Leasing News

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

Headlines----

National Penn Forms Leasing Company; Bennett Named CEO

Congress agrees on new accounting laws

Leasing News Classified Ads------

PostOnce---New Website for Posting Jobs

IKON Reports Third Quarter Earnings Up 12%

Uncertain Business Climate Continues to Affect Commercial Real Estate

Price of Homes Continue to Rise in S.F. Bay Area

Dockworkers rally for deal--Could Come Monday

UCB Appoints Edward Schultz to Sen. VP & Mgr.

PACCAR Reports Higher Sales, Net Income

News Brief----Football Rarity: Da Bears--- All draftees signed

### Denotes Press Release

National Penn Bank announced the formation of the National Penn Leasing Company. The new, wholly-owned subsidiary will provide customers with a full range of commercial equipment leasing services throughout the Bank's existing footprint.

According to Glenn E. Moyer, president of National Penn Bank, the formation of the National Penn Leasing Company is another way to add value for our commercial customers. "We continually look at ways to meet our business customers' needs. Over 80% of businesses lease equipment of some kind. By offering this service for our customers, we are better able to respond to their needs quickly and effectively."

Bank and leasing veteran Roger J. Bennett of Downingtown, Chester County, has been appointed president and CEO of the National Penn Leasing Company. Bennett brings over 25 years of experience in commercial banking and leasing to his new position. He most recently served as director of leasing and finance for ITT Industries, Upper Saddle River, NJ. Bennett was also previously associated with American Equipment Leasing, Reading, PA; Newcourt Credit Group/CIT, Indianapolis, IN; and The Royal Bank of Canada, Toronto, Ontario. He holds a bachelor's degree in business from the University of Toronto.

According to Bennett, "The National Penn Leasing Company will offer leasing as a complimentary product to the Bank's existing suite of financial products and services. Leasing is based on the concept that growth and profitability are more readily obtained when a business pays to use the equipment rather than own it. Leasing provides customers with significant benefits including the tax advantage of deductible lease payments, preservation of precious cash, and maintenance of favorable balance sheets."

Commonly leased business assets include manufacturing and production equipment, computer systems, medical equipment, construction equipment, transportation equipment, telecommunications systems, and much more. Both "Capital" and "True" lease types will be offered to serve the needs of the middle market.

"The benefits of leasing are tremendous for the customer. Our strategic objective for the National Penn Leasing Company is to provide exceptional customer service along with highly competitive leasing solutions," stated Bennett.

Additional information about the National Penn family is available on National Penn's Web site at http://www.natpennbank.com.

Higher audit fees, a reshuffling of consulting clients and several high-profile prosecutions likely will result from an agreement Wednesday on Capitol Hill over a package of accounting reform measures.

Accounting industry experts say the legislation's establishment of an independent Public Company Accounting Oversight Board -- with broad powers to regulate and discipline the profession -- should foster significant changes in the way auditors conduct business. It replaces a largely voluntary, self- regulatory system within the profession.

"It is the most significant legislation for accounting since the establishment of the Securities and Exchange Commission in the 1930s," said former U.S. Comptroller General Charles Bowsher, who headed a much weaker industry oversight board that dissolved in January.

One immediate result will be higher fees as audit standards tighten and as company boards of directors demand more assurance that the numbers are right, senior accounting firm partners and other industry experts said.

House and Senate negotiators ended weeks of debate Wednesday by reaching an agreement on the structure and powers of the board. It is part of a broader corporate reform package that lawmakers expect to send to the White House as early as this week.

"This is the first public body that will have real oversight over all of the auditing industry's operations," Bowsher said, adding that the voluntary board he headed lacked both the power of a legislative mandate and the support of the accounting industry.

The new body, which must be appointed by the SEC within 90 days upon enactment of the legislation, will set auditing and ethical standards for the profession. These range from the minute -- how often or how many times auditors should look at a specific type of transaction -- to the significant, such as what constitutes a breach of professional ethics.

Whether it uses that power will largely be up to whoever becomes chairperson of the five-member board, and the other four individuals on the panel. The board is expected to consist of two accountants and three people who are not accountants but are familiar with financial reporting issues and rules. The members will work full time for the panel and will not be allowed to collect pay from the accounting industry or other businesses.

Industry experts are bracing for a series of high-profile investigations as the board moves to assert its authority.

Already, the threat of outside disciplinary action "is forcing people to make sure that they are getting the numbers right," a senior partner with one of the Big Four accounting firms said.

Accounting firms that conduct public company audits will have to register with the board. Their registration fees will provide funding for the panel and its staff, which will have the power to inspect the work of auditors and investigate wrongdoing. The board will be able to levy fines, issue sanctions and even ban individual auditors and firms it determines are negligent.

In a move to strengthen the independence of accountants, the legislation also tightens restrictions on consulting services accounting companies may perform for audit clients.

Although the Big Four accounting firms have spun or sold off large pieces of their consulting businesses, especially in information technology, they still earn significant revenue from financial and management consulting.

