Kit Menkin's Leasing News  Friday, September 27, 2002

Accurate, fair and unbiased news for the equipment Leasing Industry

Thursday’s Leasing News posted  at 10:35am PDT





Pictures from the Past


Mr. and Mrs. Steve Glass, Esq.

Glass,Alper, Goldberg & Cohn




Classified Ads----

Sales: San Jose, CA        "NAELB"

Leasing Associates is looking for 2 or more experienced inside sales representatives to work with over 7,000 existing customers. Offices: Pleasant Hill/ San Jose


Sales: New York, NY       "NAELB " 

Looking for a salesperson with business to join well est. brokerage w/good funding sources. Great offices and good profit splits.     


Sales: Irvine, CA         "UAEL"

Direct lessor seeks vendor sales pro in Calif, Arizona or Nevada.Exp. in small ticket arena/ $10,000 to $150,000. Salary, commiss, bonus + benefits.


Sales: Hendersonville, NC         "NAELB"

Great opportunity for the right individual. Small & Mid Market in Eastern US. Base Plus Commission, car & Phone allowance. Must have experience.


Sales: Baltimore, MD           "EAEL"

The Equipment Leasing Company a bank lessor w/ 30 yrs of funding $10K-$250K leases. seeks experience reps on east coast- Philadelphia to Miami.


Sales: Woburn, MA       "UAEL"

Sales Professionals wanted for Inside opportunities(MA.), and remote Acct. Manager openings Nationally. Excellent base salary, commission plan and full benefits.


  for full list, please go here:





DVI Appears to be in Deep Trouble

        Mortgage Rates Fall Below 6% for 1st Time Since '60s

           GE Reaffirms Earnings Forecast

            Leasing Top Guns to be In San Diego, says "Maverick" Kruse

              Never Go Down to the End of Town Unless You Take Me              

 Highlights of Equipment Leasing Association Thursday Newsletter

  Electro Rent Reports$2.6M Profit Fiscal 2003 First Quarter

   Resource America Postpones  Senior Notes Offering

    Variant Leasing Names Two Regional Sales Managers

      Theresa Kabot Took Steps To Get Leasing News by eMail

       Amtrak Subsidy--No Light at the End of the Tunnel

        West Coast port talks deteriorate; labor unrest appears imminent


### Denotes Press Release




In Yesterday eMail version, the description of  Donald D. Zareskey, CLP, CPA, CDP , below his picture,  ( should not have been there.  It is a story we are working on and somehow got mixed in.   Don has nothing to do with this web site at all.


We apology for any confusion. Editor



DVI Appears to be in Deep Trouble


JAMISON, Pa. The New York Stock Exchange halted sale of DVI stock. It

does appear there are open trades.


DVI a company specializing in loans and leases for medical equipment, said on Wednesday it expects a loss of $3.4 million to $4.4 million and plans a 1pm, EDT Telephone Call  this afternoon to all investors.


On Wednesday shares of DVI plummeted after credit agency Fitch lowered its senior unsecured rating on $155 million worth of the company's debt due in 2004.


After having its stock halted  for news pending for more than two hours in the middle of the session yesterday, DVI issued a press release saying it would release its financial results this afternoon. It expects an after-tax loss of $6.5 million to $7.5 million for the fourth quarter, yielding a net loss of $3.4 million to $4.4 million for the year. It appears the stock continues to fall.


In the fiscal year ended June 30, 2001, the company reported earnings of $18.4 million, or $1.29 per share.


The Jamison, Pennsylvania-based company said it expects a fourth-quarter loss of $6.5 million to $7.5 million, including charges.


The $5.6 million in charges are related to de-emphasized business activities, the valuation of other real estate owned and for operations related to health care companies in which DVI holds an interest. The company was not immediately available for comment.


DVI, Inc. conducts its business principally through two operating subsidiaries: DVI Financial Services Inc. and DVI Business Credit Corp. The Company conducts securitizations through special-purpose subsidiaries. DVI also conducts other structured financings through limited-purpose subsidiaries or through its operating subsidiaries. DVI is an independent specialty finance company that provides asset-backed financing to healthcare service providers. The Company's core businesses are medical equipment finance and medical receivables finance. The Company provides these services principally in the United States, Latin America, Europe, the United Kingdom, South Africa, Asia, Japan and Australia. The Company also provides asset-backed financing for emerging growth companies.




