Leasing News

Headlines---

Leasing Industry Software List

Can 30 Year Mortgage Rates Get Lower? Yes

MicroFinancial Survives Another Day

2002 Conduit Loan Defaults Nominal Increase 0.14%

Highlights ELA ELT-Newsletter

Friday---Odds and Ends

July 17-18 Streamlined Sales Tax Meeting, Savannah, Georgia

News Briefs---

Sports Briefs---

Highlights This Day in American History

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

Leasing Industry Software List

After three months of attempting to obtain information from leasing software companies, we are going to issue the list.

All the companies on the list were contacted with at least four e-mails, and several telephone calls. We also report what information was given to us and not verified

by an independent third party.

http://www.leasingnews.org/elease/software.htm

[Headlines]

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Can 30 Year Mortgage Rates Get Lower? Yes

The average interest rate on a fixed-rate 30-year mortgage is now a record low of 5.34 percent, the seventh time the rate has gotten lower, and the second week in a row that rates on this benchmark mortgage dropped to an all-time weekly low, according to Freddie Mac.

This week's rate surpassed the previous low rate of 5.45 percent set last week. The new rate marks the lowest since Freddie Mac began tracking 30-year mortgages in 1971. Records that reach back earlier indicate that the rate is the lowest in more than four decades, economists said.

Low mortgage rates propelled home sales to record levels last year. And, this year is shaping up to be the second-best year on record for sales of existing homes and new ones, economists say, as

low rates seem to be driving the market, including continuing to increase the sale price of

homes.

It is no secret that the housing market is one of the few bright spots of the lackluster economy. Mortgage companies now employ many people who were in equipment leasing.

For 15-year fixed-rate mortgages, a popular option for refinancing, rates decreased to 4.73 percent this week, also the lowest level since Freddie Mac began tracking these rates in 1991. Last week's rate was 4.84 percent.

Rates for one-year adjustable mortgages, also went down this week, falling to 3.61 percent, another new low, from 3.67 percent last week. Freddie Mac's records on one-year ARMs go back to 1984.

Low mortgage rates also propelled home-mortgage refinancing activity to a record level last year, something that has played a key role in supporting consumer spending. Consumers, the main force keeping the economy going, used the money saved on their monthly mortgage payments to make other purchases.

The Mortgage Bankers Association of America reported that refinancing activity accounted for 76 percent of all mortgage applications filed last week, up from 72.4 percent the week before.

''Interest rates are now at 45-year lows, and consumers are definitely taking advantage of these rates,'' said Phil Colling, an economist with the association. ''MBA now expects 2003 to be yet another record year in terms of mortgage originations.''

This week's mortgage rates do not include add-on fees known as points. Each loan type carried an average fee of 0.7 point this week.

A year ago, rates on 30-year mortgages averaged 6.81 percent, 15-year mortgages were 6.28 percent and one-year adjustable mortgages stood at 4.85 percent.

On the Net:

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

[Headlines]

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

MicroFinancial's Continued Listing Plan Accepted by New York Stock Exchange

WOBURN, Mass.----MicroFinancial Incorporated (NYSE-MFI), a leader in Microticket leasing and finance, announced today that the New York Stock Exchange has accepted the Company's proposed compliance plan for continued listing on the Exchange.

As a result of the Exchange's decision to accept Microfinancial's plan, the Company's listing will continue and be subject to ongoing monitoring by a NYSE Committee to ensure compliance with the criteria set forth in the plan. Failure to achieve the goals outlined in the plan, to meet the minimum continued listing requirements within the required timeframes, could result in the Company being subject to NYSE trading suspension and delisting.

As previously announced on March 18, 2003, the Company had been notified by the NYSE that it had failed to maintain the minimum acceptable continued listing criteria relating to stock price and total market capitalization.

Richard Latour, President and Chief Executive Officer stated, "We are pleased with the Exchange's decision to accept our plan. The Company will continue to pursue various strategic and financial alternatives which we believe will help us to meet the plan objectives."

About MicroFinancial

MicroFinancial Inc. (NYSE: MFI), headquartered in Woburn, MA, is a financial intermediary specializing in leasing and financing for products in the $500 to $10,000 range. The company has been in operation since 1986.

CONTACT: MicroFinancial Inc.

Richard F. Latour, 781/994-4800

SOURCE: MicroFinancial Inc.

( recent articles: http://www.leasingnews.org/Conscious-Top%20Stories/micro_leasecomm.htm

stock: http://finance.yahoo.com/q?s=mfi

[Headlines]

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

Fitch CMBS U.S. Conduit Loan Study: 2002 Conduit Loan Defaults Post Nominal Increase of Only 0.14%

Fitch Ratings-New York-: According to the latest commercial mortgage-backed securities (CMBS) conduit loan study published late yesterday by Fitch Ratings, the annual default rate of conduit loans in Fitch-rated U.S. CMBS transactions was 0.72% in 2002 and, even with current stressed market conditions, is expected to rise to only 0.9% by year-end 2003.

'Despite our expectations of rising defaults in 2003, CMBS investors should keep in mind that in Fitch-rated transactions, fewer than three percent of the almost 30,000 loans in the CMBS transactions reviewed in this study have ever experienced a monetary default' said Mary MacNeill, Senior Director, Fitch Ratings.

A total of 311 new loans experienced defaults in 2002, bringing the total number of defaults since 1993 to 807. Fitch estimates that the cumulative default rate, currently at 2.66%, will rise to 3.75% in 2003, with the total dollar balance of defaults increasing from the current $4.7 billion to $7.6 billion.

'Fitch does not anticipate loan defaults to stabilize until an economic recovery gains momentum, which could be more than a year away,' said MacNeill.

