Woden’s Day—The Leasing God is Angry!!!   


                          Kit Menkin’s Leasing News

                   www.leasingnews.org  Wednesday, June 5, 2002

Accurate, fair and unbiased news for the equipment Leasing Industry




Commercial Money Center Files Voluntary Bankruptcy

   Bleeding Continues---Centerpoint Financial Services Calls It “Quits”

        MSM Capital, Irvine, California Down to Skeleton Staff

           Telemark Sale Falls Apart with GE Capital

              Saddleback Financial Sold to Precom Technology

                   Former Tyco CEO Faces Charges of Tax Dodging

                         (Wrap-up from major US Newspapers)

OneSource Financial Hires Mark Zimmerman as Director of Finance

 Nara Bancorp, Inc., Declares $0.10 Dividend for the Second Quarter of 2002

   HP Ups Savings Target, Details Job Cuts

      TransAmerican Selects Techfi’s Tech Platform

          SafeCheck Adds Check Platforms

            International Decision Systems Strengthens Management

               Thomas Ware Joins PAYNET as VP Marketing

                 Irwin Capital Promotes LaLeggia to President

                    Joe Cool Visit 49er Practice Field



#### Denotes Press Release


(CNBC ran a story Tuesday morning on CIT; how the sale is so important to TYCO because of the debt they have coming due.  David Faber did the story and

says that he has information that there is a major "foreign buyer" at

CIT right now.  They have a due diligence team of 60 people looking at

the portfolio. Leasing News cannot get a confirmation or denial. We did

hear  the CEO---Mr. Gamper scream from the East Coast, thus the headline yesterday (actually, we cleaned it up.) Editor )



Commercial Money Center Files Voluntary Bankruptcy


BK Filing number 02-24068 filed in Broward County FL at 2:37 May 30,

2002.  Debtor:  Commercial Money Center, Inc.  Chapter 11


The filing address is:


   1408 Westshore Blvd #904

   Tampa FL 33607


for background information on CMC, please go here:






Bleeding Continues---Centerpoint Financial Services Calls It “Quits”


Leasing News reported on COO Randy Schiell leaving, then interviewed John Otto, who said he was not pulling the plug.  Rumors that Chuck Brazier, CLP, director of Customer Relations was leaving, then Leasing News began receiving complaints of deals not being funded by Centerpoint.


Tuesday morning this fax was sent to Centerpoint brokers:


From:  Chuck Brazier


    To:  ******



Effectively immediately, Centerpoint Financial Services, LLC will no longer be accepting new credit applications.  We would like to thank you for your valued relationship and appreciate your patience and understanding in this matter.


No funding will take place until Wednesday, June 5, 2002 at which time, we will be notifying you of the steps Centerpoint will be able to take to assist you in funding your current backlog.  Shortly, we will be sending you a copy of your backlog report and would appreciate if you would indicate which deals are still active and when you anticipate they will be ready to fund.


Again, we would like to thank you for your past business and appreciate your patience as we try to work through this difficult time.  If you have any questions, please contact Chuck Brazier at (888) 615-5099 ext. 6115.


1675 Larimer St., Suite 880 – Denver, CO 80202  / Tel 303/615-5099 /  888/615-5099   Fax # 303/615-9790


Centerpoint was financed by John Otto of Heritage Leasing fame.  It started in 1997, working exclusively with leasing brokers, and in its hay day had up to 25 employees.  Sandi Gibson was listed as director of Leasing Broker Relations, and Mark Speros was director of sales.  Chuck Brazier took over these responsibilities.


Chuck Brazier, reached by telephone, said he could make no comment; it would

have to come from Gordon Robert, president.  .


Chuck is past president of United Association of Equipment Leasing, sitting on the

executive committee, formerly with Sierra Cities, Heritage Leasing, Oakmont Financial, and Denrich Financial. Gordon Roberts is also a past president of the United Association of Equipment Leasing, active with the Eastern Association of Equipment Leasing, formerly with First Concord Acceptance, First Centennial Leasing, Colonial Pacific Leasing.


Leasing News called many times, each time told Gordon Roberts was in a meeting with auditors. There were rumors about a one and a half million dollar “write-off” carried forward, and not until “recently,” was the bank informed of this, it is reported.


There were also rumors simply, as being experienced elsewhere in the leasing industry, lack of sales and continuing overhead.


“I suspect John Otto had enough check writing on their bad credit decisions. When your credit and pricing is targeted at challenged credits without adequate holdbacks or constant review by management,  the train will eventually fly off the

tracks. “


 ( Name With held )


“The money issue is the same as for any firm, more capital needed to go into

the company to keep it going.  I expect that Otto got in too deep, everyone

has a limit, and decided that he wasn't willing to support it any more.


“I expect that he will be honorable about funding deals, and either do them or

 get them placed somewhere else.  There is a bunch of good people in that

operation.  I don't think many of them would relocate.  There is nothing

except maybe San Diego to compare with Denver.”


Reached at his Southern California office, John Otto said he had no comment to make today.




MSM Capital, Irvine, California Down to Skeleton Staff


A highly reliable informed source has told Leasing News on Tuesday evening,

MSM Capital laid all its employees off without severance, except for one credit

person and computer person,  help in the “close down.”  There are rumors that Robert Pardini and  Mike Cingari, former president of Colonial Pacific, will be joining their third “partner” Dan Milinor in NSBA Leasing. This has not been confirmed or denied, as Mike Cingari is not available for comment. one credit person, as they wind things down. .


Leasing News reported a Bulletin Board complaint that the company had been keeping advance rentals and not returning to lessess as far as June of last year.




MSM President Mike Cingari did not appear at the first Appeals Hearing for the California State Labor Commission on May 28.  The bond held by the California Labor commission court was reportedly awarded to the ex-employee, in the amount of $15,000.


There are other cases waiting for the Appeal deadline. Leasing News will have more on this story in later editions, as we need to confirm Dun and Bradstreet information, plus we are trying to learn if Mr. Cingari is available for a comment.  It is our attempt to be both “fair and accurate” in reporting this story.  We have held the stories from the ex-employees in an attempt to be “fair” to all sides.


