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Kit Menkin’s Leasing News www.leasingnews.org Friday, August 16, 2002 Accurate, fair and unbiased news for the equipment Leasing
Industry ( posted daily at www.leasingnews.org
and sent by e-mail by subscription with the Day in American History signature .) ---------------------------------------------------------------------------------------------- Headlines--- H-P Financial Services " Cash Back"
to All Lessees ---regardless
if direct or from a broker-- Correction:
Blaine Tanner Not in Business with Wayne Pirtle Equipment
Leasing Job Market Up-Date Leasing
News Classified Ads Up-Date Business Leasing News by
David G. Mayer: August edition Comdisco
Expects QIII Loss Of At Least $68 Million CIT
Puts US Airways Exposure At $75 Million Why
those in leasing are not joining leasing associations. Kozlowski
lawyer outlines defense strategy in tax case
South Carolina's largest utility bans Confederate
flag Mistakes
costly for Raiders--Gruden Greatly Missed Monday--- Leasing Company Broker
Status---repeat business & protection ### Denotes Press Release ----------------------------------------------------------------------------------------- Hewlett-Packard Financial Services “ Cash Back” to All Lessees ---regardless if
direct or from a broker-- Leasing News reported that Compaq Financial and Hewlett-Packard
Financial merged along with their parents merger, plus they are not
taking any more “broker” business; however, those brokers and/or super brokers
now are sending out flyers, such as from BSB Leasing, Denver, Colorado (
800-845-3372 Bruce Bruce Zwillinger). The BSB flyer states that” Hewlett Packard Financial Services
Company is offering a cash back lease promotion for your lessees every time they lease their technology with
HPFS. “The Lessee’s gets up to $1,000 cash back when they lease. “Now through October 31, 2002, HP Financial Services will
give your lessees up to $1,000 cash back every time they lease their technology
equipment with us.” MOSE funded leases = More Commissions for you.
This is just the promotion you need to entice your lessee’s
to lease new technology equipment immediately without delay and boost
your sales. HURRY!! This offer ends October 31, 2002, so contact Bruce Zwillinger
with BSB Leasing, Inc. at 1-800-945-3372, ext. 306 now! ( Note: BSB Leasing flyer was utilized and quoted by Leasing
News and is not an endorsement, but used primarily for news purposes .) ---------------------------------------------------------------- Correction: Blaine
Tanner Not in Business with Wayne Pirtle, former president former president of now bankrupt Commercial Money Center
( see top stories: http://www.leasingnews.org/Conscious-Top%20Stories/CMC_stories.htm ) Leasing News was also told he was a friend Blaine Tanner of Guardian Capital. Tanner reportedly owns Guardian Capital,
Guardian Shield, Guardian Holdings
and the Guardian Group. Guardian Capital and
allegedly did several big deals with
CMC, as documented on Dun & Bradstreet. Leasing News was told Mr. Tanner is located in Cleveland, Ohio
and Sedona, Arizona. He reportedly is married to one of the top trial
lawyers in Ohio, Ellen Simon. We certainly tried to contact him. Here is the correction: “Someone called to our attention your July 19th story, apparently
from "Inside Attorney". On
behalf of Blaine Tanner, I can state they your statement that Wayne Pirtle
is back in business "reportedly with Blaine Tanner", is false.
I do not know where you get your information, but we expect you
will publish a retraction. Your implication that Mr. Pirtle and Mr. Tanner
are in business together is false, and I hope in the future you will contact
individuals and check the accuracy of your stories before you publish
them. Tom Holmes.” Name = Tom Holmes Address
= 1300 East Ninth St., Suit City
= Cleveland State
= Ohio Zipcode
= 44114 Phone
= 216-928-6670 Fax = 216-928-6672 Email
= tthshield@aol.com ----------------------------------------------------------------------------------- Equipment Leasing Job Market Up-Date You want an opinion on the status of leasing employment?
Let's start by doing a search on monster for Equipment Leasing jobs. Link is: http://jobsearch.monster.com/
Select all on location and job category Put it "equipment
leasing" just like that
in keywords on the job search board. You can select date or relevance (I selected date) Let's see, there are 124 leasing jobs in the last 30 days.
Sorting through the riff raff and there are still over 90 good leasing
jobs. The one observation I will make is that there are fewer postings
here from recruiters than there were last year. I surmise that
there are not as many recruiters in the Leasing Industry than there were
last year. Companies are filling many positions on their own. Recruiters have moved into doing exclusive searches and networking, staying away from the internet candidates these days. The industry is hurting no doubt but there is still growth
on a lot of levels. I've said it before but it is worth repeating. We are not
in a recession we are in a normal economy. There is a Bear market right
now, but the Bull isn't far off and it is waiting on consumer confidence.
