Headlines----

 

  CIT---“Yes, we have no banana’s today, but maybe tomorrow.”

     eLease---Total Funding Scales Down  ( story in progress )

        Nova’s BuyMicro  Exceeds $2 Million in  Equipment Leasing

           USXP Capital Develops Nationwide Van/Truck Leasing

                UAEL Presents Education Audio-Conferences

                      Key Names J.J. McCusker Sr. VP/Dir. Syndications.

                            Amtrak Prez to resign from financially troubled rail line

 

### denotes press release

________________________________________________________

 

CIT---“Yes, we have no banana’s today, but maybe tomorrow.”

 

Leasing News is receiving many e-mails from brokers, similar to this one:

 

“Not only are they not accepting broker business, I am told the company

will be sold shortly and announcement made soon.”

 

Leasing News received several e-mails that say CIT is no longer doing third

party, meaning no third party leases.

 

We contacted the main CIT media representative by telephone and e-mail, finally

receiving this:

 

“Please go to www.tyco.com. Go to "News". Then "General News Releases". Look

for Feb. 6th "Tyco Updates....". This should answer your question.”

Dan

 

Dan Sommer

Senior Vice President

CIT Equipment Rental & Finance

Director of Marketing and Communications

480-379-3447

480-379-3450 (fax)

dan.sommer@cit.com

 

To read the entire press release, go to:

 

http://investors.tycoint.com/News/20020206-71502.cfm

 

Basically it says:

 

“Tyco’s business fundamentals are strong. “

 

“Tyco plans to effect a distribution of CIT to Tyco shareholders as soon as possible and will not pursue an initial public offering of the business. Tyco will also consider options more lucrative to shareholders, such as selling the business.”

 

I guess this is a public relations response of “no further comment” than the press release.

 

Chief Executive Dennis Kozlowski has said that Tyco is holding talks about a possible sale of CIT. Tyco will consider bids for the finance, security and electronics, fire- protection and medical units before spinning them off to shareholders.

 

CIT sold $1.2 billion in securities backed by customer bills last month. Citigroup and Credit Suisse First Boston arranged the financing along with helping in the other debt sale.

 

 Recently CIT Group finance unit sold $1 billion in securities backed by home equity loans, part of its pledge to raise $3 billion to pay off maturing debt. Tyco tapped $14.4 billion in bank loans Feb. 4 to repay short-term corporate IOUs as it prepares to split off CIT and three other companies, as well as sell a plastics unit.

 

Bloomberg reports, “ The conglomerate is breaking up after being roiled by concerns that its accounting hasn't been transparent and the company used $64 billion in acquisitions since 1993 to mask slowing growth.”

 

This may give validity to the rumor that something is about to happen at CIT---maybe Federal Express is going to buy them and go head-to-head with UPS, calling on

existing customers for leases.  Better yet, Airborne, then the company could be called

CIT Airborne.  Too many rumors on the street not to believe that a sale is imminent.

The question is who is the buyer.  I asked Ryan Helm, credit manager of Merrill-Lynch

Finance in Chicago, if it was his company. He laughed.  I guess that is a “no comment”

answer.

 

Kit Menkin, editor

 

eLease---Total Funding Scales Down  ( story in progress )

 

TotalFundings' phones are not working. The office number was (818) 889-7979.

Alan Collier has confirmed the company has lost a $150,000 arbitration

with Jack P. Winsten, former president of Winsten & Associates, Inc dba Corona America Financial. Alan Collier says his company has “scaled down.”

 

From the Leasing News The List:

 

“Corona America Financial, So.CA ( 5/2001 ) purchased by TotalFunding.com, although called a merger.. Corona Pres. president, Jack Winsten worked at SDI Capital, as did Total Funding president Alan Collier.. TotalFunding to become solely an “application service provider” and utilize Corona direct sales force. No more broker business, except on “case-by-base” basis, Collier says “

 

Leasing News is working on up-dating our eLease page and a story about how many internet aggregate super brokers are left ( not many ). 

 

We hope to have the full story for Friday’s edition on Total Funding, once the high flying presenter and party giver at United Association of Equipment Leaisng and National Association of Lease Brokers Conferences.

 

Funderonline has changed their name to cyence.com

 

 

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

 

An interesting statistic, Do.com jobs cuts fell by 62% in February.

 

Coutplacement firm Chalolenge,r Gray and Christmas reported the cot-com sector cut 670 jobs in February, a 62 percent job drop from Internet-related job cuts in January and well below the job cuts of last February.

 

Don-com job cuts came to 1,802 in January, and 11,649 last February.

 

Perhaps there are not many jobs left to be cut, thus the statistic.

