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September 24, 2001 Kit Menkin’s Leasing News www.leasingnews.org _________________________________________________________________ Help American Liberty.org _____________________________________________________________ Headlines--- MicroFinancial Closes $49MM On Balance Sheet Securitization Fitch Finance and Leasing Company Conference Call Summary Comdisco Announces Executive Management Appointments Patriot Commercial Leasing Alliance with Mitsui Machinery Distribution TELUS realizes C$147M as it exits equipment leasing business USCS Equip. Tech. Partners with Citicapital Equipment Finance Certified Leasing Professional Web Site up and running United Association of Equipment Leasing Donation to Red Cross Name With Held Criticism Continues Sunday Sermon---Readers Don’t Like “Historical Facts.” The List is Up-dated ### denotes press release __________________________________________________________________ The following company has many complaints, as per: http://www.geocities.com/leasescamm/ ### ################ #################### MicroFinancial Inc. Announces the Closing of A $49MM On Balance Sheet Securitization WALTHAM, Mass.,) -- MicroFinancial, Incorporated ("MFI") closed a $49MM on balance sheet securitization on September 21, 2001. "This is now our 9th securitization and it was negotiated during a time of increasingly tight capital markets. The terrible events of September 11 caused us to delay the closing by a few days. Rothschild Inc. was the Placement Agent. The results of the various reviews of our company by the auditors, rating agencies, insurance company and investors, together with our more than 15 year track record of financial success allowed us to close this facility even in today's time of economic and political upheaval" says Richard Latour, Executive Vice President and COO, CFO. "Our long-standing strategy of capitalizing the company with a conservative balance sheet structure clearly is paying back in times like this. For many specialized financial intermediaries with more aggressive capitalization structure obtaining sufficient re-financing capital has become a very difficult. At this point we have less than $100 Million outstanding on our $192 Million bank line and our policy of diversifying our major sources of refinancing capital is also clearly paying back" says Peter Bleyleben, President and CEO. "Having direct borrowing arrangements with leading banks in our industry together with our track record of successful on balance sheet securitizations has become a significant strategic advantage for MFI and its subsidiary Leasecomm Corporation. Dealers presenting us with lease applications know that they are dealing with a leasing company that over the past 15 years has proven its ability to secure sufficient and economic refinancing in most any economic environment" concludes Richard F. Latour. MicroFinancial Inc., (NYSE: MFI), headquartered in Waltham, MA, and with additional locations in Woburn, MA, and Newark, CA, is a financial intermediary specializing in leasing and financing for products in the $500 to $10,000 range. The company has been in operation since 1986 and has been profitable since the second quarter of 1987. Please visit our Web-Site at http://www.microfinancial.com This release contains forward-looking statements. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statements. Readers should not place undue reliance on forward-looking statements, which reflect the management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. Readers should also carefully review the risk factors described in documents the Company files from time to time with the Securities and Exchange Commission. CONTACT: MicroFinancial Inc. Richard F. Latour 781.890.0177 #### ################################## ##################### Fitch Finance and Leasing Company Conference Call Summary On Sept. 19, 2001, Fitch conducted a conference call to discuss our initial impressions of the key issues and rating ramifications for insurance companies, investment banks, commercial banks, and finance and leasing companies stemming from the attacks on the U.S. on Sept. 11, 2001. Below you will find short summaries of the key points made and more detailed comments in the call for the finance and leasing industry. A replay of the conference call is available through Friday September 21, 2001. Callers can access the taped version by dialing 1-800-642-1687 in the U.S., or 1-706-645-9291 from international locations, using access code `1881199'. Finance & Leasing Company Summary Fitch's finance and leasing universe continued to operate with little if any disruption and most are well positioned to address any short term business disruptions. However, there are a few names that have material exposure to sectors, which have or will likely be impacted by the tragic events on Sept. 11, 2001. Notably, one lessor (GATX Financial Corp) with substantial aircraft exposure was placed on Rating Watch Negative on Sept. 18. While Fitch believes American Express is well positioned to absorb the initial impacts of business distribution in its travel and related business, the Rating Outlook was changed to Negative to reflect longer term concerns about how a potentially significant and extended decline in these segments, as well as others, may have on operating performance. In the near term we continue to focus on airline, leisure (including resort and timeshare), car rental, as well as related exposures across financial institutions. In addition, we will monitor underlying trends in both consumer and commercial finance, and will wait and see how these events will impact what was