Highlights---

and then Schwan itself. Where she is today is not known. In recent years, Don Polfiet, Troy Molitor, Chris Canavati, lead the Manifest team. Coaches change just like

in baseball. If you know where Mary Jane is today, please let us know. Editor)

Alert---Dr. Talat Khan, Mission Hills, California

Possible Fraud Alert: In the past four days, LPI has received loan

applications from three different brokers for a Dr. Talat Khan in

Mission Hills, CA. We are still investigating, but the tax returns from

the three brokers each shows a 2000 AGI of $751,818 on the 1040.

Mixed

in with the returns from one broker and another return obtained from an

independent source, we found another 2000 personal tax return that shows

an AGI of $118,582. The difference of $633,236 in personal income may

seem small, but each application has ranged from $100,000 to $200,000 so

be alert. Since the three brokers are known by LPI and are well

respected, the fraud alert is directed at Dr. Khan--not the brokers.

My attempts to reach Dr. Khan directly have been thoroughly screened and I

was told she was in Europe on the last call. My thanks to Charles

Randall at Republic Leasing since he was the first to see through this

scam attempt. As usual, the old fox caught the chicken.

If anyone in the Mission Hills area would be willing to take what we have to the local

police, please call me at 1-800-573-7796.

Thanks,

Charlie Lester

clester@lpifinancial.com

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IDS Group plc (the 'Company') In Trouble?

Trading Statement

In its interim statement released on 2 September 2002, the Chairman of IDS

referred to the uncertainty surrounding the closure of US new license sales.

Since this time the US trading environment has deteriorated and delays in the

customer decision making process have extended to add-on license sales.

Accordingly, the Board's confidence regarding the outcome for the full year has

been eroded and it now anticipates that the results will be significantly below

current market expectations. The Board has resolved to undertake a strategic

review of all options open to the Company.

In this trading environment, the Company continues to benefit from the high

level of recurring revenue generated from its installed client base. The largest

component of recurring revenue comprises maintenance income (39% of 2001

revenue) which is billed annually in advance and provides significant cash

generation in the first quarter of each year.

In line with prior periods the Company will make a further statement regarding

trading prior to entering its close period in January 2003.

Enquiries:

IDS Group Plc 01962 703 448

John Hubert, Chairman

Michael Roller, Finance Director

Robert W. Baird 020 7488 1212

Matt Davis, Vice President

This information is provided by RNS

The company news service from the London Stock Exchange

TSTMJBPTMMTTMAT

===

http://mwprices.ft.com

IDS shares drop 50% after earnings warning Shares in IDS (UK:IDG), the struggling computer software group, collapsed on Tuesday after it warned that full year results were likely to be significantly below market expectations. By 2pm the shares had halved, scraping a new low of 5.5p. According to Multex, one analyst was anticipating a pre-tax profit of £6.5m for 2002, compared to £4.82m in 2001.

The company said in September that meeting its full year profit expectations would significantly depend upon the sale of new licenses. However, in a statement on Wednesday it revealed that as a result of a deteriorating US trading environment, customers were now delaying purchasing add-on licenses. Shares in the company have lost 85 per cent of their value since the start of September.

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Mortgage Rates Rapid Rise

By THE ASSOCIATED PRESS

WASHINGTON — Mortgage rates around the country rose sharply this week, with rates on 30-year mortgages rising to their highest level since early August.

The mortgage company Freddie Mac, in its weekly nationwide survey of mortgage rates, reported today that the average interest rate on 30-year fixed-rate mortgages rose to 6.31 percent this week from last week's 6.15 percent.

This week's rate was the highest since the week ending Aug. 9, when rates on

30-year mortgages also averaged 6.31 percent.

Rates for 15-year fixed-rate mortgages, a popular option for refinancing, also moved up this week to 5.70 percent from last week's 5.56 percent.

For one-year adjustable-rate mortgages, rates rose to 4.30 percent, up from 4.27 percent last week.

