Congratulations---Don Pooley, Three in Overtime *

                             Kit Menkin's Leasing News

                   www.leasingnews.org  Tuesday, July 2, 2002

  Accurate, fair and unbiased news for the equipment Leasing Industry

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

    Headlines----

    Tyco Raises $4.6 Billion in CIT Sale

      IPO of CIT Priced at $23 Each, Will Begin Trading This Morning

         Goodbye, Mike Taft---Smarter than the average bear

            National Association of Equipment Leasing Brokers Grows to 460

  GE Pension Cash-----London Times   

       Inflation fears rise, trade deficit jumps, foreign investors flee

        Internal WorldCom Memo (not a joke)

         LINC Capital, Inc.---Up-Date

           HSBC to take over private clients from Andersen

             Downtown Las Vegas casino workers walk after contract talks fail

              Manfi Leasing-Accused or Racketeering by Massachusetts AG

                SEC Head Assails WorldCom Statement

   Longshoremen and Management Negotiate Beyond Deadline Longshoremen

     Patrot Commercial Leasing Adopts American Lease Insurance Program

### Denotes Press Release

Tyco Raises $4.6 Billion in CIT Sale

By Jake Keaveny  ( Reuters )

NEW YORK (Reuters) - Tyco International (NYSE:TYC - News), in a bid to ease its heavy debt load, said on Monday it raised $4.6 billion from the sale of its CIT Group, accepting half of what it paid for the finance company a year ago.

Tyco sold 200 million shares for $23 each, below the expected range of $25 to $29, the company said. The sale was a reality check on the company's valuations, raising $

Teeth, white, made of wood

George Washington

Al Gamper

   -anonymous

400 million less than the low end of the range most recently expected by CIT.

"It was almost like a liquidation sale," said David Dreman of Dreman Value Management LLC, who owns Tyco shares, though he wouldn't comment on whether he purchased CIT stock.

Still, considering Tyco's need for cash, the sale is better than no sale at all, investors said. Tyco's stock moved up 2 percent to $14 in after-hours trading on news the company will be able to meet upcoming debt payments.

Investors, disillusioned by a string of corporate accounting scandals, have driven the stock market lower and balked at new share sales. CIT also had to deal with the shadow cast by management scandals at its parent, Tyco.

Unlike other IPO candidates that have been able to delay their sales, Tyco needed to sell the company to help pay $7.7 billion of debt coming due within the next year and a half.

Another high profile IPO, Merck & Co.'s (NYSE:MRK - News) $1 billion sale of its pharmacy benefits manager, Medco Health Solutions, was forced to reduce its offer price and on Monday postponed the sale for a second time.

By Harry R. Weber, Associated Press

''It's a very difficult IPO market,'' said Steven Altman, an analyst with Commerzbank in New York. ''Over the last few days, several IPOs have been postponed and some have been canceled because investors are being selective and some of the implications with accounting issues at other companies.''

Still, Altman said the money raised will help pare Tyco's debt.

''While falling below the target range, it could be viewed as a disappointment for Tyco, but $4.6 billion will go a long way in satisfying Tyco's debt securities,'' Altman said.

He added, ''Now that they completed the transaction, I'd expect them to sit down with banks to refinance some of the remaining debt.''

Tyco decided against selling its lending division and instead spun it off because the company felt it would be a quicker way of getting money to pay debt.

Tyco, based in Bermuda but with headquarters in Exeter, N.H., decided against selling its lending division and instead spun it off because the company felt it would be a quicker way of getting money to pay debt.

Investors have sent Tyco shares down about 80 percent for the year following Enron- inspired accounting questions, a decision to scrap a plan to break up the company and the resignation of chief executive Dennis Kozlowski on June 3.

Kozlowski was charged with sales tax evasion in New York related to the purchase of $13 million in art. On Wednesday, Kozlowski pleaded innocent to a second indictment charging him with tampering with evidence related to the sales tax investigation.

NEEDED CASH

Tyco had promised investors it would sell CIT promptly to reduce its $27 billion debt burden.

Even though the sale gives Tyco a cushion, investors have been concerned about Tyco's aggressive valuations. Until last month, Tyco valued CIT at more than $11 billion on its books, more than double what the market was willing to pay for it.

The concern now is that Tyco's other businesses could be subject to big-ticket write-downs, which could bring the company closer to exceeding a maximum 52.5 percent debt-to-capital ratio it had stipulated with lenders.

Investment banks Goldman Sachs and Lehman Brothers have been trying to help Tyco sell CTI for months. Just six months after buying it in June 2001 for nearly $10 billion, Tyco failed to sell it outright earlier this year for a reported $7 billion to $8 billion, and then hoped to raise $6.5 billion from an IPO, according to earlier regulatory filings.

"It's really disappointing," said Brian Bruce, who helps manage $13 billion a Boston's PanAgora Asset Management Inc, and owns Tyco shares. "How can it be worth what it was and then be turned around for a fraction."

In June, the SEC forced Tyco to cut its $11.3 billion carrying value of CIT to $6.5 billion to reflect goodwill impairment. Tyco will have to lower CIT's valuation by about $1.9 billion more to reflect Monday's IPO pricing.

The CIT sale attracted some holders of Tyco stock, who have a vested interest in seeing CIT sold successfully, said people familiar with the sale.

It also attracted so called value investors, looking for a cheap valuation relative to other corporate finance companies and to the market in general. Knowing that Tyco is against a wall, those investors hoped to drive the price lower.

----- 

HISTORY  (Reuters)

The 93-year-old company has a $48 billion portfolio, making it the country's largest and most diverse finance company, say analysts. Its businesses include airplane and train leasing, financing to telecommunications companies and home equity loans.

CIT also has a long track record of having one of the best performing portfolios in the business, according to analysts.

Probably most important to investors, the company stands to regain its top tier commercial paper debt rating once it's separated from Tyco. That would provide access to low-interest financing, considered essential for CIT's business.

"The valuations look low," said Dreman, who manages about $7.5 billion of investments. "Over time I think CIT will be a good investment."

The shares will trade on the New York Stock Exchange under the symbol "CIT."

________________________________________________________________________

IPO of CIT Priced at $23 Each, Will Begin Trading This Morning

http://finance.yahoo.com/q?d=t&s=CIT5J08

By: Christopher C. Williams

Dow Jones Newswires

NEW YORK -- The sigh of relief you hear is Tyco International (NYSE: TYC - News) Inc. shareholders exhaling.

