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Christopher Menkin
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Christopher "Kit" Menkin is of editor LeasingNews.org (http://www.leasingnews.org/), an internet trade publication for the finance/leasing industry. He has 46 years experience in the finance/leasing industry as well as being a founder of a commercial regional bank and serving on several company... More
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  • The Curious Case of Sheldon Player 4 comments
    Apr 29, 2011 1:53 PM


    (contains $900,000 in cash)

    The Curious Case of Sheldon Player was first brought to Leasing News readers May 2, 2007 as an Alert about Sheldon Players past involving Greyhound Leasing fraud conviction which appeared to be "Déjà vu" all over again.

    Sheldon Player was sent to jail from the 1985 conviction for fraud involved in Greyhound Leasing, basically leasing equipment that did not exist. Leasing News also did an interview with him about what happened, according to his side of the story (1). It appears he did the same with Equipment Acquisition Resources, Palatine, Illinois, then got involved in Jackson Hole, Wyoming bottled water franchise offering, many casino debts paid by his company, it is claimed by the bankruptcy trustee, $900,000 in a duffle bag caught by the FBI when he landed in Denver-claiming casino winnings, yet he remains scott free as the leasing companies have put their cases on hold against the officer's personally as it appears Sheldon Player and his estranged wife Donna Malone have reportedly filed personal bankruptcy (another curious case as on all documents she does not sign as “Player,” but he and everyone calls her his wife.) It should also be noted the records of the bankruptcy were not able to be located on line.

    The latest are instructions to go ahead with the E.A.R. Bankruptcy plan of July 15, 2010, as it appears all the matters have been met, meaning all assets sold, creditors tallied, and IRS settlement, so it is time to proceed. It does not involve the officers, and seems it will not if the bankruptcy filings are correct. There won’t be much left over to be divided, let alone pay for the leasing company’s attorneys time and work on the case.

    Whether the FBI is going to take action is another curious element.

    These are the result of the leasing companies ( the ones who filed against the company and officers):

    ICON EAR, LLC and ICON EAR II, LLC for $21.500.653.30 was dismissed without prejudice to the defendants Donna Malone and Mark Anstett on January 8, 2010. It should be noted the collateral was put up for auction, and having no buyers, ICON purchased for the demand price to settle matters to not be included in the corporate bankruptcy, it appears.

    Leasing One Corporation on January 14, 2010 received a default judgment for $295,593 against Defendant Sheldon Player and Donna Malone in the principal amount of $2,248,253.05, including the legal interest rate until paid.

    Home Federal Savings Bank for $3,208,000 was dismissed without prejudice May 10, 2010.

    The case brought by Comerica Leasing, a division of Comerica bank for $9,999,000 was dismissed as to defendants' Sheldon Player and Donna Malone without prejudice on August 27, 2010.

    The cased brought by Lyon Financial Services, Inc. d/b/a a U.S. Bancorp Manifest Funding Services for $9,999,000 was "stayed" on March 29, 2011 "as Defendants Sheldon Player and Machine Tools Direct, Inc. have filed a notice of their bankruptcy proceedings under Chapter 7 of the U.S. Bankruptcy Code filed in the Eastern District of Pennsylvania. In light of the automatic stay occasioned by their bankruptcy filing, the case is stayed as to them. Because the case is now stayed as to all defendants, all of whom have filed for bankruptcy, the clerk is directed to place this case on the court's suspense docket. If developments warrant, either of the parties may filed a properly noticed petition to lift the stay and move this case back to the court's active docket."

    Leasing News was unable to find the bankruptcy filings of either Sheldon Player or Donna Malone.

    Leasing News did locate a Chapter 7 filing for Machine Tools Direct, Inc., 1521 Commerce Drive, Carlisle, PA. 17015, the vendor of several E.A.R. transactions.

