Headlines:

           UAEL Funding Retreats

            "No Accusations"---Leasing News Editor Proclaims

              New Orleans Conference in May

  The List is Up-dated

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           Joan Dalton/United Association of Equipment Leasing Funding Retreats

The UAEL Funding Retreats held in January and February in Miami, Costa Mesa

and Dallas brought many brokers and funding sources together for business,

networking and education.

We have had many comments from funding sources on the quality of the

brokers/lessors such as; Ron Mitchell of Affiliated Corporate Services,

Inc. in Lewisville, Texas, who said, "although our appointment sheet was not

completely full, we felt it was a great meeting with sufficient, real

quality contacts that we could really talk to and from a funding source

perspective consider it a very successful opportunity."

The brokers and lessors who have attended have also had excellent comments

on not only the one-on-one appointments with funding sources but on the

educational sessions.  "Credit and Scoring" lead by Bob Fisher, CLP of

Fisher-Anderson, LC; Dwight Galloway, CLP of Republic Leasing Company and

Bill Hanson of Commercial Money Center have put together not only a very

informative presentation but also an entertaining one!  The UAEL Legal

Committee is reviewing the FTC ruling as well as the UCC Article 9 which

takes effect July 1st and everyone in the equipment leasing industry needs

to be aware of.  Starting our day is UAEL President, Chuck Brazier, CLP of

Centerpoint Financial and UAEL Vice President Bob Fisher, CLP with a Town

Hall Meeting - an informative session on what is happening at UAEL and how

all of our members can get involved in their association.

There are 3 Funding Retreats remaining and we hope to see as many members

(and non-members) as possible at these events. You can register online at

www.uael.org "UAEL EVENTS" "FUNDING RETREATS" as well as sign-up online for

your one-on-one appointments with the funding sources.

Friday - March 9 - The Garden City Hotel, Long Island, NY

Friday - March 16 - The Westin Great Southern, Columbus, OH

Friday - March 23 - Hilton Hotel KC Airport, Kansas City, MO

For additional information or should you have any questions please contact

the UAEL office at (510) 444-9235 or "Hit The Site" at www.uael.org.

Remember:  UAEL - It's All About Success - Involvement, Networking and

Education

See you at an upcoming Funding Retreat

Joanie Dalton - Managing Director

UAEL - United Association of Equipment Leasing

520 Third Street, #201

Oakland, CA  94607

(510) 444-9235 x27

(510) 444-1346 fax

joanie@uael.org

www.uael.org

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                Advance Rentals---Accusations

Leasing News does not want to print accusations. We confirm all information given to us before

publishing.  We verify all information given to us. We want to be "fair and

accurate." Our role is industry news. We encourage your communication, but we have

an adopted policy from the date of our inception:  http://www.leasingnews.org/policy.htm

If you have a complaint or knowledge of inappropriate conduct, behavior, possible

illegal activity, the proper venue for this is a written complaint to your

leasing association's standards and ethic committee. If the company you are writing

about is a member, they may be expelled or censured.

One of the many reasons to belong to an association, is to promote ethics and fairness.

Leasing associations have committees composed of professionals in the industry who work for

free and consider all written complaints or information about conduct submitted to them.

It is your best "protection."  Exchange business with the members of your association.

If there is a difficulty or a problem, you have a "lifeline" to call. Join an association

just for this protection ( there are other reasons, but this is an excellent one ).

We also invite all readers to utilize our "Customer Complaint" Bulletin Board.

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

We will post all verified complaints of fraud, unethical conduct, and this may serve as a warning not to do business with this specific company. The experienced professionals write

in all the time, "know who you are dealing with."  We hope you don't find out the hard way and our "Customer Complaint" Bulletin Board is one way to be alerted.

We do not want to discourage you from sending us "on" and "off the record," information,

but we will not publish accusations. We will report the "inside" news and hope we are of

sometimes entertaining, but always--- of educational benefit.

Please utilize your association standard and ethic committee. Let your association

enforce their professional code of ethics and help out their members with the

information that you provide them.

   editor.

