Leasing News

Experienced, hardworking, goal oriented sales professional with strong structuring/restructuring skills. Captive/vendor middle market IT concentration. Seeking position with leasing company in Michigan. Email:leaseman222@yahoo.com

Sales: Orange County, CA.

Skilled deal-closer at above-average rates. Entrepreneurial. Accomplished lease-structurer specializing in transportation. Exp. in direct/ captive & syndicator environments servicing vendors, brokers, & end-users. email:originator@sbcglobal.net

Sales: San Francisco Bay Area, CA

10+ yrs in middle market leasing. Seek direct lessor only. Transaction size from $500M to $10.0MM. Client base: printing, food, retail, hvy manufacturing. Email:edm173@sbcglobal.net

Sales: Prairie Village, KS Have substantial deal flow and database of broker referral sources. Generated and closed over $22M LY. Seeking exclusive relationship w/direct founder. email:fiergl@aol.com

Sales:Austin,Texas 24yrs exp.in equip leasing sales, vendor/direct, leasing high-tech to rolling stock. HP12C/17B. Small-Mid Ticket. Seeking Texas territory which can be covered from Austin home-base. email:GeorgeMinchew@sbcglobal.net

Sales: San Francisco Bay Area, CA

10+ yrs in middle market leasing. Seek direct lessor only. Transaction size from $500M to $10.0MM. Client base: printing, food, retail, hvy manfacturing. Email:edm173@sbcglobal.net

Sales: Louisville, KY

I have been in leasing/financing of construction, machine tool, and mfg equipment for 20+ years. Traveled KY, IN, OH and TN.

Email:kyle90@msn.com

Sales:Scottsdale, AZ.

19+ years in middle-market-leasing. Concentrations in Medical/Manufacturing/IT& General in multiple geographic territories. Well versed in direct calling& closing efforts to C- Level& subordinate management. email:bill_peter@msn.com

Full Listing located here:

http://65.209.205.32/LeasingNews/JobPostings.ht m

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ICON Announces $1 Billion of Lease Acquisitions

NEW YORK-----ICON Capital Corp., a major independent equipment leasing company, is pleased to announce that it has achieved the level of $1 billion of acquisitions since its current management team acquired the company in August, 1996. ICON is almost 20 years old but shifted its strategy to acquiring larger leases in the secondary market when Beaufort J. B. Clarke, Paul B. Weiss and Thomas W. Martin acquired the company in the 1996 buyout. Today ICON acquires such equipment as aircraft, marine vessels, power plants, railcars and most other capital equipment types on lease to major companies worldwide.

Clarke, chairman and chief executive officer, commented that, "Of course we are pleased to have achieved this milestone of $1 billion of acquisitions for our managed accounts. While the leasing industry has suffered from anemic volume in many segments our continued growth is pleasantly surprising." Weiss, president of ICON, added that, "We are also pleased to have achieved our volume across multiple segments. While many know of us as a transportation lessor with a portfolio of more than 20 aircraft and a substantial marine vessel fleet, in fact more than half of the ICON portfolios are invested in other large ticket deals (such as production facilities) and such smaller deals as furniture, fixtures, high technology and materials handling. In this environment, the relative lack of equity investors has enabled us to be competitive in all of these segments. Armed with a large equity base, we feel particularly well positioned to benefit from the anticipated recovery in industry wide leasing volume."

In the last several months alone affiliates of ICON have acquired the following for an aggregate purchase price of $310 million: a DC10-30 aircraft on lease to FedEx, three oceangoing car carriers on lease to Wilhelmsen Lines and in two separate deals a total of three Airbus A340-300 aircraft on lease to Cathay Pacific.

ICON Capital Corp. is one of the nation's leading independently owned lessors. The Company is exclusively engaged in acquiring secondary market leases on behalf of its affiliated programs. Today the Company employs approximately 50 people primarily at its offices in New York City and San Francisco. ICON acts as the sole general partner or manager of these programs. Its current public offering, ICON Income Fund 9 LLC, is in the final phase of raising $100 million from individual investors. For additional information contact:

*T Beaufort J. B. Clarke Paul B. Weiss ICON Capital Corp. ICON Capital Corp. 100 Fifth Ave., 10th Floor 260 California Street, 7th Floor New York, NY 10011 San Francisco, CA 94111 212-418-4706 415-733-5061 bclarke@iconcapital.com pweiss@iconcapital.com

www.iconcapital.com

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“Nothing For Leasing in Bush Package...ELA To Seek Amendments

ELT Times ( Equipment Leasing Association)

The Bush Administration's proposed economic stimulus-growth package provides virtually nothing of benefit for the equipment leasing and finance industry. However, ELA's Federal Tax Committee has recommended that ELA seek a 7-year extension of the 30% bonus depreciation provision enacted last year, which is scheduled to expire in 2004. The Committee also recommended that ELA seek repeal of the mid-quarter depreciation convention and work to ensure that lease products are not included in any definition of "corporate tax shelters".

