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September 2003


Vol. 1 No. 8
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ABF Journal, September 2003
September 2003

Going Global… A Challenging Opportunity

Continental Europe… Land of Opportunity, not for Faint-Hearted
By Paul Hancock

Continental Europe is fraught with difficulties and little precedent in terms of workout strategies to rely upon. However, it is nonetheless emerging and it is a land of great opportunity for those players prepared to research and innovate. (Ref # INTL010)

UN Convention: Removing Troublesome Legal Barriers
By Edwin E. SmithIn 2001, United Nations promulgated the United Nations Convention on the Assignment of Receivables in International Trade, which once adopted, promises to remove some troublesome legal barriers to cross-border asset-based finance transactions. (Ref # LGL019)

Factoring Beyond Home Borders… It’s a Global Affair
By Jeffery Wacker

Factoring beyond the home country has become well established among corporations with farflung subsidiaries particularly in Europe where credit issues are driving borrowers to consider asset values for financing purposes. At the same time, borrowers appreciate that the tangible value of factoring across borders depends largely on certain key execution attributes — not all of which are available across the global factoring spectrum. (Ref # FAC028, INTL006)

Import-Export Letters of Credit From Start to Finish
By Matthew E. Franks

Whether a bank is currently active in the international market or merely considering such a venture, the globalization of trade necessitates familiarity with the import-export letter of credit transaction, the potential roles of the bank in such transactions, and the risks and advantages associated with such an endeavor. (Ref # INTL008, LGL020)

Fraudulent Conveyances: US & Canadian Legislation
By Kevin Morley and Jennifer Stam

While lenders in the US will be familiar with the caution to “always lend to your assets”, many may not be aware that the foregoing principle derives from fraudulent conveyance concerns under the US Bankruptcy Code. The article highlights the differences between the mechanisms under US and Canadian bankruptcy legislation for avoiding fraudulent conveyances. (Ref # INTL009, LGL021)

International Trade: Balancing Risk With Innovative Solutions
By Paul D. Schuldiner

For those in the business of finance, the continuous evolution of worldwide cultures, economies and political boundaries represent an even greater potential for profit and growth. This is especially true for those who are prepared to offer their customers the innovative global financing programs needed to complete cross-border transactions and capitalize on time-sensitive, international business opportunities. (Ref # FAC027)

GMAC Commercial Finance: Gains Strong Foothold in UK
By Brent Osborne

In 1999, GMAC Commercial Finance entered the UK ABL market through the acquisition of Bank of New York’s asset-based lending and factoring businesses in the US, Canada and the UK. Due to its strong internal culture, GMAC CF has been able to embrace differences and operate on a truly global scale, while being in line with the local environment. (Ref # COMP007, INTL012)

America’s Leading Lawyers:

Where to Turn When Your Deal is on the Line

Chambers and Partners Publishing has undertaken the formidable task of ranking America’s law firms and individual lawyers in a number of practice areas. What follows is an overview of Chambers’ findings in five US geographic areas that have the highest concentration of corporate finance deals and attorneys. (Ref # LGL022)

Columns

A PROFILE OF SUCCESS
The Best of David and Goliath
A Profile of Dan Chapa, President of Bank of America Business Credit

Honest and straightforward, Dan Chapa is known for the close relationships he develops with his clients and for his ability to coordinate the vast resources of his employer, Bank of America, for his clients’ benefit. As president of Bank of America Business Credit, Chapa leads one of the nation’s largest bank-owned ABLs with offices located in the US, Canada and England. (Ref # EXEC009)

PUTTING IT TOGETHER: ANATOMY OF ABL TRANSACTIONS
Congress Financial Corporation: Across the Pond and Beyond!
By Casimir T. Mazurkiewicz

The key to successful lending in Europe is a full understanding of the specific risks within each country and adapting the field analysis to cover the risks not only on the initial visit but also on each subsequent review. (Ref # INTL011)

LEGAL EYES
Multi-National ABL Structures — Almost Anything is Possible
By Cynthia C. Allner

When initiating a multinational asset-based financing transaction, the assembly of all of the relevant factual information and applicable legal constraints enables lenders and their counsel to arrive at a structure which optimizes asset value for the borrowers and best protects the lender’s interests. (Ref # LGL023)

TURNAROUND CORNER
International Turnarounds: Different Countries, Different Strategies
By Marc L. Pfefferle and J. Berry Packham

The insolvency regimes of other countries have very different presumptions and call for different strategies. In spite of this, experience shows that turnaround specialists can help underperforming international operations before the point of no return is reached. Even in different legal and cultural waters, lenders should not hesitate to call on them. (Ref # TM016)

FACTORING FOCUS
Marketing and Underwriting — A View From Both Sides of the House
By Debra Wilson

Without attaining a balance between the marketing and underwriting areas, the factor could be in for tough times. If either one area becomes too dominant, the company will ultimately suffer from a lack of sales in marketing or losses in the portfolio due to the quality of the deals being booked. (Ref # CRD007)

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