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Friday, August 10, 2007


Correction: Brad Peterson was not “President"
    Classified Ads---Legal
        Dwight Galloway goes home from the hospital
            Bank and Leasing Stocks take hit
The Fed to lower prime rate?
    Cartoon---Certain signs cannot be ignored
        Classified Ads---Help Wanted
FTC presses 4 preliminary judgment against IFC
    CIT “off lease” computer thief gets three years
        To Tell the Truth by Barry S. Marks, Esq
        “Site Inspections: The Inspector General”
Vote: “Yes” or “No” for more Site Inspections
    Evans Bancorp second Quarter Loss
        Five Point Capital lowest rate or $500 cash
Odessa Technologies Celebrates 100th Hire
    Relational Technology Solutions Expands
        Trinity Railcar Leasing Warehouse Facility
Westover Launches Med. Equip. Finance/Lease Unit
    Cause of Beau Clarke’s death---“adult” rated
        New lease scandal: Baltimore man indicted
    GE India's T.P. Chopra: India's Growth
Fitch Revises Conseco's Rating Outlook to Negative
    30-year mortgage rates lowest level since June
        Reverse mortgages move forward—Dallas News
ELFA gets new web site: take a look
    News Briefs---
        You May have Missed---
            Sports Briefs---
                "Gimme that Wine"
Restaurant Review: Carnelian Room, S.F
    Calendar Events
        Snapple Real Facts
Today's Top Event in History
    This Day in American History
        Baseball Poem
                Daily Puzzle

######## surrounding the article denotes it is a “press release”


Correction: Brad Peterson was not “President” of Pentech.
He served as Vice President, Business Development.



Classified Ads---Legal

San Diego, CA
Experienced in-house corporate, equipment leasing and financial services attorney seeks position as managing or transactional counsel. Willing to relocate.
Cell Phone: 760-533-4058;

To place a free “job wanted” ad here, please go to:

For a full listing of all “job wanted” ads, please go to:



Dwight Galloway goes home from the hospital

For readers who are not on our mailing list, you may not have seen this story about NetBank Business Financial President Dwight Galloway’s emergency operation.

About Dwight:

Over half our readers access Leasing News direct on the web site.
To receive “extra” editions or notices, you want to subscribe to our newsletter notification. Contact: and put in the subject line: subscribe.



Bank and Leasing Stocks take hit

Dow Loses 3.5 Percent, Credit Market Tightens. Global markets tumble as U.S., European central banks pump more than $150 billion into financial system to keep it running smoothly. Japanese stocks dropped on Friday on concern subprime mortgage losses will spread.

Some analysts called the “mini panic” of the Dow Jones a “needed cleansing of the marketplace” and seemed to take it in stride, although without much glee.

Banks and leasing companies particularly took a hit.


Bank of America $1.35 (2.72%)

CIT $2.41 (6.48%)

Keycorp was down $2.21 (6.20%)

Marlin was down $1.09 (5.99%)

Microfinancial was down $ 0.21 (3.59%)

Chesswood Income Fund dba Pawnee Leasing (one month)

US Bancorp was down $1.12 (3.61%)

Wells Fargo was down $0.83 (2.37%)

Except for Pawnee Leasing, which is 30 days as it is on the Canadian Exchange, the rest are five day reports to demonstrate the last five days, not just yesterday.

CIT Financial took the biggest hit in this group, 6.48%, followed by Key Corp with 6.2%, and Marlin Business Services at 5.99%.

The news about CIT Financial home mortgage exit may have been a factor, but Key Corp is a surprise, particularly since their 6/30/07 filing with the SEC on August 8, 2007 was very good.

$17.39; Marlin has not traded this low since their IPO in November 2003. In December of 2003 the price exceeded $18.00 for the first time.

Marlin’s 6/30/07 filing on August 8, 2007 (easy to read format)

Key Corp 6/30/07 filing on August 8, 2007

CIT SEC filing (90 pages:)[1].pdf



The Fed to lower prime rate?

The U.S. Federal Reserve added $24 billion in reserves to keep its benchmark overnight interest rate at 5.25 percent. This was in effect lowering the prime rate to meet the current economic conditions. The next scheduled meeting of the Open Market Committee of the Federal Reserve is September 18th. 2007.

Prime rate, fed funds, COFI
Updated 8/8/2007
This week Month ago Year ago
WSJ Prime Rate 8.25 8.25 8.25
Federal Discount Rate 6.25 6.25 6.25
Fed Funds Rate 5.25 5.25 5.25
11th District Cost of Funds 4.283 4.293 4.090

There is speculation that a special meeting may be held to lower the interest rate. Whether .25 is enough is speculation, as well as is the flowing of money more serious than inflation, and whether the Fed will wait until September 18th. Surely the rate will be lowered before the October 30-31 meeting.

Remember the good old days when the only thing we had to fear, was fear itself?

Intended federal funds rate
Change and level, 1990 to present

(basis points)
Date Increase Decrease Level


June 29 25 ... 5.25
May 10 25 ... 5.00
March 28 25 ... 4.75
January 31 25 ... 4.50


December 13 25 ... 4.25
November 1 25 ... 4.00
September 20 25 ... 3.75
August 9 25 ... 3.50
June 30 25 ... 3.25
May 3 25 ... 3.00
March 22 25 ... 2.75
February 2 25 ... 2.50


December 14 25 ... 2.25
November 10 25 ... 2.00
September 21 25 ... 1.75
August 10 25 ... 1.50
June 30 25 ... 1.25


June 25 ... 25 1.00


November 6 ... 50 1.25


December 11 ... 25 1.75
November 6 ... 50 2.00
October 2 ... 50 2.50
September 17 ... 50 3.00
August 21 ... 25 3.50
June 27 ... 25 3.75
May 15 ... 50 4.00
April 18 ... 50 4.50
March 20 ... 50 5.00
January 31 ... 50 5.50
January 3 ... 50 6.00

May 16 50 ... 6.50
March 21 25 ... 6.00
February 2 25 ... 5.75

November 16 25 ... 5.50
August 24 25 ... 5.25
June 30 25 ... 5.00

November 17 ... 25 4.75
October 15 ... 25 5.00
September 29 ... 25 5.25

March 25 25 ... 5.50

January 31 ... 25 5.25

December 19 ... 25 5.50
July 6 ... 25 5.75
February 1 50 ... 6.00

November 15 75 ... 5.50
August 16 50 ... 4.75
May 17 50 ... 4.25
April 18 25 ... 3.75
March 22 25 ... 3.50
February 4 25 ... 3.25

