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

BrennemanC@pamf.org

 

~~

 

 

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

American  living there due to numerous terrorist activities,

i.e.:  random shootings in the street, bombings, etc.)  My

niece Shahana was 15 at the time.  She graduated from high

school here in Portland  as valedictorian and will be

graduating from an Eastern College next May as a bio/chem

major with her goal of becoming a medical doctor.  Her

brother Ali, now 18 just left for college.  The youngest

brother, Sultan (now 16)  is a junior in high school.

 

When this awful tragedy happened, I pulled out our father's

coffin flag (he was in the Navy during WWII).  Sultan and

Ali  climbed up on our roof  to proudly hang the flag.  (For

those of you who have these flags, you know how large they

are, between 7-8 feet long)   When I walk through our

breezeway, practically touching the flag,  a tremendous

feeling of pride overwhelms me....proud that my father

fought for all of our freedoms and so proud that my nephews

hung their grandfather's flag.

 

My brother-in-law is in constant touch with us here via

phone and the Internet.  He informed us 6 days ago that our

American troops were at the Karachi Airport.  There has been

nothing on our news regarding this fact.

 

There is  a private mosque two blocks from our  house, which

is owned by 5 families.  They have the American Flag hanging

over their beautiful building and I have noticed numerous

flowers/plants, etc. have been laid at their door by kind

neighbors in our city.

 

Our heartfelt prayers go out to those the families who lost

their loved ones. God Bless America!

 

Sincerely,

Joanne Beers

supra87@qwest.net

Beers & Associates Leasing

Portland, OR  97219

 

~~~~~

Sue’s parents celebrated their sixtieth wedding anniversary last

night at the San Francisco Fairmont, 21% occupancy, and

then had a window table at the Top of the Mark restaurant,

easy to get, as the place was almost empty. Tourism is down

in what the Travel Guides say is the most popular destination

city in the United States. editor

~~~~

I continue to enjoy Leasing News, and want to encourage you not to let your

guard down as to the careful selection of items to be included.  Today's

Leasing News included a stock market update and this weird Bay Area housing

finance program piece.  You have many great, juicy morsels in Leasing News;

some good industry press releases and occasional long, less useful ones; a

great and sometimes entertaining, sometime frustrating catch all of

individual items and complaints; then these irrelevancies.  I think you can

be confident that you are not the primary news source for 100% of your

readership, and perhaps you should assume we turn to Leasing News after the

local paper and CNBC (and cnbc.com, etc).

 

The problem is similar to the run on voicemails we all get sometimes...

because of the fear of missing something important at the end, we suffer

through.  While your Sunday Sermons are clearly marked for potential

deletion, scrolling past individual items is mildly frustrating given the way

the items run together.

 

No worries, we are happy readers and won't be requesting a refund :-)

 

Paul Weiss

ICON San Francisco

PaulBWeiss@aol.com

 

 

 ( You have given me some food for thought.  Other readers have complained

about the supposedly  non-industry stories.  I did the stock news as I issued

Leasing News right after the market closed and those without a radio or television

set, still at work, received it and I thought it was important news, just as the

airline problems.   I knew the next day the major newspapers would be headlining

these stories. I thought due to the speed of the news, it was “timely.” The stock

market opening on Monday, we hit the internet moments after it closed with

the news of the day.

 

I sent out the dropping of the Fed’s rate almost as soon as it hits the wires.

The news at night and in major newspapers will have the story on the

front page, but I don’t think it can be ignored here, especially when

we are first with it.

 

 Sometimes we miss the East Coast by waiting, and that does bother me,

unless readers pick us up at home.  The cost of housing in the SF Bay

Area I thought was very interesting and the program some other cities

should adopt.  In all the local newspapers and wires, this story was not

picked up at all ( I got it from the business wire and it was a day old

by the time I used it ). You are right, it had nothing to do whatsoever

with equipment leasing.

 

So, Mr. Weiss, that is my explanation, although you have a valid point and

it will make me look more to the “topic”  before I include it as editor.

