Headlines----

     CIT is Closed to Brokers!!! Official

      Brian Madison Leaving U.S. Mellon--also U.S.Mellon for Sale????

      It is Official: GATX Buys El Camino Portfolio

       ( as we reported a month ago, world's largest independent leasing

         company is now ATEL Capital, San Francisco)

      Dana Corp. posts a fourth-quarter net loss-once a major player in leasing

      First Sierra: Announcement to be Made Late Thursday

         Greenspan "Sober" Message--Fed Ready to Act ( but really only affects 10%

               of bank business, tax cut appears necessary for economy. editor )

       Rodi Throws the Gauntlet:  "... keep charging those fees. Now that I think of it it's a

              great sales tool  that I can use against you." Bob Rodi, LeaseNow

       eMarket Signs GMAC

        Broker Says, "Let's Stick to Major Issues": Survival

            How Much Will You Save: Pres. Bush Tax Plan aka www.turbotax.com

                Venturi Sticks Funder with $2 Million Loss--Who is it?

                   Fitch Changes Rating on CIT and others ( bottom of report )

                     Netbank Gets NCR On Line

                      Point Capital, San Francisco, Appeals NASDAQ De-Listing

                       Arizona Cardinals Get New Stadium ( what the heck?

                          It's a big news day, and this is important to all fans ).

 

 

 The Chronological List is Up-dated.....

 

    ( Black Love Day---see our signature message--- )

 

 

-----------------------------------------------------------------------------------------------

    “Brian Madison Going to New Jersey?---Sorry I Can't Take You” Blues

 

 

I have it on good authority that Brian Madison, president of Mellon US

Leasing in San Francisco has given notice. Going back to New Jersey to join

a Citicorp entity, presumably in leasing.

Since Mellon US Leasing is officially for sale, they may not be able to fill

this post.

So that I may protect my sources, put me down at Name Withheld.

 

-----------------------------------------------------------------------------------

 

      First Sierra

 

 The Shadow Knows Thomas J. Depping has called a meeting of all employees for Thursday morning.

If that is true, the announcement would probably be made on the stock board

Wednesday.  Mr. Depping then will be in the position to explain what it means--not the

entire issue. Stay tuned. News on Thursday???

 

 One Wag said the sale will not be to American Express, but Washington Mutual, and the delay

 was caused by waiting for today's new rating by Fitch:

 

  Fitch Affs Washington Mutual, Upgr Bank United Following Purchase

 

    NEW YORK--(BUSINESS WIRE)--Feb. 13, 2001--Fitch, the international rating agency,

affirms its ratings on Washington Mutual Inc. (WM) at 'A' and 'F1' following its acquisition

of Bank United Corp. (BNKU).

    BNKU's ratings are upgraded to those of WM and are removed from Rating Watch Positive.

Because BNKU was merged into Washington Mutual, Inc. and Bank United FSB will be merged

into Washington Mutual Bank, FA effective at the close of business Feb. 12, 2001, the ratings

for those entities have been equalized with those of WM and withdrawn. See below for a

complete ratings list.

    The transaction, which was valued at approximately $2.2 billion, was financed through an

exchange of stock and accounted for as a pooling-of-interests. BNKU brings WM scale in

Texas, especially in Houston and Dallas/Ft. Worth where WM has had a modest presence

since its acquisition of H.F. Ahmanson in 1998. BNKU has over 150 branches in Texas and

$8.8 billion of deposits. In addition, BNKU adds approximately $26 billion in residential

mortgage servicing to WM's already considerable franchise. Earlier this month, WM also

completed the acquisition of the residential mortgage banking business of PNC Financial

Services Group. In the aggregate, WM's mortgage servicing portfolio is approximately

$300 billion, making it the 4th largest in the U.S.

    WM, with $194 billion in total assets at year-end 2000, is the largest savings

institution in the U.S. and the 8th largest depository institution. The firm has enjoyed

very good asset quality due, in part, to its focus on the residential mortgage business.

WM has expanded through both acquisitions as well as de novo operations and continues

to focus heavily on retail and residential mortgage banking and consumer finance. However,

WM has been gradually diversifying and its franchise now includes a commercial

banking group, which emphasizes products for small to mid-sized businesses and a

moderate commercial real estate lending segment. WM's profitability has benefited

from good efficiency measures (less than 50%), very low credit costs and good

momentum in non-interest income.

 

 

---------------------------------------------------------------------------------------------           

                  CIT Is "Frozen" to Broker Business

 

Our Sole Hold Out (Bill Schimmel Advantage Leasing Co.OKC, OK.ICTKID2@aol.com)

was informed late yesterday afternoon the bad news:

 

"Just got a call from my CIT rep and told me that they have put a "freeze" on

all broker submissions., they are "reassessing" their broker business and

would get back in touch with me when a decision is made on what they are

going to do."

 

 ( Charlie Lester confirmed it to us first, and then we received many others,

   and sorry Bill, you were evidently the last to know. editor )

           +                +               +

 

I have confirmed with our Rep at CIT, Atlanta that they have let several

people from that group go (as of last Friday), others in the group have been

reassigned to different areas within CIT and that they are not accepting any

new business from brokers at this time.

 

Bob Skibinski

Taycor Financial

310-568-9900, Ext. 12

 

 

---------------------------------------------------------------------------------------------

GATX Technology Services Completes $373 million Purchase of El Camino Resources' U.S.

Information Technology Lease Portfolio

 

  ( We reported the pending news last year about the changes, we could not officilly

   confirm and then a very highly reliable source --I mean vhr--told us this last

   month.  Today is it "official."  It leaves A.J.Badt at Atel Capital, the owner

   of the largest independent equipment leasing company in the world. editor ).

 

SAN FRANCISCO, Feb. 13 /PRNewswire/ -- GATX Capital Corporation announced today that it has

purchased the U.S. information technology lease portfolio of El Camino Resources, Ltd.  The

acquired assets will be integrated into the operations of GATX Technology Services making GATX

one of the world's leading independent IT lessors.  The purchase amount included $129.7 million

in cash and the assumption of $243.1 million of non-recourse debt.

 

The assets acquired consist of information management systems on lease to businesses across the

U.S.  The equipment includes network switches, communications systems, servers, desktop

computers, printers and related equipment and software.  These assets will be combined with the

similar lease portfolio of GATX Technology Services and managed from its offices in Tampa,

Florida.

 

Ed Mihm, senior vice president and head of GATX Technology Services said, "We are excited about

the scale of this acquisition, which will make GATX one of the world's leading independent

information technology lessors.  It strengthens our platform for growth in technology services

and it diversifies our technology leasing investment with an increased proportion of midrange

equipment.  In addition, the majority of El Camino leasing sales professionals have joined the

GATX Technology Services team.  Also joining GATX are key professionals responsible for

managing the lease portfolio.  These additions allow us to expand our U.S. technology services

network with seasoned professionals."

