Credit: Well established, highly respected funding source seeks experienced credit officer for unique broker oriented small ticket leasing operation located in San Diego,CA.
email: rwagner4@san.rr.com

About the Company: www.pentechfinancial.com

Credit: Officer with 1+ yrs. experience. Admin. emphasis, high volume, small ticket leasing, average 100 approvals per month.
E-mail: ecarlberg@alliancefunds.com

About the Company: Anaheim, CA. www.alliancefunds.com

Seeking salesperson with 1+ years experience in the Medical Equipment Leasing industry. Great opportunity for growth. Amazing compensation plan, benefits and 401K plan. Second to none work environment.
E-mail: ecarlberg@alliancefunds.com

About the Company: Anaheim, CA. www.alliancefunds.com

Stable funding source seeks experienced leasing representative; book of business required; remote office capability; send resume to jobs@balboacapital.com and reference leasingnews in subject line.

SALES: Los Angeles, CA. Successful leasing company in business 10+years seeking experienced sales professional in vendor programs.Generous commissions,benefits and growth potential.
e-mail:leticia@julesandassociates.com

[Headlines]

________________________________________________________________________

Is mortgage credit deteriorating?

ABSnet

Though delinquency rates for mortgage loans rose for the second quarter report (after three consecutive quarterly declines) and are expected to show a slight up tick in the third quarter report, Jay Brinkmann, vice president of research and economics at the Mortgage Bankers Association (MBA), said that the national delinquency rate would start to trend downward as the economy starts

to improve. The results were reported in the MBA’s National Delinquency Survey.

This optimistic outlook is echoed by Freddie Mac economist Frank Nothaft. He said that this year has probably seen the peak for mortgage delinquencies, but as the economy recovers and the employment picture improves, the delinquency rate will drop gradually.

Borrowers are also not over-leveraged even with many homeowners taking advantage of the cash out refinancing option and home prices growing at a more moderate pace. Nothaft predicts home price appreciation slowing down to 5% for the remainder of the year and 4.5% in 2004, which is still a relatively healthy pace. He explained that borrowers usually exercise the refinancing option responsibly, not moving above the 80% LTV mark. Also, homeowners usually use the money they get from their home equity for home improvement purposes, which increases the value of their homes.

Deteriorating credit fundamentals, according to Fitch

In the most recent edition of its RMBS newsletter Mortgage Principles and Interest, Fitch Ratings looked at the deteriorating credit quality in the mortgage sector, specifically focusing on subprime as mortgage underwriters have had to lower their standards to attract more borrowers in this sector.

In an article called The Economics of RMBS Collateral, Fitch noted the poor household credit conditions, including the record high rate of personal bankruptcies (1.6 million households filing over the past year through the second quarter of 2003) as well as the high number of auto loan repossession and manufactured housing delinquencies.

This worsening credit is reflected in the performance of different vintages of RMBS collateral. Fitch said that the 2000 and 2001 vintages have performed considerably worse compared to prior vintages. This trend applies to the prime, Alt-A and subprime sectors in most delinquency statuses and foreclosure rate statistics. The rating agency said that the 2002 vintage has had some improvement in performance through seasoning. However, since the vintage is less than two years old, there isn’t sufficient history to be more than suggestive.

Fitch said that borrowers leveraging up by utilizing mortgage debt adds to mortgage credit problems. Analysts stated that mortgagors have been aggressive in pulling cash from their homes. Almost $800 billion (annualized rate) has been taken out so far this year. This compares with roughly $700 billion in 2002 and $500 billion in 2001.

"While this extra cash has been instrumental in supporting consumer spending and thus the broader economy, it also has resulted in significant leveraging," Fitch analysts wrote. The aggregate mortgage LTV — measured by the value of all mortgage debt outstanding divided by the value of all housing (this comprises even homeowners without mortgage debt) — is now almost 42%, which increased from just over 38% in late 2001. Aside from this, the mortgage debt service burden — this measuring the proportion of after-tax income reserved for mortgage debt — has been increasing rapidly and is at a record high when mortgage rates are at a record low.

Fitch also analyzed how the different sectors — prime, Alt-A and subprime — utilize mortgage debt differently. Analysts said that Alt-A mortgagors are most reflective of the overall market. As of the beginning of this year, 60% of all refinances were cash-outs from this sector. As interest rates dropped, Alt-A borrowers were more likely to take out cash-out refinance loans. In contrast, prime borrowers had less of a tendency to do a cash-out refinance when interest rates fall.

