Headlines---

Classified Ads—Asset Mgmt/Collector/Controller

    Pictures from the Past---2000---Rob Day

        DVI wants loans repaid

            RW Professional Trial  Up-Date

Tommy Larsen Sentencing Postponed

    PBS Alleged Tax Abuse Influences Felt in D.C.

        From Our Archives: April 26, 2000

            Cartoon---Honor Student

Lakeland Bank/American Insurance

    Credit Counseling Scandal

        Cambridge Credit Counseling Responds to Allegations

            Republic Leasing to Become Division of NetBank

De Lage Landen appoints Thomas G. Forbes

    News Briefs---

        California Nuts Briefs---

            “Gimme that Wine”

This Day in American History

    Baseball Poem

########  surrounding the article denotes it is a “press release”

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

Classified Ads—Asset Mgmt/Collector/Controller

Asset Management

Asset Management: Austin, TX. 20+ years exper. lease/finance. P & L responsibility, strong credit & collection management, re- marketing& accounting. Computers, construction, auto & transportation. Both commercial/ consumer portfolios. Email: kmalone@austin.rr.com

Asset Management: Bloomfield Township, MI.

15+ yrs experience asset management and credit analyst. Leadership and training skills. Audited returns, max residual, lease end and resale negotiator.

E-mail: cmcozzolino@msn.com

Asset Management: Chicago, IL. MBA, 15+ years exp. Long history of success in maximizing residual position through outstanding negotiation skills & lease contract management. Third party re-marketing, forecasting etc... email:jgambla@aol.com

Asset Management: Oxnard-Hollywood Beach, CA.

19 Years w/Equity Analysis/Placement and Residual Forecasting of Computer Assets. Portfolio Manager for Two Major Lessors and Strong Analyst Background w/Leading Information Services Firm. email: GregoryMLorenz@aol.com

Collector

Collector: Boston, MA. Challenging position where my skills, professional experience, organization, leadership, strategic thinking, creativity, energy, passion, competitive nature will enable me to define opportunities and personal development.

Email: bernd.janet@verizon.net

Collector: Jacksonville, East Brunswick, FL.

13 years experience with collection, recovery,re-marketing and legal on commercial loans and leases. Expertise with distressed portfolios, Six Sigma trained. Willing to relocate. Email:RichardB12364@aol.com

Collector: Joplin, Mo. Will do car repossessions, willing to go about anywhere. Have three years exp. thanks. Email: derekrgreen@yahoo.com

Collector: West Hartford, CT. Credit/ Collections /Rental Management in leasing & construction fields. Looking for stable company that will appreciate my 20+ years of experience. Email: losterastringban@aol.com

 Controller

Controller: Seattle, WA

CPA w/ 15 years management exp. as CFO/ Controller/5 yrs w/ PriceWaterhouse Coopers. Extensive exp providing accounting/ tax guidance for the equipment lease industry. Willing to relocate. Email:bltushin@hotmail.com

Controller: Southeastern, MI.

Controller & Management experience w/ equip lessors &broker. MBA, CPA w/ extensive accounting, management, securitization experience with public and private companies. Willing to relocate.  Email: Leasebusiness@aol.com

      98 Classified Job Wanted ads at:

             http://64.125.68.90/LeasingNews/JobPostings.htm

We help people find jobs.  Post your free ad at:

[Headlines]

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

Pictures from the Past---2000---Rob Day

   (originally featured 2/21/03)

“Question: What does it take to get Pawnee’s President Rob Day off the

links?”  United Association of Equipment Leasing Winter Newsline, 2000

    Since Sam Leeper has taken over the day-to-day management of Pawnee I spend most of my business time on long range planning, which we all know is a way of saying that I watch what is happening more than making things happen. We continue the Pawnee philosophy of "manage yourself out of your position" so more of our employees are having the opportunity to take on increased responsibilities.

Additionally, we have been able to hire some bright new talent. New faces bring new ideas and that is healthy for any company.

I am excited about the prospects ahead for Pawnee and others in the small ticket leasing arena.  I believe that the companies left in the industry have a skilled executive suite with a clear vision of the task ahead. The fact that more and more financial giants are entering the asset-backed market is the best indication yet that leasing may no longer be the outcast of the financial services sector.

I wish you well in 2003 and pray for the safety and well being of your son during these difficult times.

Sincerely,

Rob Day, CEO

Pawnee Leasing Corporation

PawneeRob@aol.com

On the Pawnee Website:

Twenty Years, a Perspective

 By Rob Day, CEO

A few weeks ago we celebrated our 20th anniversary. My what a ride it has been. I am quite confident that when I founded Pawnee Leasing Corporation in July of 1982 that the Pawnee Leasing Corporation of 2002 was not the vision. But I expect that's how life is supposed to evolve; twists and turns along the way that polishes our dreams by making the necessary modifications along the way.

We began operations in July of 1982 providing computer leasing for an Apple Computer store in Sterling, Colorado that I had invested in. The company was capitalized by what I thought was a huge sum of money (about what we fund now in a typical day) and we obtained a line of credit from a local bank. You probably would be interested to know that Jerry Reeves, our present executive vice president and credit manager, was the loan officer. We had Bank of America's lease form, Apple Computer's lease rates and off we went with me as the sole employee. We bumped along leasing to the store customers, but that had a limited market and was going to be an eventual losing game plan.