After weeks of uncertainty and doubt, embattled conglomerate Tyco was able to price its giant CIT Group initial public offering, albeit below the $25 to $29 a share estimated range. Most market observers had expected the IPO to come in below the range.

The 200-million-share offering, led by Goldman Sachs and Lehman Brothers, was priced late Monday at $23 each. The shares will begin trading  today on the New York Stock Exchange under the symbol CIT.

The $4.6 billion in proceeds is below what Tyco was targeting, but investors are celebrating the successful disposition of CIT, which should bring in much- need funds for Tyco to pay down debt and remove one of the significant uncertainties over a stock bedeviled by uncertainties.

"Folks will focus on the fact it's done, and they have cash in the door," rather than the price, said Darcy MacLaren, director of equity research at Seattle-based Safeco Asset Management, a Tyco shareholder. "It's wonderful to have it done."

Now that the IPO is done, analysts and investors say the focus now shifts to Tyco's earnings, and especially the upcoming fiscal third-quarter report. "It's onto earnings," declared Ms. MacLaren.

Tyco has said it is comfortable with posting earnings of 58 cents a share for the quarter ended Sunday. Analysts are expecting earnings of 57 cents, while, year-earlier earnings were 72 cents a share.

Analysts say it is important for Tyco to hit its earnings forecast, calling it a step in regaining investor confidence. Analysts and investors will also be looking at how much cash the company generates, and investors "will be looking to the quality of earnings" and how much distraction costs the company claims, said Ms. MacLaren.

Once the deal is done and liquidity improves, "the next big thing is the earnings report and where we learn, hopefully, that they don't take down guidance anymore," Kevin McCloskey of Federated Investors in Pittsburgh, told Dow Jones Newswires recently. "That's the second leg [of how] this stock works, at least in the near term."

CIT may be behind it, but Tyco faces many challenges that could dampen enthusiasm over the successful disposition of CIT, according to some analysts.

Prudential Securities analyst Nicholas Heymann repeated his "hold" investment rating on Tyco's stock Monday and pointed out some of the challenges ahead for the conglomerate.

Among other things, the analyst noted Tyco could take additional goodwill write-downs and still has to contend with regulatory and internal investigations and potential shareholder litigation. He added the company may cut its fiscal fourth-quarter guidance.

"We would not view the successful completion of CIT's IPO as a reason to consider investing in TYC at this point," Mr. Heymann said in research note. He doesn't have a position in Tyco shares.

( Don’t complain to Leasing News, if you didn’t buy any CIT stock at this price, or

about the state of the leasing industry.  You had your chance to stand up!!!! editor )

_____________________________________________________________________

Goodbye, Mike Taft---Smarter than the average bear

Since this is my last day of work and first day of retirement please take me

off your email list. I'll continue to check our your website periodically

to keep up to date on things. I've enjoyed your column and appreciate your

efforts to keep us all current on what's happening in the industry.

---

No need to quote me. I'd just as soon go quietly as exit speeches

aren't my style.

Thanks for the offer anyway. It's been a great ride and

I've met many close friends so leaving is a bit hard but it's time!

Mike

---

Mike Taft

President

Irwin Business Finance

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Saddleback Financial, Orange, California—Assets Sold Only

Evidently the report of the sale needs clarification, as only the assets of the company

were sold, not the liability, similar to the sale of SDI Capital, among others on

the Leasing News The List.

Saddleback Financial was originally sold to Unicapital, and when they went bankrupt,

was re-purchased, and according to current CEO Phil Walden the  current owner

is Yasur Summara (sp?).  Allegedly Precom Technology (sp?), owned primarily by Consilium  (sp?) (Bob Hipple * allegedly owns 95) formed a new corporation called SFI

Saddleback Financial, a different company than Saddleback Financial, Inc. They did

not purchase the liabilities. The company then is operating as SFI Saddleback Financial

dba Saddleback Financial.

While the sale of the assets was made on June1st, 2002, (the date used by Walden), employees, vendors, other accounts have not been paid.  There are reportedly labor commission filings. Ex-employees have been writing Leasing News before the sale about the problems, and Phil Wolden has been forthright, it appears, saying as soon as the stock is transferred, everyone will “hopefully” be paid.

Today he said, “ I would be real careful in what you report as the new owners are attorneys.”  Hearing that, in the interest of being fair and accurate, we print two

of the e-mails where the parties signed their name and wish to have it posted to

the Bulletin Board Complaint section.

June 11,2002

Look up info on the company that bought saddleback.....I don’t think we

are going to get paid.  Something is not right here.

Douglas W. Cox

June 13,2002

all the guys where in today going over all the

stuff they have to do.....like hiring a sales staff, because we all

left. They where also trying to figure out what to do about Leaseco

holding (owner of old saddleback) cashing $100,000.00 from CPLC and not

paying the vender.....It's been over a month! and the new company

doesn't want to pay that along with the past due building lease (4

months).  It's a mess over there, I just hope that they'll pay me

partially what they owe me on Friday like they promised.....

Douglas W. Cox

(Confirmed still not paid. Editor )

--- 

July 1, 2002

I quit working at Saddleback Financial a couple of weeks ago because they

have not paid me for my last (3) deals that funded, and I had (2) additional

deals that were docked with up-front monies that the customer pulled out of

because they were using the same vendor that has not been paid by Saddleback.

The owner sold the company without paying back salaries and commissions and

also kept the funding check from Colonial Pacific that was for my vendor.($113,000.00)

The new owners came in and said they were going to take care of me and

others and after the smoke cleared four weeks later no-one has been paid

including my vendor.

The two guys running the office and credit and both idiots who have bigger

egos then talent, they both come from other failed leasing companies and if

they stick around much longer they can add Saddleback Financial on their

resume of failed companies they used to work at.

Anyone looking for a job should stay away from Saddleback Financial, they

will say what you need to hear and then everything will change...,

Also, I just got a notice from our insurance company informing me that my

insurance premium was not paid for after 4/30/02, if you look at my pay stub

from May you will see insurance deductions, isn't that illegal?

After working there for over 4 1/2 years and being there # 1 producer for

the last 1 1/2 years I can tell you that I wish I can go back to the western

days for just a few minutes so I can strap on my six slinger and go

demand the money they owe me..