The investor is waiting for the "real Bottom" which
in itself facilitates an extended Bear Market. There is a lot of bad press right now but the result is a
cleaning out of an element that was always known about but never confronted.
This accountability creates a healthier economy. For someone who lost their 401k or the job that they thought
secure it is difficult to believe that there is a positive side to
our economic landscape right now. It has been a difficult year for us
all. I must say that the Leasing industry is better off right
now than many other industries! It is time to work harder and smarter.
It is a time to build each other up. It is a time to be entrepreneurial.
It is a time to work together like never before. It is not a time to complain.
It is not a time to tear down. It is a time to network. Want to know what I am doing? I just joined the eLNA and
I plan on rejoining United Association of Equipment Leasing, Equipment
Leasing Association, and the National Association of Equipment Leasing
Brokers at the end of the year. Regards, Fred St Laurent Managing Director Financial Services Division Bradbury and Williamson Inc. 321-952-1422 fstlaurent@cfl.rr.com www.fredstlaurent.com <http://www.fredstlaurent.com/>
www.bwresults.com -------------------------------------------------------------------------------------------------
Leasing News Classified Ads---Up-Date 39 Job Wanted Ads ( we had 41 but in the time posting, this
two jobs were found and it is down to 39 ). Leasing Industry Job Wanted Asset Management: Silicon Valley, CA Experienced Asset Manager with SMT/PCB equipment focus. Managed/sold
large ticket mid- term and EOL transactions with global contract manufacturer
and OEM accounts. Email:boklund9@earthlink.net Asset Management: Nashville, TN Experienced Asset Manager with construction/ telecom focus.
Managed portfolio of repo & EOL transactions for large leasing companies.
10 years experience including sales & credit/ collections focus. Email:jambam2000@comcast.net Collector: Oceanside, CA Collections supervisor, experienced with commercial leasing.
motivated, good work ethic, enthusiastic. call (760)941-9209 Email:mantinarelli@yahoo.com Contract Administrator: Los Angeles, CA 6 years small ticket leasing - Credit Analysis up to $75,000,
Documentation & Funding. Highly organized team player trained sales/operations
in credit, pricing, docs. Email:miri7ca@yahoo.com Contract Administrator: Schaumburg, IL 10 yrs. small/mid-ticket leasing. Proficient in documentation,
funding and legal. Worked with brokers, portfolio purchases, vendor programs,
municipal transactions. prefer to stay in Suburban Illinois. Email:sophie1900@msn.com Credit: Los Angeles, CA Over 15 years experience in Credit/Operations with Small
Ticket and transactions up to $500,000.00. CLP, with excellent relationships
with most major lenders. Email:jonbh123@earthlink.net Credit: Columbia, SC Seasoned senior credit professional with 14 years experience
in small ticket. Strong analytical skills, spreadsheet proficiency, all
types financials, tax returns. Looking for new career in Southeast/Mid
Atlantic Email:lrport2001@yahoo.com Credit: Hayward, CA. Versatile/ creative senior financial executive w/ extensive
experience in varied areas of the commercial lending environment. Strong
written/ oral skills with a results-oriented team-player attitude. Email:
daveschultz9@aol.com Credit: Vista, CA +15 years experience structuring, underwriting, and collecting
leases to privately and publicly held companies. Creative and results
oriented. Proven ability to achieve bottom-line results. Email:dkalitow@pacbell.net Credit: Mill Valley, CA Senior corporate officer with financial services credit background.
M and A, fund raising and workout expertise. Email:nywb@aol.com Finance: Birmingham, AL Admin./International: 10+years global ops mgmt. int. biz
admin.w import/export/reg. compliance, global biz development, in, transaction
P/L, global recruitment/training/staff mgmt. middle market to Fortune
20 account development. Email:ddpeterson1818@yahoo.com Finance: Atlanta, GA Twenty five plus years experience in middle market lease/
asset based/cash flow transactions. Heavy banking and credit background,
with particular expertise in structure and negotiation. Email:brown235@bellsouth.net Finance: Boston, MA 10+ years commercial technology lease management and financial
analysis. Includes LRF negotiations, EOL buyout negotiations. Financial
Spreadsheet programming analytics. Industry and research skills excellent.
Email:dssr@attbi.com Funding: Portland, OR 23 years experience in equipment leasing. Specialty is documentation.
I have my CLP and have been active in all aspects of the leasing industry.
