Kit Menkin's Leasing News
www.leasingnews.org Friday, September 20, 2002
Accurate, fair and unbiased news for the equipment Leasing Industry
e-Mail Removal Form: \http://22.214.171.124/LeasingNews/removalform.asp
Pictures from the Past
He is a past Chancellor of the Exchequer Club of Washington, the organization for all financial industry trade associations and federal agencies in the financial services sector. He also served on the Board of Directors for the American Society of Association Executives (ASAE). He is currently a member of the Board of Governors of the City Club of Washington. He has been active in the business organizations of each major political party during his tenure at ELA. He is a member of the U.S. Chamber of Commerce's Committee of 100.
Name = Barbara Griffith
Comments = Please delete the ad in Leasenews for doc person.
The position is full
(We will do it. Were we of any success in helping fill the position?
Was it useful to you? Any comments or suggestions you might have?)
yes yes yes.....readers really like the newsletters....
Help Wanted ads
Marketing: Indianapolis, IN "ELA"
Marketing manager to help develop/execute marketing plan. Great culture, wonderful people. Your exp. w/direct, vendor, and internet marketing in financial services industry is what we need. Email:firstname.lastname@example.org
Office Mgr./Admin person: Newton, MA. "ELA", "EAEL", "NAELB"
Broker seeks person with computer/ organizational skills/ knowledge of leasing process. Salary/Bonuses. Call Mark/617-641- 9628, ext 11.
Operations: Phoenix, AZ "UAEL"
Lessor of all types of equipment needs Leasing Coordinator. Should have experience with documentation, UCC's, vehicle titles & collections. Light reception. Benefits. Salary DOE. Email:email@example.com
Portfolio Manager: San Francisco, CA "ELA"
Rail Assets to oversee various responsibilities concerning rail equipment portfolio.Min. 7 years direct asset mgmt. exp. working with rail equipment/contact base. Call Mari Lynch 415 616-3478. Email:firstname.lastname@example.org
Sales: Tustin, CA "UAEL"
Orange County Ca, Broker/Lessor looking
for top gun sales associates, Aggressive
commission split, good working atmosphere.
Strong funding sources.
Email:Bgriffith@socalleasing.com or 714-573-9804
Sales: Pittsburgh, PA "UAEL"
Pittsburgh based broker seeks aggressive, proven small ticket sales rep. No location preference. Strong split of commissions paid weekly.
#### Denotes Press Release
Monday---The Shame of MSM Capital
thank you again for publishing the "alerts". If you did not publish
our alert on Bridge Transport we would not have had enough information to
pursue with the FBI. Our case was assigned to our local FBI office in
Buffalo, NY which forwarded all documents to North Carolina. The NC FBI
call this week to update us as to their investigation and are very
optimistic they will get this guy.
There is another company Neytronix, Inc. 7907 Melrose Avenue Los Angeles, CA 90046 posing to sell computer systems to physicians. We contacted the real doctor on this and he verified it is a fraud company.
Kit we feel this is an invaluable service you are providing and hope you continue. I would debate with anyone as to why as an industry we need to share fraud alerts.
M & C Leasing Co., Inc.
1050 Union Road
West Seneca, New York 14224
Richard A. Baccaro, President is pleased to announce that Sylvia Stock
and Emily Gordon have joined AEF as Sales Associates, and will originate
business from Charlotte, NC.
"The addition of Ms. Stock and Gordon to the AEF family is a great win
for our company and our customers. The growth and success of AEF is
dependent upon attracting, retaining and rewarding, vibrant and talented
professionals - and these women fit that billing" noted Baccaro".
"AEF has great funding resources, is very supportive of their sales
associates, and they are very focused on quality vendor opportunities.
After discussions with other leasing companies in our industry, joining
AEF was an easy decision" indicated Stock.
Richard Baccaro email@example.com
Credit Suisse Group is ousting Chief Executive Lukas Muehlemann and
replacing him with two co-CEOs: Credit Suisse First Boston chief John
Mack and Oswald Gruebel, head of the firm's financial services business.
Shareholders have been pushing for Mr. Muehlemann's removal in the wake
of widening losses at Zurich-based Credit Suisse.