“The three remaining employees who had cases up at the Labor Board now have

also WON their cases. Total decision amount just over $125k for all

involved plus another previous decision in favor of a former employee

two months ago for 23k, grand total $148K give or take. Of course he could be mad about the fact that all the judgments are now on  his DNB.  I am sure the debt sources he has left love that.  Some  discussion  around this office circles around whether or not he violated his covenant  with PNC when he lost at the labor board.  I believe they fronted him 500k  to do the mass mailings and that may be a violation on his part of the  contract signed with them.  I had a look at his DNB last week and it shows  him currently behind 500k (30 day late).”


(Name With Held)


“That's an interesting point Mike made stating that employees brokered out deals, but upon asking for proof of this Mike had none.  In fact, I had received a letter of recommendation from Mike Cingari upon my termination and he had referred me over to MacArthur Business Credit, and had put in a good word for me.  That is very interesting that a man that went of his way to do all this would have done so for an employee that "brokered" out business?  During the Labor Board case, once I pulled out this evidence and questioned Mike, he stated that he didn't find out until later that I was brokering out business, or he wouldn't have done all that for me.  That's an interesting point, since he stated the reason he fired me was because I was brokering out business. 

some of the stories that happened to some of the salesmen could make

you cry.  I mean to one day just have all your "receivables" cut off,

and you have car payments, rent, bills, and it is Christmas, so you

have been buying presents, and knowing you had these commission coming

in and then not, and no job, and to start back on the system in

this season doesn't turn out cash right away...it was a terrible

position to put anyone into.”


(name with held )


“ I was a commission only sales rep making 40/50% based upon the amount of GM I funded.  If I don't fund, I don't get paid.  On December 15th, 2001 I get a call from my boss who's company I help build at one point up to almost 80 employees and he lets me go.  Reason.....Were getting out of the small ticket business.  Is that the truth....no.  He shorted my paycheck on the 14th of December and decided he didn't want to pay me on a commercial deal I spent a year on putting together for 280k.  I had 34k in margin in that deal that he decided he didn't want to pay.  He asked me on Friday the 14th of Dec if that deal was closed and signed and I said yes.  I spent almost 3 years at MSM and he doesn't even have the courage to fire me in person.  I was the last person on

that Friday to leave the office and all 4 partners were there waiting for us to leave.  I left at 4:45pm and they started calling reps at 5pm.  Next day I get the call and I'm gone. “


(Name with held )


“He fired 10 guys one week before Christmas and shorted all of our paychecks.  Me personally I had blown my savings on an engagement ring the first week of December and paid off all my student loans (30k) in one year and the last check I cut was DEC 12th. 2001.  Mike knew this and didn't care.  No paycheck for Dec, Jan or Feb.  I went 3 months without anything but unemployment which paid my rent barely.  My credit was ruined, car almost repossessed and I had to move.  This is the damage he did to one guy.  Imagine what it did to 9 other guys and their family during Christmas time.  Mike knew what he was doing, he just didn't expect the backlash from us to this extent.  I lectured him in front of the six in the lobby while were awaiting the judge to call us in.  He sat there with an embarrassed smug look on his face and didn't say a word.”


( Name with held )




Telemark Sale Falls Apart with GE Capital



“The Telemark story sounds about right.  I spoke with a senior official at

Telemark not long ago and the message was: too late, don't even bother.

Since then I've had 3 calls from Goldman.


“The GE part surprised me though.  I heard that the prospective buyer was

going to leave the company intact.”


Name withheld please.



Saddleback Financial Sold to Precom Technology


Precom Technology announced that it has acquired the equipment leasing business of Saddleback Financial, based in Orange CA. Saddleback has been engaged in the equipment leasing business since 1983. The acquisition was an all stock transaction, with two million shares of common stock, at an agreed valuation of $1.00 per share for purposes of the exchange, and one million shares of preferred stock of Precom issued to Saddleback at closing in exchange for all of the assets of Saddleback, including fixed assets, work in process, contracts, the Saddleback name and all other operating assets. The existing business acquired by Precom will be operated through a new subsidiary of Precom, Saddleback Finance, Inc., which has been formed to continue the business.


“ New owners will give us more resources, “Philip Walden, CEO of Saddleback told Leasing  News.”  With the reliability, good funding sources, we will do better this year. This will enable us to expand our client base.”


The name Saddleback will remain, according to Walden, who will continue in his same position.

The preferred stock will be issued subject to conversion into additional common shares in one year such that the common shares issued on the conversion have a value of $2.5 million, based on the market closing price at that time. Precom has an option to cancel the transaction during the same one-year period if Saddleback's quarterly financial performance is not at least 95% of the projected performance on which the acquisition was based.

Robert Hipple, CEO of Precom said: "This acquisition fits perfectly with our overall corporate direction of providing a broad suite of financial services to our identified client base, made up of a large number of entrepreneurs and their companies, with a wide variety of financial needs. Precom, doing business as Concilium Group, currently provides financial planning, tax planning, merchant banking, private banking, and business consulting services to this client base and now is able to include equipment leasing in our available financial services and products. Saddleback Financial is a well-respected equipment leasing company with a twenty-year track record in the industry and an excellent management staff, all of whom will remain after the acquisition of the business."



Former Tyco CEO Faces Charges of Tax Dodging


Washington Post Staff Writer


NEW YORK-- Former Tyco International Ltd. chief executive L. Dennis Kozlowski, who helped build the Bermuda-based firm into one of the nation's largest conglomerates before resigning abruptly on Monday, was charged Tuesday with avoiding more than $1 million in sales taxes on valuable works of art, including paintings by Renoir and Monet.


(The Internal Revenue Service has also started a separate investigation. editor)


Kozlowski surrendered to authorities Tuesday morning and later pleaded not guilty to state charges of conspiracy, tampering with physical evidence, falsifying business records and sales tax violations. The charges carry prison sentences of up to four years.( This does not include Internal Revenue charges or possible Security Exchange Commission charges.)


The indictment was a dramatic new turn in months of turmoil for Kozlowski and Tyco, whose shares have plummeted 72 percent from a December high of $60. Tyco stock closed today at $16.77, up 72 cents, after a 27 percent drop Monday following Kozlowski's resignation.


Tyco, perhaps best known for its ADT home security systems, manufactures a wide variety of products, including undersea telecommunications systems, disposable medical products and clothes hangers.


