In the Marketplace

Alter Moneta of Montreal has announced the appointment of two leasing and finance business development executives in western Canada in response to growing business opportunities generated by energy and construction-related projects. The appointments of Shawn Cardinell, of Burlington, Ontario, and Gary Goodman, of Edmonton, Alberta, are part of a strategic plan to grow the company following a recent financial investment from Bear Stearns Merchant Banking. The company's plan is to expand its geographic footprint and more than double its 110-employee workforce by 2012. A growing independent financial services company, Alter Moneta currently has key locations throughout Canada and the United States and is also backed by Caisse de depot et placement due Quebec, the largest institutional fund manager in Canada.

Cardinell will serve the company's vendor/dealer network for Ontario-western Canada. He was previously employed by Volvo Financial Services Canada. Goodman also will have responsibility for developing new business opportunities in Western Canada. After serving for two decades with the Royal Bank of Canada, he held senior account management positions with both GE Capital Solutions and CitiCapital Commercial Corporation in Edmonton.

Truck Repos increased in 2006. Nassau Asset Management of Westbury, NY has released its NasTrac Quarterly Index ('NQI'), showing that repossessions and liquidations of tractor-trailer trucks rose nearly 8% in 2006 compared with 2005. This rise in repossessions likely indicates another challenging year is ahead for small-to-mid-sized trucking businesses. In fact, Nassau President, Edward Castagna, stated that 'truck repossessions and liquidations have been on an upward trend for seven of the past eight quarters, and current conditions indicate this trend will continue.' He cites the instability of fuel prices and the drop in new home construction as possible causes. In addition, there are general economic factors to consider. 'Problems with the sub-prime mortgage industry, for example, are making it harder for struggling businesses everywhere to squeeze equity from their real estate.' The upside, according to Castagna, is that there is a steady market for used trucks. This market should remain strong in the short term due in part to the fact that the new 2007 trucks meeting new EPA diesel engine regulations have engines that are unproven, cost more to maintain, and are being avoided by buyers for as long as possible.

In addition to reporting on tractor-trailer trucks, the latest NQI revealed the following other trends:

1) Construction Repos Stable ' Repossessions and liquidations of construction equipment dropped insignificantly in 2006 (-2%). Castagna believes the market for used construction equipment will remain strong due to the weakened dollar, which attracts international buyers, and because of steady demand from global mining, roadwork, and infrastructure projects. It is, however, worth watching for slowdowns in certain sectors of the construction industry, such as new housing, as well as the fallout from sub prime rate mortgages; both situations have the potential to affect repossessions not only in the construction industry, but also for forestry, sawmills, truss manufacturing, excavating, transportation, and other industries serving builders.

2) Machine Tool Repos Rose Moderately ' Repossessions and liquidations of machine tools rose more than 8% in 2006. This reflects the increasing number of machine tools in the marketplace as the industry recovers from lows earlier this decade. The market grew an estimated 27% in 2006, experiencing its best year since 2000, according to the Association for Manufacturing Technology.

3) Medical Repos Dropped ' Repossessions and liquidations for medical devices fell by 33% in 2006. Nassau believes the numbers reflect the strength and stability of the medical equipment market in recent years, resulting in less repossession for that sector. The market for new medical devices is growing 8%-10% annually, according to a report by Accellent Inc., a manufacturing services provider to the medical device industry, and market demand for innovative products should continue as the population ages.

4) Printing Repos Down ' Repossessions and liquidations of printing equipment decreased by 35%. To date, Nassau has found little industry data to pinpoint reasons for the drop but is continuing to study the situation. Castagna also notes that his colleagues are reporting a possible pickup in printing repossessions activity so far in 2007.

CSI Leasing of St. Louis has acquired a substantial portion of the leasing portfolio of JTA Leasing Co. LLC, of Fort Lee, NJ. The acquisition includes 440 IT lease agreements and the associated computer equipment, with original value in excess of $70 million. CSI also announced that JTA founder and president, Mark Kitaeff, has joined CSI as a senior marketing executive and will continue to serve his corporate customers while developing new business for CSI. Kitaeff founded JTA in 2000, following a 16-year sales career with Jacom Computer Leasing and UniCapital Corporation. CSI Leasing is one of the largest independent IT leasing companies in the world, with assets in excess of $1 billion and operations in more than 25 countries.