For example, Bowsher said that the firms are partially responsible for helping companies to develop and structure many of the off-balance sheet and often off-shore ventures that have been at the core of the series of recent accounting scandals.

"Now you will be auditing the ventures set up by others rather than by just another wing of the same firm," Bowsher said. He believes such a system will provide both more independence and a greater check on accounting practices.

Experienced Asset Manager with SMT/PCB equipment focus. Managed/sold large ticket mid-term and EOL transactions with global contract manufacturer and OEM accounts. Email:boklund9@earthlink.net

Experienced Asset Manager with construction/ telecom focus. Managed portfolio of repo & EOL transactions for large leasing companies. 10 years experience including sales & credit/ collections focus. Email:jambam2000@comcast.net

Collections supervisor, experienced with commercial leasing. motivated, good work ethic, enthusiastic. call (760)941-9209 Email:mantinarelli@yahoo.com

10 yrs. small/mid-ticket leasing. Proficient in documentation, funding and legal. Worked with brokers, portfolio purchases, vendor programs, municipal transactions. prefer to stay in Suburban Illinois. Email:sophie1900@msn.com

6 years small ticket leasing - Credit Analysis up to $75,000, Documentation & Funding. Highly organized team player trained sales/operations in credit, pricing, docs. Email:miri7ca@yahoo.com

Seasoned senior credit professional with 14 years experience in small ticket. Strong analytical skills, spreadsheet proficiency, all types financials, tax returns. Looking for new career in Southeast/Mid Atlantic Email:lrport2001@yahoo.com

Versatile/ creative senior financial executive w/ extensive experience in varied areas of the commercial lending environment. Strong written/ oral skills with a results-oriented team-player attitude. Email: daveschultz9@aol.com

+15 years experience structuring, underwriting, and collecting leases to privately and publicly held companies. Creative and results oriented. Proven ability to achieve bottom-line results. Email:dkalitow@pacbell.net

Senior corporate officer with financial services credit background. M and A, fund raising and workout expertise. Email:nywb@aol.com

Over 15 years experience in Credit/Operations with Small Ticket and transactions up to $500,000.00. CLP, with excellent relationships with most major lenders. Email:jonbh123@earthlink.net

Twenty five plus years experience in middle market lease/ asset based/cash flow transactions. Heavy banking and credit background, with particular expertise in structure and negotiation. Email:brown235@bellsouth.net

Admin./International: 10+years global ops mgmt. int. biz admin.w import/export/reg. compliance, global biz development, in, transaction P/L, global recruitment/training/staff mgmt. middle market to Fortune 20 account development. Email:ddpeterson1818@yahoo.com

Coordinate all aspects of financing for leased equipment, prepare necessary documentation for discounting with banks. Handle renewals of and amendments to lease schedules. Email:istaub@unicapitalcorp.com

Managing attorney for general corporate and financial services law including: leasing, acquisitions, service agreements, commercial loans, securitization, workouts and litigation. Email:SandiDQ@msn.com

15 years of increasingly responsible positions as a financial-marketing manager in commercial leasing, credit, and collections. Extensive experience in leasing and accounts receivable portfolio management. Email:williamdoughty@hotmail.com

Experienced, hardworking, driven, goal oriented sales professional seeks position with leasing company in California. Please reply to this posting/ I will forward my resume today. Email:jonathanwalmsley@yahoo.com

9 years Leasing Exp. small/medium ticket arena , Proven overachiever/exceeding company goals, vendor & direct. Home office for several years, Currently in IT leasing. Email:scott61@attbi.com

Boston, MA (big Patriots' fan) Senior Sales person, 15 years experience, strong vendor program background, middle market concentration Email:smillard27@juno.com

Experienced outside salesman, seeking Direct Leasing company position either on an independent or employee basis. Email:asauced@hotmail.com

I have been in leasing/financing of construction, machine tool, and mfg equipment for 20+ years. Traveled KY, IN, OH and TN.

MBA w/ "C" level relationships. Extensive sales/ sales management exper. in new business development w/end-user, vendor and captive programs. Very adapt at complex credit/ economic lease structuring. Email:IrishReel@AOL.Com

VP level Business Development and Sales Manager, well connected in Silicon Valley. Experienced in major vendor programs on a global basis.Email: Tadadzn@ix.netcom.com

Director, Business Development for international financial institutions. Global vendor programs with minimum sustainable volume of $24M annually. CFO and Treasury contacts with major technology and energy corporations.Email:tkorpolinski@ev1.net

Account Sales Executive with 10 years of leasing experience looking for company to bring existing customer base.

