Sales: Long Established West Coast Co., lessor/broker looking to expand. Top commission/salary/bonus. Organized with sales experience in small/mid size leases a necessity. Home office OK. Experienced back office support.
Contact
About the Company:
,
Tuesday, July 6,2004
Headlines---
Classified Ads---Asset Management
Archives,July 6,2001 Manifest Insurance Policy
Norvergence Files Bankruptcy?
Bulletin Board Complaint:
Genesis Commercial Capital, Irvine, California
Classified Ads---Help Wanted
News Briefs---
"Gimme that Wine"
This Day in American History
Baseball Poem
######## surrounding the article denotes it is a “press release”
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Classified Ads---Asset Management
Asset Management: Austin, TX. 20+ years exper. lease/finance. P & L responsibility, strong credit & collection management, re-marketing& accounting. Computers, construction, auto & transportation. Both commercial/ consumer portfolios. Email:
Asset Management: Bloomfield Township, MI.
15+ yrs experience asset management and credit analyst.
Leadership and training skills. Audited returns, max residual, lease endand resale negotiator.
E-mail:
Asset Management: Chicago, IL. MBA, 15+ years exp. Long history of success in maximizing residual position through outstanding negotiation skills & lease contract management. Third party re-marketing, forecasting etc... email:
Asset Management: Oxnard-Hollywood Beach, CA.
19 Years w/Equity Analysis/Placement and Residual Forecasting of Computer Assets. Portfolio Manager for Two Major Lessors and Strong Analyst Background w/Leading Information Services Firm.
email:
Asset Management: Princeton, NJ.
Asset management/credit/collection
20+ years experience in equipment financing. Last five years in Asset Management including remarketing, end of lease negotiations, equipment and market evaluations E-mail:
94 “Job Wanted “ ads available at:
We get results. List your ad. It is free. Go to:
This week we will also start with pictures of applicants and/or
their personal web sites or resumes.
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From Our Archives, July 6,2001 Manifest Insurance Policy
Manifest Still Has Insurance Guarantee as US Bancorp
Manifest Insurance Policy
“In today's competitive marketplace it seems as though everyone is trying to get more from their current base of customers. Whether it is your lessee base or your vendor base, we would all agree that these are the lifelines of any third party leasing company. At Manifest Funding Services, we understand the importance of your customer base and we would like to insure the protection of these Lists with the following policy:
“Your lessee and vendor lists will remain confidential to Manifest Funding Services. At no time will this information be shared with anyone outside Manifest Funding Services. This policy holds true even if your company is no longer doing business with Manifest Funding Services.
“At Manifest Funding Services, we take this "Insurance Policy" very seriously. We understand that the cost of a "claim' against our integrity far outweighs any revenues that we might receive from a vendor or lessee that calls us directly.”
Troy Molitor
Senior Vice President
Manifest Funding Services
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Norvergence Files Bankruptcy?
by Christopher Menkin
Troubled Newark-based telcom has assets frozenPlay the video
NEWARK- Employees at Norvergence Telecommunications say they were told to leave their jobs and that they would not be getting paid. That message comes a few days after the state Labor Department began investigating the Newark-based start-up company.
Employees tell News 12 New Jersey that the company has been forced into bankruptcy. They say they were told that they would have to leave the facility immediately and would be informed about the status of the current payroll.
State officials originally began investigating Norvergence after workers complained that their paychecks were bouncing. Norvergence officials said the company has grown too fast and they have had a hard time keeping up with cash flow.
Norvergence had promised to pay all of its employees by the end of the week.
Leasing News has been writing about the troubles and background
of Norvergence for two years, quoting Robert J. Fine, who is the
Norvergence Bank-Funder contact under the title of Director of StrategicRelations. As critics have noted to us, he also serves as the popular president of the Eastern Association of Equipment Lessors.
The complaints range from the value of the actual collateral to the service, with many warning that when Norvergence fails, it will erupts into a class action suit similar to the one that cost Microfinancial millions of dollars. The “distance” between financing and approving the seller plus servicer of the equipment
may be decided by a court of law or another jurisdiction.
