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Kit Menkin’s Leasing News www.leasingnews.org Monday 20, 2002 Accurate, fair and unbiased news for the equipment Leasing Industry Headlines---- Tyco Affirms Forecasts, Expects CIT Spin-off or Sale in Less than 45 Days Lessors Network Establishes Newswire For Equipment Leasing Industry Executive Solutions for Leasing and Finance to Expand
Malloy and Associates/MonitorDaily Complaint Ron Caruso Food for Thought The Week Ahead May 20-26, 2002 Monday---Odds and Ends eLessors August Conference Agenda Hal Horowitz Remembers Jim Merrilees at Golf Group details plan for bringing pro football back to L.A. Vision FinancialPromotes Kimberly S. Smith to Chief Financial Officer Goodbye “Who Wants to Be a Millionaire” ### Denotes Press Release Johnnie Johnson,CLP, found in Kuwait---story tomorrow ____________________________________________________ Tyco Affirms Forecasts, Expects CIT Sale by June 30 Exeter, New Hampshire: Tyco International Ltd. affirmed fiscal third-quarter and full-year profit forecasts and said the planned share offering or outright sale of its CIT finance unit will be complete by June 30. ``We're committed fully to the separation of CIT and Tyco,'' Chief Financial Officer Mark Swartz said on a conference call. ``We are very confident'' it will happen by the end of June. Swartz said that by using cash on hand and proceeds from the IPO or sale of CIT, Tyco expects to pay about $10 billion in debt this year, taking its debt level to below $17 billion. ``Management's credibility, which is already somewhat tarnished, would be further tarnished and the stock price would be badly hurt,'' should Tyco fail to separate CIT, said Jim Bitter, an analyst with Wilmington Trust Corp., which manages $25 billion in assets including Tyco shares. (from efj.com—also first time have seen a statement regarding a “sale”; plus 45 days is quite a short period to pull this off, unless there is a buyer standing in the wings. All my sources are shut down at CIT. President Bush would like to run as tight a ship about leaks as Gamper . editor ) #### ##################################### ################# Lessors Network Establishes Newswire For Equipment Leasing Industry (Lessors.com, Inc.) - Atlanta, GA – The Lessors Network (www.lessors.com) today announce establishing the Leasing Newswire, serving the equipment leasing industry. The Leasing Newswire enables companies active in the equipment leasing markets to increase exposure of their press releases, personnel announcements, etc., while significantly increasing traffic to their own web sites. The total process takes less than one minute. Companies actually post their news text on their own web sites and publish a headline link from the Leasing Newswire. When visitors to the Leasing Newswire click on the headline to read the article, they are automatically delivered to that company's web site where the text is posted. Additionally, the Lessors Network includes the Leasing Newswire headlines in its weekly email distribution to over 12,000 industry professionals. About the Lessors Network The Lessors Network is a Lessors.com, Inc. company, privately owned and based in Atlanta, GA. Rated by Yahoo as one of the top ten most popular equipment leasing web sites, the Lessors Network serves as a vertical market portal to the equipment leasing and finance industry from http://www.lessors.com. ### ######################################### ############## Executive Solutions for Leasing and Finance, Inc.
to Expand Executive
Solutions for Leasing and Finance, Inc. is proud to announce a new
division to augment Executive Search in the Leasing industry. Legal
Solutions will be providing Talent solutions for both corporate
and private practice legal opportunities. There will be a strong
focus on leasing divisions of law firms and in house counsel within
leasing companies. For more information, please contact Teri Gerson
at the Corporate Office at 908.654.1550 (terigerson@exsolutions.com) or Stan
Evans, who is the Director of this new division. Mr. Evans can be
reached at 949-640-5272 or stanevans@exsolutions.com.
(Courtesy of ELAonline.com—ELT News ) ### ############################### Malloy
and Associates/MonitorDaily Complaint In
a competitive market, we flourish, fail, or maintain based on the
quality of our products, delivery, and performance.
I am quite aware that Executive Solutions for Leasing and Finance,
Inc., is not the only Executive Search firm in our industry, and
that's just fine. Our Talent specialists never concern themselves
with whom we compete with. We work on every search with our
eyes focused on our clients and we do the best job we are capable
of doing. Then, we rely on the results to earn our rewards.
