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Leasing Industry Help Wanted

    Pictures from the Past--May, 1993-Golf Champions

        Closest to the Hole 1993---Phil Dushey 2003

            Faster Leasing News Web Site

                Boeing Lease $30 Million Profit Per Plane?

                    Hey, DVI, Where is the $50 Million?

                ELA to Promote SBA Despite Covenants

            Weekly Bulletin Board Complaint Report---Five

        Attorneys Who Specialize in Leasing

    TCF Prepays $804 Million Fixed-Rate Borrowings

Comdisco To Sell U.S. Info Lease Biz to Bay4 Cap

    News Briefs---

        Sports Briefs---

California Nuts Briefs----




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



Please send to a colleague as we are trying to build our readership.


Two Version: Free ( text format) $59.95 yr ( html/website) Free 30 Day Trial


This text 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---





Leasing Industry Help Wanted


Escondido, CA: Lease broker office looking for Lease Coordinator/Office Manger: process credit, submit to banks,documentation/follow-up; answer phones/manage files.Leasing experience important. please send resume or fax to (760) 738-1910

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:


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:



Pictures from the Past----May, 1993—Golf Champions


Golf Champions: Western Association of Equipment Leasing Spring Conference Palm Springs, California First Place Team: Ron Mitchell, account executive, ITT Capital Finance, Pleasanton, CA (far left) Kelly Hutchison, National account manager, Lease Pro, Marietta GA (front row, left) and Kevin Libert, VP, ITT Capital Finance ( standing with visor;) Second place went to Kelly Long, regional marketing manager, First Concord Acceptance, Corp., Denver, CO ( back row, third from left) and to Kelly's right, Jim Lahti, president, Affiliated Corporate Services, Inc. Dallas, TX., John Torbenson, president BJ Leasing, Inc., Bellevue, WA (bottom, right).


Closest to the hole: Phil Dushey, EVP, Global Leasing Services, New York, New York (standing, far right).


Longest Drive: Doug Hatch, AVP, Bank of the West Walnut Creek, CA. (center, holding plaque).





Closest to the Hole 1993---Phil Dushey 2003



“ I have been in the finance business for about 25 years. I have been a member of most of the leasing organizations EAEL,UAEL,NAELB,ELA. * and have served on many committees in these organizations.


“Currently I am most active in NAELB and serve on various committees. I am also on the advisory board of the Leasing News. I also work as a consultant to many companies in advising them on financial strategies to acquire new companies and expand their businesses.,Phil.jpg



“My company has been in business for over 20 years. When I originally entered the business I only did equipment leasing like so many other brokers at that time . The problem with the equipment leasing business is that it has to many peaks and valleys.


“ About 15 years ago I came very close to going out of business because it was one of those years like we have been experiencing lately. I could not pay my bills and was starting to let people go. I also used to get on a routine basis all kinds of transactions other than leasing and I would turn them all down because I was only in the ‘Equipment Leasing Business’ .


One day I received a transaction from a west coast company that told me that their bank had told them within two weeks the would stop funding on their $2,000,000 line of credit. As I was about to trash the transaction I Said "Why am I doing this " and to make a long story short I did the transaction and made a $50,000 fee. From that time I decided I was not only in the equipment leasing business but a full service financial company . Today Global is very successful and we work with many people in the various leasing organizations in getting their non leasing transaction done.


Over the last year or so we have been deluged with people wanting to enter the finance business but most of them did not have any experience and their was no credible company out there to train them to be a full service finance company. We then decided that we would develop a program to teach people how to enter the lucrative field of finance and be able to make an excellent income in their first year of business.


The people who partake in our program receive a vigorous three day training in our New York offices and we supply them with everything they need to be in business from a custom interactive web site down to their business cards. They will also be on-line with many different direct lenders in all fields of finance so they can truly be a full service finance company.


Probably the important, but intangible thing they get is our on going support for as long as they need it. The price for the program is $14,995 but is going up in September to $19,950. Please visit our website for complete details or call Phil Dushey 212-480-4900





Global Financial Services

17 State Street

New York NY 10004


Phone 212-480-4900

Philip Dushey







Faster Leasing News Web Site


The Classified Ads server has been both up-dated and moved to

a different ISP to speed up the process of the pages opening much

faster at


In addition, we have temporarily eliminated the “Kit Menkin Live”

feature from the front page. It was also connected to the old “classified”

server, and in reviewing its usage, it really slows down the opening

of the web site.


We may feature it will a link, as we did with the anti-virus page, or

eliminate it all together. In reality, for the last six month’s it was

only used twice; and not by regular readers, by people who had

a question about CMC Commercial leasing and their lease with

the company.


As a side note, we get many e-mails from lessees

with questions about their lease payments to Firerock Capital,

United Capital, Datronics, and others who’s portfolio is being serviced

not by the original company. The generally are about obtaining

title, or getting a lien released, and sometimes about “over payment,”

or an assignment of the lease.


We are also looking at other means to speed up the opening of

the web site page. It was always our intention to keep the page

simple, black and white, no frills, so it would open “fast.”




Boeing Lease $30 Million Profit Per Plane?



Senator John McCain, R-Arizona, said ``... this is a bad deal for American taxpayers.''


McCain contends the deal is a sweetheart deal for Chicago-based Boeing, which has been hurt by plunging commercial aircraft sales. McCain is a senior member of the Senate Armed Services Committee, which has scheduled a hearing right

after Labor Day on September 4th on the Boeing lease transaction.


The House Armed Services Committee and the House and Senate appropriations committees have already approved the leasing plan.