 

Jesse Crews, CEO of GATX Capital Corporation, said, "This acquisition of technology assets

and strong sales personnel positions us for accelerated growth in technology leasing to Fortune

1000 customers.  This investment fits the overall GATX strategy of re-deploying financial

resources into our higher growth, higher margin businesses."

 

GATX also pursues information technology leasing through its partnerships with Lombard (Royal

Bank of Scotland) in the U.K., Deutsche Leasing in Germany and OMNI Financial Investments Ltd.

in Australia.

 

GATX Capital Corporation is a wholly-owned subsidiary of GATX Corporation (NYSE: GMT), a

unique finance and leasing company combining asset knowledge and services, structuring expertise,

creative partnering and risk capital. GATX Corporation provides sophisticated leasing and

financial services responsive to the specialized needs of a range of businesses.  In addition

to offering information technology leases, GATX specializes in railcar and locomotive operating

leasing, aircraft operating leasing, venture finance, and financing solutions for customers in a diversity

of industrial sectors, worldwide.

 

SOURCE  GATX Capital Corporation  

 

CO:  GATX Capital Corporation

 

ST:  Illinois, Florida

-----------------------------------------------------------------------------------------

 

Dana Posts 4Q Loss, Says It Has Eliminated 10,000 Jobs

 

  ( Once a  major player in the leasing business )

 

Tuesday, February 13, 2001 1:15PM EST

TOLEDO, Ohio -- Dana Corp. posted a fourth-quarter net loss, but earnings without items met

lowered estimates, as further slowing in the automotive sector continued to hurt the parts

supplier.

 

Dana (DCN) also said job cuts to combat slack industry conditions rose to 10, 000 employees. A

company spokesman said the number represents 13% of its total work force.

The company's fourth-quarter net loss came to $84 million, or 57 cents a share, compared with

break-even results a year earlier.

Without charges of $86 million, or 58 cents a share, for downsizing, plant shutdowns and other

items, the company said it would have earned $2 million, or one cent a share, matching the mean

estimate of analysts surveyed by First Call/ Thomson Financial.

The latest charges also related to a Venezuelan affiliate, integration expenses, and costs to

exit several lines of business.

The year-earlier quarter included charges of $144 million, or 87 cents a share. Results

excluding these items weren't available.

Fourth-quarter revenue fell 17% to $2.69 billion from $3.24 billion.

Industry problems worsened in the fourth quarter, marked by continued irregular and reduced

production schedules for light trucks and sport-utility vehicles, deterioration in the U.S.

heavy-truck market, aftermarket softness and weakness of the euro, Dana said.

'While these are the same factors that affected us in the third quarter, the severity of

production cuts and their impact on Dana were much greater during the fourth quarter,' Joe

Magliochetti, Dana's chairman and chief executive, said in a written statement.

Dana's quarterly report was slightly better than it had predicted last month. The company said

at that time it would break even on an operating basis due to a weak North American automotive

sector. Before the warning, analysts had been expecting Dana to earn 18 cents a share in the

fourth quarter.

In December, the company warned that its unit in Venezuela would report a significant loss for

2000. Analysts had been expecting earnings of 28 cents a share, according to First Call/Thomson

Financial.

Dana's job cuts and closure of 11 facilities employing 50 people or more are expected to

improve its position in facing near-term challenges, the company said. Dana first announced rolling

work-force cuts in October, saying at the time that it would reduce staff by 3,500 people in

response to curr

ent market conditions.

Dana said reduced capital spending except for new-product support, lowered working-capital

expenses, consolidated operations and supplier-cost reductions via Internet business should also

improve performance.

Besides Dana, other auto suppliers such as Tenneco Automotive Inc. (TEN), Delphi Automotive

Systems Corp. (DPH) and ArvinMeritor Inc. (ARM) have also cut their work forces due to the

slowing auto market, particularly in North America.

For full-year 2000, Dana reported net income of $334 million, or $2.18 a share, compared with

$513 million, or $3.08 a share, in 1999. Operating income for the year was $377 million, or

$2.46 per share, compared with 1999 operating income of $678 million, or $4.07 a share. The

mean estimate of analysts surveyed by First Call/Thomson Financial was for 2000 earnings of

$2.43 a share. Sales fell 6% to $12.3 billion,

the company said.

 

------------------------------------------------------------------------------------------

 

 Greenspan Says Fed Is Prepared to Act to Prevent Further Economic Slowdown

 

 

WASHINGTON -- Federal Reserve Chairman Alan Greenspan said Tuesday that consumer confidence

remains strong enough to keep the economy growing, but warned that a recession can't be ruled

out and he said the central bank is prepared to act 'more aggressively' than in the past to

prevent one.

 

Delivering a sober assessment of the U.S. economy in the Fed's semiannual economic report to

Congress, Mr. Greenspan said that economic growth was close to 'stalling out' at the start of

the year and the country still faces a large number of 'downside risks.'

Mr. Greenspan cautioned that forecasters have great difficulty predicting when a recession

might occur because downturns are often the result of unreasonable fear that overwhelm

normal business and consumer-buying decisions.

 

'This unpredictable rending of confidence is one reason that recessions are so difficult to

forecast,' Mr. Greenspan said in testimony to the Senate Banking Committee. 'Our economic

models have never been particularly successful in capturing a process driven in large part by

nonrational behavior.'

Under the circumstances, Mr. Greenspan indicated the Fed intends to take no chances. Because

businesses and consumers are reacting more quickly than in the past to the prospect of an

economic downturn, he said, 'the Fed has seen the need to respond more aggressively than has

been our wont in earlier decades.'

Mr. Greenspan's comments are likely to bolster expectations on Wall Street that the Fed will

cut its key federal-funds rate an additional half percentage point at its next meeting of policy

makers on March 20. But it could alter expectations of how many more rate cuts will be needed

after that. Futures contracts on the rate indicate investors expect the rate, now at 5.5% to

drop as low as 4.75% by the summer.

The Fed, which spent most of the last two years trying to keep the economy from growing too

fast, is now fighting to ensure that growth doesn't stop altogether.

The central bank in January cut interest rates by a full percentage point in two moves, the

biggest rate reduction in a single month in Mr. Greenspan's 13-year tenure at the Fed. But

since that time, Mr. Greenspan said economic conditions haven't deteriorated further, and

suggested

they might not.

'The exceptional weakness so evident in a number of economic indicators toward the end of last

year, perhaps in part the consequence of adverse weather, apparently did not continue in

January.'Moreover, he said, other indicators bode well for long-term economic growth.

'The prospects for sustaining strong advances in productivity in the years ahead remain

favorable,' Mr. Greenspan said.

Mr. Greenspan said the risk of a U.S. recession this year is low, adding that tax cuts would

speed the country's recovery should it slip into a recession.