Email:donreneejohnson@juno.com Funding: Northern, NJ Coordinate all aspects of financing for leased equipment,
prepare necessary documentation for discounting with banks. Handle renewals
of and amendments to lease schedules. Email:istaub@unicapitalcorp.com Legal: Chatsworth, CA Managing attorney for general corporate and financial services
law including: leasing, acquisitions, service agreements, commercial loans,
securitizations, workouts and litigation. Email:SandiDQ@msn.com Operations: Phoenix, AZ 15 years of increasingly responsible positions as a financial-marketing
manager in commercial leasing, credit, and collections. Extensive experience
in leasing and accounts receivable portfolio management. Email:williamdoughty@hotmail.com Operations: Experienced Credit, Collections, lease and Finance
operations. Manager w/ expertise in improving bottom line performance,
excellent trainer, manager, motivator. Get result/ keep the customer coming
back. Email:rgmorrill@comcast.net Sales: Boston, MA Boston, MA (big Patriots' fan) Senior Sales person, 15 years
experience, strong vendor program background, middle market concentration
Email:smillard27@juno.com Sales: Houston, TX Experienced outside salesman, seeking Direct Leasing company
position either on an independent or employee basis. Email:asauced@hotmail.com Sales: Louisville, KY I have been in leasing/financing of construction, machine
tool, and mfg equipment for 20+ years. Traveled KY, IN, OH and TN. Email:kyle90@msn.com Sales: Chicago, IL MBA w/ "C" level relationships. Extensive sales/
sales management exper. in new business development w/end-user, vendor
and captive programs. Very adapt at complex credit/ economic lease structuring.
Email:IrishReel@AOL.Com Sales: Silicon Valley, CA VP level Business Development and Sales Manager, well connected
in Silicon Valley. Experienced in major vendor programs on a global basis.Email:
Tadadzn@ix.netcom.com Sales: Mission Viejo, CA Account Sales Executive with 10 years of leasing experience
looking for company to bring existing customer base. Email:makelly21@hotmail.com Sales: Dallas, TX Director, Business Development for international financial
institutions. Global vendor programs with minimum sustainable volume of
$24M annually. CFO and Treasury contacts with major technology and energy
corporations.Email:tkorpolinski@ev1.net Sales: Phoenix, AZ Leasing Professional for 9+ years, small/middle market arena
with existing customer base. Proven sales person, Currently in IT leasing,
open to relocation, not looking for a broker situation. Email:cycling4fun2002@yahoo.com
Sales: Detroit, MI Experienced, hardworking, goal oriented sales professional
with strong structuring/restructuring skills. Captive/vendor middle market
IT concentration. Seeking position with leasing company in Michigan. Email:leaseman222@yahoo.com Sales: San Diego, CA Experienced, hardworking, driven, goal oriented sales professional
seeks position with leasing company in California. Please reply to this
posting/ I will forward my resume today. Email:jonathanwalmsley@yahoo.com Sales: Portland, OR Account Exec. position based from Portland, OR originating
and business with "middle-market" companies. Fifteen+ years
experience in the Pacific Northwest. Have worked for bank and non-bank
leasing companies. Email:markstu@msn.com Sales: Toronto, NY $300,000,000 in deals while working for GE Capital, ABN AMRO
Leasing, Bank of Montreal and De Lage Landen over the past 8 years. Top
achiever. Email:gregkealey@idirect.com Sales: Atlanta, GA Prof. sales person with 12+ years of leasing, biz development,
structuring, credit & closing. Profitable book of business/ contacts
in the small-mid ticket arena. Email:flowageman@aol.com Sales Manager: New York, NY I have over 25 years owning an independent leasing company
that specialized in truck leasing. Tow trucks, Limos, ambulances, tractors,
etc.. Email:rfleisher@rsrcapital.com Sales Manager: Atlanta, GA Professional. finance mgr. w/formal credit ed./ reg. vp/
secured/unsecured commercial loans/ direct end user network/equip. leasing/structuring
small,mid,big ticket transactions. 10+ years NE & SE. Have vendor
servicing w/existing and active network of accounts will bring with me.
Email:AlanAustin2000@msn.com Sales Manager: Hartford, CT Director of Equipment Lease Division with credit/collateral
evaluation, marketing & operations experience. Simultaneously coordinated
efforts to develop new vendor business. Email:pkumiega@peoplepc.com Sales Manager: Rancho Santa Margarita, CA 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 Sales Manager: Atlanta, GA 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 Senior Management: Hicksville, NY Senior equipment leasing and banking executive with credit,
collections, marketing and operations experience. Background includes
development of new business, risk management and budgeting. Email:FrdA4@aol.com Senior Management: Irvine, CA Senior Manager at Enterprise Leasing Software Company. 10
yrs programming, 15 yrs system/ network, and 15 yrs management experience.
