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Kit Menkin’s Leasing News www.leasingnews.org Monday,
September 30, 2002 Accurate, fair and
unbiased news for the equipment Leasing Industry Friday’s Leasing News posted www.leasingnews.org
at 10:45am PDT ---------------------------------------------------------------------------- e-Mail Removal
Form: \http://65.209.205.32/LeasingNews/removalform.asp ---------------------------------------------------------------------------- Pictures from the Past
Classified Ads---- http://65.209.205.32/LeasingNews/JobPostingsWanted.htm Sales: Tustin, CA
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associates, Aggressive commission split, good working atmosphere. Stong funding
sources. Email:Bgriffith@socalleasing.com or 714-573-9804 Sales: Pleasant Hill, CA "UAEL" Brokerage firm with excellent funding sources seeks 2 sales
professionals for small ticket market. Aggressive commission split and
excellent sales support. No geographic restriction. Email:sgalop@sfccg.com Sales: Minneapolis, MN "NAELB" Establishing nationwide regional territories. Vendor/end
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Over-ride, benefits and generous compensation. Email: jgreenough@macarthurbc.com for full list, please
go here: http://65.209.205.32/LeasingNews/JobPostingsWanted.htm --------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------- This Week's Economic Events September 30 MONDAY Personal Income: August October 1 TUESDAY Construction Spending: August October 2 WEDNESDAY None October 3 THURSDAY Factory Orders: August Weekly Jobless Claims UAEL San Diego Conference October 4 FRIDAY Unemployment: September UAEL San Diego Conference ------------------------------------------------------------------------------------------------ Headlines--- West Coast ports to remain shut until tentative
bargain reached Equipment
Leasing Association S.F. Conference Over 1,000 registered CapitalStream
Makes the List #29-419% Growth Gary
Millhollon has left First Capital Group Nigerian
Letter looking to lease 1000 Laptops for the Ministry DVI
Reports $7.3 Million Fourth Quarter
loss Tyco
official built 2d house with $5m in loans from firm Ex-Tyco
Officials Avoid Jail After Bail Hearing Raymond
Leasing chooses CapitalStream's FinanceCenter Financial
Leaders Promise Action Streamlined
Sales Tax Project Report by
Dennis Brown, Equipment Leasing Association Bombardier
Announces Measures to Face Current Environment Plunging
revenues dangle states over a deficit ditch Top
Ten TV Shows September 16-22 #### Denotes Press Release _____________________________________________________________ West Coast ports to remain shut until tentative bargain reached (Leasing News has followed this story, while others said
the strike would not happen, but you could see from the talks this may lead
to federal intervention by President Bush, an increase of trucking traffic, and delays
in manufacturing and equipment for businesses produced overseas.) Christmas.) JUSTIN PRITCHARD, Associated Press Writer SAN FRANCISCO (AP) -- A labor dispute has closed all West Coast ports indefinitely,
halting the flow of billions of dollars worth of cargo destined for holiday
shopping shelves. The association representing shipping lines said Sunday evening
it would not order any new workers to the docks at 29 major Pacific ports
until the longshoremen's union agrees to sign and extend a lapsed contract. The labor crisis will ripple through the U.S. economy: Ports
that handle about $1 billion worth of cargo each day have fallen silent
at the peak of the Christmas import season as exporters struggle against
a flat economy. Pacific Maritime Association president Joseph Miniace called
the decision a "defensive shutdown." It came less than 12 hours
after longshoremen returned to the docks when shipping lines lifted a
36-hour lockout they imposed Friday soon after contract negotiations fell
apart. "I will not pay workers to strike," Miniace added. Both sides have agreed to meet Monday afternoon in San Francisco. Officials with the International Longshore and Warehouse
Union, which represents 10,500 dock workers, blamed shipping lines for
the meltdown. "This union is ready to go to work," Jim Spinoza,
union president and chief negotiator, said Sunday in Los Angeles, where
a handful of longshoremen picketed at the port. While the White House and Department of Labor did not offer
immediate comment, on Sunday night, the head federal mediator asked both
sides to come to Washington, D.C., for talks Thursday. Association officials
accepted the meeting date, but union officials did not immediately respond. The Federal Mediation and Conciliation Service's director
was in the San Francisco Bay area over the weekend to talk with both sides. The White House press office referred to spokesman Ari Fleischer's
remarks that federal mediators would be made available. "We urge
the parties to resolve the dispute," Fleischer said Saturday. The union has accused the Bush administration of meddling
in talks, which began in May and showed some signs of progress before
deteriorating. Over the Labor Day weekend, the union stopped approving
rolling extensions of the contract, which expired July 1. Association officials accused the union of deliberately disrupting
work Sunday by understaffing operations and dispatching workers who weren't
skilled at the jobs they reported for. "It's like a plumber showing up to roof your house,"
said Bill Niland, a manager for the association's San Francisco area. The association said as a result, productivity had "fallen
off the cliff" and chaos was the rule in ports from San Diego to
Seattle. The union had told its members to strictly obey all health
and safety codes -- a move union officials recognized would slow work
but was proper and necessary because the association was bargaining in
bad faith. West Coast ports handled more than $300 billion in cargo
over the past year. Over the weekend, about 30 ships had to moor outside
berths at ports in Los Angeles, Oakland and Seattle and Tacoma, Wash.,
the association said. Another 70 vessels weren't loaded or unloaded. That meant hundreds of millions of dollars worth of Pacific
Rim trade wasn't entering the domestic distribution chain. If the disruption lasts, the effects will mushroom, economists
have warned. Retailers would not have goods to sell at advertised fall
promotions. Exporters fear produce will rot. Assembly lines may stop production
as ordered parts fail to arrive. Talks finally crumbled last week over the question of how
to implement new technology on the waterfront. Longshoremen said they can accept short-term job losses from
increased efficiency, but the union wanted guarantees that positions created
by computer tracking systems would be union-covered. Shipping lines countered that trade increases will more than
offset job losses, but the union shouldn't have jurisdiction over every
new job that new technology produces. Meanwhile, on Sunday, the San Francisco union chapter --
historically one of the most militant -- told workers who normally report
to the same shipping terminal each day to instead begin at a dispatch
hall, where a lottery determines assignments. Experienced crane operators,
for example, ended up choosing other jobs and left less experienced co-
workers to operate the cranes. At Maersk terminal in Oakland, no operators took jobs on
three cranes to load the last few containers on a ship that was otherwise
ready to steam out. "They wanted us to come back like we were going to be
good little puppy dogs," Richard Mead, union local president, said
Sunday morning. "It doesn't work like that on the waterfront." By Sunday afternoon, four Oakland police cruisers blocked
the gate of the terminal next door, as a gathering of longshoremen who
said they had been expelled from their jobs around 2 p.m. picketed peacefully. ––– On the Net: http://www.ilwu.org/main.htm --------------------------------------------------------------------------------------------------- Equipment Leasing Association S.F. Conference Over 1,000
registered “Right now we have over 1,000 people registered, which includes
970 Leasing Execs and 115 spouses. We are still receiving registrations,
so we will probably end up with almost 1200 people.” Sally Sally Maloney SMALONEY@ELAMAIL.COM ELA 41st Annual Convention October 13-15 (Sunday-Columbus Day-Tuesday) San Francisco, California San Francisco Marriott "For the cost of a couple of on-site business calls,
we can communicate face-to-face with virtually everyone whom we consider
a customer or prospect." So says Richard Dunbar, EVP, Pullman Bank
& Trust Company, of why he attends the ELA Convention. He should know.
