Kit Menkin's Leasing News

award): Bob Jacobson, Tri Continental Leasing; Sudhir Amembal, Amembal and Isom; Bob Grenzer, Addco Lease; Ralph Daveline, Hamon Leasing---by Chuck Brazier, Colonial-Pacific Leasing, PR Committee chairman

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

CapitalStream-WiredCapital Correction:

Leasing News reported 23 layoffs from the merger/acquisition

of CapitalStream/WiredCapital, according to CS Director of Development

John Kruse.

Our very reliable insider reports there was 26:

“I believe there were 23 lay offs from CS and 3 from WC

Look for almost all (WC) senior management to take over CS positions. i.e.

Kevin Riegelsberger will be President, David Orren will be Executive Vice President of Sales, Kaveh Majoob will be vice-president of research and development, and Mike Pennell will be vice president of marketing.

CS Jeff Dirks remains as chief operating officer. “

The WiredCapital vice-president of professional services did not want to move to Seattle, Leasing News was told by a second source, and that position is open right now. Kaveh is the only senior member because they are keeping the developers in California. There was reportedly another two million from a venture capital

firm that is pending. The original request was alleged to be $12 million.

The above “correction” has given rise to a rumor in the Seattle office that WiredCapital may become the dominant software and the operation may move to the new Southern California WiredCapital headquarters, our third confirming

source told us. Several of the now ex-employees feel “betrayed,” particularly

in the manner that that stock options was handled. Four original founders of

WC also lost their stock options.

CapitalStream Director of Development John Kruse, who gave Leasing News

the original information in the story below, was unavailable for comment as he is attending the Equipment Leasing Association conference in San Francisco.

http://www.leasingnews.org/#capitalstream

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

This Week's Economic Developments

October 14 MONDAY

Equipment Leasing Association Conference S.F.

October 15 TUESDAY

Equipment Leasing Association Conference S.F.

Inventory-Sales Ratio: August

October 16 WEDNESDAY

None

October 17 THURSDAY

Housing Construction: September

Industrial Production: September

Capacity Utilization: September

Weekly Jobless Claims

October 18 FRIDAY

Consumer Price Index: September

Balance of Trade: August

_______________________________________________________________

Leasecomm Goes Down---CEO Sells $500,000 Stock Before the News

--- Brokers, Vendors,Lessees Left Holding the Bag---Again!!!

by Christopher “Kit” Menkin

Leasecomm, a wholly-owned subsidiary of MicroFinancial, Inc., a publicly-traded company on the NYSE, has called it quits, laying off a reported 90 employees, not funding deals in house, honoring approvals given, and cutting off all communications with broker. The company has written over 500,000 leases, funded more that $750,000,000, specializing in the micro ticket marketplace, they state on their website (they were one of two or three leasing companies that

went as low as $1,000 for a lease—Marlin Leasing is then left as the major

player in this micro ticket marketplace.). Microfinaical states on their website they have 300 employees, so this would be almost 1/3 their employees let go (without

notice---who’s next?).

November, 2000, Leasecomm launched LeasecommDirect 3.0, the latest version of its proprietary, internet based leasing technology." The online technology provided full service leasing, allowing its dealer base to submit lease applications, obtain credit decisions within minutes, and print completed lease agreements. It also provides reporting and analysis tools, personalization based on the user's position in that company and an enhanced user interface. Built upon a year of investment and development efforts, LeasecommDirect 3.0 is available exclusively to vendors using Leasecomm leasing programs. " the press release said.

"Leasecomm is committed to the continued development of e-business solutions that improves the speed, ease of use and overall productivity of our leasing services" said Elaine Shuttleworth, Director of Internet Development. "Prior to the new release, nearly two-thirds of our 20,000 monthly applications were fully processed automatically on-line, so we have already had significant experience and success in the on-line world" said Peter Bleyleben, President. "LeasecommDirect 3.0 will continue to strengthen our technology leadership position in the leasing arena by providing increased efficiency and functionality for our customers" Mr. Bleyleben added.

They were looking to the internet and automation of the process to not only

bring them more business, but cut processing costs.

Their website promised:

“Leasecomm Direct is the full service online leasing programs that lets you:

• Submit lease applications 24/7;

• Obtain credit decisions within minutes;

• Print completed lease agreements;

• Review online status reports;

• Make a tax inquiry;

• ...and much more!

