Below is a list of the most popular stories from 2021 published in TSL Express.

PART 1: Allou – A Firsthand Account of a Massive ABL Fraud
By Mark Fagnani

Allou Healthcare was one of the biggest frauds ever perpetrated against ABL lenders. What follows is a description of the case from an individual who was directly involved from day one. TSL will be publishing the entire article in two installments. In Part One, you will read how the fraud was perpetrated and how it was discovered. In the second installment, to be published in our September issue, you will read all the steps taken by the lenders and their team of professionals to recoup the loan and to punish the wrongdoers. This is a rare firsthand account of a significant fraud and you won’t want to miss it...Read More

Rosenthal Announces Executive Leadership Changes

Rosenthal & Rosenthal, Inc., the leading factoring, asset-based lending and purchase order financing firm in the U.S., today announced a series of executive leadership changes as part of the firm’s focus on long-term strategic growth and exceptional client service. Family-owned and independent for 83 years, Rosenthal is promoting several individuals from various divisions throughout the company who will assume new roles and responsibilities, effective January 1, 2022...Read More

How to avoid another Greensill: Diligence, Diligence, Diligence
By Richard Hawkins

Greensill seems to be the gift that keeps on giving. If, like me, you are fascinated by financial scandals, there is a continuing narrative regarding the conduct of this business, its impact on its clients and the wider implications for businesses that operate under the general heading of supply chain finance (SCF)...Read More

The Greensill Controversy: SFNet Members Weigh In
By Michele Ocejo

Greensill Capital is a UK-based commercial finance company which filed for bankruptcy protection in early March. The company had focused on providing financing to companies using supply chain financing and other related receivables finance services...Read More

Revlon Decision Leads to New “Erroneous Payment” Provisions for Credit Agreements: The Backstory and the Consequences
By David Morse

By now, most lenders and their counsel have heard about the February 16, 2021 decision of the U. S. District Court for the Southern District of New York in Citibank N.A. v. Brigade Capital Management, L.P, which held that certain lenders to Revlon who received payments by mistake from Citibank were in fact entitled to keep those payments...Read More

LIBOR Transition: FAQs
By Meredith Coffey

Meredith Coffey of LSTA provides readers with an update on the LIBOR transition. Questions include: When is LIBOR ending? What have the U.S. banking regulators said about LIBOR cessation? What are the possible replacement rates? and more...Read More

Pitfalls of Incorporating Term Loan Provisions into ABL Credit Agreements
By Wade Kennedy

When documenting an ABL facility alongside a separate term loan, borrowers and financial sponsors increasingly request that the ABL credit agreement be drafted to essentially match material terms of the term loan agreement. This understandable desire for conformity often overshadows fundamental differences between ABL and term loan facilities and can create significant issues for ABL lenders...Read More

The Voids Created in Asset-Based and Asset-Backed Lending
By Charlie Perer

Credit cycles typically bring about two correlated occurrences – consolidation and credit voids. This last cycle has been no different as several market segments experienced consolidation, which has created unique and unrelated voids in both small-ticket ABL and the asset-backed term space. New firms are emerging to fill the voids as we are about to enter a new cycle of competition and innovation...Read More

Bill Stapel and Greg Eck, New Leaders of Fifth Third Bank Asset-Based Lending Group, Share Vision for 2021
By Michele Ocejo

Greg Eck and Bill Stapel are the new leaders of the ABL Group at Fifth Third Bank, N.A., one of the nation’s largest asset-based lenders, with $8.1 MM in commitments and serving customers in 38 states, Canada and Europe. They step into their roles following the retirement of Fifth Third Business Capital President Mike Sharkey, who was also past president and chairman of Secured Finance Network...Read More

An Interview with Ken Pardue, Senior Vice President, National Head of ABL Originations at Triumph Commercial Financial
By Charlie Perer

In this installment of our series of executive interviews, Charlie Perer sits with Ken Pardue to understand his plans to grow Triumph, the pace of change in the ABL business and state of the market, among other things...Read More