February 28, 2003
Post time 7:07 a.m. PST



Pictures from the Past---1997---Dwight Galloway

  Classified Ads---Help Wanted

    Mortgage Rates Reach New Low

      Woodring New National Sales Manager at Pawnee Leasing

        Merrilees New Address

      EAEL goes to Washington, DC...

    Decision Systems---Summit National

  News Briefs---

Sports Briefs---

      #### Denotes Press Release




Pictures from the Past---1997---Dwight Galloway



“Dwight Galloway is the President of Republic Leasing Company, Inc., a full service, small ticket lender based in Columbia, SC.  He has over 17 years experience in equipment sales and finance.   After leaving the U.S. Army in 1978, he worked for two years as a sales manager for an equipment vendor.


  During the 1980’s, he began providing financing for start-up businesses, and buying/selling large ticket, tax-oriented operating leases before “graduating” to small-ticket leasing.


  He started Republic Leasing in 1988 as a subsidiary of Resources Bancshares after selling the small-ticket operation to that firm.”

    United Association of Equipment Leasing Newsline, Jan/Feb 1997



“Today it is 24 years in the leasing business.”

    Dwight Galloway





Classified Ads---Help Wanted


          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.


          Sales: Lessor/Broker-Arizona- need experienced mid-market salesperson, location open, strong medical bkrnd pref. Top comm, draw, benefits. Call John Torbeson 888 607 6800 john@odysseyequipfinance.com

    About Odyssey Equipment Financing started in 1985 in

Seattle. Company sold part of the company in 1997 and moved to Scottsdale, Arizona. Company specializes in medical equipment financing and acts as both a funder and broker.



Mortgage Rates Reach New Low


Freddie Mac reported yesterday from its latest survey, the average interest rate on 30-year, fixed-rate mortgages dropped to 5.79 percent, Freddie Mac, the mortgage company, reported Thursday in its latest nationwide survey. The week before it was 5.84 percent.


This week's rate was the lowest since Freddie Mac began tracking 30-year rates in 1971. Records that reach back earlier than Freddie Mac's indicate that rate is the lowest since the early 1960s.


Rates for 15-year fixed-rate mortgages, a growing trend, went down this week to 5.14 percent, compared with 5.21 percent last week. The new rate is also the lowest since Freddie Mac began tracking 15-year mortgages in 1991.


It is also reported that after hitting a record month in January, realtors report existing-home sales are slowing down. Weather has played a role in this development.


The sale of new homes and declining construction in certain parts of the country, particularly the Northeast, along with the pending war in Iraq, rising oil prices, business not investing in new equipment and the recent decline of consumer confidence are enough to depress anyone, especially home buyers or those who were refinancing to "remodel."  The low mortgage rates also motivated home owners to find cash to meet other expenses, such as a spouse being out of employment or to send a son or daughter to college.



############ ############################################


Woodring New National Sales Manager at Pawnee Leasing


Pawnee Leasing Corporation, Fort Collins, Colorado, is pleased to announce the addition of Scott Woodring as National Sales Manager.


  Woodring will provide strategic direction and customer management for the company's national broker network.


  Woodring brings eight years of industry experience in both the direct and indirect markets to his position.


  Most recently, Woodring was Regional Sales Manager for Firerock Capital, Inc. and Fisher-Anderson, L.C..  Gary Souverein, VP, states "We are very pleased that Scott will join us beginning March 3, 2003 and look forward to working with him to build upon the many well established broker relationships he brings with him as well as the development and expansion of our existing and new broker partners."


Pawnee Leasing Corporation, founded in 1982, is a specialty small-ticket funding source for start-up and less traditional credit applicants.



Gary H. Souverein, Vice President, Marketing Manager

Pawnee Leasing Corporation

800-864-4266, ext. 222

e-mail: Gary@PawneeLeasing.com



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Merrilees New Address


As reported on  January 15,  Jim Merrilees has left FirstCorp, who

was recently purchased by IFC Credit, and now is heading the captive vendor

and wholesale program for Republican Leasing of South Carolina, owned by

Net Bank.


Here is his new address:



Mr. James K. Merrilees, CLP

VP, Sales & Marketing

9600 S.W. Nimbus Avenue

Suite 100

Beaverton, OR 97008

Phone: (503) 598-2193

Fax: (503) 598-2815

E-mail: jmerrilees@netbank.com










EAEL goes to Washington, DC...


A Capital Idea!


Eastern Association of Equipment Lessors

 2003 Annual Spring  Conference

April 3 - 6, 2003 at the Westin Grand**


**Register now to be sure to get a room at the Conference Hotel.  The hotel is completely sold out EXCEPT for our room block.  The hotel reservation deadline is March 12th.  Call 888-627-8406 now to get our special conference room rate!


Join us for a great weekend of education and networking with fellow leasing professionals.  The General Session on Friday is entitled "Past, Present and Future".  It is one you won't want to miss. On Saturday afternoon you will have an opportunity to "Meet and Greet" EAEL Member Funding Sources while you enjoy an ice cream treat. 


Some of the workshops scheduled will cover such key leasing issues as:

    a.. The new Electronic Sales Tax System

    b.. Marketing Using the Internet

    c.. Lessor/Funder Relationship - How to avoid surprises

    d.. Nontraditional and Alternative Financing

    e.. Legal Forums

Our Keynote Speaker, Cokie Roberts, ABC News chief congressional analyst will open the weekend and  Anthony T. Galie, author of "The Subconscious Aspects of Business" will entertain everyone at our closing night reception.


Visit the EAEL website -- www.eael.org to view the entire Agenda and to register for the Conference or call Alison Pryor at 914-381-5830 to have a Conference Brochure mailed to you.


We look forward to seeing you in Washington, DC on April 3 - 6, 2003.


Thank you Kit.


Cindy Spurdle





Decision Systems---Summit National


Leasing News has confirmed that Summit National has been engaged in discussions with several acquisition prospects, including International Decision Systems, for some time.


It has been reported that  in November 2002, the Board of

Directors of IDS granted leaves of absence, as they stated in their press release, to its two senior executives for the purpose of allowing each of them to develop independent proposals to acquire control.  Leasing News has learned since that time one of those executives has formally withdrawn for health reasons.


We were also advised  Summit believes that incumbent management

should be given every opportunity to pursue ownership. Therefore, Summit

advised investment bankers for IDS on February 10, 2003 that it has elected

to suspend further activity in this matter until the status of the remaining

potential management buyout is determined.


“We expect this to occur in parallel to the release of their preliminary FY2002 results sometime in March,” Chairman of the Board Ken Duffy, Sr. told us.

“ Thank you for your interest. You will be the first to be informed of any

announcement we may have.”







News Briefs---


Mixed signals show economy's road to recovery is bumpy



Billionaires' fortunes dwindle further, but Oprah joins the list



New Orleans Feels Pre-Mardi Gras Gloom



The ELA Streamometer

Streamlined Sales Tax Activity as of 02/27/2003



Carly Fiorina got $10m,while  Michael Capellas $26m after resigning...





Sports Briefs---



No star treatment for Cowboys on the way out  http://www.dallasnews.com/latestnews/stories/022803dnspoemmittdeparture.6b67f.html


Cowboys owner Jerry Jones and Emmitt Smith hugged after Thursday's news conference at Valley Ranch.



List of NFL Cuts



2002 Highest Paid  NFL Players By Position




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