November 1, 2001

Headlines---

 

    PinnFund/Leasing figure to  give back  millions

        Eastern Association of Equipment Leasing November Conference

        UAEL B-Law Suggested Changes Controversy  

            FASB Adds Financial Performance Reporting To Its Agenda

                Convenience Key to Successful Holiday Season

                  Auction puts the gavel down on a dot-bomb Webvan

                        BofA completes break with S.F.,

                       ---A.P. Giannini Rolls Over in his Grave

        Willis Lease Finance Updates Status of Exposure to Swissair Bankruptcy

 

### denotes press release

 

 

PinnFund/Leasing figure to  give back  millions

 

By Mike Freeman

 

San Diego Tribune Union Staff Writer

 

The ex-girlfriend of jailed PinnFund USA/PinnLeasing USA founder Michael J. Fanghella has  agreed to settle her dispute with the Securities and Exchange Commission by   returning millions in property and cash.

 

Kelly Cook, 35, will hand over most of what remains from the $14 million she   received from Fanghella. Court records indicate that those assets total at  least $8.5 million and perhaps more.

 

That would be the largest sum recovered to date in the PinnFund case, where   160 investors were allegedly bilked out of $330 million over a span of seven   years, according to the SEC.

 

Cook, who had a seven-month romance with Fanghella last year, will hand over property including a   Laguna Niguel house that's on the market for $5.75 million, several luxury   cars, a $350,000 ring, other jewelry, art and furniture.

 

The settlement was reached on Monday between Cook and   Charles La Bella, the former U.S. attorney in San Diego. It must be filed in U.S. District Court in San Diego to become final.

 

Cook's lawyer, William Genego of Santa Monica, declined to comment on the   deal. Now in private practice, La Bella was appointed by U.S. District Judge   Marilyn Huff to hunt down what's left of PinnFund's missing millions.

 

Despite La Bella's efforts, authorities think most of the money is gone. SEC   officials have said they would be surprised if $30 million is recovered.

 

Meanwhile, La Bella has begun pursuing others who authorities think received   ill-gotten investor funds. He has already settled with Fanghella's ex-wife,  Patrice, and is seeking funds from a few former PinnFund employees. The latest   is ex-PinnFund president Keith Grubba. La Bella has filed a lawsuit against  Grubba seeking more than $5 million. The case is pending. Grubba's lawyer could   not be reached for comment.

 

In March, the SEC filed sweeping civil litigation against PinnFund, Fanghella, James L. Hillman of Oakland and others. It alleged that Fanghella   and Hillman ran an elaborate securities fraud in which investor money --   earmarked solely to fund PinnFund mortgage loans -- was used to pay for   Fanghella's lavish lifestyle and to provide large commissions to Hillman.

 

$109 million judgment

 

Fanghella disappeared shortly after the SEC action and didn't resurface   until Aug. 1, when he turned himself in to authorities. He now faces criminal   charges, as well as the SEC judgment in excess of $109 million. He remains   behind bars in the Metropolitan Correctional Center in downtown San Diego.

 

Hillman says he's innocent and is fighting the SEC. He does not face criminal charges.

 

Authorities never accused Cook or a company she controls, Reliance Holdings,   of any wrongdoing. But the SEC sought to have the gifts, property and cash   returned.

By settling with Cook, authorities avoid a possible appeal and lengthy court   fight, said Steven Owen, a lawyer who negotiated the deal for La Bella. Cook   met Fanghella at a Christmas party in New York in December 1999. After dating   for a time, Cook, who was identified in court documents as a former porn   actress, broke off the relationship.

 

In August 2000, Fanghella sued Cook in Orange County seeking the return of   the house, ring and other gifts. The lawsuit pinpointed for authorities how   much Cook had received. Cook and Fanghella settled their legal tangle in   September 2000.

$2.1 million in cash

 

Prior to Monday's talks, Cook had already agreed to hand over all but   $2.1 million in cash and the $350,000 ring. Authorities said Cook claimed   Fanghella had harassed her after the breakup, so she was entitled to the cash   and ring because they were part of her settlement agreement with Fanghella.