Sorry if I sound upset, but after leaving Saddleback Financial a couple of weeks ago and filing a claim @ the labor board for not paying me.... but I'm just so pissed off that I got my wages stolen from me that I had to take some time off and relax.

Richard Shapiro

P.S. I will be moving in about 4-5 weeks and changing my e-mail address, I

will keep you up to date on my address as soon as I move!

P.S.S. I will be that second person against Saddleback, its all true and I

don't have any loyalty to a company that so blatantly stolen from its

employees

(Leasing News apologies if the names are spelled incorrectly.  It also appears Consilium

may only be a partial word of the company, and we are not sure about the correct spelling, as we asked Mr. Walden for the spelling and used what he provided. Editor)

________________________________________________________________________

National Association of Equipment Leasing Brokers Grows to 460

Sometime ago you were asking about membership numbers for the various

associations, including NAELB.  As a follow up to that, I thought you might

be interested to know, as part of the process of changing over our

membership's renewal dates, we've just concluded a thorough internal

auditing of our membership roles.  As of the close of last month, the NAELB

has 460 current, paid members.

We are very pleased that our association continues to grow as it always has;

slowly but steadily.  Our growth remains at a rate we can sustain and

service and should allow us to continue improving and increasing the

services we're able to offer our members.  Financially, sustainable growth,

has allowed us to weather whatever has come our way while at the same time

continue planning confidently for the future.

With all the recent changes in this industry, we feel our mission as the

broker's advocate has increased in relevance and our ability to educate and

inform our brokers, as well as connect them with each other, is more

important than ever.

As always, Kit, thanks for your support of NAELB.  Please call me or call

our office in Baltimore if you have any questions.

Gerry Egan

President

NAELB

President

TecSource, Inc.

5621 Departure Drive, Suite 113

Raleigh, NC 27616

Phone: 919-790-1266

Fax: 919-790-2262

E-Mail: mailto:GerryEgan@ForEquipmentLeasing.com

Internet: www.ForEquipmentLeasing.com

(Thank you. As a matter of fact, we were just starting on this project. We had tried to contact Joan Dalton, but we learned she has already left the United Association of Equipment Leasing Association.  We have been keeping a track of the growth or lack thereof at: http://www.leasingnews.org/associations.htm

Dues and Membership status:

http://www.leasingnews.org/DuesComparison.htm

GE Pension Cash-----London Times

Forgive me if, with all the excitement of Tyco, WorldCom and Xerox you've reported this already and I've missed it, but you may be interested in a story running in the UK press.

On Sunday the Business Section of the Sunday Times (www.sunday-times.co.uk/business) ran with this headline 'GE accounted pension cash as $2bn profit'. In the body of the article it claims this money is 'profit it did not earn' and later says the '$50 billion fund actually fell in value by $5 billion'. And 'without the pension profit GE would not have met the earnings target expected by Wall Street investors'.

This morning the financial section of the Daily Telegraph has also run with the story although adding as far as I can see nothing of more substance.

If you're aware of the history of Robert Maxwell you'll understand how we in the UK are sensitive to the proper use to which pension funds are put. GE's circa 74,000 employees over here are probably hyper-sensitive.

Regards,

Jeff Underwood

Purple Squirrel

www.purplesquirrel.org.uk

Tel: 01277 – 366446

--

  ( here is the story )

GE accounted pension cash as $2bn profit

Paul Durman and Lucinda Kemeny, the London Sunday times

DOUBT about the accounts of American companies has spread to General Electric, the giant industrial and financial concern that last year claimed $2.1 billion (£1.4 billion) in profit it did not earn.

The profit was a credit from the company’s pension fund, which lost $5 billion last year.

GE, one of the world’s largest companies, is among many American businesses whose profits are flattered by notional pension profits. In all, last year 50 of America’s largest companies declared $9 billion of pension income, according to a study by Milliman USA, an actuarial and consulting firm.

Yet far from making money, the pension funds of the 50 companies lost $36 billion because of falling stock markets.

Without the pension profit, GE would not have met the earnings target expected by Wall Street investors — breaking its cherished 25-year record of relentless profit growth.

The reliance of GE and other companies on pension income is the latest issue to raise concern about the quality of American financial reporting.

GE’s inclusion of so much profit from this source has been challenged by Warren Buffett, the billionaire investor. Buffett has said that GE — along with General Motors, IBM and Exxon — are relying on “pretty heroic assumptions” of future investment returns.

Doubts about American accounts rose last week when WorldCom, the troubled telecoms group, uncovered a $3.8 billion fraud. WorldCom is expected tomorrow to disclose more details of how its accounts were distorted by treating expenses as capital spending.

American investors and regulators are already reeling from accounting scandals at Enron and other big American firms.

Howard Schilit, the founder of the Center for Financial Research and Analysis, said: “There is some concern that a large part of GE’s profit comes from pension income.”

Last year GE projected a return of $4.3 billion on its pension fund. The $50 billion fund actually fell in value by $5 billion. US accounting rules still allowed it to take the $2.1 billion of net pension income.

The issue arises because the rules allow companies to take as profit the expected return on their pension fund. While stock markets were rising strongly, this raised few concerns. But the weak markets of the past two years have caused analysts to question the approach.

The problem is exacerbated because many companies are assuming the high rates of return that they experienced during the 1990s.

John Ehrhardt, principal and consulting actuary at Milliman USA, said: “(The trouble is) that there is no incentive from a purely bottom-line point of view to drop the expected return number. We have not had a position of three years of market decline for years.”

A GE spokesman said: “What appears to have happened at WorldCom is a question of accounting practices. The point about pension income is that it is a question of accounting standards. We follow the accounting standards. If there is a question about them, then it is one of a number we will be discussing.”

(Now subscribed to the London Times.  The BBC also has a lot of news that others don’t

get, and a different viewpoint than we get in the United States.  It almost like we

are too close to the forest to see the trees.editor )

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

Inflation fears rise as trade deficit jumps, foreign investors flee

By Dean Calbreath

SAN DIEGO UNION-TRIBUNE STAFF WRITER

Shaken by Wall Street's growing scandals and sickly profits, foreign investors are pulling the plug on their U.S. investments, adding to an outflow of cash that tops $1.25 billion a day.

Some economists worry that if the exodus goes too far, it could threaten the underpinnings of the wobbly economy.

