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“Many thanks for the many memories---

We will miss you, Bob Hope.”





Classified Ads---Outsourcing-Back Office

    Leasing Membership Report

        Fed Beige Book Report Due Today--

            Bulletin Board Complaint Weekly Up-date

                Jerry Bishop Deals New Hand--Paul Witte the Winner!!!

                    Sacramento, California Broker Meeting

                        Venture Capital Investments Stabilize in Q2 2003

                    Tech Biz to Start the Second Half of this Year

                What Lessors Are Saying About…Office Machine Market

            GATX 2nd Q Report--Declares Dividend

        Bush Transportation Systems Selects NDSI's LeaseComplete© Software

IDS Upgraded Loans Module Consolidates All Lending Functions

    Close Encounter with Mars-August 27,2003

        News Briefs---

This Day in American History


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


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Leasing Membership Report


Have Leasing Associations become more of a “clique?” Is there a trend

for “ad hoc” meetings such as in Fresno and Sacramento, California, plus

the formation of leasing association in Arizona. Is it leadership? Is it money? Why don’t you belong to a professional organization that promotes education, fellowship, and betterment of your occupation?


Or do you see a undercurrent as what appears is happening in Arizona?


If you belong to a leasing association, or do not, would like to here your

opinion to be included in our six month report the first of August.


As Roseanne Roseannadanna would say,

“ It just goes to show you....never mind!”





Fed Beige Book Report Due Today--


Commonly known as the Beige Book, this report is published eight times per year. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector.





Bulletin Board Complaint Weekly Up-date


1)     It appears the attorney who could not collect from a previous client,

has worked out a compromise. They hired an attorney who asked us not

to print the story as he thought he could settle it, which he appears to

have done. The original bill was $15,000, but it appears

the “old” attorney will settle for $10,000---and now he has to collect it. Will keep

you informed. (The “old” attorney new the applicant well, and had handled

case before, so didn’t collect a “retainer.” Reminds me of the old adage,

“Watch out for your friends as you know what your enemies will do.”


2)     Applicant says a broker could not do the lease, but has not returned the

advance rental. It was only two weeks since the promise, so we called the broker,

explained that we told the applicant 30 days would be reasonable, nevertheless, the broker sent the advance rental back next day Federal Express. The applicant

says he has the check, but we told him not to celebrate until it clears.


3)     This one really turned strange. This was for a $1.2 million deal. Allegedly

the lessee had dealt with two brokers, one to the other, who found this company

who want a 1% commitment fee, and the brokers thought it was not going to

go through. The company did not belong to any leasing association, had no

website, and was in a small town, all strange. The form signed allowed the

company to keep $1500 for “expenses.” In investigating this, the vendor

was the company that fronted the $12,360.00 fee. The applicant wanted

to go somewhere else, and didn’t want to get into a fight about who

owed what or continue to receive promises that the deal would go together

( the company had the application for over two months and kept asking

for one thing or another-you know how that goes.) In advising the

applicant to write off the $12,360 and start looking for a new source,

we learned where the up-front money came from. The vendor then sent their legal people the company settled on $3,810.00; they then sent back $8,550.00.

The original broker told Leasing News, “I feel ****** was in this deal only to collect the proposal fee. He never showed any interest in moving the deal forward, always maintaining that everything was moving along well.”


Again, know who you are dealing with. You stand a better chance when

dealing with a member of your leasing association, who has a website, and

the company attends leasing conference. Now that is not always correct,

as many of us have found out, but is sure is better than dealing with someone

you know little about, and most likely, survives on the advance rentals

they keep. Remember, “ When you sleep with dogs, you get fleas.”


I always think of that saying told to me by my late mentor Mac Pollock

of Key Lease in Redwood City, California. I also think of well-known attorney Joe Bonanno’s Question: “Does the company belong to NAELB?” Meaning, if they are a member of the National Association of Leasing Brokers and want to remain a member, they better follow the code of ethics.


So when you run into someone you don’t know, “Ask Joe Bonanno’s Question.”





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---





Jerry Bishop Deals New Hand—Paul Witte the Winner!!!


First Federal Leasing (FFL) formally announces the promotion of Paul Witte

from Vice President, to CEO of FFL. This change has been in the planning

stages for several months and will take effect August 1,2003.


Former CEO, Jerry Bishop, will remain as SVP at First Bank Richmond (FBR) and will assist Paul over the next few months during the transition.


Paul graduated from BallState University in 1995, joined First Bank Richmond (FBR) in 11/96, graduated from the School of Banking in Madison, WI. in 2000, and received his CPA license in 2002.


Paul is looking forward to continuing to work with the leasing sources, who

he believes have played a major role in the performance of First Federal Leasing.

“I look very much forward to continuing this success and

building upon the relationships which has made this possible,” he said.


It is no secret Jerry Bishop has wanted to reduce his presence in leasing for some time. He said Paul Witte's progress has afforded him the opportunity to be

able to “not work so hard and make sure the bank is in very good hands.”


Jerry said he will be spending 60% of his time in leasing, and 40% of his time pursuing personal and private career opportunities.


Contrary to popular belief, he is not retiring to Las Vegas, Nevada.

He does plan to follow up on several consulting offers that the industry has provided, and believes this announcement will be timely with the return of the economy.


He jokingly has made it clear he does not want a job but looks forward to assisting many current lenders or brokers in problem solving and working on special assignments. He believes the prosperity of the industry will soon return,

and there will be a need for someone who would accept projects such as

portfolio evaluation (sale or purchase), or comprehensive training in areas

such as marketing, credit, collection, and servicing. He also believes the

leasing associations play key roles in the success of our industry and has

interest in working with them on how to better serve their memberships and

promote our industry.


Both Paul and Jerry state they will be attending many of the association conventions over the next few months and will look forward to seeing old friends, and making new ones.


First Federal Leasing believes the prosperous days of the nineties will return, and

we plan to be there to support our customers.