While I can fall back to my old thought: “if you don’t like the subject of the article, don’t read it”...but then I very much liked the tenor and thoughtfulness

of your e-mail. Please don’t hesitate to call me on the carpet, particularly

in the nice manner in which you communicated.  Thank you. editor )

 

~~~

 

Just a note to say THANK YOU for producing Leasing News. And a special thank

you for all the coverage on the horrific events of last Tuesday.

 

Much appreciation-

Lisa Satawa

Satawa@email.msn.com

 

  ( a kind word, thank you, needed that. editor )

__________________________________________________________

 

 

 

Rob Day Gossip

 

Pawnee Leasewatch  Summer 2001

 

Rob Day, CEO, main story centers around “Finding gratification over the demise of another leasing company is paramount to self-emulation. Every time a lease company goes out of business, it makes it more difficult for those that remain.”

 

“The leasing wags meet each day over the Internet and spend precious energy discussing ( the people) of the leasing times.  The NAELB ( National Association

of Equipment Leasing ) e-mail traffic and that which is published in Kit Mitken’s

( sic.) Leasing News demonstrates to me that a significant number of lease people are rejoicing over the unraveling of some lease companies and the personal attacks have exceeded any measure of good taste and gentlemanly conduct.  I believe the number of slanderous e-mails to Kit that are sent by the cowardly “Name Withheld” is indicative of those engaged in a behavioral mode similar the ( the

coffee house type ).

 

Finding gratification over the demise of another leasing company is paramount to self-emulation. Every time a lease company goes out of business, it makes it more difficult for those that remain.”

 

We are purposely not going to print the entire story, but have given you the gist of it. ( if you would like a copy of his newsletter,

 

As editor of Leasing news I don’t find the story “fair or accurate,” but since Rob

Day is the CEO he can write anything he wants and say that he is not “with holding his name.”  It certainly is a “one-sided” opinion and he contributes

it as gossip, ironically something he is not in favor. It is not factual. It is

gossip.

 

Personally no one at Leasing News, nor I or our advisors, finds gratification “over

the demise of another leasing company.” I have never seen any “significant” reaction from our readers that are “rejoicing” over “the demise”.  Most of our

readers want a classified section as soon as possible and want to know what

is going on in the industry so they may survive and avoid what problems

their colleagues may be having.  My impression is the readers want to help

each other and the industry.

 

Rob has expressed  his opinion from time-to-time at Leasing News. In fact, most of his e-mail has been very encouraging, so it is a surprise to read his comments

in his own company newspaper.  He is also entitled to his “opinion” and “perception,” but to present it as fact is neither “fair” nor “accurate.” It is “gossip.”

 

Rob does not like the use of “name withheld”, which newspaper writers have been

doing for years to protect their sources. He is not alone in that opinion.  The Leasing News editor knows 100% who the sender is and screens and edits much

of what is sent without the name attached.  We will continue this policy to

obtain “inside news.”

 

Let me add that Rob is not alone regarding signers not signing their name to

e-mail, but often the sender will not speak because they are afraid of retribution

in the leasing industry.  Your editor screens all e-mail and it is not automatically

posted.  Your editor communicates with all senders.  You should see the e-mails

that do not get printed, or what gets “edited out.”

 

For the sake of getting “inside news,” we will continue our policy of allowing

writers to remain anonymous.  We also retain the right not to print something

unless they do sign their name ( and then we get in trouble for that, too, for

letting a person speak their “mind.”).

 

 I hope Rob finds enough useful information to keep reading Leasing News. As I tell all readers, if there is a topic or subject you don’t want to read, don’t read it.  I personally don’t read everything printed in the daily paper newspaper.

 

 And if you don’t like National Association of Equipment Leasing Listserve, don’t go on line.  I personally find it extremely helpful.

 

Kit Menkin, editor/publisher

 

______________________________________________________________

 

Friday  EFJ Pulseline  ( to subscribe: http://www.efj.com )

 

MOVING FORWARD

by Ron Caruso

 

Like all of you, I am trying to collect myself and move forward.

 

I will not forget September 1l, 2001, as I am sure none of you

will.

 

