This Border ##### Denotes Press Release (Not Written By Leasing News)
Gone are 45 ads that accumulated from re-sellers of equipment, looking
for “off lease” merchandise. Perhaps as noteworthy, this site has been
Leaving the newspaper classified section, it is now a page with categories,
in addition to the full page in alphabetical sequence:
“Well the situation with EXCEL took a turn for the worse this week. All their phone numbers are "disconnected" and their email account is also "undeliverable". Something really rotten has happened here.
“ I posted an inquiry about EXCEL yesterday on the National Association of Equipment Leasing Broker message forum, and I got a reply from another broker who has a customer that sent in the advance rentals late last week to EXCEL, but no funding. He's in the same boat.
“ I went online with the Secretary of State in Florida (public records) and discovered a Judgment filed 10/10/03 against EXCEL by an individual in New Jersey. The amount due is only $5737.77, but don't know if that is related to a lease scenario. Also found another judgment filed 5/15/03 against the owner of EXCEL, Peter Gonzales (at the same address as EXCEL).
“This judgment is for $25,000 and was filed by a company in New York called U S WEBB, Inc. Anyway - since you announced in today's newsletter that you were "closing the case" on EXCEL, I thought you'd like to know that it looks like EXCEL closed their doors.
“ My lessee has started his lawsuit and is meeting with his attorney again today who is a close friend of the Attorney General. He will let him know what happened to EXCEL and find out if possibly they fled in the night or if they sensed they were about to be investigated and decided to close to avoid any litigations. Don't know, but I hope to learn some answers this week.
“I'll keep you posted Kit. I sure wish I could talk to those other brokers that complained to you as well. At this point, I don't think it really matters if we know who we all are. Have a good day Kit.”
Rosanne Wilson, President
1st Independent Leasing, Inc.
"Equipment Leasing Specialists"
(Yes, this is the Florida “Super Broker” we have seven complaints against,
but no one wanted to sign their name. In additional, several had signed lease contracts that stipulated the lessor keeps all money regardless of anything, in addition, the brokers stated the lessor was asking for more information or other stipulations like “blanket lien,” “spouse guarantee,” “automated check withdrawal.” Editor)
---please forward to a colleague----
#### Press Release ######################
Nassau Asset Repossession Report w/chart
(Top Repossessed equipment: “...trucks/trailers, printing presses, medical devices, machine tools, and construction equipment...”)
Medical Devices, Machine Tools Fared Worse than in Q3 2002
ROSLYN HEIGHTS, N.Y.,—Repossessions involving trucks declined measurably for the third consecutive quarter, according to Nassau Asset Management’s NasTrac Quarterly Index (NQI).
“The statistics offer encouraging news for the trucking industry and equipment leasing and finance companies that invest in it if clear trends can be established through the remainder of 2003,” says Ed Castagna, senior vice president of Nassau Asset Management.
Nassau Asset Management has tracked equipment for several decades as a function of its nationwide remarketing operation, which resells all types of assets including construction equipment, printing presses, machine tools, medical devices, and buses. The company earlier this year launched NQI, which reports on equipment types generating the greatest volume of liquidations. NQI’s public data provides a snapshot of recent recovery and sales activity compared with the same time frame a year before, helping equipment leasing and finance companies forecast current market conditions so they can evaluate the strengths and weaknesses of their portfolios. When viewed over time, NQI also can be leveraged as one of several components to help gauge the economic health of individual industry sectors.
Nassau clients can obtain more detailed information as part of the NQI service, including customized data on specific types of equipment and their values extending back to 2000.
Top Repossessions in Q3 2003
The third NQI reports on trucks/trailers, printing presses, medical devices, machine tools, and construction equipment. These were the top five repossessed capital assets in the third quarter of 2003, according to Nassau’s internal records on liquidations.
Castagna says the Q3 data, when compared with the same quarter a year ago, shows a 12 percent decrease in repossessions of trucks and trailers. Repossessions of printing presses, which Nassau’s NQI indicates have declined for the past two quarters, decreased by 83 percent in Q3. Construction equipment repossessions also dropped for the second quarter in a row, down 73 percent in Q3.