Prof. sales person with 12+ years of leasing, biz development, structuring, credit & closing. Profitable book of business/ contacts in the small-mid ticket arena. Email:flowageman@aol.com

Experienced, hardworking, goal oriented sales professional with strong structuring/restructuring skills. Captive/vendor middle market IT concentration. Seeking position with leasing company in Michigan. Email:leaseman222@yahoo.com

I have over 25 years owning an independent leasing company that specialized in truck leasing. Tow trucks, Limos, ambulances, tractors, etc.. Email:rfleisher@rsrcapital.com

Director of Equipment Lease Division with credit/collateral evaluation, marketing & operations experience. Simultaneously coordinated efforts to develop new vendor business. Email:pkumiega@peoplepc.com

30 years in transportation Finance with strong management/ sales background. Represented company on national & region markets. Started two successful operations- produce profits and growth. Email:mike.leonard@mindspring.com

Professional. finance mgr. w/formal credit ed./ reg. vp/ secured/unsecured commercial loans/ direct end user network/equip. leasing/ structuring small,mid,big ticket transactions. 10+ years NE & SE. Have vendor servicing w/ existing and active network of accounts will bring with me. Email:AlanAustin2000@msn.com

15 years experience in Small Ticket Vendor Leasing. Managed sales team for eight years in Copiers, Telecom, IT, Construction, Auto Aftermarket, etc. Email:jim_acee@hotmail.com

Senior equipment leasing and banking executive with credit, collections, marketing and operations experience. Background includes development of new business, risk management and budgeting. Email:FrdA4@aol.com

Senior Manager at Enterprise Leasing Software Company. 10 yrs programming, 15 yrs system/ network, and 15 yrs management experience. Working Experience with 12 Leasing companies. Email:sw_leasing@hotmail.com

Ten years experience/contacts placing debt & equity for middle market end-users for transactions $75K - $10MM. Can relocate or telecommute. Email:ccrllc@yahoo.com

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

Employers Now Have an Easy, Low Cost Approach to Publishing Open Positions to a Corporate Website

SAN FRANCISCO, – PostOnce™, a San Francisco-based Job Posting Portal, today announced the introduction of

the PostOnce Private Customizable Job Board, pcJobBoard™, which allows employers an easy, low cost solution for wrapping a

The second most clicked link on a company's web site is the jobs link. Now employers can combine the power of PostOnce's employment ad

When a job seeker visits a corporate website, employers have a unique opportunity to market their company and employment opportunities to

a "captive" audience. However this opportunity can be squandered if candidates, already visiting a company's website, are redirected to a

"Why steer candidates, already visiting your website, away to your competitors? Your personalized job board from PostOnce is private -- only

your company's jobs are visible from your website." said Colin Mack, PostOnce General Manager.

PostOnce is committed to simplifying job posting, allowing employers to invest more time in actually finding, qualifying and successfully

hiring top talent. With pcJobBoard from PostOnce, employers customize job listings to match the look and feel of their corporate website. And

setting up pcJobBoard takes only a few minutes and does not require any complicated web publishing skills to design a professional looking,

The PostOnce Private Customizable Job Board service is a great value. To duplicate the features and functionality of pcJobBoard, an employer

organization would be required to retain the services of a web developer with HTML and possibly back-end database skills. And those job

listings created would have to be continuously updated. It is no wonder why the job listings section on so many corporate web sites often

appear neglected. Other solutions such as "job boards in a box" or "canned job boards" are typically pricey, overkill for most employer needs.

"We really like our PostOnce customized job board. The response we get from the ads placed is great and the cost is a fraction of what other

services charge." said Mark Turpin, Director of Operations for HT Staffing, Ltd.

The PostOnce private customizable job board also integrates seamlessly with the PostOnce employment ad distribution service which

automatically converts job listings to job advertisements which are then broadcast to any number of job boards such as Monster,

For a limited time, PostOnce is offering a FREE Trial. For more information, visit http://www.PostOnce.com/.

PostOnce™ simplifies job posting to thousands of career destinations. With PostOnce, employers are empowered to

o Automatically distribute jobs to major online job boards as well as niche employment sites

o Host all external and internally posted job announcements in one system, pcJobBoard™

HT Staffing, Ltd. is a dynamic Texas-based staffing company with a client-focused operating philosophy servicing major metropolitan areas of

Texas including Austin, Dallas and Houston. HT offers staffing solutions to the full range of business needs including traditional temporary

help, project staffing, technical, regular and professional full-time hires, and strategic partnerships.

For more information about HT Staffing, Ltd., visit http://www.htstaffingltd.com/.

IKON Reports Third Quarter Earnings Up 12%; Execution and Commitment to Long-Term Strategies Yielding Intended Results; Company Increases Full-Year Expectations

VALLEY FORGE, Pa.--(BUSINESS WIRE)--July 24, 2002--IKON Office Solutions (NYSE:IKN), a leading provider of business communications solutions, today reported results for its third fiscal quarter ended June 30, 2002. Net income for the third quarter of Fiscal 2002 was $43.1 million, or $.28 per diluted share. These results exceeded the Company's expectations for the quarter and represent a 12% increase over $.25 per diluted share in the prior year, assuming the impact of not amortizing goodwill in accordance with SFAS 142.

"Our strong earnings performance this quarter highlights the effectiveness of the revenue and operating strategies we have implemented over the last several years and our commitment to deliver significant earnings improvement in Fiscal 2002 - despite an anticipated decline in revenues," said James J. Forese, Chairman and Chief Executive Officer. "We are executing on strategies to penetrate new market opportunities, on actions to significantly improve the bottom line, and we have taken appropriate steps to ensure our financial strength. Our performance is on track and the outlook for the business remains strong. By developing IKON into a more efficient and scalable distribution and service organization, we are building value within the business and positioning the Company to take advantage of future market and business growth opportunities."