According to ELA V.P. Steve Fier, a strong run is expected to be made at codifying what is called the "economic substance doctrine" which would essentially be a test which would be used to determine if a product is an "abusive" corporate tax shelter as Congress needs to come up with ways to pay for at least part of the tax cutting bill. ELA will also be working to address the syndication issue stemming from the original bonus depreciation provision.

"ELA understands that its members primary focus is on doing business, but if the Congress does codify the "economic substance doctrine" without a specific carve-out for leasing products, virtually every leasing product would be deemed an "abusive" corporate tax shelter and the IRS would shut them down.... this includes leveraged leases and sale-leasebacks", Fier said. ELA will be playing defense on the corporate tax shelter issue and offense on the bonus depreciation, syndication, and mid-quarter convention issues.

"ELA members can't afford to wait until the 4th quarter to get into the game if they want these things to turn out right", Fier said. "They are the 12th man and we need them with us from the opening kick-off". "This may prove to be the most significant piece of tax legislation enacted by Congress since the Tax Reform Act of 1986 and with every other organized interest group in Washington out there fighting for something they want, now is the time for people employed in the equipment leasing and finance industry to suit-up and get involved in influencing the final shape and outcome of this tax bill".

Several actions can be taken to influence the Congressional outcome of the Bush Administration's economic stimulus-growth package. First, members need to demonstrate a strong interest in the outcome of the bill by meeting with their Senators and Congressman during ELA's Capitol Hill Day program May 14-15 in Washington, DC. Second, ELA members must be on the lookout for, and quickly respond to, "Calls to Action" they receive from the Association. Calls To Action will generally be sent by e-mail and will urge members to write or call their elected officials to either educate them or take their pulse. ELA will assist by posting legislative updates, model letters and talking points on the ELA federal advocacy site which can be accessed at: http://www.elaonline.com/govtrelations/Federal/

Follow-up visits with members of Congress when they are back home will also be a major component of ELA's grassroots lobbying campaign. It's been a long time since the industry has had this much at stake, so suit-up and get in the game!

CONTACT:

Michael Benveniste, Gov. Relations Coordinator

Equipment Leasing Association of America

Phone Number: 703/516-8381

E-mail: mbenveniste@elamail.com

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FBI arrests Paramount Pacific Funding Group Broker

Laguna, CA---Special agents with the FBI and the IRS-Criminal Division arrested equipment leasing broker Richard Allen La Bianco, 33, principal of Paramount

Pacific Group, Southern California.

According to a statement from the United States Attorney of the Department of Justice, La Bianco was indicted by a federal grand jury for a scheme that defrauded small business through a company called Paramount Pacific Funding Group of San Clemente, as reported by the Los Angeles Times.

The U.S. Attorney's office alleges that La Bianco's company caused more than 200 victims to lose more than $1 million by falsely promising low-interest equipment lease financing from July 1999 until August 2001. He kept the “advance rentals”

and did not fund the leases.

If La Bianco is convicted of all 15 counts in the indictment, he will face a maximum sentence of 190 years in federal prison, according to the Los

Angeles Times.

Better Business Bureau Report:

Paramount Pacific Funding Group, LLC

1310 North El Camino Real

San Clemente CA 92672

Business Started: 01/01/90

File Open Date: 11/02/99

Last Report Date: 12/12/02

Principal Contact: Richard La Bianco

Phone: (949) 498-6958

Fax: (949) 498-6269

EMail: sales@paramountpacific.com

Web Address: http://www.paramountpacific.com

Bureau ID: 13124614

Nature of Business

This companies business is financial lender for leasing equipment.

Bureau File Experience

“Our files show disconnected phone numbers, returned mail or both. The company appears to be out of business. The Bureau cannot trace addresses of companies or principals. General information is available upon request which may assist you.

