February 27, 2003
Post time 7:22 a.m. PST




Pictures from the Past----1970-----Gerry Egan, US Navy

  My Son--Somewhere in the Pacific--On Maneuvers-USS Preble

    Lowest Level on Record: 2-year Treasury note auction

      Equipment Leasing Association Legal Forum May 4-6

        FDIC Reschedules Southern Pacific Lease Sale

          We Get Letters----

            2003 Lease Syndication Showcase-Sold Out Again!

              US business bank loans at 4-yr low show CEO's wary

            Cartoon---“Best Time to Get a Bank Loan”

          March 27 Streamline Sales Tax Project Meeting

        Wells Fargo Auto Finance Shaw Systems-CreditStream

      Wells Fargo Financial Chooses Brio Software

    Fitch: U.S. Homebuilders in Position to Outperform Again in 2003

  Truckers hit by diesel price spikes

News Briefs----

  Sports Brief----


      #### Denotes Press Release


            Special:  Microsoft at midlife: Bill Gates' view of the future

                By Brier Dudley

                    Seattle Times technology reporter


(Also note the “Day in American History” at the end---now in HTML. You may scroll of choose the history period you are most interested in.)



Pictures from the Past----1970-----Gerry Egan, US Navy





 Jamie, my wife, knows your son is in the Navy, and since you asked

me to send you a picture, she suggested I send you this one. Guess  which one is the current president of NAELB (National Association of Equipment Leasing, so here it is. (The guy in the middle, that’s why you go the job, you listen to all sides. Editor )  It was taken in 1970 in San Diego.  I was a land-based sailor, trained as a hospital corpsman.


Attached is a brief history of my leasing career and description of my

business that I use as a bio when I'm asked to speak somewhere or hired as a

consultant.  It tells how I started in the business and gives a good short

description of my business philosophy. 


You can also learn more about my business philosophy at this link which is

the statement of guiding principles I wrote out when I started my business:



Gerry Egan


I have been arranging equipment leases for over twenty-five years, beginning as a vendor in the 1970’s.  I learned to use leasing effectively and the importance of good leasing relationships and ultimately went to work with a small leasing company in 1981 as their first outside salesperson.  Nine years later I was the Operations Manger responsible for all marketing, sales, credit and collections functions in the company's then five branches in three southeastern states.


In 1991, I started TecSource, Inc.  We broker leases, hold our own leases and discount leases to local banks in addition to managing and servicing the leasing programs for a couple of small banks. Over a period of many years, I’ve done consulting, writing, marketing, sales training and in-house workshops for lessors and funders around the country and for some local banks. I've done many, many sales seminars for equipment vendors about using equipment leasing as an effective sales tool and a number of them have incorporated video taped sessions into their regular sales training programs.


By design, our business is very small and provides an opportunity for my wife, Jamie, and I to work and travel together. We have several independent licensed TecSource® agents who help us generate business.  I like to observe other industries and try to find the characteristics of them that are similar to our own.  That helps keep me open to new ideas.  It’s never been my desire to be a ‘me-too’ kind of salesperson and I believe the easiest way to compete is to separate yourself from your competition —not compare yourself to them.  I do not use the traditional sales strategies taught in our industry.  I like to say that I believe whatever success I’ve had in this business is in direct proportion to how well I’ve overcome the traditional training I had in it.





After more than twelve years of running my own business, I’m proud to say that I’ve never been involved in any transaction where I’m afraid or embarrassed to meet the other parties in public.


I particularly enjoy meeting and interacting with other leasing professionals and currently serve as President of the National Association of Equipment Leasing Brokers, (NAELB).


TecSource, Inc.

5621 Departure Drive, Suite 113

Raleigh, NC 27616


Phone: 919-790-1266

Fax: 919-790-2262

E-Mail: GerryEgan@ForEquipmentLeasing.com


Internet: www.ForEquipmentLeasing.com







My Son----Somewhere in the Pacific---On Maneuvers—USS Preble


I shared this with personal friends and family.  I thought I would share with you.  My son Dashiell (everyone calls him “Dash”) is on his way to being a Chief Petty Officer.  He is the Safety Officer for the USS Preble, the first Arleigh Burke Destroyer Class. He is an electrician, but the Emergency Electrician (so he works in every section of the ship—knows everybody), Second Class Diver ( and a trained Gunner due to having the highest diving rank on the ship for special duty,) who has earned many merits and awards. The men and women on his ship are all “gung ho,” he says. They volunteer for extra assignments, stand extra watch, and

volunteer for extra duty. This is certainly a different military when I was in it. He still wants to be a “Seal,” but I have him talked into finishing all his education as he has three years of college, and the Navy has great benefits and programs. As I said, not only from him, but meeting the crew, there is extremely high morale on his ship. They are ready!!!


