This Border ##### Denotes Press Release (Not Written By Leasing News)
Two Version: Free ( text format) $59.95 yr ( html/website) Free 30 Day Trial
This edition is also available in an "up-grade" format, html, where you may
click on the headlines to go to the story, plus is also in this "new" format
posted daily on our website--- http://www.leasingnews.org/contact_us_news.htm
Classified Ads---Senior Management
Senior Management: Baltimore, MD
25 year veteran of commercial and equipment leasing seeking a senior management position with leasing or asset based financing company in the southeast (Florida preferred)
Senior Management: Denver, CO. Fortune 500 GM/SVP wants to team up with aggressive lender looking for Western expansion mid-market equip. finance/leasing.20+ years experience within Rocky Mountain/Southwest and Ca markets. email:firstname.lastname@example.org
Senior Management: Long Island, NY
Degree Banking/Finance. 13 years leasing exp. Now prez young leasing company where promises were not met. Interested in joining established firm with future. Email:email@example.com
Senior Management: San Francisco, CA., 25 years experience w/global leasing company, sales, marketing, business dev., P&L responsibility, asset mgmt, brokering and remarketing. Interested in joining an est. firm with a future. email:firstname.lastname@example.org
Senior Management: Portfolio Management Consultant; 25+years experience in Collections, Customer Satisfaction, Asset Management, Recoveries, Continuous Process Improvement, Backend Revenue Generation, Cost per Collection Analysis. $5+Billion Portfolio expertise. email: email@example.com
Complete listing of jobs wanted at:
Pictures from the Past----1994—Christopher “Kit” Menkin
“Western Association of Equipment Leasing” Membership Committee King Christopher “Kit” Menkin, partner, American Leasing, Santa Clara, California, wants to give you $50 WAEL bucks. He explains, “This year, every member is part of the WAEL Membership Committee. All you need to do is bring in one new member, and we’ll thank you with $50 WAEL bucks, which can be used for only 1994 conferences, regional meetings, or you 1995 membership dues. Our goal is for every member to bring in a new member.”
April, 1994, WAEL Regional Reporter
Coda: I’ve lost weight since this picture was taken.
Unfortunately, I have lost a lot of hair, too.
DVI to file Chapter 11?
Yesterday DVI announced that it had failed to makes its “interest payment.”
Part of their press release said,
“DVI's inability to make the interest payment due on the notes is a result of the severe liquidity constraints DVI is currently facing. DVI's liquidity began to tighten as certain of its lenders reduced advance rates following the announcement of credit rating downgrades. DVI's liquidity problems were further exacerbated as the result of a shortfall in the amount of qualifying collateral supporting its borrowings under its principal bank lending facility. The shortfall has triggered a default under the facility. DVI is currently in discussions with its bank lenders to resolve these issues.
“DVI intends to consider all alternatives available to it to secure funds to make the interest payment due on the notes and improve its liquidity. DVI and its financial advisors had already commenced discussions with various prospective lenders and other sources of funding and has received several proposals for both short term and long term solutions”
This medical leasing company appears in serious trouble, according
to Leasing News readers:
DVI HASNT FUNDED A DEAL IN TWO WEEKS!!!! they are
FLAT BROKE!!!! Purchase orders are out all over the
d*** country that are worthless!!!!
DVI was talking to Merrill Lynch last week about
becoming their funding source...However DVI got up
from table as they felt Merrill Lynch had too many
restrictions for them!!!
Basically DVI's EGO wouldn’t allow them to give up
control. so they appear to be choosing BK rather than
Even money that DVI files for BK-11 by the 15th.
( name with held )
There may be as much as $8 to $10 million in unfunded purchase
orders. Someone should tell the vendors they may not get paid.
DON’T USE MY NAME
Talk is that NetBank is will buy the portfolio, as they were able
to handle the Commercial Money Center portfolio. With
Jim Merrilees leaving, this will fill the void of sales not produced
by Republic. There are also a lot of unfunded deals. AMEX ( American Express Business Finance ) is not interested.
( name with held )
The press release is right, but they didn’t say how bad things are here. (Anthony ) DeCarolis is offering his entire marketing staff and unfunded portfolio to the highest bidder as mutiny strikes here in anticipation of the bankruptcy filing.
Many of us want to get paid for deals we put together.
PLEASE DON”T USE MY NAME
( There is speculation that the salesmen will spin off their own company )
please send to a colleague as we are trying to build our readership
Twins Fat Lady to Sing
Looks like it is over, except for the fat lady to sing.
Twins Engineering have 50.27 percent of IDS Shares.
Here is the latest posting on the London Stock Exchange:
Recommended INCREASED Cash Offer by Twins Acquisition, Inc. and (outside the United States) by Rothschild on its behalf to acquire IDS Group plc
Acceptances and irrevocable undertakings
On 10 July 2003, the Independent Directors and the board of Twins announced a recommended increased cash offer of 27 pence for each IDS Share.
As at 3.00 p.m. (London time) and 10.00 a.m. (New York City time) on 1 August 2003, being the last business day prior to the date of this announcement, valid acceptances had been received in respect of, in aggregate, 7,213,803 IDS Shares, representing approximately 12.69 per cent. of the issued IDS Shares.
Prior to the announcement of the Original Offer on 26 June 2003, Twins received irrevocable undertakings to accept, or procure the acceptance of, the Original Offer from James Horstmann and James Meinen in respect of, in aggregate, 149,000 IDS Shares, representing approximately 0.26 per cent. of the issued IDS Shares. These irrevocable undertakings will remain binding even in the event of a higher competing offer being made for IDS. Valid acceptances have been received in respect of the 149,000 IDS Shares subject to these irrevocable undertakings and are included in the total number of valid acceptances referred to above.
On 10 July 2003, Twins received irrevocable undertakings to accept, or procure the acceptance of, the Increased Offer from John Borchers, Sarah Borchers and Oldwoods Farm Limited Partnership, acting through Richard Borchers as General Partner, in respect of, in aggregate, 6,097,049 IDS Shares, representing approximately 10.72 per cent. of the issued IDS Shares. These irrevocable undertakings cease to be binding in the event that a third party succeeds in acquiring more than 50.1 per cent. of the issued IDS Shares, where that party has made a higher offer for IDS and Twins does not make a further offer which is higher than such third party offer. Valid acceptances have been received in respect of the 6,097,049 IDS Shares subject to these irrevocable undertakings and are included in the total number of valid acceptances referred to above.