'In the event - and it is a low-probability event - that we not only go into a recession but

stay there for an extended period of time - it is better to have had lower taxes than

otherwise,' Greenspan told lawmakers. 'In short, it would be an insurance against a

low-probability event.'

In addition, Mr. Greenspan said, although the growth of corporate profits has slowed recently,

business managers remain 'remarkably sanguine' about the long-term outlook. He cited one survey

of about a thousand corporate analysts that showed that their optimism remained at a 'very high

level.'

He also cited signs for hope that the economy will emerge relatively quickly from the current

weakness. He said the surge in productivity growth that began four years ago was continuing

even as the economy slowed. Higher productivity is the key factor supporting rising living standards.

He also said there is no evidence that the big jump in energy prices is causing inflation

problems outside of that sector. The fact that inflation has remained subdued has allowed the

central bank to move as fast as it has to cut interest rates to spur growth, Mr. Greenspan said.

Mr. Greenspan said the Fed's top policy makers generally expect the economy to pick up steam

later this year. The Fed's 'central tendency' forecast calls for a growth rate of 2% to 2.5% in

2001, Mr. Greenspan said. That's down sharply from the range of 3.25% to 3.75% the Fed was

forecasting just six months ago, but it's more optimistic than the forecasts of many Wall Street

economists.

 

------------------------------------------------------------------------------------------------

 

  Bob Rodi Does Not Back Off Funders Charging Payoff Quote and Other Fees

 

I have to reply to the comments on fee income. First of all let me say that

I wasn't referring to normal fee income like documentation fees or late fees

that are disclosed to the customer either during the sales process or as

part of the closing process.  In fact I condone any fee that is disclosed.

As an example we follow a formula for early termination on our franchise

transactions that goes from 5% to 1% and clearly discloses the cost to the

customer of an early termination. What I object to are "suede shoe" fees

that are added after the fact when the customer is in no position to

question them or negotiate.  What is the point of advertising the "lowest

rate" if you then have to nickel and dime the customer with stupid fees for

services that should be included in your normal course of business.  If you

have to resort to cheap tricks to make your nut then you (1) aren't managing

your back office properly, (2) should be looking for ways to work more

efficiently, or (3) looking for a new line of business.  As for it being

"amusing" that these types of programs will invite regulation you shouldn't

be laughing to soon.  It is exactly this type of nickel and dime conduct

that angers the public and prods them to take action.  This will be

especially true as we move through a slow down and possible recession where

your customers will be far less apt to "just pay" the fee and not argue.

Would I rather see a funding source raise its price 25 bp than charge a

ridiculous fee?  You bet I would. I could easily use the time I save, not

having to explain some fee that I had no idea was going to be charged, to go

out and get a few extra customers who won't dicker over an extra couple

bucks on the payment up front.  In fact, keep charging those fees. Now that

I think of it it's a great sales tool that I can use against you.

 

Bob Rodi

drlease@leasenow.com

 

         +              +              +

 

  More Comments from the Other Side:

 

$25.00 for a payoff is reasonable.  In my 13 years in the industry working for three of the

largest companies, many customers would always call me wondering how to get a payoff figure or

anyone to return their call.  Even sales reps have a problem getting a payoff.  If a company is

to dedicate someone to handle payoffs, quote them immediately, most customers and brokers (at

lease me)would think this is a good idea.  Many complained when banks starting charging

$5.00 to $10.00 for bank ratings.  The banks that charge a fee usually have a 2-3 hour turnaround time. 

The banks that do not have a policy, are the ones that are difficult to work with.  I will

gladly pay a reasonable fee for a rating or a payoff.  Now unreasonable fees are charged by

lenders such as Orix.  Several years ago, Orix's Houston office (now closed) charged a $1,000

fee for a subordination and then requested an additional payment from the customer before

signing the subordination. So $25.00 does not seem unreasonable to me.

               

Craig Tillison

craig@evergreenleasing.com

 

-----------------------------------------------------------------------------------------------

    More Compliments for Linda Kester

 

Linda is truly a professional and Top Gun trainer in our industry. She

is intelligent, bright and energetic. She is a breath a fresh air to the

equipment leasing industry. Everyone who uses the telephone to close should

take some time to listen to Linda's telemarketing seminar at a leasing

conference or hire her privately and let her give a private seminar to your

sales force. If you don't you are really missing the boat. <br>

 

Sincerely,

Michael Granieri

Granieri Associates

VP Marketing and Training

  </b>Granite63@aol.com

 

 

---------------------------------------------------------------------------------------------

 

                 "Let's Stick with Major Issues..."

 

Your newsletters are now full of info we brokers do not need. Lets stick to the major issues

that affect our industry today, (1.) Tightening of credit parameters, (2.) Debt sources closing

doors to new brokers (3.) Solutions and suggestions as to how to cope with "leasing today". How

about info on a new debt source or a new player in the industry that is buying transactions

aggressively? Information regarding who will be the next UAEL president is or how much

association dues are running is worthless. These are trying times for the small and medium

ticket broker, lets stick to information that is pertinent to the survival of equipment leasing. Mr. X

   

 ( not signed contact form )

 

  Whoa!! Now!!! 

 

  I personally don't read ALL the stories in any newspaper. I read several newspapers,

  and different sections, as I have different interests, just as you may have.

  Leasing News tries to serve the entire industry, not just one segment. If there is

  news that does not interest you, don't read it...Skip the article. Pass it by.

 

  If you are seeking advice, here is the best thing you can do in the year 2001.

  There is an excellent organization you should join called the National Association of  

  Equipment Lease Brokers; www.naelb.org  They are not only dedicated to your segment of the

  industry, but have an excellent program called "listserve" that allows members

  to communicate back and forth about problems, suggest sources for leases, share

  current information, talk about "super brokers."

 

  Leasing News strongly believe that every leasing person will benefit from joining and

  participating in a professional association.  This is the best advice we can give.

 

  And you should care who the United Association of Equipment Leasing President is!!!

  They pay is terrible (none) and the time they put in is " above and beyond." The

   current UAEL president is, Chuck Brazier, who I sent deals into

  over twenty years ago when he was a Denrich. He is one of the nicest guys you

  will ever meet.  I don't think he has a mean bone in his body.  Chuck is very knowledgeable

  and his company Centerpoint works with brokers, wants more business, and you can

  learn a lot from an association with a leasing professional of the caliber of

  Churck Brazier. So if you know him, you might send him deals, and you might

  support all the volunteer work he does.

 

  We recommend professionals belong to more than one association.  Education

  is very important, especially in these tightening credit times where money

  will be less available for all credits. You also should attend leasing conferences.