"This is an enormous problem that will become unsustainable within a very short period of time," said Mark Weisbrot, co-director of the Center for Economic and Policy Research in Washington, D.C.

If the trend continues, some economists warn, inflation could roar back to life. That would force the Federal Reserve to raise interest rates, which in turn would slow the economic recovery.

"Foreigners don't have to sell their U.S. securities to have a tremendous impact on our economy," said James Welsh, who heads Welsh Money Management in Carlsbad. "They just have to stop buying."

Japan, which has long been one of the chief U.S. bond buyers, has already been sharply cutting its purchases.

"A lot of Japanese invested in Enron's corporate bonds, which were supposed to be very low risk," said Takeo Hoshi, a Japanese economist who teaches at the University of California San Diego. "After Enron collapsed, Japanese investors began reassessing the risk of U.S. investments. And each scandal makes things look more risky."

Hoshi added that the Japanese are a bit amused by the current state of affairs. "Japanese businesses have been bad for a decade, and they've been pressured to upgrade their accounting to global standards, which means U.S. standards. But now they see that U.S. standards aren't perfect either."

Concerns are widespread. Net foreign purchases of stock decreased nearly 60 percent in the past year, dropping from $41.7 billion in the first quarter of 2001 to $17.6 billion in the first quarter of 2002.

That outflow has contributed to the burgeoning current account deficit, which measures the flow of trade, stock and bond purchases, direct investment and foreign aid between the United States and foreign countries.

During the first three months of the year, the deficit – which has been in the red for years – soared to a record $112.5 billion. In just three months, the deficit jumped 18 percent, rising from $95.1 billion in the fourth quarter of 2001.

For the past two years, the current account deficit has hovered around 4 percent of the nation's gross domestic product – a gap that most economists view as dangerous. If the deficit continues at its current rate, it will total an estimated $10.6 trillion by 2010 and $32.5 trillion by 2035.

In the boom times of the 1990s, it was easy to ignore the deficit. Skyrocketing stock prices drew a deluge of foreign investors, eager to pump money into an Enron-style energy conglomerate or a rising dot- com upstart.

Times were so good that the government printed lots of cash – helping boost the money supply at a clip of 7 percent per year. In normal times, the Federal Reserve might have worried that such an influx of cash would have sparked inflation. But the Fed apparently did not worry much about inflation, since there was so much demand for U.S. dollars overseas.

However, now that Wall Street's bubble has burst, the supply of dollars – which are no longer in hot demand – could fuel inflation. During the past few months, the euro has become more popular than the dollar, rising from 85.88 cents in January to 99.90 cents on Friday.

The decline in the value of the dollar should help companies export more goods abroad. But if the dollar drops too fast, it could scare investors and spark the Fed to take strong remedies, including a sharp spike to interest rates.

"The less attractive the U.S. appears, the more rapid the dollar will go down," said UCSD economics professor Miles Kahler, who specializes in capital flows. "We could have some precipitous dives."

The dollar's decline and the pullback in foreign investments come at a bad time for the federal government, which needs foreign cash to help make up for the growing budget deficit.

During the first eight months of this year, the government is projected to incur a budget deficit of $140 billion. That compares with a budget surplus of $140 billion during the first eight months of 2001.

"Until recently, U.S. fiscal policy was very orderly. But with the government heading into deficit, a major concern is whether foreigners are willing to hold dollars," said Tom Lieser, chief economist at UCLA's Anderson School of Business. "The strength of the euro has got to be more attractive than dollars to institutional investors."

To finance the trade deficit, the United States has been borrowing $450 billion a year from abroad, largely through the sale of Treasury securities. To raise more money to cover the budget deficit, the Treasury will need to issue new bonds. But U.S. bonds have not been doing well lately, since the Fed has pushed interest rates so low to stimulate the U.S. economy. And the declining value of the dollar is also making bonds less attractive to foreigners.

"The dollar's decline complicates the Fed's management," Lieser said. "Typically, the Fed wouldn't consider raising interest rates at a time when the economy is still shaky. With the dollar declining, though, it might be pushed closer to that."

A rise in interest rates would probably attract more foreign investors to U.S. bonds, offering the promise of higher returns. But if interest rates go too high, it would add to the federal debt, so that interest payments alone could soon start choking the economy.

"The big policy debates for politicians recently have been over the national budget deficit or the Social Security gap, but those pale in comparison to the current account deficit," Weisbrot said.

"With Social Security, you're talking about a problem that amounts to 1 percent of our GDP, which could turn into a major problem 40 years from now. The current account deficit is much larger and could create major problems this decade."

________________________________________________________________________

Internal World Com Memo ( not a joke )

Team,

Ron Beaumont has just held an EMEA all hands conference bridge to update us

on the current situation. Below are the highlight bullets from what he had

to say:

WHAT HAPPENED

* he confirmed that a routine internal audit found the line cost error in

the financial statements. This was reported to KPMG and Scott Sullivan/David

Myers prepared a statement of why they did this over the weekend

* KPMG heard the explanation and determined that it was against standard

accounting principles and that a restatement of our financial statement

should be made

* The board were aware of this last Thursday and have worked quickly to

understand the issues and co-operate with KPMG

* The impact is to restate our costs and recalculate our profit.

However, our cash position is the more important than our profit levels and

we have a good cash position currently.

WHERE DO WE GO FROM HERE

* In terms of the 17,000 lay-off on Friday, he broke this out as follows

(and yes I know that when you add the numbers up they come to more than

17,000):

* c. 2000 will be contractors

* c. 3000 will be attrition (resignations and leavers since January 1st

2002)

* c. 5000 will be leaving as part of our discontinued business and

operations (eg. Wireless Resale)

* c. 3000 will be from our consumer business (back office & customer service

in residential and long distance areas)

* c. 5-6000 will be from our business groups <<450-600 from International

and the remainder from our back office functions>>

* We will sell assets to reclaim further cash for the company:

* real estate in DC, Pentagon City & Virginia will raise c. $200m cash

* We will discontinue or sell some of our other operations:

* NOT selling any networks or operations in Europe or Asia (except for

potentially the Intel network in Japan)

* WILL sell/discontinue Wireless Resale and foreign properties (eg.

Embretel, MMDS, MKI etc)

* The board are also spending time with the banks and lenders to continue

discussions on lines of credit. The banks are supportive but are likely to

want more difficult terms than previously on the table.