already a deteriorating economic environment from an operating performance, credit quality, and capitalization perspective. Summary of Conference Call Points - Finance & Leasing Commercial Finance Prior to the events of Sept. 11, 2001, the U.S. equipment finance sector had already entered a period of economic weakness, and a recession in certain sub segments. Fitch's outlook for the sector, based on macro and micro data, was negative. For the sector as a whole, the impact of the events of Sept. 11, 2001 may be wide ranging and is still being studied. Two sectors of the commercial finance and leasing sector will be affected immediately. Aircraft Finance, Car Rental, Aircraft Lessors Expected defleeting by domestic airlines due to announced reductions in flight schedules. Results in increased equipment available for lease. Although it is expected that older equipment will be returned first, the valuations of all equipment could be pressured downward. Surplus equipment plus lower demand by airlines globally for flight equipment is expected. Negative implications for lessors that rely on gains from the sale of equipment as a large component of pre-tax income. Concerns regarding companies that sell aircraft to help manage leverage. Actions: GATX Financial Corp. placed on Rating Watch Negative on Sept. 18, 2001; closely monitoring the other aircraft lessors. Car Rental Companies Before Sept. 11, 2001, the operating environment was difficult due to excess supply due to the fall off in business travel. Through Labor Day, solid transaction growth in 2001 due to leisure business; pricing remained challenging. Yielding flat to down results for the major rental car companies. Lower leisure business is expected for at least the remainder of 2001 due to the public's reluctance to fly. The post-Sept. 11, 2001 operating environment is expected to be weak. Car rental companies have already begun defleeting to adjust their vehicle inventories downward following the end of the summer season. Additional defleeting may be required given the current conditions. The current operating environment may result in a rationalization of industry participants with one or more companies failing. ### ##################### ########################## ________________________________________________________________ Certified Leasing Professional Web Site The CLP Foundation is proud to announce the arrival on the Internet of our own web site --- www.clpfoundation.org. We would like all members of the leasing community to take a few minutes or more to visit the site to learn about the Foundation and exactly what the Certified Lease Professional (CLP) designation means and who the CLP's are in our industry. With the changes in our industry over this past year, many of our CLP's have relocated and we have yet to catch up with them. As you are browsing through the list of our current CLP's and find an individual who you know is now with a new company please send me an E-mail with the updated information -- cindy@clpfoundation.org. We want thank those who have supported us in our new endeavor and look forward to serving the leasing industry by helping to raise the professional standards and encouraging continuing education and greater industry participation by leasing professionals. Thank you, Cindy Spurdle, Executive Director CLP Foundation PH: 610/687-0213 FAX: 610/687-4111 Email: cindy@clpfoundation.org __________________________________________________________________ ### ############################# ########################### Comdisco Announces Executive Management Appointments
ROSEMONT, Ill--Comdisco, Inc. (NYSE:CDO) announced today that Michael A. Fazio, 39, has been named to the newly created position of president and chief operating officer and chief executive officer, Europe, and that Ronald C. Mishler, 41, has been named senior vice president and chief financial officer, replacing Mr. Fazio. Norman P. Blake, who had been serving as chairman, president and chief executive officer, continues as chairman and chief executive officer. All appointments are effective immediately. "With these appointments today, we've taken an important step to further strengthen Comdisco's management effectiveness at a pivotal time for the company," said Norm Blake, chairman and CEO. "Michael and Ron have abilities and experience that should prove invaluable in helping to guide Comdisco through the reorganization process toward our goal of emergence from Chapter 11 early in 2002." In his new position, Mr. Fazio will have direct responsibility for Comdisco's European Operations, its Ventures division and its Finance operations, reporting to Mr. Blake. Mr. Fazio joined Comdisco in July 2001 as executive vice president and chief financial officer. Prior to that, he was president and chief executive officer of Pretzel Logic Software, Inc. From 1999 to 2000, he was executive vice president/managing director and chief operating officer - Americas for Deutsche Bank AG. Mr. Fazio began his career with Arthur Andersen in 1983, serving in increasingly responsible positions in Andersen's Financial Market Industry Practice, including partner-in-charge of its New York Banking, Brokerage and Investment Banking Industry Practice until 1999. In his new position, Mr. Mishler will be responsible for Comdisco's Finance, Treasury and Accounting functions, reporting to Mr. Fazio. Mr. Mishler joined Comdisco in July as senior vice president and treasurer. Prior to Comdisco, he served as senior vice president and treasurer of Old Kent Financial Corporation from 1998 to 2001. Before that, he was vice president and treasurer of USF&G Corporation from 1996 to 1998, and from 1984 to 1996 he held various financial analysis and management positions at Heller International Corporation. 