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Leasing Industry Attorneys

    Economic Events This Week

        NAELB Regional Conference

        by Charlie Lester

            Loan/Lease Broker Statutes

                Bulletin Board Complaint:

    ---Aventura Funding Corp. Dania, Florida

        Software Crucial To Streamline Implementation 

            MAEL Annual Dinner---November 18th

                New Global Enterprise System Launched

    Vicarious Liability Threatens New York Auto Leasing

        Willis Lease Reports Profits up 74%--$2.7 Million

            De Lage Landen appoints Monte Grissom COO Ag.

                Sports Briefs---

    California Nuts Briefs---

        "Gimme that Wine"

            This Day in American History


Tomorrow---The List is Up-dated


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



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Leasing Industry Attorneys


   These attorneys specialize in the leasing industry.   They are also active

in their leasing association.  If you want expertise, need representation,

of review of a situation, these are the people to contact:


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


Connecticut, Southern New England: EVANS, FELDMAN & BOYER, LLC Collections, litigation, documentation, portfolio sales and financing, bankruptcy. We represent many of the national and local leasing companies doing business in this state. Past chairman EAEL legal committee. Competitive rates. email:     EAEL


Law Firm - Service, Dallas, TX. ELA

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



Los Angeles, Statewide: CA.     "ELA"

Aggressive creditors rights law firm specializing in equipment leasing handling collection matters on a contingency, fixed fee or hourly basis.


Los Angeles -statewide: CA      "ELA "

Practice limited to collections, bankruptcy and problem accounts resolution. Decades of experience. 10-lawyer firm dedicated to serving you. Call Ronald Cohn, Esq. (818)591-2121 or email. Email:   



Full staff of attorneys and legal assistants work with Group Leader Barry S. Marks to ensure prompt, cost-effective responses to client needs:


National: Coston & Lichtman: Business attorneys serving the lease-finance industry since 1980. Transactional, documentation, corporate; workouts, litigation, bankruptcy. Chicago & Florida offices. Jim Coston, CLP (Members: ELA/UAEL/MAEL)



Northern California - Statewide: CA "EAEL" "ELA" San Francisco expertise at Marin County prices; practice limited to equipment leasing and finance with 22 years experience, testimonials. Ken Greene, Esq. 415-721-7900


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"


This is for Attorneys to post their legal services. Only members of a non-profit leasing association may list their firm. This insures the firm abides by the standards of conduct and also indicates their specialty is the leasing industry. If there are other offices or specialties, please mention in the 25 words allowed to describe the firm and services available.






Economic Events This Week


November 11


Veteran’s Day-National Holiday

(no mail, banks, gov’t closed)


November 12


Gov’t Open


November 13


Balance of Trade: September

Weekly Jobless Claims


November 14


Producer Prices: October

Retail Sales: October.

Industrial Production: October.

Capacity Utilization: October







NAELB Regional Conference—November 7-8, 2003  Atlanta, GA


                       by Charlie Lester, Senior Leasing News Advisory Director


           Charlie Lester is President of LPI Financial Services located in

Marietta, GA and has been in the leasing industry since leaving IBM in

1984. In 1986, he founded Lease Pro, Inc. specializing in leasing for

the medical profession. In 1997, Lease Pro was acquired by First Sierra

Financial. In 1999, he resigned from First Sierra and started LPI after

sitting out his non-compete period. Since 2000, LPI in conjunction with

one of the most respected funding sources in the industry has offered a

unique one of a kind working capital loan program to medical

professionals through brokers, consultants and direct client marketing.

Charlie can be reached at 1-800-573-7796 or


From an older biography, we find Charlie graduated with a Master's Degree in accounting from Virginia Tech in 1965 and became a CPA in 1966 shortly before going to work in sales for IBM. After 18 years in sales and sales management in six different cities, he resigned from IBM in 1984 to

raise his family in Atlanta. In 1985, a friend introduced him to the

world of equipment leasing and the rest is history.



“137 enthusiastic and full of hope attendees”. The luncheon comments of Bob Bell, President of NAELB, pretty well sums up this regional meeting. A very positive meeting with positive attendees looking to a better economy. What more can a meeting hope for?

NAELB President Bob Bell and Gerry Egan, Past President of NAELB and

keynote speaker arrested by Atlanta Police.  Bell arrested for impersonating

an actor in the luncheon skit and Egan for being a known associate of  Bell.

(Bell on left--Egan on right)


A refreshing combination of old leasing pros that believe the worst is over to the new enthusiastic and technologically astute brokers who can’t understand why anyone should worry with all the business just waiting to be closed.  From the one-person shop broker who claims to be breaking the bank every month by funding two million a month to the old guard broker who is thankful just to be in business at the end of each month. What a mixture and what a great future for the industry since most agree that the leasing industry is on the verge of a break through. After all, if their clients and future clients can survive the past two years, they should be able to handle success with fewer competitors in the coming years.


137 attendees, 3 software companies and 4-5 true funding sources along with 12 super brokers or funding source wannabees.


 Either way, the sign up sheets for all “funding sources” were filled and some sources like Republic and Manifest had to go to double booking since they had the necessary personnel to handle dual interviews or revert to times off the slated schedule. As usual, Republic and Manifest were the premier funding sources at this meeting.

The old standby--Manifest. Dan Marks and Andrew Suby from Manifest. You

can always depend on Manifest being at every conference and their steady

performance as a funding source. We now have proof that all salesmen for

Manifest must have three years experience as a linebacker for the Green Bay

Packers before being hired. (Suby on left, Marks on right)

The most enthusiastic, attractive and breath of fresh air contingency at

the conference goes to Republic Leasing with two notable exceptions you can

figure out for yourself.  Left to right---Regene Kenyon, Amanda Muse, Leah

Roebuck, Claude Elmore, Kari Burkhard and Dwight Galloway.


The biggest single concern I heard from the 10 or so brokers I spoke with was the lack of diversified funding sources, point limitations and buy rates they cannot compete with.


 The biggest question they asked of me as the old guy---should I risk betting everything on one or two funding sources or should I have as many as possible so I can shot gun deals as needed?


 My answer—decide on one or two high quality funding sources that have survived for years and stay with them to establish true partner relationships. To be honest—most of these them looked at me and wondered what dinosaur species I belonged to. Can’t make everybody happy I guess.



As far as the conference presentations, three things were proven to me and I think to most of the attendees.


 1. TValue is a proven tool that everyone in the industry should know how to use for the most simple to the most complex deal structuring.


