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Pictures
from the Past---2000---Soracco-Ken Greene-Monosson Storm
Weather Hits Leasing Companies 18
Positions Open for Managers with Leasing
Experience
Jobless claims
fall to lowest level in 21 months Interim Financing--Contact: David C. Duxbury The Economy is growing--Arthur
Rosenfield Highlights: Equipment Leasing
Association Newsletter High-Speed Wireless Internet
Network Is Planned ###
Denotes Press Release ------------------------------------------------------------------------------------------------ Pictures from the Past---2000---Soracco-Ken
Greene-Monosson
United Association of Equipment Leasing ACE
Spring Conference Chair Ken Greene, Esq. ( center) with Lynn Soracco-CIT
( left) and Debbie Monosson-Boston Financial and Equity
( right ) UAEL News Line, Fall, 2000 (Send us your photograph by e-mail or snail
mail ( we will return it).) ------------------------------------------------------------------------------------------ Storm Weather Hits Leasing Companies E-mail from several readers came back, such
as those from Republic Leasing of South Carolina: “Due to weather conditions, RLC will be closed
at 12:00 on Wednesday, December 4 until
further notice. I will respond to your e-mail as soon as possible.
Thank you.” No deals funded after noon, but then again,
Federal Express and UPS were unable to pick-up or deliver due to the inclement
weather. . Storm leaves millions without power, 22 dead
from Plains to East Coast ROGER PETTERSON, Associated Press Writer Millions of people shivered without electricity
Thursday in the Carolinas as one of
the worst ice- and snowstorms in years
snapped tree limbs, snarled air travel
around the country and kept children
home from school in a large part of
the East. At least 22 deaths had been blamed on the storm
since it blew across the southern Plains
earlier in the week, including a Virginia
woman who police said froze to death
after her car slid off the road and
got stuck in a driveway. Up to a foot
of snow fell in places from New Mexico
to North Carolina. "It's horrible out there," said Errol
Carter, a lawyer from Edison, N.J. "I
live less than 10 minutes from the train
station, and I almost got in two accidents
on the way there." "We've got wrecks everywhere," Virginia
State Police Sgt. D.A. Shaver said. Schools closed in parts of the Carolinas, Pennsylvania,
West Virginia, Virginia, Delaware, New
York, Connecticut, New Jersey, Maryland,
Missouri, Arkansas, Tennessee and Kentucky. The Carolinas were the hardest hit as the weight
of ice and snow snapped tree limbs and
sent them crashing onto power lines.
In Raleigh, N.C., the crack of buckling
pines and oaks sounded like gunfire
during hunting season. Matt and Dawn Heric had been without heat in
Durham, N.C., since the electricity
went off late Wednesday. "Unfortunately,
none of the fireplaces are serviceable,"
Matt Heric said of their 90-year-old
house. "You just go to the YMCA to take your showers
and farm out the kids and just do what
you have to do," said Jill Brehm
in Charlotte, N.C. The storm was "probably the largest single-event
power outage we've had in this state,"
said Bryan Beaty, secretary of the state
Department of Crime Control and Public
Safety. North Carolina Gov. Mike Easley declared a state
of emergency and waived most weight
limits for trucks removing debris and
repairing utility lines. South Carolina
Gov. Jim Hodges also declared a state
of emergency. Carolina Power & Light reported a peak of
466,000 customers without service. Other
utilities in the Carolinas also had
hundreds of thousands of customers without
power. Duke Power said about 1.2 million homes and
businesses were blacked out Thursday
in North and South Carolina. The utility
said it could be days before service
is restored. Outages also hit parts of Virginia and West
Virginia. It was the second day without
power in parts of Arkansas, Kentucky
and Oklahoma. Some 3,000 stranded travelers spent the night
at North Carolina's Charlotte-Douglas
International Airport. Travelers faced
cancellations and long flight delays
at the New York City area's LaGuardia,
Kennedy and Newark, N.J., airports. One Delta shuttle left LaGuardia for Washington
on time at 7:30 a.m., but before it
could land, Washington's Reagan National
had shut down. The pilot announced he
was returning to LaGuardia, but the
flight was diverted again, eventually
landing at Hartford, Conn., shortly
after 10 a.m. The storm's effects on air travel spread far
a field. Northwest Airlines canceled
14 flights to the East Coast from Minneapolis. On the ground, highway traffic slowed to a crawl
or stalled behind wrecks. Commuter buses
ran behind schedule. And commuter railroads
in the New York City region added trains
to cope with an increase in riders. About a dozen travelers spent the night on Red
Cross cots at the Greyhound Bus terminal
in Charleston, W.Va. Up to 8 inches fell in the mountains of western
Virginia. The Blue Ridge Parkway was
shut down Wednesday in North Carolina
as a foot of snow piled up in some areas.
More than 7 inches had fallen by midday
in New Jersey. Deaths blamed on the storm included six in Kentucky,
one in Tennessee, four in North Carolina,
four in Missouri, two in Arkansas, two
in South Carolina, two in Virginia and
one in New York. The steady snowfall in New York City turned
busy avenues and sidewalks treacherously
slick, but tourists busily snapped photos. ----------------------------------------------------------------------------------------------------- Attorneys Wanting Jobs??? I always have difficulty determining whether
what I am reading are ads posted by
people seeking employment or ads posted
by companies/firms seeking employees.