 

But in this latest deal, Cook was only allowed to keep $100,000 for attorneys' fees related to her settlement. In addition, La Bella agreed not to   seek the return of $108,000 that Cook's elderly mother in Georgia received from   Fanghella to pay off her mortgage. Finally, Cook's former lawyer and current   boyfriend, Charles Spagnola, got to keep $162,500 to cover legal fees for work   he did for Cook prior to her settlement.

 

"The end result . . . is Kelly Cook and Reliance   Holdings get nothing," Owen said. "There was some consideration given to some other people to eliminate the possibility of an appeal by her."

 

Cook must move out of the Laguna Niguel house within a couple weeks, Owen   said.

 

Yesterday, she was expected to turn over six cars -- "a Mercedes, a Porsche   Boxster, a BMW X5, two Vipers and a Jag," Owen said. "We're getting the $5   million house. We're getting most of the cash and $1.5 million in jewelry.   We're getting the furnishings, the Persian rugs . . .   It's hard to think of everything, it's so much."

 

Mike Freeman's e-mail address is mike.freeman@uniontrib.com. His phone number   is (760) 476-8209.

 

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Eastern Association of Equipment Leasing November Conference

 

Get everything your company needs to know about the leasing industry...ALL IN

ONE DAY!  EAEL Expo 2001, Monday, November 19 at the Sheraton Meadowlands in  East Rutherford, NJ, 8:00AM to 6:00PM.

 

Three featured speakers:

 

 Mike Fleming, DJ Harrington and Everett Erlich.

 12 Timely Workshops and 40 Exhibitors. 

 

For more information, contact the EAEL office at 914 381 5830

or visit the  EAEL website: eael.org.

 

 

 

United Association of Equipment Leasing New By-Law Suggested Changes

 

Well, the vote will be on UAEL.org in less than thirty days, but broker members

don’t seem to be very happy.  Leasing News has received over a dozen e-mails,

confirmed that all but one are a UAEL member ( the other may be a new member

not on line ).

 

Not one wanted us to use their name, so we are not going to print them.

While we utilize “name withheld” for reporting purposes, in this case, if

they don’t want to be named, we won’t print what their objections might be.

If they don’t have the guts to stand behind their objections, they can talk

to the wind.

 

We ask all e-mail senders permission to use their message, unless they state

otherwise in their e-mail.  Some of these said not to use their name, and others

that we asked for permission told us:

 

“Actually Kit I would prefer that you do not mention it. I have a number of contacts in the industry that I might still call upon over the coming months as my business continues to drop. Thanks again though.”

 

“ We do business with Centerpoint, so it might effect our relationship. Please

don’t print our name. “

 

“It may be held against us, and I would prefer you print our opinion, but not

my name or the name of my company.”

 

“ Please with hold my name, but not my objections.”

 

If you are interested in the by-law changes, here they are in pdf format:

 

http://www.leasingnews.org/PDFFiles/UAEL%20Ballot.pdf

 

While we are not going to print what the e-mail senders sent, here

are highlights, in our opinion:

 

The number one complaint appears to be this:   to knowingly make false

or misleading statements or withhold information vita to a business decision

---even if such information becomes known to us after the funding of a transaction—

 

It is the “after the funding of the transaction” clause that is the number one

complaint.

 

I don’t see the harm in this.  If you find out about a lessee having a problem,

or if equipment was not delivered, or something was wrong, after the funding,

why wouldn’t you inform the funder?  Or is there a legal consequence here

that I don’t understand? If you are not party to the fraud or deception, why

cannot you report it to a funder or any source?

 

Don’t you want to see the funder stay in business?  Aren’t you supposed to

help them, whenever you can, as we are all in this together?

 

 If you have an opinion, we will print it if you  give permission to use your name.

 

The sections about an arbitrator and timing seem logically to me.  If Victor

Harris, who has been the long time Standards Chairman recommends them,

what is wrong with them.? A committee of legal experts went over these.

I don’t see the problem here.  I see improvement.

 

 What is your opinion?

 

Other timing issues seem to be an enhancement for the committee’s use..

 

I like the “upon 5 verbal complaints on a member company the Standards Committee may initiate their own review, etc. “  This looks good, too,

so why would anyone be upset with the change.  What am I missing

here?

 

There is a philosophical question regarding changing the Non Member vs. Member

filing fee of $100 to $250 per complaint.  This appears to be a cost issue.

