Kit Menkin's Leasing News www

Kit Menkin's Leasing News  www.leasingnews.org  Tuesday, February 12,2002

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Headlines----Tyco Actively Buying Leasing Portfolio's

    Tyco shareholders sue, saying it lied about finances

         EAEL/NAELB Joint Atlanta, GA Conference Report

           UAEL Feb. 22 Funding Retreat-Costa Mesa,CA

               Union Safe Deposit Bank / Orion First Financial

                   More Nigerian e-Mail---"Oh, No, Mr. Bill, Not Again"

   Prominent Financial Professionals to Speak

             at AFP Retail Industry Forum in Louisville

### denotes press release

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Tyco Actively Buying Leasing Portfolio's

Tyco International has stepped up its thrust to purchase leasing

portfolio's, with perhaps one intent of "fattening up" the asset.  They

are

getting more active in their search, for sure.

Companies interested in selling their portfolio, or parts of it, should

contact:

Jim Raffensperger

Jim.Raffensperger@cit.com

Director of Sales

The CIT Group

(904)-620-7529

_____________________________________________________________________

Tyco shareholders sue, saying it lied about finances

By Associated Press

FORT LAUDERDALE, Fla. (AP) A shareholders suit against Tyco

International

Ltd. claims the fast-growing conglomerate routinely obscured its

finances to

artificially inflate its stock price.

Paul Geller, an attorney for the shareholders, said Monday the company

used

accounting tricks and hid its true financial condition.

''The claims are wholly merit less, and we will defend vigorously,''

company

spokeswoman Maryanne Kane said.

The federal lawsuit, filed Friday in U.S. District court in Fort

Lauderdale,

didn't specify how much damages it sought. It claims the company tried

to

hide information, for example, with a Securities and Exchange

Commission

filing that featured a 47-page list of 2,000 mostly foreign

subsidiaries.

Tyco executives capitalized on insider trading and took advantage of an

acquisition-based bonus system that led them to place their own

interests

above those of shareholders, the suit said.

Bermuda-based Tyco, which is run from Exeter, N.H., already faces a

class-action lawsuit at federal court in Concord, N.H. The attorneys in

that

case hope to expand it to include recent stock declines, which would

overlap

the new lawsuit.

Tyco's stock lost about $60 billion and share prices dropped in half

after

Enron's collapse drew attention to other companies' accounting

practices.

Tyco has interests in telecommunications, electronics, security, health

care

and other areas.

Monday, shares of Tyco were up $1.92, or 6.4 percent, to close at

$31.80 on

the New York Stock Exchange, before gaining another 14 cents in

extended

trading.

On the Net:

http://www.tyco.com

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EAEL/NAELB Joint Atlanta, GA Conference

Eastern Association of Equipment Lessors/National Association of

Equipment

Leasing Joint Meeting In Atlanta, GA., attendance was reportedly down

from

last year.

The event held Sunday night and all day Monday drew approximately 100

people, according to a "reliable attendee."  There were approximately

funding sources with a guess of 45 representatives, leaving the

remainder

there: brokers.

The appointment books were filled up.  Our "reliable attendee" said he

made

one contact that was worth his time and expenses.  The total number of

attendance he said doesn't make it a successful conference, but what he

comes back with. He said he was very satisfied, in fact, found the

conference well worth while for future business.

It reminds me the time I used to work auctions, passing out flyers,

introducing myself to "bidders," as these were buyers and very good

prospects.  Before working this marketplace, I used to think that the

larger

the auction, the better...for sales and higher prices for items

auctioned.

>From working one auction crowd, I actually leased some computers to

the

auctioneer's company.

In the course of the conversation, I told him I liked to prospect the

larger

auctions, and noted that the smaller auctions got the least likely

bids. He

said that wasn't correct.

 Don't use a high attendance as the count for a better auction, he told

me.

Yes, he liked a better attendance, but the key was serious bidders who

wanted to buy. He told me it only took two people who wanted the same

thing

to make his auction successful.