Perhaps the section heading could make
it clear. For
example, today's newsletter says, "Classified---Ads-Attorneys" and perhaps it could say, "Classified---Ads-Attorneys
Seeking Positions" Or, "Classified---Ads-Law Firms Seeking
Attorneys", etc., etc. Thanks and regards. Stan Stanley A. Evans, Jr. Executive Solutions for Leasing and Finance,
Inc. 631 Baywood Drive - Newport Beach, CA 92660 949.640.5272 Fax 949.640.8272 stanevans@exsolutions.com http//www.wxsolutions.com (We have two sections, one for help wanted,
companies looking for people, and one for job wanted, people looking for companies.
Our first such ad was from an attorney
who found a job in two weeks using Leasing
News ‘Job Wanted.” The attorneys are offering their services, just
as outsourcing people offer their services. They are not seeking employment
but advertising their services. Maybe
we need to be clearer about that. And
have made the following changes: Editor ) http://65.209.205.32/LeasingNews/JobPosting.htm View Job Wanted (people looking for a job--free ad) View a Help Wanted (companies looking for people--paid advertising) View Outsourcing (companies and individuals offering their
services---free ad) Leasing Industry Attorneys (Listed are Attorneys and law firms who specialize in the leasing industry, belong to a leasing association, and are looking for clients to represent---free ad) -------------------------------------------------------------------------- 18 Positions Open for Managers with Leasing
Experience ( in
case you missed this yesterday ) I thought that this would be of interest to
your readers who are looking for employment. There are 18 regional manager positions
listed by UBS
on the Monster site for people with
5-10 years lending experience. They
seem open to experience outside of the
industry. The Regional Lending Manager responsibilities
include: Working to develop and create a loan business
based on the products and services offered by UBS. These products and
services include non-purpose securities-based loans, mortgages, and liquidity
solutions. Creating local marketing and sales plans. Direct prospecting of new loan business. Developing and closing deals, including negotiating
pricing and terms. Supporting the local UBS PaineWebber branches
to market loans to current branch clients and prospects. Qualifications: Bachelor's Degree from a four year college or
university Demonstrated success in generating substantial
non-purpose loans, using investment assets as collateral, to High Net
Worth individuals in local market. Superior sales, negotiating, interpersonal and
client service skills. Familiarity with securities-based, non-purpose
lending practices. 5-10 years of lending experience at a major
financial institution Active knowledge of local market conditions,
key client opportunities and business development opportunities in the community http://jobsearch.monster.com/jobsearch.asp?co=xpwebx&ah=http%3A%2F%2Fcompany Regards, Mr. Fred St Laurent Managing Director - Recruiting Bradbury and Williamson, Inc. Financial Services Division 4550 River Green Parkway - Suite 120 Duluth, Georgia 30096 321-952-5643 Fax fstlaurent@cfl.rr.com www.bwresults.com www.fredstlaurent.com http://jobsearch.monster.com/jobsearch.asp?co=xpwebx&ah=http%3A%2F%2Fcompany ------------------------------------------------------------------------------------------- Please send to a friend or person who is looking
for work Jobless claims fall to lowest level in 21 months By Jeannine Aversa ASSOCIATED PRESS WASHINGTON – New claims for unemployment benefits
plunged last week to their lowest level
in 21 months, offering some cheer to
workers as they head into the holiday
shopping season. The Labor Department reported Thursday that
new applications for unemployment insurance
fell by a seasonally adjusted 13,000
to 355,000, for the work week ending
Nov. 30. The decline left claims at
their lowest point since the week ending
Feb. 17, 2001. It marked the third week in a row that new claims
for jobless benefits went down, good
news for workers who have been feeling
the strain of the uneven economic recovery
for much of this year. The latest snapshot of the labor market was
much better than analysts were expecting.
They were forecasting a rise in new
claims. While the Thanksgiving Day holiday – in which
unemployment offices were closed – may
have played a role in the decline of
new claims last week, economists have
noted that claims recently have been
drifting lower, a positive sign. In fact, the more stable four-week moving average
of new claims, which smooths out week-to-week
fluctuations, dropped to 376,500 last
week, the lowest level since the week
ending March 3, 2001. Both the four-week moving average and initial
claims have been below the 400,000 mark
– a level associated with an extremely
weak job market – for three straight
weeks. Thursday's report showing that layoffs are stabilizing
may also bode well for consumer spending
in the holiday shopping season. Consumer spending accounts for two-thirds of
all economic activity in the United
States and has been the main force keeping
the economy going all year. Low mortgage rates, tax cuts, and extra cash
coming from a refinancing boom have
helped to support consumer spending
this year, offsetting some negative
factors including the roller-coaster
stock market and the uncertain economic
environment. Even as layoffs slow, economists are not expecting
companies to go on a hiring spree. Many
economists believe companies, in the
face of the struggling recovery and
economic uncertainties, will keep their
work forces relatively lean. Economists believe around 35,000 jobs were added
to the economy in November, an improvement
from October's job cuts. However, economists are still forecasting a
rise in the nation's unemployment rate
in November to 5.8 percent from October's
5.7 percent rate. The government will
release the employment report for November
on Friday. The economic recovery has been advancing this
year, but in fits and starts, an environment
that has made businesses wary about
making big commitments in hiring and
in capital investment. Fears about a
war with Iraq, the turbulent stock market
and other economic uncertainties have
weighed heavily on companies and made
workers who still have jobs anxious
about keeping them. But in another hopeful sign in the jobless claims
report, the number of unemployed people
who are continuing to collect unemployment
benefits dropped to a four-month low
of 3.49 million for the work week ending
Nov. 23, the most recent period for
which the information is available.
