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Kit Menkin’s Leasing News www.leasingnews.org Wednesday,
October 2, 2002 Accurate, fair and unbiased news for the equipment Leasing
Industry Tuesday’s Leasing News posted www.leasingnews.org
at 9:50am PDT ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- Pictures from the Past
--------------------------------------------------------------------------------------------------- Classified Ads---- http://65.209.205.32/LeasingNews/JobPostingsWanted.htm Sales: Irvine, CA
"UAEL" Direct lessor seeks vendor sales pro in Calif, Arizona or
Nevada.Exp. in small ticket arena/ $10,000 to $150,000. Salary, Sales: Hendersonville, NC "NAELB" Great opportunity for the right individual. Small & Mid
Market in Eastern US. Base Plus Commission, car & Phone Sales: Baltimore, MD "EAEL" The Equipment Leasing Company a bank lessor w/ 30 yrs of
funding $10K-$250K leases. seeks experience Operations: Phoenix, AZ "UAEL" Lessor of all types of equipment needs Leasing Coordinator.
Should have experience with documentation, for full list, please
go here: http://65.209.205.32/LeasingNews/JobPostingsWanted.htm ------------------------------------------------------------------------------------------------- Headlines-- Stocks close at 19-year low in Tokyo Parent
of Matsco, Greater Bay Bank Takes Hit International
Decision Systems' Makes Pre-tax InfoAnalysis Software ELA
San Francisco Conference October
3 Deadline UAEL
Conf. Welcomes Day Passes and Walk-Ins Leasing
News--Two Workshops at UAEL Conference United
Capital Portfolio Info Request West
Coast Port Lock Out-- Plain Clothes Guards with Automatic Weapons Comdisco
Makes Initial Distribution to Stakeholders MTI
Technology Partners with Canopy Capital
MicroBilt / MicroMerge, New Merged Credit
Report Now Available Leasecompare.com/Auto
Leasing Information Website Michael
T. Masin Named Vice Chairman/COO of Citigroup Mohammad
A. Rahim Mohammad Seeks Leasing Club #### Denotes Press
Release Stocks close at 19-year low in Tokyo TOKYO - The Nikkei Stock Average of 225 issues closed at
9,049.33 points on the Tokyo Stock Exchange ------------------------------------------------------------------------------------------------ Parent of Matsco, Greater Bay Bank Takes Hit Greater Bay Banks stock has been hurt by continued concerns
about the real estate portfolio. Admittedly
it's pretty shocking because **all** of the numbers are just fine. Greater
Bay has a HUGE loan loss reserve compared to their peers, but the dive in the stock is mind-boggling. As far as I knew, yes the Bank was taking some losses at
MATSCO and was seeing some deterioration in their portfolio. But compared to the entire Bank, MATSCO's losses, in my opinion, would not be so much
cause for concern to cause the stock price to go down like it has. MATSCO simply isn't a big enough part to be the sole reason for the stock price hit. ( name with held
) Calls to Matsco for a comment were not returned. Any comments or reaction will be printed. Greater Bay Bancorp is a bank holding company with 11 bank
subsidiaries. The Company's http://finance.yahoo.com/q?s=GBBK&d=thttp://table.finance.yahoo.com/k?s=gbbk&g=d http://www.gbbk.com/banks/banks.html ### ################################################ International Decision Systems' Makes Pre-tax InfoAnalysis
Software Free Download Unprecedented Offer Demonstrates Industry Leadership in Streamlining
Lessors' Sales Efforts MINNEAPOLIS, Minn., -International Decision Systems, Inc.