The new study, which analyzed 200 Fitch-rated transactions with an aggregate principal balance of roughly $177 billion, found that 74% of the 2002 default balance was attributed to the hotel, retail and multifamily sectors. The report includes an analysis by geography, by vintage and seasoning, by size of defaults and by property type, and includes statistics on annual and cumulative default rates. The geographic analysis shows that Florida, although ranking fourth in contributions to CMBS collateral, leads all other states in defaulted loans, contributing 12.2% of the default balance.

For a copy of the report '2003 CMBS Conduit Loan Default Study', please visit the Fitch Ratings web site at 'www.fitchratings.com' and click on the 'CMBS' sector. The report can be found by linking to the 'Special Reports' page.

Fitch will hold a conference call on Wednesday, June 4 at 11:00 a.m. (Eastern Daylight Time) to discuss the study results, along with the results of two additional recent Fitch reports, 'Downsized Demand: The Office Sector in San Francisco, Dallas, and Chicago' and 'Great Expectations: Are Floating-Rate Deals Keeping Their Promises?', both of which are also available at 'www.fitchratings.com'. Details for the teleconference will be announced shortly.

Contact: Mary MacNeill +1-212-908-0785 or Mary O'Rourke +1-212-

[Headlines]

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

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Highlights ELT-Newsletter

********************************

ELT E-Leasing Newsletter 05/23/03

********************************

The Equipment Leasing Today E-Leasing Newsletter is published every

Thursday and is sponsored by the Equipment Leasing Association and its

co-sponsor. To get Full-Text Stories, go to the web page associated

with the story you wish to read.

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

NASSAU ASSET MANAGEMENT

Recovery and Remarketing Specialists

1(800)462-7728 or 1(800)4-NASSAU

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1. This Just In! ELA's Efforts on the Tax Bill/Economic Substance Save

Leasing Industry

***********************************

As of 9pm last night, a "final" agreement has been reached and there are NO

REVENUE RAISERS impacting leasing in the bill.

Just prior to the Senate vote on the economic growth-tax cut bill last

week, Senators Grassley and Baucus introduced a "manager's amendment"

containing a provision requiring that depreciation on lease to service

contract structures be taken over the term of the lease plus the service

contract, effectively killing this financing option. Another section of the

bill contained a provision calling for the codification of the "economic

substance doctrine" which contains a carve-out for leasing transactions.

However, the language in the bill does not satisfactorily reflect that

leases are intended to be exempted from the provision. Thus, ELA strongly

opposed the inclusion of both of these provisions in the final bill.

The House and Senate Republican Congressional leadership have reached an

understanding that the final bill will provide $350 billion in net tax

cuts. The offensive provisions have been taken out of the final agreement.

This week, the equipment leasing industry strongly and loudly stated its

objection and opposition to having these two tax increases on our industry

be used to pay for others tax cuts! ELA members sent letters to the

Congressional leadership and members of the Senate Finance and the House

Ways and Means Committee opposing the two provisions.

In a May 20, 2003 letter to John Snow, the Secretary of the Treasury, ELA

President Michael Fleming called attention to these tax-increase provisions

that were added to the Senate version of the economic growth legislation,

S. 1054, stating that the provisions would raise approximately $14 billion

by imposing unjustified new taxes on leasing transactions. Fleming

"strongly urged" Secretary Snow to "work to ensure that these tax-increase

proposals are not included in any final economic growth bill.

The tax bill agreement is now expected to be acted on by the House and

Senate before they leave for the Memorial Day recess and signed into law by

the President as early as next week.

The reality of the offending provisions, however, is that they are out but

not gone. Either or both are expected to be in other tax bills likely to

be considered later this summer.

To read the letter in its entire, please visit

http://www.elaonline.com/GovtRelations/Federal/pdfs/TaxIncProv.pdf

For the latest updates, stay tuned to ELA Online as the latest developments

will be posted immediately to the home page.

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2. LAST CALL for Rebuilding Iraq Workshop

******************************

The ELA - OPIC Workshop on opportunities in rebuilding Iraq will take place

in Washington on Wednesday, May 28, from 11:00 am to 4:00 pm. Registration

will begin at 10:30 am. ELA will host the event at the City Club of

Washington and lunch will be served. The workshop will address OPIC and

ExIm programs

available to lessors in the rebuild Iraq project, structural, procedural

and logistics issues in participating in these programs. The economic

outlook in Iraq and a review of Islamic law principles related to equipment

leasing.

You must register to attend. Please email Ginger Koch at the ELA Executive

Offices by 2:00pm today, gkoch@elamail.com.

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3. Effective Risk Allocation in the Lease Syndication Transaction

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How can each party to a lease syndication transaction properly identify all

the risks it is retaining or assuming, so it can properly manage and be

compensated fairly for those risks? The Journal of Equipment Lease

Financing's article: Effective Risk Allocation in the Lease Syndication

Transaction, analyzes the types of risk inherent in the sale of en

equipment lease transaction. It also gauges the legal efficacy of methods

commonly used in lease assignment documentation to apportion those risks

between the buyer and the seller and to compensate the non assuming party

when the deal goes bad. For more information, the Journal is published by

the Equipment Leasing and Finance Foundation.