Subprime borrowers tended to do cash-out refinancings as interest rates increased. This type of refinancing accounted for roughly 80% of all subprime refinancings in 2000, when the benchmark one-year ARM rate was round 7%. However, this number stayed at merely 52% when the benchmark rate fell to less than 4% in 2003. Fitch says that this trend was due to subprime borrowers consolidating nonmortgage debt as their other debt became much more expensive in a rising rate environment. Refinancing through a cash-out mortgage became a more attractive option and offered the lowest cost of funds.

Also, current LTVs in the subprime part of the market have stabilized at about 80%, which rose by roughly 10% from levels in the mid-1990s. In contrast, the LTVs of prime borrowers dropped to 60% from mid-70% in the same period.

Fitch said that overall mortgage credit quality should erode further through 2005 despite forecasts of a better economy. If the job market and the economy improve in the coming months, the Federal Reserve is probably going to tighten monetary policy and cause interest rates to rise sometime late next year, hitting the housing market hard. The significant drop in interest rates in recent years has been capitalized by house prices.

Analysts said that any small rise in interest rates might negate the effect and cause house prices to weaken significantly, particularly in markets where housing price growth has been strong and mortgage credit quality has remained good, such as California and Florida. When interest rates increase, the rating agency thinks housing prices will be weakest in these markets.

"Weak house prices, combined with the aggressive mortgage lending of recent years, will lead to worsening credit performance in these markets, reflected in a rise in delinquencies and foreclosure rates," wrote analysts.

Also, the fact that rates have backed up is a sign that the economy is improving. But this does not mean that credit quality will improve, specifically in the subprime sector. This is because underwriters usually change their guidelines to attract more borrowers, as these originators have ramped up their capacity to deal with the considerably high volume during the refinancing wave. They also generally do not lay off workers right away as volume drops. Originators thus become more aggressive in offering mortgages with higher loan-to-value ratios to borrowers with higher debt-to-income ratios and lower FICOs. Analysts said that these loans have been given out to people who are leveraged out already.

Sarbashi Ghosh, senior director at Fitch, said that in the last couple of years, borrowers were able to refinance out of their debt when it got to a point where loan payments were already proving difficult to maintain. However, previously, they had the benefit of lower rates so that gave them the ability to refinance and reduce their payments. But as rates start backing up, these borrowers won’t have this escape hatch. This is why mortgage quality post-refi wave usually suffers.

"After coming out of a great refinancing boom, the credit quality of the following year’s vintage usually suffers," said Ghosh. — KS

[Headlines]

Orix Financial Services---Gary Gussoff “Chief of Staff.”

by Christopher “Kit” Menkin

Looks like the” Teflon Don,” Gary Gussoff, formerly from CIT, is now saluted

as “chief of staff.” He’s not out, and the questions on the count, how many strikes, balls,

foul hits, is not known at this time. For the record, the “Teflon Don” remains as a “consultant” to help Gary Corr out in the transition. Corr, originally from Charter, met with all department heads to give them the news personally. According to our sources, he did a very good job at Charter, which was purchased by Orix. Where the company

is now headed, or what is going on, is not known---but there is no secret their sole stock holder has been painted into a $49 billion political corner. Indeed they have too much money invested to pull out...and it would also affect their other US relationships.

A memo was sent out last Thursday, Leasing News is told, and anyone who

sends us a copy may wind up in trouble. This is what received from one “insider”:

“ORIX is digging hard to find out who leaked the story to you.

if they can prove a connection (or even have a good suspicion.) they will terminate them.”

The Memo supposedly says:

“Jim Thompson is Chairman and CEO

Gary Corr is COO

Brad DeLong is CIO

Gary Gussoff is Chief of Staff”

It’s now “official” about Jay Holmes.

http://two.leasingnews.org/loose_files/Farewell.jpg

Jay Holmes was appointed president and chief executive officer on June 19,2000. He succeeded John Moss, who served in these positions on an interim basis after. Philip Cooper retired from ORIX CREDIT ALLIANCE in March 2000.

