November 9, 2001




David Marks Joins Pioneer Capital---Hooray!!!!

   ePlus' New Manage+ 2.5 / New Enhanced Applications

        PLM International Announces Third Quarter Results

           Mortgage Rates Drop to Lowest in 30 years

               Global Semiconductor UpTurn Forecast

                        Friday---Odds and Ends


Fed policy-makers signal willingness to do whatever necessary to fight downturn …concerned about low-income workers being able to make mortgage payments and credit card debt.

                  Associated Press Story


Leasing News The List to be Up-Dated Monday


       ---- New Classified???---Used Equipment ???( see Friday Odds and Ends )


### denotes press release



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David Marks Joins Pioneer Capital---Hooray!!!!


Dallas, Texas  - Pioneer Capital Corporation, a broker funding source, announces that David Marks has joined Pioneer Capital Corporation in the position of Account Executive.


 In his new position, David will be establishing new broker accounts and creating special leasing programs.


 David Marks comes to Pioneer after spending five years as National Marketing Director of FNF Capital (formerly known as Granite Financial) in Golden, Colorado.  Prior to his position at FNF Capital, David was District Manager at Tokai Financial Services.       


            “Now is a great time for David to be joining us as we are completing new technology upgrades which allows employees and brokers to work from anywhere in the world,” stated company President John Boettigheimer.


“ In development for the past 18 months, is a $1 million project currently being rolled out to all Pioneer brokers enabling them to submit applications, receive credit decisions, and document transactions all on-line. “


            David will be opening a branch office in Denver, Colorado and can be reached toll free at

 (800) 521-1308, Ext. 331

or by e-mail at


For additional information on this press release contact John Boettigheimer at


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ePlus' New Manage+ 2.5 / New Enhanced Applications


HERNDON, Va--ePlus, Inc., (Nasdaq:PLUS), a leading provider of business solutions and services, today announced the availability of Manage+(TM) 2.5, the latest generation of its industry leading web-based asset management application.


As an integral component of ePlusSuite, Manage+2.5 allows ePlus to provide a complete automated business process service to its customers, including e-procurement, asset life cycle management, financing, and fulfillment.


Manage+ 2.5 gives customers the flexibility to manage their fixed assets proactively, enabling enterprise-level access and control with the security of a hosted solution.


"The power to manage assets over the Web is crucial to every customer's continued growth and cost reduction strategy," commented Phillip G. Norton, chairman and CEO of ePlus. "Since 1996, Manage+ has been providing the information our customers' need to effectively manage their fixed assets and automate their business processes. This latest release provides significantly enhanced value and functionality to meet the evolving needs of our customers, in a secure, flexible, and web-hosted application."


Some of the exciting new features of Manage+ 2.5 include:


--  New Allocation Tab--provides a flexible interface that allows

users to distinctly categorize assets within the context of

the internal accounting structure


--  New Global Update feature--enables organizations to make a

group change to locations, contacts, or allocations of assets


--  Enhanced Reporting module--offers expanded allocation, lease

and location reports with extensive query capabilities


--  Enhanced Search feature--enables multi-field searches bases on

a variety of allocation types


--  Updated Security feature--protects the integrity and diversity

of information tailored to an organization's diverse user



Manage+ offers customers a wide range of asset management tools to comprehensively manage assets throughout the lifecycle, capturing data from the procurement cycle and providing information, reporting, audit trails, and management tools during the useful life of the asset.


Financial, tax, software license, maintenance, location, user, accounting allocation and budgeting, warranty, and detailed asset data are organized into useful groups, including:


        -- Asset Detail              -- Maintenance   

        -- Asset Options             -- Invoices      

        -- Locations                 -- Financials    

        -- Contacts                  -- Charge Backs  

        -- Allocations                      


The latest version of Manage+ includes features and functions derived from ePlus' unique experience of providing real world solutions to customers of many different sizes, organizational structures, and industries. Manage+ has tracked many different types of assets, including IT, software, capital equipment, vehicles, and medical equipment. 


Manage+ customers are commercial, public, and institutional enterprises including Michael Baker Corporation, Martin Marietta Materials, ProBusiness, City of Raleigh, Commonwealth of Virginia DOT, Westvaco, Hooper Holmes, and Georgetown University.