Paul Witte, Vice President

First Federal Leasing

Ph: 765-962-3881 ext. 515

Fax: 765-935-0360




Sacramento, California Broker Meeting


The meeting held last Thursday evening was a great success. 29

people were in attendance representing brokers and funding sources. As you

might expect the conversation was lively. Brokers had an opportunity to

talk with each other about the issues facing our industry and day to day

business activity.


Several people made the comment, "I didn't know that

many brokers were working out of the Sacramento Area." That is astonishing

since many brokers could not attend due to previous plans. The following

were in attendance. Representing Ability Capital Nancy Fragus and Carolyn

Glad. First Source Capital sent Sherri Norman, Evan Roberson and Angie

Hamilton, Jerry Christensen was away on vacation. Citation Financial Group

was represented by Jeff Waterman and Melinda Soto. Ted Pierce from

Insta-Lease was cheerful as ever. Vern Sasaki and his wife came down from

Roseville. Lori Littleford came representing Bank of Walnut Creek. Greg McIntosh, Janet Goodbrod and Lauri McCallum came as representatives of Snider leasing. Larry Kennedy came representing Leasource, unfortunately he left his banjo at home. Rex Wiggins and Jean Hamilton were there on behalf of Crosspoint Leasing. John Skinner of Knightsbridge Capital. Bank of the West sent their power team composed of Steve Crane, Kevin Ralph and Phil Green. Paul Foster represented Allegiant Partners. Gloria Wagner and Stuart Hodgson

represented Financial Solutions Group. Ken Taylor and I were there for

Dumac Leasing.


We heard Cary Boyden talk about the California Finance

Lenders License and whether and when a broker may need it. He covered the

material very well and fielded several questions from the audience.


A big thank you goes to the other members of the committee Gloria Wagner, Rex

Wiggins, and Thom Cadle. Their hard work made it possible to have such a

successful meeting.


After the meeting several people expressed interest in

a fall meeting, possibly in October.


Archie Julian


“It was a very nice meeting and a good opportunity to meet new people and visit old acquaintances.”



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

We have two subscriptions, “free” and “$59.95” for the “up-grade




Venture Capital Investments Stabilize in Q2 2003


Early Stage Investing Finally Begins to Rise


National Venture Capital Association


Washington, D.C., – Two straight years of quarter-to-quarter declines in venture capital investing ended in the second quarter of 2003. Investments totaled $4.3 billion, up marginally from $4.0 billion in the first quarter of 2003, according to the PricewaterhouseCoopers/Thomson Venture Economics/National Venture Capital Association MoneyTree Survey. A total of 669 entrepreneurial companies received funding in the second quarter compared to 647 companies in the first quarter of this year.


The rate of decline slowed dramatically over the prior nine months, pointing toward a leveling of overall investing activity. The increase in the second quarter of 2003, though slight, is the first up tick in the post-bubble era that began in 2001. Further, investments in companies in the early stage of development increased significantly to $956 million, up from $668 million in the prior quarter -- the first such increase in three years.


Tracy Lefteroff, global managing partner of the venture capital practice at PricewaterhouseCoopers, said: “The signs are encouraging, if not yet definitive. Venture capital appears to be settling out at its natural level. Quarterly investing in the $4 billion range is sustainable and well in line with historical norms. Serious entrepreneurs can be cautiously optimistic at this point.”


“Is this quarter a harbinger of a dramatic turnaround in venture capital investing? It’s not likely,” commented Mark Heesen, president of the National Venture Capital Association. “The venture industry invests based on anticipated future market conditions, so before we declare a trend reversal we must first see a sustained opening of the IPO market and consecutive quarterly increases in corporate capital expenditures. That being said, the venture capital industry is actually in a good place right now – not withholding money, but not spending it freely, either. A few more quarters at this pace would be healthy.”


Industry Analysis


Reflecting a return to core investing, nearly all of the leading industry categories experienced increases over the prior quarter. Software, the enduring leader, attracted $864 million invested in 179 companies, up 7%. Biotechnology was second with $639 million going to 66 companies, up 14%. After a significant drop in the first quarter, Medical Devices rebounded to typical levels with 52 companies capturing $437 million, up 54% from the prior quarter and the largest increase of any major industry segment. The Life Sciences sector, combining Biotechnology and Medical Devices, totaled $1.1 billion.


The Telecommunications industry held the number three spot on the strength of later stage investing with $615 million going to 70 companies, an increase of 21% over the first quarter. Semiconductor investing was essentially flat at $268 million. Networking continued to slide, falling 7% to $427 million. Changes in the other industry categories were mixed with increases in some offsetting decreases in others.


First-Time Financings


After hitting an eight-year low in the first quarter of 2003, the number of companies receiving venture capital for the first time increased slightly in the second quarter to 153 compared to 138 companies in the prior quarter. And, with $775 million, these companies commanded 12% more dollars, further underscoring a return toward venture capitalists balancing new investments with those in existing portfolio companies.


The mix of industries receiving first-time venture dollars generally followed the same rankings as overall investing with some differences in magnitude. Software companies continued to lead with 31 companies garnering $152 million, but both figures were down substantially from the prior quarter. A total of 17 Biotechnology companies attracted $56 million. That dollar amount was eclipsed by Medical Devices, which claimed $93 million in 15 companies. Based on number of companies, Media & Entertainment followed with 12 companies and $117 million.


First-time investing in the Networking and Telecommunications industries continued at historically low levels with 2 companies and 11 companies, respectively.


Stage of Development


All measures of early stage investing increased in the second quarter. Investments going into early stage companies jumped to $956 million, up 43% from $668 million in the prior quarter. It was the first significant increase since the fourth quarter of 1999. The number of early stage companies rose to 200, compared to 155 in the prior quarter, up 29%. In context, early stage companies accounted for 22% of all venture capital dollars, compared to 17% in the first quarter.