Walter Kielholz, the 51-year-old CEO of Swiss Reinsurance Co., will
become chairman of Credit Suisse. Mr. Muehlemann had said in July he
would step down as chairman.
Mr. Mack, 58, will remain as head of CSFB and Mr. Gruebel, 59, will
continue to lead Credit Suisse Financial Services.
Starts retreated for the 3rd consecutive month in August, falling 2.2% to a 1.609 million rate (SAAR). Single family was down 4.4% while multi family was up 6.2%. Permits, an indicator of future activity, were also down (-2.5%), but the weakness was in multi family (down 15%) while single family was up almost 2%. Regionally, the Midwest was the weakest, falling almost 19% with the West also down 1.6%, while the Northeast and South were up 9.4% and 3.1% respectively.
Analysis and outlook: Although starts have fallen for three consecutive months, current levels continue at a healthy pace with single family activity continuing as the main driver. Mortgage rates, at 40 year lows, are supporting the housing market and fueling a refinancing boom that is supporting consumer spending and keeping the rest of the economy from slipping back into a recession.
There are increasing concerns by some people that a housing bubble may be emerging in some regions where prices increases have far exceeded disposable income growth, thereby suggesting current price levels are not sustainable. Real estate analysts compare home prices with economic conditions to determine where housing is most overpriced. Economy.com (Mark Zandi) looking at income, builder costs, and supply of homes lists Naples,FL, Monmouth-Ocean, NJ, and San Jose, CA as most overpriced metro areas; Fidelity National Info. Solutions in Honolulu, using employment, income and mortgage rates, lists Tacoma, San Diago and Denver as most overpriced; and John Burns Real Estate Consulting in Irving, CA, using income and mortgage payments, list Boston, San Diego and Fort Lauderdale, FL as most overpriced. One other gauge is the ratio of house prices to average disposable income, the equivalent of p/e ratios for stocks. In the U.S., this ratio is getting close to a peak achieved in the late 80's, and for some of the cities listed below, it is "flashing red" (The Economist August 31, 2002). Most analysts agree (including Alan Greenspan and Dave Seiders/NAHB) that, on a national basis, there is little evidence of a "housing bubble", although some metro regions are overpriced. Will housing collapse? No way. There is little evidence of widespread speculation (as occurred in Japan in late 80's). Although mortgage foreclosures recently hit record levels, most Americans continue to be able to make their mortgage payments.
The main concerns, looking forward, are consumer confidence, job and income growth, and interest rates. Potential war with Iraq will sap confidence as well as drive energy and gasoline costs higher, and this will impact inflation, and eventually interest rates/mortgage rates moderately higher. The manufacturing sector continues to be a problem - and that means this economic recovery (and any improvement in the employment picture) may take longer than what analysts were predicting 6 months ago. The housing market should remain the strongest sector of the economy. However, housing has to eventually slow down, simply because the current starts level exceed sustainable demand. Estimates by NAHB and RISI - Resource Information Systems, Inc. - suggest sustainable demand (based on demographics) is somewhere between 1.8 and 1.9 million units annually for the decade we are in. If we assume about 300,000 for mobile home shipments, that leaves about 1.6 million annually for conventional housing. Both 2001 (1.603 million) and estimates for this year (1.645 million) exceed sustainable levels. NAHB's latest outlook for next year is 1.587 million (1.27 million SF)
Annual Chart of Housing Starts
This Month Housing Breakdown by Area
Carl Villella, CLP
Onyx Capital Corp.
8150 Perry Hwy. Suite 211
Pittsburgh, Pa. 15237
The 2002 State of the Industry Report provides you an in-depth analysis of the equipment lease financing industry including industry trends, projections, interpretations and observations of lessors across the country. The Report, conducted by PriceWaterhouse Coopers, uses ELA's Survey of Industry Activity numbers, interviews and economic indicators to analyze the state of the lease financing industry.