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 companies. #### ################################## ############################ United Associations of Equipment Leasing Donates to the Red Cross The UAEL Board of Director's passed a motion to donate 2 1/2% of registration revenue to the American Red Cross Relief Fund from the 2001 Annual Conference & Exposition in San Antonio, TX October 25th - 28th. We are also in the process of finalizing details to hold a blood drive during this event. For those of you who have not yet registered, the Board of Director's also passed a motion to extend Early Bird Registration indefinitely for ACE 2001. Because of the dedication of the UAEL leaders to our association, our industry and our nation, everyone attending ACE 2001 will be making a difference. UAEL Leaders Make A Difference! Thank you to President Chuck Brazier, CLP; Vice President Bob Fisher, CLP; Secretary/Treasurer Bette Kerhoulas, CLP; Immediate Past President Bob Rodi, CLP and Board Members Brent Hall, CLP; Steve Jenkins, Terey Jennings, CLP; Theresa Kabot, CLP; John Kruse; Larry LaChance, CLP; Curt Lysne, CLP; Jim McCommon, CLP; Jerry Newell, CLP; Peter Stommel, CLP and John Torbenson. The leaders and staff of UAEL look forward to seeing all of you in San Antonio! 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 --------------------------------- Name With Held---Criticism Continues/ Although we disagree on the name withheld issue, I very much respect the fact that you include views that are critical of your own newsletter. This takes courage. Thank you for setting a great example. Pat P.S.-Feel free to print this. Patrick Byrne: Balboa Capital ~~ You say that Newspapers have been doing this for years...but those are reporters who are gathering info and then passing it on. You are printing direct letters from people who don't sign their names. Find me one paper that will publish an editorial letter to the editor without your name and telephone number. If Leasing News wants to write their own articles using unnamed sources thats fine...but to print direct letters from people who will not stand up behind their own beliefs is not right. Sincerely, Deborah J. Monosson President BOSTON FINANCIAL & EQUITY CORPORATION 20 Overland Street Boston Massachusetts 02215 617-267-2900 617-437-7601 Fax Visit us at http://www.bfec.com ___ The responses of others criticizing the "name withheld" are from those who really do not know what "reporting" is all about or what you do to confirm a story and the general state of the matter. It does emphasize the importance of thorough investigation and not just the gossip of one individual. You need collaboration on the stories or rumors to make sure you're reasonably accurate. It is also important for you to explain what is going into your investigation. The fact that you are willing to print both sides of the story shows the fairness of what you are doing. If you need an "on the record" response for publication, let me know and I will produce one for you. I want to support you as much as possible. Let me know. Name With held ~~~ As I mentioned previously, I could elaborate for hours. That is not my intent, my only intentions are to help victims of Balboa recover and make others aware to the possibilities. Name With Held What is unfortunate is the hundreds of Lessee's that are not able to mount a defense publicly or legally, those are the ones that suffer major losses and no one but Balboa knows. From the way I see it in this case and all the others Name With Held I was one of the individuals who commented on Balboa in your past newsletters and did so anonymously. I would like to respond to those who have condemned the veil of anonymity. I agree with you Kit, in that a key element of any journalists career is his sources. Does anyone remember Watergate? How would that story and piece of American history have developed without "Deep Throat"? I commend you for justifying and protecting your resources. ( name with held ) ~~~ I am sending you copies of the lease with the 180 day clause. I sell against Balboa and have a list of four people who have been had with this lease contract. When I bid against Balboa, I give the lessee the four names to call plus send them a copy of the 180 day clause. Even when I am higher, the lessee understands and I always get the deal. (Name with held ) I have a sister that works for Balboa...she received your newsletter, as did others in the office (Scottsdale). Keep this between you and I, please. Keep up the great work. ( name with held ) For the Record: Leasing News prints all sides, and that was one of the issues, that is what it is about From day one, we have been printing name with held. We have had a lot of controversial opinions. Since April of last year, we have been doing this. Why now are we a tabloid because we are printing name with held against Balboa. We have done this from the inception of Leasing News. 