines are also bracing for a significant, potentially long-term reduction in consumer air travel. Among others, Continental, American, and Northwest have already reduced their schedules, and Continental and U.S. Airways have reportedly eliminated more than 10,000 positions each. The White House and Congress have been working to finalize a $20 billion rescue package to give the industry immediate cash and credit. White House Press Secretary Ari Fleischer announced that President Bush was "very concerned about the health of the airline industry." The House Transportation and Infrastructure Committee is expected to hold a September 19, 2001 hearing on the issue. _______________________________________________________________ More airlines cut jobs; tally tops 26,000 ASSOCIATED PRESS NEW YORK -- With passenger traffic dwindling after last week's terrorists attacks, airline companies were punished yesterday on Wall Street, and three U.S. carriers responded by laying off a total of 14,500 employees. After markets closed, US Airways Group said it would lay off 11,000 employees, America West Holdings said it will eliminate 2,000 jobs and American Trans Air said it will fire 1,500 employees. The industry is lobbying for a $20 billion federal bailout, having lost $1 billion already because of weak demand from nervous travelers, a costly two-day shutdown of the nation's air system and higher security-related expenses. "The entire U.S. aviation system is in jeopardy," said Stephen Wolf, US Airways chairman. An industry group said as many as 100,000 layoffs are likely in coming weeks. Major carriers have trimmed schedules by at least 20 percent and laid off more than 26,000 workers, including yesterday's cuts. Shares of AMR Corp., the parent of American, plummeted $11.62, or 39 percent, to $18.08. Shares of UAL Corp., which owns United, dropped $12.90, or 42 percent, to $17.92, while Delta plunged $16.74, or 44 percent, to $20.51 a share. US Airways Group fell $5.57, or 52 percent, to $6.05. The airlines' woes reverberated throughout the travel industry as shares of hotel, rental car and electronic ticketing companies became mired in the sell-off. Executive pay an issue The Senate could move somewhat slower: Senate Commerce Committee Chairman Fritz Hollings, D-S.C., issued a statement Saturday noting that before the attack the airlines were claiming insolvency but giving their executives $120 million in salaries and bonuses. "I would be willing to consider compensation if they give up monopolistic control of the nation's hub airports," he said. The airline industry was struggling long before the attacks under a large debt burden and rising costs of labor and fuel, as revenue from business fliers dropped alongside the nation's economic performance. Mark Zandi, chief economist at Economy.com, said the government has an obligation to help the air transportation industry, estimating that the movement of people and cargo contributed roughly $104 billion, or 1.1 percent, to the nation's economic output in 2000. "The industry plays an outsized role in the day-to-day performance of the economy," Zandi said. In an effort to remain solvent in the meantime, American, Continental, Delta, Northwest and United scaled back their schedules by 20 percent. National Airlines of Las Vegas cut back its operations by 20 percent Sunday and laid off 300 workers, leaving it with 1,000 employees. Midway Airlines of North Carolina closed down last week while in the midst of reorganizing its financially troubled business, laying off 1,700 employees. London-based Virgin Atlantic Airways said it would cut about 1,200 jobs and reduce schedules by 20 percent.
_________________________________________________ ### ########################### #################### Paragon Capital Corporation Finalizes the Purchase
of Elease.com and
Licenses LeaseExchange
Software
Brick and Mortar leasing company consolidates
online leasing space
San Francisco, CA – Paragon Capital Corporation
announced today
that it has completed
the purchase of
certain assets from
Elease.com, an idealab!
company, and has
changed its name
to eLease. The company has also entered into an agreement to
license LeaseExchange™,
an equipment leasing
software solution
that automates the
equipment leasing
process online.
The LeaseExchange™
software acts as
a gateway for equipment
sellers and business
customers looking
for real time leasing
solutions. eLease now offers a comprehensive suite of services
which automates
the sales cycle
for equipment sellers.
Services include
instant approvals,
lease tracking,
lease proposals,
account management,
online documentation,
and asset management. eLease anticipates steady growth as equipment sellers
and business customers
are demanding online
leasing tools and
real time credit
decisions. “With
the increasing demand
for online leasing
services, we are
perfectly positioned
to provide a superior
leasing experience
for our customers”,
says Tom Williams
President and CEO
of eLease. Maintaining
its roots as a tradition
leasing company,
eLease will remain
customer centric,
providing aggressive
pricing and flexible
leasing programs. About Paragon Capital Founded in 1995, Paragon Capital is an independent
leasing company
that specializes
in financing for
small to medium
sized businesses.
