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Classified Ads---Help wanted

    Capital Stream to Dismiss Lawsuit

        DVI to File Bankruptcy?---Up-date

            Scuttlebutt-GE Capital's Acquisition Transamerica

            More Leasing Association Reactions----

        Thank You, Jeffrey Taylor

    IDS/BEA WebLogic Platform 8.1

U.S. Bank Names Mike Michael New Portland Market President

    Fitch "B" Rating/Negative on AmeriCredit

        Willis 1st Q Profits Rise 29% to $2.0 Million

            Letters---We get Email

        Winning Leasing with TValue 5

    News Briefs---

This Day in American History


This Border ##### Denotes Press Release (Not Written By Leasing News)





Classified Ads---Help wanted


Credit and Documentation Administrator
Fastest growing lessor in USA (Wayne, NJ location) needs lease administrator to assist with credit investigation, documentation preparation and interfacing with territory Managers. Good benefits and salary commensurate with experience. Contact: Duane E. Rouba @ 800-848-7210 X 222.

About the Company:

-Irvine,CA. Nationwide Funding, LLC,an estab. Chicago based lessor looking for experienced processors to help staff our new Irvine office. Duties include generation of lease documentation, acquiring credit ratings and handling inbound phone calls. Fax resume (949)679-3601

Nationwide Funding is committed to customer service, innovation and leadership. We are a leading provider of equipment financing solutions for businesses nationwide, and the vendors who serve them.



Proven sales producers wanted for 25 yr old co.looking to open new branch offices across the country.
Top comm and backroom support..

About the Company:


Job Wanted ads at:





Capital Stream to Dismiss Lawsuit


London Stock Exchange this morning reported Twins Acquistions purchased

another 4,016,032 shares at 27 pence, giving them:

" Resultant total of the same class owned or controlled

(and percentage of class) 35,563,278 (59.02%)"


After throwing in the towel in the bidding for International Decision Systems, a reliable source informs that the lawsuit Capital Stream filed will be dismissed shortly.


It is also expected that the IDS board of directors will resign shortly, according

to an inside source.


"For all intent and purposes Schroeder controls the company and can appoint their own

board. However I expect that they will continue to buy the stock and once

they hit 90% will take the company private."


Kevin Riegelsberger has become the hulk.


Repeated calls and e-mails have gone unanswered, but when the official

“press release” is made, we’ll have it off their web site.


It is reported there will not be any celebrations at IDS in Minnesota until all

of this is wrapped up, which could be as early as next month.







DVI to File Bankruptcy?---Up-date


The rumors about Netbank or Republic Leasing of South Carolina

considering the portfolio's are not true. Republic does not buy

portfolios. They only purchase individual leases from approved brokers

and lessors. They usually are on a one-to-one basis or a program basis

with their established lessors.


According to highly reliable sources, Republic, who is interested in

all "good business from good sources," may consider funding some of

DVI's (or any other qualified source) leases that meet Republic's normal

criteria, if counsel agrees that their normal broker/lessor funding

procedures will protect them under the existing circumstances. In other

words, just business as usual.


By the press releases of DVI, management appears "desperate" for an

angel to come in to stave off their inability to acquire funds to meet

cash flow. There are a lot of unhappy vendors, staff, and sales

people, too, plus many jobs are at stake. A failure of this magnitude

is not what the leasing industry needs today.


A very reliable inside source tells Leasing News that DVI has "... not

funded any deals in close to three weeks....they had been conducting business (i.e. approving deals) up until last Friday. They have not issued any approvals since Friday. Looks like the wheels have ground to a halt. Unlikely they will restart anytime soon if ever.


"The million dollar question is!!! will Strategic Partners (i.e. small

ticket division in Chicago) simply emerge as a "new entity" and start conducting business as usual. The problem child has been big brother in Pennsylvania."







What The Lessors Are Saying About…GE Capital’s Acquisition of Transamerica


Aegon N.V., the Dutch insurance company, announced it had reached an agreement through its subsidiary Transamerica Finance Corporation (TFC), to sell most of TFC’s commercial lending business to GE Commercial Finance for a total payment of approximately $5.4 billion. The transaction is expected to close before year-end 2003.


Under the terms of the agreement, Aegon will sell all of those TFC business units that provide distribution financing (including inventory floorplan financing) for manufacturers and dealers, as well as equipment financial services and specialty finance units that engage in leasing and commercial loan financing for equipment, real estate, technology companies and international structured finance.


The units being sold, acquired in 1999 as part of Aegon’s acquisition of Transamerica Corporation, include approximately 1,700 employees and serve customers primarily in North America and Europe. The operations being sold are based in Chicago.


Chris Gillock, a corporate spokesman for Transamerica, said, “We’re very happy with the transaction. These businesses have been non-core businesses for Aegon since they acquired Transamerica in 1999, so it was time. At the time of purchase, they said they wouldn’t stay in the financial services. GE folks approached unsolicited and a deal was cut.”


Industry lessors had a different reaction upon hearing of the sale. Edward Dahlka, President, LaSalle National Leasing Corporation, said, “This is obviously another example of the consolidation going on in our industry. Transamerica is a customer and that’s one less customer for us. I’m hopeful that Transamerica’s people will find work that will bring more participants to our industry or find work in the GE family.”


Deborah Monosson, President and CEO, Boston Financial & Equity Corporation:

“I think it leaves a void in the marketplace. I believe in competition and Transamerica was one of the more sizeable leasing companies that could compete in the business..who's next?”





Amy J. Holmes, CAE









**** announcement *****************************************


More Leasing Association Reactions----



From Dr. Ray Williams, CAE


Regarding your recent report on leasing associations, thank you for your

supportive comments on my tenure as UAEL's exec.


As I have mentioned before, you provide an invaluable service to the Equipment Leasing Industry. Hope all is well.


My Best,





From Bob Bell, President, National Association of Equipment Leasing Brokers


As you might have guessed, I have received numerous e-mails from members

and former board members of NAELB regarding your articles on leasing

associations and the inevitable comments by some of your readers. As

the current president of NAELB I believe it is incumbent on me to offer

a few comments as well.



