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Kit Menkin’s Leasing News www.leasingnews.org Monday, August 19, 2002 Accurate, fair and unbiased news for the equipment Leasing
Industry ( posted daily at www.leasingnews.org
and sent “free” by e-mail by subscription only (no Spam) with “the Day in American History “ signature
.) ---------------------------------------------------------------------------------------------- E-Mail Removal Form: http://65.209.205.32/LeasingNews/removalform.asp ---------------------------------------------------------------------------------------------- Headlines---- Saddleback Financial Rides Off into
the Sunset? The
Credit Store Files Chapter 11 CORRECTION:
H-P Financial Story "the
economic crisis in Brazil will surpass" September
12 and 13th Sales Tax Simplification Meeting Sales
Tax on Document Fees and Discounting Leases UAEL-LA
Region: Sales and Use Tax Issue Meeting Broker
Protection---New Series September
11 Anniversary---Bob Kieve MB
Financial Completes $52M Preferred Securities San
Jose SaberCats dominate Rattlers, win championship ### Denotes Press Release ---------------------------------------------------------------------------------------------- Saddleback Financial Rides Off into the Sunset? “Precom / Saddleback - is dead. They fired every one yesterday... Don't take my word. Call
and check for your self.” anonymous Leasing News was not able to reach the operator, or Phil
Worden, or any other contacts we had there. Saddleback Financial Corporation Here is a complaint listed on the Leasing News Bulletin Board
that the company was not paying salesmen: http://www.leasingnews.org/bulletin_board.htm#saddleback --------------------------------------------------------------------------------------------------- The Credit Store Files Chapter 11 The Credit Store, Inc. announced that, in order to facilitate
the completion of its restructuring initiatives, the Company filed a voluntary
petition for reorganization under Chapter 11 of the Bankruptcy Code with
the U.S. Bankruptcy Court in Pierre, South Dakota. The Company is negotiating a sale of its assets and expects,
subject to overbids in Court, to conclude a sale, recapitalization, or
merger in the next 30-45 days. The Company has retained J. Richard Budd,
of Marotta Gund Budd & Dzera, Management, LLC, as corporate restructuring
officer to assist the Company in its reorganization, and the law firm
of Neligan Stricklin, L.L.P. as special counsel, both subject to Court
approval. ---------------------------------------------------------------------------------------------------- CORRECTION: H-P Financial Story Thanks for all you do for the industry. I just read this mornings Leasing News and I hate to be self-serving but I noticed that you
had our phone number wrong on the top part of the news letter. The correct # is 800-945-3372. The HP program has
been great for all who have used it.
We are excited that they have allowed BSB to participate in
the program. I know we even did a deal for American Leasing thru HP. Thanks again and
look forward to talking to you soon. Bruce Zwillinger Executive VP BSB Leasing 800-945-3372 ext. 306 ( Sorry, I went back and the telephone number was in their
twice, once correct, and once not. Also
to reiterate, H-P Financial is not considering any new brokers, whatsoever!!!
They have their dealers and “in house” sales, and if you are a
broker, and want to deal with them, you need to go through someone who
is already set-up with them, such as BSB Leasing---again, we used them
as an example as they sent us a flyer. The rebate in equipment leasing to combat Dell, among others,
to promote technology equipment and to allow leasing brokers lessees
to participate is newsworthy. editor ) .
