Pictures from the Past--WAEL 1993 Golf Champs
    Correction: LeaseNow not NowLease
        Alert--- Total Control Trucking,Tucker,GA
        and Cahaba Business Systems,Atlanta,GA
            This Weeks Economic Events
                Microfinancial ( Leasecomm) Goes Around
            Trinity Capital sold to Bank of the West
        Phoenix, Arizona Internet Marketing for the Leasing Pro
    HPSC Expands MBIA Facility by $65 Million
Silicon Valley-watchers see rebound late in decade


### Denotes Press Release


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Pictures from the Past



Golf Champions: Western Association of Equipment Leasing Spring Conference Palm Springs, California First Place Team: Ron Mitchell, account executive, ITT Capital Finance, Pleasanton, CA(far left) Kelly Hutchison, National account manager, Lease Pro, Marietta GA (front row, left) and Kevin Libert, VP, ITT Capital Finance ( standing with visor;) Second place went to Kelly Long, regional marketing manager, First Concord Acceptance, Corp., Denver, CO ( back row, third from left) and to Kelly's right, Jim Lahti, president, Affiliated Corporate Services, Inc. Dallas, TX., John Torbenson, president BJ Leasing, Inc., Bellevue, WA(bottom, right).

Closest to the hole:Phil Dushey, EVP, Global Leasing Services, New York, New York (standing, far right).

Longest Drive: Doug Hatch, AVP, Bank of the West Walnut Creek, CA. (center, holding plaque).


Note: May, 2003 UAEL Conference Returns to Palm Springs, California Mark you calendars, first week of May, as this will be a very well attended Spring Conference ( and golf tournament---as many of the above will be there to try and repeat what they did ten years ago. And Doug Hatch will face Bette "Boom Boom" Kerhoulas. editor)




Correction: In identifying Andrew Thorn, we reversed NowLease to LeaseNow


"A minor correction, Andrew Thorn / Thalman Financial / NowLease


"You have it listed as LeaseNow which is Bob Rodi's company. NowLease is a brand that we developed about 7 years ago. I know it is confusing."



Andrew Thorn





Alert--- Total Control Trucking, Inc.,Tucker,GA---Alert

Alert--- Cahaba Business Systems,Atlanta,GA----Alert


We booked two leases with above referenced Company, the first being for Computer Gear in May, 2002 in amount of $24,843.00, and another in June, 2002 in amount $19,680.00 for a phone system. Both of these deals came from the same dealer, Cahaba Business Systems, Inc. at 2600 Century Parkway, Suite 100, Atlanta, Ga.-30345.


When these transactions became delinquent, we began our investigation, and found the following:


1. Address customer gave and invoice vendor delivered to is vacant and the rental agent for the property at 2206 Hanfred Lane, suite 203 stated that customer has never occupied premises. We sent a rep. to the address and confirmed the space is empty.


2. The Bank, United Security Bank, which gave a glowing report of checking and a truck leasing activities, now has a disconnected number. A further check revealed that no such Bank exists in the Atlanta area.


3. The work reference which a gave a glowing relationship, now has a disconnected line, and apparently never existed.


4. Vendor management hangs up the phone when we attempt to discuss customer with their personnel.


5. The manager of Abbey Insurance Service of Stone Mountain at 770-413-9318, which issued Insurance Certificates covering the equipment, Mr. Hodari Cail claims the Certificates are a fraud as customer has never been insured through his agency, and the Agent who signed the certificates, Don Bates was apparently a participant in the fraud scheme. Claims they fired Bates and prosecuted him for fraudulent acts while at the Agency, and he is now in the Cobb County, Ga. jail awaiting trial. Our efforts in checking the Law enforcement agencies revealed that they had no Don Bates incarcerated.


6. The fax where the customer supposedly still receives faxes is listed to Tucker Construction and Development, Inc. 3951 Lawrenceville Hwy., Tucker, Ga.-30084 We don't know the connection, as we have no info on Tucker Construction.


These are some of the facts, but not necessarily limited to the foregoing.


