January 3, 2002

Kit Menkin’s Leasing news www.leasingnews.org  Thursday, January 3, 2002




Patrick Hayes---May He Rest in Peace 

  Equipment Leasing Association Membership at Year-End: 873                                   

         Leasing Group---May Not Be a Happy New Year

              First 2002 Leasing Association Conference

Former AmX Equip. Finance V.P./Rockford Founder

                      Larry Hartmann  joins  Z Resource Group

            John Salek Joins TCF Express Leasing

                    Reaction from Readers on:

                        December, 1971 Remembered---

                         Year 2001 in Review

                     DVI Closes $430 Million Asset-Backed Securitization

               Compaq Study---IT Like to Lease, Especially at Zero Percent Interest


Streamlined Sales Tax :   Sale/LeaseBack subject and January 4 Cut Off

   Dennis Brown, Equipment Leasing Association


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Patrick Hayes---May He Rest in Peace


It is  sad news that I let readers know the passage of a good friend,

active in the leasing business for 28 years.


This is from the San Jose Mercury News:


Patrick Henry Michael Hayes passed peacefully on December 30,2001 after a long illness. Born in Richfield, Utah in 1940, he went on to attend the University of Utah where he met his wife of 36 years, Myrna Anderson. After graduating ,

the two moved to the San Francisco Bay Area in the late sixties to start a family and pursue a career.  He successfully worked in banking and financing in the burgeoning Silicon Valley for the next 28 years ( Los Altos Leasing ).  The family settled in Los Altos and stayed for 25 years.  We would like him to be remembered as a kind, strong and gentle man who was devoted to family and God.


  He is survived by his wife Myrna, and three sons, Brooks, John David, and Smith. May your heart be warm and happy with the lilt of Irish laughter everyday in every way.  And forever and ever after.;

  Friends are invited to attend a memorial Service Friday, January 4, 2002, at 3:00pm, at the Menlo Park Presbyterian Church 950 Santa Cruz Avenue, Menlo0o Park.  Donations to the Pathways Hospice Foundation 65 El Camino Real, Menlo Park, Ca. 94025-5232 preferred.


Pat had a warm smile. He was one of the original members of the Western

Brokers Association in the late 1970’s, early 80’s, and attended all the United

Association of Equipment Leasing Silicon Valley Regional meetings.  He was

very well respected and liked by all the people who knew him.




Equipment Leasing Association Membership at Year-End: 873



ELA's dues have remained the same so there is no change in the dues area. We do, however, have 873 member companies as of today, Jan. 3, 2002. If you need anything else please do not hesitate to ask. Happy new Year!




Michael Henderson

Director, Membership & Marketing

Equipment Leasing Association

4301 N. Fairfax Drive, Suite 550

Arlington, VA 22203

703.516.8383; Fax: 703.527.2649



( June, 2001 the count was 731, and the previous high was the year-end 2000,

with 850 members.  Congratulations Equipment Leasing Association.  For

a list of their meetings and events, go to: http://www.leasingnews.org/meetings.htm


( We have asked all associations for their year 2002 events, plus for any

changes in dues and the membership at year-end.  editor )



Leasing Group---May Not Be a Happy New Year


LeasingGroup.com just eliminated the final 3 business development positions.  No more emphasis on new business development plus eliminated a host of support positions as well.  Third round in less than a year...  You know what that means.

( name with held )

Our quick and painless financing process has helped our vendor clients successfully fund more than $1 billion in lease/finance transactions since 1988.

”With our Web Finance PortalTM, we automate and streamline the entire equipment financing process. No other service provider intelligently links to strategic funding sources like we do. Nor does any other firm have a more efficient and accurate approach to managing and supporting the entire financial sales process.


Also from their website:



Leasing Group was launched in 1988 to provide leasing services to Dell Computer Corporation. During our nine-year relationship with Dell, we grew dynamically both in the number and types of transactions we completed and the funding-source operating models we used.



In the early 90’s when Dell entered the retail marketplace, we expanded our services through agreements with CompUSA, Inc. and Staples, Inc. and, in each case, became their leasing service provider. We pioneered many novel developments in the leasing finance industry, including:



Faxable lease document
Non-recourse, small-ticket leasing program
Power Payment PlanTM, a consumer lease
Leases without use of a delivery and acceptance
EDI standards for lease transactions

In 1997, after transitioning the Dell account into newly formed Dell Financial Services, LP, we began offering our finely honed processes to other clientele. Now we deliver diverse lease/financing service programs to a wide variety of equipment vendors, financial institutions, captive finance companies and lessors.