A decline in that number suggests more
hiring is going on. Wanting to energize the economic recovery, the
Federal Reserve last month cut a key
interest rate by a bold half a percentage
point to a 41- year low of 1.25 percent.
It marked the first rate reduction of
this year and the 12th since January
2001. Analysts believe the Fed will
hold rates at that low level at its
meeting next Tuesday. On the Net: Jobless claims: www.doleta.gov/ ------------------------------------------------------------------------------------------ UCLA ANDERSON FORECAST The state’s economy Recovery in Bay Area slow
and painful UCLA study predicts tech sector won't turn around
soon Sam Zuckerman, San Francisco Chronicle Economics
Writer California's economy is poised to rebound in
2003. But recovery won't feel much different
from recession, especially in the hard-hit
Bay Area, economists at UCLA conclude
in a report set for release today. The state and the region are in the process
of digging out of a two-year downturn,
the UCLA forecasters note in their quarterly
outlook on the state's economy. They caution that the return to growth in employment,
income and retail sales will prove sluggish
at best and that slack business conditions
will persist in the year ahead. The state's economy "appears likely to
sputter during the first half of 2003,"
the UCLA economists predict. "Major
employers are unlikely to increase hiring." UCLA forecasters say that recovery will be fueled
by slow but steady gains in the national
economy, which eventually will revive
the technology sector, the linchpin
of Bay Area business. In addition, the economy will be supported by
continued strength in the housing market.
If interest rates stay low, home prices
statewide will rise, though at a slower
rate than in the recent past, UCLA economists
predict. The risk of price declines
is higher in the Bay Area, they note. At the same time, however, a huge state budget
deficit and lingering weakness in personal
income and consumer spending will hamper
any rebound, the report concludes. Nonfarm jobs in California, which have fallen
slightly this year, should expand by
a feeble 0.7 percent in 2003, rising
to a healthier 2.2 percent gain in 2004,
the forecasters project. Nonetheless,
job growth will not be enough to bring
down the state's unemployment rate in
2003, which is projected to rise to
an average of 6.7 percent from 6.4 percent
this year. UCLA forecasters have one of the best records
of any economics group in predicting
the course of California's economy and
were among the first to spot the recent
national and statewide recessions. The UCLA Anderson Forecast does not make specific
projections for the Bay Area. But the
economists warn that the San Francisco
and San Jose metropolitan areas will
be the last regions to pull out of their
slumps. "We're not going to see the kind of declines
we have seen (in the Bay Area) in the
last couple of years," said UCLA
economist Tom Lieser. "But, in
looking for a bottom, we haven't seen
it yet." The Bay Area won't turn around until the technology
sector returns to health, Lieser said.
UCLA economists don't expect that to
happen until late 2003 or 2004, when
businesses are expected finally to reverse
the cuts in technology spending they
made after the Internet bubble burst
two years ago. Some experts on the regional economy think the
bottom was reached several months ago,
when major Silicon Valley employers
such as Sun Microsystems carried out
new rounds of staff cuts. Job gains during the next year "will be
spotty," said Chuck Pappalardo,
managing director of Burlingame's Trilogy
Venture Search, an executive recruitment
firm. "But, quarter over quarter,
the averages will get better. We're
seeing the beginnings of pent-up demand." The latest UCLA study notes that California
experienced a milder rate of job loss
than the nation as a whole, but a much
worse performance in personal income. A total of 0.5 percent of California's jobs
disappeared during the downturn, compared with 1.1 percent nationwide. At the
same time, though, personal income in
California dipped 0.5 percent, even
as income was rising 3.9 percent nationwide. The poor income performance reflects the disappearance
of many high-paid jobs, including those
offering stock options and bonuses,
especially in the technology sector,
the report notes. The UCLA economists stress the sharp performance
gap between Southern California and
the Bay Area during the slump. Most Southern California counties gained jobs
or were flat from July through September.
But employment dropped at an annual
pace of 5 percent in the San Francisco
area, 4.5 percent in the San Jose area
and 1.1 percent in the Oakland area
during the same period. During the fourth quarter of 2001, the latest
period for which statistics are available,
statewide taxable sales fell 2.3 percent
from the comparable period the year
before. Sales grew in Southern California,
but they fell throughout the Bay Area,
led by precipitous drops of 23.7 percent
in Santa Clara County and 17.6 percent
in San Francisco. The Bay Area's commercial real estate market
is now suffering one of its worst slumps
in history, with third- quarter office
vacancy rates of 19 percent in San Francisco
and 22.9 percent in San Jose, the UCLA
study notes. Southern California vacancy
rates are significantly lower. "If you want to understand the economic
cycle, the best place to look is not
unemployment in San Jose, but the office
vacancy rate in San Francisco,"
said Jim Diffley, a regional economist
with the Pennsylvania forecasting firm
DRI-WEFA. KEY FINDINGS OF UCLA CALIFORNIA ECONOMIC FORECAST California's job market will stage a weak recovery
in 2003, but show more- robust growth
in 2004. The technology sector, which dominates the Bay
Area economy, will not return to health
until business spending on equipment
and software accelerates, probably in
late 2003 or early 2004. Personal income in California has fallen during
the past two years, while income has
continued to grow nationwide. The income
of Californians will rise again in 2003,
but at a sluggish pace. California's economy will be supported by continued
strength in the housing market. As long
as interest rates remain low, home prices
will rise, though at a slower rate than
the past two years. Commercial real estate is plagued by high vacancy
rates, which will cause construction
to slow during the next two years. E-mail Sam Zuckerman at szuckerman@sfchronicle.com. __________________________________________________________ Interim Financing-----Contact: David C. Duxbury Earlier this year I developed a Program to offer
warehouse financing to Brokers who do not have such lines (or sufficient
lines) to take advantage of the opportunity to earn interim rent themselves
rather than let Funding Sources earn this significant fee income. I
have attached a brief flyer that I sent
to several sources for your review. Do you know of anyone who could take
advantage of this Program. My
goal is to use some of the capital I
have to be involved in the
leasing industry without starting another
company. Any
thoughts you have would be appreciated.