Our competitors can take care of themselves. The fact that
they exist is not something we try to change. All of this
is leading up to a recent exchange, of sorts, that I had with a
competitor. Malloy and Associates is a search firm that has been in business
many years and has also diversified into a publisher of a well-respected
leasing newsletter. Few people in this industry don't read
the Monitor. Now, most of us receive daily Enews from them.
Like many others, I find their articles informative and interesting.
I pay a yearly subscription for everyone in my company in order
to receive the Monitor.
Here's my gripe. Malloy and Associates are recruiters.
The Monitor is a news journal. They are two different businesses
and are driven by different ethics. Journalists print
news. They educate, inform, and disseminate news. They don't
edit it. They don't bias it. They report it. Every single time I have submitted a news release (each daily E-news
invites them), either on behalf of a client of mine or about my
own company, the Monitor selectively decides not to print them.
They never respond. This is inexcusable. First, common
courtesy dictates that they should contact me. Second, if they are journalists, then they should behave according
to the code of ethics their industry is governed by. I don't
ask them to advertise my search assignments. I ask them to
print news items. The Monitor is NOT Malloy & Associates. If they take my subscription money, then they must deliver their
product and honor their contract. Otherwise, they should not
accept my subscription and should not spend my money.
When last week I once again tried to publish a news item (Executive
Solutions now has a new division called Legal Solutions, which will
specialize in placing attorneys in the corporate and private sector
with a focus on the leasing industry) they failed to print it and
never showed me the courtesy of an explanation. I contacted the editor, who explained that she understood my position
and was conflicted since I was a competitor of Malloy & Associates.
I wasn't contacting Malloy & Associates. Surely, whether
or not they print a news release is not going to influence whether
my company does business. Certainly, they know we are out
here, as do most people in our industry. Refusing to publish
news items I submit is in violation of the implicit agreement we
entered into when they accepted my subscription fee. It is
wrong for them to take my money and then provide a partial product.
This is an Arthur Anderson approach to journalism and a distasteful
statement about their attitude towards healthy competition. I believe
they must either report all the news, or get out of the news business. They
must compete fairly based on their abilities, as we are pleased
to do. But don't ignore paying customers, discriminate, and try
to manipulate the news. I never even received the promised
call from Jerry Parrotta to discuss this. Not following through
on a commitment is unprofessional and rude.
Teri
Gerson, President I
agree with Terri that we owed her a response to the "complaint"
and that I did earlier today. As
to the content of the "complaint", we simply don't agree
that anyone
who is a Monitor subscriber has an inherent right to have a news release
posted either in our publication and/or website - no questions asked. And, by the way, the comment about never responding
to her news release
submittals is simply not true!
I'll leave it to your readers to
form their own opinion. Jerry
Parrotto Jerry
Parrotto is Molloy Associates chief executive and publisher of the
Monitor. “Published
monthly, the Monitor has been the leading publication in the equipment
leasing and financing industry since 1974 ,”according to their
advertising sheet, “...reaching 3,000 leasing companies, 30,000
readers.” “Each
issue provides readers with indispensable, in-depth information
supplied by trusted sources in the industry,” they state. The
advertisements are as well read as the articles by the entire industry. “Monitordaily.com
is the most visited web site in the industry boasting over 100,000
hits per day. Launched in 1996, Monitordaily.com is the only daily
source committed to delivering the latest news and information affecting
the equipment leasing and financing industry,” their advertising
sheet states. “ ...the first ever email service providing leasing
professionals with the hottest industry related headlines---directly
to their mailbox---each and every weekday morning.” --------------------------------------------------------------------------------------------------- Ron