Revenues for the third quarter of Fiscal 2002 were $1.22 billion, compared to $1.31 billion for the same period a year ago. While delayed customer spending continued to impact revenues generated from sales of copier/printer equipment, the Company delivered on its specific objectives for Fiscal 2002, including growth in sales of high-end production equipment, facilities management, and continued penetration into more major and national account business that leverages the Company's substantial sales and service capabilities. The Company has divested or downsized several business lines throughout Fiscal 2002, and the impact from the decline in those revenues as compared to the prior year accounted for approximately three quarters of the 7% revenue decline for the quarter.

Year to date free cash flow was $139 million compared to $120 million for the same nine month period in Fiscal 2001, which excludes approximately $23 million in proceeds received in the prior year for the sale of certain real estate in the United Kingdom. The Company continues to expect to generate $220 to $230 million of free cash flow for Fiscal 2002. Excluding finance subsidiaries' debt, the Company's debt to capital ratio was 29% at June 30, 2002.

Net Sales, which includes the sale of copier/printer equipment, supplies, and technology hardware, declined 7% from the prior year, led largely by a 30% decline in technology-related hardware. The Company has been de-emphasizing this low-margin revenue stream on a gradual basis, choosing instead to redirect its technical capabilities to support the growing service opportunities in document management and digital connectivity. In sales of copier/printer equipment, the Company's performance remained strong in the high-end, segment 5 & 6 market, as evidenced by double-digit growth in the sale of monochrome and production color devices. Sales of lower-end copier/printer equipment and supply sales declined compared to the prior year - a reflection of the strategies the Company has employed to shift its sales focus to more profitable and strategic product and service offerings, as well as a soft economy.

Services, which primarily includes revenues from the servicing of copier/printer equipment, and outsourcing and other services, declined 9% from the prior year. The Company's significant installed equipment base continues to generate solid revenues from the servicing of copier/printer equipment, which grew slightly from the prior year as the base continues to undergo a shift from analog to digital technology, and from the Company's focus on expanding its product mix to more higher-end devices. The downsizing or sale of non-strategic outsourcing and other service businesses, including the sale of the Company's technology education business, and the sale or closure of a number of digital print centers and technology service locations, accounted for essentially all of the decline from the prior year. Strategic service offerings such as facilities management, legal document services, and professional services continued to perform well in light of current economic conditions.

Finance Income grew 1% from the prior year. During the quarter, approximately 79% of IKON's customers leased through IOS Capital, IKON's captive leasing organization in North America. Effective this quarter, income generated through IOS Capital's administrative infrastructure such as syndication fees, late fees, and other processing-related revenues will be reported as Services rather than within Finance Income. There was no impact on operating income, net income or earnings per share as a result of this change. For comparative purposes, additional quarterly information has been included in the Notes to the attached financial tables.

Total Gross Profit remained strong at 39.7%, unchanged versus the prior year, a result of stronger margins on Services and Finance Income, offset by reduced margins on Net Sales.

Selling and Administrative Costs declined $55.2 million from the prior year through improved productivity, centralization and consolidation strategies, the downsizing or elimination of unprofitable businesses, and the elimination of approximately $10 million of goodwill amortization under SFAS 142. The Company has made significant investments to centralize and streamline its infrastructure over the years, and as a result of these strategies and in anticipation of a tough economic climate for most of Fiscal 2002, the Company set out to reduce Selling and Administrative costs by $190 million from Fiscal 2001 levels. Year to date, Selling and Administrative costs have declined by approximately $160 million compared to the first nine months of Fiscal 2001.

Operating Margin was 6.8% compared to 4.9% in the third quarter a year ago, or 5.7% assuming goodwill amortization was not expensed in the third quarter of Fiscal 2001. The improvement in the operating margin reflects the Company's drive toward its long-term goal of 8% to 10% operating margins.

"We are encouraged by the permanent improvements we are making to our operational infrastructure, to our revenue mix, and by the sequential improvement we are seeing in our core revenue streams," said Mr. Forese. "Although the fourth quarter is typically a softer quarter on the revenue front for IKON as compared to the third, we expect to finish out the year with a solid performance. As a result, we are raising our Fiscal 2002 expectation from earnings per diluted share of $.87 - $.92 to $.94 - $.96 for an anticipated improvement of over 16% from the prior year. This places our fourth quarter earnings expectation in the $.20 - $.22 per diluted share range. Revenues will continue to be affected by the de-emphasis of certain revenue streams, revenue mix strategies, and a cautious economic climate; therefore, revenues are expected to decline by approximately 8% for the full year, and 4% to 6% for the fourth quarter.