I can’t speak for other associations and I certainly don’t claim to

have divine insight, but I do know a great deal about what our members

want and what has made our association resilient and successful. Yes,

successful. We owe an immeasurable debt of gratitude to those hard

working former NAELB board members and leaders who came before us for

their insight, tenacity, and dedication to create, nurture, and develop

this association. I wish I could name them all, but surely I would

slight someone, and that would be extremely unfortunate.



The reason for the decline in association membership has been dissected

and examined ad infinitum. It is not just the leasing industry that has

suffered from the slow economy and shrinking business count. That

having been said, I still expect our membership to be at an all time

HIGH by year end. This will be accomplished by providing tangible

economic as well as educational and networking benefits to our members.

We are not just strong on membership and benefits, but our financial

condition is extremely solid as well.


It has been said that due to advances in technology and the information

super highway, leasing associations and annual conferences are passe.

Kit, I know opinions are like belly buttons, everybody has one, but a

recent member survey indicated that 73% of our members consider the

Annual Conference to be “important” or “93very important” to their

business. Furthermore, I anticipate we will have excellent attendance

at our Fall regional meetings in Irvine on September 19-20 and Atlanta

on November 7-8. Everyone is invited to attend and can register as of

next Wednesday at



Our plan, which we began implementing several years ago, was simply to

provide leasing professionals with so many tangible benefits (i.e.,

$2.00 credit reports, $7.95 overnight shipments (unlimited weight, no

pickup charges, or fuel surcharges), .039 long distance, free access to

legal assistance, and of course the ever so popular online Leasing

Forum, that they would feel compelled to join. Once a member of NAELB,

our hope was and still is, these new members would get actively involved

and by doing so, grow professionally and economically. The plan seems

to be working!



In conclusion, I can only surmise those having divine insight or

consummate knowledge of the leasing business, have no need to associate

with any of the leasing associations. The rest of us mortals, however,

can find substantial benefits in belonging to and participating in one or more industry organizations.



I will be at both regional meetings and I look forward to seeing old friends and making new ones.



Kindest regards,


Bob Bell, CLP







Due to some unknown e-mail glitch you did not get the entire text of my e-mail. You should have know when you saw it come through unsigned. I would appreciate it if you would print the whole thing. I don't want anybody to think that I have, or would ever give up on the association movement.


Bob Rodi


LeaseNOW, Inc



( Your e-mail was signed with your full signature. I still have a copy. However, if you say there was a glich, which has happened in the past with e-mail from LeaseNOW,

we are glad to print what you had originally intended::




I have read your association piece and I have enjoyed the responses. Please allow me to advance my comments and voice my opinion.


First of all I would characterize your comments on the UAEL "having it all" as somewhat misplaced. Without reopening old wounds I will simply say that what UAEL had during that era was merely a façade. The dismantling of that façade began with Jim Lahti, continued with George Davis and simply ended with me. As far as your characterization of certain members who have left the UAEL and now actively work for other associations I think they may fall into the categories that were described by Jeffrey Taylor. Many of these members simply find themselves being left behind by the industry. The "perfect storm" has claimed a lot of victims. Many of them have been "swamped" by the technology wave and other changes in the industry that undermine what little competitive edge they thought they had. Now many of these people find themselves trapped in an industry that they can't leave because that technology wave has created barriers to entry in many industries. Instead of bowing out gracefully they will choose to swim against the current until they sink beneath the waves of the perfect storm for the final time.


Ironically enough, I recall a conversation that took place between me and a prominent UAEL member more than 10 years ago. It was a very successful fall conference and this individual looked out over the room and said, "Bob, the funny thing is that half of these people are out of business and just don't know it yet". That was sage advice from a very experienced and respected member of that organization. That observation proved to be very astute.


I would also comment on the "run up" in membership that was experienced by associations in the mid nineties. Many of us knew that new entrants to the industry were not there because of their commitment to the industry. They were attracted by wide open credit windows and the volume driven philosophy that was meant to produce quick profits and leverage the cheap money of securitization. These companies were never serious players. Many of them were members one year and gone the next year but, Jeff Taylor was right again when he observed that all of the association leadership was enamored with the money that these companies were willing to throw around and spend.


That being said I would not trade one minute that I have spent volunteering or working for UAEL nor do I have any regrets about any amount of money I had invested in UAEL membership. I sat down one day and added up what we had invested in the UAEL over the past 17 years. Including dues, travel, conferences and the extra money spent to be a part of the leadership, I calculated that I had invested approximately $130,000.00. I have personally earned well over 30x that amount during the same time period. In addition we have employed more than 50 people, all of whom were well paid with good benefits.


In 17 years I have never missed a conference and when I land in Portland for the UAEL fall conference I will be attending a WAEL/UAEL conference for the 35th time. I learn something from one of my peers at every conference and I get to see long time friends and yes, play golf. Hopefully other attendees learn something from me. That is what the association is about. It is not about discounts on Fedex and Credit reports.


Jeff Taylor may be right and the association movement may be heading for its final days. Over the next 10 years it will serve an aging and dwindling membership base. As increasingly sophisticated risk based scoring models are developed the customer base will be sliced and diced into increasingly discreet categories. The behavior of these applicant pools will be predictable and intelligent systems will render decisions and even be capable of "subjective" decisions. This will negate the need for the originator and it may in turn negate the need for the association. Whatever the case, I can guarantee that I will be there to turn out the lights for the last time at the last conference. I just can't imagine drinking with a credit scoring model, no matter how good she looks.


Bob Rodi, CLP


LeaseNOW, Inc.

1-800-321-LEASE (5327) x101




Coda: Please print this for me.





After I reread my comments I would like to clarify one item. I stated that the "dismantling of the UAEL façade" began when Jim Lahti was president and continued with George Davis, subsequently ending with me in the year 2000. I want to point out that Jim Lahti and George Davis had two of the best years, financially, in the association's 25 year history. The UAEL executive committee of that era began to realize that the association had to change and that G&A expenses were spiraling out of control. By focusing on and subsequently isolating and eliminating the problem, the current leadership was free to concentrate on service to the membership rather than competing with other associations.


Bob Rodi, CLP



LeaseNOW, Inc.

1-800-321-LEASE (5327) x101





Thank You, Jeffrey Taylor



Thank you, Jeff, for the plug in your newsletter. We picked up new readers

in Australia, France, Japan, plus many in the United States after you

mentioned our six month report on Leasing Associations ( in the U.S.).