Please post this. There may be other leasing Companies which receive your newsletters that have some exposure to these people or know about them and will contact us and provide further insight.



Larry L. Summers
Diversified Leasing, Inc.
Suite 106, 133 Defense Highway
Annapolis, Md-21401



The Week's Economic Events


October 21 MONDAY
Leading Indicators: September


October 22 TUESDAY


October 23 WEDNESDAY
Beige Book
Microfinancial Faces Investors
Phoenix, AZ, UAEL Internet Marketing


October 24 THURSDAY
Weekly Jobless Claims


October 25 FRIDAY
Durable Goods Orders : September


Existing-Home Sales: September


New-Home Sales: September


--------------------------------------------------------------------------------------------- Microfinancial ( Leasecomm) Goes Around


Brian E. Boyle, Director and Beneficial Owner of more than 10% of a Class of Security, sold 3,000 more shares on October 7. Michrofinancial plans an investor call on October 23. He has sold over $500,000 shares recently and over a $1 million since the first of the year, according to Smartmoney.com




What goes around, comes around.
Father Guido Sarducci






Trinity Capital sold to Bank of the West


Jerry Newell, CLP, vice-president in charge of Bank of the West Leasing will have a statement for readers Tuesday's edition.. He was in Washington, DC. The two principals of Trinity Capital will return on Tuesday and sales manager Nick Gibbens will make not comment.


A Bank of the West spokesman said the Trinity Capital operation will remain in tact in San Francisco. The purpose is to coordinate and take over operations of the banks expansion into the East Coast and new branches in Southern California. The Bank of West spokesman could not comment on the merging of the CapitalStream operation or sales/vendor team at Trinity.


"As you know, I started the Equipment Leasing group for Central Bank, formerly Cenval, & now Bank Of The West in 1972. Because Cenval had several branches in 11 Western States, we did hire some direct sales people in my Division to work out of 4 of these offices.


" While our primary emphasis was, and still is, Broker business, we felt it necessary to serve the Bank's clients as well. I had a very firm policy that if any of our sales people "bumped heads" with one of our Brokers on a particular deal, we would defer to the Broker.


" This policy worked great and I do not recall that we ever had a problem. We also did not allow the Bank or any other departments to have access to our customer base as we always considered the Broker as our customer.".


Russ Rickards (Retired)


Headquartered in San Francisco, Trinity Capital has provided equipment financing to small and medium-sized businesses throughout the U.S. for over 20 years. Trinity's lease management services are recognized as the best in the industry.
Their portfolio is reported in excellent shape, employee morale is very high, and the company is very successful, according to insiders.


JAMES HALOW, President and C.E.O.
An alumnus of U. S. Leasing and Stanford Business School, Jim formed Trinity in 1981. He focuses on b0usiness development, industry relations and maintenance of Trinity's high standards and reputation.


DONNA HALOW, Executive Vice President and General Manager Donna left a management position at Levi Strauss to join Trinity in 1982. She has an MBA from the University of Washington and previously worked in Finance at Ford Motor Company. She manages major client relationships and oversees the Company's operations. Her staff creates the excellence for which Trinity is known.


Sales and Marketing Team


Nick Gibbens
Vice President, Sales
Phone (800) 841-4433, ext. 140
Fax (415) 956-5187


James Elwood
Director of Business Development
Phone (800) 841-4433, ext. 152
Fax (415) 956-5187


Anne Rodriguez
National Accounts Manager
Phone (800) 841-4433, ext. 104
Fax (415) 956-5187


Bob Shafer
National Accounts Manager
Phone (888) 742-8230
Fax (310) 542-5883


Chris Woolson
National Accounts Manager
Phone (800) 841-4433, ext. 122
Fax (415) 956-5187


Dave Johnson
National Accounts Manager
Phone (800) 841-4433, ext. 194
Fax (415) 956-5187


Ed Beitenman
National Accounts Manager
Phone (800) 841-4433, ext. 103
Fax (415) 956-5187


Ernest Leal
National Accounts Manager
Phone (877) 900-8666
Fax (310) 793-2320


Kelly Karcher
National Accounts Manager
Phone (800) 841-4433, ext. 157
Fax (415) 956-5187



