The Progressive Lawyer
August 31, 2005
In March of this year, in Part One of this article, we discussed the importance of the initial pendente lite application in introducing the parties to the judge and setting the tone for the balance of the case. The mandate that we provide judges with sound, hard evidence at the <i>pendente lite</i> phase -- in order to enable the courts to deal fairly with both sides pending the submission of final proofs -- was heavily stressed.
Asset Finance: Next-Generation Technology Systems Critical to New Business Model
August 01, 2005
Spurred by increasing customer demands, new competitive pressures and regulatory changes, the North America equipment leasing industry is undergoing dynamic change. It will affect how lessors conduct business for years to come, with companies feverishly developing new products, income streams and distribution channels, while still seeking further operational efficiencies.
The Taxman Comes: Bracing for the End of Bonus Depreciation
August 01, 2005
Imagine a very successful equipment leasing company that showed little or no profit for the last 4 years, and so, paid little or no federal taxes. This year, that same company could show a $5 million profit and face a federal tax bill that could easily total $2 million.
Court Casts Doubts on Value of Information Disclaimers in Lease Syndications
August 01, 2005
In a standard lease syndication transaction, the lease syndicator (<i>ie</i>, the seller of the lease) wants to ensure that it is not responsible for the accuracy or completeness of the underlying lessee's financial data. The seller thus typically requires its buyer to affirmatively acknowledge that the buyer itself has made a complete and independent investigation of the lessee's financial condition and is fully satisfied with the lessor's credit standing. The buyer will also be expected to acknowledge that, in acquiring the syndicated lease, it is in no way relying on the seller's business judgment or financial expertise, and has not relied on any information provided by the seller as to the lessee's financial condition.
In the Marketplace
August 01, 2005
Highlights of the latest equipment leasing news from around the country.
SEC Issues Staff Report On Off-Balance Sheet Arrangements, Special Purpose Entities and Related Issues
August 01, 2005
The Securities and Exchange Commission announced the release of a staff report on June 15th prepared by the Office of the Chief Accountant, the Office of Economic Analysis and the Division of Corporation Finance on off-balance sheet arrangements, special purpose entities and related issues. The report was prepared pursuant to Section 401(c) of the Sarbanes-Oxley Act of 2002. As required by that Act, the report has been submitted to the president, the Committee on Banking, Housing and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives. The staff report includes an analysis of the filings of issuers as well as an analysis of pertinent U.S. generally accepted accounting principles and Commission disclosure rules. The report describes the staff's study, details its findings, and provides recommendations. Notably, the report prominently identifies leasing as a key focus and a high priority for an FASB project.
In The Marketplace
June 29, 2005
Highlights of the latest equipment leasing news from around the country.
Cross-Border Disputes and the Potential for Resolution via Mediation
June 29, 2005
The world is rapidly becoming a smaller place in which to do business. And as international borders and boundaries become less of a barrier to business, participants in equipment leasing and finance find their world getting smaller, as well. "Globalization" is now an accepted and well-understood concept in most industries and markets, and it is no longer limited to large multinational corporations or institutions. With suppliers, vendors, and customers in many countries on several continents, all linked through the omnipresent Web and Internet, even small, independent businesses may successfully operate across borders.
