A federal jury returned guilty verdicts against Courtney Dupree, the former CEO of GDC Acquisitions. Dupree was found guilty of bank fraud against Amalgamated Bank, GDC’s asset-based lender, of $21 million in fraudulent loans.
The Baltimore Sun reported that Maryland Governor Martin O’Malley has asked GE chairman and CEO Jeffrey Immelt to reconsider GE Capital’s decision to freeze some of R.G. Steel’s funds, saying the move has contributed to the firm’s decision to lay off workers.
NHB Advisors announced that founding principal, Thomas D. Hays, was appointed chairman of the Board of Directors for the American Red Cross Southeastern Chapter of Pennsylvania (SEPA). The official announcement came during the Red Cross Chapter’s Annual Meeting held on Wednesday, September 21, 2011.
The Sterling Group announced that its affiliated investment fund, Sterling Group Partners III, completed the acquisition of Liqui-Box from DuPont. The acquisition was financed with equity from Sterling Group Partners III. BNP Paribas and BMO provided senior debt financing, and Oaktree Capital Management provided mezzanine debt.
North Mill Capital has acquired PrinSource Capital Companies, a provider of factoring and asset-based loans in the Midwest. North Mill received an equity investment from its current shareholders, led by Monitor Clipper Partners, and a material increase in its debt credit facility led by IDB Bank of New York.
With certain precautions, a secured lender can include healthcare insurance receivables and accounts as collateral for a loan. In general, private healthcare insurance receivables are treated in the same manner as other accounts under the UCC while collateralizing government healthcare accounts is more risky due to federal anti-assignment provisions. With the aid of plain English, three Winstead attorneys shed light on the issues and differences.
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.