2006 October Issue

OCTOBER 2006
17th Annual Convention Issue

FEATURES

The Times They Are a Changin’… The FASB and IASB put the Leasing Project on their Agendas
By Bill Bosco, Leasing 101
On July 19, 2006, both the FASB and the IASB put the project to re-write the lease accounting rules on their agendas. Since the project will be a joint one, we can expect the outcome to be one leasing standard applied worldwide. Is this good or bad news for the industry?
(Ref # ACC034)

An Eye on The Future — in Spite of a Resilient Economy, Executives Have Much on Their Minds
By Kevin Riordan, Freelance Writer
It’s been a very good year for the equipment leasing industry, according to industry executives. But thin margins, evolving regulations and the sustainability of this surprisingly resilient economy are foremost in their thoughts.
(Ref # BLK033)

Capital Spending Will Help Carry U.S. Economy Forward in 2007
By Stuart G. Hoffman & Richard F. Moody, the PNC Financial Services Group
It’s been said what the material handling industry needs is a snappy expression that captures its value. Reality lies in the countless examples of how lift truck technologies contribute to productivity growth. (Ref # GEN029)

Getting Into the Act: New Participants & Opportunities Take Center Stage in the Commercial Finance Arena
By Robert Rinek, Piper Jaffray
In the void created by the massive consolidation of the banking industry, new opportunities continue to emerge for hedge funds, private equity firms and the like. And it’s probably a safe bet that this trend will continue. (Ref # CMRK005)

IBM Global Financing: What’s New at Big Blue?
By Christopher Moraff, Associate Editor
IGF’s John Callies and Paul Foulkes discuss Big Blue’s innovative service model and the comprehensive financing strategies that help make it possible. (Ref # CPR109)

With the Changing of the Guard… An Outsider Steps In
An Address by Kenneth E. Bentsen, Jr., President, Equipment Leasing Assoc.
The Monitor asked Bentsen to chart his journey from investment banker and congressman to the leasing industry’s chief advocate. He told us his story and had much more to say — particularly about challenges and opportunities facing the industry. (Ref # ASC012)

The Norvergence ‘Affair’: Basic Leasing Principles Withstand Challenges, but Litigation Continues
By Steven D. Karlin & Stan L. Goldberg, Platzer, Swergold, Karlin, Levine, Goldberg & Jaslow, LLP
Nearly two and a half years after the filing of the NorVergence bankruptcy proceedings, the winds of controversy and litigation continue to swirl. (Ref # LGL1077)

Gaining Traction in European Healthcare Finance — DLL’s Schneck Takes it ‘One Country at a Time’
By Helene Rudzinski, De Lage Landen Financial Services
De Lage Landen’s expansion into the European healthcare equipment financing market was a study in customer responsiveness. Turn to page 56 to find out what’s new in Phil Schneck’s world. (Ref # PRO0089)

Careful Search Ends with Happy Merger, Growth Plans for Marquette & Applied Financial
By Susan Carol, Susan Carol Associates
The recent deal between Applied Financial and Marquette Financial represented an exciting growth opportunity and a satisfying end to a careful search on both sides to find the right cultural fit. (Ref # MER038)

In & Out of Court, Stakeholders are Changing… But What Does it Mean for the Future of Restructuring?
By R. Edward Albert, III, Milestone Advisors, LLC
The increased power of alternative investment companies and distressed investor groups brings a new focus on absolute financial returns to restructurings and bankruptcies. They also provide alternatives to companies that would not otherwise be available. (Ref # GEN030)

Being an ‘Active Investor’ — it’s in the Deeds, not the Words
By Bill Haan, Republic Financial
In today’s M&A environment, both strategic and financial acquirers are faced with the reality that the only real way to create long-term value for their respective stakeholders is through tactical and strategic initiatives. Bill Haan illustrates this point on page 63. (Ref # MER039)

COLUMNS

LEGAL WATCH
In Re Demerico Holdings: Bankruptcy Court Takes Risk out of Filing an Involuntary Bankruptcy Petition
By Andrew K. Alper, Frandzel Robins Bloom & Csato, L.C.
There are a myriad of reasons why a creditor may want to file an involuntary bankruptcy petition against a debtor and a recent Illinois case appears to have cleared up any concerns creditors might have regarding the risk of possible dismissal by the courts. (Ref # LGL1078)

DISPATCHES FROM THE TRENCHES
Combating Fraud: Piercing the Corporate Veil & Intentional Misrepresentation
By Kenneth P. Weinberg, Marks & Weinberg, PC
This month’s edition discusses a case where a lessor successfully asserts a claim against an officer of a vendor that lied about whether equipment had been delivered. (Ref # LGL1079)

TECH TALK
Turning Compliance into Competitive Advantage — a Transformational Journey
By Steven E. Byrnes and Michael Donnary, Capgemini
Most organizations recognize that compliance isn’t just a fad — it’s here to stay. The transformational journey from compliance to competitive advantage can best be considered as a transition through distinct organizational states. (Ref # TEC0155)

ALTERNATE PERSPECTIVES
Avoiding the ‘Plug & Play’ Pitfall… Don’t Buy the Book; Hire the Talent
By Michael A. Toglia, Molloy Associates
Independent leasing companies face many challenges every day in an attempt to compete in the market. Making the right hire is typically one such challenge. Read why employers should resist the shortcut of hiring a book of business. (Ref # HUM016)