Earlier in his career, Kozlowski was compared to Neutron Jack Welch, the legendary former chief executive of General Electric Co., because of his zeal and initial success in expanding  Tyco with a rapid acquisition strategy. But more recently Kozlowski joined a lengthening list of executives being vilified by investor groups for their lavish compensation packages and scrutinized by regulators for their accounting methods.


According to a study by Pearl Meyer & Partners, Kozlowski received more than $325 million in compensation from Tyco over the past four years. That included $18.1 million in salary and bonuses, as well as $97.5 million in restricted and long-term stock grants and $203.5 million in stock options. In 2000 alone, he sold nearly $100 million in Tyco shares, according to SEC filings, while publicly maintaining that he rarely sold shares in the company.


Earlier this year, Graef Crystal, a columnist and authority on executive compensation, awarded Kozlowski's a "pay for non-performance award" because the firm's shares rose just 0.59 percent in 2000 -- compared with a 13.3 percent increase in the Standard & Poor's 500-stock index -- and fell 12.2 percent in 2001.


The indictment adds Kozlowski to a relatively short list of major chief executives to be hit with criminal charges. A. Alfred Taubman, the former chairman of Sotheby's, was sentenced in April to a year and a day in prison for his role in a price-fixing scheme with rival Christie's.


In announcing the indictment, Manhattan District Attorney Robert Morgenthau suggested that he took Kozlowski's performance at Tyco into account in deciding to pursue him on personal tax-evasion charges. The prosecutor repeatedly criticized Tyco's decision, made under Kozlowski in 1997, to relocate its official headquarters from New Hampshire to Bermuda to reduce its U.S. taxes on profits made overseas.


And Morganthau expressed anger over the heavily compensated Kozlowski's alleged evasion of a relatively small amount of taxes. "It makes me sore as hell, frankly, that people with high incomes are sometimes paying almost nothing in taxes," he said, adding: "The whole movement to shift headquarters overseas is something everyone should be paying more attention to."


The indictment contends that between Aug. 11, 2001, and June 3, 2002, Kozlowski and unnamed "co-conspirators" avoided sales tax due on at least six expensive paintings valued at $13.2 million, including "Fleurs et Fruits" by Pierre-Auguste Renoir and "Pres Monte Carlo" by Claude Monet.


Prosecutors would not name the alleged co-conspirators because the inquiry is continuing. They said no art auction houses were involved.


According to the indictment, Kozlowski and others "agreed to generate false documents, such as invoices and shipping documents, to make it appear as though the art work was to be shipped out of state and therefore not covered by New York state sales tax provisions." Tyco employees were allegedly told to sign false documents reflecting receipt of the paintings in New Hampshire, only to ship them back to New York.


On Dec. 11 of last year, the indictment says, an "art consultant employee" had a trucker "de-install" a work by John LaFarge, valued at $425,000, from Kozlowski's apartment, ship it to Tyco headquarters, where it was signed for by a Tyco employee, and then ship it back to Manhattan and put it back in Kozlowski's apartment. The indictment says the work was purchased by Kozlowski's wife but that no sales tax was paid on it.


In mid-December last year, according to the indictment, an "art business" authorized the release of a $3.95 million Monet to Kozlowski's Manhattan apartment. The art business owner then "prepared an invoice falsely asserting that no sales tax was due because the work of art was being shipped to New Hampshire."


Also in mid-December, Kozlowski allegedly purchased four more paintings valued at $8.8 million and "asked an art consultant not to ship the four paintings and the Monet, but instead to ship empty boxes to New Hampshire." The indictment says sales tax of 8.25 percent should have been collected on all of the paintings.


(The New York Times reports: Tyco is cooperating with the investigation and has opened an internal inquiry into whether Mr. Kozlowski improperly used the company's money to pay his personal bills, a person close to Tyco's board said. The company hopes to determine whether Tyco paid for the upkeep of the apartment at Fifth Avenue and 77th Street, which Mr. Kozlowski bought for $18.5 million two years ago. Mr. Kozlowski also spent at least $2 million of Tyco's cash to buy several other paintings in the apartment, according to two people close to the investigation.


(Brad McGee, a spokesman for Tyco, said the company would announce the findings of its investigation as quickly as possible.)



At the arraignment, Assistant District Attorney John W. Moscow said his office had an "extremely strong case" backed up by significant documentary evidence.


Stephen E. Kaufman, Kozlowski's attorney, disputed that evaluation, saying: "It is nothing more than an allegation. . . . It is an unproven case, and when all of the facts are carefully and fully presented, a court or jury may find them lacking in substance."



 More from


By FRANK ELTMAN, Associated Press Writer



Manhattan District Attorney Robert Morganthau quoted from a memo from an art dealer, who was not identified, involved in the purchases: "Here is a list of the five paintings to go to New Hampshire (wink, wink)."


"I think over the years there has been too much winking at this kind of activity," Morgenthau said. "We don't intend to wink."


"At a time when the city is in a fiscal crisis, the state is in a fiscal crisis ... for somebody who was highly paid to fail to pay over a million dollars in sales tax is a serious crime and will be treated seriously," he said.


He said the investigation was ongoing, and prosecutors were also looking at the activities of dealers and collectors.


Tyco executive vice president Brad McGee said the company has started an internal review. Morganthau said Kozlowski had unidentified employees sign false documents as part of the alleged scheme.


The paintings hanging in Kozlowski's $18 million, two-story apartment next to Central Park include "Fleurs and Fruits" by Pierre Auguste Renoir and "Pres Monte Carlo" by Claude Monet, according to prosecutors. Others include "Hollyhocks" by John La Farge, "Still Life with Three Vases of Flowers" by Osias Beert the elder and "The Young Entry on a Snowy Road at Woolsthorp."


Tyco was already under fire for Enron-inspired questions about how it accounted for the huge number of corporate acquisitions Kozlowski made in the 1990s as he turned Tyco into a corporate behemoth producing products ranging from undersea fiberoptic cable to coat hangers.


Tyco stock, which has lost more than 70 percent of its value over the last 12 months, rose 72 cents, or 4.5 percent, to close at $16.77 Tuesday on the New York Stock. The shares plunged 27 percent a day earlier on news of the investigation of Kozlowski and his resignation.


Critics say Tyco used accounting tricks when it bought companies to make its profits appear to grow faster than they actually did.



