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Kit Menkin’s Leasing News www.leasingnews.org Friday, October 5, 2001 also available as an e-mail with the “This Day in American History” as signature ---------------------------------------------------------------------------------------------------------------------- Headlines---- Republic of South Carolina Up-Date Att: Microsoft Outlook Users Pacbell.net Up-Date “On Board “ Report GEtrucking.com Website Expanded to Better Serve Customers Gateway tells of big losses since Sept. 11 Friday---Odds and Ends Association for Governmental Leasing and Finance Conference News ### denotes press release Republic of South Carolina Up-Date Charles and I did eliminate nine positions Wednesday. With new business volume down (year-to-date almost 12% from last year) we made the logical decision to increase current profitability and insure Republic's strength for the long run by eliminating excess capacity. That is the textbook definition for simply "taking care of business" in order to continue funding for brokers for another thirteen years. Logical, yes. Textbook, yes. Easy? Absolutely not. Lost with those positions were nine outstanding people. "Anonymous" and our other eight employees spent from one to nine years working hard for Republic and our broker/lessor customers. They were consistent and dependable and I am sure that even though the severance packages eased their disappointment, they still hated to leave. While our parent has declined a number of offers this year for Republic, we are excited about the possibility of joining one of the remaining suitors. With a better cost of funds and a recovering economy, we plan to make 2002 the best year ever for our broker customers. Dwight Galloway, CEO Charles Randall, President (800)669-0222 ( I would like to make a disclaimer that I am the managing partner of American Leasing, and we discount to Republic of South Carolina, and have done so for years, as they are an excellent company run with an excellent staff. If our volume was what it once was and we submitted more deals to Republic, perhaps they would have not had to take the action they have. We wish we had more business to “give” to Republic and to our other funding sources. This period reminds me of the October, 1989 Loma Prieta Earthquake here. It was the worst month we had in our 30 year history. editor ) ------------------------------------------------------------------------------------------------ Eastern Association of Equipment Leasing Conference Call. The EAEL is hosting a teleconference, Wednesday, October 10 at 12:00 PM EST on "How to Get Back to Business". Join your peers in a discussion of the impact of current events on your business and formulate a strategy to manage change in our volatile economy. Harvey A. Robbins, Ph.D. will facilitate. For further information please contact the EAEL office at 914 381 5830. Amfnyc@aol.com ___________________________________________________________ Association for Governmental Leasing and Finance Conference News The deadline to register with AGL&F for the 2001 Fall Annual Conference at Loews Ventana Canyon Resort (November 7-9) and receive the discounted early bird rate is Wednesday, October 10. Please make sure you register now before the registration amount goes up! Loews Ventana Canyon Resort - Rooms are still available at the AGL&F rate of $229/night but are going fast. Please call 520-299-2020 and make your room reservations now. THE HOTEL HAS EXTENDED OUR DEADLINE TO MAKE RESERVATIONS ONE MORE WEEK TO FRIDAY OCTOBER 12. Please call AGL&F Headquarters for additional information at 202.742.2453 and we will be happy to fax or email another copy of the Conference Registration Brochure to you. Thank you and we look forward to seeing you there! Cordially, Graham Hauck Executive Director Association for Governmental Leasing and Finance 1255 23rd Street, NW Washington, DC 20037 202.742.AGLF (2453) fax: 202.833.3636 email: gsh@aglf.org http://www.aglf.org Att: Microsoft Outlook Users This comes form Doug Delack, and it appears very useful for Microsoft Outlook users. It may or may not work in other e-mail program, but it will for Microsoft---the most popular e-mail program: To avoid spreading computer viruses that are spread via email address books, create a contact in your email address book with the following in the name field: !0000 (with no email address in the details) This contact will then show up as your first contact. If a virus attempts to do a "send all" on your contact list, your pc will put up an error message saying that "The message could not be sent. One or more recipients do not have an email address........" Click OK and the virus message will not be sent to anyone. The virus message may then be automatically be stored in your "drafts" or "outbox" folder. Go in there and delete the message quickly. Problem solved and virus not spread. Works like a charm. Doug Delack <DDelack@USA.NET> ------------------------------------------------------------------------------------------------------- Friday---Odds and Ends NAELB postponed our regional educational conference in Marina Del Rey because of a variety of issues related to the current logistics of travel. We will be announcing the replacement date of this conference for either January or March of 2002. Some of our attendees were unable to cancel or rebook their air reservations without incurring a penalty. NAELB will provide complimentary attendance to our regional conference on the replacement date to anyone who was penalized as a result of this postponement. Please contact Maria Turner at the NAELB office. Maria can be reached at 800-996-2352. Mike Meacher President, NAELB meacher@bankgrouponline.com 800-403-0422 ~~~ Rev. Jesse Jackson We passed this e-mail to Izzy Finster at George Parker’s request. Here is the original and Mr. Finster’s response: I read your recent thoughtless blurb in Leasing News regarding Jesse Jackson. I respect your right to a negative opinion of him or anyone else. But, just for the record, Jackson has done tremendous good in the past in bringing home hostages and helping to diffuse tense situations involving radical international groups at odds with the U.S. In that respect, he is an unflinching patriot. As you may or may not know, there are two American aid workers being held by the Taliban for trial for spreading Christianity in Afghanistan. You might not care, but their families certainly care that someone like Rev. Jackson might get involved to get their kids' released or even persuade that government to turn over Osam bin Ladin. Needless to say, the situation is full of risks and exceedingly thorny. At any rate, your comment that Jackson go to Afghanistan and stay is flippant, callous and irresponsible. It is easy to write thoughtless criticism of others who work hard and put their lives on the line when the only risk you are taking is that of developing typing fatigue. Jackson deserves more respect and credit. George Parker gaplti@pipeline.com Leasing Technologies Int'l, Inc. Dear Mr. Parker That is your opinion. I think Jesse Jackson should drop dead. I didn’t vote for him for president. He should stay out of this as he not only will get the two girls killed, but a lot of other people. He doesn’t even take care of his illegitimate child, according to the various newspaper stories. Some role model? Drop dead, I say. Izzy Finster, Madison Capital ( vehicle and equipment lessors) Allan Levine, Principal, drives: 1998-E420 Mercedes and 1998 Ford Expedition Nancy Pistorio, Principal, drives: 1998
Toyota Avalon 1998
Acura 3.5 RL 1987 BMW 325 pushed-personally owned We only drive used vehicles. For short periods of time and then released to new lessees that see the cars. thanks Allan Levine alevine@madisoncapitalonline.com Executive Vice President Madison Capital, LLC Administration & Originations 1133 Greenwood Road-Suite A Baltimore, Md. 21208-3608 410-653-6269 x 117 PacBell.net Although I got your newsletter at the beginning of the week, yesterday's didn't come. It's strange because I receive the Monitor on a daily basis. Steve sr-sbbt@postoffice.pacbell.net ( They probably have an expensive software mail program, which we do not, or maybe we are too controversial for some readers...editor ) from dawkindr@postoffice.pacbell.net Hello User dawkindr@pacbell.net, I have received your email regarding your news problem. We have implemented measures designed to prevent our mail servers from being abused to distribute junk mail, or "Spam". These measures will make it more difficult for this type of mail to be sent to either our customers or to the rest of the Internet. This will ensure that our mail service continues to be reliable and Internet-friendly. Because the incidence of abusive spamming is on the rise industry-wide, Pacific Bell Internet and many other Internet service providers across the country are finding it necessary to make these changes to protect the quality of mail service. It sounds as though it is an orbs problem. Please contact the Policy Department at 1-877-655-4410. They may be able to help. Thank you for choosing SBC Internet Services. Regards, Shawn Technical Analyst SBC Internet Services Try our online help at <http://pacbell.prodigy.net>. Remember its quick, hassle free, and is always available!" ( Doug was on the telephone for over an hour holding to talk to them, which he did, plus has sent e-mails, too. We are also working on our end. Leasing News has a “ticket” open....they have a sub-user who is actually eliminating this as part of an on going to reduce bandwidth and save them money. As a user, you have the right to accept "Spam" or "not." Their motivation is to save bandwidth in order to increase their profits. In addition, Leasing News is not “Spam,” as we send only to people who request our newsletter, and always verify the request. editor ) On Board Report Ken
Duffy, Sr. and I have both have a son in the US Navy.