Mortgage Rates Fall Below 6% for 1st Time Since '60s


By Sandra Fleishman


Washington Post Staff Writer



Average rates for 30-year mortgage loans this week sank below 6 percent, according to Freddie Mac, crossing a psychological line that some experts said could further fuel an already-record refinancing boom.


Other bankers and analysts said the lines of people who want to refinance can't get much longer. Customers have been stacked up at lenders, in settlement offices and on appraisers' appointment logs for two months as average rates have fallen to 5.99 percent from 6.49 percent.


"It's literally like a doctor's office" where patients wait, said mortgage banker Andrew Mac Tigue of First Savings Mortgage Corp. in Kensington.


Crossing the 6 percent line may spark even more interest because of human nature, said Stephen Leeb, a psychologist and editor of Personal Finance, an investment-advice newsletter.


Just as customers respond when retailers price merchandise at 99 cents instead of a dollar, borrowers could jump back in line when they see 5.99 percent instead of 6 percent, Leeb said. "It's just the way we're constructed as human beings that we respond to these things."


People took notice when rates dropped below 7 percent for the first time a few years ago, said Freddie Mac economist Robert Van Order. But rates have been so low for the past year, Van Order said he didn't know whether dropping below 6 percent "will make a huge difference in people's calculations."


Freddie Mac announced yesterday that rates fell to 5.99 percent from last week's 6.05 percent.


It's the first time the averages have gone below 6 percent since Freddie Mac began keeping records in 1971, and approaches numbers from the days of "Leave It to Beaver," a TV sitcom of the late 1950s and early '60s.


In those days, rates were around 5.80 percent. In the 1940s and 1950s, military veterans got even lower rates.


Fifteen-year mortgage rates this week also fell to another low. The average rate of 5.41 percent was the lowest since Freddie Mac started keeping those records in 1991. The average was 5.47 percent last week.


One-year adjustable-rate mortgages slipped this week to an average 4.22 percent from 4.28 percent last week. The previous low was 4.18 percent in the week of Feb. 18, 1994.


All three average rates assume payment of 0.6 percent of the loan in points or lender's fees.


A year ago, 30-year rates averaged 6.72 percent, 15-year rates averaged 6.23 percent, and one-year ARMs averaged 5.45 percent.


Rates have fallen because of continuing stock market losses, driven by investor lack of confidence, business accounting failures and worries about a possible war with Iraq.


The low rates have fed the housing boom that is in turn feeding the U.S. economy.


While recent reports showing slippages in new-home starts and existing-home sales have led some analysts to fear the housing market is slowing, the nation's real estate associations and builders still predict record sales and starts.


Yesterday, the Commerce Department offered another sign of continued strength: New-home sales rose 1.9 percent in August to a seasonally adjusted record yearly rate of 996,000.


July's new-home sales numbers, however, were revised downward significantly from a 6.7 percent jump to a 1.9 percent gain. The revised numbers show July sales at an annual rate of 977,000 units, down from the preliminary estimate of 1.02 million.


Mortgage bankers and brokers caution that borrowers should always do the math before deciding to jump into refinancing or to wait for lower rates. That means borrowers should determine how long they plan to stay in their houses, to calculate whether the savings in monthly payments are worth the costs of refinancing and to decide whether they want to draw money out of equity to spend elsewhere.


"A lot of people still don't qualify" because they have low rates already and small mortgages, said mortgage broker Paul E. Skeens of Carteret Mortgage Corp. in Fort Washington. But "it's a mistake to wait for a mythical number" that might never be reached, he said.



GE Reaffirms Earnings Forecast


The Associated Press


FAIRFIELD, Conn. –– General Electric Co. reaffirmed its earnings forecast for the third quarter and the year Thursday, but said the economic environment is tougher than expected.


In a Webcast with analysts, GE said it expects earnings of $4.1 billion, or 41 cents per share, for the current third quarter and $1.65 per share for the year. Those forecasts match the consensus estimates of analysts surveyed by Thomson Financial/First Call.


The third-quarter results, which will be reported next month, would be up 25 percent from the same period last year, when net income was $3.28 billion, or 33 cents per share.


"We think these results are going to look very strong in this very difficult time," said Keith Sherin, GE's chief financial officer.


GE declined to offer a forecast for next year, saying that would come in December as in previous years.


"But I can tell you the environment is tougher than we expected," Sherin said.


He said sluggish economic activity in the United States has affected some of GE's businesses, such as plastics and industrial systems.