    (1) Sheldon Player, Greyhound Leasing, Déjà vu?
    http://www.leasingnews.org/archives/May%202007/05-04-07.htm#deja
     

    Latest Ruling to Proceed with Bankruptcy:
    http://www.leasingnews.org/PDF/EAR_bankruptcy_to_proceed.pdf

    Sheldon Player articles:
    http://www.leasingnews.org/Conscious-Top%20Stories/Sheldon_Player.htm

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Comments (4)
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  • databeast
    , contributor
    Comments (2) | Send Message
     
    Just to clarify Sheldon's 'loans' w/GLFC; I at the time of his "being young and foolish" was an employee of GLFC. Sheldon knowingly did his dirty deeds, and even back then he could be spotted at the high-roller baccarate table in Ceasar's Palace. It was an anonymous employee back in the 80s, (after his falsifying loan docs, etc w/Greyhound and receiving way more money than GLFC ever admitted to) that had spotted Sheldon at a table with hundreds of thousands of dollars in chips in front of him who made the call to GLFC, informing them of Sheldon's activities, giving them their first indication that something was seriously wrong. I could go on and on about this entire episode, as I remember it vividly. He definitely knew exactly what he was doing and how to attempt to get away with what he was doing. Suffice it to say, Sheldon should choose another profession - he is not a really good criminal. Having said that, maybe he is pretty
    good - looks as if he did it again! Shame on the institutions that did not do their due diligence regarding their lending to this criminal. It is not real difficult to Google his name and get many results regarding his past. Although that may be too much to consider when doing a background on someone wanting to qualify for a multi-million dollar loan. Could this type of negligence have something to do with why the US taxpayers had to bail so many lending institutions?! Really, what a hoot! What is even more pathetic is Sheldon actually got a substantial sized Grant from the Feds not long ago. I guess, why should lending institutions do their due diligence when the Feds don't do theirs?! If the real facts were ever brought to light about what really went on with the GLFC loans to Player. . .it would indeed make good reading, as fictional as it would seem. Really, nobody could make that stuff up!
    27 Jul 2011, 10:34 PM Reply Like
  • Christopher Menkin
    , contributor
    Comments (99) | Send Message
     
    Author’s reply » When this was first discovered by a funder of a lease that the tax return did not match the financial statement, and I did a search
    on Google, I could find nothing. There was a mention of a plane
    and the Contra mess, which lead me to do a search in the legal
    documents, and I found a probation, and it mentioned Greyhound.
    It was doing a Greyhound search that I found an old New York
    Times article and that lead me to a telephone call----in which
    he responded and gave me an interview, his side of the story.
    At the time, no one in the Leasing Industry had none about his past.
    He was the president at the time, and after the interview, became
    a "consultant" to the company.

     

    From there I tried to contact authorities in Arizona, and then found in West Law about the case with Greyhound, under another name.
    Which I then also found in Pacer, and it became an associated case. By this time, all my stories were in Google and other readers
    were filling in missing items, and I had talked to funders who had
    done business with him, and it was becoming obvious he was repeating history. By the way, he states he filed bankruptcy,
    but cannot find the actual filing...and he has not been arrested.

     

    He more than likely will be reading your comment and mine, laughing about it outloud.
    28 Jul 2011, 12:45 PM Reply Like
  • databeast
    , contributor
    Comments (2) | Send Message
     
    So sorry Mr. Menkin, I apologize for not checking back here after my first comment. In your searches, did you try Greycas? That should lead to even more interesting articles & facts. The only thing I can say is that financial institutions have much better resources available to them with much more detail than those available to you & I. I know for a fact that the details of the Greyhound fraud would have been uncovered if due-diligence had been performed.
    I did not realize he had not been arrested, and I must assume there is nothing to update regarding that. The only thing that Player instills is that committing white collar crime has little or no consequence. He got away with it back in the 80's (punished with very little time & repaid nothing as the $$ could not be found) and he continues to do same.
    20 Jun 2012, 05:55 AM Reply Like
  • Christopher Menkin
    , contributor
    Comments (99) | Send Message
     
    Author’s reply » Yes, we have printed the fully story of Greycas and other stories,
    and yes, it is the same routine with Greyhound:

     

    http://bit.ly/M6QOVt
    20 Jun 2012, 12:10 PM Reply Like
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