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Wednesday, June 11, 2003
Headlines
Leasing
Customers Expect Further Drop in Interest Rates
Leasing
Business Down Because Manufacturing is Down
Fitch
Ratings: DVI's Sr. Unsecured Debt Watch Negative
CapitalStream/Decision
Systems---Still Counting
Alexa
Website Report--Business Leasing News #1
Barry
Marks, NAELB Legal Beagle, firm merges
Financial
Federal Earnings 3rd Quarter
ORIX
Financial Services Promotes Mark E. Tauber
International Decision Systems/ BiT Strategic
Partnership
Southern
Pacific Bank Residual to be Sold by FDIC
www.StockMarketYellowPages.com
Highlights
This Day in American History
This Border ##### Denotes Press Release (Not Written By Leasing
News)
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Classified ads---Help Wanted
|
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About the Company: www.integrityleasing.com |
|
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Sales: Amerifund, a nat'l equip fin company growing at 100%+ per year,
is looking for add'l exp'd Lsg Sls People in AZ. Compensation=Base
salary+ commission +benefits.Ideal candidate=2+ yrs exp in lsg
sls with doc'd performance. Fax resume: |
|
About the Company: www.integrityleasing.com |
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Leasing Customers Expect Further Drop in Interest Rates
by Christopher Menkin
One of the first thing chief financial officer are asking
leasing salesmen is for a quote based on the next drop in interest rate. They read the newspapers and now that three
month bills issued by the U.S. Treasury fell below one percent on Tuesday.
This event is top in newspapers as it is the first time in 45 years
to
reach this low. It
appears all investors believe short-term interest rates
will drop, some even think it will be more than a quarter
point, and go
to a full half point.
Yields on the key 10-year Treasury notes, which strongly
influence mortgage interest rates, tumbled to 3.20 percent, their lowest
level since 1958.
Leasing News has been printing the historic drop in mortgage
rates as lessees equate that to commercial leasing and loans.
The key meeting is June 29-30 (Tuesday-Wednesday) and many
believe the economy is still not doing well, requiring the Federal Reserve
to again drop the federal funds rate.
The new fear of the Federal Reserve Board is a condition
called "deflation," where prices go down to produce more sales. This situation then changes the matrix of the
value of goods, plus the value of money.
No one believes rates will go up. Much of this is speculation, almost like talking
about the weather. The fact is unemployment is growing, manufacturing
is down,
and the mortgage re-financing and consumer spending are the
only bright spots.
The question of home sales, values, is a factor as well as
the world economy.
It's no secret that state and local governments are feeling
the pinch, as many
have their new fiscal year starting on July 1. Further cuts not only mean
less services, but less people employed, and the spiral continues
downward.
The “Beige Report” to be issued today may forecast the mood
of the end
of the month meeting.
A lower federal fund rate is the Federal Reserve's answer.
One percent then
is a matter of when, and when it gets down to zero percent,
then what?
If not June 29-30, here is the following schedule(tentative):
August 10 (Tuesday)
September 21 (Tuesday)
November 10 (Wednesday)
December 14 (Tuesday)
My guess is the rate will remain the same in June and August,
with September
the key month to face the economy. The economist have all been saying
the economy will get better the second half, they just don’t
know the year.
Will it be this year or next or will we have a new president?
I can tell you
one thing, Hillary Clinton’s book won’t help you. You’ll get more information
and entertainment from the Sunday comics.
Let me know you favorite comic strip, and we’ll print your
response in Leasing News.
Leasing Business Down Because Manufacturing is Down
According to the National Association of Manufacturers (NAM),
a declining
base in the sector could cause the nation's economic growth
to slow by 50
percent, which would in turn reduce living standards.
The group is concerned
about a loss of research and development work performed at many factories
because contributions to the country's growth from these
facilities affect the country's ability to grow. Moreover, the association
says that drops in employment and capital spending are further
injuring the
sector despite indications that the economy is recovering.
The National Association of Manufacturing president Jerry
Jasinowski says that the Bush administration needs to place more effort
into protecting the sector from foreign competition until the economy
recovers, especially forcing China to peg its currency to the U.S. dollar. It also appears the financial industry will
be
expanding manufacturing interests in China as noted in recent
press releases
of new affiliations and acceptance on the mainland.
Economist Joel Popkin
notes in the National Association of Manufacturing
announcement/press release that the manufacturing sector's
health is vital to the economy because it produces more jobs than any
other sector.
#### Press Release ############################################
Manufacturing Erosion Poses Threat to Standard of Living
WASHINGTON, D.C., – While manufacturing has been the engine
for healthy economic growth and good jobs, intense global competition
and the rising cost of doing business in the U.S. threaten manufacturing’s
capacity to maintain the nation’s economic strength and standard of
living, according to a new study by economist Joel Popkin.
“Manufacturing spawns more additional economic activity and
related jobs than does any other economic sector,” stated Popkin, president
of Joel Popkin and Company. The study, “Securing America’s Future: The
Case for a Strong Manufacturing Base,” commissioned by the Council of
Manufacturing Associations (CMA), contends that manufacturing is “the
heart of an innovative process that powers the U.S. economy to global
leadership” and that “America’s unprecedented wealth and world economic
leadership are made possible by a critical mass of manufacturing within
the geographic confines of the American common market.”