The press release at the time stated, "In his new role, Mr. Holmes will oversee all ORIX CREDIT ALLIANCE interests. Mr. Holmes joined ORIX CREDIT ALLIANCE after nearly two years as President & CEO of Transamerica Equipment Financial Services, a Chicago based provider of equipment financing and leasing for middle-market companies in the United States and selected foreign countries. He previously held senior positions in Heller Financial, Inc., Chrysler Capital Corporation, Citicorp Industrial Credit and Westinghouse Credit Corporation. He has 28 years of commercial finance

experience.

Jay Holmes told several at the Equipment Leasing Association San Diego Conference, that he was asked to leave on October 8^th, with two days to clear out his office; but since, he had the travel, hotel, and registration for the ELA in San Diego, he went. He was not a happy camper. By the way, a similar occurrence happened when WiredCapital took over Capital Stream. Several of the WiredCapital people went, some did not, as the registration, travel, and hotel reservations were made.

Holmes reportedly did not like the Credit Alliance files, especially the avant

guarde transactions such as the ten year Greek diner leases in New Jersey.

Most of the diners were owned by Greeks, at this time, and they were

five year payouts written as ten year leases. Holmes reportedly put one man

on this to find out who was getting all the money, and when the

person spent over a year looking for problems and when he came up empty,

was let go.

A highly reliable source told Leasing News while he was never involved on a direct basis with that portfolio, his remembrance was that the deals were booked with ten year payouts, but the dealer was only for five years worth of payments. The excess was

maintained in a reserve and was used for delinquencies and defaults.

What probably took place is that the accounting records were not in

order and it was difficult to reconcile what money when where and when.

That was a shortcoming in the system that was used, particularly with the

reserve accounts.

An inside source, who does not want to divulge the information as it

will be “traced” back, originally told Leasing News, “You should do some digging into why Jay was cut loose this way...he didn't get the usual treatment...”

Known as the “Teflon Don,” Gary K. Gusoff was group president, serving on the OFS board of directors

The CIO and CAO were let go at the first of the year at about the same time they laid off 10% of their staff. The word is they were given a nice going away party and enough money to keep their mouths shut. It was also reported Holmes also lost half of his responsibilities to Gary Gusoff who was promoted to COO after failing to turn around the Equipment group. Word from insiders is that Gusoff is like a “Teflon don.” Everything he touches seems to fail but for some reason he never gets blamed. He just gets promoted. Now he is “Chief of Staff.”

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

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

More Orix Reaction:

Norden Capital was a very small producer for Orix, for a relatively short

period of time, but I was very sorry to see them go.

Steve Geller and all of his staff always treated me in a very professional

and fair manner, and bent over backwards to get deals completed.

Sometimes the documentation process might have gotten a bit excessive, but

you all know the "Golden Rule." These days, the brokerage community

needs more Orix's.

Having lived in and traveled in Asia extensively I would also like to say a

word about the parent company, in Japan. Orix has always been

considered one of the few, perhaps the only, really innovative financial

services firm in Japan, perhaps until recently when the former Long Term

Credit Bank was taken over by the Bank of Japan, bought by US interests and

re-named Shinsei Bank.

As a non-bank lender Orix was not under direct regulation by the Bank of Japan and the Japanese Finance Ministry. Apparently the BOJ and the Finance Ministry were always trying to pressure the large Japanese Banks, which they did regulate, to "reign in" Orix, which they did not regulate.

There is a saying in Japan that the nail that sticks out of the board must

be pounded down. To the Japanese Government., Orix was probably looked at as

one of those nails. I am sure that this attitude, plus the general problems being experienced by many of the biggest Japanese banks, were/are factors effecting Orix.

Bob Homans/Norden Capital

rhomans@nordencapital.com

---

I first want to say that I do enjoy your newsletter which I

read almost daily. What I am contacting you about is to respond briefly to some

comments made recently by parties putting blame on the current situation at

Orix Financial Services with the previous management of Credit Alliance.

I don’t think it was far at all to even mention the Palitz brothers in the same

breath as OFS as they are both like night and day. The Palitz brothers were true

pioneers of this business and knew how to put together a secure deal and to make

money. From a lot of things I have heard about the company(OFS) since I left,

I am certain they aren’t able to do the same. I am a former employee of Credit

Alliance/Orix for almost 17 years so I think I do know what is going on. If

Orix Financial Services was doing such a great job in all aspects of their

business, then how can this situation happen?