Fitch Anticipates Rise in CMBS Loan Delinquencies Despite Delinquencies Falling Again During 3rd Quarter

Fitch Ratings-New York 2002: Fitch released its third quarter commercial mortgage-backed securities (CMBS) Loan Delinquency Index today, and, for the third quarter in a row, the delinquency index declined. In 365 transactions monitored by Fitch where servicers have provided sufficient data, loan delinquencies fell to 1.27% from 1.32% last quarter and 1.33% in the first quarter of 2002. Nonetheless, the delinquency index is still higher than the 1.11% seen in the fourth quarter 2001. The new data can be found in an article appearing in the latest edition of 'Real Estate Update', the Fitch CMBS newsletter.

'Fitch expects delinquencies will begin rising again as it has become apparent that overall economic conditions will be slower to rebound than previously forecasted,' said Mary MacNeill, Senior Director, Fitch Ratings. 'There has been a weakening in both the multifamily and industrial property sectors in many markets across the nation and contraction and softening in the office market. Consolidations within the retail sector are likely to continue.'

Retail delinquencies increased for the third consecutive quarter, having grown from $544 million at the end of 2001 to $804 million at the end of 3rd quarter 2002.

Although still above 2001 levels, the delinquencies in hotel loans has decreased slightly from $771 million at the end of 1st quarter 2002, to $692 million at the end of 3rd quarter.

'The steady decline in delinquencies in hotel loans is encouraging,' said MacNeill.

The Fitch Ratings Delinquency Index is calculated as the balance of loans 60 days or more delinquent, including foreclosure and real estate owned.

The 'Real Estate Update' CMBS newsletter and the article concerning loan delinquencies can be found on the Fitch website at www.fitchratings.com.

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

Oh No, Mr. Bill----2002 deficit hits $159 billion

WASHINGTON – The government ran a $159 billion deficit in the fiscal year just ended, the Bush administration said Thursday, punctuating one of the federal budget's worst nosedives ever just 12 days before elections for control of Congress.

The figure was not a surprise and largely reflected an ongoing dip in federal revenue collections. But it was nonetheless breathtaking for its contrast with the $127 billion surplus – the second largest ever – shown by the government's books just a year before.

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WAELOPOLY: Ken Greene to the Rescue

“ I am not certain where Barry Dubin was involved though I recall

that he was, perhaps as a Board member at the time.

“I remember receiving a frantic phone call from Ray Williams.

He had been contacted by counsel for Parker Brothers, which makes Monopoly.

The company had somehow obtained a copy of Waelopoly. Ray had created

the board game as a conference souvenir, in connection with the conference theme.

Ray had made all kinds of plans. I think that Jim Lahti was going to be Mr.

MoneyBags, if I remember the name of the principal character correctly, and

the conference was essentially based on the game theme.

“Parker Brothers was not happy with us. They contended that WAEL was infringing on their copyright, and threatened to bring suit in federal court back east, seeking an injunction and treble damages for copyright and trademark infringement, and attorneys' fees.

“I contacted their counsel, who demanded that we stop distribution of the game, and anything else with relating to it, and that we change the theme of the conference.

“We settled. We agreed to stop production and/or distribution of the board game and to send all outstanding copies to be destroyed by the company.

“We agreed not to use any characters. I think in the end Parker Brothers agreed

we could use the game as the conference theme, but could not directly use any

characters names or likenesses. No money changed hands. They did not get their

$200, as we did not pass go. At least we did not go directly to jail. I don't recall exactly how this played out, as it was some time ago, and I am undoubtedly getting senile.

“If any has a different recollection, I would love to hear from them, as it was quite and adventure.”

Ken Greene

Law Offices of Kenneth C. Greene

938 B Street

San Rafael, CA 94901

---

Hi Kit,

Great to hear from you! To attempt clarification. Barry Dubin was on the

Board at the time. As such, he was the appropriate person to sanction the

"Waelopoly" theme.

Actually, at the beginning, Barry was very involved, spending a full Saturday w/ the WAEL staff helping to assemble several thousand packages.