He's missed only one ELA Annual Convention since 1982! His attention has
paid off big time, both in terms of cementing existing relationships and
qualifying new prospects. The ELA Annual Convention, scheduled October 13-15, 2002
at the Marriott Hotel in San Francisco, California, is the most important
annual event that offers you the chance to spend time with so many key
equipment leasing and finance decision makers, keep current on industry
issues, learn about new opportunities and enjoy yourself! The ELA Annual Convention is the "first alert"
for: Who's doing what in the marketplace? Where are the opportunities?
Is business picking up? Perhaps Darrell Harmon, President, Alliance Capital Resources,
Inc. says it best: "I've attended every Annual Convention for as
long as I can remember, and I always come away with a broader understanding
of the issues facing the industry and a renewed excitement about the opportunities
that still exist in the leasing business." If both Darrell and Richard-key decision makers for their
respective companies-feel they need to be at the ELA Annual Convention....shouldn't
you be there as well? For more information on the Annual Convention, and to register
on-line, go to: http://www.elaonline.com/events/2002/annconv/ Remember you
can also make your hotel reservation at the Marriott online at the same
time! Attendees who register by October 3 will be included in the
final convention roster, the unofficial "Who's Who" of the leasing
industry. We urge you to register today. See you in San Francisco! Mike Fleming President, ELA http://www.elaonline.com/events/2002/annconv/images/mikesig.gif
---------------------------------------------------------------------------------------------- CapitalStream Makes the List #29—419% Growth Deloitte & Touche Announces Ranking of Fastest Growing
Technology Companies -- Top finalist experiences revenue gains of up to
180,450% SEATTLE--- Deloitte
& Touche announced its rankings
of the 2002 Washington State Technology Fast 50 winners. The Fast 50 is
a ranking of the 50 fastest growing technology companies in Washington
State. The Fast 50 and Rising Star winners were honored at an awards celebration
at Seahawks Stadium. During the award
ceremony, Larry Hile, Deloitte & Touche Technology, Media, and Telecommunications
Partner told the winners, "Tonight, we celebrate success. Your success.
And the positive influence each of you and your companies have made on
the many Washington communities represented here tonight. Your company
has risen above the masses and has achieved growth well above average
of your peer group." The Fast 50 and
Rising Star winners were selected based on revenue growth for technology
companies throughout Washington State meeting the Fast 50 criteria. Listed
below is the name of the company, its ranking, and the percentage of revenue
growth over the five or three year period. The Technology
Fast 50 company ranking for 2002 is as follows: 1 Cray Inc. 180,450% 2 ImageX, Inc.
64,807% 3 F5 Networks, Inc. 46,785% 4 InterNAP Network 11,135% 5 InfoSpace, Inc. 9,510% 6 Expedia, Inc. 8,004% 7 Pacific Edge Software 7,134% 8 Consumerware, Inc. 5,638% 9 Epoch Biosciences, Inc. 3,901% 10 The Cobalt Group
2,846% 11 Outcome Concept
Systems, Inc. 2,841% 12 Eden Bioscience
Corporation 1,810% 13 Envision Telephony,
Inc. 1,693% 14 Dendreon Corporation 1,643% 15 Targeted Genetics
Corporation 1,322% 16 WatchGuard Technologies
1,161% 17 ProCyte Corporation
991% 18 Fullplay Media
Systems, Inc. 758% 19 N2H2, Inc. 716% 20 Jetstream Software,
Inc. 711% 21 Validio Software,
LLC 564% 22 Microvision, Inc.
528% 23 Captura 504% 24 WatchMark Corporation
489% 25 RealNetworks,
Inc. 477% 26 Immunex Corporation
433% 27 Primus Knowledge
Solutions, Inc. 431% 28 Coinstar, Inc.
420% 29 CapitalStream 419% 30 Onyx Software
400% 31 Concur Technologies
380% 32 BSQUARE Corporation
329% 33 Corixa Corporation
304% 34 Advanced Digital
Information Corporation 291% 35 Physician Micro
Systems, Inc. 221% 36 Pacific Aerospace
& Electronics 220% 37 UltraBac Software
201% 38 ICOS Corporation
196% 39 Western Wireless
Corporation 182% 40 Mackie Designs,
Inc. 176% 41 Noetix Corporation
167% 42 Dexter + Chaney
146% 43 Insightful Corporation
139% 44 Microsoft Corporation
123% 45 GoAhead Software
118% 46 Diagnostic Ultrasound
Corporation 99% 47 North Creek Analytical
91% 48 Coastal Environmental
Systems, Inc. 89% 49 Click2Learn, Inc.
87% 50 eMedia Music
77% This year's Deloitte & Touche Rising Star winners include: 1 HouseValues, Inc.