Congressional investigators raised questions about the leasing deal last month, saying the Air Force had underestimated the cost of buying the planes after the proposed six-year lease.


The report by the General Accounting Office said the true cost of the deal is difficult to determine because of its complexity and a variety of assumptions used.


Taxpayers for Common Sense, a Washington-based watchdog group, said the report showed the folly of the leasing deal.


``No fiscally responsible person would enter a deal that would end up costing far more to lease than to buy,'' said Keith Ashdown, vice president of the group. ``It seems the Air Force is more concerned with Boeing's profits than the taxpayers' pocket book.''


According to the Congressional Budget Office the plan to lease 100 Boeing refueling tanker planes could cost as much as $5.7 billion more than buying them outright, the Congressional Budget Office said Tuesday.


The Congressional Budget Office reports the lease for the air force of specially outfitted 767 jets for six years, with an option to buy after that, would cost at least $21.5 billion, compared with $15.9 billion for a direct purchase."


Normally leasing has more advantage. The report states, on the average, the Air Force would spend $161 million per plane to lease and then buy the aircraft, compared to $131 million per plane through an outright purchase, the report said.


In a report to Congress last month, the Air Force calculated that leasing the 100 re-fuelers would cost $17.2 billion, compared with $17.1 billion to buy the planes outright.


If the option to buy is exercised, as expected, the total cost for the deal would rise to more then $21 billion, the Air Force said.


The Air Force has acknowledged that the leasing deal - which is subject to approval by Congress - is more expensive, but it says leasing would speed replacement of aging air tankers and keep money available in the short run to buy other military equipment.


In a statement late Tuesday, the Air Force said that basically Senator McCain did

not have all the facts as the report was incomplete.


``While the report addresses cost issues, it fails to recognize the critical and significant operational and maintenance advantages gained by obtaining a more capable aircraft five years earlier than by purchasing,'' the Air Force said.


Congressional investigators raised questions about the leasing deal last month, saying the Air Force had underestimated the cost of buying the planes after the proposed six-year lease.


The report by the General Accounting Office said the true cost of the deal is difficult to determine because of its complexity and a variety of assumptions used.


The New York Times reports, “Typically, the Pentagon buys equipment outright, putting the annual program costs in the federal budget. Leasing arrangements for military equipment, like the proposed Boeing-Air Force deal, are practically nonexistent. In addition, the General Accounting Office, an investigative arm of Congress, has taken issue with the deal, arguing that the current fleet of KC-135 aerial tankers can be updated at a cost far lower than acquiring a new fleet, regardless of whether the planes are leased or bought”




Hey, DVI, Where is the $50 Million?


DVI Files Chapter 11, Announces Resignation, Names New CEO


August 5th, Leasing News questioned DVI ability not to make its

interest payment, and according to insiders, would be filing



The company allegedly tried to sell its portfolio, but was turned down, and

due to the “talk” of “accounting irregularities” and “possible

bankruptcy,” the company in whole, or in part, was not a very

attractive catch, Leasing News was further told.


DVI, Inc. yesterday announced that it and two of its U.S. subsidiaries, DVI Financial Services and DVI Business Credit, have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code with the U.S.

Bankruptcy Court in the District of Delaware. DVI elected to file for

reorganization “ a result of significant financial difficulties stemming

from an unsuccessful diversification strategy, unsuccessful integration of

business units, decreased profitability, concerns regarding near-term

liquidity requirements and the recent discovery of possible accounting

irregularities. “


The Company also announced that a special committee of independent directors has been formed to investigate the possible “accounting irregularities.” Leasing

News is told by an informed source the dollar discrepancy could be

anywhere from $50 to $75 million dollars. There reportedly could

be other discrepancies.


DVI has retained Latham & Watkins as legal counsel and has appointed AlixPartners as crisis managers. AlixPartners is an internationally recognized firm with expertise in crisis management and turning around troubled companies,

and that certainly describes the once very healthy medical industry company.


“Our immediate goal is to stabilize the Company's financial situation and utilize the Chapter 11 process to enable us to operate the business as we work to sell the Company's assets," said Mark Toney, a principal at AlixPartners, who was named “acting” CEO.. "We strongly believe that DVI's considerable asset portfolio will be attractive to the market, and we have already had initial discussions with a number of parties that have expressed interest in the Company."


The Company said it is continuing to work toward obtaining Debtor-in-Possession financing, as well as generate cash from within the Company in order to sustain operations while trying to sell its assets.





ELA to Promote SBA Despite Covenants


Knowing that small businesses are a key leasing market--a 2002 poll of SBA state contest winners showed that 73% lease equipment—the Equipment Leasing Association has developed a wide range of ongoing communications and outreach initiatives, according to their most recent press release..


Most of the SBA loan agreements have covenants about “leasing” or

obtaining additional loans or financing. It is interesting that a poll of “contest

winners” would show so many leasing equipment, perhaps before the SBA

loan was granted, or with SBA “permission.” Most SBA loan agreements

file a blanket lien on all equipment, assets, and often personal assets, when

the company is privately owned, for both existing and acquired assets,

including finance leases.


The press release states, “ ELA has recently been selected as an SBA Trade Association Partner, and its participation in this newly-developed program will give ELA opportunities for greater access to small businesses. ELA will participate in quarterly luncheon meetings and contribute to the development of policies and programming between SBA small business clients and trade association partners. As an SBA partner, ELA was named an Honorary Co-chair of the SBA National Entrepreneurial Conference & Expo (NECE), and SBA has posted a Web link to ELA’s Web site in recognition of its co-chair designation. NECE will take place September 17-19, 2003 in Washington, D.C. For ELA members interested in attending this annual SBA event, visit for exhibitor, sponsorship and registration information.