In 1989 Pawnee and I moved to Fort Collins, Colorado. Happily, we were able to continue our banking relationship as Jerry Reeves had been transferred there as well. During the next year or so we expanded our customer base by going outside of our computer stores (now 4) to provide leasing to other computer retailers in northern Colorado. It was a gentleman named Dave Malucky, a one-man lease brokerage in Denver, though, that provided us our next chapter by introducing us to the lease broker market in 1990. That introduction would change the face of Pawnee forever.

For the next year or so we did a little business with local Colorado lease brokers while continuing on with our in-house lease program. As the stores matured, however, it was becoming clear that our lease program would not be sufficient to service the needs of our customers. Computer systems were expanding which meant the cost was as well and the typical $10,000 lease was now $25,000 and going higher. We had neither the financial strength nor the knowledge to service our stores. By servicing the broker community we could more closely match our lease purchases with our cash flow. By 1991 the stores accounted for less than 10% of our volume and had faded completely by 1993. Pawnee was committed to the broker market and we have not looked back since.

Our first significant brush with extinction came in late 1993. Century Bank had been our only bank and we had a seven figure revolving line with them, our only significant credit facility. This was a time in Colorado banking history when the "Minnesota Twins" arrived on the scene. First Bank and Norwest, both of Minneapolis, started purchasing many of the banking assets in Colorado and their actions set off a buying binge by other national banks that feared missing out on the Colorado market. Unfortunately for us Century Bank was purchased by Key Bank and our type of business was no longer welcome with the new organization. We had 90 days to pay off the note.

I had met Sam Leeper, a senior executive with Affiliated Banks of Colorado in 1991 when they provided a small line of credit for a leasing partnership we had formed. By late 1993 his bank had been purchased by Bank One and they were my plan for survival. Fortunately for us, the transition from Affiliated to Bank One had been difficult and longer than anticipated but by late 1993 Bank One was ready to do business and needed to make up for some lost time. In less than 45 days Sam and his team came through with a credit facility to replace Key Bank and to provide funds for expansion.

We grew with Sam and Bank One into the golden era of specialty finance where leasing companies were highly sought after and premiums were high. Every company has capital issues and they are either solved internally or you sell out to a larger organization that can provide the external solution. Pawnee needed more capital to fuel the growth and we had a suitor in early 1997 that could do that. I agreed to a buyout contingent on both of us performing due diligence. As is so often the case with founders; as the due diligence progressed I began to question whether my buyer was the kind of company I really wanted my employees and me to join. I thought our business model was superior to theirs. I thought our team was better than theirs. That kind of thinking was not going to produce harmony and we had a mutual understanding to terminate the discussions. No deal and we were back to looking for capital like a coyote looking for his next meal.

Sam, as our banker, was in the loop of my thinking and the progression of the buyout discussions. When it became clear that the deal was going nowhere, I suggested to him that we get together and talk about him joining us and helping Pawnee find additional capital. In June of 1997, Sam joined us and introduced Dick Monfort to Pawnee. We have just completed our sixth year together and it is a combination that has led to substantial growth in our portfolio, systems, and our financial sophistication.

So what now? We are going to keep doing what we know how to do, but do more of it. We are going to continue to serve our broker-partners by being the kind of partner we want for ourselves. We are going to continue to support the leasing associations and encourage others to do the same. We are learning how to do business more efficiently and passing that knowledge onto our broker-partners. I don't know what the next 20 years will bring, but I know it will have challenges where only a nimble, creative, innovative, and ethical organization can thrive and prosper. Pawnee Leasing Corporation is committed to being that kind of partner.

 [Headlines]

________________________________________________________________________

DVI wants loans repaid

           By JOHN WILEN

                   The Intelligencer

            http://www.phillyburbs.com/pb-dyn/news/147-04062004-277856.html

WARWICK - In a move that evokes comparisons to some of the larger corporate scandals of recent years, DVI, the bankrupt Jamison medical finance company, loaned its chief executive more than $500,000 - and loaned another senior executive $150,000 - in the years before the company spiraled into insolvency.

Now, the company wants former CEO Michael O'Hanlon to repay $510,000 of the $525,000 he borrowed between January 1996 and October 1998, according to documents filed in the company's bankruptcy case. And it wants former executive vice president Richard Miller to repay a $150,000 loan extended in August 1998.

DVI has sued both former executives to recover the money, plus interest on some of the loans. Neither O'Hanlon nor an attorney for Miller returned calls for comment.

O'Hanlon has repaid $15,000 of a $30,000 loan extended to him in 1998, court documents say. About $485,000 of the money loaned to O'Hanlon, and all of the money loaned Miller, was at an annual interest rate of 6 percent. O'Hanlon was loaned $40,000 interest-free.

The loans were due within 30 days of demand, or at the end of the executives' employment, court documents say. Both executives left DVI's employ on Aug. 27, 2003, the same day the company filed for bankruptcy court protection from creditors. The company has since demanded both repay the money, to no avail, the documents say.

DVI declared bankruptcy after it defaulted on loans, and after its auditors resigned in a dispute over the company's internal accounting controls. A court-appointed examiner is investigating allegations of accounting improprieties and fraud. Several shareholders have sued the company and its former top executives.

Shortly before filing for bankruptcy, DVI brought in a team of corporate turnaround specialists to run the company. The team is headed by Mark Toney, a partner at New York-based Alix Partners, who is DVI's acting CEO.