12,454% 2 SonoSite, Inc.
346% 3 Knowledge Anywhere
146% To qualify for
the Fast 50, companies must have had operating revenues of at least $50,000
in 1997 and $1,000,000 in 2001, ($50,000 in 1999 and $1,000,000 in 2001
for Rising Star) must be public or private companies headquartered in
North America, and be "technology companies" defined as companies
that own proprietary technology which contributes to a significant portion
of the company's operating revenues and devotes a high percentage of effort
to research and development of technology. Winners of the
20 regional Technology Fast 50 programs in the United States and Canada
are automatically entered in the Deloitte & Touche Technology Fast
500 program, which ranks North America's top 500 fastest growing technology
companies. For more information on the Deloitte & Touche Fast 50 or
Fast 500 programs, visit www.fast500.com. About Deloitte
& Touche Deloitte &
Touche, one of the nation's leading professional services firms, provides
assurance and advisory, tax, and management consulting services through
nearly 30,000 people in more than 100 U.S. cities. The firm is dedicated
to helping its clients and its people excel. Known as an employer of choice
for innovative human resources programs, Deloitte & Touche has been
recognized as one of the "100 Best Companies to Work For in America"
by Fortune magazine for five consecutive years. Deloitte & Touche
refers to Deloitte & Touche LLP and related entities. Deloitte &
Touche is the US national practice of Deloitte Touche Tohmatsu. Deloitte
Touche Tohmatsu is a Swiss Verein, and each of its national practices
is a separate and independent legal entity. For more information, please
visit Deloitte & Touche's web site at www.deloitte.com/us. For more
information on the Technology Fast 50 and Fast 500 programs, please visit
www.fast50.com. --30--BRM/se* CONTACT: Deloitte
& Touche, LLP Maria
McDaniel, 206/215-4311 mmcdaniel@deloitte.com or Ron Rice,
206/233-7507 _________________________________________________________________ Gary Millhollon has left First Capital Group. I am sending this email to let you know that my business
email and phone numbers will be changing. Friday, Sept. 29 is my last
day as president of First Capital Group. I founded the company seven years ago, with my partner,
First State Bank. We sold it 2.5 years ago to First Banks of St. Louis. The sale was a win-win and I signed a non-compete agreement
with First Banks which has expired. First Banks wished to move the company
to St. Louis and I wanted to stay in New Mexico. Since I have been in the equipment leasing/financing business
for my entire 29 year career, I plan to start a new leasing company on
November 1. Between now and then, I will be setting up new offices, phones, emails, etc.
I will notify you of those very soon. Until then, if you need to reach me, you may call me at me
on my new cell number which is 505-710-5100. If you need to send me something,
you may send it to 9350 San Diego NE, Albuquerque, NM 87122, or email me at
home (gmillhollon2@comcast.net) . After Monday, any email sent to my old office address will
be forwarded to St. Louis. I look forward to continuing our business relationship. Please
do not hesitate to call if I can be of service. Sincerely, Gary Millhollon gmillhollon2@comcast.net Nigerian Letter looking to lease 1000 Laptops for the Ministry Dear Sir, I would like to make enquiries about your product. My company was awarded a contract to supply a computer &; Laptop for the ministry in Nigeria
and I want to know if possible for your company to supply me all the items in
a lease. I need to supply the Federal Government Of Nigeria and also I
would like to make enquiries about the total items I need to supply which 10,000 laptop and computers. Am waiting
for your quick response. Lease rate is not a problem. Regards BAKO ALI. nigeroffice@yahoo.com DVI Reports $7.3
Million Fourth Quarter loss DVI, an independent specialty finance company for healthcare
providers worldwide, reported its results for the quarter in their Friday
afternoon telephone conference. For the quarter ended June 30, 2002, the Company reported
a loss of $7.3 million net of taxes, or $0.50 per diluted share, compared
to net income of $5.8 million, or $0.38 per diluted share for the same
period last year. New loan origination and medical receivables commitments
for the fiscal year remained strong showing double-digit growth to a new
record $1.3 billion, up 19%. Growth in new business was evident across
all the business segments, with domestic equipment finance at $899 million,
up 19%, international at $180 million, up 13%, and business credit commitments
at $187 million, up 18%. Michael A. O'Hanlon, president and chief executive officer,
said business was getting better and he hoped the stock sales of his company
would reflect this. Additional information is available at www.dvi-inc.com. ---------------------------------------------------------------------------------------------------- Tyco official built 2d house with $5m in loans from firm By Jeffrey Krasner and Matthew Brelis, Boston Globe Staff ORTSMOUTH, N.H. - When Neil R. Garvey, the former president
of Tycom Ltd., was transferred from Morristown, N.J., back to New Hampshire
three years ago, he did not have to worry about buying a new house. Garvey had worked in New Hampshire for the Tyco International
Ltd. subsidiary before the New Jersey move and kept the 13-room home he
and his wife bought in Portsmouth in 1996. He and his family moved back
into the nearly 5,000-square-foot Colonial in 1999. But even though he had a place to live, Garvey took advantage
of a Tyco program that helped employees who are moving to sell their existing
homes and purchase new homes. Garvey borrowed a total of $5 million in
zero-interest and low-interest loans, and used the money to build an extraordinary
house on a nearly 8-acre parcel on Shapleigh Island, a small piece of
land in the Piscataqua River, about 4 miles from his other house. The house, which was completed this spring, is the largest
single-family home in Portsmouth, according to city building officials,
comprising 21,003 square feet, including the basement, decks and garages,
and measuring 149 feet end to end - half the length of a football field. Garvey's loans were disclosed in a lengthy report Tyco filed
with the Securities and Exchange Commission two weeks ago as part of an
ongoing internal probe into alleged abuse of company funds by former Tyco
chief executive L. Dennis Kozlowski and his two chief lieutenants, former
chief financial offer Mark Swartz and former general counsel Mark Belnick. The report barely mentions Garvey, stating only that he borrowed
$5 million in relocation loans, ''exceeding approved program guidelines
by $472,703,'' and that Tyco was seeking repayment of the entire amount
loaned to him. There is no mention that he owned a house when he returned
to New Hampshire. A company spokesman declined to say on Friday whether employees
who already own homes in places to which they are reassigned can borrow
money from the relocation program. ''We just want our money back,'' said
the spokesman, Gary Holmes. Garvey, through his lawyer, declined to comment. The lawyer,
Jayne S. Robinson, confirmed that Garvey used the loans to build the Shapleigh
