Leasing News

Four score and seven years ago our fathers brought forth on this continent, a new nation, conceived in Liberty, and dedicated to the proposition that all men are created equal.

Now we are engaged in a great civil war, testing whether that nation, or any nation so conceived and so dedicated, can long endure. We are met on a great battle-field of that war. We have come to dedicate a portion of that field, as a final resting place for those who here gave their lives that that nation might live. It is altogether fitting and proper that we should do this.

But, in a larger sense, we can not dedicate -- we can not consecrate -- we can not hallow -- this ground. The brave men, living and dead, who struggled here, have consecrated it, far above our poor power to add or detract. The world will little note, nor long remember what we say here, but it can never forget what they did here. It is for us the living, rather, to be dedicated here to the unfinished work which they who fought here have thus far so nobly advanced. It is rather for us to be here dedicated to the great task remaining before us -- that from these honored dead we take increased devotion to that cause for which they gave the last full measure of devotion -- that we here highly resolve that these dead shall not have died in vain -- that this nation, under God, shall have a new birth of freedom -- and that government of the people, by the people, for the people, shall not perish from the earth.

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Boston, MA (big Patriots' fan) Senior Sales person, 15 years experience, strong vendor program background, middle market concentration Email:smillard27@juno.com

Senior level sales mgr./ extensive underwriting skills seeking an opportunity. Have experience in large ticket deals, middle market and international. Willing to relocate. I can help you thrive! Email:cilfinco@aol.com

30 years in transportation Finance with strong management/ sales background. Represented company on national & region markets. Started two successful operations- produce profits and growth. Email:mike.leonard@mindspring.com

WASHINGTON – Americans, taking advantage of free-financing offers and other incentives, increased their borrowing in July by the largest percentage in eight months.

The Federal Reserve reported Monday that consumer credit rose by a seasonally adjusted $10.8 billion in July from the previous month, a 7.6 percent annual rate.

The increase, largely on target with the advance some analysts were forecasting, left consumer borrowing at $1.72 trillion.

Free-financing deals and low interest rates have motivated consumers to spend and help the economic recovery, economists said. Rising home values and extra cash from the refinancing boom also are supporting consumer spending, they said. Those positive forces are helping to offset some negative factors, including the turbulent stock market, a sluggish job market and eroding consumer confidence.

July's 7.6 percent growth rate marked the biggest advance in borrowing since November.

"As long as free-financing, discounting and other incentives continue, we can expect to see consumers ringing up those cash registers and borrowing briskly," said Richard Yamarone, economist with Argus Research Corp.

Consumers play a key role in shaping the economy's recovery from last year's recession because their spending accounts for two-thirds of the nation's economic activity. "Apparently, the loan pillar of strength for the economy – the consumer – is not cracking," Yamarone said.

In July, demand for revolving credit, such as credit cards, rose by $6.5 billion, or at a brisk annual rate of 10.8 percent. That followed a smaller $3.5 billion increase and a growth rate of 6 percent in June.

For nonrevolving credit, which includes new cars and vacations, demand grew by $4.4 billion in July, or at an annual rate of 5.3 percent. That compared with a $5.3 billion increase, or a 6.4 percent growth rate, in June.

The Fed's report on consumers includes credit card debt and loans for autos, boats and mobile homes. It does not include loans backed by real estate, such as home mortgages or increasingly popular home equity loans.

In June, consumers increased their borrowing by $8.9 billion, a rate of 6.2 percent, according to revised figures. That was stronger than the Fed previously reported.

Hoping to keep the recovery moving forward, the Federal Reserve has help short-term interest rates at a four-decade low all year. Most analysts believe the Fed will leave rates unchanged when it meets next on Aug. 24.

WASHINGTON – Interest rates on short-term Treasury securities rose in Monday's auction.