September 4 ... 25 3.00
July 2 ... 50 3.25
April 9 ... 25 3.75

December 20 ... 50 4.00
December 6 ... 25 4.50
November 6 ... 25 4.75
October 31 ... 25 5.00
September 13 ... 25 5.25
August 6 ... 25 5.50
April 30 ... 25 5.75
March 8 ... 25 6.00
February 1 ... 50 6.25
January 9 ... 25 6.75

December 18 ... 25 7.00
December 7 ... 25 7.25
November 13 ... 25 7.50
October 29 ... 25 7.75
July 13 ... 25 8.00






Leasing Industry Help Wanted

Accounts Manager

Phoenix, AZ or virtual office

Responsible for developing and managing Vendor Programs with equipment manufacturers and vendors
Click here for more detailed information.

Manufacturers' Lease Plans Inc. (MLPi) is the pioneer of short-term rental and operating lease financing, funding high technology equipment manufacturers since the 1960s. 


Collections Opportunity

Seeking an experienced collector to join its growing staff. Candidates should have a minimum 2 years of high volume collections experience, preferably in commercial vehicle lending or leasing. Competitive salary plus comprehensive package available. For consideration please fax resume in confidence to R.Z. 718-392-3933 or e-mail to


Boca Raton, FL

CPA, 5 yrs leasing exp. min. 15 yrs in accounting. For more info, please
click here

Océ Financial Services, Inc. is a dedicated captive leasing company, consolidating all lease-related activity for Océ North America and Océ Imagistics.

EFD Credit Officer

EFD Credit Officer
Walnut Creek, CA

You will underwrite equipment financing and leases of generally high complexity. Requires a BA & 5+ years of relevant experience. CLICK HERE for a detailed description and resume submission info.

Visit, for more information. Bank of the West and its subsidiaries are equal opportunity/affirmative action employers.

Managed Services Division

Managed Services Division
Portland, OR.

Seeking experienced professionals in our Managed Services Division.

    * Contract Accounting Specialist
    * Collections Specialist
    * Customer Service Representative

Visit, for more information. Bank of the West and its subsidiaries are equal opportunity/affirmative action employers.

Operations / Doc / Funding



Full Time Documentation / Funding Clerk

Position Available Immediately

Ground floor opportunity to join fast growing Independent Lessor. Experience required. Word and Excel skills a must.
Benefits provided. Bonus plan participation.
Salary commensurate with experience.
Please fax resume to 714-556-3765. Outline salary expectations.

Sales Representatives

Sales Reps

Due to expansion, we have openings in Richmond VA, Raleigh NC and Washington DC. To see job information, click here. Submit resume to

Since 1986, CSC Leasing has worked with well-managed companies who appreciate the value of leasing.



FTC presses for preliminary judgment against IFC

Illinois Eastern District Judge Joan B. Gotschall extended the final deadline for briefs on Morton Grove, Illinois, IFC Credit Corporation's motion to dismiss the Federal Trade Commission (FTC) NorVergence lease case, and the FTC's motion for a preliminary injunction, from August 1 to August 7. Each side filed its final brief by the deadline.

The judge indicated she would rule on the motion to dismiss without a hearing, although she did not give a date for that ruling. Nor did she indicate when she might rule on the FTC's Preliminary injunction motion or if there would be a hearing on that motion.

IFC appears to be requesting "discovery" procedure and an "evidentiary hearing" with live testimony before the judge should rule on the preliminary injunction.

Previous story:

July 25, 2007 34 pages

August 7, 2007 40 pages


August 7,2007 21 pages
-Appendix A 30 pages
-Appendix B 18 pages /C 2 pages



CIT off lease computer thief gets three years

Kaveh Niakan, 44, pleaded guilty to two counts of grand theft in return for prosecutors dropping more than 30 similar charges involving equipment from CIT Group in Florida. Niakan was director of asset management at the company's Jacksonville office. When computers were returned to CIT at the end of a lease, Niakan had them shipped to other businesses for resale without CIT's knowledge.

Niakan agreed to pay $300,000 in restitution, Assistant State Attorney Stephen Siegel said. But the first payments will be $200 a month under Weatherby's order, which the judge said will be reviewed. He'll be on probation for seven years after the prison term.



“Site Inspections: The Inspector General”

by Barry S. Marks, Esq.

Remember that one with Danny Kaye? Something about a private being mistaken for an important Prussian military officer. It could be argued that many leasing companies treat inspections with all the seriousness of slapstick comedy. This is a pity because inspections of leased equipment are not only a good defense against fraud; they protect the lessor against a variety of potential losses.

At the outset, we must admit that inspections are not cheap. Whether a third-party service is used or the lessor takes the time to make an on-site inspection itself, time and/or money must be expended. In the internet age, this flies in the face of our real-time 24/7 immediate gratification business methodology. The fact that we do so much business online and over the telephone is one of the principal arguments in favor of site inspections.

Consider also the place of the originator in the leasing business. Once upon a time the broker or other originator was the one person who actually met the vendor, actually knew the lessee, actually served as the liaison between the customer and the big, impersonal bank. The more we are able to do deals quickly without personal interaction, the more we make the argument that the broker has no place in the transaction and everything can be done online.

This is more than mere theory and fond reminisces by an aging lease lawyer. It is no surprise that the spread of the internet and reliance on electronic interface with vendors and customers has coincided with the rise of fraud losses and creative scams.

Many, although not all, fraudulent financings would have failed if someone had taken the time to inspect the equipment upon its delivery. The most common type of fraud remains one in which the equipment does not exist or materially differs from the description in the financing. Even if inspections are only made occasionally, in the way TASA does full searches at airports, the threat of random inspections should discourage all but the boldest crooks.

