Headlines---

    TCF Launches 'TCF Totally Free Online' Banking Service

      Comdisco Announces Third Quarter Financial Results

        The Financial Resource Conference Extends Registration Deadline

              Captive Lessors

                Monday “Viri” Report

 

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Atlanta, Georgia Conference  End of August

 

John Semon extends deadline for registration to

Conference. 

 

To see who has registered, go to:

 http://www.lessors.com/cgibin/webdata_at.cgi

 

ATTENDEE REGISTRATION FEE

1st Attendee Registration -  $775

Subsequent Attendee Registration(s) Within Same Company -  $675

Attendee Registration is limited and subject to availability.

 

The Financial Resource Conference | Overview

August 28-30, 2001

The Ritz-Carlton, Buckhead

Atlanta, GA

 

 

 

 

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Comdisco Announces Third Quarter Financial Results; Company On-Track With Strategic Asset Divestitures and Reorganization Timeline

 

 

ROSEMONT, Ill--Comdisco, Inc. (NYSE:CDO) today reported operating results for the third quarter ended June 30, 2001.

 

Operating Results: For the third quarter ended June, 30, 2001, Comdisco reported a loss from continuing operations of $168 million, or $1.10 per common share, compared with earnings from continuing operations of $50 million, or $.31 per common share, for the year earlier period. These results include charges for additional reserves for Comdisco's Ventures and telecommunications portfolios of $161 million and exclude Availability Solutions, which has been recorded as discontinued operations because of the pending sale of the business to Hewlett-Packard Company for $610 million. The current period loss resulted primarily from these additional reserves, the lower contribution from the company's equipment remarketing efforts, and reduced equity-related gains in Comdisco's Ventures group. Overall, the company had a net loss of $164 million, or $1.08 per common share, compared with net earnings of $17 million, or $.10 per common share, for the prior year period. Total revenue for the quarter was $585 million, compared with $810 million for the prior year period.

 

For the nine months ended June 30, 2001, Comdisco reported a loss from continuing operations of $94 million, or $.62 per common share, compared with earnings of $154 million, or $.95 per common share, for the year earlier period. Overall for the nine months, the company had a net loss of $130 million, or $.86 per common share, compared to net earnings of $101 million, or $.62 per common share, for the prior year period. Total revenue for the nine months was $2.2 billion, versus $2.5 billion for the year earlier period.

 

Explanation of charges: Given the continuing decline in the economic environment for venture capital-backed companies, Comdisco determined that approximately $137 million of additional reserves for its Ventures portfolio were required in the third quarter of fiscal 2001. In addition, due to the rapid, widespread decline in equipment values within the telecommunications market, Comdisco recorded an additional $24 million of reserves for its telecommunications portfolio.

 

Comdisco's third quarter results were also adversely affected by a slowdown in remarketing, higher borrowing costs, significantly lower contributions from the sale of warrants in its Ventures portfolio, and the costs associated with the company's comprehensive strategic business review initiated in the second quarter and chapter 11 filing on July 16, 2001.

 

Reorganization: As announced on July 16, 2001, Comdisco has reached a definitive agreement to sell substantially all of its Availability Solutions business to Hewlett-Packard Company for $610 million. The proposed transaction is subject, among other things, to bankruptcy court approval and higher or otherwise better offers resulting from a bidding process approved by the bankruptcy court on August 9, 2001. Because of the impending sale, financial results for the Availability Solutions business are recorded as discontinued operations in the accompanying financial statements. Competitive bids for the sale to Hewlett-Packard are due on September 30, 2001 and the bankruptcy court has scheduled a hearing for approval of the sale on October 23, 2001. The Hewlett-Packard transaction is currently scheduled to close on November 16, 2001.

 

Simultaneously with entering into the agreement with Hewlett-Packard on July 16, Comdisco and 50 domestic U.S. subsidiaries filed voluntary petitions for relief under chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Illinois. Comdisco's operations located outside of the United States were not included in the chapter 11 reorganization cases. The filing will allow the company to provide for an orderly sale of its services business, while resolving short-term liquidity issues and enabling the company to reorganize on a sound financial basis to support its ongoing businesses. Comdisco is continuing to pursue other strategic alternatives to create value for its stakeholders, including the potential reorganization or sale of its leasing businesses and the restructuring of its Ventures group. Comdisco earlier announced plans to emerge from chapter 11 in the first quarter of 2002. The company's planned asset divestitures and strategic reorganization timetable are on track.

 

Debtor-in-Possession (DIP) Financing: Comdisco has obtained $600 million of DIP financing, $100 million of which is reserved for support of the company's international operations, which were not included in the chapter 11 filing. The company obtained interim approval of the first $200 million of the DIP facility on July 16, 2001. None of the $200 million has been used by the company to date and all of it remains available. Final approval of the DIP financing is anticipated at a hearing scheduled for August 23, 2001.

 

About Comdisco

 

Comdisco (www.comdisco.com) provides technology services worldwide to help its customers maximize technology functionality, predictability and availability, while freeing them from the complexity of managing their technology. The Rosemont, (IL) company offers a complete suite of information technology services including business continuity, managed web hosting, storage and IT Control and Predictability Solutions SM. Comdisco offers leasing to key vertical industries, including semiconductor manufacturing and electronic assembly, healthcare, telecommunications, pharmaceutical, biotechnology and manufacturing. Through its Ventures division, Comdisco provides equipment leasing and other financing and services to venture capital backed companies.

