Kit Menkin Leasing News

supplies businesses and consumers with information about the leasing industry. We have independent, unbiased, accurate, and fair news about leasing. Feel free to browse our site and learn everything you need to about leasing.

Headlines---

Pictures from the past---1995----Peterson/Lahti

    Classified Ads---Jobs Wanted---53

        ELA Fleming Exclusive Leasing Today

            Cartoon

                Marks Accepts Bob Rodi's Apology---Not!

                    Tech Group Wants Permanent R&D Tax Credit

                We get Letters---

            Linedata Services Reports 2002 Results Ahead of Forecasts EBIT + 36%

        Thomas P. Budde Named as Senior Vice President - Administration

    eCredit(SM) Closes $9 Million in Financing

Barakat Joins PRMIA ED and Standards Committee

    News Briefs---

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

Menzel to Cover ELA Funding Exhibition in Chicago for Leasing News

Leasing News is proud to announce that Paul Menzel, CLP, Senior Vice President / General Manager Leasing Division, Santa Barbara Bank & Trust, will be covering the Equipment Leasing Association National Funding Exhibition at the Fairmont Hotel in Chicago, Illinois April 9th and 10th, with a special report for our Monday, April 14th edition.

The attendance is expected to reach 500 with 42 funders.

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Pictures from the past---1995----Peterson/Lahti

“Most authentic Costume winner Kari Peterson, The Manifest Group, with Best Costume/Female Winner Lola Lahti.”

November, 1995 Western Association of Equipment Leasing Regional Reporter

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I had some inquiries and the position I got came from one of the

inquiries. I suggest to keep networking and be positive, use every resource

available. something will come up. Thanks again for all your help. I enjoy your newsletter. Please don't use my name if you print this. Thanks Kit.\\

( name with held)

We're gong to wait a week or two and then run another help

wanted ad with you. I am currently interviewing about 12 potential Territory Managers or doing "due diligence" on them.

We should have another press release in about a week or two announcing several more additions to our staff. Thanks to you and the ad, I think we're getting some very qualified people to join our team!

Regards,

Bruce Larsen

National Sales Manager

Leasing Partners Capital, Inc.

661 E. Burnsville Parkway

Burnsville, MN 55337

Toll Free Phone: 877-333-5864

Fax: 952-890-5103

Member: NAELB\

ELA Fleming Exclusive Leasing Today

“You’ve got to hand it to our members in business today, “ Equipment Leasing Association President Mike Fleming, CAE, told Leasing News in an exclusive interview .“They are trying something new, adapting, have hope... and are making it a go. Our lessors are not waiting for the cycle to change. They are doing

something about it. ”

http://two.leasingnews.org/imanges_uael_wael/Michael_Fleming.jpg

ELA reports in its latest online quick poll that out of 118 respondents, 61% say that once the uncertainties of a war are behind us their customer swill begin ordering equipment. 39% answered “no,” whether or not customers would begin ordering equipment.

Fleming heads the oldest and largest equipment leasing association in the United

States. He believes the “war in Iraq” affect on business may be “ a key” or “the

key” to economic conditions, but that “ over capacity” may be more relevant than

“uncertainty,” plus the availability of funds for all strata in equipment leasing.

“Most lessors work on hope, that the cycle will start again, and that’s what

the poll indicates, “ he explained. “ It certainly is a niche market industry, apparently the most active is healthcare ; transportation, technology, and manufacturing are off. Many hope that when the war is over in a few weeks, it may change. However the facts are the travel industry is fundamentally not sound with lessors taking back airplanes; airlines in default on large leases, plus the public not traveling as they did a few years ago. The IT and telecom industry is also not in the mode of buying as they did in the 1990’s.

“The question also is how much needs to be replaced, as it appears software is

the major growth area in the IT and telecom industry, “ he remarked. “The condition is that business has become so cautious that they are finding ways to make do with what they have, cut back, not replace anything, make workers more productive, find ways to survive.