Caruso Food for Thought Just
in case you don’t subscribe to the www.efj.com
Newsletter, Ron
Caruso also has great food for thought; (((((((
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your comments and suggestions are welcome. =============EFJ
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Graying of the Leasing Industry by
Ron Caruso Have
you noticed how many “chronological peers” you have in
the leasing
industry? Want to know why? It’s because the leasing industry’s
population is composed mainly of baby boomers. The reason
for this is simple. There are not many leasing companies that
have been around for a generation or more, and even fewer that
have continued to grow and prosper. Take a look at the leasing
industry’s history. We have participated in several population
shifts-major banks, Fortune 500 industrials, Baby Bells,
Regional Banks, etc., etc. As one segment became disillusioned
with leasing, another would take its place. Unfortunately,
this replacement did not expand the number of people
in the industry as a whole, but merely provided a new home for
those about to lose their current situation. Additionally, the new
entrants typically wanted to hire experienced veterans. This provided
an income boost because of the demand, but as one new group
replaced another, the game of personnel musical chairs left most
of the veterans employed, but provided no openings for trainees. As
I look at the industry today, I do not see this trend changing in
the near term. The reality is the number of true lessors (criteria:
deep pockets) continues to diminish. It is typically this
group that has the financial resources and the long term perspective
necessary to continually bring in new recruits. This does
not mean that the leasing industry in the US is a dying industry-it
simply is in an almost continuous no-growth mode. Can this
be changed? Highly unlikely. Ask yourself this question: Would
you recommend the leasing industry to your son/daughter as a career
choice? If the answer is yes, ask the question again. As I look
at the financial services sector in general, leasing is not a prime
choice for opportunity, when the economy rebounds. It does however
continue to provide solid jobs for those individuals already
in it, who are above average performers. But for the rest- what
happens to them when there is a cutback? What other areas are the
skills from leasing most applicable? Frankly, I don’t know. But
given the knowledge one picks up in financial engineering, as well
as the communication skills, there should be logical career paths
that leasing professionals could transition into. Typically, when
there has been a major cutback in the entire industry or a specific
part of it, those who do not survive either become brokers
and/or form their own companies. The odds against this approach
are extremely high. After a while, they just seem to disappear. I
am not trying to be morose. But in conversations with a number of
you recently, this issue has been raised. Perhaps the reality is
we are or are perceived as such a specialized financial service that
the utilization of our skills outside of leasing has not been considered.
Maybe it’s time that some group, the Leasing Foundation
or the ELA for example considered this. Food for thought?
Stay tuned. ==============
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registering please mention key code DEM001768 ++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ The Equipment Leasing Association has announced in addition to their Thursday ELT Newsletter, they will publish every Tuesday the recent top news in the leasing industry in capsule form. This is for ========================================================== The Week Ahead May 20-26, 2002 May 20 Monday Economic indicators: April leading indicators. MAEL Golf Invitational, Chicago, IL May 21 Tuesday Senate resumes consideration of trade bill. Senate Banking Committee marks up post-Enron legislation on accounting rules and investor protections. Senate Commerce Committee holds hearing on U.S. trade policy toward Cuba. Anti-globalization groups hold rally and 1K Race to the Bottom, beginning at U.S. Chamber of Commerce. Home Depot, Saks, Staples and Target issue quarterly reports. May 22 Wednesday World Economic Forum and U.S. Chamber of Commerce hold annual "Davos on the Potomac," focusing on U.S. economic and post-Enron corporate governance issues. Speakers include Labor Secretary Elaine Chao, Deputy Treasury