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September 13, 2001 The internet message is to wear red, white, and blue on Friday. I am wearing that today, and will continue to have our flag outside our building at half-mast until Justice is done so we do not forget those that have died, and the brave people who are trying to save lives and protect us. We had over 100 American flags that we have given out, and encourage everyone to display our country’s flag to show we are still standing. See today’s “Day in History” as this day in 1814, Francis Scott Key wrote the “Star Spangled Banner.” editor ________________________________________________________________ Headlines—
D&B Changes Ratings for Companies in New York City AIG Issues Preliminary Estimate Losses From Tuesday's Terrorist Attacks Old Kent Appears to Have Closed Down Westar Financial Signs Leasebanc as Fourth Private Label Partner High-tech firms prepare to help after terrorist attacks GE, Honeywell appeal EU decision to block merger Marlin Leasing Raises $7 Million Capital Grown Reader Reaction Terrorist Attack “It
will be brief, mild;
recovery due in
early '02”,
says UCLA report
—USC
Tomorrow?---
#### denotes press release _________________________________________________________ Phil is OK. Kit, I spoke to Marc Dushey, Phil's son this morning. Phil, Marc, and everyone in their office is OK. > David Marks Marketing Director FNF Capital, Inc. (800) 380-0359 x534 ~~ Hi Kit this is Phil Dushey. I have got about 15 calls within the last 2 days to find out if I am okay. My computer is all messed up so I hope you get this email. New York is really crazy now , most of the bridges and tunnels are still closed and only a handful of trains are working The city is pretty much closed down but its amazing how life continues. I will write more when my computer is working. Philip Dushey ~~~~ Old Kent Closed Down??? ( Leasing news had over a dozen e-mails returned from Old Kent readers. Some asked to change their e-mail address, and we asked Susan M. Adamatis to let us know what was happening. editor) For those on a job search: I was recently let go by Old Kent Leasing in Chicago after Old Kent Financial Corporation was acquired by Fifth Third Bank. The leasing division was dissolved and all of us were out of a job. I can tell you that nearly all of the employees including myself found their new positions by Networking. I did not find my position through a recruiting firm, internet, or local classifieds. Call your contacts at other leasing companies, brokers and even vendors. I am actually working for a vendor now managing all of their leasing and working with their sales staff. While I am no longer a lessor, I am still in touch with all the lessors because I now need them for funding. You would be surprised at just how many people you know in the industry when the word gets out that your business has closed. Our country is going through a very tough time economically and emotionally in light of the recent tragedy. Realizing that the last thing people need now is to be unemployed on top of all this, don't let it make you feel you need to drop out of society. There are jobs for leasing professionals out there, they just may not be with a leasing company. Hang in there. Regards, Susan M. Adamatis ( The classified section is in prototype and hopefully will be on line by as early as the end of next week. editor ) ------------------------------------------------------------------------------------------------ Dun & Bradstreet Announcement to their Customers IMPCRTANT NOTICE TO OUR VALUED
D&B CUSTOMERS: We share with you the sorrow
and pain we all
feel as a result
of the tragic events
that occurred on
Tuesday. Our thoughts
and prayers especially
go out to those
who lost friends
and family members, D&B is closely monitoring
the recovery from
these tragic events.
We are using our
wide range of resources
and tools to collect
information on businesses
affected. We are
updating our files
on impacted businesses
as we collect the
information, Given
the extent of the
situation, gathering
information will
take time, in the meantime, we are making
the following immediate
changes: For many businesses that were
located in the World
Trade Center Towers
(zip code 10046),
we are suspending
delivery of D&B
predictive scores
immediately. Because
many customers use
these scores in
an automated environment,
this suspension
was put in place
to account for the
possibility of a
change in business
performance before
an automated decision
is reached and relied
upon. If you wish to assess the financial
condition of these
businesses prior
to the events of
Tuesday, September
11, 2001, you are
advised to promptly
check the DSP Business
Information Report
or D&P Comprehensive
Report. Additionally,
DSP is making special
efforts to obtain
and provide updated
information on these
businesses, including
information formally
issued by them, If you are conducting business,
or looking to do
business, with customers
or prospects located
south of 14th Street
in New York City
(zip codes 10002,
10004, 10005, 10006,10007,
10012, 10013, 10014,
10041, 10048, 10038,
10279 and 10281),
please be advised
that we have not
excluded any of
the impacted businesses
from our files.