It was later when we received the "cease and desist" order that Ken generously agreed to help ( pro bono) and eventually saved our bacon. Ken is very accurate in his recollections, except on one point- it was the Hasbro Co. which was up in arms.

As an aside, I'd like to say that Ken was typically unselfish w/ his time and efforts. Without his expertise, WAEL definitely would've experienced a significant loss.

Once again, thank you, Master Greene, for help above and beyond the call of duty in a most noble and memorable adventure!

Whoelsebut,

Ray

RAYCAE@aol.com

( Raymond Williams, Ph.D, former executive director of WAEL/UAEL)

Trish Williams, Ken Green, Dr. Ray Williams
(2000)

Please send Leasing News to a colleague as we are trying to build our readership.

You may quote any part or reproduce anything without our permission.

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Leasing Education "Boot Camp" for IT Professionals

( Irwin, PA ) XeC announces the Leasing Education Boot Camp Series, a new training program designed to educate IT staff that are developing in-house leasing and asset finance software.

The education series helps 'technologists' better understand the nuances and complexities of the leasing industry's business processes and accounting & taxation. The developers, project managers and Q&A staff can respond more effectively to the leasing department's business requirements, thereby improving project ROI.

The education modules are available in live instructor-led and / or eLearning digital formats and can be customized for specific company requirements. The Boot Camp Series is specifically designed for the needs of consultants, development staff, and IT professionals and is intended to complement existing courseware available through the ELA and other leasing associations.

The Lease Education Boot Camp Series was designed by XeC's senior consultants, who have implemented more than 450 lease and asset finance systems in 22 countries and in five languages over the past 15 years. Companies interested in learning more about the program can contact John Voytko at 724-861-9953 or at info@xec1.com.

XeC is a software development support group specializing in lease/loan asset finance education, system analysis, software specification, testing, implementation, and complex project rollouts.

www.xec1.com

John E. Voytko

President & COO, XeC

Office: 724-861-9953

jvoytko@XeC1.com

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“Just the Facts” Jeff Taylor’s Latest Newsletter.

http://www.utdallas.edu/police/wavs/DragnetTheme.WAV

I saw Jeffrey Taylor's reports on the ELA Convention. He certainly has a

unique style. It was gratifying to see him mention the two sessions at

which I spoke were among the most attended--the session on the FASB

Off-Balance Sheet changes and on international leasing (in my case about

OPIC and Ex-Im Bank financing/leasing).

The overall mood of the convention seemed consistent at first--business is

slow and not encouraging. The mood seemed to lift as we spent time together

in San Francisco. However, it is clear that the industry faces many

challenges. Being an optimist and having seen the leasing community work, I

am betting that all of us together will lift this industry to new levels of

success. It will just take time, leadership, courage and a lot of hard

work. All the best,

David

David G. Mayer

Patton Boggs LLP

2001 Ross Avenue

Suite 3000

Dallas, Texas 75201

Tel: (214) 758-1545

Fax: (214) 758-1550

Author of: Business Leasing For Dummies

Publisher of: Business Leasing News

David Mayer was commenting on the reports from the ELA Convention

by Jeff Taylor for Leasing News. In his latest newsletter, Jeff expands on his reports, gives more details and insight. He had the time to reflect, rather than meet the deadline

for our publication.

He also explores “bonus depreciation,” has “Happy Days” since he passed

the CLP exam ( was there ever any question?), has seventy paid subscribers,

and right now it is free, so if you missed it, please go to:

http://www.leasingnews.org/meetings/training.htm

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eCredit(SM) Announces Focused Emphasis on Financial Services: Among First Credit Solution Providers to Target Small Business and Mid-Market Commercial Lending Sector

Company helps banks increase revenues and profitability of small to mid-sized commercial lending operations by automating underwriting processes and credit workflow.

DEDHAM, Mass.-- Leveraging its years of experience in providing technology solutions for trade credit, eCredit today announced plans to assist financial institutions, particularly those with small business and commercial lending operations, with a credit platform that automates the underwriting process and manages credit workflow. The company has developed a tailored solution designed specifically to address the requirements of financial institutions. This solution -- nFusion(SM) -- is a Web-based credit-processing suite of applications, which enables lenders to automate the process of origination through booking, while also providing sophisticated analytical tools for interactive credit analysis for larger or more complex transactions.