“ELA is sponsoring a full-page advertisement in SBA’s annual magazine, Small Business Success. The magazine has a publication of over 250,000 copies and is distributed to SBA offices in all 50 states; at trade shows and exhibitions, including NECE; and at state Small Business Development Centers (SBDCs) and at SBA resource partner, SCORE, offices throughout the year, ensuring a long shelf-life.


“ELA is also working closely with SBA business information and resource managers to provide leasing information and content for SBA’s Web site and for print materials to be distributed throughout the country at SBDCs. ELA is promoting the posting of on SBDC Web sites nationwide and to date has Web links on SBDC sites in ten states and on SCORE’s Web site. Speaking opportunities, seminars and other opportunities between ELA and SBA are also being developed.


“The partnership between ELA and SBA offers the opportunity to serve the equipment financing needs of small businesses throughout the U.S., a critical aspect of their success, while benefiting ELA’s members. ELA and SBA’s mutual goals to assist small businesses form the basis for what promises to be a cooperative, long-term relationship.”




Weekly Bulletin Board Complaint Report---Five


Christopher Menkin, editor


SC Superbroker SC Superbroker, Southern California Town, California


These three or four complaints ( one is really an “alert” ) are listed chronologically as received by Leasing News. Much time was spent in talking to all the parties involved; many telephone calls, e-mail, re-verification, in an attempt to be both “accurate and fair.”


After review with our legal counsel, Ken Greene, we determined not to use

names at this time, and as you read, you may understand our position on this.

Mr. Greene told us he was prepared to defend whatever we printed, as we were

presented facts to the best of our knowledge, but we would rather “err” on

the side of keeping a company in business, especially when we feel we

have “reasonable doubt.”


The first comes from Applicant 1 at *******.


June 18,2003


“After doing some research for help I had come across Leasing News.


“Our request for equipment funding had been placed with SC Superbroker

through another company. We had signed a proposal with SC Superbroker and sent in an advance payment of $2,230.00 to SC Superbroker.


“We had additional requests from SC Superbroker for financial docs. We had sent those to them. Over time SC Superbroker did not finalize any lease so we were able to obtain financing from our bank. After this SC Superbroker called said the lease was finalized, I told them we had it done through our bank. We never received or signed any loan/lease docs.


“We feel we should received a refund for the advance payment.


“SC Superbroker is not returning our phone calls or taking our phone calls and

as of yesterday the receptionist said they could not locate dour file.


“I have been dealing with ********(sic) and Superbroker Ops Person.


“This has been going on for several months...”


He said he was dealing with Broker 1, *********,

who brought him to SC Superbroker. And the last he had heard

from Mr. Broker 1, he was approved at a different rate with

three payments up front.


Leasing News contacted Broker 1, Broker 1 Leasing, State, who

confirmed the story and was told three times by Superbroker Ops Person at

SC Superbroker, that the money would be returned. Superbroker Ops Person

was listed in the SC Superbroker Voice Mail Box listing, and it referred

us to another telephone number. Superbroker Ops Person said he no longer worked

for SC Superbroker and *******( the owner) had promised

he would return the deposit to Applicant 1 when he was associated

with SC Superbroker..


Mr. *******said it was not true, Superbroker Ops Person did not work there, even

though his name was on the voice mail box directory, that he

had done that as a favor to Superbroker Ops Person to list his telephone number.

He said he never told anyone he would send the money back as

he had signed a “proposal” letter, and had approved the lease.


Applicant 1 said he had never received any lease papers form SC Superbroker, and referred me to the original vendor. The vendor said he had had many conversations with SC Superbroker, but they never produced a lease contract,

and were also talking about changing the terms and conditions.

During the course of the conversation, I believe he said that Applicant 1

had gone elsewhere for the equipment.


*******said he would never deal with the broker again, and had raised

his minimum acceptance to $50,000, as he did not want to deal in the

small ticket market due to all the time his company spent on this

transaction for *******. He was adamant that since the applicant

had backed out of an approval as per the proposal was not entitled

to the return of the money.


We asked *******for a comment, and he responded by e-mail:


“There are numerous lies and mistakes in the fore mention article. Kit

remember I have all the paper work for this and you will be held liable.”



While it appeared there were three others who said they were aware of

a lease, according to the proposal, not being approved, this basically

becomes a “he said, “ “they said,” and in the many talks with the broker,

vendor, and other leasing company, it sounded suspicious, or that there

was more to the story that was not being told. The applicant was

furious. In reality, if it were not for the next two complaints against

the same “super broker,” we would not have spent so much time trying

to prove the complaint’s argument. We would like to follow the

American Way, “ a person is innocent until proven guilty.”



July 29, we received the following:



APPLICANT 2***********

APPLICANT 3 **********





Phone = *****

Fax = *******










Applicant 2 provided by fax a copy of the “proposal” dated January 15,2003 and later a copy of a check for $2,558. He said he had lost a hauling contract due to all

the time involved, had actually visited SC Superbroker’s office as he was also

located in California, and was promised on several occasions by people in

the SC Superbroker office his money would be returned. He said he keep

calling, but they would not return his telephone calls.


On the Applicant 2 Applicant 2complaint, the proposal had a 60 month lease factor of .0256634 and a penciled note of a 48 month payment with a lease factor of .0396446 ( if the truck cost remained the same.) It was not initialed.