Shares of GE traded Thursday afternoon on the New York Stock exchange at $26.65, down 35 cents.





Leasing Top Guns to be In San Diego, says “Maverick” Kruse


Need a good reason to attend the upcoming UAEL Annual Conference and

Exposition in San Diego, October 4-6?  Here are a few....


As the UAEL Annual Conference Chairperson, I wanted to make sure that anyone

who is not yet registered, take a look at some of the exciting events that

are going to pack this 3 day conference which is why it will be one of the

most heavily attended conferences by exhibitors and attendees so far this



- 50 Exhibitors and Funding Sources - We all know that Funding sources are

getting few and far in between and this will be the largest gathering this

year of service providers and funding sources.


- 110 First Time Attendees - Over 100 leasing professionals will take

advantage of the 'refreshed', UAEL Ambassador Program and will have an

opportunity to rub elbows with some of the industry icons.


--Advanced Leasing Workshop - ACC (formerly Amembal Capital) will be putting on this all day, workshop which is included in the conference fee.

- No rubber chicken at lunch - Not this year folks, I think these are free

range birds.


- Meet a real life computer geek - That's right, Jim Buckles from Preferred

Broker Solutions will be on hand to offer training on System 1 ver 2.5,

CapitalStream Advantage, MS Word and document conversion to PDF.  


- "You shake my nerves and you rattle my brain" - KC BBQ in San Diego, site

of the making of the film 'Top Gun', will be where everyone gathers on

Friday night for the 'Great Balls of Fire' get together.


- Keynote address by Scott Hunter - This is a can't miss for anyone t

hat wants to take marketing to a new level.


- Rear Admiral, William Newman a real Top Gun - Find out what it is like to

go Mach 2, upside down, after eating a Denver Omelet.

- Top Gun Sales panels featuring top executives - Kit Menkin is stirring the

pot as top industry professionals on the sales and sales management, share

some of their secrets of success. 


All this and much more makes this a can't miss event.  Hit the

or call Azin at UAEL (510) 444-9235, ext 22 to get that last minute

registration in.  There are still some great deals on rooms available but

not many so do it now.


Looking forward to seeing you in San Diego!


John 'Maverick' Kruse

 John Kruse



       Never Go Down to the End of Town Unless You Take Me.


George George

Walker Walker

George Walker Bush

Took great care of his country

Although he was only fifty-six.

Said to his country

“Country,” he said, said he:

“We Must never go to Iraq

Unless we get the support of the U of N.”


George George

Walker Bush

Put on a golden crown

George George

Walker Bush

Drove to the end of town

George George

Walker Bush

“Said to himself, said he:

“I can appear at the UN myself and

be back in time for tea.”


Thomas Daschle

Put up a notice:

“Lost, stolen, or strayed,

President Bush

Seems to have been mislaid,

Last seen

Wandering vaguely,

Quite on his own accord,

He tried to get down to the end of town,

But we will put a stop to him right away.”


George George

Walker Bush

(commonly known as “the guy in the White House”)

Told his

Other relations

Not to go blaming him as a mouse.”

George George

Said to his country,

“Country,” he said, said he:

“Perhaps we will go to Iraq

Even Without the support of Senator Tom the Daschle.”


George George

Walker Bush

Hasn’t been heard of since

Tony Blair

Said he was sorry,

So did the Queen and Prince.

Al Gore

(Somebody told me)

Said to a man he knew:

“ He also took the lock box to the end of town, well,

well, I just will stew!!! “


(Now then, very softly)





Took great

care of his country

although he was only 56.

George George

Said to his country.

“ Help me,” he said:



Said he.


 ( apologies to A.A. Milne )



Highlights of Equipment Leasing Association Thursday Newsletter



ELT E-Leasing Newsletter 9/26/02


The Equipment Leasing Today E-Leasing Newsletter is published every Thursday and is sponsored by the Equipment Leasing Association and its co-sponsor. To get Full-Text Stories, go to the web page associated with the story you wish to read. The links to news stories require an ELA MEMBERS-ONLY NAME AND PASSWORD. To receive a password, please go to


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************** The E-Leasing Newsletter is SPONSORED by: ***************

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                    Recovery and Remarketing Specialists

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1.       Did You Make the "List?"  Register for ELA Convention by October 3rd And Be Sure!