“Popkin shows how the unique linkages of manufacturing to
the rest of the economy create more innovation, productivity and good
jobs than any other sector of the economy,” said Jerry Jasinowski, president
of the National Association of Manufacturers.
“Popkin attributes America’s high standard of living to the manufacturing
innovation process. Research and development stimulates investment in
capital equipment and in workers, leads to new processes and products,
generates spillovers that benefit other economic sectors, and ultimately
leads to higher living standards.
“Manufacturing has an amazing impact on our economy,” Jasinowski
said. “Every dollar of specific manufacturing production creates an
additional $0.67 in other manufactured products and $0.76 in products
and services from non-manufacturing sectors. Manufacturing contributes
more than 60 percent of U.S. investment in research and technology,
and manufacturing workers make 20 percent more than the average wage.
“However, America’s industrial leadership is being squeezed
between unprecedented foreign competition based upon predatory trade
practices that make it impossible to raise prices, and rising costs
due to rising health care costs, soaring runaway litigation, and excessive
regulation. The result is a dramatic decline in manufacturing cash flow
that forces firms to cut back on R&D and capital investment, and
to reduce employment. The U.S. manufacturing base is receding – and
with it the all-important innovation process that is the seedbed of
our industrial strength and competitive edge.”
“The loss of 2.3 million
manufacturing jobs poses a real and present threat to the American middle
class, “said Thomas Dammrich, president of the National Marine Manufacturers
Association, and chairman of the CMA. “These are among the best paying
jobs in our country, and almost all of them offer a full range of benefits,
including health insurance. Every lost manufacturing job is a tragedy
for someone’s family.”
The greatest long-term impact of the erosion of U.S. manufacturing,
according to the Popkin study, is on innovation. “U.S. manufacturing
generates the greatest innovation process in the world by germinating
and nurturing innovations from concepts through to full-fledged improvements
in the products and processes that provide the basis for improved productivity,
prosperity and a higher quality of life,” the study concludes.
“But as U.S. manufacturers face serious challenges to their continuing
existence, the critical mass necessary to maintain a dynamic innovation
process is jeopardized.”
“If we want to maintain the R&D investment and innovation
strength of the U.S. economy, we must require out competitors to compete
on a level playing field, hold down the costs of doing business at home,
and encourage R&D and investment,” said Jasinowski. “It is increasingly
important that policy makers hike spending on R&D activities, that
we enact a permanent R&D tax credit, and that the government provide
incentives to increase the supply of scientists and engineers. The U.S.
is facing a critical skills shortage in the near future as the current
generation of manufacturing workers retires and few young people are
coming into industry.”
“If the U.S. manufacturing base continues to shrink at the
present rate and the critical mass is lost,” the Popkin study concluded,
“the manufacturing innovation process will shift to other global centers.
If this happens, a decline in U.S. living standards in the future is
virtually assured.”
The CMA is an independently funded division of the National
Association of Manufacturers with more than 200 manufacturing trade
association members. The Popkin paper can be accessed at the NAM web
site at www.nam.org/future.
The National Association of Manufacturers is the nation’s
largest industrial trade association.
The NAM represents 14,000 members (including 10,000 small and
mid-sized companies) and 350 member associations serving manufacturers
and employees in every industrial sector and all 50 states.
Headquartered in Washington, D.C., the NAM has 10 additional
offices across the country.
Be sure to visit our award-winning web site at www.nam.org
for more information about legislative, policy and workplace developments
affecting manufacturers, employees and the economy.
### Press Release ##################################################
Fitch Ratings Places DVI's Senior Unsecured Debt on Rating
Watch Negative
Fitch Ratings-New York- Fitch Ratings has placed DVI, Inc.'s
(DVI) 'B+' senior unsecured debt rating on Rating Watch Negative. Previously,
the Rating Outlook was Negative. Approximately $155 million of senior
unsecured debt is affected by this rating action.
Since 2002, Fitch has been concerned regarding DVI's ability
to successfully refinance its $155 million of senior unsecured debt
due in February 2004. This, coupled with DVI's weak operating results
and increased managed leverage, was the basis for the Negative Rating
Outlook.
A series of events over the last week has further increased
Fitch's concern regarding the successful refinancing of the unsecured
debt. On June 4, 2003, DVI announced that its long-time auditor, Deloitte
and Touche LLP (Deloitte) had resigned. The resignation stems from a
disagreement between DVI and Deloitte over the placement of a paragraph
in the company's March 31, 2003 10-Q filing indicating that Deloitte
completed its audit with the exception of a single related-party investment.
Separately, the company's 8-K filing on June 9, 2003 also indicated
that in a June 2002 management letter, Deloitte cited several reportable
conditions including that the company had material weaknesses in its
ability to monitor non-performing and impaired assets. Management represents
that these weaknesses have been addressed and are no longer issues.
Fitch believes that neither the auditor's resignation nor
the reportable conditions stem from any fundamental accounting errors
or disagreements. However, DVI, after a weak fiscal-year 2002, has been
striving to regain investor confidence and was pursuing a series of
actions to strengthen its balance sheet and risk profile. Deloitte's
resignation is likely to slow DVI's momentum, if for no other reason,
the new accountants may elect to reaudit the company's fiscal year 2001
and 2002 financial results in addition to their audit for the fiscal
year ending June 30, 2003. As a result, DVI's capital markets initiatives
may be delayed pending the completion of the 2003 audit. Therefore,
the timely selection of a new auditor will be crucial. Fitch expects
the Rating Watch to be resolved once a new auditor is in place and has
completed audited financial statements, and DVI has made meaningful
progress towards the refinancing of its senior unsecured debt.
