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Kit Menkin’s Leasing News www.leasingnews.org Wednesday, October 31,2001 ------------------------------------------------------------------------------------------------------ Happy Halloween--- remember what Hill Street Blues Sgt. Esterhaus would say, after dismissing the troops from the briefing, “ Don’t forget! Be careful out there!” ---------------------------------------------------------------------------------------------------------- Headlines--- Ampent and Equalfooting Gone? Lessors.com is Gone! Comdisco Agrees To Sale of Availability Solutions Biz To HP for $750 Million Consumer confidence plunges to 7½ year low Ripple effects from attacks begin to take toll on companies So You Want to Do a Deal Outside of the United States? Finding Court Records---Here you go: Trinity Industries Announces Agreement in Principle to Acquire Transport Capital Leasing News Changes---And We Answer, Yes it is “Conscious/Conscience” Highlights: ELA E-Leasing Newsletter CONVENTION SPECIAL!!! Red Cross ceases solicitations for Sept. 11 disaster relief fund, introduces interim CEO to clean up act Special Up-Date Definition of Leasing and Rental--- Dennis Brown, Equipment Leasing Association ### denotes press conference _________________________________________________________________ Ampent and Equalfooting Gone? We have been seeking to confirm this. We usually rely on our “resident” eLease expert Tom Williams: “I have heard Ampent is done which is disappointing because they at least had a management team from leasing. Good guys who got caught up in the internet craze. “Equalfooting (Liquidity) I am not surprised by. They spent 70 Million bucks and still didn't have a product and no one on their management team had any experience from leasing.” Take care- Tom Tom Williams tom@elease.com ----------------------------------------------------------------------------------------------------- www.lessors.com Officially Closes To Our Friends, The Lessors.com Web site has closed and this URL is now for sale. We invite you to follow us to the eLessors Networking Association (eLNA), a national community of technology and online equipment leasing professionals representing the new "eLeasing industry". Click - http://www.elessors.com We sincerely appreciate your past support and hope to see you at eLNA. John O. Semon CEO Lessors.com, Inc. This was perhaps one of the most thorough and complete leasing portals on line. These are the remaining portals: bizwiz.com businessfinance.com capital-connection.com cfol.com #4 cocoexchange.com #1 equalfooting.com internet-financial.com iqpc.com Leaseassistant.org #3 #1 The CocoExchange.com is a portal for buyers and sellers of equipment. Lease2save.com supports their back-end leasing transactions, using their ASP Vendor System. Our software was integrated into their website. #3 Leaseassistant.org is a website of the Equipment Leasing Association, with information on leasing. It is also available to members for $500 a year in a customized version with the name, logo, and link to the members site. #4 There are two tiers to the site, one is free, and the other is a subscription for "leads" or "sources". editor. ### ####################### ##################### Comdisco Agrees To Sale of Availability Solutions Business To HP for $750 Million
ROSEMONT, Ill Court Hearing to Approve Sale Scheduled for November 7, 2001; Bid Fully Supported by Official Creditors' Committee; Deadline for Leasing Bids Extended to November 8, 2001 Comdisco, Inc. (NYSE: CDO) announced today that it has signed an agreement to sell its Availability Solutions (Technology Services) business to Hewlett-Packard Company (NYSE: HWP) for $750 million. The agreement, which is supported by Comdisco and the Official Committee of Unsecured Creditors, is subject to approval by the U.S. Bankruptcy Court for the Northern District of Illinois, which the company intends to seek at a hearing scheduled for November 7, 2001. As previously announced on July 16, 2001, Comdisco entered into an agreement with HP to sell the Availability Solutions business for $610 million. That agreement was subject to higher or otherwise better offers in a Court-authorized auction process. Following the auction held on October 11, Comdisco, with the support of the Creditors' and Equity Committees, approved a bid by SunGard Data Systems, Inc. for $825 million as the highest or otherwise best offer. A lawsuit seeking to enjoin the transaction with SunGard on antitrust grounds was filed by the Department of Justice in the U.S. District Court for the District of Columbia on October 22, 2001. The Creditors' Committee withdrew its support of the SunGard bid in favor of an unsolicited $750 million offer by HP received on October 22, 2001 after the commencement of the DOJ lawsuit. In light of these events, the Court adjourned the October 23, 2001 sale hearing to November 7 and approved notice procedures designating a sale to HP as an alternative sale transaction. Comdisco also announced today that, in light of the adjourned hearing and to accommodate potential bidders, it has extended the deadline for bids for its Leasing businesses to Thursday, November 8, 2001 at 12:00 noon (CST). The auction for the