As existing portfolio companies continued to mature, the trend toward later stage investing continued. Investments in expansion stage companies declined slightly to $2.3 billion, or 54% of total investments. This was partially offset by an increase in investing in later stage companies to $958 million, or 22% of total investments.


According to Jesse Reyes, vice president at Thomson Venture Economics, “Although there was a notable increase in early stage investing in the second quarter, VC’s continue to seek safer ground by investing in more established companies. It doesn’t necessarily mean that early stage investing will subside, but due diligence on early stage and start-up deals is a much more rigorous process than it was two years ago, and it will remain so for the foreseeable future.”


Note to the Editor

When referencing information included in this release or other venture capital investment information produced by the three MoneyTree Alliance partners, the information should be cited in the following way: “The MoneyTree™ Survey by PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association”, or “PricewaterhouseCoopers/ Thomson Venture Economics/National Venture Capital Association MoneyTree™ Survey”. After the first reference, subsequent references may refer to PwC/TVE/NVCA MoneyTree Survey, PwC/TVE/NVCA or MoneyTree Survey. Charts and tables displaying the data are sourced to PricewaterhouseCoopers/Thomson Venture Economics/National Venture Capital Association MoneyTree™ Survey. After the first reference, subsequent references may refer to PwC/TVE/NVCA MoneyTree Survey, PwC/TVE/NVCA or MoneyTree Survey.


About the PricewaterhouseCoopers/Thomson Venture Economics/National Venture Capital Association Money Tree Survey

The MoneyTree™ Survey measures cash-for-equity investments by the professional venture capital community in private emerging companies in the U.S. The survey includes the investment activity of professional venture capital firms with or without a US office, SBICs, venture arms of corporations, institutions, investment banks and similar entities whose primary activity is financial investing. Where there are other participants such as angels, corporations, and governments in a qualified and verified financing round the entire amount of the round is included. Qualifying transactions include cash investments by these entities either directly or by participation in various forms of private placement. All recipient companies are private, and may have been newly-created or spun-out of existing companies.


The survey excludes debt, buyouts, recapitalizations, secondary purchases, IPOs, investments in public companies such as PIPES (private investments in public entities), investments for which the proceeds are primarily intended for acquisition such as roll-ups, change of ownership, and other forms of private equity that do not involve cash such as services-in-kind and venture leasing.


Investee companies must be domiciled in one of the 50 US states or DC even if substantial portions of their activities are outside the United States.


Data is primarily obtained from a quarterly survey of venture capital practitioners. Information is augmented by other research techniques including other public and private sources. All data is subject to verification with the venture capital firms and/or the investee companies. Only professional independent venture capital firms, institutional venture capital groups, and recognized corporate venture capital groups are included in venture capital industry rankings.


MoneyTree Survey results are available online at,, and


The National Venture Capital Association (NVCA) represents over 450 venture capital and private equity organizations. NVCA's mission is to foster the understanding of the importance of venture capital to the vitality of the U.S. and global economies, to stimulate the flow of equity capital to emerging growth companies by representing the public policy interests of the venture capital and private equity communities at all levels of government, to maintain high professional standards, facilitate networking opportunities and to provide research data and professional development for its members. For more information visit


The PricewaterhouseCoopers Private Equity & Venture Capital Practice is part of the Global Technology Industry Group, The group is comprised of industry professionals who deliver a broad spectrum of services to meet the needs of fast-growth technology start-ups and agile, global giants in key industry segments: Networking & Computers, Software & Internet, Semiconductors, Life Sciences and Private Equity & Venture Capital. PricewaterhouseCoopers is a recognized leader in each industry segment with services for technology clients in all stages of growth.


PricewaterhouseCoopers ( is the world's largest professional services organization. Drawing on the knowledge and skills of more than 125,000 people in 142 countries, we build relationships by providing services based on quality and integrity. “PricewaterhouseCoopers” refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.


Thomson Venture Economics, a Thomson Financial company, is the foremost information provider for equity professionals worldwide. Venture Economics offers an unparalleled range of products from directories to conferences, journals, newsletters, research reports, and the Venture Expert™ database. For over 40 years, Venture Economics has been tracking the venture capital and buyouts industry. Since 1961, it has been a recognized source for comprehensive analysis of investment activity and performance of the private equity industry. Venture Economics maintains long-standing relationships within the private equity investment community, in-depth industry knowledge, and proprietary research techniques. Private equity managers and institutional investors alike consider Venture Economics information to be the industry standard. For more information about Venture Economics, please visit



Emily Mendell

The Weiser Group for NVCA



Starr Million

Porter Novelli for PricewaterhouseCoopers



Jesse Reyes

Thomson Venture Economics








Tech Biz to Start the Second Half of this Year


Equipment Leasing Association President Mike Fleming in a recent interview told Leasing News, “ It is told that many chief financial officers believe the leasing

marketplace will turn around the second half of the year. “ He added,

“The problem is, they don’t which year.”

A recent report by ELA along with R.S. Carmichael & Company, projects the IT equipment leasing market turn around the end of this year. They predict it could reach a level of $28 billion by 2005. This would represent a 6.5 percent average annual rate of growth over the 2003-2005 period, healthier than the 1.5 percent

average annual rate of growth for the period of 1998-2002.


Other highlights from the report include:


* IT equipment vendors have been emphasizing leasing as a

sales-aid to help stimulate shipments in the weak economy, and IT

lessees have been trying to conserve their working capital through lease



* Personal computers (PCs) and workstations represent the largest

IT equipment leasing market segment, accounting for nearly $9 billion in

volume in 2002.



* The mainframe and server leasing market in 2002 amounted to

nearly $7 billion. Equipment acquisitions in this segment were

particularly hard-hit by the pullback in corporate IT spending.


* Software leasing represented a relatively small proportion of

the overall IT leasing market, accounting for about $4 billion in 2002,

but the software market may have the greatest upside potential for

leasing growth.


* Almost 60 percent of the U.S. IT equipment leasing market

involves middle-market ticket sizes ($250,000-$5 million).