The Treasury Department sold $16 billion in three-month bills at a discount rate of 1.645 percent, up from 1.610 percent last week. An additional $13 billion was sold in six-month bills at a rate of 1.635 percent, up from 1.580 percent.

Both the three-month and six-month rates were the highest since July 29 when the bills sold for 1.680 percent and 1.690 percent, respectively.

The new discount rates understate the actual return to investors – 1.676 percent for three-month bills with a $10,000 bill selling for $9,958.40 and 1.672 percent for a six-month bill selling for $9,917.30.

In a separate report, the Federal Reserve said Monday that the average yield for one-year constant maturity Treasury bills, the most popular index for making changes in adjustable rate mortgages, fell to 1.70 percent last week from 1.80 percent the previous week.

PHILADELPHIA----Resource America Inc. (NASDAQ:REXI) (the "Company") announced that a registration statement filed by Lease Equity Appreciation Fund I, L.P. (the "Fund"), an equipment leasing limited partnership sponsored by the Company's wholly owned subsidiary, LEAF Financial Corporation

("LEAF"), was declared effective by the Securities and Exchange Commission on Thursday, August 15, 2002.

The Fund's registration statement pertains to a public offering of a maximum of 500,000 units of limited partnership interest in the Fund. The Fund is a Delaware limited partnership that will seek to raise $50,000,000 to invest in a diversified portfolio of business necessary equipment and to lease the equipment to small and midsize companies.

The units will be marketed through a group of selling broker-dealers obtained by Anthem Securities, Inc., a subsidiary of Resource America, which is acting as the dealer-manager for the offering.

For more information and to obtain a copy of the prospectus, please contact LEAF at (215) 547-8176.

Resource America Inc. is a proprietary asset management company that uses industry specific expertise to generate and administer investment opportunities for our own account and for outside investors in energy, real estate and equipment leasing industries.

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Who doesn't want to lower costs, expand volume, and develop more effective ways of conducting business?

As a key decision maker for your company, you can't afford to miss the ELA Annual Convention, October 13-15 in San Francisco, where you will learn directly from those who have successfully improved their company's efficiency and productivity. Several of the many breakout sessions focus on these important issues. For example,

GE is widely recognized for driving its quality culture and successful business performance through the use of Six Sigma methodology. This session reviews how GE Vendor Financial Services uses Six Sigma in the leasing arena and how sharing its methods with customers produces strong mutual benefits.

Register for the ELA Convention by September 10 and you will be included on the pre-registration list of attendees posted on the ELA web site. Register online TODAY! http://www.elaonline.com/events/2002/AnnConv/

As a reminder, hotel reservations at the Marriott can be made on line. Cutoff date has been extended to September 17.

(Last day to register and to be included in the pre- registration list (form must be received by 2 p.m. EST.)

I thought your readers would appreciate the latest on our up coming Annual Conference and Expo in San Diego, October 3-5th.

We are very excited about our upcoming Annual Fall Conference in San Diego. As of this writing we are approaching 50 Exhibitors and have expanded our conference floor into a third space. Additionally we have some very exciting Speaker's in Mr. Scott Hunter - "creating partnership in the workplace" and Rear Admiral William E. Newman, U.S. Navy (Retired) a REAL Top Gun!

Both Members and non-members of UAEL need to register NOW to ensure a seat at this event! Rooms at the Sheraton Hotel and Marina will be going quickly so also make your room reservations by calling 1-877-734-2726. UAEL can take your reservation for the conference on line at UAEL.org! Or Call Bill Grohe at the UAEL office (510)-444-1235

¨ Legal Lounge - one-on one legal advice FREE (Answers to your California Tax issues!)

¨ Web Hanger - access your e-mail and the internet right on the conference floor

¨ "TOP GUN" Sales Professionals Moderated by Kit Menkin of Leasing News on Saturday Followed by

¨ "Characteristics of the Best Salespeople" - presented by Brad Peterson, Paul Meyer and Cindy Fleck - US Bancorp. Are you in the 20% - come and see!