Leasing businesses is scheduled for November 15 and 16, and the Bankruptcy Court hearing for a potential sale or sales has been set for November 28, 2001 at 2:00 p.m. (CST). As previously announced on August 31, 2001, Comdisco received Court approval for the potential sale of its Leasing businesses, excluding its European IT leasing operations. About Comdisco Comdisco (www.comdisco.com) provides technology services worldwide to help its customers maximize technology functionality, predictability and availability, while freeing them from the complexity of managing their technology. The Rosemont, (IL) company offers a complete suite of information technology services including business continuity, managed web hosting, storage and IT Control and Predictability Solutions(SM). Comdisco offers leasing to key vertical industries, including semiconductor manufacturing and electronic assembly, healthcare, telecommunications, pharmaceutical, biotechnology and manufacturing. Through its Ventures division, Comdisco provides equipment leasing and other financing and services to venture capital-backed companies. Consumer confidence plunges to 7½ year low By Lisi De Bourbon ASSOCIATED PRESS NEW YORK – Americans' growing fears about anthrax and job security in the wake of the Sept. 11 terrorist attacks dragged down consumer confidence in October to its lowest level in 7½ years, suggesting the economy will take longer than anticipated to rebound. The New York-based Conference Board said Tuesday that its Consumer Confidence Index plunged to 85.5 from 97, well below the 96 reading analysts had predicted. "We obviously expected consumer confidence to be shaken, but not this badly," said Oscar Gonzalez, an economist at John Hancock Financial Services in Boston. "This is a very worrisome report." Stocks moved lower on the news. The Dow Jones industrial average closed down 148 points, or 1.6 percent, at 9,122, while the Nasdaq composite index ended 32 points, or 1.9 percent, lower at 1,667. The index, based on a monthly survey of some 5,000 U.S. households, is closely watched because consumer confidence drives consumer spending, which accounts for about two-thirds of the nation's economic activity. The index compares results to its base year, 1985, when it stood at 100. The October figure is the lowest since February 1994. Consumer spending has been one of the main factors preventing the economy from sliding into recession. But many economists now believe a recession is inevitable after the attacks on the World Trade Center and the Pentagon. Companies have slashed hundreds of thousands of jobs since then. But they had already started trimming payrolls long before the attacks in response to an economic slowdown that weakened earnings and sent stock prices lower. To help revive the economy, the Federal Reserve has cut interest rates nine times this year, with two reductions coming after the attacks. A 10th cut is expected when policy-makers meet next month. "Consumer spending has slowed over the past year, but overall it has held up reasonably well and it kept the economy afloat," Gonzalez said. "If jobs start disappearing at a rapid pace, we could see a sharper pullback in spending and a downward spiral that not even (Federal Reserve Chairman Alan) Greenspan can stop." Analysts were particularly surprised by the October drop since another gauge of consumer sentiment rose slightly in October. The University of Michigan reported last week that consumer sentiment increased to 82.7 in October from 81.8 in September. "It is a bit at odds," said Scott Brown, chief economist at Raymond James and Associates in St. Petersburg, Fla. "You have to do some sore of psychological weighing of the Michigan numbers and the Conference Board numbers. You can't take one over the other, so take an average." The business group's survey is more influenced by the changes in the labor market than other reports, said Lynn Franco, director of the Conference Board's Consumer Research Center. Many of the questions the board asks consumers are related to their feelings about their job and income prospects. Another analyst suggested that the stream of reports about anthrax infections, the threat of more terrorist attacks and U.S. military action in Afghanistan are darkening consumers' moods. "My concern is tempered by the fact there's been such incessant media attention to the bombings and the anthrax situation," said Russell Jones, vice president of the retail industry sector at Cap Gemini Ernst & Young. The Conference Board said consumers' assessment of the current economic climate grew more pessimistic over the past month. Consumers rating current business conditions as bad rose to 20.6 percent in October from 18.3 percent in September, while those who thought conditions were good declined to 18.9 percent from 22.3 percent. The board also said that expectations for the next six months continued to deteriorate. The percentage of consumers who think business conditions will worsen rose to 20.3 percent from 15.8 percent, while those expecting fewer jobs climbed to 28.9 percent in October from 22.5 percent in September. The Conference Board is a nonprofit research and business group, with more than 2,700 corporate and other members around the world.