In the course of looking into the complaints, with several be” satisfied” by the funders involved ( perhaps along with Norvergence, as we never learned the actual details, just the results that the customer’s complaint was “satisfied.,” these following comments were received:
.The complaints are all over the internet and Norvergence is becoming the joke of the leasing industry... reason that funding sources aren't coming forward is that they are scared if they blow the whistle and stop funding Norvergence the house of card will fall very quickly ‘pyramid scheme’."
“I think the thing that scares me most with my clients asking me "what to do and what do you think I should do?" is 2 things: 1) The CEO is Peter Salzano, brother to Tom Salzano (who in fact is the "silent” Chief), who if you type his name in a "search", his name is not good in the industry. He cannot be named as an executive because he is wrathed in litigation of slamming in his past ownership companies who have since ALL filed Chapter 11...Minimum Rate Pricing, Inc, Parcel Consultants Inc, National Tele-communications, Inc. So the history of these brothers that they are fly-by-night, make-a-quick $ and leave customers in the rubble and giving this industry more bad apples to deal with.”
” Norvergence is truly a scam and this is how it works. The "Screening Manager" (better known as a "Salesperson") collects telecom bills from the company they are meeting with. The company's current costs are added up; Norvergence then reduces that cost by 30%. Once that number is determined, Norvergence then backs out the cost of the T1 and the Unlimited Cellular to determine that company's "Matrix" box price. All current costs, less 30%, nominal T1, and cellular costs are applied to the price of the box. That is why they can't put a price on the box. They have to figure out how much a company is
currently spending and squeeze every last dime into the cost of the box. The customer is then bound to the 5 year agreement with the bank, regardless of service level provided by Norvergence..”
” The box has nothing to do with the savings, it is a way for Norvergence to claim its' value so they can charge the customer all of their current telecommunications expenses less the 20% or 30% discount.Norvergence puts all of the value in the box and then it is then funded through a bank. Norvergence receives 5 years of Telecom upfront. Now if the customer is unhappy with the service (I've seen several complaints about the cellular portion of the solution) TOO BAD! The customer has signed a binding document with a bank. In reality, they are paying a bank for their telecom.”
’ This magical box is nothing more than an Adtran IAD (Integrated Access Device retailing for about $500). The really sad thing is that if a customer is just getting DSL or Cable High speed internet, the box does absolutely nothing!!!”
” I called Nortel corporate headquarters today, and was indeed notified that litigation is pending against Norvergence for misrepresentation. I was told this is part of Norvergence's attempt to lure new customers. They are not a business partner. Nortel informed me that they may be reselling some Nortel hardware, although that would not have been obtained from Nortel as a Nortel reseller.
The problem is signing a contract with a third party leasing company for five years. If Norvergence goes out of business in a year, you are stuck paying for worthless equipment and have to go back to your current system.”
Leasing News is attempting to obtain a statement from Norvergence, plusconfirm or deny the television news reports that the company has filedfor bankruptcy protection.
Bulletin Board Complaint:
Genesis Commercial Capital, Irvine, California
It appears OrangeCounty is getting a rap from vendors and lessees as one of themany remarks Leasing News receives is “to stay away from leasing companies in OrangeCounty.” This comes from customers and vendors. Leasing News may be publishing two more complaints this week about companies located in Irvine, California.
This complaint from John Darlington in Jacksonville, North Carolina startedout with Nationwide Funding, Illinois, whom we are waiting a statementto learn their side of the story. The advance rental has not been returned here. We await their statement and then will contact Mr. Darlington, although his position is clear in his letter, specifically, they did not provide him with an equipment lease, as he suspects it is his not his credit or financial ability, but the fact the equipment was built in 1982 and is too old for 100% financing.
In this complaint, Darlington bounced from Nationwide to Genesis whomade promises both in writing, and over the telephone, according to Mr. Darlington.
The Genesis Commercial Capital web site
promises:
“Financing your equipment shouldn’t be a headache.
Genesis makes things simple.
• $150,000 approval with 1-page credit application
• Lease approval within 24-48 hours
• "Plain English" documentation”
Genesis approved the lease with $5,000 down to keep under $75,000,as that was their funder’s requirement, Mr. Darlington was told, but never produced documentsor paid the vendor. The funder was allegedly CIT. Again, it was reportedly the age of the equipment.