Leasecomm Direct is available exclusively to dealers and vendors using Leasecomm leasing programs.

Leasecomm-approved dealers: please signup for Leasecomm Direct membership.

Not a Leasecomm-approved dealer yet? Apply now to become one! “

The company in November signed an agreement to acquire a major portion of the assets of Resource Leasing Corporation, Herndon, Virginia.

Insiders evidently knew something was going wrong.

About two weeks ago, insiders evidently knew something was

wrong with the company. September 25, 2002, Leasing News reported:

“Microfinancial/Leasecomm Stock Continues Dive/Insiders Sell Their Shares”

http://www.smartmoney.com/eqsnaps/index.cfm?story=insiders&symbol=MFI

Microfinancial insider Chief Executive Officer Brian E. Boyle (and controller of

other accounts )sold over $500,000 in market value of his stock in September,

according to Smartmoney.com, and over a $1 million since the first of the year.

By late Friday, October 11, their stock had dropped 34%, after they announced

the closing of their subsidiary Leasecomm.

http://finance.yahoo.com/q?s=mfi&d=v1.

Leasing News has been writing for over a year about the many complaints about Leasecomm’s business practices, which an internet search can bring up http://www.copernic.com,), with this one perhaps the best example fromLauren Stephens of LaurenStephens.com.

who claims she was “...was ripped off by LeaseComm for over $1,900!”

http://LeaseConn.com

Copy of Class Action Suit filed against Microfinancial/Leasecomm

http://www.socialaw.com/superior/994177e.html

The parent company. Micro Financial, set off a internet audio and written press release, trying to put the “spin”, but the main complaint appears to be the

manner of the closing. Leasing news has copies of the memo's to brokers, dealers, but first, from the street, the reaction from some of the fifty e-mails Leasing News received (thank you for sending to us, and letting us know what was happening. editor):

“Leasecomm went out today. Nothing will fund, not even deals that "verbaled"

within the last 2 business days. No approvals will be honored. The reason

given was that ‘credit and funding has been laid off, there is no one who can

physically fund’

“OUCH! Naturally, we have purchase orders out all over the place.

“This business is turning out to be a lot of fun.

Michael Berg

Bison Commercial Leasing

Bisonlsng@aol.com

“Not good news for LeaseComm. They aren't answering any questions about

transactions at all. Some approvals with delivered equipment are at risk

here so I have to wonder why no one is answering any calls or voice mails.

When you call their main numbers you get 15-20 minute hold. I haven't stayed

on any longer yet. Thanks for any information you can rustle up.”

BILL CLARK

Equipment Leasing Options

513-755-2822 voice

513-755-2334 fax

bclark@leasELO.com

www.leasELO.com

“Just wanted to let you know - Leasecomm Corp in Mass- just closed their

doors- not funding any transactions at this time. Leaving a lot of us in

Limbo.”

Cindy

cindy@nslf.com

“You probably have already heard this, but word out on

the street is that Leasecomm is finito. This is terrible,

especially in the manner they are closing down.”

Jim Fleming

nationalbusinesscredit@yahoo.com

---

“Just got word from one of my superbrokers that Leasecomm is out of

money and has pulled the plug! They are also not honoring any approvals or

fundings. Awesome since I have a deal there ready for funding!

Have you heard anything?”

Thank you,

George Meyer

Account Executive

GMCapital

Ph: 877-462-2748

Fx: 650-553-9515

George@GMCap.com

www.GMCap.com

---

It appears that Leasecomm was not a member of any leasing association ( EAEL

was the only one we could not verify ). It is interesting to note, none of the

35 brokers who sent us an e-mail asked Joe Bonnano’s Question: “Is

the company a member of NAELB?”

The legal counsel for the National Association of Equipment Leasing Brokers

for years has “warned” members that they should do business with funding

members of their association, where they pool reports, poor information,

and have abilities to assist in many situations.

An overwhelming number who sent information to Leasing News, are members

of the NAELB, but obviously did not ask “Joe Bonanno’s Question.”