Unfortunately, you don't have forever to register for the ELA Convention in San Francisco, October 13-15, and still be included on the final Convention pre-registration roster distributed to convention attendees. If you register with ELA by October 3rd, your name will appear in the roster. After that....your name will be included in the final online list, which doesn't appear until after the convention is over!

Being on the pre-registration "list" makes you much more visible to everyone you want to meet and talk with at the Convention.

If you want to be included in the final version of this prestigious list, register by October 3 for the ELA Annual Convention on-line at

And while you're there, make your hotel reservations with the Marriott directly from the Convention site!

The pre-registration list as of September 24 for the ELA Annual Convention is available online

Don't go missing and have other convention attendees wonder where you are.  Register TODAY!



************* The E-Leasing Newsletter is sponsored by: ****************

Asset Control

Doing more for your bottom line.

Providing expert individual attention that allows you to preserve the

value of your portfolio.

Recovery, Collections, Remarketing, Appraisals, Inspections, Auctions &


1-888-227-0444 email:





2.       The Interactive Survey of Industry Activity (iSIA) is now Active!


When you purchase the 2002 ELA Survey of Industry Activity, you will also gain FREE access to the Interactive Survey of Industry Activity (iSIA).  The iSIA allows you to search from among various benchmarking criteria and immediately view custom results on-line.


The 2002 ELA Survey of Industry Activity (SIA) is available at the click of a button.  After you purchase the SIA in the ELA Store, you will have the option of downloading the report as a pdf file.  This allows you to receive the report immediately.


The 2002 Survey of Industry Activity captures virtually every measurable characteristic of a leasing operation, from new business volume to portfolio performance to profitability ratios-- and much more.  To make smart business decisions regarding your leasing operation; you need to access the Survey.


Go to the ELA Store on ELA Online to order your copy of the 2002 Survey of Industry Activity today!  (Responding companies have already been sent their complimentary copies and have access to the iSIA.) 


Cost:          Member - $295          Non-Member - $495




3.       Research, Statistics, Studies! Available to Lessors


Watch for numerous research studies issued this fall from ELA and the Equipment Leasing and Finance Foundation, including reports on medical, telecommunications, information technology, semi-conductors, securitization and more.

Studies currently available to ELA members:

The 2002 Annual Survey of Industry Activity ( - the industry's comprehensive report on lessor activity and profitability

Leasing the Small Firm 2002 ( - lessors seeking marketing advice to small firms should access this study

Intellectual Property Leasing and Its Implications for the Leasing Industry 2002 ( ) - chock full of statistics on finance and patents, trademarks and copyrights.



4.          PAYNET Announces New Risk Management Service


PAYNET announces the unveiling of a new risk management service giving senior management greater understanding and control over their credit origination process. The Credit Control Service(tm) specifically identifies new transactions booked by the lender each month that were approved despite the presence of a PAYNET Warning(tm) based on prior "Bad" repayment experience with other lenders in the PAYNET database.

While results vary by lender, retro-analysis shows that 24% - 48% of transactions originated when a PAYNET Warning(tm) was present eventually become "Bad" themselves. The life cycle write-off rate for these "Bad" transactions is 18% on average according to PAYNET's experience, well above the maximum acceptable threshold of all but the most high-risk lenders.

For more on this story, please visit


10.     Make A Difference! Vote for Business Now!


Interested in how your members of Congress have voted on legislation or need to get an absentee ballot, then visit ELA's newest website Vote for Business Now



This site, which ELA is doing in conjunction with the U.S. Chamber of Commerce, is a powerful tool for ELA grassroots advocacy and will educate you on issues that affect your business. Through this means you can educate yourself on the issues and vote your mind by knowing (1) how important these issues are to your candidate and (2) what these candidates will do for you once elected to Congress.


Look out for other advocacy tools such as "Eyes on Washington" to learn about issues that affect the Industry which will be updated soon.


If you have any questions please contact Michael Benveniste, ELA Government Relations, at 703-516-8381.




11.     Don't miss the ELA LEASEPAC Silent Auction!


A shopping spree at Nordstrom, Neimann Marcus, or Saks Fifth Avenue.

Tickets to a 49ers, Eagles or Redskins game.

Sports memorabilia.

A weekend getaway.


It's all right here at ELA/LEASE PAC 7th Annual Silent Auction at the ELA Convention in San Francisco from October 13-15.


Be there and bring your checkbook.