Manage+ provides a central database that stores, displays, and updates deployment details, such as: serial number, description, model number, installation date, vendor, and equipment status. Tracking changes and creating an asset audit trail is seamless with any web browser, allowing movement details, upgrade records, and usage trends to be easily identified.


An asset's multiple and detailed costs are completely tracked and categorized by Manage+, to dissect financial data, prepare budgets, track charge backs, and analyze cost history. As organizational changes occur, Manage+ can globally update all asset information and financial details to reflect a new corporate structure.


With its powerful reporting tools, Manage+ can summarize, format, and customize valuable asset information into over 20 standard reports. These reports can be easily retrieved and distributed through a secure web interface.


Manage+ can be coupled with Procure+ to deliver a complete electronic business process solution. In combination with Manage+, the ePlus online procurement software can track an asset from its initial order through payment and delivery.


Manage+ and Procure+ are part of the ePlusSuite of industry solutions covering all aspects of business process management - from procuring goods and services, to tracking financial data and managing corporate assets, to outsourcing, fulfillment, content technology, and related services.


More information about Manage+ can be found at


About ePlus


A leading provider of Web-based e-procurement, asset management, financing, leasing, sourcing, and eContent technology and services, ePlus delivers comprehensive and high-value business solutions. The ePlusSuite of products and services, including Procure+, Manage+, Finance+, Service+, Content+, and ePlusMarket, helps businesses dynamically streamline, improve and gain management control.


ePlus solutions integrate and automate each aspect of the supply chain process: from requisition to approval, fulfillment, financing and asset management, delivering the highest return on investment.


ePlus(TM), ePlusSuite(TM), Procure+(TM) , Manage+(TM) , Service+(TM), B14ZR(TM), OneSource(TM), OneReq(TM), CLG(TM) and MarketBuilder(TM) are trademarks of ePlus inc. Finance+SM is a registered service mark of ePlus inc. . Founded in 1990, the company is headquartered in Herndon, VA and has more than 30 locations in the US. For more information, visit our website at, call 800-827-5711 or email to


"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release, which are not historical facts, may be deemed to contain forward-looking statements. 



Investors are cautioned that current financial results may not be indicative of future results.




ePlus inc., Herndon

Lisa Savino, 631/775-1261    




Kley Parkhurst, SVP, 703/709-1924                              

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( $1.1 million less than last same period, after sale of discounted

leases with  $2,171,000 accumulated deficit on their financial statement . Equity

down from $17,080,000 to $15,613,000  )


PLM International Announces Third Quarter Results



SAN FRANCISCO/ -- San Francisco-based PLM International, Inc. (Amex: PLM) today reported the results of its operations for the quarter and nine months ended September 30, 2001.


For the three months ended September 30, 2001, consolidated revenues from continuing operations were $3.4 million compared to $4.5 million for the same period in 2000.  Operating income from continuing operations rose to $2.2 million, compared to $1.6 million in the third quarter of 2000.  Income from continuing operations totaled $1.4 million for the third quarter of 2001 versus $0.7 million for the same period in 2000.


The Company's commercial and industrial equipment and trailer leasing subsidiaries were sold in 2000 and are accounted for as discontinued operations and prior periods have been restated.  For the third quarter of 2000, the loss from discontinued operations plus the gain on disposition of discontinued operations produced income of $4.3 million.  Basic and diluted income per share from the loss from discontinued operations plus the gain on disposition of discontinued operations totaled $0.58 and $0.57, respectively, for the third quarter of 2000.


The Company's basic and diluted earnings per share both totaled $0.19 for the third quarter of 2001, compared to basic and diluted earning per share of $0.67 and $0.66, respectively, for the third quarter of 2000.


Consolidated revenues from continuing operations during the first nine months of 2001, totaled $8.8 million compared to $9.2 million in the same period of 2000.  Operating income from continuing operations in the first nine months of 2001 was $3.1 million compared to $2.3 million in the same period of 2000.  Income from continuing operations totaled $2.1 million versus $1.0 million for the first nine months of 2000.


For the first nine months of 2000, the loss from discontinued operations plus the gain on disposition of discontinued operations resulted in income of $4.6 million.  Basic and diluted income per share from the loss from discontinued operations plus the gain on disposition of discontinued operations both totaled $0.61 for the first nine months of 2000.