Secretary Kenneth Dam, Assistant Attorney General Charles James, U.S. Trade Representative Robert Zoellick, Joel Klein of Bertelsmann and Google co-founder Sergey Brin. Senate Commerce Committee holds hearing on lack of competition in local and broadband telecommunications markets. House Financial Services Committee holds hearings on European challenges to U.S. securities and accounting regulation. House-Senate Conference Committee resumes consideration of bankruptcy reform. May 23 Thursday House Financial Services Committee holds hearing on how stockbroker Frank Gruttaduaria allegedly bilked investors of $300 million. Ciena, Krispy Kreme issue quarterly reports. Economic indicators: April durable-goods orders. May 24 Friday SEC Chairman Harvey L. Pitt is scheduled to address Investment Company Institute meeting at Washington Hilton. Economic indicators: April new-home sales, revised first-quarter GDP. __________________________________________________________________ Monday---Odds and Ends I am already a subscriber for some time.... where do I look for the help wanted listings. I saw them some time ago but do not see them in the body of the information. (Go to www.leasingnews.org and the “classified” on the tool bar. You can also find it by using the “index” for other features such as “the list” or “bulletin board” or our new one, “books on leasing.” editor )
Thanks for publicizing the Baltimore Crabfeast on June 11. The response has been overwhelming. We will easily meet our goals for attendance and networking. If anyone needs to sign-up, please contact Alison Pryor at (914) 381-5830 or by email at amfnyc@aol.com. 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 Crabfeast June 11 What is becoming the premier lease networking event in the Middle Atlantic States, the EAEL fourth annual Networking Crabfeast will be held at Gunning's Seafood Restaurant, 7304 Parkway Drive, Hanover, MD on Tuesday, June 11, 2002. Registration starts at 4:30 pm and the Crabfeast is from 5:00 to 8:00. Hosted by Dennis Horner of The Equipment Leasing Company and Nancy Pistorio, CLP of Madison Capital, LLC, anyone who has ever gone to a real Maryland crabfeast will not be disappointed by the all you can eat steamed crabs and beverages and all the trimmings.. The cost for members of any leasing association is $65 and non-members are $90. We expect close to 150 people from the industry to attend. Best of all, if you are driving from out of town, drink all you like because there is lodging right next door. Call Alison Pryor at the EAEL office at (914) 381-5830 for all details or by email at amfnyc@aol.com. --- We received a call from a customer, asking if we knew something about CMC and whether they would be safe sending payments anyway, as they tried to contact them and could not. The question was prompted by contact made with them by the FBI but they could not answer their questions as to the remaining payments due. I told them not to send any payments to anyone until their attorney has looked into it and has determined a good and verifiable place were to pay but that's all I could tell them. I advised they open a trust account and deposit the payments there, regularly, as though they were billed. Do you have any additional info? It would be appreciated.
Alfredo R. Vionnet avionnet@vionnetlsg.com Vionnet & Associates, Inc. Fresno, CA Phone: (559) 229-4782 ( I think you covered all the bases, but perhaps the readers may have another suggestion. editor ) --- ----- From: LesSechler@aol.com Please consider placing a number by each segment on the newsletter. It would allow us to go down to a subject we are interested in without having to scroll and scroll for that subject. Just a suggestion. (Technically don’t have the time to do this, as I finish writing Leasing News about midnight, sometimes later, trying to get the latest news, after all the next day papers have been published. Then I send out. Sometime it takes longer as I find too much news and start moving stories to the next day or eliminating them. Like last Friday’s edition. I thought it was too long. You should have seen it before I started eliminating stories. Editor) ---- I just wanted to thank you for your efforts! I read your newsletter daily. Keep up the good work. Tom Kelly tomk@tommel.tzo.com Tommel Financial Services, Inc. Diamond Equipment Leasing, Inc. --- Dear Mr. Menkin I have procrastinated long enough! I want to express my appreciation for you fine web-site - definitely top shelf choice for the industry at all levels.