--------------------------------------------------------------------------------------------------- August 19 MONDAY Leading Indicators: July August 20 TUESDAY Balance of Trade: June Federal Budget: July Sales and Use Tax Issues in Equipment Leasing Los Angeles, CA. UAEL http://www.leasingnews.org/docs/LARegionalTaxEvent.htm August 21 WEDNESDAY None August 22 THURSDAY Weekly Jobless Claims August 23 FRIDAY None --------------------------------------------------------------------- By HANS GREIMEL The Associated Press TOKYO (AP) - Citing bad market conditions, the U.S.-based
Nasdaq Stock Market called an end to expansion in Asia on Monday and said
it will refocus on Europe. The announcement comes three days after the company decided
to pull out of its Nasdaq Japan joint venture. John Hilley, chief executive
of Nasdaq International, Inc., said Monday that Nasdaq was now planning
no other ventures in the region. ``At this point, we are not considering any other options
in Asia,'' Hilley said. ``If there is a culprit, that was due overwhelmingly
to economic and market conditions. There is not a viable economic venture
going forward.'' Tokyo Internet firm Softbank Corp. and Nasdaq each owned
43 percent in Nasdaq Japan, which was based in the western metropolis
of Osaka. Nasdaq will now focus on its European operations, Hilley
said. Key to that plan is a new electronic stock exchange in Germany
that will compete with the country's dominant exchange, the Frankfurt-based
Deutsche Boerse. The new exchange, called Nasdaq Deutschland, will begin trading
in January, and the company said it planned for 3,000 stocks to be traded
eventually. ``There will be our focus in terms of international strategy,''
Hilley said. The shift underlines how startup companies in Japan have
failed to fire investor interest as Japan wallows in a decade-long economic
slowdown. Nasdaq Japan managed to attract only 98 companies. Among them were Starbucks Coffee's Japan unit and Tokyo software
vendor Digicube Co., but their performance was also disappointing. Hilley said restrictive Japanese trading rules crimped business
by preventing Nasdaq Japan from more freely trading international shares. He also blamed the unwillingness of Japanese brokerages to
adopt an upgraded computer system that would link Nasdaq's Japanese listings
with the Nasdaq's U.S. and European markets in 2003. The system is already
adopted in Europe. Hilley said Nasdaq would still have a presence in Asia by
selling its U.S.-based and European-based shares there, and by soliciting
Asian companies to list on its exchanges. Although Nasdaq has not disclosed figures for its Japan losses,
its cumulative losses here are estimated at more than 5 billion yen ($43
million), following the tech bubble's burst before it fully blossomed
in Japan. Earlier this month, Nasdaq said it was taking a $20 million
charge on its losses from its Japan investment. The Osaka Securities Exchange will continue using the Nasdaq
brand until the end of the year, but Hilley ruled out leasing the rights
to the name beyond that. He said Nasdaq Japan would eventually be dissolved,
but did not say when. ---------------------------------------------------------------------------------------- Please find attached the following text from José Augusto
Leal containing a general overview of leasing and rental transactions in Brazil. Kind regards, Paulo Lanari Prado Castro, Barros, Sobral, Vidigal, Gomes Advogados Praia de Botafogo 228, 15º andar - Ala B 22359-900 - Rio de Janeiro - RJ Tel.: 55 21 2553-1855 R.: 615 Fax: 55 21 2552-1796 e-mail: paulo.prado@cbsvg.com.br http://www.leasingnews.org/docs/LeasingRentalOverview.htm Further to my e-mail of August 15, please find attached free
translations of Law no. 6099/74 and of CMN Resolution no. 2309/96, which
are the main statutory and regulatory provisions ruling leasing transactions
in Brazil these are the URL's: http://www.leasingnews.org/docs/Law6099.htm http://www.leasingnews.org/docs/Resolution2309.htm Brazilian Finance Minister Pedro Malian answers questions
during a Banco Central meeting, sayng that the economic
crisis in Brazil will surpass. (AFP) By John M. Berry Washington Post Staff Writer In an effort to ease Brazil's financial crisis, Brazilian
officials plan to meet tomorrow in New York with representatives of major
U.S. and foreign banks who are refusing to renew tens of billions of dollars
in loans to private Brazilian companies caught up in the situation. At the meeting, arranged by interested U.S. officials, the
Brazilians hope to persuade the lenders to roll over existing loans when
they come due rather than insist on immediate repayment. The Brazilians
want to assure the lenders that they can safely do so by spelling out
the stringent actions the Brazilian government is taking to keep the country
afloat financially. Foreign lenders and investors have lost confidence in Brazil's
economic and financial prospects since an earlier crisis devastated Argentina's
economy. Also, the four candidates running for Brazilian president in
an October election have not indicated they would follow the policies
of the current administration, including its tight fiscal and monetary
actions. Brazil has been hit by a "contagion effect" from
Argentina, a banking source said. In particular, banks that have suffered
large losses in Argentina want to reduce their exposure in Latin America.