Island house but said he had made ''appropriate use'' of the relocation
program. ''It would be wrong and misleading to suggest he was trying
to take advantage of the company,'' Robinson said. ''This was a relatively
commonplace, completely disclosed, perfectly known program. He used a
valid corporate program available to him.'' Robinson said that she was not familiar with the specific
guidelines of Tyco's relocation program but that Garvey should not have
been excluded simply because he already owned a house in Portsmouth. ''I'd
be amazed if there was anything in the guidelines that said it was inapproriate
because he already had a property there,'' Robinson said. But Leonard Greenhalgh, a professor at Dartmouth College's
Tuck School of Management, said borrowing company funds under such circumstances
goes far beyond what is considered reasonable assistance in most US companies
and underscores the culture of excess that prevailed at Tyco during Kozlowski's
tenure. ''Almost everything that is in the news about Tyco appears
unusual,'' Greenhalgh said. Tyco, in its SEC filing, included guidelines for separate
relocation programs created when the company reassigned employees from
New Hampshire to New York and Florida in the 1990s. The programs describe
typical relocation benefits that, among other things, reimburse employees
for the cost of selling a property or buy the property if the employee
cannot sell it. The programs also provided for loans to purchase a new
property, finance a down payment, or pay for temporary housing. The programs are silent on whether an employee can borrow
funds to acquire additional property, a scenario that Greenhalgh said
that ''in any context seems overly generous.'' Garvey joined Tyco in 1979 after he answered a newspaper
ad for an accouting clerk at the company's Simplex Wire and Cable subsidiary,
according to Robinson. By 1995, he had become president of the division,
which was then called Tyco Submarine Systems Ltd. The company, with operations
in New Hampshire, New Jersey, and Virginia, manufactured, installed and
maintained undersea communications cables. As CEO of a Tyco subsidiary, Garvey earned salary and bonuses
equal to many heads of independent companies. In 1999, according to the
company's proxy statement, he earned $2.86 million in salary, bonus and
stock awards. The following year, that amount grew to $2.93 million. In
2000, he earned $9.13 million, including a $7.2 million cash bonus, and
the following year he earned a $3 million cash bonus, according to company
filings. In 1997, Tyco asked Garvey to move to New Jersey, to be closer
to facilities in Morristown. Just a year earlier, in August 1996, Garvey
and his wife, Helen, had purchased their first house in Portsmouth, on
more than 3 acres of land, according to town and county records. Robinson, Garvey's attorney, said the couple kept the house
vacant when they and their two daughters moved to Mendham Township, N.J.
In November 1997, according to real estate records, the Garveys purchased
a home in Mendham for $1.5 million. Tyco officials said that company relocation
loans, since repaid, helped pay for the house. Occasionally, Robinson
said, Garvey would stay at his Portsmouth house when he was in New Hampshire
on business. In 1999, Robinson said, Tyco asked Garvey to return to New
Hampshire, and he and his family moved back that fall into the Portsmouth
house. The New Jersey home was sold in August 1999 for $2.3 million, according
to town records. Four months later, in December, Garvey and his wife bought
the Shapleigh Island property for nearly $3.3 million, according to town
records. An existing house on the property, built in 1795, was demolished
in April 2000 at a cost of $12,300, according to city building records. Robinson said that Garvey borrowed money under Tyco's relocation
program the following summer. She said he borrowed $2.7 million interest-free
and $300,000 at 6 percent interest. At about the same time, she said,
he borrowed an additional $2 million from Tyco at 6 percent. Garvey used
the loans to pay for acquisition and construction costs. Richard A. Hopley, Portsmouth's chief building inspector,
said Garvey's new house is by far the largest single-family home in the
city and required a record 11 building permits. Hopley's inspection notes as the project progressed reflect
his admiration for the quality of construction and his awe at its sheer
size. ''This foundation is substantial!'' he wrote on Aug. 6, 2000. In
January 2001, when carpenters were starting to frame the structure, he
wrote, ''Wow, lots of wood!'' Among the 19 rooms in the house, according to architectual
drawings filed with the city, is a laundry room measuring 14-by-16 feet
(there is also a smaller laundry area on the other side of the house),
a craft room, a walk-in cedar closet, a flower potting room, a game room,
and an exercise room. The rendering shows a dining room table that seats
18. This spring, after more than two years, the house was finished.
Garvey sold his first Portsmouth home for $680,000, according to city
records. The City of Portsmouth issued a formal occupancy certificate
for the new home on June 28. Less than three weeks later, on July 19, Garvey left Tyco.
Robinson said that Garvey and the company reached an ''amicable parting
of the ways'' and that his severance package is still being negotiated. Robinson said Garvey has repaid the $2 million loan from
Tyco, with interest, and $1 million on the $3 million loan. Even though
the balance of that loan isn't due for several years, Robinson said, he
plans to repay the amount shortly. ''We don't want there to be any implication that there was
something wrong done,'' Robinson said. __________________________________________________________________
Ex-Tyco Officials Avoid Jail After Bail Hearing A Wall Street Journal Online News Roundup A judge declined to jail two former executives of Tyco International
Ltd. following a hearing to determine whether the bail money they posted
came from proceeds of their alleged crimes against the company. Manhattan State Supreme Court Justice Michael Obus decided
to accept the bail already posted last week by former Chief Executive
L. Dennis Kozlowski but rejected the bond secured with shares of Tyco
stock posted by former Chief Financial Officer Mark Swartz. Meanwhile, the chairman of Tyco's compensation committee
defended the board's handling of a severance package with Swartz. But
Stephen Foss said he didn't know prosecutors had supposedly warned Tyco
officials only two days before the severance deal was approved that Swartz
was under investigation for serious crimes. Judge Obus said he was satisfied that the $10 million cash
posted by Kozlowski's former wife, Angie, on his $100 million bond was
part of their divorce settlement. In the case of Swartz, the judge said the defense hadn't
yet proven that the stocks were unrelated to any criminal activity. Swartz
was given more time to argue his case. "The court is not satisfied
that the stock offered here is acceptable," Judge Obus said. Charles Stillman, Swartz's lawyer, said his client received
the stock he posted when he first joined Tyco. Judge Obus gave Swartz
until Oct. 11 to offer more conclusive proof that the money isn't tainted.