(IDS) - the global leader in lease According to Draper Jaffray, managing director, "Our
commitment to improving lessors' businesses IDS website visitors who use this product can explore expanded
versions of InfoAnalysis on the site, For lessors who use calculators to structure and price leases,
easy-to-use pre-tax InfoAnalysis will streamline To download Pre-tax InfoAnalysis, go to http://www.idsgrp.com
and click on the appropriate link About International Decision Systems With nearly three decades of leasing industry-specific expertise,
International Decision Systems (IDS) InfoLease is the world's most stable, scalable and robust
end-to-end equipment lease accounting software, In addition to its product lines, IDS also has the leasing
industry's largest global consulting, implementation IDS' parent company, IDS Group plc, is publicly traded on
the London Stock Exchange (IDGL). For Jennifer Schwegman jennifer.schwegman@charter.net 651-423-4466 ################ ########################################## --------------------------------------------------------------------------------------------------- Equipment Leasing Association San Francisco Conference Oct 13-Columbus
Day-October 14 San Francisco Marriott In case you missed
it yesterday, tomorrow is the
last day to be included in the convention roster, “ the unofficial "Who's Who"
of the leasing industry,” The on line register was closed on September 10: This is
the “lite” version. Those who attend the conference can see the full version
with addresses, telephone numbers, e-mail, and other information. If you want your company, or to be listed in the roster,
to see the “movers and the shakers,” don’t put off registering any longer: The Conference main speaker is Mayor Rudolph Giuliani, who will be there to autograph his new book "Leadership"
It is also available on line at Amazon .http://www.amazon.com/exec/obidos/ASIN/0786868414/ Mayor Giuliani has been making the talk circuit and the book
is certainly to be a best seller, and top Christmas gift. The New York Times had a review ( remember, Giuliani was elected where he was out numbered
5-1 in party voters, and his last few weeks endorsement historians say
won the election for Michael Bloomberg, who was way down in the polls, and
the New York Times is “typical New Yorker.” http://www.americanleasing.com/recommendations/leadership_book.htm ** ** ************************************************************ Days
Passes and Walk-Ins Welcome United Association of Equipment Leasing San Diego Conference
Oct 3-6 UAEL Membership Director Bill Grohe said he received five
telephone calls of people who would be registering at the convention site
at the Sheraton Hotel & Marina, when we spoke to him at 9:30am, Tuesday morning. “There are ‘first timers” and regular members who will wait
until the last minute, “ he says. “They
don’t want to be left out. When
they here we have 325 attendance, over 45 funders, and finally think about
it, they don’t want to be left out. “It just isn’t the education, “ he added. “It’s their old
friends they want to see...and perhaps make some new contacts and friends,
too.” Full UAEL Conference Brochure http://www.uael.org/events/fall/UAEL_FallConfBro_2002.pdf
Sheraton San Diego Hotel and Marina 1380 Harbor Island
Drive San Diego, California 92101 United States Phone (619) 291-2900 Fax (619) 692-2337 “Nestled at the water's edge on spectacular San Diego Bay,
the Sheraton San “With 1,045 comfortable guest rooms, the Sheraton is a San
Diego landmark, providing GUEST ROOMS &
AMENITIES Laptop High Speed Internet Access (by request) Bay View Rooms Available Marina View Rooms Available Balcony or Patio Oversized Desk HOTEL SERVICES High Speed Internet Access in Guest & Meeting Rooms Outdoor Heated Pool Fitness and Spa Facilities/Services Free Airport Transportation (Limited) Concierge Service http://www.starwood.com/sheraton/search ---------------------------------------------------------------------------- Leasing
News--Two Workshops at UAEL Conference Kit
Menkin along with Bob Rodi---- "Top
Gun" Sales Men "Top
Gun " Sales Managers October 5, 2002 Saturday Top Gun
"Sales Managers" Top
Gun "Sales Men" Moderator: Kit Menkin, editor/publisher, Leasing News Sergeant-at-Arms: Bob Rodi, CLP, President, LeaseNow, Leasing
News (ex-Baltimore cop---tough guy Supreme---also learned a thing
or two as president of UAEL and being in the leasing business for 25
years.) -------------------------------------------------------------------------------------------------- United Capital Portfolio Info Request We get e-mails from governmental agencies regarding various
items, and it is the time of the year for personal property tax follow-up.
