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IN THE MARKETPLACE
DVI, Inc. of Jamison, PA has announced the successful completion of a $454 million equipment lease asset-backed securitization. To date, DVI has completed 32 asset-backed securitizations, and since the initial transaction in 1991, the Company has placed $5.3 billion of such asset-backed notes in the market. The securitized assets in this transaction are comprised of loans and leases secured by medical equipment. The transaction was led by Merrill Lynch & Co. and co-managed by Banc of America Securities LLC and Nomura Securities International, Inc.. Standard & Poor's, Moody's Investor Service, Inc. and Fitch, Inc. rated each of the securitization classes of notes, with 85% of the notes rated AAA or its equivalent and 95% of the notes rated investment grade.
Fitch Ratings of New York has announced that its equipment lease asset-backed securities (ABS) delinquency index grew bigger and stronger in 2003, according to the latest edition of 'The ABS Equipment Expo.' As of March 31, 2003, total delinquencies greater than 30 days past due fell 38 basis points from the prior quarter to reach 3.73%, the lowest level since November 1998. Despite improving delinquency trends, the company remains concerned about the increasing size of the 91+ day past due bucket relative to the smaller, younger buckets. Over the past 15 months, the size of the 91+ past due bucket has steadily risen as a proportion of total delinquencies. During first quarter 2003, the 91+ bucket rose 329 basis points over the prior quarter to reach 30.2% of the total. Although first quarter 2003 delinquencies hit four-year lows within Fitch's index, prolonged macroeconomic weakness within the U.S. economy continues to affect the equipment leasing industry. While the equipment lease issuers within Fitch's index are not immune to the ramifications of economic instability, those issuers securitizing their portfolios are proving to be somewhat isolated from negative performance trends, relative to the overall market as a result of industry tiering. 'The ABS Equipment Expo' tracks equipment lease ABS performance, industry trends and developments within the securitization market. Both current and historical editions of the newsletter are available at http://www.fitchratings.com/.
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Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.