I did not realize you had so many readers around the world, and some

very large corporations, too.


One plug deserve another, so those who don’t know Mr. Taylor’s schedule:


Jeffrey Taylor Sales Training Schedule At A Glance

New York - August 11

Chicago - August 12

San Francisco - August 14

Boston - September 6

San Diego - October 11


He will be “on the road,” and today, Friday, is the last day

to register. Don’t miss this opportunity to meet “face-to-face”

with this author and trainer. The literature at the class is

worth more than the entrance fee. He also guarantees

your money back, if you don’t get anything from his training—

no hassle, no argument, your money back.







#### Press Release #############################################


International Decision Systems Announces

Alliance with BEA WebLogic Platform 8.1


MINNEAPOLIS, Minn., International Decision Systems

Inc. (IDS) has announced that it uses the BEA WebLogic Enterprise

PlatformTM to support the IDS lease/loan and asset management software

solutions Customer Care, InfoLease Integration Manager and Rapport. In

addition to serving as a BEA channel partner, IDS will provide frontline

support for WebLogic Express and WebLogic Server with BEA-certified

technical representatives.


The announcement supports the general availability of BEA WebLogic

Platform 8.1TM, a unified architecture that provides superior business

integration through the convergence of application development and

integration from BEA Systems, Inc. (Nasdaq:BEAS), the world-leading

application infrastructure software company.


IDS is the global leader in developing lease/loan accounting and

portfolio management software and services that allow companies to

streamline their business processes, thereby saving them time and money.

Together, IDS and BEA can provide asset finance companies with increased

technological efficiency by simplifying the flow of information within their

enterprise and decreasing the cost of managing applications.


³BEA¹s WebLogic Express and WebLogic Server are the industry standard, and

are perfect complements to IDS¹ Rapport, Customer Care and Integration

Manager,² states IDS chief architect Howard Dunlavy. ³Our strategic alliance

with BEA will bring solutions to market that will enable companies to get

better information faster ­ resulting in improved overhead cost control,

automated operations and protected profit margins.²



Dunlavy cites WebLogic Express¹ low cost Java Servlet Engine with 24/7

support as another major factor in partnering with BEA. ³IDS applications

don¹t require full implementation of the Java 2 Enterprise Edition (J2EE)

specification. They can be run in WebLogic Express, saving our customers

money as a result. ³


IDS¹ solutions will also support BEA¹s WebLogic Server, a dominant

J2EE-compliant application server on the market. ³Many IDS customers have

already committed to WebLogic Server as a standard within their

environments,² Dunlavy explains. ³By supporting WebLogic Server, which is

cross-functional with other enterprise solutions, IDS products will be more



The IDS/BEA alliance is effective as of July 2003.

About International Decision Systems

International Decision Systems (IDS) is the global leader in developing

lease/loan accounting and portfolio management software and services. With

offices in the United Kingdom; Minneapolis, MN; Sydney, Australia and

Singapore, IDS offers the largest and most experienced global consulting,

implementation and technical support teams in the leasing industry.


InfoLease, the world¹s premier lease/loan portfolio and asset management

system, comprises the foundation of IDS¹ product line. With a web-enabled

front-end and more than 70 custom add-on solutions, InfoLease is the most

adaptable and scalable lease/loan technology available in today¹s



IDS¹ parent company, IDS Group plc, is publicly traded on the London Stock

Exchange (IDGL). For additional information about International Decision

Systems and IDS Group plc, visit.


IDS and InfoLease are registered trademarks of International Decision





#### press release ##########################################


U.S. Bank Names Mike Michael New Portland Market President





U.S. Bank has named Ralph S. (Mike) Michael to lead commercial banking and serve as the market president for U.S. Bank in Portland. Michael succeeds Joseph M. Otting who was promoted to lead all commercial banking efforts for U.S. Bank in its eastern U.S. territory. Michael begins his work in Portland on Monday, Aug. 11.


"Mike brings tremendous attributes to this position, both personally and professionally," said David I. Rainer, head of commercial banking in U.S. Bancorp's western region. "His work both in the financial services industry and in the community is admired by many who have known him over the years, and I am thrilled that his talents and energy will now be devoted to U.S. Bank customers, employees, community stakeholders and shareholders in Portland. Mike is a 'roll-up the sleeves and let's get to work' type of banker who will spend most of his time working with customers, talking and visiting with employees and getting to know the Portland community and its leaders."


A 28-year banking veteran, Michael, 48, most recently worked for PNC Financial Services Group in Pittsburgh, where he was executive vice president and group executive leading the company's private client banking, capital markets, large corporate banking and leasing businesses. In prior positions, Michael also led treasury management and was instrumental in creating PNC's electronic invoicing and payment presentment system. From May 1992 to February 1996, Michael was market president overseeing PNC Bank in Ohio and northern Kentucky.


In addition to his successes in banking, Michael is an active community leader, an area that he strongly believes in and will continue with his new responsibilities in Portland. Michael is past chairman of the Greater Cincinnati United Way campaign, vice chairman of Cincinnati Business Committee and has served on numerous local boards throughout his career including Children's Hospital of Pittsburgh and Xavier University.


U.S. Bancorp (NYSE:USB), with assets of $195 billion, is the 8th largest financial services holding company in the United States. The company operates 2,199 banking offices and 4,575 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the web at




U.S. Bank

Teri Charest, 612-303-0732


Steve Dale, 612-303-0784








#### Press Release ###########################################


Fitch "B" Rating/Negative on AmeriCredit


Based in Fort Worth, TX, ACF has become the largest independent subprime automobile finance company in North America. As of June 30, 2003, ACF maintained $14.9 billion in managed automobile finance receivables.



Fitch Ratings-Chicago: Fitch Ratings maintains the 'B' rating and Negative Rating Outlook for AmeriCredit Corp.'s (ACF) senior unsecured debt following ACF's announcement of a delay in releasing operating results for quarter and fiscal year ended June 30, 2003. Approximately $375 million of debt is affected by this action.