Kit Menkin, editor

__________________________________________________________________

United Association of Equipment Leasing

2002 FUNDING RETREAT

Friday, February 22, 2002

COSTA MESA, CA

                                                  WESTIN SOUTH COAST

PLAZA

                                                  686 Anton Boulevard

                                                  Costa Mesa, CA  92626

                                                  (714) 540-2500

                                                  Note:  Free parking

                                                    available at the

                                                    South Coast Plaza

                                                     Shopping Center

                                                  (walk over the bridge

next

                                                    to Scotts

restaurant)

PROGRAM

7:45am

Registration and Appointment Sign-ups

8:00am-8:45am

Town Hall Meeting

                            UAEL Leadership comes to the Members.  What

can

                            UAEL do for you to help you succeed?  Also,

an

                            over-view of current industry trends.

9:00am-12:00pm

One-On-One Appointments

                            Meet eye-to-eye with Funding Sources and

Service

                           Providers.   Build strong relationships with

the

                           people   who can meet your needs in 2002.

12:00pm-1:00pm

NETWORKING LUNCHEON

                                  Mix and mingle with Funding Sources,

                                    Service Providers

                                  and your fellow Brokers/Lessors over

lunch.

1:15pm-2:45pm

EDUCATIONAL WORKSHOPS

TIMEVALUE SOFTWARE TRAINING

TimeValue Software publishes TValueTM, the industry standard for

amortization software.  Learn how to use TValue to structure leases

with

advanced payments, skip payments, residuals, and more.  You will learn

the

new leasing specific features of New TValue Version 5.  The new release

of

TValue 5 will be available at a special UAEL price for all attendees.

CAPITALSTREAM ADVANTAGE TRAINING

Making the Most of Your Automation Investment.

A refresher course on CapitalStream Advantage. Jim Buckles from

Preferred

Broker Solutions will instruct on best practices methodology for using

System 1 (2.5) and CapitalStream Advantage. Topics include Contact

Management,

CBR Requests, Doc Management, Broadcast Faxing & Reporting.

HUMAN RESOURCES TRAINING

You've hired Leonardo daVinci, Napolean Bonapart,

and Joan of Arc to work for your company.  Trouble is,

they aren't performing as expected...Why does this happen?

Because being a genius or having a reputation that precedes

you doesn't guarantee job fit!

3:00pm-4:30pm

EDUCATIONAL WORKSHOPS

(Repeated for your maximum involvement)

UAEL Member $125

Non-Member $150

Additional Employee for Member $80

Additional Employee for Non-Member $100

Additional Employee for Exhibitors $75 per event

Non-Exhibiting Funding Source/Supplier - one event at Regular

Registration

$125

Non-Exhibiting Funding Source/Supplier - subsequent events $450 per

event

At the Door Registration

UAEL Member $150

Non-Member $175

REGISTRATION FORM

Name:

Company:

Address:

City/State/Zip:

Phone:

Fax:

Email:

Location Attending:

Rate:

Credit Card #:

Expiration Date:

Name on Card:

Joe Woodley, CEO

UAEL - United Association of Equipment Leasing

520 Third Street, #201

Oakland, CA  94607

(510) 444-9235 x27

(510) 444-1346 fax\

jwoodley@uael.org

www.uael.org

Funding Retreat Brochure on line at www.uael.org   as is information

about

the Spring Conference.  The Costa Mesa Conference will be a sell out,

so

register early.

Go to www.uael.org for more information-the brochure and registration.

____________________________________________________________________________

NBC OLYMPICS CONTINUE TO PULL TOP AUDIENCE,,, SUNDAY 18.5 RATING/27

SHARE

RANKS 3 X OVER NEAREST COMPETITOR... 62 SHARE PEAK IN SALT LAKE CITY

MARKET... SATURDAY GAMES [17.8/29] GREAT OVER CBS '98 [13.4/22]...

__________________________________________________________________________

       Classified Ad Clarifications

http://65.209.205.32/LeasingNews/JobPosting.htm

Sorry, not going to print any more criticism about our new policy,

unless the sender is willing to let us publish their name, too.

There is no restriction on "Job Wanted" or "Outsourcing."  If an

individual

is looking for work, or wants to up-grade their position, or seek work

elsewhere, their ad is both free and welcome. We have testimonials that

we

have found credit, legal, sales and other positions through our "free"

classified ad.

For a "help wanted," "attorney" or to be listed as a recruiter, the

requirement is to belong to a leasing association.  These are "company"

placed ads. If you want to pay thousands of dollars in the local

newspaper,

national newspaper, magazine, or anywhere, that is your prerogative.