At one time, knew who was collecting the payments for the late United Capital.
If you can help this person out, it would be a good deed: “We are looking for the mailing address for whoever has been
assigned the United Capital lease payments?” Kathy Kathleen Southwick Personal Property Appraiser Washington County A&T Phone: (503) 846-3892 Fax: (503) 846-3909 ----------------------------------------------------------------------------------------------- West Coast Port Lock Out--- Plain Clothes Guards with Automatic
Weapons It appeared increasingly unlikely that a scheduled bargaining
meeting will happen today. Both sides are at far odds as if in the middle
of a heated divorce. The Pacific
Maritime Association hired plain clothed guards with automatics, and reportedly
one with a machine gun, as they felt threatened. The union saw this as
a threat and “insult,” leaving the area due to the show of armed force. Shipping lines vowed to keep all 29 major West Coast ports
closed until the longshoremen agree to extend their expired contract as
the talks continue. The union has refused to budge until the lockout ends. "PMA's lockout is holding a gun to the head of the American
economy and now they move to aim real guns at us," said Jim Spinosa, the chief negotiator and
president of the 10,500-member International Longshore and Warehouse Union.Spinosa
said. The association claimed there were only two armed plainclothes
guards -- both off-duty police officers – who were there to protect President
Joseph Miniace, but refused to give specifics. The FBI and San Francisco Police Department were not present,
and consider the matter a “political”. Major newspapers quote East Coast economist who believe while
the dispute is causing increasing disruptions and losses for individual
companies, it is not likely to have a broad impact on the U.S. economy
unless it lasts a significant period of time. It appears no one wants
to spoil the recent up cycle of the stock market. Those businesses on
the West Coast are quite concerned. Each year about $300 billion worth of goods are imported
or exported through the ports, the largest of which are in Los Angeles
and Long Beach, Calif. Nearly $70 billion worth of goods came through
the Los Angeles port in the first seven months of this year while only
$9.3 billion worth were exported, according to the Census Bureau.
29 ports are involved. The effect on the economy will ripple into
retail sales. Some specialty retailers have begun to use air shipments
to ensure that they will be well stocked for Christmas, even though the
higher shipping costs will cut into profits. Railroads are also already being affected. Several won't
accept shipments of containers to the 29 ports. And with the dearth of
containers coming ashore, some railroad employees expect to be laid off
soon. The trucking industry will also be affected. "It is hard for us to make too much of it," said
economist James Glassman at JP Morgan Chase Securities in New York. "It
is not like you are slowing production down, and I would be surprised
if companies are so tightly managed that their immediate operations are
dependent on what is coming in on ships." The Taft-Hartley Act will allow the president to order the
ports reopened for 80 days while negotiations continue. It could be that
President Bush is in the position to save Christmas, if he acts within the next 30 days, otherwise it appears
it may not be a merry time of year. The two sides are at odds over pensions and other benefits,
as well as the union's demand to control any new jobs that would come
with the introduction of modern cargo-handling technology. To fully understand the solidarity of the Longshoremen, you
need to look at their history: http://www.sfmuseum.org/hist/thursday.html http://www.militarymuseum.org/History1934.html http://www.californiahistory.net/9_pages/hard_strike.htm http://newdeal.feri.org/survey/34405.htm http://www.holtlaborlibrary.org/sfstrike.html San Francisco Chronicle Editorial “For five months, the two sides made little headway in drawing
up a new agreement. The union has balked at mediation, sensing a management
advantage. “But the weekend lockouts caused havoc with fuming truck
drivers sent away and scores of container ships anchored offshore. It's
time for outside pressure to head off a dock fight that could injure everyone.” http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2002/10/01/ED69846.DTL ### ###########################################33 Comdisco Makes Initial Distribution to Stakeholders; Creditors
To Receive Cash Equal to Approximately 55% of Their Allowed Claims ROSEMONT, Ill. Issues Approximately 4.2 Million Shares of New Common Stock; Contingent Distribution Rights to be Issued to Former Common Stockholders Comdisco Holding Company, Inc., (OTC:CDCO) announced that
yesterday it commenced its initial distribution to holders of allowed
claims, as outlined in its First Amended Joint Plan of Reorganization,
which became effective on August 12, 2002. Additionally, Comdisco said
it established a disputed claims reserve for holders of claims that are
currently disputed, but may subsequently be allowed in full or in part.