Dash is the one with the mustache.







He is stationed in San Diego, California.  He says the most popular bumper strip

at the base is  “Free Iraq!!!!” 






Here is our HTML eMail Newsletter

If you have not signed up for a free trial offer,

just hit reply and say ‘Up-date.”

** ****************************************


Lowest Level on Record: 2-year Treasury note auction


Yesterday's auction by the Fed found two-year Treasury notes yield falling to their  lowest level on record.


The yield was 1.575 percent, down from 1.710 percent at the last auction on Jan. 29. It was the lowest rate since 1972 when  the government began selling two-year notes on a regular basis.


The notes will carry a coupon interest rate of 1 1/2 percent with each $10,000 in face value selling for $9,985.30.


A total of $27 billion in notes was sold out of bids totaling $53.9 billion.






Equipment Leasing Association Legal Forum May 4-6


More than 80 % of American companies lease all or some of their equipment. Attorneys play a vital role in this $204 billion industry.

 For over 20 years the ELA Legal Forum has been a major source of information and education for professionals like you.


  This year's Legal Forum will be held May 4-6 at the Westin Copley Place in Boston, Massachusetts. Register today using the following link: http://www.elaonline.com/events/2003/Legal/index.cfm


For hotel reservations contact The Westin at (617) 262-9600 before the cut-off date of Thursday, April 3, 2003.


The agenda includes sessions on the following key issues: Sarbanes-Oxley and the Patriot Act; Current Developments in the Law; Protecting the Lessor's/Creditor's Rights in a Bankruptcy; The Changed World of Off-Balance Sheet Financing - A Leasing Lawyers Guide; Standards and Procedures for "SpeRS;" Heavily Negotiated Lease Provisions; The Future of Synthetic Leasing; Structuring Big Ticket Transactions; The Guaranty Project: Effects and Solutions for Vendor and Technology Leasing; 50 State Compendium –


A Sneak Preview.  For the complete agenda and to register go to the ELA website: http://www.elaonline.com/events/2003/Legal/index.cfm


 You may also print out a PDF from this site if you prefer the actual brochure.


Hope to see you in May,



Michael Fleming, President




FDIC Reschedules Southern Pacific Lease Sale


The FDIC is selling the remaining $4.2 MM performing lease portfolio of Southern Pacific Bank. The leases were originated by Southern Pacific BanCapital, a division of Southern Pacific Bank, which was closed by the California Commissioner of Financial Institutions on February 7.


The portfolio consists of 18 performing middle market leases in two pools--one of lease loans secured by the leased equipment subject to the leases with the lessee; the second pool consists of direct finance leases.


A third non-performing pool comprised of one workout agreement and one defaulted lease in bankruptcy with a combined book value of $4.1 MM will also be offered.


A competitive sealed bid sale will be conducted by the FDIC, with electronic information available beginning February 27. Hard copy due diligence will be conducted at the former bank's Brentwood location in Los Angeles, California, from March 10 through March 21. The bid deadline has been set for March 26.


For more information call Louis J. Schneider, FDIC Resolutions and Receiverships Specialist, at 310-979-5817, via e-mail at lschneider@fdic.gov; or visit the FDIC web site at www.fdic.gov.



Louis J. Schneider


Phone Number: 310-979-5817

Fax Number: 310-9797289

E-mail: lschneider@fdic.gov


Here are stories about Southern Pacific Leasing:






We Get Letters----


Hi Kit,


Can you please take note of our new email address.



 Can't start my morning with out your newsletter.




Jason Dasher

Capital Solutions, Inc.

Our new numbers:


520-760-3650 fax



From: Ira Raymond <IRaymond@easternfunding.com>

  Subject: Old Pictures


I haven't really had time to e-mail you lately-just barely keep up with the

news (I consider it mandatory and read it a lot from home) but I just caught

the comment from Bruce Kropschot about how people change from old pictures

to the present. Why don't you suggest that everyone pull out their old

passports (assuming they keep them like I do) which I did the other day

while organizing my files at home.  I go back to the big green passports.

This covered 26 years. Its quite an eye opener, not to mention styles-hair &




      from: Brewster Larsen <LeasingPartnersCapital@msn.com>




Nice job on the press release and thank you so very much for running it.  I have been swamped with calls and e-mails this morning to include many resumes and inquiries about potential prospects for our Territory Manager positions.  At first glance, many of them appear to be extremely qualified people.