Working Experience with 12 Leasing companies. Email:sw_leasing@hotmail.com Syndicator: Wilmington, NC Ten years experience/contacts placing debt & equity for
middle market end-users for transactions $75K - $10MM. Can relocate or
telecommute. Email:ccrllc@yahoo.com 52 Help Wanted Ads ( We too five off
this week, one for American Leasing, who hired a salesman who responded to their ad
here. ) http://65.209.205.32/LeasingNews/JobPostingsWanted.htm 23 Outsourcing ads http://65.209.205.32/LeasingNews/JobPostingsOutsourcing.htm 4 attorney ads http://65.209.205.32/LeasingNews/JobPostingsAttorney.htm 8 Equipment Leasing Recruiter ads http://65.209.205.32/LeasingNews/Recruiters.htm Other internet postings, some free, some not http://65.209.205.32/LeasingNews/Classified.htm Help Wanted and Recruiter ads require a membership in a leasing
association. The other ads do not have this requirement. There is no fee or time limit. ------------------------------------------------------------------------------------------------------ Business Leasing News by David G. Mayer: August edition is
located at: http://www.pblaw.com/newsletters/bln/Release/bln_2002_09.htm This edition covers several hot issues such as the new Sarbanes
- Oxley Act of 2002 (the corporate responsibility stuff) as well as a
lighter item on negotiating cheap leases on luxury cars. I am also delighted that Alexa.com rated our web site so well, along with yours. It's very exciting to see the progress of Business Leasing News. All the best, David David G. Mayer Patton Boggs LLP 2001 Ross Avenue Suite 3000 Dallas, Texas 75201 Tel: (214) 758-1545 Fax: (214) 758-1550 Author of: Business
Leasing For Dummies Publisher of: Business
Leasing News ----------------------------------------------------------------------------------------------- Comdisco Expects QIII Loss Of At Least $68 Million By Bob Braine, Dow Jones Newswires Comdisco expects to report a narrowed loss of at least $68
million for its third quarter ended June 30, according to a filing released
by the Securities and Exchange Commission. For the same quarter in 2001, the technology services provider
reported a $164 million loss. Net revenue for the 2002 third quarter decreased $259 million,
or by 44%, compared to net revenue posted during the same quarter last
year. As reported, Comdisco emerged from Chapter 11 bankruptcy
with a new board of directors and a new audit committee. The company's
Chapter 11 petition, filed July 16, 2001, listed assets of $7.5 billion
and liabilities of $6.7 billion. Because of this, the company said in the SEC filing that
it needs an additional five days to let its new audit committee complete
the due diligence necessary to finish its third-quarter report. The notice also said that, as a result of its bankruptcy
filing, Comdisco expects to record more than $57 million in reorganization
costs directly related to the Chapter 11 proceedings. Under its reorganization plan, which was confirmed by the
U.S. Bankruptcy Court in Chicago on July 30, Comdisco will sell off its
remaining assets over three years. The company said it expects about a
90% return to its creditors. Comdisco officials said they expect to make initial distributions
to stakeholders when the current fiscal year ends Sept. 30, followed by
payments quarterly or more frequently. The Rosemont, Ill., company leased computer, medical, telecommunications
and other high-tech equipment and provided security for corporate computer
systems. It also had a venture-capital branch. ----------------------------------------------------------------------------------------------
CIT Puts US Airways Exposure At $75 Million By Dan Lowrey, Dow Jones Newswires CIT Group put its exposure to US Airways Group, which filed
for bankruptcy, at about $75 million, according to the company's 10- Q
released by the Securities and Exchange Commission. The company said its financing is secured primarily by five
narrow-body 737 jets. "Each financing is collateralized and, in the event
of repossession, we believe that, based on current valuations, any collateral
write down would be modest," CIT Group said in the 10-Q. Continued deterioration in the commercial airline industry
could affect such valuations, the filing said. New York-based CIT Group is a financial-services company. Reportedly orders for new Boeing Aircraft will be affected,
and there is a mass stock of “used jets” and “airplanes” in the desert
for sale as supply much out ways demand in North and South America, Europe and
the far east. --------------------------------------------------------------------------------------------------- Kit, This may not be any of my business since I am now out of
the business but, it would seem to me that the three major organizations, ELA,
UAEL and NAELB should be the ones to aggressively fight the CA Franchise
Tax Board on their quest to generate new and unreasonable taxes. Isn't that what trade associations are for? Jerry Withrow jerryw@viawest.net --- Re-Sale I have seven licenses, but more importantly, a re-sale permit,
so when we buy automobiles or trucks to lease, or even equipment, we are
responsible to pay the tax. Whether
we pay the dealer, or collect in month, or pay the franchise tax board, we only pay it once---not twice. I have been in business for fifty years and what’s right
is right, and what’s wrong is wrong. If
you have a re-sale permit, you don’t need to pay the sales tax twice. Bob New Bob New, INc. --- Thanks Kit, by the way I really like your newsletter, informative
and provocative. I also
like your historical tidbits, you must be nostalgia buff. Best regards, Charles Cilfinco@aol.com -- I have been reading your letter for several months now, and
I wanted to tell you I think it's the best letter on our business I have
seen. It is like reading USA today. Gives the highlights and information for me to go further
if I so desire. Sincerely, Richard G. Morrill rgmorrill@comcast.net 609-490-0724 -- Thanks for the on-line "hyperlinks" edition.
