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In the Marketplace
The Alta Group of Reno, NV has announced the completion of one of the equipment finance industry's largest merger and acquisition transactions in years. The Alta Group represented City National Bank of Los Angeles in the 100% cash purchase of First American Equipment Finance of Rochester, NY. Alta was instrumental in helping the bank identify acquisition prospects, performing due diligence, and providing financial advisory services and support in arranging and closing the deal. First American is a privately owned, full-service mid-ticket equipment leasing company that owns and services approximately $325 million in assets with business and municipal lease portfolios totaling $418 million. Its clients include educational institutions, hospitals and health systems, large law firms, insurance underwriters, enterprise businesses, professional service businesses and nonprofit organizations. First American employs approximately 100 people, and its lease transactions typically range between $250,000 and $3 million. According to the leader of Alta's M&A practice, Bruce Kropschot, this transaction breaks the virtual barrier to mergers and acquisitions that was in place since the financial crisis. He anticipates more such deals this year because many corporations and banks have substantial liquidity and a number of attractive independent leasing companies withstood the recession soundly.
Mayer Brown LLP has announced that Barbara M. Goodstein has joined the firm's New York office as a partner in the Banking & Finance practice. Previously, she was a partner with Dewey & LeBoeuf in New York. Goodstein, a member of this newsletter's Board of Editors, has a wide range of transactional and restructuring experience in such structured financings as CDOs, including CDOs of ABS and CLOs, as well as structured and general commercial financings of assets, including auto, trade, health care, timeshare and lease receivables, sports franchises, intellectual property, transportation equipment (including aircraft, aircraft engines, railcars and vessels), technology equipment, medical equipment, communications and office equipment, construction equipment, and marine and inter-modal containers. She also has extensive debt workout and restructuring experience primarily representing senior creditors and syndicate groups, bondholders, and secured creditors both in and out of bankruptcy; foreclosures, DIP and exit financing; contested and consensual bankruptcy matters; and other financial and legal restructurings.
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.
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.
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?
'Insurable Interest' and the Scope of First-Party Coverage
This article reviews the fundamental underpinnings of the concept of insurable interest, and certain recent cases that have grappled with the scope of insurable interest and have articulated a more meaningful application of the concept to claims under first-party property policies.