In connection with the initial distribution, the company allowed claims
for Class C-4 general unsecured creditors in the amount of $3.628 billion
and the disputed claims reserve has been established at $450 million. As discussed in the Plan, Comdisco issued Senior Notes due
2004 in the face amount of $400 million with a variable interest rate
equal to the three month LIBOR plus 3 percent and Subordinated Payment-in-Kind
(PIK) Notes due 2005 in the face amount of $650 million with a fixed interest
rate of 11 percent. Comdisco also issued approximately 4.2 million shares
of new common stock to be distributed in accordance with the Plan. In
addition, the cash to be distributed totals approximately $2.2 billion. In the initial distribution, allowed general unsecured creditors
will receive cash equal to approximately 55 percent of their allowed claims,
and pro-rata shares of the Senior Notes, PIK Notes, and new common stock.
Distributions to holders of claims that are disputed have been funded
into a disputed claims reserve based on Court approved estimates for further
distribution as and when their claims are resolved. Holders of convenience
claims will be paid in cash at the rate of 89.8 percent of the ultimate
allowed amount of their claims. The company anticipates that the new common stock will be
traded on the NASDAQ OTC under the symbol CDCO. Comdisco is required to make further distributions on a quarterly
basis. It may make distributions more frequently, if appropriate. The
company also currently anticipates making a significant optional redemption
on the Senior Notes before the end of calendar year 2002. Comdisco's old common stock was cancelled on August 12, 2002.
Former common shareholders are entitled to distributions of contingent
distribution rights (CDRs) under the Plan. In order to be eligible to
receive any distribution of CDRs, former common shareholders must properly
complete a transmittal form and surrender all shares of old common stock
to Mellon Investors Services LLC prior to August 12, 2003. Transmittal
forms and information packages describing the procedures for exchanging
old common stock certificates for the CDRs are being mailed this week
to holders of the old common stock. For additional information concerning
the CDRs, please refer to the Plan and the Form 8-A filed with the Securities
& Exchange Commission by Comdisco on August 12, 2002. The company anticipates that the CDRs will trade on the NASDAQ:OTC
under the symbol CDCJ. Wells Fargo Bank will serve as the disbursing agent for all
distributions, except for those to former common stockholders. Mellon
Investor Services will serve as disbursing agent for distributions to
former common stockholders. Comdisco's Plan calls for an orderly runoff or sale of the
company's remaining assets, which is expected to be completed by the end
of fiscal year 2004. About Comdisco The purpose of reorganized Comdisco is to sell, collect or
otherwise reduce to money the remaining assets of the corporation in an
orderly manner. Rosemont, IL-based Comdisco (www.comdisco.com) provided
equipment leasing and technology services to help its customers maximize
technology functionality and predictability, while freeing them from the
complexity of managing their technology. Through its Ventures division,
Comdisco provided equipment leasing and other financing and services to
venture capital backed companies. Disbursing Agents: Wells Fargo Bank, 612-316-2335 (All disbursements except
to former common stockholders) Mellon Investor Services, 800-621-9609 (Disbursements to
former common stockholders) CONTACT: Comdisco Holding Company, Inc. Mary Moster, 847/518-5147 mcmoster@comdisco.com or Kesst and Company Fred Spar or Jeremy Fielding, 212/521-4800 SOURCE: Comdisco Holding Company, Inc. ############ #################################### MTI Technology Partners with Canopy Capital Storage Solutions Provider Will Use Canopy Capital to Provide
Financing Options to MTI Customers ANAHEIM, Calif--MTI Technology Corp. (Nasdaq:MTIC - News),
a provider of storage and business solutions for more than two decades,
today announced Canopy Capital Inc. as its partner in offering creative
and flexible financing options to MTI customers. In line with its sales strategies, MTI chose Canopy Capital's
solutions to allow its sales management team to offer extended funding
alternatives to its customers. Canopy Capital will provide business credit
origination and support through a private-label leasing and extended payment
program for MTI customers. "Our goal at MTI was to provide our customers with the
latest in financing options when acquiring our equipment and services,
and Canopy Capital is the ideal partner for making this happen,"
said Tom Raimondi, president of MTI. "By providing our sales management team with flexible
payment options and support, MTI will be able to continue to support our
customers in managing their technology needs and product lifecycles."