 2. Community banks should be nurtured as an alternate funding source no matter how successful you are with your other funding sources.


 3. Be all that you can be. Never accept doing shoddy work or cutting corners since you will not win in this competitive industry if you do. If you can’t help your vendor meet their objective, you will never reach yours.


Acting: Bob Bell as Nitpick, President of Never Approve Leasing, Chris Raley as A.D. Cline, Credit Manager and Barry Reitman as Sally Sincere—the sincere broker, who has just completed her sex-change operation to a man, were amazing. Only in the NAELB can you find three men that can act this badly and insult every attendee in 15 minutes or less and get away with it. The bad news, most of the “ridiculous” lease proposals presented by Sally Sincere to Nitpick and A.D. Cline were taken off the NAELB “funder needed” website.  You had to be here to appreciate the humor.


The value of networking is over used at times, but the networking at a conference like this one is probably as important as the session contents. Brokers share what works and what does not work for them unselfishly and most of the brokers seem to taken advantage of this sharing.  The use of 4506’s seemed to be hot topic along with Google searches and state websites for UCC lien searches. I thought Google was a character in a cartoon strip years ago so it is back to the drawing board for me.


Two recommendations for future conference topics:


1. Exit strategies for the older broker looking to retire. Tax consequences, personnel considerations, legal considerations, etc. (Jim Borland and a cast of 5-6 others, including yours truly came up with this topic at the Mix and Meet on Friday night—we were having our daily dose of Geritol). This is a topic that all associations should be considering given the number of older brokers in their late 50’s, 60’s and early 70’s that are looking to retire or cut back soon.


2. Why do funding sources limit points?  Here is the picture as it was described to me---Brokers may work for months to nurse a vendor or program along then find the funding sources has a limit on points so they cannot recover their investment of time and money. The funding source looks at one deal and limits the points, but does the funding source take into account what it took for the broker to develop that deal?   At least four brokers asked me to pose this question so it is being done without my editorial comments.


This meeting was special for me since I had the opportunity to have my son-in-law, Kurt Hess meet so many of my old friends from the past 19 years and for me to renew old friendships and to meet many of the new and very bright young brokers that will take over for us old folks in the near future.


 Good meeting, great networking and well worth the price of admission and time.


Thank you and congratulations to the NAELB,

Charlie Lester







Loan/Lease Broker Statutes


One of the best resources has been “Leasing Logic,” published electronically

now by the National Association of Equipment Leasing Brokers.   In 1998,

then legal counsel Joseph G. Bonanno wrote about the “newest state registration

requirements.” (note: Barry S. Marks is the legal counsel this year for NAELB..)


These statues not only apply to brokers, but to all discounters and lessors who

are not licensed elsewhere ( many states do not require this for

banks: however, bank subsidiaries may be required to have such

a license.) Anyone in the loop who is not licensed is subject

to the penalties.


These are primarily for those who do “lease financing,” meaning

if it is a true operating lease, meeting FASB and/or IRS guidelines,

and in some instances, state guidelines, you need a license to do

businesss in the state.  Whether this pertains to one or two leases,

it certainly applies to doing “regular” business in the state.


It means for funders that leases could be invalid if the submitter

was not licensed, which is the basis of a major suit in a class

action against Commercial Money Center , et. al.  It also has

“closed” leasing companies down such as “The Funding Tree.”

It also may be utilized by attorneys where “advance rentals”

have not been returned, as many states state this is illegal

and/or compensation, and therefore the company needs

to be licensed. It can be successfully argued then that

the transaction was illegal and therefore void, plus

penalties and attorney fees may be assessed to the favor

of the “applicant.”


Remember , Mr. Bonnano addresses the members of his

association, but the noun should also include “salesman,”  “discounters” and “lessors,” as well as broker:


“IV. Examples of Penalties


“In Illinois, in the event that the Act is violated by the broker, the Secretary

of State is empowered by the statute to make investigations and examinations, suspend or evoke the broker’s approval, subpoena witnesses, compel the production of books and records, order depositions and obtain temporary restraining orders and injunctions against the broker. In the vent that a violate is found, the Secretary of State may impose a fine in the amount of $10,000 for each violation and the broker shall be liable to any person damaged in the amount of tactual damages plus attorneys fees.”


Mr. Bonanno makes some suggestions under “Preventative Medicine”

and other comments in this article.  As a side note, only portions of

the article were reproduced, and there most likely are “updates” to

this list:


Arizona: All “advance fee loan brokers” must register annually with the state.

Arizona Revised Statutes, sec. 06-1303-1310 (1996)


Arkansas: All brokers of “a loan of money, a credit card or a line of credit” may not assess or collect an advance fee. In addition, all brokers must register with the Securities Commissioner, post a surety bond of $25.000 and have a net worth of $25,000.

Arkansas Code Annotate sec. 23-39-401 (1995)


California: No person shall engage in the business of a finance lender or broker without obtaining a license from the Commissioner. California Financial Code, Division 9, Chapters 1 and 3


Connecticut: Brokers of “unsecured loans” may not assess or collect an advance fee. Connecticut General Statues, sec. 369-616 (1997)


Florida: Brokers of a “loan of money, a credit card, line of credit or related guarantee, enhancement or collateral of any nature” may not assess or collect an advance fee. Florida Statues, Chapter 687.14 (1992)


Georgia: A broker of “loans of money, a credit card, a line of credit or related guarantee, enhancement or collateral of any kind or nature” may not assess or collect an advance fee unless such fee is for “actual services necessary to apply for the loan.”

Official Code of Georgia Annotated, sec. 7- 7-1 (1992)


Idaho: No fee may be collected unless a loan is actually made.

Idaho Code, sec. 26-2501 (1992)


Indiana: Brokers of loans of  “money or property” must register with the Securities Commissioner, maintain a $25,000.00 bond and may not assess or collect an advance fee “except a bona fide third party fee.” Indiana Code, sec. 23-2-5-1 (1992)


Iowa: A broker of loans of “money or property” may not assess or collect an advance fee except for a “bona fide third-party fee” and a broker must obtain a bond or establish a trust account and file required documents with the Commissioner or Insurance.