The Company's basic and diluted earnings per share both totaled $0.27 in the first nine months of 2001 compared to basic and diluted earnings per share of $0.74 for the first nine months of 2000.


PLM International is a management company providing services to transportation, industrial, and commercial companies.  The Company manages a diversified portfolio of over $500 million (based on original equipment cost) of transportation and related equipment for approximately 60,000 third-party investors.

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Friday---Odds and Ends


Kaye Lee---Alive and Well


I enjoy your Leasing Newsletter. Keeps me up to date since I've been out of the industry for awhile.


 Say hello to everyone and that I miss all my friends in leasing.



 Kaye Lee




Fed Rate


I've got to side with Russ on this one, Kit. He's has it exactly right

(nothing personal, Bob).


The Fed sets the Discount Rate, but establishes a "target" for the Federal

Funds rate. The target is where they would like to see the Federal Funds

rate, but the banks establish the actual rate amongst themselves.


Travis Foxx



Need help with your growing business?

Merchant Capital: "Business Financial Management"




            I liked the article on Ikon.  Smart brokers will be calling on Ikon

sales people, because the credit department will become very tight.  I also

liked the article from the New York Times regarding the recent reduction of

the prime rate.


  Archie Julian


(  Yes, one of the purposes why we ran the story.  They all relate

to leasing  It is not uncommon for captive lessors to try to

penalize the salesmen, including making them responsible

for collection---perhaps the best way to train a salesman

on credit. Once you have been involved in collection, you

get a real education. editor )


  -In a November 1, 2001 tentative decision, San Jose

Superior Court Judge John F. Herlihy affirmed his earlier ruling that IKON

Office Solutions, Inc. (NYSE:IKN) violated California labor law by

"Charging-back" sales commissions for customer defaults on lease payments.


In the first of two ten page decisions, the Judge said if the Customer did

not pay cash for the deal, a salesperson earned commission at the time of

lease signing through IKON's subsidiary financing company and equipment



 In the second ten page decision, the Judge said that since the salesperson

was not responsible for the decision to extend credit to the customer, IKON

had engaged in unfair competition with respect to all California

salespersons by making the employees bear a business loss of a lease





National Association of Equipment Leasing Brokers’ Listserve


Excerpt from Kit Menkin's Leasing News for 11/07/01:


''We like it,'' Lt. David Chase said. ''That's their little work

office in the car. They carry everything from a radar, to a

computer terminal to a camera and a shotgun.''


Sounds like your modern day leasing exec in the field making cold calls...



Christopher Raley


( Thank you. He got my sense of humor in running the Dodge car story.

   Still don’t know what kind of car Mike Fleming drives, however. editor )




For Sale—Holga Filing System---Bargain Price, It is Reported----


I am the Manager of Collateral and Office Services

for Vendor Finance, Textron Financial. We have a 1 1/2 year old Holga Filing


System we need to find a home for due to the closure of this division at the

end of the year.  The system will hold upwards of 40,000 letter size files.


It is in excellent condition.  I have digital photos that I can forward to

interested parties.  The system is $8000.00 plus removal.  If anyone is

interested, they can contact me Monday thru Friday at 503-675-5463.\


"Trout, Terri" <>


   ( Maybe we should start a used equipment classified. editor )


I appreciate your response.  While I know quite a few people in our

industry, I have been at a loss to find a way to remarket this.  It would be

a shame for this to go into storage and not be put to good use by someone.

The price is a real bargain and perhaps someone with a tight budget could

utilize this quality piece of equipment.  I do think that a classified

section might be a good idea.  Maybe I can be your pioneer test case!


"Trout, Terri"



“ I Choose to sign my name…”


I think you do an excellent job of weeding through the comments and printing

pertinent stuff.  I choose to sign my name to anything I put out on the

airwaves. That's because I wouldn't hesitate to say what I say directly to their

face.  You already know how I feel about people who don't sign their

name to their comments, especially the ones who want to criticize and

nitpick.  That's why you filter this comments.



LeaseNOW, Inc.

1-800-321-LEAS (5327)x 10






Mortgage Rates Drop to Lowest Level in 30 years

By Jeannie Aversa, Associated Press

WASHINGTON – Mortgage rates dipped this week to the lowest level in 30 years of record keeping, helping to spur a further boom in mortgage refinancing.