Again, kudo's to you for your newsletter.  From the response to the Press Release, I am going to take out a “Help Wanted Ad.”


(He did:)


Sales: 25 Territory Managers needed. Generous comp. Provide custom telemarketing your database. Provide 800#. Strong support (System 1 Advantage). E-mail Bruce Larsen Leasing Partners Capital: LeasingPartnersCapital@msn.com (952) 890-5092.




Kit, I like the HTML version much better. I did not think it would matter to me but after using it for a week or so it is much more convenient. I will gladly subscribe for $50 even though you offered it to your advisory board for free.


Bob Rodi, CLP





  I agree that more people will sign up for the HTML version if they see how much

more convenient it is. I also intend to send you a check to subscribe to it.


Bruce Kropschot

Kropschot Financial Services

116 Estuary Drive

Vero Beach, FL 32963

(772) 234-4544






Here is our HTML eMail Newsletter

----If you have not signed up for a free trial offer,

just hit reply and say--- ‘Up-date.”

** ****************************************



2003 Lease Syndication Showcase—Sold Out Again!


March 10 | The Ritz-Carlton, Buckhead | Atlanta, Georgia

Matching Buyers With Sellers In The

Commercial & Municipal Syndication Markets



    The 2003 Lease Syndication Showcase Has


Sold Out


Been Expanded


Sold Out Again!


Expanded 20% due to the “Waiting List,” door now closed.


Leasing News will have an exclusive report on the conference from our reporter

Allen Zeppenfeld.





US business bank loans at 4-yr low show CEO's wary










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




March 27 Streamline Sales Tax Project Meeting


The Council On State Taxation (COST) will lead a meeting for business representatives during the Streamlined Sales Tax Project

(SSTP) at 10 AM on Thursday, March 27.  We'll meet in Room 104 of the Nashville Convention Center, which is connected to

the Renaissance Nashville Hotel.  If you expect to attend, please RSVP to Steve Krantz of COST at skranz@statetax.org


As a reminder, telephone the hotel directly for reservations [800/327-6618 or 615/255-8400] as the cut-off date reservations is

March 3.  The SSTP meeting will take place in Room 104 and 108 of the Nashville Convention Center.  SSTP will begin Thursday morning, March 27 with a closed government only combined work group session lasting until noon.  Public registrants are invited to join the meeting at a Thursday lunch for all participants. 


Thursday afternoon and most of Friday will be devoted to Work Group meetings.  For agenda information, see the redesigned SSTP web site at http://www.streamlinedsalestax.org


The meeting registration fee is $225 covering breakfast and lunch on both Thursday and Friday as well as the requisite breaks.

You may register (and pay if possible) online at http://www.taxexchange.org/meet/0303sales.taf


Dennis Brown


Equipment Leasing Association




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Wells Fargo Auto Finance Implements Shaw Systems' LEASING and CREDITSTREAM Products



RICHMOND, Va.--Shaw Systems Associates Inc., a leading credit management software company, announced that Wells Fargo Auto Finance has completed conversion of its entire leasing portfolio to new software developed by Shaw Systems.


The ShawSpectrum(TM) LEASING(TM) and CREDITSTREAM(TM) products are operated internally by Wells Fargo Auto Finance.


Shaw's consultants worked with Wells Fargo to accomplish the implementation in three phases: the initial implementation where all new leases were boarded, a mini conversion, and finally the conversion of the rest of the portfolio.


"The implementation of ShawSpectrum LEASING and CREDITSTREAM was a great success," said Scott Baines, senior vice president and chief technical officer of Auto Finance Systems at Wells Fargo. "Our operational staff is already benefiting from the new features and automated functionality of the system."


Paul DeMarsh, vice president of Shaw Systems, said, "The key to the success of the implementation is the excellent business relationship we've enjoyed with Wells Fargo for 17 years. We look forward to assisting them in their quest of providing superior auto loan and leasing service to their customers."


CREDITSTREAM is a user-friendly, graphical application that centralizes and automates the tedious task of tracking and boarding loans and leases across an entire network. It serves as the front end to LEASING, which allows users to track, monitor and control in real-time the content of all lease inquiries including naming conventions, allowable fees, custom calendars and dealer participation. Shaw's state-of-the art LEASING application easily supports the complexities of national leasing operations, such as the unique property and sales tax calculations set by states and local tax jurisdictions, accruals, transaction processing, and statementing functions.


About Wells Fargo


Wells Fargo & Company (NYSE:WFC), a diversified financial services company, has $349 billion in assets. Its Auto Finance division provides auto dealers with complete wholesale financial services and indirect automotive loans and leases. It is one of the largest automotive-related finance and leasing businesses in the United States, with $12 billion in assets. For more information, go to www.wellsfargo.com.