Iowa Code, sec. 535C (19920


Kentucky: Brokers of “a loan of money, a credit card, a line of credit or related guarantee, enhancement or collateral of any kind or nature” may not assess or collect an advance fee. Kentucky Revised Statutes Annotated, sec. 367.380 (1992)


Louisiana: A broker of loans of “money or property…whether such agreement is styled as a loan, a lease or otherwise” must obtain a surety bond or establish a trust account in the amount of $25,000. A broker may not collect an advance fee but may collect an “advance expense deposit for commercial loans” only for actual expenses incurred in obtaining the loan. Louisiana Revised Statutes Annotated, sec. 9:3574 (1993); Louisiana Revised Statutes Annotated, Sec. 51:1910 (1992)


Mississippi: A broker or loans of money may not assess or collect an advance fee and can be fined up to $5,000 for each violation. Mississippi Code Annotated, sec. 81-

19-17 (1997)


Missouri: A broker of loans of “money or property” may not assess or collect an advance fee. Missouri Revised Statues, sec. 367 300 (19920


Nebraska: A broker of loans of money may not assess or collect an advance fee. Nebraska Revised Statutes, sec. 45-189 (1993)


New Jersey: Brokers of “loans of money” may not assess or collect an advance fee.

New Jersey Rev. Statutes, sec. 17:10B (1992)


North Carolina: A broker of “loans of money or property…whether such agreement is styled as a loan, a lease or otherwise” must obtain a surety bond or establish a trust account in the amount of $25,000 and obtain a license. North Carolina General Statutes, sec. 66-106 (1992)


North Dakota: Brokers may not accept an advance fee unless the broker is licensed.

North Dakota Century Code, 13-04. 1-09.1 (1993)


South Carolina: A broker of “a loan of money, a credit card, a line of credit or related guarantee, enhancement or collateral of any kind or nature” may not assess or collect an advance fee. South Carolina Code Annotated, sec. 34-36-10 91992)


In addition to the above states, one of the most detailed statues that has been adopted is in Illinois, the Illinois Loan Broker Act of 1995, effective January 1, 1996, 815 ILCS 175/15-5.03

Under the Act, a ”loan broker” means any person who, in return for a fee from any person, promises to procure a loan for any person or assist any person in procuring a loan from any third party, or who promises to consider whether or not to make a loan to any person. 815ILCS 175/15-5- 15(a)

Specifically excluded from the application of the Act, however, are (1) any bank …regulated by any service loans for the Federal National Mortgage Association… (3) any insurance producer or company authorized to do business in [Illinois], (4) any person arranging financing for the sale of the person’s product, (note that this exception does not apply to any person selling someone else’s product and only applies to “the” person’s product, implying the exception is for the owner of the product arranging for financing), (5) any person authorized to conduct business under the

Residential Mortgage License Act of 1987 and (6) any person authorized to do business in [Illinois] and regulated by the Department of Financial Institutions or the Office of Banks and Real Estate.


If readers have an “up-date” to this list, or more important, an addition,

such as Texas or other states, please forward to

or to Mr. Bonnano at





Bulletin Board Complaint---Aventura Funding Corp. Dania, Florida







Here perhaps is an example involving the statute regarding Advance



“Florida: Brokers of a “loan of money, a credit card, line of credit or related guarantee, enhancement or collateral of any nature” may not assess or collect an advance fee. Florida Statues, Chapter 687.14 (1992):”


Does this apply to “earnest money?”


 “ Name = ronald bucci

               Address = 3009 smith rd

                  City = akron

                 State = oh

               Zipcode = 4433

                 Phone = 3309035224

                   Fax = 3306705334

                   Email  =

                Comments or Questions= hello,


“I have a P.E.T medical imaging company in Akron, OH.  I was working with Aventura funding out of Dania, FL.  They were going to lease my PET scanner for me at a cost of $990,000.  I gave them $10,000in Earnest money to be applied to the first lease payment.  The money was to be refunded if they could not complete the deal.


“They were unable to complete the deal and they won’t send my deposit back.  They won't answer the phone or return my messages. \


“How do I get my money back??”


Mr. Bucci faxed us a front and backside of the check dated 6/25/2003 to “Aventure Funding Corp.” for $10,000..


The commitment letter covered both a “capital lease” and “finance lease, and calls it “Earnest Money:


“Upon acceptance of this proposal, Lessee will return the signed proposal along with $10,000 (Earnest Money) to be applied to the first payment.)  In the event Lessor declines the request under the terms and conditions here in the Earnest Money will be refunded in full. Should Lessor approve the request under the terms and conditions herein, and the Lessee fails to complete the transaction, Lessor will consider the Earnest Money earned.  Otherwise, the Earnest Money will be applied to the first monthly payment.”


After several telephone calls and faxes, Leasing News reached a “Steve Charles,”

who acknowledged receiving the faxes, and basically said, “This is none of

your business.”  As we explained that Leasing News had received the complaint,

often acted as an ombudsman, “Steve Charles” said he would refer the call

to the owner.


Not hearing back, we called and reached Peter Gustafson. He acknowledged

receiving the fax and information, stating he was the “owner.”  When asked

for the correct spelling of his name, he stated he had “no comment.” After asking

for the correct spelling of his name a second time, he refused again,  saying, ”You can print whatever you like, as I am not saying anything else  than ‘no comment’.”


In a search of the Florida Department of Corporations, it appears Aventura

Funding Corp. is “inactive” due to not filing their financial statement.

They did so in 2001 and 2002, but not in 2003.  The company was incorporated

November 7,2000.




*** Announcement ***********************************


Software Crucial To Streamline Implementation 


As Streamlined Sales Tax (SST) moves from drawing board to

implementation the Equipment Leasing Association (ELA) is looking at

issues applicable to the software critical to making the system operate.

The importance of this examination was highlighted when a prospective

Certified Service Provider (CSP) reminded me that legislation passed by

most of the 40 states sending Delegates to Implementing States in

Phoenix already empowers the state to certify software.  In addition ELA

members are affected by some of the exceptions to streamlined provisions

and in other instances, some provisions do not become effective until

January 1, 2006.   




Accounting/Tax Calculation Software Examined




An ELA working group composed of lessors, an accounting software firm

and potential CSP has met several times and determined integration of

accounting and tax software is of critical importance to enable lessors

to comply with SST.  Thus, encouraging software providers to develop

their own programs to ease this assimilation of tax calculation and

accounting software became an important goal.  


No issues were seen as insurmountable but do need time to resolve.

Knowledge that software will function in all sales tax states regardless

of whether a state has gained compliance with the Agreement and entrance

to SST added some urgency to our deliberations.  Only the Agreement

states will probably have formally issued certification but many leasing

companies will want software that works everywhere.


Future Meetings


Expanded meetings will be scheduled in early January before states issue

an RFP for companies wishing to be a Certified Service Provider (CSP).