Thus, many of the banks have been canceling lines of credit in Brazil,
a circumstance that was the major factor in arranging tomorrow's meeting.
It could not be learned yesterday how much credit had been canceled. Major lenders, such as Citigroup and ABN AMRO of the Netherlands,
are expected to attend tomorrow's meeting. The site of the meeting was
not specified, but such gatherings have sometimes taken place at the New
York Federal Reserve Bank. Treasury Department officials said yesterday they were aware
of the meeting. In a similar effort that proved successful during the 1997
Asian financial crisis, U.S and foreign bankers were persuaded to roll
over loans to South Korean banks and companies. Along with other financial
assistance from the International Monetary Fund and other sources, the
extension of the loans helped ease that crisis. Brazilian President Fernando Henrique Cardoso, meanwhile,
plans to meet separately today with the four candidates seeking to succeed
him. The failure of the candidates to fully endorse the stringent fiscal
and monetary policies agreed to by Cardoso, a former finance minister,
as condition for receiving $30 billion in aid from the IMF has further
eroded international confidence that Brazil's government and many of its
major companies would be able to continue to pay their debts. Marcos DePaiva, secretary for international affairs at Brazil's
Finance Ministry, said in an interview Friday that many foreign lenders
and investors have become more "risk averse" in dealing with
Brazil because of Argentina's situation. Lenders and investors now are
worried about the upcoming change in government, how Brazilian companies
will respond to economic pressures and what are the long-term economic
prospects, he said. Brazil's successful proposal to the IMF for assistance
was explicitly structured to address the issue of a changing government
by providing incentives for the next president to continue the required
fiscal policies, DePaiva said. Just $3 billion of the $30 billion in IMF aid is to be distributed
soon, he said. Disbursement of $3 billion more would come only after a
review in November of Brazil's progress at keeping inflation low and running
a "primary budget surplus" equal to 3.75 percent of Brazil's
gross domestic product. A primary surplus counts all expenditures except
interest payments on government debt. By November there will be a president-elect whose representatives
would participate in the review and likely would give promises that the
necessary government polices would remain in place, DePaiva said. A key
incentive would be the gradual disbursement of the IMF funds only after
continued quarterly policy reviews. "If you are trying to change the usual patterns of what
happens with a change of government in a Latin American democracy, you
need to change the incentives," DePaiva said. "In this case,
the new administration would have access to resources in a way that ought
to guarantee [good] governance in the first year." "The tradition in Latin America has been very different,"
he said. "Markets usually see governments spending a lot of money
in their last year in office. But in the last three months we have had
a 3.88 percent primary surplus" under a law that requires a surplus
of at least a 3.75 percent. "On Monday the president will meet separately with each
one of the candidates to explain the IMF program and see how they are
going to react," DePaiva said. "There has already been a lot
of change in the campaign debate about the economy with much deeper analysis
now, and there is more understanding of what we have done to ensure the
transition. But it is much better to clarify any remaining doubts and
answer any specific questions about the program." DePaiva said that the problem involving Brazil's external
debt is not the debt owed by the government, but that owed by private
firms. "We have already raised the $3.1 billion we need for 2002,"
he said. "It is the other 60 percent owed by the private sector that's
the problem. "Right now, the private companies can't roll over"
the debt, he said. "They have to repay, and to do that they have
to sell reals [Brazil's currency] for dollars. That drives down our exchange
rate, and the government has to provide the dollars. The companies have
borrowed externally because we don't have a well-developed capital market
and they cannot borrow longer term" in Brazil. Companies generally can borrow only for periods of six months
or less in Brazil, said a banker with operations in Brazil. Staff writer Jonathan Weisman contributed to this report. --------------------- “Uproar in the industry.” Keep this between you and me, Kit, I would put my name to