But now is the time when we all must band together, individually

and collectively, to do whatever we can to help our nation and our

economy recover, while our government and armed forces seek out

the perpetrators, in the name of justice, not revenge.

 

 

Implications for Equipment Financing: The Airlines

 

The airline industry has been hard hit. Talk of governmental

loans/bailouts, massive layoffs and reductions in flights, as well

as enhanced security are all very real. Underlying all of this is

a trepidation on the part of passengers to get back up in the air.

Their confidence in the safety of flying needs to be restored, and

it will be, but it will take time.

 

Although Congress and the President will act swiftly to provide

the financial assistance the airline industry needs, certain

consequences are inevitable. Remember in the early 90’s the fleet

of commercial aircraft that were mothballed in the desert? This

will probably occur again, although the estimates of how many are

higher than what occurred in the 90’s. At least one source is

predicting 500-750 commercial aircraft may be "furloughed." The

impact of this on used aircraft values, residual values and even

the prices for new aircraft could be devastating in the short

term. Additionally, lessors may be highly reluctant to resume

financing for even new aircraft in the foreseeable future.

Although insurance coverage will be available, the high-profile

derived from ownership may discourage lessors for a period of time.

 

The domestic airline fleet, according to Fred Klein, President of

Aviation Specialists Group Inc., contains more than 200 DC-9’s and

200 727’s. Will these be the first planes to be mothballed? Or

will airlines prefer to continue to use these paid-for assets and

return others, newer and more efficient, but still requiring

financing payments?

 

As Mr. Klein observed in a report to his clients: "The picture

will become clearer with the passage of time but we believe that

aircraft which two weeks ago had good long term value prospects

will in fact hold up over time and that aircraft types that were

already long in the tooth such as 727s and DC-9s will go away more

quickly than planned."

 

As with most things in life, the ability to see beyond the current

situation and act accordingly is vital. In the past, big ticket

assets such as drilling rigs, aircraft, and box cars and

locomotives have gone through stages when they were "unloved."

However, certain lessors were able to look beyond the present and

acted accordingly. Their sagacity and patience was highly

rewarded.

 

The current situation will continue to be a challenge for the

leasing community, the financial community and the nation. As in

the past when faced with a crisis, we will  unite and provide the

strength and marshal the resources needed to recover. Stay tuned.

 

--------------------------------------------------------------------------------------

 

 NAME WITH HELD ISSUE

 

The newsletter is great.  But, I want to address 1 issue raised in the

correspondence you received in the e-mail from Griffin and Byrne.  First let

me begin with the fact that neither I nor my company has any type of

relationship with either of these men or Balboa Capital.

 

The issue they raise are the "name withheld" and other unsigned messages.  I

agree with the fact that UNSIGNED OR "NAME WITHHELD" MESSAGES, ON ANY  SUBJECT, SHOULD NOT BE PRINTED.  It is not only "cowardly" on the part of the  writer, whoever they may be, but it is also IRRESPONSIBLE on your part, the

part of any of Leasing News' "esteemed advisors," and the readership for not

demanding that it end. 

 

I don't care what the topic is ethics, complaints, companies going through

layoffs, etc..., if you have something to say stand up like a man (no sexism

intended, it's just a figure of speech), and say it.  There are a lot of

people in this world and apparently this industry who just want to stand

behind cover and throw rocks at others who may or may not be going on a rough

road, and that is pure cowardice.  Just imagine the Declaration of

Independence, the document which brought about the birth of this GREAT

NATION, not being signed.  Anyone who doesn't want to sign their name for

fear of repercussions, lawsuits, loss of job or business, or trouble/hassle

of  any kind should remember the brave individuals who pledged their lives

and their sacred honor by signing the Declaration. 

 

NO NAME = NOT GETTING PRINTED, that should be your new editorial motto.

 

Please print my name.

 

GOD BLESS AMERICA

 

John Gable

Choice Capital LLC

(856)-651-0050

jgable@choicecapitalllc.com

 

~~~

 

from a Leasing News advisor, Bob Teichman

 

Anonymous diatribes should have no place

here, especially when they come from former employees.