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 who told Jerry Gonzalez to take down his website. That is not fair. Even Balboa chairman Pat Bryne said it was “not fair.” If it were not for the "name withheld" nothing would have happened. It is that simple. We also will not print an “annoymous” complaint in our bulletin board. They must be signed, and we investigate all of them, calling all parties. We are not an omsbudsman, nor do we suggest they file a complaint with the leasing association, as some only allow members to file, we are told. So far we have two legitimate complaints on the table, that we are waiting to post on the Leasing News website. We also have almost a dozen very strong “name with held” comments that we have not printed to date, and have shared some with Shawn Giffin and Pat Bryne. We are not in the “bashing” business, but will post the complaints as both appear legitimate. We also understand their will be a formal complaint with the United Association of Equipment Leasing Standards & Ethics Committee regarding Balboa Capital. _________________________________________ Housing in San Francisco Bay Area Article I have been in the leasing business for 25 years and if Paul had a problem with your housing article he should remember as housing goes so does business. Mike Barrett Dumac Leasing ~~~ I truly appreciated the tone of your "response" to my prior email as published in Friday's News. It sounds like some of your incomings are perhaps less civil. What a shame that we can't, particularly during difficult times, always take the kindler gentler approach? This ability to be humane and mutually respectful may be all that separates us from the, er, madmen out there. Regards Paul Weiss PaulBWeiss@aol.com ICON San Francisco ( As Mike Barret had above, his opinion. He disagrees with you and with a good point, but then, you have your opinion, too, with some valid points---made me think. And we should respect you both. There is no right or wrong, there is your opinion and each have a different viewpoint. editor ) ---------------------------------------------------------------------------------- Sunday Sermon ( This forum is not part of the daily Leasing News. It often appears more controversial than our regular news as we present issues and opinions to make readers think and react. We always have from two to three to sometimes up to a dozen who asked to be removed from our Leasing News list, no matter what the subject may be. Even our Leasing News advisors are divided over continuing this feature. We also get a lot of support, too, and that is why it continues. editor ) I assume you attempted to contact a Muslim cleric in order to provide a point-counterpoint and received no response. In last Sundays email you even went so far as to say, "Monday, Leasing News will provide the final forum. It will be the "final call" to this subject." My questions for you are as follows, what was the purpose of this one sided diatribe? Was the goal to stipulate that the Arabs did/do in fact not have a legitimate claim to the city of Jerusalem? Please help me understand why you would use this forum to present such a non-secular list of facts? Jonathan Gibney ( The final call was regarding the daily Leasing News. We had decided such subjects were for Sunday Sermon, thus the reason we lead with something from Bob Teichman, CLP, a leader in the industry for almost thirty years, active with the United Association of Equipment Leasing You have given me a very good idea, how about next week What is a Muslim?: editor ) ~~~ RE: Paragraph 8, Muslims face Mecca when praying, not necessarily with back to Jerusalem. dawkindr@postoffice.pacbell.net and this e-mail: As you may know, I am neither Jewish nor Moslem. I am, however, offended by the bias in this message. To say that it is one-sided would be an understatement. And item 8, "Muslims pray with their backs toward Jerusalem," is simply false and defamatory. They pray towards Mecca. I travel frequently in Southeast Asia, and every hotel room, even in non-Moslem countries like Singapore, has in a drawer or somewhere an arrow denoting the "kiblat" (or sometimes "qiblat") that indicates the direction of Mecca for Moslem prayers. In Singapore, that pretty much would be pointing towards Jerusalem, as well. Moslems do not pray with their backs toward Jerusalem any more than Jews pray with their backs toward Mecca. If you are going to continue to use your mailing list to defame people and broadcast biased political rhetoric, please remove my e-mail address from the list. You have every constitutional right to speak your political or religious opinions to whomever you choose, but that doesn't mean that you are exercising good judgment in doing so. Frankly, I think you owe your readers an apology for this one. Chris Greene ( While I was not the author, nor was Bob Teichman, I think the writer was talking about Palestinian Muslims, who when they pray would be facing Saudi Arabia, where Mecca is located. I think he was trying to say Mecca is more important to them than Jerusalem. editor )
Seems that by the few points Bob has presented he has contributed to the point of how much suffering religions have brought to mankind. Next week why don't you list the great contributions Christianity has made? ( The article was basically a history lesson of Israel, and not a comment on the religion. As I stated in the end, it would take up quite a bit more room to describe any religion, and many scholars are spending their lifetime making such studies. This was to present facts about the geographic area. editor ) This is information that I'll bet you that 99.9% of the American public does not know, and probably 99.9% of the Gentile population doesn't care about! As I see it most of the non-Jewish population see Israel as part of the American "problem," i.e. if the United States would stop supporting Israel our problems with the Arabs, Muslims, Islamic "radicals," et al. disappear. As you and I both know what has happened due to the radical Islamic hatred of western democracy, capitalism, free speech, and ANYONE who do not share their views of Islam. It's going to be a long drawn out solution of the current situation, and unfortunately I think the majority of Americans have a very short attention span and want a "quick