ACF and its independent accountants are reviewing the accounting treatment under Financial Accounting Standards Board's Statement 133, 'Accounting for Derivative Instruments and Hedging Activities', of certain interest rate swaps that were entered into prior to 2001 and used to hedge variable cash flows on credit enhancement assets. This review will determine whether unrealized losses originally classified in other accumulated other comprehensive income should be reclassified to net income for fiscal-year 2002 and the first nine months of fiscal-year 2003, which may ultimately result in a restatement.


The amount of unrealized losses being reviewed totals approximately $50 million pre-tax. Fitch will evaluate the results of the review when finalized. Based on ACF's representation, Fitch does not believe that any restatement will have a material effect on previously reported cash flows or shareholders' equity because any such unrealized losses that may be reclassified to net income have already reduced shareholders' equity through other accumulated comprehensive income.


Fitch notes that ACF appears to be performing to plan, and unrestricted cash is modestly better than expectation. Unrestricted cash balances increased by $79 million to $317 million at June 30, 2003, compared with $238 million at March 31, 2003. According to the company, ACF expects to hit required enhancement levels in all pools that have exceeded specified trigger levels during August, although additional pools will breach triggers later in the year.


Fitch's concerns continue to emphasize asset quality performance relative to chargeoffs and delinquencies, coupled with continued pressures in used car prices. Annualized net charge-offs declined to 7.4% of average managed auto receivables for the fourth quarter of fiscal 2003, compared with net charge-offs of 7.6% for the March 2003 quarter. Although, net chargeoffs have shown modest improvement, the level continues to remain high.



Contact: Peter J. Shimkus +1-312-368-2063, Chicago or Christopher D. Wolfe +1-212-908-0771, New York.




### Press Release ##############################################


Willis Lease Finance Reports First Half 2003 Profits Rise 29% to $2.0 Million



SAUSALITO, Calif.----Willis Lease Finance Corporation (Nasdaq:WLFC), a leading lessor of commercial jet engines, today reported first half 2003 net income rose 29% from a year ago despite continued challenging market conditions. In the quarter ended June 30, 2003, the company generated net income of $1.2 million, or $0.13 per diluted share, on revenue of $15.6 million. In the second quarter of 2002, the company posted net income of $577,000, or $0.07 per diluted share, on revenue of $13.4 million. For the first half of 2003, net income was $2.0 million, or $0.22 per diluted share, compared to $1.5 million, or $0.17 per diluted share for the same period in 2002.


Current Market


"In the first half of 2003, the aviation marketplace was jolted by the effects of the war in Iraq, the SARS virus and more airline bankruptcies and near bankruptcies," said Charles F. Willis, President and CEO. "The good news is that the adverse effects of the war and the SARS virus appear to be in the rearview mirror at this point. While still a challenging environment, more people are flying. Asian travel in particular appears to be rapidly recovering from the SARS crisis, with carriers reinstating flights and reporting increased traffic. In addition, from what I can see, it seems as though the marketplace is finding a way to deal with most of the troubled airlines in a manner that helps to preserve some semblance of stability."


The portfolio utilization rate at June 30, 2003 was 84.6%, which was down slightly from 85.8% at March 31, 2003, but up considerably from 80.0% at the end of June last year. At July 31, 2003, the utilization rate improved to 87.5%. "We are pleased with how the lease portfolio is performing, and with what we have been able to accomplish over the past year," said Donald A. Nunemaker, Chief Operating Officer. "As of the end of July 2003, our portfolio utilization rate was higher than it has been at any month end since October 2001. We continue to actively manage our portfolio to meet the needs of our customers while striving for the highest utilization rate possible."


Results from Operations


Lease revenue in the second quarter totaled $14.6 million, up 8% from $13.6 million in the second quarter of 2002. Year-to-date lease revenue improved 5% to $28.6 million compared to $27.2 million in the first six months of 2002. During the second quarter of 2003, sales of equipment generated a net gain of $1.0 million, compared to a net loss of $152,000 in the same quarter last year. In the first six months of 2003, the company booked $1.1 million in gains on sales of equipment compared to $583,000 in the like period of 2002. Total revenue in the quarter ended June 30, 2003 increased 16% to $15.6 million compared to $13.4 million in the same quarter of 2002, with the increase attributable to higher lease revenue and a larger gain on sales of equipment. Year-to-date 2003 total revenue increased 7% to $29.7 million compared to $27.8 million in the first half of 2002 due to the same reasons as identified above.


"Last quarter we reported we had five engines leased to two carriers who had filed for bankruptcy protection. Since that time, one engine was returned, and payments on the remaining four engines have been reinstated," said Monica J. Burke, Chief Financial Officer. "In the second quarter, we did not recognize $300,000 of lease revenue from these troubled carriers, although we are hopeful it will ultimately be recoverable. We also recorded $670,000 of deposits into lease revenue from a customer that went bankrupt in a prior year. In addition, the $1.0 million gain from sale of equipment was partially offset by a write-down of $645,000 on three engines held for sale, one of which was sold in July. As we have done in the past, we occasionally choose not to make further investments in certain assets that are not economical to repair."


Total expenses in the second quarter of 2003 increased 11% to $13.9 million compared to $12.5 million in the same quarter of 2002. Year-to-date 2003 total expenses grew 5% to $26.7 million from $25.3 million in the first half a year ago. Depreciation was 15% higher in the current quarter and 13% higher year-to-date mainly due to accelerated depreciation, resulting from changes in estimates of useful lives and residual values, on certain older engine types. Net interest and finance costs dropped 4% in the second quarter of 2003 and 5% year-to-date as a result of the continued reductions in interest rates. In the quarter ending June 30, 2003, general and administrative expense grew 15% to $3.5 million compared to $3.1 million in the second quarter a year ago mainly due to increased employee and consulting costs partially offset by reduced legal expenses. For the first half of 2003, general and administrative expenses were up 2% at $6.9 million from $6.8 million in the first half of 2002.


Second quarter 2003 pretax income totaled $1.7 million, up 87% compared to $901,000 in the second quarter of 2002. Year-to-date 2003 pre-tax income grew 21% to $2.9 million compared to $2.4 million in the first half of 2002. Second quarter 2003 net income nearly doubled to $1.2 million, or $0.13 per diluted share, compared to $577,000, or $0.07 per diluted share in the second quarter a year ago. In the first six months of 2003, net income grew 29% to $2.0 million, or $0.22 per diluted share, compared to $1.5 million, or $0.17 per diluted share, in the first six months of 2002.