* WCOM does not currently have sufficient cash to pay off all our debts. We

do have enough to get us through to the end of 2003. We need to grow our

cash flow by an incremental year on year figure of US$200m to ensure we can

cover our debts going forward beyond 2003

* NASDAQ has ceased trading WCOM stock. They can only trade stock on

companies that have audited financial statements. Our stock will not be

traded until KPMG have reviewed, audited and released our revised financial

statements. Expulsion from the NASDAQ probably cannot take place (nor can

the clock start ticking on their rules for expulsion) until we are trading

again

* Chapter 11 is not yet an option. Bankruptcy in Europe is different.

Here it means closing the company, selling the assets. Chapter 11 would

remove our debts, but allow the company to continue trading under different

ownership

WHAT CAN WE DO

* Focus on our customers. Communicate with them and build their confidence

with us by our actions not words

* Ensure we continue to deliver services at the highest level of competence

and quality

* Work as a team. help each other out by discussing the problems and

supporting each other in these difficult times

Apologies for the over long email, but thought you'd like to know what Ron

has said. The call was recorded and lasted about 20 mins. As soon as I get a

email with the replay access number, I'll email it out so that we can all

hear the words first hand.

Take care,

Trevor Fieldus

Senior Program Manager

Global Enhanced Services

   UK                                      USA

+44-118-905-3019    Tel     +1-719-535-1113

+44-118-905-3566    Fax    +1-719-535-1638

+44-7887-755-311    Mob    +44-7887-755-311

_______________________________________________________________________

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

LINC Capital, Inc.---Up-Date

It has now been six months since the Amended Joint Plan of Reorganization was entered in the U.S. Bankruptcy Court for the Northern District of Illinois and we have not heard anything about the status of the claims that were to be prosecuted under that Plan. If anyone knows what's going on, please write Leasing News so that we can keep our readers apprised.

The Plan (entered as an Order in Case No. 01 B 03320 on January 9, 2002) provided that "The holders of Allowed General Unsecured Claims will not receive any cash on the Effective Date, but may be entitled to future distributions from the net proceeds realized from the successful prosecution of Estate Claims and Avoidance Actions remain after payment of fees, including the $230,000 advanced to maintain the directors and officers liability insurance.".

The Disclosure Statement filed with the Plan stated that creditors were willing to forego small cash payments in return for a chance at greater recovery from litigation to be instigated against the directors, officers, accountants and underwriters. In fact, the Disclosure Statement on page 17 states that "The Creditor's Committee has conducted a preliminary investigation of conduct, acts and omissions which it believes fall within the definition of Estate Claims and which should be asserted by the Estate Representative".

Several of the directors and officers of Linc Capital, remain in the leaisng business, and evidently funders and other associated with their concerns are not aware of the lawsuit or claims.

Does anyone know: (a) who is the Estate Representative? (b) who is the law firm(s) handling this case? (c) whether any action has been filed in Illinois or elsewhere?

Leasing News in attempting to locate information, did discover two other lawsuits that were filed by third parties before the Plan of Reorganization was approved by the Bankruptcy Court. Both cases involve recovery of money from directors and officers of LINC in connection with the Preferred Stock issued by LINC to individuals just before LINC closed its doors and restated earnings for the fiscal period before the stock issuance date. The allegations include, breach of contract, violations of the Securities Exchange Act and common law fraud. We also would like to receive any information on the status of these two other lawsuits (or any other additional lawsuits against LINC or any of its officers and directors) that are still pending according to the Court records:

·           Nathan H. Dardick vs. Martin E. Zimmerman, Robert E. Laing, Allen P. Palles, Stanley Green, Curtis Lane, Terrence J. Quinn and Mark Arvin, filed 03/29/01 in the U.S. District Court for the Northern District of Illinois- Chicago (Case No. 01-CV-2223); and

Any further information will be appreciated regarding LincCapital ( or any other

story in Leasing News.

________________________________________________________________________

 HSBC to take over private clients from Andersen

by Heike Wipperfurth   Crain.com

HSBC USA has entered into a $15 million agreement to take over the private client services group of Arthur Andersen. In the deal, 25 former Arthur Andersen partners and 180 staffers will go to work for a new HSBC subsidiary, Wealth and Tax Advisory Services, Inc.

The new group, which serves a wealthy clientele, will have five partners and 54 staffers in New York City. Other locations include Los Angeles, San Francisco and West Palm Beach.

Arthur Andersen was ordered to stop auditing public companies after it was convicted of obstructing a U.S. investigation into the collapse of Enron Corp.the company‘s $42 billion decline in market value this year.

United Association of Equipment Leasing

Fall Conference---San Diego, California

October 3-6, 2002

Register on Line

http://www.uael.org/indexlow.asp

________________________________________________________________

Downtown Las Vegas casino workers walk after contract talks fail

By Lisa Snedeker, Associated Press

LAS VEGAS (AP) Marathon negotiations produced new contracts for most downtown hotels, but union workers at the city's oldest hotel-casino went on strike Monday after talks broke down.

Other union workers learned they'd be without jobs after the Western Hotel & Bingo Parlor announced it was closing.

Some 165 maids, bartenders, bellmen and food servers at the Golden Gate hotel walked off their jobs at 6 p.m. Monday, hours after representatives for other downtown properties had agreed to new five-year contracts with Culinary Local 226 and Bartender's Local 165.

''The owner hasn't made a contract offer, so the workers feel they have no alternative but to go on strike,'' said Glen Arnodo, Culinary's political director. ''These are long- term employees who aren't about to work without health care and pension or go without wage increases.''

Golden Gate owner Mark Brandenburg said he's disappointed that the committee made the decision to strike without the opportunity to talk directly with the workers given the difficulty of the economic issues.

''We hoped they wouldn't hold out this artificial deadline for us,'' he said.

Saying that historically the Golden Gate has been the last among the downtown properties to sign a contract because it's the smallest, Brandenburg said he needed more time to analyze the numbers.

''The core issue is that they want us to accept the union contract and I've offered them our health plan (instead),'' he said. ''There is a serious difference in cost.''

The majority of downtown hotel-casinos avoided a walkout by about 5,000 union workers by agreeing to a compromise deal that will cost operators about a third less than Las Vegas Strip operators agreed to in May.