( Insider loans for millions of dollars were made, and there is more to learn

about the leadership of Tyco. editor )




"CIT's Value Undermined?"


Investment Dealers Digest


 Hahn, Avital Louria




Lehman Brothers has irked many in Wall Street by offering a $5

billion bid for Tyco's CIT Group and immediately withdrawing it,

according to reports.


  CIT is expected to garner at least $6.5

billion in an initial public offering.  CIT offers services, such

as asset-based lending, equipment leasing, and factoring.

However, the company is not compatible with Lehman, says one

analyst, which is also an underwriter for CIT. 


"It wouldn't advance what Lehman wants to do, it is not the kind of thing that

would make Lehman a better company," he says.  In any case, a

valuation of $6.5 billion for CIT appears less certain now.  Last

year, CIT was purchased by Tyco for $9.5 billion.  Meanwhile,

bidders such as GE Capital have shown interest in buying CIT but

have not offered an adequate price, bankers say.




"Industry News Weekly" <industrynewsweekly@lists.elaonline.com>



(No one has confirmed that Lehman made any offer, just as GE Capital allegedly

made an offer,as reportedly others, who also want to “steal” the company

for less than what Tyco paid for it.






Now Comes the Sorting Out of the Chief Executive's Legacy




(Leasing News has learned John F. Fort held a telephone conference with all

CIT Group Employees who wanted to get on line.  The telephone number is

available, and due to all the news today, we have not had time to report on

this. Ironically, one of his neighbors in New Hampshire is visiting this area.

We have more “inside” news.  Looks like this is going to get worse before

it gets better. The media is about to uncover a lot more.  editor )



More than nearly any other chief executive, L. Dennis Kozlowski will probably find his reputation shaped after he leaves the company. For what happens now will determine which of two competing views of his long tenure at Tyco International prevails.


There is no question that Tyco grew rapidly during his tenure, as the company made acquisition after acquisition. The question is how well the company will perform, and how much cash it can generate, in the condition in which he leaves it.


The positive view of Tyco was well stated yesterday by John F. Fort, Mr. Kozlowski's predecessor as chief executive and his temporary successor. "Tyco's strong fundamental businesses and talented work force position the company to prosper in the years ahead," he said in announcing that Mr. Kozlowski had resigned for "personal reasons," a reference to his tax problems in New York.


To Mr. Kozlowski's many supporters in the investment community, he was an executive who could acquire companies — often manufacturers in somewhat humdrum industries — and improve operations while cutting costs. Reported profits and cash flow looked good, and he was often compared with Jack Welch, the legendary manager of General Electric.


The alternative view is that Tyco's accomplishments reflected more accounting smoke and mirrors than reality. Albert Meyer, an analyst with David Tice & Associates and a longtime critic of Tyco, yesterday called the company's accounting "aggressive and creative, but technically correct" under what he views as overly permissive accounting rules.


To the critics, some of Tyco's acquisitions were manipulated to make a company's first year of operations under Tyco look better than it was, simply by making the company's final period before acquisition look worse than it was. The critics contend that if Tyco stopped acquiring companies, the operations might not look as good as Tyco's fans expected.


That view was strongly disputed by Mr. Kozlowski and by Tyco's chief financial officer, Mark H. Swartz, who said the company's accounting was proper and who took pride that an investigation by the Securities and Exchange Commission in 2000 produced accounting changes they viewed as minor.


In the near future, the two views are likely to be sorted out. Mr. Fort spoke yesterday of "the evolution of the company's long-term operating strategy to focus more on organic growth" than on acquisitions. He may have no choice but to support that strategy. Tyco is now trying to reduce debt, ruling out substantial borrowing for new acquisitions, and its stock is down 75 percent from its high of $63.21 in January 2001, making the shares a less attractive currency for purchases.


The bulls on the company continue to expect good profits, and the company reiterated yesterday that it expected to earn $2.60 to $2.70 a share this year, before any adjustments for the planned sale of CIT, its financial company. Yesterday's closing share price of $16.05, down $5.90, is just six times expected annual profits, an unusually low number. If the company is able to produce profits like that in coming years, then the stock is cheap by any measure.


But what has happened this year has caused some to doubt that Tyco can make that kind of money. In January, with the stock at about $46, Mr. Kozlowski announced plans to split Tyco into five companies, selling one outright and spinning off three others to shareholders in initial public offerings. To some, the important part of that strategy was that the company hoped to take in $11 billion in cash to pay down debt.


That plan fizzled, and the share price fell further. Tyco now plans to sell CIT in an offering, raising $5 billion to $6 billion, most of which will go to pay debts. It reiterated those plans yesterday.


When Mr. Kozlowski became president of Tyco in December 1989, it had $2 billion in annual revenue and a market capitalization of about $2.6 billion. Its share price, adjusted for later splits, was $6.30 a share. He became chief executive in 1992 and chairman the following January.


In the last fiscal year, ended in September, Tyco reported $36 billion in revenue. Even at its current depressed level, the company's market value is $32 billion. At $16.05, the stock price is two and a half times what it was when he took over.


In January, when Tyco announced its plans to split up, Mr. Kozlowski said he would continue running one of the companies. "You're going to have Mark Swartz and me to kick around for many years to come," Mr. Kozlowski said.


That forecast proved wrong. How good his outlook was for Tyco's profits will probably become clear in coming months, and with it Mr. Kozlowski's legacy.


(Ethics!!!!  A Bermuda based company to avoid taxes---what can you expect.  How many rotten apples are in the barrel when the leadership believes they are “gods” and can do no wrong---they believe they can manipulate the law, as it does not apply to them. editor ).




Tyco needs less debt, outside leadership to recover


By Harry R. Weber, Associated Press

CONCORD, N.H. (AP) Tyco International Ltd. must trim its debt quickly and bring in someone from outside the company to end the crisis in confidence left by just- departed chief executive Dennis Kozlowski.


The shock of Kozlowski's resignation after 10 years at the helm was still being felt Tuesday at the huge conglomerate's offices in Exeter, where executives launched an internal investigation. Prosecutors in New York said Tuesday that Kozlowski had unidentified employees sign false documents to help him avoid paying New York sales taxes on multimillion-dollar paintings he bought.


''Right now Tyco is in a high state of instability,'' said turnaround specialist William Brandt. ''Is it going to go under? The near-term lever that will determine that ... is how fast they can restore financial health.''