I was sitting in the president's office of a large east coast construction dealer recently when they received a telephone call from one of OFS's collectors. They were calling to inform the dealer that OFS had picked up a customers machine due to non-payment and were now asking for the dealer to pay his limited liability amount. They then

proceeded to tell the dealer that at the time this happened, the customer was 336

days past due on the account!

Well, you can just imagine what the reaction was with the dealer, not good at all.

My point is if they cant collect money timely on their portfolio, then there are that and other problems ahead. I do know that this wouldn’t have happened in the old days. The Palitzs' certainly knew how to collect their portfolio.

My last comment also relates to OFS as well. Good luck in calling their office and getting someone to help you. Make sure that you get their name as there is a good chance you may not ever find them again without it. Its a black hole.

Name withheld.

---

Any hint that the Palitz Brothers had any part in the slide of ORIX is based

on shear ignorance of the actual history. After First Interstate Bancorp

ended the management agreement with them they waited out the non compete

agreement and then started the new company in Texas with the former Credit

Alliance managers who understood what business they were in. The Palitz

brothers both said it would take less than 10 years for the new management

to run the company into the ground when they departed First Interstate

Credit Alliance. With the boom of the 90's it took 10 extra years but the

day of reckoning for ORIX has arrived.

The success of the new Palitz venture headquartered in Texas is proof

positive of the enlightened toughness that produced 30-40 years of

controlled growth and profitability in this business niche. It is not the

good times that determine greatness in this business, it is the lean times.

The Palitz's always expanded their business when times were tough as they

had conservatively positioned their businesses for long term success. While

not flashy, that is true brilliance and integrity amid the rancor of mere

mouthy mortals long departed.

(name with held)

[Headlines]

U.S. Postal Alert re: Leasing Fraud in New York—Up-Date

The sentencing of Victor Einhorn's s has been postponed to 12/1/03 at 3:30 p.m. The sentencing will be held at Federal District Court for the Southern District of New York

before the Honorable Judge Barbara Jones. Victim claims are being reviewed

by the defense attorneys. He is still incarcerated at MCC in lower Manhattan awaiting his sentencing.

BUSINESS FRAUD INVESTIGATION - U.S. District Ct. Southern District of NY

U.S. v. Victor Einhorn Et. Al. Docket 01 Cr. 939 (BSJ)

Professional Leasing Community:

In the course of an official investigation, the U.S. Postal Inspection

Service has determined that many companies were defrauded in connection with

one or more equipment leases or credit accounts. Please see the attached

documents and check your default lists vs. the following lists of companies,

addresses, and individuals for further losses.

You may send a restitution request to U.S. Probation Officer Claude J.

Baptiste (212) 805-5187 (secondary: Emily Weinblatt (212) 805-5193) for your

total loss amount (for only the value of the equipment; interest, attorney's

fees and records/copying costs are not included in restitution calculations

under the Federal Sentencing Guidelines) and any supporting documentation

for that loss by 7/7/03 to:

U.S. Probation Department

Attn: Mr. Claude J. Baptiste, U.S. Probation Officer

500 Pearl St., 7th FL North

New York, NY 10007-1316

Kindly cc me. Copies of UCCs, invoices and equipment pictures, lists and

serial numbers would also be very helpful in case your actual equipment is

recovered co-mingled with other similar equipment. Also a list of equipment

subject to the Court's jurisdiction in this case is available. If your

equipment is included on this list please list those items within your

claim. Thank you for your assistance in this matter.

Very Truly Yours,

J.R. Goodman, Inspector

U.S. Postal Inspection Service

New York Division

(212)330-3342

http://two.leasingnews.org/temporary/Einhorn%20AKAs%20Bus%20Addrs%20no%20ltrhd.htm

http://two.leasingnews.org/temporary/SUMMARY%202.htm

http://two.leasingnews.org/temporary/SUMMARY%201.htm

[Headlines]

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

Carlile to be at UAEL San Jose Regional Meeting ( Silicon Valley )

Ben Carlile, President & Chief Credit Officer, Allegiant-Partners

will be sitting in for Doug Houlihan. This session is on “story credits,”

meaning explaining the cash flow and credit situation and not relying

on a Fair-Issac or Beacon credit score to approve a lease. In the 90’s,

“application only” became the trend. Those that made decisions

from financial statements, analyzing the company and relationship

to its industry, were considered “too slow.”

Here are three in the Silicon Valley area who specialize in these

types of transactions, and appear to be doing a lot of business.

