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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.
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.