Lets not forget the legal presentations, Bob Bakers Vendor Targeting Practice, and the Advanced Leasing Workshop by ACC Capital on Thursday for those in town early!

All in all the conference is shaping up to be a huge success, with events for all our members and their guests.

Time is short so make schedule your attendance and don't miss this opportunity to refresh and reinvigorate your business outlook.

timer ( members and non-members: ) $425. After Friday the 13^th, registration goes u to $875 and $750 for each additional employee).

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(Costs are always minimal as NAELB runs this on a “bare bones” budget. editor )

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(You made me laugh. The intention was for the website edition. The newsletter is a duplicate of what appears on line every day: www.leasingnews.org

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Wells Fargo & Co. has unveiled its new Web site, AutoXpress Lane connection, that will permit consumers to completely manage the purchase of an automobile, from beginning to end. AutoXpress will be part of WellsFargo.com and will direct consumers to an automobile Website developed and owned by Vehix.

The site allows consumers to do research on automobiles, shop, compare, purchase and finance any auto needs. The new Web site is an extension of Wells Fargo's auto services, following the launch of another auto site, Dealer Express Service, which is designed for auto dealers to manage their accounts on-line.

of press releases---more “insider news”, alerts, information, and entertainment

My sense is that many leasing companies are simply conditioned to accept 2-3 cents on the dollar for lease-returned equipment and repossessed equipment. They key is to get the equipment off the books and out of their sight. We offer a solution that accomplishes those last two goals with a much higher return due to selling it to end-users.

In today's market, insights that help you maximize revenue and cut expenses can be the difference between corporate life and death.

AuctionWatch is the World's largest independent provider of auction management solutions, automating twice the volume of merchandise sales as any other provider. Each month, tens of thousands of online sellers use AuctionWatch's leading suite of services to list over 2 million auctions to the eBay marketplace, accounting for $40 million in gross merchandise sales. Since the company's inception, online sellers have used AuctionWatch's sales management software to facilitate the sale of over $1 billion of merchandise. AuctionWatch partnered with eBay as the first eBay Preferred Solutions Provider (PSP) and is a licensed member of the eBay API program.

AuctionWatch's Asset Recovery Services (ARS) leverage the company's unparalleled expertise in the online auction channel by providing businesses with a full service solution for the sale of unused assets and/or excess inventory at the highest possible returns. In targeting the entire universe of end-users via eBay, the World's most liquid marketplace, AuctionWatch is able to return values to ARS clients that are significantly higher than those offered by traditional liquidators and/or live cry auction houses.

The AuctionWatch ARS team manages the entire sales process from start to finish. AuctionWatch arranges for the physical transfer of assets from the client to one of the company's warehouses, where the company's team of ARS Sales Engineers is

responsible for testing, preparing, and merchandising the assets. Once the assets are sold, AuctionWatch collects and verifies

payments and is responsible for all packaging and shipping. AuctionWatch then transfers the funds to the client, all in a timely

AuctionWatch charges a flat percentage all assets sold, ensuring that the company's interests are completely aligned with those

of our clients. AuctionWatch's low commission rate includes all sales and marketplace fees and there are no hidden costs.

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from other parts of Africa, it appears despite the seriousness of the Nigerian scam, something of a cult has developed around it in the West. There's at least one novel, one nonfiction book and one movie about it, according to the San Francisco Chronicle.

“...tongue-in-cheek Nigerian spam contest: Participants submit copies of the messages they've received, and the user with the most millions promised wins. It's at www.rantsinyourpants.com/spam_scam_contest.htm.

In the first round of the contest, which ran from January through June of this year, the winning total was $384.5 million. But the second-round leader has already racked up a total of $2.35 billion -- and the contest won't even end until Dec. 31.”

