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New York. One of the largest ind. equip.lessors needs  motivated, self-starter to purchase single investor leases from institutional investors; min.transaction  $1 million; portfolio of primarily investment grade lessees/good "story credits". 
Min 3 yrs exp. sourcing/ originating leasing transactions, knowledge of credit and pricing.



Friday, August 13,2004




    Classified ads---Attorneys

        New York Times News Story Stirs Up Leasing Industry   

            "Leasing in the News (Again and Again)"

    Leasing Companies involved with NorVergence

New Classified Ad---Free—  

    Clients Looking for an Equipment Leasing Attorney  

            Cartoon—Dan’s Cartoons

        Penske Truck Leasing to Acquire AMI Leasing

            First Business Financial Services Milestones

    TCF National Bank has joined NACHA

        LEAF Announces Customer Finance Program

            Willis Lease Reports First 1/2 Profits $1.9 Million

    7 Indicted in Connection to $20M Lease Scheme

        De Lage Landen appoints Rod Versteegh                      

            De Lage Landen appoints Bill Hall

    News Briefs---

        Sports Briefs---

            “Gimme that Wine”

                This Day in American History

                    Baseball Poem



########  surrounding the article denotes it is a “press release”



Your One stop solution for training and reference material for the Leasing Professional




Classified ads---Attorneys


Listed are Attorneys and law firms who specialize in the leasing industry,  belong to a leasing association, and are looking for clients to represent---free ad



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.

Email: Website:



California - statewide: Encino, CA.  "ELA"

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

Email: Website:


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


Law Firm - Service, Dallas, TX. ELA

Mayer regularly practices in leasing, secured financing, project development and finance and corporate finance.




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.



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.




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 Marin County prices; practice limited to equipment leasing and finance with 22 years experience, testimonials. Ken Greene, Esq.

Vox: 415 461 3777






New York Times News Story Stirs Up Leasing Industry


(This was sent out yesterday to all on the Leasing News mailing list)

   Let the Renter of Equipment Beware




  from Michael Fleming,

              President of the Equipment Leasing Association:


Letter to the Editor:

  “In Equipment Leasing Deals, Let the Renter Beware” (August 12, 2004).


Dear Mr. Feyer,


     I would like to clarify a few points in the article “In Equipment Leasing Deals, Let the Renter Beware” (August 12, 2004). The article is misleading as it implies that so called “access fees” -- more commonly referred to as application or commitment fees -- are unusual. The article also suggests that such fees should always be fully refundable. Whether a home mortgage, line of credit or an equipment lease, the application or commitment fee document should clearly spell out the responsibilities of the parties, including conditions such as refundability.


       In most financial businesses it is common for credit application fees or commitment fees to be part of the financing transaction. Similar to loan application fees when applying for a mortgage, lessees pay a commitment fee to a lessor. These fees pay for the research and due diligence before credit is extended. As standard practice, commitment fees aren’t refunded if the lease deal does not go through because the organization needs to defray costs for work already conducted.


     Every day 30,000 to 40,000 leases are written for hundreds of thousands of companies from small bakeries to multi-national companies in the U.S. The overwhelming number of these transactions proceed routinely as reflected by an industry-wide delinquency rate of less than 2 percent.*


     The industry, as a whole, produced between $100 billion and $300 billion additional real GDP, produced between $227 billion and $229 billion additional real equipment investment, and created between three million and five million additional jobs between 1997-2002.**


     But, the most important contribution of the equipment leasing industry lies in providing access to capital. If leasing were unavailable many entities, from non-profit to private organizations, from tax-exempt entities to public companies, would not be able to acquire the equipment they need.




Michael Fleming



Equipment Leasing Association



*The Equipment Leasing Association’s (ELA) 2002 Survey of Industry Activity (SIA) report.


**The Economic Contribution of the Equipment Leasing Industry to the U.S. Economy, a study conducted by Global Insight, a global economic and financial forecasting company, August 2003.




A spokesperson for CapitalWerks stated that Jim Raeder was on a flight to New York City to meet with the New York Times about the article. One wag said he was going there to “punch the editor in

the nose.”


Allegedly the story was inaccurate, the information supplied to the writer was different than reported, and he wanted to confront the writers and editors regarding the story, which was “false,” according to the spokesperson for CapitalWerks. He has taken the first plane

to New York to confront them in person.  Mark McQuitty was not available for a comment.


The president of Alliance Funding Group stated the information was

incorrect and their attorney was “handling the matter.” The company

processes 1200 leases a month.  All monies are returned that

are not earned.  He did not want to be mentioned, including his name.   A statement was requested, but not received a press time.


Leasing News has received complaints about both companies, but all have been resolved, meaning money returned or leases funded.  It is

not uncommon to get into a dispute, and the point here, all complaints

to Leasing News were resolved by both parties to both parties



It was also brought to our attention that neither of the companies mentioned in the article are members of the Equipment Leasing Association.  In the article, it may be inferred that they are.


Leasing News has settled over 500 “disputes” in the last four years regarding advance rentals, plus has published “legitimate” complaints on its Complaint Bulletin Board, plus has sponsored an agreement regarding keeping fees, such as advance rentals.


Please go here for the agreement:


To learn more about advance rentals, please read attorney

Ken Greene’s most recent newsletter on the subject:



"Leasing in the News (Again and Again)"




A primary focus of the Equipment Leasing Association is to manage what is being said of leasing and lessors. What people say about the industry creates the industry’s image and reputation. In order to ensure the right messages are being sent (and repeated), ELA conducts proactive media relations, utilizing the press’ reach to a wide audience.