His way outranks mine, but nevertheless, they are both “gung ho” and
we share that in common. He also shares other Navy info with me such as this an e-mail from
an Ensign stationed aboard the USS Winston Churchill.. He received this from a friend, and gives me permission
to re-print it. It says a lot about the unity we share in this world.
What an honor for this crew!
-------------------------
Dear Dad,
Well, we are still out at sea, with little direction as to what our next
priority is. The remainder of our port
visits, which were to be centered around max liberty and goodwill to the
United Kingdom, have all but
been cancelled. We have spent every day since the attacks going back and
forth within imaginary boxes
drawn in the ocean, standing high-security watches, and trying to make
the best of our time. It hasn't been that
fun I must confess, and to be even more honest, a lot of people are frustrated
at the fact that they
either can't be home, or we don't have more direction right now. We have
seen the articles and the
photographs, and they are sickening. Being isolated as we are, I don't
think we appreciate the full scope of
what is happening back home, but we are definitely feeling the effects.
About two hours ago the junior officers were called to the bridge to conduct
Ship handling drills. We were
about to do a man over! board when we got a call from the LUTJENS(D185),
a German warship that
was moored ahead of us on the pier in Plymouth, England. While in port,
the WINSTON S
CHURCHILL and the LUTJENS got together for a sports day/cookout on our
fantail, and we made
some pretty good friends.
Now at sea they called over on bridge-to-bridge, requesting to pass us
close up on our port side, to say
goodbye. We prepared to render them honors on the bridge wing, and the
Captain told the crew to come
topside to wish them farewell. As they were making their approach, our
Conning Officer announced
through her binoculars that they were flying an American flag. As they
came even closer, we saw that it
was flying at half-staff. The bridge wing was crowded with people
as the Boatswain's Mate blew two
whistles- Attention to Port- the ship came up alongside and we saw that
the entire crew of the German
ship were manning the rails, in their dress blues. They had made up a sign
that was displayed on the side
that read: "We Stand By You".
Needless to say there was not a dry eye on the bridge as they stayed alongside
us for a few minutes and
we cut our salutes. It was probably the most powerful thing I have seen
in my entire life and more than a
few of us fought to retain our composure. It was a beautiful day outside
today. We are no longer at liberty
to divulge over un-secure e-mail our location, but we could not have asked
for a finer day at sea. The
German Navy did an incredible thing for this crew, and it has truly been
the highest point in the days since
the attacks. It's amazing to think that only a half-century ago things
were quite different, and to see the
unity that is being demonstrated throughout Europe and the world
makes us all feel proud to be out here
doing our job.
After the ship pulled away and we prepared to begin our man overboard drills
the Officer of the Deck
turned to me and said "I'm staying Navy." I'll write
you when I know more about when I'll be! home, but
for now, this is probably the best news that I could send you. Love
you guys.
--------------------------------------------------------------------------------------------------------------------
Let's keep praying for peace and for all those who are serving our country
at this critical time.