Kozlowski was ordered to appear for a status hearing Nov. 7. The hearing was called Friday (9/27/02) because prosecutors
had contended that the men's bail packages came from criminal activity. Kozlowski and Swartz have been indicted by New York prosecutors
on wide-ranging charges that they stole more than $170 million from Tyco
in unauthorized compensation and illegally reaped an additional $430 million
from stock sales. Both have pleaded not guilty. Prosecutors earlier this month filed criminal charges against
the men after the Securities and Exchange Commission accused them of hiding
huge loans and other money they allegedly took out of Tyco. The SEC said Kozlowski used $242 million from an employee
loan program, established to help workers buy Tyco stock, to pay for yachts,
fine art, jewelry, luxury apartments and vacations. Kozlowski already had been indicted in June on charges of
evading New York sales taxes on $13 million in art, including works by
Renoir and Monet. He resigned from Tyco in June, a day before being indicted.
He has pleaded not guilty in that case. A third executive, former general counsel Mark Belnick, was
charged with falsifying business records to cover up $14 million in improper
loans. Robert Morgenthau, the New York District Attorney, was quoted
in the New York Post Friday as saying his investigators informed Tyco
officials on Aug. 12 -- two days before the board approved the severance
package -- that Swartz was under investigation for "substantial"
thievery. Prosecutors recommended the company fire Swartz immediately,
Morgenthau said. Foss, a Tyco director since 1983, said through a spokesman
Friday that he "absolutely" had not been told of any meeting
with prosecutors. "Whatever information the Manhattan DA told Tyco
officials was not shared with Steve Foss," the spokesman said. The assertion raises questions about whether Tyco executives
and attorneys gave board members full information before presenting them
with the severance deal for Swartz. In an interview, Foss generally defended the severance package
as appropriate and in the best interests of Tyco shareholders. Foss also
said he was generally aware Swartz was under investigation by the Manhattan
DA at the time the deal was struck, but wasn't aware he was likely to
be indicted. Foss said the company hurriedly requested a meeting of the
four-member compensation committee on Aug. 14, and presented the committee
with a severance deal for Swartz. The arrangement, Foss said, had been
negotiated by attorneys at Boies, Schiller & Flexner LLP, at the behest
of new Chief Executive Officer Edward Breen, who wanted to replace Swartz
as quickly as possible. "The compensation committee didn't negotiate it,"
Foss said, "We were given a presentation and either had to accept
or reject it." Under the agreement, Swartz received, among other things,
$9.1 million in a lump-sum severance deal, plus $24.5 million from an
executive life insurance plan and $10.4 million from a deferred compensation
plan. Foss said the $9.1 million Swartz was paid in the lump sum
severance was substantially less than he was due under an employment agreement.
The deferred compensation and life insurance sums, he said, "were
always his," and had been approved by the board and previously disclosed
to shareholders. Foss also pointed out that, under the severance deal,
Tyco has the right to seek repayment of the money through arbitration. In addition, Foss said that he had changed board procedures
in early 2002 so that the entire board would have to vote on any compensation
arrangement, not just the compensation committee. He said the entire board
voted to approve Swartz's deal. Tyco, based in Bermuda but run from Exeter, N.H., makes everything
from coat hangers to security systems and medical devices. Earlier this
week, Tyco slashed earnings forecasts for the current fiscal fourth quarter
and the next fiscal year, and said the scandal- plagued conglomerate would
take a write-down of between $2 billion and $2.5 billion on its TyCom
optical-fiber operation. ------------------------------------------------------------------------------------------------- ### ######################################### ############## "Raymond Leasing chooses CapitalStream's FinanceCenter
to Link with LeasePlus" CapitalStream provides an efficient high-tech, low touch
approach for Raymond Leasing Seattle, WA - - CapitalStream
(www.CapitalStream.com), a Seattle-based provider of business and commercial
credit automation technology for the Financial Services Industry, today
announced Raymond Leasing Corporation as its newest customer to implement
FinanceCenterä, CapitalStream's flexible technology platform. Raymond Leasing chose CapitalStream's solution
to increase operational efficiencies and to improve customer service and
satisfaction. Raymond will now have the ability to generate, deliver, and
store quotes and proposals. They
will also be able to standardize origination while maintaining the flexibility
to customize programs, pricing, and documentation, by equipment type or
at the dealer level. FinanceCenter
will provide a single point of integration to third-party providers and
their portfolio management platform, LeasePlus, thereby streamlining the
company's transaction processing time, reducing operating expenses, and
improving the customer experience. CapitalStream's
FinanceCenter is also scalable, allowing for future growth and expansion
without additional IT requirements. Darlene Harrington, Raymond Leasing Corporation's Lease Marketing
Manager said, "The CapitalStream solution will improve our entire
lease origination life-cycle. CapitalStream's
technology will standardize the lease quoting and origination process
that will make our organization more efficient and our resources more
effective." - more - Raymond Leasing Corporation Selects CapitalStream
"We are dedicated to helping companies like Raymond
Leasing streamline processes, reduce operation expenses, and improve customer
service and satisfaction," says Jeff Dirks, president and COO of
CapitalStream. "CapitalStream's
FinanceCenter technology platform provides a single point of integration
that creates significant efficiencies within a company's business and
commercial credit processes, resulting in greater profitability."