Rob Plaza, an analyst with Morningstar Inc. in Chicago, said Tyco needs to bring in an outsider to lead the company. Board member and former chief executive John Fort, who was named interim chief, won't be able to restore investor confidence, Plaza said.


''The fear is some of Kozlowski's behavior spilled over into his professional life,'' Plaza said. ''The best way to look at it is guilt by association. You really need to bring in an outside leader with some credibility who wouldn't be afraid to clean house.''


In a decade as chairman, Kozlowski built Tyco into a massive conglomerate with as many as 277,000 employees.


Based in Bermuda but run from Exeter, Tyco's divisions include plastics, electronics, telecommunications and health care products. Its products range from electronic equipment, fire and security systems and disposable medical supplies, to undersea fiber-optic cable and coat hangers.


Tyco already was under fire for Enron-inspired questions about how it accounted for the huge number of corporate acquisitions Kozlowski made in the 1990s. Critics say Tyco used accounting tricks when it bought companies to make its profits appear to grow faster than they actually did, a charge Tyco denied.


Tyco said in January it planned to split into four parts, but its stock kept falling and it abruptly scrapped the plan in April a reversal that raised new questions about leadership.


At the time it said it would lay off 7,100 people instead. Tyco blamed a ''fierce decline'' in the electronics and telecommunications markets.


Tyco stock rose 72 cents, or 4.5 percent, to close Tuesday on the New York Stock Exchance at $16.77, a fraction of its 27 percent plunge the day before as the investigation was revealed and Kozlowski resigned. The shares have fallen more than 70 percent from their 52-week high of $60.09 late last year.


Tyco executive vice president Brad McGee said Tyco is reviewing Kozlowski's activities at the company to see if other employees were involved.


''Tyco is conducting an internal investigation and is cooperating with the Manhattan District Attorney's office,'' McGee said. ''We will make our findings public when we are done.''


He could not say how long the process would take. He said the company had not been informed by prosecutors that other employees were targets of the investigation.


McGee said the search for a permanent chief executive could take several months, and that Fort would remain the interim chief in the meantime.


''The object is not speed. The object is finding a qualified candidate,'' he said. ''And we owe it to our shareholders to make sure that happens.''


Fort, 60, was Tyco's chief executive from 1983 to 1992. He became a senior vice president after joining the company in 1979 and previously held management positions in the wire and cable industry.


Steven Altman, an analyst with Commerzbank in New York, said Tyco must follow through by the end of June with its planned sale or spinoff of its lending division, CIT, to help pay down the company's $27 billion in debt.


''Mr. Fort is an interim solution,'' Altman said. ''Tyco needs to look for a seasoned executive from the outside to restore credibility. I would think that would be mandatory.''


On the Net:


Tyco: http://www.tyco.com





OneSource Financial Hires Mark Zimmerman as Director of Finance


Mark Zimmerman joined OneSource Financial Corp. as Director of Finance as of June 3, 2002.  In that role he will be responsible for raising additional working capital and permanent debt facilities.  Mr. Zimmerman comes to OSFC with 14 years of equipment finance experience, having most recently served as the Account Manager of the Dell Venture Lease program for The CIT Group.  Zimmerman&#8217;s prior leasing career included management assignments with LINC Capital, Inc. and The LINC Group. 


"We are extremely excited to be able to bring someone of Mark's diverse experience to OneSource as he will help us grow and enhance our Business Development and Financing initiatives," stated Louis Manitzas, President and Chief Executive Officer of OneSource in a company announcement. 


                 Mark Zimmerman

               Address = 9420 Research Blvd. #120

                  City = Austin

                 State = TX

               Zipcode = 78759

                 Phone = 512-4581300x227

                   Fax = 512-372-9156

                 Email = mzimmerma



“WOW!” from Fred St.Laurent


I don't think you can post this (otherwise everybody will send you Job

Openings) ...BUT your news letter from this morning was given to the friend of a friend, who passed to someone who was perfect for the job!!! He interviewed on the phone today and will go in for an interview in person next week.


All I can say is thanks!!!!



“Bringing Together People, Companies and Careers”


Mr. Fred St Laurent

Senior Account Executive

MSI International

2500 Marquis One Tower

245 Peachtree Center Ave

Atlanta GA, 30303

Direct Line: 321-952-1422

Main Phone: 404-659-5050

Fax: 321-952-5643







 ( We do want job postings. They are free to those out of work, or seeking to better

themselves; same for outsourcing.  Attorneys, companies seeking “help,” and

recruiters must be a member of a leasing association to post a free ad.


From time to time, I have decided to highlight someone from the group, or who

comes to attention.  We want to help those out of work---so, please go to:





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Nara Bancorp, Inc., Declares $0.10 Dividend for the Second Quarter of 2002



LOS ANGELES--Nara Bancorp, Inc., (Nasdaq:NARA)  announces that its Board of Directors has declared a cash dividend for the second quarter of 2002 of $0.10 per common share, payable, on July 12, 2002, to common shareholders of record as of June 30, 2002.


About Nara Bancorp, Inc.


Nara Bancorp, Inc., is the parent company of Nara Bank, N.A., the only Korean community bank in the United States headquartered in Los Angeles, California with branches in New York and California. In addition to its Los Angeles and New York branches, Nara Bank has branches and loan production offices in Silicon Valley, Oakland, New Jersey, Seattle, Atlanta and Chicago. The bank specializes in commercial, SBA, trade finance, and consumer lending and leasing.





Nara Bancorp, Inc.


Benjamin Hong or Timothy Chang, 213/639-1700


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HP Ups Savings Target, Details Job Cuts


( As predicted by critics, who also stated quality and customer service,

the bulwark of HP would suffer in the merger. editor )


BOSTON (Reuters) - Hewlett-Packard (news - web sites) Co. raised its estimates on cost savings from its acquisition of Compaq (news - web sites) Computer Corp. and set a schedule for completing the 10- percent work force reduction that it started after closing the $18.7 billion deal in early May.


HP expects to cut 10,000 jobs by November 1 and another 5,000 jobs next year, a total of about 10 percent, Chief Executive Carly Fiorina said on Tuesday in the company's first meeting with analysts since purchasing Compaq last month.