I personally think these should be underwritten by a sponsor to encourage

more people to speak out and to improve the ethics and business practices

of the very few in our industry. I don’t know.

 

I don’t know. Maybe I am wrong about this. I always thought standard

and ethic committees were very important to all leasing associations. If

they see changes they want to make, we should support them, shouldn’t we?

 

Opinion, as the old adage goes, is what makes a horse race.  If you have one

on the by-law changes, please let us know---but sign your name, if you want

to share it with other readers.

 

If I missed something here, we would be glad to print your opinion, but

you need to sign your name to this one.

 

Kit Menkin, editor

 

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Florida License Plates Supporting RewardsFund.org are America's Latest

   Weapon in Nation's Drive Against Terrorism

  

   Florida Legislature accelerated the state's drive against terrorism

   today by speeding into enactment legislation authorizing a new "United

   We Stand" Florida license plate, the proceeds from which will help

   fund one of the U.S. government's most effective anti-terrorist

   programs.

 

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FASB Adds Financial Performance Reporting To Its Agenda

    

    NORWALK, CT--In an effort to provide better and more meaningful information to investors and ceditors, the Financial Accounting Standards Board (FASB) has added a project on financial performance reporting to its agenda. The

project's objective is to improve the quality of information displayed

in annual and interim financial statements so that the public is

better able to evaluate a company's performance.

    The project will determine the usefulness of adding certain

aggregations, classifications, line items and subtotals covered in

annual and interim financial statements. As part of this project, the

Board will examine whether financial statements provide sufficient

information to allow investors and others to calculate key financial

measures, such as ratios and other metrics. Examples of items that may

be required to determine key measurements include depreciation,

amortization, and research and development expenses.

    The FASB plans to coordinate its efforts with those of the

International Accounting Standards Board, which recently adopted a

similar project.

    It is important to note that because the FASB does not have

authority over how a company describes itself in press releases,

analyst presentations and similar media, the FASB project will not address the use of pro forma earnings commonly used in corporate press

releases.

 

    About the Financial Accounting Standards Board (FASB)

 

    Since 1973, the Financial Accounting Standards Board has been the

designated organization in the private sector for establishing

standards of financial accounting and reporting. Those standards govern the preparation of financial reports and are officially

 

recognized as authoritative by the Securities and Exchange Commission

and the American Institute of Certified Public Accountants. Such

standards are essential to the efficient functioning of the economy

because investors, creditors, auditors and others rely on credible,

transparent and comparable financial information. For more information

about the FASB, visit our website at www.fasb.org.

 

    The Financial Accounting Standards Board...

 

    Serving the investing public through transparent information

resulting from high-quality financial reporting standards developed in

an independent, private-sector, open due process.

 

*    CONTACT: Financial Accounting Standards Board

            Sheryl Thompson, 203/847-0700, ext. 268

 

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Convenience Key to Successful Holiday Season

 

By  Michael Pastore

                        eCommerce News

 

 

 

Online retail and travel sales from the 2001 holiday season will reach approximately $11.9 billion, according to Jupiter Media Metrix. That would represent an 11 percent increase over last year's $10.8 billion.

Online shopping will see slower growth this holiday season, but Jupiter expects to see more people shopping online (46 million in 2001, up from 36 million in 2000) and consumers allocating a greater percentage of their holiday budget to online shopping.

"As traditional retailers brace for a holiday shopping season fraught with uncertainty, online retailers are facing quite the opposite -- the first fairly predictable holiday season," said Ken Cassar, Jupiter senior analyst. "The attacks of Sept. 11 will in fact have a net zero impact on online retailers. Because fewer Americans will travel via air this year, and those that do will be less likely to carry armloads of packages through tight airport security, there's an increased likelihood that consumers will buy from online and catalog retailers. However, any benefits that this creates will be offset by the negative economic impact of the attacks."

An Jupiter Consumer Survey from October 2001 found that only 14 percent of those that plan to buy gifts online this season believe they will spend less than 10 percent of their budget online, compared with 18 percent in 2000 and 61 percent in 1999. But even though online holiday budget allocation is increasing, spending per person is decreasing because the online population is less affluent this year and the weak economy is causing holiday budgets to shrink.