IKON Office Solutions (www.ikon.com) is one of the world's leading providers of products and services that help businesses communicate. IKON provides customers with total business solutions for every office, production and outsourcing need, including copiers and printers, color solutions, distributed printing, facilities management, imaging and legal document solutions, as well as network design and consulting, and e-business development. IOS Capital, LLC, a wholly-owned subsidiary of IKON, provides lease financing to customers and is one of the largest captive finance companies in North America. With Fiscal 2001 revenues of $5.3 billion, IKON has approximately 600 locations worldwide including the United States, Canada, Mexico, the United Kingdom, France, Germany, Ireland and Denmark.

BOSTON, -- The uncertain business environment, exacerbated by recent disclosures of accounting irregularities among several well-known companies, is contributing to a continuing softening in commercial real estate markets nationwide. According to a survey by Colliers International, office markets recorded another quarter of near non-existent demand combined with an influx in sublease space, which resulted in the sixth consecutive quarter of negative absorption. The pace of sublease space being added to the market continues to slow, however, with only a five percent increase over the second quarter of 2002, compared to the ten percent registered in the first quarter and the 15 percent seen in the last quarter of 2001. In addition, the labor markets appear to be past the worst, with some job growth in the last few months, and the economy continues to surprise on the upside with annual growth rates in the 3.0 to 3.5 percent range. Such signs give observers hope that the market will begin to stabilize in 2003.

"We are clearly in a period of consolidation and cost cutting which is having the effect of pushing vacancy levels higher, but on the flip side it has been more than five years since tenants had so many options," said Ross Moore, Vice President and Director of Research for Colliers International. "We remain convinced the economy is on the mend and with a more buoyant economy the demand for office space will surface before long," he added.

With nationwide vacancy rates rising almost one percentage point during the quarter to 15.7 percent, asking rents have decreased again by 4 percent. Concessions by landlords are now widespread, but reduced rent is more likely to be offered than substantial free rent or lease takeovers. The majority of leasing activity is in small deals, or by non-business organizations such as governments, non-profit organizations and the education sector. Business services firms, such as law firms and financial services companies are largely out of the market altogether, as the lingering effects of the technology implosion continue to affect this segment.

"For the next few quarters, the emphasis by corporations will be on cutting back where possible and disposing of excess real estate," commented Moore. "Most expansion plans are on hold, and markets nationwide are characterized by a 'wait and see' attitude," he said.

Colliers International is a global partnership of independently commercial real estate firms. The organization's 6,600 employees span the world in 234 offices in 51 countries. On a worldwide basis, Colliers manages 442 million square feet, and has revenue of $US 800 million. For more information about Colliers International, visit our website at www.colliers.com .

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

Despite a sagging economy, home prices all over the Bay Area were pushed to new highs in June by historic low interest rates and a wariness of sinking money into the tumbling stock market.

Last month, the median home price in the Bay Area rose to $416,000 and hit a record for the third month in a row, according to DataQuick, a real estate information services firm in La Jolla (San Diego County) that tracks home prices. The figure includes existing and new homes, as well as condos.

In San Francisco, the median -- the price at which half of all sales are above and half are below in a given period -- hit $567,000, a 9 percent rise over the year-ago figure; in San Mateo and Santa Clara counties, the medians reached $538,000 and $468,000, respectively.

A 12 percent surge in the median home price in Solano County, the most affordable of the Bay Area's nine counties, hasn't fazed first-time home buyers like Lucretia and Aaron Carson.

The twentysomething couple recently toured several new housing developments in Fairfield with an eye toward buying a unit later this year.

In fact, real estate experts term the sunny, windy county that includes Fairfield, Vacaville and Vallejo the region's "safety valve."

Of course, there's a reason prices are still low -- including nearly two- hour treks to Silicon Valley and living in a town that doesn't have a renowned symphony or art museum.

While Solano also hit a peak -- $267,000 -- it's still far below the median prices in San Francisco, San Mateo and Santa Clara counties.

The number of homes sold in June in Solano inched up 2.2 percent, compared with a 25.9 percent rise in Napa and 27.6 percent bump in San Francisco. Overall, sales were up 9.2 percent.

"We live in Martinez, where you have to pay $400,000 for a 1920s fixer- upper," Lucretia Carson said while examining one of the models at the Estate at Southbrook. "Here, you get a beautiful, brand-new house for that."

In Solano county, year-over-year home prices have climbed by at least 4 percent each month this year. Since January, the median home price in Solano has increased about 12 percent.

"For people from Suisun, (home prices) are getting a little high, but for people from Daly City or Dublin, these prices are a breath of fresh air," said David Ferranti, a sales representative at Southbrook.

From 1990 to 2000, Solano County had the third- highest population increase in the Bay Area, behind Contra Costa and Sonoma counties, according to the U.S.

Census Bureau. During the same period, the total number of housing units in Solano increased from 119,533 to 134,513, a 12.5 percent rise, placing it second in percentage growth behind Sonoma.

Real estate agents say home buyers started descending on Solano County in the late 1990s as dot-commers pushed real estate prices in San Francisco and Silicon Valley into the stratosphere. After the stock market bubble burst, renters and owners from all over the Bay Area became even more intent on getting more for their money, hence Solano's continued popularity.