“In our industry, funding is a real problem, especially for the none-bank/non-captive lessors who need equity to grow, all kinds of debt and access to securititization. The fact is it is difficult and will be difficult for some time, so

the game then is different, and business is not just going to come in through the

door.

“The poll really reflects an attitude we saw last Spring, around this time,

when respondents were seeing overcapacity, and their customers were becoming more cautious.”

Fleming believes equipment leasing will remain “popular” with business. Of the $697 billion spent by American business on productive assets in 2002, $216 billion, or 31 percent, was acquired through leasing. In 2002, that figure is estimated at $204 billion. The projected 2003 volume is $208 billion.

“A group of large ticket lessors recently had a meeting where they labeled

it ‘economy to get better in 2005,’ he said, adding, “ but I have also heard “business will get better in the second half, but we just don’t know which year.”

Throughout his career, Fleming has been involved in economic and political activity. He has been a teacher, lobbyist, political organizer, and trade association executive. Prior to serving as ELA President, Fleming managed state associations in Iowa and South Carolina. Mr. Fleming is devoted to the concepts of strong, active business leadership and believes that associations are most effective when they act in a proactive mode on behalf of their members.

Fleming earned a BA in Political Science and History and an MA in History and Economics with honors from Drake University in Des Moines, Iowa. He has done additional postgraduate work at several other major universities.

Fleming is an active member of several professional and economic groups. 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.

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Cartoon

Marks Accepts Bob Rodi’s Apology---Not!

While I appreciate Bob's apology, I want to point out one misconception. He writes:

> Would Barry Marks take

> me to task before the ethics committee if I said I was a

> broker but really discounted my deals?

The National Association of Equipment Leasing Brokers does not distinguish between lease originators who are pure brokers and discounters; both are eligible to vote and serve on the Board.

We don't get hung up on labels and definitions. What we encourage is full disclosure of the business practices enabling each of our members to evaluate those with whom they do business.

This process includes ethical issues - we don't call anyone names, we just invite them to leave our association and I wish the other associations would be as aggressive as NAELB in that process.

BSM

Poetbarry@aol.com

(Barry S. Mark, former NALEB legal counsel)

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Tech Group Wants Permanent R&D Tax Credit

By Roy Mark Internetnews.com

AeA, the nation's largest high-tech trade association, joined the R&D Credit Coalition last week to urgekey Congressional leaders to permanently extend the research and development (R&D) tax credit. The temporary R&D tax credit, which has been extended ten times since its inception in 1981, expires next year on June 30.

The Coalition sent a letter to the chairman and ranking member of the House Committee on Ways and Means and the chairman and ranking member of Senate Finance Committee signed by 52 associations and 286 individual companies representing nearly every research-intensive business segment and state in the U.S.

In addition to a permanent extension of the tax credit, the group also supports an increase to the Alternative Incremental Research Credit rates and a new elective alternative credit formula to allow "all companies to equally benefit from the research credit."

William T. Archey, president and CEO of the Washington-based AeA underscored the importance of the R&D tax credit to the nations high-tech sector.

"Continued growth of our economy is inextricably tied to the ability of companies to make a sustained commitment to long-term research," said Archey. "It is critical that the White House and Congress, while considering tax legislation to stimulate growth in the economy, take the opportunity to revive and extend a proven incentive for U.S. companies to increase their investment in U.S.-based research and development. Doing so will encourage the creation of jobs and lay a foundation for long-term economic expansion in the U.S."

Archey added, "Failing to enact a permanent extension of the R&D credit before Congress adjourns this year could significantly disrupt R&D planning for 2004. The resulting uncertainty in the business community can only reduce the economic benefits that all U.S. businesses and workers receive as a result of the credit."

AeA represents more than 3,000 companies with 1.8 million employees.

I would like to quote you.