The Report will be distributed during Monday's convention session on the State of the Industry and copies will be available from the Foundation booth during the Convention. Companies donating to the Foundation may receive an advanced electronic copy. For information on the Report and to receive your advanced copy, contact Lisa Levine, firstname.lastname@example.org, or 703-527-8655
Equipment Leasing and Finance Foundation
Phone Number: 703-527-8655
Equipment Leasing Association 41st Annual Convention
October 13-15,2002 San Francisco
Marriott Hotel October 3 Receipt Deadline
The CLP Foundation Board of Directors would like to congratulate John E. Harvey, CLP, President of Enterprise Financial Solutions, Inc. located in Little Rock, AR. We would like to welcome him as our newest Certified Lease
Professional. Enterprise Financial Solutions is a member of the NAELB.
For further information about the CLP Program please call Cindy Spurdle, Executive Director, at 610/687-0213 or visit our web site -- www.clpfoundation.org.
" I Regret Sitting for the CLP Exam Next Month"
Kit: I have to admire Jeff Taylor for going public with his fear of taking
the CLP exam. Many of us had the same fears, especially people who had been
in the leasing business for years. Of course Jeff should not be concerned
about his performance. With his background and knowledge I am sure that he
will do very well.
It's possible that his concerns stem from his misconception that the Test is
a test of a book, specifically The Leasing Professionals' Handbook. The Test
is not and has never been a test of any particular book. Rather it is a test
of the accumulated knowledge and experience of the candidate. The Handbook is
only one of many research sources available to CLP candidates. The CLP
Foundation maintains a list of appropriate study materials and, I believe,
provides this list to all candidates.
In addition, the Foundation has a well-developed Mentor Program. Any
candidate can request a Mentor, who will help guide the candidate throughout
the studying process. Mentors, all volunteers, have registered their
specialties with the Foundation, so a candidate who feels that he or she is
weak in a particular subject can request a Mentor who is knowledgeable in
that subject. The Mentor Program is free to the candidate.
I assume Jeff will take the one-day review class on Thursday, October 3 in
San Diego just prior to the UAEL Annual Fall Conference and Exposition. So,
if Jeff has any further questions, I'll be happy to answer them there.
I will be one of his instructors.
Bob Teichman, CLP
Teichman Financial Training
3030 Bridgeway, Suite 213
Sausalito, CA 94965
"Providing education and training to the equipment leasing and financing
I read Jeffrey Taylor's comments regarding the CLP exam with a great deal of interest. As you know I had been intricately involved with the CLP program and I have always believed that it should and could rise to a meaningful industry designation rather than a designation, as Hal Horowitz points out, that is more "ego satisfying" that professionally respected. I was also a contributor to the Leasing Professional's Handbook.
Jeffrey is absolutely correct in stating that the book needs to be updated. That book was never meant to be the sole source of information for the CLP exam. We always estimated that the hand book would only cover about 65-70% of the exam. The handbook, the test and the entire CLP curriculum needs to be updated to include more material on risk management, credit scoring, securitization, and transaction structuring among other topics.
Jeffrey was also correct in his characterization of the handbook as a "compilation". All of the contributors were selected for their special expertise in certain areas. We then edited those individual sections to the extent we could without altering the content of the original author. The result was the Leasing Professional's handbook which has been used by more than 200 CLPs that currently have the designation
I think that Jeffrey Taylor may have missed the point. The CLP designation was born out of the desire of the early leadership of the WAEL to raise the level of professionalism in the industry. It's not about the book. I would venture to say that anyone who really wanted to pass that test could find all the information needed from many sources available in the local library. The handbook served to point the CLP candidate in the right direction. In retrospect, with all that's happened in the past 4-5 years in our industry, I would now classify what the early WAEL leadership attempted to do as "visionary". They saw the need to establish a classification that would indicate to the "buyer" that they were dealing with someone who was both knowledgeable and ethical. There probably aren't many of us that remember the early requirements for becoming a CLP. Beyond passing the test, one had to accumulate "points". You received points for service to your industry and your association (WAEL at the time), and it took 50 points to be allowed to sit for the exam. Under pressure, we subsequently dropped that requirement so that any body with 5 years in leasing could take the test. I had always considered that a mistake but I was only one vote back then.