These businesses
are now being investigated
and on some of our
information reports
you will notice
that “INV’
appears in place
of the D&B Rating. This indicates that DSP is
investigating the
business and will
notify you of the
results, upon your
request. If you
are a current marketing
customer, you may
choose to include
or exclude these
impacted businesses
when you order information
from D&E. We are making these moves to
support both the
information needs
of our customers
and the businesses
that have been impacted
by these tragic
events, Although
this event has significantly
impacted all of
our lives, we will
do our best to do
whatever we can
to help you. As
always, we appreciate
your confidence
in DSP. Please visit the DSP Web site
at www.dnb.com,
or the DSP Customer
Service Center at
l.800.234,3667 for
the latest information. _----------------------------------------------------------------------------------------------- ### ############################### ###################### AIG Issues Preliminary Estimate of Losses Resulting From Tuesday's Terrorist Attacks
NEW YORK--(BUSINESS WIRE)-- --American International Group, Inc. (AIG) has issued a preliminary estimate of its total expected losses resulting from Tuesday's terrorist attacks. Based on information available at this time, AIG's net pretax losses are expected to approximate $500 million. AIG Chairman M. R. Greenberg said, "We remain intensely focused on providing immediate assistance and relief to those who have suffered losses relating to this enormous national tragedy. Our crisis teams are in place, functioning on a twenty-four hour basis, and they are prepared to process claims. "It is impossible for any company to precisely estimate total losses at this time. Although AIG's property insurance coverage’s on the World Trade Center complex are minor, as the world's largest commercial insurer, we expect to receive claims from many insured across a wide range of coverage’s. These losses will not impact the solid financial condition of AIG, the strongest insurance and financial services company in world." It should be noted that this news release may contain forward-looking statements. AIG refers you to the AIG Quarterly Report on Form 10-Q for the quarter ended June 30, 2001 for a description of the business environment in which AIG operates and important factors that may affect its business. AIG is not under any obligation to (and expressly disclaims any such obligations to) update or alter its forward-looking statements, whether as a result if new information, future events or otherwise. AIG is the leading U.S.-based international insurance and financial services organization and the largest underwriter of commercial and industrial insurance in the United States. Its member companies write a wide range of commercial, personal and life insurance products through a variety of distribution channels in approximately 130 countries and jurisdictions throughout the world. AIG's global businesses also include financial services and asset management, including aircraft leasing, financial products, trading and market making, consumer financial, institutional, retail and direct investment fund asset management, real estate investment management, and retirement savings products. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo. CONTACT: American International Group, Inc. Investment Community Charlene Hamrah, 212/446-3122 News Media Joe Norton, 212/446-3108 ### ################################ ###################### ### #################### ########################## Westar Financial Signs Leasebanc as Fourth Private Label Partner
TUMWATER, Wash. & AUSTIN, Texas- Westar Financial Services Incorporated (OTC:WEST), the leading automobile e-finance company, announced today that it will provide its private label solution to LEASEbanc(TM), an online financial institution providing vehicle leasing. "LEASEbanc is a pioneer in online auto leasing with a complete, customer-friendly solution that is gaining support across the country," said Darcy Huffman of Westar's Strategic Alliance Group. "We view this alliance as an excellent opportunity to expand our Internet based business channel." LEASEbanc is the sole provider of vehicle leasing services for E-loan (Nasdaq:EELN), LendingTree (Nasdaq:TREE), NADAGuides, and DriveHome.com, the Citi/Associates auto finance site (NYSE:C). "Westar's leading-edge decisioning and communications technologies, coupled with its exclusive lease securitization capabilities, provide a unique and complete system to support our growing automotive leasing business," stated Jerry Thompson, CEO of LEASEbanc. "Their unique technology supports a first-rate customer service team, which mirrors our dedication to provide LEASEbanc customers with a high-tech and high-touch experience." "We are delighted that our combination of technology and service meets LEASEbanc's need for quality, efficiency and precision," said R. W. Christensen, Jr., President and CEO of Westar. "LEASEbanc is a nationwide service and extends the geographic penetration of our private label business. We are particularly excited about the opportunities in the Texas market due to recent elimination of certain taxes on leased property." WEST is the leading publicly traded automobile-oriented e-commerce financial portal and ASP. Westar originates, decisions, commits to and fulfills consumer financings for itself or others. Westar completed the first entirely electronic Internet automobile purchase and lease transaction in October 1999. The company operates in the western states and nationally through alliances with AmSouth Bancorporation, Mellon Bank, USAA FSB and others. For more information on Westar visit www.westarfinancial.com. LEASEbanc redefines auto leasing by providing its partners and customers with an end-to-end leasing solution that embraces the emerging trend of online vehicle financing and combines high-tech and high-touch in a unique way to offer a low cost, customer- focused vehicle leasing experience to consumers. For more information on LEASEbanc visit www.leasebanc.com. Statement regarding "Forward Looking Statements": Statements concerning future performance, developments or events, levels, expansion of operations, growth of consumer financial originations, quality of the company's lease portfolio, the ability to place securitizations, success of the e-commerce model, trends in interest rates, overhead expense variations, results of the year-end audit, various statements concerning expectations for growth or profits and any other guidance on future periods, constitute forward-looking statements which are subject to a number of risks and uncertainties which might cause actual results to differ materially from stated expectations. CONTACT: Westar Financial Services Incorporated R.W. Christensen, Jr., 360/754-6227 #### ############################# ###################### Excerpts from Thursday’s Equipment Leasing Association Newsletter ELA Extends Sympathies ****************************** ELA wishes to extend its deepest concern, prayers and sympathies to everyone affected by the tragic events of September 11, 2001. Three member companies--Fuji Bank And Trust Company; Thacher, Proffitt & Wood; and The Dai-Ichi Kangyo Bank, Ltd.