Top Online Purchases 2001 Holiday Season Consumer Bought/Planning to Buy

 

Books40%

Clothes & Shoes 30%

Toys 29%

Music 28%

Videos 20%

Computers/Computer Accessories 18%

 

Source: Jupiter Media Metrix

 

The 2001 holiday season will also see a demographic shift. For the first time, women as a group will spend more than men. Women will also account for more than half (53 percent) of the total online holiday buying population. The average holiday spending per male will remain higher due to purchases in more expensive price categories such as consumer electronics and PCs.

The online merchant landscape has certainly changed, as many of the dot-coms have disappeared in favor of traditional brands, but consumers will buy from the same gift categories this season as last. According to Jupiter, top products consumers have already bought or plan to buy online this season include: books (40 percent), clothing and shoes (30 percent), toys (29 percent), videos (20 percent) and music (28 percent). The category with the largest projected drop this year compared to last is computers and computer accessories. Last year, 24 percent of consumers said they would buy computers or computer accessories online -- this year that figure is only 18 percent. The weakness in the computer market has dual causes: the weakened computer sector, which has been exacerbated by the recession; and an increasingly mass-market online buyer who is less interested in technology.

"The slowdown in online retail sales growth this holiday season is actually a blessing in disguise. For the first time, online holiday sales will be somewhat predictable. In order to capitalize, online retailers must appropriately scale their businesses to balance high consumer expectations with their own need to show a profit," Cassar said.

Important Factors in Online Shopping

 

Convenience  49%

Price 2%

Both  30%

 

Source: GartnerG2

 

The keys to a successful holiday season for those selling online will once again revolve around customer satisfaction. Providing the customer with convenience will again be the key. According to research by GartnerG2, 81 percent of online consumers value convenience when making a purchase online compared with 33 percent who value price savings.

"In a down economy, businesses might conclude that the emphasis on lower price would increase. We found exactly the opposite," said David Schehr, a GartnerG2 analyst. "This is not to say that online merchants should begin to raise their prices, but alternatively, they should focus their energy on getting the customer in and out of the site as quickly and efficiently as possible."

Convenience-related issues (including speed of use and ease of access) are the dominant motivating factors among respondents who purchase online; only 33 percent of the respondents feel that getting better prices is an important driver to buying on the Internet. Almost half (49 percent) of the Gartner respondents feel that only convenience is an important factor of online buying, compared to 2 percent who feel that just price is important; 30 percent of the respondents feel that both convenience and price are important.

According to the research, 59 percent of online buyers limit their purchases to the handful of sites that they find familiar and comfortable. These online buyers save time in two ways: limiting the search time to find a retailer and speeding up the buying process through familiarity with the site structure and operation.

 

Auction puts the gavel down on a dot-bomb Webvan

 

Kathleen Pender, San Francisco  Chronicle Staff Writer

 

Scavengers from all walks of life swooped down on Webvan's bankruptcy

auction in Foster City yesterday. There were people from the neighborhood

looking for PCs for their kids, workers from nearby biotech companies on their lunch hour, network administrators hunting for cut-rate tech gear, and lots of

hardware resellers.

 

Four of the first eight items up for bid were purchased by a woman who

lives across the street from Webvan and was attending her first auction. The

woman, who wouldn't give her name, bought a 19-inch TV/VCR (for $180) and a

General Electric refrigerator ($650) for her house. She also purchased a

basketball hoop ($275) and a Sub-Zero refrigerator ($800), which she intends to donate to her church.

 

Some people came out of curiosity -- to see how dot-coms lived back in the

glory days before investors shut off the money spigot.

 

"We wanted to see what it takes to blow 850 million bucks," said Randy

Ataide of Mountain View Cold Storage, a produce distributor in Fresno County

that used to do business with Webvan.

 

 

"It's just a foolish tragedy," he said.

Ataide and his colleague Tom Bruner came to the auction hoping to pick up a

few PCs, laser printers and servers for their firm.

 

"These guys had the opposite of our business plan," Ataide said.

Their business plan was "field of dreams: Build it and they will come,"

Bruner said.

 

"Our business plan: Start small and get bigger," Ataide added.

 

Webvan has been holding auctions at offices and distribution centers across

the country since it filed for bankruptcy in July. This week's auction, at its Foster City headquarters, is the biggest. The final one takes place next week

in Las Vegas.