it but it would just cause an uproar in the industry. 1. I here HP is discontinuing the HP-17b and 19b calculators I saw the piece on leasing Associations: Here is the long
and short of it. I agree with a lot of what this person had to say. When I was
attending these conferences I always got the feeling that everyone came to
these things to spend more time playing golf or partying than being their
to learn and educate themselves and meet with funding sources, I am not
saying no one should have a good time but it seems the latter is what tends
to happen at these conferences. I would say more but I don't have another
half hour to type. The bottom-line is that theses boards that run the leasing
associations should go to their membership on a regular basis 3-4 times
a year and find out what they want and what they would like to see from their
organization. (Again Kit Please withhold my name, as I want to avoid any
conflict) ---- “Likes the Tennessee Titans” From my game view
stand point the TITANS looked good not the Raiders looking bad. They
were playing in Nashville and that is not a fun place for visitors. We are looking to
see the TITANS on super bowl Sunday. Always, John Winchester jwinchester@comcolease.com Nashville, TN -- “ Doesn’t Get it” Sorry, but I just don't get it. I make an effort to read leasing news everyday, and I continue to be puzzled by the inclusion of
non-leasing news in the content. I
can guess that there is precious little leasing news on some days, and further, that there isn't a great deal of
positive news about the leasing industry most of the time these days. Nevertheless, why include news so apparently unrelated to equipment leasing? Not a criticism, but an observation and a query. Steve SCHRIEST@aol.com I have been saying for two and a half years since we formalized
this, skip the story if you don't like it...also read Leasing News on line and
you can click on the stories you want to read and not the ones you don't. If you
are not interested...there are readers
in New Mexico, Arizona, Florida, North Dakota, many small towns
over the us who do not read major newspapers,
let alone business news. Also many in large cities are too busy....in addition, we are
often a day ahead of what you read. On “inside news”, sometimes months
ahead. Perhaps you did not like the story about the South Carolina
Utility Confederate flag ban...or that we were two days ahead of all the
major newspapers in naming the baseball strike deadline of August 30th...and
no other newspaper that I saw had the internal memo from the president of American Airlines,
how he was telling his employees about the 7000 job cuts, his candid comments
and “patriotism” to his employees, or his chilling comment “We will reassess
our flying for the spring and summer months of 2003, but you should know
that some flying may not return until we see unmistakable signs of an
economic recovery.” The job is to inform and educate and entertain. You will see stories on wine because I like
wine and readers have reacted positively to those stories, and Amtrak,
and the housing industry as they are economic guidelines. Sports get the
most positive reaction, by the way. Very few people on the West Coast read the Washington Post,
Boston Globe and many on the East coast don't read the Seattle Times or San
Diego Tribune Union. I look through up to 25
newspaper front pages and business sections daily, plus the wire services
and other sites. When I see a
story not covered, or only in one paper, and there is “room” in Leasing News, it is included
or mentioned in “News Briefs.” I would say all the press release we use are available at
the Monitor and elsewhere, so what makes leasing news different is not only
its "inside news" but its humor and personality. Editor Thanks for the answer, Kit. I understand now. I do,
by the way, skip what I don't want to read. Sometimes,
I even read some of that stuff! Steve ----------------------------------------------------------------------------------------- September 12 and 13th Sales Tax Simplification
Meeting On Monday, August 19, the Federation of Tax Administrators
hopes to finalize plans and announce the September meeting of the Sales
Tax Simplification Implementing States. Philadelphia on Thursday, September
12 and Friday, the 13th is the objective but could change. I'm sending this
advisory in response to inquiries recognizing the city and dates are always