The first half of 2004 found ELA on the defense, as stories about tax shelters and accounting mysteries made the headlines. However, by late Spring the sensationalism died down and ELA was able to get reporters and editors to focus on leasing’s benefits and advantages to businesses once again.


Already this year, more than 40 articles written with ELA President Mike Fleming’s byline have been published or are part of a future editorial line-up in publications as diverse as Construction Executive, Medical Dealer American Executive, Office Solutions, and a dozen city-focused Business Journals. Add earned media coverage (editors writing their own stories from news items offered to them by ELA or other sources) and media impressions have totaled more than 2.6 million. (Media impressions are the number of readers thought to have read the article.) Advertising equivalency for media coverage to date is $1.3 million.


ELA’s myriad of research projects help feed the interest in leasing, such as the Global Insight’s Economic Contribution of the Equipment Leasing Industry to the U.S. Economy; the recent ELA-Carmichael study, Construction and Agricultural Equipment Leasing, 2004: U.S. Market Dynamics and Outlook; and a survey of the Small Business Administration’s State Contest winners. Press like statistics to back up messages, and ELA makes sure to comply as often as possible.




Classified Ads---Help Wanted


Account Executive / Small ticket leasing account reps

Small ticket leasing account reps., nationwide. Seeking self starters with proven ability to work individually. Our technology gives you the flexibility to work from any location.  Aggressive compensation structure, travel exp.,health insurance, matching 401. Grow with us.
Send resume:  
In addition to our our internal lines, we are partnered with 20 premier funding sources.



Credit Analyst: Seeking an energetic and organized Credit Analyst. At least one to two years of experience as a Credit Analyst in financial services (banking, insurance, leasing, or mortgage) is required.

Funding Manager: Seeking a very organized, detail oriented Funding Manager. Minimum two years experience in brokering and discounting commercial equipment transactions is required.

Operations Manager: Seeking an experienced Operations Manager with knowledge of all sides of operations. Must have a minimum of five years related experience.

Send email or fax to Ryan Johnson, Corporate Recruiter.
Fax: (888) 462-4305

We are ready to hear from you and field any leasing questions that you may have.
Five Point Capital
10525 Vista Sorrento Pkwy
San Diego, CA 92121


Credit: Seeking an energetic, enthusiastic sales oriented credit analyst & packaging specialist at our Irvine CA., headquarters. This key position is responsible for credit analysis, transaction packaging and placement of equipment leases on a discounted, brokered or assigned basis to Pacifica's established lender alliances.


Equipment Finance Sales Executive

Equip. Finance Sales Exec. Grand Rapids, MI. Generate lease originations, call on individual lessees, branch associates, business bankers and commercial bankers, plus create third party vendor programs. Click here for a full job description and/or
to apply for the position.

About the Company: Huntington Bancshares Incorporated is a $31 billion regional bank holding company headquartered in Columbus, Ohio.

Marketing Indirect Origination

New York. One of the largest ind. equip.lessors needs  motivated, self-starter to purchase single investor leases from institutional investors; min.transaction  $1 million; portfolio of primarily investment grade lessees/good "story credits". 
Min 3 yrs exp. sourcing/ originating leasing transactions, knowledge of credit and pricing.


Senior Contract Specialist

Senior Contract Specialist, Los Angeles. Bachelor's Degree plus five years of leasing contract experience required.
Full description: here.
Email resume with salary history to




Leasing Companies involved with NorVergence


This list is from the customers who are lodging complaints regarding

their leases with NorVergence.  The list contains dates, monthly

payments, action they have taken, but here are the leasing

companies named to date:


             Celtic Bank


             CIT Technology Finance

             Commerce Commercial Leasing

             Commerce Credit Leasing

              Dolphin Capital

              Financial Pacific

              First Leasing

              GE Capital

               IFC Credit

               Information Leasing Crop.

               Interchange Capital

               Lakeland Bank

               Liberty Bank

               Norv Capital de Lage Landen

               OFC Capital ( a division of ALFA Finance)

               Popular Leasing

               Preferred Capital (recently $2M assets reportedly bought by

                    Preferred Leasing from Bank of the West )

               Source Capital

               Sterling Bank, New York

               TCF Express Leasing

               US Bancorp

               Wells Fargo


In this list, the companies listed with the most leases were in this

order: NorvCapital-De Lage Laden, Popular Leasing, Preferred Capital,

Sterling National Bank, CIT.


The three companies who originated the first

preceding, Chapter 11, in an effort to halt Qwest filing a $15

million claim, were:


  Popular Leasing USA, Inc

OFC Capital, a Division of ALFA Financial Corporation

Partners Equity Capital Company, LLC


They had claims totaling $1.4 million against NorVergence.

The first meeting of the Chapter 7 creditors will be  Friday, August 27,2004 in Newark, New Jersey. The deadline for all creditors to make claims is November 29,2004.  It is most likely that the total of

all claims will not be made public until the first of next year.


Here is further legal information




New Classified Ad---Free—Clients Looking for an Equipment Leasing Attorney


Due to all the inquiries regarding representation, particularly from NorVergence customers, and perhaps to be of assistance with those who have complaints about leasing companies, Leasing News will now print in our classified section ads up to fifty words from those seeking legal advice and/or representation from an attorney specializing in equipment leasing law and transactions.


This is a “free ad.”


Please go here to post your requirements:






  for more information about “Dan’s Cartoons:”



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


Penske Truck Leasing to Acquire AMI Leasing



READING, Pa.,  -- Penske Truck Leasing Co., L.P. has entered into an agreement with Ford Motor Credit Company to acquire the full- service truck leasing, rental, maintenance and logistics operations of Auto Rental Corporation (ARC), known as AMI Leasing.  AMI is a wholly owned subsidiary of Ford Credit.


