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06sept

September 2006


Vol. 4 No. 7
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ABF Journal, September 2006
September 2006

POISED FOR HOT NEW OPPORTUNITIES
Turnaround Professionals Stand
Ready as U.S. Economy Cools

The Good, the Bad & the Ready: Cooling Economy Points to New Opportunities for Turnaround Professionals
By Michael E. Jacoby, Phoenix Management Services, Inc.

Most turnaround managers acknowledge that the last few years have been dryer than they would have preferred and troubled entities have not been plentiful. But with steady rate hikes by the Fed, it’s time to ask: Is the economy beginning to show signs of cooling? (Ref # TM054)

Will M&A Activity Pick Up This Year? To Make it Happen, Buyers of Factoring Companies Must Act
By Timothy W. Stute, Milestone Advisors, LLC

So far in 2006, we have not seen any increase in the number of M&A transactions involving commercial finance companies.
But, will the pace pick up? (Ref # MERG003)

The Perfect Pairing: Asset-Based Lenders Working with Equity Sponsors
By William Henrich, Getzler Henrich & Associates

As the private equity-buying spree continues, many ABLs are going along for the ride. As always, lenders need to
grok the true profile of the company and conduct appropriate due diligence to understand the risks early on. Not so
easy given the zeal of today’s equity sponsors.

(Ref # IND080)

Being an “Active Investor” — It’s in the Deeds, Not the Words
By Bill Haan, Republic Financial

In today’s M&A environment, both strategic and financial acquirers are faced with the reality that the only real way to
create long-term value for their respective stakeholders is through the execution of a well-defined set of tactical and
strategic initiatives. Bill Haan at Republic Financial illustrates this point on page 20. (Ref # MERG004)

If the Difference Between Success and Failure is a Fine Line… Are Your Clients in Danger of Crossing It?
By Robert D. Katz, Executive Sounding Board Associates, Inc.

How many times have we seen decades of success and equity growth wiped out by a period of poor performance? Knowing how to read the “handwriting on the wall” helps lenders and investors identify certain characteristics early in the game. (Ref # TM055)

Going Global: Things to Consider When Selecting a Foreign Receivables Partner
By David Dipiero, FGI Finance

U.S. companies looking to grow their business internationally and capitalize on opportunities abroad. Dave DiPiero at FGI Finance articulates the things to consider when selecting a foreign receivables partner. (Ref # FAC055)

Automating Treasury Management Services to Maximize Liquidity
By Jay Kane, Bank of America Business Credit

Electronic treasury management solutions are giving asset-based borrowers effi cient new ways to control and manage their cash. Jay Kane at Bank of America Business Credit explains how.

(Ref # TECH007)

PUTTING IT TOGETHER
Gung Ho: Opportunity Riding the Dangerous Wind
By Joseph Ingrassia, Capstone Business Credit, LLC

In Chinese, “gung ho” translates to “opportunity riding the dangerous wind” and Whaling Manufacturing Company has been negotiating the “dangerous wind” for six years now. Turn to page 12 to find out how Whaling is weathering the winds of change. (Ref # IND081)

TURNAROUND CORNER
TMA Poll Predicts Debt Default Rates Will Surge by End of 2007
By Colin P. Cross, Crystal Capital

In a recent Trend Watch poll of TMA members, corporate renewal professionals believe debt default rates will increase signifi cantly in the near term for underperforming, highly leveraged companies. More than 90% of the poll respondents expect that rude awaking by the end of 2007. (Ref # TM056)

LEGAL EYES
The Patient Care Ombudsman: A New Professional Gets Added to Chapter 11
By Robert A. Guy, Jr. and John C. Tishler, Waller Lansden Dortch & Davis, LLP and Daniel T. McMurray, Focus Management Group

The 2005 amendments to the Bankruptcy Code have been the source of much controversy. However, the “Patient Care Ombudsman,” is one addition that has received little attention. Bankruptcy professionals should consider the impacts and opportunities. (Ref # LGL060)

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