 

I really don't want Leasingnews to become known as the National Enquirer of

the leasing business.

 

Bob Teichman, CLP

Teichman Financial Training

3030 Bridgeway

Sausalito, CA 94965

Tel: 415-331-6445

Fax:415-331-6451

e-mail: BoTei@aol.com

 

(We cannot get inside news if we print the names of "insiders." It is

that simple.

 

I don't print many, many e-mails that will not sign their name, but

here is a story that for over a week I tried to get a response, and

they did not want to give one.  I was very active trying to get them

to even say, "no comment," which they did not want to do.

 

I get leads all day long from people who don't want me to use their

name.

 

The Customer Complaint section was for both consumers and industry

members to put up their alerts and their complaints.  The customer

here has a legitimate complaint, two of them now, and we have a copy

of the attorney letter who told Jerry Gonzalez to take down his website.

That is not fair.

 

If it were not for the "name withheld" nothing would have happened.

It is that simple.

 

I print all sides, and that was one of the issues, that is what

it is about. editor )

 

 

you have been running pieces recently about Balboa.  I don't know

whether the allegations are correct or not.  What I do know, however, is that

comments from people that hide behind the "Name Witheld" shield may well be

prosecuting an alternative agenda.  The difference between "news" and

"gossip", Kit, can be the motivation of the source.  In the interest of

fairness, I might suggest that you only publish comments from those that are

willing to be held accountable for the accuracy of their comments and be

willing to put forth the proof.

 

  See you in San Antonio.

 

 Rob Day, CEO,

Pawnee Leasing Corporation.

PawneeRob@aol.com

 

__________________________________________________________________

 

Balboa Capital   The Good but no  Bad and the Ugly

 

 

Steve Jacobsen, Former Balboa Salesman

 

I was a salesperson for Balboa Capital for almost 6 years. I am

responding to the letter that was sent to you bashing Balboa Capital. I

believe that letter was a malicious attack to under mind the integrity of

Balboa Capital and it appalls me. I was never taught any of the tactics that

are represented by these nameless cowards. The salespeople at Balboa Capital

were not trained to be "bullies," but we were aggressive. I for one have no

problem with a salesperson being aggressive to get a deal done, but what was

written by the nameless coward, is that we were taught to lie and cheat, and

that is a complete falsehood. The culture that was created within Balboa

Capital was incredible, everyone pulling for each other, but also always

striving to be #1. The "weak links" did not survive. (And I would be willing

to bet, whomever wrote these emails would fit into this category) The coward

also stated that you could ask all the people that have left Balboa Capital

that his/her statements are true, but I can tell you that I know a lot of

them, and do not feel that they would share that sentiment. In fact, most of

the persons, that learned and matured under Balboa Capital's wings have

become the top salespersons at their respective new companies, or have

launched their own successful companies. A company cannot achieve long term

success through cheating and lying, and Balboa Capital is going on 13 years.

 

 

 I was one of the top salespeople at Balboa for the last four years that I

was there, and when I did decide to pursue another career, I was not

threatened by any persons at Balboa Capital, and in fact, Shawn Giffin,

personally told me that he would help me out if I ever needed his help. He

went on to say that if I ever wanted my position back, that the door would

be open. I am sure that the person that wrote to you was a person who could

not compete within the dynamic setting and amongst the extremely talented

salespersons that Balboa Capital has on their team. I do know that we made

mistakes, but I also know that I was given the autonomy form my management

team, to correct any issues that my client may have had, and/or to negotiate

a fair resolve. There is no way that a company will have 100% customer

satisfaction, but I do know that we strived for 100%.

