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From: "Christopher Menkin" <kitmenkin@...>
Subject: IFC Credit Corp., Morton Grove, Illinois
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DZ Bank may be holding the largest bag, but no filings at this time. Once o=
ne of the largest securitization buyers, they are in full retreat from the =
shores of the United States. The biggest filing to date perhaps comes from =
the sale of First Portland Corporation dba First Corp. There are two cases =
filed against IFC Credit Corporation by First Chicago Bank, one on June 7, =
2009 and one on June 15, 2009, Cook County, Illinois. One a replevin case i=
n the Law Division filed by First Chicago Bank Trust against IFC June 15th.=
No response filed, and no appearance by counsel by IFC. The first involves=
the same parties, seeking injunctive relief in the Chancery Division, file=
d July 7th. The second concerns a hearing scheduled today regarding Len Lud=
wig who may be the sole owner at this time having a 100% pledge of stock ag=
reement regarding the sale of First Portland Corporation dba First Corp to =
IFC Credit in 2003 (he was one of the two owners.)=20
John Estok, CLP, was the president with Len Ludwig as CEO, whose major part=
ner was Arthur Levinson (reportedly now living in Israel.) John Estok, CLP,=
went to work at IFC Credit under different positions and readers may know =
his name well do to the many stories about the IFC Credit NorVergence fiasc=
o ((Estok was instrumental in trying to keep the telephone companies from t=
urning off service, as reported in many court cases, actually obtaining hol=
dbacks from NorVergence leases not disclosed in seeking restitution from No=
rVergence lessees (SOS is one case.)) The June 15 filing first involves the=
same parties, seeking injunctive relief in the Chancery Division, filed Ju=
ly 7th. First Chicago Bank Trust was granted a temporary restraining order.=
Wednesday, (Vince) Borst and Collins, filed an appearance.=20
At this time there is also $1,000,000 default filed June 3, 2009, by Dong Y=
oul Lee of California who invested in IFC Credit, claiming IFC has failed t=
o repay the loan (part of the Blue Dot connection and the reason many belie=
ve Rudy Trebels, CLP, founder of IFC Credit, Morton Grove, Illinois purchas=
ed the company for the access to Korean money.) There are banks, too, seeki=
ng money, such as Manufacturers and Traders Trust Company (MT&T), successor=
by merger to Court Square Leasing, who filed on June 29th claiming $518,84=
3 owed (now $38,885.26 interest as of February, 2009 and attorney fees of $=
51,848.35) now at $609,218.14=20
Ironically in doing the research on IFC and First Corp. (which appears to b=
e more of a name than a separate operating company, seen from the filings),=
I finally found proof that I was looking for. Throughout the last two year=
s, and more recently since the end of last year, Leasing News has been prin=
ting complaints from vendors not being paid, brokers not being paid, and th=
e NorVergence leasing cases lost or position of IFC Credit. Alerts have bee=
n posted. A threat of a lawsuit from Askounis & Borst, the breakup of their=
law firm (perhaps stemming from Gulfcoast Workstation Group malpractice su=
it involving Medmarc Casualty Insurance Company) did not deter the reportin=
g.=20
At the time, Leasing News had heard that the new firm Askounis & Darcy was =
not paid for legal representation in NorVergence lease cases, being told by=
defendants they were so notified. A telephone call to Tom Askounis regardi=
ng this to confirm or deny brought several "no comments" to questions asked=
.=20
What I found was on June 12th a suit filed by Askounis and Darcy suing IFC =
for approximately $170,000.00 in attorney's fees not paid!=20
Texas Attorney Scott Mackenzie has two broker law suits against IFC Credit =
for brokers not being paid. Leasing News gets reports of other brokers not =
paid, as well as vendors still not being paid by IFC Credit, such as a new =
one from a vendor owed $50,000. He feels lucky, he says, as three of the ot=
hers leases that he had received purchase order on, the lease contracts wer=
e sent back, so he will take them elsewhere. The deposits were not returned=
to the applicants or the vendor. He is going to instruct the lessee to sto=