Mark Johnson
National Accounts Manager
Phone (800) 841-4433, ext. 119
Fax (415) 956-5187



Tracy Fu
Account Manager
Phone (800) 841-4433, ext. 207
Fax (415) 956-5187


Heather Isaacs
Sales Associate
Phone (800) 841-4433, ext. 131
Fax (415) 956-5187


Brad Boler
Sales Associate
Phone (800) 841-4433, ext. 129
Fax (415) 956-5187


Katherine Utsumi
Marketing Coordinator
Phone (800) 892-8910, x222
Fax (800) 878-7207


Trina Van der Poll
Phone (800) 841-4433, ext. 171

Fax (415) 358-5525


Sandy McKenzie,
Supervisor, Vendor Services



A March,2002 Bank of the West Press Release: ############### ############################

Bank of the West Becomes Fourth-Largest California Bank


SAN FRANCISCO and LOS ANGELES, / -- BancWest Corporation, a subsidiary of BNP Paribas, announced today that it has completed its acquisition of United California Bank from UFJ Bank Ltd. of Japan. United California Bank is the largest Los Angeles-based bank with assets of $10.5 billion and 115 branches throughout California.


United California Bank will be merged into Bank of the West, a BancWest subsidiary. Later this year, its branches will be fully integrated into the branch system of Bank of the West, more than doubling its California presence.


The acquisition solidifies BancWest's position as one of the premier western financial services franchises. BancWest now has $34 billion in assets and serves 1.5 million customers from more than 350 branches in California, six other Western states, Guam and Saipan. Bank of the West will have $15 billion in deposits within California, ranking fourth in bank deposit market share in the nation's most populous state.


"In terms of business lines and geography, United California Bank is a perfect fit," said BancWest Chairman and Chief Executive Officer Walter A. Dods, Jr. "United California's strong presence in Southern California complements Bank of the West's existing network in Northern California, the Pacific Northwest, New Mexico and Nevada."


Don J. McGrath, president and chief operating officer of BancWest and president and chief executive officer of Bank of the West, said the transaction "puts our company into southern California on a scale to compete successfully. It also adds to our market share in the northern and central regions of the state. We'll be able to offer our brand of community banking and superior service to customers from San Diego to San Francisco."


About United California Bank

United California Bank ( www.unitedcalbank.com ) is the product of last year's merger of Sanwa Bank California and Tokai Bank of California. The parent company of United California Bank is UFJ Bank Ltd., which was created in Japan in January in the merger of The Sanwa Bank, Limited and The Tokai Bank, limited.


About BancWest

BancWest Corporation ( www.bancwestcorp.com ) is a bank holding company with assets of $34 billion following completion of the above acquisition. It is headquartered in Honolulu, Hawaii, with an administrative headquarters in San Francisco, California. Its principal subsidiaries are:


-- Bank of the West which, prior to this acquisition, had 193 branches in Northern and Central California, Oregon, New Mexico, Nevada, Washington state and Idaho, and -- First Hawaiian Bank, with 56 branches in Hawaii, two in Guam and two in Saipan.


About BNP Paribas

BNP Paribas ( www.bnpparibas.com ) is a world leader in banking and financial services, offering retail banking and financial services (consumer credit, leasing, e-brokerage, insurance, car fleet management, etc.) to millions of individual customers and corporations mainly in France (2000 branches), Europe, the United States, Mediterranean basin and Africa. Headquartered in Paris, France, it has one of the most extensive international networks in the world with offices in 87 countries. Active in all major financial centers, and providing services to large corporations and institutions, BNP Paribas enjoys key positions in Corporate and Investment Banking, Private Banking, Asset Management and Securities Services. With total assets of $735.8 billion (EUR 825.3 billion) and shareholders' equity of $21.9 billion (EUR 24.6 billion) at December 31, 2001, BNP Paribas is the Number 1 listed bank in France and Number 2 listed bank in the Euro zone.


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


---------------------------------------------------------------------------------------------- Phoenix, Arizona Internet Marketing for the Leasing Professional


(Walk-In Registration Accepted, but please call, if you can for an accurate count.)


