Kit Menkin’s Leasing News   Wednesday, October 2, 2002

Accurate, fair and unbiased news for the equipment Leasing Industry

Tuesday’s Leasing News posted  at 9:50am PDT




Pictures from the Past


Dean Cox, CLP

Chief Financial Officer, Balboa Capital, Balboa, CA

“Mr. Cox will manage all aspects of operations including Information Systems, Customer Service, and the business center.  Mr. Cox plans to revolutionize Balcoa Capital Corp. by implementing advanced technology systems to facilitate smoother transactions and to re-unite all departments into an integrated team.”
United Association of Equipment Leasing Newsline, Fall Edition,1990






Classified Ads----



Sales: Irvine, CA         "UAEL"

Direct lessor seeks vendor sales pro in Calif, Arizona or Nevada.Exp. in small ticket arena/ $10,000 to $150,000. Salary,
commiss, bonus + benefits.


Sales: Hendersonville, NC         "NAELB"

Great opportunity for the right individual. Small & Mid Market in Eastern US. Base Plus Commission, car & Phone
allowance. Must have experience.


Sales: Baltimore, MD           "EAEL"

The Equipment Leasing Company a bank lessor w/ 30 yrs of funding $10K-$250K leases. seeks experience
reps on east coast- Philadelphia to Miami.


Operations: Phoenix, AZ       "UAEL"

Lessor of all types of equipment needs Leasing Coordinator. Should have experience with documentation,
UCC's, vehicle titles & collections. Light reception. Benefits. Salary DOE.


  for full list, please go here:






Stocks close at 19-year low in Tokyo

        Parent of Matsco, Greater Bay Bank Takes Hit

           International Decision Systems' Makes Pre-tax InfoAnalysis Software

                 --Free Download--

             ELA San Francisco Conference  October 3 Deadline

              UAEL Conf. Welcomes Day Passes and Walk-Ins

               Leasing News--Two Workshops at UAEL Conference

                United Capital Portfolio Info Request

        West Coast Port Lock Out-- Plain Clothes Guards with Automatic Weapons

          Comdisco Makes Initial Distribution to Stakeholders

            MTI Technology Partners with Canopy Capital

             MicroBilt / MicroMerge, New Merged Credit Report Now Available

       Leasing Information Website

                  Michael T. Masin Named Vice Chairman/COO of Citigroup

                   Mohammad  A. Rahim Mohammad Seeks Leasing Club



  #### Denotes Press Release



Stocks close at 19-year low in Tokyo


TOKYO - The Nikkei Stock Average of 225 issues closed at 9,049.33 points on the Tokyo Stock Exchange
Wednesday, down 112.93 points, or 1.23 percent, from Tuesday. It was the lowest closing for the Nikkei in 19 years.




Parent of Matsco, Greater Bay Bank Takes Hit


Greater Bay Banks stock has been hurt by continued concerns about the real

estate portfolio.  Admittedly it's pretty shocking because **all** of the

numbers are just fine.  Greater Bay has a HUGE loan loss reserve compared to

their peers, but the dive in the stock is mind-boggling.


As far as I knew, yes the Bank was taking some losses at MATSCO and was

seeing some deterioration in their portfolio.  But compared to the entire

Bank, MATSCO's losses, in my opinion, would not be so much cause for concern

to cause the stock price to go down like it has.  MATSCO simply isn't a big

enough part to be the sole reason for the stock price hit.


 ( name with held )


Calls to Matsco for a comment were not returned.  Any comments or reaction

will be printed.


