Kit Menkin's Leasing News
www.leasingnews.org Wednesday, September 18, 2002
Accurate, fair and unbiased news for the equipment Leasing Industry
Tuesday’s Leasing News posted www.leasingnews.org at 11:15 am PDT
( added music to yesterday’s to “pep it up” –reason for delay in posting)
Pictures from the Past
Help Wanted ads
Asset Management: New Orleans, LA "ELA"
Portfolio Manager/Hibernia Bank/New Orleans/ Provides operational support for equipment leasing services. 7+ years of exp. in commercial equipment leasing/asset management. Email:firstname.lastname@example.org
Collector: Marshall, MN "UAEL "
New Collection Manager position available to lead collection efforts in small ticket group. Works with Management peers to recommend actions on non-collectable accounts and ensure compliance to company policy. Email:email@example.com
Contract Administrator: Dallas, TX "UAEL "
Pioneer Capital Corporation is looking for an experienced document/funding processing person. Interested parties should email resume to:firstname.lastname@example.org
Controller: Pearl River, NY "ELA"
Asst. Controller. Central US Progressive organization in the vendor finance business. CPA required, Big 5 exp. preferred. Competitive base + bonus. Relocation. Email:email@example.com
### Denotes Press Release
Tomorrow---Top Gun Eric Sidebotham
Equipment Leasing and Finance Foundation Study Identifies Traits of Small Businesses Who Lease Equipment Most
Top Reasons To Lease Identified Earlier Correlate With Foundation Findings
Arlington, Virginia A study released today by The Equipment Leasing and Finance Foundation identifies the reasons small firms lease and the characteristics of the small firms who lease the most. According to the results, small companies who use leasing as a strategic financing option are those that are either partnerships or corporations, have more than $250,000 in assets, have been in existence for less than 20 years, employ managers that have at least five years worth of experience, and are not among the firms with the very strongest credit ratings.
“The study implies the motivations behind the lease versus buy decision of small, privately-held firms,” said Lisa Levine, executive director of The Equipment Leasing and Finance Foundation. “The information underscores what the Equipment
Leasing Association (ELA) discovered earlier in the year through its study of the Small Business Administration's (SBA) State Small Business Contest winners. “
“We see a strong correlation between the characteristics of the small firm who will mostly likely lease equipment versus purchase, and the top three reasons to lease identified by the SBA study,” continued Levine. “Clearly, small firms who are younger and growing would find that the advantages gained by leasing equipment help them compete.”
The top three reasons to lease stated by the contest winners, cited in ELAs SBA study, are:
· the ability to manage company growth,
· take advantage of the latest technology, and
· improve asset management.
The SBA survey also found that 73 percent of small businesses lease equipment.
Organizations seeking more information about leasing, including the questions to ask before signing a lease and help in finding a leasing company, should visit www.LeaseAssistant.org
The Foundation study is the first study of leasing and small firms undertaken by the Foundation, and one of the few available on the subject. The study is based on data taken from the National Survey of Small Business Finances that is conducted by the
Board of Governors of the Federal Reserve System and the U.S. Small Business Administration. The most recent available data, from 1998, was gathered from more than 4,600 small U.S. firms.
About The Equipment Leasing and Finance Foundation
The Equipment Leasing and Finance Foundation is a 501c3 non-profit organization established in 1989 by the Equipment Leasing Association of America (http://www.elaonline.com). The Foundation develops and promotes the body of knowledge to enhance recognition and understanding of equipment lease financing. The Foundation’s strategic objectives are to maximize the role that equipment leasing plays in the world economy, and to be the prime developer and disseminator of a body of knowledge of the leasing industry. Visit the Foundation online at http://www.leasefoundation.org.
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 at http://www.leaseassistant.org. Headquartered in Arlington, Va., ELA has more than 800 member companies and a staff of 27 professionals. Equipment leasing is estimated to be a $244 billion industry in 2002. Visit ELA online at http://www.elaonline.com.
( This may get through to our CIT readers, we shall see. Yesterday’s e-mail
came back from all CIT addresses: “ The message has been electronically scanned and found to have content that is prohibited by Company Policy.”
NEW YORK, -- CIT Group Inc. (NYSE: CIT - News) today reported its results for the quarter ended June 30, 2002. Net loss for the quarter was $1,993.5 million including the following charges:
(1) a $1,999.0 million goodwill impairment charge in accordance with
SFAS 142, taking into account the initial public offering valuation of
the company relative to the book value of goodwill recorded in
conjunction with Tyco's acquisition of CIT. This charge does not
impact CIT's total tangible capitalization, cash flow or revenues.
Goodwill as of June 30, 2002 following the impairment charge was
(2) a $200.0 million pretax provision related to CIT's telecommunications
portfolio, principally reflecting further weakness in the competitive
local exchange carrier (CLEC) industry.
(3) a $40.0 million pretax provision related to our Argentine portfolio.
This provision is attributable to continued deterioration of the
valuation of Argentine pesos relative to the U.S. dollar following the
Argentine government's economic reforms adopted earlier this year,
which forced conversion of dollar-denominated loans into pesos.
(4) a $20 million pre-tax provision to bolster general reserves despite
asset run-off during the quarter.
Net income for the June 30, 2002 quarter, excluding the charges described above, was $166.7 million, as compared to $216.2 million in the March 2002 quarter prior to goodwill impairment and Argentine charges. This comparison reflects higher charge offs and increased borrowing costs associated with the disruption to our funding that began in the March 2002 quarter.
The table below summarizes the reported financial results, reserving actions and resulting earnings:
(Dollars in millions) Quarters Ended Nine Months Ended
June 30, June 30,
2002 2001 2002 2001
GAAP net (loss)/
net income as
$(1,993.5) $(7.6) $(6,109.9) $312.6
Goodwill impairment 1,999.0 -- 6,511.7 --
Goodwill amortization -- 27.2 -- 67.0
charges(1) 161.2 158.0 220.1 158.0
Net income - before
charges $166.7 $ 177.6 $621.9 $537.6
(1) Reported results from the quarter ended June 30, 2001 included special
charges totaling $158.0 million after-tax, including costs relating to
the Tyco acquisition.