In June 1998, the median home price in Solano was $163,000. In four years, it has jumped 64 percent while San Francisco's median price rose 74 percent.

"Affordability isn't what it used to be in the past, but still, crossing that bridge can save you $150,000, which is a lot these days," said Coldwell Banker agent Paul Geislinger.

Joe Maionchi and his wife sold their 1,300-square- foot Pacific Heights condo in San Francisco last year and bought a 3,200-square-foot house on a golf course just outside Vallejo.

But the number that really mattered was the price. Their Vallejo home cost $500,000, about $300,000 less than their condo sold for.

"The disparity between prices just kept getting worse," Maionchi said. "In order to get what we have now with the house and the yard and the neighborhood, you'd have to spend $1 million on the Peninsula."

Maionchi, a software engineer, commutes to Mountain View most days -- a trip that can take nearly two hours in the evening. He also misses the nightlife and restaurant selection in San Francisco.

"My wife tells me, 'Don't say we're from Vallejo,' " Maionchi said. "That's bad to say about the place where you live, but what have the news stories been about Vallejo?" he added, citing recent articles about crime in downtown Vallejo, as well as the kidnapping of 7-year-old Vallejo resident Xiana Fairchild two years ago.

Real estate agent Geislinger said bargains are not confined to Solano County. He said American Canyon -- at the very southern end of Napa County -- is also experiencing a boomlet. At least four housing developments are under way in the tiny town of about 9,800. According to DataQuick, Napa County's 18 percent jump in median home price was the largest in the Bay Area in June.

Before its models were even completed, builder Young California Homes sold six houses in its America development in American Canyon. Houses in the 80- unit project range from about $445,000 to $500,000.

"A lot of people didn't know what American Canyon was," Geislinger said. "It was this unknown kind of place between Vallejo and Napa. But that's where all the new housing is going up; now everyone knows about it."

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

On August 1st, eLNA will award 25 discounted (50% off) attendee registrations on a lottery. The rules of the Attendee Registration Lottery are simple:

One entry per day per person, but you may enter every day to increase your chances.

Winners must agree to stay a minimum of one night at the Ritz-Carlton, Buckhead hotel at their own expense. (eLNA room discount - $165 per night)

Winners must submit payment for their discounted Attendee Registration fee in the amount of $375 via overnight mail for receipt by eLNA within three

Dockworkers and waterfront employers traded charges Wednesday as union negotiators formally rejected a contract proposal and members held a spirited rally in San Francisco's Financial District to spur contract negotiations, which broke off on Sunday.

The Pacific Maritime Association, which represents shipping companies and terminal operators at 29 West Coast ports, including the Port of Oakland, is deadlocked with the International Longshore and Warehouse Union, which represents 10,500 West Coast dockworkers. Fears of a crippling strike or lockout along the coast are getting stronger as talks stalled on a new agreement to replace the old contract that expired July 1.

The maritime group said it was disappointed its proposal was rejected by "union members who already enjoy one of the finest wage and benefit packages in the nation."

The two sides are at loggerheads over the introduction of new technology, which jobs fall under union jurisdiction, and wages and health care benefits.

West Coast seaports handle $300 billion in goods annually. Under federal law, President Bush could order a cooling-off period of up to 80 days if talks break down and a strike or lockout results.

Retailers, manufacturers and others have become increasingly jittery as the stalemate has reached its fourth week. The National Retail Federation, which imports toys, clothing and shoes from Asia through West Coast ports, has called for Bush to be ready to step in.

After ILWU delegates rejected the employers' latest proposal, union leaders took to the streets Wednesday.

Marching behind banners down the California Street hill, several hundred chanting ILWU members and supporters staged a solidarity rally in front of the headquarters of the maritime association at 550 California St.

San Francisco Mayor Willie Brown, Board of Supervisors President Tom Ammiano, Teamsters Union leader Chuck Mack and leaders from the Ironworkers Union, Service Employees International Union, Sailors Union of the Pacific and others stood on a flatbed truck to address the crowd.

Midday traffic and a cable car rumbled by as politicians and union leaders exhorted the crowd. They warned of job losses due to new technology, criticized employers' offer of higher wages as inadequate, and warned the Bush administration not to invoke federal authority to short-circuit the collective bargaining process.

An actor portraying the late, legendary ILWU leader Harry Bridges, employing Bridges' twangy Australian accent, reminded listeners of the ILWU's history of militance.

"The entire American labor movement sees the ILWU contract as important," said ILWU spokesman Steve Stallone, since that agreement is considered the standard for wages and benefits.

"Everybody knows if the ILWU gets hammered, every other union contract is in jeopardy," he emphasized.

Before and after the San Francisco rally, the ILWU and the maritime group accused each other of misrepresenting the true situation on the waterfront. Among their points of disagreement:

-- HEALTH BENEFITS. In a written statement, the maritime group said its proposal would raise employers' health payment of $21,997 per employee per year to $34,939 by the fifth year of the new contract.