So Jeffrey, the test you are taking has still not attained the status that we had hoped it would. I will tell you however that I was proud of myself when I earned my CLP designation because of the respect that I had for many of those early leaders who pioneered the attempt to engineer a true professional designation for our industry. Not to mention that the test is definitely not a cakewalk. Subsequent leadership kept the quest for industry recognition alive but, as we now know, professionalism and integrity took a back seat to the "gold rush" mentality of the past several years. It appears that we may have come full circle. Hopefully there will be renewed interest in a professional designation as the leasing industry seeks to polish its tarnished image on Main Street as well as Wall Street.
Bob Rodi, CLP
1-800-321-LEAS (5327)x 101
I told Jeff Taylor that although I'm confident he will pass the CLP exam,
as he appears to be one smart cookie, he deserves a lot of credit for
guts in announcing he's taking the test before actually passing it.
Of course, if he fails, he will never hear the end of it.
Kenneth D. Goodman, CLP
Midwest Leasing Group, Inc.
24137 Grayston Drive
Lake Forest, CA 92630
888/852-7560 or 949/583-7560
fax: 949/583-7275 - cell: 310/721-1751
Another reason why people don't take the CLP exam is because nobody is
there to proctor the exam. I paid for the exam and took the study
course last year in San Antonio. My intent was to take the test that
weekend and I stayed over on Sunday to specifically do that.
Unfortunately, nobody was there to give me the test, even though I had
signed up and notified the Foundation that I would be taking the test.
Since that time, nobody from the Foundation has called me, nor have they
refunded my money.
To All System 1 and CapitalStream Advantage Users
Jim Buckles from Preferred Broker Solutions will be offering a free training session on Document Processing with CapitalStream Advantage at the upcoming, UAEL Annual Conference in San Diego. Topics covered will include form integration and automation tips with MS Word, secure document delivery via WinFax and Adobe Acrobat.
This is a great training opportunity for you and your employees and it is included in the conference fee. This session will be held, Saturday, October 5th, from 1:45pm – 3:30pm
Conference dates are October 3rd - 6th at the Sheraton Hotel and Marina in San Diego. Contact Azin at the UAEL offices for registration (510) 444-9235 ex. 22. www.uael.org.
By JIM ABRAMS
The Associated Press
WASHINGTON (AP) - A consumer signing a rent-to-own contract for a new sofa or a big-screen TV would receive federal protections under legislation that narrowly passed the House.
But the bill, which requires disclosure of the cash price and other costs and fees involved in rental purchases, faces an uncertain future in the Senate. Consumer groups oppose it, saying Wednesday it doesn't go far enough to protect lower-income families who turn to rent-to-own companies because they don't have the credit or cash to purchase goods outright.
Rep. Walter Jones, R-N.C., the chief sponsor, said the legislation advances consumer interests in an area that ``represents the largest category of consumer transactions currently unregulated by the federal government.''
The measure passed 215-201, with much of the opposition coming from Democrats who said it doesn't adequately shield poorer people from exploitation. Forty-three Republicans also voted against it, some saying the legislation infringed on states' rights.
The rent-to-own industry fully backed the bill, with the Association of Progressive Rental Organizations saying it had fought 17 years for responsible legislation. ``Unlike many industries, we have not opposed reasonable regulations of this business and instead have consistently lobbied to provide consumers with meaningful information,'' the association's Executive Director Bill Keese said in a Web site statement.
The industry says it now does some $5.3 billion in business a year, with 3 million customers. Rent-to-own contracts allow the consumer to rent an item while retaining the option to buying it at the end of the rental period.
Opponents said the bill was slanted toward the industry and against consumers, particularly a part that overrides state laws that define rent-to-own as credit sales subject to Truth in Lending Act disclosure requirements on interest rates. It ``only serves to advance the special interests of many of the economic scavengers in the rent-to-own industry,'' said Rep. Stephanie Tubbs Jones, D-Ohio.
They argued that consumers in many cases end up paying four or five times the store price for appliances and goods, equivalent to three-digit interest rates.
Four states - Wisconsin, Minnesota, New Jersey and Vermont - classify rent-to-own deals as credit sales.
But John D. Raffaelli, a spokesman for the industry group, said it was misleading to categorize its business as credit sales, because those signing leasing agreements paid no interest, accrued no debt and could return the product at any time. He said the legislation helps consumers by protecting opt-out rights and the acquisition rights of those who might miss a payment.