Ken Duffy, Sr. ----------------------------------------------------------------------------------------------- ###### ###### #################################### ##################### GEtrucking.com Website Expanded to Better Serve Customers
STAMFORD, Conn--GE Trucking Solutions' web site (http://www.getrucking.com), which helps customers find equipment, financing and trucking-related services, has added new content and improved site functionality to enhance site utility and visitor experience. The GE Trucking web site consolidates the complimentary offerings of four GE Capital businesses -- Penske Truck Leasing, Transport International Pool (TIP), GE Capital Commercial Equipment Finance and GE Capital Fleet Services -- in one place and presents them in a comprehensive manner which allows a visitor to easily find a solution to a particular need. "We are listening to our customer needs and have made these changes to better serve them," said Patrick Campbell, Site Leader, GETrucking.com. "As technology grows GE Trucking continues to expand its e-services. Our changes will allow customers to more easily access the information and tools they are looking for." Site enhancements include a new pre-owned equipment wizard, a streamlined GE Trucking Solutions Wizard, valuable industry insight and new tools to help visitors make better decisions. The Pre-Owned Equipment Wizard offers customers one stop shopping for pre-owned trucking equipment from GE Capital's four trucking related businesses. The Trucking Solutions Wizard has been simplified to allow customers to quickly register a need, which would result in a prompt response from a GE Capital account executive. An extensive array of loan and lease calculators and have been added to the site to assist customers with key financing decisions. Valuable industry-relevant content is now accessible through the site. In a partnership with the Wharton Business School at the University of Pennsylvania, GE Trucking is developing content relevant to the issues and challenges in the trucking industry. An editorial titled "Maximizing your trucking fleet when times are tougher" is now available at http://www.getrucking.com/resources/wharton.html. New content will be published on a quarterly basis. Additionally, the site now offers a daily e-mail newsletter highlighting new product/service offerings as well as industry news of the day. The site now features GE Capital's I-Sim business for those visitors looking to reduce fleet costs and improve the safety of their fleet. I-SIM is a leader in driver simulation technology and training systems. I-Sim simulators include visual, motion, vibration, and sound simulation with full standard instrumentation and actual vehicle cabs. Scenarios are fully programmable and include weather conditions, 3D-road surface, payload, traffic, and training scenarios. GE Capital GE Capital, with assets of more than US$370 billion, is a global, diversified financial services company grouped into six key operating segments comprised of 24 businesses. A wholly-owned subsidiary of General Electric Company, GE Capital, based in Stamford, Connecticut, provides a variety of consumer services, such as credit cards and life and auto insurance; mid-market financing; specialized financing; specialty insurance; equipment management, and specialized services, to businesses and individuals in 47 countries around the world. GE is a diversified services, technology and manufacturing company with operations worldwide. ##### ######################################### ################ Gateway tells of big losses since Sept. 11 By Bruce V. Bigelow UNION-TRIBUNE STAFF WRITER Gateway said yesterday that its third-quarter losses will be far greater than expected, after its build-to-order computer business fell substantially in the immediate aftermath of the Sept. 11 terrorist attacks. The personal computer maker, which moved its headquarters to Poway this week, estimated its loss for the three months ended in September will be 14 to 17 cents a share. When the company reports its third-quarter results on Oct. 18, the losses could be as much as four times analysts' consensus estimates of 4 cents a share, according to First Call/Thomson Financial. "Clearly the events of Sept. 11 had an immediate impact on our business and our general demand trends," said Ted Waitt, Gateway's founding chairman and chief executive. Deteriorating market conditions also hurt a number of Gateway's investments, which will result in a special charge of between $100 million and $130 million against third-quarter earnings. In contrast to Gateway, Dell Computer surprised Wall Street yesterday by announcing that it would meet its profit and sales forecasts for the quarter. The company hinted that its business was relatively strong at least in part because of losses at rivals such as Compaq. Dell also may benefit from the fact that it is still a month away from the end of its quarter, said Brett Miller, a financial analyst with A.G. Edwards & Sons in St. Louis. "They're still running and sprinting and saying we're going to pull it off," Miller said. As for Gateway, Miller suggested the timing of the terrorist attacks couldn't have been much worse. "For a lot of companies, it's not uncommon to get a disproportionate share of your third-quarter revenue in September," Miller said. Some companies may get as much as 50 percent of their third-quarter sales in that month, he added. "I can tell you that Gateway's stores were just flat dead," Miller said. "They basically lost the last two weeks of the month." The losses hit as Waitt sought to make a fresh start by withdrawing from foreign markets. He has refocused Gateway exclusively on the U.S. market by winnowing its product line and expanding services such as training and support. Earlier this summer, Gateway began a massive $475 million restructuring plan intended to turn around the company's flagging business. About 5,000 employees were laid off this summer, following several thousand job cuts earlier in the year. No additional layoffs are planned for now, however. "Prior to Sept. 11, our business was tracking pretty well against our plans," said Waitt. "And since that time, we've seen our business come back and pretty much normalize." With the introduction of Microsoft's new operating system, Windows XP, Gateway had anticipated a ramp-up in its business, and Waitt said that trend has resumed. Joe Burke, Gateway's chief financial officer, said "We are cautiously optimistic" the company will still reach pre-tax profitability, excluding special charges, in the fourth quarter. Bruce Bigelow's e-mail address is bruce.bigelow@uniontrib.com. His phone number is (619) 293-131
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