On 29 July 2003, Twins received an irrevocable undertaking to accept, or procure the acceptance of, the Increased Offer from Stanton Trust Company, the trustee of the International Decision Systems, Inc. Employee Stock Ownership Plan, in respect of its entire holding of 3,859,235 IDS Shares, representing approximately 6.79 per cent. of the issued IDS Shares. International Decision Systems, Inc. is a wholly-owned subsidiary of IDS. This irrevocable undertaking ceases to be binding in the event that a third party succeeds in acquiring more than 50.1 per cent. of the issued IDS Shares, where that party has made a higher offer for IDS and Twins does not make a further offer which is higher than such third party offer.
On 1 August 2003, Twins received an irrevocable undertaking to accept, or procure the acceptance of, the Increased Offer from David John Henley in respect of, in aggregate, 656,203 IDS Shares, representing approximately 1.15 per cent. of the issued IDS Shares. This irrevocable undertaking ceases to be binding in the event that a third party succeeds in acquiring more than 50.1 per cent. of the issued IDS Shares, where that party has made a higher offer for IDS and Twins does not make a further offer which is higher than such third party offer.
On 1 August 2003, being the last business day prior to the date of this announcement, Twins owned 16,853,138 IDS Shares, representing approximately 29.64 per cent. of the issued IDS Shares.
Accordingly, Twins currently owns, has received acceptances or has received irrevocable undertakings to accept, or procure the acceptance of the Increased Offer in respect of, in aggregate, 28,582,379 IDS Shares, representing approximately 50.27 per cent. of the issued IDS Shares.
It’s Leadership---Part II
by Christopher Menkin
Part 1 covered the largest, Equipment Leasing Association, and the
second largest, the National Association of Equipment Leasing Brokers,
June to June membership.
AGLF EAEL ELA NAELB UAEL
This association is in a re-building mode with a new executive director, Graham Hauck and executive assistant,. Brian Mandrier. There dues remain at $650.
‘We currently have 260 members. The me Graham Hauck membership dues remain at $650.”
They increased 28 members from June to June, the only leasing association
to have a membership increase.
The body count may not be a true way to gauge the number of companies
who belong. As many people as would like to from any one company may join. One person must be designated the Regular Member and pay $650/year dues. The other members are designated Additional Members and pay $150/year dues.
The point being to compare previous members does not take into account one
major company leaving, taking ten or more members with their demise.
AGLF was founded in 1981 to serve municipal leasing industry. Publishes
Bi-monthly newsletter; sponsors 2 annual conferences; 50-state leasing
survey; federal leasing survey; and conducts numerous industry projects.
“Municipal leasing is a $30 billion a year industry. Almost all the transaction are “tax exempt” and based on “interest in time,” most have a $1.00 out or nominal purchase at the end, and are subject to annual appropriations ( California and Indiana have abatement laws and other state have different regulations, as do tax entities.) Entities may vote the end of appropriations and contracts, plus who signs them, and the tax exempt status often require legal counsel fees.
It is a highly technical and specialized marketplace, most unlike other
commercial leasing or financing transactions. In the municipal market place, the originator wins the transaction, and then finds a specific funder for the transaction, and often in the documents cannot assignment, and should they, must remain active in the collection and service of the lease.
The Equipment Leasing Association has a municipal-government committee,
plus conferences and is very active in relating this niche to its members. The
other three association appear to ignore this marketplace. The captive vendor
market appears completely ignored by all five, as a side note.
After attending the three day Spring conference, I was reminded of the
F. Scott Fitzgerald quote, which I paraphrase to say, ”The municipal and federal
government leasing sector are very different from the commercial leasing
sector.” This is not a field that you break into easily, or quickly. In addition,
the bond market is funny today. My family trust has a lot of bonds, all
types, and before the dot.com demise, we got more into it as Merrill-Lynch
told us this was smart to do. Today we are selling some.
My impression of this group is they are as “family” as the nucleus of UAEL
and EAEL. I would think with the income and sales tax decrease, more
government entities would be looking at leasing. Perhaps under the new
executive director and leaders this group will continue to grow.
Non-members are very welcome at their conferences. For registration materials, they can call 202.742.AGLF (2453) or email firstname.lastname@example.org
2004 Annual Fall Conference
November 12-14, 2003 / Loew's Ventana Canyon Resort, Tucson, Arizona
AGL&F 23rd FALL ANNUAL CONFERENCE
TENTATIVE SCHEDULE OF EVENTS
Wednesday, November 12
Noon Annual Golf Tournament
2:00 PM – 4:00 PM Basics Session
Thursday, November 13
8:00 AM – 1:30PM Keynote Speaker, General Sessions and Luncheon
Evening – Annual Conference Dinner Event
Friday, November 14
8:00 AM – Noon General Sessions, Ending with the Lawyers’ Panel
To lose 93 members from June to June is serious. 137 members from
December, 2001, is a third of your membership; that’s even worse.
“Shame. Shame. Shame,” as Gomer Pyle would say. Here is an organization
that had it all until Dr. Ray Williams was asked to submit his resignation.
There is more to the story, and Leasing News printed it.
Bob Rodi, who was UAEL president at the time, who “accepted the resignation,” wrote Leasing News on April 3,2003: ”Ray wanted to be Mike Fleming when he grew up. In retrospect, his leadership was misdirected and ineffective at best. A long succession of Western Association of Equipment Leasing /United Association of Equipment Leasing executive committees renewed Ray's contract and his concept for ‘growth.’ has confirmed it.”
From a Western based organization the association changed its name
and became a national group. Williams attended many regional meetings,
seemed to be everywhere, and was very popular with members. He obviously
had a “divided” board of directors.
Unfortunately the move to let go a professional executive was at the wrong time
and wrong place. It was up to new presidents Chuck Brazier and Bob Fisher,
immersed in their own leasing company problems, to re-build. They ran
into “The Perfect Storm” scenario.
In his departing speech, Brazier was proud he saved the foundation. " There was a crack on our foundation a year ago, " he began his farewell address at the Fall
conference at the San Antonio, Texas Hyatt Riverside Hotel.