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We get Letters---

I would have been more impressed had you sent Barry with a Video Phone, you

know the ones similar to what we see on TV every night nowadays and we were

privy to live updates on the hour via Video Phone (only 399.00 per month

you know). If CNN can do it (didn't they lose something like 50 gazillion

dollars last year?), I don't know why leasing News cant afford it.

Come on Kit, this is the new Millennium!!!!

Daryl

Daryl Warmbrand

daryl@pyramidleasing.com

(We have been doing "chat forum" discussions for two years. Whenever

we get a newsmaker, we do "Meet the Newsmaker." the last two times

it only drew 50 readers. Most of the people I ask, don't want to participate.

We also for two months have Live Kit Menkin. Similar to what you

find on sites when you want to speak to a "tech" live. While

it is not on all the time, it is on often. Only one person in

two months has used it, to lodge a complaint against a leasing

company.

I think most people are too busy with all the down sizing. We

have one person doing the work of three or four, and salesman

working harder than ever before.

If you want to try "Kit Menkin Live," go to our website. If I am

not available, you can send an instant e-mail, too. Kit Menkin)

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I agree with Barry.. I thought this was one of the best EAEL spring

conferences in many years. Every one there was there because they wanted to

do business and despite the economic woes that everyone seems to be

grappling with there was a bit of optimism that those who were there would

be there next year. Congratulations to Alison, Cindy and Paul for a job well

done. And for those of you who didn't attend because it wasn't on the

beach...you missed out on a great conference...and DC was a great place to

have it.

Sincerely,

Deborah J. Monosson

President

BOSTON FINANCIAL & EQUITY CORPORATION

20 Overland Street

Boston MA 02215

617-267-2900 Tel

617-437-7601

http://www.bfec.com

(Leasing News always enjoys hearing from Ms. Monosson. We have asked her to server on our “Advisory Board” many times in the last few years, but she is

always “too busy.” If she ever changes her mind, we welcome her, indeed. Editor.)

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Linedata Services Reports 2002 Results Ahead of Forecasts EBIT + 36%

BOSTON, -- Linedata Services achieved consolidated revenues in 2002 amounting to 94.7M euros, up 19.8%. Asset management represents 57% of revenues, Leasing and Credit Finance 22% and Employee Savings 21%. International revenues now accounts for over 35% of revenue, compared with 22% in 2001.

EBIT (after employee profit sharing) also showed strong growth, up by 35.9%, with EBIT margin up 2 points, representing 16.7% of revenues. Ahead of forecasts, these excellent results again confirm the success of the group's ASP economic model, which draws on economies of scale linked to growth. Despite a return to "normal" taxation, net result before goodwill rose 27% to 8.7M euros.

As forecast, the group's own cash flow resources rose to 15.5M euros (+50%), resulting in a significant reduction in gearing to 51.8% of shareholder's equity at the end of 2002 (vs 63.4% at the end of 2001). On December 31, 2002, available cash flow had risen to 16M euros.

Prospects for 2003: Increased Market Share in Europe

In 2003, Linedata Services should continue to generate overall growth of between 10 and 15%, including the contribution over 10 months of Thomson Financial's Asset management assets acquired at the start of March 2003. The group's sales and R&D efforts should start to pay off, promoting penetration of major accounts in Europe.

Linedata Services will also focus on recurring income from its 200-strong Asset Management customer base, while aiming to realize its development potential in Europe in the Leasing and Credit Finance sector and launch new complementary Employee Savings offers. The group will also continue its efforts to improve margins. Linedata Services will publish its revenues figures for the 1st quarter of 2003 on April 29, 2003.