Commented Mark Cusick, vice president of corporate development
for Canopy Group: "Canopy Capital is another way we can support our
portfolio companies and help them maintain that competitive edge."
In-house support for financing is merely the latest innovation
for MTI in its ongoing dedication to meeting the needs of its customers.
About MTI Technology Corp. MTI's mission is to be at the forefront of developing and
delivering storage solutions to customers -- through innovation, customer
feedback and best practice. A premier provider of enterprise storage products for more
than 20 years, MTI Technology Corp. develops, integrates and manufactures
high-performance, high-availability storage products for mid-range to
Global 2000 companies worldwide. MTI also services select third-product
hardware and software, and its Professional Services organization provides
planning, consulting and implementation support for storage products from
other leading vendors. With headquarters in Anaheim, MTI may be reached by telephone
at 800/999-9MTI (toll free) or 714/970-0300, fax: 714/693-2256, or e-mail:
info@mti.com. Web address is www.mti.com. About Canopy Capital Inc. Utah-based Canopy Capital is a wholly owned subsidiary of
Canopy Group Inc. Canopy Capital delivers business credit solutions for
the Canopy Group's portfolio companies. An innovative leader, Canopy Capital
will continue to support the Canopy companies, helping increase their
competitiveness, customer service and profitability. -------------------------------------------------------------------------------- Contact: MTI Technology
Corp., Anaheim Mark Franzen,
800/999-9684 E-mail: mailto:mfranzen@mti.com www.mti.com or Canopy Group Mark Cusick,
801/229-2223 E-mail: mark@canopy.com ################## ########################################## MicroBilt Announces MicroMerge, New Merged Credit Report
Now Available Through CreditCommander.com and MicroBilt's XML Interface KENNESAW, Ga. Consolidated Credit Bureau Reports With Advanced Merged Technology Made Available In An Integrated Online Environment MicroBilt Corporation, leading online provider of credit
bureau reporting announced today the launch of its own merged credit report
called MicroMerge. The credit report is an efficient merged reporting engine
that is much more advanced from a rules and formatting perspective than
any other merged software engine in the marketplace. The multi-bureau,
merged credit report product allows credit professionals the option of
pulling a single credit bureau in file and then at a later time adding
an additional bureau. MicroMerge is competitively priced and offered through
MicroBilt's credit reporting site, www.CreditCommander.com or through
an XML interface for those integrating into their own software or Internet
environments. The service represents a key advantage to businesses that
run multiple credit reports. The time and cost associated with running
credit reports individually not to mention consolidating and analyzing
the information is significant. "Using MicroMerge through CreditCommander.com,
businesses will have the ability to customize their report format to fit
their needs and run one consolidated report in a matter of seconds,"
said Ken Hill, President of MicroBilt. "By completing one customized
form online, businesses are able to retrieve consolidated information
from the credit bureaus with a click of the mouse." "We typically pull all three credit bureaus at once
for each customer and then have to review three different reports,"
states Aren Caley, Finance Manager for Selec Trucks. "Now that we
are using MicroBilt's MicroMerge report, we no longer have to look at
three different reports. The report pulls all of the data from the three
different reports together making it much easier to obtain an overall
picture of a customer's credit. It is much more convenient!" MicroBilt has developed an XML interface for MicroMerge that
includes data tags for each element of the report. It also includes a
