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Gordon Brothers, the global advisory, restructuring, and investment firm, announced today the appointment of Steven Holstein as Head of Business Development.

As Head of Business Development, Holstein will be responsible for building, driving, and leading global business development, including research, sales, and marketing strategies.

SFNet’s fourth annual Women in Secured Finance Conference attracted over 300 attendees for two days of inspiring (virtual) sessions featuring senior executives who shared their perspectives on leadership and communications while heading teams virtually and managing changes wrought by the COVID-19 Pandemic.

The consensus: Workers will not be returning to how it was even after a viable vaccine for the COVID-19 virus becomes available. Many of the speakers – women in top management, who are accustomed to being in the office, travelling, and meeting face-to-face with teams and clients—spoke about remote work challenges. They also offered creative ideas to ensure employees feel embraced during this challenging time.

MDC Partners Inc. (the "Company") (NASDAQ: MDCA) today announced that the Company has amended its existing senior secured revolving credit facility with Wells Fargo Capital Finance, LLC, as agent, extending the maturity date to February 3, 2022.

As the Secured Finance Network celebrates its 75^th anniversary, its commitment to the education of its membership remains tantamount to the organization. Part of that commitment is making sure that secured lenders of all stripes are provided with the essential tools, training, and best practices to ensure their professional success. But that educational content must stay dynamic, updating foundational courses and offering new and compelling material to deal with current business challenges. SFNet’s new initiative, Education Focus 20/20, supported by the Secured Finance Foundation, brings that vision to life.

Factoring is an age-old form of financing providing companies with much-needed cash.

It takes money to make money, as any business owner knows. But many small businesses also know what it’s like to be turned down by a bank for a loan or line of credit, not get as much as they need, or simply not get the cash quickly enough to take advantage of an opportunity.

Citizens announced today that it served as Lead Left Arranger for Stoughton, Mass.-based Liquid Tech Solutions’ new $350 million senior credit facility.

Liquid Tech provides route-based, on-site mobile refueling solutions across the United States. The company’s 24/7 “truck-to-truck” service delivers primarily diesel fuel to client job sites or their place of business and directly into truck fleets, boats, locomotives, equipment, generators and fuel storage tanks.

In September, experts from across the industry gathered at the Secured Finance Network’s Annual Cross-Border Lending Summit to discuss Cross-Border ABL.  As we know, common-law jurisdictions such as the UK, Canada, and Australia are a well-trodden path for ABL lenders.  However, other jurisdictions in Europe and wider can be more problematic, and clients of asset-based lenders are looking for liquidity outside of traditional ABL markets.  Some ABL lenders are able to get comfortable with this, but, even then, advance rates are less than optimal and structuring is difficult.  An alternative solution exists:  Trade Receivables Securitization.

Jude Baldo is an associate in the Global Finance group of Sidley Austin LLP, a global law corporate law firm. He is responsible for counseling clients in complex financings across a broad spectrum of platforms, industries, and asset types, including lending and securitization transactions, both domestically and internationally.  Prior to embarking on his legal career, Jude was an associate vice president for a software as a service company, where his experiences with cross-border technology regulations led him to law school. Jude graduated a Regents Scholar from the University of California, Los Angeles and from Northwestern Pritzker School of Law with a JD.

Jude resides in Illinois with his wife, their newborn, and their French bulldog, Celine.

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SFNet’s CEO submitted a  letter to US Treasury Secretary Mnuchin and Administrator Carranza of the Small Business Administration, seeking affirmation of eligibility of non-bank lenders under the CARES Act. The letter seeks to further ensure that non-bank lenders are afforded all available protections under the Act as regulations are now established and implemented.  

(Editor’s note: Subsequent to this letter, the SBA has issued its ‘Interim Final Rule’ that makes businesses identified in 13 CFR 120.110, which includes financial services companies, ineligible for the Paycheck Protection Program.   SFNet will be seeking any recourse available to press the SBA to amend this position)

CIT Group Inc. (NYSE: CIT) today announced that its Equipment Finance business, part of the Business Capital division, has hired new business development leaders for the Northeast, West and Southwest regions.

Wayne Wagner, Mark Johnson and JP DeStefano join CIT as vice presidents for business development on the Industrial team, where they will be responsible for developing dealer relationships throughout the Northeast, West and Southwest, respectively. All will report to Harold Ray, who directs industrial finance for the Equipment Finance business.

Nneoma Maduike, member of SFNet’s Diversity, Equity & Inclusiveness Committee interviews Anthony C. Hood, PhD, executive vice president and chief diversity, equity and inclusion officer of First Horizon National Corp. Dr. Hood is responsible for cultivating and expanding First Horizon’s strategic leadership in developing and implementing programs and initiatives that advance the Company’s Diversity, Equity and Inclusion (DEI) efforts.

Bitcoin-mania appears to have no limit, including entering corporate balance sheets with Tesla’s move to buy $1.5 billion worth of the cryptocurrency. By doing so, Tesla joins Square and MicroStrategy as a public company with a large bitcoin exposure. The increased bitcoin presence, however, also creates some significant questions that requires answers from corporate financial advisers and the companies themselves.