Corporate governance experts say the practice of lending executives money was not all that rare in the "roaring 90s." It was in fact only recently outlawed by the Sarbanes-Oxley Act of 2002, which sought to tighten many of the lax accounting and corporate governance rules many blamed for the meltdown of corporate giants such as Enron and WorldCom.

"It was one of the abuses that Sarbanes-Oxley ended," said Nell Minow, chairman of the Corporate Library, a corporate watchdog group based in Portland, Maine.

Before the rules were changed, about a third of the largest 1,500 companies in the United States had extended loans to their executives, according to a Corporate Library report published in late 2002.

Corporate loan abuse has figured prominently in the trials of Adelphia Communications founder John Rigas and former Tyco CEO Dennis Kozlowski.

Many companies never seriously expected the loans to be repaid, Minow said.

"It's not terrifically unusual," Minow said. "They often have been written off in the past."

John Wilen can be reached at jwilen@phillyburbs.com.

April 6, 2004 6:34 AM

[Headlines]

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

RW Professional Trial  Up-Date

Entered By:   Laurie Coleman 

Event Name(s):   Order, Set Deadlines 

Full Docket Text: 

ENDORSED ORDER granting the govt's [53-1] motion for a short adjournment of the 3/28/03 
status conference as to RW Professional (1), Rochelle Besser (2), Barry Drayer (3), reset 
3/28/03 status conference for 4/11/03 @ 9:00 a.m. for RW Professional,
 Rochelle Besser, Barry Drayer before USDJ Spatt . (Signed by Judge Arthur D. Spatt, 
on 3/20/03). EOD #53. (Coleman, Laurie)

http://www.leasingnews.org/Conscious-Top%20Stories/Jury_Selection_RW.htm

[Headlines]

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

Pinn Leasing USA Tommy Larsen Sentencing Postponed

ORDER by Judge Marilyn L. Huff as to defendant Tommy A

  Larsen  accept plea/PO rpt & sent continued to 9:00 6/1/04

     for Tommy A Larsen before Judge Marilyn Huff (r1r)

http://www.leasingnews.org/Conscious-Top%20Stories/PinnLease_pres_pleads_guilty.htm

[Headlines]

PBS Alleged Tax Abuse Influences Felt in D.C.

As promised in both the congressional house and US Senate tax committees, 
the aim to halt American companies that leased foreign dams, bridges and 
subways is going to end, halting what they claim are billions of dollars in 
tax deductions.

Senator Chuck Grassley (R-Iowa) led the charge which has introduced a 
major change which will limit the tax deductions companies can immediately 
claim when they lease foreign public works and claim a tax deduction for
 the infrastructure's depreciated value.

The exact impact on corporate taxes is not known, but the restrictions are 
expected to raise enough money to cover the cost from $14 to $20 billion 
in new tax breaks for energy production and conservation.

The House and Senate both advanced bills effectively blocking future leases,
 but critics said Senator Grassley’s Finance Committee new proposal goes 
further by penalizing companies that entered legal leases years ago, long
 before debate erupted on Capitol Hill.

``That on its face is an extreme, extreme tax policy statement,'' said 
Michael Fleming, president of the Equipment Leasing Association. 
``Where does it end?''

Fleming has been visiting congress, the senate, touring the East

Coast talking with investment firms, newspapers, and other media

getting out the word what this will mean to the leasing industry

in the loss of jobs and revenue.

For more information, please go to:

  http://www.leasingnews.org/Conscious-Top%20Stories/ELA_Tax_loop_hole.htm

[Headlines]

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

From Our Archives:

April 26, 2000

“Mike Bennie, Marlin Leasing, sets the record straight: Marlin did not buy the Imperial
 Business portfolio. They hired the employees of Imperial's defunct Atlanta office,
 establishing a Southeast office for Marlin.

“Marlin has being going direct to vendors for three years. Two years ago they started
 to work with brokers.

I should add, there are many fundors who have a program for vendors and one for 
brokers. This is not uncommon in the leasing industry.

“Mike adds, ‘ Brokers should consider high quality, stable companies that have a strong 
track record when it comes to supporting the broker community. In choosing a funding 
source, choose one that is growing, even when other sources 
are pulling out of the broker marketplace. Ask your funding sources about their 
commitment to broker business, and get them to prove it.’ "

http://two.leasingnews.org/archives/April/4-26-00.htm

(our archives are free, located at: http://www.leasingnews.org/archives.htm )

[Headlines]

 [Headlines]

### Press Release ###############################

LAKELAND BANK LEASING PROTECTS GROWING PORTFOLIO

WITH AMERICAN LEASE INSURANCE PROGRAM.

OAK RIDGE, NJ – Lakeland Bank Leasing is now offering its leasing customers insurance coverage through the American Lease Insurance (ALI) program. According to Steve Schachtel, president of Lakeland Bank Leasing, “The growth of our portfolio necessitated an accurately and diligently managed insurance program. ALI has delivered that.”

The ALI program includes comprehensive property and liability coverage on portfolios of equipment costing under $250,000, and tracks insurance coverage during the terms of the leases for lessees who choose to use their own insurance. ALI does not require any lessor premium advances.

“Before ALI, we were tracking insurance manually – an onerous process,” remembers Schachtel. “ALI’s program is comprehensive, efficient and effective. It works for us – and for our customers. We know our equipment is protected on Day One, and our customers are able to fulfill their insurance obligation with a convenient monthly payment.”