*******said he approved the lease, but Broker 2 took the lease elsewhere,

and referred to a paragraph in his proposal:


“If SC SUPERBROKER does not approve this application, the deposit will be refunded interest, less the cost of the credit verification, documentation, appraisal costs, legal and underwriting fees, and all out of pocket expenses that occur in the process of approving the applicant, etc. The applicant hereby authorizes SC SUPERBROKER to expend these funds in the approval process.”


In a telephone conversation, *******threated to sue Leasing News if we printed

this complaint. We spoke to Mr. Applicant 2 again, then sent an e-mail to ******:


“I will recommend to the other to bring the issue to small claims court,

then when he files it will all be public information as it appears you will not

refund his deposit either.”



“I don't understand what your saying here. Applicant 2’s check is already

on the way to him.”


August 5th Mr. Applicant 2received a check for $2,000, not his $2,558 deposit.

We assumed SC Superbroker kept $558 as per their paragraph about

credit, documentation, and other costs. Mr. Applicant 2said he did not

agreed to that, had lost a hauling contract, had called many times for eight months,

and was still angry in the length of time and response and wanted Leasing News

to post the complaint.


Leasing News spoke to Broker 2 about the length of time between

the Applicant 2lease and the next complaint, and he said during this time

he had funded other leases with SC Superbroker, that ********

and Superbroker Ops Person had said they would return Applicant 2’s check, and

that Mr. Applicant 2actually visited the SC Superbroker office and

was told he would get his check back ( He said, the entire $2,558,

as that was what the dollar amount on the check.)


We felt the super broker made a gesture by returning a good portion of

the money, and there was nothing in the contract regarding a time limit.

Applicant 2 had the truck, and at a lower cost than the Super Broker had

originally offered, and under the advisement of Ken Greene, we’ll

leave it at that for the time being.


The third complaint is from Applicant 3 of ***** LCC, *******,

On the Gulf of Mexico in the United States. for six barges dated June 21,2003. It concerns a $1,000 deposit. During the course of the many conversations and e-mail, Leasing News suggested to settle the matter for $500, but ***** refused, again referring to the paragraph

in his proposal.


The proposal was for six barges at a total dollar amount of $115,800 with

a ten percent ( $11,580) purchase option at a .0221588 lease factor for sixty months. SC Superbroker presented to Applicant 3 a lease from The Funder in ********, California for three barges at $50,000+ with a 60 month lease factor of $025560

and purchase option “Market Value” (est. market value $40,000 + for 3 barges.”


E-mail from *****:


“He Agreed to the new rates... the terms aren't in question. He called

us to get those rates and have another set of documents prepared. And we

did... the last time I spoke to Broker 2 he said he understood and

agreed with our decision due to the fact that we reopened and did this

deal 4 times for the client and that the client agreed with the new

terms. The new docs were for the FULL AMOUNT REQUESTED. Please get

copy of last set of docs from client. As for the rate increase, the

client stated that he agreed to new terms and only issue was to get the

6 barges done... WE DID IT!!! WE were the only one to issue an approval

to him. NO ONE ELSE wanted to help him. Do you have any idea how many

hours we've invested into this transaction. WE opened and closed it 4

times and doc'd it at least twice. After the last time he asked us to

make doc's, we asked him if he was sure he wanted to go through with the

deal and he stated everything was fine. He NEVER returned the doc's and

that's why the deal never got finished. We've done everything we said

we would do and MORE!!!!”


From Mr. Applicant 3:


“Broker 2 was the broker.


“I did not sign the lease with The Funder because it was not what I

agreed to on the SC Superbroker agreement. The Agreement I agreed to was

for 6 barges with the total cost per barge being $27,590. The Funder

lease was only for three barges with the total price per barge being

$43,653.40. I am not going to pay $43,653. per barge.


“I did not wait all this time to make a complaint. I have been complaining to

Broker 2 since Sept. of 2002. I made numerous attempts to get my deposit

back from Broker 2 and SC Superbroker . They both promised me my money

several times over the last year. SC Superbroker told me my check was in

the mail 3 times. SC Superbroker deliberately tried to sneak a contract by

me that I did not agree to hoping I would not notice. I'm sure you've heard

of bait and switch. That’s all they are doing.”


*******again said he spent a lot of time on this, and to the offer

of a settlement of $500, he said “no way.”


Applicant 3 did confirm:


“They did make other verbal offers to me. I declined them all cause none came

even close to the original. The only thing I agreed to was the document I

sent to you that I signed. The only contract I even saw was the The Funder

contract I sent to you that I did not sign or agree to.


As far as his comment about No One Else wanted to help me....I told them

from the start I was not in desperate need for this lease and terms was a

major factor. I have owned these barges since they were built. I also own

the company who built them. They are worth $26,000 each. They only cost me

$19,300 each. Why would I agree to pay $40,000 each? Feel free to check my

credit and you will see I don't need any help from SC Superbroker . I own

four different companies and make a good living (without having to rip

people off).”


******’s reaction:


“If this is true he lied to us and would of committed fraud. He NEVER

told us he owned the company that manufactured the barges. He said be

purchased them from a 3rd party.


There's nothing to settle. We haven't heard from Mr. Applicant 3 is over a

year. He's never even asked for his money back. We told him the last

time we did doc's that there's no refund for him. This has been

perpetrated by Broker 2. He's using you to try to cause us trouble.