 

I personally am thankful to Balboa Capital for everything that they did for

me, and would appreciate if the cowards that wrote these letters would

surface.  I have no problem with whomever wrote the letter, but you should

be man or woman enough to attach your name to it. 

Regards,

 

Steven C. Jacobson

Director of Sales

LiveCapital

1900 South Norfolk Street Suite 115

San Mateo, CA 94403

650-350-3683 Direct

 

 

415-637-9628 Mobile

sjacobson@livecapital.com

www.livecapital.com

 

 

Andrew Thorn ( also a Leasing News Advisory Board member )

 

I very much hope that you will print my comments.  It is very important to

me. 

 

I want to go on record as stating that I am very disappointed in the recent

flurry of attacks against Balboa Capital.  I do not know very many people

personally at Balboa Capital.  I have been in the industry for over 13 years

in Southern California.  I have competed against Balboa Capital for the

majority of that time.  Sometimes I have won and sometimes I have lost.  I

have had customers who had a bad experience with Balboa and prospects that

would not use anybody else.  I have seen them professionally represented at

nearly every trade show I have attended.  I have seen them spot lighted in

Business Trade magazines and local newspapers. 

 

Never at anytime have I been threatened by this or upset by what I may have

considered unfair practices.  I have been happy for their successes.  I have

heard many funding sources speak of the quality of their business.

 

I am sure that Balboa has had their share of problems.  But so have I and so

has anybody else that is in this business.  What is the difference?  Let me

tell you.  During my 13 years, I have never had more than 10 salespeople

working for me.  I have been aware that Balboa has at times had over 100.

My problems are easy to hide because I have much less exposure in the market

place.  I am sure that they do more volume per month than almost any 10

companies that read Leasing News daily. Except for the very few, most

companies never grow above the level of my company, and so they will never

understand the level of frustration and babysitting that comes with such a

large workforce. 

 

I have met Patrick Byrne two or three times.  I was not particularly

impressed that he was a bad guy, though I had no desire to get to know him

better.  I am a pretty good judge of people and I could tell that he is a

fierce competitor.  He has to be to build what he did.  I have personally

met Shawn Giffen two times.  I do not believe I have ever met a more

gracious individual.  He is driven by the same dreams of success that you

and I and many of our other competitors are filled with.  Somehow Pat and

Shawn discovered a magic formula for success in our industry.  Yes some

people that worked for them used that vehicle to satisfy their own greedy

desires and we are aware of that because the industry is small and they are

the biggest independent competitor that we compete against.  Sadly, many of

my colleagues choose to compete in a negative way by piling on "name

withheld" statements.  It is very easy to bring other people down.  It is

much more difficult to build people up.  News Flash for Leasing News and its

readers, you can not build an organization the size of Balboa Capital by

doing everything wrong, neither can you build one that size by doing

everything right.  There will always be people from within an organization

that big who exemplify the good and the bad of our industry.  We can

identify many of the bad ones that have been puked out of Balboa and started

their own shops, but there are also good ones who have gone out and started

their own shops.  I have had sales reps leave under bad terms that have

stolen from me, this is very painful, I have had sales reps that have left

and who have gone away under good terms and I have helped them.

 

There are so many good things that Leasing News can do.  When I read an

issue like today, I myself feel like unsubscribing and not being involved

with it.  We can not be so happy when our friends in the industry fall upon

bad times.  I love to compete against Balboa.  If my prospect has had a bad

experience with them I benefit, if they have had a good experience I can

benefit also.  I want to build my firm so that we accomplish many of the

same things that Balboa Capital has.  I hope we do not experience so many

rough experiences, but experience has taught me that it will be difficult

not to.  Jealousy and fear are what I see in the comments and ghost writers

of poison arrows.  Post your name, what do you have to lose?  As far as

unsatisfied customers go, I am sure that none of the readers of Leasing News

have ever had one.