Other equipment segments fared worse in Q3. Repossessions of medical devices increased significantly for the second consecutive quarter, 147 percent in Q3 2003 compared with Q3 2002; machine tools repossessions, which showed signs of improvement earlier this year, increased by 83 percent in Q3 when compared with the same time frame a year ago.
Readers should keep in mind that the assets NQI covers may change from quarter to quarter since Nassau plans to feature only the largest asset groups in its multimillion dollar portfolio. Additionally, results must be viewed over several quarters to establish reliable trends since all industries experience cyclical changes.
Nassau Asset Management of Roslyn Heights, NY, has been providing full-service asset management, including asset recovery, collections, remarketing, full plant liquidations, and appraisals for more than 25 years to the equipment leasing and finance industry. For more information, please visit www.nasset.com.
### Press Release ########################
Coston, Fioretti & Lichtman proudly announces the appointment of Edward F. (”Bud”) Dobbins, Esq., formerly of Jenner & Block, as a Partner in the Chicago office.
Bud’s thirty years of distinguished experience in complex financial transaction enhances the existing practice of the Firm. He will serve as Chairman of the Financial Services and Transactional Department.
We welcome your valued business and look Coston, Fioretti & Lichtman proudly announces the appointment of Edward F. (”Bud”) Dobbins, Esq., formerly of Jenner & Block, as a Partner in the Chicago office.
Bud’s thirty years of distinguished experience in complex financial transaction enhances the existing practice of the Firm. He will serve as Chairman of the Financial Services and Transactional Department.
We welcome your valued business and look forward to serving your needs in the future.
For further information please contact:
JimCoston Bud Dobbins Gary Green
### Press Release ###########################
*** announcement ***********************************
Lessors.com Syndication Showcase
To All Lease Capital Market (Syndication) Professionals...
(Please distribute to appropriate personnel in your company)
Last year the Lease Syndication Showcase sold out all available seating
in just 19 days! This elite, upscale showcase, hosted from the
Ritz-Carlton, Buckhead hotel in Atlanta, has quickly evolved into the
most productive networking event for capital market professionals
serving the commercial and municipal equipment leasing markets.
Last year 51 funding sources represented more than $10 billion in
As we finalize the agenda for the Lease Funding & Distribution Showcase
scheduled March 11-12, we are making speaker assignments for funding
source representatives desiring to present their company's buy/sell
investment strategies in the Commercial Funding Source Showcase and the
Municipal Funding Source Showcase.
Confirmed speakers, receive 50% off the cost of attendee registration,
will deliver a 5 minute oral (no PowerPoint) presentation of their
company's buy/sell investment strategies for 2004. Immediately following
showcase presentations, attendees will be provided one-on-one access to
funding source speakers. You won't find a better opportunity to enhance
your new business development networks.
Parties interested in participating in either the Commercial Funding
Source Showcase and/or the Municipal Funding Source Showcase should
visit the Lessors Network web site immediately and submit notice of
To access additional details about this event, Login to -
*** announcement *********************************
MAEL Dinner---November 18th
Mid-American Association of Equipment Lessors
Chicago November 18th, 2003
21st Annual Dinner Meeting
SPECIAL GUEST SPEAKER:
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.
or complete & fax the attached registration form to 312-541-1275.
If you need further information or assistance, please e-mail
firstname.lastname@example.org or call Amanda @ 312-541-6000,
**** announcement *****************************
#### Press Release #########################
Fitch: Insured Losses Continue to Grow for California Wildfires
Fitch Ratings-Chicago-: Fitch Ratings noted that insured losses from wildfires continuing to spread in Southern California could eventually become the costliest wildfire catastrophe insured loss event for the property/casualty insurance industry. Listed below are market share information on the top 10 homeowners writers in California for 2002.
While it is still too early to make an accurate projection of the total insured losses from the wildfires that continue to spread, early estimates have indicated that the insured damage could be in the range of at least $500 million to $1.25 billion. Fitch estimates that each $1 billion of insured loss adds about 30 basis points to the industry's 2003 loss ratio based on Fitch's $385 billion 2003 net earned premium forecast. Fitch also notes that each $1 billion of homeowners insured loss adds about 250 basis point to the industry's homeowners 2003 loss ratio. The insurance lines of business most affected by this catastrophe are personal lines, particularly homeowners, but also automobile. However, commercial lines will also be impacted with claims expected in commercial property and business interruption that could be significant. We expect that the majority of the losses will be confined to the primary writers, with a modest portion of losses ceded to reinsurers under catastrophe treaties, unless the losses increase to significantly higher levels and are treated in the aggregate as a single event.