On the other side, Ed Mierzwinski of U.S. Public Interest Research Group, which follows environmental and consumer issues, said the bill was a ``Trojan horse'' aimed at the laws of the four states that ``subject the industry to usury ceilings, annual percentage rate disclosures and other consumer protections.''
Rep. John LaFalce, D-N.Y., offered an amendment that would have limited the total price of merchandise purchased through a rent-to-own contract to two times its cash price, but it was defeated 232-184. LaFalce and others argued that a TV with a store price of $200 might end up costing $800 or more under a rent-to-own contract.
The House also rejected an amendment by Rep. Maxine Waters, D-Calif., that would have barred making consumers responsible for damage or destruction to leased goods, except when the damage was deliberate.
The bill is H.R. 1701.
On the Net:
Association of Progressive Rental Organizations: http://www.apro-rto.com/
Consumer groups against the bill: http://www.pirg.org/consumer/renttoown/
By Jeannine Aversa, Associated Press
WASHINGTON (AP) Rates on 30-year mortgages dropped to a new low this week, providing even more fuel for the mortgage refinancing boom.
In a nationwide survey released Thursday, Freddie Mac, the mortgage company, reported that the average interest rate on a 30-year fixed-rate mortgage fell to 6.05 percent this week, the lowest level in 32 years of record keeping. Last week, 30-year rates averaged 6.18 percent.
It's the fourth new low reached on 30-year mortgage rates this year.
Two weeks ago, rates on 30-year mortgages hit a low of 6.15 percent, surpassing the previous low of 6.22 percent set in mid-August. That low had bested the prior low of 6.34 percent reached in late July.
Mortgage rates have been falling amid a spotty economic recovery and a turbulent stock market that has sent investors to the bond market, helping to push long-term rates down. ''Adding to the decline (in long-term rates) was a flight to quality in the bond market from nervous investors worried about falling stock prices and the possibility of war in the Middle East,'' said Frank Nothaft, Freddie Mac's chief economist.
Low mortgage rates are feeding a boom in mortgage refinancing. Savings or extra cash coming out of refinancing deals is helping to support consumer spending, including home buying, amid uncertain economic times and eroding consumer confidence.
''The massive refinance wave that we have seen during the last eight weeks is unprecedented and now surpasses the refinance wave that we experienced last October and November,'' said Phil Colling, economist with the Mortgage Bankers Association of America.
Rates for 15-year fixed-rate mortgages, a popular option or refinancing, fell to 5.47 percent this week, the lowest level since Freddie Mac began tracking these rates in August of 1991. Last week, 15-year mortgages averaged 5.59 percent.
For one-year adjustable-rate mortgages, rates dipped to 4.28 percent, the lowest level since Feb. 25, 1994. Last week, rates for one-year ARMS averaged 4.32 percent.
This week's mortgage rates do not include add-on fees known as points. Each loan type carried an average 0.7 point fee this week.
A year ago, 30-year mortgages averaged 6.80 percent, 15-year mortgages were 6.30 percent and one-year ARMS stood at 5.58 percent.
On the Net:
WAYNE, Pa.– De Lage Landen Financial Services, a leading international provider of high-quality asset-linked finance products to manufacturers and distributors of capital goods, has named Mark Guida as Vice President of New Business Development for its Bank Outsourcing Strategic Business Unit.
In a related move, Richard H. Knotts, Jr. has been promoted to Director of New Business Development for the SBU. He will report to Guida.
In his new position, Guida will be responsible for developing new commercial banking relationships for the business unit, which represents 60 percent of the major banks in the U.S.
He will report directly to Carlo van Kemenade, Vice President & General Manager of the Bank Outsourcing SBU.
Since joining De Lage Landen in 1999, Guida has held a variety of positions in the company’s Healthcare and Office Equipment SBUs, most recently serving as Director of Strategic Initiatives for Bank Outsourcing. He has more than 20 years of experience in the equipment finance/leasing industry.
Guida is a graduate of Pennsylvania State University with a B.A. degree in Marketing.