Joining him will be Archie Julian of Dumac Leasing ( Exchange Bank)

where Ken Taylor has brought his expertise from “Taylor Leasing”

and changed the way business is done. They are not loose with

credit or with their criteria, but know how to analyze financial

statements and understand the risk from the old way of looking

at a profit and loss along with a balance sheet.

Third on the panel is Peter Eaton, who specializes in $250,000

and above transactions; all types of situations and credit with

a thorough old style bank “investigation,” often including meeting

with the applicant and their financial team.

There is a second panel, with Peter Eaton also on it, as Pentech

Financial specializes in Venture leases over $25,000.

Joining him is John Pritchard of Vencore Solutions, who

does all sizes of Venture leasing, even smaller dollar

size, along with Russ Wilder of ATEL, who has a lot

of money to put out. Russ could join the “Story Credit”

group as he has much experience in this, but ATEL

has changed direction. He will be there to talk about it.

UAEL CEO Joe Woodley plans to be there, too.

This Wednesday, October 22---

3:30pm to 7:30pm at Napredak Hall, 770 Montague Expressway, San Jose

( 1 1/2 blocks off Highway 880.)

Two Separate Sessions

Venture Leasing

4:30pm to 5:30pm

Peter Eaton, Pentech Financial

John Pritchard, Vencore Solutions

Russ Wilder, Atel Leasing

(break)

6:00pm to 7:00pm

"Decision Not Based on Credit Scoring"

(also known as "Story Credits" or "Cash Flow Analysis."

Peter Eaton ( does story credits $250,000 minimum)

Doug Houlihan, Allegiant-Partners ($30,000 +)

Archie Julian, Dumac Leasing (Exchange Bank)

Open to All

Host: Kit Menkin, American Leasing

$15.00 800-727-3844

kitm@americanleasing.com

to register:

http://www.uael.org/indexlow.asp

At this time, as you see on chiropractor office doors, “Walk Ins Welcome.”

We may not be able to fix your back, but we can tell you how to make

more money.

[Headlines]

Classified Ads---Finance/Legal/Operations

Finance: Atlanta, GA

Twenty five plus years experience in middle market lease/ asset based/cash flow transactions. Heavy banking and credit background, with particular expertise in structure and negotiation. Email:brown235@bellsouth.net

Finance: Austin, TX.

20+ years all facets of lease/finance. Collection and credit management. Equipment & rolling stock structuring. $150k credit authority, $100 million portfolio management.

email: texmartin@juno.com

Finance: Lyndhurst, NJ

CFO w/20+ years leasing/financing. Respected by lenders/rating agencies full & fair financial reporting. Outstanding record restructuring debt. Adept at investor relations and mentoring people. Email:joemcdev@aol.com

Finance: Chicago, IL

Experienced in big ticket origination, syndication, valuation and workout. Twenty five years, MBA, CPA, JD, LLM (Tax), structuring specialist. Inbound and outbound transactions.

email:pal108381@comcast.net

Legal: Los Angeles, CA

Experienced in-house corporate and financial services attorney seeks position as managing or transactional counsel. Willing to re-locate. email:sandidq@msn.com

Operations: Wayne, NJ

20+ heavily experienced collection/ recovery VP looking to improve someone's bottom line. Proven, verifiable track record. Knowledge of all types of portfolio. Will relocate Email:cmate@nac.net

Operations: Experienced Credit, Collections, lease and Finance operations. Manager w/expertise in improving bottom line performance, excellent trainer, manager, motivator. Get result/keep the customer coming back. Email:rgmorrill@comcast.net

Ninety-One Classified Ads at:

http://64.125.68.90/LeasingNews/JobPostings.htm

Post Your “free” Job Wanted ad at: http://64.125.68.90/LeasingNews/PostingForm.asp

We find jobs...many testimonials. Not everyone, but our goal is

to help you. Go here for more places to let people know you are looking.

Don’t keep it a secret. Tell everyone from your minister to your babysitter.

You never know where you will get a lead—network, tell everyone:

http://64.125.68.90/LeasingNews/Classified.htm

[Headlines]

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

Class Action Suit Against Leasecomm/Microfinancial

NEW YORK--(--Lasky & Rifkind, Ltd., a law firm with offices in New York and Chicago, announces that a lawsuit has been filed in the United States District Court for the District of Massachusetts, on behalf of persons who purchased or otherwise acquired publicly traded securities of MicroFinancial Inc. ("MicroFinancial" or the "Company") (NYSE:MFI) between February 5, 1999 and October 30, 2002, inclusive, (the "Class Period"). The lawsuit was filed against MicroFinancial and Peter R. Bleyleben, Richard F. Latour and James R. Jackson Jr.