Fiorina also said she sees $500 million in cost savings by the end of fiscal 2002 and $2.5 billion by the end of 2003. By 2004, she sees those cumulative cost savings rising to $3 billion, above HP's initial target for total savings of $2.5 billion.


HP promised investors the $2.5 billion in cost savings when it proposed buying Compaq last September and throughout the hotly contested merger (news - web sites) process. The merger, opposed by a large shareholder and son of HP co-founder Walter Hewlett, finally closed at the beginning of May.


"We are moving faster and achieving more," Fiorina told the meeting in Boston. "We set some stakes in the ground on Sept 4. We think they were appropriate then. We think they are appropriate now."


Fiorina also said that technology customers were still pushing back spending. She also said she doesn't intend to take an increase in salary until after HP employees get increases. That won't happen until after the company is finished cutting jobs, she said.




HP said it expects PCs to continue to lose money in the second half of 2002, but HP President Michael Capellas said at the meeting with analysts that the company expects the PC business to return to profitability in 2003.


In its financial forecasts, HP said it expected revenues in its personal systems group, which is made up of personal computers to decline in the second half of fiscal 2002 from the first half. It said it expects overall revenues of $35 billion to $36 billion in the second half and then growth of 4 percent to 6 percent in fiscal 2003.


In documents posted on the company's Web site at the same time as the analyst meeting in Boston, the company said that it expects revenues to grow 7 percent to 9 percent in fiscal 2004.


HP also said that it sees gross margin in the second half of fiscal 2002 of 25 percent to 26 percent. In fiscal 2003, HP sees gross margin of 25 percent to 26 percent and in fiscal 2004 sees gross margin of 25 percent to 27 percent.


The company also said that it sees operating margin of 3.5 percent to 5 percent in the second half of fiscal 2002.


HP said it expects its printing and imaging business to post revenues of $10 billion to $10.5 billion in the second half of fiscal 2002, compared with $10 billion in the first half. The printing and imaging business produced revenue of $19.5 billion in fiscal 2001, HP said.


The company sees printer revenue growing faster than revenue from any other division, at 10 percent in fiscal 2003 and 10 percent in fiscal 2004.


HP said it expects revenue in its personal systems group of $9.5 billion to $10.5 billion in the second half of fiscal 2002, down from $12.1 billion in the first half. The group produced revenue of $26.8 billion in fiscal 2001.



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    Selection Provides the Leading Data Aggregation and Portfolio Management Technology to Their  Registered Representatives


    DENVER– Transamerica Financial Advisors,Inc. (TFA), Transamerica's NASD-registered broker/dealer and   investment advisor affiliate, has selected Techfi's AdvisorMart Institutional as a preferred technology platform.    AdvisorMart Institutional will provide data aggregation and portfolio management technology to Transamerica Financial    Advisors, Inc. registered representatives.


    AdvisorMart Institutional (AMI) is the leading advanced data aggregation, portfolio management, and client relationship  management tool for financial institutions. The product uses proprietary technology to gather and reconcile  institutional-level feeds from clearing firms, transfer agents, and custodians, and provides financial professionals with the   targeted technology applications they need to produce customized client performance reports.


    "TFA is very pleased to introduce this powerful Web-based client management portfolio system we call 'TFA Access',"   said Dan Trivers, TFA's vice president of administration. "Our registered representatives really enjoy the fact that all of the

database administration and  allowing them to focus on client service and growing their businesses."


    "We are proud to add Transamerica Financial Advisors, Inc. to our client list. AdvisorMart Institutional fulfills the unique  needs of large financial institutions and broker/dealers," said Matt Abar, president and CEO of Techfi. "Techfi continues

to be the leader in the development of fully integrated portfolio management and account aggregation systems. With AMI at their fingertips, registered representatives have access to the most advanced performance reporting and portfolio  consolidation technology available today."


    About Techfi:


    Headquartered in Denver, Techfi Corporation, founded in 1998, develops and provides leading-edge technology products  and services for the financial intermediary market. Clients include broker/dealers, investment advisors, financial planners, and other financial institutions. For more information, visit their Web site at www.techfi.com


    Note: Techfi and AdvisorMart are registered trademarks of Techfi Corp. Other product and company names herein may be trademarks of their respective owners.


    About Transamerica Financial Advisors:


    A full-service broker/dealer, Transamerica Financial Advisors, Inc. is Transamerica's NASD-registered broker/dealer  and Registered Investment Advisor, and is a member of the AEGON Group, an international insurance organization  headquartered in The Hague, The Netherlands. The AEGON Group is one of the world's leading life insurance and

    financial services organizations. www.transamerica.com


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    SafeCHECK Adds Check Processors
to its Check Verification and Electronic Conversion Service


SafeCHECK Offers The Only Fully Operational Service with Real Time Access To Customer Checking Accounts



New York, NY,– SafeCHECK continues to move forward as the market leader in real-time check verification and electronic conversion by partnering with check processors.  Participating processors can now provide SafeCHECK’s exclusive ability to immediately access a customer’s checking account to guarantee the check is good.  Check processors Clear-tec and SyTec, Inc., will enhance their point of sale check verification and electronic check conversion services with SafeCHECK in early July.


Merchants who process checks with Clear-tec or P.A.I.D. by Sytec (Payment Authorized, Instantly Debited) can now virtually eliminate fraudulent checks.  Both companies will be able to provide merchants with an instant verification that the customer’s account is open and there are sufficient funds to cover the check. SafeCHECK also enables processors to immediately debit those funds through existing ATM networks.  Merchants utilizing this capability can return a cancelled check to the customer at the time of the transaction.


“Merchants are looking for ways to reduce their risk when accepting checks,” said Anne O’Toole, Executive Director of SafeCHECK, “and Clear-tec and PAID by SyTec, Inc., like the fact that SafeCHECK makes available a private label, real-time checking account verification service that virtually eliminates check fraud.”


“This is exactly what merchants have been asking for,” said Craig Tims, President of SyTec, Inc.,.  “For years merchants have been clamoring for direct access to a customer’s account to verify that sufficient funds are really available, and now SafeCHECK delivers.  There simply is nothing else out there in the marketplace even close to this capability.” 


“This is a paridigm shift in the way checks are handled at the point of sale” stated John B. Frank, V.P. Sales & Marketing for P.A.I.D, by Sytec   “The reality is that retailers who have

put up those “Checks Not Accepted” signs will probably replace them with “Checks Preferred”.

