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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/.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.
Coverage Issues Stemming from Dry Cleaner Contamination Suits
In recent years, there has been a growing number of dry cleaners claiming to be "organic," "green," or "eco-friendly." While that may be true with respect to some, many dry cleaners continue to use a cleaning method involving the use of a solvent called perchloroethylene, commonly known as perc. And, there seems to be an increasing number of lawsuits stemming from environmental problems associated with historic dry cleaning operations utilizing this chemical.