subject to change prior to an official announcement. Dennis Brown DBROWN@ELAMAIL.COM -------------- ------------------------------------------------------------------------------------- Sales Tax on Document Fees and Discounting Leases “Here is a copy of the California State Board of Equalization
form #BOE-401-A2 that we use to report our sale/use tax liabiliity. Items
4, 8 and 10-B in my view provide the necessary exemption from double taxation---of
course, you have to hold a valid resale permit which I believe to be available
from the State at no cost. Thanks again for your good work.” Bob New Bob New, Inc. (Tomorrow’s “Sales
and Use Tax issues in Equipment Leasing” , sponsored by the United Association of Equipment Leasing, at the Radisson
Hotel in Los Angeles, should provide many answers to those who attend: Here is the registration form. It is tradition
that last minute attendees can show up at the door, but for a “head count,” it would be a good idea to call and let them
know you are coming. Editor ) -------------------------------------------------------------------------------- L.A. REGION United
Association of Equipment Leasing SALES AND USE TAX ISSUES IN EQUIPMENT LEASING Sales Tax on Documentation Fees? August 20, 2002 Radisson Hotel - Los Angeles West Side 6161 West Centinela Ave Culver City, CA 90230 (310) 649-1776 Time: 2:00pm - 2:30pm Registration &
Networking 2:30pm - 5:00pm Program Speakers: Sylvia
Le, Senior Tax Auditor Eileen Smith, Senior Tax Auditor (Both speakers are from the Board of
Equalization) Cost: UAEL Members $46.00 Non-Members $56.00 Questions? Contact
Tom Mulally or Lisa Murillo (818) 784-8700 Registration Form NAME: ____________________________________________________________ TITLE: ____________________________________________________________ COMPANY: ____________________________________________________________ PHONE: ____________________________________________________________ ADDRESS: ____________________________________________________________ CITY, STATE ZIP: ______________________________________________________ Check Mark UAEL Member $46 Non Member $56 PAYMENT: Check Enclosed ____
Visa/MC ____ Amex ____ Credit Card Number ______________________________________
Exp. __________ Name on Card __________________________________________________________ Signature _______________________________________________________________ Return to: UAEL *
520 Third Street, Suite 201 * Oakland, CA 94607 * Tel: 510-444-9235 *
Fax: 510-444-1346 ------------------------------------------------------------------------------------------------ Broker Protection----New Series
With all the changes in the leasing industry, including acquisitions,
mergers, purchases of “assets only” or bankrupt porfolio’s, who has
the “rights” to repeat business or the dealer who sold the equipment? Many companies spell out this policy, such as the Manifest Group, which
issues an “insurance policy” to its brokers, while others have provisions in their
“representation and warranty agreement,” others have none, and perhaps many
are now unenforceable. Leasing News will publish your “lease broker protection”
policy to share with the rest of the industry. The most definitive one I have seen comes from the defunct
IFG Leasing Company, Inter-Regional Financial Group, in a newsletter dated
February, 1982, from John Torbenson, national Broker Division Manager,
page 2 ( at Leasingnews.org ”on
line version,” you will see his picture as it appeared in “Broker Re-Lease:”) Broker Categories Defined A number of you have been asking what the different categories
of brokers are at IFG in case you should find yourself in a non-active
status. Below I’ve listed the seven categories of brokers and defined
them. I would say that 90 percent of the brokers that we do business with
are in an active broker status. However, a broker can fall into other
categories. 1. Active Brokers
— approved brokers with a complete, current file, who met volume requirements
and who have not been placed in another category. 1FG will accept lease
applications and will fund transfers with these brokers. 2. Active Brokers-
Incomplete File — brokers whose files are either Incomplete or non-current.
Brokers in this category will be so notified and will be given 90 days
to complete and/or update their file. IFG will accept and will fund transactions
of brokers In this temporarily active category. Brokers failing to provide
a complete file or to bring their file current within 90 days will be
placed in the “Non-Current Broker” status. 3. Probation
Brokers — brokers from whom IFG will accept applications and will fund
transactions for a temporary period of time until some problem is rectified.