solution" (thanks to MTV). I think most Americans, mainly the under 35 year olds have been conditioned by our culture, their attention span is too short to look at this as a long term battle. It took about 4 years to achieve the final victory in W.W.II, and we were damn lucky to do it in 4 years. Bill Schimmel Advantage Leasing Co. ~~~~ This weeks "Sunday Sermon" is the last straw. It may have been sent in by Bob Teichman, but you chose to publish it. Arab bashing is no different than Jew bashing...both are equally repugnant, the timing of this "sermon" suggests that it was intentional. Please remove me from your "subscriber" list immediately. Mark Speros, Director Landmark Financial Corporation ( We have received over a dozen people, like Mark Speros, who wants to be removed, which we have. Presenting historic facts is not “Arab bashing.” What I saw on 60 minutes last night was quite eye opening. We in American need to open our eyes to what is happening and what the other parts of the world think of us and why. If you saw 60 minutes last night, you might have gotten an idea why the middle east hates the United States. editor ). ~~~~ This doesn't read so much like "facts in the current Middle East situation", but more like anti-PLO propaganda. David Leidy <dleidy@flexlease.com> ~~~~~~ It would be GREAT and more meaningful to know whom and at which university the statement: "These were compiled by a Christian University Professor" was referring to. A generalized statement of this nature tends to discount the importance of what follows. George Wade, AFFILIATED Equipment Financing, Inc. ( You are correct, plus I did not verify any of the facts or dates, however, it was a Sunday Sermon piece, and that is not my role as editor to comment upon it. editor ) Thank you readers who sent us compliments and appreciated the information. Several made me cry, really, and one really cracked me up and made my day ( strong language, so can’t repeat in print.) Kit Menkin ___________________________________________________________ ### ################################## ########################## Patriot Commercial Leasing Company, Inc. Announces Leasing Partnership with Mitsui Machinery Distribution MMD/TCM Corporation
POTTSTOWN, Pa.--(BUSINESS WIRE)--Sept. 24, 2001--Patriot Commercial Leasing Company, Inc., subsidiary company of Patriot Bank (NASDAQ-NMS-PBIX), announced a strategic partnership with Mitsui Machinery Distribution MMD/TCM Corporation. Mitsui Machinery Distribution MMD/TCM Corporation is the North American Distributor for TCM Manufacturing USA, Inc., a subsidiary of TCM Corporation, a manufacturer of forklift trucks. Through this new relationship, Patriot Commercial Leasing provides leasing programs for the Mitsui Machinery Distribution MMD/TCM Corporation dealer network on the eastern part of the United States. In addition, this gives Patriot Commercial Leasing access to dealers across the nation through one central source and provides Mitsui Machinery Distribution MMD/TCM Corporation dealers an opportunity to finance rental fleets using subsidized rates. "Our relationship with Mitsui Machinery Distribution MMD/TCM Corporation is consistent with our strategic plan. It helps us continue to diversify our portfolio and focus on hard assets that maintain value," commented Ken Collins, President, Patriot Commercial Leasing Company, Inc. Hard asset equipment is equipment that holds its value and is considered essential to the operation of businesses. This relationship provides outstanding balances as well as additional opportunity to increase fee income for Patriot Commercial Leasing Company. "We are pleased to enter into a partnership that offers a full array of leasing products to satisfy dealers' growing financing needs," commented Alex Shields, Vice President, Mitsui Machinery Distribution MMD/TCM Corporation. "Working with Mitsui Machinery Distribution MMD/TCM Corporation helps Patriot Commercial Leasing demonstrate our eagerness to diversify our client base and enter new markets," added Collins. Patriot Commercial Leasing Company, Inc. is a wholly-owned subsidiary of Patriot Bank. It was formed in 1997 to enhance Patriot's product lines, differentiate revenue streams and lessen rate sensitivity. Patriot Bank Corp. is a $1 billion financial services company operating banking and lending offices in Montgomery, Berks, Chester, Lehigh and Northampton counties in southeastern Pennsylvania. #### ################################# ################################# TELUS realizes C$147M as it exits equipment leasing business
Company selects GE Capital Vendor Financial Services as preferred provider of equipment financing VANCOUVER, / - TELUS, a leading provider of communications products and services in Canada, today announced it will exit its equipment leasing business. Funding for the transaction will be provided through a trust, in which GE Capital's Vendor Financial Services (VFS) will be the investor. VFS, a global provider of financing solutions to manufacturers, dealers and end-users, will finance, administer and service the portfolio on behalf of the trust. A separate agreement will establish VFS as the preferred provider of future equipment financing for TELUS customers. For TELUS, the securitization of its equipment leasing portfolio, currently managed by Telecom Leasing Canada (TLC) Limited (TLC), a wholly owned subsidiary of TELUS, will advance its national growth strategy and enable it to pay down debt incurred for strategic acquisitions. "TLC has been a successfully run part of our business," said Robert McFarlane, executive vice-president and chief financial officer of TELUS. "However, the core operations of TELUS