This new methodology processes checks as safely as credit cards, but for much less than it costs to process credit cards.”  On a $200.00 sale, instead of paying around $3.50 the cost is

Only .50 cents, Frank continued.  “I consider this to be the biggest advancement in check acceptance technology ever”


Unlike other check verification solutions, SafeCHECK is fully tested and operational, and requires no major investment in new technology by merchants or by check processors who provide the real-time capability to retailers.


Check conversion at the point of sale is increasing at more than six percent a month, according to The Electronic Payments Association (NACHA), as merchants strive to reduce check fraud, streamline accounting procedures, and cut bookkeeping costs associated with payments processing.  More than 10 billion checks are processed at the point of sale every year, creating significant handling costs.  Merchants are seeing immediate benefits including better risk management, more accurate verification data, and reduced processing costs. 


“Most check verification, if it is done at all, is accomplished using outdated information”, said TBD of Clear-tec.  “Settling a check transaction can take several days through ACH or current check clearing systems as opposed to a matter of hours with SafeCHECK.  SafeCHECK is the only service that allows processors to clear checks instantly and provide guaranteed funds.” 


“SafeCHECK was designed to make it safer and easier for merchants to accept checks as a form of payment,” said Carol Malicki, senior vice president at Wachovia and Chairman of SafeCHECK, “without having to invest in a new, untested technology.  The rapid growth in the number of participating banks offering DDA information and in the number of check processors that want to come on board demonstrates the unique value SafeCHECK delivers.”





SafeCHECK is owned by 11 of the top banks in the country that together account for 45% of the nation’s demand deposit accounts, and three EFT switches.  The bank owners of SafeCHECK are: ABN AMRO, Bank of America, BB&T, Citibank, Fleet Boston, JPMorgan Chase Bank, USBank, Union Bank of California, Union Planters, Wachovia and Wells Fargo. NYCE Corp., PULSE and STAR are also owners.


SafeCHECK is a subsidiary of SVPCo, which includes 20 banks interested in “electronifying” the check as early as possible in the payment process.  Formed and operated by The New York Clearing House, SVPCo includes Electronic Check Services, (the nation’s largest electronic check presentment service), as well as SafeCHECK, (a point-of-sale check-to-debit service), and the Electronic Payments Network (a private sector ACH processor). The Clearing House also operates a well-respected bank forum and CHIPS, a large-value payment system.


SyTec, Inc., a transaction processing company, was organized in 2000 to deliver a customized transaction matrix around the needs of client marketing programs with a particular focus on customers at the Point of Sale (“POS”).  SyTec’s check debit program, P.A.I.D. (Payment Authorized, Instantly Debited), is on the leading edge of POS transaction processing, offering the market not only traditional “core” processing capabilities, but also innovative value added POS products that enable marketing organizations maximum flexibility in merchant recruitment and retention.  For more information on P.A.I.D. by SyTec, visit www.paidcheck.com or call SyTec, Inc at 407 226-8720. 


Citadel Commerce Corporation is a wholly owned subsidiary of e-Success. Incorporated in Nevada, with offices in Vancouver, British Columbia, Citadel Commerce Corp was formed to focus on e-commerce payment processing. The foundation of the company's solution was built on Citadel, a sophisticated payment fraud detection system initially developed by e-Success, and e-Success' extensive knowledge of secure, high speed transaction processing. Citadel Commerce has one of the most sophisticated and secure payment systems available, we have processed large volumes of transactions, and via relationships with Independent Sales Organizations, many e-commerce sites are using Citadel's technology. [SOURCE:  www.clear-tec.com]




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International Decision Systems Strengthens Management Team to Focus on All Market Segments & Customer  Support




    Fortified Product Line to Broaden Market Opportunities for its  LeaseEnterprise and InfoLease Products





MINNEAPOLIS, Minn., USA—International Decision Systems, Inc. (IDS) – the global leader in leasing and sales management software systems – announced today two management appointments that will strengthen the Company’s focus on all market segments.

  Rounding out IDS’ U.S. operating team of CEO Jim Meinen and CFO Jim Horstmann, the appointment of Charles Lyles as chief operating officer underscores the Company’s commitment to customer support and extending its comprehensive suite of Web-based products that

utilize the industry leading InfoLease lease accounting engine to provide dynamic user front-end and back-end interfaces.  Draper Jaffray has   joined IDS as managing director for LeaseEnterprise, IDS’ lease accounting and portfolio management software for small to mid-market ganizations engaged in moderately complex leasing.                                                      


   According to Mr. Meinen, “Since joining IDS in 1999 as CIO, Mr. Lyles has focused on developing and implementing strategies for Global Product Development and customer support, as well as managing internally driven systems.  He will continue to be instrumental in our Web-based InfoLease expansion through the use of XML, APIs and middleware products  to open up critical systems.                                                    


     “Mr. Jaffray’s outstanding track record in building revenues for various information technology product lines, executive business   development, and sales channel development experience will be great assets in helping us carve out broader market opportunities for  LeaseEnterprise.”                                                     


    Mr. Lyles’ 18-plus years of experience in the computer industry include 13 in the leasing industry. He was with Fleet Business Credit Corporation (previously Sanwa Business Credit Corporation, one of the largest InfoLease clients) for seven years, most recently as senior vice president, chief information officer.                                                     


   Mr. Jaffray most recently served as vice president of U.S. sales with Sealed Media and CEO/vice president of businessdevelopment at Xtalis NV.                                                       


                                       About International Decision Systems


 With nearly three decades of industry-specific expertise and track record in leasing accounting, International Decision Systems (IDS) is the global market leader in developing lease accounting, portfolio management, and wholesale/floorplan financing software and services. Over 500 independent, bank-related, captive leasing and financial services companies worldwide use IDS’ stable, scalable and robust end-to-end lease

 accounting software to streamline and automate the entire leasing life cycle.  Lessors also use IDS’ software to leverage the Internet’s speed and flexibility for improving service to customers, achieving greater internal efficiencies and closing deals faster.




IDS also has the industry’s largest global consulting, implementation, technical support organizations that provide incomparable service from  offices located in from offices in the United Kingdom, North America (Boston and Minneapolis), Australia (Sydney), and Southeast Asia      (Singapore).