About Shaw Systems


Shaw Systems Associates Inc. provides consulting, development, installation, and training for financial software products. Shaw specializes in loan accounting systems and also offers systems for collections, vehicle leasing, and loan tracking. The products are designed for commercial banks, savings banks, finance companies, utilities, and other industries. Shaw is based in Houston, Texas, with offices in Richmond, Va., and Sacramento, Calif. For more information, go to www.shawsystems.com.




Carter Ryley Thomas Public Relations

Scott Davila, 804/675-8152





Shaw Systems Associates Inc.

Jennifer Terrell, 804/272-3800, ext. 226




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Wells Fargo Financial Chooses Brio Software


Brio Software Inc. , a leading provider of next-generation business intelligence tools, today announced that Wells Fargo Financial has selected the Brio Performance Suite to empower Business Units with interactive dashboards containing financial and customer profile information. Team members will have the ability to easily create reports and analyses

from which to make sound lending, loan portfolio, and marketing campaign decisions. Brio was selected over other leading business intelligence solutions due to its ease-of-use, requirement for little IT support, and unique ability to deliver robust functionality via the Web. Wells Fargo Financial has expectations of 500 -- 1000 users over the next year. "I find Brio to be extremely easy to use and know that our remote Team Members will as well," says Randy Yarrow, Risk Analyst, Wells Fargo Financial. "With Brio, decision-makers control how deep they delve into data, from viewing summary-level graphs and charts to drilling deep into specific transaction details."


Before implementing the Brio solution, Well Fargo Financial Team Members were at the mercy of the IT Department's schedule for report writing. With Brio

Performance Suite, Team Members will be armed with an interactive Brio reporting system that enhances their ability to better analyze and manage their

debt portfolio, control bad debt exposure, improve marketing campaign effectiveness, and ensure attainment of future financial goals. Brio has been connected to multiple data sources. However, a robust IBM DB2 data mart is the primary source of customer and marketing program information -- including customer and prospect Fair Isaac credit scores, and detailed marketing program history.


"Brio is proud to have Wells Fargo Financial rely on Brio Performance Suite to empower decision-makers across the U.S. with mission-critical information," said Brian Gentile, executive vice president, Brio Software. "Giving its remote decision-makers access to critical information and analysis for improved lending decisions drives business performance and directly delivers results to the

bottom line."


About Wells Fargo Financial


Wells Fargo Financial, headquartered in Des Moines, Iowa, is an $18 billion company providing installment and home equity lending, automobile financing, consumer and private label credit cards, leasing, technology services, and receivables financing to consumers and businesses in 47 U.S. states, all 10 provinces of Canada, and the Caribbean.


Wells Fargo & Company is a $334 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through more than 5,600 stores, the Internet and other distribution channels across North America and elsewhere internationally.


About Brio Software


Brio Software helps Global 3000 companies achieve breakthrough business performance with one of the industry's most comprehensive and best integrated

suite of business intelligence tools. Widely recognized as one of the easiest-to-use and deploy solution in the industry, Brio tools are used by 75 of the Fortune 100 and more than 2 million people worldwide. Brio Performance Suite and Brio Metrics Builder empower individuals, workgroups and executives to turn enterprise information into actionable insight, resulting in superior decisions and business performance. Founded in 1989, and headquartered in Santa Clara, CA, Brio products and services can be found around the globe at www.brio.com.


Brio Intelligence, Brio Portal, Brio Reports, Brio Metrics Builder and Brio Performance Suite are trademarks of Brio Software. All other trademarks are property of their respective owners.


SOURCE Brio Software Inc.



Natalee Gibson

Incendio International

Phone Number: (303) 426-4447



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Fitch: U.S. Homebuilders in Position to Outperform Again in 2003



Fitch Ratings-New York- Homebuilding and construction should continue to outperform for the remainder of 2003, according to a new quarterly report by Fitch Ratings.


'In general, the major public homebuilders are well positioned to grow market share in 2003,' said Robert Curran, Senior Director, Fitch Ratings. 'Most of the public homebuilders are capable of boosting revenues and profits this year and should be able to maintain or enhance their credit statistics as well.'


Taking into account the economic forecast for 2003, including a sluggish, war-affected first half and then moderately higher mortgage rates, employment growth, stronger income, rising consumer confidence and, of course, favorable demographics, housing should continue to be healthy although slightly weaker than in 2002.


It now appears that most measures of on-site residential construction could be up slightly. Public construction expenditures should improve by about 2%.