formatted style sheet for the XML interface that can be used to display
the merged report to the end user. Interfaces to the various loan origination
systems are in the process of being developed based on client demand. Other key MicroMerge features include: -- Capability of clicking on a merged trade line to view
the individual trade lines that makes up the merged line -- Detailed summary section -- Choice of sorting trades by Trade Name, Trade Balance
or Classification (Open, Closed, Derog) -- Ability to calculate and display an average of the scorecards returned -- Ability to purge trade lines greater than 7 years old
and inquiries older than 90 days About MicroBilt MicroBilt, a division of Bristol Investments, Ltd., is a
leader in credit bureau data access and retrieval, providing credit solutions
to the Financial, Rental or Leasing, Health Care, Insurance, Law Enforcement,
Education and Utilities Industries. MicroBilt is certified through and
provides interfaces with the three consumer bureaus, Equifax (NYSE:EFX),
Experian (London Stock Exchange: GUS) and Trans Union and the two commercial
bureaus, D&B and Experian Business. Bureau data is available via dedicated
terminals, dial-up software, Internet web site access or through an integrated
custom interface. Automated online decisioning tools are also available
through www.FIData.com and www.CreditCommander.com. Private company information
along with knowledge-based analytical tools and information services is
available through Integra Information, a division of MicroBilt. The company
also enables web sites to enhance their content offerings by delivering
a CreditCommander.com, PrivateCo.com and FIData.com co-branded site to
their established online communities. Formerly a First Data Corporation
subsidiary (NYSE:FDC), MicroBilt Corporation, maintains offices in Georgia
and New Jersey. For more information, contact MicroBilt Corporation, 1640
Airport Road, Suite 115, Kennesaw, GA 30144. Telephone: 1-800-884-4747.
Or visit their website at www.microbilt.com. CONTACT: MicroBilt Corporation Kathleen Houseman, 770/218-4681 Kathleen-Houseman@microbilt.com www.microbilt.com SOURCE: MicroBilt Corporation ###### ######################################################3 Auto Leasing Information Website Gives Car Owners Inside
Track on Best Deals, Understanding Lease Provisions CINCINNATI,-- Americans love their automobiles and now they
are also learning to love leasing their cars. With so many Americans leasing vehicles rather than going
with a traditional bank loan to purchase a car, consumers need to understand
that there are several important considerations when negotiating a lease,
according to Tarry Shebesta, owner of Automobile Consumer Services, Inc.
(ACS) and provider of a website, www.LeaseCompare.com . "As many consumers lease for the first time they may
be unaware of all their options and may simply decide to accept what the
dealer has to offer without comparing.
They may well be spending more than they should," says Shebesta. Six major leasing considerations as noted at www.leasecompare.com
are as follows: * Is Leasing for You? - Individuals who are accustomed to
always having a car payment, who like cars under warranty, or who need their
vehicle for business purposes often see leasing as an advantage. * Leases are difficult and costly to break. Customers should consider vehicles that hold their value and should take the time to
test drive the vehicle before committing. * While many people focus on the finding the lowest lease
payment, negotiating a good price for the car prior to arranging for
the lease terms lowers the overall cost of the deal. * 36 month leases are standard but for some people who are
considering cars with a good reliability history, a longer lease might
make sense. * Consumers should try to estimate accurately the miles they
will be driving to avoid paying mileage overage fees. * Large down payments may make the monthly burden easier,
but lump sums are lost in the case where a vehicle is totaled or stolen.