It is

our desire to reward those who belong to a professional leasing

association.

We are a newspaper first.  We offer free ads to those looking for work.

As

a feature for members who belong to leasing associations, we offer help

wanted, find an attorney, and list recruiters. It is that simple.

 If we did not do this restriction, we would be inundated with ads that

require a lot of work to keep up, to make changes, to process, and

there are

some legal liabilities in "recommending" others, so for the sake of

solving

this, we will only place help wanted ads, attorneys, and list

recruiters who

are members of leasing associations. At the very least, there is a

process

for a complaint against a member who may be reprimanded,exposed to

ridicule,

or expelled.

If you get one sale from joining a leasing association, make one

contact,

make one friend that will help you in your business life, and perhaps

personal life, too, that membership is quite a return for the initial

monetary investment.

Readers can help us by sending the newsletter to a colleague, to

someone who

might be interested, and help us build up our readership. editor.

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Union Safe Deposit Bank Signs Lease

Service Agreement with Orion First Financial, LLC

 (Gig Harbor, WA)  -- Orion First Financial, LLC (Orion) announced that

it

has signed an agreement with Union Safe Deposit Bank of Stockton, CA

(Union

Safe) to provide complete portfolio servicing to the bank for

approximately

1500 lease contracts recently acquired by the bank.

"We are pleased to be working with a progressive bank like Union Safe

Deposit Bank.  The services provided by Orion First Financial, LLC will

enable the bank to broaden their lending activities allowing them to

successfully compete in today's equipment leasing marketplace." said

David

T. Schaefer, President and Managing Member of Orion First Financial,

LLC.

In addition to portfolio servicing Orion provided consulting and

advisory

services to Union Safe Deposit Bank by assisting them in locating

portfolios for acquisition, providing analytical services and in

negotiating

of the purchase.  The services provided by Orion allows banks and other

lending institutions the ability to invest in small ticket, high margin

leases without additional overhead or the hiring of specialized

management.

Orion's services include billing, tax administration, customer service

and

all collection activity.

Karl Miller, Executive Vice President of Union Safe Deposit Bank stated

"The

success of our bank in the future depends upon our ability to provide a

wide

range of services to our business customers, expand our customer base

and

increase our profit margins.  Our relationship with Orion First

Financial

will enable us to increase  the asset base of the bank with improved

margins

in a cost-effective manner.  We look forward to a long relationship

with

Orion First Financial."

About Orion First Financial, LLC

Orion First Financial provides a complete and comprehensive suite of

services to assist lending institutions in all segments of portfolio

management.  With a concentration in small ticket leasing Orion

provides

consulting and advisory services, portfolio administration, tax

administration and complete collection support.  Orion First Financial

located in Gig Harbor, Washington employs state of the art technology

combined with years of management experience to insure that lease

portfolios

are handled in an effective manner.

About Union Safe Deposit Bank

Union Safe Deposit Bank was founded in 1897 and is one of the oldest

independent community banks in California. The Bank's Commercial

Banking

Group provides cash management solutions, commercial real estate

financing,

and traditional commercial banking services to business and

agribusiness

customers.  Additionally, investment management, retirement planning

and

traditional trust services are provided to consumers and commercial

customers by the Bank's Financial Management Group.

### ######################################### ##############

Prominent Financial Professionals to Speak at AFP Retail Industry Forum

in

Louisville

Representatives from Tricon, The Home Depot, Starbucks,

Kinko's, PETsMART and Burger King Gather During Derby Week

BETHESDA, Md., / -- Leaders in finance and treasury will gather April

29-30

in Louisville, KY for the Association for Financial Professionals'

(AFP,

http://www.AFPonline.org ) Retail Industry Forum: Positioning Your

Organization for Success. The event, which takes place just prior to

The

Kentucky Derby weekend at Tricon Global Restaurants, Inc.'s Support

Center,

features presentations by speakers from cutting-edge retailers such as

The

Home Depot, Starbucks, Kinko's and Burger King in both roundtable and

panel

discussion settings. Discussions will focus on topics ranging from

disaster

recovery, leasing, payment policies and future trends in banking

products to

debit cards and cash management technology tools.

Keynote speakers include Tricon's CFO David J. Deno and Denise L.