He and his board should be given a lot of credit for doing so. However, Bob Fisher was next in line to hold it together. The decision to save money brought the original conference manager Joannie Dalton into the position, then along came past president Joe Woodley, a very popular and leasing knowledgeable person. He had no experience in running a large non-profit association, but soon would get
“on the job” training.
As cut backs continued, the office was closed in Oakland, California, staff let go, and now operates not far from where Mr. Woodley lives in Southern California, and current president Betty Kerhoulas’s company is based. In reality, it was a financial move to close the office and Bob Fisher’s press release that the rent was too high was only part of the dilemma. When the board went to Philadelphia on July 27th, 2002, after canceling the regional meeting due to lack of attendance,
the writing was on the wall. The board went nevertheless and asked
members to join them for lunch and to get feed back on the direction
UAEL should take. There were only a few who joined the board.
Denial was not a city in Egypt.
UAEL had run into “the List” with dwindling financial assets,
membership decline, and past directors going to other associations.
Ginny Young, past membership chair, is no longer a member and
devotes her energies to NAELB conference. Even current board
member Bob Teichman is becoming more active with NAELB.
At his recent Sausalito, Regional get together, past director Ken
Greene, was there, who is no longer a member, and Bill Grohe
said Barry Dubin of Cooper-White-Cooper, San Francisco, a
past director, had dropped out after the firm’s Jeff Wong died,
Grohe explained. Both Ken and Barry are active with ELA.
It is ironic that the incoming UAEL president is an attorney, Jim Coston,
who’s office is in Chicago, Illinois. Nevertheless, there is a nucleus
that will hold the organization together, but most likely membership
will continue to dwindle until the association finds direction.
There has been talk for years that the Eastern Association of Equipment
Leasing and the United Association of Equipment Leasing would merge.
The goals of EAEL are quite different.
One important distinction in EAEL membership recruitment is that they do not solicit Brokers/ Lessors west of the Mississippi River.
EAEL is primarily a regional association with 67% in the Northeast (New York, New Jersey, Massachusetts, Connecticut), an additional 5% in Pennsylvania and Maryland, and the remainder in 25 states and Puerto Rico.
Executive Director Alison Pryor reports the current membership breakdown:
Lessors/ Brokers 127
Funding Sources 28
Service Providers 14
There is a close bond among its members, and due to its size, personal connection
The dues are also very reasonable:
$300.00 FULL MEMBERSHIP (less than 3 employees)
$600.00 FULL MEMBERSHIP (less than 50 Employees)
$800.00 FULL MEMBERSHIP (more than 50 Employees)
$800.00 FULL MEMBERSHIP (funding source)
$800.00 SERVICE MEMBERSHIP (attorneys, accountants, etc.)
More importantly, the loss in membership, according to Executive Director
Alison Pyror, is primarily from companies no longer in business, or
those that have been acquired by larger leasing companies.
This association is stable. In fact, many of their members belong
to other leasing associations, but want to be connected and attend
both regional meetings, conferences, and get- togethers.
Recently an e-mail message board was put on line for members.
(If you missed part 1 of this Six Month Leasing Association Membership
report, please go to:
More Leasing Association Reactions
Read any of the major equipment leasing association newsletters. Tell me what you see. Do you feel that things are bad and getting worse? Four of them (ELA, EAEL, UAEL) are reporting fewer members, lower training class enrollments and reduced conference revenues.
To survive, they must raise survivors' annual dues, overhaul education programs and redirect their energies to their most important members.
Most important members? Yes, you heard me right. They cannot treat all members equally. If you are in a death boat and sinking quickly you do not have the time to think about everyone on the life boat. People who are dying focus their efforts on those they need to help them make it back to shore. And, that may not be you.
Unfortunately, they do not tell the "losers" that they are no longer wanted. In fact, it is human nature to "use" losers and then discard them. Heartless, but real.
So why are association numbers dropping? On the surface, one can blame the economy, too many leasing associations chasing too few leasing companies and the lack of anything new.
I disagree. I believe that we have entered a brand new world, which mitigates the need for any leasing association. Especially, the ones which represent us in Washington.
With the advent of the internet, numerous free leasing newsletters, chat rooms, instant messaging and electronic bulletin boards information flows more freely and quickly than ever. So there is no need to have one pay rolled individual tell another pay rolled individual what lessors do for society. Either we make it on our own or we don't. We do not need a middleman to tell our story.
Some of you suggest that we merge the existing leasing associations, throw out all of the current board members, fire current leasing leadership and start over with a single mega-leasing association. Would it work? I don't think so. Years ago, EAEL, WAEL (now UAEL) and NAELB informally talked about pooling their resources. Unfortunately, it did not work because no leader wanted to give up his/her power and ELA wanted to go their own separate way.
So, here we are now! Three leasing associations on "life" support. And, no one wants the responsibility for pulling the "plug".
So what is the purpose of an association in today's world? To promote education? Nothing of importance is happening. To inform us about Washington and Wall Street? We can read about it in the WSJ and the New York Times. To introduce members to vendors? Costs too much to rent hotel space and vendors cannot afford to set up booths if there are no paying buyers. To work with Congress to get them to pass laws that benefit us? Congress doesn't have the money to give us. Nor do they care. Even after years of years of educating senators and contributing to their campaigns, they still don't get it.
So what are we going to do while the economy continues to sink, members drop out and survivors face unprecedented increases in annual dues, convention fees and advertising?
Is the economy really sinking? I don't think so! Years ago, New York and California were doing well with their Wall Street and Hi-tech business models while the Midwest rusted with their old manufacturing technology. Now, it's just the opposite. New York's investment banking model has fallen apart since companies either do not need the money or their credit is not good enough to get the money. California hi-tech has moved to India, China and other countries where new ideas can be hatched a lot cheaper. Ironically, the Midwest is doing well with their manufacturing model.
The economy is not sinking. It's just uneven. Some of us are doing well, while others are not.
Although unemployment has dropped from 6.4 percent to 6.2 percent, too many people have given up looking for jobs. Our economy has been permanently changed. It's every man/woman for him/her.
It's time for leasing companies and service members to take over traditional association functions. We can do it better, faster, cheaper. The dreams and hopes of yesteryear for getting back to "normal" are finished. Welcome to the "new" economy.