Alter Moneta of Montreal has announced the appointment of two leasing and finance business development executives in western Canada in response to growing business opportunities generated by energy and construction-related projects. The appointments of Shawn Cardinell, of Burlington, Ontario, and Gary Goodman, of Edmonton, Alberta, are part of a strategic plan to grow the company following a recent financial investment from Bear Stearns Merchant Banking. The company's plan is to expand its geographic footprint and more than double its 110-employee workforce by 2012. A growing independent financial services company, Alter Moneta currently has key locations throughout Canada and the United States and is also backed by Caisse de depot et placement due Quebec, the largest institutional fund manager in Canada.

Cardinell will serve the company's vendor/dealer network for Ontario-western Canada. He was previously employed by Volvo Financial Services Canada. Goodman also will have responsibility for developing new business opportunities in Western Canada. After serving for two decades with the Royal Bank of Canada, he held senior account management positions with both GE Capital Solutions and CitiCapital Commercial Corporation in Edmonton.

Truck Repos increased in 2006. Nassau Asset Management of Westbury, NY has released its NasTrac Quarterly Index ('NQI'), showing that repossessions and liquidations of tractor-trailer trucks rose nearly 8% in 2006 compared with 2005. This rise in repossessions likely indicates another challenging year is ahead for small-to-mid-sized trucking businesses. In fact, Nassau President, Edward Castagna, stated that 'truck repossessions and liquidations have been on an upward trend for seven of the past eight quarters, and current conditions indicate this trend will continue.' He cites the instability of fuel prices and the drop in new home construction as possible causes. In addition, there are general economic factors to consider. 'Problems with the sub-prime mortgage industry, for example, are making it harder for struggling businesses everywhere to squeeze equity from their real estate.' The upside, according to Castagna, is that there is a steady market for used trucks. This market should remain strong in the short term due in part to the fact that the new 2007 trucks meeting new EPA diesel engine regulations have engines that are unproven, cost more to maintain, and are being avoided by buyers for as long as possible.

In addition to reporting on tractor-trailer trucks, the latest NQI revealed the following other trends:

1) Construction Repos Stable ' Repossessions and liquidations of construction equipment dropped insignificantly in 2006 (-2%). Castagna believes the market for used construction equipment will remain strong due to the weakened dollar, which attracts international buyers, and because of steady demand from global mining, roadwork, and infrastructure projects. It is, however, worth watching for slowdowns in certain sectors of the construction industry, such as new housing, as well as the fallout from sub prime rate mortgages; both situations have the potential to affect repossessions not only in the construction industry, but also for forestry, sawmills, truss manufacturing, excavating, transportation, and other industries serving builders.

2) Machine Tool Repos Rose Moderately ' Repossessions and liquidations of machine tools rose more than 8% in 2006. This reflects the increasing number of machine tools in the marketplace as the industry recovers from lows earlier this decade. The market grew an estimated 27% in 2006, experiencing its best year since 2000, according to the Association for Manufacturing Technology.

3) Medical Repos Dropped ' Repossessions and liquidations for medical devices fell by 33% in 2006. Nassau believes the numbers reflect the strength and stability of the medical equipment market in recent years, resulting in less repossession for that sector. The market for new medical devices is growing 8%-10% annually, according to a report by Accellent Inc., a manufacturing services provider to the medical device industry, and market demand for innovative products should continue as the population ages.

4) Printing Repos Down ' Repossessions and liquidations of printing equipment decreased by 35%. To date, Nassau has found little industry data to pinpoint reasons for the drop but is continuing to study the situation. Castagna also notes that his colleagues are reporting a possible pickup in printing repossessions activity so far in 2007.

CSI Leasing of St. Louis has acquired a substantial portion of the leasing portfolio of JTA Leasing Co. LLC, of Fort Lee, NJ. The acquisition includes 440 IT lease agreements and the associated computer equipment, with original value in excess of $70 million. CSI also announced that JTA founder and president, Mark Kitaeff, has joined CSI as a senior marketing executive and will continue to serve his corporate customers while developing new business for CSI. Kitaeff founded JTA in 2000, following a 16-year sales career with Jacom Computer Leasing and UniCapital Corporation. CSI Leasing is one of the largest independent IT leasing companies in the world, with assets in excess of $1 billion and operations in more than 25 countries.