Greater Bay Bancorp is a bank holding company with 11 bank subsidiaries. The Company's
subsidiaries include Bank of Petaluma, Bank of Santa Clara, Bay Area Bank, Bay Bank of Commerce,
Coast Commercial Bank, Cupertino National Bank, Golden Gate Bank, Mid-Peninsula Bank,
Mt. Diablo National Bank, Peninsula Bank of Commerce and San Jose National Bank.
The Company provides a wide range of commercial banking services to small and
medium-sized businesses, real estate developers, property managers, business executives,
professionals and other individuals



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


International Decision Systems' Makes Pre-tax InfoAnalysis Software


Free Download


Unprecedented Offer Demonstrates Industry Leadership in Streamlining Lessors' Sales Efforts


MINNEAPOLIS, Minn., -International Decision Systems, Inc. (IDS) - the global leader in lease
accounting and portfolio management software systems - announced today a new pre-tax
version of InfoAnalysis (IA) that is free.  The base version of IDS' front-end lease pricing and
bid-tracking software is available as a free download from




According to Draper Jaffray, managing director, "Our commitment to improving lessors' businesses
is behind this unprecedented offer to expose more lessors to IDS' industry leading leasing expertise
through InfoAnalysis. We also think a free pre-tax version of IA might be especially useful to lease
brokers and smaller lessors who may not need the more sophisticated bid tracking, after-tax leasing
structuring and pricing, and sales pipeline reporting features of the expanded IA products."




IDS website visitors who use this product can explore expanded versions of InfoAnalysis on the site,
including one with an inexpensive bid-tracking module and another with all the important after-tax
features and sales pipeline reporting. Visitors who register also are eligible for a free web-based
training session.




For lessors who use calculators to structure and price leases, easy-to-use pre-tax InfoAnalysis will streamline
their sales process by enabling individuals to calculate and quote leases in seconds, getting back to potential
customers much faster with multiple pre-tax scenarios.  In addition, the software provides many types of
valuable reports. Most similar products that sell for around $130 and calculate quotes are designed for
loans and mortgages vs. leases, especially complex leases.




To download Pre-tax InfoAnalysis, go to and click on the appropriate link
to download the software without any obligations.




About International Decision Systems


With nearly three decades of leasing industry-specific expertise, International Decision Systems (IDS)
is the global market leader in developing lease accounting and portfolio management software and services.
Hundreds of independent, bank-related, captive leasing and financial services companies worldwide use
IDS products and services, which include anchor products InfoLease, LeaseEnterprise and FleetWare.


InfoLease is the world's most stable, scalable and robust end-to-end equipment lease accounting software,
and LeaseEnterprise is designed for small to mid size lessors who want an easy-to-use, Windows-based lease
accounting and portfolio management solution that will accommodate their growing businesses. FleetWare
is a comprehensive full-service vehicle-leasing and contract-management system. Companies use IDS'
software to streamline, manage and automate the entire leasing life cycle, as well as to leverage the
Internet's speed and flexibility for improved customer service, achieving greater internal efficiencies
and closing deals faster.


In addition to its product lines, IDS also has the leasing industry's largest global consulting, implementation
and technical support organizations that provide incomparable service from offices located in the United Kingdom,
North America (Minneapolis), Australia (Sydney) and Southeast Asia (Singapore).


IDS' parent company, IDS Group plc, is publicly traded on the London Stock Exchange (IDGL). For
additional information about International Decision Systems and IDS Group plc, visit


Jennifer Schwegman



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



Equipment Leasing Association San Francisco Conference


        Oct 13-Columbus Day-October 14  San Francisco Marriott

 In case you missed it yesterday,  tomorrow is the last day to be included

in the convention roster, “ the unofficial "Who's Who" of the leasing industry,”
as Sally Maloney calls it ( SMALONEY@ELAMAIL.COM_


The on line register was closed on September 10: This is the “lite” version.

Those who attend the conference can see the full version with addresses,

telephone numbers, e-mail, and other information. 



If you want your company, or to be listed in the roster, to see the “movers

and the shakers,” don’t put off registering any longer:




The Conference main speaker is Mayor  Rudolph Giuliani, who will be

there to autograph his new book "Leadership"  It is also available on line at Amazon
for $16.35 plus shipping



Mayor Giuliani has been making the talk circuit and the book is certainly to

be a best seller, and top Christmas gift.  The New York Times had a review

( remember, Giuliani was elected where he was out numbered 5-1 in party

voters, and his last few weeks endorsement historians say won the election

for Michael Bloomberg, who was way down in the polls, and the New York

Times is “typical New Yorker.”