are the provision of telecom services in Canada, while the activity of equipment leasing is a more natural line of business for a financial institution. Therefore, we consider TLC a non-core asset and are pleased that this transaction has resulted in a successful outcome for GE Capital and TELUS. GE Capital presents us with an opportunity to leverage our equipment sales by offering lease financing programs through a national industry leader." "This agreement is an excellent example of how we help businesses like TELUS grow by providing tailored financial solutions to end-users," says Bill Cary, president and chief executive officer of GE Capital Vendor Financial Services. "We intend to leverage our financial strength and experience in leasing to provide top-quality service to TELUS customers. This agreement will also enable us to further expand our business and strengthen our presence in the enterprise market in Canada." TELUS intends to apply the proceeds of the transaction, valued at C$147 million, toward the reduction in its bank operating borrowings thereby improving the financial flexibility of TELUS to invest in the growth areas of data, Internet Protocol and wireless. The transaction is expected to close effective the end of September. TELUS is working to find comparable positions within its organization for the 32 TLC employees who managed the leasing portfolio. "With the closing of this transaction, TELUS will have raised approximately C$1.2 billion from its divestiture program in 2001, significantly exceeding targeted annual proceeds of between C$900 million to C$1 billion," noted McFarlane. "To put this into perspective, the net inflow in 2001 of cash from divestitures will exceed by some C$860 million the cash outflow for the six data and IP related acquisitions (including PSINet expected to close next month), and the remaining 30 percent interest in TELUS Quebec. The net effect of our balanced approach to mergers and acquisitions has been to de-lever our balance sheet." About TELUS Corporation TELUS Corporation (TSE: T, T.A; NYSE: TU) is one of Canada's leading communications companies providing a full range of communications products and services that connect Canadians to the world. The company is the leading service provider in Western Canada and provides data, Internet Protocol, voice and wireless services to Central and Eastern Canada. For more information about TELUS, visit www.telus.com. ### ################################ ####################### Ceres' Subsidiary, QQLink, Partners with IBM To Provide Agents with IBM ThinkPad Computer Leases at Discounted Prices; Sprint PCS Joins Program to Offer Wireless Internet Connection
QQLink, the Internet distribution subsidiary of Ceres Group, Inc. (Nasdaq: CERG), announced that QQLink's agent sales force will be able to lease IBM ThinkPad notebook computers at discounted rates. As part of the notebook package, Sprint PCS will provide wireless Internet access cards. This new program will make it even easier for QQLink agents to transact sales of insurance and financial services on the Internet. QQLink is an e-commerce program that combines the localized customer service and support of a top-quality sales agent with the convenience and efficiency of direct purchase over the Internet for insurance and financial services. QQLink initiated its online service for consumers in November 2000 and currently has over 2,100 agents across the country participating in the program. Consumers can purchase products directly on their own or, at no additional cost, take advantage of the service of a personal, local agent. "QQLink is pleased to announce this agreement, which partners us with IBM, a brand recognized the world over," said Peter Nauert, Chairman and Chief Executive Officer of Ceres Group and QQLink. "Our QQLink program has really gained sales momentum since the beginning of the year, with sales doubling or more each month. We believe that IBM notebooks will enhance our agents' ongoing efforts." Since January 2001, QQLink has sold over $7.2 million in new annualized insurance premium, with $2.5 million in annualized new sales in the month of August alone. The ThinkPad computer-leasing program will be available to QQLink agents starting late in September. An IBM Business Partner, MCSi (Nasdaq: MCSI), will host online registration and will ship a laptop to each agent who opts to participate in the program. MCSi, the largest supplier and integrator of broadcast, computing, networking and visual communications products and technologies in North America, is ranked number 21 in Fortune Magazine's list of fastest growing companies. Agents will be able to use direct debit (automatic bank draft) for the monthly lease payments, or they may choose to receive a monthly invoice. All lease transactions will be handled through IBM Global Financing.
The IBM ThinkPads will be shipped in "sales-ready" mode, pre-loaded with the latest edition of QQLink's Internet access and other tools, the latest version of Microsoft's operating software and Windows 2000(C).
The Sprint PCS Web Connection will allow QQLink agents to connect their notebook computers on a wireless basis over the Sprint PCS Network, giving them the freedom to access information when and where they choose.
"The QQLink sales model really benefits from this alliance," said Mike Owens, Vice President of Corporate Development. "Our agent force will now have an additional level of flexibility in the sales process. Agents will be able to start the QQLink sales process as soon as they turn on their new notebook computers. This is truly a fully transactional business model brought to the consumer's kitchen table."
