Icon Capital Chairman and CEO: Beaufort J. B. (Beau) Clarke has reportedly passed away due to a heart attack.

Paul B. Weiss was the president, but resigned; however, remains on the board of directors until the last offering is complete ( which is to be announced.)

"Mr. Clarke has been our Chairman, Chief Executive Officer and Director since August of 1996. He was our President from August of 1996 until December 31, 1998. Prior to his present positions, Mr. Clarke was founder, President and Chief Executive Officer of Griffin Equity Partners, Inc. (a purchaser of equipment leasing portfolios) from October 1993 through August 1996. Prior to that, Mr. Clarke was President of Gemini Financial Holdings, Inc. (an equipment leasing company) from June 1990 through September 1993. Previously, Mr. Clarke was a Vice President of AT&T Systems Leasing. Mr. Clarke formerly was an attorney with Shearman and Sterling. Mr. Clarke received a B.A. degree from the George Washington University and a J.D. degree from the University of South Carolina. Mr. Clarke has been in the equipment leasing business since 1979."

Leasing News will have more news about Mr. Clarke passing away as soon as it can be developed.

ICON is the fifth largest independent equipment leasing and financing company in the United States according to the 2006 Monitor 100 Report , and the largest privately-held independent equipment leasing and finance company in the United States.

ICON is headquartered in New York City and has offices in San Francisco, Boston, Toronto, Vancouver, and London and provides businesses with an array of specialty finance solutions that range from traditional leasing of equipment types such as information technology, aviation, marine medical, manufacturing, materials handling, telecom, and furniture, fixtures, and equipment to highly structured financial products for unusual asset types and emerging companies. The company was established in 1985. ICON currently manages six (6) publicly sponsored programs that have raised approximately US $750 million to date and has sole management responsibility for almost US $2 billion invested in leased equipment in its sponsored programs.

On July 3, 2006, ICON's Fund Eleven received the necessary approvals for it to begin raising capital to increase the size of its Fund Eleven from $200 million to $375 million, which would create the largest U.S. public equipment leasing fund in history according to Robert A. Stanger & Co., the publishers of The Stanger Report . Having already raised $200 million in just over the first year of capital raising - which far exceeded ICON's initial expectations - and having 10 months remaining in its permissible capital raising period, ICON determined that it was in the best interest of Fund Eleven's members to increase the size of the fund - a decision that Fund Eleven's members also supported through a consent solicitation conducted earlier in the year.

“ICON LEASING FUND ELEVEN, LLC
SUPPLEMENT NO. 2
DATED NOVEMBER 27, 2006
TO PROSPECTUS DATED
JULY 3, 2006
Summary
We are providing you with this Supplement No. 2, dated November 27, 2006 to update the Prospectus dated July 3, 2006, as amended by Supplement No. 1, dated August 28, 2006. The information in this Supplement No. 2 supplements, modifies and supersedes some of the information contained in the ICON Leasing Fund Eleven, LLC (“Fund Eleven”) Prospectus, as amended by Supplement No. 1. This Supplement No. 2 forms a part of, and must be accompanied or preceded by, the Prospectus, as amended by Supplement No. 1.

“Transaction with an officer of the Manager
On November 6, 2006, Paul B. Weiss and the ultimate parent (the “Parent Company”) of the Manager, reached an agreement in principle whereby Mr. Weiss will sell his stockholder interest in the Parent Company to the Parent Company (the “Transaction”). In connection with the Transaction, Mr. Weiss will resign as President of the Manager effective as of the date of the consummation of the Transaction, but will continue to serve as a director of the Manager through the end of the Fund Eleven's current offering of Shares.”

Leasing News asked Joel S. Kress, Senior Vice President, ICON Capital Corp., for the dollar amount involved and the reason for the resignation:

“The fund is not complete - it will close no later than April 21, 2007 - and Paul is still a director of ICON Capital; he resigned as President on December 1. The dollar amount that Paul received, as well as any other specifics of the terms transaction that were not disclosed in the Form 8-K that you excerpted, are confidential and cannot be disclosed by either party. As disclosed in the 8-K, Mr. Weiss' resignation as President was related to the agreement by which Mr. Weiss would no longer remain with the company. No reasons other than that.”

When pressed, Mr. Kress stated:

“The parties are subject to a confidentiality agreement regarding the terms and facts surrounding this transaction.”

Mr. Kress was kind enough to respond, and I apologize for being thick headed. I couldn't believe that Paul Weiss would resign or why it was so sudden, or to my viewpoint, kept so quiet.”