** ** ************************************************************

             Days Passes and Walk-Ins Welcome


United Association of Equipment Leasing San Diego Conference Oct 3-6


UAEL Membership Director Bill Grohe said he received five telephone calls

of people who would be registering at the convention site at the Sheraton Hotel &

Marina, when we spoke to him at 9:30am, Tuesday morning.


“There are ‘first timers” and regular members who will wait until the last

minute, “ he says.  “They don’t want to be left out.  When they here we

have 325 attendance, over 45 funders, and finally think about it, they

don’t want to be left out.


“It just isn’t the education, “ he added. “It’s their old friends they want

to see...and perhaps make some new contacts and friends, too.”


Full UAEL Conference Brochure


Sheraton San Diego Hotel and Marina  

 1380 Harbor Island Drive San Diego, California 92101 United States

Phone (619) 291-2900 Fax (619) 692-2337


“Nestled at the water's edge on spectacular San Diego Bay, the Sheraton San
Diego Hotel and Marina offers panoramic views of the bay and the downtown
city skyline. Some of the country's most unique attractions are within a 10-minute
drive of the hotel - including Sea World, the world-famous San Diego Zoo, historic
Old Town, Balboa Park and Seaport Village.


“With 1,045 comfortable guest rooms, the Sheraton is a San Diego landmark, providing
convention, meeting and leisure accommodations to thousands of visitors each year.
The hotel's ample, flexible 80,000 square feet of meeting space, featuring state-of-the-art
sound and lighting systems, can accommodate groups up to 2000 for receptions and
1500 for banquets.”





Laptop High Speed Internet Access (by request)

Bay View Rooms Available

Marina View Rooms Available

Balcony or Patio

Oversized Desk




High Speed Internet Access in Guest & Meeting Rooms

Outdoor Heated Pool

Fitness and Spa Facilities/Services

Free Airport Transportation (Limited)

Concierge Service 







               Leasing News--Two Workshops at UAEL Conference


              Kit Menkin along with Bob Rodi----


             "Top Gun" Sales Men

          "Top Gun " Sales Managers


October 5, 2002   Saturday


          Top Gun "Sales Managers"


Richard Baccaro

Brad Kissler 

Mark McQuitty


               Top Gun "Sales Men"


Jim Raeder

Ignacio Sanchez 

Richard Shapiro

Tony Sherwin

Eric Sidebotham


Moderator: Kit Menkin, editor/publisher, Leasing News


Sergeant-at-Arms: Bob Rodi, CLP, President, LeaseNow, Leasing News
Advisory Director,.Internet Guru, Software Inventor, Semi-Professional Wrestler

(ex-Baltimore cop---tough guy Supreme---also learned a thing or two as

president of UAEL and being in the leasing business for 25 years.)




United Capital Portfolio Info Request


We get e-mails from governmental agencies regarding various items, and it

is the time of the year for personal property tax follow-up.  At one time, knew

who was collecting the payments for the late United Capital.  If you can

help this person out, it would be a good deed:


“We are looking for the mailing address for whoever has been assigned the United Capital lease payments?”



Kathleen Southwick

Personal Property Appraiser

Washington County A&T

Phone: (503) 846-3892

Fax:      (503) 846-3909



West Coast Port Lock Out--- Plain Clothes Guards with Automatic Weapons


It appeared increasingly unlikely that a scheduled bargaining meeting will

happen today. Both sides are at far odds as if in the middle of a heated

divorce.  The Pacific Maritime Association hired plain clothed guards with automatics, and reportedly one with a machine gun, as they felt threatened. The union saw this as a threat and “insult,” leaving the area due to the show of armed force.


Shipping lines vowed to keep all 29 major West Coast ports closed until the longshoremen agree to extend their expired contract as the talks continue. The union has refused to budge until the lockout ends.