To my knowledge, NAELB is the only leasing association that has an active

standards and ethics committee, takes quick and positive action, and does

not look at it as a “body count,” but solving disputes, and most important,

protecting members. In various articles and investigations, NAELB’s

advocacy of broker members is excellent.

----

Letter to Brokers/Dealers:

Dear Leasecomm Dealer, As you likely know, the current

lending environment has been very unfavorable and this economic trend has

caused our core Microticket financing business to become unattractive and

economically unfeasible. Therefore, it is with much regret that I must

inform you that effective today, Leasecomm has indefinitely suspended all

new loan originations.

Our intent is to re-enter the Microticket marketplace

and focus on a better credit quality lessee once appropriate financing

becomes available. Although I cannot say with certainty what the timeframe

will be, I am hopeful that new financing can be in place in the near future.

I recognize this decision may present you and our other valued dealers and

their families with challenges in the days, weeks and months ahead. With

that in mind, I assure you this decision was made as a last resort.

Leasecomm tirelessly pursued and evaluated all avenues of opportunity to

continue our Microticket financing as recently as today. We will be

contacting you with any and all new developments as soon as they become

available. In the meantime, please do not hesitate to us at 1-800-229-5327

with all inquiries, as opposed to contacting your dealer representative.

I also like to take this opportunity to thank all of you for your dedicated

service and commitment to our Leasecomm and I certainly speak for everyone

at our company in saying we hope to be working with you again soon.

Sincerely,

Richard Latour President

############# #################

MicroFinancial Announces New Business Strategy To Leverage Technology And Servicing Platform; Management De-emphasizing New Loan Originations

WALTHAM, Mass.,) -- MicroFinancial Incorporated (NYSE-MFI), a leader in Microticket leasing and finance, announced a new business strategy to leverage the Company's technology and loan servicing platform.

As part of this new business strategy, in recognition of the difficult financing environment, management intends to immediately de-emphasize new loan originations until new financing solutions are secured.

Richard Latour, President and Chief Operating Officer stated, "Based on a thorough analysis of our strategic business strengths and the current financing environment, we have determined it is in our best interests to pursue a business strategy that leverages our core technology and services platform. The Company will simultaneously continue to collect on our existing portfolio. Our intent is to reduce new lease originations and focus on a better credit quality lessee. Credit quality in the current lending environment has caused some of our core microticket financing business to become unattractive. As we re-prioritized our business objectives, we determined it was in the best interests of shareholders to focus on our core strengths in an effort to maximize shareholder returns."

The Company's new business strategy will de-emphasize loan originations and result in approximately a 31% reduction in the workforce in this area. The Company's collection, servicing and technology staff will essentially remain unaffected.

The Company's existing revolving credit facilities have been converted to three-year term loans, as provided for under the existing agreements.

Management's goal is to create long term shareholder value by balancing the pursuit of several strategic alternatives over the next three years, including the continued collection of the existing portfolio, focusing the Microticket leasing business on better quality lessees, and seeking to secure new financing.

MicroFinancial will report third quarter earnings on October 23, 2002 after the market closes and host a teleconference and webcast at 5:00 pm ET. The webcast can be located at www.microfinancial.com under the investor relations section of the website.

MicroFinancial Inc. (NYSE: MFI), headquartered in Waltham, MA, and with additional locations in Woburn, MA and Herndon, VA, 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 and has been profitable each year since 1987.

CONTACT: MicroFinancial Incorporated, Waltham

Richard F. Latour, 781/890-0177

Fax: 781/890-1368

MicroFinancial Announces Richard Latour Named Chief Executive Officer

WALTHAM, Mass., -- MicroFinancial Incorporated (NYSE-MFI), a leader in Microticket leasing and finance, announced Richard Latour, President and Chief Operating Officer will assume the additional role and title of Chief Executive Officer.

In addition, Peter Bleyleben, Ph.D will resign as Chief Executive Officer, but will remain as Chairman of the Board.

Chairman of the Board Peter Bleyleben, Ph.D, commented, "The board of directors and I believe that Richard Latour is the best candidate to lead MicroFinancial in its pursuit of new strategic opportunities that should increase shareholder value overtime."

Richard Latour, President and Chief Operating Officer, stated, "We would like to thank Peter for his significant contributions and services to the Company over the past fifteen years. Peter will continue to be a member of the team and we look forward to his ongoing guidance and support."

