DZ Bank may be holding the largest bag, but no filings at this time. Once one 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 in 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, filed July 7th. The second concerns a hearing scheduled today regarding Len Ludwig who may be the sole owner at this time having a 100% pledge of stock agreement regarding the sale of First Portland Corporation dba First Corp to IFC Credit in 2003 (he was one of the two owners.)
John
Estok, CLP, was the president with Len Ludwig as CEO, whose major partner 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 fiasco ((Estok was instrumental in trying to keep the telephone companies from turning off service, as reported in many court cases, actually obtaining holdbacks from NorVergence leases not disclosed in seeking restitution from NorVergence lessees (SOS is one case.)) The June 15 filing first involves the same parties, seeking injunctive relief in the Chancery Division, filed July 7th. First Chicago Bank Trust was granted a temporary restraining order. Wednesday, (Vince) Borst and Collins, filed an appearance.
At this time there is also $1,000,000 default filed June 3, 2009, by Dong Youl Lee of California who invested in IFC Credit, claiming IFC has failed to
repay the loan (part of the Blue Dot connection and the reason many believe Rudy Trebels, CLP, founder of IFC Credit, Morton Grove, Illinois purchased the company for the access to Korean money.) There are banks, too, seeking money, such as Manufacturers and Traders Trust Company (MT&T), successor by merger to Court Square Leasing, who filed on June 29th claiming $518,843 owed (now $38,885.26 interest as of February, 2009 and attorney fees of $51,848.35) now at $609,218.14
Ironically in doing the research on IFC and First Corp. (which appears to be 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 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 (perhaps stemming from Gulfcoast Workstation Group malpractice suit involving Medmarc Casualty Insurance Company) did not deter the reporting.
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 regarding this to confirm or deny brought several "no comments" to questions asked.
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!
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 others leases that he had received purchase order on, the lease contracts were 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 stop making the lease payments as his company was not paid ( plus his company provides service on the equipment.)
There are also broker calling Leasing News from the last publication to learn 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 Credit agreed to make.
There also is the FirstCorp in the Wildwood Industries bankruptcy. Apparently, 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 as many Sheldon Player/ Equipment Acquisition Resources
transactions.
In addition, banks have been taking over servicing and other banks backing out such as Susquehanna reportedly did, and one other now actively taking over the service of their loan to IFC Credit.
According to several reliable sources, all employees at Pioneer Capital, Addison, Texas will soon be terminated, as well as IFC Credit Corp., Morton Grove, Illinois, except perhaps for three executives: David Keenan, Senior Vice President, Controller and Treasurer, Dave Farber, Senior Vice President of FirstCorp Vendor Sales & Marketing, Scott A. Jarnac, Senior Vice President of IFC Middle Market Sales.
Leasing News has been attempting to alert readers about IFC Credit since the NorVergence scandal and the lack of payment to brokers, vendors, even banks. Perhaps DZ Bank will be the hardest hit. Others will be left without recourse and perhaps other losses not discovered yet.
Outside auditors reportedly
representing several banks continue their role in Morton Grove. There is a skeleton staff in Morton Grove, Illinois. Pioneer 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 of the hearing today in Cook County Circuit Court, Illinois that led one executive in Morton Grove to tell employees to go home, which lead to the talk they were let go.
John Boettigheimer seems to have been left out of the loop, and perhaps starting at the end of last year. The notices about not having funds or not funding and all the disruptions were instituted by him, but not sent out or in the timely manner as he wanted, according to an inside source not in Texas 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 News. Boettigheimer wanted it sent out earlier. He has not been involved in the IFC Credit operation in Morton Grove, Illinois. Assets of his company have reportedly been pledged so for it to succeed would take a magic wand from Len Ludwig, one of the former owners of First Portland Corporation.
Not seen in two weeks are IFC Credit founder Rudy Trebels, CLP, who was told 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.
There is also talk going on with accounting auditors regarding lessee payoffs 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 bankruptcy by any three creditors or a receiver be appointed today, this information from all sides will become public.
Lee $1 million complaint:
http://leasingnews. org/PDF/Lee. pdf MT&T Complaint
http://leasingnews. org/PDF/MT& T.pdf First Chicago Bank Trust replevin
http://leasingnews. org/PDF/firstchi _ifc.pdf Askounis-Darcy suit IFC Credit Law Fees
http://leasingnews. org/PDF/1stchi_ ifc_chancerylaw. pdf Major Decision: IFC Credit loses SOS Appeal
http://www.leasingn ews.org/archives /March%202009/ 03-09-09. htm#ifc IFC Closing Down
http://www.leasingn ews.org/Consciou s-Top%20Stories/ IFC_stories. htm 
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