The ILWU maintains any improvements to the current health benefits plan would apply to individuals already on the job. New hires would be shuttled into a health maintenance organization plan, creating "a two-tier system of health care," Stallone said.

-- WAGES. The maritime association said employers now pay dockworkers an average annual salary of $106,833 per year, with marine clerks earning $128, 421 annually. Salaries would grow 17 percent under the latest PMA proposal.

Stallone said that few ILWU members, especially in Northern California, where not as many ships come to call as at the bustling Southern California ports, actually earn those salaries. "It's seasonal work," he said. "You don't work if there aren't ships." Dockworkers in northern ports, he said, earn an average $80,000 per year.

-- UNION JOBS. The maritime group says its plan guarantees "every registered marine clerk the full opportunity to work as a marine clerk until retirement." The group also says the ranks of the ILWU have grown by 19.5 percent during the past five years.

The ILWU says marine clerk jobs would be unionized only so long as the union members now in the jobs stayed in them. When those individuals quit or retired, the jobs could be outsourced to non-union employees working on computers far from the docks, a move that ultimately would reduce the size of the unionized workforce.

Stallone said the ILWU will submit a counterproposal to the maritime association when talks resume in San Francisco next week.

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

United California Bank Appoints Edward Schultz to Senior VP & Manager of Its Bay Area Commercial Banking Center

SAN FRANCISCO----Edward C. Schultz has been named Senior Vice President and Manager of Northern California Commercial Banking for United California Bank (UCB). He will be located at the bank's Bay Area Commercial Banking Center here in San Francisco.

Schultz comes to UCB with over 25 years of financial services experience in commercial lending, credit administration and policy, sales and sales management, and marketing.

John O. Fox, Executive VP of UCB's Commercial Banking Division, said Schultz's broad experience in sales, marketing and credit underwriting would bring a high level of professionalism to the existing customer base and would assist in the development of new business relationships. "Ed's knowledge of the highly dynamic Bay Area economy - including its abundance of evolving middle market companies

- will enable him to effectively target our relationship oriented style of banking to the Northern California market," said Fox.

Most recently, Schultz was part of ECS Consulting Services, a San Francisco based consulting company specializing in serving e-commerce companies seeking to develop financial services. Prior to that, Schultz spent ten years and held several senior level positions with Union Bank of California in San Francisco including SVP and Manager of its Global Trade Banking Division and SVP and Manager of the San Jose Commercial Banking Region. Schultz's banking and finance career also includes positions with Plaza Bank of Commerce in San Jose and Wells Fargo Bank in Los Angeles.

The Bay Area Commercial Banking Center provides commercial loans, trade finance, cash management, leasing, treasury and wealth management services, to corporate customers in the Bay Area across a variety of industry groups.

United California Bank, with over $11 billion in assets, provides a full range of personal, business, international and trust services through a network of 115 branches statewide.

PACCAR Reports Higher Sales, Net Income

"PACCAR reported higher sales and net income for the second quarter and first half of 2002 compared with the same periods a year ago," said Mark C. Pigott, chairman and chief executive officer.

Second quarter net sales and financial services revenues were $1.8 billion, 18 percent higher than the $1.5 billion reported for the comparable period in 2001. Net income of $73.7 million ($.63 per diluted share) increased 87 percent from the $39.5 million ($.34 per diluted share) earned in the second quarter of 2001.

Net sales and financial services revenues for the first six months of 2002 were $3.3 billion compared to $3.1 billion last year. For the first six months of 2002, PACCAR reported net income of $120.9 million ($1.04 per diluted share) compared to $83.8 million ($.73 per diluted share) in 2001. On May 28, 2002, PACCAR paid a 50 percent stock dividend of the Company's common stock (i.e., one additional share for each two shares held).

"PACCAR has earned a profit for 62 consecutive years, through all stages of the business cycle. The market recognizes PACCAR's excellent balance sheet, the superior quality of Kenworth, Peterbilt, DAF and Foden trucks, as well as the industry-leading aftermarket support provided to our customers," said Pigott. "During the quarter, PACCAR made a $77 million final payment on the debt incurred for the 1996 acquisition of DAF Trucks. Additionally, PACCAR contributed $70 million to the Company's pension plans to reduce the funding deficit which existed at year-end 2001."

"PACCAR has a 97-year history of being a leader in strong internal controls and a well-deserved reputation for ethical, high-integrity business practices," Pigott commented. "PACCAR positively endorses the rigorous standards being applied in the reporting of company financial results."

"Industry heavy-duty truck net orders in North America surged nearly 75 percent higher in the first half of 2002 compared to the first half of 2001," noted Pigott. "Most of the increase in orders has been due to `pull-forward purchases,' as fleets try to minimize the impact of more costly engines being introduced on October 1, 2002. Fourth quarter 2002 industry truck sales could be unfavorably impacted as a result of the current accelerated buying and slow growth of general freight. In response to higher demand for their high-quality vehicles, Kenworth and Peterbilt steadily increased Class 8 production rates for the U.S. and Canada during the second quarter. PACCAR's current production rates for those markets are 75 percent higher than first quarter 2002. Kenworth and Peterbilt Class 6/7 trucks continue to increase their market share."