CONTACT: MicroFinancial Inc.

Richard F. Latour, 781/890-0177

President & COO

Fax: 781/890-1368

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send to a colleague to have them subscribe---our readership comes

from referrals as we do not Spam---no display advertising or banners

Ex-GSC Capital Officers form Golden State Capital

GSC Capital, LLC, Santa Ana, California

Friday we reported that the Santa Ana Police report this company was closed.

Allegedly a major loss from a suit had US marshals at the door.

While Leasing News appears to have settled two complaints, due to

the publication of this story, we have received other complaints. One

for a $450,000 lease approval and communication with Chad Lee.

Some of the deposit was returned. It appears GSC Capital will most

likely file bankruptcy.

It is reported the principals of this company have formed:

Vanguard Capital Partners, LLC dba Golden State Capital

Chad Lee, Managing Member

333 S. Anita Drive, Orange, CA 92868

714-940-0315 Business Phone

Chad Lee is the Agent for Service of Process for the new company. Mark Johnston, principal in the United Association of Equipment Leasing Membership director is one of the members of this new company. Chad Lee was also the agent for GSC Capital, LLC.

It is also true the two complaints Leasing New received, their advance

rentals were returned, apparently the same day this company closed

their doors.

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Captive Capital Names Eastern Technology Fund’s names former

Copelco Founder Ian Berg to Its Board of Directors

(King of Prussia, PA, – Captive Capital Corporation (www.captivecorp.com) announced today the appointment to its Board of Directors Ian J. Berg, Managing Director of the Eastern Technology Fund, a venture fund that provides early stage capital for technology companies.

Formerly known as eMarket Capital, Captive Capital Corporation (

www.captivecorp.com), is an outsourced service that uses a patent-pending

process to facilitate the leasing and financing of capital equipment for

manufacturers' customers and distributors in North America.

"We are excited to have Ian join our Board," said Jonathan Moran, Captive

Capital’s President and CEO. "His industry experience, breadth of knowledge

and belief in our business model are already proving valuable as we continue

our growth."

Before establishing the Eastern Technology Fund, Berg founded Copelco

Financial Services Group and, since its inception in 1972, served as its

President and CEO. When he left Copelco in 1999, the company had more than

1,600 employees and had amassed over $5 billion in assets and $500 million in

revenues in the United States, Canada and Europe. In May 2000, Copelco was

sold to Citicorp (NYSE: CCI).

While at Copelco, Berg directed an enterprise that leased and remarketed

high-tech equipment to hospitals, physicians, the electronics industry among

other sectors. Copelco also provided: major vendor leasing programs in the

office automation marketplace; consumer financing for residential mortgage

loans; and leasing and finance programs for the acquisition of new and used

cars, earning a national presence in the automobile industry.

Before founding Copelco Financial Services Group, Berg served as Senior Vice

President and Director of MDC Corporation (an AMEX listed corporation) and

President and Director of MDC Leasing Corporation. Prior to Copelco, Berg

worked at IBM and AT&T respectively.

Berg is a contributing writer for several industry publications and a

frequent speaker on financial services and the high technology sector. He is

Past Chairman of the Philadelphia chapter of the Young Presidents'

Organization and the Philadelphia Presidents' Organization and Founder and

President of the "I Have a Dream" Foundation of Camden, New Jersey.

Berg has served on the Boards of numerous private companies and non-profit

organizations, including the Center for the Advancement and Study of Entrepr

eneurship at Temple University, The Institute for Art in Education, Cornell

Institute for Medical Research and The Wistar Institute. In 1998, he was

inducted into the Hall of Fame of his alma mater, Overbrook High School in

Philadelphia.

Berg earned a bachelor of science degree in industrial engineering and a

master's in business administration from Drexel University. Married with

three children, he resides in Cherry Hill, New Jersey.

### ###################################################

McCue Systems announces Oracle support for LeasePak at ELA Annual Convention

San Francisco,McCue Systems Inc. announced today at the 41st annual ELA National Convention that it has added support for Oracle 9i to its core lease management system, LeasePak. Previously available for use with Sybase, LeasePak will now operate with either DBMS.