"PMA's lockout is holding a gun to the head of the American economy and now they move to aim real guns at us,"  said Jim Spinosa, the chief negotiator and president of the 10,500-member International Longshore and Warehouse Union.Spinosa said.


The association claimed there were only two armed plainclothes guards -- both off-duty police officers – who were there to protect President Joseph Miniace, but refused to give specifics.


The FBI and San Francisco Police Department were not present, and consider

the matter a “political”.


Major newspapers quote East Coast economist who believe while the dispute is causing increasing disruptions and losses for individual companies, it is not likely to have a broad impact on the U.S. economy unless it lasts a significant period of time. It appears no one wants to spoil the recent up cycle of the stock market. Those businesses on the West Coast are quite concerned.


Each year about $300 billion worth of goods are imported or exported through the ports, the largest of which are in Los Angeles and Long Beach, Calif. Nearly $70 billion worth of goods came through the Los Angeles port in the first seven months of this year while only $9.3 billion worth were exported, according to the Census Bureau.  29 ports are involved. The effect on the economy will ripple into retail sales.


Some specialty retailers have begun to use air shipments to ensure that they will be well stocked for Christmas, even though the higher shipping costs will cut into profits.


Railroads are also already being affected. Several won't accept shipments of containers to the 29 ports. And with the dearth of containers coming ashore, some railroad employees expect to be laid off soon. The trucking industry will also be affected.


"It is hard for us to make too much of it," said economist James Glassman at JP Morgan Chase Securities in New York. "It is not like you are slowing production down, and I would be surprised if companies are so tightly managed that their immediate operations are dependent on what is coming in on ships."


The Taft-Hartley Act will allow the president to order the ports reopened for 80 days while negotiations continue. It could be that President Bush is in the position to save Christmas,

if he acts within the next 30 days, otherwise it appears it may not be a merry time of year.


The two sides are at odds over pensions and other benefits, as well as the union's demand to control any new jobs that would come with the introduction of modern cargo-handling technology.


To fully understand the solidarity of the Longshoremen, you need to look

at their history:


San Francisco Chronicle Editorial


“For five months, the two sides made little headway in drawing up a new agreement. The union has balked at mediation, sensing a management advantage.


“But the weekend lockouts caused havoc with fuming truck drivers sent away and scores of container ships anchored offshore. It's time for outside pressure to head off a dock fight that could injure everyone.”


###  ###########################################33


Comdisco Makes Initial Distribution to Stakeholders; Creditors To Receive Cash Equal to Approximately 55% of Their Allowed Claims





Issues Approximately 4.2 Million Shares of New Common Stock;


Contingent Distribution Rights to be


Issued to Former Common Stockholders


Comdisco Holding Company, Inc., (OTC:CDCO) announced that yesterday it commenced its initial distribution to holders of allowed claims, as outlined in its First Amended Joint Plan of Reorganization, which became effective on August 12, 2002. Additionally, Comdisco said it established a disputed claims reserve for holders of claims that are currently disputed, but may subsequently be allowed in full or in part. In connection with the initial distribution, the company allowed claims for Class C-4 general unsecured creditors in the amount of $3.628 billion and the disputed claims reserve has been established at $450 million.


As discussed in the Plan, Comdisco issued Senior Notes due 2004 in the face amount of $400 million with a variable interest rate equal to the three month LIBOR plus 3 percent and Subordinated Payment-in-Kind (PIK) Notes due 2005 in the face amount of $650 million with a fixed interest rate of 11 percent. Comdisco also issued approximately 4.2 million shares of new common stock to be distributed in accordance with the Plan. In addition, the cash to be distributed totals approximately $2.2 billion.


In the initial distribution, allowed general unsecured creditors will receive cash equal to approximately 55 percent of their allowed claims, and pro-rata shares of the Senior Notes, PIK Notes, and new common stock. Distributions to holders of claims that are disputed have been funded into a disputed claims reserve based on Court approved estimates for further distribution as and when their claims are resolved. Holders of convenience claims will be paid in cash at the rate of 89.8 percent of the ultimate allowed amount of their claims.