"This past quarter was a time of critical transition for CIT as we prepared to re-emerge as the largest publicly-traded independent commercial finance company. We devoted significant effort preparing for our recent IPO and maintaining liquidity for the business and at the same time focused on serving our customers and expense control. We're pleased the market endorsed our offering with demand for our shares that allowed a substantial portion of the underwriter's over-allotment option to be exercised, giving us $255 million of new capital," said Albert R. Gamper, Jr., CIT President and CEO. "Our current important initiatives are to return to the unsecured debt markets and to grow assets prudently."
Funding and Liquidity Plan.
CIT's results for the June quarter were impacted by the first full quarter of higher financing costs resulting in large part from the company's exit from the commercial paper market in February 2002, its use of unsecured bank credit facilities and excess liquidity, and the issuance of $2.5 billion in 5 and 10 year term debt on April 1, 2002.
Following the initial public offering on July 2, 2002, CIT's long-term debt and commercial paper credit ratings were upgraded by Standard & Poor's to A/A-1 and by Fitch Ratings to A/F1, facilitating the company's return to the commercial paper markets. Moody's rates CIT long-term debt and commercial paper at A-2/P-1. On July 15, 2002 CIT announced its selection of five commercial paper dealers as a first step to re-initiate a commercial paper program, with a maximum program size targeted at $5 billion.
Managed assets declined to $47.7 billion at the end of this year's quarter from $48.1 billion at March 31, 2002 and $51.1 billion on June 30, 2001. Managed assets continued to decline due to liquidity constraints, soft origination volume reflecting current economic conditions and the continued runoff of the liquidating portfolios.
On balance sheet finance receivables and leases declined to $27.9 billion at June 30, 2002 from $29.7 billion at March 31, 2002 (including the $3.4 billion of securitized short-term trade accounts receivable on balance sheet), due to continued high securitization volumes in the current quarter, which were executed for liquidity purposes. The liquidating portfolio, which includes trucking, franchise, manufactured housing, recreational vehicle and inventory finance loans, declined to $1.9 billion at June 30, 2002 from $2.2 billion at March 31, 2002.
Net Finance and Risk Adjusted Margins.
Net finance margin contracted during the current quarter to 4.11% from 4.98% in the prior quarter, reflecting the full impact of higher funding costs and maintaining excess balance sheet liquidity. This includes higher costs of replacing the commercial paper portfolio with higher cost bank loans and the issuance of $2.5 billion of 5 and 10 year term debt during the quarter.
Excluding the $260 million of reserving actions, risk adjusted margin was 2.98% for the current quarter compared to 3.87% in the quarter ended March 31, 2002 (also excluding the $95.0 million pre-tax Argentine provision recorded in that period).
Total 60+ day delinquencies as a percentage of finance receivables declined to $1.030 billion, 3.69% of finance receivables from $1.158 billion, 3.90%, at March 31, 2002. The decrease as measured in dollars from the prior quarter was due to improvements in most portfolios most notably the Equipment Financing and Leasing, Specialty Finance and Commercial Services portfolios. Managed 60+ day delinquencies similarly declined to $1.520 billion (3.74%) at June 30, 2002 from $1.680 billion (4.09%) at March 31, 2002.
Charge offs during the June quarter were $126.0 million, or 1.79% of average finance receivables, compared to $112.4 million, 1.58%, in March, and $156.7 million, 1.91%, in the comparable prior year period. Core chargeoffs, excluding the liquidating portfolios (trucking, franchise, manufactured housing, recreational vehicle and inventory finance loans), were $105.9 million, 1.59% in the June quarter, up from $75.2 million, 1.13%, in the quarter ended March 31, 2002. The increase in core chargeoffs is due to higher losses in the Equipment Financing portfolio, as equipment collateral values remain soft in the current economic environment, and higher losses in the commercial finance portfolio. Core chargeoffs in the prior year quarter, excluding special charges, were $77.2 million (0.94%).
Non-performing assets ended the quarter at $1.052 billion, 3.77% of finance receivables, up from $988 million, 3.32%, at March 31, 2002, reflecting a $60 million increase in CLEC/telecommunication assets on non-accrual status. The CLEC portfolio totals approximately $291 million at June 30, 2002, of which $100 million was on non-accrual status.
Total reserves for credit losses increased to $808.9 million, or 2.90% of finance receivables, from $554.9 million (2.11%) at March 31, 2002. Excluding the telecommunication and Argentine reserves, the reserve for credit losses was approximately 1.70% of finance receivables at both June and March 2002, up from 1.50% at June 30, 2001. Reserves relating to Argentina totaled $135 million at June 30, 2002, or approximately 75% of the total corresponding exposure. The $200 million telecommunication reserve relates primarily to the CLEC exposures in the portfolio.
Other revenue totaled $246.1 million for the quarter ended June 30, 2002, compared to $232.1 million for the quarter ended March 31, 2002 and $199.9 million (excluding special charges) in the corresponding prior year quarter. Securitization gains during the current quarter totaled $57.1 million, up $22.4 million from both the March 2002 and June 2001 quarters. These trends reflect the significant increase in securitization volume in both 2002 quarters to meet liquidity needs. Gains were higher in the current quarter due to strong market demand and deal execution. Factoring commissions improved seasonally and equipment sales gains were modest.
Salaries and General Operating Expenses.
Salaries and general operating expenses were $230.4 million for the quarter, compared to $226.9 million reported for the March 2002 quarter and down from $265.5 million in the June quarter last year. The increase from last quarter included higher collection costs and certain liquidation expenses, while the reduction from the prior year reflects restructuring initiatives following the Tyco acquisition. The efficiency ratio (salaries and general operating expenses divided by operating margin excluding provision for credit losses) improved to 38.3% as compared to 42.6% in the prior year's quarter, due primarily to higher fee income and lower employee costs. The current quarter efficiency ratio increased over the 33.4% reported for the March quarter, primarily due to the lower margin reflecting constrained growth and higher borrowing costs.
Headcount declined to approximately 5,935 employees from 6,235 as of March 31, 2002 and 7,255 the prior year. Operating expenses were 2.02% of average managed assets during the quarter, versus 2.09% core expenses reported for the comparable quarter of last year and 1.93% for the March 2002 quarter.
Capitalization and Leverage.
CIT continued to maintain strong capitalization and leverage ratios. The company's ratio of tangible equity to managed assets improved to 9.25% as of June 30, 2002, compared to 8.62% in the prior year quarter and 9.14% as of March 31, 2002. On July 12, 2002, as part of the company's IPO, the underwriters exercised their over-allotment option to purchase an additional 11.6 million shares of CIT stock for approximately $255 million. These proceeds will further strengthen our capitalization ratios.