Your news is accurate and informative - the humor is a plus. Although I have been in the leasing industry for over ten years only in the last six months have I made previewing your site as regular as my morning coffee. KEEP UP THE GREAT WORK! earnestly, PDA Phil Allen --- As I am getting out of the leasing business, please take me off your email distribution list. Thanks for your hard work in producing the newsletter, which I found very valuable. Greg Richey greg.richey@prodigy.net US Capital Resources -- our column is always one of the first items I check each morning and we really appreciate the work you do (and the occasional abuse you take) for “keeping the lights on” in our industry. Thanks and Keep up the Good Work, Drew Taggart drew.taggart@usprolease.com US ProLease, Inc. PO Box 255 Kohler, WI 53044 Toll Free 1-USPROLEASE (877-765-3273) Local (920) 564-2635 Fax (920) 564-2694 -------- Name = Phil Allen Address = PO Box 108 City = Rickreall State = Oregon Zipcode = 97371 Phone = 503-936-2586 Fax = 503-623-7964 Email = phidoyle@msn.com Add me to the mailing list = yes Comments = Dear Mr. Menkin; I have procrastinated long enough! I want to express my appreciation for you fine web-site - definitely top shelf choice for the industry at all levels. Your news is accurate and informative - the humor is a plus. Although I have been in the leasing industry for over ten years only in the last six months have I made previewing your site as regular as my morning coffee. KEEP UP THE GREAT WORK! earnestly ========================================================== eLessors August Conference Agenda http://www.elessors.com/Events/f2.html Leasing News has assigned Allen Zepenfeld to cover this important conference. This sells out every year, and is a close network group, with avante guarde technology. To be ahead of the times, this is the place you want to be, and we have secured Allen to cover this conference for Leasing News. He did a great job for us last year. ________________________________________________ Hal Horowitz Remembers Jim Merrilees at Golf Not having played (if you can call it playing) but in two (then) WAEL golf tournaments, I was reminded of a joke's-on-me kind of story when I read that Jim Merrilees won't be playing this weekend. Seems I had just been elected president of the Association and in November, 1991 was hosting a joint planning meeting of the incoming and outgoing boards, regional chairs, committee chairs and SIG chairs. As I stood in front of all these ladies and gentlemen for the first time on a warm Scottsdale day and without a podium, I was discussing committee assignments and smart aleck I was, I told Oren Hall that one of his jobs in 1992 would be to drive the beer and soda cart for the golf tournaments. "Which one," he asked. Not being a golfer, I really didn't know the names of the tournaments, at which point Jim Merrilees who was seated down in front politely whispered up, "You're Fly's Open." Not hearing him the first time, I asked him what he said and he was happy to repeat himself, "You're Fly's Open." Here I was, the new leader of WAEL standing in front of everyone without a jacket to button or a podium to hide behind. I casually looked down and all I could see was my tie. How the hell was I supposed to know the assistance Jim tried to provide was the name of Rex Swagger's invitational golf tournament. Needless to say my mind was no longer on chair assignments. My golf distinction that year was to earn a trophy for the highest scratch score ever for a sitting president (thanks, Ken Goodman) and my outgoing gift from the Association the following year was my very own personal set of golf clubs. Now the more I play, the worse I get. ============================== Hal T. Horowitz Account Executive Search West 340 North Westlake Blvd., Suite 200 Westlake Village, CA 91336 Phone: 805-496-6811 ext. 231 Fax: 805-496-9431 Cell: 818-730-0645 hal.horowitz@searchwest.com http://horowitz.searchwest.com "It is my mission to collaborate with my clients in order to further their success by identifying professionals of uncommon ability to whom my clients might not otherwise have access and who will make a valuable contribution to my clients' goals." To find superior people You must first define superior performance. ============================== Tomorrow---Equipment Leasing Association will introduce to all members who subscribe to their ELT Newsletter the highlights of equipment leasing news as gathered by their staff. --------------------------------------------------------------------- Group details plan for bringing pro football back to L.A. (The second largest city in the United States does not have a professional football team---The Rams went to St. Louis and the Raiders back to Oakland.)