12.     ELA's Credit Scoring and Decision Automation in the Leasing Industry Conference Scheduled for October 9th, 2002 ... it's not too late to REGISTER


It's not too late to register for ELA's Credit Scoring and Decision Automation in the Leasing Industry Conference Scheduled for October 9th, 2002 at the Philadelphia Courtyard Marriott in Philadelphia, Pennsylvania.  ELA's Credit Scoring Workshop provides an introduction to scoring for those new to its use in the leasing industry, and can be used to benchmark best practices for the "aficionados" of scoring.   To ensure your name appears on the list of attendees, ELA must receive your registration form and payment no later than Wednesday, October 2nd, 2002.  If you miss the deadline, you still have the opportunity to register on-site at the conference registration desk.


For complete details and to register click below:




13.     Give Your Newest Employees a Boost with Principles of Leasing Workshop


Well-trained employees are more productive, cause fewer job-related mistakes, are happier at work and are better able to respond to customer needs.  ELA's Principles of Leasing Workshop is your answer to helping new employees establish a firm foundation in the basics of the leasing and finance.  This 2½-day program taught by veterans of the industry, has been the industry standard for nearly two decades.  There's still time to register for the next workshop, which is scheduled October 7-9 in Schaumburg, Illinois.  To review the agenda for the course or to register for the workshop, go to:




14.     What will your IT budget look like in 2003?


Compared to last year, will your 2002 IT budget increase, decrease, or stay the same?


Let us know! Visit and log in your answer to the ELA Quick Poll today.





15.    ELA Calendar of Events


Please visit ELA's 2002 Calendar of Events online at


If you have any questions about ELA conferences and workshops, please contact

Lesley Sterling at


October 7-9, 2002 

Principles of Leasing Workshop

Hilton Northbrook, Northbrook, IL


October 9, 2002 

Credit Scoring and Decision Automation in the Leasing Industry

A Practical Overview of Scoring in the Leasing Industry

Philadelphia Courtyard Marriott ~ Philadelphia, PA


October 13-15, 2002

41st Annual Convention

San Francisco Marriott, San Francisco, CA


November 7, 2002

MAEL 20th Annual Dinner Meeting

Westin O'Hare, Chicago, IL


December 2-4, 2002

Principles of Leasing Workshop

Embassy Suites, LaJolla, CA


December 9-11, 2002

Principles of Leasing Workshop

Philadelphia Marriott, Philadelphia, PA


For more information on the events listed below, or to view ELA's entire

calendar, visit the ELA Conference & Training Home Page at and click on the links to programs of interest

to you.



Submit your own company news story for ELA'S E-LEASING NEWS! Visit




For more leasing news, visit ELA Online's News Home Page at



To update your current subscription information or receive your ELA

USERNAME/PASSWORD, please visit:

To unsubscribe, please email


Amy J. Miller, ELA's Vice-President of Communications, edits ELT's E-leasing Newsletter. If you have questions or comments relating to ELT's E-Leasing Newsletter, please email her at


This newsletter is free to ELA members. Forward it to a co-worker!

Copyright 2002 by the Equipment Leasing Association

Phone: 703/527-8655 Fax: 703/527-2649


########### #########################################


 Electro Rent  Reports  $2.6M Profit Fiscal 2003 First Quarter


VAN NUYS, Calif.----Electro Rent Corporation (NASDAQ:ELRC) announced today that net income for the first quarter of fiscal 2003 ended August 31, 2002 was $2.6 million, or $0.10 per diluted share. For the first quarter of fiscal 2002, net income was $4.0 million, or $0.16 per diluted share. Revenue for this year's first quarter declined to $31.1 million from $43.0 million for the same period last year.


Chairman and Chief Executive Officer Daniel Greenberg said, "The troubling trends in the technology sector with which we have been contending for some time extended into the first quarter. Equipment utilization in both parts of our business fell yet again during this period; consequently, new equipment purchases were at a low ebb. The positive side of this coin is that cash flow provided by our net income for the quarter, a reduction in accounts receivable, and lower equipment purchases combined to increase our cash position by more than $15.0 million since May 31, 2002 to $131.0 million at August 31, 2002."


Selling, general and administrative expenses declined by approximately $4.0 million, or about 27%, for this year's first quarter compared to the first quarter of fiscal 2002, reflecting a reduction in personnel and the closing of certain locations. "Although we must remain in a defensive posture while the shakeout in the technology sector runs its course, Electro Rent's liquidity is substantial and growing, and our ability to serve our customers is undiminished. We will continue to run our company cautiously but resolutely until business conditions improve," Greenberg said.