First 2002 Leasing Association Conference


Actually, the FIRST LEASING ASSOCIATION CONFERENCE in 2002 is the annual Equipment Management Conference and Exhibition, sponsored by the Equipment Leasing Association February 10 - 12, at the Marriott Desert Springs Resort in Palm Desert, CA.  Over 40 service-providers--appraisers, remarketers, software houses, and more--have already signed up to show their stuff.  To get details, your readers can go to elaonline.com/


Ralph Petta





(  The Leasing Site has the ELA Conference on February 10, two days before

the joint Eastern Association of Equipment Leasing and National Association

of Equipment Leasing Brokers in Atlanta---started on February 11 ( but

with an evening get together on February 10---however, Mr. Petta is

correct and we now correct this. editor )



Equipment Management
Conference and Exhibition



February 10-12, 2002
Desert Springs Marriott Resort and Spa
Palm Desert, CA


Download full brochure (275k PDF file)


2002 Conference Features:

  • A font of information and knowledge designed to help asset managers thrive and prosper in an otherwise uncertain economic climate
  • Valuable information to newcomers and seasoned professionals alike on developments in asset management
  • Keynote addresses covering negotiation strategies and the impact of the economy on asset values worldwide
  • Subject matter experts to provide updates on specific equipment markets and industry sectors, ranging from computers to corporate aircraft
  • Over 40 exhibitors on hand to meet with asset managers to explain their company's programs and services
  • Great networking opportunities: Newcomer Breakfast, Women in Leasing Lunch; World-class exhibits.
  • And, of course, the "Shoot-out in the Desert" golf tournament

Who Should Attend?
Equipment management professionals, including senior managers and their staff; service providers to the industry






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 Former AmX Equip. Finance V.P./Rockford Founder

                      Larry Hartmann  joins  Z Resource Group


Boston, MA  Z Resource Group is pleased to announce that Larry Hartmann has  joined the firm as Managing Director of the firms New Jersey Office.  He has also made an equity investment into the business.


 Z Resource Group is a fast growing, nationwide specialty Executive Search/Consulting firm headquartered in the Boston, MA area. The company is entering its third year of providing talent acquisition and consulting services to the Equipment Leasing, Financial Services, Health Care and Biotechnology markets. 


In his new role with Z Resource Group, Mr. Hartmann will be active in building a full-service operation in the NY/NJ area that will continue to expand the firm's presence in the financial services/equipment leasing marketplace as well as continue to grow the firms market share in the health care and biotechnology sectors. 


Prior to joining Z, Mr. Hartmann was the Executive Vice President of American Express Equipment Finance.   From 1984-1998, Mr. Hartmann was a founder of Rockford Industries, a publicly traded specialty finance company to the healthcare and IT Markets. During his tenure, the company was recognized as one of the INC. 500 fastest growing private companies, completed a successful IPO and Nasdaq listing, and in 1998, was sold to American Express.   Mr. Hartmann is an active trustee for the Equipment Leasing Association Foundation, a leading industry trade organization. (www.leasefoundation.org)


Company Founder, Ken Vancini Stated, "We are very pleased with the addition of Mr. Hartmann to the team. His active involvement in growing the business coupled with the additional financial resources brought to the table arm the company for strong growth for years to come. "


Mr. Hartmann related, "It is exciting to be able to support the leasing industry's  continued growth in my new role with Z Resource Group. I believe our ability to help client companies grow through strategic consulting coupled with talent acquisition will provide a unique solution for many of the industry's established and emerging leaders.


Mr.  Hartmann can be reached at 201-560-9900 or by e-mail at lhartmann@zrgroup.com




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TCF Leasing, Inc., Minnetonka, announces that John Salek  joins TCF Express Leasing as Vice President, National Accounts Vendor Programs. TCF Express Leasing provides equipment financing to small and mid-size companies through programs with vendors, manufacturers, distributors and franchise organizations that are acquiring business equipment and technology.


John comes to TCF Express Leasing from CIT and has over 24 years experience in equipment finance and vendor program development. He will focus on establishing vendor programs in the construction industry as well as printing, plastics and machine tools.