Inspections serve purposes other than avoiding fraud. An inspection during the term will determine whether it has been properly installed and is being protected. Anyone who engages in true leases and relies on residual values probably has a war story about equipment that was egregiously misused and had no value at the end of the term. We had occasion to work with a major lessor a few years ago who leased three generator units designed to work together to provide power to a large facility. One unit was destroyed in a storm and the lessee, without bothering to consult the lessor simply continued to operate with two units, both of which were thoroughly burned out by the end of the lease term. Despite having a strong position legally, the best the lessor could do was reach a compromise with the lessee in order to avoid litigation. It would have been much better to catch the lessee before the equipment was ruined.

Inspections can also protect against potential liability. This is something of a two-edged sword, however. We have seen very few cases in which lessors have been hit with large judgments due to damage caused by leased equipment outside of the vicarious liability cases involving motor vehicles. This is because, in most cases, the lessor must be shown to be negligent before liability will attach for damaged caused by the equipment.

Where a lessor does not bother to inspect the equipment, it may leave itself open to an argument that it has shirked at least a theoretical obligation to be responsible for “its” property. Put yourself on the witness stand and answer the following question “Mr. Lessor, your lease permitted you to inspect the equipment and you make a substantial profit off its use. Did you not feel you had any responsibility to insure that the equipment was properly used and maintained in accordance with the terms of your lease?”

(Make no mistake, we do not think much of this argument or the lawyers who would raise it, but it presents a tempting target).

Of course, the other edge to the sword is that if the equipment is inspected the inspection must be careful and professional. Inspecting equipment and missing important issues in maintenance or use can be even worse than not inspecting at all.

Another reason to inspect during the term is the simple and practical matter of knowing where your equipment is located should you need to recover it. Whatever the lease may say, many lessees forget about their obligation to notify the lessor before moving the equipment. This can result in a nasty surprise if the lessor must recover the equipment following a default as well as resulting in unforeseen property and other tax issues, licensing requirements and other nasty trouble. (Remember that under the revised Uniform Commercial Code, it is no longer necessary to know where the equipment is located in order to perfect or maintain perfection. On the other hand, movement of the equipment is often the result of a change of the lessee’s principal place of business or a merger, sale or other action that could affect the lessor’s security interest).

One of the other downsides to inspection is that some lessees will go to great lengths to defraud even a careful lessor. The fabled LILA fraud involved switching identification plates on a roomful of heavy equipment so that each inspector found a plate stating that the equipment was leased from his leasing company. (A friend of ours once confided that his leasing company made the mistake of leasing the plate-making equipment to the LILA crooks!).

In sum, careful inspections of the equipment at delivery and during the term are not only advisable, they may be a minimum requirement for good leasing practice. If the value of individual deals is too low to merit routine inspection across the board, at least spot inspections on a random basis would seem advisable and this fact should be disclosed to potential customers up front: You cannot enjoy the benefits of a threat unless the threat is made and appears real.

Now, for special recognition and a drink at the next NAELB convention, who can complete the following sentence from another Danny Kaye classic? “The pellet in the poison is in the flagon with the dragon….”?

Suite 525, 2001 Park Place North
Birmingham, Alabama 35202
P. O. Box 11386
Birmingham, Alabama 35203
fax 251.8305

Barry S. Marks concentrates his practice in the areas of equipment leasing, commercial lending and finance. He has significant experience negotiating, drafting and providing legal counsel with respect to a large variety of finance transactions. Barry is listed in The Best Lawyers in America®, is a Director Emeritas - National Association of Equipment Leasing Brokers, is a Past Member of Legal Committee of the Equipment Leasing and Finance Association, is currently on the Board of Editors for the Journal of Equipment Lease and Financing and Leader's Equipment Leasing Newsletter and was the first attorney to obtain the designation of a Certified Lease Professional. Barry is also co-editor of , a recipient of the Bill Granieri Award for Education in Equipment Leasing, National Association of Equipment Lessors (1999) and a frequent lecturer on business and commercial law issues. He has co-authored three books and chapters in two legal treatises.



Vote: “Yes” or “No” for more Site Inspections



Evans Bancorp second Quarter Loss

In the second quarter of 2007, Evans Bancorp recorded a net loss of $(139) thousand, compared with net income of $1.07 million. For the six months ended June 30, 2007, net income was $1.15 million.

"We are taking measures to change the operating and sales environment at Evans in order to improve our efficiency and grow revenue. We are implementing accountability measures that should drive better execution of everything we do,"
said David J. Nasca, president and CEO.

The Bank has 11 branches located in Western New York. Evans National Leasing, Inc., an indirect wholly-owned subsidiary of Evans National Bank is a general business equipment leasing company with customers throughout the U.S.

Full Press Release:


### Press Release ###########################

Five Point Capital Offers Guaranteed Lower Lease Payments or $500 Cash

SAN DIEGO, -- San Diego-based equipment leasing firm Five Point Capital announced today a new lease payment guarantee program for small business owners. The Lowest Payment Guarantee program offers a $500 cash guarantee that Five Point Capital can provide the lowest payment on any qualifying equipment lease. The guarantee offer is valid for new or used equipment, and is available to both new and established qualifying customers. For complete details visit

Dan Feder

"Our goal is to be small business owners' one source for all of their equipment leasing needs. When you combine our guaranteed lowest payment with the best customer service in the industry, our customers can rest easy knowing they're getting the best possible equipment lease payment. We are willing to back it with a $500 cash guarantee," states Co-CEO Dan Feder.

Every Five Point Capital customer is assigned an account executive who has specific industry knowledge about the customer's business. As an award-winning, Inc. 500 company, Five Point Capital leases almost every type of new and used equipment for a wide diversity of businesses including, but not limited to: trucking, restaurants, automotive repair, construction, excavation, multimedia, manufacturing, telecommunications, printing, packaging, waste management, and more.

Tom Brainerd
Vice President of Marketing

Tom Brainerd, Vice President of Marketing, adds, "Guarantees are nothing new to our industry. Companies are always claiming to have the 'best prices' or the 'best service.' What's different about our Lowest Payment Guarantee program is that we are willing to put our money where our mouth is."