A great feature! bob@leaseexperts.com --- I thought you might be interested in this article. (San Francisco Bay Area Business Executives Confirm Downturn,
Also see Regional Economy Improving Over Next Six Months. ) Bob Wilkins Multi-Fund Business Credit, Inc. 707-538-1919 Voice 775-249-1763Fax bobw@multifund.com http://www.leasingnews.org/PDFFiles/PressRelease.pdf ---- ----------------------------------------------------------------------------------------------- Why those in leasing are not joining leasing associations. http://www.leasingnews.org/archives/August2002/8-5-2002.htm This email is not for publication with my name but is in
response to your question and about you being appalled by the limited enrollment in
the secondary leasing associations. 1. If you have experience with the Equipment Association
of Equipment Lessors, you will be familiar with the clique that controlled
it for many years. It was run
for the benefit of a few and had directors that were chosen to lead the organization
who I wouldn't want to even break bread with, let alone look to
them for moral/business leadership. 2. Most of these association "meetings" are just
disguised "vacations" focused around golf or beaches or dining. I prefer to arrange my own vacations with my family. 3. The National Association of Equipment Leasing Brokers
seemed like a nice organization where you attend the meetings and listen
to members complaining that funding source "A" holds up funding's
"just because the A/R check was from a different checking account
then the one used for the approval".
They find this shocking and too "picky" of the funding
source. I didn't find participation beneficial. 4. The childish attitudes about the free Internet training
program offered by Pawnee (Who I haven't used in 5-6 years) that people wasted
days lamenting is reason enough not to waste time with some of
these petty people. "How unfair that they would ask for your email
address prior to allowing the downloading, for free, lease training I can
share with my employees and benefit my business whether I do business with
Pawnee or not." Are the people that were so distressed by this so stupid
as to not realize that by accessing Pawnee's site they can capture your email
address anyway without your knowledge?
They were, IMO, being upfront and honest in asking for it and should be commended for asking for it, not disparaged.
Pawnee does not "owe" anyone, anything for free and yet
they offer it for free and get diced for it. The person who created it under contract, identified that
he was a Officer of an organization in it.
If the organization doesn't have rules against this, then they either should or it should be a non-issue
until they do. The response by the "other" trainer was childish
or out of context. The whole issue was just silly. 5. I have also been privy to association members talking
about how to "get around" funding source guidelines to get approvals at
association meetings. The lack of funding sources today reflects that attitude
to a large degree. Some people just don't want to be associated with people
like these. 6. I have found the old Western Association of Equipment
Leasing ( now UAEL) was mostly a good group of people but as I am on the
East coast that Org wasn't feasible to continue with. 7. I find participating in President Circles, round tables
etc... put on by the funding sources enough contact with others in this trade
with which to share ideas. I also
have others in the leasing industry I can contact directly and discuss issues that would effect our businesses.