  Invest in your knowledge.  What you are "selling" is your knowledge.  The more

  you know, the better you will do. My advice is to join today. Get to know

  your colleagues, learn about the latest products, the latest funding sources,

  and learn more about your craft. Join. It is that simple. You will survive

  if you join and participate in a leasing association. end of lecture. editor )

 

  P.S. Sorry for the amount of news today, but I don't control that--except perhaps

  for the Arizona Cardinal story.editor

 

-----------------------------------------------------------------------------------------

 

            Keystone Comments about AT&T---Fraud

 

As published in a previous issue of Leasing News.Org,  I believe Funder Fraud is the

root of this industries recent problems.  Broker and Funder Fraud have always been an

issue but probably remains the same today as it was 5 years ago.  AT&T is just another

contributor to today's

negative flux in of funding sources.  Others I would like to name are: Granite (now FNF),

Finvoa (became Greentree and then Conseco), Copelco, T&W Financial, Bank Vest etc.. 

I welcome anyone

else to comment.  As far as I am concerned, Funders are lucky to have brokers and would be

better served to terminate the salaries of their own employees and utilize the superior services

of brokers.  Some of these Funders couldn't sell leasing if their life depended on it.  The

only way they know how to sell is profitless rates and profitless flexibility.  Good salespeople

are hard to find and very difficult to develop.  If they are good, they are NOT working for 50k a

year + benefits.  You have to pay them well because everyone else will.  So, funders want to

hire people for "cheap" and expect them to sell well.  It doesn't work that way.  They should

leave it up to the entrepreneurs who are driven and will pay more for good people.

 

-Paul von Bruck

Capital Funding Group

 <paulv@leaseapp.com>

 

-----------------------------------------------------------------------------------------------

               Goodbye, Leasing

 

Thank you for adding my home address. Although as of today I am not

currently working in leasing I enjoy your newsletter and want to keep

informed of what is going on in the industry. Keep up the good

work.  You will be the first one I email should I venture back into the

leasing world.   Ed.

 

edwardquinn <edwardquinn@email.msn.com>

 

 

 ( We have received several "goodbyes" in the last few months.  One day, I

   am going to assemble and make a report as I think it will be quite

   heart warming. And lease professional like Edward Quinn, Jane Hackworth,

   and others, they will be back, hopefully soon.  editor )

 

----------------------------------------------------------------------------------------------

 

----------------------------------------------------------------------

 

How Much Will You Save? Visit www.turbotax.com

    Business Editors

    SAN DIEGO--(BUSINESS WIRE)--Feb. 12, 2001--

    Want to know how the proposed tax plan will affect you? The tax

    experts at Quicken(R) TurboTax(R) can help you estimate your

    taxes under the new proposal! Just visit www.turbotax.com to use

    the new tax estimator.

    With the average American working more than four months a year to fund all levels of

government, President George W. Bush's proposed 10-year, $1.6 trillion tax cut may have

far-reaching affects on U.S. taxpayers.

    The typical family now pays nearly 40 percent of their income in taxes after accounting for

all federal, state, and local taxes.

    Under President Bush's proposal, income tax rates would be cut across the board. The White

House states that the average tax cut for a family of four would be $1,600 a year. If you're one

of the more than 120 million taxpayers who want to know how the President's proposed tax plan

will affect you, check out the newest tax estimator at www.turbotax.com. Simply select your

filing status and enter your income and the new this special feature will estimate how much you

will save in taxes under the new proposal.

    The tax experts at Quicken(R) TurboTax(R) offer a wealth of tips, tools and resources to

help you take control and save money when filing your taxes.

    Visit our web site at www.turbotax.com-

--------------------------------------------------------------------------------------------

 

The List

Chronological

 

83 changes

 

CIT ( 2/2001) Closing Atlanta office and others, "freeze" on new broker business

El Camino Leasing, Woodland Hills, California   ( 2/2001 ) GATX announces purchase

  of portfolio, making ATEL Capital largest independent owned leasing company

  in the world (1/2001) ( 1/2001 reportedly winding down, sold portfolio, selling partner      

  relationships, selling off all assets (10/2000 No longer taking  broker business 11/2000         

struggling to stay in leasing business, according to insider reports

Dana (2/2001 posts a fourth-quarter net loss, eliminates 10,000 jobs ( 7/2000 sold off

    portfolio, active as captive lessor )

Old Kent   (2/2001) Closes door to new broker business

Source Capital, Spokane, Washington, (2/2001) Issues $.22 per share cash dividend, $1 million

  net income, 4% decrease from previous year. ( 11/2000 ) ceases accepting broker applications

PLM International (2/2000 )MILPI Acquisition Corp completes cash offer for outstanding stock

Colonial Pacific (2/2001)Colonial Closes former "Tilden Operation" in New York and Anaheim,

      rumors floating tp surface: GE/CPL will leave small ticket broker marketplace ( 5/2000)

      no more  re-brokered applications, except from one or two sources, such as Steve Dunham's

Leasing Associates   (11/98) purchased by GE Capital )

Linc Capital (2/2000 creditors file for Chapter 7  (9/2000 out of vendor and broker business,

      Nasdaq halts stock sales, $13.4 loss last quarter,10/2000 assets for sale )

Finova ( 2/2001) downgraded to "C" rating by Fitch "With significant debt maturities due in May         

 2001 and Leucadia National Corp's $350 million investment withdrawn, Finova's ability          

 to operate as a going concern faces serious challenges."( 1/2001) Deal of Leucadia            

 National to Invest $350 Million in Finova falls apart 1/2001 laid off 90 employees, or            

 about 9 percent   of its workforce, in an ongoing effort to cut costs. The company           

continues to employ

      about 300 people in Phoenix and 940 nationwide. (12/2000) out of market place, many

      problems, raises $250 MM, but not enough ) (11/2000 Announces they will discontinue

      business, sell units 11/2000 Suspends Dividend 11/2000 Leucadia National to Invest $350

      Million in Finova 11/2000 reports $274 million loss)( 10/2000 Dow Jones notes stock

      falling and problems at Finova) (10/2000 Dow Jones headlines "Finova Stock Falls As Buyout      

Hopes Wanes.

Orix ( 2/2001) Closes re-discount center, Steve Geller says "goodbye." 11/10 First Six Month            

Profits up 14% at Orix! ) 11/8 New President at Orix appointed 11/10 First Six Month

           Profits up 14% at Orix! No negative reports, company appears to be doing very well.             

(10/2000)  "long-term Outlook has been revised from Stable to Negative" Credit               

Alliance that it has

        changed   its name to ORIX Financial Services, 9/2000 Japanese Bank President                 

Commits Suicide (Orix is       a 14.7% shareholder in bank having problems ), ( 8/2000             

closes small icket vendor division      

in\ Portland,Oregon, "Business as usual (in              New Jersey and with brokers)," says Steve Geller)

Affiliated Leasing, Lewistown,Texas (1/2001) Merges with First Commerce Leasing January 26.