DVI's senior unsecured rating remains at 'B+' and is reflective
of Fitch's belief that the company continues to have limited options
for refinancing or extending its senior unsecured debt. Rating fundamentals
are based on the company's good market position in the large- and medium-ticket
medical equipment finance business. Since September 2002 DVI has demonstrated
discipline by executing on a restructuring plan that involves refocusing
capital and intellectual resources on the company's core domestic equipment
finance and medical receivables finance businesses. Specifically, DVI
has made progress towards monetizing its capital commitments to foreign
joint ventures as well as liquidating venture leasing subsidiary Third
Coast Capital. Operating losses in both the international finance and
venture leasing businesses have weakened DVI's profitability over the
last two years.
Headquartered in Jamison, Pa., DVI is an independent, specialty
commercial finance company providing asset-based lending to the health
care industry. DVI's core business is financing large- and medium-ticket
diagnostic and surgical equipment for outpatient centers, clinics, and
doctors groups in the United States. The company also provides working
capital financing for medical receivables through its DVI Business Credit
subsidiary.
Contact: Matthew D. Gallino +1-212-908-0218 or Philip S.
Walker, Jr., CFA +1-212-908-0624, New York.
Media Relations: James Jockle +1-212-908-0547, New York.
### Press Release ###############################################
-------------------------------------------------------------------------------------------------
CapitalStream/Decision Systems---Still Counting
“Robert Baird is not a player in this. They are the agents
of record for the
company. They buy and sell for the major investors.
“Watch for an announcement from someone else. They have 20
business days from the CapitalStream offer.”
( Anonymous )
The latest from the New York Stock Exchange shows Robert
W. Baird, Limited,
the United Kingdom arm of Baird, USA, selling 250,000 shares
in a public
statement of June 10th.. Could this company be
representing Summit National in Chicago, Illinois. Ken Duffy, Sr., would make no comment.
At the time going to press, 1:45pm, California time, 8:45am,
London time; the London Stock Exchange had nothing more current. The
bidding has been going on since June 2, when CapitalStream posted its
offer.
--------------------------------------------------------------------------------------
Alexa Website Report----Business Leasing News #1
“Some of my partners seem to be watching closely as Business
Leasing News
(BLN) continues its journey on the Internet. Here's an important
change for you to know about BLN. The
Business Leasing News website has been fully restructured and upgraded.
It is being officially made available
this month. Due in part to demand
for Business Leasing News and to accommodate its enhanced features,
the official address for BLN has been moved to http://www.pattonboggs.com/newsletters/bln.
“By the way, look for June's BLN in the next couple of days.
You will see
that I refer to you and your newsletter in the June BLN,
in the top story.
“All the best,”
David
David G. Mayer
Patton Boggs LLP
2001 Ross Avenue
Suite 3000
Dallas, Texas 75201
Tel: (214) 758-1545
Fax: (214) 758-1550
Author of: Business
Leasing For Dummies
Publisher of: Business
Leasing News
(Thank you. I must
admit that I am surprised that “Business Leasing” has
remained number one for two months in a row. Congratulations!!!
I also thought that Excalibur would be higher, especially since
Jeff Taylor has a mailing
list of 13,000, the largest in the industry.
(The Alexa traffic report is not “scientific” or “accurate,”
but it is an indication
of Alexa users –both the host and the visitor may be Alexa
users-- and those who use Google, ---by the way, which is the most popular
browser today. And while
it may not be “scientific” or “accurate,” I think the results
have meaning,
especially if you are number one. )
response from David
Mayer:.
I am told that BLN's success stems from many sources and
reasons--the
writing, the technology, your tremendous value-added mentions,
the firm's
name, the book and related web sites, the amount of research
in the
articles, and so forth. This
success all comes as a surprise to me.
If it were not for
your efforts, I would not have even known about Alexa.com. So,
I thank you for your thoroughness and tracking of that resource.
As to
Jeff's site, he has a very different approach and a very
wide international
audience. It's hard to figure how active they are in reading
any Internet
material. This is all very complex stuff, and quite interesting.
In any event, as demonstrated by the June issue (forthcoming),
I am now
looking at your publications (and Jeff's) to find cross-references,
to
return the favor and help you have provided in whatever way
I can on
occasion to draw attention to your work. For example, if you could
republish your master list of leasing calculators online,
I'd like to post
that in BLN when the time is right. It seems like there is interest or need
for those calculators.
I greatly appreciate your support and interest in BLN, Kit,
and commend you
on your impressive daily efforts.
David
David G. Mayer
Patton Boggs LLP
2001 Ross Avenue
Suite 3000
Dallas, Texas 75201
Tel: (214) 758-1545
Fax: (214) 758-1550
Author of: Business
Leasing For Dummies
Publisher of: Business
Leasing News
---
---
Kit--www.leasingpress.com according to Alexa is 554,959
Thanks. James Johnson
( Somehow you dropped
off the list, as you have always been
high in the list. You
are not included on the list. editor )
--
Lean –Lease Enforcement Attorney Network
Somehow Lease Lawyer was substituted for LEAN, and this
was also left out. It is also on the list
---------------------------------------------------------------------------------
Barry Marks, National Association of Equipment Leasing
Legal Beagle, firm
Berkowitz, Lefkovits merges with Memphis-based law firm
SHERRI C. GOODMAN
News staff writer, The Birmingham News
Birmingham's Berkowitz, Lefkovits, Isom & Kushner law
firm announced late Thursday it plans to merge with Memphis' Baker,
Donelson, Bearman & Caldwell, one of the nation's 200 largest law
firms.