“We rate this company as having an unsatisfactory business performance record. Complaints contain a pattern of allegations that the company made promises of obtaining financing with specific terms concerning interest rates or buy out amounts. When the company failed to obtain the financing at rates originally quoted, or provide promised terms, customers requested refunds of the deposit amounts. The company responded by generally denying refund requests, referring to the terms and conditions of the Commitment and Deposit Agreement, or by stating the customer failed to provide additional information, according to their agreement. Some complaints are closed as unresolved; customers were not satisfied with the company's response. Other complaints remain unanswered. Be sure to read all terms and conditions before agreeing or signing any contracts or agreements. If telemarketed, be sure to request the company provide verification in writing for your review. The Better Business Bureau does not endorse, recommend or disapprove of any company, product or service.”

Leasing News had several complaints about this company and was able to

have “advance rentals” returned. People in the area are aware that La Bianco had

a “couple of earlier companies that disappeared in Orange County several

years ago. Guess the law finally caught up with him.” Name With Held.

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Bank Performance and Economic overview—Archie Julian, Dumac Leasing

Ladies, gentlemen, and others:

Recently I attended a meeting conducted by Bruce DeCrona, Executive Vice

President and Chief Financial Officer of Exchange Bank and Greg Jahn, Senior

Vice President and Investment Officer of Exchange Bank. The purpose: To

give us a sense of how the bank is doing and to provide their best

predictions for the immediate future of the economy. I thought I should

share some of the information presented. Following is a short synopsis.

Exchange Bank.

In 2002, Exchange Bank performed above projections. Loan growth compensated

greatly for the drop in interest rates. Some expenses rose unexpectedly,

but the bank management wrestled well with that. Overall, the management is

very pleased with the performance of the bank last year. Your support of

Dumac Leasing had a hand in the loan growth. We finished the year well over

targets the bank had set at the beginning of 2002. Around the middle of

March our annual report will be available for your review.

The Economy

The current economic environment was described as having a "lack of

traction." It seems the economy moves two steps forward one day and falls

back the same distance the next day. This will probably continue for the

next 6 to 9 months.

Consumer spending is weak. The refinance boom which supported consumer

spending in the past is over. Auto sales are good but when zero interest

rate programs are dropped sales fall significantly and the cost of these

programs keep sales from building auto company profits.

The signal that everyone is looking for is an increase in corporate profits.

Lack of capital spending has driven this downturn in the economy.

On the good side corporations have cut back so severely for so long that

when they start spending again it could be a major boom.

What's needed for recovery?

Resolution of Iraq situation

Consumer confidence must return.

This is directly connected to job security.

Jobs that were lost were high paying - primarily in the manufacturing

sector.

North Korea may become important obstacle to recovery.

Political unrest in Venezuela is affecting the price of oil,

which may also be an obstacle to recovery.

When do we expect recovery? First half of this year we expect no change.

In the second half of this year, probably in the fourth quarter we expect to

see signs of improvement.

This downturn is unusual in that worker productivity has increased in spite

of downturn.

Weakening of dollar - currently at three year low compared to the Euro.

Makes our businesses more competitive in global markets.

Not good for consumers purchasing foreign goods.

Deflation, is a worry but probably will not occur.

Economic Stimulus package from Bush will be put into place in some

form. This will have an effect, however due to revenue short fall in

California, the actions of the Fed may be blunted by state

activity. (What the Feds give back the state takes away.)

All of the above tells me that to be successful we have to continue to work

hard for our next sale. What's new?

Archie Julian

JulianA@ExchangeBank.com

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Net Bank/Jim Merrilees----Reaction

“Net Bank has formed a new division with Jim Merrilees heading it up in Portland. What Net Bank has effectively done is create a new BCL/Manifest structure. I would appreciate it if you not put my name on it, but Republic was the last pure broker funding source in the country. The same distrusts that applied to BCL/Manifest now apply to Republic since Net Bank owns them both. More to follow.”

Certainly Manifest is a fine company with a great reputation. Tuesday the “Picture from the Past” featured Jim Stekl and his crew in 1999.

http://two.leasingnews.org/temporary/usbancorp. html

The rumor still persists about a “conflict of interest” to all companies who

both go direct and work with brokers, from Marlin Leasing, to Manifest,

US Bancorp, and now Republic. Leasing News has written about the

Manifest guarantee program,

http://www.leasingnews.org/Conscious-Top%20Stories/Brok er_Protection_Manifest.htm

and also about Republic Leasing of South Carolina “repeat business” policy when over 100 brokers were let go:

http://www.leasingnew s.org/Conscious-Top%20Stories/Broker_Protection_SC.htm

On the other side of the coin, when Colonial Pacific Leasing was sold

to GE Capital, the broker protection was lost, as was all the leasing

companies originally purchased by Sierra Cities, as well as Nations

Credit and Textron, who readers report the loss of “account protection.”

