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Wednesday, July 2, 2003

Alert---Hudson Choi, New Machinery, Inc.

    Correction: McCue/MicroBilt

        Decision System for Sale---Update?

            Classified Ads---Attorneys

                HCC Launches New Corporate Web Site

                    GST Inc. Partners with Balboa Capital

                Leasing News Victim HotMail "Spam Protector"

            July 21, Essex Country Club,NJ ELFF Golf Tournament

        Cartoon---Sales Decision

    Jeffrey Taylor---Innovative Sales Training

Lessors Network To Explore Strategic Alternatives

    American Honda to Suspend All Leasing in New York

        AeroCentury Corp. Revolving Credit Line Date Extended

            News Briefs----

        Sports Briefs---

Highlights This Day in American History



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




Alert---Hudson Choi, New Machinery, Inc.


"Mr. Hudson Choi of New Machinery, Inc. (Corona New York), allegedly

failed to deliver machinery purchased from him in late May by an

innocent customer. He allegedly withdrew funds wired to his account by

a third-party. The amount is not insubstantial. Other companies or

persons may have had similar experiences. I am seeking information on

these experiences, as well as the present whereabouts of Mr. Hudson Choi

or his assets.


Please call me, Attorney John C. Jones at 312-399-5963. All requests

for confidentiality will be strictly honored. Reward possible.

Principals with direct information only please - no private

investigators. If we work together, we may gain an advantage in this

matter. I am not seeking new clients -- just information sharing.


Also, Kit, on a personal note, as an attorney who represents companies

in the equipment finance business, I'd like to say "thanks" for such a

useful newsletter.

JC Jones, Esq.






Correction: McCue/MicroBilt


“By now I know you have heard both from Andrew (Lea) and the people at MicroBilt about some typos in the last press release. I see what happened. It was spell check correcting the names of MicroBilt and LeasePak. (Leaseback, Microfilm and Microbial are the selections Spell check would come up with). I know these things happen when you are pulling news briefs from as many sources as you must with a minimal staff overhead.


“We all appreciate your depth of coverage during these turbulent times.”






( Your detective work and logic must be correct. “Turbulent times”

is right on the money.


I can't explain the changes as I would not knowingly choose

what the Microsoft spell check would suggest for changes in any

press release... but I was tired, so it definitely must be "operator error,"

especially after you discovered how it could happen.


It was about 2:30am when our “minimal staff” (me—I even take

care of the mailing list and sending out the text version to readers.)

I was trying to get the latest from the London Stock Exchange and they seem

to run behind, and also have internet difficulties. The CapitalStream

story has been very difficult to stay on top of—see the story today.


I think this is the second time we have made an error for McCue,

and we owe you a free ad---so send it in, and we will run it.

Editor )


### Press Release




Burlingame, CA - - McCue Systems Inc. announced today it has

integrated credit bureau access into LeasePak(r), an enterprise lease and

loan management system scalable to meet the requirements of lease operations

of virtually any size. The integration will allow lessors to enhance client

service and streamline productivity while reducing technology resource



Utilizing MicroBilt's Systems Integration Tool Kit, LeasePak saves countless

hours for program developers who would otherwise be required to manually

integrate credit data from various bureaus into their lease applications.

The MicroBilt tool kit offers simple credit bureau integration in a variety

of interface formats, including Com object, http, and XML. It is designed

for companies who want a complete and comprehensive development tool kit to

create customized applications with all available credit bureau data

automatically integrated into their day-to-day processes.


LeasePak simplifies lease/loan administration and asset management by

accurately tracking leases, loans, and equipment from origination through

end-of-term and disposition. Now, with the addition of integrated credit

data access, clients can enhance and streamline lease originations and

collection activities, saving staff time and decreasing resource



"MicroBilt Corporation and McCue Systems are both leaders in the leasing

industry," said Ken Hill, President of MicroBilt Corporation. "It was a

natural fit for our companies to integrate these products and offer lessors

increased value in their leasing operations."


"Our clients want to focus on business development and expediting lease/loan

processing. The LeasePak solution integrated with credit bureau

functionality increases productivity while reducing risk," said John McCue,

CEO and founder of McCue Systems. "With MicroBilt's system integration tool

kit, we will be able to offer our clients new functionality, thus bringing

them significant new efficiencies."


McCue Systems has announced plans to launch the integrated MicroBilt credit

functionality in its LeasePak Version 5.0 release in July 2003.


Media Contact:

Andrew Lea

McCue Systems Inc.

111 Anza Blvd Suite 310

Burlingame, CA 94010

Phone: 650-348-0650 Ext 1171 Fax: 888-730-2527



About McCue Systems

With over 30 years experience in developing business solutions for the

leasing industry, McCue Systems Inc. is the leading provider of lease/ loan

portfolio management software for banks, leasing companies, and

manufacturers. Its flagship product, LeasePak(r), simplifies lease/loan

administration and asset management by accurately tracking leases, loans,

and equipment from origination through end-of-term and disposition.