Headquartered in Worcester, Mass., AMI Leasing serves more than 1,500 customers at 26 locations throughout the northeastern United States.  AMI's truck product lines include full-service leasing, rental, finance leasing, contract maintenance and dedicated contract carriage.


The acquisition of AMI's truck and equipment businesses will add approximately 14,000 tractors, trucks and trailers to Penske Truck Leasing's fleet.


"Both AMI and Penske customers will benefit from products and services available through a combined network of facilities across the United States," said Brian Hard, president, Penske Truck Leasing.  "Penske has a strong commitment to its customers and will continue providing the high-quality service AMI customers have come to expect."


Penske and AMI expect to complete the transaction, which is subject to customary closing conditions, by the end of August.


Ford Motor Credit Company is an indirect, wholly owned subsidiary of Ford Motor Company.  Now in its 45th year, Ford Credit provides vehicle financing in 36 countries to more than 10 million customers and 12,500 automotive dealers.  More information can be found at and

at Ford Credit's investor center,


Penske Truck Leasing, headquartered in Reading, Pa., is a joint venture of Penske Corporation and General Electric.  A leading global transportation services provider, the company operates approximately 200,000 vehicles and serves customers from nearly 1,000 locations in the United States, Canada, Mexico, South America and Europe.  Product lines include full-service leasing, contract maintenance, commercial and consumer rental, transportation and warehousing management, and supply chain management solutions.  Penske Truck Leasing's annual revenue is approximately US $3.5 billion.  The company can be reached at


SOURCE  Penske Truck Leasing Co., L.P.


CO:  Penske Truck Leasing Co., L.P.; Ford Motor Credit Company; Auto Rental      Corporation; AMI Leasing; Ford Motor Company; Penske Corporation; General      Electric


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


First Business Financial Services, Inc. Announces 2004 Milestones

and Plans for Future Growth



MADISON, Wis., -- First Business Financial Services, Inc. announced plans to file as a public company with the Securities and Exchange Commission.


In addition, the company reported net income of $1.9 Million for the first half of 2004. This was an increase of $67 Thousand over earnings reported as of June 30, 2003. Fully diluted earnings per share for the first half of 2004 was $0.78. The comparable period for 2003 showed earnings per share of $0.86. Total assets for the company on June 30, 2004 were $541.3 Million, an increase of 7% or $34.7 Million from June 30, 2003. ROA for this period was .72%. ROE was 13.2%.


As released in June, the Board of Directors of First Business Financial Services, Inc. declared a semiannual dividend of $.10 per share to shareholders of record on July 1, 2004, payable on July 15, 2004. First Business Financial Services, Inc. shareholders received a total of $.20 per share in 2004, a 33% increase over prior years' annual dividends.


These milestones and plans for future growth were discussed at the company's annual shareholder meeting, which was held Monday, August 9th at Bishops Bay Country Club.


About First Business Financial Services, Inc.


First Business Financial Services, Inc., a $500 million company headquartered in Madison, Wisconsin, specializes in commercial banking, asset-based lending, commercial finance, leasing, retirement plans, investment management services, and trustee services.


First Business Financial Services together with its subsidiaries and affiliates serves businesses and business owners with all of their financial needs. These subsidiaries and affiliates include: First Business Bank, First Business Bank - Milwaukee, First Business Capital Corp., First Business Trust & Investment Services, and m2 Lease Funds, LLC.


For additional information,

visit or

call 608-238-8008.


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


HERNDON, Va., / -- TCF National Bank has joined NACHA -

The Electronic Payments Association as its 20th financial institution member.


"As electronic payments replace checks, it is important for TCF to be involved where the payments systems' innovations are taking place," said William A. Cooper, Chairman and CEO of TCF Financial Corporation.  "Membership in NACHA provides TCF with influence and opportunity as the payments systems of the future are being developed.  We look forward to participating in the many initiatives underway at NACHA."


"As new Automated Clearing House products are adopted in the marketplace, membership in NACHA becomes more important for banks that want to be leaders in the payments business," said Elliott C. McEntee, President and Chief Executive Officer of NACHA.  "On behalf of everyone at NACHA, we are pleased to welcome TCF National Bank as a member."


NACHA now has 39 direct members consisting of 19 payments associations and 20 financial institutions.  The other financial institution members of NACHA are ABN AMRO, American Express Centurion Bank, Bank of America, Bank One, BB&T Corporation, Capital One, Citibank, Commerce Bank, Discover Bank, FleetBoston Financial, Fort Knox National Bank, J.P. Morgan Chase, KeyBank, Mellon, National City, PNC Bank, U.S. Bank, Wachovia, and Wells Fargo.


About NACHA - The Electronic Payments Association 


NACHA is the leading organization in developing electronic solutions to improve the payments system.  NACHA represents more than 11,500 financial institutions through direct memberships and a network of regional payments associations, and 650 organizations through its industry councils.  NACHA develops operating rules and business practices for the Automated Clearing House (ACH) Network and for electronic payments in the areas of Internet commerce, electronic bill and invoice presentment and payment (EBPP, EIPP), e- checks, financial electronic data interchange (EDI), international payments, and electronic benefits transfer (EBT). 

Visit NACHA on the Internet at


About TCF National Bank 


TCF National Bank is a subsidiary of TCF Financial Corporation, a Wayzata, Minnesota-based national financial holding company with $11.9 billion in assets. TCF has 411 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.