The American Lease Insurance program is fully automated, and is integrated with the LeaseTeam software used by Lakeland Bank Leasing. “The integration helped make the decision for us,” says Schachtel, There is another advantage to the ALI program, he notes, “It makes our process easier, since we don’t have to verify insurance at the time of funding.”

With Lakeland Bank Leasing, its 15th client, American Lease Insurance now provides tracking and/or insurance coverage on over 100,000 leases. According to Steve Dinkelaker, founder of ALI, “More and more small-ticket lessors are recognizing the excellent opportunity ALI provides to protect their assets – and taking it.” Dinkelaker projects adding ten new clients and doubling the number of leases serviced by ALI by the end of 2004. A licensed insurance agent and broker who has been active in the equipment leasing industry since the mid 1980s, Dinkelaker created, implemented, and managed lease insurance programs for almost all of the major small-ticket leasing companies – and founded American Lease Insurance in 2000.

Presently located in Shelburne Falls, Massachusetts, one hour north of Hartford, Connecticut, ALI will be relocating to new corporate headquarters near Amherst, Massachusetts, in August 2004. ALI is a member of the Equipment Leasing Association, the Eastern Association of Equipment Lessors, the United Association of Equipment Leasing, and the National Association of Equipment Leasing Brokers. ALI is also the corporate sponsor of the Equipment Leasing and Financing Foundation’s Industry Future Council.

Lakeland Bank Leasing was founded in 2000 as a division of Lakeland Bank, the foremost community bank operating in five counties in northwest New Jersey, and the eighth-largest commercial bank headquartered in New Jersey. Lakeland Bank offers comprehensive commercial and consumer deposit and loan services as well as Internet, bank-by-phone and financial planning services. Lakeland Bancorp (NASDAQ: LBAI) is a financial holding company with assets of 1.6 billion.

-30-

CONTACT:          STEVE SCHACHTEL 800-642-3460 X 230

                STEVE DINKELAKER 888-521-6568 x 245

[Headlines]

### Press Release #############################

AG REILLY: NON-PROFIT AGAWAM CREDIT COUNSELING AGENCY FUNNELED MILLIONS OF DOLLARS TO INSIDERS, AND MISLED CONSUMERS INTO PAYING HIGH FEES

For-Profit Affiliates Owned By John And Richard Puccio Also Engaged In Credit Counseling In Violation Of Massachusetts Law

 (John Puccio is the principal in Southforkasset.editor

    previous story at:  http://www.leasingnews.org/archives/March%202004/03-30-04.htm#camb

BOSTON -- An Agawam-based non-profit credit counseling charity allegedly funneled more than $60 million over a two and a half year period to for-profit companies owned by insiders and misled thousands of consumers about the benefits of joining its credit counseling program, Attorney General Tom Reilly announced today.

In a complaint filed today in Suffolk Superior Court, AG Reilly sued Cambridge Credit Counseling Corporation ("Cambridge") and its controlling directors and officers, John Puccio, Richard Puccio, Kurt Meyer and Chris Viale, for breaches of fiduciary obligations and unfair and deceptive practices under Massachusetts charities and consumer protection laws. Specific violations alleged to have been committed by the insiders include:

Operating Cambridge not to meet its charitable mission, but rather to enrich the Puccios and other insiders; Reaping the regulatory and tax benefits of Cambridge's non-profit status, while at the same time channeling Cambridge's revenues to a vast web of for-profit companies owned by the Puccios and other insiders through a series of no-bid contracts, a $14.1 million "intangible asset" transfer, and low-to-no interest loans. Over $60 million was channeled from Cambridge to these for-profit companies in the period between August 2000 and December 2002 alone; Charging consumers high fees for Cambridge's credit counseling, while passing on to the insiders' for-profit companies an amount equal to two-thirds of those consumer fees; Enriching themselves by paying themselves high salaries from Cambridge, while at the same time drawing salaries and dividends from the affiliated for-profit companies they own and control;

Failing to disclose all of Cambridge's related party transactions; and Misleading consumers about the benefits they receive as a result of joining Cambridge's credit counseling program.

The complaint also alleges that two of the for-profit companies owned by the Puccios, Brighton Credit Corporation of Massachusetts, and Brighton Debt Management Services, Ltd., provided credit counseling services for consumers – services that, under Massachusetts law, may only be provided by charities or attorneys.

AG Reilly is seeking a court order to remove the Puccios and other defendants from their current positions at Cambridge and to void the improper related-party contracts entered into by Cambridge. He also seeks to require the individual defendants to disgorge their ill-gotten gains to the charity, and for the charity to pay restitution to consumers who were harmed by its unfair and deceptive practices.

"The people running this non-profit misled thousands of consumers, most of them in serious personal debt, into believing that they would get out of debt more quickly by utilizing Cambridge's non-profit credit counseling and paying Cambridge's high fees," AG Reilly said. "Cambridge insiders then took millions of dollars from those consumers and funneled them into their own pockets, in direct violation of public charities law. Cambridge is supposed to have a mission of helping consumers, but it appears their primary mission was to put profits ahead of their customers' best interests."

Credit counseling services are typically sought by consumers who have significant credit card or other unsecured debt, and who are unable to make their monthly payments. Credit counseling agencies generally work out a "debt management plan" between the consumer and the banks issuing their credit cards, whereby the consumer's debts are consolidated into one monthly payment, often at lower interest rates agreed to by the banks. By sticking to the debt management plan consumers generally will pay off their debt over a number of years. In Massachusetts and approximately 15 other states, only non-profit charitable entities or attorneys may provide credit counseling services. Many other states, while permitting for-profits to engage in credit counseling services, nevertheless significantly restrict the activities of these for-profits.