Jeffrey Taylor, CPA, CLP
ExecutiveCaliber - Global Lease Training
2144 South 1150 East
Bountiful, UT 84010 USA
(801) 299-9932 (fax)
Author of: Selling Leasing In A Tough Economy
In the past three years we have joined the UAEL, the EAEL, and the NAELB. I
can't begin to list the many benefits we have enjoyed as a result of
attending these conferences. The fee to join is insignificant and I agree
the conferences can be a bit pricey, but I've made money on every conference
that I have attended. - thru associates, contacts, or information from the
I can't imagine why anyone who is actually 'in' this business
wouldn't pay the small fee to join and take a few days off in a fancy hotel
to learn what is going on in their industry.
Chase Industries, Inc.
Well you knew you'd probably hear from me on this one, didn't you? Or not.
Anyway, as you know, I do not currently belong to a leasing association.
The reason, simply enough, is that I am no longer directly involved in
leasing. These day's I'm an outsider looking in, and that's fine with me.
I like to stay abreast of things for a number of reasons, not the lease of
which (excuse me, I mean not the least of which) includes it just makes good
business sense. That having been said, if I were still today an active
lessor, lease broker, back-office consultant, or any of several other
things I was or could have been in the leasing industry, I would not
hesitate to affiliate myself with at least one strong organization. Not
only that, to the extent that I could, I would be as involved in that
association as time would permit.
There are two kinds of members, active and passive, and while both are
beneficiaries of that association, the fact 20 years ago, and I have no
doubt that the fact now is that the benefit of association is directly
proportionate to the level of involvement one puts into it.
The leasing industry has undergone a number of changes over the years, some
no doubt the result of management by crises. It would have staved off
neither its demise nor the ever impending threat of regulation and onerous
governmental infringements had not ELA, EAEL, NAELB, my personal favorite,
WAEL (I know it's UAEL, now, but allow this old soldier his memories), and
the several other and newer associations and the individuals upon whom the
burden fell for their leadership. Nor would they checks and balances that
exist between the varying SIGs within the industry be in place were it not
through the strength provided the little guy through affiliation. The
benefits of membership I believe are numerous and clear and in addition to
those mentioned include education, marketing, purchasing power, a forum for
name recognition, and probably most important, an expanded network. Okay,
golf, too. And for all these benefits, while local groups may spring up
from time to time, usually to address specific state laws, tax issues or
markets, affiliation with at least one of the major groups is also
We all know that leasing goes back to the days of the Phoenicians... That
aside, the leasing industry as it is today does not have a rich history
steeped in tradition (it's oldest major association is only 40+ years old),
as say does the banking industry. While banking and other older industries
are not without its black eyes, leasing in its relatively short history has
been riddled with attacks from local, state and federal taxing authorities,
an often misunderstood charter on the nature of the instrument and its
benefits to both small and large lessees, and several scandals and swindles
that have challenged the definitions of legal and ethical codes. That it
has withstood these challenges is a tribute to the strength of its
associations. That it will continue to withstand, not only these same kinds
of challenges, but many that are not even yet conceived, will be in the
hands of its united strength.
To anyone who has ever said to me, "I don't see any benefit of membership in
an association," I have simply replied, "And without your contribution, you
never likely will." To anyone who is either not affiliated at this time or
who is considering leaving his or her affiliation, I urge you to reconsider.
Even your name on a roster is important. And to anyone who is not involved,
but is concerned about the industry he or she has CHOSEN, get involved.
It'll pay. This advice comes from someone with no agenda. I will neither
benefit nor will I be harmed or offended if you are or are not a member one
of the leasing associations. You, on the other hand...
Hal T. Horowitz
Wingate Dunross, Inc.
30851 Agoura Road, Suite 301
Agoura, CA 91301
Phone: 818-597-3200 ext. 212
My mission is to collaborate with my clients, to further their success by
identifying professionals of uncommon ability to whom they might not
otherwise have access and who will in turn make a valuable contribution to
I share your view that anyone who truly wishes to be a professional in their industry should participate in that industry's trade association. It is typically the most efficient and cost-effective way to maximize your base of knowledge.
Our industry has several good associations, and those who make the commitment to be active in one or more invariably gain a great deal better than the investment required. I've been a member of the NAELB for several years, and that involvement has paid tremendous dividends. The association offers a very comprehensive list of benefits, but for me none are more valuable than the education and networking opportunities.
At the conferences and meetings I always learn something new that is worth more than the price of admission. There are always lots of good ideas being thrown around. Ideas I haven't heard before, or ones that are presented in a way that I hadn't thought of myself. Exchanging ideas with others is also a surefire way to enhance creativity, and I always seem to come up with more new ideas of my own after discussions with other association members.
Directly through my involvement in the NAELB, I have met a wide range of people with substantial experience in many specialized areas. The amazing thing is how willingly these people share their expertise with other members. My network of contacts provides access to more knowledge and intellectual resources than would be available to me anywhere else.
Participation in an association may not be for everyone, but for any individual who is interested in professional growth, it is essential. It can also be a heck of a lot of fun too!
I would encourage your readers who are not affiliated with any of the major leasing associations to check them out* and then get active in the one best suited to their particular market segment. They're sure to be surprised by what they've been missing. Take care Kit,
WESTPORT LEASING CORPORATION
Vancouver, B.C. CANADA
Phone: (604) 681-1260 or 1-800-667-0747
Fax: (604) 681-1680 or 1-800-667-4426
*Links to association web sites
Why I have not belonged to a leasing association.
Years ago when I was with FELCO Commercial I was active in the NVLA (National Vehicle Leasing Association), local chapter. I even put on an organized several holiday parties for them in San Francisco. Nice bunch of folks, I went to meetings just about every month. The problem was that at these meetings they mostly focused on retail consumer leasing issues, which I was working for a commercial lessor, so most of what was discussed was not relevant to me or my business. FELCO was a member, therefore I was representing FELCO. Even
when I became a broker, I was still attending meetings etc as a rep
from FELCO...until probably the mid 90's.
I quit attending meetings and functions, simply because I was no longer representing FELCO, and I found that although socially I enjoyed the people I had met over the years, there was not any real value to me of the information obtained at the meetings. Now this may seem selfish, but I felt that my time was better spent cultivating new commercial accounts and attending to the day to day business of getting my deals done. Meeting were normally 1 to 2 hours away which makes for a very long evening, not getting home until after midnight in
some instances on a week night....