SOURCE  NACHA - The Electronic Payments Association 


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


LEAF Financial Corporation Announces Customer Finance Program


PHILADELPHIA, PA. – LEAF Financial Corporation announces that they have formed a strategic alliance with Prime Clinical Systems, Inc. to provide leasing and financing solutions to their customers.


Prime Clinical Systems, Inc. is a 20 year old developer of practice management and medical records software applications for all types of medical practices. OnSTAFF, the practice management component, is already in use by over 6,000 physicians in over 75 specialties. It was one of the first practice management systems capable of helping practices become HIPAA compliant. Patient Chart Manager, the medical records software, is the most comprehensive and flexible tool available for developing and delivering mission critical information to the right provider at the right time. Its comprehensive capabilities include appointment scheduling, electronic prescription management, voice recognition, dictation, digital document, imaging management and much more.


Through this new program with LEAF, Prime Clinical Systems will now be able to offer a full array of financing options to satisfy the sales of their systems. Simon Lee, vice president of sales and marketing at Prime Clinical remarked, “LEAF Financial has a clear understanding of our business and the value that our software brings to the healthcare provider and their patients. Their ability to develop strategic programs with us translates into more closed sales, and helps improve our bottom line.”


LEAF is a commercial leasing company headquartered in Philadelphia, PA. LEAF’s business model is to reach the small to mid sized business market by forming strategic marketing alliances and other program relationships with equipment vendors, commercial banks and other financial institutions. Through LEAF’s Healthcare division, it specializes in working with manufacturers and distributors of equipment to the healthcare market, whose customers include physicians, hospitals, surgery centers, dentists, veterinarians and other healthcare professionals. LEAF Financial Corporation is a wholly owned subsidiary of Resource America Inc. (NASDAQ:REXI).


Additional information about the entities mentioned in this news release can be obtained by

visiting these web sites:



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


Willis Lease Finance Reports First Half Profits of $1.9 Million



SAUSALITO, Calif.-- --Willis Lease Finance Corporation (Nasdaq:WLFC), a leading lessor of commercial jet engines, today reported solid profitability during the first half of 2004 with net income of $1.9 million, or $0.20 per diluted share, compared to $2.0 million, or $0.22 per diluted share, for the same period last year. In the quarter ended June 30, 2004, the company generated net income of $915,000, or $0.10 per diluted share, compared to $1,152,000, or $0.13 per diluted share, in the second quarter of 2003. Year-over-year comparisons were affected by $670,000 of security deposits taken into lease revenue in the second quarter of 2003 from a customer that went out of business in 2001. 


   Current Market 


   "We made good progress in the second quarter, and I am pleased with the results so far this year," said Charles F. Willis, President and CEO. "Lease rates in the portfolio are up, and so is utilization. Demand for leased engines is strong, particularly from maintenance, repair and overhaul shops, and we continue to see incremental improvements, industry-wide. The higher demand is across the board, not limited to just a few engine types. For the past two and a half years, our major focus has been on remarketing engines -- our efforts have paid off. Our utilization is nearly back to normal. We've made it through a difficult period, and now it's time to give a higher priority to growing the portfolio."


   "Adequate capital to support growth is key. As I mentioned in our 2003 Annual Report, capital growth is our highest priority for this year. We are involved in several initiatives to attract additional capital. We have just renewed one of our major revolving credit facilities, and we are actively pursuing the renewal of our warehouse facility that expires in September. Significant resources are being devoted to structuring an asset-backed securitization of a sizable portion of our portfolio, which would be the first of its kind ever completed. At the same time, we are also pursuing other options to increase both debt and equity capital. While there can be no guarantee we will be successful in these efforts, we believe conditions in the debt and equity markets are the best they have been in three years for aviation-related businesses -- especially those with a global rather than domestic focus, and we hope to use that to our advantage."


   The portfolio utilization rate at June 30, 2004, was 89.5% up from 88.0% at March 31, 2004, and substantially higher than 84.6% at June 30, 2003. "From a portfolio management standpoint, our immediate goal is to get the utilization rate back above 90% and keep it there," said Donald A. Nunemaker, Chief Operating Officer. "In order to achieve the best possible utilization rate, we not only have to be good at placing engines on lease, we also need to pay close attention to managing off-lease engines. If engines are undergoing maintenance or repair, we must keep the shop visits as short as possible. In addition, we are continuously reviewing our off-lease engines to see if it would be more attractive to sell an engine rather than keep it in the portfolio. For example, this review resulted in the sale of five off-lease engines during the second quarter." 


   Results from Operations 


   Lease revenue in the second quarter decreased 2% to $14.4 million from $14.6 million in the second quarter of 2003. In the first half of 2004, lease revenue increased 2% to $29.1 million from $28.6 million in the first half of 2003. However, excluding the effect of the $670,000 of security deposits taken into lease revenue in the second quarter of 2003, second quarter 2004 lease revenue was up 3% and year-to-date lease revenue was up 4% over the comparable periods in 2003. Sales of equipment generated a net gain of $542,000 in the second quarter and $690,000 in the first half of 2004, compared to $1.0 million and $1.1 million in the respective periods of 2003. Other income totaled $155,000 in the second quarter and $329,000 in the first half of 2004. This revenue was generated primarily from a new service introduced in the second half of 2003, which produces fees for placing third-party engines on lease. Total revenue in the second quarter was $15.1 million compared to $15.6 million in the second quarter of 2003. Year-to-date total revenue was $30.1 million compared to $29.7 million in the first half a year ago.