If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at investorrelations@laskyrifkind.com and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than December 15, 2003 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. However, if you choose to remain an absent class member, unless and until a class is certified, you are not represented by counsel.

The complaint alleges that MicroFinancial materially overstated its revenues and earnings by improperly recognizing tens of millions of dollars of financing income, fees and other revenues arising from delinquent and defaulted commercial leasing, rental and finance contracts that defendants knew, or recklessly disregarded, were uncollectable because the contracts were unenforceable in their terms.

On October 11, 2002, defendants stunned the market by announcing that MicroFinancial was ceasing to make new lease originations as a part of a new business strategy to leverage the Company's technology and loan servicing platform. Market reaction to the Company's announcement was swift and severe, losing 37% of its value to close at $2.14 per share on October 11, 2002.

If you bought MicroFinancial securities between February 5, 1999 and October 30, 2002, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (800) 495-1868 to speak with an advisor.

FORMAL ANNOUNCEMENT:

CONTACT:The Law Firm of Lasky & Rifkind, Ltd. Leigh Lasky, Esq., 800-495-1868

Shareholder Class Action Filed Against MicroFinancial, Inc. By the Law Firm of Schiffrin & Barroway, LLP

BALA CYNWYD, Pa., -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed on September 26, 2003 in the United States District Court for the District of Massachusetts on behalf of all purchasers of the common stock of MicroFinancial, Inc. ("MicroFinancial" or the "Company") (NYSE:MFI) from February 5, 1999 through October 30, 2002, inclusive (the "Class Period"). Notice was published in "Investor Business Daily" on October 15, 2003, and a corrective notice was subsequently published in "Investor Business Daily" on October 16, 2003. As such, if you are a member of the class described above, you may, not later than December 15, 2003, move the Court to serve as lead plaintiff of the class, if you so choose.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.

The complaint charges MicroFinancial, Peter R. Bleyleben, Richard F. Latour, and James R. Jackson Jr. with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between February 5, 1999 and October 30, 2002, thereby artificially inflating the price of MicroFinancial's common stock. More specifically, the Complaint alleges that the defendants represented that the Company's business and operations were being conducted in a profitable and lawful manner. In offering documents issued in connection with its 1999 initial public offering and in the Company's periodic filings with the SEC, the Company described itself as a "specialized" commercial finance enterprise that leases and rents "low-priced" equipment and provides other financial services. Throughout the Class Period, the Company issued highly positive earnings reports, as well as forecasts for the Company's continued growth and profitability.

Unknown to the investing public, however, the Company materially overstated its revenues and earnings by improperly recognizing tens of millions of dollars of financing income, fees and other revenues arising from delinquent and defaulted commercial leasing, rental and finance contracts that defendants knew, or recklessly disregarded, were uncollectible because the contracts were unenforceable by their terms. Additionally, defendants materially understated MicroFinancial's credit losses on tens of thousands of delinquent customer accounts and certain third-party "dealer receivables" which defendants never intended to collect but, in many instances, offset against the Company's funding of new contracts. As a result, defendants materially misrepresented the Company's current and future revenues and profits and issued financial statements that violated generally accepted accounting principles ("GAAP") and SEC reporting requirements throughout the Class Period.

On August 14, 2002, MicroFinancial disclosed in its Form 10-Q for the quarter ended June 30, 2002, that the Company was the target of a combined federal and state inquiry into the Company's leasing and credit collection practices, among other things. Then just two months later on October 11, 2002, defendants stunned the market by announcing that MicroFinancial was ceasing to make any new lease originations as part of a "new business strategy to leverage the Company's technology and loan servicing platform."

Market reaction to the Company's "new business strategy" announcement was swift and severe. The Company's common stock lost 37% of its value to close at $2.14 per share on October 11, 2002. The Company's stock price has never recovered, and its common shares have continued to trade at or below that level to the current date, representing more than an 85% loss in value from MicroFinancial's IPO price of $15.00 per share.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/currentcases.cfm.

If you are a member of the class described above, you may, not later than December 15, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.