McCue Systems leads the leasing technology industry in the development of

Web-enabled and Web-based tools to deliver superior customer service, reduce

operating costs, streamline the lease management lifecycle, and support

collaboration with origination channel and asset partners. Alone in the

industry, McCue Systems offers a Web-based front-end system that integrates

fully with the system's back-office database architecture.


By harnessing the most advanced technology - including the Linux operating

system - McCue Systems can offer the right operating platform for almost any

enterprise. LeasePak can be configured to run on HP-UX, SUN/Solaris or Linux

as well as for Oracle and Sybase users. And, for unmatched scalability,

McCue Systems offers the LeasePak Bronze, Silver, and Gold Editions for

systems and portfolios of virtually all sizes and complexities.

The leasing experts at McCue Systems work closely with lessors to put the

company's leasing expertise to work to streamline lease operations and

enhance customer retention at every stage of the lease lifecycle. Clients

include Cisco, HP, BankOne, MC Leasing, Ford Motor Credit, Bank of Hawaii,

VW Credit, Bank of Tokyo/ Mitsubishi, ORIX /Australia and Key Bank.


See for more information about the LeasePak lease/loan

management system and the company's comprehensive range of consulting and

technology services. Contact or phone 888?730?2527.



About MicroBilt Corporation

MicroBilt Corporation, a division of Bristol Investments, Ltd., is the

single source and preferred provider of decision critical information that

responsibly assists businesses in reducing risk and managing their business.

MicroBilt provides online access to consumer and commercial credit bureau

data with automated decisioning and collection services. MicroBilt also

offers additional data products, which include a basic person search,

criminal conviction, bankruptcy, liens, judgments, motor vehicle, employment

background and bank history reports at or through a

direct interface utilizing their systems integration tool kit.


A leader in proprietary financial data and analysis services through their

subsidiary Integra Information, the company offers industry benchmarks,

norms, valuation data, risk management tools, and other private company

financial data that help companies get the answers they need, when they need

them. Another subsidiary, FIData Inc., offers instant online and call

center lending solutions.


The company enables businesses to enhance their content offerings by

delivering private labeled content or web sites to their established online

communities. MicroBilt is certified through and provides interfaces with

the three consumer bureaus, Equifax (NYSE: EFX), Experian (London Stock

Exchange: GUS) and Trans Union and the two commercial bureaus, D&B and

Experian Business. Formerly a First Data Corporation subsidiary (NYSE:

FDC), MicroBilt Corporation, maintains offices in Georgia and New Jersey.


For more information, contact MicroBilt Corporation at 1-800-884-4747 or

visit their website at



#### Press Release end




Decision System for Sale---Update?


Leasing News has been writing about this for over a year, and as we get down

to the wire, the bidding process gets more “exciting.” It also seems there

is more money being made on this, and all the players are afraid of both

the United States and United Kingdom stock exchange laws...and there

is money involved.


When we started this bidding story the end of May we had several sources, but now they have all closed down, afraid of perhaps going to jail with Martha Stewart. Not that they have done anything improper, but there is the fear that

newspapers, even Leasing News, make people appear guilty first instead

of assuming they are “innocent.”


Martha Stewart is a good case in point as she had been tried, judged, and hanged

in public with jokes aplenty over the internet. We have pronounced her guilty!!!


Our sources here and abroad are now afraid to speak to us “off the record.”

On the record, they have no comment.

Date of disclosure: 1 July 2003




Date of dealing 1 July 2003

Dealing in IDS GROUP PLC


(1) Class of securities (eg ordinary shares) ORDINARY 10p SHARES

(2) Amount bought

Amount sold

Price per unit



(3) Resultant total of the same class owned or controlled

(and percentage of class) 11,576,382 (20.36%)

(4) Party making disclosure TWINS ACQUISITION, INC.

(5) EITHER (a) Name of purchaser/vendor (Note 1) OR (b) If dealing for discretionary client(s), name of fund management organisation




(6) Reason for disclosure (Note 2)

(a) associate of (i)offeror (Note 3) YES

(ii)offeree company”





Recommended Cash Offer by Twins Acquisition, Inc. and (outside the United States) by Rothschild on its behalf to acquire IDS Group plc

Twins Acquisition, Inc. announces that the formal offer document containing the recommended cash offer by Twins Acquisition, Inc. and (outside the United States) by Rothschild on its behalf to acquire IDS Group plc ("IDS") (the “Offer”) is being posted today to IDS Shareholders.

Twins Acquisition, Inc. announced the Offer on 26 June 2003 at an offer price of 23 pence for each IDS Share, representing a premium of approximately 21 per cent. to the Capital Stream Offer Price. As a result of market purchases of IDS Shares subsequent to that announcement, Twins Acquisition, Inc. now owns 20.4 per cent. of the issued share capital of IDS and, in addition, has received irrevocable undertakings to accept the Offer from James Meinen (Chief Executive Officer of IDS) and James Horstmann (Chief Financial Officer of IDS) in respect of a further 0.3 per cent. of the issued share capital of IDS.