There are several complaints we have investigated and found to be true, plus

have personal experience to verify the transactions. The original

people who managed the leasing companies ( such as Jim Merrilees) are long gone, and when a portfolio is sold, or is moved to a “service organization,”

all the rules change. The bottom line: You better keep in touch

with your customer, if you want guaranteed repeat business.

More importantly, it is obvious by recent changes and “The List,” the

role of the leasing broker has changed. Most of the funders who

worked with small brokerage firms are out of business. See for yourself: http://www.leasingnews.or g/list.htm

Perhaps this is the age of the “Superbroker,” or maybe brokers obtaining lines

of credit at community banks or joining together in a “co-op,”

as One World Leasing. The funder’s trend is definitely “captive vendor” private

label programs, direct salesmen, current customers of the parent, while “story credits” or “challenged credits” are the morsels left for the brokers to scavenge.

Any leasing broker with less than ten employees should be joining in union at

the National Association of Equipment Leasing Brokers(NAELB). The recommendation is not that they should not join any other association, or that ten employees is the “magical number.” The fact is the NAELB is the only organization solely for brokers. www.naelb.org

Find out yourself by attending their Chicago conference, learn more

about NAELB, by going here:

http://two.leasingnews.org/temporary/58917684.htm

---

Bob Rodi, CLP:

( He sent leases to Jim Merrilees at Textron and presently does business

with Republic Leasing of South Carolina:)

I would like to take this opportunity to congratulate Jim Merrilees and his team on the completion of their deal with Net Bank. Jim is, always has been, and always will be, one of the class acts in this business. I wish Jim, Laura, Cass, and Scott all the luck in the world and I hope Net Bank will be a more permanent home for them.

As far as any implications of mistrust, especially the reference to Manifest/BCL, and the fact that Republic was the last "pure broker" source left, I can only tell people that say that to grow up and get into the real world. Multiple Channels of distribution make good business sense. Brokers and other third party originators have long held to the theory that putting all of one's eggs in one basket is bad business. Why should that theory not apply to a funding source with respect to its distribution channels.

Back in 1985 I was one of the first brokers to do business with the BCL. I could count the times on two fingers that I ever even ran into one of their direct reps in the field. When it happened, their management at the time, made a determination as to who could better control the account and it worked out fine. I have heard about the "mistrust" of BCL/Manifest for years and I have never had any personal experience, nor do I know anyone who ever had a BCL rep. try to steal an account from a broker. The folks at Manifest have always had the utmost integrity when it came to keeping the direct channel and the broker channel separated.

By the same token, I have observed brokers running to funding sources who made no secret about their intentions to raid account bases but at the time, those "funding sources" were buying deals based on unrealistic credit criteria and brazenly demonstrating their intention to mount, at best, a short term business strategy.

I have not spoken to Jim about his new position as of yet but I am fairly certain that Jim's mission at Net Bank will be to pursue national accounts similar to the vendors that his team was trying to develop at TFC. Most brokers don't have the resources to pursue these types of accounts so there is very little opportunity to cross paths. To imply that Jim Merrilees and his sales people are chomping at the bit, to raid the vendor data base at Net Bank, so they can market directly to vendor accounts in Peoria, for instance, is not only ludicrous but delusional.

If you understand the value proposition in this business and you add value for the customer and the funding source then funding sources can open up all of the direct channels that they want to and it won't have any affect on your business because you will still be valuable to them.

Bob Rodi, CLP

President

LeaseNOW, Inc.

www.leasenow.com

drlease@leasenow.com

1-800-321-LEAS (5327) x101

Jim Acee

( He does business with US Bancorp, Manifest )

I found it interesting that the lease broker's paranoia of sharing

vendor/lessee information that followed BCL/Manifest for years was mentioned

in your new letter today (Kit Menkin's Top Ten Leasing Industry Rumors----).