 

There are 3,366 items in the Webvan auction catalog. Most of the items are

late-model Sun and Compaq servers, Cisco routers and switches, Compaq PCs, 21-

inch Viewsonic monitors, Polycom teleconference phones with digital remote

controls and more than 100 Herman Miller Aeron chairs, the status symbol of

the dot-com era.

 

There's also a 50-inch Pioneer flat-screen plasma monitor, Precor gym

equipment, a complete videoconference facility and a security surveillance desk.

About 1,500 people registered to attend the auction in person, and 3,380

signed up to participate online, according to DoveBid, which handled the event.

It's difficult to tell how many actually attended, because people streamed

in and out of the auction site on Webvan's second floor throughout the day. Cell phones went off constantly, as bidders checked in with people back at

home or the office.

 

The auction was scheduled for between 9 a.m. and 7 p.m. yesterday and again

today from 9 a.m. until the last item -- 33 boxes of assorted power supplies,

strips and cords -- is sold.

 

Most things went for a fraction of their original price. Webvan's high-end

Smed cubicles, which DoveBid said are priced at $5,000 to $8,000 new, went for

$450 to $1500.

 

The most expensive item was an EMC data-storage system that DoveBid says

cost close to $1 million new. It went for $92,500 to a telecom and networking

company in Milpitas. Another EMC system went for $44,000 to a sports-related

dot-com.

 

But many things still weren't cheap enough for resellers to make a profit.

"A lot of this you can get cheaper on EBay," said Tim Olson, who used to

work as a programmer for a dot-com and is now trying to make a living buying

and selling used technology.

 

"These prices are good for end users. For resale, you have to be careful,"

said Peter Faris, a sales consultant with Sun Valley Technical Repair in Morgan Hill, which fixes and sells used hardware.

 

Faris was at the auction to buy for his own company and to make contact

with other buyers who might need repairs on equipment purchased from Webvan.

All merchandise at the auction is sold as-is.

 

Prices at the Webvan auction were high because bidders were also

participating via the Internet. "When they open it up to the Web, it goes nuts,

" Faris said.

 

He said the "buyer's premium" charged by the auctioneer "also kicks up the

price."

 

DoveBid, also based in Foster City, charges buyers a 13 percent commission,

with a discount for cash payments.

 

A variety of Dove-family members took turns as auctioneers yesterday. First

up was Ross Dove, who kept the patter fast and funny.

Auctioning off the basketball hoop, he mentioned that it was adjustable,

"so even short Jewish guys like him (referring to his father, Millard Dove)

can dunk."

 

Then he pretended that Michael Jordan was trying to bid, and teased that

the hoop came with four courtside tickets to the Final Four.

 

Later on, Dove said, "For those of you holding back on your bidding, there

are going to be no more dot-com failures after today."

 

The joke got a big laugh, because everybody knows it's not true.

 

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BofA completes break with S.F.,

             A.P. Giannini Rolls Over in his Grave

 

 by Christian Berthelsen,  San Francisco Chronicle Staff Writer

 

In a move that symbolically completes Bank of America's power drain from

San Francisco to its headquarters in Charlotte, N.C., the executive in charge

of the last major business line based here is returning to North Carolina.

 

Ed Brown, the head of global corporate and investment banking, has put his Mediterranean-style Pacific Heights mansion on the market, and bank

spokespeople confirmed yesterday he is in the middle of moving back to Charlotte.

 

The move breaks a 1998 promise made by former chief executive Hugh McColl

to keep the high-profile division headquartered in San Francisco, as a trade-

off for relocating Bank of America's headquarters to Charlotte in the aftermath of its takeover by McColl's NationsBank in 1998. It also cements the consolidation of the bank's power structure in Charlotte.

 

Jobs, executives and control over most business operations, including

consumer banking, have shifted from San Francisco to Charlotte, New York and

other locations.

 

Many of the functions of the global banking unit are performed out of New

York, including corporate finance and mergers and acquisition advising. As

long as Brown worked out of San Francisco, the city officially remained the headquarters for the division. His departure makes the transfer of power complete.

