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In the Marketplace
Gig Economy rideshare provider, Uber, has launched Uber Freight, an app that matches trucking companies with loads to haul. According to Uber, vetted users download the app, search for a load, and then tap to book it. A rate confirmation is immediately forwarded, which eliminates a common anxiety in trucking about whether or not the load is really confirmed. The company stated that it is committed to paying within a few days, fee-free, for every load, claiming, “when things don't go as planned or drivers have to wait longer than expected, we pay for that too.” Once a driver begins using the app, the published rates will be guaranteed and the app's GPS will help track the status of the load, and prove to shippers when a driver arrived at a facility.
Penske Truck Leasing of Reading, PA, has entered into an agreement to acquire Richmond, VA-based Old Dominion Truck Leasing. Financial terms were not disclosed. Old Dominion serves approximately 360 customers in diverse industry sectors from 11 locations in five states. The acquisition adds approximately 1,400 tractors, trucks and trailers to Penske's fleet. The transaction is subject to customary closing conditions and the parties anticipate closing this month.
Encina Capital Partners, LLC, and an affiliate of certain funds managed by Oaktree Capital Management, L.P. have announced the launch of Encina Equipment Finance, LLC (EEF), a new independent equipment finance company targeting non-investment grade borrowers in the U.S. and Canada that cannot obtain required equipment financing from traditional banks. Headquartered in Danbury, CT, EEF provides loans and leases ranging in size from $5 million-$25 million and secured by essential-use machinery and equipment. The platform provides financing to both privately owned (sponsor and non-sponsor) and publicly traded companies across a wide range of collateral types, industries (including, but not limited to, construction, distribution, energy, food processing, healthcare, information technology, manufacturing, mining, paper and packaging, and transportation) and use cases (including loans against existing or newly acquired assets, leases of newly acquired assets and sale-leasebacks of existing assets). EEF will be led by its four founding partners — Andrew Salter (CEO), Jason Wolff (CIO), William Brasser and Ron Fontana. In addition, they are joined by Rick Matte, president & chief commercial officer, and James Giaquinto, vice president, operations & underwriting.
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?