Purchases of test and measurement and computer-related equipment during the fiscal 2003 first quarter totaled $6.8 million. This compares to equipment purchases of $14.0 million for the first quarter of fiscal 2002. Sales of excess equipment amounted to $6.4 million for the first quarter of fiscal 2003 versus $7.0 million a year earlier. The book value of Electro Rent's equipment pool was $109.9 million at August 31, 2002 compared to $119.7 million at May 31, 2002.


About Electro Rent


Electro Rent Corporation ( is one of the largest nationwide organizations devoted to the short-term rental and leasing of personal computers, workstations and general purpose electronic test equipment.




Electro Rent Corporation

Daniel Greenberg, 818/786-2525


Berkman Associates

Neil Berkman, 310/277-5162 (Investor Contact)


################ ##############################################  




    Looking for comments on the following press release:


############### ############



Resource America, Inc. Postpones Proposed Senior Notes Offering



PHILADELPHIA----Resource America, Inc. (NASDAQ:REXI) (the "Company") reported today that because of volatile market conditions it has decided to postpone its proposed $125 million sale of 8-year senior notes. The Company's concurrent consent solicitation and tender offer for its existing 12% senior notes, which was conditioned upon the sale of its 8-year senior notes, has been terminated. Tendered notes will be returned promptly and the related consents will be revoked.


"We and our advisors believed an opportunity to access the high yield markets at favorable rates was available. The volatility in the market since we announced our intent on September 13, 2002 has resulted in an indicated coupon which we feel can be improved upon in a more stable market environment," stated Edward E. Cohen, Chairman, President and Chief Executive Officer of the Company.


Mr. Cohen noted that the principal use of the proceeds of the offering was to have been to refinance existing senior notes and to repay credit facilities and other debt, and stated that: "The Company believes that it has more than sufficient cash flow and liquidity to meet its existing debt service requirements and to repay credit facilities and other obligations when due without difficulty. We want to acknowledge how much we appreciate the consideration given to our offering by investors and the hard work of our underwriters."


Resource America Inc. is a proprietary asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the energy, real estate and equipment leasing industries.




Resource America, Inc., Philadelphia


Pamela Schreiber, 215/546-5005


215/546-5388 (facsimile)


source America, Inc., Philadelphia


################ ################################################



 Variant Leasing Corporation announces the addition of Charles Ledgerwood and Kim Province as Regional Sales Managers.  


“Both have many years of providing financial services in specific industry sectors and will provide valuable assistance in Variants continued expansion, “ says President James C. Berbeerst.                                                      


“Ms. Province has over ten years of experience in management, sales and marketing in the leasing industry, “ he stated.”   Kim s background includes comprehensive experience in building relationships with vendors, brokers, and end users in the middle market equipment finance arena.”.


“Charles has extensive expertise in structuring big ticket and middle market project financing arrangements, “ Berbeerst said.”    He also has a

 banking background which supports Variant s partnership with several community banks to service the leasing needs of their                                        customers.”`                                                


Variant Leasing is headquartered in San Juan Capistrano , California .    The company s professional staff has years of leasing and financial experience.    Variant Leasing is focused on providing its clients with quality financial solutions with a high degree of service and ethics.   


Jim Berbeerst  has over twenty years of leasing experience.  He established CMI's presence on the West Coast and went on to manage the combined CMI/CIS organization for half of the country as Vice President and General Manager.  Following this, he was a partner in Varilease prior to forming Variant Leasing Corporation





   We belong to ELA, “ he told Leasing News. “   We are not a direct funding source or a super broker.  We are a lessor, mostly middle ticket market.”.




                               VARIANT LEASING CORPORATION

                                        AREAS OF EXPERTISE


Variant Leasing Corporation is a National Financial Services Company and a lessor and supplier of High-Tech Equipment.


Variant Leasing is particularly competitive on new equipment leases and sale/leaseback transactions.  We specialize in providing operating leases for the following equipment but can also provide you with competitive capital leases:



*          Telephone Equipment:          Switches, Auto Call Directors, Voice Mail, Predictive Dialers


*          Computer Equipment:          PC Servers, Workstations, etc., by IBM, Hewlett Packard, Compaq, as well as other manufacturers


*          Networking Equipment:          Servers, Routers, Hubs, Bridges


*          Printing Equipment:          Digital Printing (Black and White), Prepress, Press, Postpress, Remarketed Equipment     


*        Capital Equipment:          Industrial, Warehousing, Manufacturing and Food Processing


*          Medically-Related Equipment:          MRI's Cat Scan, Patient Monitoring Systems, etc.