Now that I am leaving the corporate world and starting off on my own again as a broker, I see that I do need to find an organization that will fit my needs...but how to chose the appropriate one? One may concentrate on equipment leasing (something that I don't do) one may concentrate on Consumer retail leasing (which I don't do). Right now, until I can find the right fit I find that it is more beneficial to me to put my hard earned dollars towards joining industry organizations that are within my field of interest and expertise such as the National Limousine Association, or the Livery and Taxi Association.
I am certainly not trying to discount the importance of leasing organizations, I just need to make sure that I join the appropriate one that will be able to benefit me with my situation.
New Leasing Association in Formation in Arizona
The newly formed Arizona Equipment Leasing Association is getting a great
response to its inaugural meeting at McDuffy's in Tempe on Aug. 14th from
We are seeing a both long time attendees and some newbies. It should
be a good environment to have an interchange of ideas in our industry.
It would be great to rerun the event. Thank you for your support.
"your equipment finance specialist"
Leasing Industry Help Wanted
### Press Release ##########################################
De Lage Landen Financial Services names Margaret Gernert as Vice President - Marketing
WAYNE, Pa., – De Lage Landen Financial Services, a leading international provider of high quality asset-based finance products for manufacturers and distributors of capital goods, has named Margaret Gernert as Vice President of Marketing.
In this capacity, Gernert, of Media, PA, will oversee all aspects of marketing communications for De Lage Landen’s six strategic business units (Food & Agriculture, Healthcare, Office Equipment, Technology Finance, Materials Handling & Construction and Bank Outsourcing), as well as Partner Education & Training.
In addition, she will have global and divisional communications responsibilities.
Gernert will report directly to Americas Division Chairman Ronald Slaats.
Prior to joining De Lage Landen, Gernert served in various marketing management positions for SCT Corporation, an international provider of e-education technology solutions for higher education, in Malvern, PA.
From 1998 to 1999, she was Director of Marketing for USA Technologies, Inc., a provider of wireless, cashless payment and networking systems, in Wayne, PA. From 1996 to 1998, she served as Director of Marketing Communications for Sterling Commerce, one of the world’s largest providers of business integration solutions, also formerly in Wayne.
Earlier, she worked in sales and marketing for various industrial distributors and manufacturers and was involved in membership and program development for several major industrial distribution trade associations.
Gernert is a graduate of Juniata College with a Bachelor’s Degree in Liberal Arts.
De Lage Landen is a Netherlands-based international provider of high-quality asset financing products. With a presence in 20 countries across the globe, the company focuses on the following industries: Food & Agriculture, Healthcare, Office Equipment, Telecommunications, Technology Finance, Materials Handling & Construction Equipment and Bank Outsourcing. In its domestic market, the company offers Real Estate Finance, Equipment Leasing, Car & Commercial Vehicle Leasing, ICT Leasing and Trade Finance through local Rabobanks but also direct to market.
De Lage Landen is a wholly owned subsidiary of the Dutch Rabobank Group that is AAA-rated by Moody’s and Standard & Poor’s. In 2002, De Lage Landen’s net profit was $94 million with a balance sheet of $12.9 billion.
For more information, please visit our website at www.delagelanden.com
Sites of Reference:
De Lage Landen Financial Services
Phone Number: 610 386 5441
Fax Number: 610 386 5840
### Press Release ###############################################
Pacific Capital Bancorp Records Sale of $15.8 Million Note
SANTA BARBARA, Calif.----Pacific Capital Bancorp (Nasdaq:PCBC), a community bank holding company with $4.5 billion in assets, today announced that it has recorded the assignment of a $15.8 million note to Canpartners Realty Holding Company IV, LLC. The note, secured by a prominent hotel property in the Santa Barbara area, had previously been classified as a nonperforming loan, and had been discussed by the Company in its periodic filings with the Securities and Exchange Commission and in publicly issued press releases and publicly broadcast investor/analyst conference calls.
In the second quarter of 2003, a notice of default had been filed due to the nonpayment of interest and principal by the borrower according to the terms of the note. As previously disclosed, the Company had established a specific allowance for the note. The $3.1 million allowance exceeds the discount taken and costs incurred by the Company in the sale of the note and this will result in a positive impact of $2.0 million to the Company's provision for credit loss in the third quarter of 2003.
Pacific Capital Bancorp
Deborah Lewis Whiteley, 805-884-6680
### Press Release ###############################################
Factory orders up 1.7 percent in June, fresh sign of healing in manufacturing
Surge in Rates Threatens Star of the Economy: Mortgages
Next PC Cycle Helping Boost Chip Sales
Gov. Davis files suit to delay recall
Raiders lawyer spells out team's losses after move to Oakland
Tyson's Bankruptcy Is a Lesson in Ways to Squander a Fortune
This Day in American History
1570- Spanish Jesuits led by Fray Batista Segura arrived in the Chesapeake Bay area of Virginia, for the purpose of converting the American Indians to Christianity. (Unfortunately, six months later, the entire group was massacred by the very Indians they had come to evangelize.)
Spain then ordered all Jesuits to leave Florida.
1583-Sir Humphrey Gilbert, English navigator and explorer, aboard his sailing ship, The Squirrel, sighted the Newfoundland coast and took possession of the area around St. John’s harbor in the name of the Queen, thus establishing the first English colony in Northern America. Gilbert was lost at sea, in a storm off the Azores, on his return trip to England. http://www.infoplease.com/ce6/people/A0820808.html
1604-Birthday of John Eliot, American “Apostle to the Indians,” translator of the Bible into an Indian tongue ( the first bible to be printed in America), was born at Hertfordshire, England. He died at Roxbury, MA, May 12, 1690. http://justus.anglican.org/resources/bio/164.html
1656 -Eight Quakers from England arrived in Boston
and were immediately imprisoned by the local Puritan authorities. (The
church-and-state amalgam of Puritanism looked upon non-ritual Quakerism
with suspicion, regarding it as theologically apostate and politically
what they were escaping from: religious prosecution.
1749-Birthday of Thomas Lynch, signer, Declaration of Independence, born Prince George’s Parish, SC. Died 1779 ( lost at sea, exact date of death unknown.).
1775- the Spanish ship San Carlos, commanded by Juan Manuel de Ayala, entered San Francisco Bay.
( lower half of: http://memory.loc.gov/ammem/today/aug05.html ).
1830-Birthday of James A Healy, first Black bishop in America.