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                National Association of Equipment Leasing Brokers

   Their Major Conference---Emerile Lagasse Will Not Be There----

                        May 17-20 2001

      Hilton Rivcrside, New Orleans, Louisiana

           Michael Meacher<Meacher@bankgrouponline.com> promises,

                 "This year's conference will be the best ever."

 The following is included in your registration fee:

        Over 25 Workhops to Choose From:

o            Brokcr/Funder Networking Opportunities

o            Steamboat Cruise on the Mississippi River to include:

               1. Premium Open Bar 2. Hors D'Ouevres 3. Jazz Quartet

o          Prize Giveaways to include:

1.         Ten (10) Palm Pilots 2. Roundtrip Airfare to a European City of Your Choice

o          Lunch and Continental Breakfast on 1~,4ay 18-19

o          Buffet Dinner on May 19

The Hotel is located directly across from Harrah 's Casino anti is in walking distance to the

French Quarter

Don 't forget the 6ih Annual NAELB Golf Tournament on Thursday, May 17

Information will be posted soon at www.naelb.org, in the meantime, get an Early

Bird start

5024-R

Campbell Blvd.

Baltimore Md. 21236

Phone:   800.996.2352

Fax:   877.875.4750

Email:   info@naelb.org

Contact:  

Buzz Thomas, who will refer any questions to NAELB Board members for non-administrative matters.

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The List

Chronological

85 changes

  ( This is also on line at our web site:

Manifest Group-( 3/2001) changes name to U.S. Bancorp - Manifest Funding Services Manifest   

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

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

      he went.  If you know, please tell us.

Preferred Capital  ( 3/2001)  Rumor close to sell to Capital Werks, and will become

      Preferred Leasing, a Capital Werks Company,  this month (2/2001) internal memo about

      training by company about to take over, supposedly there for several months, "training"           employees (01/2000 Mark Seif confirms for sale; will  make no further  comments (12/2000)      Company reportedly on the block "one the block." ( 11/2000). David Murray   left 11/7 

     "didn't like letting his friends go."

Finova (3/2001) Dow Jones questions take over plans (2/2001)  Finova Bailed Out by

        Buffett-Led Group , Berkshire Hathaway and Leucadia National announced that they have           entered into an agreement for a $6 billion loan to Finova Capital , however to clear up

      creditor issues, will have to file Chapter 7 and hope creditors don't push into Chapter

      11, many guess stock  manipulations and other "doings" going on. ( 2/2001) downgraded to         "C" rating by Fitch "With significant debt maturities due in May 2001 and Leucadia                 National Corp's $350 million investment withdrawn, Finova's ability   to operate as a          going concern faces serious challenges."(1/2001) Deal of Leucadia  National to Invest $350        Million in Finova falls apart 1/2001 laid off  90 employees, or    about 9 percent   of           its workforce, in an ongoing effort to cut costs. The company  continues to employ about         300 people in Phoenix and 940 nationwide. (12/2000) out of market place, many  problems,        raises $250 MM, but not enough ) (11/2000 Announces they will discontinue   business,            sell units 11/2000 Suspends Dividend 11/2000 Leucadia National to Invest

        $350  Million in Finova 11/2000 reports $274 million loss)( 10/2000 Dow Jones notes             stock falling and problems at Finova) (10/2000 Dow Jones headlines "Finova Stock Falls As         Buyout  Hopes Wanes.

LeaseExchange.com    (3/2001) Tom Williams to give it a 90 day trial run, also trying

       to raise money (2/2001) reported on "auto- pilot" ( 1/2001) Closes Irving office, cuts

        staff

Studebaker Worthington Leasing  ( 2/2001) sold to State Bancorp

Efinanceworks (2/2001)  lays off 27 employees, says will return $150 million to investors,

        and is shutting down.

eLease    ( 2/2001 )employees Let Go, Prime Street is "History." (12/2000) purchase by Primestreet                 

                  (June/July/2000)senior management changes )

Keystone Leasing (2/2001 ) the former management team of K.L.C., Inc. (dba Keystone

         Leasing), headed by its co-founder Alan Kaufman, formerly a Unicapital, has formed a

         new equipment leasing business, Keystone Equipment Finance based in West Hartford, CT.

