Leasing News

Experienced, hardworking, goal oriented sales professional with strong structuring/restructuring skills. Captive/vendor middle market IT concentration. Seeking position with leasing company in Michigan. Email:leaseman222@yahoo.com

Sales: Orange County, CA.

Skilled deal-closer at above-average rates. Entrepreneurial. Accomplished lease-structurer specializing in transportation. Exp. in direct/ captive & syndicator environments servicing vendors, brokers, & end-users. email:originator@sbcglobal.net

Sales: San Francisco Bay Area, CA

10+ yrs in middle market leasing. Seek direct lessor only. Transaction size from $500M to $10.0MM. Client base: printing, food, retail, hvy manufacturing. Email:edm173@sbcglobal.net

Sales: Prairie Village, KS Have substantial deal flow and database of broker referral sources. Generated and closed over $22M LY. Seeking exclusive relationship w/direct founder. email:fiergl@aol.com

Sales:Austin,Texas 24yrs exp.in equip leasing sales, vendor/direct, leasing high-tech to rolling stock. HP12C/17B. Small-Mid Ticket. Seeking Texas territory which can be covered from Austin home-base. email:GeorgeMinchew@sbcglobal.net

Sales: San Francisco Bay Area, CA

10+ yrs in middle market leasing. Seek direct lessor only. Transaction size from $500M to $10.0MM. Client base: printing, food, retail, hvy manfacturing. Email:edm173@sbcglobal.net

Sales: Louisville, KY

I have been in leasing/financing of construction, machine tool, and mfg equipment for 20+ years. Traveled KY, IN, OH and TN.

Email:kyle90@msn.com

Sales:Scottsdale, AZ.

19+ years in middle-market-leasing. Concentrations in Medical/Manufacturing/IT& General in multiple geographic territories. Well versed in direct calling& closing efforts to C- Level& subordinate management. email:bill_peter@msn.com

Full Listing located here:

http://65.209.205.32/LeasingNews/JobPostings.ht m

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

ICON Announces $1 Billion of Lease Acquisitions

NEW YORK-----ICON Capital Corp., a major independent equipment leasing company, is pleased to announce that it has achieved the level of $1 billion of acquisitions since its current management team acquired the company in August, 1996. ICON is almost 20 years old but shifted its strategy to acquiring larger leases in the secondary market when Beaufort J. B. Clarke, Paul B. Weiss and Thomas W. Martin acquired the company in the 1996 buyout. Today ICON acquires such equipment as aircraft, marine vessels, power plants, railcars and most other capital equipment types on lease to major companies worldwide.

Clarke, chairman and chief executive officer, commented that, "Of course we are pleased to have achieved this milestone of $1 billion of acquisitions for our managed accounts. While the leasing industry has suffered from anemic volume in many segments our continued growth is pleasantly surprising." Weiss, president of ICON, added that, "We are also pleased to have achieved our volume across multiple segments. While many know of us as a transportation lessor with a portfolio of more than 20 aircraft and a substantial marine vessel fleet, in fact more than half of the ICON portfolios are invested in other large ticket deals (such as production facilities) and such smaller deals as furniture, fixtures, high technology and materials handling. In this environment, the relative lack of equity investors has enabled us to be competitive in all of these segments. Armed with a large equity base, we feel particularly well positioned to benefit from the anticipated recovery in industry wide leasing volume."

In the last several months alone affiliates of ICON have acquired the following for an aggregate purchase price of $310 million: a DC10-30 aircraft on lease to FedEx, three oceangoing car carriers on lease to Wilhelmsen Lines and in two separate deals a total of three Airbus A340-300 aircraft on lease to Cathay Pacific.

ICON Capital Corp. is one of the nation's leading independently owned lessors. The Company is exclusively engaged in acquiring secondary market leases on behalf of its affiliated programs. Today the Company employs approximately 50 people primarily at its offices in New York City and San Francisco. ICON acts as the sole general partner or manager of these programs. Its current public offering, ICON Income Fund 9 LLC, is in the final phase of raising $100 million from individual investors. For additional information contact:

*T Beaufort J. B. Clarke Paul B. Weiss ICON Capital Corp. ICON Capital Corp. 100 Fifth Ave., 10th Floor 260 California Street, 7th Floor New York, NY 10011 San Francisco, CA 94111 212-418-4706 415-733-5061 bclarke@iconcapital.com pweiss@iconcapital.com

www.iconcapital.com

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

“Nothing For Leasing in Bush Package...ELA To Seek Amendments

ELT Times ( Equipment Leasing Association)

The Bush Administration's proposed economic stimulus-growth package provides virtually nothing of benefit for the equipment leasing and finance industry. However, ELA's Federal Tax Committee has recommended that ELA seek a 7-year extension of the 30% bonus depreciation provision enacted last year, which is scheduled to expire in 2004. The Committee also recommended that ELA seek repeal of the mid-quarter depreciation convention and work to ensure that lease products are not included in any definition of "corporate tax shelters".