David C. Duxbury
Duxbury Capital Services
415-928-4939 (I remember you at Comstock Leasing. You ran a great ship, then sold it, as I remember. I can print your flyer, see below. If it gets you any business, please send a contribution
to the Equipment and Finance Foundation:
http://www.leasingnews.org/links_6.htmEditor
) Interim Financing: http://www.two.leasingnews.org/loose_files/interim.htm -------------------------------------------------------------------------- The Economy is growing-- Arthur Rosenfield The Commerce Department said factory orders advanced 1.5 percent to .57 billion in October, following a 2.4 percent decline
in September. The massive U.S. service sector expanded for the 10th straight month, as a sharp increase in new orders in November fed into the strongest spurt of activity in six months, according to a monthly gauge released on Wednesday. Transactions on the internet are up 35%. The bent for lease financing is via Capitalist-Direct.com,
and the fact that Lease Funding is a major category in the
BizWiz Network that we support in a big way. - BizWiz
NEW Seach Engine for Lease Funding - Contact
Management service for Lease Funding - Daily
news and Corporate NewsNet for Lease
Funding - Resource
Directory for Lease Funding - BizWiz
TOP 100 for Lease Funding - Trade
Announcements for for Lease Funding - RFPs
for Lease Funding - City.BizWiz - 1stBusinessDay
for Lease Funding - CalendarWatch
for Lease Funding (Looking for SPONSORS of above) BizWiz.com not only offer Lease Funding solutions,
we stimulate businesses to make capital investments throughout the service.
The companies that use the system are your best prospects because they
are committed to growth and investment in their business. You could link to Capitalist-Direct.com with
a note that while most capital sites are oriented toward VC funding, Capitalist-Direct.com includes LEASE FUNDING and related areas. It is the
THE FIRST Service to identify and introduce
Capital Seekers and Capital Sources across EVERY type of financing
applied by businesses and institutions today. It brings Worthwhile Investment
and Business Opportunities together with the people and companies
that invest and provide critical services. All Industries, All
Markets, Worldwide I'll suggest another place where you and your
lease funding friends need to focus some immediate attention. That is Security
and CounterTerrorism. BizWiz owns a number of domains that we want
to develop as an important part of our service to corporations, governments,
institutions, security firms, etc.
While
there are pages up, what is there
does not reflect the services we want to offer: Security-Marketplace.com GlobalSecurity-Direct.com HomelandSecurity-Direct.com SecurityNewsWire.net LawEnforcement-Direct.com LawEnforcementNewsWire.com As you may know, we operate some very fine,
highly specialized services within BizWiz. A good example is Capitalist-Direct We are interested in forming relationships with strong companies that want to be part of our growth, and who can provide quality products, services, and customer support to our member participants. If you are interested to learn more, there are details and hyperlinks presented below. I welcome your thoughts and ideas. BizWiz is a large Business Network and Resource Marketplace, with a successful track record since 1994. It operates over 250 specialized DOMAIN modules that provide applications and valued services for businesses in 186 industries. As the mix has grown, membership and interactivity have grown. These services attract business and professional people just like you who want to be active participants with us. They
want to reach out... and we have the means to connect good people. Now, over 300,000 member companies participate. BizWiz is for people who want to participate in a serious business network for business development and profit improvement. It is an electronic commercial network that produces business opportunities for member companies. Main BizWiz service: http://www.bizwiz.com How BizWiz Works: http://www.bizwiz.com/guide.htm BizWiz makes available a wide spectrum of services that we believe you and your colleagues would value. Arthur Rosenfield (More about Mr. Rosenfield, who I have communicated
with since he started this service and helped many
brokers and capital sources grow. editor: ) http://www.bizwiz.com/bizwiz/homepage/arprofile.htm ---------------------------------------------------------------- Highlights: Equipment Leasing Association Newsletter ******************************** ELT E-Leasing Newsletter 12/5/02 ******************************** The Equipment Leasing Today E-Leasing Newsletter
is published every Thursday and is sponsored
by the Equipment Leasing Association
and its co-sponsor. To get Full-Text
Stories, go to the web page associated
with the story you wish to read. ************** The E-Leasing Newsletter is SPONSORED
by: ************** NASSAU ASSET MANAGEMENT Recovery and Remarketing Specialists 1(800)462-7728 or 1(800)4-NASSAU GO
HERE>>>>>> http://www.nasset.com WE GET RESULTS!!!!!!!!!