 

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TCF Launches 'TCF Totally Free Online' Banking Service

 

 

WAYZATA, Minn.,

TCF Financial Corporation (NYSE: TCB) (TCF) announced today the launching of its new service,  "TCF Totally Free Online."  The free service provides basic online banking services to TCF customers with Internet access. "TCF Totally Free Online" is secure, easy and convenient to use; no sign-up is required and customers can access the system using just their retail deposit account number and existing secret code.

 

"This new online service makes banking especially convenient for our customers," said Tim Doyle, TCF Senior Vice President and Director of Online Banking.  "You don't need to sign up; if you have a TCF checking account, you automatically have access to the online service.  Customers can use their existing secret code to access their accounts online.  This means only one secret code is needed for ATMs, telephone banking and online access at http://www.tcfexpress.com .  And, the online service is free," said Doyle.

 

Services offered online include accessing account history, transferring funds between TCF accounts, viewing account balances, requesting statements, changing secret codes, and more.  TCF offers additional online banking services, including bill payment, for a fee.

 

"TCF is 'The Leader in Convenience Banking,'" said Lynn A. Nagorske, TCF Financial Corporation President.  "We know that the Internet is a convenient resource for our customers.  Providing 'TCF Totally Free Online' banking is a significant product enhancement for our existing 1.2 million checking account customers."  He continued, "TCF's goal is to remain the leading provider of convenient and innovative products and services."

 

Over the last 15 years TCF has introduced other convenient banking services such as supermarket banking, campus card programs, the TCF Express Card and Express Phone Card and TCF Express Trade, a discount brokerage service.

 

TCF is a Minnesota-based financial holding company with $11.6 billion in assets.  TCF has 360 banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana.  Other TCF affiliates provide leasing, mortgage banking, and investments and insurance sales.

 

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Captive Lessors

 

Does anyone know how to determine (in a quick and accurate way) which industries are not as dominated by captives, or manufacturer

sponsored finance programs as others. It is tough enough marketing in today's climate, but it is really frustrating to call on an industry for a

period of time only to determine that the "good" deals are being sucked up by these aforementioned beasts.

 

I have been told by some "in the know" that most industries are not as dominated as others (trucks, construction for example). I would like to

think this is true.

 

Can anyone shed some light on this subject?

 

Thanks again!

 

Jason Dasher

efslease@earthlink.net

Capital Solutions, Inc.

888-337-1522

 

( This is from the National Association of Equipment Leasing Broker’s Listserve.

Perhaps our readers would agree or not agree with me. not true, the growing trend has been more captive lessors and financed by Heller, CIT, etc.  The problem is there is no association for captive lessors and very, very few belong to the

 

 present leasing associations, so they are not organized. My guess is the Equipment Leasing Association would have the major captive lessors.

 

 We have ex-regular leasing people who are let go and join a captive vendor and read leasing news. I definitely see a trend here.  As major funders move away

from third party acceptance of lease application, the move is in buying “portfolio’s” and expanding the captive vendor market.  The internet lease

programs make it easier, and affordable, for manufacturers and distributors

to have their own “private label” leasing.  editor )

 

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What Car Do you Drive?

 

Hey Kit!

 

Sorry I missed your survey about vehicles - I've always been kind of a "car

guy" (grew up around the business) so I would find it kind of interesting

what folks have a preference for.

 

Lisa & I own a 1998 Volvo V70"R" Wagon and a 1992 Jeep Wrangler.

 

A fun fact - our Jeep was originally purchased new by Jim Merilees when he

was at CPLC. He then sold it to Carolyn Schwindt at Willamette Financial,

who we purchased it from.

 

So it has been in the Leasing Business all of it's life!

 

Happy Friday!

 

Travis Foxx

<Travisfoxx@portiagroup.com>

 

Need financing for your growing business?

 

Merchant Capital - "Financing for Entrepreneurs"

 

http://www.merchantcapital.net

 

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Viri—

 

To see the latest in viri making the rounds, go to the Micro Trend

warning chart at the bottom of the page of www.leasingnews.org

 

From: Trend Virus Info

<VirusInfo@trendmicro-newsletters.com>

  Subject: Trend Micro Virus Report --

August 2001 Issue # 2

  Date: Fri, 10 Aug 2001 12:45:36 -0700

  To: suerobert@home.com

 

 

*********************************************

***************************

V I R U S      R E P O R T

   

(by the Trend Micro US Virus Research Group)

 

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Date: August 10, 2001     Issue Number: 08/02

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To read an HTML version of this newsletter, go to:

http://www.antivirus.com/trendsetter/virus_report/

 

If you're a corporate user and want to assess your virus protection,

check out Trend Micro's Virus Risk Assessment Web site at:

http://www.antivirus.com/free_tools/edoctor/

 

Issue Preview:

 

1. TREND MICRO UPDATES: Pattern File and Scan Engine Updates

2. Not so Peachy -- VBS_PEACHYPDF.A

3. 10 Most Prevalent In-the-Wild Malware Surveyed by Trend Micro US

4. Top Viruses Trend Micro's US Customers are Most Concerned About

5. Test Your Virus Knowledge & Scan Your Computer FREE!

 

NOTE: Long URLs may break into two lines in some mail readers.

Should this occur, please cut and paste the URL in your browser.

 

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