1834—Known as Emancipation Day in Grenada (originally discovered by Columbus ) to commemorate the emancipation of slaves by the British . Celebrated the first Monday in August. http://www.1uptravel.com/international/caribbean/grenada/history-culture.html http://caymannetnews.com/Archive/Archive%20Articles/August%202001/Issue%2098/Emancipation.html
1844 - The cornerstone for the Statue of Liberty was laid at Bedloe’s Island (now called Liberty Island), New York. The actual statue was accepted as a gift to the United States from the people of France by U.S. President Grover Cleveland on October 28, 1886. The statue became a symbol of freedom to the European immigrants who passed it on their way to Ellis Island and their admittance to the United States. It remains today as a symbol of liberty for all
1858- Julia Archibald Holmes became the first woman on record to reach the summit of Pike's Peak.
1858-Through the efforts of Cyrus West Field, after two unsuccessful attempts, the Transatlantic cable was completed. The cable was 1,950 statute miles long and more than two-thirds of it was laid more than 2 miles deep. Introductory and complimentary messages were exchanged by President James Buchanan and Queen Victoria on August 16, 1858. The cable was weak and the current insufficient, and service was suspended on September 1, 1858.
1861-Income tax was levied by Congress during the Civil War by an act this day which imposed a 3 percent tax on incomes exceeding $800 and 1.5% tax on income derived from government securities. The income tax lists were open to public inspection by “ all persons who may apply to inspect the same.” This was interpreted in such a way as to eliminate idle curiosity seekers. The law was not enforced and was replaced the following year by another. It was rescinded in 1972 along with other Civil War taxes. An income tax law was passed by Congress on August 27,1894, as part of the tariff act, but it was declared unconstitutional. The 16th Amendment to the Constitution, which was declared ratified on February 25, 1913, gave Congress the power to lay and collect income taxes.
1864-the Great Battle of Mobile Bay: a Union fleet under Admiral David Farragut attempted to run past three Confederate forts into Mobile Bay, Alabama. After coming under fire, the Union fleet headed into a maze of underwater mines, known at the time as torpedoes. The ironclad Tecumseh was sunk by a torpedo, after which Farragut is said to have exclaimed, “ Damn the torpedoes, full steam ahead!” The Union fleet was successful and Mobile Bay was secured. ( Torpedoes in these days
were “mines” that floated or were submerged in the water, exploding on contact. It was very dangerous to go through water minefields). The lead Rebel ironclad, the USS Tecumseh, unable to avoid the danger, struck a mine and sank into the oceans depths. Yet, against all odds, the seasoned admiral ordered his flagship, the Hartford, and his fleet to press forward through the underwater minefield and into Mobile Bay. Some historians view this as the turning point of the campaign,
especially after General Jubal A. Early had entered the District of Columbia in July, and continued
to battle Union forces from the Shenandoah Valley. Farragut’s victory under overwhelming
obstacles spurred General Grant, the rest of the troops, and brightened up President Lincoln’s
outlook as he thought the war was going poorly, there were many who thought Congress should
find “peace” with the Confederates, and former General McClennan was favored to beat
Lincoln in the November election, until possible Farragut’s amazing victory. He was 63 years
old, not in very good health, and to command his ship, had his sailors strap him to the riggers
so he could view what was happening and give orders. It is not often that one man can lead
a Navy into victory with the Army to follow.
1867-Birthday of Jacob Ruppert, Jr., baseball executive born at New York, NY. Ruppert was the son of a brewery owner who purchased the New York Yankees in 1914 with Tillinghast Huston for $450,000. Ruppert bought Babe Ruth from the Boston Red Sox, built Yankee Stadium and made his team the best in baseball. Died New York, January 13, 1939.
1869- Birthday of Grant C. Tullar, American Methodist evangelist and music publisher. He is remembered today for composing the tune to the hymn, "Face to Face with Christ My Savior."
Died May 20, 1950, Ocean Grove, NJ. http://www.cyberhymnal.org/bio/t/u/tullar_gc.htm
1899-Birthday of Conrad Aiken, American poet, short-story writer, critic and Pulitzer Prize winner ( poetry, 1930). He was born at Savannah, GA, and died there August 17, 1973. http://www.poets.org/poets/poets.cfm?prmID=770&CFID=8427572&CFTOKEN=3561476
1902- Birthday of band leader Luis Russell
1908-Birthday of trumpet player Don Albert, New Orleans, LA. http://www.landing.com/profiles/satch68.htm
1909-Congress passed a law to tax corporations. The act taxed all corporations with an income over $5,000. The law was passed prior to the adoption of the U.S. income tax amendment.
1912-Birthday of Raol Wallenberg, Swedish architect born at Stockholm, Sweden. He was the second person in history ( Winston Churchill was the first ) to be voted honorary American citizenship ( US House of Representatives 396-2, September 22,1981). He is credited with saving 100,000 Jews from almost certain death at the hands of the Nazis during WW11. Wallenberg was arrested by Soviet troops at Budapest, Hungry, January 17, 1945, and, according to the official Soviet press agency Tass, died in prison, at Moscow, July 17, 1947.
1914 - Euclid Avenue and East 105th Street in Cleveland, Ohio became the first intersection in the U.S. to be equipped with an electric traffic light. Cross arms were installed 154 feet above the ground and equipped with red and green lights and buzzers, as we may commonly see today at
railroad intersections. Two buzzes signaled Euclid Avenue traffic to proceed and one buzz signaled the traffic on 105th Street. It was not until 1923 that African-American Garrett A. Morgan invented
and developed the traffic light that is presently in use today. He sold the patent rights to General Electric Corporation for $40,000. Morgan was a prolific inventor, among his other inventions were the gas mask used by American troops in World War I and a smoke inhalator that saved the lives of workers trapped in a tunnel under Lake Erie in 1916.1921 - KDKA radio in Pittsburgh, PA did the first play-by-play broadcast of a baseball game. Harold Arlin described the action as the Pirates beat Philadelphia 8-5.
1921 - The "New York World" published the first cartoon to be awarded a Pulitzer Prize. "On the Road to Moscow", by Rollin Kirby, received the prestigious journalism honor.
1923 - Henry Sullivan became the first American to swim across the English Channel and he did it on this day.