Press enquiries:


Matthew Metcalfe

Nick Gowlland

020 7280 5345

020 7280 5677

Teather & Greenwood

Adam Pollock

020 7426 7730

Defined terms used in this announcement shall have the meanings given to them in the announcement dated 26 June 2003 referred to above.

The contents of this announcement, which have been prepared by and are the sole responsibility of Twins Acquisition, Inc., have been approved by Rothschild for the purposes of section 21(2)(b) of the Financial Services and Markets Act 2000.

The Offer in the United States is being made solely by Twins Acquisition, Inc., and neither Rothschild nor any of its affiliates or related entities is making the Offer in the United States.

Rothschild is acting for Twins Acquisition, Inc. and for no one else in relation to the matters described in this announcement and will not be responsible to anyone other than Twins Acquisition, Inc. for providing the protections afforded to clients of Rothschild, nor for providing advice in relation to the matters described in this announcement.

Teather & Greenwood Limited is acting for Twins Acquisition, Inc. and for no one else in relation to the matters described in this announcement and will not be responsible to anyone other than Twins Acquisition, Inc. for providing the protections afforded to clients of Teather & Greenwood Limited, nor for providing advice in relation to the matters described in this announcement.

This announcement is not intended to and does not constitute, or form part of, an offer or an invitation to purchase or subscribe for any securities or a solicitation of an offer to purchase any securities, pursuant to the Offer or otherwise. The Offer is made solely by the Offer Document and the Form of Acceptance accompanying the Offer Document, which contain the full terms and conditions of the Offer, including details of how the Offer may be accepted.




We have questions to ask---


Who actually owns any stock?

Who controls the final say on the sale?

Who can block any sale based on UK rules?


What percent of stock controls the deal. Would the Twins actually owning

over 20% be a significant advantage?


Was the latest CapitalStream announcement for legal reasons or a re-instatement

or launch for a new mode. Their press release says they raised $21 million. .

Will they raise more to meet the bid or is their play “calling the cards.”




In this high stakes bidding process, it appears to be a poker game. Not knowing

the rules, the problem is we don’t understand the “betting” or the “procedure”

as they do things in the United Kingdom differently than we do here---and

finally the question, is Decision Systems worth it. Many insiders think not.


We really don’t know what is going on. From following the story, what apparently has happened is that both CapitalStream and Twins have either bought or gained commitments to buy enough stock to stop the other from doing the deal.


Checking the IDS site for insider holdings all we can find out is that as of 08/01 none of the current Directors owned any IDS stock. Meinen had options that he didn't exercise but he had no "skin in the game" until then except salary and the future value of the options, which of course, due to the slide in the stock, became pretty worthless. However, if we can believe what has been published Meinen only bought 89,000 shares at a cost of $20,200 which are now worth maybe $27,000. He got 75,000 for about $0.12 when the stock tanked last September which is why he may have a small profit now. Glucklich has about 260,000 shares which cost him about $40,000. They may be worth about $80,000., again because he bought them at bargain rates. But if you add up all the stock purchased by the directors and senior officers the total invested was less than $150,000. and amounted to about one tenth of one percent of the total shares.


The control of final sale is a good question. It appears the Twins own more

slightly more than 20% of the total. Who can block a sale is some stockholder who is very unhappy at losing 90% of his investment. It is very surprising that the employees(ESOP) haven't screamed because they are the hardest hit who can least afford it. The big institutions like Deutche have probably already written it off and would be unlikely to do anything.


Again, the bottom line is that CapitalStream is burning a lot of money and

appears it will run through its venture money pretty fast. And, if Twins gets it, the thinking is they will run out and merge Seismiq into the deal and try to make Seismiq the product of the future. The problem with that is that Seismiq, like CS, has only three sales and, according to rumor, laid off all their developers.


But Shroders is the venture funder for both Twins and Thoughtworks(Seismiq), so they may think this is a way to recover their investment in both. So, there seems to be a lot at stake for both CapitalStream and Twins in terms of gaining access to IDS' client base to generate new revenues to make their investments pay off.


Again, insiders question whether Decision Systems is worth it?


The players won’t talk to us, so all we can do is guess.

Will CapitalStream now buy LiveCapital?





Classified Ads---Attorneys


These attorneys specialize in the leasing industry:


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



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:


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 listings are a courtesy to all attorneys who belong to an equipment leasing

association. It is a service to readers who are looking for representation in

their area, or for an attorney located out of their area.


To post your specialties or geographic areas, please go to:


If you would like help in writing the ad, please contact:





Please send to an attorney you think should be listed in our classified ads,

not just for new business, but to help out readers who are looking for




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


HCC Launches New Corporate Web Site Aligned with New Growth Strategies


Highland Capital Corporation has announced the launch of their new corporate website, The web site, which was developed as a result of the company’s re-branding initiative, provides an extensive overview the company’s new strategic market focus and their product and service capabilities. In addition, customers can apply for credit on-line through the HCC Quick Credit Application, which transmits information using Secure Socket Layer (SSL) technology that protects the information submitted and received on the site.


HCC has made tremendous progress in the re-alignment of their growth strategies. In addition to the website, HCC has increased their market presence by expanding their sales force and implementing new programs that are highly competitive, flexible and customer focused.