The new firm, Baker, Donelson, Bearman, Caldwell & Berkowitz,
will have 322 lawyers in nine offices in Tennessee, Alabama, Georgia,
Mississippi and Washington, D.C., with its base office in Memphis. Charles
Tuggle, chief executive officer of the combined firm, expects the deal
to be finalized early next week.
Berkowitz, Lefkovits, founded in 1936 in Birmingham by Abe
Berkowitz, sees the merger as a way to accelerate its growth and offer
more services to clients. Meanwhile, Baker Donelson has been looking
for a partner in the Birmingham area for about two years to expand into
what the firm considers a key market.
Tuggle said the two firms are a good fit.
"It's a market that's important to us and this is a
chance to bring in lawyers with skills that complement ours," he
said.
Berkowitz Lefkovits, which has about 65 lawyers and specializes
in corporate law with an emphasis on privately held companies, has strong
developer/real estate and construction practices.
Meanwhile, Baker Donelson's strengths include litigation,
public policy, immigration, intellectual property, securities, bankruptcy
and patent law.
"In joining with one of the most respected law firms
in the South, whose emphasis, like ours, is on personalized client service
and civic responsibility, we will continue the traditions that are the
foundation of the Berkowitz firm," said Berkowitz Lefkovits' Harold
B. Kushner, who will be a director of the combined firm. "This
is a good marriage of personalities."
Berkowitz Lefkovits is the third major Birmingham law firm
to announce a merger this year. In January, Lange Simpson's 50 lawyers
joined forces with the 221-member New Orleans-based practice of Adams
and Reese. And last month, Birmingham's Balch & Bingham merged with
Atlanta's Meadows, Ichter & Bowers, producing a firm of 212 lawyers.
Classified Ads---Attorney Leasing Industry Specialist
These are attorneys who belong to leasing industry association,
and are specialist in the equipment leasing industry. These
ads are free and intended to help those seeking legal advice
from reputable attorneys with equipment leasing experience.
Full staff of attorneys and legal assistants work with Group
Leader Barry S. Marks to ensure prompt, cost-effective responses to
client needs: Email:bsm@blik.com
California - statewide: CA "ELA"
5-attorney creditors rights law firm, in biz 25 yrs +, specialize
all aspects of creditor representation. Primarily represent equipment
lessors & funders,plus collection and creditor rep. in bankruptcy.
Email:phemar@hemar.com
California - statewide: Encino, CA. "ELA"
24 Attorney AV-rated Lawfirm representing the Leasing Industry
for over 25 Years. We specialize in Lease-enforcement, collection and
representation in Bankruptcy Court. email:sjenkins@hemar-rousso.com
Los Angeles -statewide: CA "ELA "
Practice limited to collections, bankruptcy and problem accounts
resolution. Decades of experience. 10-lawyer firm dedicated to serving
you. Call Ronald Cohn, Esq. (818)591-2121 or email. Email: rrcohn@aol.com
Los Angeles, Statewide: CA. "ELA" Aggressive creditors rights law firm specializing
in equipment leasing handling collection matters on a contingency, fixed
fee or hourly basis. email:RGarwacki@prodigy.net
NY Metro and National: Hackensack, NY
Attorney specializing in equipment lease matters for at least
10 years with a 50-State operating network of attorneys experienced
in leasing matters. Email:wuscher@uqur.com
"ELA"
National:
Northern California - Statewide: CA "EAEL" "ELA" San Francisco
expertise at San Rafael,CA prices; practice limited to equipment leasing
and finance with 22 years experience, testimonials. Ken Greene, Esq.
415-721-7900 kgreene100@aol.com
### Press Release ###############################################
Financial Federal Corporation Announces Earnings for the
Third Fiscal Quarter Ended April 30, 2003
NEW YORK----Financial Federal Corporation ("FIF"
- NYSE), announced net earnings of $6.6 million for the quarter ended
April 30, 2003, a 30% decrease from the $9.4 million earned for the
quarter ended April 30, 2002.
Diluted earnings per share decreased by 28% to $0.36 from
$0.50. Finance receivables originated during the quarter totaled $158
million. Finance receivables outstanding decreased by 1% to $1.40 billion
at April 30, 2003 from $1.41 billion at January 31, 2003.
Net earnings was $23.2 million and $27.5 million for the
nine month periods ended April 30, 2003 and 2002, respectively, decreasing
by 16%. Diluted earnings per share was $1.27 and $1.48, respectively,
a 14% decrease. Net earnings for the nine months ended April 30, 2003
includes a $1.1 million after-tax loss from the redemption of convertible
debt that reduced diluted earnings per share by $0.06. Without this
loss, net earnings was $24.3 million and diluted earnings per share
was $1.33, decreases of 11% and 10%, respectively from the respective
amounts for the comparable period last year.