Knotts is a nine-year veteran of De Lage Landen and has worked in several sales areas, including Major Accounts and New Business Development. Most recently, he served as National Program Manager in the company’s Office Equipment SBU.
He is a graduate of the University of Delaware with a B.S. degree in Business Administration.
De Lage Landen Financial Services is part of De Lage Landen International B.V., an international provider of high-quality asset-finance products. The company has offices and joint ventures in 18 major countries throughout Europe, the Americas, Australia and New Zealand.
Specializing in asset financing and vendor finance programs internationally and concentrating domestically on a broad range of leasing and trade finance products, De Lage Landen grew its net profit to €92.2 million (US $82.4 million) and its balance sheet total to €11.7 billion (US$10.3 billion) in 2001.
For more information, visit our Web site at www.delagelanden.com.
Sites of Reference:
De Lage Landen Financial Services
Phone Number: 610 386 5030
Fax Number: 610 386 5038
By Jeanne King and Philip Klein
NEW YORK L. Dennis Kozlowski, charged with looting $600 million from Tyco International Inc. when chairman of the conglomerate, will not face jail Thursday as his ex-wife agreed to post $10 million in bail for him.
But lead prosecutor John Moscow said the Manhattan District Attorney's office would have to determine whether the money was gained as part of the fraud Kozlowski was charged with last week, which led prosecutors to freeze his assets.
''We need to speak to witnesses before making a determination as to whether we will accept the funds,'' Moscow said at a hearing.
Former Tyco chief financial officer, Mark Swartz, who was also named in the indictment, posted his $5 million bail in the form of 500,000 shares of Tyco stock.
Manhattan Supreme Court Judge Michael Obus set a hearing date for next Friday to hear arguments from prosecutors about whether either's funds are tainted. If the bail is not accepted by the judge next week, Kozlowski and Swartz will face jail time at Riker's Island, one of the nation's toughest prisons.
Kozlowski's attorney, Stephen Kaufman, said his client's former wife, Angela, agreed to post $10 million cash and a statement from a brokerage firm backing up the source of the money.
''She is just supporting her ex-husband,'' Kaufman said. ( And seeking to have
him be in the position to continue to pay alimony and protect divided assets
that may have been obtained illegally.)
He said she was not sure whether the money came from assets that may be part of the indictment.
A third defendant, Mark Belnick, charged with falsifying business records to cover up $14 million in improper loans from Tyco, was released last week on an unsecured personal recognizance bond of $1 million.
In addition to ruling on the bail issues next Friday, there will be a hearing on Kozlowski's sales tax case. In June, he was indicted for on charges of dodging $1 million in sales taxes from masters such as Monet and Renoir.
Also at the hearing, Moscow said his office would be ready to go to trial next March or April on the larger fraud case, but Kaufman said that was unrealistic because it was too soon.
Kozlowski headed Tyco from 1992 until this June and became one of America's most admired CEO's as he used hundreds of acquisitions to build Tyco from a small security firm into a sprawling international conglomerate that makes ADT burglar alarms and garbage bags, as well as medical equipment and electronics.
But the company sued him last week after an investigation that mirrored probes by New York prosecutors and the Securities and Exchange Commission.
In addition to real estate, Kozlowski used Tyco money to buy a $6,000 a shower curtain, a $15,000 dog umbrella stand, a $6,300 sewing basket and $445 for a pin cushion, the company said in a Tuesday regulatory filing.
Tyco is in the process of seizing most, if not all of Kozlowski's assets, including a $17 million Fifth Avenue apartment, a $7 million Park Avenue apartment he turned over to his ex-wife, a $5 million Nantucket home and a $30 million compound in Boca Raton, Florida.
A third defendant, Mark Belnick, charged with falsifying business records to cover up $14 million in improper loans from Tyco, was released last week on an unsecured personal recognizance bond of $1 million.
By Associated Press
BRIDGEPORT, Conn. (AP) A Superior Court judge handling former General Electric Co. chairman Jack Welch's divorce on Thursday ordered lawyers for Jane Beasley Welch to come up with a more accurate list of the assets and costs associated with the couple's lavish lifestyle.