Ramos,

senior vice president and treasurer, who will offer their insight into

how

this $22 billion restaurant company has transformed since its 1997

spin-off

from PepsiCo, and share some global strategies that have enhanced

shareholder value.

During the Hot Topics Fair, speakers from major retailers such as

PETsMART

and Sears, Roebuck will offer their ideas about purchasing cards, a

cyberspace-supported bank vault, fraud/loss prevention, and the retail

industry's economic forecast.

"Our conference is the only educational conference for financial

professionals in the retail industry," said AFP's President and CEO Jim

Kaitz. "Not only will attendees learn new tips to apply on their jobs,

but

they'll have the chance to learn from each others' successes by

networking

with those who understand their business the most - their industry

peers."

Registration fees for forms postmarked by April 1 are $350 for AFP

members

and $645 for non-members. Fees increase $100 after this deadline. To

register or learn more, select "Educational Programs" on AFP's Web site

or

call AFP's Member Services department at 301.907.2862.

The Association for Financial Professionals in Bethesda, Maryland,

supports

more than 14,000 individual members from a wide range of industries

throughout all stages of their careers in various aspects of treasury

and

financial management. AFP is the preferred resource for financial

professionals for continuing education, financial tools and

publications,

career development, certifications, research, representation to

legislators

and regulators, and the development of industry standards.

#### ############################################## #############

and of course, we have some more Nigerian e-Mail:

FROM: JEFF OMAR

20 BOTHA CRESCENT,

SANDTON, JOHANNESBURG,

South Africa.

Tel: +27-83 590 9550

E mail jeff5800za@yahoo.com

ATTN: DEAR

I know that this message will come to you as surprise since we don't

know

each other before, but for purpose of introduction, I am MR. JEFF OMAR,

the

Bank Manager of AMALGAMATED BANK OF South Africa (ABSA) There is an

account

opened in this bank in 1980 and since 1990 Nobody has operated on this

account again. After going through some old files in the records, I

discovered that if I do not remit this money out urgently itwouldbe

forfeited for nothing. The owner of this account is Mr. Smith

B.Andreas, a

foreigner, and a miner at Kruger gold co., a geologist by profession

and he

died since 1990.  No other person knows about this account or any thing

concerning it, the account has no other beneficiary and my

investigation

proved to me as well that his company does not know nything about this

account and the amount involved is (USD 26M) twenty six million United

States Dollars million dollars.

I am only contacting you as a foreigner because this Money cannot be

approved to a local bank here, but canOnly be approved to any foreign

account because the Money is in us dollars and the former owner of the

account is Mr. Smith B.Andreas is a foreigner too. I Know that this

message

will come to you as surprise As we don't know ourselves before. We will

sign

an Agreement, but be sure that it is real and a genuine Business.

 Please reply urgently so that I will inform You the next step to take

immediately. Send also your Private telephone and fax number including

the

full

Details of the account to be used for the deposit. I want us to meet

face to

face or sign a binding agreement to bind us together so that you can

receive

This money into a foreign account or any account of Your choice where

the

fund will be safe. And I will Fly to your country for withdrawal and

sharing

and Other investments. I am contacting you because of the Need to

involve a

foreigner with foreign account and Foreign beneficiary.

I need your full co-operation to make this work fine Because the

management

is ready to approve this payment to any foreigner, who has correct

information?

Of this account, which I will give to you later immediately, if you are

capable and willing to handle Such amount in strict confidence and

trust

according

To my instructions and advice for our mutual benefit because this

opportunity will never come again in my Life. I need truthful person in

this

business because

I don't want to make mistake I need your strong assurance and trust.

With my position now in the office I can transfer this money to any

foreigner's Reliable account, which you can provide with assurance That

this

money will be intact pending my physical Arrival in your country for

sharing. I will destroy All documents of transaction immediately we

receive

This money leaving no trace to any place. You can also come to discuss

with

me face to face after which I Will ake this remittance in your presence

and

two of Us will fly to your country at least two days ahead of The money

going into the account. I will apply for Annual leave to get visa

immediately I hear from you That you are ready to act and receive this

fund

in Your account.

I will use my position and influence to effect legal Approvals and

onward

transfer of this money to your Account with appropriate clearance forms

of

the ministries and foreign exchange departments.

