From: Kit Menkin <kitmenkin@...>
Subject: [TheAberdeenKid] IFC
To: TheAberdeenKid@yahoogroups.com
Date: Friday, June 26, 2009, 6:38 PM

 

 

IFC Credit Closing Down? by Christopher Menkin, Publisher Leasing News has removed IFC Credit Corporation, Morton Grove, Illinois, from its "Funder List." The company was removed from the "Story Credit" list due to the many Bulletin Board Complaints. Throughout the last two years, and more recently since the end of last year, Leasing News has been printing complaints from vendors not being paid, brokers not being paid, and the NorVergence leasing cases lost or position of IFC Credit. Alerts have been posted. A threat of a lawsuit from Askounis & Borst, the breakup of their law firm, did not deter the reporting. It should be noted Leasing News had heard that the new firm Askounis & Darcy were not paid for legal representation in NorVergence lease cases, being told by defendants they were so notified. A telephone call to Tom Askounis regarding this to confirm or deny brought several "no comment"s to questions asked. Recently the San Diego, California law firm of Troutman-Sanders with cc: Michael A. Leichtling, Esq. of the East Coast office threatened a lawsuit (ironically Leichtling has appeared on the Equipment Leasing and Finance Association panel on Leasing Ethics!). Leasing News believes it was its journalistic responsibility to report the complaints and information. IFC Credit was given every opportunity to respond, make a comment or statement, but did not. Threatening with letters from company attorney (senior litigation attorney) and then outside law firms may work with small lessees who can't afford the legal fees, but not with Leasing News (thank you Ken Greene, for your "pro bono" work on these IFC attorney "threats.") Last month it was reported the company was down to 25 employees from a year ago 106 employees. This week, according to insiders (not John Boettigheimer, president of Pioneer nor Bernie Boettigheimer, CLP, of Lease Police, who have kept more than an arm's distance on this since the reporting of Pioneer funding difficulties) , the company is down to four managers, one customer service representative, and that both Rudy Trebels and Mark Lang were ordered to stay out of the office for two weeks as the creditors do an audit. Leasing News was told the various banks, and at this time we are not going to name them, have taken over the servicing of the accounts, and this has been going on since Leasing News has been reporting about vendors and others not being paid. Reportedly Rudy Trebels has been operating from a separate office not located at IFC, and is planning to move permanently to Florida (not confirmed nor denied.) At this point, it appears that IFC Credit and its affiliates are facing a Chapter 11 bankruptcy, which often becomes a Chapter 7. Pioneer Capital "No Money" Letter sent as Extra Wednesday: http://www.leasingn ews.org/archives /June%202009/ 06-24-09a. htm