Highland Capital Corporation is a member of the Greater Community Bancorp family of financial services companies, a publicly traded organization headquartered in New Jersey. HCC is a full service lessor with over 50 years of collective experience serving the Healthcare Equipment and Commercial Equipment Markets. For more information you may contact them toll free at 877-527-4422 or visit their new website.




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


GST Inc. Partners with Balboa Capital to Provide Leasing Solutions for Users of GST Backup Solutions


LAKE FOREST, Calif.-GST Inc., manufacturer of innovative storage solutions, has partnered with Balboa Capital Corp. to provide a variety of financing plans for GST customers.


The partnership enables GST to offer Balboa Capital's leasing solutions and services to meet the financing needs of customers acquiring GST's backup and disaster recovery solutions. The partnership will provide GST's customers with 100% financing, tax advantages, extensive customer service in financing matters, and complete leasing and financing solutions.


GST manufactures tape subsystems, autoloaders and tape libraries to meet demanding requirements for tape backup and disaster recovery protection.


Balboa Capital is a national leader in equipment leasing and financing that was twice named to Inc. 500's list of Fastest Growing Companies.


"We are excited to provide customized financial solutions to benefit the growing data storage community, including GST's Fortune-1000 dominated market," said Bradley Kissler, vice president of sales.


"The financing solutions and counsel available through Balboa Capital nationwide in the U.S. will provide an outstanding service for GST customers that adds to the affordability and superior life-cycle costs of our products," stated David Breisacher, chairman/CEO for GST.


For more information about GST, contact Breisacher, 20902 Bake Parkway, Suite 114, Lake Forest, CA 92630, telephone: 949/645-3359, fax: 949/645-7435, e-mail: Web site is:


For more information about Balboa Capital, contact Kissler, 2010 Main Street, 11th Floor, Irvine, CA 92614, telephone: 888/BALBOA-1, e-mail:, Web site:


About GST Inc.


GST engineers, manufactures, markets and sells a line of innovative storage products to meet the need for high-performance, continuous reliability and cost-effective data storage for the IBM eServer family. This family includes iSeries, pSeries and xSeries servers.


GST's storage products range from single and dual tape subsystems, autoloaders and midrange tape libraries, to modular enterprise-wide solutions. Complete information about the company, its products and support can be found at the company's Web site:


About Balboa Capital Corp.


Balboa Capital Corp., founded in 1988, is a national leader in providing commercial equipment leasing and financing. Balboa Capital was twice named to Inc. 500's list of Fastest Growing Companies, and is recognized as an industry pioneer for its innovative products and services.


With headquarters in Irvine, the company also has five regional offices nationwide. For more information visit



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


Leasing News Victim HotMail “Spam Protector”


There were 256 notices from users of “hotmail” who read Leasing News this morning. It basically said “hotmail” was treating Leasing News as spam,

go to this website and go through the process and Hotmail will give Leasing

News a white paper.


This was the notice we received:


Dear Kit Menkin <>:


I am an automated email sentry designed to protect against unwanted email.


You recently sent an email titled 'Tuesday--Leasing News---Capital Stream Ups Ante/"Is WAEL Run by a Clique?"/Bulletin Board Compl' to one of my subscribers.


Your email message has triggered anti-SPAM concerns and it has been put

into a holding area. We need you to confirm that it is not SPAM so it can

be forwarded to its recipient. It is a very simple process, please use a

browser to go to this location:


Just click the checkbox and hit submit, and your mail will be delivered.


The SPAM conditions that were raised were:

* RecipientNotSpecifiedIn_To_or_Cc

* SuspiciousMessageContent_001

* SuspiciousMessageContent_003

* SuspiciousMessageContent_012

* SuspiciousMessageContent_006

* SuspiciousMessageContent_009

* SuspiciousMessageContent_009

* SuspiciousMessageContent_009


Adjusting SPAM filters is a continual process and we apologize that

your legitimate email has been caught. By forwarding your email

via this form, your confirmation will be logged and the email filters

will be adjusted accordingly.


Thank you for your patience with this process.


MaxStrengthMail 1.0_20021213




I did this once for the reader’s sake. If we got the notice again, sorry, I am not

going to go through doing 256 website notices. Since I manage the text

mail address book, I took care of it.


If it happens again, Hotmail readers will have to correct it themselves by notifying

their ISP or reading our edition on line at It wasn’t fun

to me.


I definitely can appreciate the spam control as a receiver, but as a sender,

it leaves a lot to be desired. Editor )




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


July 21, Essex Country Club, New Jersey, ELFF Golf Tournament

Golf registration is open. Tournament format is best ball, two person teams. Registration is $800 for a two-person team.

Download registration form at

For more information contact Lisa Levine at 703-527-8655.

Increased Visibility, Support Industry Research and Have some fun!


Become a sponsor of the Equipment Leasing and Finance Foundation's Annual Golf Outing on Monday, July 21, 2003.

