| Web Exclusive Archives |
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Click “Read more...” to view each Web-Exclusive in its entirety.
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The Real “New Normal”
Four ABLs on the Illusion of Perception |
| June 15, 2010 |
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There’s been a lot of talk lately about when the economy will enter full recovery mode and what the so-called “new normal” will look like. A decisive indicator of this transition, and one that is of special interest to those of us in commercial finance, is the state of the lending environment. |
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Control Agreements — Avoiding a Potential Pitfall |
| June 15, 2010 |
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In the wake of the recent financial crisis, it has become apparent that in many respects cash is indeed king, particularly as a form of collateral. Thus, secured parties would be wise to ensure that they have a properly perfected security interest in a debtor's deposit accounts. In that regard, secured parties should consider adding language to their control agreements to avoid a potential pitfall. |
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Views From the Bench:
Insights From Bankruptcy Judges & Attorneys on Bankruptcy Rule 2019 |
| May 3, 2010 |
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On April 8, 2010, ABF Journal in partnership with the New York Institute of Credit and the Philadelphia Chapter of the Turnaround Management Association, held an Education & Networking Conference in Villanova, PA. In Session 4, bankruptcy judges, bankruptcy attorneys led by moderator Mark Indelicato discussed a variety of topics, one of them being Bankruptcy Rule 2019. |
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The In Re Tousa Fraudulent Transfer Decision:
Impacts on Debt Trading, Derivatives Trading, Commercial Lending |
| February 18, 2010 |
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A recent decision in the U.S. Bankruptcy Court for the Southern District of Florida, In re Tousa,1 has received widespread attention for its near wholesale rejection of insolvency "savings clauses," and the resulting order requiring lenders to disgorge hundreds of millions of dollars. The decision raises numerous practical problems for participants in the secondary loan and derivatives markets, and more generally for commercial lenders and borrowers. |
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In the Wake of the Credit Crisis... A Study of U.S. Strategic M&A Transactions |
| January 21, 2010 |
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The boom and bust of the credit cycle has had a tremendous impact on the strategic M&A marketplace. During the cycle’s upswing, strategic acquirors competed with — and were often outbid by — financial buyers with easy access to credit and a higher tolerance for leverage. Aggregate transaction volume and average transaction size rose to unprecedented heights. In the 12 months ended July 31, 2007, the aggregate volume of U.S. public M&A activity was approximately $1.1 trillion, of which 42% consisted of private equity transactions. |
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United States: Second Circuit Rules Bank Loan Underwriter Eligible for Overtime Pay |
| January 6, 2010 |
On November 20, 2009, the U.S. Court of Appeals for the Second Circuit held that a loan underwriter employed at
J.P. Morgan Chase & Co.
was not covered by the administrative exemption from the overtime requirements of the Fair Labor Standards Act and, thus, was eligible for overtime pay.
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PARTS I & II:
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UCC Insurance for Secured Lenders:
Improved Risk Management in a Fragile Economy
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December 16, 2009 & December 3, 2009
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Although Q4/09 has shown modest signs of stabilization in consumer sectors, the nation’s economy remains fragile, with many indicators suggesting a broadening of the credit
crisis to commercial and corporate sectors of the economy. Particularly exposed is the credit quality and capital of secured lenders...
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Read Part I... or Part II...
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IMO Car Wash — Valuation in the Context of a UK Scheme of Arrangement
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November 18, 2009
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In the case In Re Bluebrook Limited and other companies (IMO) [2009] EWHC 2114, the UK High Court considered the basis on which to value the business of a company in the context of a scheme of arrangement under the UK Companies Act 2006. The court’s approach was to focus on the price that a purchaser would pay for the business at the current time...
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The Estate as the Buyer’s Partner in §363 Sales
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November 4, 2009
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A bankruptcy judge with a long tenure on the bench told a group gathered at an insolvency conference that the bench’s role in overseeing modern commercial
bankruptcy cases amounts to running a laundry service...
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Letters of Intent and Avoiding the Unintended
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October 22, 2009
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Letters of intent or memoranda of understanding are frequently used in private equity transactions to evidence the preliminary
understanding of a transaction before the parties commit significant time and resources to it. Often such documents are prepared and
negotiated by deal professionals with limited or no review by outside counsel...
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G-20 Takes First Steps on Global Regulatory Reform
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October 7, 2009
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Christopher Moraff reports on the G-20 Summit in Pittsburgh with first-hand coverage of the event as the heads of the
world’s 20 largest economies gathered to tackle a number of issues...
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| Commercial Finance M&A: Scoping Out the ‘New Normal’
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| September 21, 2009 |
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To launch the Web-exclusive content feature, we thought it would be interesting to speak with PiperJaffray’s Thomas Chen on the state of commercial
finance/specialty finance M&A activity.
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