The estimated insured losses for this event are approaching the current largest wildfire insured loss for the industry of $1.7 billion ($2.2 billion in 2003 dollars) for the Oakland Hills, CA wildfire in 1991. The most recent sizable wildfire loss event for the industry was $120 million for the Arizona fires in the summer of 2002.
The losses from the Southern California wildfires, added to other catastrophe losses in 2003, including an estimated $1.2 billion in losses from Hurricane Isabel in September, and $6.5 billion in catastrophe losses through the first six months of 2003, will already result in at least the highest amount of natural catastrophe losses for the industry since 1998 losses of $10.1 billion.
While insured losses are certain to be significant, they are expected to be within the level of losses that the insurance industry anticipates when pricing catastrophe risk into premiums. Furthermore, the insurance companies that write the lines of business in California most affected by the wildfires are generally the larger, national carriers that, as a group, have high insurer financial strength ratings.
Fitch does not expect a major deterioration in their financial strength if these companies incur losses roughly in proportion to their market shares. However, the possibility does exist that smaller insurers, namely those with a concentrated geographical focus in Southern California homeowners or commercial property insurance, could be materially affected.
The wildfires that continue to rage in Southern California have affected four counties declared federal disaster areas (Los Angeles, San Bernardino, San Diego, and Ventura) stretching from the Mexican border to the Northeast suburbs of Los Angeles, with the majority of damage thus far in the San Diego region. While expected cooler temperatures, reduced winds, and more humid conditions should help to reduce the spread of the fires as the week progresses, 13 major fires were not yet controlled. Thus far, the wildfires have already consumed over 600,000 acres, destroyed almost 2,000 homes, and resulted in at least 17 deaths.
Fitch will continue to monitor the development of the wildfires and their impact on ratings within our insurance coverage universe.
Listed below are market share information on the top 10 homeowners writers in California for 2002.
State Farm: --IFS Rating - 'AA+' --CA Homeowners direct premiums written - 1,068,716 --Market Share - 23.3%
Farmers Insurance Group: --IFS Rating - not rated by Fitch --CA Homeowners direct premiums written - 872,479 --Market Share - 19.0%
Allstate Insurance Co Group: --IFS Rating - 'AA+' --CA Homeowners direct premiums written - 637,506 --Market Share - 13.9%
California State Automobile Association: --IFS Rating - not rated by Fitch --CA Homeowners direct premiums written - 229,271 --Market Share - 5%
United Services Automobile Association Group: --IFS Rating - 'AAA' --CA Homeowners direct premiums written - 192,252 --Market Share - 4.2%
Inter Insurance Exchange of the Auto Club: --IFS Rating - not rated by Fitch --CA Homeowners direct premiums written - 160,564 --Market Share - 3.5%
Safeco Insurance Company Group: --IFS Rating - 'AA-' --CA Homeowners direct premiums written - 155,505 --Market Share - 3.4%
Nationwide Group: --IFS Rating - 'AA-' --CA Homeowners direct premiums written - 134,305 --Market Share - 2.9%
Firemans Fund Insurance Group: --IFS Rating - not rated by Fitch --CA Homeowners direct premiums written - 113,513 --Market Share - 2.5%
Mercury Casualty Group: --IFS Rating - 'AA-' --CA Homeowners direct premiums written - 94,271 --Market Share - 2.1%
Contact: Brian C. Schneider CPA, +1-312-606-2321; James B. Auden CFA, +1-312-368-3146; or Gerald B. Glombicki +1-312-368-2354, Chicago.