(Full Report and Financial Statements available at:
from the $4,000 a Day Lease Trainer Popular Newsletter
“Lease Training for the Leasing Professionals”
I find it ironic that I am sitting for the Certified Leasing Professional (CLP) exam in San Diego next month at the United Association of Equipment Leasing Annual Meeting. I heard that 8-10 people are sitting and, if they are like me, they are probably nervous. Considering that I am a professional lease trainer, I cannot afford to blow it.
The last major exam, which I sat for, was my CPA exam back in 1978. Since then I have had to routinely re-take a drivers license exam every five years and go to the doctor every year for a physical exam (I am at the age where he does things to me that you do not want to know about). None of those distasteful experiences comes up to the level of fear and anxiety of taking a peer-authorized exam.
Steve Geller, Cindy Spurdle and Alison Pryor encouraged me to take the exam. They told me that it would bring me more clients and add a level of cachet to my personality (only kidding).
In order to study for the exam, I paid $55.00 for a book called The Leasing Professionals’ Handbook (Second Edition copyright 1995). On page 5 they list the names of the authors who wrote the book. I found it interesting that I know a lot of the people listed in the special acknowledgements section. In particular, I have met or am very familiar with Ken Goodman, Ken Greene (no relationship), Bob Rodi, and Bob Teichman (no relationship).
From my viewpoint, the book appears to have been written by a group of dedicated volunteers. How do I know that? Each chapter is written by an expert in his or her particular style and no one edited the book for consistency, style and duplication. In other words, it is a compilation not a training manual.
I understand that the UAEL used to own the CLP exam but transferred it to the CLP foundation which now provides CLP services to UAEL, EAEL and NAELB. Having been a long time member of the Equipment Leasing Association (ELA), I am quite surprised that they have not joined forces in supporting or updating the exam. It is something that ELA should consider.
Since the book is fairly lengthy (259 pages), I decided to read the book on an airplane from Salt Lake City (where I live) to New York (where I grew up and have family). After I finished the book, my stomach snarled. While putting down the book (and asking the flight attendant for my favorite drink) I realized that 14 authors wrote 14 distinct and uncoordinated chapters. In fact, sometimes the authors asked questions that were never answered anywhere else in the book.
Nonetheless, the impact of reading a 7-year old book startled me. Look at all of the changes that have occurred in our industry over the last seven years:
Bush got elected
Clinton got fired
Synthetic leases are under attack
SPEs are under attack
Off balance sheet financing is under attack
FASB is going head to head with the IASB
Arthur Andersen is out of business
Enron is out of business
Dennis Kozlowski is going to jail (someday)
What concerns me now is being tested on leasing history. I was never good at history, especially remembering dates and names. In the book, they refer to the Philadelphia Plan, the great Depression, closed end leases, PMSI, and California law. How am I supposed to remember this level of minutiae? Where are my Cliff notes? Can I use my calculator?
What if they ask me questions on ethics? What were the correct answers back in 1995? Will the proctor grade me on current methodologies and philosophies or use the benchmarks that existed with our leasing forefathers?
I feel prepared yet nervous. I plan to take the 1-day summary class on Thursday, October 3, 2002 at the UAEL convention. I am sure that I know my material, but you never know.
( ( ExcutiveCaliber has a mailing list of 14,500 compared to Leasing News
5,000 +- (when working, right now we are blacklisted by 1200 subscribers’
carriers )Jeff Taylor will be holding a workshop at the San Diego UAEL Conference at 9:45am, unfortunately it is opposite the “Top Gun” Leasing Salesmen Panel that I am the
moderator, otherwise, I certainly would not want to miss this $4,000 a day leasing
To learn more about the CLP Foundation, please go here:
I should mention a lot of the book that Jeff is referring to was written or edited by
Bob Teichman, CLP, who is also a lease educator, director of UAEL and also Leasing
News. I believe Bob donated his time as the CLP group never had any money
and everything was donated. Maybe Jeff and a group could get together and
work on a new edition. Kit Menkin, Editor )
Creve Coeur-based Computer Sales International, Inc. (CSI) announced that it has entered into a binding agreement to acquire Panthus Leasing GmbH, headquartered in Frankfurt, Germany. CSI has already completed its due diligence investigation and the purchase is expected to close this week. Terms of the transaction were not disclosed.
Like CSI, Panthus specializes in the leasing of information technology equipment to large businesses. Panthus, formerly known as Universal Computer Leasing, has been in the leasing business for over 20 years, employing 29 people with offices in Berlin as well as Frankfurt. In 2000, Panthus was purchased by a large German computer distributor m+s Elektronik AG. But early this year m+s was declared insolvent and was forced to put its subsidiaries up for sale.
"We look upon this as a unique opportunity to enter the German market with an experienced administrative and sales team and a sizeable portfolio of leases with a high-quality customer base," announced Steve Hamilton, CSI's executive vice president and director of acquisitions and international operations. Hamilton also noted that, "Germany is the largest IT market in Europe, accounting for roughly 33% of all IT spending in the European Union, and many of CSI's US-based customers have operations there, so we believe this is a good fit and will provide a new growth opportunity for CSI." Panthus will do business under the new name CSI Leasing Deutschland GmbH.
More information on CSI is available at www.csileasing.com.
Kropschot Financial Services initiated this transaction and represented creditors of the seller in the CSI acquisition of Panthus Leasing GmbH.
Kropschot Financial Services
116 Estuary Drive
Vero Beach, FL 32963
KEY EQUIPMENT FINANCE NAMED LEASING PARTNER
SUPERIOR, Colo., USA Key Equipment Finance, one of
the nation¹s largest bank-affiliated equipment financing companies and an
affiliate of KeyCorp (NYSE: KEY), today announced that it has been selected
by Lucent Technologies as the primary leasing partner for Lucent channel
partners in Europe.
Through this new agreement which is expected to bring Key Equipment
Finance annual originations of at least $50 million Key Equipment Finance
will provide financing to European end user customers or Lucent¹s Advantage
BusinessPartners who resell telecommunications and networking equipment.
A lease option provides end-user customers with tax benefits, upgrade
flexibility and better asset management, in addition to a lower cost of
acquisition. Companies that provide this service often see an increase in
sales and an improvement in margins by reducing the amount of time between
when a sale closes and when a company receives payment.
