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April 2014

Vol. 12 No. 3
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Merchant Cash Advance Solution… How Tully’s Coffee Found Liquidity without a Traditional DIP Loan - When Tully’s Coffee found itself in a serious liquidity crisis and facing Chapter 11 bankruptcy, Deloitte CRG stepped in to secure a merchant cash advance. The authors provide insights into why this financing solution can be a perfect fit for any restaurant or retailer that lacks hard assets but has high credit card volume.
Split Collateral Intercreditor Agreements: Part 2 … The Current State of Play - In Part 2 of this two-part series, Robert B. Stein probes deeper into the topic of split collateral intercreditor agreements, honing in on DIP financing and adequate protection, limitations on modifications to loan documents and the purchase option.
Bankruptcy: The Ultimate Buzz-Kill? Sobering Considerations for Financing the Marijuana Industry - Rocco I. Debitetto, partner at Hahn Loeser & Parks, lays out some of the legal pitfalls associated with financing the marijuana industry and how this new area of lending’s collision with bankruptcy raises more questions than answers.
U.S. Supreme Court: Stage Set for Potential Shift in Bankruptcy Court Jurisdiction - Earlier this year, the Supreme Court heard arguments in Executive Benefits Insurance Agency v. Arkison, a case that may very well change the powers of bankruptcy court judges and settle important questions regarding bankruptcy litigation. Attorney Jeff Wurst walks us through the history and provides insights on the issues, knowing a decision can come down any day.


Charting a New Course… Hudson Valley Bank’s New ABL Plans to Play Large - Mark Fagnani took the helm at Hudson Valley Bank’s new ABL Group in fall 2013 after 34 years as a lender at Wells Fargo, Wachovia, Congress Financial and First Union, in addition to several years running his own advisory company. He shares his vision for how a smaller player in a crowded market can be more agile and play large.



‘A Giant’ in the Field — TMA Award Winner Traces Change, General Motors Restructuring - In an interview with ABF Journal, TMA Hall of Fame winner AlixPartners’ Albert A. “Al” Koch talks about how the corporate renewal scene has changed since he joined the firm nearly two decades ago and recalls his most memorable restructuring of all — General Motors.


Factoring Legal Receivables — How This Growing Area of Specialty Lending Helps Attorneys & Their Clients - The author shares why a growing number of legal professionals would want to take advantage of a relatively new branch of factoring, known as legal funding — or the factoring of legal receivables — to ensure faster payment of services, access to client benefits and the ability to invest in and grow their business operations.


Client Bankruptcy… Pitfalls to Avoid as a Factor - The author discusses pitfalls to avoid when a factor has to deal with a client bankruptcy filing and why the diligent is usually the most successful.


Benefitting From PMSI in Inventory… Understanding the Complexities is Key - The author explains that inventory — of all the categories of purchase money collateral — gives rise to the most nuanced issues in terms of practical application, and why proper diligence and adherence to statutory rules by purchase money security interest creditors is necessary to secure the desired results.


FinalCut: Quiznos Files for Prepackaged Chapter 11 - ABF Journal illustrator Jerry Gonzalez provides his take on Quiznos’ pre-packaged restructuring plan.

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