One meeting will concentrate on issues that individual accounting

software companies may need to address while a separate meeting will be

designed for technical personnel tasked with supporting tax processes at

ELA member companies.  One of the companies in a position as a likely

CSP will be present at these two meetings but ELA will want to discuss

possibly establishing a similar informational process with other

potential CSP firms desiring them.  


Accounting software firms and ELA member lessors wanting to be involved

in these technical discussions need to send complete contact information

including address, job title, telephone, fax and email address for the

technical people you want to be contacted when a meeting date and

location are finalized.  Be specific regarding your status as software

accounting firm or if you are an ELA member lessor. Send this

information to


Dennis Brown

Equipment Leasing Association



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



MAEL ANNUAL DINNER   November 18th



Plan To Be In Chicago November 18th, 2003 To Attend


The 21st Annual Dinner Meeting

of the

MidAmerica Association of

Equipment Lessors


you won't want to miss...






Anthony Galie, the motivational hypnotist!



The MidAmerica Association of Equipment Lessors ("MAEL"), ELA's largest

regional affiliate, will be hosting its 21st Annual Dinner Meeting at

the Westin Hotel @ O'Hare in Rosemont, Illinois.  Pricing for the

meeting is as follows:



Registration Level


Special Benefits


On-line Registration



Registration by mail, fax or telephone


MAEL Members







Event Sponsor

Table for eight


Full Page Advertisement in Program






Register on-line


or complete & fax the attached registration form to 312-541-1275.  If

you need further information or assistance, please e-mail=20 or call Amanda @ 312-541-6000,



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


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






London, United Kingdom --- UK company 'Blue' has launched an advanced front and back office contract administration system for lessors. Called 'blue ax' the new system has been designed to help auto and equipment lessors and finance companies of all sizes manage their business, wherever in the world they or their customers are based.


Compliance with international requirements, as well as customers' own requirements for back office design and workflow, is handled by blue ax's extended 3-tier architecture, which incorporates a comprehensive configuration system and a business rules engine. These provide flexibility over not just financial product design but also the design of asset, customer, dealer and accounting features.


Mike Baranack, Blue's US marketing manager explained: 'The market has been looking for a system to help originate new business and manage that business once it is won, but without swallowing profits to support complex back office systems and workarounds. For companies working internationally matters are made worse with that complexity often duplicated in each territory. The blue system helps manage complexity using simple rules and its events methodology.'


In order to build products such as operating leases, hire purchase agreements, finance leases etc and deliver them to market quickly, Blue's system uses an 'event' methodology to build financial products (or adapt the pre-configured ones) from the events likely to be encountered during a product's lifecycle. Each event (set up, repudiation, early termination, reverse early termination, admin charge etc) can then have its own set of definable attributes, rules, workflow, impact on income recognition and so on.


The integrated online business warehouse is updated in real time and is supplied by Blue as standard functionality. Pre Chakal, Blue's senior consultant explained 'One of our key challenges was to avoid trading flexibility with performance, especially given the potentially very high contract volumes experienced by some customers in our market. We have used some sophisticated techniques to do this, including supplying as standard a business warehouse updated in real time to take the strain of reporting overhead.'


Blue ax uses object-oriented technologies and a 3-tier architecture extended by the business warehouse layer. The system can be implemented almost anywhere in the world, with a back office distributed across national boundaries if necessary. Company director David Harmer states: 'We wanted to harness modern technologies, including the web, not for their own sake but to deliver something new. With blue ax, finance companies can at last allow collaboration amongst back office users, dealers and customers so that they can all access the full contract lifecycle - looking at balances, arranging early terminations, and so on - wherever in the world they are based.'


Further information and contacts:



David Harmer: +44 (0)1344 890955 (UK) ·

Mike Baranack: +1 480 5189890 (USA) ·



'Blue' is the trading name of Blue Leasing Technologies Limited, a private company engaged in the design, development, implementation, support and sales of enterprise software exclusively for the asset finance and leasing sector.  Blue is based in Bracknell, UK, with associates in the US.


pdf files downloadable from website:

- Overview brochure

- Comprehensive brochure

- AX1.5 Features Summary


Various movies are also downloadable from the website.



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


Vicarious Liability Threatens New York Auto Leasing



NASHVILLE, Tenn., -- The Association of Consumer Vehicle Lessors ("ACVL")  released  its "New York Vicarious Liability Survey" detailing the magnitude and effects of vicarious liability suits against ACVL member companies in New York during the period January 1, 2000 through June 30, 2003.  The results clearly evidence the enormity of the vicarious liability claims filed against New York consumer vehicle lessors and explain why some ACVL member lessors have suspended their leasing programs in New York altogether while others have imposed special fees for leases written in New York.  ACVL member companies reported a total of 2,564 vicarious liability lawsuits filed against them in New York between January 1, 2000 and June 30, 2003, asserting claims totaling in excess of $6.5 billion.(1)  Speaking on behalf of ACVL, Robert Mize, President, stated: "The level of liability and ongoing risk to member companies and the entire consumer vehicle leasing industry in New York is untenable and unmanageable. The continuance of this archaic legal principle undermines the ability of the leasing industry to continue serving New York consumers."


Under an outdated legal doctrine now present only in New York known as "vicarious liability," leasing companies are responsible for the damages from all accidents involving their leased vehicles despite having no fault whatsoever or control over the lessee/driver.  No other state subjects consumer vehicle lessors to this unlimited liability.  The same vehicle, if financed as an installment sale by the same finance company and involved in the same accident, would not subject the company to any liability exposure.(2) The result is that many ACVL-member companies have reluctantly concluded that leasing in New York can no longer be justified given the enormity and unpredictability of the financial exposure and potential damages that they face.


Exhibit 1:  ACVL Vicarious Liability Lawsuits In New York, reveals the dilemma faced by ACVL member companies.


Exhibit 1 


ACVL Vicarious Liability Lawsuits 


In New York 


Claims and Suits


Year                                  # Claims    $Total Claims


2000                                      694        $973,647,809 


2001                                      754      $2,611,719,463 


2002                                      789      $1,445,892,450 


2003 (thru 6/30/03)                       327      $1,638,357,465 


Totals                                  2,564      $6,669,517,187




ACVL conducted the survey to collect definitive information on vicarious liability in New York for the New York legislature.  In direct contrast to consumer lenders, retail lessors are subject to liability claims when leased vehicles are involved in automobile accidents in New York.  This has caused a number of major consumer vehicle lessors, including General Motors Acceptance Corporation, Ford Motor Credit Company, Chase Manhattan Automotive Financial Services, and American Honda Finance, to suspend leasing in New York.  Other ACVL member companies have increased fees for all lessees to help cover their rapidly rising insurance and liability costs for this unpredictable risk while they wait to see whether tort relief soon comes to New York.