At the conclusion of this business, you will be given 25% of the total

amount, 70% will be for me, and while 5% will be for expenses both

parties

might have incurred during the process of transferring. I look Forward

to

your earliest reply through my email or by My Tel: +27-83 590 9550

Yours truly,

Mr. JEFF OMAR,

____

From: Dr William Smith <williamsmith2k@yahoo.com>

  Subject: jcobban@hotmail.com

                  BUSINESS PROPOSAL.

DEAR SIR,

I AM DR. WILLIAM SMITH OF THE FEDERAL MINISTRY OF WORKS AND HOUSING

(MOW) AN

AUDIT CONTROLLER WITH THE FEDERALMINISTRY OF WORKS HEADQUARTERS IN

LAGOS.

I GOT YOUR CONTACT THROUGH OUR CORPORATE AFFAIRS UNITOVER THE YEARS

WHICH

INDUCED ME TO WRITE AND SEEK YOUR ASSISTANCE TO CONCLUDE A PENDING

TRANSACTION FOR OUR COMMON BENEFIT.  THE TRANSACTION IS THE TRANSFER OF

THE

SUM OF TWENTY FIVE POINT EIGHT MILLION U.S. DOLLARS ($25.8M) TO YOUR

ACCOUNT.

THIS MONEY IN QUESTION REPRESENT A SURPLUS UNDER EXPENDITURE IN OUR

MINISTRY'S AUDITED ACCOUNT FOR THE PAST FIVE PRECEDING YEARS ARISING

FROM

DELIBERATE OVER-INVOICING IN SUPPLY OF MATERIALS AND INCONSTRUCTION OF

AN

ULTRA MODERN HOUSING ESTATE FOR THE PARLIAMENTARIANS.  THE SUPPLY AND

CONSTRUCTION WERE DULY EXECUTED AND THE SUPPLIERS OF THE MATERIALS AND

THE

CONSTRUCTION COMPANIES HAVE BEEN PAID $118 MILLION BEING FULL AND FINAL

PAYMENT FOR BOTH THE SUPPLY OF MATERIAL AND THE SAID CONSTRUCTION.  THE

BALANCE OF $25.8M IS OVER-INVOICED PORTION BELONGING TO SELECTED FEW

OFFICIALS THAT PUT THIS TRANSACTION TOGETHER.

INFACT, I HEADED THE PANEL THAT MADE RECOMMENDATIONFOR PAYMENT OF THIS

MONEY

LAST MONTH, AND IT IS REFLECTING IN OUR MINISTRY CURRENT BUDGET AS DUE

FOR

PAYMENT IN THIS QUARTER OF THE YEAR.  WE HEREBY SOLICIT FOR YOUR

ASSISTANCE

AND CO-OPERATION IN ENSURING THAT THE MONEY WILL BE SAFE IF TRANSFERRED

TO

YOUR ACCOUNT FOR OUR MUTUAL BENEFIT.  IF INSTRUCTIONS ARE ADHERED TO

THE

FUNDS WILL BE IN YOUR CUSTODY WITHIN 15 WORKING DAYS FROM  INCEPTION

AND BE

RESTASSURED THAT IT IS 100% RISK FREE.  AS ALL MODALITIES HAVE BEEN

WORKED

OUT.

IF YOU ARE INTERESTED, INDICATE BY CALLING ME OR SENDING ME A FAX OR

EMAIL.

IN THAT FAX OR EMAIL WRITE\ YOUR NAME, ADDRESS, TELEPHONE NUMBERS AND

FAX

NUMBERS.

OTHER INFORMATION WILL COME TO YOU THROUGH FAX, EMAIL OR TELEPHONE.

FOR

RENDERING THESE SERVICES FOR US, WE HAVE RESOLVED AND AGREED THAT YOU

WILL

BE ADEQUATELY  OMPENSATED WITH 25% OF THE TOTAL SUM, 10% IS SET ASIDE

FOR

EXPENSES THAT MIGHT BE INCURRED BOTH LOCALLY AND INTERNATIONALLY IN THE

COURSE OF THIS TRANSACTION,WHILE THE REMAINING 65% WILL BE FOR ME AND

MY

COLLEAGUES.

THANKS FOR YOUR CO-OPERATION.

SINCERELY YOURS,

DR. WILLIAM SMITH <