2003 June Issue

JUNE 2003
The Monitor 100

FEATURES

Strategic Growth - A Multi-Faceted Approach
By Paul A. Larkins
Key Equipment Finance has experienced unprecedented growth both organically and through acquisition. Its core strength continues to be its ability to recognize and capitalize various talents and competencies through a multi-faceted approach. (Ref # CPR070)

DLL & Global Alliances… Creating True Strategic Partnership
By William Stephenson
A financial services partner with existing operations "in country" can help the manufacturer to bypass the legal and regulatory hurdles associated with financing in a foreign land. With this in mind and by utilizing a Global Account Management model, De Lage Landen is viewed as a strategic partner in the implementation of its customers' strategies. (Ref # CPR071)

Mergers & Acquisitions… Believe It or Not, Opportunities Still Exist
By Tom Wajnert and Steve Sherman
Can mergers or acquisitions be successful in today's market? Certainly, with the right combination of due diligence and precise assessment and matching of each party's resources and capabilities. The only way to address today's many challenges is through a strong strategic vision, and the ability to foster positive change through communication. (Ref # MER034)

Merrill Lynch Capital… Willing to Roll Up Its Sleeves
An Interview with Richard Remiker, Managing Director of Merrill Lynch Capital's Equipment Finance
(Ref # PRO071)

Fitch Ratings/Q1 2003: ABS Delinquency Directions
By Sara Grohl
Although the leasing industry continues to emerge from a long-term period of negative ratings news, economic instability has impacted the industry by causing lower origination volumes and soft end-user demand. In turn, portfoliowide delinquency and loss rates have trended upwards despite tightening credit standards. (Ref # CRD057)

Enhancing Competitiveness: A Captive's Raison d'être
By Irv Rothman
Critics frequently claim that captive financing units are capital-intensive and burdensome to the parent because of credit risks. In the following article, Irv Rothman of HP Financial Services counters this viewpoint by explaining that if the captive is well-managed, it can deliver a healthy return to its parent - even in difficult economic cycles. (Ref # CPL013)

Equipment Leasing Association: On a Mission to Deliver Value
By Michael J. Fleming
Lessors have seen tough business cycles before, and will come through this one as they always do: smarter and stronger. In turn, the Equipment Leasing Association continues to make itself smarter and stronger and strives to be the best resource for the industry it serves. (Ref # CPR080)

A Marketing Strategy For All Seasons
By John Barry
Has your marketing strategy left you in the doldrums, waiting for the economic tide to turn? In the following article, veteran marketing professionals discuss effective marketing techniques to be used in good times as well as bad. (Ref # SAL127)

Residual Value Curves: Appraisers Face New Challenges
By D. Gregg Dight
In today's economy, with interest rates at historic lows, single investor and leveraged lease financing markets are facing new challenges to maintain respectable levels of returns. With this comes the heightened challenge of the appraiser to develop residual value curves that assist the project and reflect supportable values. (Ref # EQM118)

Cat Financial & FCC Equipment… One Happy Marriage
By Chris Regas
Combine an infusion of capital, strong technological capabilities and compatible cultural values and it's easy to understand why the union of FCC Equipment Finance and Cat Financial has proven to be one happy marriage. (Ref # CPR082)

Wells Fargo Foothill Provides Cover When Lightning Strikes
By Andrea L. Petro
Even though lightning struck twice, the lending relationship with Wells Fargo Foothill Lender Finance and HPSC, an equipment finance company specializing in the healthcare industry, has proven to be durable yet flexible when necessary. (Ref # FNF102)

MONITOR 100 SUCCESS STORIES

FCC Equipment Financing: A Young Company with a Distinct Approach
An Interview with Chris Regas, President of FCC Equipment Financing (Ref # CPR072)

J.P. Morgan Leasing: Strong Work Ethics & Professionalism Prevail
An Interview with John Unchester, President and CEO of J.P. Morgan Leasing (Ref # CPR073)

TCF Leasing: $1 Billion Milestone Reached
An Interview with Tom Jasper, Senior Vice President and CFO of TCF Leasing (Ref # CPR074)

Bank of the West: Consistent Culture in Good Times & Bad
An Interview with Jerry Newell, Senior VP and Manager of Bank of the West 's Leasing Division (Ref # CPR075)

Center Capital: Consistent, Disciplined Players
An Interview with Mitchell Weiss, President of Center Capital Corporation (Ref # CPR076)

Fifth Third Leasing: Persistence Is Key
An Interview with David Merrill, President of Fifth Third Leasing (Ref # CPR077)

Marlin Leasing: Stick To Your Knitting
An Interview with Daniel Dyer, CEO of Marlin Leasing (Ref # CPR078)

Olympus Financial: Nine Straight Record Years
An Interview with John Tabone, Vice President of Olympus Financial Services Group (Ref # CPR079)

COLUMNS

CAREER MOVES
Salary Negotiations
By Jim Pawlak
Phil is looking for a new job and wants some tips about negotiating for salary and benefits. There are five guidelines to think about before you start cutting the deal: (Ref # JBS072)

LEGAL WATCH
A Lease Is Not a Lease Until the Bankruptcy Court Says So
By Andrew K. Alper
In 1994, the Bankruptcy Code was amended to include 11 U.S.C. §365(d)(10)with respect to equipment leases.Section 365(d)(10) states, in pertinentpart: (Ref # LGL106)

TOP GUN
The Market Niche: Gold Medal Leasing Companies
By Michael Granieri
I keep preaching to my seminar attendees that if they think they can still sell the equipment lease the way they did five years ago, then they will have greater success finding a two-legged dinosaur. Unhappily, I encounter lease brokers and leasing companies that are still trying to sell the same way they did 10–15 years ago, and, like that two-legged dinosaur, they may soon be extinct as well. (Ref # SAL128)

DISPATCHES FROM THE TRENCHES
Taking Assignments of Another’s Leases
By Kenneth P. Weinberg, Esq.
Afunder must take certain precautions whenever it takes assignments of leases that have been originated in another lessor’s name (this party will be referred to as the “assignor” throughout this column). These precautions are necessary Taking Assignments of Another’s Leases regardless of whether the funder is taking an outright assignment of the entire lease (including any residual) or taking an assign-ment of the rent stream only. (Ref # LGL105)