   Second quarter 2004 total expenses decreased 1%, to $13.8 million from $13.9 million in the second quarter a year ago. In the first half of this year, total expenses increased 3% to $27.5 million from $26.7 million in the first half of 2003. The largest single component of total expenses is depreciation expense which increased 6% in the second quarter and 7% in the first half compared to the respective prior periods, reflecting changes in estimates of useful lives and residual values on certain older engine types implemented at the end of 2003. The company also wrote-down assets to their estimated fair values by $577,000 in both the second quarter and year-to-date 2004, compared to $645,000 in comparable periods last year. G&A expense dropped 3% in the second quarter to $3.4 million from $3.5 million in the year ago period but rose 3% to $7.1 million in the first half of the year from $6.9 million in the first half of 2003. Net interest and finance costs dropped 6% in the second quarter to $4.2 million and 2% in the first half to $8.5 million compared to $4.4 million and $8.6 million in the like period the previous year. 


   Balance Sheet & Liquidity 


   At June 30, 2004, the company had 113 commercial jet engines, 4 aircraft parts packages and 7 aircraft in its lease portfolio with a net book value of $498.1 million compared to 117 commercial jet engines, 4 aircraft parts packages and 6 aircraft in its lease portfolio with a net book value of $501.7 million at June 30, 2003. The company added $11.5 million of equipment and capitalized costs to its lease portfolio which was partially offset by the sale of five engines and other related equipment in the second quarter of 2004. In the first half of the year, $16.2 million of equipment and capitalized costs was added to the lease portfolio and six engines and other related equipment were sold.


   Assets totaled to $563.7 million at June 30, 2004, compared to $545.1 million a year ago. Shareholders' equity increased 8% to $114.4 million, or $12.78 per common share, compared to $106.4 million or $12.04 per common share at June 30, 2003.


   As recently reported, the company has renewed one of its primary revolving credit facilities with a bank group led by Fortis Bank (Nederland) N.V. as structuring agent and National City Bank as administrative agent. This credit facility makes immediately available to Willis Lease up to $126.0 million on a revolving basis through May 31, 2006, with final maturity on May 31, 2007.


   The company had approximately $28.5 million availability under its credit facilities at June 30, 2004 compared to approximately $18.5 million a year ago. The company's funded debt to equity ratio was 3.1 to 1 at June 30, 2004, compared to 3.4 to 1 at the end of the second quarter last year. Restricted and unrestricted cash and cash equivalents was $46.4 million at June 30, 2004, compared to $32.2 million at June 30, 2003. 


   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 worldwide. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines.




CONTACT:Willis Lease Finance Corporation Monica J. Burke, 415-331-5281


SOURCE: Willis Lease Finance Corporation



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


Seven Indicted in Connection to $20 Million Lease Scheme, Reports U.S. Attorney


    BOSTON, Mass., -- Seven men were indicted by a

federal Grand Jury today on charges stemming from a scheme to defraud commercial lenders of more than $20 million in connection with the purchase and lease of construction equipment.


    United States Attorney Michael J. Sullivan and Kenneth W. Kaiser, Special Agent in Charge of the Federal Bureau of Investigation in New England, announced  that the following men were charged with conspiracy and related offenses:

     PETER V. MAGGIO, III, age 38, 8 Onion River Road, Wenham, MA;

     JEFFREY A. DEVEAU, age 42, of 8072 Indian Hill Road, Manlius, NY;

     MICHAEL R. O'NEILL, age 48, of 807 Cobblestone Court, West Chester, PA;

     WILLIAM HOWE, age 63, of 53 Garfield Road, Melrose, MA;

     MATT A. HAVEY, age 33, of 130 Russell Street, Malden, MA;

     LOUIS A. PARADISO, age 31, of 1739 Revere Beach Parkway, Everett, MA; and

     SEAN SACCO, age 30, of 21 Frost Avenue, Dorchester, MA.


    The Indictment alleges that from July 1998 to May 2000, the defendants participated in a scheme using "straw" borrowers and fraudulent financial information to obtain commercial loans for the purchase and lease of heavy duty equipment for MAGGIO's companies operating in Medford, Massachusetts under the names Earth Site and Utility Corporation and Earth Management and Equipment Co., Inc.  The Indictment charges HAVEY, PARADISO and SACCO as

"straw" borrowers who were paid by MAGGIO to sign fraudulent loan documents in their names when they had neither the ability nor the capacity to repay the loans.  The Indictment charges DEVEAU, who operated a construction equipment dealership in Syracuse, New York with helping MAGGIO to obtain fraudulent loans and sharing the proceeds with MAGGIO.


    The Indictment further alleges that HOWE prepared fictitious financial records for submission to the lenders, and that O'NEILL took kickbacks to help obtain approval for fraudulent loans from a lending company he worked for as a district sales manager.  MAGGIO is further charged with obtaining fraudulent duplicate titles to illegally sell vehicles which were leased by him and were under liens from commercial lenders.


    If convicted on the conspiracy charge, each defendant faces up to 5 years' imprisonment, to be followed by 3  years of supervised release, and a $250,000 fine.  In addition to the conspiracy count, each defendant is charged with substantive counts of mail fraud and wire fraud for which each count of conviction carries punishment of 5 years in prison, to be followed by 3 years of supervised release, and a fine of $250,000.  MAGGIO is further charged with three counts of interstate transportation of stolen property which is punishable by 10 years in prison and a $250,000 fine on each count.


    The case was investigated by the Federal Bureau of Investigation.  It is being prosecuted by Assistant U.S. Attorney Victor A. Wild in Sullivan's Economic Crimes Unit.



