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No Surprise: 2002 an Off Year for Leasing
For the first time in at least 7 years, the equipment leasing industry has failed to recognize net portfolio growth for a calendar year, according to the Equipment Leasing Association's Quarterly Performance Indicators Report (PIR). Although the participants in the survey differ from year to year, it is not an encouraging sign that portfolio growth for the fourth quarter of 2002 decreased 1.7% from the same period in 2001. In line with the weak economic climate, disappointing results were also seen in employment and charge-offs, while new business ended the year up slightly after an otherwise down year.
Total net portfolio at the end of the fourth quarter of 2001 was $58.6 billion, which then dropped to $55.7 billion in the first and second quarters of 2002. Portfolio growth then fell to the 12-month low of $54.4 billion in the third quarter of 2002 before rebounding to end the year at $57.6 billion. The industry's 1.7% decrease over the past 12 months marked not only the first overall decrease in portfolio growth in recent years, but the past year also presented another unusual statistic: the first time there has been no portfolio growth over a period of three quarters. Typically there is a decrease in portfolio growth in the first quarter of a new year following the flurry of year-end activity, but this year there was no quick rebound from the first quarter drop-off. In 2002, the rebound did not occur until year-end and at that, the recovery was incomplete, leaving the industry with negative annual growth.
While total new business volume increased by 1.6 % during 2002, the ride over the past fourth quarters was quite erratic. New business volume stood at $6.4 billion at the close of the fourth quarter of 2001, and then nose-dived to $3.4 billion in the first quarter of 2002, a fall off of 46.9%. New business volume then edged up to $4.5 billion in the second and third quarters of 2002. The big jump came in the fourth quarter, which saw new business volume rise to $6.5 billion, an impressive gain of 44.4% that counterbalanced the big first quarter drop-off.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?