The Lowest Payment Guarantee is available to all qualifying customers and small businesses. Contact Five Point Capital for details at

About Five Point Capital

Emerging as one of the nation's leaders in small ticket leasing, Five Point Capital (FPC) was co-founded by Dave Gilbert and Dan Feder in 1999 on the principle that "leasing can help any company grow." Currently the San Diego-based firm employs over 180 and occupies 30,000 sq. ft. at 10525 Vista Sorrento Parkway in San Diego. Five Point Capital serves thousands of businesses nationwide, and has doubled revenues annually since its inception. Small businesses benefit with their high-performance customer service and personal attention. Five Point Capital ranked No. 82 on the 2006 Inc. 500 America's Fastest Growing Private Companies. The company is a member of the Equipment Leasing and Finance Association and the United Association of Equipment Leasing.
For more information, call (888) 576-4685.


### Press Release ###########################

Odessa Technologies, Inc. Celebrates 100th Hire

Bangalore, India and Philadelphia, PA---Odessa Technologies, Inc., the maker of LeaseWave™, is proud to welcome the one hundredth member to the Odessa team. While the company has grown strongly each year for the past decade, recent growth has been due to both increasing recognition in the leasing industry and sustained internal efforts to attract new talent. Throughout FY2006, Odessa has made company expansion a top priority and has aggressively pursued the best candidates in both the leasing and software industries.

New employment in the software development and support departments is central to Odessa’s overall mission: providing a comprehensive and reliable lease management software product that serves the equipment, vehicle and fleet leasing industry. Odessa employs the brightest minds in software development and engineering to guarantee that its lease management software suite is the best on the market. Working from a strong, industry-standard software platform (Microsoft .NET 2.0), Odessa’s software design and engineering departments ensure that LeaseWave™, the company’s flagship product, is always at the cutting edge of both technology and functionality. Additionally, by distributing its staff between two offices – one in Bangalore, India and one in Philadelphia, PA – Odessa Technologies ensures client and technical support literally around the clock. Indeed, Odessa prides itself on staffing a committed support team which strives to provide timely solutions to clients’ concerns.

Ruchira Chakravarty, Director of Human Resources for Odessa Technologies, prides the company on being able to expand while still meeting current employees’ needs, without leaving anyone behind. “We take employees with us and make them stakeholders in our growth. Not only do they feel involved and responsible for bringing the correct people on-board, but they also help smooth the transition of new hires into, what we call, the Odessa way.

“Relating to the company’s culture is extremely important as it gives you a sense of belonging. That process begins on the day of joining; our goal is to provide every Odessa team member an environment that is conducive to both professional and personal growth.”

About Odessa Technologies, Inc.
Odessa Technologies, Inc. is the maker of LeaseWave™, a web-based lease management software for the equipment, vehicle and fleet leasing industries. The system manages the entire life cycle of a lease contract: origination, asset acquisition, syndication/funding, commencement, billing, collections, terminations and remarketing. In addition, using LeaseWave™, lessors can bring their entire lease operation online. Through a series of exclusive internet portals, lessors can connect in real-time with key business partners, including customers, funding sources, brokers, vendors, etc. LeaseWave™ is built using .NET 2.0 and SQL Server 2005 with a true service oriented architecture. Visit Odessa Technologies online at or call +1-215-231-9800 for additional information.


### Press Release ###########################

Relational Technology Solutions Expands Vertical Focus on
Healthcare with Medical Equipment Financing Solutions

Relational's Healthcare Financing Solutions Offer Progressive Leasing Capabilities for Accelerating Technology Adoption at Hospitals and Healthcare Organizations

ROLLING MEADOWS, Ill.----Relational Technology Solutions (RTS), one of the largest independent technology leasing and converged technology solutions providers in North America, today announced the expansion of its leasing services to include a focus on healthcare equipment financing. Relational's Healthcare Financing Solutions are designed to offer leasing and financing options for mid-sized healthcare providers seeking to deploy the latest advances in Imaging Diagnostic, Medical/Surgical, and Picture Archiving and Communications Systems (PACS) equipment for optimum patient care.

"Relational brings strong financial backing, a rich 16-year heritage in leasing and financing solutions, and deep mid-market industry expertise to the healthcare industry," said Jeff Ehlers, chief executive officer at Relational Technology Solutions. "The company's unique financing and leasing options are designed to support medium-sized healthcare providers in identifying, acquiring and disposing of state-of-the-art medical equipment while concurrently aiding them in conserving capital and managing costs."

According to the Equipment Leasing Association, in 2007 the healthcare equipment leasing market is projected to exceed $8 billion in volume. Through its Healthcare Financing Solutions, Relational is poised to partner with small and mid-sized healthcare organizations and design optimum leasing structures that satisfy organizational needs and comply with budgetary pressures specific to both private and non-profit healthcare organizations.

Relational's healthcare footprint is bolstered by existing relationships with a variety of public and private hospitals, specialty practices and academic institutions. "Our organization was focused on launching a new, Texas-based healthcare facility earlier this year," said Michael L. Murphy, chief financial officer at Rockwall Hospitals Incorporated, a general partner of Patients Medical Center, LTD, a 61-bed hospital that opened in Houston on April 3. "Relational's ability to provide the financing in a timely manner helped us to acquire all the necessary medical equipment and open the hospital on time."

Likewise, the company's commitment to the medical community is further demonstrated by the recent publication of a feature story in hfm, the official magazine of the Healthcare Financial Management Association. Entitled "Making the Right Long-Term Prescription for Medical Equipment Financing," this Relational byline offers perspective on how hospital financial executives can intensify their assessments of new technology by tapping into both direct and indirect information sources. The article is available online at:

Built on the company's unique "total solution" approach to the financing, acquisition and disposition of technology assets, Relational's Healthcare Financing Solutions will allow organizations to bundle the financing of healthcare equipment with the acquisition of technology infrastructure solutions. As a result, these organizations can optimize the return on their investments and benefit from a reduced total cost of ownership. Through its proven independent technology assessment methodology, Relational can also assist healthcare providers in the selection of the most appropriate IT infrastructure for their unique business needs.

"This comprehensive financing solution ensures that healthcare providers are optimally positioned with the best technology for meeting patient needs and satisfying growing regulatory requirements related to computer-based patient records, clinical documentation and diagnostics," concluded Relational's Ehlers. "Additionally, our flexible leasing options offer healthcare organizations a significant degree of protection against product obsolescence, as these providers will now have access to a cost-effective resource for upgrading to the most advanced medical equipment available."