LENDX Changes Company Name to DETERMINE Software, Inc.; Leasing Contract Software Leader Executes Next Stage of its Strategic Initiatives

it appears they are primarily in the software business and will be re-classified

SAN FRANCISCO----LENDX, Inc., the leading provider of Leasing Contract Lifecycle solutions for Fortune 500 organizations, today announced the formal changing of the company's name to DETERMINE Software, Inc. (www.determinesoft.com). The new company name reflects the company's move beyond leasing marketplace solutions to providing full lifecycle contract management capabilities for the Fortune 500.

"LENDX has earned its reputation as the leading Leasing Lifecycle Contract Management provider by consistently executing quality, innovation, and breadth in its products," said Scott A. Martin - President and CEO of DETERMINE Software. "We have enabled our first 10 Fortune 500 customers to ensure a win in their negotiated "win-win" contracts. With our solution, they are able to determine whether they have entered into a good deal; determine whether to lease or buy; determine whether their vendors are in compliance; and determine whether corporate obligations are being met enterprise-wide. This name just makes sense."

"Lease contracts are probably the most complex agreements there are, and we have delivered a market-leading solution for managing the full lifecycle thanks to our unique DataFlex(TM) Architecture. Our solutions are built on an integrated business logic platform designed to capture and manage the most complex lease contract's data, content, and workflow."

DETERMINE has been aggressively and consistently executing its transition since early 2002. In the last two quarters alone, it has attracted new members to its senior management team, added a Professional Services organization, expanded its Lease Advisory Services team, revamped the Field Sales organization, signed new strategic alliances, accelerated the adoption rate of global customers, and significantly expanded its product offerings. "This is a company that is moving to the next level despite the difficult economic conditions we all face. The DETERMINE team has met and exceeded our expectations at every turn," said Erik Straser, DETERMINE Board Member and Partner at DETERMINE investor Mohr Davidow Ventures.

"Constant growth and expansion is fundamental to building a company for the long haul and will allow us to keep up with the ever growing requirements of the corporate customer," added Martin. "Our new name embodies our focus and the maturity of our solutions that customers have come to expect."

DETERMINE Software provides Fortune 500 companies contract management software and services solutions. It specializes in leasing contracts and offers a robust toolkit to develop customized solutions for all types of buy-side contracts. Founded in 1999, DETERMINE Software is headquartered in San Francisco. Its customers include Alcoa, Burlington, Chevron, ADP, The Hartford, and Cummins. For more information, visit http://www.determinesoft.com

News Briefs---

The Bay Area Rapid Transit (BART) extension to San Jose, California has gotten one step closer to becoming a reality after receiving federal approval on Monday, according to the Santa Clara Valley Transportation Authority. Once completed, the project would extend the BART line to the South Bay, with stops in Milpitas, San Jose and Santa Clara.

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Intel unveils faster chips

SANTA CLARA,CA - Intel Corp. plans to disclose new details this week about its latest designs for faster computer chips, even as the semiconductor industry's prolonged slump drags on with no immediate end in sight.

Hewlett Finds a Process to Make Chips Even Smaller

Researchers at Hewlett-Packard Labs have developed a manufacturing process capable of producing molecular-scale circuits vastly denser than today's most advanced semiconductor chips.

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PATRIOTS 30, STEELERS 14

Super start

Patriots christen their stadium and crown the Steelers to begin their title defense

By Nick Cafardo, Boston Globe Staff

FOXBOROUGH - Midway through the third quarter, the fans were singing, ''We are the champions ... of the world.''

A little too early to be singing, you say? Not on this night. The opening game of the Patriots' 2002 season was over by then, much to the disappointment of ABC's ''Monday Night Football'' crew but much to the joy of the partisan crowd.

The rematch of the AFC Championship game ended the way the one last January did - with the Patriots winners over the Pittsburgh Steelers, this time by a resounding 30-14 in front of 68,436 fans in the first regular-season game played at Gillette Stadium.