It makes more sense to bank the down payment and slowly use it for
payments over the life of the lease. "Once shoppers have decided to lease their car, they
should compare between a number of financing sources," says Shebesta. Dealers are one traditional leasing source, but websites
such as LeaseCompare.com can be a cost saving alternative. This site is
educational and provides a tool to evaluate financing options from a number
of sources in real time for new and used vehicles. Customers can actually lock in the lease quote they like
and in a matter of minutes apply for credit online. LeaseCompare.com allows
consumers to facilitate the leasing transaction online. Once contracts are signed and received by LeaseCompare.com,
the next step is to pick up your car. For more information, visit www.LeaseCompare.com or click
on the link below. Contact: Tarry Shebesta,
President of Automobile Consumer Services, Inc., +1-513-527-7700 x11 ############## ################################################### Michael T. Masin Named Vice Chairman and Chief Operating
Officer of Citigroup Masin Named as Chair of Newly Formed Business Practices Committee;
Company Announces New Corporate Governance Initiative: Ends Interlocking
Directorships NEW YORK-- Citigroup Chairman and Chief Executive Officer
Sanford I. Weill today announced the appointment of Michael T. Masin as
Vice Chairman and Chief Operating Officer. ADVERTISEMENT Mr. Masin, 57, is currently Vice Chairman and President of
Verizon Communications and a member of Citigroup's Board of Directors,
where he serves as Chairman of the Personnel and Compensation Committee. In his new role, Mr. Masin will oversee all Citigroup functions
other than the operating business units and will report directly to Mr.
Weill. Finance will report jointly to both Mr. Masin and Mr. Weill. Following
the appointment of Charles O. Prince as Chairman and Chief Executive Officer
of the Citigroup's Global Corporate and Investment Bank on September 8,
2002, these functions reported on an interim basis to Robert Willumstad,
President of Citigroup and Chairman and Chief Executive Officer of the
company's Consumer business. Mr. Weill has also asked Mr. Masin to serve as the chairman
of the newly created Business Practices Committee which leads the company-wide
effort to assure that Citigroup is embracing the industry's highest standards,
and provides vigorous scrutiny of ongoing business practices to assure
they reflect the company's core values. The committee is comprised of
all of our company's business unit heads and reports to Mr. Weill. Jack
Roche, the interim chair of this committee, will continue as Senior Advisor
to the committee. In connection with his appointment as an officer of Citigroup,
Mr. Masin has resigned from the Citigroup Board of Directors and has also
informed Verizon that he will step down from his positions at that company.
Richard D. Parsons, CEO of AOL Time Warner, will assume Mr. Masin's chairmanship
of Citigroup's Personnel and Compensation Committee. Mr. Weill said: "This appointment is further evidence
of our commitment to assuring that everything we do meets the highest
standards of professionalism and integrity, and that we continue to improve
any areas where our practices fall short of the way we believe business
should be done. Over the nine years I have known Mike, I have developed
a tremendous regard for his keen intellect, objectivity, deep commitment
and integrity. When I suggested that the talents he brings to our company
could be best employed in a senior management role, our Board agreed and
Mike accepted this new assignment. I look forward to working closely with
Mike as we continue to position Citigroup for the future." Mr. Masin said: "I have a deep regard for and commitment
to Citigroup, one of the world's great corporate success stories. Citigroup
is a company with a business model capable of delivering compelling benefits
to customers and shareholders and a management team second to none. Raising
standards in the financial services industry is critical to restoring
the confidence and health of our business system, and our company's ability
to set and meet the highest ethical standards and customer expectations
day-in, day-out will be central to our success in maximizing our strengths
as the world's leading financial institution. I was therefore very pleased
and proud to accept a more active role in working with Sandy and the entire
leadership team to achieve these and other critical corporate goals." Mr. Masin became Vice Chairman and President of Verizon upon
its formation in 2000 through the merger of Bell Atlantic and GTE Corporation.