On the Net: ------------------------------------------------------------------------------------------------- Ripple effects from attacks begin to take toll on companies By Hope Yen ASSOCIATED PRESS NEW YORK – From a drop in film use at tourist sites to declining copy paper purchases in corporate offices, the ripple effects of Sept. 11 are reaching into the far corners of the economy. Many businesses reported an impact, direct or indirect, from the airliner hijack attacks on New York and Washington in their quarterly earnings statements issued this month. While some consequences, like the toll on airlines, already were well-reported, others are emerging for the first time or in unexpected ways, such as shrinking sales in toilet paper and tissue to hotels. There have been some beneficiaries, too, like canned soup, video rentals and florist companies. "In July, I wasn't expecting that 747s would be flying into buildings or that we would be worried about biological warfare. A lot has changed," said Tom Siebel, chief executive of Siebel Systems Inc., after the software maker's profits dove 48 percent in the third quarter. In some cases, companies were already struggling in a slowing economy and may be rushing to blame the attacks for poor performance. But for others, a dramatic shift in consumer behavior after Sept. 11 could well be providing an unexpected boon – or bane – for corporate profits. "Use your imagination as to what doesn't get bought and what doesn't get done," said David Orr, chief economist for Wachovia Securities. "It can have a big effect on the economy." Eastman Kodak Co., the world's largest photography company, reported a 77 percent drop in third-quarter earnings. It also lowered fourth-quarter guidance for the critical holiday picture-taking season to no more than 15 cents per share, well below analysts' estimates of about 46 cents. The reason? Flat film sales as the terror attacks dampens travel by tourists, who usually take pictures on their trips. Kodak's U.S. consumer business dropped 13 percent for the third quarter, leading to net earnings of $96 million, or 33 cents a share. Also hit hard were forest products makers International Paper and Weyerhaeuser, which reported deeper losses after corporate layoffs and reduced advertising cut into paper production. Weyerhaeuser's profits fell 54 percent to $91 million, or 41 cents per share, and International Paper, the No. 1 paper producer, had a net loss of $275 million in the third quarter. "There's been less demand for magazines and catalogs, and as people were laid off, we had empty offices and people no longer at their computers and photocopy machines, so clearly that has had an effect," said Joshua L. Zaret, analyst for ABN AMRO Inc. in New York. It's not all bad news. Campbell Soup Co. acknowledged financial stumbles in its canned soup division before Sept. 11 as consumers-on-the-go ran toward seemingly easier-to-prepare items. But this week it said earnings this quarter will be better than expected, after Americans stocked up on canned goods after the attacks. Campbell's soup, a popular staple in U.S. homes during World War II and the Cold War, said it expects earnings per share between 40 cents and 42 cents, up from 33 to 36 cents, when it reports results on Nov. 14. Blockbuster Inc., the world's largest video rental chain, said it expects a long-term earnings boost as uneasy consumers stay home more. The Dallas-based company had a 92 percent rise in third-quarter earnings, mostly from strong DVD sales. "As people enjoy time and security at home, we think it's a lasting trend," said John Antioco, chairman and chief executive. "Clearly, people's behavior has been adjusted, and this will translate to continued affection for video (rentals)." And aircrafter makers General Dynamics and Bombardier predict strong business jet sales and in some cases are boosting production despite the economic slowdown. Their bet: Executives in the long-term will prefer travel by private jet given the uncertainty of security via commercial air travel. Other ripple effects: – Kimberly-Clark Corp. had quarterly profit fall for the first time in three years. It attributed the decline in part to lower demand for tissues and toilet paper in hotels, airports and office buildings, which makes up 15 percent of company sales. The maker of Huggies diapers, Kleenex tissue and