The company anticipates that the new common stock will be traded on the NASDAQ OTC under the symbol CDCO.


Comdisco is required to make further distributions on a quarterly basis. It may make distributions more frequently, if appropriate. The company also currently anticipates making a significant optional redemption on the Senior Notes before the end of calendar year 2002.


Comdisco's old common stock was cancelled on August 12, 2002. Former common shareholders are entitled to distributions of contingent distribution rights (CDRs) under the Plan. In order to be eligible to receive any distribution of CDRs, former common shareholders must properly complete a transmittal form and surrender all shares of old common stock to Mellon Investors Services LLC prior to August 12, 2003. Transmittal forms and information packages describing the procedures for exchanging old common stock certificates for the CDRs are being mailed this week to holders of the old common stock. For additional information concerning the CDRs, please refer to the Plan and the Form 8-A filed with the Securities & Exchange Commission by Comdisco on August 12, 2002.


The company anticipates that the CDRs will trade on the NASDAQ:OTC under the symbol CDCJ.


Wells Fargo Bank will serve as the disbursing agent for all distributions, except for those to former common stockholders. Mellon Investor Services will serve as disbursing agent for distributions to former common stockholders.


Comdisco's Plan calls for an orderly runoff or sale of the company's remaining assets, which is expected to be completed by the end of fiscal year 2004.


About Comdisco


The purpose of reorganized Comdisco is to sell, collect or otherwise reduce to money the remaining assets of the corporation in an orderly manner. Rosemont, IL-based Comdisco ( provided equipment leasing and technology services to help its customers maximize technology functionality and predictability, while freeing them from the complexity of managing their technology. Through its Ventures division, Comdisco provided equipment leasing and other financing and services to venture capital backed companies.



Disbursing Agents:


Wells Fargo Bank, 612-316-2335 (All disbursements except to former common stockholders)

Mellon Investor Services, 800-621-9609 (Disbursements to former common stockholders)



Comdisco Holding Company, Inc.

Mary Moster, 847/518-5147


Kesst and Company

Fred Spar or Jeremy Fielding, 212/521-4800             


SOURCE: Comdisco Holding Company, Inc.


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


MTI Technology Partners with Canopy Capital

Storage Solutions Provider Will Use Canopy Capital to Provide Financing Options to MTI Customers



ANAHEIM, Calif--MTI Technology Corp. (Nasdaq:MTIC - News), a provider of storage and business solutions for more than two decades, today announced Canopy Capital Inc. as its partner in offering creative and flexible financing options to MTI customers.

In line with its sales strategies, MTI chose Canopy Capital's solutions to allow its sales management team to offer extended funding alternatives to its customers. Canopy Capital will provide business credit origination and support through a private-label leasing and extended payment program for MTI customers.


"Our goal at MTI was to provide our customers with the latest in financing options when acquiring our equipment and services, and Canopy Capital is the ideal partner for making this happen," said Tom Raimondi, president of MTI.


"By providing our sales management team with flexible payment options and support, MTI will be able to continue to support our customers in managing their technology needs and product lifecycles."


Commented Mark Cusick, vice president of corporate development for Canopy Group: "Canopy Capital is another way we can support our portfolio companies and help them maintain that competitive edge."


In-house support for financing is merely the latest innovation for MTI in its ongoing dedication to meeting the needs of its customers.


About MTI Technology Corp.


MTI's mission is to be at the forefront of developing and delivering storage solutions to customers -- through innovation, customer feedback and best practice.


A premier provider of enterprise storage products for more than 20 years, MTI Technology Corp. develops, integrates and manufactures high-performance, high-availability storage products for mid-range to Global 2000 companies worldwide. MTI also services select third-product hardware and software, and its Professional Services organization provides planning, consulting and implementation support for storage products from other leading vendors.


With headquarters in Anaheim, MTI may be reached by telephone at 800/999-9MTI (toll free) or 714/970-0300, fax: 714/693-2256, or e-mail: Web address is


About Canopy Capital Inc.