This year's outing will be held at Essex County Country Club in New Jersey and 100 players are expected. Your sponsorship helps support the Foundation's research grant program. For information on golf sponsorships, visit the Foundationwebsite at http:// or call Lisa Levine, 703-527-8655.


For more information contact Lisa Levine at 703-527-8655.

Lisa Levine




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


Cartoon---Sales Decision





Jeffrey Taylor---Innovative Sales Training



click on image to go to website

The course costs $299 which includes all material, snacks and lunch. For an additional $40 (regularly $65 plus shipping) you will receive a copy of Selling Leasing In A Tough Economy

We accept MasterCard, Visa and American Express on our secured web server.

 - Learn The Latest Selling Techniques
 - Comments From Students
 - List of Wordwide Clients (partial)
 - Monster Quote

Schedule At A Glance
Amsterdam - July 21
New York - August 11
Chicago - August 12
San Francisco - August 14
Boston - September 6
San Diego - October 11

"We felt that your class was extremely beneficial"
"Your workshop was excellent"
"We should hire Mr. Taylor!"
"Management loved your class"
"Your course is relevant"

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




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


Lessors Network To Explore Strategic Alternatives

Atlanta, GA - (Lessors Network), Inc. announced it would seek to retain professional representation to explore strategic alternatives designed to expand the programs and services provided by the Lessors Network in 2004.


Given early indications of an economic upturn within the equipment leasing and finance markets, management felt the time was right to begin exploring strategic alternatives. Management also confirmed that such alternatives might include the sale of the company, a sale of any assets of the company including the domain name "", a merger, or other alternatives.


No other details were made available.


About, Inc., Inc. is a privately held company providing information and access to a national network of commercial and municipal equipment leasing and finance professionals through The Lessors Network web site and high profile networking events and conferences.



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


American Honda Finance Corp. to Suspend All Leasing in New York July 31, 2003



TORRANCE, Calif., -- American Honda Finance Corporation (AHFC), a wholly owned subsidiary of American Honda Motor Co., Inc., today announced that AHFC and its affiliates will suspend leasing to residents of the state of New York effective July 31. On May 19th, AHFC stated it would suspend leasing activities in three states if the states did not act to repeal archaic vicarious liability laws.


"It appears that New York will not change its vicarious liability laws by the end of this month, thereby forcing AHFC to stop writing new leases in that state," said Steve Smith, senior vice president of American Honda Finance Corp. "Unfortunately, we will be forced to do the same thing in Rhode Island if it too has not changed its vicarious liability laws when their legislative session ends this week. We hoped that these states would have made progress similar to Connecticut where a bill, passed unanimously by the legislature, needs only to be signed by the governor to become law."


Honda and other leasing companies have been working in New York, Rhode Island and Connecticut to abolish archaic vicarious liability laws that allow financial institutions to be held liable in cases against lessees. On the books since the 1920s, vicarious liability laws have long outlived their original purpose and expose leasing companies to unlimited damages when the driver of the leased vehicle is negligent in an auto accident.


"Unfortunately, consumers will be the biggest losers when they are severely limited in their available finance options," said Smith. "We regret any inconvenience this may cause our customers."


In order to offer customers a viable alternative to leasing, AHFC will offer New York residents its Leadership Purchase Plan, which includes a $1500 damage waiver on excess wear and use, and a vehicle disposition fee waiver. The plan has many of the same benefits of a lease, but because the consumer is listed on the title as the owner, vicarious liability issues are eliminated.


SOURCE American Honda Motor Co., Inc.


CO: American Honda Motor Co., Inc.; American Honda Finance Corporation



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


AeroCentury Corp. Revolving Credit Line Maturity Date Extended



BURLINGAME, Calif., -- AeroCentury Corp.,(ASE: ACY), an independent aircraft leasing company, has reached agreement with its lenders led by National City Bank (NYSE: NCC) to accommodate the

departure of one of the participating lenders which has decided it no longer

wishes to participate in aviation finance, and to extend the current maturity

date of its revolving credit line from June 28, 2003, until July 1, 2003,

while negotiations for a renewal of the credit line continue. The Company has

agreed to make a repayment under the facility to reduce total outstanding

indebtedness to $39,905,000, which will be allocated between the two remaining

participants. The credit limit under the credit line facility will be reduced

to $40,000,000 for the remaining term of the credit facility.

AeroCentury is an aircraft operating lessor and finance company

specializing in leasing regional aircraft and engines utilizing triple net

leases. The Company's aircraft and engines are on lease to regional airlines

and commercial users worldwide.




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



News Briefs---


Some long-term budget forecasts worsen


Job cuts lowest in 31 months


Pentech Is Sorry to Learn Salon.Com has accumulated deficit of $82.3 million...


June manufacturing activity rose slightly, but still weak, supply management index indicates


S&P 500 has best quarter since '98


June 2003 U.S. auto sales


Can or will consumers keep spending?