The company’s
core competencies
include computer
leasing, software
leasing, and telephony
leasing. Paragon Capital is a privately held corporation
headquartered in
San Francisco, CA. Public Relations contact: Perry Pickert eLease 130 Bush Street, 7th Floor San Francisco, CA 94104 (415) 391-9500 x 116 ######## ###################### ########################## S. F. Bay Area Residents Find Housing More Affordable SACRAMENTO, --As sky-rocketing housing demands drive Bay Area home prices out of the reach of many working people, the California Housing Finance Agency today announced its first reservation under a pilot program designed to make housing more affordable for some area residents. The High Cost Area Program (HiCAP) targets first-time homebuyers San Francisco, San Mateo, and Santa Clara counties - three of the nation's least affordable housing markets. Average purchase price in the three-county area is more than $500,000. CHFA's HiCAP program provides affordable financing to eligible first-time homebuyers who otherwise would not be able to purchase a home in the designated high cost housing areas. Upon receiving word of the first reservation, CHFA Executive Director Theresa Parker said "By combining CHFA's HiCAP loans with locally provided down payment assistance programs, housing will be made more affordable. Our first reservation is proof of that. We are looking forward to helping many more Bay Area families realize their homeownership dreams." The HiCAP consists of a below-market interest rate CHFA first loan, and a $25,000 down payment assistance second loan. The second is a 3-year, 3% simple interest rate, deferred payment loan. Borrowers must be first-time homebuyers who do not exceed CHFA low or moderate income limits. The moderate income limit in San Francisco and San Mateo counties is $92,115 for a family of three or more, and $100,395 in Santa Clara County. These homebuyers may be able to qualify for CHFA financing in the range of $325,000 to $400,000. Purchase prices depend upon interest rates, the homebuyer's ability to qualify, and cash or other assistance available for down payment. CHFA's first HiCAP reservation is on a property located in San Jose. Under the pilot program, the Agency expects to provide more than $122 million of CHFA first loans and $9.5 million in down payment assistance second loans for an estimated 380 area families. State legislation created CHFA in 1975 as California's statewide affordable housing bank. Its mission is to finance below market rate loans to create safe, decent and affordable rental housing and to assist first-time homebuyers in achieving the dream of homeownership. Since its inception CHFA has issued over $16 billion in bonds, financed affordable homeownership opportunities for over 100,000 families and created or preserved 26,000 affordable multifamily rental units in California. In addition, the Agency has provided $1.5 billion of mortgage insurance to more than 14,000 higher risk first-time home borrowers. For additional information on CHFA's HiCAP Program, contact Gregory Carter at (916) 324-3315, or go to www.chfa.ca.gov. ########## ################### #################f UAEL 11th Annual Oregon/Washington Regional Golf Event CONTINUE TO DRIVE YOUR LEASING SUCCESS! WHEN: 10:00 a.m. on Thursday, September 20, 2001 WHERE: Eastmoreland Golf Course, 2425 S.E. Bybee Blvd. , Portland, OR 97202 (503) 775-2900 RULES: Format: Scramble Teams: Picked randomly. We can accommodate team requests (handicaps will be indexed.) This event is also open to customers. Carts: Golf Carts available on a limited basis. Contact the course early to reserve. Prizes: 1st Place / Long Drives, KP (Men & Women) COST: Golf: $50.00 UAEL Member and $60.00 Non-Member Dinner: $25.00 UAEL Member and $35.00 Non-Member Deadline: All registration must be received by September 7, 2001 For more information please contact: Gary Parker, CLP, GE Capital/Colonial Pacific Leasing at (800) 801-3852 or visit the UAEL website at www.uael.org. Please fill out completely and fax or mail with payment to: UAEL 520 Third Street, Suite 201 Oakland, CA 94607 tel (510) 444-9235 fax (510) 444-1346 Name: Company: Address: City / State/ Zip: Phone/Fax: Email: PLEASE CHECK ALL THAT APPLY: I / We will be attending the: Golf Tournament _____ $50.00 UAEL Member _______$60.00 Non-Member Dinner _____ $25.00 UAEL Member __________$35.00 Non Member PAYMENT INFORMATION:(Check One) CREDIT CARD # EXPIRATION: NAME ON CARD: The mission of UAEL is: "to further the welfare of its members and to provide and promote a forum for interaction and programs which enhance business opportunities." UAEL Los Angeles Region Presents Anatomy of a Lease 101 Tuesday, September 25, 2001 9:00am - 5:00pm Location:Four Points Sheraton, Culver City 5990 Green Valley Circle Culver City, CA 90230 Registration: $99.00 - UAEL Members $119.00 - Non UAEL Members History of Leasing This segment covers in brief the evolution of leasing from 'captives' to modern day leasing. A brief discussion of the classification of leases from the perspective of accountants, the IRS and the law will be included. Credit We'll overview this process to give some insight into the role and purpose of credit, the elements of small, medium and large ticket credit decisions, and credit enhancements. Documentation Included in this discussion will be an overview of 12 lease documents and their purpose. A short discussion will also cover sales, property and income taxes. Funding Included in this topic are discussions regarding Sources of financing for the Broker, Lessor and funder, a 'due diligence' checklist, and an introductory discussion of discounts, reserves and holdbacks. Collections This