By Ken Peters ASSOCIATED PRESS LOS ANGELES – In a play to bring pro football back to the nation's second largest city, a business group headed by Denver billionaire Philip Anschutz said last week it wants to build a 64,000-seat stadium in downtown Los Angeles and find an NFL team to play there. The stadium near Staples Center would require the city to issue $100 million in bonds to acquire 20 acres of land. The group emphasized that no taxpayer money would be used for the proposed stadium, and the group would repay the bonds over time. "This is indeed a bright moment in time for Los Angeles to bring the NFL back to the city," said Tim Leiweke, president of Anschutz Entertainment Group. "I think the NFL is a better league with Los Angeles, and we are a better city with the NFL." The media-shy Anschutz did not attend the news conference at Staples Center. The group also intends to seek a $150 million loan from the National Football League and a promise to stage at least two Super Bowls in the new stadium, which could cost more than $400 million. The stadium would include as many as 200 luxury boxes that could each sell for $125,000 a year, providing a key source of revenue. AEG built Staples Center with a similar financial model. The arena serves as a home to the NBA's Lakers and Clippers and the NHL's Kings. Mayor James Hahn attended the news conference. "This is going to be done like Staples Center was," he said. "It's a public-private partnership where the private side is going to pay the bills." A slew of financial and government hurdles remain for the stadium project. But if all goes well, it could open for the 2005 season, officials said. Other financial backers include billionaire supermarket mogul Ron Burkle, real estate developer Ed Roski, and Casey Wasserman, owner of the Los Angeles Avengers arena football team. Roski led a failed attempt several years ago to bring an expansion team to Los Angeles but lost out to a group in Houston that made a $700 million bid for the franchise. "Timing is everything," Roski said Thursday. "We think the timing is right now." The NFL declined comment on details of the plan. "It's encouraging but has a long way to go," said Greg Aiello, a league spokesman. "We'll continue to work with them." Going ahead without taxpayer support would be a departure for the NFL, which has strongly encouraged public-private coalitions in the construction of stadium complexes for its teams. Wasserman said that during a recent meeting by the group with NFL officials in New York, the league mentioned the possibility of two teams playing in the stadium. He said the league believes Los Angeles is one of the cities that could support two teams. "It's been done here already with the Lakers and Clippers," Wasserman said, citing Staples Center. The Los Angeles area has been without an NFL franchise since the Raiders left for Oakland and the Rams for St. Louis in the spring of 1995. Several NFL teams have approached the group about the possibility of moving to Los Angeles. Potential tenants could include the San Diego Chargers, Minnesota Vikings, Indianapolis Colts and New Orleans Saints. On Tuesday, the NFL appointed a panel of team owners to explore putting a team back in the city. The proposed stadium would be built in the South Park area of downtown, close to Staples and within walking distance of a light-rail station. On Wednesday, the City Council gave final approval to a huge redevelopment plan for that area. Within that district, the city's redevelopment agency has the power to condemn land and force people to sell. AEG has been quietly buying up land in the area for the last several months under a different name but has not yet acquired all the land it would need. The project envisions the city using its redevelopment authority to secure some of the land. Ninety-five percent of the site is now parking or warehouse space, AEG officials said, and no private homes or apartments would be condemned. Most council members cautiously support the stadium. The panel voted 11-3 to establish the City Center Redevelopment Project, which would include 879 acres of housing and commercial development. (
I hope it is not the 49ers who will move. I have season tickets.
Editor)
#### ####################################### ############## Vision Financial Group, Inc. Announces Promotion
of Kimberly S. Smith to Chief Financial Officer Vision
Financial Group, Inc., recently announced the promotion of Kimberly
S. Smith to Chief Financial Officer at the annual meeting of the
Board of Directors in Atlanta, Georgia. Kimberly joined Vision in
1991 as the Executive Assistant to the CEO, Frederick S. Summers.
Since then she has earned an MBA from Robert Morris College and
most recently held the positions of Vice President and Corporate
Controller. Vision
Financial Group is a privately owned, general equipment finance
and leasing company with its corporate headquarters located in The