1924 - The comic strip "Little Orphan Annie" debuted in the New York "Daily News". Annie and her little dog, Sandy, were creations of cartoonist Harold Gray. His work would come to life in the Broadway and film adaptations of Annie a half-century later -- to great success.
1926-Magician Harry Houdini stays chained in a coffin under water for several
hours and escapes.
1926-Birthday of singer Jeri Southern, Royal,NE. http://www.mrlucky.com/songbirds/html/sep99/9909_southern.html
1936 - Jesse Owens won his third gold medal by running a 200-meter race in 20.7 seconds at the Olympic Games held in Berlin, Germany.
1939-Birthday of Tommie Lee Aaron, baseball player born at Mobile, AL. The brother of home run king Henry Aaron hit 13 homes in a seven-year major league career. Died at Atlanta, GA.
1941-Birthday of percussionist Airto Moriera, Brazil.
1943-Birthday of singer Sammi Smith, Orange, CA. http://www.countrypolitan.com/prof0501.php
1944-Birthday of Robbie Robertson, guitarist with the Band,
born in Toronto. First known as The Hawks, The Band evolved from
a group taken to Ontario from the US by Ronnie Hawkins. The original
members were gradually replaced by Canadian musicians, with the exception
of drummer Levon Helm. The Band moved to the US in 1965, where they
became Bob Dylan's backup group.
1945- Atom Bomb dropped on Hiroshima (Aug 6th in Japan), the first atomic
bomb dropped. Death by radiation was not contemplated as the blast was
to scare Japan into surrendering has man controlled air bombs and torpedoes
were becoming more numerous and it was alleged they would rather
die fighting, then surrender.
1948 – Top Hits
You Can’t Be True, Dear - The Ken Griffin Orchestra (vocal: Jerry Wayne)
Woody Woodpecker Song - The Kay Kyser Orchestra (vocal: Gloria Wood & The Campus Kids)
It’s Magic - Doris Day
Bouquet of Roses - Eddy Arnold
1950-Birthday of one of my favorite singers, Huey Lewis, whose real name is Hugh Cregg the Third, was born in New York City. He formed his six-man rock band, the News, in San Francisco in 1980. Huey Lewis and the News first reached the charts in 1982 with "Do You Believe in Love." The band reached its peak in 1985 and '86 with the charttoppers "The Power Of Love" and "Stuck With You." He lives in nearby Marin County, appears often locally, along with his friend Robin Willia. Often sings the National Anthem for the S.F. 49er football games. He is reportedly a big 49er fan.
1954- Elvis Presley, backed by guitarist Scotty Moore and bassist Bill Black, recorded three songs at the Sun Records studio in Memphis. Two of the tunes, "That's All Right" and "Blue Moon of Kentucky," were released as Presley's first record. Both sides were local hits in the Memphis area.
1956 – – Top Hits
My Prayer - The Platters
Hound Dog/Don’t Be Cruel - Elvis Presley
Whatever Will Be Will Be (Que Sera Sera) - Doris Day
I Walk the Line - Johnny Cash
1957-“ Dick Clark’s "American Bandstand" caught the attention of network executives at ABC-TV in New York, who decided to put the show on its afternoon schedule. However, the one thing they couldn't do was disrupt an airing of the hugely popular "Mickey Mouse Club" at 5 p.m. What to do? Halfway through the "American Bandstand" show, Clark would tell listeners to come back for more of the show ... but “right now ... here comes the Mouse!” At that time, the network would cut away from Philadelphia and show Walt Disney's Mouseketeers. Following the show ... "American Bandstand" would return for another 30 minutes. American Bandstand” and Dick Clark are synonymous; he hosted the show for more than 30 years. “ AB” started out as a local show at Philadelphia in 1952. Clark, then a disk jockey, took over as host at the age of 26. The format was simply: teens dancing, performers doing their latest hits, Clark introducing song and listing the top 10 songs each week. This hour-long show was not only TV’s longest-running musical series, but also the first one devoted exclusively to rock and roll. The show was cancelled six months after Clark turned over the hosting duties to David Hirsch in 1989.
1960 - In an unprecedented move, two major-league baseball clubs traded managers. Jimmy Dykes of the Detroit Tigers moved to manage the Cleveland Indians while Joe Gordon left the Indians to take over the managerial reins of the Tigers.
1962-Jamaica Independence Day, a national holiday observing the independence from Britain
August 6, but celebrated the first Monday in August.
1962-We generally celebrate only birthdays, but the world fell in love with Marilyn Monrow’s unique combination of sensuality and approachability. She was the epitome of Hollywood glamour, making 29 files in her career. Her tragic death at age 36, at Los Angeles, from an overdose of sleeping pills, is shrouded in controversy. I knew the first film cameramen on the scene, before the police
arrived, and he told me there was a note she had written. It was also known she had called
Bob Kennedy three times that night, one of them threatening to commit suicide, which
reportedly she had done before. She had had an affair with his brother, had been his paramour, and Bobby wanted to run for president and no longer “could see her. “ She was born June 1, 1926, at Los Angeles.
1964-The first Navy pilot shot down and captured in North Vietnam was Lieutenant (j.g.) Everett Alvarez, Jr., 26, of Santa Clara, CA, aviator on the U.S.S. Constellation. He parachuted into the ocean. He was rescued by the crew of a small Vietnamese boat, to whom he surrendered. He was confined in the Hon Gay naval base and later in the Hoa Lon prison. He was returned to the United States almost ten years later, on February 13, 1973.
1964- The US begins bombing North Vietnam and racial turmoil brings America to face
more racial turmoil as the world rebounds with the news the day before when three young civil rights workers were found murdered and buried in an earthen dam on a farm outside Philadelphia, Miss. The three, James Chaney,21, of Meridian, Miss., and Andrew Goodman,20, and Michael Schwerner, 24, both of New York City, had disappeared on June 21 after being held for six hours by Neshoba County police on charges of speeding. Their burned station wagon was found June 23, prompting President Johnson to order an FBI search for the three men.
1964 – – Top Hits
A Hard Day’s Night - The Beatles
The Little Old Lady (From Pasadena) - Jan & Dean
Everybody Loves Somebody - Dean Martin
Me - Roger Miller
1967- Bobby Gentry releases her only hit "Ode to Billy Joe". wrote and recorded in 1967. (Billie Joe McAllister jumped off the Tallahatchie Bridge because of a homosexual relationship in the movie, but Bobby Gentry said she's not telling what really happened) won 3 grammy awards and was made into a movie in 1976
1969-Willie Stargell of the Pittsburgh Pirates hit the only home run ever out of Dodger Stadium. His blast off pitcher Alan Foster cleared the right-field pavilion and traveled an estimated 506 feet from home plate.
