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In the Marketplace
The Equipment Leasing and Finance Association ('ELFA') has announced its new Board of Directors and Officers, who will serve until October 2008. William H. Verhelle, CEO and founder of First American Equipment Finance, was elected chairman of the Board, and James J. Ambrose, president, Equipment Finance, GE Healthcare Financial Services, was elected vice chair.
In addition, the ELFA also named the following new members of its Board of Directors: Kent M. Adams, president, Caterpillar Financial Services Corporation; Christa Hemans, president, Court Square Leasing Corporation; James McGrane, president and CEO, US Express Leasing, Inc; Philip R. Rosenblatt, partner, Nutter, McClennen & Fish, LLP; Richard Remiker, managing director, group head, Merrill Lynch Capital ' Equipment Finance; Robert J. Rinaldi, senior vice president, National City Commercial Capital Company, LLC; Frederick S. Summers, chairman and CEO, Vision Financial Group, Inc; Adam D. Warner, president, Key Equipment Finance.
Kenneth E. Bentsen, Jr. continues to serve as president. Kenneth E. Collins, Jr., John M. McQueen, and John M. Butler are the ELFA vice chairs. Edward A. Groobert, partner, Dykema Gossett PLLC, continues to serve as secretary, and David A. Merrill, president, Fifth Third Leasing Company, will serve as treasurer. Valerie H. Jester, president of Brandywine Capital Associates, Inc., is immediate past chair. In addition to Verhelle, Jester, and Merrill, the following are also members of the ELFA Board of Directors: Laurie A. Bakke, vice president, Huntington Bank Equipment Finance; George K. Booth, managing director, Black Rock Capital LLC; Aylin N. Cankardes, president, Rockwell Financial Group; Edward Castagna, president, Nassau Asset Management; Glenn P. Davis, vice president, NorLease, Inc; Crit DeMent, chairman, CEO, LEAF Financial Corporation; Curt F. Glenn, senior vice president ' Portfolio Management, GATX Corporation; Eric Hanson, managing director, LAZARD; Thomas M. Jaschik, group SVP, LaSalle National Leasing Corporation; Cameron W. Krueger, vice president ' Banking and Asset Finance, Capgemini Financial Services LLC; and Joel C. Rutledge, president, BB&T Equipment Finance.
Reed Smith LLP has announced that Brad DeJean has joined the firm's San Francisco office as a member of its firmwide Corporate & Securities Group. DeJean was previously a partner in the San Francisco office of Thelen Reid Brown Raysman & Steiner LLP. He has transactional experience in a wide array of financings, mergers and acquisitions, and equity investments, predominantly in transactions involving energy, transportation, housing, and other infrastructure projects. He represents project sponsors, developers, borrowers, lenders, and equity investors in project financings involving power plants, privatized military housing assets, and transportation equipment.
Thelen Reid Brown Raysman & Steiner LLP has announced that Ellen Friedman has joined the firm's New York office as a partner in the Business and Finance Department. She joins Thelen Reid from Dewey Ballantine LLP in New York, where she has been a partner and has practiced for the past 17 years. Friedman's practice is focused on energy and project finance. She has been lead counsel to a wide variety of financial institutions and entities, including investment banks, equity investors, commercial lenders, and project developers, in connection with domestic and international project financings and other structured financings. Friedman has recently represented major independent power project, wind, and other renewable energy developers on large project financings.
Popular Leasing USA of St. Louis, a subsidiary of Banco Popular North America, has changed its name to Popular Equipment Finance ('PEF') and implemented a strategic realignment, including hiring key executives. PEF now has four key divisions: Commercial Equipment, Healthcare Vendor, Manufacturing Equipment, and Government Leasing and Finance. The company's goal is to purchase and hold portfolios of equipment leases and loans, and it is developing a transaction-based acquisition program for brokers and intermediaries. A new Syndication Group has been added to assist the company's vendors with solutions for their tougher credits. To support its sales efforts, an outbound telemarketing program has also been established.
As part of its realignment, PEF has hired David J. Peters as vice president of operations. PEF has also appointed three new division vice presidents: Aimee Bell, vice president and head of the company's Commercial Equipment Division; Jim Denning, vice president and head of the Manufacturing Equipment Division; and Robin Corney-Horst, vice president and head of its Healthcare Vendor Division.
Resource America, Inc. of Philadelphia has announced that its commercial finance subsidiary, LEAF Financial Corporation ('LEAF'), has entered into a definitive agreement to acquire the business of Dolphin Capital Corp., an equipment finance subsidiary of Lehman Brothers Bank, FSB. The total purchase price of approximately $167 million includes a portfolio of small- ticket leases to be acquired by LEAF and investment partnerships managed by LEAF. In addition, LEAF will retain the lease origination and management platform as well as the small-ticket leasing team including senior management, origination, and operations personnel. Under LEAF, Dolphin will continue its Missouri operations, which are expected to originate in excess of $100 million of additional lease assets for LEAF investment vehicles in fiscal year 2008. With the addition of Dolphin, LEAF's assets under management will increase to nearly $1.7 billion and its annual origination capacity to more than $1 billion. Financing for this transaction will be provided by National City Bank.
CIT Group Inc. of New York has named Kris Snow and Terry Kelleher as co-presidents of CIT Vendor Finance, which provides customized financing solutions to customers in more than 30 countries, supporting a wide variety of industries, including health care, industrial equipment, and technology. Snow previously served as president of CIT Vendor Finance Americas, while Kelleher served as president
of CIT Vendor Finance Europe & Asia Pacific.
The Equipment Leasing and Finance Association ('ELFA') has announced its new Board of Directors and Officers, who will serve until October 2008. William H. Verhelle, CEO and founder of
In addition, the ELFA also named the following new members of its Board of Directors: Kent M. Adams, president,
Kenneth E. Bentsen, Jr. continues to serve as president. Kenneth E. Collins, Jr., John M. McQueen, and John M. Butler are the ELFA vice chairs. Edward A. Groobert, partner,
Thelen Reid Brown Raysman & Steiner LLP has announced that Ellen Friedman has joined the firm's
Popular Leasing USA of St. Louis, a subsidiary of
As part of its realignment, PEF has hired David J. Peters as vice president of operations. PEF has also appointed three new division vice presidents: Aimee Bell, vice president and head of the company's Commercial Equipment Division; Jim Denning, vice president and head of the Manufacturing Equipment Division; and Robin Corney-Horst, vice president and head of its Healthcare Vendor Division.
Resource America, Inc. of Philadelphia has announced that its commercial finance subsidiary, LEAF Financial Corporation ('LEAF'), has entered into a definitive agreement to acquire the business of Dolphin Capital Corp., an equipment finance subsidiary of Lehman Brothers Bank, FSB. The total purchase price of approximately $167 million includes a portfolio of small- ticket leases to be acquired by LEAF and investment partnerships managed by LEAF. In addition, LEAF will retain the lease origination and management platform as well as the small-ticket leasing team including senior management, origination, and operations personnel. Under LEAF, Dolphin will continue its Missouri operations, which are expected to originate in excess of $100 million of additional lease assets for LEAF investment vehicles in fiscal year 2008. With the addition of Dolphin, LEAF's assets under management will increase to nearly $1.7 billion and its annual origination capacity to more than $1 billion. Financing for this transaction will be provided by National City Bank.
of CIT Vendor Finance Europe & Asia Pacific.
Strategy vs. Tactics: Two Sides of a Difficult Coin
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