New York auto dealers and consumers have been disadvantaged by the reduced availability of leasing in New York and the imposition of higher charges.  By restricting the availability of leasing and raising the costs of doing business, vicarious liability is hurting:


-- hundreds of thousands of New York consumers who have come to rely on leasing as their preferred means of obtaining the vehicle that best fits their needs and economic resources, 


-- New York new car dealers who have relied upon leasing as a major way to make vehicles affordable for consumers and increase customer satisfaction and repeat business, and 


-- auto manufacturers, their employees and the public, by reducing new car sales, jeopardizing manufacturing jobs, and limiting the kinds of vehicles that consumers can afford.


Every state except New York has eliminated or severely limited the vicarious liability burdens for consumer vehicle leasing.  To redress this problem, the New York State Senate passed S. 397a/ A.1042-a, which repeals vicarious liability for consumer vehicle lessors.  The bill has been stalled in the New York Assembly.  It has not been brought up for a vote that would provide relief and restore full consumer vehicle leasing to the citizens of New York.  Mize stated, "There are hundreds of thousands of New Yorkers who depend on consumer vehicle leasing to secure their transportation.  We urge the New York Assembly to address this issue without further delay."


The ACVL was founded in 1993.  The Survey was conducted in September 2003. Based in Nashville, Tennessee, the ACVL is a national trade association for the largest manufacturer and import distributor captive finance companies, banks, and independent leasing companies whose primary goals include increasing consumer understanding of lease benefits and responsibilities through improved disclosure.  ACVL's nineteen member companies represent an estimated 85 percent of all consumer vehicle leasing on a national basis. Further information about the ACVL and consumer vehicle leasing may be found on the Association's web site at


(1) Actual reported total claims were $6,669,517,188.


(2) Most states have eliminated vicarious liability for consumer vehicle lessors altogether.  A few still maintain vicarious liability in limited circumstances (when the lessee does not have personal liability coverage, as required by all ACVL member lessors) and have capped it to modest amounts and manageable levels, e.g., $25,000 to $100,000 per accident.


SOURCE  The Association of Consumer Vehicle Lessors 



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


Willis Lease Finance Reports Year-to-Date Profits up 74% to $2.7 Million



SAUSALITO, Calif--Willis Lease Finance Corporation (Nasdaq:WLFC), a leading lessor of commercial jet engines, reports net income rose 74% in the first nine months of 2003 compared to the same period last year. Net income was $2.7 million, or $0.31 per diluted share, in the nine months ended September 30, 2003, compared to $1.6 million, or $0.18 per diluted share, for the same period in 2002. In the quarter ended September 30, 2003, the company earned net income of $745,000, or $0.08 per diluted share, on revenue of $14.2 million. In the third quarter of 2002, the company posted net income of $33,000, or $0.00 per diluted share, on revenue of $14.0 million. 


   Current Market 


   "In the process of navigating through all the industry turbulence of the last two years, we have become a smarter and stronger company," said Charles F. Willis, President and CEO. "We have demonstrated an ability to respond successfully to a wide variety of events affecting our market and our customers. We have not only remained profitable during this period but we have extended our string of consecutive profitable quarters to 16."


   "The airline industry appears to be on course toward a gradual recovery with a number of airlines recently returning to profitability," added Willis. "If the industry continues to stabilize, overall demand for spare engines should increase. That said, the industry is still facing a challenging environment and evidence of a longer-term recovery remains to be seen."


   The portfolio utilization rate at September 30, 2003 was 89.4%, up from 84.6% at June 30, 2003 and 85.6% at September 30, 2002. "We are pleased with the progress we have made in increasing our utilization rate; however, we expect that going forward, it will continue to fluctuate as specific engines go on or come off lease," said Donald A. Nunemaker, Chief Operating Officer. "We have seen an increase in demand for spare engine leases as more airlines are proceeding with previously deferred engine overhauls. If airlines don't have adequate spares to cover removals, many of them will lease engines during the repair periods. In addition, demand from maintenance, repair and overhaul facilities (MRO's) for leased-in spare engines has also increased in recent months as the overhaul business starts to pick up again. MRO's are an important part of our customer base, and the upturn in demand in this part of the market is a positive sign. Overall, the marketplace continues to favor shorter rather than longer-term leases. Consequently, remarketing continues to be our top priority." 


   Renewal of Warehouse Facility 


   In early October 2003, the company renewed its $220 million warehouse credit facility with Barclays Bank PLC (NYSE:BCS) and Fortis Bank (Nederland) N.V. "Given the tight credit market, we are pleased with the terms negotiated on the renewal, especially with respect to additional borrowing flexibility," said Monica J. Burke, Chief Financial Officer. "We are fortunate to have two such highly-regarded banks, with experience in the global aviation market, backing the company." 


   Results from Operations 


   Third quarter lease revenue was stable at $14.0 million compared to the same period a year ago. Year-to-date 2003 lease revenue increased 3% to $42.6 million compared to $41.2 million in the first nine months of 2002. Sales of equipment generated gains of $1.0 million year-to-date, compared to $583,000 in the same period of 2002. Other income in the third quarter of 2003 totaled $248,000 and included a one-time gain of $198,000. Total revenue in the third quarter was $14.2 million compared to $14.0 million in the same quarter of 2002. Year-to-date 2003 total revenue increased 5% to $43.8 million compared to $41.8 million in the first nine months of 2002, due to higher lease revenue and a larger gain on sale of leased equipment.


   Total expenses in the third quarter of 2003 decreased 6% to $13.1 million compared to $14.0 million in the same quarter of 2002. Year-to-date 2003 total expenses grew 1% to $39.8 million from $39.3 million in the first nine months a year ago. Depreciation was 7% higher in the current quarter and 11% higher year-to-date as a result of changes in estimates of useful lives and residual values on certain older engine types. Net interest and finance costs declined to $4.2 million in the third quarter of 2003 from $5.3 million in the third quarter a year ago. Year-to-date net interest and finance costs totaled $12.8 million compared to $14.4 million a year ago. Last year, the company took a one-time charge of approximately $700,000 associated with the refinancing of a debt facility. Excluding this charge, net interest and finance costs were down 9% in the quarter and 7% year-to-date.


   Third quarter general and administrative expense dropped 3% to $3.5 million compared to $3.6 million a year ago. For the first nine months of 2003, general and administrative expense was flat at $10.4 million compared to the like period of 2002.