Cambridge, one of the largest credit counseling companies in the country, allegedly begins misleading consumers into joining its program from the very first phone call. Prospective customers, often learning of Cambridge through print and television advertisements promising to help them "save thousands while becoming debt free," call Cambridge's toll-free number and are greeted by telemarketers armed with the company's telemarketing script. According to the script, telemarketers are instructed to explain, "We are a non-profit company, so the fees we charge are minimal." In fact, Cambridge charges an up-front fee typically ranging between $200 and $500, as well as monthly fees of either $25 or 10% of the client's monthly debt payment, whichever is greater. These are the same fees charged by a for-profit credit counseling agency owned by the insiders, John and Richard Puccio. Furthermore, the complaint alleges that many of the credit counseling services offered by Cambridge are actually provided by two other for-profit companies – Brighton Credit Corporation and Brighton Debt Management Services – both owned by the Puccios.

From August 2000 to December 2002, more than 71% of fees paid by Cambridge clients went to affiliated for-profits owned by Cambridge's directors, officers and high-level employees.

According to AG Reilly's complaint, not only does Cambridge misrepresent the reduction in fees due to its non-profit status, it also fails to disclose to consumers when these fees would outweigh any savings that Cambridge is able to provide. Instead, Cambridge instructs its telemarketers to assure prospective clients that "this is going to work out perfect," regardless of whether the consumer will actually realize any savings.

The complaint also alleges that Cambridge misrepresents the benefits of its "Good Payer Program." Cambridge, like other credit counselors, receives "fair share" payments from creditors for debts paid through its program. As part of its pitch to prospective clients, Cambridge promotes its "Good Payer Program," promising to provide the consumer with 50% of the fair share funds collected on the client's behalf after each six-month period that a client makes full, timely payments. Telemarketers are instructed to tell consumers that Cambridge's fees are "easily offset" by the savings of this "Good Payer" program. In fact, according to the complaint, most Cambridge customers will never receive "Good Payer" benefits that are remotely equivalent to Cambridge's fees. For example, in 2002, the average fair share payments by creditors was approximately 8% of the funds credit counselors paid to them, resulting in an average payment of 4% to Cambridge clients eligible for the "Good Payer" program. That 4% is significantly less than the monthly administrative fee of 10% that Cambridge charges its clients.

At the same time Cambridge was using its non-profit status and its misleading claims to convince as many consumers as possible to join their program and pay their fees, Cambridge's directors and officers were allegedly funneling these fees into their own pockets. This was done through a $14.1 million "intangible asset" transfer, no-bid contracts, low-to-no interest loans to their own for-profit companies, and excessive compensation to the Puccios and others in direct violation of charities laws, according to AG Reilly's complaint.

For example, in 1996, John and Richard Puccio, already owners of two for-profit credit counseling companies, organized Cambridge as a Massachusetts not-for-profit charity. The Puccios then agreed between themselves to sell the "intangible" assets of the two for-profit entities to Cambridge for $14.1 million. As of the end of 2002, the Puccios had received more than $12 million dollars from the charity from this deal alone.

Also during this period, and continuing to the present, the Puccios and other insiders had Cambridge enter into millions of dollars worth of no-bid contracts and no-or-low interest loans with other for-profit companies they owned or controlled. For example, in 2000 Cambridge contracted with Debt Relief Clearinghouse, a for-profit consumer placement service created and owned by the Puccios, to provide advertising and referrals to Cambridge. As a result of this no-bid contract, Cambridge paid Debt Relief Clearinghouse approximately $18 million in fiscal years 2001 and 2002. AG Reilly's lawsuit alleges numerous other no-bid contracts and loans made by Cambridge to for-profit companies owned by insiders, including $484,654 that Cambridge paid between August 1998 and March 2002 to Class N' Style Limousines, a company wholly owned by the Puccios, for "transportation services."

AG Reilly further alleged that since its inception, Cambridge has excessively compensated Cambridge insiders, including the Puccios. For example, in fiscal 2002, John and Richard Puccio each drew salaries of $624,000 from the charity, Cambridge, while also drawing salaries and other benefits from affiliated for-profits, Brighton Credit Corporation of Massachusetts and Debt Relief Clearinghouse, totaling more than $300,000 each. AG Reilly alleged that the Puccios also drew salaries or shared in the profits from various other companies they owned that contracted with Cambridge. Most of these payments to the Puccios, totaling approximately $1 million each, came from fees paid to Cambridge by credit counseling clients.

This matter is being handled by AG Reilly's Public Charities Division Chief Jamie Katz and Assistant Attorney General Chris Barry-Smith of AG Reilly's Consumer Protection and Anti-Trust Division.

[Headlines] 

## Press Release ##########################

Cambridge Credit Counseling Responds to Allegations From Massachusetts

AG Office

"We believe that the allegations laid forth by the Massachusetts

Attorney General's Office are without merit and are an attempt to

tarnish our reputation. We intend to vigorously defend ourselves against

the Attorney General's lawsuit," said Montieth Illingworth, a corporate

spokesman. "We feel that it is extremely unfortunate that the

Massachusetts Attorney General has decided to take these actions, which

goes against our common interests in working for the benefit of

consumers." Mr. Illingworth added, "We are taking the appropriate steps

to convey to the Massachusetts Attorney General's Office that our

business practices are proper, fully within the law and of enormous

value to our customers who need to get control of their financial

lives."  "Furthermore, we would like to reassure our customers that

these allegations will not interfere with the level of service our

company provides to thousands of consumers on a daily basis."

