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September 21, 2001 Kit Menkin’s Leasing News www.leasingnews.org ______________________________________________________________ Thank you, President Bush, for a magnificent speech. The country is behind you. Liberty.org. _________________________________________________________ Headlines “Don’t Tread on Me” EFJ Ron Caruso---from his heart Rob Day Gossip---Criticizes Leasing News/NAELB Listserve Balboa Capital—The Good but no Bad, and the Ugly Name WithHeld Comments EFJ Pulseline Friday edition ( and how to subscribe ) Comdisco Receives Extension of ``Exclusivity Periods'' ePlus Announces Stock Re-Purchase Friday---Odds and Ends Monday---The List will be Up-Dated Dick Eichner drives a 2000 Malibu Chevy ### denotes press release _______________________________________________ ### ############## ############################# Equipment Leasing Association Urges Congress and the Administration to Help Airlines Following Terrorist Attacks; Association Stresses Need for Airline Industry Stability
ARLINGTON, Va.--(BUSINESS WIRE)--Sept. 20, 2001--In a letter to Congressional leadership and high-ranking Bush Administration officials, Equipment Leasing Association (ELA) President Michael Fleming expressed ELA's support of "policy initiatives, which are intended to financially stabilize the U.S. commercial airline industry in light of the September 11th attack on the United States." The letter was sent after members of the ELA Aviation and Large Ticket Business Council Steering Committee unanimously agreed that ELA should convey support of the airline industry to government officials. In the letter, Fleming also urged Congress to clarify the industry's potential liability, pointing out in these financially unstable times, investors need as much certainty as possible. "With the airline industry posting losses in excess of $1 billion in the first half of this year, any further dramatic contraction would certainly have a negative effect on aircraft residual values and the many ELA member companies who have provided tens of billions of dollars in lease financing to the airline industry," said Steve Fier, vice president of federal government relations for ELA. Recognizing the integral role the commercial airline industry plays in the nation's transportation infrastructure and global business, Fleming urged Congress and the Administration to act promptly. Another committee meeting is scheduled for Friday, September 21st, as ELA works to stay on top of breaking developments. To request a copy of the ELA's letter, please contact Stacey Wells at 202/944-3377 or swells@hillandknowlton.com. For more information on the leasing industry you can visit ELA online at www.elaonline.com or check out ELA's informational portal for financial decision-makers at www.leaseassistant.org. Organized in 1961, the Equipment Leasing Association (ELA) is a non-profit association representing companies involved in the dynamic equipment leasing and finance industry. ELA's mission is to promote the leasing industry as a major source of funds for capital investment in the United States and abroad. ELA maintains an informational portal for financial decision-makers at www.leaseassistant.org. Headquartered in Arlington, Va., ELA has more than 850 member companies and a staff of 27 professionals. Equipment leasing is estimated to be a $280 billion industry in 2001. Visit ELA online at www.elaonline.com. amiller@elamail.com #### ########################################### ########## http://www.leasingnews.org/images/Gadsden.gif Everyday I go to work from Los Gatos, California, down Highway 17, Interstate 880. Right before the Interstate 280 Major Interchange there is a walkway over the freeway. There is an American Flag on it, plus a "Don't Tread of Me" flag. http://www.americanleasing.com/images/GadsdenRED.jpg The first "Don't Tread on Me Flag" was known as the "Navy Jack" as it flew on ships. The second flag was the Culpeper Minute Men " ( Liberty or Death with the rattlesnake and then underneath, "Don't Tread on Me." The most popular in its day was the "Gadsden". It flew at many colonial homes. There was no official American Flag, which changed many times, but the "Don't Tread of Me" did not and it became the rallying flag for the United Colonies (before we became the United States.) Mr. Philip Gadsden, South Carolina delegate to the Second Continental Congress, presented this flag to the Congress in 1776. It was used by the United States Navy at the Battle of Fort Nassau on New Providence Island, the first battle of the navy. Rick Wyatt In February of 1776 - Commodore Esek Hopkins' ships put to sea for the first time, carrying a version of the Gadsden flag (yellow background, coiled snake, 'Don't Tread on Me'). Where did this all come from? In 1751 Benjamin Franklin's paper carried an article recommending that a cargo of rattlesnakes be sent to England. Three years later, in 1754, Benjamin Franklin published a drawing of a snake cut into eight parts (Georgia was not included). This was to show the members of the Albany Congress the danger of disunity. By 1754 the segments of the snake had grown together. The rattlesnake became a favored symbol among pre-Revolutionary War colonists A letter from Benjamin Franklin exists, where he wrote, "... the Rattle-Snake is found in no other quarter of the world