--were housed in the World Trade Center. We are also aware of people who were visiting the World Trade Center buildings at the time of the attack. We mourn members of our industry and their loved ones, along with all the victims of the attack. We are thankful for the expressions of sympathy we have received from European colleagues and members, members from across the United States, and other associations. God bless America. *********** The E-Leasing Newsletter is SPONSORED by: *********** Ask not what you can do for Quiktrak, but what Quiktrak can do for you! Inspections: Equipment, Collection, Site & Vendor Superior online service: ordering, job status & report transmittal Largest base of qualified inspectors in the U.S. & Canada Only service provider to guarantee an inspector onsite within 24 hours of your order Contact Quiktrak at 800-927-8725 or www.quiktrak.com ELA Calendar ****************************** For more information on the events listed below, or to view ELA's entire calendar, visit the ELA Conference & Training Home Page at http://www.elaonline.com/events/ and click on the links to programs of interest to you. September 19, 2001 UCC Revised Article 9 telephone seminar http://www.elaonline.com/events/2001/teleconf/ September 20, 2001 2001 Fundamentals of Credit in the Equipment Leasing & Finance Industry The Westin San Francisco Airport, San Francisco, CA http://www.elaonline.com/events/2001/fundcredit/ October 1-3, 2001 Principles of Leasing Workshop Hyatt Regency Woodfield, Schaumburg, IL http://www.elaonline.com/events/2001/principles/ October 3-5, 2001 Municipal Leasing Forum La Mansion del Rio, San Antonio, TX http://www.elaonline.com/events/2001/municipal/ October 11, 2001 MAEL's 20th Annual Meeting The Metropolitan Club, Sears Tower, Chicago, Illinois http://www.mael.org
October 17, 2001 Managing the Leasing Relationship Hilton Fisherman's Wharf, San Francisco, CA http://www.elaonline.com/events/2001/manage/index.cfm October 28-31, 2001 40th Annual Convention Boca Raton Resort and Spa, Boca Raton, FL http://www.elaonline.com/events/2001/annconv/ November 7-8, 2001 2001 Fundamentals of Credit in the Equipment Leasing & Finance Industry Four Points Hotel Chicago O'Hare, Schiller Park, IL http://www.elaonline.com/events/2001/fundcredit/ November 13-14, 2001 Annual Investors Conference The Westin Copley Place Hotel, Boston, MA http://www.elaonline.com/events/2001/investor/ CONVENTION DEADLINE APPROACHING! ****************************** SEPTEMBER 24 is the deadline for being included on the pre-registration list--Get Going Now! "When the Going Gets Tough..." ELA 40th Annual Convention October 28-30 Boca Raton Resort & Club Business is waiting for you in Boca, and we can prove it! Just check out the Convention Attendee "Lite" list at http://www.elaonline.com/events/2001/AnnConv/attendees.cfm, containing the names of everyone currently registered for the convention. These people are all headed for the leasing industryıs premier networking and informational event. Is your name there? If not, Get Going and register TODAY for the ELA 40th Annual Convention. Registrations received by September 24 will be included in the pre-registration list, which includes full contact information and will be available ONLY to those individuals who are registered for the convention. Remember, "When the Going Gets Tough"...the Tough Don't Stay Home! Complete convention information, including an important update on Hotel Accommodations, is now available online at http://www.elaonline.com/events/2001/AnnConv/ __________________________________________________________________ __________________________________________________________________ GE, Honeywell appeal EU decision to block merger ASSOCIATED PRESS STAMFORD, Conn. -- General Electric Co. and Honeywell International Inc. filed appeals yesterday of the European Union's decision to block their $41 billion merger. The EU announced July 3 it was blocking the GE-Honeywell agreement, the first time it ever bore sole responsibility for stopping an all-American deal. The appeals were filed with the Court of First Instance in Luxembourg. "We believe there were errors of substance and procedure," said Gary Sheffer, a GE spokesman. "It is intended to overturn the decision based on these errors." But a decision on the appeal could take years, so even a successful appeal would be too late for the merger to go forward, Sheffer said. "We believe that it's not feasible for the appeal to be decided in time for completion of the merger," Sheffer said. GE wants to refute the commission's finding that the company has a dominant position in the jet engine market. That ruling, if allowed to stand, could make it difficult for GE to make future acquisitions. ---------------------------------------------------------------------------------------------------### ################################ ################ MARLIN LEASING RAISES $7 MILLION OF GROWTH CAPITAL MOUNT LAUREL, NJ – Marlin Leasing Corp., announces that Wachovia Capital Associates has invested $7 million of equity into the company. "This latest fund raising effort strengthens Marlin’s standing as a leading provider of small-ticket lease financing," says Daniel P. Dyer, Marlin Leasing’s CEO. "Proceeds will be used to further expand our growing nationwide tele-sales presence." About Marlin Leasing: With over 40,000 customers, Marlin Leasing provides creative funding programs to vendors and end-users nationwide. Today they employ over 150 individuals in three locations: Mount Laurel, NJ, Denver, CO and Atlanta, GA. For more information, call Marlin Leasing’s corporate headquarters at 1-888-479-9111, or visit their web site at www.marlinleasing.com. About Wachovia Capital Associ |