Utah-based Canopy Capital is a wholly owned subsidiary of Canopy Group Inc. Canopy Capital delivers business credit solutions for the Canopy Group's portfolio companies. An innovative leader, Canopy Capital will continue to support the Canopy companies, helping increase their competitiveness, customer service and profitability.






     MTI Technology Corp., Anaheim

     Mark Franzen, 800/999-9684



     Canopy Group

     Mark Cusick, 801/229-2223




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MicroBilt Announces MicroMerge, New Merged Credit Report Now Available Through and MicroBilt's XML Interface





Consolidated Credit Bureau Reports With Advanced Merged Technology


Made Available In An Integrated Online Environment


MicroBilt Corporation, leading online provider of credit bureau reporting announced today the launch of its own merged credit report called MicroMerge.


The credit report is an efficient merged reporting engine that is much more advanced from a rules and formatting perspective than any other merged software engine in the marketplace. The multi-bureau, merged credit report product allows credit professionals the option of pulling a single credit bureau in file and then at a later time adding an additional bureau. MicroMerge is competitively priced and offered through MicroBilt's credit reporting site, or through an XML interface for those integrating into their own software or Internet environments.


The service represents a key advantage to businesses that run multiple credit reports. The time and cost associated with running credit reports individually not to mention consolidating and analyzing the information is significant. "Using MicroMerge through, businesses will have the ability to customize their report format to fit their needs and run one consolidated report in a matter of seconds," said Ken Hill, President of MicroBilt. "By completing one customized form online, businesses are able to retrieve consolidated information from the credit bureaus with a click of the mouse."


"We typically pull all three credit bureaus at once for each customer and then have to review three different reports," states Aren Caley, Finance Manager for Selec Trucks. "Now that we are using MicroBilt's MicroMerge report, we no longer have to look at three different reports. The report pulls all of the data from the three different reports together making it much easier to obtain an overall picture of a customer's credit. It is much more convenient!"


MicroBilt has developed an XML interface for MicroMerge that includes data tags for each element of the report. It also includes a formatted style sheet for the XML interface that can be used to display the merged report to the end user. Interfaces to the various loan origination systems are in the process of being developed based on client demand.


Other key MicroMerge features include:


-- Capability of clicking on a merged trade line to view the

individual trade lines that makes up the merged line


-- Detailed summary section


-- Choice of sorting trades by Trade Name, Trade Balance or


Classification (Open, Closed, Derog)


-- Ability to calculate and display an average of the scorecards



-- Ability to purge trade lines greater than 7 years old and

inquiries older than 90 days


About MicroBilt


MicroBilt, a division of Bristol Investments, Ltd., is a leader in credit bureau data access and retrieval, providing credit solutions to the Financial, Rental or Leasing, Health Care, Insurance, Law Enforcement, Education and Utilities Industries. MicroBilt is certified through and provides interfaces with the three consumer bureaus, Equifax (NYSE:EFX), Experian (London Stock Exchange: GUS) and Trans Union and the two commercial bureaus, D&B and Experian Business. Bureau data is available via dedicated terminals, dial-up software, Internet web site access or through an integrated custom interface. Automated online decisioning tools are also available through and Private company information along with knowledge-based analytical tools and information services is available through Integra Information, a division of MicroBilt. The company also enables web sites to enhance their content offerings by delivering a, and co-branded site to their established online communities. Formerly a First Data Corporation subsidiary (NYSE:FDC), MicroBilt Corporation, maintains offices in Georgia and New Jersey. For more information, contact MicroBilt Corporation, 1640 Airport Road, Suite 115, Kennesaw, GA 30144. Telephone: 1-800-884-4747. Or visit their website at




MicroBilt Corporation


Kathleen Houseman, 770/218-4681


SOURCE: MicroBilt Corporation


###### ######################################################3      


Auto Leasing Information Website Gives Car Owners Inside Track on Best Deals, Understanding Lease Provisions



CINCINNATI,-- Americans love their automobiles and now they are also learning to love leasing their cars.