The tentative five-year contract agreements averted a casino work stoppage that could have been the largest in Nevada in two decades, union officials said.

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

Manfi Leasing—Accused or Racketeering by Massachusetts AG

Charlestown Man Affiliated With the International Brotherhood Of Teamsters Local 25 Convicted of Racketeering And Extortion, Reports U.S. Attorney

WORCESTER, Mass., / -- United States Attorney Michael J. Sullivan, Gordon S. Heddell, Inspector General of the U.S. Department of Labor, Office of Inspector General, Office of Labor Racketeering, Mark R. Trouville, Special Agent in Charge of the U.S. Drug Enforcement Administration in New England, and Colonel Thomas Foley, Superintendent of the Massachusetts State Police, announced that JOHN JOSEPH MURRAY, a/k/a "Mick Murray", age 47, of 17 Essex Street, Charlestown, Massachusetts, pleaded guilty before U.S. District Judge Reginald C. Lindsay to twelve counts of racketeering, extortion, embezzlement, and interstate transportation of stolen property.

At Monday's's plea hearing, the prosecutor told the Court that had the case proceeded to trial the government's evidence would have proven that MURRAY was a member of a Charlestown based organized crime group that engaged in traditional organized crime activities and illicitly influenced the affairs of the International Brotherhood of Teamsters Local 25  ("IBT Local 25") also located in Charlestown.  IBT Local 25 has approximately 9,000 members. Pursuant to his membership in this group, MURRAY used his affiliation with IBT Local 25 to orchestrate a computer theft ring composed of IBT Local 25 drivers that operated out of the United Parcel Service ("UPS") facility in Chelmsford, Massachusetts.  MURRAY also received unauthorized health care benefits from the International Brotherhood of Teamsters Local 25's Health Services and Insurance Plan ("IBT Local 25 HSIP") due to the intercession of one of its trustees. The IBT Local 25 HSIP provides health care benefits to approximately 20,000 active and retired members of IBT Local 25 and their families.

MURRAY also pleaded guilty to his participation with convicted South Boston Bulger gang member Kevin Weeks in the extortion of bookmaker Kevin Hayes. At today's plea hearing, the prosecutor told the Court that Hayes was forced to pay tribute to MURRAY and Weeks because Hayes was not affiliated with any organized crime group.  MURRAY also pleaded guilty to extorting another IBT Local 25 member and Airborne Express truck driver, Paul Kupchaunis.  Kupchaunis was forced to part with a mechanics key for UPS delivery trucks which would open any truck.

Judge Lindsay scheduled sentencing for October 29, 2002.  MURRAY faces a maximum sentence of 20 years' imprisonment on each of the racketeering and four extortion counts, 10 years in prison on the two counts of theft of goods in interstate commerce, and 5 years in prison on each of the two conspiracy counts and three embezzlement counts.  Each count also carries a period of three years of supervised release, and a $250,000 fine.  MURRAY entered into a plea agreement with the government that calls for him to receive a sentence between 87 and 108 months' incarceration pursuant to the United States Sentencing Guidelines.

MURRAY was one of eight individuals charged in one of four indictments issued in January of this year. Three companies were also indicted at that time.

The first indictment charged: 

1)    George W. Cashman, age 53, of 130 Prospect Street, Revere, 

Massachusetts; 

2)    William Carnes, age 58, of 45 Greenwood Street, Melrose, 

Massachusetts; 

3)    Thomas A. DiSilva, age 40, of 58 Robinhood Road, Nashua, New 

Hampshire; 

4)    James P. DiSilvan, age 59, of 7 Hutchinson Road, Lexington, 

Massachusetts; 

5)    William P. Belanger, age 50, of 66 Myopia Road, Winchester, 

Massachusetts; 

6)    DiSilva Transportation, Inc., located at 50 Middlesex Avenue, 

Somerville, MA; 

7)    Hutchinson Industries, Inc., located at 20 A Street, Burlington, 

Massachusetts; and 

8)    Manfi Leasing Corp., located at 20 A Street, Burlington, 

Massachusetts.

Cashman was IBT Local 25's President from 1992 until January of 2002, and Carnes its Vice President for the same time period.  Cashman and Carnes were also trustees for IBT Local 25's Health Services and Insurance Plan. Cashman was also a trustee of the New England Teamsters and Trucking Industry Pension Fund ("NETTIPF") which provided retirement benefits to approximately 22,000 retired  members of various IBT locals and their families.

The first indictment charged the eight defendants in a 179 count indictment with embezzlement and bribery for their roles in either ordering or placing 19 non-employees (one of whom was MURRAY) onto the payrolls of the three defendant companies in order to allow the non-employees to receive health benefits from IBT Local 25's HSIP  to which they were not entitled and at union expense. It is alleged that DiSilva Transportation, Hutchinson Industries, and Manfi Leasing, run by the DiSilva brothers and their brother- in-law, Belanger, filed false documents for the bogus employees from1992 through 2001 thus allowing them to receive health care benefits for which they were not entitled, at a cost to IBT Local 25's HSIP of over $72,000.  It is also alleged that two non-employees were placed on the payrolls of the defendant companies in order to be eligible for pensions through the NETTIPF. Additionally, it is alleged that Cashman and Carnes participated in this scheme and directed benefits from the defendant companies to the bogus employees in violation of the Taft-Hartley Act.

A second indictment charged Bruce Scott Ziskind, age 44, of 8 Museum Way, Cambridge, Massachusetts, in three counts with conspiracy and interstate transportation of stolen property.  The indictment alleges that Ziskind participated with MURRAY in the computer theft ring that operated out of the UPS facility in Chelmsford, Massachusetts.

A third indictment charged Thomas C. Brennan, age 35, of 68 Jacques Road, Tyngsborough, Massachusetts, in seventy counts with conspiracy to steal goods in interstate commerce, theft of interstate shipments and conspiracy to distribute cocaine.  The indictment alleges that an individual who was an employee of UPS accrued a gambling and drug debt with Brennan. It is alleged that in order to pay his gambling and drug debts to Brennan, the UPS employee stole packages containing computer related equipment, and other items including eleven handguns and two shotguns, from the UPS distribution center located in Chelmsford, Massachusetts and directed them to Brennan.

The investigation is continuing.