Typical reasons for brokers being placed in this category include: problems with lease applications (i.e., excessively high
volume of rejected or dead applications), problems in daily business
relations with IFG, and brokers using a “shotgun” approach to locating
funding sources for their deals. Brokers will generally be given 90 days
from date of notification to correct the problem cited. Non-Current Brokers — brokers from whom IFG has accepted
business in the past but who have not done business with IFG for an extended
period of time and/or brokers who have not maintained a complete, current
broker file at IFG. Lease applications will be accepted from these brokers,
but broker commissions will not be paid until broker files are completed
and/or brought current at IFG. Ineligible Brokers — brokers who do not meet IFG’s credit,
volume, or quality of business requirements. IFG will not accept lease
applications from these brokers. Newsletter Only Brokers — brokers who have not conducted
financial business with IFG, but who are interested in IFG and whom we
feel may someday become active brokers. 7. Restricted
Brokers — brokers from whom we will not accept any lease applications
under any circumstances. Those of you In status #2 will want to finish completing
your broker file and/or bring It current. As a reminder, a complete file
contains a bank reference, three additional funding references, a current
business or personal financial statement, and a brief history of your
firm. You must be in category #1 to qualify for our Big Bang Bonus Contest.
If you are not sure of your current status, be sure to ask either Kim
McConville, our Administrative Secretary, or myself. This historic newsletter also goes over IFG Leasing Variable
Rate leasing program: “Under each basic rate structure, Floating or Fixed, we differentiate
three categories of contracts for rate purposes: ITC to IFG, ITC to Lessee,
and CSC. Once again, the rates reflect IFG’s differing costs of money. “I should stress that on our Floating Term Lease the payments
remain constant throughout the lease life. The only new twist is that
the number of payments at the end of the lease may be decreased or increased
a little depending on prime rate fluctuations during the term of the lease.
It should be quite simple to sell a Floating Term Lease to your client
since it reduces the buy rate 125 basis points while allowing the client
the benefit of predictable cash flows. In essence, he receives one of
the major benefits of Fixed Rate financing at a Floating rate price.” ----------------------------------------------------------------------------------------------- September 11 Anniversary---Bob Kieve Some folks are going full speed ahead in their plans for
September 11. We’re going much more slowly. Personally, I’m motivated
by the feeling that this anniversary is nothing to celebrate. At
the most, I want to acknowledge
it and pay tribute to the people who showed courage on that day. But the last thing I want to do is join in a day of mourning
or a day on which we commemorate
that terrible event by changing our normal activities. The terrorists succeeded.
They have changed our lives. They’ve
deeply affected our economy. They’ve
changed the way we travel. They’ve caused some of us to distrust our fellow citizens. Should we now, on
the anniversary of their act, provide
further acknowledgment of the success they’ve achieved by planning
a day long commemoration of the damage that has been done to us, dramatizing for the whole world again the pain they have caused us. It almost seems that we’re in a competition with each other to see who can
most convincingly wring his hands. I’m not opposed to the plans that New Yorkers are currently
putting together. It was
they who suffered the most; it’s
not my place to pass judgment on them. But
I don’t want to convert September 11 into some kind of national holiday,
and it’s certainly not
an anniversary that I wish to celebrate. This is Robert Kieve, and that’s a personal opinion. KARA-AM, San Jose ############## ####################################### MB Financial, Inc. Announces Completion of $52 Million Trust
Preferred Securities Offering CHICAGO--(BUSINESS WIRE)----MB Financial, Inc. (NASDAQ:MBFI)
(the "Company"), the holding company for MB Financial Bank,
N.A., Union Bank, N.A. and Abrams Centre National Bank announces the issuance
of $52 million of 8.60% Cumulative Trust Preferred Securities (the "Trust
Preferred Securities") of MB Financial Capital Trust I with a liquidation
value of $25 per security. The securities represent undivided beneficial
interests in the trust, which was established by the Company for the purpose
of issuing the securities. The Trust Preferred Securities were sold in