We no longer accept his business. He obviously knew that Mr. Applicant 3 was

the manufacture of the equipment and tried to deceive everyone. “


From Broker 2:


“Sounds like *******will not or can not pay these

folks back. Applicant 3 is right, both of us were promised

on numerous occasions as was Mr. Applicant 2the "the check

was in the mail". My fear is there are others out



“We told Superbroker Ops Person from the outset the barges were

manufactured by Mr. Applicant 3's other company. He then

requested and received taxes from that Corporation.

Mr. Applicant 2is a sad case in that we were all misled up

until the end. Because of the ongoing delays, he lost

his haul contract for the new trailer but has since

found new work for it.”


Leasing News again tried for a settlement of $500. Mr.

SC Superbroker said “no” again.


“You are so wrong!!! All other proposals I've seen from other finance

companies that outline (as you call it) have the credit process fees

range from $1,750- $2,500. I only have $1,000 and I've approved the

deal and have doc'd it twice. I've showed you all the reasons why were

right but you won't listen to them. He signed the proposal saying we

can change the terms. He signed the proposal saying he will pay for

underwriting cost and time. He signed the proposal saying that ALL

deposit become the property of SC SUPERBROKER once an approval is given either Verbally or in Written!!!! What else do you need. You should run this

past your superiors before printing this”


Since The Funder was involved, we contacted The Funder

of the company, who said he was quite aware of Applicant 3,

and requested we wait to see if he could make a settlement with SC Superbroker

SC Superbroker on another matter, and if he could not, would give us a statement

to utilize as an “alert” on Leasing News.


In the meantime, we advised Broker 2 to join the National Association

of Equipment Leasing Brokers for the “fellowship, education, and for

funder comfort level.”


August 13, he responded: “I am new member. Thanks for the push.”


It is most likely the case that the Super Broker spent more than $1,000 in cost

and time on this; the lessee is quite wealthy; he also was the manufacturer

of the equipment and whether explained or not in the deal, he was quite

well off, and to pursue the matter of $1,000, especially to be sued over

this, Ken Greene said was not a good business decision on our part.




At first, the Funder wanted to make a comment, but after reviewing the matter

with its leasing counsel:



“We wrote our piece with the intention of protecting our reputation and clearing our name rather than going on the offensive... We agree with you and Ken Greene that there is a significant amount of hearsay in these stories.”


The Funder’s “alert” with names removed::


“ (We) booked a lease from SC Superbroker in ***** of last year and the lessee became very upset that SC Superbroker wouldn’t return a separate commitment fee for an additional financing request that didn’t get done (this second transaction was not reviewed by us.).


“After a lot of discussion we acted in good faith and took the unusual step of fronting the refund of this $10k plus commitment fee to the lessee ourselves. We did this to keep a good relationship with the lessee.


“We have yet to be repaid in full from SC Superbroker. We have heard from several sources that SC Superbroker is using The Funder credit policy changes as an excuse for not returning commitment fees, these claims are entirely untrue. To have someone say bad things about us when we have gone the extra mile to correct bad a situation with a lessee is completely unacceptable to us. The SC superbroker should not point to us if they are withholding money that an applicant rightly deserves.”




Coda: Here were three complaints and an “alert.” If Leasing News receives

more complaints about “Advance Rentals” being held by this company, we

may inform readers about the name of the SC superbroker and his company as it will show a pattern. In the meantime, we wish the company the best and hope it walks the narrow path.



Fourth Complaint:


“These guys marketed us hard to do our turn downs. It appears that they were using a NAELB (National Association of Equipment Leasing Broker) list.


“They received commitment Fees on three of my lessee and promised to send out docs and after two weeks, nothing. They rarely answer the phone or talk to your now.


They say they are sending the docs, but that was over two weeks ago.”


( Name With Held )


Leasing News has not received any complaints about this company at this time.


In their “Lease Proposal” letter it states, “Should the proposed Lessee not honor any approval, with terms listed on commitment with 60 days of the date of the approval then the Proposal Deposit becomes non refundable and goes to the account of ************* or its assignee as liquidated damages.”


Since the document was accepted on July 27, 2003, the company has until September 29th, Monday, as the paragraph continues, “ Should our credit department decline the

proposal, the entire amount of the Commitment Deposit should be refunded to the Lessee with 72 hours.”


This goes back to the NAELB “philosophy” of asking the Bonanno Question:

“Is the funder/super broker a member of NAELB?” The gist being if they

are not, you are basically on your own.


Ironically, the present NAELB legal counsel Barry S. Marks covers this exact subject of commitment letters and time period in his book:


“Power Tools for Successful Leasing”


The acclaimed book adopted for Equipment Leasing Association workshops, and on the recommended reading list for CLP and CAUCUS certification programs, as well as Leasing News book recommendation.


Technology Leasing: Power Tools for Lessees--(c) 2002, the unique lessee focused book on the recommended reading list for CAUCUS certification.


Both titles are available through year-end at the reduced price of $59.95 each, with shipping and handling waived.


Orders may be placed by phone (815.753.1116), secure fax (630.365.5602) or email (


In addition, over 70 leasing web sites and a dozen leasing articles are available for complimentary download at


James M. Johnson, Ph.D.
Graduate School, Northern Illinois University


Barry S. Marks, Esq.
Berkowitz, Lefkovits, Isom & Kushner



This perhaps would have saved the broker a lot of time, his customer, his vendor,

his frustration, and for $59.95 ( ask them to waive the shipping and handling

and I bet they will, especially for an NAELB member ,) this is money very

well spent. The book is not only for the sales department, but is recommended

reading for all those employed in the leasing industry.






Attorneys Who Specialize in Leasing


California - statewide: CA "ELA"

5-attorney creditors rights law firm, in biz 25 yrs +, specialize all aspects of creditor representation. Primarily represent equipment lessors & funders,plus collection and creditor rep. in bankruptcy.