### Press Release ##########################
California Fires Menace Resorts/Novato Firefighter Dies
New Fannie Mae $1.2 Billion Accounting Error
Mortgage Index Declines
Former Tyco personnel chief says loan forgiveness surprised her
BofA to send tech work, data to India
After Chad and David --by Steve Bailey, Boston Globe Columnist
Siegfried: Roy moves to new hospital to recover
Griese To Start Sunday Against The Colts
Tuiasosopo to start for Raiders at Detroit on Sunday
Vick pushes return back to Dec. 7
Peterson takes turn on Niners' kicking carousel
California Nuts Review---
Congress Charmed by Schwarzenegger
"Gimme that Wine"
Getting every last drop at Pacheco Ranch
Amazon UK Wine Book Review Report
Following the Pepper Grinder All the Way to Its Source
(not a wine story, but fascinating nevertheless)
This Day in American History
“Mischief Night”, not celebrated as it was when I was a child: on the evening before Halloween and an occasion for harmless pranks, chiefly observed by children. However, in some areas of the US, the destruction of property and endangering of lives has led to the imposition of dusk-to-dawn curfews during the last two or three days of October. Not to be confused with “Trick or Treat,” or “Beggar’s Night,” usually observed on Halloween.
1734- birthday of John Adams, second president of the US (term of office: Mar 4, 1797—Mar 3, 1801), had been George Washington’s vice president, and was the father of John Quincy Adams (6th president of the US). Born at Braintree, MA, he once wrote in a letter to Thomas Jefferson: “You and I ought not to die before we have explained ourselves to each other.” John Adams and Thomas Jefferson died on the same day, July 4,1826, the 50th anniversary of adoption of the Declaration of Independence. Adams’s last words: “Thomas Jefferson still survives.” Jefferson’s last words: “Is it the fourth?”
1768 -The Wesley Chapel on John Street in New York City was dedicated. It was the first Methodist church building to be erected in the American colonies, and was restored in 1817, and again in 1840.
1815-Birthday of José Manuel Gallegos was born in Spanish colonial Mexico, in the town of Abiquiú, Nuevo México. Suspended from the priesthood for refusing to accept the authority of French religious superior, Bishop Jean Baptiste Lamy (who became the subject of Willa Cather's novel, Death Comes for the Archbishop), Gallegos put increasing energy into his political life. Subsequently, he was elected to the New Mexico Territorial House of Representatives, served as treasurer of the territory, and was superintendent of New Mexico Indian affairs. Gallegos returned to the U.S. House of Representatives for a second term in 1871.
1838 -- The Mormon War of Missouri ended when over 200 state militiamen attacked the LDS settlement of Huan's Mill. Eighteen Mormons were killed, and a dozen wounded, in reprisal for Mormon militia attacks on several communities since August of that year. Joseph Smith then led his followers to Illinois.
1862-Yellow fever hits the Union Army .Union General Ormsby MacKnight Mitchell, commander of the Department of the South, is one of those who dies; at Beaufort, South Carolina. Born in Kentucky in 1809, Mitchell grew up in Lebanon, Ohio. He attended West Point and graduated in 1829 along with future Confederate leaders Joseph Johnston and Robert E. Lee. When the war erupted in 1861, Mitchell used his West Point education as a brigadier general in the Army of the Ohio under General Don Carlos Buell and participated in operations in Kentucky and Tennessee in 1862. Mitchell also directed raids into northern Alabama, capturing Huntsville in April 1862. Mitchell was a critic of the "soft war," or limited approach, of many northern generals, and his actions made him a target of conservative northern newspapers. Advocating a tougher stance against Southern civilians and the institution of slavery, he confiscated the property of prominent Confederates and protected slaves who escaped to his lines well before the practice was mandated by Federal policy. In July 1862 he was named commander of the Department of the South. He moved to headquarters on the Sea Islands of South Carolina, where he oversaw the building of schools and homes for slaves in the captured territory. This movement, begun by his predecessor, General David Hunter, is considered the first experiment in the reconstruction of the South. However, Mitchell's death from yellow fever cut short his participation in the experiment.
1864- The town of Helena, Montana, is founded by four gold miners
who struck it rich at the appropriately named "Last Chance Gulch."
The first major Anglo settlement of Montana had begun just two years
before in the summer of 1862, when prospectors found a sizeable deposit
of placer gold at Grasshopper Creek to the west. When other even richer
deposits were soon discovered nearby, a major rush began as tens of
thousands of miners scoured the territory in search of gold. In 1864,
four prospectors spotted signs of gold in the Helena area while on their
way to the Kootenai country, but they were eager to reach the reportedly
rich gold regions farther to the north and did not to stop. But after
striking out on the Kootenai, they decided to take "one last chance"
on finding gold and returned. When the signs turned out to mark a rich
deposit of placer gold, they staked their claims and named the new mining
district Last Chance Gulch.