I started with Business Credit Leasing (BCL) back in 1989, before there was

a Manifest Group. Back then we were just BCL Vendor and BCL Broker. I can

tell you as a senior manager in the BCL organization that Mary Jane

Lindholm, Chris Canavati, Don Polfliet, Troy Molitor and now Brian Bjella,

the General Managers of Manifest, have always protected the interests of

their brokers, first and foremost. There has never been any sharing of

information on vendors, lessees or anything else regarding a possible

conflict of interest. We had an understanding that no one ever discussed

customers at any level in the organization, even at senior management

meetings. In the rare instance where a BCL sales person ran into a Manifest

broker's vendor account, the BCL sales reps was told to walk away from the

account. That doesn't happen anymore because BCL calls almost exclusively on

copier dealers. A market not frequented by many lease brokers.

I have the utmost respect for The Manifest Group and their dedicated staff

and I can tell you as a former insider, lease brokers have nothing to worry

about. The lease brokers that have stayed with Manifest over the years know

that there is not a more honest and ethical funding source than the people

at TMG. Their dedication to the lease broker is unmatched. And yes, you can

print my name.

Jim Acee

jim_acee@hotmail.com

Mortgage rates edge up; economists upbeat about home sales this year

By Jeannine Aversa, Associated Press

WASHINGTON (AP) Rates on 30-year and 15-year mortgages edged up this week, but are still sufficiently low to keep home sales humming, economists said.

The average interest rate on a 30-year, fixed-rate mortgage rose to 5.97 percent for the week ending Jan. 17, up from 5.95 percent the week before, Freddie Mac reported Thursday in its weekly nationwide survey of rates.

Rates on 30-year mortgages started the new year by dropping to a new low of 5.85 percent, for the week ending Jan. 3. That rate was the lowest since the mortgage giant began tracking 30-year mortgage rates in 1971. Records that reach back earlier than Freddie Mac's put last week's 30-year mortgage rate at the lowest level since the early 1960s.

For 15-year fixed-rate mortgages, a popular option or refinancing, rates also went up this week to 5.36 percent, compared with 5.33 percent in the prior week.

But rates on one-year adjustable rate mortgages, stood at 4.03 percent, unchanged from last week.

''We expect mortgage rates to hover around their current levels and for 2003 to be another strong housing market,'' said Frank Nothaft, Freddie Mac's chief economist.

The National Association of Realtors' chief economist David Lereah believes sales of both existing homes and new ones hit record highs in 2002 and that 2003 will mark the second-best year for home sales. Home sales numbers for 2002 will be released next week.

''The momentum gained from low mortgage interest rates will carry strong home sales into 2003,'' Lereah predicted.

Low mortgage rates over the past year have been fueling not only strong home sales but a surge of home mortgage refinancing activity. The extra monthly cash consumers are saving by refinancing their mortgages at lower interest rates is helping to support consumer spending, which has been the main force keeping the economy going.

The Mortgage Bankers Association of America said refinancing activity accounted for 77.7 percent of all home mortgage applications filed last week, down slightly from 77.8 percent the week before.

This week's mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages carried an average fee of 0.6 point this week, while one-year adjustable mortgages had an average 0.7 point financing fee.

A year ago, rates on 30-year mortgages averaged 6.83 percent, 15-year mortgages were 6.31 percent and one-year adjustable mortgages stood at 5.08 percent.

On the Net:

Freddie Mac: http://www.freddiemac.com

Senator Boxer pushes bill to boost broadband access

Carolyn Lochhead, San Francisco Chronicle Washington Bureau

Washington -- California Democratic Sen. Barbara Boxer has teamed up with Virginia Republican Sen. George Allen on a proposal the two say will offer a quick and cheap way to spur high-speed broadband communications, which nearly everyone in Washington agrees is vital to rescuing the moribund high-tech industry.

At a Commerce Committee hearing earlier this week, Boxer and Allen introduced their Jumpstart Broadband Act, which would make more unlicensed radio spectrum available for wildly popular new Wi-Fi -- or wireless fidelity -- devices. These allow computer users to obtain wireless Internet connections if they are within a short distance of a hard-line broadband connection, much the way cordless telephones, garage door openers and baby monitors work in the home.

Whipping out the card that frees the laptop from its wire tether, Boxer said, "We will in fact jump-start broadband if we give it more spectrum.

"This is really the next revolution in the whole communications area," Boxer said. "It's going to make it easier to get your information, make it quicker, make it less hassle. It's really the next stage."