"While IT equipment vendors and leasing companies report a slow

recovery this year in IT spending and lease financing activity, the

consensus among market participants is that a more meaningful recovery

in IT equipment spending will occur in 2004 and 2005," said Richard S.

Carmichael, Managing Director of R.S. Carmichael & Co., Inc., which

conducted the study. "This up-tick will reflect the pent-up desire among

U.S. businesses to upgrade and expand their IT systems with

state-of-the-art equipment."

"Overall, this report indicates that the IT industry understands the

value of lease financing," added Ralph Petta, Vice President of Industry

Services for the Equipment Leasing Association. "The comprehensive data

and analysis of the leasing needs of vendors and end-users shows a

market ideally suited to the flexibility leasing offers."

The market study focuses on the leasing practices in the IT industry,

one of the largest segments in the entire U.S. leasing industry. Among

its key objectives, the report measures and characterizes the U.S. IT

equipment leasing market; evaluates leasing practices and needs of IT

equipment customers and vendors; and examines market drivers including

technology cycles, the economic climate and industry consolidation.


Organizations may purchase a copy of the study from


For more information on the leasing industry, visit ELA online at or check out ELA's informational portal for

financial decision-makers, which includes the questions to ask before

signing a lease and help in finding a leasing company, at

About The Equipment Leasing Association

Organized in 1961, the Equipment Leasing Association (ELA) is a

non-profit association representing companies involved in the dynamic

equipment leasing and finance industry. ELA's mission is to promote the

leasing industry as a major source of funds for capital investment in

the United States and abroad. ELA maintains an informational portal for

financial decision-makers to learn more about leasing and find a leasing

company at Headquartered in Arlington,

Va., ELA has more than 800 member companies and a staff of 25

professionals. Equipment leasing was reported to be a $208 billion

industry in 2003. Visit ELA online at

R.S. Carmichael & Co., Inc.

Founded in 1976, R.S. Carmichael & Co. is a leading marketing research

and management consulting firm serving the equipment leasing field and

other financial services industries. Based in White Plains, NY, the

firm has a 27-year record of success in helping clients identify

opportunities and develop actionable plans that are market-driven and

factually based. Visit R.S. Carmichael & Co. at





What Lessors Are Saying About…Office Machine Market


In a recent Equipment Leasing Association quick poll, lessors shared that of the various equipment types leased, research into the office equipment and truck and trailer markets would be the most interesting. Office equipment, in particular, may not be the sexiest area of the business but it is one of the most constant. Most businesses will always need computers, copiers, fax machines, scanners and other office machinery, albeit its “form” may change with technological advances and the convergence of functionalities.


Taking out computer equipment and focusing on copiers, fax machines and other printing mechanisms, the market can be seen as either highly challenged or overrun with opportunity. The office equipment market is undergoing tremendous change. It is growing in share but not necessarily in profitability. Manufacturers are consolidating and vendors are finding tighter margins than ever thought possible. Technology changes and convergence of equipment add a new level of complexity. And, the overall economy still is not supporting the rush of equipment demand in general that we had hoped to experience by now.


Many considerations color the copier market, in particular, said Bill Stephenson of De Lage Landen Financial Services. “There are economic considerations, convergence, the addition of color capabilities and increased connectivity, and manufacturer consolidation, to just name a few.”

These changes, of course, have affected deals and opportunities.


Paul Usztok of GreatAmerica Leasing Corp. added, “In last six months, sales are off at the individual dealer level. A lot of manufacturers are trying to see how sales will ‘stay up’.”


Economically, however, user spending in 2003 didn’t drop as steepily as anticipated said most lessors.


Kenneth Collins of Patriot Commercial Leasing said, “The office equipment market (small ticket) has been going along at a steady pace. Equipment is being upgraded, and businesses have not slowed this small ticket purchase.”

In fact, Collins said, in a recent ELA small ticket committee meeting, other members advised that the copier side of their business is growing.


Said Stephenson, “We do see stabilization. Overall market performance is displaying a single digit reduction in revenues.” While he doesn’t forecast returning to double digit growth until 2005, Stephenson appeared optimistic.

Some are even more hopeful. Usztok said they expect double digit by year end. But, he also added currently the only way for lessors to make money was to take business from competitors.


“I hear that the normal cycle for upgrading existing copiers is slowing slightly, but not significantly,” added Tom Herlihy of Dolphin Capital Corp. “However, their competition is pricing their equipment more compressively to take share away, because the opportunities to sell machines to start up businesses has decreased over the last few years. Some copiers dealers have also commented on the loss of volume due to some of their large customers of recent years (the "dot coms") no longer being in business.”


Additionally, while the overall number of units leased may be still increasing (even slightly), the prices of the equipment are decreasing.


“Between 2001 and 2002, unit shipments increased by 5.5. percent, but end user spending decreased by 5.5 percent,” said Stephenson, noting that the market “netted itself out.”


“Margins are starting to diminish,” added Usztok. “But, when copiers wear out, they have to be replaced. The downside is that residuals are probably set too high given what’s happening in the marketplace.”


Technological advances, in particular, have been blamed for prices being driven down. Now, instead of a business leasing a copier, scanner, fax machine and perhaps a separate color printer, the convergence of those technologies into one piece of equipment has had the two fold affect of a lower price and less equipment required. Analog mechanisms being manufactured to replace digital mechanisms is steadily rising, but this does not necessarily translate into a higher price or an immediate need to upgrade.


The future is not bleak, however, noted everyone interviewed.


Most lessors in the office equipment arena agree that budget cuts were less aggressive in 2003 than anticipated, “with a lot of money sitting on the sidelines.”


Stephenson said, “We are on the verge of a bubble. In late 2003 and in 2004 businesses will start spending.”

But, when they do start to spend, it won’t be 1999 all over again.


“From a small business perspective, the technology acquired has to provide something much greater than incremental change,” said Stephenson. “Larger businesses can conduct a cost benefit analysis where the equipment really creates changes. But, smaller businesses need an immediate return.”