Under the alliance, QQLink agents will receive one of the latest IBM Models, the ThinkPad T22, on a 39-month lease agreement. The program sign-up will begin in late September 2001, and QQLink agents will have 60 days in which to enroll. Through the use of IBM's SuccessLease(TM) product, which is delivered by Heller Financial, lease payments are deferred until 2002.
"We are very pleased that Ceres' QQLink agents will be using IBM's award- winning ThinkPads to run their sales programs. The IBM ThinkPad is the perfect fit for sales people who need functionality and reliability," added Randy Tolen, Client Executive, IBM. About the IBM ThinkPad IBM ThinkPad continues to help lead the way in delivering enhancements, innovations and solutions that have shaped and defined the mobile computing industry. To date, more than 13 million ThinkPad notebooks have been shipped. Since the launch of the ThinkPad 700C in 1992, these acclaimed notebook computers have been lauded as design and engineering marvels, winning nearly 750 industry awards. ThinkPad notebooks have been trusted for use in some of the world's most extreme settings, including space shuttle launches, altitudes more than 17,000 feet above sea level and on the open seas. About the SuccessLease Program SuccessLease(TM) is a global lease financing program that leverages the strengths of the world's leading computer manufacturer and a world leader in innovative IT financing to provide custom solutions to meet the needs of small and growing businesses. Heller Financial, a world leader in commercial financing, provides the financing and administration of the SuccessLease program worldwide. Heller Financial, Inc. (NYSE: HF) is a worldwide commercial financial services organization with more than $18 billion in owned and managed assets and 2,500 employees worldwide. Heller Financial Leasing structures, markets and administers global and domestic leasing program for manufacturers, distributors and dealers. About Ceres Group Ceres Group, Inc. provides a wide array of health and life insurance products to over 700,000 insureds. Ceres' core businesses are major medical health insurance for individuals, associations and small businesses, and senior health, life and annuity products for Americans age 55 and over. To help control medical costs, the Company also provides medical cost management services to its insureds. Ceres' nationwide distribution channels include approximately 48,000 independent and exclusive agents and QQLink.com, its new web-based service. For more information, visit www.ceresgp.com.
Sites of Reference: ( Courtey of ELAonline.com ) ### # # #################################### ________________________________________________________________________ USCS EQUIPMENT TECHNOLOGY SOLUTIONS PARTNERS WITH CITICAPITAL EQUIPMENT FINANCE
USCS Equipment Technology Solutions(TM), Brookfield, WI, and CitiCapital, a division of Citigroup, have agreed to provide customized financing solutions to USCS clients. The agreement, effective June 2001, will bring CitiCapital's expertise in equipment financing to healthcare organizations using USCS' LIFECYCLE(TM) asset management program. Deborah C. Deinstadt, vice president of sales with USCS, said, "Our alliance with CitiCapital brings unmatched financial expertise to the doorstep of USCS clients who are searching for the right equipment management programs. CitiCapital's ability to provide highly specialized finance programs complements USCS' practice of designing highly specialized equipment management programs." "Flexible and attractive financing plays a critical role in managing capital assets," said Ted Drake, vice president in charge of program origination for CitiCapital. "We are very excited about the benefits we will be able to offer to USCS' customers by combining CitiCapital's financing with USCS' LIFECYCLE(TM) asset management programs." With more than $40 billion of assets under management, 500,000 customers, and 87 branch offices in the U.S., Canada and Europe, CitiCapital is the second-largest U.S.-based commercial finance company and a leader and a preferred source of financing for a wide variety of assets, including medical equipment. USCS provides programs that assist healthcare organizations in managing capital assets and controlling costs. Its LIFECYCLE (TM) Program offers tools to manage the equipment lifecycle, including the Managed Maintenance(TM) system, which reduces maintenance costs, and Equipment Acquisition Resource, which provides in-depth analysis of capital equipment proposals. For more information, contact USCS at 800/588-6377 or visit www.us-cs.com.