a publicly underwritten offering and will pay quarterly cumulative cash
distributions. The Trust Preferred Securities began trading today on the
Nasdaq National Market under the trading symbol "MBFIP." MB Financial Capital Trust I used the proceeds from the sale
of the Trust Preferred Securities to purchase junior subordinated debentures
of the Company. The Company expects to use the net proceeds for general
corporate purposes, including investments in its subsidiaries and financing
potential acquisitions. The lead manager for the transaction was Stifel Nicolaus
& Company, Incorporated. Co-managers were Legg Mason Wood Walker,
Incorporated, Howe Barnes Investments, Inc. and Sandler O'Neill &
Partners, L.P. This press release shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
law of any such state. CONTACT: MB Financial, Inc. Mitchell Feiger, 773/292-6271 ##################### ################################## --------------------------------------------------------------------------------------------------- By San Jose Mercury News Wire Services John Dutton passed for 236 yards and five touchdowns as the
San Jose SaberCats won their first ArenaBowl, shutting out the Arizona
Rattlers in the first three quarters of a 52-14 victory. James Hundon caught three TD passes as the SaberCats capped
a 16-1 season with one of the most remarkable achievements in Arena Football
League history: 50 shutout minutes of defense in a league where teams
routinely score more than 50 points per game. Barry Wagner rushed for a touchdown as the SaberCats emphatically
avenged their only defeat of the season -- a 59-52 loss at Arizona last
month -- and staked their claim as perhaps the best Arena team ever. With San Jose's powerful offense rolling, the Rattlers trailed
24-0 at halftime and 38-0 after three quarters. Arizona barely avoided
the second shutout loss in Arena football's 16-year history when Maurice
Bryant broke free for a 30-yard TD pass from Sherdrick Bonner with 9:24
left. Darren Arbet, who has built San Jose into a powerhouse in
just four seasons in charge, became the first black coach to win a pro
football title with a record-breaking performance by his team, which finished
with the best record in Arena history and scored at least 50 points in
every game. Dutton, who won his fourth game since stepping in for injured
star Mark Grieb, was named the game's MVP with a 20-for-26 performance.
After the game, Dutton and Grieb shared a hug as the sellout crowd roared
and their teammates celebrated on the confetti-covered field. Dutton threw two TD passes in the first half to Hundon, who
spent four seasons with the Cincinnati Bengals, as the SaberCats dominated
on defense, holding Arizona to 63 total yards in the first half. It was the first time in franchise history that Arizona had
been held scoreless for an entire half. It was also the first shutout
half in the ArenaBowl since the inaugural game 15 years ago, when Denver
shut out Pittsburgh for three quarters. San Jose stretched its lead in the third quarter on TD catches
by James Roe and Jerry Reese. Meanwhile, the Rattlers were stopped on
downs at the SaberCats' 13, and Bo Kelly later fumbled on the 1. Though Arizona scored two late touchdowns, the victory capped
a near-perfect season for the SaberCats, who had a roster and a game plan
that were clearly a cut above every team except Arizona. The SaberCats' shot at the first undefeated season in Arena
ball history ended in Phoenix last month, when the Rattlers beat San Jose
and broke the collarbone of Grieb, the AFL's offensive player of the year. But the SaberCats even got a bit of karmic payback for the
loss of Grieb when Stacy Evans, the hulking Arizona lineman whose tackle
injured Grieb, was knocked out of the championship game in the first quarter
with a torn knee ligament. One of American sports' most thriving minor leagues treated
the game as a celebration, with mascots and cheerleaders from every club
in the festivities. Compaq Center was packed with 16,942 fans. The Arena league, which unveiled a new logo during the weekend,
will add the expansion Colorado Crush -- with team president John Elway
-- for its 17th season next spring. The league also will expand its television
presence, with 71 games on NBC. The victory gave San Jose a hat trick of second-tier pro
sports championships. Last fall, the San Jose Earthquakes won their first
Major League Soccer title, and the Bay Area (now San Jose) CyberRays won
the first championship in WUSA women's soccer. --------------------------------------------------------------------------------------------------- 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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