CONTACT: Schiffrin & Barroway, LLP

Marc A. Topaz, Esq.

Stuart L. Berman, Esq.

Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004

1-888-299-7706 (toll-free) or 1-610-667-7706

Or by e-mail at info@sbclasslaw.com

SOURCE Schiffrin & Barroway, LLP

CO: Schiffrin & Barroway, LLP; MicroFinancial, Inc.

[Headlines]

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

Sterling Bancorp Announces Record Results for Third Quarter of 2003

Net Income Increases 10.3% Year-Over-Year

NEW YORK, -- Sterling Bancorp (NYSE: STL - News), a financial holding company and the parent company of Sterling National Bank, today reported record results for the third quarter and nine months ended September 30, 2003.

Highlights of the quarter:

* Net income increased 10.3% compared to the third quarter of 2002

* Diluted earnings per share increased $0.03 from the third quarter of

2002 to $0.39

* Average total loans and average demand deposits each grew 20.0%

year-over-year

* Noninterest income grew to 28% of gross revenues

* Return on average tangible equity was 21.11%

* Five-for-four stock split effectively increased cash dividend by 25%

"Sterling again reported year-over-year, double-digit net income growth, in spite of industry-wide margin compression, interest rate volatility and an overall challenging economic environment," commented Louis J. Cappelli, Chairman and Chief Executive Officer. "In the third quarter of 2003, we focused on building shareholder value and enhancing the value of the Sterling franchise, demonstrated by strong increases in loans, demand deposits and noninterest income. Furthermore, we recorded an 8.5% increase in total deposits and customer repurchase agreements."

"We were excited to kick off the year-long celebration of Sterling National Bank's 75th anniversary in August with the ringing of The Opening Bell(TM) at the New York Stock Exchange," continued Chairman Cappelli. "Our longevity and continued success as a New York banking company with national reach reflects the expertise of Sterling's management team, the diversity of our products and services, and the strength of our balanced business model. Our employees' exemplary efforts and dedication to high-touch personal service continue to differentiate us from our competitors."'

Full Press Release at: http://biz.yahoo.com/prnews/031020/nym031_1.html

[Headlines]

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

(Lessor Addresses New Way of Sending Airline Passenger Luggage)

Transportation Security White Paper Generates $16bil: Universal Express -USXP- Proposal Enhances Security Favoring Taxpayers, Travelers, Airlines

NEW YORK----Transportation logistics company, Universal Express, Inc. (OTCBB:USXP), has prepared a Transportation White Paper for members of the House and Senate and Congressional staff, Department of Commerce, and Transportation Security Administration staff. The White Paper "More Security, Less Hassle for American Travelers: A Private Sector Solution for the Airline Industry" proposes enhancements to Homeland Security. It is expected to generate $16 billion annually transporting luggage for travelers and saving $1.4 billion in baggage screening and $4 billion in labor costs. Universal Express CEO Richard Altomare will personally disseminate his White Paper on Capitol Hill Tuesday October 21.

The White Paper plan resolves shortfalls in the Aviation and Transportation Security Act. It specifically addresses the costs of moving airline passengers' luggage and the inherent major security problems associated with transporting baggage.

"The airline industry transports nearly three times more bags than passengers. Clearly identifiable cost savings occur when a traveler arrives at the airport with luggage and another traveler sends his luggage ahead using a separate carrier. The White Paper that I am presenting tomorrow reveals detailed plans involving the supplemental and unique utilization of functioning organizations and operations. Implementation of our proposal will save money for taxpayers, Homeland Security, travelers and the travel industry," states Mr. Altomare.

Altomare will present his plan on Capitol Hill today.

Universal Express, Inc. owns and operates several subsidiaries including Universal Express Capital Corp. (USXP Cash Express division), Universal Express Logistics, Inc. (The Virtual Bellhop, LLC and Luggage Express) and the WorldPost(TM) Private Postal Network, Inc. These subsidiaries and divisions provide the private postal industry and customers with value-added services and products, logistical services, equipment leasing, and cost-effective delivery of goods worldwide.

More information and website locations are available at www.usxp.com.

CONTACT:Equitilink Ron Garner, 877-788-1940

SOURCE: Universal Express, Inc.

