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March 2014

Specialty Lending
Vol. 12 No. 2
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Split Collateral Intercreditor Agreements: Part 1 — The Current State of Play - In Part 1 of this two part series, Robert B. Stein introduces the split collateral lien structure and focuses on key provisions typically found in a split collateral intercreditor agreement, i.e., collateral pools, priority of rights issues, the senior lien holder’s right to exercise Article 9 remedies, and waterfall provisions.
Unitranche Lending… What You & Your Borrowers Need to Know - In this overview on unitranche lending, Marc Reich, president of Ironwood Capital discusses the unique features of this relatively new product while providing insights using points of differentiation between a unitranche structure as contrasted from more traditional forms of financing.
Improving Landscape in Private Equity — Keeping An Eye on Upcoming Growth - The author explains why private equity firms can expect deal volume to increase this year, valuations to remain high and acquisitions to fuel corporate growth as the economy sputters along.
Mortgage Warehouse Lending… Clearing Up Misconceptions About This Unique Type of ABL - The author gives a primer on mortgage warehouse lending, clears up common misconceptions, and discusses risks and opportunities in this unique niche market of asset-based lending.
Healthcare ABL — An Ever-Changing Industry Landscape - Two Wells Fargo Capital Finance Healthcare Finance insiders explain why lending to the massive healthcare sector presents extraordinary opportunity and risk, and is best managed by an experienced team that is not only knowledgeable about the industry, but also an active industry participant.


A Shared Vision: Signature Bank’s New ABL Group Brings a Client-Focused Approach - ABF Journal contributing editor Howard Brod Brownstein chatted with Signature Bank’s new ABL group director, Robert Love, and his team: Wendy Nelson, Robert Wallace and Marissa Bianco Wych. The group — all of whom joined from Amalgamated Bank — share in Signature Bank’s client-focused approach and bring their expertise to the bank as it marks its entry into this specialized area.



Operational Restructuring — Why a Successful Turnaround Relies on More than Cash-Flow - The founders of Alderney Advisors discuss the underlying causes of financial distress, barriers to successful turnarounds and why advisors seeking viable restructurings cannot stop at the balance sheet.


Staying Competitive in 2014 and Beyond… Strategies and New Directions for Specialty Finance Companies - Substantial shifts happening in the market and banking industry are changing the way specialty lenders exchange information with their prospects and clients. The author explains why lenders need to utilize technology intelligently to remain competitive in 2014 and onward.


Restructuring Municipalities… What Creditors Need to Know About Chapter 9 Bankruptcies - With several recent Chapter 9 bankruptcy filings by municipalities in the spotlight, creditors at every level of the capital structure need to be aware of rules and statutes that affect their rights in the insolvency of a municipality. This article addresses the requirements for, and limitations on, municipal bankruptcy filings in New York, New Jersey and Connecticut, the effect of bankruptcies on creditors and results from notable filings.


Lienholder Status in Bankruptcy Cases — Unaffected Notwithstanding Untimely Proof of Claim - Attorney Lesley Anne Hawes examines a recent Eighth Circuit Court of Appeals opinion reaffirming the established principle that secured creditors' liens pass through bankruptcy unaffected. She notes that the decision is helpful to secured creditors because it confirms at the federal circuit level this important attribute of lienholder status in bankruptcy cases.


FinalCut: U.S. Attorney Says JPMorgan-Madoff Case Won’t Be Last Big One - ABF Journal illustrator Jerry Gonzalez provides his take on a January speech given by U.S. Attorney Preet Bharara to the Association of Certified Anti-Money Laundering Specialists in which Bharara said the $1.7 billion penalty JPMorgan Chase paid for violating the Bank Secrecy Act in connection with the Bernard Madoff fraud would not be the only aggressive action his office plans to take.

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