Servicing The Leasing Industry
for more than 25 years!!!!! *Covering all 50 states and Canada *Fastest
turn around *24 hour reporting via Web *Highest resale prices Call
Nassau now for a complete assessment of your needs!!! http://www.nasset.com ******************************************************************** 4. ELA
Release 3rd Quarter PIR Results ****************************** The results of the 3rd quarter PIR are in and
will be published in the Nov/Dec issue
of ELT.
Here is a quick preview: New
business volume and total net portfolio
has grown compared to 3rd quarter 2001.
Total employees have remained stable
compared to 3Q01.
However, delinquencies over 90
days has doubled from 1.0% of gross
receivables in 3rd quarter 2001 compared
to 1.9% in 3rd quarter 2002. This trend
might have a significant impact on the
leasing industry.
To learn more about the 3rd quarter leasing
trends, read ELT, or visit http://www.elaonline.com/industryData/
in the Industry data section. ****************************** 5. ELA
Releases Positioning Task Force Report ****************************** The full report of the ELA Repositioning Taskforce,
which was presented to the ELA Board
of Directors in October, is now available
for download at http://www.elaonline.com/aboutela/positioning.pdf
(410k PDF file). The report details
the findings of the Taskforce's year-long
study of ELA, its mission and its membership,
and includes recommendations for repositioning
the association in light of the current
realities of the equipment leasing and
finance industry. Each recommendation
reflects the Taskforce's emphasis on
maximizing ELA's value proposition for
its members. The recommendations, adopted
by the Board, include: --Refocusing ELA's programs and resources to
provide maximum benefit to the companies
that "make a difference."
Those are companies of any size that
regularly participate in ELA, whether
through volunteerism, program attendance
or other means, as well as firms whose
sheer size make them important in the
leasing marketplace. --Adjusting ELA's dues schedule to reflect current
economic realities and the changed industry
landscape since when the last dues adjustment
was made a decade ago. This dues adjustment
is "fair share" based, and
ensures that the smallest members pay
enough dues to cover the cost of their
membership to the association, while
the larger members dues also reflect
the value they receive from ELA. Additionally,
the fees for all ELA's program will
reflect the market cost of such offerings.
--Revamping ELA's marketing efforts to ensure
that members fully realize the breadth
and value of all association programs.
In addition to the Taskforce Report, an article
titled "It's About Value,"
detailing ELA's new positioning and
its meaning for member companies, is
included in the November/December issue
of ELT. For further information on ELA's repositioning
and its impact on your membership, contact
ELA Director of Membership and Marketing
Michael Henderson at mhenderson@elamail.com 9. Nearly
300 People Attend ELA Web Seminar on
The Challenges of Doing Business In
Canada and Mexico ********************************* Having trouble sorting out the legal and tax
issues you might face when doing business
in Canada and Mexico? If you attended ELA's 90 minute web seminar
on November 21st you would have found
out considerably detailed information
about the Canadian and Mexican markets
including: regulatory overview and attitude,
legal structure and laws applicable
to equipment leasing, international
treaties, cross border legal issues,
establishing an equipment leasing operation
in either country, structuring and documenting
equipment leasing transactions, enforcement
of transactions, Canadian and Mexican
income tax systems, residency and non-residency
issues, withholding taxes and other
taxes, specified leasing property rules,
leasing through a Canadian or Mexican
subsidiary, leasing into Canada or Mexico
from the US, hybrid structures. 88 different locations logged on to their computers
and dialed in on their speaker phones
to participate in this event. Based
on a poll of the audience, 40% of the
attendees were not currently doing business
in either country, 35% were involved
in both countries, 23% were doing business
only in Canada and 2% were doing business
only in Mexico. ELA wishes to thank
presenters Shep Melzer and Don Carden,
both from Clifford Chance US, and moderator
Don Paynter, Commodore Funding Corporation. Addition thanks go to Bob Sammis, Sammis and
Associates and Debra Goldberg, Clifford
Chance US, who were extremely helpful
during the preparation of this event.
Web seminars are an easy and
affordable way to get the information
you need.
Watch your email for announcements
of more programs like this one soon. ************* The E-Leasing Newsletter is sponsored
by:**************** Asset Control Doing more for your bottom line. Providing expert individual attention that allows
you to preserve the value of your portfolio. Recovery, Collections, Remarketing, Appraisals,
Inspections, Auctions & Storage 1-888-227-0444 email: info@assetcontrol.com VISIT OUR WEBSITE >>>>> http://www.assetcontrol.com ********************************************************************* 10. 2003
ELA Equipment Management Conference
& Exhibition to Hold "Live"
Inspection of Equipment ********************************* Ever wonder if you're getting the most out of
your on-site inspections of equipment?
Do you want to learn how the
experts do it? The 2003 ELA Equipment Management Conference & Exhibition, scheduled
for January 26-28 in Tucson, Arizona
includes its first ever, live, up-close
and interactive inspection of a heavy
construction asset. That's only one of more than 25 sessions planned
for this highly popular conference,
which has become a must-attend event
for asset managers and remarketers of
equipment. This year's conference theme, "Economic
Recovery: Oasis or Mirage?" reflects
the still uncertain equipment marketplace.