Scott toilet paper reported net income of $419.4 million, or 79 cents a share, in the third quarter, vs. $440.4 million, or 81 cents a share, a year earlier. – 1-800-Flowers.com reported solid earnings and forecasted even stronger growth. The company, which picked up 455,000 new customers during the usually slow summer season, cited an uptick in flower sales following the attacks. "We believe we are well positioned as our customers .... continue (to) express themselves and connect with all of the important people in their lives," said CEO Jim McCann. So You Want to Do a Deal Outside of the United States? Leasing World Yearbook 2001 In this changing leasing world, one of the most often asked question is "who will do a lease in Australia?" "The Philippines?" There are very few foreign leasing companies who belong to local associations. The best place to start is with the World Leasing Yearbook 2001 It is considered the international reference book for the asset funding and easing industry. This is not advertising, although it definitely is a "plug" for a great world leasing resource book. It features over 100 authoritative articles by leading industry experts on international leasing and a unique and comprehensive database of over 6,500 companies active in the leasing market. In addition, the book provides a concise overview of the principles of leasing and a discussion of current trends and debates in the marketplace. There is also a special report on the leasing software and 50 market. It also has a ranking of the top 50 leasing markets by size worldwide. Profiles on leasing in 50 regions: Africa - Argentina - Australia - Austria - Bangladesh - Belgium - Brazil - Canada - Chile - Colombia - Czech Republic - Denmark - Egypt - Estonia - Finland - France - Germany - Ghana - Greece - Hong Kong - Hungary - India - Indonesia - Ireland - Israel - Italy - Japan - Korea - Luxembourg - Malaysia - Mexico - Morocco - Netherlands - New Zealand - Nigeria - Norway - Pakistan - Panama - Philippines - Poland - Portugal - Russia - Singapore - South Africa - Spain - Sri Lanka - Sweden - Switzerland - Taiwan - Thailand - Turkey - United Kingdom - United States of America. -
- Database. - The most comprehensive database on the industry in the world. Lists of over 6,500 companies in total worldwide providing leasing services in each country in alphabetical order. -
- Companies that are general leasing companies, specialist leasing companies (vehicles, computers, aircraft, vendor/sales aid, containers, shipping, real estate etc.) merchant or investment bankers, consultants, brokers, packagers, lawyers and accountants. Names and addresses, telephone and facsimile numbers, at least one contact name and title, and a summary of their leasing activities. The World Leasing Yearbook is the only annually-updated reference book on leasing we have found. It is revised and updated each year it is internationally acclaimed as the standard reference book on the subject . Cost is $250 from: World Publication Service, 1 Maple Street, Unit 8A, East Rutherford, NJ 07073 You can e-mail for more information at wpsjb@aol.com ### ############################# #################### Trinity Industries Announces Agreement in Principle to Acquire Transport Capital
DALLAS, / -- Trinity Industries, Inc. (NYSE: TRN) today announced it has reached an agreement to purchase Transport Capital, a privately held asset management and advisory services company serving the rail transportation industry. Transport Capital is headquartered in Chicago, IL and manages transportation assets on operating leases and structures and arranges transportation equipment financing. The company manages a growing fleet of 8,400 railcars. The operations of Transport Capital will be merged into Trinity Industries Leasing Company. D. Stephen Menzies, currently President of Transport Capital, will become President of Trinity's railcar leasing and management business reporting to Timothy R. Wallace, Chief Executive Officer of Trinity Industries. During the past decade, Steve Menzies' career has been centered around the railcar leasing and fleet management business. He joined Newcourt Credit Group in 1996 as the Managing Director of the Rail Finance Group. There he completed a $450 million transaction that resulted in the formation of Transport Capital Rail Partners, which currently owns the 8,400-railcar