Balance Sheet & Liquidity


At June 30, 2003, the company had 117 commercial jet engines, 4 aircraft parts packages and 6 aircraft in its lease portfolio with a net book value of $501.7 million compared to $499.9 million at June 30, 2002, when it consisted of 117 commercial jet engines, 4 aircraft parts packages and 6 aircraft.


Assets totaled $545.1 million at the quarter ending June 30, 2003, compared to $552.2 million a year ago. Shareholders' equity increased 3% to $106.4 million, or $12.04 per common share at June 30, 2003, compared to $103.0 million, or $11.66 per common share, a year earlier.


The company had approximately $18.5 million available under its credit facilities at June 30, 2003 compared to approximately $30.6 million a year ago. The company's funded debt to equity ratio was 3.4 to 1 at June 30, 2003, compared to 3.5 to 1 at the end of the second quarter last year. WLFC had $32.2 million of restricted and unrestricted cash and cash equivalents at June 30, 2003, compared to $40.3 million at June 30, 2002.


About Willis Lease Finance


Willis Lease Finance Corporation leases spare commercial aircraft engines, rotable parts and aircraft to commercial airlines, aircraft engine manufacturers and overhaul/repair facilities. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines.




Willis Lease Finance Corporation

Donald A. Nunemaker, 415-331-5281

SOURCE: Willis Lease Finance Corporation





### Press Release #############################################






Letters---We get Email


Thank you for the outstanding news. I've been reading to your

newsletter for the last year but will have to discontinue service. It

is important to let you know that I have found it more useful than any

other type of "leasing news" out there. Presently, I am making a major

career shift into trading energy derivatives and won't be able to keep

up with your notifications.


I wish you all the best and hope everyone out there in the leasing world is reading your newsletter on a daily basis!




David T. Garvey





I recently changed employers and used to receive your news

letter at my previous employer. Would you please put me on your

distribution list again as I always enjoyed your articles. My new

e-mail address is:


Thanks Kit. I appreciate your assistance in this matter.


Regards, Paul E. Zediker Exec. Vice Pres. First Bank of Highland



(It’s that easy to be added, or to change an address.

Welcome Back, Mr. Zediker. editor)




I am surprised at how many folks really read the whole newsletter. YOU are the star Kit. Who else would stay up until 2:00 or 3:00AM every morning just to delight your readers with great news, wonderful humor, and important announcements. The Leasing industry is fortunate to have you. I know everyone feels this way too. Take a bow Kit. You deserve it.



Rosanne Wilson


(Thanks. Usually hear the complaints. Kit )




I am throwing taking my hat out of the ring, and throwing all my support

to The Terminator. He will help the leasing industry, and California.


Izzy Finster


California---The Land of Fruit and Nuts.


(Izzy must be up there in age, as that was the motto of the state maybe thirty

to forty years ago. editor )





My webmaster was working on the site for The Leasing Library ( during part of Thursday and it may have been temporarily unavailable to your readers interested in "Winning Leases with TValue5".


We did not include pricing as it may be purchased as a stand-alone item ($55.00) if the user already has TValue5, or bundled with TValue5 or a TValue upgrade at a reduced price. Seemed like a bit too much to try to include in the Press Release. It is all laid out on the website or your readers may call me at 800/564-2404 with any questions.


By the way, the copy I sent to you was not a final version. I just wanted to give you a feel for the product. We'll send the finished version to you on the release date.


Best regards,


Ted Parker



( details follows: editor )






Winning Leasing with TValue 5


The Leasing Library introduces our newest publication “Winning Leases with TValue 5” that helps Lessors unlock the power of TValue5 software.

The Leasing Library adds an outstanding, new product to its’ already impressive list of leasing oriented books, reports and industry related software.

“Winning Leases with TValue5” is a step-by-step guide that takes the reader from the most basic lease pricing to advance lease structures such as multiple advance payments, residuals, refundable security deposits, step, skip and touch payment leases. Learning to calculate commissions, solving for present value or an interest rate are all presented in easy to understand detail. Numerous exercises are presented to give the reader the pricing and structuring skills they need.

Readers will also learn the ins and outs of funding their leases and how to avoid leaving money on the table when discounting the rental stream.

“Winning Leases with TValue5” helps Lessors combine the power, speed and accuracy of TValue5, the standard for interest calculations and loan amortization, with leasing industry specific applications. Financial calculators will now spend most of their time as paperweights.

You will find “Winning Leases with TValue5” not only an excellent training tool but a handy reference source.

“Winning Leases with TValue5” was developed by experienced leasing professionals to help Lessors quickly, accurately and easily create winning lease structures.

“Winning Leases with TValue5” is available only in an e- book (PDF) format. Orders may be placed at:

For more information, contact Ted Parker, CLP, at 800/564- 2404, email or visit the website at







News Briefs---


Fed Expected to Leave Rates Alone



Productivity soars; jobless claim drop to six-month low


Retailers report strong sales in July






This Day in American History




    1588 – This event is mentioned as history may have been quite different for

the founding of the United States. The Spanish Armada, a fleet of 130 huge ships, met defeat at the hands of English sailors and their smaller, more maneuverable vessels. Then a series of wicked Atlantic storms off the coast of Southern England took their toll. Only half of the 130 Spanish ships managed to limp ... at best ... home. The 60 or so English ships, plus the weather, saved England from the Spanish invaders.

    1814-Esther Hobart McQuigg Morris was born at Tioga County, NY, but eventually moved to Wyoming Territory, where she worked in the women’s rights movement and had a key role in getting a women’s suffrage bill passed. Morris became justice of the peace of South Pass City, WY, in 1870, one of the first times a woman held public office in the US. She represented Wyoming at the national suffrage convention in 18795. She died April 2, 1902, at Cheyenne, WY.