Rates for 30-year mortgages dropped to 6.45 percent, down from 6.56 percent the previous week, according to a nationwide survey released Thursday by Freddie Mac.

The mortgage company said the latest decline pushed 30-year mortgages to their lowest level since it began conducting its nationwide survey in 1971. It marked the 13th consecutive week that 30-year mortgages have been under 7 percent.

"This could really ignite more refinancing activity, which is already in a middle of a boom," said David Lereah, chief economist at the National Association of Realtors. "This could bring more people in."

David Wyss, chief economist at Standard & Poor's, said the 30-year rate could edge even lower in the next two months as further weak economic statistics raise the certainty that the country is in a recession.

He predicted rates could fall close to 6 percent, putting them in striking distance of the 4 percent and 5 percent levels prevalent during the 1950s and 1960s, when the government still controlled the interest rates savings and loan institutions could pay depositors.

A number of forces are behind the drop in long-term rates, economists said, including the sinking economy, which many believe is in a recession, and the indirect impact of the Federal Reserve's interest rate cuts. The most recent reduction, a half-point cut, came on Tuesday.

Another factor: the Treasury Department's decision last week to stop issuing 30-year bonds, economists said. Ditching the bond increased demand for alternative investments, including the benchmark 10-year Treasury note, which is the basis for pricing long-term mortgages. Increased demand for 10-year notes drove prices up and reduced their yields.

Fifteen-year mortgages, a popular option for refinancing, dipped to 5.94 percent this week, compared with 6.04 percent the previous week. Freddie Mac said this week's rate is the lowest since it began tracking 15-year mortgages in 1991.

A year ago, rates for 30-year mortgages averaged 7.79 percent and rates for 15-year mortgages averaged 7.44 percent.

Against the backdrop of an ailing economy and rising unemployment, some Americans have been wary about making big-ticket purchases, such as a home. But the drop in long-term mortgage rates might change minds.

"People are still worried but the effect of lower rates should offset some of the negatives," said Stanley Duobinis, an economist with the National Association of Home Builders.

On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.30 percent, up from 5.26 percent from the previous week. Last year at this time, ARMs stood at 7.23 percent.

These rates do not include add-on fees known as points, which averaged around 1 percent of the loan amount for all three types of mortgages.

"Long-term mortgage rates will remain around 6.5 percent at least through the year, helping to keep the housing industry resilient," said Robert Van Order, Freddie Mac's chief economist.



Global semiconductor upturn forecast


After their most dismal year ever, global semiconductor sales are forecast to rise 6 percent to $150 billion in 2002 and a robust 21 percent in each two of the years thereafter, hitting $218 billion by 2004, according to an annual report issued Wednesday by a leading trade group.


Sales of personal computers, of which more than 100 million are sold each year, wireless communications devices such as cellular phones and consumer products like MP3 digital music players will spur the gains, the Semiconductor Industry Association (SIA) said in its influential annual forecast.


Any gains at all next year will be welcome.


In last year's SIA forecast, the trade group expected chip sales to rise 22 percent in 2001. That was before the dot-com bubble burst, economies slowed and consumer confidence began its steady decline.


Forecasts were ratcheted down throughout 2001, and the SIA now expects global chip sales to tumble 31 percent to $141 billion this year. That decline is nearly double the previous worst year for the chip industry, 1985, when sales fell 17 percent to $21.4 billion.


The beleaguered industry will begin to recover in the fourth quarter of 2001 and continue with the modest 6 percent growth in 2002 to $150 billion, the SIA said in its forecast. Global chip sales will rise 21 percent in 2003 to $181 billion and 21 percent in 2004 to $218 billion.


``History shows that through upturns and downturns, this industry has always grown over the long-term, and while the exact timing and shape of the coming recovery is hard to predict, recovery is certain,'' said Rich Templeton, chief operating officer of Texas Instruments, the biggest maker of digital signal processor chips that are widely used in cell phones.


Since 1959, global chip sales have risen at a 17 percent compounded annual growth rate, although the industry is notorious for its boom-and-bust cycles. This year alone, chip companies have shed tens of thousands of jobs and shuttered factories in the face of weaker-than-expected sales of personal computers, handheld organizers, cell phones and other electronic devices.