For a copy of the full article, visit http://www.elaonline.com/Library/

In the search criteria, use Source: JELF and Year:

2003. To subscribe to the Journal http://www.leasefoundation.org/JELF/

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4. ISM Report Says to Expect Recovery to Continue in Second Half of 2003

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Economic growth will continue in the second half of 2003, say the nation's

purchasing and supply executives in their 65th Semiannual Forecast. The

manufacturing sector forecast revenue growth of 1.9%, with purchasers

reporting operating at 79 percent of their normal capacity, down marginally

from 79.2 percent reported in December 2002. Fifty-eight percent of

non-manufacturing purchasing and supply executives expect their 2003

revenues to be greater than in 2002. They currently expect a 5.4 percent

net increase in overall revenues compared to a 0.9 percent increase

reported for 2002. Non-manufacturing purchasers report operating at 84.2

percent of their normal capacity, slightly above the 83.9 percent reported

in December 2002, but are less optimistic about the next 12 months than in

either May or December 2002.

More: http://www.ism.ws/ISMReport/SemiannualROB052003.cfm

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11. June 24th ELA Web Seminar Focuses on Critical Considerations for

Expanding Globally

******************************

Are your customers or vendors asking you to follow them to Europe and

beyond? Are you prepared for the challenges of doing business

internationally? Do you know what issues to focus on and what the

alternative approaches are for entering international markets? An

informative, web-based seminar is scheduled Tuesday, June 24, 2003 to help

you understand the critical considerations for expanding globally.

Scheduled for 90 minutes from 2:30 - 4:00 pm EDT (times vary depending upon

your time zone), presenters will share their expertise and answer your

questions on how best to tackle the global arena. This program is designed

for those currently doing business internationally, or who are considering

this as an option for their company. To learn more about the agenda and to

******************************

12. Two great benefits for one price!

******************************

On Monday, July 21, 2003, you get to play a great round of golf and support

the

Equipment Leasing and Finance Foundation with a tax deductible donation!

Registration is $800 for a two-person team and its tax deductible! The

golf outing will be held at Essex County Country Club, West Orange, NJ.

Essex County Country Club is one of the top 100 public courses in the

United States!

To download a registration form http://www.leasefoundation.org/golf/

For more information contact Lisa Levine at 703-527-8655.

Increased Visibility, Support Industry Research and Have some fun! Become

a sponsor of the Equipment Leasing and Finance Foundation's Annual Golf

Outing on Monday, July 21, 2003. Golf sponsorship opportunities are still

available; Hole Sponsors $500, Specialty Hole sponsors $600, and

Refreshment Sponsors ($1,500). This year's outing will be held at Essex

County Country Club in New Jersey and 100 players are expected. Your

sponsorship is tax-deductible and helps support the Foundation's research

grant program. For information on golf sponsorships, visit the Foundation

website at http://www.leasefoundation.org/golf/golfspon.htm or call Lisa

Levine, 703-527-8655.

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13. What is the best way to increase corporate diversity and encourage

youth into the industry?

******************************

Hire a student intern!

The Equipment Leasing and Finance Foundation can provide you with the right

student for your internship. Available students are Finance, Economics

and/or Marketing majors and are eager to work with you. Student interns

are technologically savvy, energetic and goal oriented. They are willing

to do what it takes to get the job done and are fast learners. Hiring

student interns is a wonderful way for your company to "try out" the

student before hiring them into a permanent position. Hiring interns helps

support ongoing vitality of the industry.

To find an intern, visit the Foundation's student resume database at

http://www.leasefoundation.org/interns/ or call the Foundation for

assistance, 703-527-8655.

******************************

Visit http://www.elaonline.com/news/MembersOnly/index.cfm#cats each day

To read the latest industry news FIRST!

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15. ELA 2003 Calendar of Events

******************************

Please visit ELA's Calendar of Events online at

http://www.elaonline.com/events/

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

contact Lesley Sterling at lsterling@elamail.com

June 2-4

Tax Executives Roundtable

La Mansion Del Rio, San Antonio, TX

http://www.elaonline.com/Events/2003/taxexec/

June 2-4

Principles of Leasing Workshop

Renaissance Harborplace Hotel, Baltimore, MD

http://www.elaonline.com/events/2003/principles/

June 8-10

Credit and Collections Management Conference & Exhibition

Ritz Carlton Hotel, Philadelphia, PA

http://www.elaonline.com/Events/2003/credcoll/

June 18-20

Business Technology Solutions Conference & Exhibition

"W" Chicago Lakeshore Hotel, Chicago, IL

http://www.elaonline.com/Events/2003/bustechsol/

June 24

Critical Considerations for Expanding Globally

Web Seminar, 2:30 - 4:00 pm (EDT)

http://www.elaonline.com/Events/2003/ExpGlobal/

July 10

Credit Scoring and Decision Automation in the Leasing Industry

Marriott Newport Beach Hotel & Tennis Club Newport Beach, California

http://www.elaonline.com/events/2003/credscore/

July 14-16

Principles of Leasing Workshop II- Advanced

Marriott Denver Southeast, Denver, CO

http://www.elaonline.com/Events/2003/principlesII/

July 21

Equipment Leasing and Finance Foundation Annual Golf Outing

Essex County Country Club, West Orange, NJ

http://www.leasefoundation.org/golf/

July 28

MAEL 19th Annual Golf Invitational

Indian Lakes Resort, Bloomingdale, IL

http://www.mael.org/members/news.asp

September 3-5

Municipal Leasing Forum

Fairmont Hotel, New Orleans, LA

September 8-10

Lease Accountants Conference

Westin Copley Place, Boston, MA

September 15-17

Principles of Leasing Workshop

Sheraton Station Square, Pittsburgh, PA

http://www.elaonline.com/events/2003/principles/

October 6-8

Principles of Leasing Workshop

Hyatt Regency Woodfield, Schaumburg, IL

http://www.elaonline.com/events/2003/principles/

October 12-14

42nd Annual ELA Convention

Manchester Grand Hyatt, San Diego, CA

December 1-3

Principles of Leasing Workshop

Courtyard Marriott, Philadelphia, PA

http://www.elaonline.com/events/2003/principles/

December 8-10

Principles of Leasing II - Advanced

Marriott Fisherman's Wharf, San Francisco, CA

http://www.elaonline.com/Events/2003/pinciplesII/

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

Entire calendar, visit the ELA Conference & Training Home Page at

http://www.elaonline.com/events/ and click on the links to programs of

interest to you.