About Relational Technology Solutions

Relational Technology Solutions (RTS) is a premier independent technology and financial solutions provider dedicated to helping its clients solve business challenges with an integrated suite of solutions for technology acquisition, finance and disposition. Founded in 1990, the company now manages nearly $1 billion in assets for Fortune 2000 and midmarket companies across all industries.
Visit for more information.


### Press Release ###########################

Trinity Industries, Inc. Announces Expansion and Extension of
Railcar Leasing Warehouse Facility

DALLAS, -- Trinity Industries, Inc. (NYSE: TRN - News) today announced that its subsidiary, Trinity Industries Leasing Company ("TILC"), has increased its non-recourse warehouse facility from $375 million to $400 million and extended the availability period of the facility to August, 2009. The facility provides TILC with more favorable terms, including pricing and advance rate, than the previous facility.

"We are pleased with this extension," said William A. McWhirter, Trinity's Senior Vice President and Chief Financial Officer. "This facility has supported the growth of our internal lease fleet and will continue to provide TILC with the capital needed to sustain that growth. The new terms give us additional flexibility, which enhances our ability to offer highly attractive lease financing to our customers."

Trinity Industries, Inc., headquartered in Dallas, Texas, is a holding company that owns a variety of market-leading businesses which provide products and services to the industrial, energy, transportation and construction sectors. Trinity reports its financial results in five principal business segments: the Rail Group, the Railcar Leasing and Management Services Group, the Inland Barge Group, the Construction Products Group, and the Energy Equipment Group. For more information, visit:


### Press Release ###########################

Westover Financial Inc. Launches Medical Equipment Finance/Lease Unit

Westover Financial, Inc. announces the formation of their medical equipment financing division and Web site. This is in response to increased demand from doctors, clinics, dentists, hospitals, medical equipment vendors and other health care providers.

Santa Ana, CA (PRWEB) August 8, 2007 -- Westover Financial, Inc. announces the formation of a new, niche specific, equipment financing division, Westover Medical Finance. This is in response to the need for creative, structured and economical equipment financing solutions sought by the medical marketplace.

This division will provide equipment financing and leasing solutions to many of the problems encountered in the medical and dental industry. It will also be able to access a variety of lenders to accommodate a variety of equipment financing or leasing scenarios unique to the industry.

“We have seen a dramatic spike in our medical business the last four to five years,” said Steve Jones, President of Westover. “It makes sense for us to dedicate specialized resources to the market since we believe there is significant growth ahead.”

“During this time we have been able to determine what’s important to the doctors or other decision makers when they look to finance equipment and we tailor specific programs accordingly. Because of this and interestingly enough, a good portion of our business comes from equipment vendor referrals as well.”

In conjunction with this, a new company Web site, has been completed and is available for customers, medical equipment vendors and potential clients as well.

Westover Financial, Inc., headquartered in Santa Ana, CA was founded in 1984 and has funded over $500,000,000. in equipment purchases for commercial entities. It serves the needs of their customers nationwide from the home office as well as branch offices in San Francisco, Tampa, Austin and Los Angeles.

From the Web site, Westover Medical Finance also offers a free “Medical Equipment Financing Newsletter” issued quarterly. As well as a free “Insider’s Checklist When Financing/Leasing Medical Equipment”. This helps owners and decision-makers save time and money when engaging in this process.

For more information contact Steve Jones at Westover Financial, Inc 400 N. Tustin Ave. #140 Santa Ana, CA 92705; or 800-982-5868 x104.


### Press Release ###########################

Cause of Beau Clarke death revealed—“Adult” rated

Beau Clarke, the late president of Icon Capital, died in England, and as Leasing News reported, the cause of death was not known at the time.

Since he was head of one of the largest securitized companies in the leasing industry, perhaps the largest, it is claimed by the Monitor, Leasing News includes this story for those who would like to know
the reasons for his death. It is not a story Leasing News will print, although it is the result of a Google search, and therefore provides this link and warns readers in advance of its “adult” nature:



News Briefs----

Baltimore: Alan B. Fabian indicted $4.5MM Lease Scam/$32MM Fraud

GE India's T.P. Chopra: 'We Have Ridden the Wave of India's Growth'

Fitch Revises Conseco's Rating Outlook to Negative; Affirms IDR at 'BB+'

30-year mortgage rates at lowest level since early June

Reverse mortgages move forward—Dallas News reports

ELFA gets new web site: take a look

News Analysis---Floyd Norris
A New Kind of Bank Run Tests Old Safeg



You May have Missed---

Fisher-Price Toy Recall: Lead Poisoning: If you have any of these, you can get your money back, or at least throw the toy out.



Sports Briefs----

Bonds' No. 756 may not equal millions

Coach Bill Walsh recalled with smiles by all those he led

Clemens, Torre Suspended for their actions Tuesday night in Toronto



“Gimme that Wine”

Napa Valley 2007 Vintage: “The kind of year you’d wish for.”

Marilyn Merlot, the prized cult wine named in honor of actress, turns 21

Paso Robles, CA Wine Industry Has $1.8 Billion Impact

Wine Boom: 22 local area wineries translated into $75 million for Lake County in 2006

Wineries ban buses to stop guzzling guests

California Wine Tours Goes Green: Six new Hybrids

A view from the vineyards on climate change

Blue Nile CEO Joins Board

Wine Prices by vintage
US/International Wine Events
Winery Atlas
Leasing News Wine & Spirits Page
The London International Vintners Exchange (Liv-ex) is an electronic exchange for fine wine.



Restaurant Review

Carnelian Room, San Francisco, offers dizzying, refined trip

(for other reviews: please go here:



Calendar Events This Day

Ecuador: Independence Day
National holiday. Celebrates declaration of independence in 1809. Freedom from Spain was attained May 24, 1822.

Lazy Day

Missouri: Admission Day
Became the 24th state in 1821

National Duran Duran Appreciation Day
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Today's Top Event in History

1846- Founding of the Smithsonian Institution at Washington, DC., through the bequest of James Smithson. James Smithson died in Italy, leaving behind a will with a peculiar footnote. In the event that his only nephew died without any heirs, Smithson decreed that the whole of his estate would go to "the United States of America, to found at Washington, under the name of the Smithsonian Institution, an Establishment for the increase and diffusion of knowledge." Smithson's curious bequest to a country that he had never visited aroused significant attention on both sides of the Atlantic. Today, the Smithsonian is composed of 18 museums and galleries and many research facilities throughout the United States and the world.