Advanta Leasing (1/2001 Advanta ceases leasing business announcement 1/2001 Chris          

        Ciarrocchi says "goodbye" Mortgage Division sold, re-affirms Leasing Division still for          

sale, former prez now at eOriginals,others let go like Kaye Lee.) (9/2000) for sale.

LeaseExchange.com (2/1 reported on "auto-pilot" ( 1/2001) Closes Irving office, cuts staff

Union Bank, San Francisco ( 1/2001 Leasing curtailment/cutback 1/2001 Union Bank, Los

      Angeles, no more lease purchasing, not confirmed about S.F. yet )

NationsCredit, Business Leasing Group  (1/2001) complaints from brokers regarding getting                

information for NationsCredit and GrayRock Capital on FMV, payoffs, residuals from

        Textron   who is servicing the portfolio )(1/29/99) sold to Textron *** Textron does

          "broker business."

eLease (12/2000) purchase by Primestreet (June/July/2000)senior management changes )

Saddleback Financial ( 1/2001) Prez. Warren Emard announces "... still in business... We are

      still originating business through vendors and directly to lessees. Does not accept broker

      business."

First Commercial Capital Corp ( 1/2001 to be acquired by TCF Leasing )

First International Bancorp ( 1/2001 ) to be acquired by UPS Capital First State Bancorp,

      Albuquerque, N.M ( 3/2000 sold leasing division-$64 million---)

BSB Leasing ( 1/2001 Don Meyerson bought back the company and they are back in business at

      303-329-09227. Official announcement to be made soon. They are notifying brokers to start      

sending them business again. 12/2000 Don Meyerson says to be "re-born"11/2000 closed to

      accepting new business.)

SierraCities (1/2001 VerticalNet Merger falls apart 1/16/01 Sells Off UK Assets, 7/2000 2nd

      quarter loss, see report )

United Capital, Austin Texas ( 1/2001 ½ employees let go, portion of portfolio sold, discounters        

not paid, vendors not paid, it is alleged.1/2001, selling off portfolio, problems

        ahead with           vendors not paid, brokers not paid, sinking in quicksand 12/2000 no          

new deals until after  the 1st of year, Steve Dallas trying to hold it together.                

Dallas says, " We will survive."

Preferred Capital (01/2000 Mark Seif confirms 12/2000 On the block. David Murray left 11/7

      "didn't like letting his friends go." )

Affinity Leasing, Washington ( 12/2000 to close and concentrate on Financial Pacific biz )

Banc One Leasing ( 12/2000 Lays Off 60, Closes 5 offices )

Bayview Capital ( 12/2000 announces $17 million loss/later does not issue dividend )

Bombardier ( 12/2000 reported having leasing problems, not confirmed, company strong in other

           divisions, but appears backing out of leasing division )

Capital Associates, Denver, Colorado ( 12/2000 no longer doing business, filing bk? )

Conseco Finance Vendor Service ( 12/2000 purchased by Wells Fargo Leasing).

DVI Capital (12/2000 out of broker )

 Finantra (11/2000 will eliminate its commercial finance operations in order to focus on its two           

core finance platforms, consumer finance and services and consumer mortgage lending. )

Metwest Leasing, Spokane Wa. (11/2000 is pulling the plug, confirmed by five sources. 9/2000

      advising brokers that they have run out of funds so they are unable to fund a      

transaction we have there for funding.)

Newcourt ( 8/2000 sold off ) Old Kent Financial ,GrandRapids, Michigan ( 11/2000 Fifth Third            

Bank, Cincinnati, Ohio announces acquirement, to close second quarter 2001-Gateway             

 Leasing sold to Old Kent in 1997,

small ticket leasing specialists )

Resource Leasing, Herndon, Virginia ( 11/2000 MicroFinancial/Leasecomm acquires major     

 portion of the assets.)

Signature Leasing, Dublin, California ( 11/2000 no longer in small ticket marketplace; appears

      to have closed down ).

Transamerica ( 11/2000 for sale, but no buyers, so taken off marketplace, no longer for sale )

Varilease ( 11/2000 closed down )

Copelco (10/2000 ceases broker business, many complaints in manner turning off faucet 5/2000        

 sold to Citibank 10/2000 stock down rated/ )

Matsco Financial (10/2000 purchased by Greater Bay Bank )

T&W, Washington (10/2000 filed Chapter 11. Creditors meeting on 12-4-00 Seattle.

      Case # 00-10868 US Bankruptcy Court Western District of Wash. 206-553-7545. Debtor      

          Attorney-Marc Barreca 206-623-7580)

Balboa Capital ( 9/2000 Founder Pat Byrne "...office available any time he wants to use it"

      Reported he is no longer "in control" or working "full time" at Balboa, the company he

      started).

Liberty Leasing, Des Moines, Iowa ( 10/2000 closed, selling portfolio, owned by Commercial

      Federal Bank, Omaha, Nebraska )

Bay View Commercial Corporation (Bay View Bank) 9/2000 discontinuing all franchise loan and

      lease production

Charter Financial ( purchased by Wells Fargo 9/5/2000 )

Manifest Group--( 9/1/2000 purchased by US Bancorp Leasing and Financial, "...a win for all the

      parties involved," Brian Bjella. 11/2000 DONALD POLFLIET leaves and no one knows where

      he went.  If you know, please tell us.

Onset Capital ( 9/2000 Irwin buys 87% equity )

Republic Leasing, South Carolina 9/27/2000 ( "The expected result will be a sale of Republic            

Leasing"---Dwight Galloway. He adds,"We have always been for sale for the right price,

          but in       thirteen years we have not sold off any leases or gone direct after                

broker's business, ever." )

SFC Capital ( 9/15/2000 purchased by Trinity Capital )

Lease Acceptance Corp---( 7/26/2000 ceases broker business )

New England Capital ( 6/2000 sold to Network Capital Alliance a division of Sovereign Bank.

      Sovereign did hire two people who will run a sales office in CT, doing basically the same

      dealswith the same people as before. Little will change in that aspect.

Prime Capital, Chicago ( 6/2000 closed )

Scripp Financial ( 6/29/2000 ( purchased by US Bancorp )

Metrolease--( 5/2000 reports closing operation, John Blazek at Evergreen Leasing, Hathcock

      losing assets, will not confirm nor deny; many serious rumors of serious fraud floating

around         the marketplace, including debt to Textron Financial, reported to file bk.)

Phoenix ( 5/2000 both divisions closed )

FMA Financial, California ( 4/2000 reportedly closed to brokers )

USA Capital Leasing ( 5,2000 ) creditors force Chapter 7 ( 4,2000 ) file chapter 11 bk

Fidelity ( 4/2000 acquired by EAB, a wholly owned subsidiary of ABN AMRO Bank N.V.,

      headquartered in the Netherlands, raising funds )

Comstock Leasing ( 2/2000) purchased by Linc Capital.