Issues discussed include:
what's ahead for residual values
and remarketing of assets in 2003; implications
of accounting rule changes for the industry;
what's hot and what's not in selected
equipment markets. Reservations are now being accepted at the
Westin LaPaloma.
Contact the hotel by calling:
520-742-6000.
Let them know you are attending
the ELA Equipment Management Conference
& Exhibition to get the special
conference rate.
To review the agenda and to register
for the conference go here: http://www.elaonline.com/events/2003/Equipmgmt/ ****************************** 11.
Statistics from the Field ****************************** The Commerce Department reports: - Consumer spending rose a record 2.9 percent
after plunging 1.7 percent in September
in the wake of terrorist attacks. A
surge in motor vehicle sales spurred
by offers of zero-interest rate financing
from automakers was named responsible
for the October gain. - Total consumer spending in October grew at
a 6.1 percent annual rate compared to
its average for the July-September period.
- Payroll employment and the number of hours
worked both down in October, the key
wages and salaries component fell 0.3
percent. - Savings as a share of disposable personal
income fell 0.2 percent. - October construction spending rising a strong
1.9 percent when most analysts had expected
a fifth monthly drop in a row. All three
construction components, residential,
non-residential and public, increased. Also: - The Institute for Supply Management reports
an index that tracks conditions in the
manufacturing sector of the economy,
Economic activity in the manufacturing
sector declined for the third consecutive
month. The overall economy grew for
the 13th consecutive month, said the
Manufacturing ISM Report On Business®.
ISM's PMI is 49.2 percent in November,
an increase of 0.7 percentage point
when compared to 48.5 in October. ISM's
New Orders Index declined from 50.9
percent in October to 49.9 percent in
November. ISM's Production Index rose
5.3 percentage points from 49.3 percent
in October to 54.6 percent in November.
The ISM Employment Index is at 43.8
percent for November, a decrease of
1.2 percentage points when compared
to the 45 percent reported in October. - According to a recent CIO Magazine Tech Poll,
CIOs plan to spend selectively in 2003,
focusing their investments on security
and B2B2C initiatives. The 301 executives
included in the survey report that IT
budgets are expected to increase by
5.1% on average in the next 12 months,
up from 4.4% reported last month. American workers surprised the U.S government
in third quarter. The Labor Department
reported that worker "output"
- considered a crucial part of the economy's
long-term vitality - grew 5.1 percent.
The second quarter showed a sluggish
1.7% pace. ****************************** 13. ELA
Calendar of Events ****************************** Please visit ELA's Calendar of Events online
at http://www.elaonline.com/events/ If you have any questions about ELA conferences
and workshops, please contact Lesley
Sterling at lsterling@elamail.com December 9-11, 2002 Principles of Leasing Workshop Philadelphia Marriott, Philadelphia, PA http://www.elaonline.com/events/2002/principles/ January 26 - 28, 2003 2003 ELA Equipment Management Conference &
Exhibition Westin La Paloma, Tucson, AZ http://www.elaonline.com/events/2003/equipmgmt/ March 3-5, 2003 Principles of Leasing Workshop Hyatt Harborside, Boston, MA March 6-7, 2003 Investor Conference Roosevelt Hotel, New York, NY March 16-18, 2003 Executive Roundtable Hilton LaJolla Torrey Pines, LaJolla, CA March 24-26, 2003 Principles of Leasing II (NEW) Four Points Hotel (Chicago O'Hare), Schiller
Park, IL March 26, 2003 Credit Scoring & Decision Automation in
the Leasing Industry Four Points Hotel (Chicago O'Hare), Schiller
Park, IL April 7-9, 2003 Principles of Leasing Workshop Marriott Fisherman's Wharf, San Francisco, CA April 9-10 National Funding Exhibition Fairmont Hotel, Chicago, IL April 13-15
Captives & Vendor Leasing Conference World Golf Village Renaissance Resort, St. Augustine,
FL
April 14-16
Principles of Leasing Workshop Courtyard Marriott, Philadelphia, PA April 27-29
Large Ticket Conference Four Seasons Resort & Club, Irving (Dallas),
TX May 4-6
Legal Forum
Westin Copley Place, Boston, MA May 5-7 Principles of Leasing Workshop Hyatt Regency Woodfield, Schaumburg, IL May 14-15 Capitol Hill Day JW Marriott Hotel, Washington, DC June 2-4 Tax Executives Roundtable La Mansion Del Rio, San Antonio, TX June 2-4 Principles of Leasing Workshop Renaissance Harborplace Hotel, Baltimore, MD June 8-10 Credit and Collections Management Conference
& Exhibition Ritz Carlton Hotel, Philadelphia, PA June 18-20
Business Technology Solutions Conference &
Exhibition "W" Chicago Lakeshore Hotel, Chicago,
IL July 14-16 Principles of Leasing Workshop Marriott Denver Southeast, Denver, CO September 8-10 Lease Accountants Conference Westin Copley Place, Boston, MA September 15-17 Principles of Leasing Workshop Sheraton Station Square, Pittsburgh, PA October 6-8 Principles of Leasing Workshop Hyatt Regency Woodfield, Schaumburg, IL October 12-14
42nd Annual ELA Convention Manchester Grand Hyatt, San Diego, CA December 1-3 Principles of Leasing Workshop Courtyard Marriott, Philadelphia, PA December 8-10 Principles of Leasing Workshop Marriott Fisherman's Wharf, San Francisco, CA For more information on the events listed below,