Net credit losses were $4.2 million or 1.18% (annualized)
of average finance receivables compared to 0.78% in the preceding quarter
and 0.24% for the quarter ended April 30, 2002. Non-performing assets
were 5.2% of total finance receivables at April 30, 2003 compared to
5.6% at January 31, 2003 and 3.5% at April 30, 2002. Delinquent receivables
(60 days or more past due) were 2.1% of total finance receivables at
April 30, 2003 compared to 2.3% at January 31, 2003 and 3.0% at April
30, 2002.
Paul R. Sinsheimer, CEO, commented, "I believe the Company
has a very strong liquidity position and diversified funding sources.
Liquidity was enhanced and debt maturities were lengthened with the
issuance of $200 million of term notes in April 2003. Proactive steps
taken in the last year should allow the Company to take advantage of
an economic turnaround.
"New business opportunities appear to be more favorable,
and the Company's net investment in non-accruing receivables and repossessions
decreased and the level of delinquencies declined. During the most difficult
nine-months in our fourteen-year history, the Company produced an 11%
return on equity with a historically low debt-to-equity ratio of 3.4:1."
Financial Federal Corporation specializes in financing industrial
and commercial equipment through installment sales and leasing programs
for manufacturers, dealers and end users nationwide. For additional
information, please visit the Company's website at www.financialfederal.com.
CONTACT:
Financial Federal Corporation
Steven F. Groth, 212/599-8000
### press Release#################################################
ORIX Financial Services Promotes Mark E. Tauber
ATLANTA– Tom Hidder, president of the Business Credit Group
(BCG) at ORIX Financial Services (OFS), has announced the promotion
of Mark E. Tauber to National Sales Manager of BCG. Mark will assume responsibility for building a national sales organization
to deliver BCG’s products to middle-market companies throughout the
U.S.
Tauber has 17 years experience in the commercial
and corporate finance industry, including marketing and new business
origination, portfolio management, strategic planning, structuring,
syndicating and underwriting of middle-market, asset-based and cash-flow
loans.
Tauber joined ORIX Financial Services in 1999 as managing
director, marketing. He helped
to develop and build ORIX Business Credit Group, which today has more
than $1.3 billion in loan commitments. Since the group’s inception,
Tauber individually sourced and structured in excess of $800 million
in new business transactions.
“During the past four years, Mark has been instrumental in
building key marketing relationships with equity funds/sponsor groups,
investments bankers, and loan syndicators, as well as with financial
intermediaries on a direct basis,” said Hidder. “His clients value his knowledge and experience, and we value the
contributions he has made to grow BCG.
In his new role as national sales manager, Mark will focus on
further enhancing ORIX’s origination capabilities.”
Prior to joining
ORIX Financial Services, Tauber was vice president, marketing at Deutsche
Financial Services in St. Louis, Mo.
He also has held positions at Transamerica Commercial Finance
Corp., Whirlpool Financial Corp., Motorola, Inc. and Baxter International.
Tauber earned an MBA in finance from Northern Illinois University.
He is an active member of the Association for Corporate Growth,
Commercial Finance Association and the Turnaround Management Association.
The Business Credit Group offers asset and cash flow-based
loans to companies that need funds for working capital, acquisitions,
growth, recapitalization and other unique situations.
About OFS
In addition to BCG, ORIX Financial Services offers an array
of financing products through its: Equipment
Finance Group, Structured Finance Group and ORIX Public Finance LLC.
The Equipment Finance Group provides equipment loans and leases
to middle-market companies in general manufacturing, production, construction
and transportation. The Structured Finance Group provides capital
equipment financing, “turnkey” financing and other operating lease products
for businesses serving the medium- to large-ticket market. Lastly, ORIX Public Finance offers equipment,
real estate and project financing for state and local governments as
well as for federal agencies.
ORIX Financial Services
is an indirect wholly owned operating subsidiary of ORIX Corporation,
a leading diversified financial services organization with assets in
excess of $49 billion. ORIX Corporation is based in Tokyo, Japan with
operations in 23 global markets. ORIX
is a publicly traded company listed on the Tokyo, Osaka, Nagoya and
New York Stock Exchanges (Ticker: IX).
#### Press Release #########################################
International Decision Systems and BiT Group Form Strategic
Partnership
MINNEAPOLIS, Minn., USA, – International Decision Systems
Inc. (IDS) announced today that it has formed an exclusive partnership
with BiT Group, a web solutions and e-business software firm based in
Cambridge, Mass.
As IDS web solutions partner, BiT Group will provide web
applications, web sites and customized eService solutions for IDS customers.
In addition, BiT Group can extend IDS products – Customer Care and Integration
Manager – to bring the following solutions to IDS customers:
--Provide a unified customer portal, linked real-time to
InfoLease and other enterprise applications
--Extend Customer Care to include features and capabilities
customized for unique front- or back-end Web or eBusiness applications
--Portal development linked to CRM, ERP or other data/systems
--Application integration leveraging Integration Manager
--Web & call center integration & multi-channel eService
“BiT Group and IDS use interrelated Java technologies,” explains
Nancy Kaysen, IDS Manager of Strategic Alliances. “Our customers will
benefit from this partnership because BiT Group can extend our Java-based
software with additional capabilities that provide customers and dealers
with eService solutions tailored to their specific needs.”
“We’re truly excited to announce this partnership publicly,
BiT Group and IDS have been working for some time, and I think both
companies saw the opportunity to solidify the partnership and take it
to the next level,” says Steffan Berelowitz, CEO of BiT Group. “Now
IDS customers can tap into the combined resources of IDS and BiT Group
to make further use of the web on the front- and back-end of the lease/loan
process using the latest standards-based Java technologies.”