By providing the tools to better manage credit risk, reduce
costs, and attract new business by automating manual processes for leases,
loans, cards and lines, CapitalStream has enabled many financial services
companies to continue to improve their customer service, satisfaction,
and retention. About Raymond Leasing Raymond Leasing Corporation is a wholly owned subsidiary
of The Raymond Corporation. Raymond
is a global leader, manufacturing a full range of pallet handling and
orderpicking solutions including pallet trucks, walkie stackers, orderpickers,
counterbalanced, reach and Swing-Reach trucks. Since 1970, the people at Raymond Leasing have
been meeting the needs of a broad range of companies that use Raymond
equipment. Raymond's goal is always
to create a lease contract that answers the financial and operational
needs of their customers. About CapitalStream Seattle-based CapitalStream delivers business and commercial
credit automation solutions for the financial services industry. CapitalStream's
FinanceCenterä provides tools to better manage credit risk, reduce costs,
and attract new business by automating manual processes for leases, loans,
lines and cards. CapitalStream,
an established industry leader, has helped hundreds of financial organizations
increase their competitiveness, customer service and profitability. Jennifer Fox CapitalStream 206.548.1651 ############ ############################################# Financial Leaders Promise Action By Harry Dunphy Associated Press Writer WASHINGTON –– Top financial leaders ended their weekend meetings
by promising action to prevent plunging stock markets from derailing the
global economy's fragile recovery and vowed to draw up a plan to help
bankrupt nations by April. The leaders completed their meetings without major protests
in the streets or disagreements in the meeting hall. The head of the International Monetary Fund, Horst Koehler,
said the agreement to advance the bankruptcy proposal was a major achievement
for this year's meetings of the 184-nation IMF and its sister lending
institution, the World Bank. "This is a kind of breakthrough...There is a recognition
that there is a gap in the international financial architecture,"
Koehler told a concluding news conference. Delegates at the final session Sunday approved a recommendation
that the IMF develop in six months measures that would allow nations in
financial crisis to essentially declare bankruptcy and force creditors
to negotiate more lenient repayment terms. The idea already has generated stiff opposition from international
banks, which want to be repaid in full on the billions of dollars they
have loaned developing countries and some emerging market countries don't
like the proposal because they fear it will increase the cost of loans. During the weekend meetings the financial leaders voiced
a mixture of concern and optimism over some of the world's most troubling
economic problems– crises in Argentina, Brazil and Japan. Threats to shut down the U.S. capital and disrupt the IMF-World
Bank meetings went unfilled Sunday as three days of demonstrations wrapped
up much the way they started– with smaller than expected, peaceful gatherings. But protesters said needed attention was drawn to those seeking
more money for global AIDS research, calling for changes in world economic
policies including debt relief for poor countries and opposing war with
Iraq. Police had prepared for as many as 20,000 demonstrators.
During the largest event on Saturday, several thousand protesters filled
five city blocks as they shouted opposition to policies of the two lending
institutions, using puppets and banners to display their unhappiness. Koehler and World Bank President James Wolfensohn said that
the protesters didn't realize that both institutions have become more
responsive to the needs of poor countries. But both officials conceded that more needed to be done to
narrow the gap between rich and poor nations in which 15 percent of the
world's population controls 80 percent of the world's income. "Today more and more people are saying that poverty
anywhere is poverty everywhere, and their voices are getting louder,"
Wolfensohn told the delegates Sunday. "Their demand is for a global
system based on equality, human rights and social justice. It must be
our demand too." At the concluding news conference, Wolfensohn listed World
Bank initiatives the World Bank is undertaking to improve drinking water
in poor nations, educate millions of children not now in school and combat
the HIV/AIDS pandemic. "We have to stop philosophizing and get on with the
tasks," Wolfensohn said. Finance officials conceded that their job of promoting prosperity
was being made harder by the sluggish global economy. This year's recovery
has been weaker than expected because of continued stock market plunges
in the United States and many other nations. Argentina was forced into a record default on government
debt last December and Brazil has seen its currency plunge to record lows
in the past week over rising investor fears that Latin America's largest
economy will soon default on its debt in spite of a record $30 billion
loan approved by the IMF in early September. Billionaire investor George Soros said Sunday in an interview
on ABC that even though this possibility is rising IMF officials were
"asleep at the switch" and doing too little to avert a debt
default which could he said could have serious repercussions on American
banks with loans to Brazil and American companies with plants in the country. Finance officials, in a string of speeches during the final
day of discussions, struck a more positive tone, declaring that the United
States, Europe and Japan had all committed during the weekend meetings
to attack structural problems in their individual countries that were
holding back growth. Treasury Secretary Paul O'Neill told the delegates that "the
United States is doing its part" to promote a global recovery and
he expected the world's largest economy would return to solid growth of
3 percent to 3.5 percent "over the course of the coming year." ---------------------------------------------------------------------------------------------- Streamlined Sales Tax Project Report by Dennis Brown, Equipment Leasing Association The Streamlined Sales Tax Project (SSTP or Project) met in
Milwaukee September 26-27. Progress
toward adoption of sourcing rules for leasing was the main focus of the
Equipment Leasing Association. The next Project and Implementing States
meetings are scheduled at the Chicago Hyatt Regency O'Hare on November
12-13. This update covers: - Lease Sourcing Progresses - Digital Property - Certification of Proprietary Tax Systems - Celebratory Event Lease Sourcing Progresses The lease-sourcing proposal passed out of the workgroup and
was presented to the full Project. The
next step is circulating the proposal to Project states before a vote.
If approved by the Project, the lease-sourcing rule would move
to Implementing States for consideration as a provision of the Interstate
Agreement sent to state legislatures. An unintended consequence of the current sourcing rule is
states are expected to lose money now collected from leasing when they
adopt the Streamline legislation. Moreover, lessors face the prospect
of unmanageable sales tax sourcing administration problems on some moveable
equipment. The leasing industry and state revenue officials
both face a predicament in gaining a vote on lease sourcing when the first
edition of the Interstate Agreement is approved by Implementing States
in November. It must first be
approved by the Project but the next Project meeting is after the vote
by Implementing States Delegates. An
SSTP vote by teleconference in October is one possible way to resolve
the impasse. Digital Property The digital property definition has been amended to remove
prewritten computer software since it has been incorporated into the definition
of tangible personal property. Additional
public comment is requested and the workgroup will deal with the issue
again in November. In current
form, the definition reads as follows: 1. "Digital
Property" means a product, other than prewritten computer software,
expressed in binary digits capable of being processed by a computer and
delivered or accessed electronically.