 

To some in the investment banking world in the San Francisco, the move

underscores the point that Bank of America has long since ceased to be a San

Francisco institution. Brown's departure makes San Francisco just another

regional outpost in Bank of America's sprawling empire -- on par with any

other city where the former NationsBank swept in and took control of the hometown bank.

 

"I think this was inevitable," said Sandy Robertson, a co-founder of

Robertson Stephens, the investment bank that was purchased by BofA but later

disgorged in the merger because of NationsBank's acquisition of Montgomery Securities. "It's a Charlotte bank, it's not a San Francisco bank, and most of

the Bank of America people are gone. I'm not at all surprised. I think it was

always an illusion, from the very beginning."

 

Brown's move also breaks a pledge Brown himself made just last year, when

asked if BofA was intending to eventually shift investment banking leadership

away from here as well.

 

"I'm here and I'm staying," Brown told The Chronicle last year.

Few, if any, inside the bank think Brown's move will affect operations at

the investment bank unit, which still employs about 1,200 people in San Francisco and has major operations centered in New York. No sweeping movement

of employees is planned, although BofA said last week it will lay off about

600 people throughout its worldwide force because of a downturn in the corporate finance industry.

 

Georgie Shields, a spokeswoman for BofA's investment banking unit, said the

bank's new chief executive, Ken Lewis, wanted the top executives from each

major business line close to him in Charlotte.

"While Ed Brown manages a global business and travels a lot, he's a couple

of time zones and a couple of hours away by plane from Charlotte," she said.

"So it made sense for him to relocate to Charlotte, and that's what he will be

doing."

 

An item in the "Bids & Offers" column of the Wall Street Journal last week

described Brown's home as "quite a pad," with a fireplace in the master bedroom, a wet bar and Sub-Zero refrigerator in the library and a wet bar in

the billiard room.

 

The asking price for Brown's house: $14.75 million. It was rumored

yesterday that the house had already sold, but bank officials were unsure and

the broker, Malin Giddings of Cendant Corp., did not return calls seeking

comment.

 

How Brown came to live in the house is quite a story. Bank of America gave

him a $6.2 million interest-free loan to buy and fix it up. The compensation

was disclosed in a proxy filing by the bank earlier this year.

The house was purchased in October 1998 for $5.4 million. Shields, of BofA,

said the proceeds from the sale will repay the bank's loan, but it was unclear

who will pocket any profit on the sale. Brown, who was in Charlotte, could not

be reached for comment.

 

Brown, a longtime NationsBank corporate banker, moved to San Francisco in

1998 to serve in the investment banking division under Michael Murray, one of

the few former BofA executives to retain a senior leadership position in the

wake of the merger. After Murray retired, Brown assumed control of the

division and appointed former NationsBank people exclusively to be his deputies, while slashing the authority of premerger BofA officials.

 

E-mail Christian Berthelsen at cberthelsen@sfchronicle.com.

 

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Willis Lease Finance Updates Status of Exposure to Swissair Bankruptcy

 

    SAUSALITO, Calif--Willis LeaseFinance Corporation (Nasdaq:WLFC) and its affiliates, reported potential increased exposure resulting from the financial troubles of R Technics, a subsidiary of the bankrupt Swissair Group. SR Technics

announced over the weekend that it is experiencing liquidity problems

and will require additional funding very shortly to remain in

operation as a result of the bankruptcy of Swissair, its primary

customer.

 

    As reported earlier this month, WLFC is currently leasing five

engines, valued at approximately $43 million, to SR Technics, a major

maintenance and overhaul provider. "The engine leases with SR Technics

account for approximately 9% of our revenues so far this year," said

Charles F. Willis, President and CEO. SR Technics has asked for

financial assistance from the Swiss government, regional authorities

and commercial institutions currently working with its parent.

 

    "We are hopeful that efforts currently underway to find a solution

to SR Technic's liquidity problems will ultimately be successful, but

we cannot predict when and if this might happen or what form it might take. In a complex situation like this there can be no assurances that everything will proceed smoothly. Accordingly, it is impossible at this time to quantify the extent to which WLFC may be effected. It remains an evolving situation and we are monitoring it very closely,"

said Willis.

 

    Willis Lease Finance Corporation leases spare commercial aircraft

engines, rotable parts and aircraft to commercial airlines, aircraft

engine manufacturers and overhaul/repair facilities. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines.

 

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