fleet that is managed by Transport Capital. Prior to 1996, Menzies held the position of Senior Vice President-Sales and Marketing with General American Transportation Corporation. "I have been impressed with the abilities of Transport Capital and its staff to provide equipment financing solutions to the railcar industry. Steve Menzies has proven his leadership abilities in developing a highly successful transportation equipment financing and management entity," stated Tim Wallace, Chairman, President and CEO of Trinity Industries. Wallace further stated, "In a highly competitive market like we are experiencing today, financing options play a major role in the decisions our customers make as they analyze their needs to acquire new rail equipment. I look forward to having Steve and his team provide assistance to us as we expand our abilities to provide a variety of financial options for our customers to choose from." The transaction is expected to close within the next 30 days and includes common stock and cash for a total consideration of less than $5 million. Trinity Industries, Inc., with headquarters in Dallas, Texas, is one of the nation's leading diversified industrial companies. Trinity operates through five principal business segments: the Railcar Segment, the Inland Barge Segment, the Parts and Services Segment, the Construction Products Segment and the Industrial Products Segment. Trinity's web site may be accessed at www.trin.net . #### ################################### ###################### Finding Court Records---Here you go: One of the things recommended before hiring an attorney to litigate, was find out as much as you can to settle a matter or decide you need to go all the way. www.banktruptcydate.com lists most of the courts in the United States. They also will do a search for a fee. http://knowx.com/ will do simple searches, but for as little as $6.95, and less in bulk, you can search individual names for court records or other information. ___________________________________________________________ Leasing News Changes We have added a second tool bar, to basically bring out F.A.Q. and Whatever Happened to… These articles were in features, which was not opened very much. We hope they are read more often now that we have made a second bar. Also added is a new feature where we highlight the top news stories. They are aimed a new readers, or readers who may have missed what we consider have been recent top news stories. We are also streamlining Leasing News to open faster. Presumably, Charlie Lester dubbed your newsletter “The Conscience of the Leasing Industry” versus “The Conscious of the Leasing Industry.” Otherwise, that may leave the rest of us as “The Unconscious of the Leasing Industry,” where some of probably do belong; but I doubt if Charlie meant that… Thanks, Ken Tharp President Jordan Creek Capital 515-225-4095 515-223-8492 fax http://www.jordancreekcapital.com/ ~~ Shouldn't it be "conscience" of the leasing industry - not "conscious"? Even I'm "conscious", at least right now. Charlie Meaker Lease Financing, Inc. 800-478-2330 - 520-398-2650 - Fax 520-398-2652 Since 1987 - Financing for Business Equipment and Modular Buildings ~~~ Hi Kit. Good to see you in San Antonio. Do you mean perhaps "Conscience of the leasing industry?" Hal Hayden "The Conscious of the Leasing Industry." I know a lot of people in our industry who seem to be unconscious, so it is nice to know you folks are maintaining a level of consciousness. But I believe you mean "The Conscience of the Leasing Industry." ???? Jim Fleming nationalbusinesscredit@yahoo.com ~~ Don't you mean "Conscience of The Leasing Industry'??? Keep up the great work...much appreciated! Larry B. Turner Vision Capital Corporation 858-487-6530 lbt@visioncapitalcorp.com ~~~ Are people getting worse at spelling? Shouldn't it be 'conscience' not conscious'? Two totally different meanings in these words. Jerry Withrow
( sometimes not, but this was a spelling error on my part. editor ) ___________________________________________________________________ Definition of Leasing and Rental--- Dennis Brown, Equipment Leasing Association The Streamlined Sales Tax Project (SSTP) has released the definition of leasing and rental that is provided below. Herein I forward a suggested amendment for your review. Any comment on the proposed revision can be sent by return email to dbrown@elamail.com