Conseco attorney criticizes tactics of reorganization-plan objector


Terex cuts quarterly outlook, sells unit to Caterpillar


Consumer Victory: Appeals Court Overturns Texas Ban on Interstate Wine Shipments,1145,2116,00.html


'CBS Evening News' Hits Ratings Low


Simon to buy upscale Stanford Shopping Mall for $333 million


Finding The Best Way to Tell Mosquitoes to Bug Off



Sports Briefs---


Davis says sentiment had role in returned to Oakland



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


This 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---




Highlights This Day in American History


    1776- the Continental Congress, Philadelphia, PA, having a quorum, voted to adopt a resolution introduced June 7, 1776, by Richard Henry Lee of Virginia: “Resolved, That these United Colonies are, and of right ought to be, free and independent States, that they are absolved from all allegiance to the British Crown, and that all political connection between them and the State of Great Britain is, and ought to be, totally dissolved. That it is expedient forthwith to take the most effectual measures for forming foreign Alliances. That a plan of confederation be prepared and transmitted to the respective Colonies for their consideration and approbation.” Contrary to widespread misconceptions, the 56 signers did not sign as a group and did not do so on July 4, 1776. Roads were extremely poor, travel was very difficult, and there was a war on. John Hancock and Charles Thompson signed only draft copies on July 4th. It was also not unanimous, as New York did not agree until July 19th. The signing of the official declaration occurred Aug 2,1776, when 50 men officially signed the document. Later that year, five more signed separately and one added his name in 1781. July 3, 1776 ,John Adams wrote a letter to his wife “...the Second day of July, 1776, will be the most memorable Epoch, in the History of America...celebrated, by succeeding Generations, as the great anniversary Festival. When the letter was published in the nineteenth century, an editor changed the date of the letter to July 5, and had Adams advising his wife that the “Fourth day of July, 1776” would be honored as the anniversary of U.S. independence. Other newspapers picked up the story. It made the rounds just as Internet hoaxes do today, and has become the “traditional date.” Congress made July 4th a legal holiday in1941. As a point of trivia, George

Washington ( the second president, but will leave that for another day in history,)

very much disliked July 4th as it reminded him in 1754 that he surrendered Fort Necessity when attacked by a large French contingent from Fort Duquesne. This defeat left the French in possession of the Ohio River Valley and Washington never forgot. It was the last and most significant of the French and Indian Wars, occurring when a small force under his command in May defeated a reconnaissance party of French and Indians near Duquesne. Unable to proceed against the superior French forces in the fort, Washington erected Fort Necessity at nearby Great Meadows, only to lose it on July 4, 1754.

    1777- slavery emancipations was enacted into law by Vermont: “ No male person born in this country or brought from over sea, ought to be holden by law, to serve any person as a servant, slave or apprentice, after he arrives to the age of twenty-one years, nor female, in like manner, after she arrives to the age of eighteen years, unless they are bound by their own consent, after they arrive to such age, or bound by law, for the payment of debts, damages, fines, costs, or the like.”

    1778- Cyrus Griffin of Virginia, the president of the Congress, announced that the Constitution had been ratified by the required nine states (the ninth being New Hampshire June 21, 1788), and a committee was appointed to make preparations for the change of government.

    1822-Perhaps one of the events that slowed those advocating freedom was

the ceremony and significance of the hanging of Denmark Vesey. He was the planner of what would have been the biggest slave revolt in US history. Denmark Vesey was executed at Charleston, SC. He had been born around 1767, probably in the West Indies, where he was sold at around age 14 to Joseph Vesey, captain of a slave ship. He purchased his freedom in 1800. In 1818 Vesey and others began to plot an uprising, he held secret meetings, collected disguises and firearms and chose a date in June, 1822. But authorities were warned, and police and the military were out in full force. Over the next two months, 130 blacks were taken into custody, 35, including Vesey, were hanged and 31 were exiled. As a result of the plot, Southern legislatures passed more rigorous slave codes.

    1863-The second day of the battle of Gettysburg. Both armies faced each

other in a parallel line one mile apart. General Longstreet basically holds back,

disagreeing with General Lee orders, as Longstreet waits. Lee sends in

his best, his right hand fighting force, the price of the South, J.E.B.Stuart. The

delay by Longstreet changes the course of the battle. The time gives the

Federal troops time to organize and position themselves. In his book, Longstreet

says these reports are incorrect, especially about specific orders to attack.

This battle was never planned, but was stumbled into as General Lee was on his way for a surprise attack on Washington, D.C. Several generals died this

day in battle, and Longstreet has his version of what happened.

    1864-Congress established the National Statuary Hall, formerly the Hall of the United Sates House of Representatives in the Capital at Washington, DC. Each state was invited to contribute marble or bronze statues of its most distinguished citizens.

    1878- Lucy Sprague Mitchell birthday - educator, writer, and college administrator. As dean of women and assistant professor of English she was one of the first women to hold a faculty position with the University of California. In 1916, she and her husband formed what was to become the Bank Street College of Education, a pioneering movement in early childhood education. She established the Writers Workshop to help writers of children's books. {married, four children}

    1890—The Sherman Act was enacted by Congress. Also known as the Antitrust law, it was “ an act to protect trade and commerce against unlawful restraints and monopolies. “ It provided that “every contract combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several states, or with foreign nations, is hereby declared to be illegal.”