Key Equipment Finance has significant experience with vendor leasing
programs and a wide reach across all of Europe. The company employs a staff
of more than 130 people in the region.
"When purchasing complex telecommunications and networking equipment,
customers need a simple financing solution," said Nicolaas Rauwenhoff, vice
president of the BusinessPartner Group, Lucent Europe. "Key Equipment
Finance, as demonstrated through its international reach and experience in
the vendor leasing market, will help us to provide the right financing
options to our customers"
Lucent is working with Key Equipment Finance in order to offer a full
solution to its business partners. The financial relationship is between
Key Equipment Finance and either the end-user customer or the Advantage
BusinessPartner with no recourse to Lucent on the financing.
"By providing a lease option to its European Advantage BusinessPartners,
Lucent is taking its commitment to being a total solutions provider one step
further," said Karen Larson, president and COO of Key Equipment Finance¹s
global vendor services group. "Customers throughout Europe will realize this
commitment through their ability to secure Lucent¹s highly acclaimed
products with the maximum flexibility in terms of payment terms, upgrades
and add-ons that are so essential in today¹s ever-changing technology
About Lucent Technologies
Lucent¹s Global Business Partners Group works with resellers, distributors
and systems integrators to sell Lucent¹s products and services to
enterprises, small service providers and government entities. For more
information on the Advantage BusinessPartner program or to locate a
BusinessPartner, visit the Web site at
Lucent Technologies, headquartered in Murray Hill, N.J., USA, designs and
delivers networks for the world's largest communications service providers.
Backed by Bell Labs research and development, Lucent relies on its strengths
in mobility, optical, data and voice networking technologies as well as
software and services to develop next-generation networks. The company's
systems, services and software are designed to help customers quickly deploy
and better manage their networks and create new, revenue-generating services
that help businesses and consumers. For more information on Lucent
Technologies, visit its Web site at http://www.lucent.com.
About Key Equipment Finance
Key Equipment Finance provides business-to-business equipment financing
solutions to: small businesses in the U.S.; mid-to-large size businesses in
the U.S. and Canada; the customers of equipment manufacturers, distributors
and value-added resellers worldwide; and federal, state and local government
as well as other public sector organizations. Headquartered near Boulder,
Colo., Key Equipment Finance has been in the equipment finance business for
nearly 30 years and has a presence in 25 countries, with major operations in
Albany, London, Toronto, and Sydney. The company employs more than 600
people worldwide and manages an $8 billion equipment portfolio with annual
originations of nearly $3 billion. Additional information is available at
Ohio-based KeyCorp (NYSE: KEY) is one of the United States¹ largest
bank-based financial services companies, with assets of approximately $83
billion. Key companies provide investment management, retail and commercial
banking, retirement, consumer finance, and investment banking products and
services to individuals and companies throughout the United States and, for
certain businesses, internationally. The company's businesses deliver their
products and services through KeyCenters and offices; a network of
approximately 2,400 ATMs; telephone banking centers ; and a Web site,
Key.com, that provides account access and financial products 24 hours a day.
# # #
CONTACT: Cori Keeton
Asset Securitization Report
Sources say that Frontier Leasing is selling some $50 million of
small- and middle-ticket equipment lease-backed paper through
WestLB to pay down a multi-year warehousing facility; the
facility, set up by WestLB, is used by Frontier for interim
funding of eligible lease contracts and financed equipment. The
fixed-rate offering includes three classes, with credit support
from the subordination of certificated classes, funds on deposit,
and overcollateralization. Frontier sold equipment lease ABS
twice in the last few years and intends to issue on an annual
basis. The company originates and services equipment leases to
small and mid-sized businesses, and the equipment it leases is
highly specialized. For transactions over $250,000, it acts as a
ABSNet provides the industry's most comprehensive database of ABS deal performance data. Once issued, ABS collateral will under or outperform assumptions made at origination. Standard & Poor's and Fitch rely on ABSNet to support their surveillance process and hundreds of investors, issuers, and other market participants monitor deal performance using ABSNet. ABSNet has you COVERED with...
The Industry's largest ABS performance database spanning over 700 Issuers, 5,000 deals, and 30,000 bonds.
The Industry's deepest database with current and historical performance statistics, tracking over 100 performance variables per deal. Our database includes years of history, often inception to date, as well as deal notes, prospectuses, and servicer reports.
Library of over 3,600 servicer reports online.
Information on the underlying collateral pool and credit support facilities.
Pre-defined views at the deal, class, and pool level. ABSNet Deal Summaries provide a snapshot of deal information, while ABSNet Performance Data views offer a more in-depth analysis of selected variables. You can define and save your own views from ABSNet's extensive library of performance variables.
All of the data associated with a deal can be graphed instantly for a quick visual analysis, or exported to third-party applications such as Microsoft Excel.
From: Industry News Weekly is free to ELA members.
Copyright 2002 by the Equipment Leasing Association http://www.elaonline.com/
Phone: 703/527-8655 Fax: 703/527-2649
If you have other questions or comments relating to Industry News Weekly,
please email Amy J. Miller, Vice-President of Communications, at
Please send to a colleague as they may not be receiving our e-mail since
many carriers are considering Leasing News as Spam ( must be from
one of those companies who we made give back the Advance Rental
for the deal they did not fund.
. Renewal Notice - Your White Pages Listing Has Expired
If your customers can't find you, they're not your customers!
Your current White Pages listing from the Lessors Network has expired and is scheduled to be removed from the White Pages
directory the end of this month. We invite you to renew your listing today to avoid interruption of service.
To view your current White Page listing, please follow these simple instruction:
1) Click http://www.lessors.com
2) Type your email address and enter The Lessors Network
3) From the left side of the page, click “White Pages”
4) Scroll down the page until you find your listing.
As the Lessors Network White Pages is the only Internet directory providing access to your contact data (email address and
telephone numbers), we're sure you will want to renew your listing today. Not having a White Pages listing is like having an
unlisted telephone number for your business...not a great idea!
Annual White Pages listings cost just $50 (about $4.00 per month) and make it easy for customers to find you. Members of the
Lessors Networking Association (LNA) confirmed (paid) for the 2003 Membership Period receive complimentary White and
Yellow Pages listings with their membership. - To join LNA, visit - http://www.lessors.com.
