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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/.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
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.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.