NIA National Leasing ( 3/2000 purchased by Lakeland Bancorp )

Franklin Leasing, Des Moines, Iowa--owned by Liberty Bank-- (2/2000)-no longer writing leases         

 ( limited by regulations and leases are for sale ).

Bankvest (1/2000)bankrupt,voluntary (11/99) Orix, smaller banks,creditors file for involuntary         

 bankruptcy against Bankvest (10/99) ceases new business ( 8/99 )Fleet pulls their lines.

Commerce Security ( 9/99 closed to leasing broker program )(11/99 last fundings/ 12/2000

       Leasing News gives credit to Ron Wagner as the first to see the quality and margins of

       leasing  changing, decides to avoid what was to happen in the year 2000 ).

Franchise Mortgage Acceptance Corporation (FMAC) 11/1999 purchased Heller

Financial's Commercial Services Unit ( 10/99 purchased by CIT )

Lyon Credit Corporation ( 9/99 purchased by Hudson United Bancorp )

Japan Leasing Credit claims ( JLC --6/99 purchased by Orix )

Liberty Leasing ( 6/1999 closed, California company )

Golden Gate Funding ( 2/99) purchased by Westover Financial

Rockford Industries (2/99) sold to American Express

 

  no dates on these changes:

 

 anyone can help us with dates, wold be appreciated. editor

 

American Business Leasing ( gone )

The Bancorp Group, Inc. (Southfield, MI) (Not accepting news business. The BOD of the parent         

bank is assessing what to do with the leasing subsidiary.....currently servicing portfolio

      but not originating. no longer in business )

Imperial Credit Industries (ICII) ( sold portfolio )

Leasing Solutions , San Jose ( bankrupt )

Merit Leasing ( gone )

Prime Leasing, Minnesota ( no longer doing business )

 

 

***Original Purchases by Date by Unicapital

 

American Capital Resources 2/98

Boulder Capital Group 2/98

Cauff, Lippman Aviation 2/98

Jacom Computer Services 2/98

Matrix Funding 2/98

Merrimac Financial Associates 2/98

MunicipalCapital Markets Group 2/98

The NSJ Group 2/98

PortfolioFinancial Servicing 2/98 --acquires assets of Unicapital

Vanlease 2/98

The Walden Group 2/98

K.L.C., Inc. dba Keystone Leasing 5/98

Jumbo Jet 7/98

HLC Financial 7/98

Saddleback Financial Corporation 7/98 ---back in business U.S.

Turbine Engine Corp. 7/98

The Myerson Companies dba BSB Leasing 9/98 --- back in business under original owner now: Don

Meyerson

 

---------------------------------------------------------------------------------------

  Does Anyone Know Who the Fundor That is being Hit by this BK????

 

 

Venturi Files for Voluntary Chapter 11 Protection in Move to Resolve Litigation and Restructure

Debt

 

 

DENVER, Feb. 12 /PRNewswire/ -- Venturi Technologies, Inc. (OTC Bulletin Board: VTIX) announced

that it had filed a petition for reorganization under Chapter 11 of the Federal Bankruptcy Code

on February 12th, 2001 in Houston Texas.  The Company had attempted to raise additional equity

capital without success over the last several months and concluded that it could not continue

operations outside of the protection of the bankruptcy laws.

 

Michael Dougherty, President and CEO of Venturi stated that the Company had obtained a

commitment for $2,000,000 in debtor in possession financing from several of its principal

shareholders and creditors subject to approval of the Bankruptcy Court.  This loan, if approved,

should enable the Company to continue normal operations while it prepares a plan of

reorganization.

 

The company also stated that it had reached a tentative agreement with the principal lessor of

most of Venturi's operating equipment for a restructuring of the lease terms.  The agreement is

subject to the satisfaction of various conditions as well as to the approval of the Court.

 

Venturi stated that the reorganization process should facilitate its efforts to raise additional

equity capital and enable the Company to continue as a going concern after reorganization.  It

is expected that the reorganization plan will substantially reduce, if not eliminate, the

existing equity interests in the Company.

 

Venturi Technologies Inc. provides carpet, upholstery, floor and duct cleaning services using

the company's patented VenturiClean(TM) System, the most significant advancement in the industry

in recent history.

 

This press release contains "forward-looking statements"(as defined under securities law). The

company's actual results may differ materially and adversely from those discussed in this press

release.  Factors that may cause such a difference include, without limitation, risks associated

with acquisitions, such as difficulties integrating operations, loss of customer accounts,

inability to retain employees, decline in growth rate, challenges or costs involved in combining

services, litigation and other matters.

 

SOURCE  Venturi Technologies, Inc.

 

CO:  Venturi Technologies, Inc.

 

ST:  Colorado

 

 

 

--------------------------------------------------------------------------------------------

GMAC Commercial Mortgage's Equipment Financing Arm Joins With eMarket Capital; Will Offer

Equipment Leasing Deals Through eMarket Capital's B2B Web Sites

 

 

KING OF PRUSSIA, Pa., Feb. 13 /PRNewswire/ -- eMarket Capital, Inc.

(http://www.emarketcapital.com) announced today that GMAC Commercial Mortgage's Equipment

Finance Group has signed on as a participating lender for the company's business-to-business

leasing service.  eMarket Capital provides Internet-based equipment leasing services to major

capital equipment manufacturers nationwide.

 

GMACCM, a wholly-owned subsidiary of GMAC Commercial Holding Corp., is one of the nation's

largest financial services resources in commercial mortgage banking, with more than 45 offices

in the U.S. and a servicing portfolio in excess of $90 billion. GMAC Commercial Mortgage -

Equipment Finance Group specializes in franchise lending, offering customers furniture, fixture

and equipment financing for hotels, restaurants, golf courses and healthcare facilities.

GMACCM's Equipment Finance Group also offers equipment financing for commercial/industrial

projects.

 

"eMarket Capital offers a great opportunity to increase our loan originations," said Greg

Friedman, marketing and technology coordinator for the GMACCM division based in Atlanta, Ga.

"Their service facilitates the origination process for both the lender and the customer," he

said.

 

"We are pleased that GMACCM's equipment finance group is now one of our participating lenders,"

said Jonathan Moran, founder and president of eMarket Capital. "It brings us a step closer to

establishing eMarket Capital as the Web service of choice for equipment manufacturers

looking to close deals faster by helping their customers secure lease financing."

 

How eMarket Capital Works  

 

eMarket Capital establishes a customized private-label leasing Web site for each participating

manufacturer. Each site is operated under the manufacturer's brand name and includes a limited

number of lenders who are experienced in that particular industry and who collectively can

cater to a broad range of credit risks and types.