To avoid interruption of your White Page listing, please follow these simple instruction:
1) Click http://www.lessors.com
2) Type your email address and enter The Lessors Network
3) From the left side of the page, click “White Pages”
4) From the navigation bar at the top of the page, click “Renew | Edit Your Listing”
5) Complete the information required and click “Submit”
You will be delivered to an online invoice with payment instructions.
Remember, if your customers can't find you, they're not your customers!
CapitalStream Provides Real-Time, Business Rules Based, Process
Management for Fleet's Vendor Finance Strategic Business Unit
SEATTLE, -- CapitalStream (www.CapitalStream.com), a Seattle-based provider of business and commercial credit automation technology for the Financial Services Industry, today announced Fleet Capital Leasing's Vendor Finance Division as its newest customer to implement FinanceCenter, CapitalStream's flexible technology platform. Fleet Capital Leasing chose CapitalStream's solution to allow its Vendor Finance middle market lease origination team to manage its customer relationships in a much more efficient manner.
FinanceCenter provides business credit origination and workflow automation in a single solution that delivers real-time, collaborative decisioning, documentation management and workflow automation capabilities. CapitalStream's end-to-end solution automates all business credit processes from quote, submittal, and schedule creation and maintenance, to the generation of a credit offering memorandum, credit approval process, and the uploading of funding information to Fleet's portfolio management platform.
George Lehnertz, division president and CEO of Fleet's Global Vendor Finance Division, said, "Fleet's goal was to provide a powerful suite of management tools to our clients, and the Capital Stream solution does that."
"By providing a superior level of access to information, our clients are better able to manage their sales and funding operations."
"We believe these changes reflect our continuing commitment to the world class service we offer our clients; however, there are many internal benefits as well," Lehnertz pointed out. "The process management features of the Capital Stream product have enabled us to streamline handling routines. "That translates into cost savings for Fleet and more importantly, faster and more accurate service to our clients."
"Global Vendor Finance," said Lehnertz, "has been recognized as an industry service leader for years, and these tools will help us maintain that competitive edge."
"The efficiencies created by our business credit automation technology equals more revenue and less risk by ultimately reducing the cost on every transaction," says Jeff Dirks, president and COO of CapitalStream. "CapitalStream has been leading the way in business credit automation for many years and will continue to work with companies like Fleet to improve origination and credit processes to reduce costs and achieve greater profitability."
By providing the tools to better manage credit risk, reduce costs, and attract new business by automating manual processes for leases, loans, cards and lines the CapitalStream -- FinanceCenter platform has enabled many financial services companies to continue to improve their customer's experience and increase operating efficiencies.
About Fleet Capital Leasing
Fleet Capital Leasing, a unit of FleetBoston Financial, is the second largest bank-owned leasing company in the U.S. and the sixth largest overall. Recent rapid growth has increased assets to in excess of $15 billion. The company operates several unique businesses structured around customer solutions from more than 40 domestic offices as well as international locations strategically situated in London, Dusseldorf, and Latin America. More information is available at Fleet Capital Leasing's website at www.fleetcapitalleasing.com.
Seattle-based CapitalStream delivers business credit automation solutions for the financial services industry. CapitalStream's FinanceCenter(TM) provides tools to better manage credit risk, reduce costs, and attract new business by automating manual processes for leases, loans, lines and cards. CapitalStream, an established industry leader, has helped hundreds of financial organizations increase their competitiveness, customer service and profitability.
CO: CapitalStream; Fleet Capital Leasing
SAUSALITO, Calif.--( --Willis Lease Finance Corporation (Nasdaq:WLFC) and its affiliates announced today that it has closed an agreement for a $200 million revolving warehouse credit facility with a bank group including Barclays Bank PLC (NYSE:BCS) and Fortis Bank (Nederland) N.V. This new credit facility replaces an existing $190 million facility, due to expire in February 2003. With the closing of this agreement, UBS Warburg will become the structuring and placement agent for the company's planned asset backed securitization of a portion of its lease portfolio.
"More than half of our lease revenues are generated in Europe and we are very pleased to have such a prestigious group of European financial institutions working with us to fund our enterprise," said Charles F. Willis, President and CEO. "We believe this new financing partnership signals a growing confidence in our business model, in spite of the difficult conditions currently impacting the aviation industry. Our engine portfolio has more than quadrupled to $501 million in the past five years and our utilization rate has been slowly rebounding from the lows we experienced following 9/11."
In conjunction with the change in banking relationships, the company will take a charge of approximately $0.8 million in the third quarter for legal and banking fees, the majority of which represents non-cash items relating to the unamortized portion of previously capitalized expenses under the old credit facility.
The new one-year revolving warehouse credit facility is immediately available to Willis Engine Funding LLC, a newly created special purpose entity and wholly-owned subsidiary of WLFC. This and other borrowing facilities support the company and its subsidiaries in financing the acquisition of jet aircraft engines and other aviation equipment for its lease portfolio.
Asset backed securities (ABS) allow companies to obtain financing by packaging and selling notes backed by income producing assets into the secondary market. UBS Warburg will be the structuring and placement agent for the company's planned ABS transaction. Barclays Capital and Fortis Bank will be co-lead managers along with UBS Warburg. "Because jet aircraft engines are a new asset class, the process requires an investment banking team dedicated to investing the time and effort necessary to inform targeted members of the investment community of the benefits and risks associated with it," said Monica J. Burke, CFO. "Having this team of highly regarded investment bankers puts us in a great position to be able to capitalize on the benefits of an ABS transaction given favorable market conditions."
In August, WLFC reported second quarter 2002 pre-tax earnings before gain (or loss) on sale transactions of $1.1 million compared to $775,000 in the first quarter of 2002. Net income was $577,000, or $0.07 per diluted share, during the second quarter of 2002, and $1.5 million, or $0.17 per diluted share, for the first half of 2002. The company earned $2.4 million, or $0.27 per diluted share, in the second quarter of 2001, and $4.7 million, or $0.53 per diluted share, in the first half of 2001.
About Barclays Bank PLC
Barclays is a UK-based financial services group engaged primarily in banking, investment banking and investment management. In terms of assets employed, Barclays is one of the largest financial services groups in the United Kingdom. The Barclays Group also operates in many other countries around the world and is a leading provider of coordinated global services to multinational corporations and financial institutions in the world's main financial centers. Barclays has been involved in banking for over 300 years and operates in over 60 countries. The Barclays Group staff numbered 78,400 worldwide at June 30, 2002.