Judge Julia Dewey told Mrs. Welch's attorneys that their first attempt to put a price tag on the perks that come with being the wife of GE's former chairman contained inappropriate ''editorial comment'' and estimates from outside experts.
''It's a brief, not just a financial statement, because there are opinions in it,'' Dewey said.
Jack Welch's attorney, Samuel Schoonmaker III, who filed a motion to strike the claims made in Mrs. Welch's statement, said he was satisfied with Dewey's ruling.
''It's a win,'' Schoonmaker said. ''Mrs. Welch sets forth 75 to 80 percent of her case in the financial affidavit. The (financial affidavit) was never intended to be used that way.''
The 30-page statement, filed earlier this month, drew national attention. In it, Mrs. Welch estimated that during their 13-year marriage the couple spent more than $2.5 million annually on capital expenditures. Under state law, she can claim up to 50 percent of the equity the couple accrued.
Mrs. Welch has argued that the $35,000 a month she is receiving now does not allow her to live in the style to which she was accustomed.
Among the perks Mrs. Welch cited were the use of jets provided by General Electric as part of her husband's retirement agreement. The lawyers cited an expert who valued that service at $291,677 a month.
Also listed were a company-owned Manhattan apartment, flowers, wait and food staffs and a cook, and tickets for the U.S. Open, Knicks, Yankees and Red Sox, a limousine service, and satellite television.
Welch has disputed the accuracy of the list noting, for example, that he does not have a cook and has only attended one baseball game in the last two seasons. Welch last week asked GE to withdraw most of the perks, negotiated when Welch extended his contract in 1996.
Ferro said he had no problem with the judge's order.
''She said we have to remove the editorial comment,'' he said. ''The numbers we can keep.''
Schoonmaker said he doubted Dewey's ruling would have a significant impact on the proceedings.
''In the long run, much of what she put into the affidavit will probably come out in evidence,'' he said, ''This way, now we'll have a chance to cross-examine it. You can't cross-examine an affidavit.''
Neither Welch nor his wife attended Thursday's hearing.
Employers suspend lockout plans at nation's biggest port complex
LOS ANGELES (AP) Plans for a lockout Friday morning at the nation's busiest port complex appeared to have been averted when dockworkers on the Thursday night shift began re-staffing operations at a terminal where activity had been frozen most of the week.
3Com posts first-quarter loss, misses revenue expectations
SAN JOSE, Calif. (AP) 3Com Corp. on Thursday posted a fiscal first-quarter loss of $32 million, missing Wall Street expectations as demand for networking equipment continues to be weak.
Amtrak proposes ending freight service and collecting more from states
WASHINGTON (AP) Amtrak is considering cutting more personnel, ending freight service and requiring states to fully subsidize money-losing routes within two years or risk losing them.
FedEx reports 45 percent increase in first-quarter profits
MEMPHIS, Tenn. (AP) FedEx Corp. reported a 45 percent increase in first-quarter profits Thursday, largely due to growth in the company's ground delivery business. The results beat expectations and FedEx shares climbed.
Citigroup agrees to pay $215 million to settle federal charges of deceptive lending practices: Citigroup Inc. agreed to repay customers $215 million to settle federal charges that a company it acquired manipulated people into buying overpriced mortgages and credit insurance.
Shares of American Airlines drop to nearly 20- year low: American Airlines' stock price plummeted on Thursday, falling to levels not seen since 1983 as trading volume soared.
San Jose Mercury News
For the 49ers' sake, I rooted for Coach Run-It-Up on Monday night. I hoped Steve Superior would come riding a 2-0 high horse into Candlestick Park, and that the 49ers would be spoiling to knock him off it for what he did to them in Japan.
Alas, one big wet blanket was thrown over that possibility, by the Philadelphia Eagles and by Coach Play-It-Down, Steve Mariucci.
The Eagles welcomed Steve Spurrier to the NFL's Monday night stage by turning his Fun 'n' Gun offense into a funny popgun. Only a punt returned for a touchdown kept Spurrier's Washington Redskins from getting shut out. Eagles Coach Andy Reid started to send in his field-goal team for a final-seconds chip shot of a cheap shot, but showed Spurrier a little mercy.