Saddleback Financial ( 2/2001) the management team of Orange, CA-based Saddleback Financial,

        headed by co-founders Warren Emard and Stuart Kennedy,  survives with new investors,

        and does not do broker business.

SierraCities  (2/2001) sold to American Express for $5.68 per share in cash. We predicted this

         last week, naming the company and floor price. American Express active in

         equipment leasing, likes what it sees, and Sierra Cities is the vehicle,

         not Advanta or others that it has viewed to purchase. (1/2001 VerticalNet Merger falls

          apart   (1/16/01) Sells Off UK Assets, (7/2000_ 2nd  quarter loss, see report

Lyon Credit (2/2001 ) founder John Bowes leaves , the company still is seeking new business,

    despite reports to the contrary ( 10/2000 ) operating as United  

    Capital, a Division of  Hudson United Bank, closes  Dallas, Texas office (6/2000) closes

Atlanta and        

     Irvine, Calif. office   (9/99 Hudson United  Bancorp buys Lyon Credit

Bayview Capital ( 2/2001) reports fourth quarter 2000 net loss of $92.5 million ( 12/2000

          announces $17 million loss/later does not issue dividend )

U.S. Mellon, San Francisco  (2/2001) Brian Madison Leaving, reportedly U.S.Mellon for sale

Dana  (2/2001) reports huge 4th quarter loss  ( 7/2000 sold off portfolio, active as captive

        lessor ) (2/2001 posts a fourth-quarter net     loss, eliminates 10,000 jobs ( 7/2000             sold off portfolio, active as captive lessor )

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

Comstock Leasing (2/2001) files bankruptcy  ( 3/2000) Unicapital then Linc purchased

        Comstock and discontinued operation this date )

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

     of portfolio, making ATEL Capital largest independent owned leasing company

     in the world (1/2001) ( 1/2001 reportedly winding down, sold portfolio, selling partner            relationships, selling off all assets (10/2000 No longer taking  broker business 11/2000   

     struggling to stay in leasing business, according to insider reports

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

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

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

PLM International (2/2001 )MILPI Acquisition Corp completes cash offer for outstanding stock

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

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

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

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

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

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

Orix ( 2/2001) Closes re-discount center, Steve Geller says "goodbye." Geller joins Leasing

       News Advisory Board, receives many accolades from readers ( 11/10) First Six Month    

        Profits up 14% at Orix! ) 11/8 New President at Orix appointed .  

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

        Alliance that it has  changed   its name to ORIX Financial Services, 9/2000 Japanese

        Bank President  Commits Suicide (Orix is a 14.7% shareholder in bank having problems ),

         (8/2000 closes small ticket vendor division  in\ Portland, Oregon, "Business as usual 

         (in New Jersey and with brokers)," says Steve Geller)

Affiliated Corporate Services, Lewisville, Texas (1/2001) Merges with First Commerce Leasing     Advanta Leasing (1/2001 Advanta ceases leasing business announcement 1/2001 Chris          

        Ciarrocchi says "goodbye" Mortgage Division sold, re-affirms Leasing Division still for           sale, former prez now at eOriginals,others let go like Kaye Lee.) (9/2000) for sale.

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

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

NationsCredit, Business Leasing Group  (1/2001) complaints from brokers regarding getting                 information for NationsCredit and GrayRock Capital on FMV, payoffs, residuals from

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

          "broker business."

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

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

      business."

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

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

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

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

      303-329-09227. Official announcement to be made soon. They are notifying brokers to start       sending them business again. 12/2000 Don Meyerson says to be "re-born"11/2000 closed to

      accepting new business.)

United Capital, Austin Texas ( 1/2001 ½ employees let go, portion of portfolio sold, discounters         not paid, vendors not paid, it is alleged. 1/2001, selling off portfolio, problems

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

          new deals until after  the 1st of year, Steve Dallas trying to hold it together.                 Dallas says, " We will survive."