Pennsylvanian building in downtown Pittsburgh, Pennsylvania. Vision Financial Group focuses on supporting the capital funding needs of both equipment users and vendors. The customer base ranges from sole proprietorships to Fortune 500 companies. Continued growth has lead to the opening of additional offices in Georgia, California, Oregon and Illinois. ### ################################################### Goodbye “Who Wants to Be a Millionaire” By BILL CARTER---Los Angeles Times “Who Wants to Be a Millionaire," probably the most powerful force in American entertainment only two years ago, died last week as a regular prime-time show after a long period of declining health. It was not yet three years old. The cause of death was complete exhaustion, compounded by overexposure to harsh competitive elements. In its prime, the show altered television, ushering in the era of reality, or nonscripted, programs to prime time. It also changed the fortunes of ABC and the Walt Disney Company, elevating its stock price and affecting the careers of the executives who had been lucky enough to ride the wave of its success. As a testament to its influence, the program was at the center of one the biggest media showdowns of recent years, as Disney was able to stand up to a threat by AOL Time Warner to remove ABC stations from several of its large cable systems largely by persuaded the public to demand that "Who Wants to Be a Millionaire" not be taken away from them. But the program had been on life support in recent months. ABC made a final decision on Tuesday to remove it from the apparatus that had been keeping it alive — the weekly prime-time schedule. Michael Davies, the deceased's executive producer, had openly asked ABC to pull the plug to give two of its progeny, a syndicated version and an occasional prime-time tournament version, the opportunity to thrive on their own. While the program's passing had been expected, it still aroused questions among friends and supporters about why it had died so young. "It was an amazing story both on the positive side and the negative side," Mr. Davies said. Regis Philbin, the show's spokesman who put a public face on it and the phenomenon, recently expressed his disappointment with the care and attention the show had been given. He said the network had used it as "cannon fodder." Other associates openly charged that "'Who Wants to Be a Millionaire" had been a victim of the high-pressure climate it had lived in. Rivals used the term "ratings crack" to describe what "Who Wants to Be a Millionaire" had become to ABC. Born in New York in August 1999, "Who Wants to Be a Millionaire" was by any measure a child prodigy. Few predicted it would survive a month. But "Millionaire" defied the effort to give it a quick burial. From the very start, it captivated hearts. After a two-week debut on the national stage that summer, it had an even bigger two-week run in November. The show was given permanent prime-time status in January 2000, with a regimen of three performances a week. For the rest of that year and much of the next, it swept away competitors. It introduced a catch phase to the American vocabulary, "Is that your final answer?" Profits soared, from commercial sponsorships to products like board games. As all great entertainers do, "Millionaire" spawned a host of imitators. They came with names like "21" and "Greed" and "'Weakest Link." None matched the performance of "Millionaire," but they perhaps helped weaken the appeal of the original. In spring 2000, ABC made two fateful decisions. It pushed "Millionaire" to perform four times a week. At the same time it reduced its budget for developing programs that could have relieved the stress on its champion. ABC resolved to bank every dollar it could from the hard work "Millionaire" was putting in. The total profit tied to the program exceeded $1 billion. By November 2000, "Millionaire" was already showing signs of strain. "Millionaire" brought in guest stars, from comedians to Olympians. But the stress and the overexposure seemed to wear the show down. In September 2001, "Millionaire" cut back its performances to twice a week. The reduced load did not help, perhaps because ABC was still asking ""Millionaire" to battle much stronger rivals, like "CSI" and "Will & Grace." By last week "Millionaire" was a shadow of its former self. Its demise made few ripples. Mr. Davies provided one eulogy, saying, "I don't think we'll see anything like it again." He noted that "Millionaire" had generated over 350 episodes, the equivalent of a 16-year life span for a regular series. The show made an indelible mark, proving that a nonconformist could break through to become the leader of the pack in television. Other successful programs, from "Survivor" to "Fear Factor," acknowledged that they owed a lot to the path-setting course run by "Who Wants to Be a Millionaire." The show is survived by the syndicated and occasional tournament versions of "Millionaire"; Mr. Philbin, who remains the leading man on another program, "Live with Regis and Kelly"; and many Europeans and Asian cousins, some of whom, unfortunately, are also reported to be in failing health at this time. ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- To reach Leasing News, please e-mail kitmenkin@leasingnews.org or use the contact form at www.leasingnews.org Fax messages are often difficult to read. Telephone calls result in “telephone tag” and often take longer to respond due to time differences and limited time. E-mail is always best. Leasing News is sent ONLY to people who have requested it. We do not Spam. You register using our website www.leasingnews.org or contacting kitmenkin@leasingnews.org. . Our subscriber list is NOT made available to the third parties. Subscription and Removal Assistance can be accessed through out contact site at www.leasingnews.org or you may directly contact kitmenkin@leaisngnes.org with you name as you registered it along with you-mail address ( our list is kept by the name registered, not by company or e-mail address. We have great difficulty in finding your e-mail address without your name. If you have signed up and are not receiving Leasing News, your carrier may be blocking the "mass mail". You may notify your carrier or send an e-mail to us for verification, if needed. Online version of this publication is at http://www.leasingnews.org. 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