The case is being investigated by the U.S. Department of Labor, Office of Inspector General, Office of Labor Racketeering, the U.S. Drug Enforcement Administration, the Massachusetts State Police, and agents with the Everett Police Department.  It is being prosecuted by Assistant U.S. Attorneys Fred M. Wyshak, Jr. in Sullivan's Organized Crime Strike Force Unit and Assistant U.S. Attorney Theodore Chuang in Sullivan's Public Corruption and Special Prosecutions Unit.

SOURCE  U.S. Attorney 

CO:  U.S. Attorney

ST:  Massachusetts

SEC Head Assails WorldCom Statement

By Marcy Gordon

AP Business Writer

WASHINGTON –– The chairman of the Securities and Exchange Commission derided as "wholly inadequate and incomplete" a sworn statement by WorldCom Inc. explaining how it came to inflate earnings by nearly $4 billion.

The criticism from Harvey Pitt – unusually blunt for an SEC chairman – came Monday as WorldCom, already facing civil fraud charges and believed to be on the brink of bankruptcy, told the agency it is investigating possible new accounting problems with its reserve accounts.

The statement, which the SEC had demanded from the embattled telecommunications company, "demonstrates a lack of commitment to full disclosure to investors and less than full cooperation with the SEC," Pitt said.

The Nasdaq stock market said it would remove shares of WorldCom from trading on Friday. Investors pummeled WorldCom stock, which plunged 90 percent to 6 cents a share in Monday's early trading after a three-day halt that followed its disclosure of accounting irregularities.

By noon Monday, WorldCom – which once topped $64 a share – had become the most heavily traded stock in a single day in U.S. history as the markets tumbled again.

During the day, 1.47 billion shares of WorldCom traded, at prices as high as 15 cents and as low as 5½ cents.

The SEC is continuing its civil investigation of the company, and Pitt said, "Criminal charges may be too good for the people who brought about this mess."

Referring to WorldCom's sworn statement, Pitt said Sunday, "If there's even an iota of false statement in there, people will pay heavily."

President Bush, who has denounced irresponsible corporate behavior nearly every day since the WorldCom affair came to light, said in a speech in Cleveland: "By far the vast majority ... of corporate America are aboveboard and doing their jobs just the way you'd expect them to do. ... It's also important to know we're going after those who aren't and hold them accountable."

A WorldCom accounting manager who has sued the company for firing him said employees in his division in Richardson, Texas, received an e-mail in December 2000 directing them to misclassify expenses.

The employee, Kim Emigh, said in a telephone interview that he complained to a superior that "this is just fraud."

"I can't understand how or why anybody would do this," Emigh said.

WorldCom's woes got deeper and wider Monday:

–The company, which already has laid off thousands of employees, said it had defaulted on $4.25 billion in bank loans. The Standard & Poor's credit-rating agency accordingly lowered its ratings on WorldCom's bonds, noting that the default allows the banks to demand immediate repayment of the loans.

–Shareholders sued WorldCom in federal court in Mississippi, where it is based. The class-action lawsuit said shareholders paid artificially inflated prices for the stock because the company had failed to disclose significant adverse information in its financial reports.

–The General Services Administration, which oversees federal contracts, said it was reviewing all of WorldCom's government contracts.

In its statement to the SEC, WorldCom said its audit committee was reviewing financial records for 1999 through 2001 because questions were raised about significant changes in reserves against potential financial losses.

"No conclusion has been reached regarding these entries," said the statement. It gave a detailed account of the circumstances surrounding the discovery of the questionable accounting disclosed last week, accounting that misrepresented $3.8 billion in expenses to make earnings appear greater.

Companies use reserve accounts to set aside revenue to be used against predictable future costs, such as unpaid bills or pending lawsuits. Companies have much latitude to reduce or increase those reserves, but they are not supposed to do it simply to make revenues look better.

One WorldCom reserve account that appeared to shrink substantially during 1999 and 2000 was the one it used to cover liabilities it would assume from the many companies it was buying up. WorldCom added $2.81 billion to that accounting line from 1998 to 2000, its annual filings with the SEC show.

It did not appear from the filings that the company had paid off most of the liabilities. If money had been moved from the reserve account to the company's revenue line, it would make WorldCom's business look much healthier but would probably be a violation of accounting rules, according to Wayne Shaw, an accounting professor at Southern Methodist University.

"Today's filing is consistent with our pledge to be forthright and open and to cooperate fully with both internal and external investigations," WorldCom's president and chief executive officer, John Sidgmore, said in a statement.

WorldCom, which owns MCI, is second only to AT&T in the long-distance market.

–––

On the Net:

Securities and Exchange Commission: http://www.sec.gov

WorldCom: http://www.worldcom.com/

________________________________________________________________________

Longshoremen and Management Negotiate Beyond Deadline Longshoremen and Management Negotiate Beyond Deadline

By STEVEN GREENHOUSE

  New York Times

Shipping companies and longshoremen continued negotiating yesterday after a contract deadline as the two sides vowed to redouble efforts to reach an agreement to prevent a shutdown of 29 West Coast ports.

The longshoremen's union says it has made no plans to strike. But officials with the management group, the Pacific Maritime Association, said they feared that the union would engage in a work slowdown that would cripple port operations.

The two sides agreed late last night to extend their contract on a day-to-day basis during the talks, The Associated Press reported.

Earlier, Joseph Miniace, the association's president, sought to discourage a slowdown by warning yesterday that the ports would lock out the 10,500 longshoremen if management detected a slowdown.

A lockout or a severe slowdown at ports from San Diego to Seattle could hurt the nation's economy by delaying shipments to tens of thousands of stores, auto dealers and factories. The West Coast ports handled about $300 billion in cargo last year.

"If the union strikes with pay by staging slowdowns at the terminals, the Pacific Maritime Association will be forced to consider a defensive shutdown," Mr. Miniace said in a statement. "The P.M.A. will not engage in an offensive lockout of the International Longshore and Warehouse Union."

Steve Stallone, a union spokesman, said union members had no intention of staging a slowdown. But in words that raised the possibility of a clash, Mr. Stallone suggested that many workers might exercise their right to refuse to work overtime, a move that would essentially slow work.

The maritime association said it would take a hard line toward any slowdown. Many companies accused it of knuckling under in the 1999 negotiations after many union members refused to work overtime or took other measures to slow operations.

Mr. Miniace said the main issue in the talks was technology, specifically management's desire to increase the use of computers to speed shipments.