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

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

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

           divisions, but appears backing out of leasing division )

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

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

DVI Capital (12/2000 out of broker )

 Finantra (11/2000 will eliminate its commercial finance operations in order to focus on its two           core finance platforms, consumer finance and services and consumer mortgage lending. )

Dennis Horner (12/2000)acquired  by Sandy Spring National Bank, a subsidiary of

           Olney, MD-based Sandy Spring Bancorp. The Equipment Leasing Company was a unit of

           Progress Financial of Blue Bell, PA.

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

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

transaction we have there for funding.)

Newcourt ( 8/2000 sold off ) Old Kent Financial ,Grand Rapids, Michigan ( 11/2000 Fifth Third            Bank, Cincinnati, Ohio announces acquirement, to close second quarter 2001-Gateway              Leasing sold to Old Kent in 1997, small ticket leasing specialists )

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

           portion of the assets.)

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

      to have closed down ).

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

Varilease ( 11/2000 closed down )

Copelco (10/2000 ceases broker business, many complaints in manner turning off faucet 5/2000          sold to Citibank 10/2000 stock down rated/ )

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

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

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

          Attorney-Marc Barreca 206-623-7580)

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

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

      started).

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

      Federal Bank, Omaha, Nebraska )

Leasing Solutions, San Jose ( bankrupt )(9/2000) Files BK (10/1998 stock loses more than 50% of         value in a single day with announcement that auditors were forcing LS to write down the            residual values of a small portion of equipment returned for remarketing. After a long

         stream of announcements of ongoing negotiations, forbearance periods, the establishment         of an internet strategy (yes, the lenders let them use cash for that rather than apply

        it against borrowings!)

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

      lease production

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

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

Republic Leasing, South Carolina 9/27/2000 ( "The expected result will be a sale of Republic             Leasing"---Dwight Galloway. He adds, "We have always been for sale for the right price,

          but in       thirteen years we have not sold off any leases or gone direct after                 broker's business, ever." )

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

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

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

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

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

Prime Capital, Chicago ( 6/2000 closed )

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

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

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

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

Phoenix ( 5/2000 both divisions closed )

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

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

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

      headquartered in the Netherlands, raising funds )

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

Franklin Leasing, Des Moines, Iowa--owned by Liberty Bank-- (2/2000)-no longer writing leases           ( limited by regulations and leases are for sale ).

Bankvest (1/2000)bankrupt, voluntary (11/99) Orix, smaller banks, creditors file for involuntary         bankruptcy against Bankvest (10/99) ceases new business ( 8/99 )Fleet pulls their lines.

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

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

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

Franchise Mortgage Acceptance Corporation (FMAC) 11/1999 purchased Heller Financial's Commercial           Services Unit ( 10/99 purchased by CIT )

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

Liberty Leasing ( 6/1999 closed, California company )

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

Rockford Industries (2/99) sold to American Express

  no dates on these changes:

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

American Business Leasing ( gone )

The Bancorp Group, Inc. (Southfield, MI) (Not accepting news business. The BOD of the parent          bank is assessing what to do with the leasing subsidiary.....currently servicing portfolio

      but not originating. no longer in business )

Imperial Credit Industries (ICII) ( sold portfolio )

Merit Leasing ( gone )

Prime Leasing, Minnesota ( no longer doing business )

***Original Purchases by Date by Unicapital

American Capital Resources 2/98

Boulder Capital Group 2/98

Cauff, Lippman Aviation 2/98

Jacom Computer Services 2/98

Matrix Funding 2/98

Merrimac Financial Associates 2/98

MunicipalCapital Markets Group 2/98

The NSJ Group 2/98

PortfolioFinancial Servicing 2/98 --acquires assets of Unicapital

Vanlease 2/98

The Walden Group 2/98

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

Jumbo Jet 7/98

HLC Financial 7/98

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

Turbine Engine Corp. 7/98

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

Meyerson