"This new offering further emphasizes McCue Systems' commitment to platform independence," says Douglas Jones, VP Development for McCue Systems. "It is evidence of our intent to expand our solution base to meet the needs of the technologically diverse financial services industry," Jones adds.

"We realize that, by offering LeasePak on Oracle, we are filling a critical void in the systems options available to our market," stated McCue Systems' CEO, John McCue. "We have been hearing from both the industry itself, and from professional organizations associated with our industry, that there has been a critical need for a proven enterprise lease management system running on Oracle. We have responded by producing an offering that will complement the standard IT environment of many companies in the leasing world."

About McCue Systems

McCue Systems Inc. has been developing business solutions for the leasing industry for over 30 years. Its flagship product, LeasePak, is a comprehensive lease management package incorporating client-server architecture, a fully relational database, and the standard Windows user interface. LeasePak simplifies lease/loan administration and asset management by accurately tracking leases and equipment from origination through

end-of-term and asset disposition.

With the recent release of its suite of Web-enabled e-Leasing solutions, McCue Systems leads the leasing technology industry in the development of Web-enabled tools to deliver superior customer service, reduce operating costs, streamline the lease management lifecycle, and collaborate with dealers, brokers, and vendor partners.

See www.mccue.com for more information about the LeasePak lease management system and the company's comprehensive range of consulting and technology services. Email info@mccue.com or contact Andrew Lea, Director of Corporate Communications, at 650-348-0650 Ext 1171

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Despite fall, Comerica unlikely takeover target

By Katie Merx Crain's Detroit Business

Comerica Inc.'s shares were trading near five-year lows last week, resurrecting the worry that the city's only large locally based bank is a sitting duck for a hostile takeover in 2003. But few analysts or dealmakers believed a takeover to be likely.

Bank analysts and business-turnaround experts said the news that Comerica's loan portfolio was weaker than expected makes it a target because it depressed the Detroit-based bank's stock more than the sluggish economy and uncertain times have hit bank stocks in general. But few could think of likely buyers because they expect the stock to rebound on its own - or that it would do so if a takeover seemed imminent.

"Oftentimes in this industry, problems are a virtual for-sale sign," said Anthony Polini, analyst at Advest Inc. in New York City. "I think, given Comerica's core focus, its culture and the fact that they have a new CEO, that it's not a for-sale sign."

_________________________________________________________________

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GE Commercial Finance assets grew 34% from the prior-year

period and totaled $185 billion at the end of the quarter.

GE Delivers Third-Quarter Earnings of $4.1 Billion On 9% Revenue Growth; Cash Flow Ex-Progress Increases 16%

FAIRFIELD, Conn.----GE's third-quarter 2002 earnings of $4.1 billion, or $.41 per share, increased 25% over third quarter 2001, and year-to-date cash flow from operations, excluding progress collections, increased 16%, GE Chairman and CEO Jeff Immelt said.

"GE delivered 41 cents per share and strong cash flow growth in what continues to be a more difficult economic environment than anticipated," Immelt said. "We are managing through a variety of short-term challenges at some of our businesses. However, in total, GE continues to deliver. This is a tribute to the strength of the GE business model - a great set of leading businesses with strong growth capability and exceptional cash discipline."

Immelt said, "The economy is much tougher than anyone planned, but the fundamentals of GE are in great shape. We've got a great team of people who continue to serve our customers effectively and who come to work looking for new products and services, and new markets for growth. We are maintaining our full-year target of $1.65 per share in the environment we see today."

Financial highlights include:

- Earnings rose 25% to $4.087 billion from $3.281 billion in

third quarter 2001, and earnings per share (EPS) increased 24%

to $.41 from $.33 last year. Comparisons reflect charges in

third quarter 2001 of approximately $400 million for Sept.

11-related reinsurance losses. Power Systems, NBC, Commercial

Finance and Consumer Finance all contributed double-digit

earnings growth. As previously disclosed, the third quarter

included a $317 million gain from the disposition of GE Global

eXchange Services (GXS), a $156 million loss at Employers

Reinsurance Corporation (ERC) resulting from current-period

claims and increased estimates of prior-year losses, and a

$167 million loss at GE Equity. All amounts are after tax.