He said the ports and shipping companies sought the free flow of information so port computers could talk to other computers without having longshoremen engage in the expensive process of re-entering information that was already in the computers. Mr. Miniace said no longshoremen would lose jobs as a result of increased technology, but he said some workers would be retrained for other jobs.

Mr. Stallone said the union was not opposed to increased use of technology. But he added that many companies had already seized on new technologies to give nonunion employees work that had been done by union members.

"Our concern is that they will use this technology to outsource our jobs," Mr. Stallone said.

The union says the average longshoreman is paid $80,000 a year; management puts the average at $106,000.

Union officials said the main issue was management's refusal to maintain health and pension benefits at the current levels. They said management's health proposal would require union members and retirees to begin contributing toward their medical expenses.

Mr. Miniace insisted that under management's proposal, the workers would not have any out-of-pocket expenses for their medical care. He said the longshoremen were part of the small group of workers who have 100 percent of their health expenses covered.

The National Retail Federation has asked President Bush to press the two sides to do their utmost to avoid a shutdown of the ports. Some business have asked him to invoke the Taft-Hartley Act.

One Billion PCs in the World and Counting

A look at the 29 major West Coast ports with an expiring longshoremen's contract

By Associated Press

The following is a list of the major West Coast ports that are affected by negotiations between the International Longshore and Warehouse Union and the Pacific Maritime Association. The contract, which covers 10,500 workers, expired at 8 p.m. EDT July 1.

Aberdeen/Grays Harbor, Wash.

Anacortes, Wash.

Astoria, Ore.

Bellingham, Wash.

Benicia, Calif.

Crockett, Calif.

Eureka, Calif.

Everett, Wash.

Kalama, Wash.

Long Beach, Calif.

Longview, Wash.

Los Angeles

Newport, Ore.

North Bend/Coos Bay, Ore.

Oakland, Calif.

Olympia, Wash.

Port Angeles, Wash.

Port Gamble, Wash.

Port Hueneme, Calif.

Portland

Redwood City, Calif.

Richmond, Calif.

San Diego

San Francisco

Seattle

Stockton, Calif.

Tacoma

Vancouver, Wash.

West Sacramento, Calif.

Source: Pacific Maritime Association; International Longshore and Warehouse Union.

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

PATRIOT COMMERCIAL LEASING ADOPTS INSURANCE PROGRAM FROM AMERICAN LEASE INSURANCE

            POTTSTOWN, PA - Patriot Commercial Leasing Company (Patriot), a lessor of small to mid-ticket equipment headquartered here, is using a customized, automated lease insurance program developed by American Lease Insurance Agency Corporation ("ALI"). The ALI program enables Patriot to offer lessees greater protection and faster replacement at significantly lower premiums. Where lessees choose to use their own insurance, the ALI program tracks that coverage during the terms of the leases.

            "Tracking was an issue for us - I can't say it was routine," says Bill Clark, Patriot vice president, "now we're reassured that it's being done right, because it's being done by experts.  And, of course, ALI provides another source of non-interest income for us."

            The ALI program is underwritten by Balboa Insurance Company, one of the nation's leading providers of credit-related and specialty insurance products and services.  Expert data management and computer services are provided by Xtria, a leading computer services provider to the financial industry.

            Steve Dinkelaker, ALI president, is a licensed insurance agent and broker who has been active in the equipment leasing industry since the mid 1980s. He has conceived of, implemented, and managed lease insurance programs for almost all of the major small-ticket leasing companies. According to Dinkelaker, ALI is the next generation of such programs.  "The ALI program offers Patriot higher lessee acceptance rates and greater overall program income."

            Patriot chose ALI for two reasons, according to Clark: "I liked the fact that their system interfaced with our software, LeasePlus, and I was impressed with Steve's knowledge."

Patriot Commercial Leasing Company, a wholly-owned subsidiary of Patriot Bank, funds small-ticket leases to businesses across the United States. Founded in 1989, Patriot Commercial Leasing Company's portfolio of approximately 4,800 leases is currently valued at an estimated $95 million.

American Lease Insurance is a member of the Equipment Leasing Association, the Eastern Association of Equipment Lessors, the United Association of Equipment Leasing, and the National Association of Equipment Leasing Brokers. ALI services its lessor clients and their lessee customers from its customer care and claims processing center in Shelburne Falls, Massachusetts, one hour north of Hartford, Connecticut.

Contact:

BILL CLARK, PATRIOT COMMERCIAL LEASING, 877-969-7252 x133

                        STEVE DINKELAKER, AMERICAN LEASE INSURANCE, 888-521-6568 x 245

Abby Maher

abby@aliac.net

American Lease Insurance

Five State Street, Suite 300

Shelburne Falls, MA 01730

1-888-521-6568 x230

**

Pooley Wins  U.S. Seniors

http://www.golfweb.com/u/ce/multi/pgatour/0,1977,5481128,00.html

Sue’s father’s name is Don Pooley.  As past president of El Dorado in Indian Wells

and on the Bob Hope Classic board for many years (retired president of Willamette nte Industries. Portland, Oregon) , he has been trying to get his name sake out in front.  In a poor year, Don Pooley got “the” Don Pooley into the classic, which turned around his playing, he said, and that night, they celebrated at El Dorado...Don Pooley, Don Pooley, Sr. ( Sue’s dad ) and Don Pooley,Jr (Sue’s Brother ).  This story has been repeated many times as the three Don Pooley’s have enjoyed getting together ever since, as if it was “good luck.” They allegedly bring the house down as three Don Pooleys’ dinning together. So we salute Don Pooley of Tucson, Arizona.

So we salute him, and hope he has a great year!

Coda:

Weyerhaeuser closes books on Willamette merger

REUTERS

NEW YORK – Timber company Weyerhaeuser Co. Monday said it has fully merged smaller rival Willamette Industries Inc. into its own operations, closing the books on one of the longest running takeover battles in corporate history.

Weyerhaeuser said as of June 30, all of Portland, Oregon-based Willamette's assets and obligations have been merged onto its own books – formally creating the No. 3 U.S. forest products company ranked by revenues.

Federal Way, Washington-based Weyerhaeuser agreed in January to purchase Willamette for $6.2 billion in stock, ending a 14-month standoff that saw Weyerhaeuser raise its hostile offer four times and wage a successful battle to win three seats on Willamette's board.

________________________________________________________________________

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