 

According to Challengers report, almost half of the February job cuts

came from the Internet-related financial sector.  Another evidence that

doing business over the internet for financial services is not as easy

as originally thought---

 

 

 

 

Nova Announces BuyMicro Subsidiary Exceeds $2 Million in Business Equipment Leasing

 

TORRANCE, Calif.-- Nova Communications Ltd, (OTCBB:NCVM), announced Wednesday that BuyMicro, the company's online e-commerce subsidiary, has surpassed the $2 million mark in business equipment leasing. BuyMicro began aggressively promoting leasing as an option to its business customers in September 2001 with the launch of eStoreFinance product.

 

    Available directly through the BuyMicro website and marketed to additional customers through targeted on line advertising, the eStoreFinance product separates and streamlines the process of business equipment financing from the selling, installation and maintenance of the equipment. eStoreFinance makes leasing as simple and normal a payment method for small and medium size companies as credit card and other standard payment options.

 

    "The demand for eStoreFinance leasing has surpassed our initial projections by a wide margin," said Jeff Goldfield, vice president of marketing and e-commerce at TEC Networks. "We anticipate that use of our leasing product will expand as the benefits and flexibility of equipment financing continue to be recognized by our target business market."

 

    BuyMicro's financing website, eStoreFinance, can be reached through the BuyMicro home page at http://www.buymicro.com.

 

    About TEC-Networks

 

    TEC-Networks sells and services business telephone systems, voice-mail systems, unified messaging platforms, voice-over Internet protocol and Internet services. The company serves more than 5,000 businesses and represents approximately 400 vendors. Through a distribution agreement with Nortel Networks, TEC-Networks markets a full line of business telephone products, including Business Communications Manager, companion, Meridian, Norstar and Symposium Manager. TEC-Networks is headquartered in Torrance, Calif. and has offices in Concord and Redondo Beach, Calif., and Tampa, Fla. Nova Communications (NCVM) is the major shareholder of TEC-Networks.

 

 For more information, visit http://www.tec-networks.com.

 

_______________________________________________

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

 

 

Universal Express -USXP- Subsidiary, USXP Capital Develops Nationwide Van/Truck Leasing Program for Private Postal Stores and Small Businesses

 

 

NEW YORK--Universal Express, Inc. (OTCBB:USXP) announced today, it's subsidiary USXP Capital has completed the development of a Nationwide Van/Truck Leasing Program to be available to Private Postal Stores and Small Businesses.

 

The program will provide private postal store and small business operators access to the same fleet pricing, finance programs, and related services as major national logistics firms are offered (such as Federal Express and Enterprise Rent-A-Car). All trucks and vans leased will be branded with the Universal Express Logo and lessees will have the option to place their own signage on these vehicles as well.

 

"Now the members of PPN/PBC Network can purchase a vehicle for their business from the comfort of their own home or office by simply calling USXP Capital fleet department. Store owners and small business owners are assured of the best pricing and terms as well as unbiased advice on vehicle selection and usage," said David Russell, President of USXP Capital. He went on to state, "Even if the operator needs only one (1) van or truck, they will be treated as though they are buying 1000."

 

The leasing program consists of a 5.5% APR commercial lease up to 60 months with no restrictions, access to fleet pricing, nationwide courtesy delivery, vans and trucks available from all three (3) domestic manufacturers (GM, Ford, Chrysler), 45 minute application processing, fleet maintenance program, no down payment and branding vehicles with business signage is available.

 

Universal Express, Inc. (USXP) owns and operates several subsidiaries including Universal Express Capital, Universal Express Logistics (including VirtualBellhop) and Private Postal Network (PPN). These subsidiaries provide the private postal industry and consumers with value-added services and products, logistical services, equipment leasing, and cost-effective delivery of goods worldwide. More information and website locations are available at: www.usxp.com 

 

Safe Harbor Statement under the Private securities Litigation Reform Act of 1995: The statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

 

CONTACT: 

 

Equitilink

 

Ron Garner, 877-788-1940

 

or

 

USXP Capital

 

Leasing Information:

 

Michael Buccellato, 561/367-6177

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

 

UAEL EDUCATION COMMITTEE PRESENTS:

AUDIO-CONFERENCES

Earn Competency Certificates!

