Commercial Finance Acquisitions Shed the ‘Cloak of Distress’
A Conversation With Milestone Advisors’ Tim Stute
April 7, 2012
Commercial Finance
Rita Garwood
A Conversation With Milestone Advisors’ Tim Stute
Incorporating the value of untraditional assets into a debt structure to generate incremental liquidity is anything but formulaic and lenders need to approach this with two things in mind. First, it’s smart to assume a wind-down is going to happen to identify any pitfalls in the exit strategy. Second, like an archaeologist, lenders need to bring a relentless commitment to keep digging.
A recurring issue in Chapter 11 cases is the extent to which an appeal of an order confirming a plan of reorganization is rendered moot by events occurring after confirmation. In this article, Lesley Hawes discusses the doctrine of equitable mootness and explains why a creditor should care because the doctrine may determine the creditor’s fate under a confirmed plan.
CIT Trade Finance has had an office in Los Angeles for approximately 30 years. While the factoring company serves clients in a broad range of industries, its Los Angeles office is probably most closely aligned with the apparel industry. That’s why, when the Los Angeles Economic Development Corporation was looking for a sponsor of its Los Angeles Area Fashion Industry Profile, CIT seized the opportunity.
When economic changes are afoot, lenders serving the staffing industry have the advantage of a front row seat. Therefore, we asked three industry experts for their perspective on their dynamic industry: Stephen Leavenworth at Sterling Bank’s Payroll Finance division, James Rothman of Crestmark Bank and G. Allen Geyer of ARG Financial. The three speak to topics ranging from the mechanics to lending to the staffing industry to the indications they perceive for key sectors they serve.
In any business, the quality of relationships forged can be the determining factor in getting a job done, and the asset-based financing industry is no exception. This was the case of Amalgamated Capital and Klochko Equipment Rental, where an open and honest relationship cultivated between the two companies proved key to originating the right financing to meet the Midwest-based company’s needs.
ABF Journal illustrator Jerry Gonzalez offers a whimsical look at this popular news story from the ABFJ archive. And the timing couldn’t be more perfect, as many of us are working up a sweat to shed a few unwanted pounds.
Although borrowers in multiple-debtor cases may still attempt to exact leverage against their creditors under the Per-Plan Cases, courts in all jurisdictions should be reluctant to apply an analysis inconsistent with Jameson and Tribune in light of the easily distinguishing characteristics of each of the Per-Plan Cases. Dechert attorneys Michael Sage and Brian Greer note lenders should be prepared in circumstances when they are the only creditor whose vote could be solicited on a debtor’s plan of reorganization to act aggressively. Such lenders should consider, among other things, seeking the immediate dismissal of the debtor’s Chapter 11 case, relief from the automatic stay, and termination of the debtor’s exclusive period to file a Chapter 11 plan.
Surf, sand, sun and subtle sophistication encapsulate what the city of Huntington Beach is all about. With 8.5 miles of pristine beaches, ideal weather, a welcoming attitude and a wide variety of entertainment options, Huntington Beach is the perfect destination for all. And, with 500 factors and other commercial finance professionals convening there, who could ask for more?
If you have an extraordinary innovation, opportunity or even a unique situation, an interim executive can help launch, grow or turnaround your venture by temporarily filling one or more key management roles in your company. Whether they serve as your interim chief executive officer (CEO), chief restructuring officer (CRO), chief operating officer (COO), chief financial officer (CFO), chief selling officer (CSO), chief manufacturing officer (CMO) or chief whichever officer (CXO), they can stand by your side as an experienced executive with a vested interest in your long-term success.