[Headlines]

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

Fitch Rates $1.835B State of California 2003-2004 RANs 'F1+'

Fitch Ratings-New York-October 20, 2003: Fitch Ratings has assigned ratings to the $1.835 billion State of California, 2003-2004 revenue anticipation notes, consisting of $1.41 billion fixed rate notes and $425 million variable rate demand notes, as described below. The ratings are based on irrevocable, direct-pay letters of credit (LOCs) as follows:

--$375 million fixed rate notes, series A-1, rated 'F1+' based on the LOC severally provided by HSH Nordbank AG, New York Branch, and Bayerische Landesbank, New York Branch;

--$420 million fixed rate notes, series A-2, rated 'F1+' based on the LOC provided by Citibank, N.A.;

--$455 million fixed rate notes, series A-3, rated 'F1+' based on the LOC severally provided by Bank of America, N.A., UBS AG, New York Branch, and BNP Paribas, San Francisco Branch;

--$160 million fixed rate notes, series A-4, rated 'F1+' based on the LOC provided by The Bank of Nova Scotia, New York Agency; and

--$425 million variable rate demand notes, consisting of $125 million series B-1 (weekly rate), $100 million series B-2 (weekly rate), $100 million series B-3 (daily rate) and $100 million series B-4 (weekly rate), each rated 'F1+/F1+' based on the LOC provided by Depfa Bank plc, New York Agency (Depfa).

Pursuant to the LOCs, the banks are obligated to make payments of principal of and interest on the notes at maturity and, with respect to the Depfa LOC, purchase price for tendered notes. The ratings will expire on the earlier of: (a) June 23, 2004, the stated expiration date of the LOCs; and (b) any prior termination of the LOCs. The fixed rate LOCs provide full coverage of principal plus 239 days of interest at the actual rate of interest borne by the fixed rate notes. The Depfa LOC provides full coverage of principal plus an amount of interest equal to 34 days of interest at a maximum rate of 11% based on a 365-day year and purchase price for tendered variable rate notes. Lehman Brothers Inc. is the representative of the underwriters for the transaction. The notes are expected to be delivered Oct. 28, 2003.

Interest is payable on the fixed rate notes at maturity. While the variable rate notes bear interest in the daily or weekly rate modes, interest is payable on the first business day of each month, commencing Nov. 3, 2003. Holders of variable rate notes may tender their notes for purchase with prior notice. The variable rate notes are subject to mandatory tender: (i) on the fixed rate conversion date; and (ii) upon substitution of the variable rate LOC.

Note proceeds will be used to assist in cash flow management for the State of California's 2003-2004 Fiscal Year.

Contact: Mary Jane Ziga +1-212-908-0529, New York.

[Headlines]

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

( New Chrome "Blue Book" )

Chrome Introduces Pre-Owned Vehicle Configuration and Valuation Tool with Market-Reflective Values From NADAguides

PORTLAND, Ore.----Chrome Systems Corporation, provider of automotive data, configuration technology and commerce solutions, today announced the release of Chrome Pre-Owned(TM), a used vehicle configuration and valuation tool for the web. The tool combines Chrome's configuration technology with used values from NADAguides to give auto buyers and sellers the capability to easily research, price and compare used vehicles online, as well as determine used values.

Chrome Pre-Owned(TM) seamlessly integrates with Chrome Carbook(R), Chrome's new vehicle configurator and pricing tool. When the two products are integrated, online shoppers can access Chrome's new vehicle information and pricing and used values from NADAguides from within the same application. Chrome Pre-Owned is also available as a stand-alone product for businesses that do not require new vehicle configuration.

"We've been wanting a solution like this," said Deborah Lohrke, president of Procter & Gamble Texas Federal Credit Union. "Accessing new car data from Chrome and used values from NADAguides together in one application not only helps streamline our site, but gives our staff and our members a one-stop-shop for our vehicle pricing needs."

Chrome and NADAguides recently announced a significant data sharing partnership where Chrome became the new vehicle pricing and configuration services provider for NADAguides.com and NADAguides became the pre-owned vehicle valuation provider for Chrome's research and pricing tools.

"Chrome Carbook(R) combined with the newly launched Chrome Pre-Owned(TM) product fills a significant void in the marketplace," said Len Sims, vice president, NADAguides.com. "No other competitive valuation company offers more market-reflective data in a more streamlined solution than the products provided by Chrome and NADAguides.com. This is a win for businesses and consumers alike."

According to a study in 2002 by Friedman-Swift Associates, nearly 50% of car shoppers research both new and used vehicles before making a purchasing decision.