1872- Emily Post was born at Baltimore, MD. Published in 1922, her book Etiquette: The Blue Book of Social Usage instantly became the American bible of manners and social behavior and established Post as the household name in matters of etiquette. It was in its 10th edition at the time of her death Sept 25,1960, at New York, NY. Etiquette inspired a great many letters asking Post for advice on manners in specific situations. She used these letters as the basis for her radio show and her syndicated newspaper column, which eventually appeared in more than 200 papers.
1882-Birthday of William “Bull” Halsey, American admiral and fleet commander who played a leading role in the defeat of the Japanese in the Pacific naval battles of WWII, William Halsey was born at Elizabeth, NJ. In April 1942, aircraft carriers under his command ferried Jimmy Doolittle’s B-25s to within several hundred miles of Japan’s coast. From that location the aircraft were launched from the decks of the carriers for a raid on Tokyo. In October 1942, as commander of all the South Pacific area, Halsey led naval forces in the defeat of Japan at Guadalcanal, and in November 1943, he directed the capture of Bougainville. He supported the landings in the Philippines in June 1944. In the great naval battle of Leyte (Oct 23—25,1944
1888-The ball-point pen was patented by John J. Loud of Weymouth, MA. The patent was on a pen having a spheroidal marking point capable of revolving in all directions.
1893-Birthday of Charles Atlas, bodybuilder born Angelo Siciliano at Acri, Italy. Atlas created a popular mail order bodybuilding course, pegged to his own youthful troubles as a “97-lb weakling.” The legendary sand-kicking episode used later in advertising for his course occurred at Coney Island when a lifeguard kicked sand in Atlas’s face and stole his girlfriend. There generations of comic book fans read his advertisements. Died at Long Beach, NY, December 24, 1942
1893-After a rousing success, the Columbian Exposition held “American Cities Day” Oct 28, and Chicago Mayor Carter Harrison gave a speech before the visiting mayors. This was the highlight of the greatest new technology in America and hope was the economy would turn around. After he arrived home, Harrison’s doorbell rang. When the mayor answered the door he was shot by Patrick Eugene Pendergast, who had been disappointed when his request for a Position with the city as corporation counsel was turned down. Instead of the elaborate ceremony that had been planned to close the exposition on Oct 30, a single speech was given and the flags lowered to half-mast.
1894- Daniel M. Cooper of Rochester, NY, received a patent for a card time recorder. The employee pressed a lever on the machine to record the time on specially printed cards divided by horizontal lines into seven equal spaces for the days of the week. The recorder, known as the Rochester, was manufactured by the Willard and Frick Manufacturing Company.
1917-The first US Navy chaplain who was Jewish was Rabbi David Goldberg of Corsicana, TX, who was appointed with the rank of lieutenant. He was advanced to lieutenant commander on January 1,1938, and retire don March 1, 1941. 1925-Birthday of tenor sax player/composer/arranger Teo Macero, Glens Falls, NY.
1925-Birthday of tenor sax player/composer/arranger/producer Teo Macero, Glens Falls, NY. http://shopping.yahoo.com/shop?d=product&id=1927158223&clink=dmmu.artist&a=b
The great trumpet player Clifford Brown Birthday .Died June 26, 1956
One of his finest albums:
1930 -- Duke Ellington records "Mood Indigo".
1935- Woody Herman cuts first vocals with Isham Jones Band
1938- “War of the Worlds” was broadcast as part of a series of radio dramas based on famous novels, Orson Welles with the Mercury Players produced H.G. Wells’s War of the Worlds. Near panic resulted when listeners believed the Simulated news bulletins, Which described a Martian invasion of New Jersey, to be real. People went into a panic as they believed the world was invaded and the end was near.
1941-The U.S. destroyer “Reuben James” was torpedoed and sunk off the coast of Iceland by a German submarine during the night of October 30-31. Some 100 lives were lost. It was the first American warship to be sunk in the war. Despite
the passage of “Lend Lease” in support of Britain and other “free” countries in
Europe, congress and the United States did not want to enter a war they thought
“European.” This attitude lost many lives and war preparation. The fact is December 8th the US declared war against Japan due to its sneak attack at
Pearl Harbor, which wiped out most of the Pacific Navy force. On December
11, in obvious collusion, Germany and Italy declared war against the U.S. and Congress adopted a resolution recognizing a state of war.