About Fortis Bank (Nederland) N.V.
Fortis is an international financial services provider active in the fields of insurance, banking and investment. With a market capitalization of EUR 37.7 billion and some 69,000 employees, Fortis ranks among the twenty largest financial institutions in Europe. In 2001 net operating profit amounted to EUR 2,267 million and at year-end total assets came to EUR 483 billion.
About UBS Warburg
UBS Warburg is the investment banking division of UBS AG (NYSE:UBS), one of the largest financial services firms in the world with 70,000 employees in more than 40 countries. UBS Warburg is a leader in equities, corporate finance, M&A advisory and financing, financial structuring, fixed income issuance and trading foreign exchange, derivatives and risk management. UBS Warburg is one of four business groups of UBS along with UBS PaineWebber, UBS Global Asset Management and UBS Switzerland.
About Willis Lease Finance
Willis Lease Finance Corporation leases spare commercial aircraft engines, rotable parts and aircraft to commercial airlines, aircraft engine manufacturers and overhaul/repair facilities. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines.
Except for historical information contained herein, the matters discussed in this release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements. They give the Company's expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them to reflect changes that occur after that date. The Company's actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, the Company's ability to introduce a new class of assets to the ABS market and the interest of the investment community in such securities, the long-term effects of the September 11th terrorist attack on the airline industry and the world economy, and the industry's ability to recover therefrom, maintaining supplier and customer relationships, the effect of changing economic conditions, trends in the airline industry, including lease durations, risks associated with refurbishing and providing jet engines and aircraft, the ability of the Company to successfully negotiate equipment purchases and to remarket or re-lease engines and component packages in a timely manner, changes in accounting guidelines, the ability to collect outstanding revenue commitments, the ability to control costs and expenses, changes in interest rate levels, availability of capital to the Company, the ability of partners to fund commitments to the Company, the valuation of engines in the secondary market and the ability of the company to profitably complete engine transactions, and other risks detailed in the Company's Report on Form 10-K and continuing reports filed with the Securities and Exchange Commission.
Willis Lease Finance
Donald A. Nunemaker, 415/331-5281
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By WALTER HAMILTON, LOS ANGELES TIMES STAFF WRITER
NEW YORK -- For former Tyco International Ltd.
Chief Executive L. Dennis Kozlowski, $2,200 apparently wasn't an extravagant price to pay for a wastebasket. Nor was $15,000 for an umbrella stand--at least, not when the purchases were made with the company's money.
In a report submitted Tuesday to federal regulators, Tyco claimed that Kozlowski bought these items, and others, at shareholder expense. The filing, which marks the latest revelations of alleged executive excess in the wave of corporate scandals this year, also adds new details about Kozlowski's use of corporate loan and bonus programs to carry out what prosecutors last week said was a deliberate looting of the conglomerate since 1995.
Tyco, which ousted Kozlowski in June, now asserts that he misappropriated tens of millions of dollars of company funds during his tenure. Kozlowski, 55, was indicted on corruption and grand larceny charges last week in Manhattan. Two other senior executives also were charged.
The information in the company's report sent Tuesday to the Securities and Exchange Commission echoes the indictment, but includes additional allegations of abuse--listing outlays such as $6,000 for a shower curtain and more than $1 million for a Roman-themed birthday party in Sardinia for Kozlowski's wife. The report stunned even some veteran critics of corporate practices.
"It's like going to a buffet and stuffing your pockets with everything in sight," said Charles Elson, a corporate governance specialist at the University of Delaware.
Kozlowski's lawyer, Stephen Kaufman, did not return phone calls seeking comment. He has said the indictment represented unproven allegations.
In a year in which a number of chief executives have faced charges of financial malfeasance and self-dealing, the cases brought against Kozlowski by prosecutors and the company allege an elaborate scheme in which shareholder funds were systematically used without authorization by the company's directors.
For example, the report alleges that Kozlowski--whom the company has described as one of the highest-paid CEOs in the U.S. in the 1990s--had Tyco buy his home in New Hampshire at three times its market value in 2000.
Kozlowski frequently donated money to charities in his own name, using company funds, the report said. In one case, he gave $1.3 million to preserve the Squam Swamp in Nantucket, Mass. The land was next to his own estate and the donation prevented the land from being developed.
The company also alleges that Kozlowski enriched dozens of other Tyco employees with unauthorized bonuses and benefits.
Kozlowski struck a compensation deal with Mark Belnick, the former chief corporate counsel, that gave Belnick an incentive to aid Kozlowski's diversion of company funds, the company said. Kozlowski secretly promised to tie Belnick's annual bonus to his own, the report said.
In another instance, the report said, Kozlowski directed that the company forgive relocation loans given to 51 employees and pay the income taxes they would have owed. The deal cost Tyco almost $96 million, about one-third of which went to Kozlowski.
Tyco contends that Kozlowski and the other executives who have been indicted--Belnick, 55, and Mark H. Swartz, 42, the company's former chief financial officer--went to great lengths to mask their actions from the company's board.
The report said the 51 employees whose loans were forgiven were forced by Kozlowski to sign confidentiality agreements, forbidding them from disclosing the deals. Some were barred from keeping duplicate copies of the agreements.
The company revealed the names of a number of high-ranking executives whose company loans were forgiven at Kozlowski's direction. Several of them have repaid their loans, the report said.
The report itemized tens of millions of dollars in personal expenditures that Kozlowski bought with company money. They include his $16.8 million apartment on Fifth Avenue -- along with $3 million in renovations and $11 million in furnishings -- and a $7 million apartment on Park Avenue for his ex- wife.
According to the report, he also had the company secretly pay for personal items like an $80,000 American Express bill; a $72,000 fee to German Frers, designer of luxury yachts; a $17,100 traveling toilet box; a $15,000 dog umbrella stand; a $6,300 sewing basket; a $6,000 shower curtain; $5,960 for two sets of sheets; a $2,900 set of coat hangers; a $2,200 gilt metal wastebasket; a $1,650 notebook; and a $445 pincushion.
The report follows a four-month internal investigation conducted by David Boies, the lawyer who represented the government against Microsoft. The review is intended to help the company move beyond the scandal and show that the new management has ended such excesses and stands behind the company's financial reports.