 

eMarket Capital's patent-pending Web-based process enables equipment manufacturers

to help their customers secure fast, fair, competitively priced lease financing plans for

their purchases.

 

Customers fill out a single application to receive multiple offers within three business

days.

Offers are submitted to the customer in a format that simplifies the process of making

an "apples-to-apples" comparison.  Lenders pay a below-market origination fee only when

they complete a deal through the site.

 

The service targets capital equipment purchases from $5,000 to $1 million. Transactions in this

range represent over 50 percent of the overall market which, according to analysts, is expected

to grow 5 to 8 percent a year. For more information, visit the company's Web site at

www.eMarketCapital.com or contact the company by phone at 800-994-4369 (or 610-354-8820)

and by

fax, 610-354-8835.

 

About GMACCM  

 

GMAC Commercial Mortgage, based in Horsham, PA, is a wholly-owned subsidiary of GMAC

Commercial Holding Corp.  The lending and servicing specialist has more than 45 offices

nationwide and provides a variety of financing products and services including permanent,

interim and construction lending, with specialized lending units focused on healthcare and

 hospitality as

well as e-commerce offerings through Internet commercial mortgage lending.

 

News releases and other information about GMAC Commercial Mortgage and its

products and services

are available at http://www.gmaccm.com on the Internet.

 

SOURCE  eMarket Capital, Inc.

 

CO:  eMarket Capital, Inc.; GMAC Commercial Mortgage;      GMAC Commercial

Holding Corp.

--------------------------------------------------------------------------------------------

NetBank Selects NCR for Check Imaging Outsourcing Services

 

 

Image Capture, Archive and Retrieval via the Internet 

 

DAYTON, Ohio, Feb. 13 /PRNewswire/ -- NCR Corporation (NYSE: NCR) today

announced it has been awarded a five-year outsourcing contract to provide check imaging

services for the nation's premier Internet bank -- NetBank (Nasdaq: NTBK), www.netbank.com .

 This contract expands NCR's relationship with NetBank, a current user of NCR's Internet banking

outsourcing service.

 

NCR will provide NetBank with check image capture and digital image storage and retrieval

(including image statement delivery) via a dedicated image and transaction archive. 

This provides NetBank customers with 24-hour on-demand access to check images via the

Internet.  Customers requiring a copy of a check transaction can then print check images

easily and at no cost.

 

"As the fastest-growing Internet Bank in the country, it was important for us to find a business

partner that could provide high-quality, efficient services," said D. R. Grimes, CEO of NetBank. 

"NCR's integration of Internet banking and imaging services offers faster access times to images,

and convinced us that NCR was the company best suited to meet our needs.  The 24x7 Web

access to images enhances the services we provide our customers."

 

NCR offers a comprehensive and innovative suite of outsourcing services for all aspects of

image-based item processing, including a "Common Platform Strategy" that allows financial

institutions the flexibility to optimize their item processing operation.  NCR's common

platform strategy will tailor the system deployment to meet each customer's specific needs

with three implementation options:  outsourced, in-house, or a blend of both.  The system can

be adapted to meet new requirements without expensive conversion costs.

 

"NetBank has chosen to take advantage of NCR's continuing investment in new imaging

solutions, available at our outsourcing data centers nationwide," says Joe Kniceley, vice

president, NCR Payment Solutions, Americas.  "Image and information delivery via the

Internet will soon be the preferred method of transaction research for all bank customers. 

Our partnership

with NetBank is creating a new, higher standard for customer service now and for the future."

 

About NetBank(R)  

 

NETBANK, Inc. (Nasdaq: NTBK), is a financial services company whose wholly owned

subsidiary, NetBank, Member FDIC, is the first profitable pure Internet bank in the country,

having achieved profitability in the past eleven consecutive quarters.  With more than $1.8

billion in assets and customers in all 50 states and 20 foreign countries, NetBank was

recently recognized as the best online bank by readers of Worth magazine in its annual

"Readers' Choice Awards" survey and as a Money.com pick for "Best Online Banks."  With

its low-cost, branchless business model, NetBank is able to reward its customers with high

interest rates on deposits with low- or no- fee banking services.  Products and services include

free online account access, free checking, free unlimited online bill payment and presentment,

free unlimited ATM use, VISA(R) Check Card, VISA(R) credit card, online brokerage services,

mortgage lending, home equity lines and loans, insurance, IRAs, online safe deposit boxes,

and business equipment leasing services.  NetBank is a member of the AFFN, Cirrus, Honor/Star,

MAC and NYCE ATM Networks.  For more information on NetBank, its products and services,

visit the Web site at www.netbank.com , or call 1-888-BKONWEB (256-6932).

 

About NCR Corporation  

 

NCR Corporation (NYSE: NCR) is a leader in providing Relationship Technology(TM)

solutions to customers worldwide in the retail, financial, communications, manufacturing,

travel and transportation, and insurance markets.  NCR's Relationship Technology

solutions include privacy-enabled Teradata(R) warehouses and customer relationship

management (CRM) applications, store automation and automated teller machines (ATMs). 

The company's business solutions are built on the foundation of its long- established

industry knowledge and consulting expertise, value-adding software, global customer support

services, a complete line of consumable and media products, and leading edge hardware

technology.  NCR employs 32,900 in more than 100 countries, and is a component stock

of the Standard & Poor's 500 Index.  More information about NCR and its solutions may be

found at www.ncr.com .

 

NCR and Teradata are trademarks or registered trademarks of NCR Corporation in the

United States and other countries.

 

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:  

 

Information in this press release contains forward-looking statements involving risks

 and uncertainties that could cause actual results to differ materially.  The bank has no

obligation to update any forward-looking statements. For a discussion of additional risks

 and uncertainties facing NetBank, see "Risk Factors" in the Company's SEC filings.

 

SOURCE  NCR Corporation  

 

CO:  NCR Corporation; NETBANK, Inc.

 

ST:  Ohio

-----------------------------------------------------------------------------------------------

     Point West Capital Corporation Announces Appeal Filed With Nasdaq

  

    SAN FRANCISCO--(BUSINESS WIRE)--Feb. 13, 2001--Point West Capital Corporation

(Nasdaq:PWCC) today announced that it has requested a hearing to appeal the pending delisting

of the Company's Common Stock from The Nasdaq Stock Market's National Market System.

    On November 13, 2000, the Company received a Nasdaq Staff Determination letter which

indicated that the Company failed to meet the $5 million minimum market value of public float

requirement for continued listing on The Nasdaq National Market System, and that the

Company's Common Stock would be delisted (absent a request for a hearing) if the Company

failed to satisfy the minimum public float requirement for at least 10 consecutive trading days

prior to February 12, 2001. The Company has requested a hearing before a Nasdaq Listing

Qualifications Panel (the "Panel") to review the Staff Determination.