Amy Miller Holmes, ELA's Vice-President of Communications, edits ELT's

E-leasing Newsletter. If you have questions or comments relating to

ELT's E-Leasing Newsletter, please email her at aholmes@elamail.com.

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

http://www.elaonline.com/

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

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Please send to a friend as we are trying to build our readership.

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Friday---Odds and Ends

EAEL Luncheon

Despite a steady drizzle and the frustration of looking at a great golf

course unavailable due to weather at a wonderful country club, the New

Jersey chapter of the EAEL held a successful luncheon and open forum

hosted by Bruce Smith, Diversified Capital.

As usual, Alison Pryor did a fine job organizing the event.

We had 20 people present who expressed a range of opinions about back office systems, internet usage and mailings, newsletters. Among the attendees were such stalwarts as Barry Reitman, Tom Martin, Len Baccaro, Frank Perretore, Bob Fine, Bob LaMontagne, Larry Sherman and Scott Rovner, who all contributed to the

open discussion. We are looking forward to having more of these lunch

meetings at all of our chapters.

The next meeting is the "world famous" Crab Feast at Gunning's Seafood Restaurant, Hanover, MD starting at 5

p.m. on June 10.

Steven B. Geller, CLP

Leasing Solutions LLC

20 Dike Drive, Wesley Hills, New York 10952

(845) 362-6106 fax (845) 354-2803

cell (914) 552-0842

sgeller@leasingsolutionsllc.com

www.leasingsolutionsllc.com

----------------------

Lessor or Super Broker?

Do you have a complete list somewhere on your site of all the lessors in

your database? I know there are a lot of super brokers out there that claim

to be full fledged lessors, but many just broker the paper and I need direct

sources. Please let me know what you can do!

Thanks,

Nathan A. Justice

The Loan Consultants

4201 Wilshire Blvd., Suite 501

Los Angeles, CA 90010

Phone: (800) 367-4152

Fax: (323)954-1051

(sorry, no one has that. the monitor you pay to be listed. the various

leasing associations have a database on their members, and no one

discriminates as to who is what.

(You learn the hard way. That is really what separates the men from

the boys --- I wonder if that is sexist to say today. Knowing

who takes what and why and getting the best return is your

knowledge and is not written down anywhere, plus changes, perhaps

daily. editor )

This is true. I do, however, believe that the list of companies I have seen

on your site thus far has been very useful! Thank you for that much at

least. I will continue to check your site as time goes by and I really

enjoy your newsletters. I particularly enjoyed the healthcare article last week!

Is there any way I can get a little feedback on the meeting regarding the

CFL license pros/cons and leasing? I would appreciate it! I enjoy reading

your articles and especially

(Thank you. I don't have any "reporter" available, but will see

if Archie Julian or someone there can give us their viewpoint. Editor

----

from Archie Julian---

The meeting was held on Tuesday evening, May 20 at Tony Roma's on

Bullard and West in Fresno. 18 leasing local leasing companies and six

funding sources were represented.

The funding sources in attendance were Bank of the West, Belvedere, Dumac Leasing, Pentech, Santa Barbara Leasing and Wells Fargo. The meeting started around 6:00pm with no host cocktails and adjourned for dinner around 7:15. Rich Featherstone talked about the California Finance Lenders License (CFL). In his opinion it would be wise for the brokers to have the license.

Though few brokers have the license he felt the compelling reason to have it is for self protection. He pointed out that a "true lease" is defined differently by IRS, FASB and the Uniform Commercial Code. He feels for regulation purposes the Uniform Commercial Code definition will be adopted by regulators simply because it is easier to enforce and assure compliance.

He pointed out that it is much easier to secure a CFL than it was to secure a Personal Property Broker's License in the past. He was open to questions through out the presentation and it became a good group discussion about the topic.

Around 8:45 the meeting was adjourned to the bar for free discussion. I've heard the meeting adjourned from Tony Roma's to the Elbow Room later, however nothing has been confirmed.

Kit, many people told me they enjoyed the evening. The work of

planning and arranging the meeting was borne by the committee comprised of

Ted Anselmo of Mana Financial, Carole Reed of Lease Consultants I, Inc.,

Chuck Shaheen of Affiliated Equipment Financing Group, and myself. The

meeting was profitable an there is now money to cover guarantees for the

next meeting, which may occur in the Fall.

Should you require more information, please call or e-mail me

directly. Thanks for your interest.

Archie Julian

JulianA@ExchangeBank.com

[Headlines]

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Jim Coston becomes CLP

The CLP Foundation is pleased to extend congratulations to our latest recipient of the Certified Lease Professional designation, James E. Coston, Esq., CLP. Jim is with the law firm of Coston & Lichtman located in Chicago, IL.

The CLP Foundation is the official governing body for the Certified Lease Professional ("CLP") Program. The CLP designation sets the standard for professionalism in the leasing industry. This designation identifies and recognizes individuals within the leasing industry who have demonstrated their competency through continued education, testing and conduct. The letters "CLP" behind their name represent a visible recognition of this professional achievement and status.