Heck, 37-7 was almost as bad as making Spurrier, the ex-Florida coach, wear a hog nose and a dress and sing the Gators' fight song for the FedEx Field throng of 84,982.
But what made the night even more of a ``slack-jaw stunner,'' wrote the Washington Post's Michael Wilbon, was a ``stink-up-the-joint defense.''
Most fans and analysts in Washington figured coordinator Marvin Lewis' rebuilt defense would be more game-in, game-out dependable than Spurrier's go-long passing attack. But the Eagles went through the Redskins like Florida through Vanderbilt. Four hundred fifty-one yards was supposed to be what Washington gained, not allowed.
So did Spurrier fling his visor? No, he didn't wear one. Did he guarantee a 30-point win over the 49ers on Sunday? No, he handled his postgame interrogation with class and humility, saying, ``We got clobbered. They outplayed and out coached us.'' He even apologized to Redskins fans.
Yes, Spurrier managed to turn himself into a sympathetic figure. Coach Run-It-Up took much of the fun - - and maybe all the motivation -- out of his return to San Francisco. Now his aura has faded almost as badly as it did after he won the Heisman and the 49ers drafted him in 1967's first round. In nine 49ers seasons, Spurrier proved to be little more than a decent backup for John Brodie -- the Tim Rattay of his day.
Now Spurrier has precious little time to pick up the pieces before his team has to fly cross-country. Big advantage, 49ers. No wonder point spreads have soared to 49ers by eight or more.
This is all scary news for the 49ers. I wanted to hear them vowing to get even with Spurrier for pouring it on them in the fourth quarter of the first of five exhibition games, in Osaka, Japan. The Redskins even threw a touchdown pass on fourth-and-short. Redskins, 38-7.
It was reported that Mariucci angrily told Redskins coaches he'd see them in six weeks. But Monday, Mariucci protested that the remark was made cordially to Redskins assistant Hue Jackson, who was on his Cal staff. Here some of us thought bad blood was brewing when Mooch just wanted Jackson to stop by for milk and cookies.
Tuesday, 49ers center Jeremy Newberry further undercut the revenge angle by telling me he doubted his teammates held a grudge. ``We realized Coach Spurrier had a different objective that night,'' Newberry said.
True, too true. Spurrier needed to make a Skins-convincing splash. He needed to prove to a team and town that his offense would work in the NFL, even if was just a practice game.
As Eagles Coach Reid said after 37-7: ``Don't for a minute think Steve Spurrier isn't an excellent football coach. He has created a whole new attitude in Washington.''
But the 49ers have lost some of the one they created last season. How I miss those smoldering underdogs.
I miss a raging Terrell Owens trying to prove he could be the NFL's best receiver if Mariucci would just call his number. I miss Garrison Hearst driven to show defenses and doubters his ankle injury hadn't ended his career. I miss Jeff Garcia scrambling and flinging with the urgency of a former CFL QB some considered a one-Pro-Bowl wonder.
Now these three are acknowledged stars. Now Owens is so overanxious he's jumping offside and trying to take off and run 2,000 yards before he catches the ball. Now the 49ers are playing with the uncertainty of a team that isn't sure it's as good as everyone expects it to be.
Now they'll be expected to do a Florida on Spurrier's Vanderbilt. He's even dropping hints about going with rookie QB Patrick Ramsey.
But remember, the Redskins were victims of probably Donovan McNabb's best game as a pro. He can be wildly erratic. This was the best of the ``good'' McNabb. This was Jordanesque.
McNabb's uncannily accurate throws were caught by 10 receivers. Four backs, including the 240-pound McNabb, gashed the Skins for 168 yards. Can the 49ers forge this kind of multi-weapon versatility beyond Owens?
Washington QB Shane Matthews called Philadelphia's ``the best secondary in the league.'' It is. How much less overmatched will Spurrier look against the 49ers' without injured safety Zack Bronson?
Truth be told, I root for Spurrier because I admire him. He's as bold as he is brilliant. He'll keep trying to score on you because he expects you to do the same to him. Sometimes I wish Mariucci had a little Spurrier in him.
Coach Run-It-Up just might have the 49ers right where he wants them.
Washington (1-1) at 49ers (1-1), 1:15 p.m.
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