California - statewide: Encino, CA. "ELA"

24 Attorney AV-rated Lawfirm representing the Leasing Industry for over 25 Years. We specialize in Lease-enforcement, collection and representation in Bankruptcy Court.


Connecticut, Southern New England:
EVANS, FELDMAN & BOYER, LLC Collections, litigation, documentation, portfolio sales and financing, bankruptcy. We represent many of the national and local leasing companies doing business in this state. Past chairman EAEL legal committee. Competitive rates. email: EAEL


Los Angeles -statewide: CA "ELA "

Practice limited to collections, bankruptcy and problem accounts resolution. Decades of experience. 10-lawyer firm dedicated to serving you. Call Ronald Cohn, Esq. (818)591-2121 or email. Email:


Los Angeles, Statewide: CA. "ELA"
Aggressive creditors rights law firm specializing in equipment leasing handling collection matters on a contingency, fixed fee or hourly basis.


NY Metro and National: Hackensack, NY

Attorney specializing in equipment lease matters for at least 10 years with a 50-State operating network of attorneys experienced in leasing matters. "ELA"



Full staff of attorneys and legal assistants work with Group Leader Barry S. Marks to ensure prompt, cost-effective responses to client needs:


National: Coston & Lichtman: Business attorneys serving the lease-finance industry since 1980. Transactional, documentation, corporate; workouts, litigation, bankruptcy. Chicago & Florida offices. Jim Coston, CLP (Members: ELA/UAEL/MAEL)



Northern California - Statewide: CA "EAEL" "ELA" San Francisco expertise at San Rafael,CA prices; practice limited to equipment leasing and finance with 22 years experience, testimonials. Ken Greene, Esq. 415-721-7900


These are “free” ads to attorneys who belong to an equipment leasing

association, and therefore indicate their “specialty.” Please go to:


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


TCF Prepays $804 Million of Fixed-Rate Borrowings


TCF Financial Corporation (NYSE: TCB) announced that it has prepaid $804 million of fixed-rate borrowings. These borrowings had an average interest rate of 5.70% and an average remaining maturity of 13 months and are being replaced with lower-cost borrowings with terms of 6 to 18 months.


The total cost of prepaying the borrowings was $37.8 million ($24.6 million after-tax) and will reduce third quarter 2003 diluted earnings per share by approximately 35 cents. TCF management anticipates these prepayment costs will be substantially offset by reduced future interest expense on the new borrowings.


"Prepaying this high-rate debt makes sense given the current low interest rate environment," said William A. Cooper, Chairman and CEO. "We are now much better positioned for future growth in net interest income."


TCF is a Wayzata, Minnesota-based national financial holding company with $11.8 billion in assets. TCF has more than 390 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana. Other TCF affiliates provide leasing and equipment finance, mortgage banking, brokerage, and investments and insurance sales.


CONTACT: Jason Korstange,

(952) 745-2755, or

Patricia L. Quaal,

(952) 745-2758,

both of TCF Financial Corporation




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


Comdisco To Sell U.S. Information Technology Leasing Business to Bay4 Capital


Comdisco Holding Company, Inc. (OTC:CDCO) today announced that it has agreed to sell the assets of its U.S. information technology leasing business to Florida-based Bay4 Capital Partners, LLC. Under the terms of the sale agreement dated August 25, 2003, Comdisco will receive approximately$20 million in cash and Bay4 will assume approximately $26 million in secured non-recourse debt to third parties. The company will also retain a secured non-recourse interest of approximately $25 million in certain other leases. In addition, the company will receive a note in the amount of approximately $42 million payable primarily from the realization of the residual value of the assets. Furthermore, the note will evidence the company's right to share in the proceeds realized from the assets beyond the stated amount of the note. The company does not expect to recognize a significant gain or loss as a result of the closing of this transaction.


Also included in the sale to Bay4 are certain Comdisco trademarks, which will

be licensed back to Comdisco to allow its continued operations in accordance

with its limited business purpose. The sale is subject to customary closing

conditions, including the receipt of regulatory approvals and the funding of

Bay4's committed bank financing, and is expected to close no later than

September 15, 2003.


About Comdisco


The purpose of reorganized Comdisco is to sell, collect or otherwise reduce

to money in an orderly manner the remaining assets of the corporation. Within

the next few years, it is anticipated that the company will have reduced all of

its assets to cash and made distributions of all available cash to its common

stock and contingent distribution rights holders in the manner and priorities

set forth in the Plan. At that point, it is expected that the company will cease

operations as a going concern and that no further distributions will be made.


Rosemont, IL-based Comdisco ( provided equipment leasing and technology services to help its customers maximize technology functionality and predictability, while freeing them from the complexity of managing their technology. Through its former Ventures division, Comdisco provided equipment leasing and other financing and services to venture capital backed companies.


About Bay4


Bay4 Capital Partners, LLC, is a wholly owned subsidiary of Florida-based

Bay4 Capital, LLC, a leader in independent equipment leasing. Bay4 Capital

( delivers innovative, vendor-independent equipment leasing

products, services and customer care solutions. The company's suite of services

maximizes customer asset values by providing a single source solution for the

planning, financing, management and remarketing of equipment.