For further information about the CLP Foundation and the CLP Program please contact:

Cynthia Spurdle

Executive Director

CLP Foundation

PH: 610/687-0213

FAX: 610/687-4111

www.clpfoundation.org

Email: cindy@clpfoundation.org

Here is a picture of Jim Costen from Pictures from the Past:

http://www.leasingnews.org/pictures_past/past_03-10-03.htm

He presently also serves as vice-president of the United Association

of Equipment Leasing and is in line to become next year's president

[Headlines]

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Susan Adamatis Up-Dated

I appreciate you posting my job search "tip" for those who have lost their jobs.

I would like to correct my e-mail address as I left that company since the demise of Old Kent Leasing.

I have since moved on to another company as of March 2002. Again, I acquired this position through networking. I presently work for a machine tool finance company that I worked closely with at Old Kent Leasing and this opportunity has worked out great !

So for anyone who is looking for a position in this industry the key is networking, networking, networking.

Thank you,

Susan M. Adamatis

susana@netlease.com

---

Alert from Carol Suggs

I thought your readers may want to know about this....

I received a call from a marketing company a month ago. They were updating their records for a telephone directory and went over my telephone numbers and mailing address with me. I gave them no new info, as the info that they read off to me was correct. They said that they were going to send out a marketing package to me for review, and if I wanted to advertise in the publication that the info would be in the package. The listing in the directory was at no charge.

After that initial call, a supervisor from the company called me, to confirm again the info and then told me that I would be billed $29.95, I immediately said:" no way, you are not billing us for anything, cancel whatever it is, I don't want it". I

They apologized and agreed to cancel.

I never received the 'marketing package', but we did receive a $29.95 charge on our business phone bill. I called and spoke with my phone company who in turn told me that I4MATION Inc. is a third party biller and gave me their telephone number. I called and spoke to the customer service department about the charge, voiced my complaint loud and clear and they are reversing the charge, but said it could take up to 60-90 days for it to show on the billing.

I think that this company (and probably many others like it) do this routinely and then go ahead and submit charges billed to your business phone bill hoping that the A/P staff doesn't check the bill and it gets paid. To me this is a scam.

Be mindful of your bills, whether they be phone bills or credit cards bills. Make sure that you question any strange charges right away.

Carol Suggs

limofunder@sti.net

Brenner Leasing

209-742-5466 Voice

209-742-5469 Fax

Kiss Small Ticket Leasing Goodbye

After months of wrangling, Congress seems set to

deliver a big tax break to Americans, some $350 billion

worth of tax cuts to be exact, including relief for

investors, married couples and parents.

Congress must pass the tax bill, approved Wednesday

by a subcommittee of members from both chambers,

and be signed into law by President Bush.

Experts predict this will happen as early as Friday.

It appears that small ticket leasing may not be

favourable under the new law since a lessee will more

likely want to own the equipment and grab the 50%

first year bonus.

Too early to tell, but it does not like good. Bush and

Congress think that if they provide great depreciation

rates that small business will buy a lot of equipment.

That only works if they either have the cash (which

they don't) or can access the credit markets (which

they can't).

Anything can change from now until when Bush signs

the bill. However, if past tax bills are an indication,

Bush will sign it quickly and probably make a speech

over the Memorial Day weekend.

I predict that banks and captives will do well by making

targeted loans and brokers/indies will not since they will

not have a competitive product to take advantage of

this proposed change in MACRS.

Joint Committee on Taxation

The conference agreement provides an additional first-

year depreciation deduction equal to 50 percent of the

adjusted basis of qualified property. In general, in order

to qualify for the 50-percent additional depreciation

deduction, the property must be acquired after May 5,

2003, and before January 1, 2005.

The conference agreement provides that the maximum

dollar amount that may be deducted under section 179

is increased to $100,000 for property placed in service

in taxable years beginning in 2003, 2004, and 2005. In

addition, for purposes of the phase-out of the

deductible amount, the $200,000 amount is increased

to $400,000 for property placed in service in taxable

years beginning in 2003, 2004, and 2005.

Click Here For WSJ Executive Summary of the Conference Report >> http://rs6.net/tn.jsp?t=u5c5kvn6.8v8fzun6.fvkblvn6&p=http%3A%
2F%2Fonline.wsj.com%2Fdocuments%2Fsummarytax.pdf

Jeff Taylor, CPA, CLP

JTaylor@executivecaliber.ws

[Headlines]

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July 17-18 Streamlined Sales Tax Meeting, Savannah, Georgia

The next meeting of the Streamlined Sales Tax Project will be held on Thursday and Friday, July 17-18, 2003 in Savannah, Georgia. A draft agenda is attached. Current plans call for a Combined Work Group meeting (Government Personnel Only) on Thursday morning. I expect there will be a session for business representatives at 10 AM on the first morning as well. This will be followed by a series of work group sessions open to both public and private sector personnel on Thursday afternoon as well as Friday morning and early Friday afternoon. The session will conclude with a Public Project Meeting on Friday

afternoon with final adjournment scheduled for 3:30 pm.

The sessions will be held at the Hilton Savannah DeSoto located at 15 East Liberty Street in downtown Savannah. A block of rooms has been set aside at the Hilton for Wednesday and Thursday nights (July 16-17) at a rate of $99 single or double.

You should make your reservations by calling the Hilton directly at 912-232-9000; be certain to ask for the FTA Streamlined Sales Tax room block. The cut-off for making reservations is Monday, June 16. The hotel is about 14 miles from the airport -- $20 by cab (so the hotel information says). The hotel website is

http://www.hilton.com/en/hi/hotels/index.jhtml?ctyhocn=SAVDHHF

The conference registration fee for this meeting is $150. That will cover a breakfast and lunch and associated breaks on Thursday and Friday. You are encouraged to register and/or pay online at http://www.taxexchange.org/meet/0703sales.taf

Please contact Diane Hardt dhardt@dor.state.wi.us or Scott Peterson scott.peterson@state.sd.us if you have questions about

the meeting.