As required by new accounting rules, as of Jan. 1, 2002, goodwill is no longer amortized. Without goodwill amortization in third quarter 2001, EPS in third quarter 2002 would have increased 14%; adjusted for two significant non-cash items, goodwill and pension income, EPS would have increased 19%.

- Consolidated Revenues rose 11% over third quarter 2001 to

$32.6 billion; excluding the GXS sale, revenues rose 9%.

Industrial revenues, excluding the sale of GXS, grew 6%, with

double-digit growth at NBC, Specialty Materials and Industrial

Systems. Revenues at GE's financial services businesses were

$15.0 billion, up 13%, reflecting last year's Sept. 11-related

reduction in net reinsurance premiums earned. Net revenues

(revenues less interest costs) at Commercial Finance, Consumer

Finance and Equipment Management grew 19%.

- Cash generated from GE's operating activities, excluding

progress collections, was a record $9.6 billion for the first

nine months of 2002, up 16% from $8.3 billion last year.

Reported cash flow from operations was $5.7 billion, which,

reflecting the record progress collections in 2001, was 51%

lower than last year's reported $11.7 billion. GE returned

$6.9 billion to shareowners in the first nine months of 2002

through $5.4 billion in dividends and $1.5 billion in share

repurchases.

- Operating margin in the quarter was 19.3%, up from last year's

18.9%, reflecting GE's continuing productivity gains and sales

of high-margin services. For the first nine months of 2002,

operating margin was 19.6%, up from last year's 19.1%.

- Financial Services earnings grew to $1.551 billion, up 19%

from last year's $1.301 billion. This comparison reflects the

Sept. 11-related reinsurance losses in third quarter 2001.

Financial Services assets totaled $473 billion at the end of

the quarter, up 21% from $391 billion at the end of third

quarter 2001.

Among third-quarter business highlights:

- GE Power Systems (GEPS) shipped 76 heavy-duty gas turbines in

the quarter, including 57 from its Greenville, South Carolina

facility. Revenue from customer terminations, net of costs,

increased pre-tax operating profit in the quarter by $57

million, but was more than offset by restructuring charges.

GEPS Energy Services added 12 new contractual services

agreements during the quarter, bringing the level of

commitments to $26.5 billion, an increase of $5.9 billion, or

29 percent, over third quarter 2001. More than 1,350 gas

turbines were covered by GEPS service agreements at the end of

the quarter, 64% more than at the end of third quarter 2001.

During the quarter GEPS completed the acquisition of

Panametrics Inc., a global provider of high-technology

ultrasonic testing equipment and process control

instrumentation.

- GE Medical Systems (GEMS) revenues grew 7% to $2.1 billion, as

some U.S. and Asia projects and financing approvals were

extended into future quarters. Demand for new GEMS technology

drove third quarter orders up 11%, to $2.5 billion. The new GE

Voluson(TM) 730 4D and GE LOGIQBook(TM) Portable Ultrasound

System led ultrasound order growth of 20%, or $185 million.

The GE Lightspeed16, GE's industry-leading 16-slice CT

(computed tomography) scanner, drove CT orders 12% to more

than $300 million. MR (magnetic resonance) orders, led by new

GE EXCITE MRI systems, grew 9% to more than $305 million.

X-Ray orders, fueled by demand for the GE Innova digital

cardiac X-ray system, grew 12% to more than $305 million.

Orders for healthcare information technology systems grew 43%

to more than $325 million.

- GE Aircraft Engines (GEAE) and CFMI (jointly owned by GEAE and

Snecma) won $1.0 billion in commercial engine orders in the

quarter, including orders from Federal Express, Japan Airlines

and COPA. GEAE continued to invest in a wide range of

development programs, and made the first flight tests of the

world's most powerful jet engine, the GE90-115B, and initial

tests of the CF34-10 regional jet engine for the Embraer

190/195. The GE-90 will power Boeing's extended-range 777,

test flights of which will begin early next year; regional

jets are the fastest-growing sector of commercial aviation.

Firm and option orders for CF34 engines, including orders

received in the quarter from Alitalia and Jet Airways, total

$7.1 billion. During the quarter GEAE also received more than

$2.3 billion in military contracts, including a multi-year

$1.9 billion U.S. Navy procurement contract for the F414

engines, devices and spare modules that power the Navy's

advanced F/A-8E/F Super Hornet fighter jet.

