Welcome to the November/December 2008 edition of
Business Leasing and Finance News (BLFN)

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FOUNDER'S NOTE
By David G. Mayer

Opportunity

Out of distress in business comes opportunity to make positive changes, opportunity to make money differently, and opportunity to reevaluate our strategies for success.

Although we now live in a difficult economic environment to say the least, we must adapt and keep moving forward. Is there an easy solution for any of us? Although few of us live on easy street, some organizations can and will make money despite this economy. Their businesses profit from difficult times or remain so fundamentally important that customers will still buy their products or services despite our economic travails.

For example, we will all buy groceries, but we might go “down-market” to cut our costs. The down-market stores profit from this change. So do other businesses that position themselves to take advantage of the economic crisis that is so evident to all of us. We need transportation, but we may carpool more often because of high fuel prices.

The economic crisis has scuttled many business plans. For example, most, if not all, of the assumptions about business aircraft cycles, sales, and financing went out the window as the markets took a nose dive. However, as brokers, financiers, and owners reassess the situation at hand, opportunity should arise for leasing business aircraft. Leasing may enable savvy lessors to gain residual upside in anticipation of aircraft values stabilizing or increasing again. Sale-leasebacks of business aircraft may also enable owners to secure funding while other financing remain scarce.

I have experienced several significant downturns in the economy, but nothing like this one. This time we all face unprecedented challenges in our work and unique, if not somewhat obscure, opportunities to exploit. Whether you work in a bank, leasing company, brokerage firm, law firm, or other business, you can search for opportunity, even if you must reinvent yourself and refocus your expertise. As a business aircraft broker said to me recently, “We come to work every day and ask ourselves: ‘what can we do differently today to make money and help our customers?’” This kind of thinking requires creativity, experience, and fast action, not to mention patience and, sometimes, true grit.

Each of us in today’s economy must demonstrate these attributes and others to survive and profit. We must position ourselves to see the wave of changes in our businesses, embrace the changes, and seize the opportunities they present. I would not be the first one to tell you that change is hard, and taking these steps in a down economy is anything but easy. But, do we really have a choice?

As one of my partners said to me long time ago, “In our business, we have to work smarter, not just harder.” Today, it seems to me that we must do both.

Thanks for reading BLFN. Good luck to you in the balance of the year. Look for BLFN’s next bi-monthly issue in January – February 2009.

1. Tsunami of Bad Economic News Drowns Many, But Not All, Financing Transactions

The breadth and depth of the downturn in our economy seems to defy rational explanation. Businesses that seemed viable six months ago crater every day. A giant of the auto industry, General Motors Corp. (GM), reported a 45 percent drop in sales in October as compared to the same period last year. Former Federal Reserve Chairman, Alan Greenspan, called the current economic crisis a "once-in-a-century credit tsunami" that policymakers did not anticipate. See Greenspan Calls Financial Crisis A 'Credit Tsunami', National Public Radio (Oct. 23, 2008).

Other business titans have failed or had a near death experience. They include Bear Stearns, Washington Mutual, IndyMac, Lehman Brothers, and Wachovia Corp. American International Group (AIG) has survived, primarily because the federal government acquired a controlling stake in the huge insurance firm. See Fed’s $85 Billion Loan Rescues Insurer, The New York Times (online) (Sept. 16, 2008). In a new development, the U.S. government has agreed to purchase $40 billion of newly issued AIG perpetual preferred shares and warrants to purchase a number of shares of common stock of AIG equal to 2 percent of the issued and outstanding shares as of the purchase date. U.S. Treasury, Federal Reserve and AIG Establish Comprehensive Solution for AIG, Market Watch (Nov. 10, 2008).

The economic downturn leaves business wreckage everywhere. Fear and, some would say, panic in the stock markets, runs rampant. The 0.3 percent annual rate of shrinkage in the gross domestic product foretells of more economic pain to come. See Stark Signs of Slowdown, Days Before Election, The New York Times (Oct. 31, 2008). Unemployment is skyrocketing.

You may think that the fate of General Motors Corp. alone will send the greatest shock waves through the economy. Although GM’s fate affects thousands of jobs and supporting businesses, current analysis suggests even greater cause for concern.

First, S&P predicts the capital goods sector of the economy will report deteriorating results.

S&P makes this prediction even though 70 percent of the 115 rated issuers in the capital goods sector remain stable. The worry appears to focus on evaporating cushions in loan covenants, decreasing access to commercial paper markets and approaching debt maturities coupled with companies’ uncertain abilities to pay their creditors. See Capital Goods Companies And The Credit Crunch; Financial Covenants Are a Key Concern, Standard & Poor’s (Oct. 30, 2008).