This Day in American History

    1498 -- Henry VII of England rewards John Cabot for the discovery of Canada with 10 Pounds "Americans are so benevolently ignorant about Canada, while Canadians are malevolently well informed about the United States."— J. Bartlet Brebner
    1652- A form of miniature golf appeared in New Netherland (now New York City) and became quite popular. A small ball was putted around a green by means of a crooked club. Contrary to popular opinion, the Dutch copied it from the Indians; it was
the native American, not the Scotch, who invented golf.
    1760-- Philip Embury (1728-1773) arrived in New York the first Methodist clergyman to come over from England.
    1790 --Robert Gray's Columbia, completes first American around world voyage
    1821- Missouri became the 24th state, the first state west of the Mississippi River. The first governor of the new state was Alexander McNair, a Democrat, who served from 1820 to 1824 ( Note, Louisiana, the 18th state, admitted on April 30, 1812 is both east and west of the Mississippi.)
    1829- Blacks in Cincinnati protested a law requiring them to post a $500 bond to guarantee that they were freemen, white mobs rioted with such vehemence that a 460 blacks immigrated to Canada, where they established the Wilberforce settlement. In 1830 they purchased 800 acres of land in the vicinity around present day Guelph with the help of Quakers in Oberlin, Ohio. Named after the great British abolitionist William Wilberforce. A settlement was established, the first in Biddulph Township, and groups from New England and New York State joined those from Ohio. By 1833 there were thirty-two families, two schools and a sawmill in this settlement, which was named after the great British abolitionist William Wilberforce. One of the earliest Negro colonies in Upper Canada, its population dwindled rapidly in the 1840's although some families remained for more than a generation.
    1831 - William Driver of Salem, Massachusetts, was the first to use the term "Old Glory" in connection with the American flag, when he gave that name to a large flag aboard his ship, the Charles Daggett.
1833/1840?—Birthday of Eliza Frances Andrews who authored the bestellers “A Family Secret”(1876) and “The War-Time Journal of a Georgia Girl” (1908) which were about her life during the Civil War.
    1841- Birth of Mary A. Lathbury, American Sunday School leader and poet. Daughter of a Methodist preacher, two of Lathbury's poems later became popular hymns: "Break Thou the Bread of Life" and "Day is Dying in the West."
    1846- Founding of the Smithsonian Institution at Washington, DC., through the bequest of James Smithson. James Smithson died in Italy, leaving behind a will with a peculiar footnote. In the event that his only nephew died without any heirs, Smithson decreed that the whole of his estate would go to "the United States of America, to found at Washington, under the name of the Smithsonian Institution, an Establishment for the increase and diffusion of knowledge." Smithson's curious bequest to a country that he had never visited aroused significant attention on both sides of the Atlantic. Today, the Smithsonian is composed of 18 museums and galleries and many research facilities throughout the United States and the world.
    1856 -a hurricane struck Louisiana and completely devastates the fashionable hotel and pleasure resort on Last Island, 150 miles east of Cameron. Storm surge swept an estimated 400 people to their death. Today the island is just a haven for pelicans and other seas birds
    1861- Battle of Wilson's Creek, Missouri
    1862 - Rear Admiral Farragut reported to Secretary of the Navy Welles that he had partially destroyed Donaldsonville, Louisiana, in reprisal for the firing by guerrilla forces on steamers ''passing up and down the river.'' Farragut wrote that he had ''sent a message to the inhabitants that if they did not discontinue this practice, I would destroy their town. The last time I passed up to Baton Rouge to the support of the army, I. . . heard them firing upon the vessels coming up, first upon the Sallie Robinson and next upon the Brooklyn. In the latter case they made a mistake, and it was so quickly returned that they ran away. The next night they fired again upon the St. Charles. I therefore ordered them to send their women and children out of the town, as I cer-tainly intended to destroy it on my way down the river, and I fulfilled my promise to a certain extent. I burned down the hotels and wharf buildings, also the dwelling houses and other buildings of a Mr. Phillippe Landry, who is said to be a captain of guerrillas." Though Farragut had no taste for devastating private property, he felt justified in doing so if private citizens endangered the lives of his men.
    1864- Confederate Commander John Bell Hood sends his cavalry north of Atlanta to cut off Union General William Sherman's supply lines.
    1866 -Transatlantic cable laid - Former Pres Buchanan communicates over it to Queen Victoria, considered the start of a new generation of communication.
    1874- Herbert Hoover, 31st president of the United States, born at West Branch, IA. Hoover was the first president born west of the Mississippi River and the first to have a telephone on his desk (installed Mar 27, 1929). "Older men declare war. But it is youth that must fight and die," he said at Chicago, IL, at the Republican National Convention, June 27, 1944. Hoover died at New York, NY, Oct 20, 1964. The Sunday nearest Aug 10th is observed in Iowa as Herbert Hoover Day.