Here is Mr. Darlington’s story:
Mr. Darlington found out his local law enforcement had no jurisdictionin Orange County, California, no receprocation. The FBI told him it was “too small”for them to work on. He did call the Irvine Police Department,which evidently was enough to get back his $5,000 thatwas to lower the amount to be financed to $75,000, but also put thei matter into the category of a “civil dispute.”
The $3,514.80 Genesis does not want to return to Mr. Darlington, statingon the telephone they had approved the lease and accordingto the document he signed, “In the event a lease is not commencedat the electionof the lessee then the above stated deposit willbe retained by Genesis as compensation for expenses incurred in investigating the credit of lessee and for general overhead expenses incurred by Genesis in the proposed tansaction.”
“While there are several e-mails and notes regarding communication onthe return of the advance rentals, this is the statement from the presidentof the company’
“While I appreciate your desire to mediate on our behalf, Genesis Capital is not in need of such services. Additionally, as a matter of prudence, we would never share proprietary information concerning our lenders, clients, contracts, or potential clients with a third party. As such, we are not willing to provide a statement for your newsletter on this matter. Nor do you have our permission to print any written correspondences between our companies in your newsletter. “
Brian M. Schonfeld
GeNESIS COMMERCIAL CAPITAL
"Equipment Leasing and Mortgage Financing"
17910 Skypark Circle, Suite 105
Irvine, CA92614
Phone 800-531-0371 x 211
Fax 949-851-4946
Mr. Darlington is considering filing a complaint with the California Departmentof Corporations, which will investigate the complaint whether the party is “in state”or “out of state,” as Genesis Commercial Capital is licensed under the FinanceLender’s Law.
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Classified Ads---Help Wanted
Account Executive
Account Executive: Leasing professional in the small to middle market with at least 3 years business development and direct sales experience. Dallas, Denver or Chicago location. Strong commission plan plus benefits. E-Mail .
About the Company: Bank of BlueValley is a locally owned community bank with $600 million in assets. We are one of the leaders in the Kansas City financial community. Our bank offers true community banking with services,
products and convenience for businesses, families and individuals seeking a complete banking relationship. Check out our website @
Business Development Office
Business Development Officer, leasing exp.,min 3 yrs business & direct sales exp. Banking procedure knowledge helpful. Gilroy, CA location, serving four surrounding counties. E-mail or see Career Opportunities
About the Company: Pacific Capital Bancorp is a $5+ billion, multi-bank holding company dedicated to providing an enduring network of community banks on the Central Coast of California. This unique partnership of independent banks provides customers in six California counties with the financial strength and product diversity of a big bank, delivered with the responsiveness and personalized attention of a local community bank.
Marketing Indirect Origination
MARKETING INDIRECT ORIGINATION:
New York. One of the largest ind. equip.lessors needs motivated, self-starter to purchase single investor leases from institutional investors; min.transaction $1 million; portfolio of primarily investment grade lessees/good "story credits".
Min 3 yrs exp. sourcing/ originating leasing transactions, knowledge credit and pricing.
E-mail:
Sales
Sales: Long Established West Coast Co., lessor/broker looking to expand. Top commission/salary/bonus. Organized with sales experience in small/mid size leases a necessity. Home office OK. Experienced back office support.
Contact
About the Company:
Sales: Established 20-year full service lessor seeks sales professional in small or mid ticket markets. Earn high commissions, with benefits.
About the Company:
Specialist
Port Leasing Sales Officer - Port of Long Beach: conducts/oversees negotiations for leases, permits, property acquisition; prepares lease proposals; negotiates prop. acquisition; neg. lease agreements with new/existing tenants; develops financial info. to analyze lease proposals. College degree expected. Contact: Stuart Satow, CPS Executive Search 916-263-1401, Recruitment brochure
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News Briefs---
Service base drives June's job growth
'The Fed's behind the curve'
Court rules Amtrak workers can't walk off the job
You've Got Mail (and Court Says Others Can Read It)
Mortgage Rates Fall
More online retailers taking checks, invoices
Michael Moore Snubs Independent Theaters/File is in the Real Media
Format-headlined:SEE THE 3-MINUTE DOCUMENTARY
THAT MICHAEL MOORE DOES NOT WANT YOU TO SEE
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“Gimme that Wine”
Hogue Cellars Releases Results of Wine-Closure Study, Switches to Screw Caps
Offering cheaper land and a slower pace, El DoradoCounty is drawing newcomers who want to hop on wine bandwagon.