Perhaps others do as well. 8. I find the funding sources provide guidelines relating
to their interpretation of the laws and their chosen business model
and you must operate within those guidelines. That is the first level of education in this industry. The
key is to know the difference between the different sources guidelines/business model and solicit business that
"fits" these specific guidelines. The
management of the leasing concern should be the leader this way. 9. Many of us have children that participate in theatre,
sports, educational, religious etc... organizations. Many of us have chosen to coach, manage, fundraise etc... for these organizations and
support the needs of children and the community. 10. Some of us participate in town committees or business
or non-profit organizations within our local community, as you did with
the Chamber. I also read you are quite active with the Salvation Army,
and have other community groups you belong to, so I am sure you understand
where I am coming from, that we have other local priorities, community
activities, family commitments. 11. There is only so much time in the day. You commit a great deal of your time to this newsletter, which is wonderful that you are
able to do what you get enjoyment from, but perhaps you don't volunteer at your
local elementary school teaching children how to read or use a computer or
coaching a Little League baseball team or as a Scout leader or school committee
member etc... as some others have chosen to do. To find it "appalling" that some choose to spend
their time in pursuit of what they feel is beneficial to society or their family instead
of what you feel is important for them to do is short sighted, IMO.
(An opinion you are entitled to of course.) I am responding to you, in depth, as you questioned whether
people are lazy or self-centered by not participating in leasing organizations
or perhaps in not responding to your comments. Please realize that some people, myself included, would not want to potentially offend you by voicing
a different opinion then yours on a subject you seem to have a strong
opinion on. I would also not want to demean, in anyway, your efforts
in the publication of your newsletter which I appreciate receiving. My experience with leasing associations has been less then
satisfactory. This is why I do not participate in them any longer. It is not that I am lazy or self-centered, nor I expect, are the many others
who choose to avoid them for their own reasons. I hope this private communication provides some insight to
a different opinion and helps you understand a different position. ( name with held ) ___________ Kozlowski lawyer outlines defense strategy in tax case By Jeffrey Krasner, Boston Globe Staff, 8/15/2002 Dennis Kozlowski, the former Tyco International chairman
and chief executive who left the firm in June just prior to being indicted
for alleged sales tax evasion, will fight the charges by claiming he is
the first buyer ever singled out for such prosecution, his lawyer said
yesterday. Also yesterday, a former Tyco executive sued the firm, saying
he is owed $9.3 million under an employment agreement that he negotiated
with Kozlowski. The suit by former chief financial officer Richard D.
Power, who says he was fired by Tyco in June, raises the possibility that
Kozlowski negotiated with executives other sweetheart deals, which the
company may not plan to honor. Kozlowski's lawyer, Stephen Kaufman, said he will ask State
Supreme Court Justice Michael Obus to dismiss the tax-evasion case against
the 55-year-old former executive. Manhattan District Attorney Robert Morgenthau
charged Kozlowski with failing to pay sales taxes of more than $1 million
on museum- quality paintings he paid more than $13 million for. According
to the indictment, Kozlowski had paintings shipped to a Tyco facility
in New Hampshire to make it appear that New York art dealers were selling
to an out-of-state buyer. But the art wound up in Kozlowski's 13-room
apartment on Fifth Avenue in New York, prosecutors alleged. Empty boxes were also shipped to New Hampshire locations,
Morgenthau charged. Kaufman said Kozlowski is the first buyer ever charged with
sales-tax evasion in New York. Typically, vendors are prosecuted for failing
to pay sales taxes. ''It's unusual,'' said Kaufman. ''It's unique.'' Papers seeking dismissal of the case are expected to be filed
by Aug. 21, with a complete filing due a week later. A hearing, which
Kozlowski is required to attend, is set for Sept. 25. Some criminal attorneys were less than impressed with Kaufman's
strategy. ''It's a nondefense,'' said A. John Pappalardo, an attorney
with Greenberg Traurig LLP and a former US attorney for the district of
Massachusetts. If the transactions took place, he said, ''both sides to
the transaction are guilty. It's the exercise of prosecutorial discretion
to pursue it from the standpoint of the buyer. That, in and of itself,
is not likely to carry a lot of weight. It's not a cause for dismissal.'' Power joined Tyco in 1979 and served as chief financial officer
from 1983 and 1992. He left Tyco, but rejoined in 1995 and held a variety
of positions, including executive vice president for Tyco's security division
and its health-care division. In his complaint, Power said he ''was an integral figure
in developing and implementing strategies in connection with Tyco's acquisitions
of CIT Group,'' the financing company it purchased for more than $9 billion
and sold a year later for about half that price. Power left Tyco again in January 1999, and worked for Latona
Associates, a private equity firm with ties to Thomas H. Lee Partners,
the Boston-based buyout firm, according to the lawsuit. But in May 1999,
Kozlowski sought to lure Power back to Tyco a second time. The suit claims that Power negotiated a contract with Kozlowski
during a phone call on June 13, 1999. The terms included a minimum salary
of $400,000; annual cash bonus at least as high as that of Mark Swartz,
Tyco's chief financial officer; 200,000 stock options and complete vesting
of previously issued options; forgiveness of a company loan and taxes
due on the loan; and a donation on behalf of Power to Wednesday's Child,
a charity that promotes the adoption of children in foster homes. Tyco would also be responsible for a severance payment of
the greater of either $1.5 million or twice his salary and bonus in the
year prior to his termination, according to the suit. The agreement did
not have a specific time period. Power claims in the suit he was fired on June 26. He said
he was paid salary of $456,250 and a bonus of $4.2 million last year,
qualifying him for a severance payment of more than $9 million. The lawsuit doesn't say whether Tyco's board approved the
employment agreement with Power. In June, Tyco sued a former director,
Frank E. Walsh, and its top lawyer, Mark Belnick. The company claimed
that Walsh improperly received $20 million - half of it as a donation
to a charity he controlled - for helping arrange the CIT acquisition.