or to view ELA's entire calendar, visit
the ELA Conference & Training Home
Page at http://www.elaonline.com/events/ and click on
the links to programs of interest to you. **************************************************** Submit your own company news story for ELA'S
E-LEASING NEWS! Visit http://www.elaonline.com/news/newsaddedit.cfm **************************************************** *** FOR MORE NEWS For more leasing news, visit ELA Online's News
Home Page at http://www.elaonline.com/news/ *** SUBSCRIPTION INFORMATION To subscribe, unsubscribe or change your subscription,
please use the form in ELA Online's Email Discussions section: http://www.elaonline.com/discussions/MembersOnly/ If you received this e-mail (but it was NOT
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are ALREADY subscribed. Amy Miller Holmes, ELA's Vice-President of Communications,
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you have questions or comments relating
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email her at aholmes@elamail.com. This newsletter is free to ELA members. Forward
it to a co-worker! Copyright 2002 by the Equipment Leasing Association
http://www.elaonline.com/ Phone: 703/527-8655 Fax: 703/527-2649 -------------------------------------------------------------------------------------- High-Speed Wireless Internet Network Is Planned By JOHN MARKOFF New York Times SAN FRANCISCO, — The wireless technology known
as WiFi, which allows users of personal
and hand-held computers to connect to
the Internet at high speed without cables,
got a significant stamp of approval
today when AT&T, I.B.M. and Intel
announced a new company to create a
nationwide network. The unruly technology, which has largely been
a playground for hackers, hobbyists
and high-technology start-ups, is already
sprouting mushroomlike in coffee shops,
bookstores, airports, hotels, homes,
businesses and even a few parks. The new company, Cometa Networks, has set ambitious
goals for itself: to deploy more than
20,000 wireless access points by the
end of 2004, placing an cable-less high-speed
Internet connection within either a
five-minute walk in urban areas or a
five-minute drive in suburban communities. Executives from the technology companies and
the two investment firms, Apax Partners
and 3i, that joined to create the network
said they would begin offering their
service through cellular and wired telephone
companies, D.S.L. and cable Internet
service providers and other Internet
retailers some time in 2003. The service is intended to let subscribers pop
open their laptops and have a seamless
high- speed wireless extension of their
personal or corporate Internet services
— initially in the 50 largest metropolitan
areas — without having to give credit
card numbers or enter additional information,
as is generally the case now. Connections
would generally be at least the speed
of a typical home broadband connection. Cometa executives said that they expected the
national availability of the wireless
network would combine with Intel's planned
inclusion of wireless Internet capability
in all its mobile microprocessors next
year to spur a fundamental shift in
the way Americans will use the Internet. "This is that big," said Dr. Lawrence
B. Brilliant, chief executive of Cometa
Networks. "It's that exciting;
it's that much of a distortion in the
computing field. It's a change in the
way people use technology." Until now WiFi has been viewed by many technology
analysts as an upstart from-the- bottom
technology that has the potential of
upsetting other capital-intensive technology
deployments, like the expensive next-generation
data-oriented cellular networks known
as 2.5G and 3G that are being established
by companies like AT&T Wireless,
Cingular, Nextel, T- Mobile, Sprint
and Verizon. But Cometa executives said that because they
had chosen a wholesale business strategy,
in which they will not sell Internet
service directly to consumers or business,
it is more likely that the two technologies
would complement each other. In addition,
users of the wireless access points
would generally be stationary while
connecting to the Internet. "WiFi has very high bandwidth and short
range, while 2.5 and 3G cellular are
lower bandwidth services designed to
support data services on the fly,"
said Theodore Schell, chairman of Cometa
Networks and a general partner of Apax
Partners. "They will have different
cost equations, and there is a place
for both of these technologies." Industry analysts have said they believe that
growing WiFi use could steal valuable
subscribers from cellular companies
that are hoping consumers will begin
using their cellphones for data services
like movie times, restaurant reviews
and shopping deals wherever they are
traveling. The Cometa executives said they were not certain
how the new network would be used but
were convinced that the nation's 100
million Internet users would begin to
use their portable computers in new
ways once connections are widely and
easily available as they travel. The executives and industry analysts acknowledged
that creating a new nationwide wireless
network was something of an act of faith
given the general economic and technological
gloom in the telecommunications industry.
