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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.
Moritt Hock & Hamroff LLP of Garden City, NY, has named Andrew B. Eckstein as counsel in its Creditors' Rights and Bankruptcy practice group. Eckstein resides in the firm's New York City office and joins the firm from Blank Rome LLP. He concentrates his practice in all aspects of complex debtor and creditor matters in bankruptcy cases and out-of-court restructurings.
United Leasing & Finance of Evansville, IN, has acquired Access Commercial Capital, based in Lake Success, NY. Access serves the equipment and transportation industries through direct and indirect loans and leases on new and used specialty vehicles and commercial equipment. It provides equipment financing for medium and small business entities.
The Equipment Leasing and Finance Association(ELFA) has awarded the 2017 Edward A. Groobert Award for Legal Excellence to Barry S. Marks, founding shareholder of Marks & Associates, P.C. A member of this newsletter's Board of Editors, Marks has been an active member of ELFA for more than 30 years. He has served as a member of the association's Legal Committee, which is a member and staff resource on a wide range of national and international legal issues impacting the equipment finance industry. He also has made many presentations and participated on numerous panels at the ELFA Legal Forum, an annual event for attorneys serving the equipment finance industry, and other ELFA events.
Peapack-Gladstone Bank of Bed- minster, NJ, has announced the formation of a new subsidiary, Peapack Capital Corporation, which will focus on equipment finance and leasing. The leasing subsidiary will be run by a new team of private bankers led by Robert R. Cobleigh as an executive vice president of the bank, and president of Peapack Capital. He most recently served as regional VP and credit officer for Santander Corporate Equipment Finance, Inc. Also joining Peapack Capital is Denny Smith, who will serve as SVP and COO.
Hitachi Capital America Corp. of Norwalk, CT, has named Kirk Mann as the new senior vice president and general manager of the company's transportation finance division. He replaces industry veteran Bob Otto, who has been leading the division since its formation in 2001 and is retiring. Mann comes to Hitachi Capital America from Equify, where he served in sales, marketing and business development leadership roles.
CIT Group Inc. of New York has named John Fawcett executive vice president and chief financial officer. Fawcett joined the company in April as an adviser, and began a transition period before taking on the CFO role in early May when his predecessor CFO, Carol Hayles, stepped down. Fawcett served as CFO of Citizens Financial Group and Royal Bank of Scotland Americas from 2007 through 2015.
Lease Corporation of America of Troy, MI, has hired Jeffery Sugg as CFO, SVP to replace Theodore Katikos, who is retiring. Prior to joining LCA, Sugg served as CFO for several banking institutions, most recently for First Independence Bank in Detroit.
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During the COVID-19 pandemic, some tenants were able to negotiate termination agreements with their landlords. But even though a landlord may agree to terminate a lease to regain control of a defaulting tenant's space without costly and lengthy litigation, typically a defaulting tenant that otherwise has no contractual right to terminate its lease will be in a much weaker bargaining position with respect to the conditions for termination.
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The International Trade Commission is empowered to block the importation into the United States of products that infringe U.S. intellectual property rights, In the past, the ITC generally instituted investigations without questioning the importation allegations in the complaint, however in several recent cases, the ITC declined to institute an investigation as to certain proposed respondents due to inadequate pleading of importation.
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