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FEATURES
The Tangled Demise of Arrow Trucking
Ref# FAC095
As forensic accountants work with a factor to piece together what’s left of the company, and fleet lessors comb the country for missing trucks, the three executives blamed for orchestrating the multi-million-dollar factoring fraud that brought Arrow Trucking Co. to its knees are busy pointing fingers at each other. ABF Journal attempts to untangle the convoluted mess that was once Arrow Trucking.
By Christopher Moraff, Associate Editor
Cross-Border Factoring of Canadian Receivables
Ref# FAC096
Martin Fingerhut of Blake, Cassels & Graydon outlines a number of issues that frequently arise, from a Canadian legal standpoint, when a U.S. factor purchases, from a Canadian client, receivables that are owed by Canadian obligors.
By Martin Fingerhut, Blake, Cassels & Graydon
Four Fabulous Factors … What Defines a Legacy?
Ref# EXEC074, FAC097
As we kept our tradition of featuring four exemplary factoring companies, a unifying theme began to emerge — legacy. Each of the four companies — Riviera Finance, Bay View Funding, RMP Capital and Gibraltar Financial — illustrate the multi-dimensionality of legacy in their own unique way. Each has a terrific story to tell.
By Stuart P. Papavassiliou, Senior Editor, and Amanda L. Gutshall, Associate Editor
SPECIAL SERIES: The True Face of Dilution — Part III
Ref# FIELD015
Field examiners may spend a considerable time scrubbing a borrower’s trade accounts receivable (A/R). Often the resulting ineligibles proposed are met with the following question: “Isn’t this all covered by dilution?” Knowing the answer to the question is critical to ensuring that the borrowing base formula adequately protects an asset-based lender.
By Gilles Benchaya and Gregory Anderson, Richter Consulting
FROM ALL FACETS
Turnaround Corner
Making the Liquidation Call…
Ref# TM103
Recommending liquidation can be among the most painful decisions a turnaround professional is forced to make, but it can also be among the most impactful in terms of preserving value … but it takes preparation and a detailed plan.
By David Johnson, ACM
‘Life is Good’ at TMA’s Mid-Atlantic Regional Symposium
The Eighth Annual Symposium — Turnaround Strategies: Maximizing Opportunities in Times of Financial Distress — will be held June 9–11 in Atlantic City. Robert Katz fills in the details.
By Robert D. Katz, Turnaround Management Association
Factoring Focus
A Borrowers’ Sector Report Card Shows Some Improvement
Ref# FAC098
Given the extraordinary credit crisis American businesses have been weathering, we thought that Merchant Factors’ outlook on various borrower sectors is an excellent barometer for commercial finance companies. Merchants’ president and CEO offers a sector-by-sector report card. Some sectors move to the head of the class, some show scant improvement and others aren’t making the grade.
By Adam Winters, Merchant Factors
Bankruptcy Update
The Not-So-Secured Right to Credit Bid
Ref# BANK034, LGL107
On March 22, 2010, the Third Circuit Court of Appeals issued a decision that is of groundbreaking importance to secured lenders. This decision arises out of the Philadelphia Newspapers bankruptcy case pending in the Eastern District of Pennsylvania and seriously affects the right of secured lenders to credit bid in a sale contemplated in connection with a plan of reorganization.
By Michael T. Rozea and Jeffrey A. Wurst, Ruskin Moscou Faltischek
Legal Eyes
The ‘New’ Federal Pleading Standards in the Post-Iqbal Era
Ref# LGL108
Two recent Supreme Court decisions — Bell Atlantic Corp. v. Twombly and Ashcroft v. Iqbal — have threatened to dramatically change the framework under which federal complaints are analyzed for sufficiency. These decisions will place a substantial burden on plaintiffs in federal suits.
By Stephen M. Packman and Douglas G. Leney, Archer & Greiner
FinalCut
Treasury Loses $2.3B CIT Stake; 82 TARP Banks Delinquent in February
ABF Journal illustrator, Jerry Gonzalez’ visual interpretation of a top-ranked abfjournal.com news story according to our visitors.
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April 2010 Issue