It is widely believed that the industry
had overbuilt and had overinvested in
the Internet boom of the last decade. The new company would not disclose its planned
prices or the equity stakes of the five
partners. Wireless industry analysts,
however, have said WiFi hot spots can
cost as much as $4,000 apiece to install
in public places. If the average cost
is half that, the installation of 20,000
access points would cost $40 million. "One of the problems is that giant companies
creating wireless ventures often have
not had tremendous success," said
Alan Reiter, publisher of Wireless Internet
and Mobile Computing, an industry newsletter
based in Chevy Chase, Md. He pointed
to ambitious and expensive undertakings
like a cellular data initiative known
as C.P.D.P. in the 1980's and early
1990's and the wireless data service
known as Metricom, which went bankrupt
last year with $800 million of debts. Other analysts questioned whether Cometa Networks
would be able to make headway in an
already crowded WiFi marketplace that
has had both early failures and a host
of smaller, aggressive start-ups. "It's obvious that what is happening right
now is a wireless land grab," said
Andrew Seybold, editor of Outlook 4Mobility,
a publishing and consulting firm based
in Los Gatos, Calif. "The question
is, How many places can they lock up
and how quickly?" Cometa executives insisted, however, that they
were in a different position from their
predecessors. The companies have a technological
advantage in that they will not have
to create customer equipment, relying
on Intel's equipping the nation's portable
computers with wireless abilities. They said Cometa was also in a particularly
strong position with respect to its
competitors because it could use AT&T's
existing data network, to connect the
planned 20,000 wireless access points. Leaving the relationship with individual customers
to Internet service providers "is
smart from a business point of view,"
said Richard Miller, a wireless data
industry consultant at Breo Ventures
in Palo Alto, Calif. At the same time,
he noted, the venture will not succeed
unless big corporate customers demand
the service from Internet service providers. "The demand will have to come from the
enterprise to the carriers," he
said. To gain the confidence of corporate customers
the new network will have to meet stringent
data security standards, and Dr. Brilliant
said that Cometa planned to take advantage
of industry standards like virtual private
networks to add security to the WiFi
standard. --------------------------------------------------------------------------------------------------- Kozlowski yacht wins reprieve Judge rules for sloop's chartering over storage By Matthew Brelis, Boston Globe Staff . Dennis Kozlowski, the indicted former chief
executive of Tyco International Ltd.,
can get some help in paying for the
upkeep of his prized possession, the
130-foot vintage racing sloop Endeavour,
a New York judge has ruled. ''It appears that chartering the Endeavour has
the potential to minimize the costs
associated with the yacht, while preserving
its physical condition and maintaining
its financial value,'' the court order
by Judge Martin Shulman stated. Starting Dec. 17, Endeavour - the boat that
represented Great Britain in the 1934
America's Cup - will be available for
charter. Endeavour, along with its crew of nine, will
be available at a cost of $17,500 for
an eight-hour sail for as many as 20
guests. A full 24 hours will cost $22,000.
Chartering Endeavour for a week with
up to eight guests will cost $70,000,
according to the Web site of the chartering
agent, J-Class Management. Court documents indicate that chartering Endeavour
for 10 days will cost $100,000. From
December through May 2003, the sloop
with its 162-foot-high mast, will be
chartered out of Antigua and then out
of Newport, R.I., through September
2003. The first date the yacht is available,
according to the charter agent's Web
site, is Dec. 17. Both the managing agent for Endeavour, Jon Barrett
Associates Inc., and the chartering
agent, J-Class Management, are located
in Newport. The Globe reported that Kozlowski received court
permission to use frozen assets to pay
$205,625 a year for insurance on the
Endeavour, and $100,000 a month in salaries
for the captain and other crew members. Court documents put the value of the Endeavour
at $17 million and called the boat ''unique
among yachts of its kind.'' According to Shulman's Nov. 22 order, both Kozlowski
and New York District Attorney Robert
M. Morgenthau - whose office is prosecuting
Kozlowski and Mark H. Swartz, Tyco's
former chief financial officer, on charges
of taking more than $600 million from
Tyco - asked Jon Barrett of Jon Barrett
Associates ''to explore various alternative
approaches in order to determine how
best to preserve and maintain the Endeavour
during pendency of this proceeding.'' Barrett told the court that there were two alternatives
- putting the Endeavour in storage or
offering it for charter. Placing Endeavour in storage in New England
for six months would cost $450,000,
but storage ''could have an extremely
detrimental effect both on the physical
condition and on the financial value
of the yacht,'' according to court documents. The cost of offering Endeavour for charter for
the same six-month period, including
maintenance, operational and crew expenses,
and management fees, would be about
$750,000, Barrett said. ''The Endeavour's physical condition would be
far less at risk if it were to spend
the winter in the Caribbean, as had
been customary throughout most of its
existence, except when it wintered in
Southern California,'' according to
the stipulation approved by Shulman. The charter rates of $17,500 a day or $70,000
a week ''are reasonable and can be obtained''
according to the court papers. J-Class Management is run by Endeavour's former
owner, Elizabeth Meyer, who spent millions
restoring the yacht. She sold it to
Kozlowski in 1999. The court filings
indicate that J-Class ''has already
received a number of inquiries from
third parties interested in chartering
the Endeavour.'' J-Class Management's Web site said the charter
rates do not include food, beverages,
fuel, dockage and local taxes. Under the order, neither Kozlowski nor members
of his family will be permitted to use
Endeavour. Kozlowski was permitted to
transfer $145,000 from a bank account
in Florida to an Endeavour account,
which is maintained by Barrett, for
getting the Endeavour ready to charter
and transporting the yacht and its crew
to and from the Caribbean. Jon Barrett
Associates, which will receive a monthly
management fee of $7,500, must provide
the court a monthly written report on
all expenses and income generated during
the charter operation. Barrett must deposit all charter income into
the Endeavour account and may not disburse
any funds from the account, except for
purposes connected with the charter
operation. Marcia Johnstone Whitney, vice president of
J-Class Management, said the Endeavour
is scheduled to depart Newport today
for Antigua. (Kozlowski has permission to spend a month in
Colorado skiing, and staying at one
of the three residences in the state;maybe
he will get permission to fly to Antigua
and drive his yacht around while he
awaits trial.) Matthew Brelis can be reached at brelis@globe.com.
Adrian Walker of the Globe Staff contributed
to this report. --------------------------------------------------------------------------
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