p making the lease payments as his company was not paid ( plus his company =
provides service on the equipment.)=20
There are also broker calling Leasing News from the last publication to lea=
rn if their deals in funding will be funded! There are vendors not paid in =
full since December calling that they were receiving monthly that IFC Credi=
t agreed to make.=20
There also is the FirstCorp in the Wildwood Industries bankruptcy. Apparent=
ly, IFC originated a number of the most recent multi-million dollar leases =
with Wildwood, which were financed by/sold to FirstCorp. All of the recent =
Wildwood leases appear to be phony - massive vendor/lessee fraud. As well a=
s many Sheldon Player/ Equipment Acquisition Resources transactions.=20
In addition, banks have been taking over servicing and other banks backing =
out such as Susquehanna reportedly did, and one other now actively taking o=
ver the service of their loan to IFC Credit.=20
According to several reliable sources, all employees at Pioneer Capital, Ad=
dison, Texas will soon be terminated, as well as IFC Credit Corp., Morton G=
rove, Illinois, except perhaps for three executives: David Keenan, Senior V=
ice President, Controller and Treasurer, Dave Farber, Senior Vice President=
of FirstCorp Vendor Sales & Marketing, Scott A. Jarnac, Senior Vice Presid=
ent of IFC Middle Market Sales.=20
Leasing News has been attempting to alert readers about IFC Credit since th=
e NorVergence scandal and the lack of payment to brokers, vendors, even ban=
ks. Perhaps DZ Bank will be the hardest hit. Others will be left without re=
course and perhaps other losses not discovered yet.=20
Outside auditors reportedly representing several banks continue their role =
in Morton Grove. There is a skeleton staff in Morton Grove, Illinois. Pione=
er still has a staff on duty, according to President John Boettigheimer. He=
has not heard of anyone being terminated. He was not aware of the hearing =
today in Cook County Circuit Court, Illinois. It appears the announcement o=
f the hearing today in Cook County Circuit Court, Illinois that led one exe=
cutive in Morton Grove to tell employees to go home, which lead to the talk=
they were let go.=20
John Boettigheimer seems to have been left out of the loop, and perhaps sta=
rting at the end of last year. The notices about not having funds or not fu=
nding and all the disruptions were instituted by him, but not sent out or i=
n the timely manner as he wanted, according to an inside source not in Texa=
s where the company is located. The last notice did not concern IFC Credit =
and was held up for almost two weeks, another source confirmed to Leasing N=
ews. Boettigheimer wanted it sent out earlier. He has not been involved in =
the IFC Credit operation in Morton Grove, Illinois. Assets of his company h=
ave reportedly been pledged so for it to succeed would take a magic wand fr=
om Len Ludwig, one of the former owners of First Portland Corporation.=20
Not seen in two weeks are IFC Credit founder Rudy Trebels, CLP, who was tol=
d along with Marc Langs, Chief Financial Officers, to take a hike while the=
auditors looked at what assets were available. Trebels is guessed to be at=
his home in Florida, but then again, may be in the court hearing today.=20
There is also talk going on with accounting auditors regarding lessee payof=
fs not being made to the credit providers, but IFC Credit making the lease =
payments instead of paying off the bank. Should the matter be placed into b=
ankruptcy by any three creditors or a receiver be appointed today, this inf=
ormation from all sides will become public.=20
Lee $1 million complaint:=20
http://leasingnews.org/PDF/Lee.pdf=20
MT&T Complaint=20
http://leasingnews.org/PDF/MT&T.pdf=20
First Chicago Bank Trust replevin=20
http://leasingnews.org/PDF/firstchi_ifc.pdf=20
Askounis-Darcy suit IFC Credit Law Fees=20
http://leasingnews.org/PDF/1stchi_ifc_chancerylaw.pdf=20
Major Decision: IFC Credit loses SOS Appeal=20
http://www.leasingnews.org/archives/March%202009/03-09-09.htm#ifc=20
IFC Closing Down=20
http://www.leasingnews.org/Conscious-Top%20Stories/IFC_stories.htm=20
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"Christopher Menkin" <kitmenkin@...>
leasingnews
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