   IDS’ parent company, Group plc companies, is publicly traded on the London Stock Exchange (IDGL). For additional information about

                          International Decision Systems and IDS Group plc, visit www.idsgrp.com.


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Thomas Ware Joins PAYNET as Vice President of Product Development &



Former Chief Credit Officer of American Express Equipment Finance Lends Key



Skokie, IL,  PAYNET, Inc. announces that Thomas Ware,

former Chief Credit Officer and Senior Vice President, Operations of

American Express Equipment Finance, has joined PAYNET as Vice President of

Product Development & Marketing.  Ware was chosen for the position based on

his broad experience in both credit and general management roles in

equipment finance and banking.  He began working with PAYNET as a consultant

late last year, and will also serve as Managing Director of PAYNET

Analytical Services, which offers portfolio benchmarking and analysis

services, credit process automation, as well as strategic planning for



"We are thrilled to have someone with such a thorough understanding of the

industry and its future as part of our senior management team," said

PAYNET's President Bill Phelan.  "Tom has first-hand experience with every

major equipment type, from office equipment, telecom, computers and medical,

to transportation, construction and agricultural.  More importantly, he has

automated several institutions, as both a purchaser and a developer of

credit scoring systems, so he understands what PAYNET has to offer, what

each type of lender really needs, and how to combine the two."


"It's exciting for me to be with an organization that's at the cutting edge

of transforming the equipment finance industry," said Ware.  "We're on the

cusp of a revolution, like the one that automated consumer finance and

credit cards.  As head of product development for PAYNET I want to bring our

members the data and insight they need to reduce their credit cycle times,

reduce their losses, and reduce their overhead."


Previously, Ware served as Vice President & General Manager of Case

Capital's non-captive equipment finance business, as founder of Sequa Credit

Corporation, now a subsidiary of Hypercom known as Golden Eagle Leasing, and

as Vice President, Team Leader, Technology Implementation Teams for a

nationwide bank.  Tom began his career as a modeler with a consulting firm

now part of Mercer Management Consulting.  He graduated with Distinction in

Mathematical Economics from Dartmouth College and has an M.B.A. from


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Irwin Capital Promotes LaLeggia to President


Irwin Capital Holdings, a subsidiary of Irwin Financial announced the promotion of Joe LaLeggia to president of Irwin Capital Holdings in addition to his current responsibilities as president of Onset Capital. He replaces Michael E. Taft who announced his retirement in March, effective July 1, 2002.


LaLeggia, 40, who joined Irwin in July 2000, was formerly president and COO of AT&T Capital, Canada and one of the founders of Onset Capital. "We are pleased that Joe has expanded his responsibilities in our commercial financing line of business. His expertise and vision are aligned with our strategy of growing our small ticket leasing and franchise financing across North America," stated Tom Washburn, chairman of Irwin Capital Holdings.


For more information about Irwin Business Finance, Onset Capital, Irwin Franchise Capital and Irwin Financial visit website www.IrwinBF.com, www.onsetcapital.com, www.IrwinFC.com and www.irwinfinancial.com.

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



Joe Cool Visit 49er Practice Field

(not far from Leasing News office)




SANTA CLARA - In a scene as easy on the eyes as it was two decades ago, Joe Montana walked on to the 49ers practice field Tuesday and began throwing passes with Bill Walsh at his side.


NFL Films cameras rolled. Bystanders -- including 49ers coach Steve Mariucci, team director John York and some wide-eyed players and reporters -- watched in awe. Montana's passes hit their target, of course.


This certainly wasn't your typical day out at 49ers minicamp, not when arguably the greatest player in franchise history makes a surprise cameo.


Montana, 45, came to shoot an instructional video for the NFL on the mechanics of quarterbacking. It was his first visit to a 49ers practice at team headquarters since he was traded to the Kansas City Chiefs on April 22, 1993.


"Bill wanted to get some things down (on tape) before he said I got too fat and old and couldn't throw anymore," said Montana, who led the 49ers to four Super Bowl titles during his illustrious tenure from 1979-92. A three-time Super Bowl MVP, he finished his NFL career with two playoff seasons with the Chiefs.


Added Walsh: "This is something we should have for history, of Joe's fundamentals and mechanics for playing the position, because Joe Montana was clearly the greatest quarterback and maybe the greatest player of all time.


"His mechanics were the best in the history of the game, and so we want that on tape."


Walsh escorted Montana out to the practice fields as the two-hour practice neared its end. Players didn't take long to notice his presence.


"I saw him when I was out there and said, 'Whoa, that's Joe Montana,' " kicker Jose Cortez said.


Montana greeted a few players -- wide receiver Terrell Owens, left tackle Derrick Deese and defensive tackle Bryant Young -- chatted with Mariucci for five minutes and posed for photos with quarterback Jeff Garcia, Walsh and Mariucci.


After tossing the football with his son, Nicholas, 10, Montana changed into a gray 49ers T-shirt and black shorts for his video session, which began 30 minutes after practice. Several other former 49ers -- running back Roger Craig, tight end Brent Jones, center Jesse Sapolu and wide receivers Mike Wilson and Mark Harris -- also participated.


Mariucci said Montana hasn't necessarily been a stranger to the facility, noting how the Pro Football Hall of Fame quarterback has visited Mariucci's office and shot a few commercials here.


"I don't know how many (current 49ers) met him before. They certainly know of him," Mariucci said. "I love it when these guys come back around."


Said Montana: "I don't live much in my past very often. I consider myself a do person. I'd rather be trying to find something to do, whether it'd be with horses or basketball or playing with my kids.


"I do love watching games, and I was telling Bill that if I was around it more, I'd miss it more. I do miss Sundays, obviously."


Montana, who lives in Calistoga, said he didn't know the 49ers were holding minicamp.


"It was fun to watch," he said.


One reason Montana said he had so much fun with the 49ers was the offensive system Walsh implemented.


"The system lends itself to a quarterback who wants to be able to play within the system," Montana said. "The system is so fun to be involved with that it actually comes pretty easy to be the quarterback, whoever it may be."


As reporters joked with Mariucci after practice, Mariucci turned to Montana and shouted, "Joe, these guys want to know if you'll be a (training) camp arm."


"How's two throws, that sound good?" Montana responded.





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