Some larger semiconductor companies are already seeing sales stabilize, though the question of when end-demand returns to more normalized levels is still open.

National Semiconductor, a diversified chipmaker and fierce competitor to Texas Instruments, on Tuesday stood by its earlier guidance that sales will rise 5 percent to 7 percent in the three months ending in November from the previous three-month period ended in August.


``We are very comfortable with the guidance that's out there,'' Chairman and Chief Executive Brian Halla told Reuters.


Memory chip maker Micron Technology said on Oct. 31 that orders for its dynamic random-access memory, or DRAM, chips have strengthened since the quarter ended in August, as the amount of memory per personal computer is increasing.


But Intel, the world's largest chipmaker and biggest maker of microprocessors, the primary computing engines of personal computers, sounded a cautious note in its guidance for the fourth quarter, suggesting further turmoil in the PC industry.

It forecast sales of $6.2 billion to $6.8 billion for the fourth period, the mid-point of which would be in line with third-quarter revenue of $6.55 billion. Historically, Intel's sales have risen about 10 percent sequentially in the fourth quarter.



Fed policy-makers signal willingness to do whatever necessary to fight downturn …concerned about low-income workers being able to make mortgage payments and credit card debt.


By Martin Crutsinger

WASHINGTON – Federal Reserve policy-makers in early October believed the terrorist attacks had pushed the country into at least a mild recession, and indicated they would do whatever necessary to prevent a deep downturn, meeting minutes released Thursday show.

The minutes of the Oct. 2 meeting showed that Fed Chairman Alan Greenspan and his colleagues believed that the major challenge confronting them was helping to bolster consumer and business confidence after the Sept. 11 attacks.

The Fed on Oct. 2 reduced the federal funds rate, the interest that banks charge on overnight loans, by a half-percentage point, and followed that with an additional half-point reduction on Tuesday, its 10th rate cut this year.

While some private analysts have said the Fed may be growing concerned that the central bank is running out of room to cut rates more, there was no hint of that in the minutes of the discussion.

Instead, the Fed policy-makers signaled that they believed with inflation low and likely to decline further, they had all the maneuvering room needed to keep reducing rates to ensure a strong economic rebound.

Since those discussions, the government has reported that the overall economy declined for the first time in eight years in the third quarter. Also, the unemployment rate rose to 5.4 percent in October as 415,000 Americans lost their jobs, the largest number of layoffs in a single month in 21 years.

"The members generally saw a relatively mild and short contraction followed by a gradual recovery next year as a plausible forecast but one that was subject to an unusually wide range of uncertainty, notably in the direction of a potentially much weaker outcome in the near term," the Fed minutes stated.

The Fed expressed concerns that stock market prices could keep falling, further undermining consumer and business confidence, and noted that weakness in the United States was spreading to other countries.

"The increased evidence of a faltering economy and the decidedly downside risks in the outlook called for a further move at this meeting" in interest rates, the minutes said. "Further vigorous easing action would tend to support business and household confidence."

Private economists viewed the Fed minutes as more evidence the central bank is prepared to cut rates again to make sure any recession is short.

"They are saying let's cut as much as needed to get this economy back on its feet," said Richard Yamarone, an economist at Argus Research in New York. "The Fed realizes the economy is in uncharted waters with the terrorism and anthrax threats."

The Fed minutes said policy-makers were looking for the economy to gradually recover next year, helped by the lower interest rates and further economic stimulus from Congress. The Fed said the economy in the second half of next year could well be growing at rates above 3 percent.

In a speech Thursday, Fed Vice Chairman Roger Ferguson said the medium-term prospects for the economy had been "significantly" affected by the terrorist attacks. "The longer-term prospects for the U.S. economy remain sound," he sound.

At a separate appearance, Fed board member Edward Gramlich said the central bank was worried about the ability of low-income workers to meet their mortgage payments as the economy slows.

The Fed's series of rate cuts has spurred a wave of new mortgage refinancing as people rush to take advantage of rates many have not seen in their working lives to lower their monthly mortgage costs.

The nationwide average for 30-year mortgages fell to 6.45 percent this week, the lowest level in 30 years of its national survey, the mortgage company Freddie Mac reported Thursday.




Have a Nice Weekend---Let us be the first to

   wish you a Happy Thanksgiving--- only 13 days to Thanksgiving

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