About BiT Group
BiT Group is a recognized leader in developing solutions
for companies that recognize the strategic impact of the web on their
customer relationships. BiT Group provides customer self-service software
and web business solutions to Fortune 500 and middle market companies
across North America. BiT Group was recognized by Inc. Magazine as one
of America’s fastest growing companies earning a ranking of #155 on
the Magazine’s prestigious Inc. 500 list.
About International Decision Systems
International Decision Systems (IDS) is the global leader
in developing lease/loan accounting and portfolio management software
and services. With offices in the United Kingdom; Minneapolis, MN; Sydney,
Australia and Singapore, IDS offers the largest and most experienced
global consulting, implementation and technical support teams in the
leasing industry. InfoLease, the world’s premier lease/loan portfolio
and asset management system, comprises the foundation of IDS’ product
line. With a web-enabled front-end and more than 70 custom add-on solutions,
InfoLease is the most adaptable and scalable lease/loan technology available
in today’s marketplace.
IDS’ parent company, IDS Group plc, is publicly traded on
the London Stock Exchange (IDGL). For additional information about International
Decision Systems and IDS Group plc, visit. IDS and InfoLease are registered
trademarks of International Decision Systems.
### Press Release #################################################
Southern Pacific Bank Residual to be Sold by FDIC
The FDIC is selling the remaining $1.144MM ownership interests
in the asset consisting of the residual values of 112 forklifts under
a Master Lease Agreement with Inland Paperboard & Packaging, Inc.,
a wholly owned subsidiary of Temple Inland Inc. The leases were originated
by Southern Pacific BanCapital, a division of Southern Pacific Bank,
which was closed by the California Commissioner of Financial Institutions
on February 7, 2003.
The portfolio consists of 64 performing lease schedules for
the 112 forklifts. All lease schedules were generated in year 2001 with
terms of 24 to 60 months. The forklifts are located at various Inland
locations in 20 States.
A competitive sealed bid sale will be conducted by the FDIC,
with electronic information available beginning June 16, 2003. The electronic
or facsimile sealed bid submission deadline has been set for July 7,
2003, 12:00 P.M., CDT.
For more information, call K.R. Yopp, FDIC Resolutions and
Receiverships Specialist, at 972-761-8308; or, via e-mail at kyopp@fdic.gov;
or, visit the FDIC web site at www.fdic.gov.
Sites of Reference:
CONTACT:
Ken Yopp
FDIC
Phone Number: 972-761-8308
Fax Number: 972-761-8364
E-mail: kyopp;
### Press Release ################################################
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News Briefs---
Former ImClone Chief Given 7-Year Term, Martha Next?
http://www.nytimes.com/2003/06/11/business/11IMCL.html
Testimony of Chairman Alan Greenspan
Natural gas supply and demand issues
http://federalreserve.gov/BoardDocs/testimony/2003/20030610/default.htm
JetBlue orders 100 Brazilian jetliners for $3 billion
http://www.ajc.com/business/content/business/delta/0603/10jetblue.html
------------------------------------------------------------------------------------------------
Highlights This Day in American History
1769-
A celebrated figure in the Jackson Era and for a decade or so after.
She wrote several "travel books" -- accounts of places and
encounters with famous, unknown and infamous people. Often shrill and
relentless in her criticisms.
Many, if not all, of her books were published "for the
author", and as she went around the country collecting interviews,
and notes on whatever she saw, she collected subscriptions for forthcoming
books, and sold already published books out of a trunk she always brought
with her. Her first book, Sketches of History, Life, and Manners, in
the United States, "by a traveler", was published in 1826,
printed in New Haven, CT. This, and a series called the Black Book,
vols 1, 2, and 3, sold well, and made Anne Royall widely known over
the next few years.
river boats), and the delivery of Sunday mails. She was born
in Baltimore, but spent her early years (til about age 13), in extreme
poverty, on what was then the edge of the frontier -- western Pennsylvania.
Savage raids by British and Tory-led Indians led Anne Royall's mother
to flee back east, along with other settlers. On May 4, 1798, Anne married
William Royall. She had been living in his house for ten years, and
rumors would follow her that they had been on intimate terms for some
years before the marriage. Anne was 28 then, and the Major was in his
middle 50s.In December, 1812, Major Royall died, after spending much
the last few years ill and drunk. At first the widow Royall seemed well
provided for, but soon a struggle over the will began, in which a niece
of the Major, and her husband attacked Anne's character viciously, got
the will declared a forgery, and took over most of the estate. Between
legal fees, mismanagement on her part, and the cloud that hung over
her properties for years, the one third of the estate that technically
remained to her was entirely lost. For some time she had to dodge constables
for fear of going to debtors prison.
http://medals.safeshopper.com/14/325.htm?731
http://www.currencygallery.org/vignettes/pickens.htm
http://www.tsha.utexas.edu/handbook/online/articles/view/PP/fpi2.html
1880-
Birthday of Jeannette Rankin, first woman elected to the US Congress,
a reformer, feminist and pacifist, was born at Missoula, MT. She was
the only member of Congress to vote against a declaration of war against
Japan in December 1941. Died May 18, 1973, at Carmel, CA.