The census recorded a population of 62,947,714. The center of population was placed at 20 miles east of Columbus, Indiana. The melting pot character of New York City was reflected in statistics revealing that there were half as many Italian New Yorkers as Neapolitans in Italy, as many German New Yorkers as Germans in Hamburg, twice as many Irish New Yorkers as Dubliners, and two and half-half times as many Jews as were living in Warsaw. It would not be until shortly after

the turn of the century that immigration laws would slow down the mix.

    1881- 1881-President James Garfield is shot in the back at the Baltimore & Potomac train station by a crazed assassin. With the bullet lodged near his pancreas, the president never recovered and later died on September 18, 1881. The assassin, Since the White House did not have standard security in place at this time, Guiteau became a frequent visitor and even met the president on one occasion. He began to harass the secretary of state every day about the ambassador position. When he was summarily rejected, Guiteau decided to seek revenge by shooting the president. He later told authorities that he followed Garfield for weeks, once sitting directly behind him at church. After checking out the prisons in Washington, D.C., to make sure the accommodations would suit him, Guiteau made his attack on the president on July 2. Despite strong indications of insanity, prosecutors tried Guiteau for murder. Acting as his own attorney during the 10-week trial, Guiteau screamed incessantly and sometimes danced around the courtroom. But the court did not put a stop to his antics, even after he called the prosecutors "dirty liars." During his closing argument, he claimed that God had told him to kill the president. When the jury pronounced him guilty of murder, Guiteau shouted at them, "You are all low, consummate jackasses!"

(bottom half of: )

    1904-Jean Rene Lacoste, tennis player and clothier born at Paris, France. Lacoste, known as the Crocodile, was one quarter of the great French tennis players in the 1920’s known as the Four Musketeers. He won Wimbledon and the US championship twice each, the French Open three times and was ranked No. 1 in the world in 1926-27. He designed the first shirt specifically for tennis, a loose-fitting cotton polo shirt that soon became the standard. He adorned the Lacoste shirt with a small crocodile, the first apparel logo. Died at St. Jean-de-Luz, France, October 12, 1996

    1905-birthday of bandleader, saxophonist Harland Leonard, Kansas City, MO

    1908-birthday of Thurgood Marshall, the first African-American on the U.S. Supreme Court, born at Baltimore, MD. For more than 20 years, he served a director-counsel of the NAACP Legal Defense and Educational Fund. He experienced his greatest legal victory May 17,1954, when the Supreme Court decision on Brown v Board of Education declared an end to the “separate but equal” system of racial segregation in public schools in 21 states. Marshall argued 32 cases before the Supreme Court winning 29 of them, before becoming a member of the high court himself. Nominated by President Lyndon Johnson, he began his 24-year career on the high court. Oct 2, 1967, becoming a voice of dissent in an increasingly conservative court. Marshall announced his retirement June 27, 1991, and he died January 24, 1993, a t Washington,DC.

    1917-W.E. B. Dubois, Marcus Garvey, and James Weldon Johnson of the NAACP, led a silent march down Fifth Avenue at New York, following the previous day Saint Louis race riots ( reported in yesterday’s A Day in American History ) Between 20 and 75 blacks were killed, and hundreds more were injured.

    1921-Jack Dempsey successfully defended his heavyweight championship against French contender George Carpentier. The challenger staggered Dempsey in the second round, but the “Manassa Mauler” recovered and knocked out Carpentier in the fifth round. The fight grossed $1,789,238, boxing’s first million-dollar gate, as 80,000 fans took their seats in a specially-built outdoor arena in Jersey City, NJ.

    1930-Pianist Ahmad Jamal (Fritz Jones ) birthday

    1937- the Lockheed aircraft carrying American aviator Amelia Earhart and navigator Frederick Noonan is reported missing near Howland Island in the Pacific. The pair were attempting to fly around the world when they lost their bearings during the most challenging leg of the global journey: Lae, New Guinea, to Howland Island, a tiny island 2,227 nautical miles away, in the center of the Pacific Ocean. The U.S. Coast Guard cutter Itasca was in sporadic radio contact with Earhart as she approached Howland Island and received messages that she was lost and running low on fuel. Soon after, she probably tried to ditch the Lockheed in the ocean. No trace of Earhart or Noonan was ever found.

    1939-birthday of singer Paul Williams, Birmingham, AL

    1941—Gene Krupa Band with Roy Eldridge record “ Rockin’ Chair.”

(Hoagy Charmichael first wrote and sang this, and Jack Teagarden

later had a hit in the late 1920’s. It later became his signature song. ).

    1943-First Lieutenant Charles Hall of Brazil, In, became the first Army pilot who was African-American to shoot down an Axis airplane in World War II when she shot down a German FockeWulf 190 over Sicily. He was flying a Warhawk as part of a fighter squadron escorting bombers. The squadron commander was Lieutenant Colonel Benjamin Oliver Davis, Jr., who later became the first Africa-American general of the Air Force.