Tyco said Belnick arranged a secret employment agreement with Kozlowski
that was never approved by the board. Jeffrey Krasner can be reached at krasner@globe.com. Material
from Bloomberg News was used in this report. ---------------------------------------------------------------------------------
South Carolina's largest utility bans Confederate flag By Associated Press COLUMBIA, S.C. (AP) South Carolina's largest utility has
ordered 5,500 workers not to display the Confederate flag on company property
and to keep company vehicles away from barbecue restaurants owned by an
outspoken flag supporter. Scana Corp. spokeswoman Cathy Love called both the flag and
restaurant owner Maurice Bessinger ''divisive.'' She wouldn't say whether
Scana would fire workers for displaying the flag but that any flag display
will be appropriately. On Thursday, Bessinger said Scana's order was a ''cowardly,
unconstitutional act.'' Scana, the parent of South Carolina Electric & Gas and
other subsidiaries, has 5,480 employees. About half are in the Columbia
area, where Bessinger's 11 Piggie Park restaurants are located. Love said Scana employees can eat at the restaurants, but
they'll be expected to park company vehicles somewhere else. It's not the first boycott involving Bessinger, whose restaurants
offer literature that includes one tract suggesting early Africans liked
slavery. In 2000, major retailers such as Wal-Mart and Kroger stopped
selling Bessinger's sauces. Love said employee concerns triggered Scana's action, but
she wouldn't discuss a specific complaint. She said the ban doesn't prevent
workers from expressing views on their own time and away from company
property. Don Gordon, commander of the Wade Hampton Camp of the Sons
of Confederate Veterans, said his group may sue Scana. ''This is a freedom of speech issue,'' he said. ''It has
fallen to the Sons of Confederate Veterans to defend our liberty.'' ------------------------------------------------------------------------------------------------- Industrial production edges up, weekly job claims moving
higher WASHINGTON (AP) Manufacturers shifted into a lower gear in
July and more Americans filed new applications for jobless benefits last
week as companies and workers felt the strain of the struggling economic
recovery. ---- Report: Nasdaq Japan to suspend operations TOKYO (AP) Nasdaq Japan plans to announced that it will suspend
all new listings on the two-year-old stock market and discontinue trading
by the end of the year, a major Japanese financial daily said today. ---- Boeing, machinists call in federal mediator SEATAC, Wash. (AP) The 16 negotiators for Boeing Co. and
the Machinists union are being joined by a federal mediator. -- Home prices up 25% San Diego County ( California) median price of newly built
and resale houses and condominiums jumped in July to $333,000, a whopping
24.7 percent increase from a year ago when the median price was $267,000,
La Jolla-based DataQuick Information Systems reported yesterday. The price
rose $10,000 from the previous month's $323,000. -- Dell Profits Are Up 11% for Quarter The Dell Computer Corporation, continuing its elbows-out
assault on the rest of the computer market, announced that its second-
quarter profits had improved 11%. ---- Ellison again urges federal ID database But Oracle boss says he isn't calling for a national identity
card -- Typical home loses 25 gallons of water a day to leaks, EPA
says WASHINGTON (AP) While much of the nation continues to suffer
a drought, each of the nation's nearly 69 million owner-occupied homes
is losing an average of 25 gallons of water a day through leaky pipes,
toilets, appliances and lawn sprinklers, the Environmental Protection
Agency says. --- Smokers steamed over mayor's plan to ban smoking in New York
City NEW YORK (AP) The smoke hangs thick at Pete's Tavern, swirling
through the 138- year-old pub as the lunch-hour conversation turns to
the mayor's plan to ban smoking in thousands of bars and restaurants across
the city. -- ------------------------------------------------------------------------------------------------ Mistakes costly for Raiders--Gruden Greatly Missed By Steve Corkran CONTRA COSTA TIMES NASHVILLE, Tenn. - Raiders wide receiver Tim Brown said in
an interview on ESPN that things are more peaceful in training camp without
former coach Jon Gruden running the show. Oh, yeah? Well, you can bet the solitude enjoyed by the Raiders
under coach Bill Callahan the first three weeks of camp is a thing of
the past in light of their horrid performance in a 24-14 loss to the Tennessee
Titans on Thursday night. You don't need to be ultra-intense Gruden to blow a gasket
over the Raiders' poor play Thursday, especially in the first quarter,
with all the offensive and defensive starters on the field. Linebacker Bill Romanowski said just because the Raiders
lost an exhibition game doesn't lessen the importance. "Hell, no, there's not less concern," an irritated
Romanowski said. "There's a lot of concern. We got our asses kicked."