But questions remain about the company's accounting practices and whether its excesses have been brought to an end. Many employees who received loans that were later forgiven -- and all signed confidentiality agreements as a condition of the deals -- are still on the payroll.
. It was not clear whether more Tyco employees could be charged with wrongdoing.
Other than Kozlowski, Swartz and Belnick, the other employees thought their compensation packages had been approved by Tyco directors, a Tyco spokesman said, and they believed the compensation was proper.
Swartz's attorney said in a statement Tuesday that his client is innocent and the report "does not change that fact." Belnick's attorney did not return a phone call.
The report was compiled by a special Tyco investigative committee headed by prominent attorney David Boies. Tyco is one of several companies that have hired law firms to conduct corporate investigations following the disclosure of accounting troubles or other problems.
Tyco described the report as far more extensive than required by law but said it was undertaken to restore investor confidence in the company.
Tyco, which had sales of $36 billion last year from products including undersea cables, alarm systems and electronic components, stressed Tuesday that it would not have to restate its books to account for the millions it alleges were stolen by Kozlowski. In part, that is because bonuses and other payments were masked by previously recorded write-offs, Tyco said.
However, new Chief Executive Edward D. Breen has ordered an internal audit of the company's books.
Kozlowski, once considered a master deal maker who transformed Tyco with hundreds of mergers in the 1990s, was ousted by the company in early June and indicted a day later in a case brought by Manhattan Dist. Atty. Robert Morgenthau on charges of evading sales taxes on purchases of expensive artwork.
Morgenthau returned last week with a broader indictment alleging corruption.
Meanwhile on Tuesday, Kozlowski and Swartz, in a court appearance, said they were having trouble raising bail because their assets have been frozen by Morgenthau's office. Kozlowski must post a $100-million bond secured by $10 million in cash or property, while Swartz must post a $50-million bond secured by $5 million in assets. The men are due in court on Thursday for another hearing on the matter..
High-power Ex-CEO 'has met his match'
Elizabeth Mehren, Los Angeles Times
Boston -- He was hailed as the Tiger Woods of management, a brilliant business magician and, as head of General Electric Co., one of the world's most admired executives. In turn, Jack Welch heaped praise on his wife, Jane, lauding her in his best- selling autobiography as "the perfect partner."
Now that they are divorcing, Jane Beasley Welch has become the most formidable opponent America's best-known CEO ever encountered.
Thirteen years after they wed on the island of Nantucket, the two are embroiled in what promises to be not just one of this country's costliest divorces, but possibly one of the nastiest.
Following disclosure of his affair with the editor of the Harvard Business Review, the captain of capitalism has been painted as a ruthless womanizer who let his shareholders pay for just about everything -- right down to the GE lightbulbs in his numerous homes. Jane Beasley Welch has emerged as the modern model of the savvy corporate wife: so clever that she thought to include an expiration date in her prenuptial agreement -- and stayed married three years past the termination date.
With perhaps $1 billion at stake, the Welch divorce is a primer on how wealthy couples uncouple. The case also affords a window into the astonishing benefits corporations lavish on retired top executives -- everything, in Jack Welch's case, from sports tickets to the lifetime use of GE-owned jets, with charge accounts at flower shops and one of New York's most expensive dining establishments thrown in as well. Mostly, this is a story about how a man who routinely crushed adversaries when he ran a Fortune 500 empire could not steamroll his own wife.
MET HIS MATCH
Welch may be tough, shrewd and possessed of a competitive spirit dwarfed only by a megalithic ego, but, said a New York lawyer who knows Jane Welch well, "I can tell you this much: Jack Welch has clearly met his match."
The 50-year-old former mergers-and-acquisitions lawyer fired the first salvo by telephoning the woman who has having an affair with her husband. Don't you think, Jane Welch asked Harvard Business Review editor Suzy Wetlaufer in a now-legendary conversation, that it's inappropriate to write about someone you're sleeping with?
Flaunting a shiny diamond bracelet given to her by Welch, Wetlaufer, 42, left her job in April, weeks after she took Jane Welch's call.
Jack Welch, 66, soon announced that he expected an amicable divorce, with details to remain "personal" and private. For her attorney, Jane Welch chose William Zabel, who specializes in keeping the details of high-profile divorces personal and private.
Then, Jack Welch filed for divorce in Connecticut, one of four states where the couple have residences. Assets in Connecticut divorces are divided under a policy called equitable distribution, which does not guarantee a 50-50 split.
Despite Welch's intentions to keep things private, Jane Welch filed an affidavit in Bridgeport, Conn., outlining the couple's "extraordinary" standard of living -- much of it compliments of General Electric. The next day,
a long New York Times article described how GE pays for the apartment the Welches occupied on Central Park West, membership fees at five country clubs and full staffs and services at homes in Florida, New York, Connecticut and Massachusetts.
SECURITIES AND EXCHANGE
By Monday, the Securities and Exchange Commission had launched an informal investigation into Welch's compensation agreement. Welch himself penned a column in Monday's Wall Street Journal revealing that he had offered last week to give up many of his retirement benefits -- and the GE board accepted.
Welch earned $16.7 million at GE in 2000, his last full year of employment. In retirement, he receives $86,000 per year as a consultant for 30 days' work. For each additional day of consulting after that, GE pays Welch $17,307.
As CEO, Welch built his company's market value by more than $450 billion over 20 years. His generous retirement package was unanimously approved by the GE board in 1996, but the company was not required to disclose Welch's long list of benefits. Many retired executives often are rewarded with cushy consulting contracts, and perks such as cars and drivers. But prime seats at Boston Red Sox, New York Yankees and New York Knicks games, and Wimbledon tickets -- all part of Welch's deal -- are considered unusual.
Jane Welch revealed in her affidavit that her husband had canceled their joint credit cards and slashed her monthly support to $35,000, "which (she) has accepted under protest, as such funds are patently inadequate to maintain the marital standard of living as set forth herein."
$32 MILLION IN REAL ESTATE
For some perspective, the affidavit mentions that in the course of their 13- year marriage, the couple spent more than $32 million on real estate and furnishings. GE chipped in an additional $7.5 million for furnishings and capital expenditures, the document states.