http://www.greatwomen.org/women.php?action=viewone&id=121
http://www.angelfire.com/anime2/100import/rankin.html
http://www.rankinfoundation.org/
http://www.spartacus.schoolnet.co.uk/USArankin.htm
1883-
Charlotte Eugenia Hawkins Brown birthday; first Black woman honored
by North Carolina with a state historic site. Her Palmer Memorial Institute
at Sedalia, a school for Black children, taught not only academics but
manners, morals, and ethics.
http://www.ah.dcr.state.nc.us/sections/hs/chb/chb.htm
http://www.africanpubs.com/Apps/bios/0726BrownCharlotte.asp?pic=none
http://www.ah.dcr.state.nc.us/sections/hs/chb/civic-life.htm
1904-Singer-pianist
Pinetop Smith born Troy, Alabama. One of my fathers
favorites as he had a collection of 78’s he would play all
the time, along with
folksingers “Leadbelly” and Pete Seeger, among others, including
classical
music. Some of the things I remember most about my father
was his cigar
smoking, poker playing, discussions about writers and plots,
and sitting with
him when I was four years old ( and older ) and listening
to his music. My father
and I were very close. When I hear music like Pinetop Smith,
I always think of
him http://www.heptune.com/pinetops.html
http://stage.vitaminic.com/main/pinetop_smith/
http://www.colindavey.com/BoogieWoogie/articles/ofamart.htm
1910- Jacques Cousteau was born , French undersea explorer, writer and filmmaker
born at St. Andre-de-Cubzac, France. He invented the Aqualung, which
allowed him and his colleagues to produce more than 80 documentary films
about
undersea life, two of which won Oscars. This scientist and
explorer was awarded the French Legion of Honor for his work in the
Resistance in WWII. He died June 25, 1997, at Paris, France.
http://www.sfgate.com/sports/49ers/pages/1997/montana.shtml
1919-
Sir Barton, a three year old, became the first horse to win the Triple
Crown at the Belmont Stakes, Elmont Park, NY.
The rider in all three races was J.Loftus, making him the first
jockey to win the Triple Crown. Sir
Barton pulled away from the only two other horses in the race coming
down the stretch and won the 1-3/8th mile race in 2:17.2,
an American record.
1920
–Drummer Shelly Manne Birthday. http://www.pas.org/About/HOF/manne.cfmBirthdayhttp://www.gallery41.com/JazzArtists/ShellyManne.htm
1920-birday
of pianist/organist Hazel Scott, Port of Spain, Trinidad http://alevy.com/hazel.htm
1927-“Lucky”
Lindbergh receives the first “Distinguished Flying Cross.”
http://memory.loc.gov/ammem/today/jun11.html
1927 Babe Ruth hits 19th & 20th of 60 Home Runs
1929-birthday
of alto sax player Lennie Niehaus, St. Louis, Mo.
1938-Johnny
Vander Meer of the Cincinnati Reds pitched a no-hitter against the Boston
Braves, winning 2-0. Vander Meer returned to the mound four days later
and no-hit the Brooklyn Dodgers, 6-0, to complete the only consecutive
no-hitter in baseball history.
1940-birthday
of singer Joey Dee ( Joseph H. Dinicola ), Passaic, NY. He rose to fame
as part of the twist craze in the early 1960's, was born in Passaic,
New Jersey. He and his band, the Starlighters, gyrated to the top of
the charts in 1961 with "Peppermint Twist." It was a tribute
to the Peppermint Lounge, a small New York club frequented by the city's
socialites. Three members of the Starlighters - Felix Cavaliere, Gene
Cornish and Eddie Brigati - later were part of the Young Rascals. And
Jimi Hendrix is said to have played briefly with the Starlighters in
1966.
http://corks_oldies.tripod.com/index-joeyd.htm
http://www.joeydee.com/jdappear.htm
http://www.bmaent.com/joeyd.htm
http://www.marstalent.com/bio_joey_dee.htm
1943-
the Northwest African Air Forces of the Anglo-American Command, won
the first land victory without infantry after dropping 6,200 tons of
bombs in more than 5,000 sorties on the Italian fortress on the island
of Pantelleria in the Mediterranean Sea, 70 miles southwest of Sicily,
changing forever the use of
1949- Hank Williams made his debut
on the Grand Ole Opry. His performance, with the audience demanding
several encores of "Lovesick Blues," is still considered one
of the Opry's greatest moments. The success of his recording of that
song had led to the Opry contract, and he remained with the show until
August 1952, when he was fired for perpetual drunkeness. Williams died
on New Year's Day 1953 of a heart attack brought on by excessive drinking.
1949-
drummer Frank Beard of the group ZZ Top. Incidentally, Beard is only
unbearded member of 'The Top'.
http://www.lowpft.com/frank.html
http://www.johndouglas.com/zztop.html
1954---Top
Hits
Little Things Mean a Lot - Kitty Kallen
Three Coins in the Fountain - The Four Aces
If You Love Me (Really Love Me) - Kay Starr
(Oh Baby Mine) I Get So Lonely - Johnnie & Jack
1956-
Joseph Clifford (Joe) Montana, Jr Birthday, born New Eagle,PA.
http://www.sfgate.com/sports/49ers/pages/1997/montana.shtml
1959 -Postmaster General bans D.H. Lawrence's
book, Lady Chatterley's Lover
1961
- Roy Orbison was wrapping up a week at number one on the "Billboard"
record chart with "Running Scared", his first number one hit.