besides America. She never begins an attack, nor, when once engaged, ever surrenders: She is therefore an emblem of magnanimity and true courage. ...she never wounds 'till she has generously given notice, even to her enemy, and cautioned him against the danger of treading on her.'' . There were also these Rattlesnake flags: Sullivan's Life Guards 13 stripes r-w-b-r-w-b-r-w-b-r-w-b-r, yellow canton with snake and "Don't Tread On Me" Used 1778-79 in campaign against the Indians. South Carolina Navy Described by Ben Franklin Oct 9, 1778 as 13 stripes with a snake. Traditionally, the stripes are red and blue. 2nd PA Regiment of 1777. White with coiled snake and motto. If you would like a copy of the “Don’t Treat of Me” flag, please go here. http://www.leasingnews.org/images/Gadsden.gif _________________________________________________________________ MAKE A DIFFERENCE *In our economy *In our industry *In our association Over the past week our lives have all changed and our priorities have been adjusted. One priority that we all have in common is the success of our industry. Your attendance and participation at the UAEL Annual Conference & Exposition is necessary. We must all come together as a community in San Antonio to show that the equipment leasing industry is alive and well and ready to move forward. We currently have over 300 attendees registered for San Antonio October 25th - 28th and a sell-out of exhibit booths. For those of you who have not yet registered, Early Bird Registration has been extended. Our two keynote speakers DJ Harrington and Morton Marcus will give us guidance, direction and hope for ourselves, our companies, our association, and our national economy. This year's Annual Meeting during the conference is of major importance, as we will be asking you to vote for our future leaders and changes to our Bylaws to strengthen our industry even more. Yesterday we sent to all of our members and prospective members the proposed changes to the UAEL Bylaws and Dispute Resolution Procedures presented by our Ethics Task Force and approved by our Board of Directors. Please review these changes and come to San Antonio and vote for them. This is the first step to making a difference in our association, our industry and our economy. Should you have any questions or require additional information please do not hesitate to contact me directly at 510-444-9235 x27 or visit our website at www.uael.org. I look forward to seeing you in San Antonio and making a difference! Joanie Dalton - Managing Director UAEL - United Association of Equipment Leasing 520 Third Street, #201 Oakland, CA 94607 (510) 444-9235 x27 (510) 444-1346 fax joanie@uael.org www.uael.org ___________________________________________________________ Ron Caruso EFJ Dear Friends: A terrible nightmare has become a grim reality for our nation. Thousands of innocent people were murdered for a cause we cannot begin to comprehend. The perpetrators of this infamous act do not understand our country or our people. By their terrible deeds they hoped to cripple us or bend our resolve. Neither will happen. This is a time for reflection. It is a time to cherish what we have and to hold our loved ones close and let them know we care. Additionally, if in some way you can help those whose lives will never be the same, by contributing blood, by a phone call, or some other way, I urge you to do so. There is a message for all of us from this grim event-we never know when our time may end. Please keep this in mind. Enjoy life, enjoy your loved ones and friends and do not hesitate to let them know you care. Together, we will regroup and move on. Truly, our country will be changed. But we must continue to do the things that have made and will continue to make our country great. We will join together as our nation has always done when attacked to defend ourselves, and to seek out and punish those who are responsible. We shall overcome! God Bless America!! Sincerely, Ron Caruso Equipment Finance Journal -------------------------------------------------------------------------------------------- Credit card delinquencies climbed to highest number on record in second quarter By Jeannine Aversa ASSOCIATED PRESS WASHINGTON – Late credit card payments shot up in the second quarter, suggesting that more Americans were having trouble paying bills as the economy weakened and layoffs mounted. The seasonally adjusted percentage of credit card accounts 30 or more days past due rose to 3.93 percent in the April-June quarter, up from 2.99 percent in the first three months of the year, according to a quarterly survey released Friday by the American Bankers Association. The delinquency rate on credit cards in the second quarter was the highest since the association began tracking it in 1980. "We're seeing the effects a stagnant economy and increased layoffs can have on consumer finances," said James Chessen, the association's chief economist. The nation's unemployment rate worsened in the second quarter as the economy's growth nearly ground to a halt, expanding at a rate of just 0.2 percent, the weakest performance in eight years. Even before the Sept. 11 attacks on the World Trade Center and Pentagon, the economy was struggling. The unemployment rate soared to 4.9 percent in August, the biggest one-month jump in more than six years. Trying to stabilize the economy in the wake