   Third quarter 2003 pre-tax income totaled $1.1 million compared to $52,000 in the third quarter of 2002. Year-to-date 2003 pre-tax income grew 62% to $4.0 million compared to $2.5 million in the first nine months of 2002. Third quarter 2003 net income was $745,000, or $0.08 per diluted share, compared to $33,000, or $0.00 per diluted share in the third quarter of 2002. 


   Balance Sheet & Liquidity 


   At September 30, 2003, the company had 115 commercial jet engines, 2 aircraft parts packages and 5 aircraft in its lease portfolio with a net book value of $491.4 million, compared to $502.5 million at September 30, 2002, when the portfolio consisted of 119 commercial jet engines, 4 aircraft parts packages and 5 aircraft.


   Assets totaled $542.6 million at September 30, 2003, compared to $545.9 million a year ago. Shareholders' equity increased 5% to $108.0 million, or $12.21 per common share at September 30, 2003, compared to $103.0 million, or $11.65 per common share, a year earlier.


   The company had approximately $24.5 million available under its credit facilities at September 30, 2003, compared to approximately $32.7 million a year ago. The company's funded debt to equity ratio was 3.27 to 1 at September 30, 2003, compared to 3.58 to 1 at the end of the third quarter last year. The company had $39.0 million of restricted and unrestricted cash and cash equivalents at September 30, 2003, compared to $30.0 million at September 30, 2002. 


   About Willis Lease Finance 


   Willis Lease Finance Corporation leases spare commercial aircraft engines, parts and aircraft to commercial airlines and maintenance, repair and overhaul facilities. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines. 


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



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


De Lage Landen appoints Monte Grissom as Chief Operating Officer for Agricredit Acceptance LLC



WAYNE, Pa.,  -- De Lage Landen Financial Services, a leading international provider of high-quality asset-based finance products for manufacturers and distributors of capital goods, has appointed Monte Grissom as Chief Operating Officer for Agricredit Acceptance LLC, the company’s food and agriculture subsidiary in Des Moines, IA, effective January 1, 2004.


    At present, Grissom serves as Senior Vice President – Risk Management, for De Lage Landen’s Americas Division, headquartered in Wayne, PA.


    In his new capacity, Grissom will oversee all back office services for Agricredit, including Human Resources, IT, Accounting and Finance, Contract Management,

Portfolio Management and Asset Management.


    In addition, he will manage these functions for several other De Lage Landen operations, including AGCO Finance, De Lage Landen’s joint venture with AGCO Corporation of Duluth, GA.


    A 29-year veteran of the commercial banking and leasing industries, Grissom joined De Lage Landen in 1997 as Co-CEO and Vice President – Risk Management for Agricredit.


    In 2000 he was promoted to Senior Vice President – Operations for De Lage Landen Financial Services in Wayne.   He was named to his present position in January 2003.


    Prior to joining De Lage Landen, Grissom served in a variety of management roles, including Chairman and Chief Executive Officer of a major commercial bank in Texas. His experience includes Risk, Operations and Distressed Assets, as well as Business Development, Commercial Lending to operating companies, correspondent banking and real estate.


    He earned a BBA degree in General Business – Finance from Stephen F. Austin State University in Nacogdoches, TX.   


    De Lage Landen Financial Services is part of De Lage Landen International B.V., an international provider of high-quality asset-based financing products. The company, headquartered in Eindhoven (the Netherlands) is a wholly owned subsidiary of the Dutch Rabobank Group that is AAA-rated by the major rating agencies Moody’s and Standard & Poor’s.


    With offices and joint ventures in 20 countries throughout Europe, the Americas, Australia and New Zealand, De Lage Landen specializes in asset financing and vendor finance programs internationally, with a focus on the following industries: Food & Agriculture, Healthcare, Office Equipment, Information Technology, Telecommunications and Materials Handling & Construction Equipment.


    In the U.S. De Lage Landen also offers private label leasing programs to the Banking industry and delivers a broad range of financial services to captive leasing organizations and non-banking financial institutions.


    In the Netherlands, De Lage Landen offers a broad array of leasing and trade financing products through local Rabobanks and directly to the market. These products include Equipment Leasing, Real Estate Finance, Car and Commercial Vehicle Leasing, ICT Leasing and Trade Finance.     


    In 2002, De Lage Landen grew its net profit to $94 million and its balance sheet total to $12.9 billion.


    For more information, please visit our Web site at



Sites of Reference:



Rita DiMartino

De Lage Landen Financial Services

Phone Number: 610 386 5441

Fax Number: 610 386 5840





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





Sports Briefs---


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California Nuts Briefs---


      Schwarzenegger names former Riordan, Wilson aide press secretary


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"Gimme that Wine"


       New Study Pairs Beverage Preference with Personality Type,1145,2246,00.html


      Court Holds Firm on Its Decision to Overturn Michigan's Wine-Shipping Ban

(Other states now restricting interstate wine react to ruling),1145,2244,00.html


      The Japanese are buying less French wine/U.S. too




This Day in American History



        Veteran's Day: this was originally "Armistice Day", the date World War I ended in Marshal Foch's railway car in the Forest of Compiegne, France upon signing of the Allied and Central Powers agreement to end the war.  From 1919 to 1970, it became known as "Veteran's Day," observed the 11th of November, but in 1971, it was changed, Public Law 90-363 with "The Monday Holiday Law" to be observed on the "fourth Monday of October."  This moveable observance date, which separated Veterans Day from the November 11 anniversary of World War I armistice, proved very unpopular.  State after state moved it observance back to the traditional November 11th date, and finally, Public Law 94-98 of September 189, 1975, required that effective January 1, 1978, the observance of Veterans Day reverted to November 11, also known as "Armistice Day."

        1620-The Mayflower Compact, the first social contract for a New England colony, was drafted and signed by 41 adult males in Provincetown Harbor, Massachusetts. the Pilgrims did not settle there, but went on after a time to Plymouth.

        1647-The first Colonial law requiring towns to hire teachers and construct schools was passed by Massachusetts. It “ordered that every township in this jurisdiction, after the Lord hath increased them to the number of fifty householders, shall then forthwith appoint one within their tow to teach all such children as shall resort to him to write and read, whose wages shall be paid either by the parents or masters of such children, or by the inhabitants in general.”  Towns of 100 families were required to “set up a grammar school, the master thereof being able to instruct youths so far as they may be fitted for the university.”