With so many Americans leasing vehicles rather than going with a traditional bank loan to purchase a car, consumers need to understand that there are several important considerations when negotiating a lease, according to Tarry Shebesta, owner of Automobile Consumer Services, Inc. (ACS) and provider of a website, .


"As many consumers lease for the first time they may be unaware of all their options and may simply decide to accept what the dealer has to offer without comparing.  They may well be spending more than they should," says Shebesta.


Six major leasing considerations as noted at are as follows: 


* Is Leasing for You? - Individuals who are accustomed to always having a

car payment, who like cars under warranty, or who need their vehicle for 

business purposes often see leasing as an advantage.


* Leases are difficult and costly to break.  Customers should consider 

vehicles that hold their value and should take the time to test drive 

the vehicle before committing.


* While many people focus on the finding the lowest lease payment, 

negotiating a good price for the car prior to arranging for the lease 

terms lowers the overall cost of the deal.


* 36 month leases are standard but for some people who are considering

cars with a good reliability history, a longer lease might make sense.


* Consumers should try to estimate accurately the miles they will be

driving to avoid paying mileage overage fees.


* Large down payments may make the monthly burden easier, but lump sums

are lost in the case where a vehicle is totaled or stolen.  It makes 

more sense to bank the down payment and slowly use it for payments over

the life of the lease.


"Once shoppers have decided to lease their car, they should compare between a number of financing sources," says Shebesta.


Dealers are one traditional leasing source, but websites such as can be a cost saving alternative. This site is educational and provides a tool to evaluate financing options from a number of sources in real time for new and used vehicles.


Customers can actually lock in the lease quote they like and in a matter of minutes apply for credit online. allows consumers to facilitate the leasing transaction online.  Once contracts are signed and received by, the next step is to pick up your car.


For more information, visit or click on the link below.


Contact:  Tarry Shebesta, President of Automobile Consumer Services, Inc., +1-513-527-7700 x11


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Michael T. Masin Named Vice Chairman and Chief Operating Officer of Citigroup

Masin Named as Chair of Newly Formed Business Practices Committee; Company Announces New Corporate Governance Initiative: Ends Interlocking Directorships


NEW YORK-- Citigroup Chairman and Chief Executive Officer Sanford I. Weill today announced the appointment of Michael T. Masin as Vice Chairman and Chief Operating Officer.




Mr. Masin, 57, is currently Vice Chairman and President of Verizon Communications and a member of Citigroup's Board of Directors, where he serves as Chairman of the Personnel and Compensation Committee.


In his new role, Mr. Masin will oversee all Citigroup functions other than the operating business units and will report directly to Mr. Weill. Finance will report jointly to both Mr. Masin and Mr. Weill. Following the appointment of Charles O. Prince as Chairman and Chief Executive Officer of the Citigroup's Global Corporate and Investment Bank on September 8, 2002, these functions reported on an interim basis to Robert Willumstad, President of Citigroup and Chairman and Chief Executive Officer of the company's Consumer business.


Mr. Weill has also asked Mr. Masin to serve as the chairman of the newly created Business Practices Committee which leads the company-wide effort to assure that Citigroup is embracing the industry's highest standards, and provides vigorous scrutiny of ongoing business practices to assure they reflect the company's core values. The committee is comprised of all of our company's business unit heads and reports to Mr. Weill. Jack Roche, the interim chair of this committee, will continue as Senior Advisor to the committee.


In connection with his appointment as an officer of Citigroup, Mr. Masin has resigned from the Citigroup Board of Directors and has also informed Verizon that he will step down from his positions at that company. Richard D. Parsons, CEO of AOL Time Warner, will assume Mr. Masin's chairmanship of Citigroup's Personnel and Compensation Committee.