Dennis Brown

DBROWN@ELAMAIL.COM

Equipment Leasing Association

http://www.elaonline.com/GovtRelations/State/Streamometer/

Agenda Download

http://two.leasingnews.org/temporary/Savannah%20Meeting%20Agenda.pdf

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News Briefs---

Firms' Push to Enter Banking Wins Hill Support

http://www.washingtonpost.com/wp-dyn/articles/A28446-2003May22.html

Jobless claims rise, lifted in part by layoffs due to Midwest tornadoes

http://www.signonsandiego.com/news/business/20030522-1431-economy.html

Prices up, rates down

Median cost of Bay Area homes increases 5% in April

http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2003/05/22/BU106826.DTL&type=business

US treasurer resigning, returning to California, perhaps to run for US Senate

http://www.boston.com/dailynews/142/economy/US_treasurer_resigning_returni:.shtml

Vote Count Questioned on American Idol

http://www.drudgereport.com/idol1.htm

No Mention Here

http://idolonfox.com/home.htm

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Sports Briefs---

Sorenstam, History Take Course

http://www.washingtonpost.com/wp-dyn/articles/A25297-2003May22.html?nav=hptop_tb

McNair Arrested For DUI, Weapons Charges

http://www.theredzone.org/news/showarticle.asp?ArticleID=51

Patriots Sign WR Dedric Ward

http://www.theredzone.org/news/showarticle.asp?ArticleID=52

Women Football League Taking Hits Well

http://www.bayarea.com/mld/mercurynews/living/fashion/5922509.htm

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Highlights This Day in American History

Sacramento, California, Jazz Jubilee, May 23-26. More than 100 bands from the US, Canada and foreign countries perform American traditional jazz music in approximately 40 venues around Sacramento at the world’s largest traditional jazz festival. www.sacjazz.com
e-mail:stjs@earthlink.net

World Turtle Day. www.tortoise.com An observance sponsored by the American Tortoise Rescue to help people celebrate and protect turtles and tortoises, as well as their habitat around the world.

1785- Benjamin Franklin, Philadelphia, PA, writes his friend, George Whately, “ I have only to move my eyes up and down as I want to see distinctly far or near” as he describes his invention that day of a bifocal eyeglass. He was annoyed at having to carry two pairs of glasses. He took a frame and equipped it with lenses that consisted of two parts with a different focusing powers. Inasmuch as ordinary spectacles in the colonies cost as much as $100 each, a huge sum of money in those days, his invention did not receive ready popular response, as only the wealthy could afford glasses.

1788- by a vote of 149 to 73, South Carolina became the eighth state to ratify the Constitution. The colony originally named in honor of Charles I of England, became one of the United States on this day. The eighth state also has the dubious honor of being the first state to secede at the start of the Civil War in 1861. Its capital city is Columbia. The state bird is, Carolina wren. The yellow jessamine (jasmine) is the state flower. It is also called the Palmetto State, after the palm tree that decorates the land.

1803-In the Tripolitan War (1801-1805), Commodore Edward Preble was commissioned as commander of a U.S. Navy squadron to be sent against Tripoli.

Today my son Dash is a seaman on the U.S.S. Preble, an Arleigh Burke –guided missile destroyer.

http://www.usspreble.org/commodor.html

http://www.preble.navy.mil/

http://www.navysite.de/dd/ddg88.htm

1810-Birthday of Margaret Fuller, journalist and author born at Cambridgeport, MA, began reading Virgil at age six. Her conversational powers won her the admiration of students at Harvard University and she was befriended by Ralph Waldo Emerson. She shared editorial duties with Emerson on the Transcendentalist quarterly “The Dial,” and was hired by Horace Greely as literary critic for the New York Tribune. Her book “Women in the Nineteenth Century,” the first feminist statement by an American writer brought her international acclaim. In 1846, as a foreign correspondent for the Tribune, she became caught up in the Italian revolutionary movement and secretly married a young Roman nobleman, the Marquee Giovanni Angelo Ossoli. En Route to the US, Fuller and her husband and died July 19,1950, when their ship was wrecked off Fire Island near New York, NY.

1832-"I would rather die upon yonder gallows than live in slavery". Samuel Sharpe, Jamaican hero, hanged. 1832 -- Jamaican national hero Samuel Sharpe hung. Instigator of the 1831 Slave Rebellion which began on the Kensington Estate in Saint James and was largely instrumental in bringing about the abolition of slavery.

http://www.mfaft.gov.jm/Symbols/Heroes_Sharpe.htm

http://www.jamaicaway.com/Heroes/SharpePage.html

http://www.mfaft.gov.jm/Symbols/Heroes_Sharpe.htm

1846-Arabella Mansfield, born Belle Auerlia Babb near Burlington, IA, was the first woman admitted to the legal profession in the US. In 1869 while teaching at Iowa Wesleyan College, Mansfield was certified as an attorney and admitted to the Iowa bar. According to the examiners, “ she gave the very best rebuke possible to the imputation that ladies cannot qualify for the practice of law. “ Mansfield never did practice law, however, continuing her career as an educator. She joined the faculty of DePauw University, at Greencastle, IN, where she became dean of the schools of art and music. One of the first woman college professors and administrators in the US, Mansfield was also instrumental in the founding of the Iowa Woman Suffrage Society in 1870. She died Aug 2, 1911, at Aurora, IL

http://women.eb.com/women/articles/Mansfield_Arabella.html

1865-Celebration of the end of the Civil War. http://memory.loc.gov/ammem/today/may23.html