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


De Lage Landen appoints Rod Versteegh as Vice President &

General Manager of its Materials Handling & Construction Strategic Business Unit


WAYNE, Pa., -- De Lage Landen Financial Services, a leading international provider of high quality asset-based finance products to manufacturers and distributors of capital goods, today announced that Rod Versteegh has been promoted from Vice President of Sales – Construction to Vice President & General Manager of its Materials Handling & Construction Strategic Business Unit.


    In this position, he will report directly to Bill Hall, Executive Vice President & Chief Commercial Officer for the company.


    In his new capacity, Versteegh, will be responsible for overall general management of the Materials Handling & Construction business unit, including operations, originations, marketing and new business development.


    Prior to joining De Lage Landen in 2002, Versteegh served as Vice President, Citicorp Dealer Finance Group. Earlier, he was Regional Credit & Operations Manger for the former AT&T Capital Group.


    He earned a Bachelor of Science degree from Cal State University.

    De Lage Landen Financial Services is a subsidiary of De Lage Landen International B.V., a Netherlands-based international provider of high-quality asset financing products. With a presence in more than 20 countries across the globe, the company focuses on the following industries: Food & Agriculture, Healthcare, Office Equipment, Telecommunications, Technology Finance, Materials Handling & Construction and Financial Institutions. In its domestic market the company offers Equipment Leasing, Consumer Finance, Car & Commercial Vehicle Leasing, ICT Leasing and Trade Finance through local Rabobanks and direct to market.


    De Lage Landen is a wholly owned subsidiary of the Dutch Rabobank Group that is AAA-rated by Moody’s and Standard & Poor’s. In 2003 De Lage Landen grew its profits to $129.7 million (€114.8 million) and its balance sheet total to $17.8 billion (€14.1 billion).



    For more information, please visit our Website:


Sites of Reference:



Ronald Slaats

De Lage Landen Financial Services

Phone Number: 610 386 5023

Fax Number: 610 386 5840




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


De Lage Landen Financial Services appoints Bill Hall as Executive Vice President & Chief Commercial Officer


    WAYNE, Pa-- De Lage Landen Financial Services, a leading international provider of high quality asset-based finance products to manufacturers and distributors of capital goods, today announced that Bill Hall has been appointed Executive Vice President & Chief Commercial Officer for the company.


    He will report directly to Ronald Slaats, chairman of De Lage Landen's Americas Division, headquartered in Wayne, PA.


    Most recently, Hall, of West Chester, PA, served as Vice President & General Manager of De Lage Landen's Materials Handling & Construction Strategic Business Unit.


      In his new capacity, he will be responsible for strategic planning and general management of the company's Food & Agriculture, Healthcare, Technology Finance, Materials Handling & Construction and Financial Institutions business units, as well as Commercial Finance, Marketing and E-Commerce.


    De Lage Landen's Office Equipment business unit will continue to report to Bill Stephenson, President of the company's Global Office Equipment Group.


      Hall has more than 25 years of experience in the leasing industry. He joined De Lage Landen in 2001 and led the company's successful entry into the materials handling and construction industry segments. Previously, he served as Vice President & General Manager of the CIT Group's materials handling business (Hyster Credit) in Portland, OR.


    Succeeding Hall is Rod Versteegh, who has been serving as Vice President of Sales – Construction for the Materials Handling & Construction SBU. Prior to joining De Lage Landen in 2002, Versteegh was Vice President, Citicorp Dealer Finance Group. Earlier, he served as Regional Credit & Operations Manager for the former AT&T Capital Group.



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





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Indian vineyards multiply





This Day in American History


    1521 - After a three-month siege, the Aztec capital of Tenochtitlan (today Mexico City) was conquered by Hernando Cortes and Spanish troops. With a population between 150,000 and 300,000, Tenochtitlan was set up so it would sustain its inhabitants while still protecting the local ecosystem. The Spanish conquest caused a human and ecological disaster of epic proportions.

    1587- Manteo, chief of the Hatteras, was baptized into the Christian faith as a member of the Church of England, becoming the first Native American to become a Protestant.  He was invested by Sir Walter Raleigh with the power of Lord of Roanoke and of Dasamonguepeuk. There were earlier baptisms of Native Americans by Roman Catholic priests in Florida.

    1650-Of all the Indians the English colonists encountered in the colonies, none were more powerful or better organized than the Iroquois. The five tribes—Mohawk, Oneida, Onodaga, Cayuga, and Seneca---were concentrated in New York in that order between the Hudson River and the Genesse River to the west.  Their league, possibly organized as early as 1570, numbered no more than 25,000 persons by about 1650, but it dominated others in all directions. Their particular enemies were the Hurons to the north, who with their French allies dominated the fur trade.  In 1649 the Iroquois won a resounding victory over the Hurons; in 1651 they nearly wiped out the Neutral National along the northern shore of Lake Erie; and in 1656 they defeated and dispersed the Eries. They continued to increase their power and became allies of the English after the Dutch lost New Netherland.  As a result, the Iroquois were a serious problem for the patriot forces during the American Revolution. The estimated colonial population was 51,700.

    1689-The legend of the naming of Nix Mate’s Island in Massachusetts Bay originated. Captain Nix anchored his boat off the nameless island one night. Screams were heard by the inhabitants of Boston, and investigators found the captain murdered.  His mate was accused, tried, and sentenced to hang.  As a final statement the mate said that the island would wash away as proof of his innocence. by the beginning of the nineteenth century, a good portion of Nix Mate’s Island had disappeared.

    1722-Governor Alexander Spotswood of Virginia signs  a treaty with the League of Six Nations, an Iroquois confederation that included the Tuscarora tribe.  The Indians agreed not to cross the Potomic River or Blue Ridge Mountains.