After a festive pre-game show - which included a coin flip by honorary captain and former President George H.W. Bush, and a grand Patriots entrance through a cloud of smoke - the 21/2-point favorite Steelers were left in the dust.

The Patriots wore down the Steelers with a spread-out offense that often included five wide receivers and an empty backfield. At one point, Tom Brady called 25 consecutive pass plays. He wound up completing 29 of 43 passes for 294 yards and three touchdowns.

''Charlie [Weis] came up with a great game plan,'' said Brady, who led the Patriots to 365 yards of total offense. ''We came up with a no-huddle, and that's tough on the defense from a conditioning standpoint. We got good performances from three guys we didn't have last year [Christian Fauria, Cam Cleeland, and Deion Branch].''

''We wanted to establish the run,'' deadpanned Bill Belichick. ''But, really, the players really played well. Pittsburgh was tough. We were lucky to get 10 points in the first half against them. You take whatever morsels you can. We were able to spread them out in the second half and we got some breaks.''

Fauria, Donald Hayes, and Branch caught touchdown passes from Brady.

Adam Vinatieri, another hero of the Super Bowl campaign, kicked field goals of 45, 28, and 27 yards.

The New England defense was aggressive and disruptive, picking off Kordell Stewart on each of Pittsburgh's first two series.

The Steelers were down by only 3 at halftime, but a stalled second-period drive that got to the 1 but ended with a missed 39-yard field-goal attempt seemed to take the starch out of them.

The Patriots won it with two strong possessions to start the third quarter.

After Kimo Von Oelhoffen sacked Brady for an 11-yard loss on the first series of the third quarter, Brady found a new target, Cleeland, for 8 yards before throwing down the right sideline to David Patten for a 37-yard gain over Brent Alexander, putting New England at the Pittsburgh 40.

Brady then hit Hayes with a quick toss to the left side, with Hank Poteat missing a tackle to spring him loose down the sideline. Hayes got a big block from Branch on Lee Flowers, and romped in for the touchdown, making it 17-7, Patriots, with 1:33 gone in the third.

From there, the Steelers stumbled into oblivion.

Jerome Bettis, held to 35 yards, busted through the middle for a 14-yard gain before coughing up the football for the first time in 760 rushing attempts. The ball was recovered by Victor Green, who had left the game earlier with a leg injury, but was Johnny-on-the-spot in giving the Patriots the ball at the Pittsburgh 49.

On Brady's 25th straight pass, he led Troy Brown beautifully down the left sideline, and Brown made the catch for a 19-yard gain.

The Steelers challenged the call, believing Brown's drag foot was out of bounds.

Before the video review could take place, the officials reversed the call, ruling the pass incomplete.

The Patriots then threw the sandbag on the field, challenging the call. And after a review, the pass was ruled complete.

The consecutive-pass streak ended there, as the Patriots ran it four straight times. They capped off the drive with a 22-yard touchdown pass from Brady to Branch (who led the Patriots with six catches for 83 yards), the rookie faking Deshea Townsend and going in for the score, making it a 24-7 Patriots lead.

With 2:08 remaining in the third quarter, Vinatieri's 45-yard field goal made it a 27- 7 rout against a Steelers team that looked beaten.

Stewart, who had thrown 10 career interceptions against the Patriots, started the game rattled. Simple as that.

Two of his three picks came at the hands of Terrell Buckley, re-signed to the team Thursday and activated just two days ago. His first pick, on the game's third play, gave the Patriots the ball at their 46-yard line. But that opportune field position went by the boards when the Pittsburgh defense saved Stewart with stout play. The Patriots went three and out.

The Steelers defense soon would be asked to perform the same feat a second time. One play after getting the ball back, Stewart made an poor throw right into the arms of former Steeler Mike Vrabel at the Pittsburgh 26. Vrabel returned the ball to the 20, from where Brady acted quickly and decisively, pump-faking left and throwing to Marc Edwards to the right for 11 yards. Three Steeler penalties put the Patriots at the 4, from where Brady finished off the drive by floating one to the right to a wide open Fauria, who took it into the end zone. It was 7-0 with 10:57 remaining in the first quarter.