About Cambridge Credit Counseling Corp.

Cambridge Credit Counseling Corp., a 501(c)(3) Not-for-Profit

organization, provides credit counseling, educational assistance and

budget planning services to clients throughout the United States. Since

its incorporation in 1996, Cambridge Credit has provided free

educational assistance and counsel to over 1.8 million consumers and has

enrolled approximately 200,000 consumers into its credit counseling

program. Cambridge Credit is ISO 9001 registered which is accepted

worldwide. For more information about Cambridge Credit, visit

www.cambridge-credit.org.

 CONTACT: COREY WELFORD

(617) 727-2543

[Headlines] 

### Press Release ###################################

Republic Leasing to Become Division of NetBank

ATLANTA, GA  NetBank, the country’s first commercially successful Internet bank, has announced a plan to establish Republic Leasing Company, Inc., its wholly owned operating subsidiary, as a division of the Bank in the near future. This will enable Republic Leasing to more easily provide services to all NetBank customers.

No changes are planned in the organization, reporting or operations of Republic. As it has done since 1988, Republic Leasing will continue to hold and service its leases — 95 percent of which are originated through its wholesale channel by equipment lease brokers.

As a division of NetBank, Republic Leasing is expected to improve upon its record 2003 production volume by providing unique programs and custom funding solutions to its brokers. “NetBank’s capital and their confidence in our broker model will give us the flexibility to meet the needs of our small and mid ticket sources,” said Dwight Galloway, chief executive officer, Republic Leasing.

About NetBank, Inc.

NetBank, Inc. (Nasdaq: NTBK) operates with a revolutionary business model through a diverse group of complementary financial services businesses that leverage technology for more efficient and cost effective delivery of services. Its major subsidiaries include NetBank® (www.netbank.com), the country’s first commercially successful Internet bank; RBMG, Inc., a wholesale mortgage lender that generates residential mortgages through a nationwide network of independent brokers and correspondent lenders; Market Street Mortgage Corporation, a retail residential mortgage lender that conducts business in 39 states; Meritage Mortgage Corporation, a wholesale mortgage lender that originates non-conforming residential mortgages through a nationwide network of independent brokers; Republic Leasing Company, Inc., a wholesale originator and servicer of commercial business equipment leases; NetInsurance, Inc. (formerly known as RBMG Insurance Services, Inc.), an online insurance agency representing some of the nation’s leading insurance companies; and NetBank Payment Systems, Inc., a provider of ATM and merchant processing services to small institutions and non-bank retail businesses. NetBank is a Member FDIC. NetBank, RBMG®, Market Street Mortgage® and Meritage® are Equal Housing Lenders.

Rich Jeffers

678-942-7596

rjeffers@netbank.com

Matthew Shepherd

678-942-2683

mshepherd@netbank.com

 ( Leasing News reported this story on March 30,2004:

    http://www.leasingnews.org/archives/March%202004/03-30-04.htm#rep  )

[Headlines]

### Press Release ###################################

De Lage Landen appoints Thomas G. Forbes as Vice President - Syndications, Capital Markets

WAYNE, Pa.,  – De Lage Landen Financial Services, a leading international provider of high quality asset-based financing products to manufacturers and distributors of capital goods, has appointed Thomas G. Forbes to the newly created position of Vice President – Syndications for the company's Capital Markets group.

    In this position, Forbes will report directly to Ted Radomile, Senior Vice President of Global Structured Finance.

    Prior to joining De Lage Landen, Forbes served for two years as Vice President, Capital Funding Group, GE Commercial Equipment Finance in Atlanta, GA.  

    From 1993 to 2001 he was Senior Vice President, National Industrial Equipment Financing Division for The CIT Group, also in Atlanta. Earlier, he held various management positions for CIT's Asset Management Group.   

    Forbes earned a Bachelor of Arts degree in Communications from Purdue University.

    De Lage Landen is a Netherlands-based international provider of high-quality asset financing products. With a presence in more than 20 countries across the globe, the company focuses on the following industries: Food & Agriculture, Healthcare, Office Equipment, Telecommunications, Technology Finance, Materials Handling & Construction and Financial Institutions. In its domestic market the company offers Equipment Leasing, Consumer Finance, Car & Commercial Vehicle Leasing, ICT Leasing and Trade Finance through local Rabobanks and direct to market.

    De Lage Landen is a wholly owned subsidiary of the Dutch Rabobank Group that is AAA-rated by Moody’s and Standard & Poor’s. In 2003 De Lage Landen grew its profits to $129.7 million (€114.8 million) and its balance sheet total to $17.8 billion (€14.1 billion).

