COVER STORY
Managing Risk in the Marketplace: Advice from the Big Four Appraisal Firms - The economy may be booming, but these are still turbulent times with a shifting environment propelled by tax cuts, tariffs levied against Canada and China, and the possibility of a trade war. For guidance, ABF Journal editor Nadine Bonner turns to executives from the nation’s top four appraisal firms. In addition to a perspective on how technology and globalization have changed businesses practices, they offer sound advice to help ABL lenders steer a steady course and avoid crashing on the rocks.
FEATURES
The AI Revolution: Delivering Data-Based Legal Services - While some lawyers may be leery of or intimidated by artificial intelligence tools, a panel of experts has demystified the technology and described the ways in which it can expand the legal services market. Karim Guirguis and John Hartgen recap a recent American Bankruptcy Institute panel discussing the role of artificial intelligence in bankruptcy.
11th Annual Philadelphia Credit and Restructuring Summit: Opportunities to Learn, Laugh and Network - ABF Journal and its partners, the New York Institute of Credit and the Philadelphia Chapters of the Commercial Finance Association and Turnaround Management Association, outfoxed a March snowstorm by rescheduling the conference for June. For the second year, the event was held at Philadelphia’s Union League and provided an opportunity for serious discussion surrounding hot issues like blockchain and trademark ownership while offering two light-hearted rounds of Jeopardy.
Retail DIP Financing: Market Trends & Recent Deal Terms - DIP financing is a critical part of the turnaround process for retailers. Jordan Myers provides a detailed
guide to the recent trends as a growing number of retailers seek Chapter 11 protection.
Hercules Capital Acquires a Piece of the Rock: Gibraltar Joins Manuel Henriquez’ Team, Providing ABLs to Entrepreneurs - Manuel A. Henriquez founded Hercules Capital to both support entrepreneurs and to offer every day, small investors an opportunity to invest in venture capital funded companies. Like a loving father, he watched his companies grow and need more financial support. So, in May, Hercules acquired Gibraltar Business Capital as a portfolio company. Through this partnership, Hercules can direct growing companies to Gibraltar for the ABL financing they need.
TURNAROUND CORNER
Weekly Cash Flows: Why This Analysis Should be a Best Practice - A weekly cash flow analysis is one of the most basic business tools, yet Marjorie Kaufman observes many businesses fail to utilize it. She explains why this vital analysis should be a “best practice” to keep every business nimble and adaptable to changes in liquidity.
SPECIALTY LENDING
Health Care Services Industry Financing: Potential Pitfalls Can be Costly - The health care services industry is booming with new facilities and innovative drugs developed to serve an aging population. Lenders may see opportunities for profit, but Glenn Prives points out pitfalls in this highly-regulated sector which could have the unprepared lender facing fines or criminal charges. Due diligence is key.
LEGAL LINES
Retail Relief: Amend the UCC to End the Filing Requirement to Perfect Consignment Interests - Placing goods on consignment is a common occurrence in retail, but to perfect those goods, consignors are required to file with the UCC and give notice to other secured parties. Many consignors fail to follow this procedure and end up as unsecured creditors if the retailer files for Chapter 11. Stephen Selbst argues it is time to change the law.
FINAL CUT
LIBOR Won’t Back Down - LIBOR (London Interbank Offered Rate) is attempting to fend off a challenge to its title as the global benchmark for dollar-based assets from SOFR (Secured Overnight Funding Rate). ABF Journal illustrator Jerry Gonzalez shares his vision of the battle.