"We are pleased to bring John on board," said William S. Henak, General Manager of TCF Express Leasing and Executive Vice President of TCF Leasing, Inc. "His level of experience and knowledge of the industry will be a great benefit to our company and customers."


TCF Leasing, Inc., is a wholly owned leasing and equipment finance subsidiary of TCF Financial Corporation (TCF) (NYSE.TCB). TCF Leasing, Inc.'s corporate headquarters is located in Minnetonka, Minnesota. TCF is a Wayzata, Minnesota- based national financial holding company with $11.7 billion in assets. TCF has banking offices in Minnesota, Illinois, Michigan, Wisconsin, Colorado and Indiana. Other TCF affiliates provide mortgage banking, discount brokerage, investment and insurance sales.


 ( courtesy ELAonline.com )


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December,.1971 Remembered---



Great story to help put things into perspective at the end of this difficult

year, Kit.  Thanks for sharing your own story!


Hal Hayden





First let me say congratulations.  I, having some of the same

experiences knowingly congratulate you.  If I had known how hard it would

be, would I have done it?  Good question.  At this point the rewards are

pretty good.  The most important characteristic you mentioned is

persistence.  You also point out the real value of a lease brokerage company

- the ability to sell.  Yet this is the first duty most brokers delegate as

they grow.  I realize that some brokers do better in the long run by

developing a good support staff while keeping sales responsibility.  Good

salespeople are hard to identify, and the fakes are too expensive and

difficult to work with. Thanks for the history.


Archie Julian





What a wonderful career you've built!


Some familiar names throughout your write-up. My leasing career began in

Houston in February of '72.


Have a wonderful year, Kit....


Terry Waggoner Terry

Executive Solutions for Leasing and Finance, Inc.

5555 Holly Ridge Drive  Camarillo, CA. 93012

805.383.8922   Fax 209.821.7252

terrywaggoner@exsolutions.com  http://www.exsolutions.com



    Just wanted to write you a "thank you" note, privately, for the service you are performing to our industry.  It is no doubt a gratifying, yet sometimes thankless,

    experience for you.  I hope it satisfies your need to continue your earlier career and love of journalism without forfeiting your core activity of earning through

    American Leasing.


    I appreciate your passing the torch to your readers by allowing us to express our views.  I always hope my contributions are consistent with the fundamental

    wisdom laid out by first, spiritual law, and second, industry convention.


    Your sharing of how you got in this business was interesting.  From my own anecdotal experience, I find many of us, particularly long-timers enjoy sharing their

    own particular story about how they entered this crazy business.  As a suggestion, it may be interesting material for future issues of your newsletter.


    Have a happy New Year.


    Jim Fleming


    National Business Credit, Inc.




Year 2001 in Review


Just wanted to wish you and your family a Happy and Healthy New Year in 2002!

It was one heck of a year in the "show biz...I mean Lease Biz" this past year,eh?


Believe me, I never thought I would ever work for three different leasing firms in one year...but it happened in 2001. So, I’m kinda of please to be getting to a New Year in 2002. But through it all, the Leasing News got me through. There were day's when it was quite lonely out there, but nice to hear from you and the other wonderful readers in this great industry.


 I enjoyed reading your story on 1971 and I think everyone who cut their teeth in this business remembers a few "tree-less" Holiday's now and then!


Well..here's to a healthy and more prosperous New Year Kit and keep the news

coming my friend!


With regards,

Shawn P. McGill


Unistar Leasing







Great article and wrap-up of the past year's events.  It was some year,

2001!  We should all of us gotten wiser and more productive as a result

of the fallout from our industry and the effects of terrorism in our

country.  Let's hope for a fast turnaround and increase in consumer

confidence in 2002, a palindrome year that won't happen again until

2112!  Have a happy, healthy and prosperous  new year.


Steven B. Geller, CLP

Leasing Solutions LLC

20 Dike Drive

Wesley Hills, New York 10952


fax 845-354-2803

cell 914-552-0842




I really enjoyed your year in review.  It reminds me that we all have to

continue to work smarter not harder. ( How smart am I? I'm at work on New

Years day.)  Thanks for doing such a great job with Leasingnews.  Your

dedication is awesome.