1945- June Christy, with Stan Kenton, records “Just A-Sittin’ and A-rockin’.
1964 - Roy Orbison went gold with his hit single, "Oh, Pretty Woman".
1964-Twenty-two-year-old Cassius Clay, who later changed his name to Muhammad All, became world heavyweight boxing champion by defeating Sonny Liston. All was well known for both his fighting ability and his personal style. His most famous saying was “I am the greatest!” Convicted of violating the Selective Service Act in 1967, he was stripped of his title; the Supreme Court reversed the decision, though, in 1971. Au was the only fighter to win the heavyweight boxing title three separate times (and he defended that title nine times) until Evander Holyfield defeated Mike Tyson in 1996.
1967 – The Supreme Court upholds the contempt-of-court convictions of Dr. King and seven other black leaders who led the 1963 marches in Birmingham. Dr. King and his aides enter jail to serve four-day sentences.
"I must confess
that over the last few years I have been gravely disappointed with the
white moderate. I have almost reached the regrettable conclusion that
the Negro's great stumbling block in the stride toward freedom is not
the White Citizen's Council-er or the Ku Klux Klanner, but the white
moderate who is more devoted to "order" than to justice; who
prefers a negative peace which is the absence of tension to a positive
peace which is the presence of justice; who constantly says "I
agree with you in the goal you seek, but I can't agree with your methods
of direct action;" who paternalistically feels he can set the timetable
for another man's freedom; who lives by the myth of time and who constantly
advises the Negro to wait until a "more convenient season."
Shallow understanding from people of goodwill is more frustrating than
absolute misunderstanding from people of ill will. Lukewarm acceptance
is much more bewildering than outright rejection."
1967 -- Benefit at the Fillmore for KPFA radio station. Pink Floyd and the Sopwith Camel performed.
1972 -- Worst US rail accident in 14 years; 45 die in Chicago.
1974- Muhammad Ali regained the heavyweight title by knocking out defending champion George Foreman in the eight round of a fight in Kinshasa, Zaire, first heavyweight championship fight ever held in Africa. Ali was named fighter of the year1976 by Ring magazine.
1975- Winger Johnny Bucyk of the Boston Bruins scored the 500th goal of his career in a 3—2 Bruins’ victory over the St. Louis Blues. Bucyk finished his career with 556 goals and entered the Hockey Hall of Fame in 1981
1976 -Dr. Joseph H. Evans was elected president of the United Church of Christ. It made him the first African-American leader of this predominantly white denomination.
1976 - The group, Chicago, started its second (and final) week at number one on the pop singles charts with, "If You Leave Me Now". The hottest LP was Stevie Wonder’s "Songs in the Key of Life". The album was number one for a total of 14 weeks.
1976 -Jane Pauley becomes news co-anchor of the Today Show. http://www.msnbc.com/onair/bios/j_pauley.asp
1984 - Barry Manilow opened at Radio City Music Hall, New York. His concerts sold out to the tune of $1.9 million, besting (by $100,000) the record set by Diana Ross.
1984 - Dan Ackroyd and John Belushi, aka The Blues Brothers (Jake and Elwood), hit the two-million-dollar sales mark with their LP, "Briefcase Full of Blues".
1996-IBM subsidiary Lotus said it would include a Web browser in its Lotus Notes software, a popular groupware program that allowed users to share data and collaborate on documents. The browser would allow users to store Web pages and work with them offline. In a surprise takeover, IBM had purchased Notes in July 1995, in an attempt to shore up its offerings in networking and Internet software. The takeover was the largest-ever deal for a software company. Companies
such as System1,later to become CapitalStream, partnered with Lotus notes
and offered a “seamless” technology from application to funding and documents
via the Web through Nation’s Capital ( never got off the prototype stages as
leasing companies fought having their documents shared in System1 software.)
2001- Matt Williams becomes the first player in World Series history to hit home runs with three different teams. He homered in the Fall Classic for the Indians in 1997 and the Giants in 1989.