         1831 - Nat Turner, a minister and slave, was hanged and then skinned in Jerusalem, Virginia, for inciting a slave uprising.

         1836-Birthday of writer Thomas Aldrich Bailey: American author and editor. Best known for his book The Story of a Bad Boy (1870), an autobiographical work. Aldrich was born at Portsmouth, NH, and died at Boston, MA, Mar 19, 1907.

         1846- Ann Katharine Green birthday, her “The Levenworth Case “(1878) is considered the first detective story written by a woman and is considered the developer of the scientific detective novel. Her Ebenezer Gryce's scientific and deductive reasoning investigator predates Sherlock Holmes. Although her writing was of the age, her plotting and adherence to factual legal maneuvering is admirable today.

         1864- Sherman's troops destroy Rome, Georgia. Two days after Lincoln's reelection in 1864, Sherman began his "March to the Sea" by destroying the city of Rome (History of Rome, Georgia) and tearing up track between Dalton (History of Dalton, Georgia) and Allatoona Pass. His theory to

win the war was to cut the Confederate supplies, aiming for major ports on the Mississippi

and the Atlantic Ocean.  General William Tecumseh  Sherman ordered  General Montgomery D. Corse  to destroy everything at Rome that could be useful to an enemy, as well as the railroads in and about Atlanta, and northward to the Etowah. All garrisons from Kingston northward were ordered back to Chattanooga. Thus having cut himself off from the rear, he concentrated around Atlanta, on the 14th of November, four corps of infantry, the right wing under Oliver Otis Howard and the left under Slocum, embracing 60,000 infantry, and 5,500 cavalry under. Union Brevet Major General Judson Kilpatrick

         1865- 1865- President Andrew Johnson presented Dr. Mary Edwards Walker, a military surgeon, the U.S. Congressional Medal of Honor at the personal recommendation of General Sherman for her heroism in treating wounded in hospitals and on the battle fields.   She was the only woman ever to receive the Medal of Honor, her country's highest military award. What is known is that she did treat the wounded and that she was taken prisoner for several months by the Confederates. However, she had angered many officers because she insisted on wearing an Army uniform even though she had been refused an Army commission, but was allowed to served as a volunteer doctor along with commissioned officer men.   She had been married in trousers and refused to take the vows of honor and obey or her husband's name. After the war she continued her ways by wearing trousers and speaking out about suffrage and dress reform . She practiced medicine in Washington, D.C. Walker was a lifelong advocate of woman suffrage, dress reform, and the abolition of capital punishment.   On June 3, 1917 an Army review board revoked the medal  along with 909 other medal holders after Congress revised the Medal of Honor standards to include only “actual combat with an enemy”   She refused to give it up.   She died several years later. (1917 was at the height of agitation by women for the vote.)   On June 10, 1977, the medal was formally restored by an act of the U.S. Congress.

        1885-General George S. Patton, Jr. birthday: American military officer, graduate of West Point (1909), George Smith Patton, Jr, was born at San Gabriel, CA. Ambitious and flamboyant, he lived for combat. He served in the punitive expedition into Mexico (1916), in Europe in World War I and in North Africa and Europe in World War II. He received world attention and official censure in 1943 for slapping a hospitalized shell-shocked soldier. While a full general, owing to his critical public statements, he was relieved of his command in 1945. He died at Heidelberg, Germany, Dec 21, 1945, of injuries received in an automobile accident.

       1886-Four men accused of participating in the Haymarket Riot that occurred on May 4, 1886 were executed in Chicago, IL.  A labor rally had been called in Haymarket Square to protest the shooting of several strikers by Chicago police the previous day. Anarchist and communist speakers were addressing a crowd of several hundred mostly German-born workers when a squad of 180 police officers arrive to break up the rally.  A bomb, thrown by a person who was never positively identified, fatally injured 7 officers and wounded 70. Police fired into the crowd, killing one worker and injuring more than a dozen.  A grand jury indicted 31 suspected labor radicals in connection with the bombing. Eight men were tried for murder, seven were convicted.  This day August Spies, Samuel Fielden, Adloph Fischer, and Albert Parsons---were executed by hanging.  The other three were pardoned in 1893 by Illinois govern John Peter Altgeld.

        1889-Washington became the U.S. 42nd state, the first to be named for a person born in America.  The first governor was Elisha Peyre Ferry, a Republican, who served from 1889 to 1893.

( lower half of: )

1898-composer/singer/pianist Hoagy Carmichael born Bloomington, Indiana

        1890-African American Daniel M. McCree patented the portable fire escape.  McCree created a portable version made of wood that could be attached to the windowsill of a home, enabling people within to escape from second and third story levels during a fire.

          1918-Cease Fire, World War I Ends. At 11:01am the Great War ended as Germany, bereft of manpower, supplies & food, signed an armistice agreement. The war's toll were 10 million dead (6 million of them civilians), 21 million wounded & 7 1/2 million taken prisoner or missing in action. Germany, Russia, Austria-Hungary, France & Great Britain each lost a million or more lives, & U.S. forces counted 115,000 dead. Influenza was to sweep the world due to the conditions after

the war, killing millions.

         1919- Clark Griffith becomes a club owner, along with William Richardson, and president when he buys a controlling interest in the Washington Senators. Unable to get financial help from the American League, he mortgages his ranch in Montana to secure the needed cash.

         1921-The first burial at the Tomb of the Unknown Solider in the National Cemetery at Arlington, VA.  President Warren Gamaliel Hardin, accompanied by practically every prominent government office, attended the services, and the unveiling of the national shrine, which was built to honor the large number of American soldiers who lost their lives in World War I but whose bodies were never identified.

         1920-David Sinton Ingalls was awarded the Distinguished Service Medal.  He served as assistant secretary of the Navy for aeronautics from March 1929 to March 1932.  While attached to the 213th Squadron of the British Royal Air Force, “alone and in conjunction with other pilots shot down at least four enemy aeroplanes and one or more enemy balloons,” becoming the first Navy Ace in World War I.  He was also awarded the Distinguished Flying Cross by the British Government.

        1922 - Novelist Kurt Vonnegut, Jr. born Indianapolis, Indiana. His novel “Slaughterhouse Five)”is based on his experiences as a prisoner-of-war at Dresden and its total destruction in 1945. Vonnegut uses fantasy & science fiction to highlight the horrors and absurdities of 20th century "civilization".

         1923-birthday of Alto sax player Charlie Mariano born Boston, Mass.

         1925-Jonathan Winters birthday, comedian, actor ("The Jonathan Winters Show," "Mork & Mindy"), born Dayton, OH.

