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In the Marketplace
The PNC Financial Services Group, Inc. of Pittsburgh has named Vincent Rinaldi, chief executive officer of National City Commercial Capital Company (“NC4″), to head the combined PNC Equipment Finance and NC4 organizations, which will also include PNC Aviation Finance. The appointment is part of the ongoing integration of the PNC Financial Services Group, Inc. and National City Corporation, which was finalized on Dec. 31, 2008. The company has indicated that National City branches will continue normal operations, and customers will continue to use National City's services as usual. The conversion of National City branches to PNC, however, will begin in the second half of 2009.
Wells Fargo & Company of Des Moines, IA, has purchased approximately $730 million in loan and lease receivables from GE Healthcare Financial Services ' Equipment Finance, a unit of GE Capital. The acquired receivables from the business formerly known as HPSC, Inc. are primarily related to the financing of dental and eye care practices and equipment. Wells Fargo Financial, a unit of Wells Fargo & Company, will manage the receivables through its operating unit Matsco, which serves the financial needs of health care professionals in dentistry, veterinary medicine, optometry, and ophthalmology. The transaction closed Dec. 31. The sale involved receivables and customer relationships only; no facilities or employees were a part of the transaction.
Sonnenschein Nath & Rosenthal LLP has added approximately 100 lawyers, including 40 partners from Thacher Proffitt & Wood LLP. Among these individuals are all members of the Structured Finance and Corporate & Financial Institutions groups.
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.
'Huguenot LLC v. Megalith Capital Group Fund I, L.P.': A Tutorial On Contract Liability for Real Estate Purchasers
In June 2024, the First Department decided Huguenot LLC v. Megalith Capital Group Fund I, L.P., which resolved a question of liability for a group of condominium apartment buyers and in so doing, touched on a wide range of issues about how contracts can obligate purchasers of real property.
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.
CoStar Wins Injunction for Breach-of-Contract Damages In CRE Database Access Lawsuit
Latham & Watkins helped the largest U.S. commercial real estate research company prevail in a breach-of-contract dispute in District of Columbia federal court.