Sites of Reference: http://www.us-cs.com CONTACT: Joe Moran Phone Number: 941-592-5339 E-mail: joemoran@mindspring.com ### ############################## ( full list is on line at: Here are the most recent changes: . Leasing News List Chronological 118 changes Old Kent Financial ,GrandRapids, Michigan (9/2001) Closes down, lets everyone go. (2/2001) Closes door to new broker business ( 11/2000 Fifth Third Bank, Cincinnati, Ohio announces acquirement, to close second quarter 2001-Gateway Leasing sold to Old Kent in 1997, small ticket leasing specialists ) Comdisco (9/2001) 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 business to Hewlett-Packard Company for $610 million. Closing of that the proposed sale of substantially all of its Availability Solutions transaction is subject to a court-supervised auction process. (8/2001) Comdisco lays off 450 more, 3rd Quarter shows $168 million loss (7/2001) -Comdisco + Execs face bankruptcy, many left holding the the bag, assets for sale or sold, working on trying to get healthy by 2002, they say. ( 7/2001) change of executive officers (6/2001) reportedly considering bankruptcy (5/2001) Lays off 10% of staff, further cuts to be made ( 5/2001 ) Reports Second Quarter: $8 Million Loss, CEO Pontikes takes early retirement a few weeks before formal announcement. Reports many losses to follow due to leases and loans with Dot Coms, among others. Textron Financial (9/2001) Manufacturing & Machine Tool Division is to close. It appears Textron did not get what they were looking for in this division. With FTC it's all ROE. I understand that Fred Hockman (President of the Machine Tool Division) is looking to find another leasing company to sell his package to (8/2001) First Corp,Portland, OR, announces Jim Merrilees will join on Sept. 4 as executive vice-president www.firstcorp.com, has left Textron. (7/2001) small ticket equipment financing functions will be moved to its Small Business Direct group that was acquired in early June and is based in Little Rock, Arkansas. As a result, Textron Financial will eliminate its Lake Oswego, OR and Providence, RI functions that previously handled small ticket equipment financing as support for these programs are migrated to the Small Business Direct operation over the next 30-60 days. The unofficial target date is August 1, 2001. Insider reports: “"Jim Merrilees of Colonial Pacific, Grayrock, Nations Credit fame, Randy Ernst, Denise Mann, and company have all departed TFC. Jim is on the payroll until the end of the year as he has a contract but I don't think he is working here anymore." ( 7/2001) reported to end broker business on August 1,2001 (5/2001) Textron announces a new division to serve the capital requirements of independent, middle-market lenders. (4/2001) complaints Textron doing repeat business with leases submitted to Nations, but now being serviced by Textron (common in such situations.editor) (1/2001) complaints from brokers regarding getting information for NationsCredit and GrayRock Capital on FMV, payoffs, residuals from Textron who is servicing the portfolio (1/29/99) sold to Textron *** Textron does "broker business." ( formerly on list as Nations Credit, Business Leasing Group ) Finova (9/2001) Offer Terminated .Berkshire Hathaway invoked an "act of war" clause in order to terminate its offer to buy up to $500 million of Finova Group, Inc.'s 7.5% Senior Secured Notes. Berkadia further stated that termination of this purchase offer does not affect Berkadia and Leucadia National Corp.'s joint rescue package for Finova. ( 8/2001) Finova Group won a judge's approval of a Chapter 11 recovery plan proposed by Warren Buffett's Berkshire Hathaway and Leucadia National, clearing the way for the finance company to emerge from bankruptcy. The plan is based on a $6 billion loan from Berkadia LLC, a joint venture of Berkshire Hathaway and Leucadia. Scottsdale, Arizona-based Finova will use the loan plus its cash reserves to pay $7.35 (8/2001) for the second quarter 2001, reporting a net loss of $436.5 million (6/2001) wins bankruptcy judge's permission to proceed with a $7.35 billion recovery plan for the finance company proposed by Warren Buffett and Leucadia National Corp; hearing date August 11. (3/2001) files Chap. 11 as per plan, many disputes, Finova Former CEO May Get $9.3 Million in Severance, says Arizona Republic Newspaper (3/2001) Dow Jones questions take over plans (2/2001) Finova Bailed Out by Buffett-Led Group , Berkshire Hathaway and Leucadia National announced that they have entered into an agreement for a $6 billion loan to Finova Capital , however to clear up any creditor issues, will have to file Chapter 7 and hope creditors don't push into Chapter 11, many guess stock manipulations and other "doings" going on. ( 2/2001) downgraded to "C" rating by Fitch "With significant debt maturities due in May 2001 and Leucadia National Corp's $350 million investment withdrawn, Finova's ability to operate as a going concern faces serious challenges."(1/2001) Deal of Leucadia National to Invest $350 Million in Finova falls apart 1/2001 laid off 90 employees, or about 9 percent of its workforce, in an ongoing effort to cut costs. The company continues to employ about 300 people in Phoenix and 940 nationwide. (12/2000) out of market place, many problems, raises $250 MM, but not enough ) (11/2000 Announces they will discontinue business, sell units 11/2000 Suspends Dividend 11/2000 Leucadia National to Invest $350 Million in Finova 11/2000 reports $274 million loss)( 10/2000 Dow Jones notes stock falling and problems at F Finova) (10/2000 Dow Jones headlines "Finova Stock Falls As Buyout Hopes Wanes.####### ###### ### ### #
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