    For more information, please visit our Website: www.delagelanden.com

###

Sites of Reference:

http://www.delagelanden.com

CONTACT:

Ronald Slaats

De Lage Landen Financial Services

Phone Number: 610 386 5023

Fax Number: 610 386 5840

E-mail: rslaats@leasedirect.com

[Headlines]

### Press Release ##############################

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

News Briefs---

Dollar Under Pressure on Iraq Violence

http://www.washingtonpost.com/wp-dyn/articles/A60046-2004Apr8.
html?nav=headlines

Price of oil surges after government reports drop in supply

http://www.signonsandiego.com/news/business/20040407-1359-
oilprices.html

Adelphia Witness Tells of Payouts to Founder

http://www.nytimes.com/2004/04/08/business/08rigas.html

Tyco juror says hung jury likely before mistrial/Didn’t Signal Defense

http://www.sfgate.com/cgi-bin/article.cgi?file=/chronicle/archive/2004/
04/07/BUGM561JUG1.DTL&type=business

Yahoo Earnings Double on Ad Sales

http://www.washingtonpost.com/wp-dyn/articles/A59944-2004Apr8.html

Kansas Farmers Undaunted by Drought

http://www.washingtonpost.com/wp-dyn/articles/A60021-2004Apr8.html

[Headlines]

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

California Nuts Briefs---

    Governor's evolving rules on donors

http://www.mercurynews.com/mld/mercurynews/news/8358092.htm

Gov. Schwarzenegger says he wants California to have a part-time Legislature

http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2004/04/07
/national1422EDT0619.DTL

[Headlines]

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

“Gimme that Wine”

National Wine Campaign Leverages Consumer Wine Consumption Trends

http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId
=news_view&newsId=20040406005680&newsLang=en

Wine Herb and Spice Pairing Chart

http://wine.about.com/cs/recipeswithwine/a/wineherbs.htm

Vintners fine with cheap wine

http://gilroydispatch.com/news/newsview.asp?c=103145

Taming of the Screw: Twistoffs on Top at Major U.S. Wine Brands

http://www.winespectator.com/Wine/Daily/News/0,1145,2404,00.html

Tim Keegan's excellent piece of ground

http://sfgate.com/cgi-bin/article.cgi?f=/c/a/2004/04/07/DDGGH60VR31.DTL

Master of Wine Certificate

http://www.nytimes.com/2004/04/07/dining/07MAST.html?ex=108191
5200&en=20750060f6003b6b&ei=5062&partner=GOOGLE

[Headlines]

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

This Day in American Leasing

Accounting: PricewaterhouseCoopers seeks individuals with experience in commercial equipment leasing to help clients improve their leasing businesses by designing, developing, and implementing solutions to accounting & operational issues. Email: anthony.g.anderson@us.pwc.com About the Company: PricewaterhouseCoopers, New York, NY.

Birthday of the Buddha. Among Buddhist holidays, this day is the most important as it commemorates the birthday of the Buddha. It is also known as the Day of Vesak. The founder of Buddhism had the given name Siddhartha, the family name Gautama and the clan name Shaka. He is commonly called the Buddha, meaning in Sanskrit "the enlightened one." He is thought to have lived in India from c. 563 BC to 483 BC. Some countries celebrate this holiday on the lunar calendar, so the date changes from year to year but it always occurs in either April or May. This day is a holiday in Indonesia, Korea, Singapore and Thailand.

    1726-Morris Lewis, signer of the Declaration of Independence, born at Westchester County, NY. Died Jan 22, 1798, at Morrisania Manor at NY.

All of the Morris property and nearly all of his wealth had been destroyed in the revolution.  Morris should have left Congress to ward off an impending British attack on New York which, by the end of June, had not occurred. Instead, Morris was on hand to sign the Declaration, even though he knew that a large British army had landed within a few miles of his estate, that their armed ships were lying within cannon shot of his homestead, and that his extensive possessions would probably be pillaged. "Damn the consequences, give me the pen," Morris is said to have shouted. Soon after, more than a thousand acres of woodland, all located on navigable water, were burned, his house was ransacked, his family driven away, his livestock captured, his domestics and tenants dispersed, and the entire property laid waste and ruined. For the next six years, he and his family suffered many privations, until the evacuation of New York City. Early in 1777, he relinquished his seat in congress to his half-brother, Gouverneur, on which occasion that body passed a resolution complimenting him and his colleagues "for their long and faithful services."

http:www.lewismorris.com/

   1731-William Williams, signer of the Declaration of Independence, born at Lebanon, CT. Died there Aug 2, 1811. http://www.ushistory.org/declaration/signers/williams.htm

   1834-previously, mayors had been chosen by a board of the Common Council but the first city major was elected in New York City when Cornelius Van Wyck Lawrence, a Democrat, defeated Gulian Crommelin Verplanack, a Whig, in the three-day election which ended April 10.  There were 34,988 votes cast, of which 17,573 were for Lawrence, 17,393 for Verplanck, and 22 for others.  Seven other municipal officers were also elected.

   1872-African American playwright, born at Glasgow, MO. Best known for prize-winning comedy The Church Fight, which was published in Crisis (a publication of the NAACP) in May 1926.

    1872-the "Father of Canadian Rodeo," O. Raymond Knight was born at Payson, UT. His father, the Utah mining magnate Jesse Knight, founded the town of Raymond, Alberta, in 1901. In 1902 Raymond produced Canada's first rodeo, "Raymond Stampede." He also built rodeo's first grandstand and first chute in 1903. O. Raymond Knight died Feb 7, 1947.

   1873-Alfred Paraf of New York City, who organized the Oleo-Margarine Manufacturing Company, obtained a patent on his process for purifying and separating fats. 1886, Congress imposed a tax regarding the manufacturer, importing and exporting of oleomargarine.” 1877 New York enacted “ an act for protection of dairymen and to prevent deception in sales of butter.”