         1927-Singer Mose Allison birthday, Tippo, MS

(one of my favorites; Warren Luening and I went to the clubs

Mose was playing. Warren later would then sit down at the piano,

both sign and play the songs perfectly—He was a trumpet player,

today the top studio trumpet player in concerts, movies and on

records with the top singers.

        1928-singer Lavern Baker birthday, Chicago, IL

“Tweedle Dee” and “Jim Dandy” were among her hits.

        1928-birthday singer Ernestine Anderson  Houston TX. Her intro to jazz singing is at age 12 at the Eldorado Ballroom in Houston. Performs with Russell Jaquet, Johnny Otis, & Lionel Hampton. Known for her warm, blues-influenced vocals. Helps revitalize Seattle jazz scene at Jazz Alley in the 80 & 90s.

       1932 - The National Broadcasting Company opened new studios at Radio City in New York City, celebrating the event with a gala at Radio City Music Hall.

       1933--"Great Black Blizzard" — first great dust storm in the Great Plains.

        1934-tenor sax player David Lastie Birthday, New Orleans, LA

        1936-singer Buddy Ace ( James L. L and) birthday, Jasper, Texas

        1938-“God Bless America” first sung: Irving Berlin wrote this song especially for Kate Smith. She first sang it during her regular radio broadcast. It quickly became a great patriotic favorite of the nation and one of Smith's most requested songs.

       1940-Birthday of California US Senator Barbara Boxer, born Brooklyn, NY.

        1940-Big Joe Turner and Pete Johnson tell us about KC in Piney Brown Blues, Decca 18121

       1946-First Game at Madison Square Gardens.  The New York Knickerbockers of the Basketball Association of America ( predecessor of the NBA) played their first home game at Madison Square Garden. Before a crowd of 17,205, the Knicks lost in overtime to the Chicago Stags, 78-68.  The halftime entertainment consisted of a fashion show and a brief exhibition basketball game between the New York Giants football team and members of the Original Celtics, basketball’s legendary team form the 1920’s.

        1946-Claude Thornhill, with Fran Warren, cuts, “A Sunday Kind of Love.”

        1948-trumpet player Marvin “Hannibal” Peterson birthday

        1950---Tops Hits

All My Love - Patti Page

Goodnight Irene - The Weavers

Thinking of You - Don Cherry

I’m Moving On - Hank Snow

        1952-birthday drummer Kahil El'Zabar drums Great Lakes IL

        1958---Tops Hits

It’s Only Make Believe - Conway Twitty

Tom Dooley - The Kingston Trio

To Know Him, is to Love Him - The Teddy Bears

City Lights - Ray Price

       1966---Tops Hits

Last Train to Clarksville - The Monkees

Poor Side of Town - Johnny Rivers

Dandy - Herman’s Hermits

Open Up Your Heart - Buck Owens

       1974---Tops Hits

You Ain’t Seen Nothing Yet/Free Wheelin’ - Bachman-Turner Overdrive

Jazzman - Carole King

Whatever Gets You Thru the Night - John Lennon with The Plastic Ono Nuclear Band

Love is like a Butterfly - Dolly Parton

        1982 --  Vietnam Veterans Memorial dedicated in Washington, D.C.
The memorial was designed by Maya Ying Lin, a young Asian American woman who, as a Yale undergraduate, submitted the winning entry among more than 1,400 participants. The monument consists of two walls of black, polished granite sliced into a hill side, leaving an impression that the monument is buried. Engraved on the stone are the names of the 58,000 U.S. soldiers who died in Vietnam. Today's dedication ceremony is attended by thousands of veterans, their families & friends.

       1982-Shuttle Columbia launched from Kennedy Space Center, FL, with four astronauts: Vance Brand, Robert Overmyer, William Lenoir and Joseph Allen. "First operational mission" delivered two satellites into orbit for commercial customers. Columbia landed at Edwards Air Force Base, CA, Nov 16, 1982.

       1982---Tops Hits

Up Where We Belong - Joe Cocker & Jennifer Warnes

Heart Attack - Olivia Newton-John

I Keep Forgettin’ (Every Time You’re Near) - Michael McDonald

You’re So Good When You’re Bad - Charley Pride

        1987- Braves' Steve Bedrosian narrowly edges Cub Rick Sutcliffe by two points (57-55) to win the Cy Young Award. 'Bedrock' is the third reliever to win the award in the National League.

1988- Dodgers' hurler Orel Hershiser becomes the ninth pitcher in National League history to win the Cy Young award unanimously as the 'Bulldog' receives all twenty-four first place votes from the sportswriters.

       1989-Civil Rights Memorial is dedicated in Montgomery, AL

        1990---Tops Hits

Love Takes Time - Mariah Carey

Pray - M.C. Hammer

Giving You the Benefit - Pebbles

Home - Joe Diffie

        1992 - Bobby Fischer won his re-match with Boris Spassky in Sveti Stefan, Yugoslavia. The match was organized by banker Jedzimir Vasiljevic. Fischer had 10 wins, 5 losses, and 15 draws. He got $3.65 million for his winnings and Spassky received $1.5 million.

1995 - Smashing Pumpkins’ album "Mellon Collie and The Infinite Sadness" hit #1 on the U.S. album chart. The Smashing Pumpkins (Billy Corgan, James Iha, D’arcy and Jimmy Chamberlin) band was formed in 1988.

       1998—Top Hits

Doo Wop (That Thing)- Lauryn Hill

Lately- Divine

The First Night- Monica

One Week- Barenaked Ladies






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The Deal is in the Details


WHERE: RAMADA INN, 324 East Shaw,
Fresno, CA 93710
Tel: 559 224-4040
TIME: 9:00 a.m. to 4:00 p.m. (lunch on your own)


    How to read and interpret your prospect's financial statements.
    How to qualify your prospects.
    How funders look at full disclosure transactions.
    How to understand what the real story is in your story credit.
    How to explain your deal to your credit manager or funder.
    How to make the best use of your selling time.

The class will be presented by Bob Teichman, CLP, an industry veteran celebrating his 40th year in the equipment leasing business.

COST: $245 (first attendee from a company)
$225 (for each additional attendee from a company)

For more information call: 415 331-6445 or e-mail

Pre-register by sending your check to:
Bob Teichman, CLP
Teichman Financial Training
3030 Bridgeway, Suite 213
Sausalito, CA 94965
Tel: 415-331-6445

Registration at the door on a space-available basis only.

"Providing education and training to the equipment leasing and financing industry."


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