CONTACT: Comdisco

Mary Moster, 847-518-5147

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



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News Briefs---


Travel Industry Predicts Busy Labor Day


2004 Deficit to Reach $480 Billion, Report Forecasts


Father of Sobig worm might be a money-grubber



Fannie Mae pours billions into area

Mortgage giant seeks to put more people in homes


Hackers Tap Navy Credit Card System


Microsoft Readies New Version of MSN


New Mars Photo Called Sharpest from Earth


Sports Briefs---


Al Davis and his Oakland Raiders were awarded “shallow” $34.2M

from “disbanded” commission---(award with no money?)


Packers cut QB Akili Smith, TE Tyrone Davis


Carter says hit was legal


Teammate is seriously injured by a punch from Romanowski


White Sox Pound Yankees with Six Home Runs




Long preseason puts stars in peril


Chargers Talk Up Game with 49ers on Friday


Sept. 4th N.F.L. Opener With Super Bowl Effect


California Nuts Briefs---


Actor takes a shot at top rival, courts state's conservative voters


Silicon Valley fundraisers set for Schwarzenegger


Calif. Labor Federation AFL-CIO backs Bustamante option; Davis makes his

case at town hall meeting






This Day in American History



    1633- Irish Catholic Cecil Calvert, 27, sent two ships (the Ark and the Dove) from Ireland to establish a colony in America as a refuge for fellow Catholics. His work later earned Lord Calvert the nickname, "Colonizer of Maryland."

    1650-History records the first expedition, lead by Englishman, who cross ed the Allegheny Mountains at Fork Henry, at the falls of the Appomattox River, VA, and returned on September 4. The party consisted of Captain Abraham Wood and his servant, Henry Newcombe; Edward Bland, merchant, and his servant, Robert Farmer, Elias Pennant and Sackford Brewster, and two guides, Oyeocker, a Nottaway chief, and Pyancha, an Appamattuck war captain.

    1655- Acomac, VA, was the site of the first play presented in the North American col­onies. The play was Ye Bare and Ye Cubb, by Phillip Alexander Bruce. Three local residents were arrested and fined for acting in the play. At the time, most colonies had laws prohibiting public performances; Virginia, however, had no such ordinance. The actors, Cornelius Watkinson, Philip Howard, and William Darby, were accused of sedition and were summoned to appear in court on November 16, 1665, “ in those habiliments that they then acted in and give a draught of such verses or other speeches and passages which were then acted by them. “ They were found not guilty, and Edward Martin, who had informed on them, was ordered, “ to pay all the expenses of the presentment.”

    1655- New Amsterdam and Peter Stuyvesant bars Jews from military service.

The first Jew to settle in North America, Jacob Barsimson, arrived on Manhattan Island, first of 24 Jewish immigrants in 1654. In September three Jews fleeing the Spanish Inquisition in Brazil arrived in New Amsterdam, and more followed. Their right to stay was upheld by the Dutch West India Company, against t the wishes of Governor Peter Stuyvesant. They founded Congregation Shearith Israel, with Saul Brown as first rabbi.

    1805- Sallie Chapman Gordon Law birthday; organized a 12-bed hospital in Memphis for Confederate soldiers and somehow managed to care for the wounded of the great battle of Shiloh in 1862. When Memphis was taken by the Union forces, Law converted her assets into medicinal drugs which she smuggled into the South.

    1849-Austin College was chartered in Texas at Huntsville under Presbyterian sponsorship. In 1876 the school campus was moved to Sherman, TX.

    1859- W.A. “Uncle Billy” Smith discovered oil in a shaft being sunk by Colonel EL. Drake at Titusville, in western Pennsylva­nia. Drilling had reached 69 It, 6 inches when Smith saw a dark film floating on the water below the derrick floor. Soon 20 bar­rels of crude were being pumped each day. The first oil was refined to make kerosene for lighting, replacing whale oil. Later it was refined to make gasoline for cars. The first gas station opened in 1907.

    1862-Confederate female spy Belle Boyd released from Old Capital Prison in Washington, DC

    1871-Birthday of Theodore Dreiser, American novelist, born at Terre Haute, IN. As part of the Chicago group, he was an exponent of American naturalism in literature. His first novel, “ Sister Carrie,” (1900), was suppressed by his publisher on moral grounds. Driser’s finest achievements in widely considered to be his novel, “ An American Tragedy, “ (1925), a college requirement. He died December 28, 1945, at Hollywood, CA.

    1872- Mary Anderson birthday: Swedish-born Director of the Woman's Bureau of the U.S. Dept. of Labor for more than 20 years. Arrived in the U.S. at 16 not knowing a word of English, worked as a cook, stitched shoes in a factory for 18 years of ten-hour days, and with a fierce determination educated herself in the evenings. She became active in her local of the International Boot and Shoe Union

    1873- American lawyer Horatio G. Spafford's four daughters drowned when their passenger ship, while crossing the Atlantic, collided with another and sank. The following month, as his own ship passed over the spot of the earlier tragedy, Spafford penned the words to the enduring hymn, "It is Well With My Soul."

    1877- Birth of Lloyd C. Douglas, American Lutheran clergyman and religious novelist. Douglas published his first best-seller, "Magnificent Obsession," in 1929, followed later by "The Robe" (1942) and "The Big Fisherman" (1948).

    1879-Birthday of African-American Publisher Robert Lee Van.

    1900- U.S. Army physician James Carroll allowed an infected mosquito to feed on him in an attempt to isolate the means of transmission of yellow fever. Carroll developed a severe case of yellow fever, helping his colleague, Army pathologist Walter Reed, prove that mosquitoes transmit this often-deadly disease.

    1905- Mary Jane Ward birthday” author of the chilling Snake Pit (1946) about life in an insane asylum. She commented: "There was no attempt to write any sort of fact. Juniper Hills, from tubs to tunnel, was built and peopled by a mind that was on vacation."