    1863—Birthday of Florence Augusta Merriam Bailey - U.S. ornithologist and author. She produced the Handbook of Birds of the Western United States and Birds of New Mexico (1928) as well as a half dozen other bird guides. She also produced some books with the help of her husband whom she married after her major publications. Her powers of observation veered off into another direction when she was diagnosed with tuberculosis and went to Arizona and southern California for convalescence. There she researched a devastating book My Summer in a Mormon Village (1894) that revealed the stifling life of Mormon women. She was wondrous after seeing the suffering of women under polygamy but who retained their faith in it. "The spirit that is first and best in woman - her power of self-sacrifice in the face of abstract rights - has been used as a tool or torture and it will be used successfully until education teaches her that there is a higher light for her to follow." and later,” I recalled with a shudder the statistics I had known about the number of farmers; wives who go insane.” During this period she also wrote A-Birding on a Bronco 1896, and Birds of Village and Field (1898). She was the first woman associate of the American Ornithologists' Union. She won its Brewster medal in 1931 for her comprehensive report on the birdlife of the Southwest in Birds of New Mexico. A variety of California chickadees were named in her honor. She attended Smith College. Her first book was Birds Through an Opera Glass (1889). Her mother was a graduate of Rutgers Institute.

    1844- Brigham Young chosen Mormon Church head following Joseph Smith death.

    1866-Birthday of Mathew Henson, famous African-American explorer, born at Charles County, MD. He met Robert E. Peary while working in a Washington, DC, store in 1888 and was hired to be Peary’s valet. He accompanied Peary on his seven subsequent Arctic expeditions. During the successful 1908—09 expedition to the North Pole, Henson and two of the four Eskimo guides reached their destination Apr 6, 1909. Peary arrived minutes later and verified the location. Henson’s account of the expedition. A Negro Explorer at the North Pole, was published in 1912. In addition to the Congressional medal awarded all members of the North Pole expedition, Henson received the Gold Medal of the Geographical Society of Chicago and, at 81, was made an honorary member of the Explorers Club at New York, NY. Died Mar 9,1955, at New York, NY.

    1866-The first queen to visit the United Sates was Queen Emma, widow of King Kamehameha IV of the Sandwich Islands ( later to be re-named Hawaii), who arrived in New York City from England on the Cuuard liner Java. She was received on August 14,1866 by President Andrew Johnson and

introduced to his family. American business had already started to invest in the island, bringing

coffee, potatoes, hybrid sugarcane, horses and cattle.

    1882-Birthday of Olga Smaroff - U.S. pianist and musician who followed in the footsteps of her mother and grandmother to become another generation of concert pianists. She was the first American woman to win a scholarship to the Paris Conservatoire. She performed with the New York Philharmonic and the Boston Symphonic Orchestra among others in the U.S. and Europe.

She gave up her successful concert career in 1911 to marry but gradually returned to it and her nationwide concert tours even before after her divorce in 1923 to the dictatorial orchestra conductor Leopold Stokowski. However, her performing career was cut short by an arm injury in 1925. She became a much honored faculty member of Juilliard graduate school and the Philadelphia Conservatory of Music. OS established the Schubert Memorial to aid musically talented young Americans to overcome the prejudices against American-trained artists. She lectured world-wide and was a prolific author of books introducing classical music to the layperson. She joined the faculty of Juilliard graduate school and the Philadelphia Conservatory of Music. Her autobiography is An American Musician's Story (1939.) Her first piano lessons were by her mother and then her grandmother who was a noted concert pianist.

    1884- Sara Teasdale - U.S. poet, one of the finest lyricists of her generation. Her later works became haunted and subtle with great style and depth with an economy of words. She was awarded the 1918 Pulitzer Prize in poetry for Love Songs (1917). Most biographers point to a divorce and "an unhappy life," but she was known to have had a lasting relationship with at least one woman, She died of an overdose of barbiturates while ill in 1933.

    1896-Birthday of Majorie Kinnan Rawlings - U.S. writer. Her novel The Yearling (1938) won the Pulitzer Prize. She had been a reporter, but it wasn't until she divorced and moved by herself to Cross Creek, Florida, that she found her fiction writer's voice. Perhaps her autobiographical Cross Creek (1942) is her finest as she weaves in poetical voice how she discovered her Florida home and the richness of the land. She had suddenly broken off her reporting career and her marriage to move to the 40 acres of orange trees in northern Florida. Writing of the people and the place, she won the O. Henry memorial Award for her short story "Gal Young Un" (1933). Other lesser known works followed until The Yearling burst onto the scene to become an instant classic and win the Pulitzer. It was also made into a movie. She remained at her beloved Cross Creek home until her death in 1953.

    1899-Birthday Of Russell Markert, American choreographer Russell Markert, born at Jersey City, NJ. He founded and directed the Radio City Music Hall Rockettes from 1932 to 1971. He died December 1, 1990, at Waterbury, CT. 1899 - A.T. Marshall of Brockton, MA patented the refrigerator. It was not practical in cost for many households and “ice” refrigerators were common

until perhaps World War II.

    1876-Thomas Alva Edison of Menlo Park, NJ, obtained a patent for a “method of preparing autographic stencils for printing”. He went on to improve the “mimeograph,” who until

the advent of the photocopier, was the most widespread method of paper communication

and duplication.

    1896-Birthday of Marjorie Kinnan Rawlings, American short story writer and novelist ( The Yearling), born at Washington, DC. Rawlings died at St. Augustine, FL, December 14, 1953. 1900-Birthday of bandleader Lucky Millinder, Anniston, AL.

    1911 - Membership in the U.S. House of Representatives was established at 435. Every 211,877 residents of the U.S. were represented by one member of Congress.

    1918-Two days after the Battle of Marne ended, the British Fourth Army mounted an offensive at Amiens with the objective of freeing the Amliens-Paris railways from bombardment by the German Second and Eighteenth Armies. More than 16,000 German prisoners were taken in two hours of fighting the first day. The German forces were forced back to the Hindenburg’s line by September 3. This battle is considered a turning point by many historians because of its impact on the psyche o f Germany. August 8 was described by General Erich Ludendorff as a “Black Day” for Germany. 1923-Birthday of singer Jimmy Witherspoon, Gurdon,AR.

August 8, 1918 -Alto Sax player Benny Carter Birthday (Died July 12,2003)

    1926-Birthday of trombonist Urbie Green, Mobile, AL.