1895-New York’s then-governor Samuel J. Tilden was the driving force that resulted in the combining for the private Astor and Lenox libraries with a $2 million endowment and 15,000 volumes from the Tilden Trust to become the New York Public Library. The main branch of the library opened to the public this day

(lower half of: http://memory.loc.gov/ammem/today/may23.html)

1900-Sergeant William H. Carney of the 54th Massachusetts Colored Infantry became the first black to win the Congressional Medal of Honor. He was cited for his efforts, although wounded twice, during the Battle of Fort Wagner, South Carolina, June 18, 1863. His commendation is very worth

while reading: http://www.newbedford.k12.ma.us/elementary/whc.htm

1903- Dr. Horatio Nelson Jackson of Burlington, VT, a physician, with Sewell K. Crocker of Seattle, WAS, as his mechanic, began the first non-professional transcontinental car trip. The same driver also drove the mileage in a 20 horsepower $2,500 Winton, manufactured by the Winton Motor Carriage Company of Cleveland, OH. Jackson and Crocker left San Francisco on May 23 and arrived in New York City on July 26. The average daily run was 25 miles. The trip lasted 63 days, of which 44 were spent traveling and 19 awaiting supplies, as there were very few gasoline stations, Howard Johnson’s or even Seven-11’s along the way. 1910-birthday of singer/guitarist/drummer Scatman Crothers, Terre Haute, IN

1908-John Bardeen born Madison, Wisconsin; along with William Shockley and Walter Bratton, invented the transistor, which set the stage for all modern microelectronics. Bardeen was also the only person ever to win the Nobel Prize for Physics twice. Bardeen worked as a physicist for the U.S. Navy during World War II. After the war, he joined Bell Telephone Laboratories, where he worked on the electronic conducting properties of semiconductors. In 1947, his team invented the transistor, which won the group a Nobel Prize in 1956. Semiconductors replaced vacuum tubes in electronic equipment, making electronics progressively smaller, faster, and more durable. Bardeen became a professor of physics at the University of Illinois in Urbana. In 1972, he won a second Nobel Prize, with Leon Cooper and John Schrieffer, for their work on the theory of superconductivity. He died in 1991.

http://www.nobel.se/physics/laureates/1972/bardeen-bio.html

1910-bandleader and clarinetist Artie Shaw birthday, whose real name is Arthur Arshawsky, was born in New York. Shaw formed his first orchestra in 1936, and two years later had a double-sided million-seller with "Begin the Beguine" and "Indian Love Call." One of the most popular artists of the swing era, Shaw is estimated to have sold more than 43-million copies of such records as "Frenesi," "Summit Ridge Drive" and "Dancing in the Dark." Artie Shaw was married eight times - two of his wives were Lana Turner and Ava Gardner. Shaw later became an author and a theatrical producer, and in the 1980's again began fronting a big band.

Birthday http://www.parabrisas.com/d_shawa.html

http://www.artieshaw.com/

1920- Helen O'Connell birthday, vocalist with Jimmy Dorsey's band from 1939 to 1943, was born. Her duets with Bob Eberly, backed by the Dorsey band, on such songs as "Amapola," "Tangerine" and "Green Eyes" sold millions of records. O'Connell and Eberly also appeared on a 1953 TV show with bandleader Ray Anthony, and for a while during the 1960's, O'Connell was the hostess on NBC's "Today" show. She died September 9, 1993, San Diego, CA

http://www.parabrisas.com/d_oconnellh.html

http://www.artistdirect.com/music/artist/bio/0,,474861,00.html?artist=Helen+O%27Connell

1922 - "Abie’s Irish Rose", opened at the Fulton Theatre in New York City. The play continued for 2,327 performances and numerous revivals as well. It is estimated that some 50,000,000 people have seen the play performed somewhere in the world.

1928--Singer Rosemary Clooney was born in Maysville, Kentucky.

When Clooney was in her junior year in high school, she and her younger sister Betty began performing on Cincinnati radio station WLW. Bandleader Tony Pastor heard them, and soon the sisters were singing, in person and on record, with the Pastor orchestra. Betty tired of the road, and soon after Rosemary began a solo career. She signed with Columbia Records, and in 1951 had her first number-one hit, "Come On-A My House," a song chosen for her by producer Mitch Miller. Her other hits included "Hey There," "Tenderly" and "This Ole House." Clooney married actor Jose Ferrer in 1953. The marriage was a stormy one that eventually ended in divorce. Her domestic problems and a resulting weight problem took her out of circulation for some years. But she returned to singing in the 1970's and

also had a very popular television show. She died on June 29, 2002.

http://www.rosemaryclooney.com/

1932-birthday of guitarist/flutist Les Spann, Pine Bluff, AR http://www.fantasyjazz.com/catalog/spann_l_cat.html
1934- Robert Moog birthday, inventor of the music synthesizer which bears his name, born NeYork City.