    1944- impresario Norman Granz presented the first Jazz at the Philharmonic concert at the Philharmonic Auditorium in Los Angeles. The series, which later toured the US and Canada, presented the best mainstream jazz artists, both in individual sets, and in an all-star jam session. The success of Jazz at the Philharmonic proved, as Granz said, that there was "money to be made in good jazz." Granz later formed Verve, one of the leading jazz labels of the 1950's and '60s

    1951---Top Hits

Too Young - Nat King Cole

Mister and Mississippi - Patti Page

On Top of Old Smokey - The Weavers (vocal: Terry Gilkyson)

I Want to Be with You Always - Lefty Frizzell

    1955- "The Lawrence Welk Show" premiered on television, lasting for nearly three decades. By high school best friend Warren Luening played trumpet in the show, who is today a well-known professional studio, move, and television musician. He is mentioned often in movie titles and CD ROMs for his solo’s and performance,,460884,00.html,,1080878,00.html,,192577,00.html,,203866,00.html

    1956 - Elvis Presley recorded "Hound Dog" and "Don’t Be Cruel" for his new record label home, RCA Victor. In addition, Elvis recorded "Any Way You Want Me" for later release

    1959---Top Hits

Personality - Lloyd Price

Lonely Boy - Paul Anka

Lipstick on Your Collar - Connie Francis

The Battle of New Orleans - Johnny Horton

    1957-"The Andy Williams Show" premiered Mike Post was hired as musical director "in order to appeal to a younger audience; he introduced the practice of prerecording band arrangements rather than recording them during the taping of the show." In 1976, Williams hosted "Andy," a syndicated show.

    1961—Roger Maris hits 29th and 30th home run en route to 61 homers.

    1964- President Lyndon Johnson signed the Voting Rights Acts into law, prohibiting discrimination on the basis of race in public accommodations, in publicly owned or operated facilities, in employment and union membership, and in the registration of voters. The bill included Title VI, which allowed for the cutoff of federal funding in areas where the discrimination persisted.

    1967---Top Hits

Windy - The Association

Little Bit o’ Soul - The Music Explosion

San Francisco (Be Sure to Wear Flowers in Your Hair) - Scott McKenzie

All the Time - Jack Greene

    1975---Top Hits

Love Will Keep Us Together - The Captain & Tennille

When Will I Be Loved - Linda Ronstadt

Wildfire - Michael Murphey

Tryin’ to Beat the Morning Home - T.G. Sheppard

     1976- Brian Wilson, rehabilitated from drug and other problems, joined the Beach Boys on stage in Oakland, California for the first time in 12 years. He performed with the group again the following night, and the event was recorded for an NBC television special.

    1979- the Susan B. Anthony $1 coin was introduced. So close to the size of a quarter, it couldn't be used with confidence. Who believes that was accidental?$1susan_b_anthony.htm

    1983---Top Hits

Flashdance...What a Feeling - Irene Cara

Electric Avenue - Eddy Grant

Every Breath You Take - The Police

Love is on a Roll - Don Williams

    1985-The first version of Windows was shipped. The system, announced two years earlier, was something of an embarrassment for Microsoft. Existing machines lacked the power to run Windows at full speed, and few applications worked with the operating system. The system was only one of several programs vying to provide a multitasking, point-and-click interface like the one introduced by Apple's Macintosh in 1984. Although Windows eventually beat out rivals including IBM's TopView system, it wasn't until the introduction of Windows 3.0 in 1990 and Windows 3.1 in 1991 that the operating system widely replaced DOS.
     1988- Michael Jackson became the first artist to have five number one singles from one album when "Dirty Diana" went to the top of the Billboard Hot 100. The other four chart-toppers from "Bad" were "I Just Can't Stop Loving You," "Bad," "The Way You Make Me Feel" and "Man in the Mirror."

    1991---Top Hits

Rush, Rush - Paula Abdul

Unbelievable - EMF

Power of Love/Love Power - Luther Vandross

The Thunder Rolls - Garth Brooks

    1992-Original Corvette engineer Zora Arkus Duntov drove the one- millionth Chevrolet Corvette off of the assembly line in Bowling Green, Kentucky.

    1994-Andrews Escobar, 27 a defender on Colombia’s 1994 World Cup soccer team, was shot 12 times and killed by an unknown assailant in Medellin, Colombia. The shooting occurred ten days after Escobar had scored an “own goal,” kicking the ball into his own net in a 2-1 opening round upset loss to the United States. Witnesses aid the shooter shouted, “ Goal! Goal!” as he fired each shot.

    1997 - "Men in Black" opened in the U.S. It’s a fun-filled sci-fi tale about a secret organization that’s been keeping track of extra-terrestrial aliens on Earth for over 40 years. This organization so secret that when you retire, your memory of it is erased! Agents Kay (Tommy Lee Jones) and Jay (Will Smith) expose a plot by intergalactic terrorist Edgar (Vincent D'Onofrio) who has beamed (or whatever) to Earth to assassinate two ambassadors from opposing galaxies. Complex, but hilarious, but action packed. Audiences beamed (or whatever) to theatres the first weekend, spending $51.07 million on the movie.


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