    1922-Louis Armstrong, 22 years old, leaves for the Windy City. His autobiography is fascinating

to read about his version of the beginnings of jazz. He perhaps is not only the best known

jazz musicians, but considered even today to have been quite ahead of his time. On old records,

it is easy to pick him out playing the trumpet. He had tone, melody and rhythm that still

wants you to sing, dance, or tap your foot.

    1923 - Benny Goodman was 14 years old as he began his professional career as a clarinet player. He took a job in a band on a Chicago-based excursion boat on Lake Michigan.

    1932-Birthday of singer/songwriter Mel Tillis, Pahokee,FL. Tillis was the Country Music Association Entertainer of the Year . Equally talented as a singer and as a songwriter, Tillis began his hit-making career in 1958 with "The Violet and the Rose." His top-ten singles have included "Who's Julie," "The Arms of a Fool" and "Memory Maker." Tillis has a speech impediment, but has made his stuttering a part of his act.

    1933-Louisiana Governor O.K.Allen pardon’s Huddie William Ledbetter,

better known as the folksinger “Leadbelly.,” He got the name while

in prison in Texas for being very strong. He was a very big man with

an explosive temper, and was in for murder. He was pardoned by Texas

Governor Pat Neff from a thirty year sentence, something that was unheard

of in Texas and from the very conservative Neff, but it is said, he sang

a song of why he should be released that so affect the warden, and then

Neff, that they released him. Leadbelly was one of my father’s favorite

folksingers, that he played all the time, and my first memories of my

father are listening to this music in the forties. I remember sitting

on his knee, perhaps the earliest recollection of my father, who I miss

more and more as each year goes by.

    1933-The first savings and loan association established by the federal government was the first Federal Savings and Loan Association of Miami, Florida. The creation of savings and loan institutions had been authorized by the Home Owners Loan Act of June 13, 1933, to provide a convenient place for the investment of small and large sums and to lend money to local applicants for first mortgages.

    1941 - Les Brown and His Band of Renown paid tribute to baseball’s ‘Yankee Clipper’, Joe DiMaggio of the New York Yankees, with the recording of "Joltin’ Joe DiMaggio" on Okeh Records. From that time on, DiMaggio adopted the nickname, Joltin’ Joe.

    1942-Adding to the fear of the times from both the war in the Pacific and Atlantic, this event

is forgotten by many today. Six Germans were electrocuted this day in 1942 in Washington, DC.

They were part of a group of eight who were tried by a military commission of seven generals. One saboteur, George John Dasch, was sentenced to 30 years in prison, and another Ernest Peter Bruger, received a life sentence. All eight were found guilty of landing in rubber boats from enemy submarines, carrying explosives, incendiaries, fuses, detonators timing devices, acids, and similar material. Four of them landed on June 13, 1942, at Amagansett, NY, on Long Island, and were discovered by Seamen Second Class John C. Cullen of the Amagansett Coast Guard Station. Four others landed on June 17, 1942, at Poine Vedra Beach near Jacksonville, FL.

    1951-Birthday of Randy Shilts, journalist known for his reporting on the AIDS epidemic. One of the first openly homosexual journalists to work for a mainstream newspaper and the author of And the Band Played On: Politics, People and the AIDS Epidemic. Born at Davenport, IA, and died at Guerneville, CA, Feb 17, 1994.

    1951---Top Hits

Too Young - Nat King Cole

Mister and Mississippi - Patti Page

Because of You - Tony Bennett

I Wanna Play House with You - Eddy Arnold

    1957- Club President Walter O'Malley makes it official announcing the Dodgers will play in Los Angeles next season.

    1959---Top Hits

Lonely Boy - Paul Anka

A Big Hunk o’ Love - Elvis Presley

My Heart is an Open Book - Carl Dobkins, Jr.

Waterloo - Stonewall Jackson

    1960- British Decca destroyed 25,000 copies of Ray Peterson's death-rock song, "Tell Laura I Love Her." The company refused to release a song which it said was "too tasteless and vulgar for the English sensibility." A rival firm, however, had no such compunction, recording a cover version by a singer named Ricky Valance, which went to number one on the British chart. In the US, Ray Peterson's recording of "Tell Laura I Love Her" reached number seven on the Billboard pop chart.

    1967---Top Hits

Light My Fire - The Doors

All You Need is Love - The Beatles

A Whiter Shade of Pale - Procol Harum

I’ll Never Find Another You - Sonny James
     1968- Race riot in Miami Florida.

    1969-Photographer Iain Macmillan took six pictures of the Beatles crossing the street outside their Abbey Road studio in London. A police officer held up traffic while the band walked back and forth several times. Paul McCartney chose one of the pictures for the cover of the "Abbey Road" album.

    1970-New York Yankees honor Casey Stengel, retiring his number 37.

    1970- Janis Joplin bought a tombstone for blues singer Bessie Smith's unmarked grave in a Philadelphia cemetery. Less than two months later, Joplin herself was dead of a drug overdose. Smith had died following an auto accident in 1942 at the age of 37.

    1973-Vice-President Spiro T Agnew brands them "damned lies" regarding reports he took kickbacks from government contracts in Maryland. He vowed not to resign; that he was innocent.

    1974 - Roberta Flack received a gold record for the single, "Feel Like Makin’ Love". Flack, born in Asheville, NC and raised in Arlington, VA, was awarded a music scholarship to Howard University in Washington, DC -- at the age of 15. One of her classmates became a singing partner on several hit songs. Donny Hathaway joined Flack on "You’ve Got a Friend", "Where is the Love" and "The Closer I Get to You". She had 10 hits on the pop charts in the 1970s and 1980s.

    1974-President Richard Nixon announced in a televised address that he would resign. Three days earlier he had released tape transcripts revealing he had impeded the Watergate investigation. Nixon told an audience of some 100,000,000, he had made some wrong decisions but that he was resigning because he no longer had enough support in Congress.

    1975---Top Hits

One of These Nights - Eagles

Jive Talkin’ - Bee Gees

Please Mr. Please - Olivia Newton-John

Just Get Up and Close the Door - Johnny Rodriguez

    1975- country singer Hank Williams Junior suffered severe head injuries when he fell 150 metres while mountain climbing in Montana. When he returned to performing months later, he had switched to a country-rock sound from the pure country style made famous by his father.