    The Company is also exploring alternatives to the National Market System listing, including

the possibility of listing on The Nasdaq Market's SmallCap Market or the over the counter

trading. These alternatives include, among other things, actions that will enable the Company

to file an application for listing the Company's Common Stock on The Nasdaq Stock Market's

SmallCap Market. There can be no assurance that the Panel will grant the Company's request

for continued listing on The Nasdaq Stock Market's National

Market System or that the Common Stock will be approved for listing on The Nasdaq Stock

Market's SmallCap market.

    Point West Capital is a specialty financial services company.

    --30--ah/sf*

Fitch Affs Citigroup & ABN Amro; Euro Amer Bank Individual Rtg On Watch Pos

 

 ---------------------------------------------------------------------------------------------

             Citigrop and ABN Amro Bank

 

   NEW YORK--(BUSINESS WIRE)--Feb. 13, 2001--Fitch, the international rating agency,

has affirmed its debt ratings for Citigroup and ABN Amro Bank N.V. (ABN) and the two firms'

respective subsidiaries. The rating action is in response to today's announcement that Citibank, N.A.,

Citigroup's lead bank subsidiary, has entered into a definitive agreement to acquire European

American Bank (EAB), ABN's New York-based banking subsidiary. Fitch has placed EAB's individual

rating of `B' on Rating Watch Positive with the expectation that the rating will be raised to

Citibank's individual rating of `A/B' upon consummation of the transaction. Further, Fitch

expects that in recognition of the strong level of support afforded to Citigroup's banking

subsidiaries, EAB's support rating will be raised from `3' to `1' once the deal is completed.

 

For clarity, Fitch's rating actions portray a scenario that EAB will be retained as a separate

charter and distinct legal entity after the close of the transaction. However, Citigroup has not

fully determined the legal entity structure of the banking franchise at this point in time.

Fitch expects that the status of the EAB charter will be determined prior to close.

 

Fitch views the transaction positively. The relative size of EAB, $15 billion in assets,

represents a manageable integration effort for Citibank. The addition of EAB will strengthen

Citibank's New York retail and commercial banking franchise. In addition to traditional small

and middle market lending products and services, EAB provides Citibank with a significant

presence in niche leasing products and relationships. EAB's $11 billion deposit base, a large

majority of which is branch generated, will provide a stable and potentially growing source of

core liquidity. The integration of an in-market acquisition will likely produce some reductions

in staffing which can cause some problems. However, Fitch believes the employees and customers

of EAB will adjust well to a more certain operating environment, following a period of

uncertainty as EAB's sale was widely rumored. ABN Amro's desire to focus its US banking

franchise in the Midwest has already been factored into our ratings for ABN Amro Bank N.V. and

its subsidiaries.

 

Ratings Affirmed:

 

Citigroup

 

--Long-term/senior `AA';

 

--Preferred `AA-`;

 

--Commercial paper `F1+';

 

--Individual `A/B';

 

--Support `5'.

 

Citicorp

 

--Long-term/senior `AA';

 

--Subordinated `AA-`;

 

--Commercial paper `F1+';

 

--Individual `A/B';

 

--Support `5'.

 

Citibank, N.A.

 

--Long-term/senior `AA';

 

--Long-term deposits `AA';

 

--Short-term and short-term deposits `F1+';

 

--Individual `A/B';

 

--Support `1'.

 

ABN Amro Bank N.V.

 

--Long-term/senior `AA';

 

--Short-term `F1+';

 

--Individual `B';

 

--Support `1'.

 

European American Bank

 

--Long-term/senior `AA';

 

--Long-term deposits `AA';

 

--Short-term and short-term deposits `F1+'.

 

Rating placed on Rating Watch Positive:

 

European American Bank

 

--Individual `B'.

 

CONTACT: 

 

Fitch

 

Eileen A. Fahey, 312/368-5468

 

or

 

James E. Moss, 312/368-3213

--------------------------------------------------------------------------------------------------------

Cardinals To Get New Tempe Stadium    Hooray!!!!!

 

By BOB BAUM

.c The Associated Press

 

 

PHOENIX (AP) - The new stadium for the Arizona Cardinals will be built in Tempe, just a mile

from where the team now plays.

 

The Arizona Tourism and Sports Authority voted 7-2 Tuesday to choose the Tempe site over an

undeveloped tract of land in suburban west Phoenix.

 

The stadium, with a retractable roof and natural grass field that would slide out of the

structure when not in use, is to open for the 2004 season.

 

The Cardinals, an original NFL member with a long history of mediocrity or worse, have played at

Sun Devil Stadium on the Arizona State campus since moving from St. Louis 13 years ago.

 

Although no threats were made, there was a widespread belief the team would have been headed

out of town if the stadium vote failed.

 

Backers cited Tempe's experience in handling big events and a location close to hotels,

restaurants and resorts. Those amenities would make it easier to use the stadium for things

other than football games.

 

``If it was just a football stadium I would definitely go for the west side,'' board member C.A.

Howlett said. ``But with the multipurpose factor I just couldn't get past those obstacles for

the west side.''

 

Board member Rod Williams, one of the two dissenters, detailed a long list of concerns about

the Tempe site, including questionable parking and the leasing of the land where the stadium will

be built.

 

He also said polls showed Maricopa County citizens heavily favored the west side site.

``The people of Maricopa County should be listened to,'' Williams said. ``They should be

reckoned with.''

 

The stadium was authorized by voters in Maricopa County last November 52 percent to 48 percent.

Virtually all of the public money will come from a hotel-motel tax and a surcharge of rental

cars.

 

The stadium cost has risen from $331 million to $334 million with Tempe promising the extra $3

million to cover costs associated with a bedrock problem at the site.

 

The nine-member authority had narrowed the field from five candidates to the two finalists:

 

land in Tempe, near Papago Park and just a mile from Sun Devil Stadium, where the Cardinals now

play.

 

a vast tract of undeveloped land at the junction of two freeways in suburban west Phoenix. The

Avondale City Council endorsed this choice on Monday.

 

The Tempe site, to be leased from the Salt River Project utility, was endorsed by the Cardinals,

 the Fiesta Bowl and the hotel and tourism industry, a triple-whammy that left the west side

backers angry. The Tempe City Council gave its endorsement on Monday, and a consultant hired by

the authority recommended the site as well.

 

The Cardinals, at a news conference last Thursday, even promised to pitch in another $18 million

to help pay for the 88-year lease of the Tempe site, though the team also said it could work

with the west side if need be.

 

Tempe's supporters touted the city's experience staging big events and the proximity to the

resorts and entertainment centers of Tempe and Scottsdale.

 

West side backers, including a majority of Phoenix City Council members and a coalition of 11

cities and towns, said their site was the best because the land was ready for development now,

had plenty of room for parking and tailgating, and would be owned by the authority.