    1877-- Army troops under Colonel Gibbon attack a sleeping Nez Perce encampment at Big Hole, Idaho, killing over 50 women and children. This was common during this period of history to move the Native Americans off of land that settlers and cattlemen wanted for their “range.”
    1882-Sandusky, OH reported a 4 minute snow squall during the morning, frost was reported in the suburbs of Chicago, IL
    1886- Professor Elihu Thomson of Lynn, MA, obtains a patent on “ an apparatus for electric welding.” His electric welder was widely used in the auto, shipbuilding, construction and consumer appliance industries as a substitute for riveting.
    1890-Birthday of ragtime pianist Robert Hall, born Tuscumbia, Al
    1890- The Davis Cup, an international team tennis competition established by American player Dwight Davis, was held for the first time with the United States defeated Great Britain, 3-0, in Boston.
    1893 -- Chinese are deported from San Francisco under the first Chinese Exclusion Act (passed May 6, 1882, to exclude Chinese workers from the US).
    1893---Birthday of American Composer Douglas Moore, born Cutchogue,L.I., N.Y.; died 25 July 1969, Greenport, N.Y. He was offered a position with Columbia University as Chairman of the Music Dept. in 1925 and stayed in that position for 37 years until his retirement in 1962. "The Ballad of Baby Doe", along with Carlisle Floyd’s "Susannah" has entered the operatic repertory.Other operas (works) of Moore include: White Wings, The Headless Horseman, The Devil and Daniel Webster, The Emperor’s New Clothes, Giants of the Earth, Wings of the Dove, The Greenfield’s Christmas Tree and Carrie Nation.
1904—Birthday of Norma Shearer - Canadian-born film actor. NS won the Academy Award for her work in The Divorce (1929/30). Married to the head of one of the Hollywood studios, she had her choice of great roles and was nominated five more times.
    1904 – Birthday of Dorothy B. Hughes, American mystery writer/critic. Lived in New Mexico, which served as background to her novels. Among her best are Ride the Pink Horse (1946) & In a Lonely Place (1947), which were adapted to screen. Named a Grand Master by the Mystery Writers of America in 1978. In a Lonely Place, adapted to screen, directed by Nicholas Ray, starring Humphrey Bogart, is a story of a screenwriter suspected of murder.
    1905-Birthday of guitarist Larry Threaks, Laurens, SC
    1908-Birthday of Leo Fender of Fender guitar, could not play a note of music, born Anaheim, Ca.
    1909 Pianist/Band Leader Claude Thornhill birthday
    1909 –Birthday of Leo Fender, inventor of the electric guitar, a take off of the Hawaiian steel guitar, a style invented in Hawaiian and took the country by storm during the last part of the 19th century and influenced all guitar music, including country and western and even jazz, as it developed into an electric guitar for playing melody instead of chords. American History magazine has an excellent article about this “evolution.”
    1918-Birthday of tenor sax player Arnett Cobb, born Houston, Texas
    1920—The first vocal blues by a black artist: Mamie Smith records “Crazy Blues,” New York City.
    1923—Composer/pianist Dika Newling born in Portland Oregon. An outstanding pianist, she showed interest in composing at an early age and her Cradele Song was performed by the Cincinnati Orchestra in 1935 (when she was 12) as well as other orchestras. A genius, she was a sophomore in college at 13. Her doctoral dissertation has become the standard reference work on several composers. Most of her work is for piano with “Chamber Symphony” being her best known work.
    1923—Birthday of Rhonda Fleming - U.S. film actor. Gorgeous woman!!!
    1928-Birthday of singer Jimmy Dean, born Seth War ("Big Bad John," "P.T. 109"), born Plainview, TX.
    1928-Eddie Fisher is born in Philadelphia. He marries Debbie Reynolds, Elizabeth Taylor and Connie Stevens. His biggest singles are the million-selling No. 1 songs ``Oh! My Pa-Pa'' and ``I'm Walking Behind You.'' He appears in the films ``All About Eve,'' ``Bundle of Joy'' and ``Butterfield 8.''
    1930-a record high of 113 at Perryville, TN sets the all-time state record.
    1934---Birthday of American composer James Tenney, born Silver City, New Mexico. Died August, 2006,Valencia,CA. Tenney was a contemporary classical music composer who was better known by his fellow composers than by the public. James Tenney studied at the Juilliard School, Bennington College and the University of Illinois. Among his teachers were Edgard Varèse, Harry Partch, Carl Ruggles and John Cage. In the early 1970s Tenney was a teacher at the California Institute of the Arts. In 2000 he went back there to take the Roy E. Disney Family Chair in Musical Composition. Other places were he worked are: the Polytechnic Institute of Brooklyn, the University of California at Santa Cruz, and York University in Toronto.
    1936-Birthday of bassit Chuck Israels, New York City, NY
    1936--Arkansas has its hottest ever day with temperatures reaching 120 at Ozark. Plain, LA also was very hot, reaching 114
    1943-Birthday of singer Ronnie Spector of the Ronnettes, New York, New York