Digital property is broken down into the following two categories: "Digital equivalent of tangible personal property"
means digital property delivered or accessed electronically that would
be tangible personal property if transferred on a tangible storage media. "Digital equivalent of a service" means a digital
property delivered or accessed electronically that would otherwise be
considered a service. 2. Digital property
is subject to exemption or taxation in the same manner as its tangible
personal property or service equivalent. Certification of Proprietary Tax Systems There are 4 models envisioned for administering sales tax
under the new Streamlined system. Model
3 intended to certify large proprietary systems will be revised. Model 1 establishes a Certified Service Provider (CSP) as
an agent to perform all sales tax functions for you. The CSP determines
the amount of tax due, pays tax to the states, and files state returns.
The Project intends CSP services to be free to business, as states will
compensate a CSP agent. Under
Model 2 a retailer/lessor selects a Certified Automated System (CAS) to
perform only one part of its sales tax administration functions, the calculation
of tax due on a transaction. Model 3 allows your proprietary system to become a CAS.
This model accommodates large retailers or lessors that have developed
sophisticated computerized sales tax administration systems. Model 4 is
current practice. Retailers and lessors that do not find the use of a
CSP or a CAS relevant or beneficial can continue to calculate, pay, and
report sales tax under their current procedures. They will nevertheless
adhere to new uniform definitions and rules resulting from adoption of
Streamline legislation. Businesses choosing to have their current operations gain
sanction as a CAS under Model 3 want assurance transactions processed
through their systems will match results of transactions handled by a
CSP under Model 1 and CAS under Model 2.
Otherwise, their system might be deemed out of compliance during
audit and the level indemnification against errors jeopardized.
Central to these discussions are two matrixes to be prepared by
states. The first designates all
exempt and taxable products whether or not defined by the Project while
the second provides sourcing geo-codes with tax rates. Daily coding and mapping required by some businesses makes
them apprehensive about turning over sales tax functions to a CSP under
Models 1 and 2. Uncertainties
that their proprietary system meets CAS standards gives them concern about
selecting Model 3. The Project
had previously given assurances that Project staff visiting their facilities
to examine test and certify proprietary systems would approve Model 3
volunteers. This concept has been abandoned due to cost. The Project will
instead develop procedures allowing these self-supporting systems to handle
transactions in the same manner as CSP's. In Milwaukee, SSTP conducted
discussions with potential CAS businesses led by major national retailers
to begin developing common procedures for them to obtain CAS status. Celebratory Event The Project meeting was capped with a celebratory evening
organized by Project Co-Chair Dianne Hardt, Wisconsin Department of Revenue
to review momentum that has brought the Project to the final steps before
approval of the Interstate Agreement by Delegates to Implementing States
in November. "The Streamlined Journey from March 2000 to September
2002" was the theme as the Equipment Leasing Association joined others
in offering tribute to retiring Co-Chair Charles Collins, Jr., Director,
Sales and Use Tax Division, North Carolina Department of Revenue.
His evenhanded approach to concerns expressed by business has been
a major factor in continuance of the Streamlined Sales Tax Project. Dennis Brown DBROWN@ELAMAIL.COM Equipment Leasing Association ### ################################################## Bombardier Announces Measures to Face Current Environment MONTREAL----Bombardier(TSX:BBD.A) (TSX:BBD.B.): -- $5 billion reduction
in assets under management at Bombardier Capital -- Adjustments to
cost structure in aerospace sector Bombardier announced measures
to reduce the debt of Bombardier Capital, to align its aerospace cost
structure to the business aircraft market and, as a result, to increase
its financial flexibility to face the current uncertain economic environment. Bombardier intends to reduce Bombardier Capital's assets
under management by approximately $5 billion, mainly through the sale
and gradual wind-down of the receivable factoring portfolios for Bombardier's
manufacturing sectors, as well as the business aircraft financing portfolios.
Bombardier Capital will concentrate on inventory finance, railcar leasing
and interim financing for Bombardier Aerospace regional aircraft. Proceeds from the sale and gradual wind-down of the receivable
factoring and business aircraft financing portfolios will be applied to
the reduction of Bombardier Capital's debt. These transactions will be
conducted in an orderly fashion and will be spread over a period of several
months. Bombardier Aerospace simultaneously announced it will reduce
its cost structure and employment levels. The workforce reduction entails
the laying off of 1,980 people or about 6% of Bombardier Aerospace's entire
workforce. It concerns all levels of employees and will affect all Bombardier
Aerospace production sites in Canada, the United States and the United
Kingdom.(1) "The measures we have put in place today, once they
are carried out, will enhance Bombardier's financial flexibility in the
context of the uncertainties of this unpredictable economic environment,"
observed President and CEO Robert E. Brown. While recognizing that circumstances or events outside its
control may occur, Bombardier maintains its financial targets for the
current financial year, regardless of the sale and gradual wind-down of
the Bombardier Capital portfolios. Maintaining these targets also takes
into account the good performance of the transportation and recreational
products sectors. Bombardier Inc., a diversified manufacturing and services
company, is a world-leading manufacturer of business jets, regional aircraft,
rail transportation equipment and motorized recreational products. It
also provides financial services and asset management in business areas
aligned with its core expertise. Headquartered in Montreal, Canada, the
Corporation has a workforce of some 80,000 people in 24 countries throughout
the Americas, Europe and Asia-Pacific. Its revenues for the fiscal year
ended Jan. 31, 2002 stood at $21,6 billion. Bombardier trades on the Toronto,
Brussels and Frankfurt stock exchanges (BBD, BOM and BBDd.F). CONTACT: Bombardier Inc. Dominique Dionne, 514/861-9481 ############ ################################################### ----------------------------------------------------- Plunging revenues dangle states over a deficit ditch Some expect budgeting decisions to get tougher By Sue Kirchhoff, Boston
Globe Staff WASHINGTON - Oregon legislators staggered home earlier this
