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Leases are securitized once a year and prefunding of the next leasing cycle occurs.
The company has recently tried to enter the factoring business, but initial attempts to jump in were complicated with the wrong hiring decision. The company is taking a more measure approach currently.
The company also received a commercial bank charter, but is not pleased with the terms of the charter. They have until mid 2008 to decide if they want to proceed with bank operations. The primary attraction is the lower cost source of funds.
When Marlin went public the key executives were Dan Dyer, Gary Shivers, and Bruce Sickle. First Bruce resigned and was replaced by Lynn Wilson, formerly with GE. Next Gary retired and was replaced with the internal promotion of George Pelose.
Marlin completed the securitization of its current pool of leases. The interest rate required by the buyers was higher than in prior years.
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