topic includes introductory discussions of the signs of delinquency, progression of the collection process and remedies. We'll also explore types of repossession and the concept of the commercially reasonable sale. Sign Me Up for Anatomy of a Lease 101 on Tuesday, September 25, 2001! Please fill out completely and fax or mail with payment to: 520 Third Street, Suite 201 Oakland, CA 94607 tel (510) 444-9235 fax (510) 444-1346 Name: Company: Address: City / State / Zip: phone: Email: PAYMENT INFORMATION:(check One) oVISA / MC oAMERICAN EXPRESS oCHECK Total: CREDIT CARD # EXPIRATION: NAME ON CARD: event: LA 101 Joanie Dalton - Managing Director UAEL - United Association of Equipment Leasing 520 Third Street, #201 Oakland, CA 94607 (510) 444-9235 x27 (510) 444-1346 fax joanie@uael.org www.uael.org ### ###################################### ############# Seismiq, Inc. adds resources to expand its national sales efforts for its Web-enabled solutions
San Bruno, California – Seismiq, Inc., a company focused on providing the equipment-leasing marketplace, with full-life cycle lease management software solutions, announces today the addition of two veteran sales professionals to its team. To enhance the overall sales efforts of Seismiq’s end-to-end solution, Gary Amos and Doug Leininger have joined the company as Global Account Managers. Both individuals will be responsible for pursuing new customer relationships, managing existing accounts and identifying innovative ways to enhance Seismiq’s sales initiatives. Gary Amos joins Seismiq from GE Capital where he was a Business Development Manager in the company’s Office Technology Financial Services group. Amos’ background includes positions as Program Management Team Leader and Middle Market Account Executive at GE Capital. Prior to GE Capital, he was with DLL (formerly Tokai Financial Services) working in Sales, Inventory Finance and Program Management. Amos has more than 11 years experience in the Equipment Leasing Industry. He will be located in Wayne, PA. Doug Leininger has more than 18 years of experience in the equipment finance industry, in positions ranging from business development and sales management to consulting and training. He has worked for such organizations as Dell Financial Services, BancBoston Leasing (now a part of Fleet Capital Leasing), BankAmerica Leasing and Capital Group and the former Amembal & Isom Lease Education and Consulting. Leininger will be located in Austin, Texas. Seismiq, Inc. was created to provide Web-enabled, fully automated solutions to complex financial transactions. Its primary business segments are Application Services, Business Process Outsourcing and Strategic Consulting. Seismiq is headquartered in San Bruno, CA. To learn more about the company, please visit its Web site at www.seismiq.com.
Sites of Reference: http://www.seismiq.com CONTACT: Patty McGann Seismiq, Inc. Phone Number: 727-726-6245 Fax Number: 727-726-6245 E-mail: ampm@mindspring.com ( Courtesy of ELAoneline.com ) ########### ####################### ############## Sharon K. Davis Joins Textron Financial’s Finance Company Services
COLUMBUS, OH,--Sharon K. Davis has joined Finance Company Services (FCS) as Director – Business Development, announced Mark D. Quinlan, Finance Company Services President. A division of Textron Financial Corporation, FCS is a specialized financial service company serving the needs of the small- to-mid-sized independent lending community. As Director – Business Development, Davis will be responsible for developing new client relationships and for ongoing portfolio management. She will also seek to cultivate relationships with venture capitalists, investment bankers and others in the capital marketplace. Prior to joining FCS, Davis was a commercial lender at Fifth Third Bank in Columbus, Ohio where she specialized in serving clients with annual revenues of $10 – 75 million. Previously, she worked as a Vice President, commercial lending of Wheeling National Bank where she successfully underwrote and managed a $7 million portfolio of small business relationships. Davis earned a Master of Business Administration degree from The Ohio State University and Bachelor of Business Administration degree from Marshall University. She is based in the FCS headquarters in Columbus, Ohio and can be reached at (614) 229-7979 or skdavis@tfc.textron.com. Finance Company Services is a division of Textron Financial Corporation. Headquartered in Columbus, Ohio, FCS also has regional offices in Williamstown, Massachusetts and Lutz, Florida. Textron Financial is a diversified commercial finance company with $8.2 billion in managed receivables and twenty-two years of record earnings. Its market-aligned businesses provide lending and leasing to small and middle market companies, as well as financial services that include asset management, syndications, portfolio servicing, and insurance brokerage. Textron Financial also provides specialty finance for the golf and timeshare industries. Additional information about the company is available at www.tfc.textron.com. Textron Inc. (NYSE: TXT) is a $13 billion global, multi-industry company with market-leading businesses in Aircraft, Automotive, Industrial Products, Fastening Systems and Finance. Textron has a workforce of over 70,000 employees and major manufacturing facilities in 30 countries. Textron is among Fortune magazine’s “Global Most Admired Companies” and Industry Week magazine’s “Best Managed Companies.” Additional information is available at www.textron.com. CONTACT: Hillary T. Jeffers Phone Number: (614) 229-7979 E-mail: hjeffers@tfc.textron.com ( courtesy ELAoneline.com ) ########################## ########################
|
|
