Equipment Securitizations:
Market Evolution & Implications for Small-Ticket Portfolios
By Stephen Geis, Managing Director, PNC Capital Markets
Securitization of non-mortgage assets traces its roots back to a $192.4 million, equipment lease-backed bond issuance by Sperry Lease Finance Corporation in 1985. This landmark transaction transformed funding for finance companies. This article examines among other things, the market’s growth and implications for equipment leasing issuers in the future. (Ref # CMRK003)

Considering China...
Dealing With Obstacles Today Could Pay Big Dividends Tomorrow
By Jonathan L. Fales, Principal, The Alta Group
Why is equipment leasing growth in China, home to the world’s most torrid economic growth, so slow? And why have vendor leasing programs failed to become more popular among equipment manufacturers doing business in China? In the broadest sense, the answer lies in the inherent limitations in China’s infrastructure. But facing the obstacles today could pay big dividends tomorrow.

Complying With International Financial Reporting Standards:
What Are Your Leasing Options?
By Don Schaffer, SVP & CFO, LeasePlan USA
Herndon, VA-based ePlus has developed a nontraditional business model — and this solutions provider is creating some serious competition for traditional lessors. ePlus serves the commercial, federal or municipal markets with financing solutions, which include a sophisticated chain of software and technology features — all of which are linked to reduce costs across an entire enterprise. (Ref # INC071)

Re-thinking a Paradigm... Turn Your Law Department Into a Profit Center (Part II)
By Richard M. Contino, Esq., Managing Partner, Contino + Partners
In this, the second part of a two-part series, equipment leasing attorney Richard Contino speaks to the merits of auditing legal departments to develop peak operating efficiency strategies. Part I appeared in the January 2005 issue of the Monitor and examined traditional attitudes and perceptions on the part of company lawyers, which could get in the way of business success. (Ref # LGL1038)

Resilient Healthcare Lenders Hold Their Ground in Aftermath of DVI
By Kevin Ward, VP & General Manager, Popular Leasing USA
Healthcare finance professionals have learned much from the demise of DVI, and most have implemented or reinforced policies geared toward the prevention of situations that forced DVI to exit the market. At the same time, most quality lenders and lessors continue to recognize that healthcare remains a strong source for increased business opportunities. (Ref # MED003)

Relationship-Building & Diversification Fuel Growth for IFC Credit
By Rudolph D. Trebels, President, CEO & Founder, IFC Credit Corporation
As many will affirm, 16 years constitutes a lifetime in the equipment leasing world. In the following profile, Rudolph Trebels, the founder, president and CEO of IFC Credit Corporation, shares some keys to his company’s success. (Ref # CPR102)

Transportation Finance:
Aggressive Practices, Too Many Lenders Create Conditions for "Perfect Storm"
By Ron Russo, Consultant & Former Transportation Equipment Finance Executive
This article discusses how aggressive lending with too many players in the same market will usually create the same potential for another “perfect storm” in the equipment finance industry. That is what we experienced from 1996 through 2003 in the transportation equipment finance business. (Ref # TRU010)


COLUMNS


DOING IT RIGHT... THE FIRST TIME
Caveat Emptor: The Essentials of a Successful Portfolio Purchase
By Nancy A. Geary, Partner, ECS Financial Services
Caveat emptor — let the buyer beware! Although buying leases is the engine that drives many companies, numerous owners and executives do not understand the fundamentals of evaluating a portfolio for purchase or the magnitude of risk that each acquisition presents. Without investing the time to evaluate fundamentals such as the seller, the leases, the equipment and your own business, you are literally flying blind.

LEGAL WATCH
Preference Actions, Fools & Their Money
By Patrick M. Jones, Esq., Lord Bissell & Brook LLP and
John T. Gregg, Esq., Barnes & Thornburg LLP
"Fool me once, shame on you; fool me twice, shame on me." This old saying, which can be traced back to 1786, probably was not intended to describe the frustration felt by creditors that become targets of “preference actions,” but it most assuredly does. (Ref # ABL264)

DISPATCHES FROM THE TRENCHES
Frequently Overlooked, Potentially Impactful: Hot Issues About “Boilerplate”
By Kenneth P. Weinberg, Esq., Baker, Donelson, Bearman, Caldwell & Berkowitz
While the common perception is that boilerplate provisions are not even deserving of a quick review, certain boilerplate provisions can have a significant impact on what legal documentation is actually enforced in the event a dispute occurs with respect to a transaction and the parties end up in litigation. This edition of Dispatches from the Trenches addresses three areas of boilerplate that are frequently overlooked: amendment and waiver, merger and integration and severability provisions.