About Linedata Services

Linedata Services is a major global player in the financial IT market, specializing in Asset Management, Leasing and Credit Finance and Employee Savings. As a software publisher, systems integrator and service provider, Linedata Services offers comprehensive best-of-breed global solutions for the financial services community. Floated on the Nouveau Marche de La Bourse de Paris in May 2000, Linedata Services recorded revenues of euro 94.7M in 2002, representing growth of 19.8%. For more information, please visit: www.linedata.com. Euroclear: 7579, Reuters: LDSV.LN

To receive free financial information by e-mail, please register by visiting www.equityinfos.com

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Thomas P. Budde Named as Senior Vice President - Administration

NEW ORLEANS--Torch Offshore, Inc. (NASDAQ:TORC) (the "Company") announced today that Thomas P. Budde has been appointed Senior Vice President - Administration of the Company and has commenced his duties effective immediately. Since January 2000, Mr. Budde has served as Chief Financial Officer of Gibbs Construction, L.L.C. Prior to that, Mr. Budde served as Chief Financial Officer and Executive Vice President of General Marine Leasing, Inc. as well as holding various positions, including Chief Financial Officer and Executive Vice President, of Diversified Group, Inc. His background includes over 27 years of administrative and financial experience with Gibbs Construction, L.L.C., General Marine Leasing, Inc., Diversified Group, Inc., HBH, Inc. and Price Waterhouse

Co. Mr. Budde has a bachelor's degree from the University of New Orleans.

In addition to Mr. Budde joining the management team, the titles of Lana J. Hingle Stockstill and Willie Bergeron have been amended to Chief Administrative Officer and Chief Operating Officer, respectively. These changes were effective on March 18, 2003.

Lyle G. Stockstill, Chairman and Chief Executive Officer of Torch Offshore, Inc. commented, "We are excited about the addition of Tom to our management team and feel his background and experience will aid in having an immediate impact in the administration of our Company. As we continue to grow and branch out into the deepwater, our need for this type of individual in our organization was apparent and Tom will surely fulfill those demands."

Established in 1978, Torch Offshore, Inc. is involved in offshore pipeline installation and subsea construction for the oil and natural gas industry. Torch Offshore, Inc. is expanding beyond its established shallow water niche market in order to serve the industry's worldwide growing needs in the deep waters.

CONTACT:

Torch Offshore, Inc.

Bob Fulton, 504/367-7030

b.fulton@torchinc.com

or

Bradley Lowe, 504/367-7030

b.lowe@torchinc.com

SOURCE: Torch Offshore, Inc.

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eCredit(SM) Closes $9 Million in Financing

Round includes Apex Venture Partners, Sterling Venture Partners and existing investor Internet Capital Group

DEDHAM, Mass.,-- eCredit, the leading provider of credit and collections automation software, today announced it has closed a $9 million round of financing co-led by Apex Venture Partners and Sterling Venture Partners with participation from existing investor Internet Capital Group (Nasdaq: ICGE - News).

The investment will be used to accelerate the sales and marketing momentum of eCredit's newest credit processing application, nFusion(SM), extend the product footprint, and increase the value eCredit's installed base is deriving from its solutions.

"eCredit has led the market in credit and collections processing solutions for some time now," stated Deepak Verma, CEO of eCredit. "The initiatives we undertake with this newest round of funding will solidify the company's leadership position and enable our clients to derive greater value from their working capital operations."

The weakening economy has moved credit and collections issues forward on the agenda for many corporate CFOs and lending institutions. Solutions that decrease operating costs, increase sales, and improve how organizations manage risk are compelling to organizations seeking to improve their working capital and portfolio risk positions, despite the poor economic climate. This is evidenced by the strong momentum eCredit has recently generated with nFusion, including wins at Hagemeyer North America, Old National Bancorp, Paymentech, Ryder System Inc., and XTRALease.

"We are pleased with the market advancements eCredit has made with nFusion," said Brian Hirsch, Principal at Sterling Venture Partners. "The incredibly high satisfaction of eCredit's customers in a down economy demonstrates the compelling business value and ROI companies have achieved with eCredit's offerings, and was a major factor in our decision to invest."