Mr. Weill said: "This appointment is further evidence of our commitment to assuring that everything we do meets the highest standards of professionalism and integrity, and that we continue to improve any areas where our practices fall short of the way we believe business should be done. Over the nine years I have known Mike, I have developed a tremendous regard for his keen intellect, objectivity, deep commitment and integrity. When I suggested that the talents he brings to our company could be best employed in a senior management role, our Board agreed and Mike accepted this new assignment. I look forward to working closely with Mike as we continue to position Citigroup for the future."


Mr. Masin said: "I have a deep regard for and commitment to Citigroup, one of the world's great corporate success stories. Citigroup is a company with a business model capable of delivering compelling benefits to customers and shareholders and a management team second to none. Raising standards in the financial services industry is critical to restoring the confidence and health of our business system, and our company's ability to set and meet the highest ethical standards and customer expectations day-in, day-out will be central to our success in maximizing our strengths as the world's leading financial institution. I was therefore very pleased and proud to accept a more active role in working with Sandy and the entire leadership team to achieve these and other critical corporate goals."


Mr. Masin became Vice Chairman and President of Verizon upon its formation in 2000 through the merger of Bell Atlantic and GTE Corporation. He served as GTE's President-International from 1995, and Vice Chairman of that company from 1993 and Director from 1989. Before joining GTE he was the Managing Partner of the New York office at the law firm of O'Melveny & Myers. Toward the end of his 25 years there, he was responsible for the management of the New York office and the firm's international activities.


Mr. Masin serves as a Director of Telus Communications, Inc., and The Puerto Rican Telephone Company; as a Trustee of Carnegie Hall, W.M. Keck Foundation and is a member of The Council on Foreign Relations and the Dean's Council of UCLA School of Law.


Separately, Mr. Weill has advised the Chairman of AT&T that he will resign his seat on the AT&T Board upon the completion of the spin-off of AT&T Broadband which is expected by year end. Further, he has advised the Chairman of United Technologies that he will not stand for reelection as a director at the end of his term next Spring. By taking these steps, Mr. Weill will eliminate the interlocking directorates on the Citigroup Board.


Mr. Weill said: "My decision to step down from these two boards and thus end interlocking directorships at Citigroup is part of our continuing effort to assure that our corporate governance reflects best practices. We are pleased to have been recognized recently by Institutional Shareholder Services, one of the leading shareholder organizations, for our governance model and we are committed to continually improving our accountability to our shareholders."


Citigroup (NYSE: C - News), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Salomon Smith Barney, Banamex, and Travelers Life and Annuity. Additional information may be found at:






     Citigroup, New York


     Leah Johnson, 212/559-9446

     Christina Pretto, 212/793-8217



     Sheri Ptashek, 212/559-4658


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


Not a Joke ( neither was the African Company Seeking Leasing of 1000 laptops)


    Mohammad  A. Rahim Mohammad Seeks Leasing Club



I am the Deputy General Manager of A'ayan Leasing & Investment Company, a

Kuwaiti public shareholding company headquartered in the State of

Kuwait.( with a paid-up and authorised capital of KD

20,254,000.000 (Kwaiti Dinars twenty million two hundred fifty four



The purpose of this email is that we at A'ayan strongly believe that it is

time to establish a regional leasing club/association for the leasing

companies operating in the GCC (Gulf Cooperation Council, which consists of

six states; The State of Kuwait, The Kingdom of Saudi Arabia, The Kingdom of

Bahrain, The State of Qatar, The United Arab Emirates and the Sultanate of

Oman). hence, we plan to call for a meeting in the State of Kuwait to be

attended by the leasing companies and financial institutions engaged in the

business of leasing to discuss the issue and come up with a successful

formula for establishing the association.


Hence, I am seeking your advice as to how to go about it in term of

formalities and other issues and what to say in the invitation letter to the

companies inviting them to attend the first meeting.


Any advise would be highly aprciated.


Best regards.


Mohammad  A. Rahim Mohammad

Deputy General Manager

A'ayan Leasing and Investment Company

P O Box 1426, Safat 13015


Telephone (Direct) +965-240 9707

Telephone (PABX) +965-804488 Ex. 441

Telephone (Mobile)+965-970 9925

Fax +965-240 0828




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