    1744—A new Indian treaty signed with the Iroquois League of Lancaster PA, ceded to England the territory of the Ohio River Valley north of the Ohio River

    1784 - The United States Legislature met for the final time in Annapolis, Maryland. It moved a few more times, from Philadelphia, PA to New York City and, finally, to its permanent seat of government in Washington, DC.

    1818-Birthday of Lucy Stone, American women’s rights pioneer, born near West Brookfield, MA.  Lucy Stone dedicated her life to the abolition of slavery and the emancipation of women. Although she graduated from Oberlin College, she had to finance her education by teaching for nine years because her father did not favor college education for women. An eloquent speaker for her cause, she headed the list of 89 men and women who signed the call to the first national Women’s Rights Convention, held at Worcester, MA.  October, 1850.  On May 1, 1855, she married Henry Blackwell. She and her husband aided in the founding of the American Suffrage Association, taking part in numerous referendum campaigns to win suffrage amendments to state constitutions. She died Oct 18, 1893 at Dorchester, MA..

    1831 - A blue sun was widely observed in the southern states. The phenomena was believed to have pre-staged Nat Turner's slave uprising.

    1860- Annie Oakley was born at Darke County, OH. She developed an eye as a

markswoman early as a child, becoming so proficient that she was able to pay off the mortgage on her family farm by selling the game she killed. A few years after defeating vaudeville marksman Frank Butler in a shooting match, she married him and they toured as a team until joining Buffalo Bill’s Wild West Show in 1885. She was one of the star attractions for 17 years She died Nov 3, 1926, at Greenville, OH.

    1889- William Gray of Hartford, CT, received a patent on a “coin-controlled apparatus for telephones” The first pay telephone was installed in the lobby of the Hartford Bank in 1889 under the supervision of Ellis Benjamin Baker, superintendent of the Southern New England Telephone Company.  In 1891, Gray, with Amos Whitney and Francis Pratt, incorporated the Gray Telephone Pay Station Company and installed the telephone in stores on a leasing basis.  The company rented out the pay phones for 25 percent of the take.  Ten percent of the take went to the place of business, and 65 percent went to the telephone company.

    1892- First issue of the Baltimore Afro-American Newspaper.

    1899- Alfred Hitchcock birthday, English film director and master of suspense born at London. Hitchcock’s career as a filmmaker dates back to the silent film era when he made The Lodger in 1926, based on the tale of Jack the Ripper. American audiences were introduced to the Hitchcock style in 1935 with The Thirty-Nine Steps and The Lady Vanishes in 1938, after which he went to Hol­lywood. There he produced a string of classics including Rebecca, Suspicion, Notorious, Rear Window, To Catch a Thief, The Birds, Psycho and Frenzy, in addition to his TV series “Alfred Hitchcock Presents.” He died Apr 29, 1980, at Beverly Hills, CA.

    1912-Birthday of Golfer Ben Hogan, born at Dublin, TX.   Hogan was won of only four players to win all four major professional championships, and his 63-career victories rank him third after Sam Snead and Jack Nicklaus. Died at Ft. Worth, TX, July 25, 1997.

    1919-pianist George Shearing birthday

    1919- Birthday of Rex Humbard, pioneer radio and television evangelist. In 1958 Humbard established the Cathedral of Tomorrow in Akron, Ohio, from which he afterward based his television ministry.

    1919 - At Saratoga, New York, the previously undefeated racehorse, Man o’ War, was defeated by Upset. Legend had it this turn of events so upset Man o’ War, he never lost a race again. After wining 1,300 races he went on to sire 379 foals, for a $5,000 stud fee.

    1921-Birthday of pianist/songwriter Jimmy McCracklin, Helena,AR

    1912-Birthday of trombonist Big Chief Moore, Komatke, AZ

    1913-Birthday of singer Don Ho, Kakaako,HI.

    1922—African-American Frederick Douglass' home in Washington DC is declared a national shrine.

    1924 - "The Prisoner’s Song" by Vernon Dalhart became the first country record to sell one million copies. The album included the songs "The Prisoner’s Song", "Molly Darling", "Death of Floyd Collins" and "New River Train" which helped Dalhart outsell all others of his era by about 75 million records. In 1981, He became a Country Music Hall of Famer.

    1925-Birthday of trumpet player Benny Baily, born Cleveland, Ohio.

    1927-Birthday of guitarist Joe Puma, New York City, died June 4, 2000.

    1934 - Cartoonist Al Capp began his famous comic strip, "Li’l Abner". In those early days, the cartoon strip was carried in eight newspapers. Eventually, it would be in more than 500, and would be the basis for a Broadway play and a Hollywood movie, too

    1935- The first roller derby competition took place in Chicago, staged by promoter Leo Seltzer.

    1942—Soviet Premier Joseph Stalin wrote both to England’s Prime Minister

Winston Churchill and American President F.D.Roosevelt, appealing for

them to help in the war in Europe against Germany. Not trusting the dictator,

and wanting to protect the oil in Northern Africa, they invaded there first,

and whatever relationship they had began to unravel even before it started.

    1948 - Rookie pitcher Satchel Paige of the Cleveland Indians tossed his first full game in the major leagues. During the game he allowed the Chicago White Sox only five hits, winning the game 5-0. The rookie pitcher was 42 years old.

    1951- Every one who shows up with a musical instrument is admitted free to Ebbets Field. Two thousand fans take advantage of the Musical Depreciation Night promotion including a man who brings a piano.