Federal Express has expressed misgivings that this new sales tax definition of lease and rental could be complicated in some very technical finance areas (e.g., the 1% threshold). After checking with some other companies that deal in moveable equipment, Federal Express has requested that the definition of lease as proposed not include transfers of possession of "mobile equipment that are instrumentalities of interstate commerce." Specifically, at the end add the following provision, "This section does not apply to sales or use taxes levied on transfers of mobile equipment that are instrumentalities of interstate commerce." The intent is to exclude them from the SSTP changes but keep within the status quo in existing state laws. DEFINITION OF LEASE OR RENTAL To be inserted in Agreement, Section 312. Definitions. LEASE or RENTAL Lease or rental means any transfer of possession or control of tangible personal property for a fixed or indeterminate term for consideration. A lease or rental may include future options to purchase or extend. 1) Lease or rental does not include: a) A transfer of possession or control of property under a security agreement or deferred payment plan that requires the transfer of title upon completion of the required payments; or b) A transfer of possession or control of property under an agreement that requires the transfer of title upon completion of the required payments and payment of an option price that does not exceed the greater of $100 or 1% of the total required payments; or c) The provision of tangible personal property for a fixed or indeterminate period of time along with an operator. 2) Lease or rental does include: Agreements covering motor vehicles and trailers where the amount of consideration may be increased or decreased by reference to the amount realized upon sale or disposition of the property as defined in 26 USC 7701(h)(1). 3) Characterization of Transaction for Other Purposes: The definition provided in this section shall be used for the purposes of this chapter regardless if a transaction is characterized as a lease or rental under generally accepted accounting principles, the Internal Revenue Code, the [state commercial code], or other provisions of federal, state or local law. This definition will be applied only prospectively from the date of adoption and will have no retroactive impact on existing leases or rentals. ******************************** ELA E-Leasing Newsletter CONVENTION SPECIAL!!! ******************************** DATELINE: Boca Raton, FLA--10/30/01 Photo’s at the Convention are available here: http://www.elaonline.com/events/2001/AnnConv/pictures/ *********** The E-Leasing Newsletter is SPONSORED by: ********** Nassau Asset Management Recovery and Remarketing Specialists 1(800)462-7728 or 1(800)4-NASSAU GO HERE>>>>>> http://www.nasset.com WE GET RESULTS!!!!!!!!! Servicing The ELA for more than 10 years!!!!!! ****************************** 1. Middle Market Matters ****************************** If, as The Equipment Leasing and Finance Foundations State of the Industry report maintains, large and small ticket lessors are moving in on the middle market, itıs sometimes hard to see why. After all, the list of challenges facing middle market players isnıt getting any shorter, as illustrated here in Boca Raton. In a Business Council Report to the ELA Board on Saturday, Joe Santos of MBC Leasing Corp. said consolidation continues to be an issue for middle market companies, with its effects being felt beyond just the immediate companies. ³Whales are no longer satisfied with minnows,² he said. ³Theyıre now going after the largest independents,² as weıve seen with GE Capitalıs acquisition of Heller. Another sore spot for the middle market is credit quality, Santos said. One of the most important management concerns currently is credit decision policy, as well as portfolio management. Given the slowdown in new business, Santos said, in the middle market, ³true lessors are going to spend a lot of time managing assets. And then thereıs funding, which of course is largely dependent on the challenges listed above. In todayıs Middle Market Business Council Meeting, a panel chaired by Hellerıs Laird Boulden took a look at how companies from across the market segment are funding their business. Boulden said that recent events like the Finova and Comdisco bankruptcies, predictions of default rates as high as 10 percent, ratings cuts for large commercial paper issuers like Ford and GM, and the September 11th attacks have all contributed to a prolonged funding crisis. Panel member James Siegel, GE Capital Commercial Equipment Financing, assessed the current situation. ³Since about the second quarter of 2001, everybody I know has experienced a slowdown,² he said. ³That means thereıs less capital expenditure and fewer opportunities.