of the attacks, the Federal Reserve cut short-term interest rates Monday for the eighth time this year, pushing borrowing costs to a nine-year low. "While lower interest rates have helped some consumers refinance their debt, it's clear that refinancing cannot solve all consumers' financial problems," Chessen said. Meanwhile, the delinquency rate on a composite of other types of consumer loans, including auto loans and closed-end home equity loans, climbed to 2.51 percent in the second quarter, highest since the third quarter of 1997. In the first quarter, the delinquency rate on a composite of loans was 2.40 percent. Some Americans might opt to use some or all of their tax-rebate checks, which were mailed starting in July, to pay off debt, economists said. But the Bush administration is counting on people to spend the money, which would help the economy. Economists fear the country could fall into recession if consumers – who have been keeping the economy afloat – sharply cut back on spending in the face of the attacks. __________________________________________________________________ Friday---Odds and Ends I can't understand why you print all the negative stuff but you won't print my email offering to assist lease brokers who may be on the ropes for funding sources. By the way, I drive a 2000 Chevy Malibu. Sincerely, Dick Eichner North American Funding Corporation 1161 Lake Cook Road, Suite C Deerfield, IL 60015 deichner@northamericanfundingcorp.com (847)914-9800 Phone ext. 13 (847)914-9825 Fax (800)336-6232 Outside IL www.northamericanfundingcorp.com ( We don’t allow advertising at Leasing News. editor ) ~~ Change of e-mail address Leasing News wishes more companies were as responsible as Imperial Bank and Comerica Bank. We received this message to make e-mail changes: Imperial Bank is merging with Comerica Bank-California. As a result, Imperial e-mail addresses are being deactivated. Your message to thomasjefferson@imperialbank.com was successfully routed to this person's new Comerica e-mail address; however, you should begin sending all mail for this person to: thomasjefferson@comerica.com Thank you, Mail Administrator ~~~~ “we need to 'maintain' and move on, even if we're only on 'auto pilot'.” Agree with this completely. Had an Israeli client who saw me on Mon. Has lived in this country for years. This is 'standard operating procedure' in Israel. We will need to go after the financial support, target the 'head', although multi-headed, and conduct an ongoing battle. The thing that scares me the most is the expectation on the part of many people that when this sort of horrible thing happens we need to stop what we are doing to 'honor the heroes and those that died'. We certainly do briefly, but since the engine of this country is economic we cannot afford to pause for long. The fact that we don't feel like working or conducting usual activities is not relevant. Following that feeling will only bring down our economy quicker. If Israel behaved in this way every time a market or restaurant bomb went off it would have collapsed economically years ago. Our individual feelings about whether we feel like conducting our usual endeavors is irrelevant. For the honor of those who died and our future we need to 'maintain' and move on, even if we're only on 'auto pilot'. This includes trying to do the 'fun things' as well, like going to sporting events, plays, etc. If we do otherwise, we will lose. Take Care!!!! Cal ~~ In February, 1983 while visiting my younger sister, (she's married to a Pakistani), and her family in Karachi, Pakistan, I took a trip up to Peshawar, Pakistan, called the Northern Frontier. A Pathan family I stayed with smuggled me into the Khyber Pass, which is controlled by the Afridi tribesmen. It was a dangerous trip for them to take me because at the gates of the Khyber Pass, Pakistani law stops and tribal law begins; at one point, I came close to being killed when taking a photo of an Afridi village. A woman walked outside her home in direct line of my camera. These tribesmen have a code of honor and one part of this code is to protect their women from cameras with a gun. (They are all EXCELLENT marksmen). We drove all the way to the border post at Torkham, the entrance into Afghanistan. Earlier this year I wrote a short story about this experience and sent it to many friends. Hopefully someday I will find time to expand on this story into a book, which will include numerous photos of my trip while in the Khyber Pass. Since the tragedy last week, many have called me to tell me that they have re-read my story. They want to understand more about the world where we will be fighting. I discussed not only my experience in the Khyber Pass, I included the history of Pakistan, its customs, code of honor,etc. Since ancient times, the Khyber Pass has formed a vital route for overland trade between Pakistan and Afghanistan and as a point of entry to the subcontinent for invading armies. In hoping to extend and enrich his short-lived Macedonian empire further, Alexander the Great led his army through the Khyber Pass in the fourth century, 327 BC. While there are 4 other passes in this area, none are as famous as the Khyber. Six years ago, my sister and her children had to move from Pakistan to Portland to live with me. (She had been living there for 15 years. In 1995 it became quite dangerous as an |