The crowd exploded at seeing the first touchdown at Gillette Stadium, but the boisterous fans were silenced not too long after.

On the Steelers' next possession, they sustained a 74-yard drive on 10 plays. This time Stewart played it error-free. He threw downfield to Hines Ward, who drew a pass interference call on Ty Law. The 23-yard gain put the ball at the Patriots 49- yard line.

The Steelers did a little of this and a little of that as they proceeded downfield with diverse offense - a couple of Stewart draws, an 11-yard crossing pass to Ward, and completions of 10 yards to Antwaan Randle El and 8 to Ward. Stewart then tossed one quickly out to the left to Ward, who deked Law and ran around him into the end zone for a 13-yard touchdown pass. With 6:07 remaining in the first quarter, it was 7-7.

Neither team could do much on the ground in the first quarter. Bettis managed only 10 yards on five carries before taking a seat for Amos Zereoue. Antowain Smith gained 9 yards on four carries. Neither runner had a run longer than 6 yards.

Bettis returned midway through the second quarter to lead a very effective drive. He rambled 17 yards off right tackle to the Patriots' 49, the longest run of the game to that point. Stewart, who looked like a completely different quarterback following the second interception, showed no signs of having Belichick in his head.

He tossed to tight end Mark Bruener for 8 yards, then dropped back to pass and used his legs to run away from pressure for 10 yards to the 15. Stewart then went for whole enchilada, tossing a fade to Ward in the end zone. Once again, Law was flagged for pass interference, and the Steelers had the ball at the 1-yard line. But Pittsburgh started going backward, first called for a false start to negate a play on which Bettis went into the end zone. Stewart then was sacked by Tedy Bruschi for a1-yard loss to the 7. It got worse. Stewart threw what should have been a touchdown pass to Plaxico Burress in the end zone, but Burress couldn't stay in bounds.

The drive stalled amid a bizarre set of circumstances. Stewart tossed a pass to Chris Fuamatu-Ma'afala to the 1-yard line, but Fuamatu-Ma'afala was flagged for unsportamanlike conduct. That forced a field goal attempt. Todd Peterson's attempt was to be from 34 yards, but the Steelers were called for another false start, pushing the kick back 5 yards. From 39, Peterson, who replaced the embattled Kris Brown - who lost some games because of his ineptness last season - missed the chance to give the Steelers the lead.

The Patriots got the ball at their 29 and went to a spread offense, with five wide receivers. Brady attempted eight straight passes in a no-huddle offense - nothing longer than 11 yards. Two of the 11-yarders went to David Patten. When the Patriots were stopped at the Pittsburgh 27, Vinatieri booted a 45-yard field goal with 2:23 remaining to give the Patriots a 10-7 lead at the half.

KEY PLAY

On third thought

The Patriots faced third and 17 on their 48 and lined up with three wide receivers.

David Patten (86) split right, and Deion Branch (83) and Troy Brown (80) split left. Tight end Cam Cleeland (86) lined up as a wingback to the left. The Steelers blitzed cornerback Chad Scott (30), who was lined up over Brown. Cleeland stayed put in the backfield and picked up Scott's blitz, giving Tom Brady enough time. Brown, left to run free, sprinted downfield 20 yards, cut to the sideline, grabbed Brady's pass, and somehow stayed inbounds for a crucial first down. But not before the catch was called good, then ruled no good, and then the original call was reinstated after the Patriots challenged and the play was reviewed. Six plays later, Brady connected with Branch on a 22-yard touchdown pass to break the game open.

This story ran on page D1 of the Boston Globe on 9/10/2002.

E-Mail. You may subscribe by using the contact form at LeasingNews.org or by contacting me directly at kitmenkin@leasingnews.org.

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