    1908-birthday of Lyndon Baines Johnson, the 36th president of the US succeeded to the presidency following the assassination of John F. Kennedy. Johnson’s term of office: Nov 22, 1963—Jan 20, 1969. In 1964, he said: “The challenge of the next half-century is whether we have the wisdom to use [our] wealth to enrich and elevate our national life—and to advance the quality of American civilization.”

He perhaps would have been remembered as one of the greatest presidents of his time for all the domestic acts, laws, events, but all of this was overshadowed by his posture to show he was not weak on communism and the poor military

advise he took. He died a few years after leaving office, a broken and very

unhappy man. Johnson was born near Stonewall, TX, and died at San Antonio, TX, Jan 22, 1973. His birthday is observed as a holiday in Texas.

    1909—Tenor Saxophone player Lester Young Birthday

    1921 - J.E. Clair, who owned the Acme Packing Company, bought a pro football franchise for Green Bay, WI. He wanted to pay tribute to those who packed the meat at his processing plant, thus: the Green Bay Packers. (note, they are usually not referred to as “Green Bay Packers, “ but THE Green Bay Packers, as is the Bronx, the Fed, and other such Americanism.

    1923-Birthday of trumpet player Idress Sulieman,

born St. Petersburg, FL.

    1939 - Singer Allan Jones recorded "I’m Falling in Love with Someone" on Victor Records.

    1946---Top Hits

To Each His Own - Eddy Howard

Surrender - Perry Como

They Say It’s Wonderful - Frank Sinatra

New Spanish Two Step - Bob Wills

    1947- Dan Bankhead becomes the major league's first black pitcher. He doesn't do well in a relief stint giving up ten hits and six runs in three and third innings in a 16-3 loss to the Pirates, but the Dodger rookie hits a home run in his first major league at-bat .

    1954---Top Hits

Sh-Boom - The Crew Cuts

The Little Shoemaker - The Gaylords

Hey There - Rosemary Clooney

I Don’t Hurt Anymore - Hank Snow

    1961- Hitting his 51st home run against the Kansas City A's, Roger Maris has the most homers in major league history at this point in the season.

    1962---Top Hits

The Loco-Motion - Little Eva

Things - Bobby Darin

You Don’t Know Me - Ray Charles

Wolverton Mountain - Claude King

    1964- Race riot in Philadelphia
    1968- Police and anti-war demonstrators clash at Chicago's Democratic National Convention, polarizing all sides to the issue of the war in Viet Nam.

    1970---Top Hits

Make It with You - Bread

Spill the Wine - Eric Burdon & War

War - Edwin Starr

Don’t Keep Me Hangin’ On - Sonny James

    1970 - The Troubadour in Los Angeles, CA was the venue of singer Elton John’s first concert appearance in America and a record company executive for UNI records (a division of MCA) signed Elton to a recording contract. There were many singers who got their start here, including Neil Diamond.

    1971-Birthday of Janet Evans US swimmer (Olympics-1992) 1978---Top Hits

Grease - Frankie Valli

Miss You - The Rolling Stones

Boogie Oogie Oogie - A Taste of Honey

Talking in Your Sleep - Crystal Gayle

    1981 - Divers probing the wreckage of the luxury cruise ship "Andrea Doria" recovered two safes from the purser’s office. The "Andrea Doria" sank in a collision with the Swedish liner "Stockholm" (July 25, 1956). What was in the safes? Oh, only about a million dollars in cash and jewelry.

    1981- National Centers for Disease Control announces high incidence of Pneumocystis & Kaposi's sarcoma in gay men

    1982-Oakland Athletics outfielder Rickey Henderson stole his 119th base of the season in a game against the Milwaukee Brewers, thereby breaking Lou Brock’s major league record for most stolen bases in one season set in 1974. Henderson added three more steals in the game, which Oakland lost, 5-4.

    1984 - The Menetta Lane Theatre in Greenwich Village opened. It was the first new off-Broadway theatre to be built in 50 years in New York City. The ribbon cutting was done by "America’s First Lady of the Stage", Helen Hayes.

    1984 - A new face joined the group of journalists on CBS-TV’s "60 Minutes". Diane Sawyer became the fifth reporter on the top-rated TV newsmagazine. Mike Wallace, Morley Safer, Harry Reasoner and Ed Bradley welcomed Sawyer to the show.

    1986---Top Hits

Papa Don’t Preach - Madonna

Higher Love - Steve Winwood

Venus - Bananarama

Strong Heart - T.G. Sheppard

    1986 - Nolan Ryan of the Houston Astros notched career win #250, by leading the Astros to a 7-1 victory over the Chicago Cubs.

    1987 -Paul Molitor's 39-game hit streak comes to an end as he waits in the on-deck circle watching pinch hitter Rick Manning single home the winning run in a 1-0, 10-inning victory over the Indians.

    1989-Chuck Berry performs Johnny B Goode for NASA engineers and scientists in celebration of Voyager II's encounter with the planet Neptune.

    1998-Top Hits

The Boy Is Mine- Brandy

The First Night- Monica

Crush-Jennifer Paige

2001- Joining Babe Ruth (1920 -21 and 1927-28) and Mark McGwire (1996-99), Sammy Sosa (1997-2001) becomes the third player in baseball history to hit 50 homers in a season four times.

2002- The first video streaming coverage of a major league baseball game takes place on the internet. Approximately 30,000 fans visit to see the Yankees defeat the Rangers, 10-3.




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