Wine Booming in Michigan
When the Love Affair Begins to Fade—Frank J. Prial
Biodynamos
Cutting-edge vintners put their wines to a taste test
2004 ANNUAL CONFERENCE & EXPOSITION (ACE)October 21-24, 2004
Hyatt Regency Monterey
MontereyCalifornia
If you are a former UAEL member and would like to attend the 30th anniversary party, please call Joe Woodley or email to:
- Download Conference Brochure (PDF)
- Register Online
- Become an ACE Exhibitor
- Become an ACE Sponsor
- Visit Conference Sponsors
United Association of Equipment Leasing
78120 Calle Estado, 201
La Quinta, CA. 92253
760.567.2227 / 760.564.2206 Fax
This Day in American History
1526 -The first European settlement in what is now located in South Carolina,
San Miguel de Guadalupe, was established by Lucas Vazsquez de Vyllon, who led some 500 or 600 settlers from Hispaniola to this coast location. The site of the settlement was thought to be just north of the Peedee Rive. Many of the settlers died of fever. After Ayllon succumbed himself on October 18, the approximately 150 surviving settlers returned to Hispaniola. The Spanish were the first group interested in this part of the America’s, Juan Ponce de Leon discovering Florida, claiming it for the King of Spain. Members of his expedition reached the Mississippi River, and Juan Rodriquez Cabrillo not only went as far as Mexico, but in 1542, also landed near what is now Ballast Point, San Diego, then discovered Santa Catalina Island, San Pedro Bay, the Santa Barbara Channel, and other West Coast landmarks, which bear the names he gave them today.
1747-American naval officer born at Kirkbean, Scotland. Remembered for his victory in the battle of his ship, the Bonhomme Richard, with the British frigate Serapis, Sept 23, 1779. When Jones was queried: "Do you ask for quarter?" he made his famous reply: "I have not yet begun to fight!" Jones was victorious, but the Bonhomme Richard, badly damaged, sank two days later. Jones died at Paris, France, July 18, 1792.
1757 –Birthday of William McKendree, colonial American church leader. In 1808 he was ordained the first American-born bishop of the Methodist Episcopal Church.
1776-The Pennsylvania Evening Post of Philadelphia, PA was the first newspaper to publish the Declaration of Independence.
1847—Birthday of Ellen Martin Henrotin - wealthy U.S. widow who used her money to make the 1893 Chicago World's Fair the national focal point for feminist activity. Most importantly, she lead a committee that forced the closing of hundreds of brothels in Chicago and brought about the downfall of the flourishing "white slavery" trade in which women were kidnapped into prostitution.
1865-Birthday of Mina Miller , the seventh of eleven children. She met Thomas Edison at the home of a mutual friend of her father and Edison, the inventor Ezra Gilliland. Her future husband claims he taught her Morse code so that they could converse in secret, even while the family watched. This is how Edison claims he proposed marriage and how she responded "yes." The two married on February 24, 1886. The couple moved into Glenmont, the Edison’s' new home, after their honeymoon in Florida. At age twenty, the new Mrs. Edison became a stepmother to Mary's three children. It was not an easy task. She was less than ten years older than stepdaughter Marion. Although Mina tried to nurture her new family, Marion later described Mina as "too young to be a mother but too old to be a chum." Her role as Mrs. Thomas Edison was also difficult: Edison frequently stayed late at the laboratory and forgot anniversaries and birthdays. Yet he seemed to love his "Billie." A note found in one of Mina's gardening books reads, "Mina Miller Edison is the sweetest little woman who ever bestowed love on a miserable homely good for nothing male (sic)" As Thomas Edison supervised his "muckers" down the hill (at his laboratory), Mina hired and supervised a staff of maids, a cook, a nanny and a gardening staff. She even called herself the "home executive." After 1891 she, not her husband, owned the house. (This protected the house from being seized to pay Edison's debts if he went bankrupt.).Four years after Edison died, Mina married childhood sweetheart Edward Everett Hughes. The two lived in Glenmont until Hughes died in 1940, when she once again adopted the name of Mrs. Edison. She lived at Glenmont until her death on August 24, 1947.