Peace on Earth,


Ginny Young





Thanks for the great year-end article...I hope you don't have 6" of snow

like we do in Atlanta. That is why I am working from home today. We hope to

open Friday by 10 AM.


Charlie Lester





Streamlined Sales Tax:    Sale/LeaseBack subject and January 4 Cut Off


Federation of Tax Administrators Executive Director Harley Duncan reminds you that the cut-off date for making hotel reservations for the upcoming meeting of the Streamlined Sales Tax Project (SSTP) and the Implementing States is January 4, 2002.


The SSTP meeting is being held on Wednesday and Thursday, January 23-24, 2002.  The Implementing States meeting will be held on January 25, 2002.



Both of these meetings will be held at the New Orleans Marriott located at 555 Canal Street, New Orleans, Louisiana. A block of rooms has been set-aside at the hotel. To make your reservations, call 1-888/364-1200 and ask for the STREAMLINED SALES TAX PROJECT room block. The rate is $139 per night plus tax (currently 12 percent plus $3 per room). The cut-off date for making reservations is January 4, 2002. The phone number at the hotel is 504-581-1000; the FAX number is 504/523-6755. Rooms have been blocked for Tuesday through Saturday evening.


If you made a room reservation under space originally reserved for the Federation of Tax Administrators (FTA), please double-check to be certain you're getting the $139 rate.  To be safe, change it to the Streamlined Sales Tax Project room block.



There is a registration fee for each of these meetings. The fee for the Streamlined Sales Tax Project meeting is $175; the fee for the Implementing States meeting is $125. The fee includes a continental breakfast, lunch and assorted breaks each day. Persons attending both meetings are required to pay both fees.


Meeting Schedule

The Wednesday morning (January 23) session (beginning at 8:30 am) will be a Government-only Combined Work Group session that concludes at noon. Following lunch (open to all attendees), Wednesday afternoon and Thursday morning will be devoted to a series of working group meetings devoted to particular topics. Thursday afternoon will consist of a public project meeting, including a review of activities from the working group sessions and a public comment session. The session is expected to adjourn by 3:30 pm. A more detailed agenda is forthcoming.


The Implementing States meeting will begin at 8:30 am on Friday, January 25, 2002 and is expected to adjourn at 5:00 pm. The session will be devoted to developing and approving a work plan for the group as well as beginning the review of an initial set of issues before the group.



Further Information

A registration form for the meetings as well as an agenda for the SSTP meeting is available at <http://www.streamlinedsalestax.org>.  In addition, you can access online registration from that site.






As the Streamlined Sales Tax Project (SSTP or Project) moves forward, industry representatives have recommended drafting a uniform "sale-leaseback" definition for the interstate Agreement that will become model legislation sent to state legislatures.  This would be an optional definition a state may elect to adopt and be separate from the Lease & Rental definition contained in the definition of a sale.  A private sector workgroup was created at the SSTP meeting in Denver to draft a recommendation.

There is a lack of uniformity among states defining sale-leasebacks and a uniform definition would modify provisions that currently exist in states by regulation or statute.    As a corollary, some states have double taxation resulting from tax on the purchase and subsequent lease while others only tax the transaction once.


QUESTION:  Would an optional SLB definition place leasing in a spotlight imperiling these transactions with another tax levy where currently exempt from double taxation or could the definition offer uniformity between states without risk of extra taxes?


Concern has been expressed about sale-leasebacks being highlighted during current fiscal conditions as states search for new revenue with passage of the Ohio up-front sales tax as a primary example.  Although the Project works dutifully to preserve exemptions, an SLB definition posed in conventional statutory text could make these transactions taxable unless an existing exemption were preserved or another enacted at the same time.  With the SLB exemption having already been removed from the lease definition, does an SLB definition raise the specter of double taxation in states currently viewing sale-leasebacks as a single taxable event? Conversely, could an SLB definition drafted as an exclusion from tax offer tax relief in those states presently applying double sales tax to sale-leaseback transactions? 


Participants in the conference call will address the issues posed above to determine if an optional SLB definition should be drafted.  If deciding to proceed, ELA State Government Relations Committee Chair Valerie Guerrieri, Tyco Capital/CIT, will offer an initial draft definition to begin discussion.