Wednesday, October 23rd, 2002


11:00 am to 2:00 pm


Lunch served 12:00 noon


$35 UAEL, NAELB, ELA, or Prospective members


Pre-register and Pay at Door


Business Luncheon included


Doubletree Hotel Sunrise Room
320 N. 44th Street Phoenix, Az. 85008
Hotel phone number 602-225-0500


Join Lee Steele, President of Strategic Insight Marketing strategicinsight.com, for a presentation on Internet Marketing for the next Century. Join your leasing peers for an educational and enlightening graphic presentation on using the Internet to enhance and expand your business the remainder of this year, next year, and for years to come.


STRATEGIC INSIGHT, INC. is a marketing consulting firm based in Phoenix, Arizona. We specialize in working with clients worldwide to develop creative, yet practical, ways to grow their business. OUR CLIENTS have ranged in size from small start-up companies to multi-million dollar international firms in more than 25 different industries worldwide.


Supporting your Industry Association(s), networking with peers, education, and a scrumptious meal all in the same day. That's multi-tasking, baby.


RSVP to Nancy Rosenberg at (480) 813-9386 qualfin@aol.com or Patrick Sponsel 623-776-7472 psponsel@sharpelease.com by Oct 16th.


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


HPSC Expands MBIA Facility by $65 Million


BOSTON--, -HPSC Inc. (AMEX:HDR), a leading provider of financing to medical professionals, announced that it has completed another significant step to enhance its lending capabilities for its growing customer base.


HPSC reached an agreement on September 20, 2002, with the surety and liquidity providers for its HPSC Bravo Funding LLC (Bravo Facility) to increase the capacity of the facility from $385 million to $450 million. The Bravo Facility provides the Company with a significant portion of its funding capacity.


Said John Everets, Chairman and Chief Executive Officer, "This agreement is an important step for HPSC in our mission to serve the growing needs of our customers. We are gratified by the response we have received from our financing partners like MBIA, since their participation is a strong indicator of our continuing progress. Despite the volatile markets and difficult economy, we are building upon our strong customer base and expanding our relationships with vendors."


About HPSC


HPSC Inc. (AMEX:HDR) is a leading non-bank financial services company providing leasing and financing opportunities to the medical and dental professions in all 50 states. For more information, please visit the company's website at www.hpsc.com.



John Everets, 617/720-3600


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Silicon Valley-watchers see rebound late in decade


By David A. Sylvester
San Jose Mercury News


If you work in Silicon Valley's tech industries, you're probably not going to enjoy the next six months or even the next year. You might find jobs tight through 2004.


But wait till the second half of the decade. Valley scientists are already working on a new generation of astonishing technologies that are likely to change the landscape once more, with powerful computers the size of buttons and medicines tailored to individual diseases.


In short, the worst tech depression in a generation is still squeezing out the excesses of the Internet bubble, but it's unlikely to derail the valley's economy permanently.


``We're bouncing around the bottom right now,'' says Steven Cochrane, the regional economist for the Bay Area at Economy.com. ``It's not going to get a whole lot worse, but this industry will be one of the last to turn around.''


Most forecasters expected Santa Clara County to recover by the end of this year, but a number of key indicators show more disappointment ahead. Economy.com, the regional forecasting firm, believes that the valley has had a ``double dip'' decline in employment since July, after a brief burst of growth in the spring.


By 2004, the local economy will have created 40,000 new jobs -- replacing only half of those erased during the past two years.


Problems continue Only last week, a number of companies warned that their problems weren't over. Intel, the world's largest chip maker, predicted Wednesday that the important holiday season would prove disappointing. Its archrival, Advanced Micro Devices, reported a large loss, as did Apple Computer and Sun Microsystems. In addition, Sun announced it would cut one in 10 employees worldwide.


Some companies are weathering the slump a bit better. IBM and Microsoft produced surprisingly strong sales and profits, and eBay beat Wall Street's estimates in sales and profits.