month after wrapping up a record fifth special session to balance the
state's budget. Maryland's deficit for next year, already forecast at
$1.3 billion, is expected to climb. California public universities are
bracing for major spending cuts. Across the country, state revenues have plunged during the
past year, leaving lawmakers and governors with an estimated $50 billion
shortfall. The decline, due largely to a falloff in tax revenues from
capital gains, interest, and dividend income, has been far greater than
expected given last year's modest recession and recent stock market turmoil. While much of the revenue hit has been absorbed with one-time
fixes, like dipping into rainy-day funds, such moves simply deferred the
pain. States could be stuck in a deficit ditch for years - even if the
economy accelerates - since growth in tax receipts generally lags a business
rebound by 12 to 18 months. Further, experts warn that the revenue drop,
the sharpest in decades, is part of a bigger, chronic problem. ''From here on, the decisions are going to be tougher, a
lot tougher. [States] are either going to have to [cut] health care in
a major way, or education, or enact a broader tax increase,'' said Ray
Scheppach, executive director of the National Governors Association. ''It's
not a one-year blip.'' Scheppach said the recession and revenue fall came on top
of a more serious, long-term crisis. Most states operate under a tax system
built for a 1950s manufacturing economy that has not kept up with the
shift to a service-based system. In addition, health care costs are exploding again. That
has put tremendous pressure on the state-federal Medicaid health program
for the poor, elderly and disabled, which accounts for about 30 percent
of all state spending. Massachusetts is already up to $350 million in the red in
the current budget year, which started this summer, because anticipated
revenues have not materialized. The state this spring raised $1.24 billion
in fees and taxes and cut spending by hundreds of millions of dollars. ''Because this is an election year, a lot of good data on
the revenue shortfalls is not going to be released for a couple of months,''
said Scott Pattison, executive director of the National Association of
State Budget Officers. Still, he said 16 states have reported deficits
for fiscal 2003, which started in most states in July. Nearly every state, by law, must balance its budget. State
bond ratings are also tied to fiscal performance. In the latter part of
the 1990s, state budget officers had a relatively easy time thanks to
a glowing economy that allowed legislatures to cut taxes by about $36
billion, increase spending, and sock away $48 billion in rainy- day funds.
No more. ''In the late 1990s especially, states increased their spending
at a pretty good pace, but they also cut taxes at a pretty good pace.
Conservatives say [budget problems are] because you increased spending,
and liberals because you cut taxes too much,'' said Nicholas W. Jenny,
senior policy analyst at New York's Nelson A. Rockefeller Institute of
Government, which analyzes state fiscal trends. ''This budget gap didn't arise because spending outpaced
revenues, it arose because revenues went away,'' Jenny said. Faced with an unwelcome shift from prosperity to parsimony,
governors have tried to avoid tax increases. States have made up $15 billion
of the overall shortfall through budget cuts, another $15 billion by drawing
down rainy-day funds and about $3.6 billion through tobacco tax and other
revenue raisers, Scheppach said. Governors have asked Congress for help, but Washington faces
its own fiscal problems. The federal budget is expected to be in deficit
at least through 2005, partly due to the same revenue problems facing
the states. Maine Senator Susan Collins, a Republican, is part of a bipartisan
coalition that pushed an amendment through the Senate this summer to give
states $6 billion in extra Medicaid funds and $3 billion for other social
programs. The proposal has since been scaled back and it is unclear whether
it will clear Congress. Health care groups are nervously eyeing the situation. States
expanded Medicaid during the 1990s to cover more working poor families
and children. There are concerns that those additions to the program,
which covers 47 million people, are in jeopardy. ''There is a risk that we will lose some of the gain,'' said
Victoria Wachino, assistant director of the Kaiser Commission on Medicaid
and the Uninsured. ''In the early 1990s, states and the health care system
overall, turned to managed care as the silver bullet to bring costs down.
That seemed to work [awhile, but] now there is nothing on the horizon.'' The Kaiser Commission found 45 states had made trims in Medicaid
and 41 planned more cuts. Most states are cutting payments to providers
or trying to control drug prices, though some have already scaled back
eligibility. While health care costs have been growing in both the public
and private sectors, Medicaid takes a double hit during recessions. Eligibility
for the program is based on income, meaning more people qualify during
a downturn, pushing costs up. Education, another big item in state budgets, is beginning
to feel the sting. Some states have scaled back summer school. Arizona
has looked at using state education funds to help reduce a $1 billion
budget gap. California public universities, like other state agencies,
are being asked to plan for future cuts of up to 20 percent. ''Education is slated to be cut in about 12 to 14 states
- this number is fluid, it's constantly changing,'' said Dan Fuller, director
of federal programs for the National School Boards Association. The budget trend may have a political fallout as well. ''I think there will be a little bit of an anti-incumbent
mood,'' said Scheppach. ''No one could have seen the magnitude of this
problem ... still it will affect them because some governors have been
forced to cut health care or education.'' Sue Kirchhoff can be reached at
kirchhoff@globe.com. Top Ten TV Shows September 16-22 For the week of Sept. 16-22, the top 10 shows, their networks
and ratings: ``Emmy Awards,'' NBC, 13.5; ``Survivor: Thailand,''
CBS, 13.2; ``Monday Night Football:
Philadelphia vs. Washington,'' ABC, 11.8; ''8 Simple Rules
for Dating My Teenage Daughter,'' ABC, 11.0; ``Life With Bonnie,''
ABC, 10.5; ``Law & Order,''
NBC, 10.3; ``CSI: Crime Scene
Investigation-Monday,'' CBS, 9.5; ``NFL Monday Showcase,''
ABC, 9.5; ``CSI: Crime Scene
Investigation,'' CBS, 9.3; ``Friends,'' NBC,
9.3. NBC's ``Nightly News'' won the evening news ratings race,
averaging 9 million viewers (6.6 rating, 14 share). ABC's ``World News
Tonight'' had 8.8 million viewers (6.3, 14) and the ``CBS Evening News''
had 7.7 million (5.6, 12). A ratings point represents 1,067,000 households, or 1 percent
of the nation's estimated 106.7 million TV homes. The share is the percentage
of in-use televisions tuned to a given show. On the Net: Nielsen Media Research Web site: http://www.nielsenmedia.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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