According to ELA V.P. Steve Fier, a strong run is expected to be made at codifying what is called the "economic substance doctrine" which would essentially be a test which would be used to determine if a product is an "abusive" corporate tax shelter as Congress needs to come up with ways to pay for at least part of the tax cutting bill. ELA will also be working to address the syndication issue stemming from the original bonus depreciation provision.

"ELA understands that its members primary focus is on doing business, but if the Congress does codify the "economic substance doctrine" without a specific carve-out for leasing products, virtually every leasing product would be deemed an "abusive" corporate tax shelter and the IRS would shut them down.... this includes leveraged leases and sale-leasebacks", Fier said. ELA will be playing defense on the corporate tax shelter issue and offense on the bonus depreciation, syndication, and mid-quarter convention issues.

"ELA members can't afford to wait until the 4th quarter to get into the game if they want these things to turn out right", Fier said. "They are the 12th man and we need them with us from the opening kick-off". "This may prove to be the most significant piece of tax legislation enacted by Congress since the Tax Reform Act of 1986 and with every other organized interest group in Washington out there fighting for something they want, now is the time for people employed in the equipment leasing and finance industry to suit-up and get involved in influencing the final shape and outcome of this tax bill".

Several actions can be taken to influence the Congressional outcome of the Bush Administration's economic stimulus-growth package. First, members need to demonstrate a strong interest in the outcome of the bill by meeting with their Senators and Congressman during ELA's Capitol Hill Day program May 14-15 in Washington, DC. Second, ELA members must be on the lookout for, and quickly respond to, "Calls to Action" they receive from the Association. Calls To Action will generally be sent by e-mail and will urge members to write or call their elected officials to either educate them or take their pulse. ELA will assist by posting legislative updates, model letters and talking points on the ELA federal advocacy site which can be accessed at: http://www.elaonline.com/govtrelations/Federal/

Follow-up visits with members of Congress when they are back home will also be a major component of ELA's grassroots lobbying campaign. It's been a long time since the industry has had this much at stake, so suit-up and get in the game!

CONTACT:

Michael Benveniste, Gov. Relations Coordinator

Equipment Leasing Association of America

Phone Number: 703/516-8381

E-mail: mbenveniste@elamail.com

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

FBI arrests Paramount Pacific Funding Group Broker

Laguna, CA---Special agents with the FBI and the IRS-Criminal Division arrested equipment leasing broker Richard Allen La Bianco, 33, principal of Paramount

Pacific Group, Southern California.

According to a statement from the United States Attorney of the Department of Justice, La Bianco was indicted by a federal grand jury for a scheme that defrauded small business through a company called Paramount Pacific Funding Group of San Clemente, as reported by the Los Angeles Times.

The U.S. Attorney's office alleges that La Bianco's company caused more than 200 victims to lose more than $1 million by falsely promising low-interest equipment lease financing from July 1999 until August 2001. He kept the “advance rentals”

and did not fund the leases.

If La Bianco is convicted of all 15 counts in the indictment, he will face a maximum sentence of 190 years in federal prison, according to the Los

Angeles Times.

Better Business Bureau Report:

Paramount Pacific Funding Group, LLC

1310 North El Camino Real

San Clemente CA 92672

Business Started: 01/01/90

File Open Date: 11/02/99

Last Report Date: 12/12/02

Principal Contact: Richard La Bianco

Phone: (949) 498-6958

Fax: (949) 498-6269

EMail: sales@paramountpacific.com

Web Address: http://www.paramountpacific.com

Bureau ID: 13124614

Nature of Business

This companies business is financial lender for leasing equipment.

Bureau File Experience

“Our files show disconnected phone numbers, returned mail or both. The company appears to be out of business. The Bureau cannot trace addresses of companies or principals. General information is available upon request which may assist you.

“We rate this company as having an unsatisfactory business performance record. Complaints contain a pattern of allegations that the company made promises of obtaining financing with specific terms concerning interest rates or buy out amounts. When the company failed to obtain the financing at rates originally quoted, or provide promised terms, customers requested refunds of the deposit amounts. The company responded by generally denying refund requests, referring to the terms and conditions of the Commitment and Deposit Agreement, or by stating the customer failed to provide additional information, according to their agreement. Some complaints are closed as unresolved; customers were not satisfied with the company's response. Other complaints remain unanswered. Be sure to read all terms and conditions before agreeing or signing any contracts or agreements. If telemarketed, be sure to request the company provide verification in writing for your review. The Better Business Bureau does not endorse, recommend or disapprove of any company, product or service.”

Leasing News had several complaints about this company and was able to

have “advance rentals” returned. People in the area are aware that La Bianco had

a “couple of earlier companies that disappeared in Orange County several

years ago. Guess the law finally caught up with him.” Name With Held.

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

Bank Performance and Economic overview—Archie Julian, Dumac Leasing

Ladies, gentlemen, and others:

Recently I attended a meeting conducted by Bruce DeCrona, Executive Vice

President and Chief Financial Officer of Exchange Bank and Greg Jahn, Senior

Vice President and Investment Officer of Exchange Bank. The purpose: To

give us a sense of how the bank is doing and to provide their best

predictions for the immediate future of the economy. I thought I should

share some of the information presented. Following is a short synopsis.