Location:  At your Desk * In Your Car * Anywhere

9:00am - 10:30am Pacific Time

 

 

WEDNESDAY, APRIL 3, 2002 - MARKETING ON A BUDGET

*Elements of a Marketing Plan * Development of a Marketing Plan * Strategies

Creating a budget-minded Marketing Plan that ties in to your strategic and tactical goals

 

WEDNESDAY, JUNE 5, 2002 - LESSOR-VENDOR RELATIONSHIPS

* Definition of Roles * Traits to Look For * Elements of a Vendor Program * Potential Problems/Potential for Fraud

Creating a vendor program model that highlights your strengths and builds long-term business

 

WEDNESDAY, JULY 10, 2002 - SMALL TICKET COLLECTION

* Characteristics of a Good Collector * Warning Signs and Reasons for Delinquencies * Progression of a Delinquency *

 * Lessor Actions/Repossession/Litigation on Smaller Transactions

Tips and techniques for making small dollar collections economically feasible

 

WEDNESDAY, AUGUST 7, 2002 - TELEMARKETING/TELESALES

* Process * Industry Focus-Targeting * Effectiveness * Key Phrases * Questions * Results

 

WEDNESDAY, SEPTEMBER 18, 2002 - PORTFOLIOS FOR THE LITTLE GUY

*Advantages for Becoming a Lessor * Taking the Next Step * Responsibilities * Legal Issues * Finding Willing Banks

 * Warehouse vs. Permanent

The inside scoop on building and managing your first portfolio

 

WEDNESDAY, NOVEMBER 6, 2002 - BEYOND CREDIT SCORING

* Packaging the Financial Statement Deal * Analysis of Statements

 * Financial Statement Ratios and What They Mean * Personal Financial Statements in the Credit Process

 * Elements of a Good Lease Package

How to get your deals approved that don't fit a scoring model

 

SIGN ME UP!

 

oApril 3 - Marketing

oJune 5 - Lessor-Vendor Relationships

oJuly 10 - Small Ticket Collections

oAugust 7 - Telemarketing

oSeptember 18 - Portfolios for the Little Guy

oNovember 6 - Beyond Credit

 

o Full Package (all 6) @ $450.00

oUAEL Member @ $99.00/each

oNon-Member @ $129.00/each

 

Name:

Company:

Address:

City/State/Zip:

Phone/Fax:

Email:

Credit Card Information:  Visa/MC______       Amex______

Credit Card #_________________________  Expiration______________

Name on Card_______________________________________________

 

 

 

Joanie Dalton - Chief Operating Officer

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

 

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

 

KEY EQUIPMENT FINANCE NAMES JOSEPH J. MCCUSKER SENIOR VICE PRESIDENT AND DIRECTOR OF SYNDICATIONS

 

SUPERIOR, CO, -- Key Equipment Finance, one of the nation’s largest bank-affiliated equipment financing companies, has announced that Joseph J. McCusker has been named senior vice president and director of syndications. McCusker will manage the third party buy activity and outbound syndication opportunities within Key’s commercial leasing services group, which offers equipment financing to middle market and large corporate businesses in the U.S. and Canada. His office is located at Key Equipment Finance’s world headquarters outside Boulder, Colorado.

 

“Joe has more than 30 years’ experience in the equipment financing industry, said Richard J. Remiker, president and chief operating officer, commercial leasing services. “His extensive background in middle market and large ticket equipment leasing and structured finance will make him an important member of our management team.”

 

Prior to joining Key Equipment Finance, McCusker was senior vice president and business unit manager for Provident Commercial Group (a Cincinnati, Ohio, bank- based equipment lessor) where he managed credit, documentation and sales personnel as they originated and syndicated equipment leasing and financing transactions. He also worked for Republic Financial Corporation for nine years, where he held the positions of managing director for capital markets and, later, managing director for structure finance. At Fleet Credit Corporation he served as vice president and regional marketing manager for 11 western states.

 

McCusker earned his bachelor of science degree in accounting from St. Joseph’s College in Overbrook, Pennsylvania, and his masters of business administration in finance from Arizona State University. He also attained the rank of captain in the U.S. Army Infantry having served in Vietnam as a Special Forces “A” Team leader.

 

Key Equipment Finance provides business-to-business equipment financing solutions to businesses of many types and sizes. They focus on four distinct markets:

--small businesses in the U.S.;

--mid-to-large size businesses in the U.S. and Canada for acquisitions from $5,000 and up;

--equipment manufacturers, distributors and value-added resellers worldwide; and

--federal, state and local governments as well as other public sector organizations.

 

Headquartered outside Boulder, Colorado, Key Equipment Finance oversees a $7.5 billion equipment portfolio with annual originations exceeding $3 billion. The company, which operates in 25 countries and employs more than 600 people worldwide, has been in the equipment financing business for nearly 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at KEFonline.com.