He served as GTE's President-International from 1995, and Vice Chairman
of that company from 1993 and Director from 1989. Before joining GTE he
was the Managing Partner of the New York office at the law firm of O'Melveny
& Myers. Toward the end of his 25 years there, he was responsible
for the management of the New York office and the firm's international
activities. Mr. Masin serves as a Director of Telus Communications, Inc.,
and The Puerto Rican Telephone Company; as a Trustee of Carnegie Hall,
W.M. Keck Foundation and is a member of The Council on Foreign Relations
and the Dean's Council of UCLA School of Law. Separately, Mr. Weill has advised the Chairman of AT&T
that he will resign his seat on the AT&T Board upon the completion
of the spin-off of AT&T Broadband which is expected by year end. Further,
he has advised the Chairman of United Technologies that he will not stand
for reelection as a director at the end of his term next Spring. By taking
these steps, Mr. Weill will eliminate the interlocking directorates on
the Citigroup Board. Mr. Weill said: "My decision to step down from these
two boards and thus end interlocking directorships at Citigroup is part
of our continuing effort to assure that our corporate governance reflects
best practices. We are pleased to have been recognized recently by Institutional
Shareholder Services, one of the leading shareholder organizations, for
our governance model and we are committed to continually improving our
accountability to our shareholders." Citigroup (NYSE: C - News), the preeminent global financial
services company with some 200 million customer accounts in more than
100 countries, provides consumers, corporations, governments and institutions
with a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, insurance, securities
brokerage, and asset management. Major brand names under Citigroup's trademark
red umbrella include Citibank, CitiFinancial, Primerica, Salomon Smith
Barney, Banamex, and Travelers Life and Annuity. Additional information
may be found at: www.citigroup.com. Contact: Citigroup, New
York Media: Leah Johnson,
212/559-9446 Christina Pretto,
212/793-8217 or Investors: Sheri Ptashek,
212/559-4658 ################# ########################################## Not a Joke ( neither was the African Company Seeking Leasing
of 1000 laptops) Mohammad A. Rahim Mohammad Seeks Leasing Club I am the Deputy General Manager of A'ayan Leasing & Investment
Company, a Kuwaiti public shareholding company headquartered in the
State of Kuwait.(www.aayan.com) with a paid-up and authorised capital
of KD 20,254,000.000 (Kwaiti Dinars twenty million two hundred
fifty four thousand) The purpose of this email is that we at A'ayan strongly believe
that it is time to establish a regional leasing club/association for
the leasing companies operating in the GCC (Gulf Cooperation Council,
which consists of six states; The State of Kuwait, The Kingdom of Saudi Arabia,
The Kingdom of Bahrain, The State of Qatar, The United Arab Emirates and
the Sultanate of Oman). hence, we plan to call for a meeting in the State
of Kuwait to be attended by the leasing companies and financial institutions
engaged in the business of leasing to discuss the issue and come up with
a successful formula for establishing the association. Hence, I am seeking your advice as to how to go about it
in term of formalities and other issues and what to say in the invitation
letter to the companies inviting them to attend the first meeting. Any advise would be highly aprciated. Best regards. Mohammad A. Rahim
Mohammad Deputy General Manager A'ayan Leasing and Investment Company P O Box 1426, Safat 13015 Kuwait Telephone (Direct) +965-240 9707 Telephone (PABX) +965-804488 Ex. 441 Telephone (Mobile)+965-970 9925 Fax +965-240 0828 www.aayan.com __________________________________________________________ ----------------------------------------------------------------------------------------- E-Mail Removal Form: \http://65.209.205.32/LeasingNews/removalform.asp +++++++++++++++++++++++++++++++++++++++++++++++++ Subscribe, Unsubscribe, Make Changes E-Mail. You may subscribe
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