He is optimistic, however. “We’ll get back to sustainable growth in years ahead. And, keep it there. Nothing on the horizon is keeping me up at night.”



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


GATX Corporation Reports 2003 Second Quarter Results



* GATX Board declares quarterly common dividend of $.32 per share


CHICAGO, -- GATX Corporation (NYSE: GMT) today announced its 2003 second quarter results. For the 2003 second quarter, GATX reported net income of $24.8 million or $.50 per diluted share compared to net income of $20.4 million or $.42 per diluted share in the prior year period. The 2003 second quarter results benefited from two significant items of note: $5.1 million of after-tax income, or $.09 per diluted share, related to the sale of a fully-reserved Air Canada unsecured note, and $2.7 million of after-tax income, or $.05 per diluted share, from an insurance recovery on previously expensed litigation-related charges.


For the six-month period ended June 30, 2003, GATX reported net income of $26.6 million or $.54 per diluted share. In the first six months of 2003, the net effect of air-related impairments and/or charges, partially offset by the aforementioned insurance recovery, resulted in a negative impact on income of $4.4 million after-tax, or $.09 per diluted share. For the six-month period ended June 30, 2002, net income was $10.6 million or $.22 per diluted share. In the first six months of 2002, a gain on the sale of GATX Terminals-related assets and a goodwill impairment charge related to the adoption of SFAS 142 resulted in a negative impact on income of $28.7 million after-tax, or $.59 per diluted share.


Ronald H. Zech, chairman and president of GATX, stated, "Although our core markets remain challenging, we experienced more stable operating conditions in the second quarter. In Rail, certain indicators are improving. Fleet utilization and the pace of lease renewal and assignment activity are higher and a cause for optimism. This is tempered by continued weakness in lease renewal rates, and our North American revenue remains pressured.


"The air industry is showing signs of stabilizing, and our fleet continues to maintain high utilization levels. Volatility in the industry continues, however, and we are managing our fleet on the expectation that market conditions will remain uncertain at least through the balance of this year.


"The long-anticipated rebound in information technology spending has yet to take hold. However, our IT leasing volumes have been stable in recent quarters, and we expect to build volume from this base level in the quarters ahead.


"Overall, we continue to feel better about the underlying fundamentals in our markets, yet cautious regarding potential volatility in air and the general strength of this economic recovery. At the beginning of the year we indicated that we expected 2003 earnings to be in the range of $1.30 per diluted share absent a material change in operating conditions or air-related charges. Consistent with these expectations, and incorporating $.14 per diluted share of air-related impairments and/or charges incurred in the first half of 2003, we expect 2003 earnings to be in the range of $1.16 per diluted share, absent any further air-related impairments and/or charges.


Mr. Zech concluded, "We continue to manage our business for the long-term: investing in quality assets, addressing the controllable variables in our business, and managing our balance sheet appropriately. We believe this has been a sound strategy during the recent economic downturn, and will continue to serve us well as our end markets stabilize and move toward recovery."


Investor, corporate, financial, historical financial, photographic and news release information may be found at



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


Bush Transportation Systems Selects NDSI's LeaseComplete© Software


Newport News, VA - Bush Transportation Systems has selected

LeaseComplete to process their equipment lease portfolio. LeaseComplete was

developed and is supported by Nnovative Data Systems, Inc., Newport News,

VA. More information on this system and the NDSI's other risk management

products may be found on our website at


Established in 1971, Bush Transportation Systems has become one of the

largest truck leasing and sales companies in North America. Bush is based in

Cincinnati, OH. They are the Nation's leading developer of leasing programs

for companies who use independent distributors/contractors/franchisees.

Their growth is the result of their ability to combine creativity and

low-cost solutions to their customers at an unsurpassed speed. Through its

operating unit, Bush Truck Leasing, Inc. has long been the premiere truck

provider for Small Package Delivery Trucks, Bakery Delivery Trucks, Snack

Food Delivery Trucks, and Vending Delivery Trucks. Bush has turnkey

solutions for Independent Contractors. Bush is Your Delivery Truck Super

Store! More information on Bush can be found on their website at


NDSI's LeaseComplete provides leasing companies, banks and credit unions a

core leasing accounting system for direct and indirect equipment and vehicle

leasing. Bush will become the fourth installation of LeaseComplete to be

completed this year, joining FirstMerit Bank, Akron, Ohio; Affinity FCU,

Basking Ridge, New Jersey; and 3-Way Leasing, part of 3-Way Chevrolet,

Bakersfield, California.




A true 32-bit Windows-based product, LeaseComplete is a comprehensive, cost

effective lease accounting and asset management software solution. Boasting

a robust feature set, LeaseComplete is capable of supporting both equipment

and vehicle leasing. Through the use of an intuitive graphical interface,

customizable screens, and intelligent wizards, the System is able to marry

complex accounting features and ease of use in a way never before realized

in the software industry. LeaseComplete will increase user efficiency,

reduce data entry and related errors, promote relationship management, and

improve user's bottom line.


Here is a direct quote of one of our customers, Harry Kaplun, President,

Frost Leasing Corporation, part of Cullen/Frost Bankers, Inc., and parent of

The Frost National Bank, San Antonio, Texas:


LeaseComplete has proven to be a solid and reliable product to handle all

aspects of managing and servicing our growing equipment lease portfolio.

Although relatively new, it has weathered several challenges including a

very aggressive conversion schedule. The support and continued additions to

the system are provided by a company, NDSI, who insures quality service by

proven professionals in credit software development and industry knowledge.

Based on my experience, their support has been second to none in both turn

around of issues and attention to our expanding needs. LeaseComplete will

compare favorably with any product, especially when you consider cost,

features, and superior support.


For additional information, please contact: John Strain, Senior Vice

President, NDSI, by telephone at 734-552-0260 or 734-676-7566 or by email to


John W Strain III

Senior Vice President

Nnovative Data Systems, Inc.