Exchange Bank.

In 2002, Exchange Bank performed above projections. Loan growth compensated

greatly for the drop in interest rates. Some expenses rose unexpectedly,

but the bank management wrestled well with that. Overall, the management is

very pleased with the performance of the bank last year. Your support of

Dumac Leasing had a hand in the loan growth. We finished the year well over

targets the bank had set at the beginning of 2002. Around the middle of

March our annual report will be available for your review.

The Economy

The current economic environment was described as having a "lack of

traction." It seems the economy moves two steps forward one day and falls

back the same distance the next day. This will probably continue for the

next 6 to 9 months.

Consumer spending is weak. The refinance boom which supported consumer

spending in the past is over. Auto sales are good but when zero interest

rate programs are dropped sales fall significantly and the cost of these

programs keep sales from building auto company profits.

The signal that everyone is looking for is an increase in corporate profits.

Lack of capital spending has driven this downturn in the economy.

On the good side corporations have cut back so severely for so long that

when they start spending again it could be a major boom.

What's needed for recovery?

Resolution of Iraq situation

Consumer confidence must return.

This is directly connected to job security.

Jobs that were lost were high paying - primarily in the manufacturing

sector.

North Korea may become important obstacle to recovery.

Political unrest in Venezuela is affecting the price of oil,

which may also be an obstacle to recovery.

When do we expect recovery? First half of this year we expect no change.

In the second half of this year, probably in the fourth quarter we expect to

see signs of improvement.

This downturn is unusual in that worker productivity has increased in spite

of downturn.

Weakening of dollar - currently at three year low compared to the Euro.

Makes our businesses more competitive in global markets.

Not good for consumers purchasing foreign goods.

Deflation, is a worry but probably will not occur.

Economic Stimulus package from Bush will be put into place in some

form. This will have an effect, however due to revenue short fall in

California, the actions of the Fed may be blunted by state

activity. (What the Feds give back the state takes away.)

All of the above tells me that to be successful we have to continue to work

hard for our next sale. What's new?

Archie Julian

JulianA@ExchangeBank.com

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

Net Bank/Jim Merrilees----Reaction

“Net Bank has formed a new division with Jim Merrilees heading it up in Portland. What Net Bank has effectively done is create a new BCL/Manifest structure. I would appreciate it if you not put my name on it, but Republic was the last pure broker funding source in the country. The same distrusts that applied to BCL/Manifest now apply to Republic since Net Bank owns them both. More to follow.”

Certainly Manifest is a fine company with a great reputation. Tuesday the “Picture from the Past” featured Jim Stekl and his crew in 1999.

http://two.leasingnews.org/temporary/usbancorp. html

The rumor still persists about a “conflict of interest” to all companies who

both go direct and work with brokers, from Marlin Leasing, to Manifest,

US Bancorp, and now Republic. Leasing News has written about the

Manifest guarantee program,

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

and also about Republic Leasing of South Carolina “repeat business” policy when over 100 brokers were let go:

http://www.leasingnew s.org/Conscious-Top%20Stories/Broker_Protection_SC.htm

On the other side of the coin, when Colonial Pacific Leasing was sold

to GE Capital, the broker protection was lost, as was all the leasing

companies originally purchased by Sierra Cities, as well as Nations

Credit and Textron, who readers report the loss of “account protection.”

There are several complaints we have investigated and found to be true, plus

have personal experience to verify the transactions. The original

people who managed the leasing companies ( such as Jim Merrilees) are long gone, and when a portfolio is sold, or is moved to a “service organization,”

all the rules change. The bottom line: You better keep in touch

with your customer, if you want guaranteed repeat business.

More importantly, it is obvious by recent changes and “The List,” the

role of the leasing broker has changed. Most of the funders who

worked with small brokerage firms are out of business. See for yourself: http://www.leasingnews.or g/list.htm

Perhaps this is the age of the “Superbroker,” or maybe brokers obtaining lines

of credit at community banks or joining together in a “co-op,”

as One World Leasing. The funder’s trend is definitely “captive vendor” private

label programs, direct salesmen, current customers of the parent, while “story credits” or “challenged credits” are the morsels left for the brokers to scavenge.

Any leasing broker with less than ten employees should be joining in union at

the National Association of Equipment Leasing Brokers(NAELB). The recommendation is not that they should not join any other association, or that ten employees is the “magical number.” The fact is the NAELB is the only organization solely for brokers. www.naelb.org

Find out yourself by attending their Chicago conference, learn more

about NAELB, by going here:

http://two.leasingnews.org/temporary/58917684.htm

---

Bob Rodi, CLP:

( He sent leases to Jim Merrilees at Textron and presently does business

with Republic Leasing of South Carolina:)

I would like to take this opportunity to congratulate Jim Merrilees and his team on the completion of their deal with Net Bank. Jim is, always has been, and always will be, one of the class acts in this business. I wish Jim, Laura, Cass, and Scott all the luck in the world and I hope Net Bank will be a more permanent home for them.

As far a