GECC Names Mike Daniels President of LEC Leasing
June 14 (Jack’s Journal) – Golf Entertainment, Inc. dba Sienna Broadcasting (OTCBB: GECC) named leasing business veteran Michael F. Daniels to be President of its wholly owned subsidiary, LEC Leasing Inc., effective around July 1, according to GECC CEO Dr. Tim Brooker.
LEC Leasing, reactivated by GECC under Daniels’ leadership, will target the 500 to 1,000 full power television stations which have failed to comply with the Federal Communications Commission order to “go digital” for lack of capital. It will offer customized big ticket leases of the digital transmitting equipment stations need to comply.
“It’s a specialized field,” said Daniels, who has a 20 year record of success in leasing to major firms like American Express, Bed Bath & Beyond, Case, Hertz, Tiffany, Northrup, Grumman, Martin Marietta and others. He racked up 5 straight years of $30- to $35-million revenue years, 1994-98, as President of GECC’s predecessor firm, bossing an organization of 70 sales people in 11 offices.
“Not many lessors handle TV transmitter equipment,” said Daniels. “The competition is limited and what there is offers standard leases with standard prices. LEC will customize a digital equipment lease to a station’s budget.
“The FCC has been lenient in enforcing the digital conversion order, so stations haven’t worried too much about it,” said Daniels. “But that won’t last forever. Let one station be threatened with losing its license, and there will be a stampede.”
Daniels is currently a director of GECC, whose COO, Jim Bolt, said “Mike has a genius for putting together leasing deals, and he has a remarkable track record to prove it. We are confident that he’s the perfect choice to put LEC Leasing back in business in the TV leasing field. He’ll make it a formidable part of our enterprise.”
GECC, soon to change its name to Sienna Broadcasting, Inc., has launched a step-by-step campaign to build a national Spanish language television network.
A $10 million infusion of capital via private placement is underway to provide interim financing for LEC. The company will be headquartered in Las Vegas, NV. LEC is a Nevada corporation. The search for office space is underway. The parent company will handle accounting and administrative details for the restarted leasing firm initially.
Daniels has an agenda for the revitalized company: Its first lease within 2 months. Revenues of $5- to $10-million the first year. Matching or exceeding its previous record of $35-million in revenues within 3 years at most.
“I’m not a lessor,” said Daniels. “I’m a lease structurer. TV stations that haven’t complied with the FCC order don’t have the money. I can customize a lease to fit into their budget. Customizing the lease – that’s how I was successful before.”
“It will be easier to meet and beat that $35-million figure this time,” said the new LEC president. “Our average lease back then was $100,000 or so. Our average lease in this business will be $500,000, maybe more. We’ll make more money with fewer leases.”
Daniels thinks it will take a couple of months to get the company restarted. “But this is a labor of love. When I left leasing three years ago, I took a little sabbatical. When I got restless, I started looking around.
“Five months ago,” he said, “I began talking to GECC. They owned my old company in a dormant status. Pretty soon, I realized – the right company for me was my same old business – leasing – and my same old company – LEC -- but in a exciting, new field -- television.
“This is where I belong,” Daniels said.
Contact:
Jim Bolt, COO, GECC-Sienna Broadcasting, 479-751-2300, or
Jack Burney, Asset Professional Services, 713-729-5233, jburney@houston.rr.com
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