    1944-Charles “Red “ Barrett of the Boston Braves pitched a 2-0 shutout against the Cincinnati Reds and threw only 58 pitches to complete the nine-inning game, a major league record for the fewest pitches in a complete game.
    1945- Less than 24 hours after a meeting to discuss the acceptance of the Potsdam Declaration ended in stalemate, another gathering to discuss the surrender terms took place in Emperor Hirohito’s bomb shelter. As on the previous day, the participants were stalemated. War General Anami continued to express the belief that “we may be able to reverse the situation in our favor, pulling victory out of defeat.” Hirohito came down on the side of Suzuki and Togo. He believed continuation of the war would only result in further loss of Japanese lives. A message was transmitted from Tokyo to Japanese ambassadors in Switzerland and Sweden to accept the terms issued at Potsdam on July 26., except that the prerogative of the Japanese emperor’s sovereign rule must be maintained. The Allies devised a plan under which the emperor and the Japanese government would administer under the rule of the Supreme Commander of the Allied Powers and the Japanese surrendered.
    1948-Birthday of singer Patti Austin, New York City, NY
    1948-“Candid Camera” appears on TV. This show--which appeared at various times on the big three networks and in syndication--was created and hosted by Allen Funt. The show was initially an Armed Forces Radio program based on Funt's success in recording and broadcasting soldiers' gripes. The show's modus operandi was to catch people unawares on camera--either as part of a practical joke or just being themselves. It spawned numerous imitators such as "Totally Hidden Video," "People Do the Craziest Things" and "America's Funniest Home Videos."
    1953---Top Hits
No Other Love - Perry Como
I’m Walking Behind You - Eddie Fisher
I Believe - Frankie Laine
Rub-A-Dub-Dub - Hank Thompson
    1961---Top Hits
Tossin’ and Turnin’ - Bobby Lewis
I Like It Like That - Chris Kenner
Last Night - Mar-Keys
I Fall to Pieces - Patsy Cline
    1966 - No. 1 Billboard Pop Hit: ``Summer in the City,'' The Lovin' Spoonful. The song is based on a poem by Mark Sebastian, whose brother John is singer of the group
    1966-Sam the Sham and the Pharaohs at the San Francisco Fillmore Auditorium.
    1967--Moby Grape, Canned Heat, Vanilla Fudge at the S.F. Avalon Ballroom.
    1968-The Who's "Magic Bus" is released.
    1969---Top Hits
In the Year 2525 - Zager & Evans
Crystal Blue Persuasion - Tommy James & The Shondells
Honky Tonk Women - The Rolling Stones
All I Have to Offer You (Is Me) - Charley Pride
    1970 -- House of Representatives passes the Equal Rights Amendment by a vote of 350 to 15.
    1971-The Society for American Baseball Research, an organization of baseball historians, statisticians, researches and fans, was founded at a meeting at Cooperstown, NY.
    1971-Harmon Killebrew of the Minnesota Twins became the tenth player in major league history to reach the 500-mark in career home runs when he hit Nos. 500 and 501 off Mike Cuellar of the Baltimore Orioles in a 4-3 Orioles victory.
    1973- First BART train travels thru transbay tube to Montgomery St Station
    1975 - CBS-TV summer variety show ``Manhattan Transfer'' premieres.
    1976-The first soccer player to score 12 points in one game was Giorgio Chinaglia of the New York Cosmos, who scored five goals for two points each and two assists for one point each in a game played at Yankee Stadium, New York City, against the Miami Toros.
    1977---Top Hits
I Just Want to Be Your Everything - Andy Gibb
I’m in You - Peter Frampton
Best of My Love - Emotions
Rollin’ with the Flow - Charlie Rich
    1977 - Postal employee David Berkowitz was arrested in Yonkers, New York, accused of being "Son of Sam," the gunman responsible for six slayings and seven woundings.
    1980 -Hurricane Allen comes ashore just north of Brownsville, TX with sustained winds of 115 mph. Winds at Port Mansfield gusted to 140 mph with a storm surge of 12 feet. The storm brought 10-20 inches of rain to south Texas, ending a summer long drought. The storms also spawned 29 tornadoes. Total damage was $700 million
    1980 -- Jack Nicklaus wins PGA Championship for 5th time.
    1985 - "Like a Virgin," by Madonna became the first solo album by a female artist to be certified for selling five million copies.
    1985---Top Hits
Shout - Tears For Fears
Never Surrender - Corey Hart
The Power of Love - Huey Lewis & The News
I’m for Love - Hank Williams, Jr.
    1986 - The New York Yankees retired Billy Martin’s uniform number 1, making him the 13th Yankee to receive the honor.
    1986 - No. 1 Billboard Pop Hit: ``Papa Don't Preach,'' Madonna.
    1987-temperature reaches 102 at Ely, NV breaking the all-time record there
    1987 - Celebrating its 5,000th performance today was "A Chorus Line". Since its opening night in 1975, an estimated 25 million theatre goers had seen the musical, with an estimated 16.7 million having seen the show on Broadway, and an additional 8.3 million viewing the touring production. On September 29, 1983, "A Chorus Line" became the longest-running show on The Great White Way, staying there until 1990.
    1987 - After a gain of 43.84 points, the Dow Jones industrial average closed above the 2600 mark. When the closing bell rang, the Dow Jones industrials were at 2635.84.
    1988-Compensation of Japanese-Americans interned during World War II was enacted by Congress and signed into law. The bill provided for a payment of $20,000 to each surviving internee and a formal apology from the federal government. More than 110,000 men, women, and children of Japanese descent, including both American citizens and aliens, were rounded up from their homes in California, Arizona, Oregon, and Washington in the spring of 1942, and confined in rural internment camps, until the end of the war, on suspicion that they might collaborate with Japan. The evacuation was carried out by executive order of President Franklin Delano Roosevelt.
    1989--- After fifteen months of recovery from cancer surgery to his arm, Dave Dravecky pitches one-hit baseball for seven innings blanking the Reds to get the victory. The Giant bullpen holds on for a 4-3 win at Candlestick Park.
    1990 - The Magellan spacecraft entered the orbit of Venus, marking the most prolific image gathering of Venus to date. Thanks to Magellan, astronomers learned that Venus's surface is hotter than that of any other planet in the solar system, including Mercury, due to an atmosphere composed of 96 percent carbon dioxide.
    1993 - Ruth Bader Ginsburg was sworn in as the second female justice on the Supreme Court.
    1993- a severe thunderstorm spawned a high elevation F3 tornado in the Ashley National Forest, 20 miles north of Roosevelt, UT. The tornado touched down 3 times along a 17 mile path and was up to 1/2 miles wide. 1000 acres of trees were snapped or uprooted. The highest elevation damage was at 10,800 feet.
    1994-severe thunderstorms belted central Oklahoma. Winds gusted to 113 at Meno, 104 at Mangum and 97 at Hobart. Hail up to 4.5 inches in diameter driven by the winds totaled 30 mobile homes at Okarche
    1995 - Sammy Sosa tied a Chicago Cubs club record with four stolen bases at Los Angeles, California.
    1995-- Ruth Bader Ginsburg is sworn in as the second woman to sit on the U.S. Supreme Court in U.S. history.
    1996-The attempt of the thoroughbred Cigar to set a modern North American record for consecutive races won at 17 came up one victory short as Dare and Go scored an upset in the Pacific Classic at Del Mar Race Track in San Diego, Ca. Dare and Go, ridden by Alex Solis, came from off the pace to win by 3 ½ lengths. Cigar, tied with Citation at 16 straight wins, finished second. He had last lost on Oct 7,1994, at Belmont Park, NY.
    2002 --Sammy Sosa hits three home runs in consecutive at bats in the third, fourth and fifth innings tying a Cubs' record with nine RBIs established by Heinie Zimmerman in 1911. With his sixth career three-homer game performance, the Chicago right fielder also ties the major league record set by Johnny Mize and he also becomes only the fifth player in big league history to homer in three straight innings.



Baseball Poem

Your 95 MPH Fastball Won’t Get You In The Draft Anymore

by Tim Peeler

Like a 1400 on your SAT won’t get you into Harvard
And American Express will continually turn you down
Because your salary goes up slower than their expectations.

Who will get through the traffic jam?
Who will grow the nerves to win the new game?
Who will sop up the spoils, raise a toast in the ruins?

Let me write one tremendously long line like the horizontal bar at
the high jump pit---
See how I fail, even at this?
But my failure is merely a failure of margins,
And your 95 MPH fastball is nothing more than a metaphor
These days.

Tim Peeler in “Waiting for Godot’s
First Pitch” More Poems from Baseball
published by McFarland and Company




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