http://www.obsolete.com/120_years/machines/moog/

http://dir.salon.com/people/bc/2000/04/25/moog/index.html

http://remixmag.com/ar/remix_robert_moog/

1934-Clyde Champion Barrow and Bonnie Parker were shot to death by Texas and Louisiana state police officers as they attempted to escape apprehension in a stolen 1934 Ford V-8 near Bienville Parish, Louisiana. Bonnie and Clyde met in Texas in 1930 when the nineteen-year-old Bonnie was tending bar. At the time, Bonnie was married to an imprisoned murderer. Soon after the two met, Clyde was arrested for burglary and sent to prison. Bonnie smuggled a pistol into the prison, and Clyde broke out. Over the course of their crime spree together, Bonnie and Clyde were believed to have committed thirteen murders and several robberies and burglaries. For over two years, the couple evaded local police officers in rural counties of Texas, Louisiana, and New Mexico. Not until the FBI, then called the Bureau of Investigation, became involved in the case did law-enforcement officials gain ground on Bonnie and Clyde.. In the spring of 1934, following tireless investigations, federal agents traced the gang to a remote county in Southwest Louisiana. A certain Methvin family was said to have been aiding and abetting the Bonnie and Clyde gang for over a year. It was learned that Bonnie and Clyde, along with some of the Methvins, had staged a party at Black Lake, Louisiana, on the night of May 21. Two days later, just before dawn, a posse of police officers from Texas and Louisiana, including Texas Ranger Frank Hamer, laid an ambush for Bonnie and Clyde along the highway near Sailes, Louisiana. In the early morning, Bonnie and Clyde appeared in their automobile. The officers reported that the coupe attempted to flee, but more likely, owing to the fact that Bonnie and Clyde had killed five policemen, the posse opened fire without warning. For two minutes, deputies showered the car with bullets. Both Bonnie and Clyde were killed in the barrage. Their bullet-riddled 1934 Ford later became a valuable collectible. Bonnie and Clyde gained a place in popular mythology as dustbowl Robin Hoods. The 1967 film Bonnie and Clyde, starring Warren Beatty as Clyde and Faye Dunaway as Bonnie, portrayed a charming and irreverent pair who took their game too far. Examination of the couple's past, as well as an examination of their victims, shows that Bonnie and Clyde were more likely carefree killers. Their popularity owed to the mistrust of the authorities of the Dustbowl during the Depression era, and to the couple's uncanny ability to elude the police for over two years.

http://www.nytimes.com/learning/general/onthisday/big/0523.html

1940-Frank Sinatra, singing with the Tommy Dorsey Orchestra, records "I'll Never Smile Again," the first of several No. 1 hits he recorded while performing with Dorsey. The singer had joined the orchestra earlier that year.

1941 - Buddy Baer was disqualified at the beginning of the seventh round as Joe Louis defended his heavyweight boxing title for the 17th time. Baer’s manager refused to leave the ring when the round was ready to begin. He later became a well-known actor along with his brother, Max.

http://www.sacbee.com/static/archive/news/projects/people_of_century/century_special/baers.html

http://french.imdb.com/Name?Baer,+Buddy http://www.ifilm.com/ifilm/people/people_index/0,4128,168843,00.html http://www.antekprizering.com/baerbuddysig.html

1944 - Chicago University called it quits to sports when it announced plans to withdraw from the Big 10 Conference of the NCAA and all other athletic competition.

1951---Top Hits

Mockingbird Hill -Patti Page

On Top of Old Smokey - The Weavers (vocal: Terry Gilkyson)

Too Young - Nat King Cole

Kentucky Waltz - Eddy Arnold

1951- Jill E. Barad birthday. She became president of chief operating officer of Mattel, Inc., in 1992. She joined Mattel in 1981 as a product manager and became marketing director of the Barbie line in 1982. Under her guidance Barbie sales moved from $485 million in 1988 to more than $1 BILLION in 1994.

Her marketing strategy included Hot Wheels as well as tie-ins with Disney, McDonald's, etc. She's made Mattel the largest toy manufacturing company in the world. She also bore two children while making her way to the top, not letting pregnancy slow her down. In fact, one of her major promotions came when she was five months pregnant. Today, there are more Barbie dolls in existence than there are people in the U.S.

http://www.surferess.com/CEO/html/jill_barad.html

http://aol.businessweek.com/1998/21/b3579001.htm

1959---Top Hits

The Happy Organ - Dave ‘Baby’ Cortez

A Teenager in Love - Dion & The Belmonts

Dream Lover - Bobby Darin

The Battle of New Orleans - Johnny Horton

1962 - The National Basketball Association agreed to plans to transfer the Philadelphia Warriors to San Francisco, CA. The team became the San Francisco Warriors (now the Golden State Warriors).

1962 - Joe Pepitone of the New York Yankees set a major-league baseball record by hitting two home runs in one inning. The rare feat lifted the Yankees past the Kansas City Athletics by a score of 13-7.

1967---Top Hits

Groovin’ - The Young Rascals

Respect - Aretha Franklin

I Got Rhythm - The Happenings

Sam’s Place - Buck Owens

1973- Clive Davis, president of Columbia Records, was fired by boss Arthur Taylor. Davis wrote a book about his experiences, and later formed Arista Records.

http://www.lipservicemag.com/clive.htm

http://www.livedaily.citysearch.com/artist/320.html

http://www.amazon.com/exec/obidos/ASIN/0688028721/fast-bkasin-20/002-0667839-4443242

1975---Top Hits

Shining Star - Earth, Wind & Fire

Before the Next Teardrop Falls - Freddy Fender

Jackie Blue - Ozark Mountain Daredevils

I’m Not Lisa - Jessi Colter

1979-The New England Whalers of the National Hockey League changed their name to the Hartford Whalers. The team was an original member of the World Hockey Association and won the first WHA championship, the Avco World Cup, in the 1972-73 season. When the WHA folded following the 1978-79 season, the Whalers were one of four WHA teams taken into the National Hockey League.

1983---Top Hits

Let’s Dance - David Bowie

Flashdance...What a Feeling - Irene Cara

Little Red Corvette - Prince

Common Man - John Conlee

1991---Top Hits

I Like the Way (The Kissing Game) - Hi-Five

Touch Me (All Night Long) - Cathy Dennis

Here We Go - C + C Music Factory Presents Freedom Williams and Zelma Davis

If I Know Me - George Strait

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No Leasing News on Monday. Memorial Day.

Have a nice long weekend. See you on Tuesday, I hope.

Kit Menkin and staff

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