"European industry heavy-duty truck sales are 15 percent lower in 2002 compared to the near record levels of 2001," stated David Hovind, president. "DAF has offset the market decline somewhat with an increase in its market share to a record 13 percent, which makes DAF the fourth largest heavy-duty truck OEM in Europe. The DAF CF vehicle won the U.K. 2002 Motor Transport Fleet Truck of the Year award for an unprecedented fifth time. DAF is increasing its infrastructure and technology investments, has recently opened a new dealership in Berlin and is launching a new web-enabled material logistics software for its distribution network."

PACCAR's Financial Services segment represents a portfolio of nearly 110,000 trucks and trailers, with total assets of $4.8 billion. Included in this segment is PACCAR Leasing, a major full-service truck leasing company in North America, with a portfolio of 14,800 vehicles.

Second quarter revenues were $107 million, compared to $116 million in the same quarter of 2001, while pretax income of $15.0 million increased 85 percent from $8.1 million in second quarter 2001. For the six-month period, revenue decreased to $212 million compared to $237 million for the same period a year ago. First-half pretax income was $24.7 million compared to $19.8 million in 2001.

"PACCAR's Financial Services companies continue to profitably support the sale of PACCAR trucks throughout North America, Europe and Australia with its comprehensive financing products," said Mike Tembreull, vice chairman. "Fleet bankruptcies in the U.S. are moderating and used truck prices for PACCAR vehicles continue to improve."

Investment income declined in the second quarter primarily as a result of a $5.1 million (pretax) write-down of an equity investment to market value.

PACCAR Winch, the largest industrial winch manufacturer in the world, had earnings comparable to first-half last year.

PACCAR shares are traded on the Nasdaq Stock Market, symbol PCAR, and its homepage can be found at www.paccar.com.

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

NEW YORK (AP) Federal regulators are looking into how AOL Time Warner accounted for several transactions that were reported just as the media giant shook up its top management ranks last week. AOL stock takes

The Bears hope they secured rookies Wednesday to protect their passer and chase other teams' quarterbacks when they agreed to a five-year contract with tackle and No. 1 draft choice Marc Colombo and to a three-year deal with fourth-round defensive end Alex Brown.

Also agreeing to three-year deals were fifth-round linebacker Bryan Knight, sixth-round running back Adrian Peterson, sixth-round receiver Jamin Elliot, and seventh-round tight end Bryan Fletcher.

The spate of signings gives the Bears the unusual—for them—distinction of having all their draft choices signed by the start of training camp.

Colombo's agents Tom Condon and Ken Kremer flew from Kansas City, Mo., to meet with general manager Jerry Angelo and negotiator Cliff Stein. A Tuesday night dinner moved the two sides to the brink of a deal.

Final details were concluded Wednesday, with Colombo agreeing to a five-year deal worth a total of $5.6 million that includes a $3.1 million signing bonus, plus escalator clauses that would increase the base salary in later seasons.

Colombo will begin camp as the No. 2 left tackle, competing with Bernard Robertson for the starting job.

Brown, who will be in a heated competition for a spot in the nickel pass-rush unit, receives a package worked out by agent Joel Segal that includes a signing bonus of $327,225 and standard rookie minimum base salaries of $225,000, $300,000 and $380,000.

"I am really ready for camp to start tomorrow," said an exuberant Brown, who then caught himself. "Oh wait; we don't start on the field till Friday. I'm ready to go now."

Colombo, the fourth offensive tackle taken in the first round by the Bears since 1976 and 29th player selected overall, did not allow a sack in 20 games as a starter for Boston College, where he played both right and left tackle.

As a senior, he was a first-team All-Big East selection by "The NFL Draft Report" despite missing the team's final four games with a knee injury, starting the first two games at right tackle before moving to the left tackle for six games.

Brown, a 6-foot-3-inch, 268-pound defensive end out of Florida was named The Associated Press' Southeastern Conference defensive player of the year following his senior season where he recorded 10.5 sacks, which ranks eighth on Florida's single-season sack list.

E-Mail. You may subscribe by using the contact form at LeasingNews.org or by contacting me directly at kitmenkin@leasingnews.org.

If you would like to be deleted, the list is kept under your first and last name or

You can correct this by using another e-mail address. If a “Spam” issue, on your workstation, you will need to “delete us” from your filter. Most programs allow

you to make exceptions to what the program considers “Spam.” If done by your carrier, you will need to contact your carrier or the “relay carrier” to allow our e-mail. It is our experience, once named, we cannot contact you , meaning we can’t tell you that our mail is being rejected. Your carrier will make changes when contacted by the subscriber,

If we are being block, go to www.leasingnews.org. Each edition is normally posted to the website ( www.leasingnews.org ) at 12pm, PDT. The e-mail is sent out very

We prefer "positive" news. We have no "axe" to grind or are not paid or seek or accept

We follow Internet Netiquette at all times. Our sole purpose is to provide communication to improve our profession. We reserve the right to deny sending the newsletter