"We believe there is a large market opportunity for technology companies that drive efficiencies into working capital management. After completing supply chain management and CRM implementations, large and mid-sized companies will shift their focus to solutions that improve operations along the financial value chain," said Wayne Boulais, General Partner at Apex Venture Partners. "eCredit's leadership position within the credit and collections segments of this space made them the ideal candidate for investment. Our decision was based on the strength of the company's products, the strength of its marquee installed base, and the strength of its accomplished management team."

"eCredit continues to deliver both a relevant and compelling value proposition in a difficult economic environment," said Walter Buckley, Co- Founder, CEO and Chairman of the Board for Internet Capital Group. "With this infusion of capital, the firm is well positioned to become the anchor player in its market."

About eCredit.com

Since 1993, eCredit.com has delivered credit risk management and collections software and services to Fortune 1000 companies and financial institutions. The Company improves credit decision-making practices to deliver process efficiencies, optimized risk management, reduced operating costs, and increased revenues. Included among the Company's customers are ChevronTexaco, Cisco, CIT Group, Panasonic, and Ryder System, Inc. Headquartered in Dedham, Massachusetts, eCredit is an Internet Capital Group (Nasdaq: ICGE - News) partner company with additional venture backing from Apex Venture Partners and Sterling Venture Partners. For additional information, visit eCredit on the Web at http://www.ecredit.com.

About Apex Venture Partners

Apex Venture Partners, established in 1987, has more than $450 million under management with five funds. The firm has invested in over 100 technology companies. Apex focuses on early stage technology investments in software, enterprise/network infrastructure, and telecommunications and is headquartered in Chicago, IL.

About Internet Capital Group

Internet Capital Group (http://www.internetcapital.com) is an information technology company actively engaged in delivering software solutions and services, which are designed to enhance business operations by increasing efficiency, reducing costs and improving sales results. ICG operates through a network of partner companies that deliver those solutions to customers. To help drive partner company progress, ICG provides operational assistance, capital support, industry expertise, access to operational best practices, and a strategic network of business relationships. Internet Capital Group was formed in 1996 and is headquartered in Wayne, Pennsylvania.

About Sterling Venture Partners

Sterling Venture Partners is a $136 million venture fund that invests in early-stage and expansion- stage health care, software, industrial technology and business services companies. Sterling Venture Partners is a division of Sterling Partners, a diversified private equity firm that has managed more than $500 million of committed capital since its founding in 1983. With offices in Baltimore and Chicago, Sterling Venture Partners invests on the East Coast and in the Midwest. For more information please visit www.sterlingpartners.us.

For more information contact:

eCredit.com

Kelly Cundiff

(781) 752-1245

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DR. MAMDOUH BARAKAT JOINS PRMIA EDUCATION AND STANDARDS COMMITTEE

=================================================================

- The Professional Risk Managers' International Association (PRMIA) is pleased to announce that Dr. Mamdouh Barakat, President and CEO of MB Risk Management (MBRM), has joined PRMIA's Education and Standards Committee.

"Dr. Barakat's commitment to PRMIA and to the advancement of the risk management profession through the Professional Risk Manager (PRM) program has been tremendous," said David R. Koenig, Chair of the PRMIA Board of Directors. "His firm was one of the first to endorse the PRM program for its employees and clients and he is now personally committing his time and considerable professional skills to help that program to grow. We are deeply appreciative."

"I am very pleased to join the Education and Standards Committee since this will enable me to provide direct input in the direction and activities of the PRM program," said Dr. Mamdouh Barakat. "Our clients are spread throughout the world, therefore PRMIA's educational outreach across all geographic areas is essential. There is a PRM testing center, where our clients can register and sit for the program, in over 350 cities around the world: (www.prmia.org/certification/register.php)"

PRMIA's Education and Standards Committee is charged with the development of the Professional Risk Manager program and PRMIA's Standards of Practice, Conduct and Ethics (Code of Conduct).