Orbison recorded 23 hits for the pop charts, but only one other song
made it to number one: "Oh Pretty Woman" in 1964. He came
close with a number two effort, "Crying", number four with
"Dream Baby" and number five with "Mean Woman Blues".
Orbison was inducted into the Rock and Roll Hall of Fame in 1987; but
suffered a fatal heart attack just one year later.
1961-Roger Maris hits 19th & 20th of 61 Home
Runs
1962---Top
Hits
I Can’t Stop Loving You - Ray Charles
Lovers Who Wander - Dion
(The Man Who Shot) Liberty Valance - Gene Pitney
She Thinks I Still Care - George Jones
1963 -Gov Wallace tries to prevent blacks
registering at U of Alabama
1963-President John F. Kennedy says segregation is morally wrong and that it
is "time to act"
1966
- Janis Joplin made her first onstage appearance -- at the Avalon ballroom
here in San Francisco. She began her professional career at the age
of 23 with Big Brother and The Holding Company. The group was a sensation
at the Monterey Pop Festival in 1967. "Piece of My Heart"
was the only hit to chart for the group in 1968. Big Brother and The
Holding Company disbanded in 1972, though Joplin continued in a solo
career with hits such as "Down on Me" and "Me and Bobby
McGee". Janis ‘Pearl’ Joplin died of a heroin overdose in Hollywood
in October,
1970. The movie "The
Rose", starring Bette Midler, was inspired by the life of the rock
star. In reality, she was high all the time on Southern Comfort and
whatever.
http://www.officialjanis.com/html/main.html
1969-“Space
Oddity”, a single recorded by David Bowie was released to coincide with
Apollo II’s trip to the moon, during which Neil Armstrong and Edwin
Aldrin,Jr., landed and walked on the surface of the moon. http://www.todomusica.org/david_bowie/disco8.shtml
1970---Top
Hits
Everything is Beautiful - Ray Stevens
Which Way You Goin’ Billy? - The Poppy Family
Up Around the Bend/Run Through the Jungle - Creedence Clearwater
Revival
Hello Darlin’ - Conway Twitty
1972
- Hank Aaron of the Atlanta Braves tied (with Gil Hodges of the Giants)
the National League record for the most grand-slam home runs in a career,
with 14. The Braves beat the Philadelphia Phillies 15-3.
1977-Settle
Slew, ridden by Jean Cruguet, became the 10th horse to win
the Triple Corwn by triumphing in the Belmont Stakes. Slew led wire-to wire and defeated Run Dusty Run by four lengths.
1978---Top
Hits
You’re the One that I Want - John Travolta & Olivia Newton-John
Shadow Dancing - Andy Gibb
Feels So Good - Chuck Mangione
Georgia on My Mind - Willie Nelson
1978-
Salt Lake City, Utah, Joseph Freeman, Jr., became the first African-American
to be ordained to the priesthood in the Latter Day Saints, Mormon religion.
1981
- The first baseball player’s strike in major-league history began during
mid-season after Seattle defeated Baltimore 8-2 at the Kingdome in Seattle.
For two months, the nation’s favorite pastime was watching negotiations
between the players’ union and team owners.
1982
- The movie "E.T.: The Extra-Terrestrial" opened. Steven Spielberg
directed this classic. It dazzled audiences with state-of-the-art special
effects and a touching, humorous, story line, grossing over $100 million
in its first 31 days of theatrical release.
1985
- Von Hayes of the Philadelphia Phillies became the 21st player in major-league
baseball history to hit a pair of home runs in one inning as he led
the Phillies to a 26-7 cakewalk over the New York Mets.
1986---Top
Hits
Live to Tell - Madonna
On My Own - Patti LaBelle & Michael McDonald
I Can’t Wait - Nu Shooz
Happy, Happy Birthday Baby - Ronnie Milsap
1990 - UN appoints Olivia Newton-John
environmental ambassador
1990- Nolan n pitches his 6th no-hitter beating
Oakland, in the 9th he
retires Ken Phelps, Rickey Henderson and Willie Randolph (all ex Yanks)
1991- Microsoft releases MS DOS 5.0
1993
- U.S. audiences rumbled to theatres for a first look at Jurassic Park.
The Steven Spielberg-directed dinosaur blockbuster billed a gigantic
$47.06 million -- just for openers.
1996
- Republican Senator Bob Dole ended his Senate career (to make a run
for the U.S. Presidency) with an emotional farewell speech before a
packed Senate chamber. He had spent some 27 years as a U.S. Senator.
His wit is often seen on television commercial these days and
“60 Minutes” when he spars with ex-President Bill Clinton.
1999
- "Austin Powers: The Spy Who Shagged Me" premiered at theatres
across the U.S. Dr. Evil (played by Mike Myers) travels back to 1969
to steal Austin Powers’ (also played by Mike Myers) mojo. Powers (now
“shagless”) must travel to ’69 to get his mojo back (can you dig it?).
Big stars in the movie include the not-so-big Mini-Me (Verne Troyer),
CIA agent Felicity Shagwell (Heather Graham), Basil Exposition (Michael
York), Number Two (Robert Wagner), Young Number Two (Rob Lowe) and Fat
Bastard (that Myers guy again). $54.92 mil the first weekend and grossed
over $250 million. “Gold Member” was
the third issue, and some consider, the best one to date.
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