Dennis Brown




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               Compaq Study---IT Like to Lease, Especially at Zero Percent Interest




Study,Commissioned by Compaq Financial Services,

   Information Technology Leasing to Increase in 2002 

         74 Percent of Companies That Now Lease Plan to Lease Same Amount or

             More This  Year 


Compaq Financial Services First to Recognize Trend

             By Extending Zero Percent  Leasing to Customers on Total Solutions 


HOUSTON, -- A survey conducted over the past month of approximately 700 IT decision makers indicates that chief technology officers and chief financial officers recognize that leasing helps stretch their IT budgets and simplify the financial lifecycle management process of their information technology.


Nearly 60 percent of the respondents, with more than 100 desktops/laptops and who plan to lease in 2002, stated that the current economic downturn would have an impact on their company's decision to lease more IT equipment in 2002 than in 2001.  The survey, commissioned by Compaq Financial Services Corporation and conducted between Dec. 21 - Jan. 2, also showed that 41 percent of companies said that the main reason they would lease in 2002 was to keep their IT equipment from becoming obsolete.  A total of 23 percent stated that cash flow management was the reason, while 14 percent claimed that asset management services was their primary reason for leasing in 2002.


To enable customers to take advantage of the benefits of leasing, Compaq Financial Services Corporation, the wholly owned leasing and financial services subsidiary of Compaq Computer Corporation (NYSE: CPQ), is offering zero percent leasing which gives its customers the ability to lease a total Compaq solution, from hardware and software to services today and pay for it over 24 months with a zero percent lease rate*.  Irv Rothman, president and chief executive officer of Compaq Financial Services, said reaching out to IT decision makers in this challenging economy with a zero percent leasing offer makes good business sense.


"In an environment where technology budgets may be limited, but technology needs are greater, leasing is a superior alternative for IT decision makers," Rothman said.  "For many companies, buying equipment through big capital outlays is just no longer financially practical.  Leasing a total Compaq solution is an affordable way for these businesses to effectively manage their cash flow while at the same time staying ahead of the technology curve."


Zero Percent Leasing Program for Compaq Solutions:  

--  24-month/0 percent lease rate is applicable for all transactions  

         above $499.

--  Offer valid from January 1, 2002 to March 31, 2002.

--  No down payment required.

--  Easy calculation of monthly payment -- just divide the equipment  

    cost by 24.  For example, the monthly payment for a $1200 desktop  

   would be $50 per month.

--  Costs of software and services qualify for the 0 percent lease rate  

    provided those costs do not exceed 25 percent of the total cost of  

     the hardware, software and services in the transaction.


About the Survey  


The survey was Internet based.  A list of self identified IT professionals with decision-making influence and/or responsibility were contacted via email and asked to complete the survey.  A total of 670 responses were received between December 21 and January 2.  Of that total, 149 identified that their company maintained more than 100 desktops/laptops and that they planned to lease some portion of their IT equipment in 2002.  Hill and Knowlton, a worldwide public relations agency, conducted the survey.


Other Survey Results  


Of companies that plan to lease in 2002 and that maintain over 100 pieces of IT equipment, including desktops and laptops:  


--  38 percent use cash as the primary method of payment for IT  

    equipment, compared to 34 percent who lease.


--  15 percent are in technology industry, 13 percent in manufacturing,  

     13 percent in telecommunications, 11 percent in financial services,  


10 percent in engineering/architecture/design, 5 percent in  

consulting, 5 percent in retail, 1 percent in media/entertainment,  

with 27 percent in other industries.


--  41 percent cited technology obsolescence protection as the main  

reason for leasing IT equipment, followed by 23 percent that cited  

cash flow management, 14 percent that cited asset management  

services, 13 percent that cited technology disposition concerns, and  


9 percent that cited low monthly payment.


Of companies that maintain under 100 pieces of IT equipment, including desktops and laptops:  


--  41 percent use cash as the primary method of payment for IT  

    equipment, compared to 37 percent who use credit cards.


--  51 percent said that current economic conditions will have an impact  

   on their company's decision to lease more IT equipment in 2002 than  

   in 2001, while 49 percent responded that the current economic  

   situation will not affect their decision.


--  23 percent are in the consulting business, 13 percent in retail,  

      8 percent in manufacturing, 7 percent in technology, 6 percent in  

    engineering/architecture/design, 6 percent in financial services,  


5 percent in media/entertainment, 3 percent in telecommunications and  


29 percent in other industries.