*          Specialty Vehicles:          Ambulances, buses, construction


*        Semi-Conductor          Sputterers, clean rooms, etchers, steppers,

          Manufacturer Equipment:          testers, surface mount, etc.


*          Furniture:          Modular and stand alone - all brands





Additionally, Variant Leasing can facilitate the funding for all types of software products.



Theresa Kabot Took Steps To Get Leasing News by eMail


Slowly but surely some of the carriers are being correct, and it appears only 600 are now not receiving Leasing News.  After being labeled “Spam”, it appears some Internet Service Providers will have to remove the

block of mail.  We cannot contact the reader who has our

e-mail blocked, a real catch 22, so if you read this and have not been getting

Leasing News, contact your carrier if you want it delivered to your mail box.


Here is an example of how Theresa Kabot handled it. She contacted

her carrier, I sent them what I was receiving, and here is the response:


‘I've added your mail server address to our config files as an address
to accept mail from, overriding the ORDB entry. We should be accepting
mail from you know. Let me know if it doesn't go through again.”

-- Ben

On Sep 26, wrote:

> The attached message had transient non-fatal delivery errors
> This server is configured to automatically retry delivery at configured
> intervals.  Subsequent attempts to deliver this message are pending.
> Failed address:
> --- Session Transcript ---
>  MX-record resolution of [] in progress (DNS Server:
>  P=001 TTL=(990) MX=[] {}
>  Attempting MX: P=001 TTL=(990) MX=[]
> {}
>  Attempting SMTP connection to [ : 25]
>  Waiting for socket connection...
>  Socket connection established
>  Waiting for protocol initiation...
>  220 rblsmtpd.local
>  250 rblsmtpd.local
>  MAIL From:<>
>  250 rblsmtpd.local
>  RCPT To:<>
>  451 This mail was handled by an open relay - please visit <
>  This message is 60 minutes old; it has 0 minutes left in this queue
>  Primary queue lifetime exceeded; message placed in retry queue
> --- End Transcript ---
> : Message contains [1] file attachments

(We are clear, according to our last check with, but nevertheless

her mail was block.  Her carrier appears to have fixed it. All the carriers can do

this, if you handle it the way she did: be aggressive. editor )




         No Light at the End of the Tunnel



Panel Rejects $1.2 Billion Amtrak Subsidy


Railroad Says It Needs That Much to Keep Long-Distance Trains Running


By Michael Barbaro


Washington Post Staff Writer


The House Appropriations Committee, voting along party lines, defeated an effort to give Amtrak the $1.2 billion the railroad says it needs next year and pushed through an amendment that threatens many -- perhaps all -- long-distance trains.


The Republican bill would give Amtrak $760 million in subsidies next year, about $500 million less than a Senate proposal, and is likely be modified in a compromise bill. But it directly challenges Amtrak management's efforts to stabilize the 31-year-old railroad, which has never earned a profit.


Amtrak said the bill, which the committee is likely to approve next week and send to the House floor, would cripple the railroad and prompt a cash crisis similar to the one that left passenger-train service within days of a nationwide shutdown in July.


But Rep. Harold Rogers (R-Ky.), chairman of the subcommittee on transportation, said $1.2 billion "would reward Amtrak for their poor management and poor performance." The railroad received $826 million this fiscal year.


Rogers also said a larger subsidy would stretch the transportation appropriations bill too thin and result in the bill's defeat when it comes before the full House.


House Democrats said the cuts would force Amtrak to beg for money next year and accused Republicans of forcing Amtrak to made decisions about politically sensitive route cuts.


Republicans had sought to terminate federal funding to any train route that required a subsidy of more $200 per passenger on a normal run, which could have closed six train lines. But after about two hours of debate, the committee voted to strike that provision and replace it with language providing $150 million for all long-distance routes -- a limit that Amtrak officials said probably would mean the end of all long-distance trains.


The six trains that would have been cut in the original bill run through the districts of several key Republicans who face tight races for re-election.


"You are drawing a veil across an action we are taking," said Rep. David R. Obey (D-Wis.), the ranking Democrat on the committee. "It's just taking a little longer for communities to understand what Congress is doing to them."