Wi-Fi is quickly gaining ground among consumers, and manufacturers such as Intel Corp. of Santa Clara are showing equally strong support. After catching on first in Europe, which leads the United States in wireless technology, Wi- Fi hot spots are already available in thousands of public locations, including many airports and most Starbucks coffeehouses.

Allen said Wi-Fi presents a way to end the stalemate over how to build the costly last mile of high-speed Internet access to the home by using existing advances in technology.

If inexpensive Wi-Fi could be extended to greater distances, as technologies now under development promise, Boxer said it could even bridge the last-mile problem that has stymied the rollout of high-speed Internet access, as well as extend broadband connections to rural areas, schools, hospitals and other places where wiring individual computers to broadband is very costly. Aside from their obvious convenience, Wi-Fi technologies are much cheaper than the current cable and DSL connections to homes that can cost more than $50 a month.

Boxer said she and Allen have been discussing legislation for eight months and decided to narrow their bill to a simple directive to the Federal Communications Commission to free up spectrum for Wi-Fi uses.

Currently, Boxer said, the spectrum is heavily congested and prone to interference from other devices. By guaranteeing a portion of the spectrum, Boxer said companies would have a greater incentive to invest in the technology and expand its uses.

Allen said the "if you build it, they will come" business model has not materialized for the telecommunications industry and is one of the reasons for the current telecom recession, adding that "fanciful expectations like these have left this country with Internet bandwidth capacities that no levels of demand can sustain."

He said the bill is designed to get Congress to rethink the broadband distribution debate. In the 107th Congress, the debate over broadband primarily focused only on two platforms, Digital Subscriber Line (DSL) and cable and the regulatory treatment of those services.

"This perspective fails to consider that alternative modes or other technologies are available that can jumpstart consumer-driven investment and demand in broadband services," Allen said. "I think it is beneficial to shift the policy discussion away from this debate and focus on something positive Congress can do that fosters innovation, stimulates the technology and telecom sectors, and encourages the adoption of broadband services."

Allen added, "Over this past few years Congress, and specifically the Senate, have been locked in debate over the best approach to promote and encourage widespread broadband adoption. There is no doubt that consumers, businesses and government officials fully recognize the importance of broadband to our communications capabilities and the economy. Indeed, the proliferation of next-generation broadband Internet connections will reinvigorate growth in the technology and telecommunications industries and improve our lives."

GE bringing new ad slogan to life

By Diane Scarponi

The Associated Press

NEW HAVEN, Conn. — General Electric is jettisoning its "We bring good things to life" slogan after nearly a quarter-century for a new campaign that emphasizes the innovative spirit that Thomas Edison started at GE more than a century ago.

The new $100 million advertising campaign, "Imagination at work," is meant to tout the Fairfield-based conglomerate's reputation for innovation at all its businesses, from the NBC television network to its appliances, medical equipment and financial services.

The ads, set to debut this week, have a humorous touch. In one, the Wright Brothers' rickety plane, strapped with a GE aircraft engine, roars and morphs into a jet.

Edison is the lead character in another spot: The stern-faced inventor's head cracks open, à la Monty Python, with visions of aircraft engines, high-tech windmills, refrigerators and other GE products spilling out.

Chairman and CEO Jeffrey Immelt said shortly after he was appointed in September 2001 that he wanted to rethink the company's image.

"Immelt has really been pushing a technology focus, a reinvigoration of technology at GE around the world. We wanted our communications to match that," said Beth Comstock, the head of communications at GE.

The change is risky because "We bring good things to life" is familiar to consumers and is considered one of the best campaigns ever done. The slogan made its debut in 1979.

"I've always characterized it publicly and in class as being one of the truly great corporate campaigns ever done," said Harvard marketing professor Stephen Greyser, who has been following GE's ad campaigns for years.

The campaign's strength, he said, was its double meaning that offered something to everyone from high-level corporate executives to everyday consumers.

The new slogan, "Imagination at work," also has a double meaning. Depending on who views the ads, he said, the slogan can mean "imagination when we are at work" or "imagination at work for you."

"Imagination at work" is the result of 18 months of research, brainstorming and testing, said Andrew Robertson, president of BBDO Worldwide, the agency that designed the campaign.

Along with the new slogan comes a new strategy for advertising. Instead of mostly hitting the Sunday-morning TV crowd, GE will flirt with prime-time audiences. The ads are scheduled to air starting Sunday, during the Golden Globe Awards.

( Buying leasing companies and bringing them to life, especially portfollio's, follows this theme, too. Editor )

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