    1976-The Chicago White Sox made baseball sartorial history by donning shorts for a game against the Kansas City Royals. The Sox won, 5-2, but the shorts, a novelty thought up by owner Bill Veeck, lasted only a while.

    1981-Shiaway St. Pat, driven by Ray Remmen, won the Hambletonia, the most important race for three-year-old trotters, contested for the first time at the Meadowlands in New Jersey.

    1983---Top Hits

Every Breath You Take - The Police

Sweet Dreams (Are Made of This) - Eurythmics

She Works Hard for the Money - Donna Summer

Your Love’s on the Line - Earl Thomas Conley

    1983-- A jury in Kansas City, MO, awards TV anchorwoman Christine Craft $500,000 in sex discrimination suit against KMBC-TV for removing her from her anchor position because she was too old, too fat, and not deferential to men. The judgment was later overturned by an appeals court. The judgment of discrimination was upheld but no money awarded.

    1984 - Carl Lewis won his third gold medal at the Los Angeles Olympics. He won the 200-meter sprint. At the same time, Greg Louganis received his first gold medal in diving in the springboard competition.

    1986- singer David Crosby, sentenced to a five-year term for drug and weapons charges, was paroled from a prison in Huntsville, Texas after serving only five months. The convictions were overturned by a Texas appeals court in November 1987- Crosby said when he was released that he had kicked a ten-year drug habit and wanted to resume his musical career. He gained fame with the Byrds in the late 1960's, then teamed with Stephen Stills, Graham Nash, and Neil Young.

    1988-The first night game of Chicago’s Wrigley Field was postponed by rain with the Cubs leading the Philadelphia Phillies 3-1, in the bottom of the fourth inning. The Phillies’ Phil Bradley let off the game with a home run, but in a postponed game, all statistics are washed out.

    1990- Iraq annexes Kuwait. The US has been sending troops to Saudi Arabia

and moving the US Navy into the Mediterranean seas.

    1991---Top Hits

(Everything I Do) I Do It for You - Bryan Adams

P.A.S.S.I.O.N. - Rhythm Syndicate

Summertime - D.J. Jazzy Jeff & The Fresh Prince

She’s in Love with the Boy - Trisha Yearwood

    1992- heavy metal fans trashed part of Montreal's Olympic Stadium following the cancellation of a Guns N' Roses concert. Lead singer Axl Rose halted the show after a few songs because of a sore throat. That prompted the rock-and-bottle throwing rioters to use everything from an uprooted street lamp to metal barriers to smash windows in the stadium. Damage was pegged at about $300,000. Eight police officers were slightly hurt and a dozen people arrested. The head of the Olympic Stadium banned Guns N' Roses from returning to the facility and sent letters describing the riot to stadiums across North America. Pierre Bibeau described Rose as having "no respect for his fans." The premature end to the Guns N' Roses set was the second glitch of the night. The previous act, Metallica, had to end its performance when lead singer James Hetfield was burned by an exploding stage prop. His injuries caused the postponement of several dates on the tour by the two bands. Three years to the day after the aborted concert, Metallica sued promoter Donald K. Donald for $254,000, claiming they were never paid for the show. And in December 1995, an out-of-court settlement awarded spectators to the aborted show $300,000. The money went toward legal fees and to charity.  

    1993-The Dream Team, a specially-assembled team of NBA all-stars, defeated Crotia, 117-85, to win the gold medal at the 1992 Summer Olympics in Barcelona. The Dream Team, coached by Chuck Daly, including Charles Barkley, Larry Bird, Clyde Drexler, Patrick Ewing, Magic Johnson, Michael Jordan, Christian Laettner, Karl Malone, Chris Mullin, Scottie Pippen, David Robinson and John Stockton.

    1994- Janet Jackson tied Aretha Franklin for the most gold singles by a female artist - 14 - when "Any Time, Any Place" was certified as having sold more than 500,000 copies.

    1995- the Canadian stage production of Disney's "Beauty and the Beast" opened at the Princess of Wales Theatre in Toronto. At $17 million, it was the most expensive stage production in Canadian history.

    1998---Top Hits

The Boy Is Mine- Brandy & Monica

My Way- Usher

You're Still The One- Shania Twain

Adia- Sarah McLachlan

    1998 -At the age of 41, Twins' Paul Molitor becomes fifth player in major league history to have at least 3,000 hits and 500 steals. His 5-for-5 performance and the theft of his 500th base allows him to join Ty Cobb (4,191 hits, 892 steals), Honus Wagner (3,415, 722), Eddie Collins (3,315, 744) and Lou Brock (3,023, 938) as the only players to accomplish this milestone.
     1998-The largest free jazz festival in the world, San Jose, California, draws 200,000 to hear Sandoval, Broadbent, Schuur, among many others.

    2003-Largest free jazz festival started last night and into this morning the opening of the San Jose Jazz Festival. We went to see the Count Basie Band at a special preview and concert at Santana Row, San Jose. I have many great memories of seeing the Basie band since I was 14 years old and stood outside the kitchen at a club in Los Angeles, to seeing at many other places, and shaking his hand with my kids at Circle Star, San Carlos, California. When I had my dance band in high school and college, we had many of his band's arrangement in our book. While I have many favorites from the Atom Bomb album to the Newport Jazz Festival, one of my favorites is the 1966 Frank Sinatra at the Sands with the Count Basie Band. Sinatra just turned 50 and makes jokes about it with Basie, and the band never played better, and Sinatra was terrific, also. "Sent for You Yesterday..." We had Warren Luening,Jr., playing lead trumpet in the

band, and Chris Morgan on third ( think Dave Silverman played second or fourth, can't

remember, except he was primarily a Dixieland trumpet player). All three were cut ups, had two many girls at rehearsal, but no one could hit the high notes that Warren could

hit and hold. And he played things right the first time. He could read, had great rhythm and was born with perfect pitch. He went on to graduate from UCLA and then the Air Force band during the Viet Nam war. He had great class then. And still does, today. Great dresser, too; always stylish. He can be heard on movie recordings, studio recordings, and is in great demand in Hollywood. I'm really looking forward to tonight. I wish Warren and his lovely wife, Stella, had been with us..



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