Jack Welch's attorney, Samuel Schoonmaker III, complained in court last week about the publicity the case has garnered. Schoonmaker did not respond to an interview request. A call to Welch's representative at IMG Speakers, which books his speaking engagements, also was not returned.
A representative for Zabel laughed when asked whether Jane Welch was available for an interview. Zabel said only, "The papers speak for themselves."
So, as a rule, does Jack Welch.
His book "Jack: Straight From the Gut" describes a happy childhood in Salem,
Mass. His father was a train conductor. His mother, a devout Catholic, doted on her only child. Welch studied engineering at the University of Massachusetts, then headed to the University of Illinois for a master's degree.
By Jathon Sapsford and Paul Beckett, wall street journal
JPMorgan Chase & Co., conceding it got overly caught up in the telecommunications bubble, said its third-quarter earnings will suffer from a spike in bad loans to that sector and a sharp drop in revenue as a result of weak financial markets.
The bad news presages more pain for a U.S. financial industry already hit by depressed stock prices and problem commercial loans. The scope of the problem likely won't be known for about another month, when the majority of financial institutions begin reporting results for the quarter ending Sept. 30.
The outlook is cloudy. Both Standard & Poor's Ratings Services and Fitch Ratings downgraded J.P. Morgan's debt rating. Fitch cited "the sustained weakness in the core operating performance" of a number of the bank's important businesses, as well as "challenging conditions" that are expected to continue.
"This is beyond embarrassing for the company," UBS Warburg analyst Diane Glossman said.
The continuing problems that JPMorgan has had in the telecommunications sector -- which has been a worry for the bank for several quarters -- will now raise concerns about results at other banks, which hold pieces of the loans that JPMorgan arranges.
"There might be some negative credit surprises coming out of this for the banking industry," said Reilly Tierney, analyst at Fox-Pitt, Kelton, an investment bank. "I think banks will be clubbed by investors."
Other lenders, though, may not be affected to as great a degree because JPMorgan was widely known to be perhaps the most enthusiastic lender to telecom companies. Analysts added that there also may be more bad news coming regarding loans to the energy and cable industries.
JPMorgan executives declined to say exactly how much the weak trading revenue and bad-loan charge-offs would hurt third-quarter earnings, saying only that earnings would be "well below" the second-quarter 2002 operating earnings of 58 cents a share. In the third quarter of 2001, JPMorgan earned 51 cents a share on an operating basis.
"I am very disappointed with our results and take full responsibility for them," JPMorgan Chief Executive William Harrison told investors in a conference call after the stock market closed Tuesday (9/17/02). In 4 p.m. New York Stock Exchange composite trading, before the announcement, JPMorgan -- a constituent of the Dow Jones Industrial Average -- stood at $21.55, off 16 cents and down from a 52-week high of $40.95.
Analysts had expected third-quarter results to be slightly lower than the prior quarter but were nonetheless surprised by the severity of Tuesday's announcement. A consensus of 15 analysts' estimates compiled by Thomson First Call had forecast third- quarter earnings of 54 cents a share. The estimates ranged between 45 cents and 63 cents.
Analysts are now questioning whether the bank's longstanding focus on commercial and investment banking, rather than on consumer business, is wise. "How much evidence do you need to see that the strategy has misfired before the directors change that strategy?" said David Hendler, analyst with CreditSights, a research firm in New York.
Analysts said the increase in bad loans, while troubling, still means that nonperforming assets are at historically low levels. According to Mr. Hendler, nonperforming assets, including the $1 billion increase announced Tuesday, will represent about 1.7% of the company's total managed assets, which includes loans and derivatives. That is up from 1.4% in the second quarter, but still far below levels seen in past recessions.
The earnings warning is just the latest piece of unpleasant news to emerge from the nation's second-largest bank, which was formed at the end of 2000 through the merger of Chase Manhattan Corp. and JPMorgan & Co. At the time, the bank positioned itself as the most serious challenger to Citigroup Inc., the lending and securities company created two years earlier by the merger of Travelers Group and Citicorp. But while Citigroup has continued to post solid growth during the market downturn, largely because of its significant consumer business, JPMorgan has struggled through much of the year.
Its stock has been hurt not only by poor financial results, even before Tuesday's announcement, but also by the bank's ties to the collapsed Enron Corp., for which it was both a major lender and an arranger of complex investment vehicles. Critics say those structured financings, through an offshore vehicle called Mahonia Ltd., helped the Houston energy company hide debt from investors and ratings agencies. The Mahonia transactions were the subject of July hearings before the Senate Permanent Subcommittee on Investigations. JPMorgan has said it did nothing wrong, but the arrangements also are being investigated by the Manhattan District Attorney's office, people familiar with the matter say.
On Tuesday, the bank said commercial-credit costs, including loan write-downs and provisions against earnings, will total $1.4 billion for the third quarter, up from $302 million in the second quarter of 2002. The bank blamed that increase on "several firms in the telecom and cable sectors," which it declined to identify, and an increasingly negative outlook for other companies in the sector. The bank also said trading revenue for the first two months of the third quarter was roughly $100 million, compared with $1.1 billion for the entire second quarter.
JPMorgan is one of the major lenders to the telecommunications sector, which as recently as two years ago was considered one of the most attractive areas of business, but which is now suffering from a slew of bankruptcies and has been tainted by scandal because of accounting fraud at WorldCom Inc.
The bank has always insisted that it has managed its exposure to this sector well. But in a statement, Mr. Harrison acknowledged that the bank was too caught up in the telecom bubble that has since burst. "As much as we have focused on reducing credit portfolio concentrations in recent years, it is clear that further reductions are necessary," Mr. Harrison said. He added, "I foresee no change in our fundamental strategy," but the bank is reviewing options that include "further downsizing."
The telecommunications sector has already been a huge black eye for JPMorgan Partners, the bank's private-equity capital arm, which invested heavily in the equity of telecommunications companies. During the past two years, the bank has repeatedly been forced to write down those investments.
As the bank has suffered, Mr. Harrison has been under increasing pressure from investors to turn around the bank's performance. In late May, he shuffled the management decks, ousting Geoffrey Boisi, head of investment banking and a onetime potential successor to Mr. Harrison. He was succeeded by David Coulter, a former Bank of America Corp. president, who had been running J.P. Morgan's consumer business, which includes the Chase Manhattan retail bank.
( Oh, yes, we remember Mr.Coulter and the Nation's Bank purchase.editor )
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