1969- the Rolling Stones gave a free concert in London's Hyde Park. In memory of Brian Jones, the group's former lead guitarist, Mick Jagger read an excerpt from the poems of Shelley and released thousands of butterflies over the park. Jones had been found dead in the swimming pool of his home two days earlier.
1972 – – Top Hits
Alone Again (Naturally) - Gilbert O’Sullivan
(If Loving You is Wrong) I Don’t Want to Be Right - Luther Ingram
Daddy Don’t You Walk So Fast - Wayne Newton
It’s Gonna Take a Little Bit Longer - Charley Pride
1974 - The comic strip "Tank McNamara" premiered in 75 newspapers. Jeff Millar and Bill Hinds created the 6-foot, 4-inch, 225-pound former defensive tackle of the State University Sand Crabs; and who became a jock/sportscaster.
1974-President Nixon released tape transcripts revealing he had impeded the Watergate investigation. One example of the evidence was an order to H.R. Halderman on June 23, 1972, to tell the FBI: “ Don’t go any further in this case, period!” In three more days he would resign as president.
1975 - Singer Stevie Wonder signed the recording industry’s largest contract: $13 million over a seven-year period. Wonder stayed with his original label, Tamla/Motown, while other major Motown artists, including Diana Ross, Gladys Knight and The Four Tops had left the label over creative differences and financial accounting disputes.
1980 – – Top Hits
Magic - Olivia Newton-John
Little Jeannie - Elton John
Take Your Time (Do It Right) - The S.O.S. Band
Dancin’ Cowboys - The Bellamy Brothers
1981- President Reagan fires 11,500 air traffic controllers who struck two days ago.
1983 - Vida Blue was released by the Kansas City Royals. Blue had spent 13 years in the big leagues. At his release by the Royals, the former Cy Young Award winner had gone 0-19 in pitching appearances.
1989-For the first time, the race off in the Hambletonian, harness racing’s most prestigious race, ended in a dead heat with Park Avenue Joe being declared the winner over Probe. Park Avenue Joe finished second in the first head and won the second heat. Probe won the first heat but broke stride and finished ninth in the second heat.
1984 - Toronto’s Cliff Johnson set a major-league baseball record by hitting the 19th pinch-hit home run in his career as he led the Blue Jays to a 4-3 win over the Baltimore Orioles. Johnson hit an additional pinch-homer in 1986 to extend his record to 20.
1984 - Joan Benoit won the first women’s Olympic marathon at the Summer Games in Los Angeles, California.
1984-Edwin Moses wins Gold Medal in Olympics track and field in Los Angeles, California.
1984-Evelyn Ashford wins Gold Medal in Olympics track and field in Los Angeles, California.
1986- It's revealed Andrew Wyeth had, secretly created 240 drawings & paintings of his neighbor Helga Testorf, in Chadds Ford, Pa .
Clinton to give him a pardon, but was not one of the 1500 granted.. Mario served his time, is 83, sick, and living alone. When he was in Congress, he helped the mentally retarded, the police, and the people of Northern Ireland. He just didn't have anyone to buy him a pardon.
1988 – – Top Hits
Roll with It - Steve Winwood
Hands to Heaven - Breathe
Make Me Lose Control - Eric Carmen
Don’t We All Have the Right - Ricky Van Shelton
1990-The first Round-the-World solo sailing trip by an African-American was achieved by marketing executive and Coast Guard captain William Pinkney, in the cutter Commitment. The 22-month voyage, across a distance of 342,000 nautical miles, began in Boston, MA. Pinkney sailed south past the coast of South America, across the Atlantic Ocean to Capetown, South Africa, and on to the Australian island of Tasmania. After a nine-month break, he sailed around Cape Horn and back up the coast of Africa. The Commitment was equipped with a satellite computer system and a short-wave radio that allowed 20,000 schoolchildren in Boston and Chicago to follow Pinkney’s progress.
1994 - Michael Jackson and bride, Lisa Marie Presley, visited Budapest, Hungary. While there, they filmed an advertisement for his upcoming album, "HIStory - Past, Present and Future - Book 1". The couple also visited children’s hospitals where they comforted young patients and distributed toys.
1994- Hootie and the Blowfish released their major-label debut, "Cracked Rear View." The album took almost a year to make it to number one on the Billboard chart, and when it did, it knocked Michael Jackson's "HIStory" from the top spot. By mid-1996, "Cracked Rear View" had sold more than 13 million copies in the US, becoming one of the most successful debut albums ever.
1995- more than 100 Grateful Dead fans were hurt when a wooden
deck collapsed at a campground lodge in Wentzville, Missouri. Hundreds
of people were on or under the deck sheltering from heavy rain. More
than 4,000 Deadheads were staying at the campground while attending
Grateful Dead concerts in the St. Louis suburb.
1997- the remaining members of John Lennon's original group, The Quarrymen, reunited to commemorate the 40th anniversary of the historic meeting between Lennon and Paul McCartney. They performed the Del Vikings hit "Come Go With Me" from the back of a truck that toured the streets around Liverpool's St. Peter's Church where Lennon and McCartney first met on July 6th, 1957.
1999 - St. Louis Cardinals first baseman Mark McGwire belted home runs #500 and 501 to reach the 500-homer mark faster than anyone had before. He did it in his 5,487th at-bat. Babe Ruth had held the previous record, having reached #500 in 5,801 at-bats. In case you are wondering, the others in the top five were Jimmie Foxx (7,074), Mickey Mantle (7,300) and Mike Schmidt (7,331). McGwire connected for his historic homer(s) in St. Louis’ Busch Stadium, the same ballpark where he had broken Roger Maris’ 37-year-old single-season home-run record Sept. 8, 1998, when he hit homer #62. McGwire went on to hit 70 home runs that season, finishing just ahead of Chicago Cubs’ Sammy Sosa, who hit 66.
2000- Sammy Sosa becomes the first Cubs' player to reach 100 RBIs six consecutive times. Hack Wilson did it for five straight seasons from 1926-30.