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In The Marketplace

By ALM Staff | Law Journal Newsletters |
June 29, 2005

Nassau Asset Management of Westbury, NY has announced that Edward Castagna has been named president and that Peter Castagna, the company's founder, will continue his duties as Nassau's active chief executive officer. As president, Castagna will continue to manage daily operations for the company, which provides asset recovery, collections, remarketing, full plant liquidations, and appraisal services to the equipment leasing and finance industry. He recently chaired the Equipment Leasing Association's Service Providers Business Council and is active on its Membership Committee, as well as the 2004 and 2005 Industry Future Councils of the Equipment Leasing and Finance Foundation.

Aviation Capital Group of Newport Beach, CA has signed a stock purchase agreement to acquire Seattle-based Boullioun Aviation Services from WestLB AG. Included in the agreement are 102 owned or managed commercial aircraft, 11 Airbus airplanes currently on order, employees, and other assets of Boullioun Aviation Services. Deutsche Bank Securities acted as the financial adviser to ACG. Deutsche Bank, UBS and HSH Nordbank will provide funding for the acquisition. Additional terms of the transaction were not disclosed and it is expected to be finalized within the second quarter. Aviation Capital is a subsidiary of Pacific LifeCorp, the parent company of Pacific Life Insurance Company.

Bancorp Rhode Island, Inc. of Providence has announced that its subsidiary, Bank Rhode Island, has acquired the business of Macrolease International Corporation, a full-service, national equipment leasing company based in Plainview, NY. The business will be operated by Macrolease Corporation, a newly formed, wholly owned subsidiary of the Bank. Macrolease International was founded in 1969 by CEO Daniel W. West and provides lease financing in a variety of markets. West was named president of the new subsidiary, and his staff will remain based in Plainview.

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