804 Omni Blvd., Suite 101

Newport News, VA 23606






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


Upgraded Loans Module from IDS Allows Business

to Consolidate All Lending Functions


MINNEAPOLIS, Minn., USA, ­ International Decision Systems Inc.

(IDS) announces the availability of an enhanced Loans module for

InfoLease, the world¹s premier lease/loan and asset management system.


³Loans does for loan management what InfoLease does for leases,² remarks IDS

marketing manager Tom Dawson. ³Loans¹ flexibility makes it ideal for booking

and managing large, structured financing loans. With it, lessors can

integrate lease and loan functions ­ allowing companies to expand product

offerings without adding new systems. As a result, lessors can improve

customer service while cutting system costs.²


Introduced last summer, Loans¹ now allows lessors to modify existing

contracts to reflect changes in customer needs and tax conditions. The

module¹s new features provide lessors with the ability to:


· Support accounting procedures for day-sensitive and non-daily term



· Change a contract¹s interest rate from the prime lending rate to

London Interbank Offering Rate (LIBOR) and vice versa; and modify due dates

for LIBOR contracts


· Alter interest calculations from 365 to 360 days in the year


· Modify due dates for principal and interest payments during a

contract¹s term


· Calculate true interest-free periods


· Amend payments for floating rate contracts, including adjustments to

final payments and automatic term extensions


· Manage pay downs from cash application and adjust final payments


· Handle partial dispositions instead of cash application when an asset

is used for collateral


· Replaces lease vocabulary with more accurate loan terminology


For more information about Loans, or to arrange for a demonstration, call

IDS Marketing Director Deb Marshall at 612-851-3438 or visit


About International Decision Systems

International Decision Systems (IDS) is the global leader in developing

lease/loan accounting and portfolio management software and services. With

offices in the United Kingdom; Minneapolis, MN; Sydney, Australia and

Singapore, IDS offers the largest and most experienced global consulting,

implementation and technical support teams in the leasing industry.


InfoLease, the world¹s premier lease/loan portfolio and asset management

system, comprises the foundation of IDS¹ product line. With a web-enabled

front-end and more than 70 custom add-on solutions, InfoLease is the most

adaptable and scalable lease/loan technology available in today¹s



IDS¹ parent company, IDS Group plc, is publicly traded on the London Stock

Exchange (IDGL). For additional information about International Decision

Systems and IDS Group plc, visit <> .


IDS and InfoLease are registered trademarks of International Decision




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


Close Encounter with Mars—August 27,2003

Never again in your lifetime will the Red Planet be so spectacular.

During July and August Earth is catching up with Mars, an encounter
culminating in the closest approach between the two planets in
recorded history.  The next time Mars may come this close is in 2287.

Due to the way Jupiter's gravity tugs on Mars and effects its
orbit, astronomers can only be certain that Mars has not come this
close to Earth in the last 5,000 years but it may be as long as 60,000 years.

The encounter will culminate on August 27th when Mars comes to
within 34,649,589 miles and will be, next to the moon, the brightest
object in the night sky.  It will attain a magnitude of -2.9 and will
appear 25.11 arc seconds wide. 

Mars will look similar as the full moon to the naked eye at a
modest 75-power magnification and will be easy to see.

At the beginning of August, Mars will rise in the east at 10:00 PM
and reach its azimuth at about 3:00 AM.  By the end of August, when the
two planets are closest, Mars will rise at nightfall and reach its
highest point in the sky at 12:30 AM.

That's pretty convenient when it comes to seeing something that no
human has seen in recorded history.  So, mark your calendar at the
beginning of August to see Mars grow progressively brighter throughout
the month.

Share with your children and grandchildren.  No one alive today will ever
see this again.




News Briefs---


Treasuries Fall for Fifth Day


Merrill's No. 2 Executive Makes Abrupt Departure


Consumer confidence posts an unexpected sharp drop in July


Gartner Says Tech Jobs Will Continue to Move Overseas


California bonds slammed


Vintners Pursuing Vision of Excellence



This Day in American History


    1733--- Society of Freemasons opens first American lodge in Boston.

    1851- Gail Borden of Norwich, NY, obtained a patent on a “preparation of portable soup bread.” He called it a “meat biscuit” as he baked flat, brittle cakes from concentrated meat extract combined with vegetable flour or meal. To make soup, the consumer added hot water and seasoning to the biscuit. He developed

this in Texas, moved to New York and obtained a patent. It was a failure.

He then tried his hand a producing condensed milk, and his company floundered, with two plants in Connecticut going broke. At the outbreak of the Civil War, where condensed milk was needed in great supply, he found success, and is recognized today as the founder of the Borden Company. After the Civil War, he moved back to Texas and founded the City of Borden, Borden County, Texas.

    1863- Industrialist Henry Ford, whose assembly-line method of automobile production revolutionized the industry, was born at Wayne County, MI, on the family farm. His Model T made up half of the world’s output of cars during its years of production. Ford built racing cars until, in 1903, he and his partners formed the Ford Motor Company. In 1908 the company presented the Model T, which was produced until 1927, and in 1913 Ford introduced the assembly line and mass production. This innovation reduced the time it took to build each car from 12-1/2 hours to only 1-1/2. This enabled Ford to sell cars for $500, making automobile ownership a possibility for an unprecedented percentage to the population. He is also remembered for introducing a $5-a-day wage for automotive workers and for his statement: “History is bunk.” He lowered

the workday to eight hours, gave paid vacation, and benefits; way ahead of

his time. Died Apr 7,1947 at age 63 at Dearborn, Ml, where his manufacturing complex was located.

    1864- Petersburg Campaign-

Grant’s writings on Petersburg and the Crater: “The effort was a stupendous failure. It cost us about four thousand men, mostly, however, captured; and all due to inefficiency on the part of the corps commander [Burnside] and the incompetence of the division commander [Ledlie] who was sent to lead the assault.”