The hard part for Callahan likely is going to be where to begin. Perhaps his best bet is to lock himself in a padded bunker
and start from the top. He'd better brace himself. The first play Callahan sees today
when reviewing the film will be a 13-yard run by Titans running back Eddie
George. Then comes receiver Derrick Mason out-racing Romanowski for a
21-yard catch-and-run play three plays later. And Mason beating cornerback
Tory James for a 34- yard touchdown down the left sideline two plays later. "It was just like pitch and catch for me out there,"
Titans quarterback Steve McNair said. Then things really get ugly. Callahan will be forced to watch
rookie Larry Ned fumble the ensuing kickoff not once but twice and lose
it to Tennessee's Tony George at Oakland's 11-yard line. Receiver Kevin
Dyson scores on an 11-yard reverse on the next play for a 14-0 lead just
2 minutes, 25 seconds into the game. What happens after that will be enough to send Callahan into
a full-blown tantrum. Quarterback Rich Gannon's first pass attempt of the game
hits receiver Jerry Rice's hands and lands in the arms of linebacker Keith
Bulluck for an interception. If that isn't enough to send Callahan over
the edge, wait until he sees Mason haul in a pass for 17 yards, and linebacker
Eric Barton later turn a third- down stop into a Titans first down by
committing an unsportsmanlike conduct penalty inside the Raiders 10. That set up an Eddie George 1-yard touchdown run on a fourth-and-one
play and a 21-0 lead after only 8:45 elapsed. It also compelled Callahan
to leave Gannon and his offensive starters in the game into the second
quarter. "It was garbage," Gannon said of the first half.
Callahan said, "Time's running out. We want to get back in synch.
I know it's a quick turnaround (from last Friday's game), but there's
no excuses. ... We have a long way to go in all three phases." Hey,
at least they scored a touchdown on their third drive. But even that lost
some of its shine after kicker Sebastian Janikowski missed a 29-yard field
goal and rookie offensive tackle Langston Walker got beat for a 7-yard
sack in the second quarter. No, nothing the Raiders did beyond the first quarter was
enough to turn an inauspicious start into a positive outing. All it did
was all but ensure that Camp Callahan will evolve from a peaceful setting
into something resembling a hard-labor camp by comparison. "This team has to find itself," Rice said. "The
only way to do that is to get on the field and play. I'm not taking about
eight plays." Just for good measure, the Raiders started the second half
by fumbling away the kickoff -- rookie Ronald Curry was the culprit here
-- and compounding matters by losing a timeout when Callahan's challenge
of the ruling failed. Also, end Josh Taves committed offsides penalties in the
span of three plays, backup quarterback Marques Tuiasosopo threw an interception
into double coverage and Curry fumbled a punt that he recovered. Most players insist it isn't time to panic and bring about
wholesale changes. After all, these games don't count. Yet. But something needs to change if the Raiders are to
challenge for the Super Bowl they feel is within their reach this season,
others said. "If anyone in here feels like they played well,"
Rice said, "then we've got a problem." Thursday's game marked the second straight subpar performance
in exhibition games by the Raiders. The debacle came only six days after
the Dallas Cowboys dominated the Raiders in every facet of the game in
a 20-6 victory. Callahan promised change after that game. What he got was
more of the same, only worse. Exponentially. Try four turnovers. Try nine penalties. Try James getting
beat for a long touchdown on a play in which he also got called for a
penalty. Try Gannon and Tuiasosopo getting hit hard on more than one occasion.
Try Callahan's starting defense allowing 21 points and 121 yards total
offense on its only three series. "It's not about intensity," Romanowski said, "it's
about details. It's about 11 guys taking care of details on every single
play. ... There's a lot of little things to take care of." ---------------------------------------------------------------------------------------------------- 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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