   1886- Alice Throckmorton McLean, president American Women's Voluntary Services in WWII with a working membership of more than 325,000 who did everything from selling bonds to teaching, to mechanical work to air raid defense management.       Her mother was one of the founders of the day nursery school movement. (Studied the British, Finnish, and Swiss volunteer organizations and founded the AWVS in 1940 as a private organization.)      At first no one knew what to do with the organization since the U.S. was still at peace and there was a prevailing belief among many politicians of isolationism and, of course, women's worthlessness except as mothers and housekeepers. The AWVS gave first aid classes and women joined by the thousands. They were involved in defense photography, map reading, child care, workshop, conservation, salvage, canteens, rehabilitation and motor transport, even fruit pickers. They sold a billion dollars worth of War Bonds. They took photographs of men and women in the service for their families back home, made and reconditioned clothing for children and babies, and chauffeured almost 400 military cars. They knew what to do even if the politicians didn't.

   1904-Hirsch Jacobs, thoroughbred trainer and owner born at New York, New York.  Jacobs became a trainer in 1923 and was particularly adept at selecting horses in claiming races.  He saddled 3,596 winners and earned $15,340,354.   died at Miami, FL, Feb. 13,1970.

   1909—Birthday of novelist John Fante.

http://www.canongate.net/people/pep.taf?_p=2154

   1912-Sonja Henie, Olympic gold medal figure skater, born at Oslo, Norway. Henie competed in the 1924 Winter Olympics when she was just 11, but finished last in ladies' singles. She won gold medals at the Winter Games of 1928, 1932 and 1936. She became a professional skater and an actress (Sun Valley Serenade). Died Oct 13, 1969.

   1913-13^th   Amendment ratified declaring U.S. Senators to be elected by popular vote, not by the Legislature Amendment.  Prior to this, members of the Senate were elected by each state’s respective legislature. The advent and popularity of primary elections during the last decade of the 19th century and the early 20th century and a string of senatorial scandals, most notably a scandal involving William Lorimer, an Illinois political boss in 1909, forced the Senate to end its resistance to a constitutional amendment requiring direct popular election of senators.

   1918 -a big spring snowstorm buried the Potomac Highlands of West Virginia with 34 inches of snow at Wardensville, 30 inches at Moorefield, and 29 inches at Romney.

   1919 - A tornado swarm in northern Texas resulted in the deaths of 64 persons

   1921-guitarist Leroy Holmes born Woodbine,FL

   1920- Singer Carmen McRae Birthday http://www.ddg.com/LIS/InfoDesignF96/Ismael/jazz/1950/McRae.html

http://www.gallery41.com/JazzArtists/CarmenMcRae.htm

   1926 - The lightning-set oil depot fire near San Luis Obispo CA boiled over and engulfed 900 acres. Many tornado vortices resulted from the intense heat of the fire. One such tornado traveled 1000 yards, picked up a house and carried it 150 feet, killing the two occupants inside.

   1933- Broadway lyricist Fred Ebb was born. He is best known for the musical "Cabaret," which opened in New York in November, 1966 and ran for 1,166 performances. The original cast included Joel Grey, Jill Haworth and Lotte Lenya. Grey reprised his role in the 1972 film version of "Cabaret," which also starred Liza Minelli. The film won a number of Oscars.

   1935-Congress approved the Works Progress Administration (WPA). Created by President Franklin Roosevelt to relieve the economic hardship of the Great Depression.  http://memory.loc.gov/ammem/today/apr08.html

   1939-the first Intercollegiate Rodeo was held at historic Godshall Ranch, Apple Valley, CA. The student cowboys and cowgirls, who hailed from California and Arizona colleges and universities, were assisted by world champion professional cowboys including Harry Carey, Dick Foran, Curley Fletcher, Tex Ritter and Errol Flynn from Hollywood. Collegiate rodeos had been held since 1919 at Texas A&M University. College cowboys and cowgirls organized a national association in Texas in 1949 named National Intercollegiate Rodeo Association, which continues today as the only national college rodeo organization.

   1943 - Wendell Wilkie’s "One World" was published for the first time. In less than two months, sales reached a million copies.  In 1940, he lost the presidential race to Franklin D. Roosevelt by almost five million votes.

   1946- James Augustus ("Catfish") Hunter, Baseball Hall of Fame pitcher, born at Hertford, NC. Died Sept 9, 1999, at Hertford.

    1949-What television does today, radio did in 1949, drawing our full attention to, three-year-old Kathy Fiscus of San Marino, CA: while playing, she fell into an abandoned well pipe 14 inches wide and 120 feet deep. Rescue workers toiled for two days while national attention was focused on the tragedy. Her body was recovered Apr 10, 1949. An alarmed nation suddenly became attentive to other abandoned wells and similar hazards, and "Kathy Fiscus laws" were enacted in a number of places requiring new safety measures to prevent recurrence of such an accident.

  1950-J.D. Salinger’s story “For Esme—For Love and Squalor” appears in the New Yorker magazine.

http://www.levity.com/corduroy/salinger.htm

  1952- President Harry S. Truman seized control of the nation's steel mills by presidential order in an attempt to prevent a shutdown by strikers. On Apr 29, a US District Court declared the seizure unconstitutional and workers immediately walked out. Production dropped from 300,000 tons a day to less than 20,000. After 53 days the strike ended on July 24, with steelworkers receiving a 16¢ hourly wage raise plus a 5.4¢ hourly increase in fringe benefits.

   1954---Top Hits