Battle of the Crater.

With the desperate situation in the crater, the racism of white Union soldiers became blatant. Knowing that the Confederates would give no quarter to black troops if taken prisoner, white soldiers feared that they would suffer the same if caught with black soldiers. They thus began to bayonet their own comrades in arms. By 2 PM, Confederate forces, who had been told that the black troops holding the crater had fought with the battle cry, "No quarter for rebels!" began their final assault on the crater. Many black soldiers who tried to surrender were killed by the Confederates. Union officers, in fear of "rebel vengeance," ripped off their unit insignias. Out of the 180 black prisoners taken, only seven survived the prison camps. The numbers are staggering. Union casualties totaled 3,475. Of the 4500 blacks that fought, 1327 were killed or wounded. More casualties came from the black division than from any of the white divisions, even though the white divisions had been fighting for an hour and a half prior to the entry of the colored troops

    1890-Birthday of Charles Dillon “ Casey” Stengel, Baseball Hall of Fame outfielder and manager born at Kansas City, MO. Stengel played the outfield for several teams and earned a reputation for goofiness. He carried this over into his career as a manager, but his success with the New York Yankees ( ten pennants and even World Series titles in 12 years ) made him one of the game’s enduring starts. Inducted into the Hall of Fame in 1966. died at Glendale, CA, September, 29, 1975.

    1903-Birthday of alto player Hilton Jefferson, born Danbury, CT.

    1903-Birthday of guitarist/songwriter George “Buddy” Guy, Lettsworth, LA

    1909 -US Army accepts delivery of first military airplane.

    1928-Birthday of drummer Vernal Fournier, New Orleans, LA. Died November 4,2000.

    1932 - The Olympic Games opened in Los Angeles, CA. The Games

would revisit Los Angeles -- and the same venues of the Los Angeles Coliseum, the Rose Bowl, -- in 1984.

( lower half of: )

    1933- Birthday of actor-singer Edd Byrnes, famous for his 1959 duet with Connie Stevens, "Kookie, Kookie, Lend Me Your Comb," born in New York. Byrnes and Stevens both starred in the hit TV series "77 Sunset Strip." "Kookie" was the name of the character Byrnes played. (My father Lawrence Menkin was story editor, plus wrote several of the episodes).

    1937-Birthday of sax player James Spaulding, Indianapolis, IN.

    1937 - The American Federation of Radio Artists (AFRA) was organized. It was part of the American Federation of Labor. The union was for all radio performers except musicians. The union later became The American Federation of Television and Radio Artists (AFTRA) to include TV performers.

    1941-Birthday of singer/songwriter Paul Anka, Ontario, Canada. He began his career as a teen idol in the late 1950's, but unlike most teen idols he wrote a lot of his own material. "Diana," his first single for ABC-Paramount in 1957, became one of the most successful records in pop music history, hitting number one on the Billboard chart and selling more than five-million copies. Anka's audience at the time consisted mainly of screaming teenage girls, and he was as popular in Europe as in North America. His other hits included "Lonely Boy," "Puppy Love" and "Put Your Head on My Shoulder." When Anka's recording career waned with the coming of the Beatles, he turned to songwriting. Among his many credits are "My Way" for Frank Sinatra, "She's a Lady" for Tom Jones and the theme for Johnny Carson's "Tonight Show." Anka's popularity as a singer rose again at the beginning of the 1970's. His controversial duet with Odia Coates, "You're Having My Baby," went to number one in 1974.
    1942 - Frank Sinatra recorded the last of 90 recordings with the Tommy Dorsey Orchestra on Victor Records. His last side was "There are Such Things", which became number one in January of 1943. Sinatra moved on to Columbia Records (1943-1952) as a solo singing sensation.

    1942-Benny Goodman Band records Mel Powell’s “Mission to Moscow.”

    1942- German SS kills 25,000 Jews in Minsk, Belorussia

    1942 - The WAVES were created by legislation signed by U.S. President Franklin D. Roosevelt. The members of the Women’s Auxiliary Voluntary Emergency Service were a part of the U.S. Navy.

    1945- Duke Ellington records his son Mercer’s “ Things Ain’t What They Used to Be.”

    1945—Saxophone player David Sanborn, Tampa, FL.

    1947---Top Hits

Peg o’ My Heart - The Harmonicats

I Wonder, I Wonder, I Wonder - Eddy Howard

Chi-Baba, Chi-Baba - Perry Como

Smoke! Smoke! Smoke! (That Cigarette) - Tex Williams

    1953-Although books bound in soft covers were first introduced in 1841 at Leipzig, Germany, by Christian Bernhard Tauchnitz, the modern paperback revolution dates to the publication of the first Penguin paperback by Sir Allen Lane at London in 1935. Penguin Number 1 was “Ariel, a life of Shelley” by Andre Maurois.

    1954- Elvis Presley made his professional debut at Overton Park in Memphis, as the opening act for Slim Whitman. Elvis's recording of "That's All Right," made several weeks earlier, was on its way to becoming a hit in the Memphis Area.

    1955—Top Hits

Rock Around the Clock - Bill Haley & His Comets

Hard to Get - Giselle Mackenzie

Sweet and Gentle - Alan Dale

I Don’t Care - Webb Pierce

    1963-Birthday of Christopher Paul “Chris” Mullin, basketball player, born New York, NY.

    1956 - Singer Brenda Lee recorded her first hit for Decca Records. "Jambalaya" and "Bigelow 6-500" started a new career for the petite 11-year-old from Lithonia, GA (near Atlanta). Brenda Mae Tarpley (Brenda Lee) had been singing professionally since age six. She recorded 29 hit songs in the 1960s and became a successful country singer in 1971. Brenda Lee had a pair of number one tunes with "I’m Sorry" and "I Want to be Wanted". She recorded a dozen hits that made it to the top 10.

    1956 - The phrase “In God We Trust” was adopted as the U.S. national motto.