The Professional Risk Manager (PRM) program is both a certification and professional development program specifically for risk managers and those whose work links them to the risk management profession. Offered in four separate exams, on every business day, in over 350 cities worldwide, it is the only globally endorsed certification program for risk managers. The PRM program tests for both the knowledge and understanding of the building blocks essential to the successful practice of risk management. The exams test theoretical and practical aspects of risk management best practices as well as case studies of failed practices. Furthermore, they require candidates to know, understand and commit to the professional standards that are at the heart of PRMIA's Bylaws and Standards of Best Practice, Conduct and Ethics (Code of Conduct).

The PRMIA Standards of Practice Conduct and Ethics sets the tone for expected standards of behavior by professional risk managers. Adherence to the code is expected of all PRMIA members and is required for maintenance of the PRM Designation.

The Professional Risk Manager exam is the only risk management certification program that has been endorsed by Algorithmics, SunGard Trading and Risk Systems, the Risk Desk, MB Risk Management, Lepus, Lombard Risk Management plc and Misys. It is also supported through the sponsorship of Ernst and Young. Eighty percent of net exam revenues go to support local activities at PRMIA chapters around the world. The balance of net revenues is committed to support PRMIA's web-based and ground level efforts to fulfill its Mission.

Dr. Mamdouh Barakat is a recognized pioneer in the risk management arena and has been at the leading edge of analytical solutions for almost two decades. He founded MBRM (trading name of Financial Systems Software (FSS) Ltd) in 1988. Prior to this, he was a quantitative analyst with Drexel Burnham Lambert. Dr. Barakat has also held the post of Senior Managing Director of FNX Limited. He received his BSc, MSc and PhD (in the field of Artificial Intelligence (AI) in Simulation Modeling) from the London School of Economics.

Members of the PRMIA Education and Standards Committee include:

Co-Chairs:

Dr. Zvi Wiener, Jerusalem

Dr. David Rowe, Palo Alto, CA

James Lam, Boston

Committee Members:

Dr. Emerico Amari, Milan

Dr. Zvi Bodie, Boston

Dr. Jorge-Galindo Flores, Mexico City

Kruskal Hewitt, Tokyo

Dr. Allister Hickson, Winnipeg

Glyn Holton, Boston

Dr. Elias Demetriades, Chicago

Chiang Kheng Hong, Singapore

Claus Madson, Copenhagen

Nawal Roy, New York

Dr. Sergey Smirnov, Moscow

David Medrano, Dallas

Dr. Mamdouh Barakat, London

About PRMIA

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PRMIA is the Professional Risk Managers' International Association. Founded in 2002, PRMIA currently has 36 chapters around the world, and over 5,500 members in more than ninety-five countries. PRMIA is a tax-exempt, non-profit, member-led association of risk professionals dedicated to the advancement of the profession worldwide through the free exchange of ideas about risk management. More than 10,000 attendees are expected at free PRMIA events around the world in 2003, making it both the risk industry's fastest-growing professional association and its most active.

PRMIA has local chapters in London, New York, Chicago, Hong Kong, Shanghai, Singapore, Japan, Australia, Russia, Poland, the Ukraine, Denmark, the Netherlands, Sweden, Spain, Italy, Frankfurt, Dusseldorf, Paris, Zurich, Israel, Brazil, Chile, Argentina, Mexico, Venezuela, Philadelphia, Boston, Charlotte, Atlanta, Minneapolis, Houston, Seattle, Calgary, Toronto and Montreal. Visit www.prmia.org for more information.

About MB Risk Management

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MB Risk Management (MBRM), founded in 1988, are developers of the UNIVERSAL Add-ins. With 30,000+ users world-wide at Investment Houses, Money Managers and Corporate Treasuries, MBRM's software is used for pricing, risk management, trading, arbitrage, fund management and auditing of securities, options, futures and swaps in the convertible, fixed income, commodities, energy, equities, foreign exchange and money markets. A free fully functional 30 day trial of the Universal Add-ins can be downloaded from http://www.mbrm.com.

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