But overall, many Silicon Valley tech companies are still tightening their belts to survive the impact of the horrendous downturn. Silicon Valley's largest 150 companies reported losses of a staggering $89.8 billion during 2001 -- wiping out 5 1/2 years of profits. Mercury News business research estimates they will lose an additional $24 billion this year, based on the results of the first half of this year.


``If this hasn't been a depression, then I don't know what is,'' says Richard Kramlich, partner at New Enterprise Associates and a venture capitalist since 1969. ``It's been much worse than the 1970s. The cost has been pretty severe.''


We're paying the price of the late 1990s, when companies worried about a Y2K meltdown, stocked up on the newest software and computers and were able to raise record amounts of money from investors in tech, telecommunications and Internet stocks.


``It was a mass delusion in Silicon Valley,'' says Ken Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California-Berkeley's Haas School of Business. ``It came from not understanding these were one-time events, not a permanent event.''


Cochrane estimates that Santa Clara County's gross metropolitan product, an overall measure of all the goods and services produced, fell by a little less than 1 percent in the third quarter. It should grow at an annual rate of 4.4 percent during the last three months of the year, far below the 20 percent rates of the late 1990s.


Slow growth ahead


``The valley should be happy with 2 percent economic growth -- job growth -- a year,'' says Rosen, who recently forecast the increased risk of a renewed national recession. ``The average growth for a big company will be 10 percent a year. We'll never see exponential growth again.''


When will the recovery come? Here are some vital signs to watch:


o Chip sales: Tech's leading industry, semiconductors, is stuck in the mud. New chip orders fell during the summer doldrums and show only small signs of improving. In September, worldwide orders for integrated circuits were running at an average of $9.45 billion a month, less than half the peak demand during the bubble in 2000, according to VLSI Research of San Jose. Chips would be the first valley tech sector to the feel the rebound, as electronic producers place orders to build their products to fill rising demand.


o Memory prices: Dynamic random access memory (DRAM) chips, a bellwether product used in a host of products, are the most sensitive to changes in demand. In September, they were even cheaper than during the summer, as estimated by VLSI Research.


o Corporate profits: Corporations tend to invest in new equipment when their own business prospects are improving. Even after a modest recovery this year, the collective per-share profits for the Standard & Poor's 500 companies during the third quarter are expected to be down 40 percent from their peak during the bubble and at their lowest level since the mid-1990s, according to S&P.


o Technology spending: Big tech purchasers are keeping their spending plans in check. In September, a survey of chief information officers at large corporations found that they were planning an average 5.7 percent increase in their budgets over the next year -- about the same for the past year and a half, according to the CIO Magazine poll.


The telecommunications industry, one of tech's largest customers, is operating at only half of its capacity and postponing orders. ``The tech economy isn't really going to begin to turn around until there's demand for telecom and telecom infrastructure,'' says Cochrane.


If you're thinking that sounds like stagnation, remember one fundamental fact: Moore's Law is still intact, doubling the price performance of chips every two years.


Technical progress and innovation, Silicon Valley's lifeblood, are expected to fuel a new generation of products during the second half of the decade. As Kramlich puts it: ``We've had a bad fourth inning.'' The rest of the game is ahead.


One billion transistors


Intel has projected that it will fit 1 billion transistors onto a chip by 2007.


And labs at companies like IBM and Hewlett-Packard are developing ways to reduce electronics to molecular levels. In September, HP's scientists announced an experimental 64-bit dynamic random- access memory chip at such a small scale that it could make gigabytes of cheap, low-power memory available within a decade.


``When significant compute power becomes the size of a speck of dust, all kinds of things can become smart products,'' says Phil Kuekes, senior computer architect for HP Labs. ``We believe the path we're following has all the ingredients to reinvent the integrated circuit.''


As a host of new products use everything from real-time three-dimensional video to advanced voice recognition and instant biological diagnosis, the current difficulties in Silicon Valley will appear as bumps in the road. ``We haven't lost the fundamental ingredients that make us an innovation economy,'' says Doug Henton, president of Collaborative Economics in Mountain View. ``We still have the basic institutions, and the people haven't gone anywhere.''

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