 

Open forums are terrific.  It is not my intent to stop the chatter.  I just

hope for opportunities to be excited about the successes of others.  I feel

for Shawn and Pat, they are people who have created a business that has

helped many people reach their dreams.  I hope to do the same, without

stepping on anybody along the way.  Maybe I am naïve.

 

Andrew Thorn

athorn@nowlease.com

 

~~

 

I normally just browse over your emails, but when read Shawn Giffin's

response today, I had some thoughts which I'll sahre with you here..In the

email he says:

 

"I take it very personally when any customer is dissatisfied.

Our objective is to always exceed our customers' expectations, and I

consider it my

failure when we do not."

 

If that's really how he feels, as President, he could always just go ahead

and make

an executive decision to satisfy the customer if after due dilligence the

facts warranted it.

 

No one except Mr. Gonzalez and the Balboa salesperson actually know what

happened when that particular lease was negotiated, so I can't comment on

that situation. However, it's been my experience that "evergreen clauses" as

they are known tend to leave negative impressions of our industry with our

lessees.

 

I disagree with Mr. Giffin and how he wraps up the email by saying:

"I have to believe there are more compelling and

mission critical activities for your readers than my comments regarding the

negative messages you published."

 

We've all run across customers who have had prior "bad experiences" with

leasing companies and are reluctant to lease again. It's in our best

interests as an industry to reduce the number of lessees that have been

alienated, so open discussions about ethics, integrity and professionalism

do have value in my opinion - so long as those discussions are based on

facts.

 

Kevin Baltzer

Crown Credit Corporation

email: kbaltzer@crown-credit.com

Phone (201) 825-7500

Fax   (201) 825-8968

 

~~

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Thursday, November 8, 2001, and the sale hearing date will be Thursday, November 15, 2001.

    Comdisco, Inc. and 50 domestic U.S. subsidiaries filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of Illinois on July 16, 2001. The filing allows the company to provide for an orderly sale of some of its businesses, while resolving short-term liquidity issues and enabling the company to reorganize on a sound financial basis to support its continuing businesses. Simultaneous with the filing, Comdisco also announced the proposed sale of substantially all of its Availability Solutions business to Hewlett-Packard Company for $610 million. Closing of that transaction is subject to a court-supervised auction process.
( courtesy of ELAonline.com )

### ############## ###################################

 

 Comdisco Receives Extension of ``Exclusivity

Periods''; Court Establishes General Claims ``Bar Date''

    

    ROSEMONT, IllCompany Now Has Exclusive Right To File Plan of Reorganization

     Through Jan. 15, 2002; Creditors Must File Proofs of Claim by

  Nov. 30, 2001; Company Adjusts Bidding Procedures for Availability

                   Solutions and Leasing Businesses

    Comdisco, Inc. (NYSE: CDO) announced that yesterday the U.S.

Bankruptcy Court for the Northern District of Illinois approved the

company's request for an extension of the exclusive periods during

which only Comdisco may file a plan of reorganization and solicit

acceptances of that plan. These periods, which had been scheduled to expire on November 13, 2001 and January 15, 2002, have now been

extended through January 15, 2002 and March 15, 2002, respectively.

    Comdisco also announced today that the Bankruptcy Court has set

November 30, 2001 as the "bar date," or deadline for filing a proof of

claim against Comdisco or any of its 50 subsidiaries that are also

chapter 11 debtors. To preserve claims against Comdisco and its

related subsidiaries and affiliates, all persons and entities with

such claims must file, and such claims must be received, no later than

4:00 p.m. Eastern Time on November 30, 2001. The Bankruptcy Court also

fixed January 14, 2002 as the bar date for governmental entities,

established separate bar dates for certain categories of claims, and

excluded certain categories of claims or interests from the bar date order. Among other matters, the Bankruptcy Court directed that common

shareholders are not required to file proofs of interest solely on

account of their common stock holdings pending further order of the

Court.

