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May/June 2009

Mid-Year ABL Industry Issue
Vol. 7 No. 4
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ABF Journal, May/June 2009
May/June 2009

A Matter of Time…
In a Lenders’ Market,
Basic ABL Disciplines

Gain Importance

When Does M&A Return?
By Thomas Bonney, CMF Associates

Through most of 2008 and all of 2009, the forces of macroeconomics have been pushing lending and M&A back on its heels, up against the defensive touch line. Amid much ambiguity, Tom Bonney predicts a fourth-quarter rally. (Ref # MERG010)

In a Credit Meltdown, Back to Basics Takes on a New Meaning
By Christopher Moraff, Associate Editor

It seems 2009 is poised to be a mixed bag for asset-based lenders; but considering the state of the global economy — the ABL industry remains on solid footing. ABF Journal checked back to industry leaders to see if they agree. (Ref # IND125)

Financing Timeshare Developers
By Mark R. Kirsons, Sidley Austin

Timeshare financings involve issues arising under real property law, the UCC, the Bankruptcy Code, state-specific timeshare laws and consumer protection laws. Lenders must understand how these bodies of law work together when financing timeshare developers. (Ref # LSP033)

Critical Asset Financing: A Viable Option in Volatile Markets
By Jeff Lupoff, GE Capital

With many banks now allocating capital selectively during these volatile times, what alternatives exist for companies seeking longer-term, fixed-rate financing? One avenue that should not be overlooked — Critical Asset Financing. (Ref # LSP034)

2009 Mid-Year Marketplace Survey

For the second year in a row, ABF Journal asked a select group of ABL industry leaders to consider a range of topics from borrowers’ behaviors, to measures taken on the part of the government to loosen credit markets to their concerns going forward. (Ref # MYS007)

From All Facets

Capital One Seeks to Deepen Customer Relationships
By Amanda L. Gutshall, Associate Editor

When North Fork Business Capital migrated to Capital One by way of an acquisition, the former North Fork team jumped at the opportunity to focus on deepening its customer relationships. This month, ABF Journal profiles Perry Vavoules, president of Capital One Leverage Finance.

(Ref # EXEC069)

Detroit TMA, Eastern Michigan Bar Association Hold Automotive Summit
By Charles M. Moore, Conway MacKenzie

The automotive industry is one of the highest profile victims of the credit crunch, which has significantly reduced the available funding necessary for every aspect of the industry to work, from component part production to lease and purchase financing for consumers. Such was the topic of a recent automotive summit co-hosted by the Detroit Chapter of the TMA and the Eastern Michigan Bar Association. (Ref # TM093)

Making the Most Out of an Industry Conference…
By Linda P. Kester, Writer & Professional Speaker

As convention season looms on the horizon, it’s important to remember some key aspects to getting the most out of these annual events. That means networking, networking and more networking. (Ref # GEN016)


Preserving Value & Avoiding Insolvency … Eight Easy Steps
By Jean Robertson, Calfee, Halter & Griswold

The new reality is that bankruptcy is no longer a viable restructuring tool for most, and fiscal restructuring is no longer the ready refuge of past recessions, as distressed companies increasingly head straight to liquidation. Bankruptcy attorney Jean Robertson offers eight steps to preserving enterprise value and avoiding insolvency. (Ref # BANK027)

Watch Out for the Coming Wave of CMBS Workouts
By Ellen R. Marshall, Manatt, Phelps & Phillips

The very structure of many commercial loans, and the relationship between rents collected and mortgage payments, have the effect of deferring loan defaults for a while. Signs are beginning to appear, though, that delinquencies are sure to accelerate. When they do, there will be an avalanche, of which perhaps 20% will be of loans falling under the general description of “commercial mortgage-backed securities” (CMBS). (Ref # LGL096)

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