 

Cleveland-based KeyCorp (NYSE: KEY) is one of the nation's largest bank-based financial services companies, with assets of approximately $84 billion. Key companies provide investment management, retail and commercial banking, retirement, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. The company's businesses deliver their products and services through KeyCenters and offices; a network of approximately 2,400 ATMs; telephone banking centers (1.800.KEY2YOU); and a Web site, Key.com, that provides account access and financial products 24 hours a day.

 

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

 

Amtrak president to resign amid efforts to break up financially troubled rail line

 

By Laurence Arnold, Associated Press,

 

WASHINGTON (AP) Amtrak President George Warrington is resigning to become head of New Jersey's bus and rail agency, a surprise move that comes as the financially troubled national passenger railroad fights efforts to break it up.

 

Warrington will stay on at Amtrak until an interim successor is named, an Amtrak source said Wednesday, speaking on condition of anonymity.

 

Warrington, 49, has led Amtrak through a difficult four years during which it tried to end its three-decade reliance on operating subsidies from the federal government.

 

Warrington's strategy was to grow the railroad to fiscal health, but costs rose along with income and ridership. Watchdogs now agree it will not achieve self-sufficiency by the December deadline set by Congress.

 

The source said no timetable has been established for Warrington's departure but that Amtrak's governing board already has a short list of potential successors.

 

Amtrak spokesman Bill Schulz declined to comment when asked if Warrington was leaving. Warrington could not be reached.

 

In becoming executive director of NJ Transit, Warrington will return to his roots. A native of Bayonne, N.J., he worked at NJ Transit and served as deputy state transportation commissioner before joining Amtrak.

 

NJ Transit carries 400,000 bus and train riders each day, making it the third-largest mass transit agency in the nation behind New York and Chicago.

 

Michael Dukakis, the former governor of Massachusetts who now serves as vice chairman of Amtrak's governing board, said in January that Warrington had assured the board he would stay through the end of 2002.

 

''This has been a very tough job, and he's been terrific,'' Dukakis said at the time. ''There isn't a single person on the board who isn't a Warrington fan.''

 

Ross Capon, executive director of the National Association of Railroad Passengers, an advocacy group, said Warrington ''kept the system together, and we didn't lose any service of significance, and that's not a small feat.''

 

Warrington took the job a year after Congress set the deadline for self-sufficiency and appointed the Amtrak Reform Council to monitor progress. Last month the council sent to Congress a plan suggesting the government break up Amtrak and open passenger rail to competition.

 

Warrington responded by saying the railway needed $1.2 billion next year twice what it received this year and threatened to cut some or all of its 18 long-distance trains unless it receives that amount. He also trimmed 1,000 of the company's 24,600 jobs and made other cuts in training, advertising and equipment maintenance.

 

In a speech last year, Warrington appealed to political leaders to resolve whether the railway's chief mission is to provide national passenger service including running certain politically popular but financially ill-advised long-distance trains or to break even.

 

''For 30 years Amtrak has been expected to perform like a business and at the same time serve community needs like a nonprofit organization. We cannot do this,'' he said.

 

On Wednesday, Warrington told the House Transportation subcommittee on railroads that ''it will take a sustained federal commitment to build the kind of passenger rail system Americans need and want.''

 

Warrington, who took over as Amtrak president in December 1997, presided over the introduction of the nation's first high-speed train the amenity-filled Acela Express that runs between Washington and Boston and hits a top speed of 150 mph. He began a frequent-traveler rewards program and a customer-satisfaction guarantee. And he asked Congress for $30 billion over 20 years to close what he calls a ''rail investment gap.''

 

Under Warrington, Amtrak also aggressively sought new business opportunities to supplement its revenue from passenger trains.

 

He named a vice president to oversee development of Amtrak's real estate holdings including land around stations in Baltimore, Philadelphia and Chicago and Amtrak's first director of merchandising to develop and market company-branded souvenirs.

 

Amtrak won federal approval in 1998 to carry time-sensitive packages and freight shipments and now transports packages, periodicals, dry freight even fruit in refrigerated cars from West Coast to East.

 

Two years ago, Warrington introduced a plan to add new passenger routes. Though designed in part to expand package-delivery opportunities, the plan promised to bring trains to the neighborhoods of 4 million potential new passengers. But virtually none of the 14 specific proposals to extend or add routes has panned out.

 

Kenneth Mead, the Transportation Department's inspector general, reported in January that Amtrak lost $1.1 billion in 2001, the most in its 30-year history, and had made no progress toward becoming financially self-sufficient.

 

Amtrak was created by Congress in 1971 to take over the passenger rail operations of private railroads. Today, it serves more than 500 communities in 46 states over a 22,000-mile route system. The railroad carried a record 23.5 million riders in 2001.