"Lenders focused on small business have typically relied on consumer or modified commercial systems to automate underwriting processes," said Christine Pratt, a Senior Research Analyst with TowerGroup. "In recent years, demand for small business loans and increased lender interest in market share has strained existing credit infrastructure and supported the emergence of Web-based origination systems with roots in the B2B marketplace-specifically automating trade credit and leasing. What differentiates eCredit from similar models is a financial analysis toolkit specifically designed to automate many of the labor-intensive underwriting tasks-technology to review the business as well as the principals or guarantors. Solutions like eCredit nFusion provide a cost effective and prudent way for lenders to expand their small business credit footprint, and are well-positioned to profit from the nearly nine hundred million dollars that TowerGroup believes lenders will invest for technology to support commercial lending in 2003, alone."

"We are excited to deliver a Web-based solution that can help financial institutions improve operating efficiencies, generate greater sales, and improve how they manage risk," stated Deepak Verma, CEO of eCredit. "By replacing manual operations and/or rigid legacy systems and methods, these banks can achieve greater profits while maintaining their ability to evolve as the economic environment around them changes. We find that many of the capabilities we have developed over the years to serve the trade credit market are equally applicable to the small business and mid-market commercial lending segments. This has enabled us to deliver a powerful solution that goes well beyond consumer-based underwriting systems."

About nFusion

The nFusion suite of Web-based applications is developed using state-of- the-art, proven, J2EE technology, to improve underwriting processes for lines of credit, commercial credit cards and merchant approval services. This architecture is easy to implement as it centralizes the system's processing power while distributing access to users via any web browser. Lenders can collect data from credit bureaus, financial data sources as well as internal accounting systems and data warehouses, and apply proprietary or third-party scoring algorithms to evaluate risk. With automated decision capabilities, interactive analysis tools and portfolio management, lenders can process the entire range of deals from $10K to $1m+ in one environment. One of the company's early customers in this market is Old National Bancorp, a $9.3 billion financial holding company headquartered in Evansville, Indiana. Old National will use nFusion to automate the underwriting processes for businesses with sales of less than $5 million annually in five States. (See related press release -- Old National Bancorp Selects eCredit nFusion(SM), Web-based Credit Automation Software, to Drive Small Business Lending Revenues.)

About eCredit.com

Since 1993, eCredit.com has delivered credit risk management software and services to Fortune 1000 companies and financial institutions. The Company improves credit decision-making practices to deliver process efficiencies, optimized risk management, reduced operating costs, and increased revenues. Included among the Company's customers are ChevronTexaco, Cisco, CIT Group, Panasonic, and Ryder System, Inc. eCredit, headquartered in Dedham, Massachusetts, is an Internet Capital Group (Nasdaq:ICGE) partner company. For additional information, visit eCredit on the Web at www.ecredit.com.

eCredit.com, the eCredit.com logo and nFusion are service marks of eCredit.com.

For more information, contact:

Kelly Cundiff

eCredit.com

(781) 752-1245

kcundiff@ecredit.com

Susie Dougherty

Porter Novelli Convergence Group

(617) 450-4300

susie.dougherty@porternovelli.com

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UNIVERSAL EXPRESS' -USXP- Subsidiary to Acquire $10 Million ALS Financial

NEW YORK, N.Y.----Universal Express, Inc. (OTC BB:USXP) subsidiary Universal Express Capital, today announced the signing of a letter of intent to acquire a majority interest in ALS Financial. ALS Financial is an equipment leasing company established in 1990 and provides acquisition capital in the continental United States.

"This acquisition will strengthen USXP Capital's equipment offering diversification strategy and provides quality credit facilities from some of the nation's leading commercial lending institutions. The firm has provided quality services to equipment vendor's and end-users nationwide for 12 years and is well respected within its in