² Consolidation has hit not just lessors, but the companies lessors usually go to for funding. ³You have fewer people to take deals to, and the remaining sources all have higher credit exposures.² Furthermore, the volatile spread marketplace has created a ³roller coaster in the cost of funding over the past three years,² Siegel said. Look for full ELA Convention coverage in the November/December issue of Equipment Leasing Today. ****************************** 3. Convention Tapes Available ****************************** Wish you were here? We do too. But you can have the next best thing. Beginning next week, audio recordings of most convention sessions will be available for purchase from The Sound of Knowledge at www.TSOK.net. Recordings are available as cassette tapes or CDs. Look for more information in next Thursdayıs E-Leasing Newsletter. ****************************** 4. 2001 State of the Industry Report ****************************** The Equipment Leasing and Finance Foundation booth at the convention has been busy with leasing executives snapping up their free copies of the brand-new 2001 State of the Industry Report. Foundation Chairman, Tom Wajnert says of the study, ³This yearıs State of the Industry Report takes on a very different look from previous reports. This industry is in a state of change. By the end of the second quarter 2001, overall leasing volume had declined nearly eight percent since the end of 2000. However, many sectors of the business have opportunity, and companies that provide good value will be the ones to prevail.² The 2001 Report reflect these leasing industry realities, Wajnert said. The State of Industry report digests results from ELAıs Annual Survey of Industry Activity and goes beyond the number for the in-depth interviews with executives across the industry. Copies of the report are complimentary and can be accessed through the Foundation website, www.leasefoundation.org, or call Matt Cavaiola at 703-527-8655 to have a copy mailed to you. Live from Boca: At Shawn Halladay's Perfect Storm presentation, he posted a list of companies that have gone out of business or have exited the business. Before an audience of over 100 people he stated that "the list was taken from Kit Menkin's Leasing News site." Thought you would enjoy hearing about that comment. Steve Geller Sgeller44@aol.com Red Cross ceases solicitations for Sept. 11 disaster relief fund, introduces interim CEO to clean up act Darlene Superville, Associated Press WASHINGTON (AP) The American Red Cross is halting its appeals for donations to a fund created to help victims of the Sept. 11 terrorist attacks, its interim chief executive officer said Tuesday. The Liberty Fund held $547 million in pledges as of Monday. Contributions received after Wednesday will be deposited in the charity's Disaster Relief Fund, a general account servicing all kinds of emergencies, unless donors specify the money is for the Liberty Fund, said Harold Decker, the organization's interim leader. Liberty Fund money also will continue to be held separately from other funds, Decker said, and will be spent on aid to victims' families and other relief efforts arising from the attacks. ''That is the way the fund was set up. That is what donors expect,'' he told reporters. During a weekend meeting of the Red Cross' governing board, Decker was chosen to succeed Bernadine Healy, who resigned Friday, until a committee finds a permanent replacement. In her resignation, Healy cited differences with the board, including her decision to keep those Liberty Fund dollars separate from the organization's main relief fund. Decker said charitable groups that are raising money to help those affected by the terrorist attacks should read nothing into the American Red Cross' decision to close the Liberty Fund. ''We're not trying to send signals to other people,'' he said. One factor in th |