Residential alteration and repair spending is expected to grown 4.5% in 2003 as a result of the late 2001 and 2002 refinance surge.


Public construction should grow modestly in 2003. Private non-residential construction could be up a few percentage points following very sharp declines in 2002. The rise in non-residential and public spending should offset a modest decline in expenditures from residential construction.


While delinquencies and repossessions have edged down, Fitch is concerned with the steady liberalization of credit standards on mortgages. Credit worthiness of buyers eroded in 2002 but not significantly enough to create a serious threat. Fitch is sensitive to concerns about the increasingly liberal lending standards of recent years. If the economy dips again this could become more of a problem. The generally steady rise in mortgage delinquencies and foreclosures bears witness to the liberalization of standards as does the moderate rise in loans with LTVs in excess of 97%.


To access the report titled 'Homebuilding/Construction: The Chalk Line - Quarterly Update: Winter 2002/2003,' please visit Fitch's web site at 'www.fitchratings.com' or contact the Ratings Desk at 1-800-893-0547.


Contact: Robert Curran, 1-212-908-0515, New York.


Media Relations: James Jockle 1-212-908-0547, New York.



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Truckers hit by diesel price spikes


--by Dick Larsen, senior editor




According to figures released by the Energy Department Feb. 10, the national average price of diesel fuel per gallon this week is $1.662 – a 12 cent increase from last week’s average price of $1.542.


So one might wonder why diesel prices Feb. 11 in Caribou, ME, are listed in some places at $1.949, a 4-cent increase from Feb. 10 prices; and why the cost went from $1.79 to $1.99 during the same 24-hour period at Little Sandy's Hancock Truck Stop on I-70’s exit 3, near Hancock, MD – a 20 cent increase!


Michael Jordan on his best day couldn’t jump like that.


So Land Line called Hancock Truck Stop General Manager Woody Liggett to get some answers.


“We got a call from the main office. I can tell you we don’t like to see the prices go up like that,” Liggett said. “It’s not good for business. But they wouldn’t have raised the prices unless their supplier also raised prices.”


So who is the “they?” In this case, it’s Peters Fuel, Oakland, MD.


Company President Louise Friend told Land Line why Hancock’s prices went up so much in a day’s time.


“We have let prices drag a bit,” Friend explained. “I had to change the price to cover my margins. I know people will get mad, but that’s just tough.”


She said prices at other truck stops were “running neck and neck” with prices at the Hancock stop, so the action was needed to stay competitive.


Friend also explained: “Until war is declared, the (fuel price) situation will get very nervous and real dicey. Even now, prices at the rack (at the terminal where the fuel is loaded onto trucks) are changing several times a day – they go up, then down. When we see a steady downward trend, we’ll look at the possibility of lowering prices.”


Friend added: “We know we have a big problem with the public’s perception. But we’re not raising the price independent of what we have to pay. Actually, we hate to post this price.”


Friend declined to say what she actually paid the refiner and how the prices compared with earlier costs.


DOT hotline number


Meanwhile, the Department of Energy has a hotline number (1-800-244-3301) where you’ll get a live person who wants to know about truck driver complaints concerning diesel price spikes.


DOE says it wants to know about unjustified pricing, defined as prices that are out of line with other prices in the same area.


After collecting several examples across the country, DOE will evaluate its regulatory options.


There are a number of agencies that have jurisdiction to go after price gougers. Several states have anti-gouging regulations that kick in during national and state emergencies. A great number of states appear to be sensitive to gouging at this time of crisis, and many actively investigate reports.


If your wallet has been victimized, keep your receipts and contact the state attorney general's office. For a list, visit the National Association of Attorney Generals at www.naag.org.


--by Dick Larsen, senior editor


 Landline Magazine

 The Official Publication

of the Owner-Operator

Independent Drivers






News Briefs----


Greenspan Remains Popular in Congress



Greenspan Discusses Consumer Confidence



Oil Shoots to Post-Gulf War High



Chief architect of Bush administration's tax plan resigns



California, other states, edging toward sales taxes on Internet purchases



Low interest rates spur home-remodeling boom





Housing Prices Up Except Northeast, Boston Hit Hardest



Host Marriott narrows fourth-quarter loss, warns of grim outlook




Sports Brief---

Will Emmett Smith Join the Oakland Raiders?



Smith to be Released Today says ESPN



Will he become the next Barry Sanders, not likely as Sanders has a clause not to play with any other team but the Detroit Lions---and the Oakland Raiders have

said they want Smith on their team.




Microsoft at midlife: Bill Gates' view of the future


   By Brier Dudley

       Seattle Times technology reporter





Part II:



Part III





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