In setting the $150 million figure, committee Republicans apparently accepted early Amtrak estimates that long-distance trains receive $200 million in operating subsidies each year.


That figure, however, was based on Amtrak's peculiar accounting, in which operating funds can sometimes be disguised as capital funds. Amtrak President David Gunn has said he will no longer permit such accounting, and under generally accepted accounting principles, long-distance subsidies are much higher.


In addition, Amtrak officials said, simply cutting a few trains saves little money. Some operating expenses may be saved, but much of its operating expense is in other areas such as stations, maintenance shops and reservations centers. Those expenses would then have to be spread among fewer trains, raising those trains' per-passenger losses.


The National Association of Railroad Passengers, in a letter to the House committee this week, said shutdowns of long-distance trains would paralyze inter-city travel.


"The existing system is so skeletal that elimination of any major route means total cessation of service to entire states and major metropolitan areas," the letter said.


Democrats who opposed the cuts said yesterday that eliminating routes would not save Amtrak money during the next fiscal year. The railroad is obligated under its labor contracts to pay crew members who lose their jobs up to six years of salary. Those payments alone could amount to more than $150 million, at least in the first year.


The revised bill will spare many House Republicans the political complications of voting to eliminate specific lines that run through their districts. One of them is Anne Meagher Northup (R-Ky.), who faces a tough re-election battle. Under the original Republican bill, Louisville would have lost the Kentucky Cardinal just months after state officials talked Amtrak into extending the route across the Ohio River from its former station in Jeffersonville, Ind.


"This bill will give people in my community a chance to weigh in," said Northup, who voted with 34 other Republicans for the $760 million budget. "I hope we will pull the subsidy to below $200 per rider."


Staff writer Don Phillips contributed to this report.



West Coast port talks deteriorate; labor unrest appears imminent


By Justin Pritchard



SAN FRANCISCO – West Coast docks sped toward renewed labor unrest Thursday as shipping lines accused longshoremen of staging work slowdowns after their union expressed frustration over contract talks by urging members to work "in strict accordance" with safety regulations.


Longshoremen began staging slowdowns Thursday afternoon in Oakland, as well as Seattle and Tacoma, Wash., according to Pacific Maritime Association, which represents shipping lines and terminal operators.


A spokesman for the International Longshore and Warehouse Union, which represents 10,500 workers at all 29 major Pacific ports, said he didn't know anything about slowdowns.


He did say, however, that union leaders spent the day ensuring local chapters from San Diego to Seattle were aware a resolution negotiators issued to "work safely in strict accordance with all provisions of the Pacific Coast Marine Safety Code and all federal and state health and safety regulations."


The two sides have been bargaining over a new contract for months but talks have steadily deteriorated.


Thursday's events echo the brinksmanship of last week, when shipping lines threatened to lock out longshoremen they charged with an initial round of slowdowns. That dispute was resolved without any lockout.


"Based on the union's resolution," said association President Joseph Miniace, "it appears that the ILWU intends to cause problems on the docks."


The association will monitor work rates overnight and decide Friday whether to warn workers as it did last week or move directly to a lockout, according to spokesman Tom Edwards.


Any disruption would deal an immediate blow to the economy and stanch the flow of products from Asia just as importers are rushing to distribute goods for the holiday season. That glut of containers has forced longshoremen and clerks to push the limits of safety, according to the union – but that will change under the new directive.


The two sides were scheduled to return to the table Friday morning for what should be a feisty session. The union said Thursday it won't discuss how to implement new technology, an issue shipping lines have stressed they must resolve before signing a new contract.


"The PMA has exhausted the technology discussion," union President James Spinosa said in a written release. "We worked with them to try and give them everything they wanted and they gave nothing in return. Now we have to turn to the issues important to our members including safety, pensions, and wages."


Miniace said he's willing to discuss other issues, but reiterated the association's demand that computers be phased in to streamline the movement of more than $300 billion worth of cargo that flows across West Coast docks each year.


"Let me be clear: technology is not off the table," Miniace said. "We had comprehensive and productive talks, and it is extremely disappointing that the union is reacting by threatening work actions and dismissing the topic altogether."


The union says it doesn't oppose new technology, but wants guarantees that positions created by technological advances are union covered.


The association says a growth in trade will translate into more union jobs over time, but the union shouldn't dictate that it gets every new job created by new technology.


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