    1959 - Willie McCovey stepped to the plate for the first time in his major-league baseball career. McCovey of the San Francisco Giants batted 4-for-4 in his debut against Robin Roberts of the Philadelphia Phillies. He hit two singles and two triples, driving in two runs. It was the start of an all-star career that landed McCovey in baseball’s Hall of Fame in Cooperstown, NY.

    1963--_Top Hits

Surf City - Jan & Dean

So Much in Love - The Tymes

Fingertips - Pt 2 - Little Stevie Wonder

Ring of Fire - Johnny Cash

    1965- the health insurance plan was enacted by Congress as part of the federal Social Security system, to help pay the cost of medical care for people aged 65 and

over. Payments are made from a fund made up of mandato9ry contributions from employers, employees, and the self-employed as well as contributions from the general revenue of the federal government. The first payments were made on July 1, 1966. The first payments for skilled nursing facilities, made under the extended care benefit provision of the statute, were made on January 2, 1967. The first Medicare identification cards were presented to former President Harry S. Truman and his wife, Bess Wallace Truman, by President Lyndon Baines Johnson at the Truman Library, Independence, MO, on January 20, 1966.

    1967 -Race riot in Milwaukee (4 killed)

    1968 - Ron Hansen of the Washington Senators made the first unassisted triple play in the major leagues in 41 years. The shortstop speared a line drive by Joe Azcue, doubled up the runner at second by stepping on the bag and then tagged out the runner who was moving in from first base. The Senators still lost the game to Cleveland by a score of 10-1.

    1969- Braves' catcher Bob Tillman hits three consecutive home runs.

    1971---Top Hits

Indian Reservation - Raiders

You’ve Got a Friend - James Taylor

Mr. Big Stuff - Jean Knight

I’m Just Me - Charley Pride

    1974-Three articles of impeachment were voted against President Richard Nixon by the House Judiciary Committee: for blocking the investigation of the Watergate affair, for abuse of presidential powers, and for hindering the impeachment process by not complying with the committee’s subpoena for taped White House conversations.

    1975- Former Teamsters Union leader, 62-year-old James Riddle Hoffa was last seen on this date outside a restaurant in Bloomfield Township, near Detroit, MI. His 13-year federal prison sentence had been commuted by former President Richard M. Nixon in 1971. On Dec 8, 1982, seven years and 131 days after his disappearance, an Oakland County judge declared Hoffa officially dead as of July 30, 1982. From 1935 to 1971, he has held positions of president of the Detroit local, vice president of the Teamsters union, and president of the International Brotherhood of Teamsters. Hoffa was accused of corruption on various occasions and convicted of mail fraud and mishandling funds in 1964. He was imprisoned from 1967 to 1971 with the sentence commuted by Pres. Richard Nixon. Hoffa disappeared from the parking lot of the Machus Red Fox restaurant in Bloomfield Township on July 30, 1975 and is presumed murdered. Despite one of the most intensive FBI investigations in history, Hoffa's disappearance remains a mystery. Federal investigators believe that mob bosses killed Hoffa because he wanted to recapture the union presidency he lost when he went to prison in 1971. Blocked by the courts and top union officials from running for the presidency, Hoffa had threatened to go public with the mob's involvement in the Teamsters, and how various organized crime figures had taken millions of dollars in unsecured loans from the union's pension funds. Hoffa's daughter, Barbara Crancer, a circuit court judge in St. Louis, sued the federal government in 1987, demanding that the investigative files in the Hoffa case be made public. But the U.S. Justice Department successfully blocked access to the reports, claiming that opening them would divulge informants and investigative techniques the government must keep confidential. Hoffa was declared "legally dead" in 1982. Thirteen years later, this date in 1995, Jimmy Hoffa's son and daughter finally put their father to rest. The memorial service was held in Detroit, exactly 20 years after the Jimmy Hoffa disappeared.

    1979---Top Hits

Bad Girls - Donna Summer

Good Times - Chic

Gold - John Stewart

You’re the Only One - Dolly Parton

    1984 - Reggie Jackson hit the 494th home run of his career, passing the Yankees’ Lou Gehrig and taking over 13th place on the all-time home run list. Larry Sorenson was the victim who gave up Reggie’s milestone homer.

    1985 - Gerry Cooney retired from professional boxing. Cooney had only one loss -- in a championship match with Larry Holmes (boxing’s biggest money-making fight to that time). Cooney had a record of 27 wins against the 1 loss and 24 knockouts.

    1986- The show business newspaper Variety reported that RCA dropped singer John Denver from its roster after the release of his single, "What Are We Making Weapons For." Variety said the record upset the record company's new owner, General Electric, one of the largest defense contractors in the US. GE sold RCA two months later.

    1987---Top Hits

Alone - Heart

Shakedown - Bob Seger

I Still Haven’t Found What I’m Looking For - U2

The Weekend - Steve Wariner

    1987- Def Leppard's "Hysteria" was released. The album spawned six hit singles, and sold more than one-million copies in Canada alone. Worldwide sales totaled more than 11-million.

    1987 - NBC’s "L.A. Law" was nominated for 20 Emmy Awards, one shy of the record for nominations. "Hill Street Blues" was the record holder (in the 1981-1982 season). "L.A. Law" had only been on the air a year when it earned four out of the 20 Emmys.

    1990- 5 Bank of Credit & Commerce members found guilty of money

    1997 - San Francisco 49ers quarterback Steve Young signed a 6-year contract extension worth $45 million, making him one of the NFL's highest-paid players.

    1998 - A world-record Powerball jackpot of $295.7 million was won by a group of 13 machinists who worked together in Westerville, Ohio. The group chose the cash option, and received a lump-sum payment of $161.5 million dollars.

    1999 - Richard Gere (Ike Graham) and Julia Roberts (Maggie Carpenter) star in "Runaway Bride", which opened this day. The romantic comedy scored big with movie crowds, doing $35.06 million during its first weekend.




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