    The company said that complete bar date notice packets are being

prepared for mailing to persons or entities that may have potential

claims against Comdisco and this press release is qualified entirely

by the formal notice packages to be distributed. Notice packets

include, among other things, a copy of the Court-approved proof of claim form and instructions for completing and returning that form.

Notices of the deadline to file claims will appear in publications

throughout the United States. The company said that none of the

Comdisco affiliates located outside of the United States have

commenced chapter 11 cases or similar proceedings in any other jurisdictions, are not affected by the chapter 11 cases, and continue

to operate their businesses in the ordinary course of business outside

of bankruptcy.

    Norm Blake, Chairman and Chief Executive Officer, said: "We are

pleased that the court has granted Comdisco's request for an extension

of its exclusivity periods -- which is customary at this early stage

in a chapter 11 case as large and complex as ours. We remain committed

to a `fast-track' reorganization and expect to make considerable

progress in the next few months in finalizing our asset sales and

developing a plan of reorganization that is in the best interest of

our employees, customers, creditors and other important constituent

groups."

    The company also said that due to the tragic events of September

11, 2001 and the resulting travel delays, and in light of the large

number of potential bidders, Comdisco has extended the due diligence

periods for the sale of both its Availability Services and Leasing

businesses. The bid deadline for the Availability Services business

will be extended through 12 o'clock noon on Monday, October 8, 2001.

The auction date of Thursday, October 11, 2001 and sale hearing date

of Tuesday, October 23, 2001 remain unchanged. For the Leasing

businesses, the bid deadline will be extended to Monday, October 29,

the auction date will be Thursday, November 8, 2001, and the sale

hearing date will be Thursday, November 15, 2001.

    Comdisco, Inc. and 50 domestic U.S. subsidiaries filed voluntary

petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in

the U.S. Bankruptcy Court for the Northern District of Illinois on

July 16, 2001. The filing allows the company to provide for an orderly

sale of some of its businesses, while resolving short-term liquidity

issues and enabling the company to reorganize on a sound financial

basis to support its continuing businesses. Simultaneous with the

filing, Comdisco also announced the proposed sale of substantially all

of its Availability Solutions business to Hewlett-Packard Company for

$610 million. Closing of that transaction is subject to a

court-supervised auction process.

    Comdisco's operations located outside of the United States were

not included in the chapter 11 reorganization cases. All of Comdisco's

businesses, including those that filed for chapter 11, are conducting

normal operations. Comdisco is continuing to pursue other strategic

alternatives to create value for its stakeholders, including the potential sale of its leasing businesses, as well as the restructuring

of its Ventures group. The company has targeted emergence from chapter

11 during early 2002.

    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 company.

 

### ####################################

 

HERNDON, Va.Sept--ePlus inc (NasdaqNM:PLUS) announced today that its Board of Directors has authorized the repurchase from time to time of up to 750,000 shares of its outstanding common stock to a maximum of $5,000,000. The purchases may commence immediately and end no later than September 20, 2002.

    The purchases may be made in the open market or in privately negotiated transactions, subject to availability, at prices deemed appropriate by management. The repurchased shares will have the status of treasury shares and may be used, when needed, for general corporate purposes. ePlus had approximately 10.1 million shares of common stock outstanding as of Friday, September 14, 2001.

 

    About ePlus

 

    ePlus is a leading provider of Web-based e-procurement, asset management, financing solutions and eContent Management and Outsourcing. The ePlusSuite of products and services is comprised of Procure+, MarketBuilder, Manage+, Finance+, Service+, and the ePlusMarket, to help today's businesses dynamically streamline, improve, and gain management control.

 

    ePlus also has an eContent creation and management suite of products. ePlus solutions integrate and automate every aspect of the supply chain process: from requisition to approval, fulfillment, financing and asset management. Founded in 1990, the company is headquartered in Herndon, VA and has more than 25 locations in the US. For more information, visit our website at www.eplus.com, call 800/827-5711 or email to info@eplus.com.

 

( courtesy ELAonline.com )

 

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