--  30 percent cited cash flow management as the main reason for leasing  

IT equipment, followed by 30 percent that cited low monthly payment,  


26 percent that cited technology obsolescence protection, 9 percent  

that cited asset management services, and 5 percent that cited  

technology disposition concerns.


Company Background  


Founded in 1982, Compaq Computer Corporation is a leading global provider of enterprise technology and solutions.  Compaq designs, develops, manufactures and markets hardware, software, solutions and services, including industry-leading enterprise storage and computing solutions, fault-tolerant business-critical solutions, communication products, and desktop and portable personal computers that are sold in more than 200 countries.  Information on Compaq and its products and services is available at www.compaq.com .


*This 0% lease offer is available through Compaq Financial Services Corporation (CFSC) to qualified commercial customers in the U.S. and is subject to credit approval and execution of CFSC documentation.  Implicit interest rate, assuming lessee does not exercise a fair market value purchase option at the end of the lease term and timely returns leased equipment to CFSC at the end of the lease term and disregarding any charges payable by lessee other than rent payments (such as taxes, fees, and shipping charges). Under this program, a FMV lease term of 24 months is available for qualifying lease transactions between $499 and $100,000.  $0 down excludes a first rent payment due in advance.  Costs of software and services qualify for the 0% implicit lease rate provided they do not exceed 25% of the total cost of all hardware, software, and services.  This offer is valid through March 31, 2002 to qualified commercial customers in the U.S., subject to credit approval and execution of CFSC lease documentation.  Other restrictions may apply and CFSC reserves the right to change or cancel this program at any time without notice.


Compaq, ProLiant, AlphaServer, Tru64, StorageWorks, NonStop, Himalaya, iPAQ, and the Compaq logo are trademarks of Compaq Information Technologies Group, L.P.  This news release may contain forward-looking statements that involve risks, uncertainties and assumptions.  All statements other than statements of historical fact are statements that could be deemed forward-looking statements.  Risks, uncertainties and assumptions include the possibility that the Hewlett-Packard/Compaq merger does not close or that the companies may be required to modify aspects of the transaction to achieve regulatory approval or that prior to the closing of the proposed merger, the businesses of the companies suffer due to uncertainty; the market for the sale of certain products and services may not develop as expected; that development of these products and services may not proceed as planned; that Compaq and Hewlett-Packard are unable to transition customers, successfully execute their integration strategies, or achieve planned synergies; other risks that are described from time to time in Compaq and Hewlett-Packard's Securities and Exchange Commission reports (including but not limited to Compaq's annual report on Form 10-K for the year ended December 31, 2000, HP's annual report on Form 10-K for the year ended October 31, 2000, and subsequently filed reports).  If any of these risks or uncertainties materializes or any of these assumptions proves incorrect, Compaq's results could differ materially from Compaq's expectations in these statements.  Compaq assumes no obligation and does not intend to update these forward-looking statements.

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DVI Closes $430 Million Asset-Backed Securitization


DVI, Inc. (NYSE: DVI) announced the successful completion of a $429.6 million equipment lease asset-backed securitization.  This transaction represents the largest transaction in our history.  DVI has completed 29 successful asset-backed securitizations, and since the initial transaction in 1991, the Company has placed $3.9 billion of such asset-backed notes in the market.  The securitized assets are comprised of loans and leases secured by medical equipment.


The $406 million public portion of this transaction was led by Merrill Lynch and co- managed by Banc One Capital Markets, Inc.  Both Fitch, Inc. and Moody's Investor Service, Inc. rated each of the securitization classes of notes, with 88% of the notes rated AAA or its equivalent.


Steven R. Garfinkel, Executive Vice President and Chief Financial Officer, commented, "DVI is pleased with the execution of this securitization transaction and the positive reception of its asset-backed notes in the market.  We continue to enter the asset-backed securitization market as a part of our balanced use of capital markets to meet our growth requirements.  The equipment securitization market continues to be one of the most stable and viable markets for term debt."


DVI is a leading independent specialty finance company for healthcare providers worldwide with $2.4 billion of managed assets.  DVI finances medical equipment through offices maintained in the United States, Europe, Asia, Latin America and South Africa.  DVI also offers lines of credit backed by healthcare receivables in the United States.  Additional information is available at www.dvi-inc.com.


( courtesy of ELAonline.com )


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