- GE Commercial Finance assets grew 34% from the prior-year

period and totaled $185 billion at the end of the quarter.

Asset quality remained stable in a difficult environment, with

delinquency rates stable compared to the end of third quarter

2001. During the quarter, units of Commercial Finance agreed

to acquire Deutsche Financial Services' commercial inventory

financing business for $2.9 billion, and most of ABB's

structured finance operations for $2.3 billion.

- GE Consumer Finance assets totaled $73 billion at the end of

the quarter, up 20% from third quarter 2001. Consumer

Finance's disciplined risk management and collections

practices resulted in stable delinquency rates compared to the

end of third quarter last year. During the quarter, Consumer

Finance completed the acquisition of SDL Leasing, an auto

financing company in Singapore, and Kawai Assist in Japan,

which offers consumer financing to merchants.

- NBC maintained its lead through the third quarter in key

advertiser demographics in virtually every important daypart

-- morning news, daytime, evening news, prime time, late night

and Sunday-morning public affairs - and enjoyed strong

advertising pricing as a result. NBC won its eighth

consecutive summer in the key advertiser demographic of adults

18-49 with 10 of the top 20 programs in that category. In

September, NBC led the premiere week of the 2002-03 prime-time

season by a commanding 17 percent margin among adults 18-49.

Telemundo registered prime-time ratings increases of 61% over

third quarter last year among adults 18-49 in its first full

quarter since NBC acquired it.

- GE Transportation Systems (GETS) won $1 billion in new

locomotive, maintenance services and signaling orders in the

quarter, including nearly $500 million in orders for DASH-9

locomotives. GETS's signaling unit signed a $63 million

contract with the Maryland Transit Administration for a

state-of-the-art wayside and car-borne signaling and field

communications system, and completed its acquisition of

certain assets from Railway Technologies Inc., furthering

GETS's expansion into remote control yard switch products.

- GE Industrial Systems (GEIS) continued its expansion into the

high-tech sensor and security markets through the acquisitions

of Druck Holdings plc, NovaSensor Inc. and Kilsen. GEIS also

agreed to acquire Ion Track, a pioneer in the development of

advanced trace detection technologies for security and law

enforcement agencies.

GE (NYSE:GE) is a diversified technology and services company dedicated to creating products that make life better. From aircraft engines and power generation to financial services, medical imaging, television programming and plastics, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com.

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to the "accept" filter, depending on the program.. Most

programs allow you to make exceptions to what the program considers "Spam."

If done by your carrier, you will need to contact your carrier or the

"relay carrier" to allow our e-mail.

It is our experience, once named, we cannot contact you ,meaning we can't tell you that our mail is being rejected. Your carrier will

make changes when contacted by the subscriber, not by us. Often they subscribe to these programs that arbitrarily filter "bulk mail.".

If we are being block, go to our website: www.leasingnews.org---for the on line edition. Each edition is normally posted to the

website ( www.leasingnews.org ) by Fahima Khan who know comes in early to do this. She completes it

from 10am to 11am, PDT, depending on the work involved in html and pictures..

The e-mail edition is sent out from 1am to 2am, PDT, when completed,

and is written after the newspapers have issued their "last morning edition,"

so you get the latest news available..

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Policy Statement

Policy Statement---Nothing is sent out that is not "fair." Always unbiased

reporting. Fairness always. If it is questionable, we will ask the writer's

permission to quote them. We will print information without attribution, but

feel as long as we do not name the person who sent it, we can use the

information.

Any information we think is suspicious, we try to have if substantiated

first by at least two reliable people. We will not purposely send out

"negative" news.

We prefer "positive" news. We have no "axe" to grind or are not paid or seek

or accept any remuneration for product or promotion. We do not Spam anyone.

To be added to the mailing list, you must request it. We do not send

anything about our company or personal e-mail or jokes to the leasing news

list. We do not share our mailing list with anyone. We try not to send more

than one report a day, if at that, unless an "alert."

We follow Internet Netiquette at all times. Our sole purpose is to provide

communication to improve our profession. We reserve the right to deny

sending the newsletter when requested. We reserve the right to edit or

delete an opinion that is not in good taste or is outright derogatory.

Leasingnews.org