    1952 - The original version of "Hound Dog" was recorded by Willie Mae (Big Mama) Thornton. It was the first hit for the song-writing team of Jerry Leiber and Mike Stoller. Musician-composer Johnny Otis ("Willie and the Hand Jive") said he helped Leiber and Stoller with the writing of "Hound Dog". All was fine as long as Big Mama Thornton was doin’ the singing (Otis was her producer); but as soon as the Elvis version started bringing in the bucks, Otis was cut out of the picture. Otis went to court but lost the suit. He was a popular Los Angeles disc jockey as well as band leader, playing at the San Jose Fairmont, while painting, which got to be so popular, he moved to Santa Rose where he devotes his full energy toward painting.

    1956---Top Hits

My Prayer - The Platters  ( one of my old time favorites )

Hound Dog/Don’t Be Cruel - Elvis Presley

Whatever Will Be Will Be (Que Sera Sera) - Doris Day

I Walk the Line - Johnny Cash

    1964---Top Hits

A Hard Day’s Night - The Beatles

Everybody Loves Somebody - Dean Martin

Where Did Our Love Go - The Supremes

Dang Me - Roger Miller

    1965- The Jefferson Airplane makes it stage debut at the Matrix Club in San Francisco. Before the year's out, they'll become the first San Francisco rock group to sign a major recording contract.

    1965- The Beatles "Help!" single is released.

    1966- The Supremes' "You Can't Hurry Love" is released.

    1969- In a 6-4 defeat to the Reds, Bobby Bonds becomes the fourth player in major league history steal at least 30 bases and hit at least thirty home runs in the same season. The other members of the 30/30 club include Ken Williams (1922-Browns) , Willie Mays (1956 & 1957-Giants) and Hank Aaron (1963-Braves).

    1972---Top Hits

Alone Again (Naturally) - Gilbert O’Sullivan

Brandy (You’re a Fine Girl) - Looking Glass

(If Loving You is Wrong) I Don’t Want to Be Right - Luther Ingram

Bless Your Heart - Freddie Hart & The Heartbeats

    1979- Outfielder Lou Brock of the St. Louis Cardinals got the 3,000th hit of his career, an infield single against Dennis Lamp and the Chicago Cubs.  Brock finished his career that season with 3,023 hits.

    1979- Cheap Trick has the biggest hit of their career, "I Want You to Want Me." The tune was originally on their second L.P., "In Color," which came out in 1977. However the song took off when it was included on the "Live at Budokan" album. The record goes gold on this date.

    1980 - The afternoon high at New York City was just 89 degrees. But there were fifteen days of 90 degree heat during the month, their hottest August of record

    1980---Top Hits

Magic - Olivia Newton-John

Take Your Time (Do It Right) - The S.O.S. Band

Sailing - Christopher Cross

Stand by Me - Mickey Gilley

    1986 - United States Football League standout Herschel Walker signed to play with the Dallas Cowboys of the National Football League. Walker’s contract paid an estimated $5 million over five years. He had been playing for the New Jersey Generals before the USFL went out of business.

    1987 The Cubs retire Hall of Famer Billy Williams' uniform number (26)—

if you didn’t know it, I am a big fan of the Chicago Cubs—the Dodgers

number one when they were in Brooklyn, but today, it is only the Cubs!!!

    1988- Boston Red Sox win AL record 24 straight home games.

    1988---Top Hits

Roll with It - Steve Winwood

Hands to Heaven - Breathe

Make Me Lose Control - Eric Carmen

Don’t Close Your Eyes - Keith Whitley

    1988 - A dozen cities in the northeastern U.S. reported record high temperatures for the date. Lansing MI reported a record 35 days of 90 degree weather for the year, Detroit MI reported a record 37 days of 90 degree heat for the year, and Williamsport PA reported a record 38 days of 90 degree weather for the year

    2003- After missing nearly three months with a groin injury, Mike Piazza makes a dramatic return to the New York lineup as he homers and drives in five runs on Italian Night at Shea Stadium. The backstop's 3-for-5 performance, including a home run in the third inning, RBI single in the fourth and a two-run single in the seventh, contributes to the Mets 9-2 victory over the Giants.





Baseball Poem


Cubs Poem for 2004
Written by Brian Dougherty 2/4/04
The Cubs will soar in ’04
The ‘stros hit the floor in ’04
The pirates still poor in ’04
The redbirds will bore in ’04
The Brew crew will snore in ’04
The Reds won’t score in ‘04
Can this finally be next year
The rest of the Central fear
For with Prior, Carlos and Wood
We have the best not just good
Add in the goatee and Cruz
No way in ‘04 can we lose
The Cards got Suppan, King, Kline, Morris and izzy
But if the Cards Fans think that’s enough they’re dizzy
And when the balls fly out in Minute Maid Park
Andy and Roger will wish they could pitch in the dark
The Pirates seem to be a little bit improved in ’04
But not enough for them to increase wins any more
The Reds have Griffey - but their pitching blows
Their season will be overshadowed by a selfish Rose
The only real news in Milwaukee is the team is for sale
But who in their right mind wants to spend money and fail
So as the Cubbies continue to build and grow
And the fans have lived long enough to know
That every season brings us something new
This is the year to celebrate Cubby Blue
Sammy, Patterson, Aramis, and Gonzales too
Add Lee, Grudz, Barrett and Moises Alou
Bako, Walker, Goodwin, T.H. and Martinez on the bench
With our bullpen so deep we are sure to clinch
The best Cub team we have seen in our time
But something we have like a poet and his rhyme
We have the secret weapon - the smartest playmaker
We have the best manager in baseball Dusty Baker




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