*Warning: Expect and prepare for downgrades in the capital goods sector over the next 12 months. Such downgrades could spawn more defaults for suppliers as well as the downgraded companies. Do not wait for the bad news. Review your portfolio exposure to rated credits that may be downgraded. Do not assume that a lessee or borrower who is current in payments will continue to do so, especially in troubled industries such as construction and trucking.

Second, credit manager’s index shows an “increasing sense of doom.”

According to Daniel North, who analyzes the data and prepares the credit manager’s index (CMI) report for the National Association of Credit Management,:

Certainly the economy is in dismal shape after the effects of high energy prices and the housing market bubble burst have been dragging on for some time. Now the increasing number of job losses, shrinking GDP, negative real retail sales and a host of other indicators confirm that the recession has arrived. Perhaps most troubling though is the disruption in the financial markets which has severely curtailed the availability of credit. As a result, which credit managers are so clearly telling us, not only is the economy bad, but the credit situation is making it even worse . . . .” See NACM Credit Manager's Index (Oct. 2008).

Separately, the latest survey of banks by the Federal Reserve showed that a staggering 95 percent have imposed higher loan standards on commercial and industrial loans. Demand for loans has weakened in the past three months. See The October 2008 Senior Loan Officer Opinion Survey on Bank Lending Practices, U.S. banks also pulled back the maximum loan size and shortened maturities for business loans. See Bank Clampdown Dogs Economy, The Wall Street Journal, SW Ed., Page A:3, Col. 1 (Nov. 4, 2008).

Credit managers live in a “no-win” world these days. They realize that they usually cannot get deals approved. Therefore, they often have to turn down potentially good deals with such phrases as: “We can’t do deals these days” or “We don’t have the capital to do new deals, but we might be able to do an ‘add on’ deal occasionally.” Even worse, they may write up a deal and support it because it looks really strong, and the credit committee shoots it (and them) down.

*Insight Point: The reality is somewhere in the middle between free money and the difficult experience of credit managers. Financiers have imposed tougher, but not impossible credit standards. They will approve transactions if the customer meets the standards and, in loan or lease deals, makes substantial deposits at the lending bank. Independent lessors may establish other criteria, but do not, like banks, have the requirement to make bank deposits. Another approach for a borrower or lessee is to use the bank for multiple services that provide profitable fees to the lender/lessor’s bank. Look for the independents to require additional tangible collateral or security deposits. As a borrower or lessee, you must be ready to pay higher rates or rents, pledge more collateral, and accept rigorous terms and conditions.

Lenders and lessors should be prepared to lend if the borrower or lessee can meet the tougher requirements., Lending or leasing especially if the federal government has pushed institutions to lend after receiving funding from the federal bail out. White House tells banks getting federal aid to quit hoarding money and start lending it, By Jennifer Loven, AP White House Correspondent (Oct. 28, 2008).

Third, the manufacturing sector has contracted for three consecutive months.

Although manufacturing experienced eighty-three continuous months of growth, the “PMI”, published by the Institute of Supply Management (ISM), shows that the rate of declines is accelerating when compared to September 2008. See October 2008 Manufacturing ISM Report On Business®. Supply chain managers use the Project Management Institute data (PMI) to obtain valuable information important to strategic managerial planning. The PMI is an index of business activity and proxy for the general business cycle. An ISM survey indicates that 59 percent of the suppliers have been affected by troubled financial markets, and 45 percent reported reduced availability of credit.

*Warning: The manufacturing segment depends on financing of receivables and equipment to function. If, as the lender, you cut off a manufacturer’s credit lines or, as a lessor, you refuse to purchase equipment for lease, then you may encounter a downward spiral of the business toward liquidation, which serves no one’s interests. In the past, the business could often reorganize in bankruptcy or through financial restructuring. The same may not be true today as debtor in possession (DIP) financing may simply not be available.

For example, this dilemma has already resulted in the demise of well-known stores in the retail sector that plan to liquidate rather than rehabilitate after a bankruptcy filing. These companies include Linens 'n Things Inc., Levitz Furniture, and Mervyn’s LLC. See Buyers Dry Up, So More Firms Liquidate, CFO.com (Oct. 31, 2008).

If lenders and lessors cannot or will not extend credit, many businesses, including manufacturers and supporting vendors, may have to close their doors and liquidate. If that occurs too often, as appears now to be the case, the larger economy may grind to a halt for lack of critically important financing sources.

However, not all lenders or lessors follow the leader this way and some do continue to lend money or lease equipment. Their terms may be more rigorous and the pricing higher, but they continue to do the business for their good customers. Perhaps, when this unprecedented economic crisis begins to recede, their customers will develop the lost sense of loyalty and stay with the lenders or lessors who saw them through this very difficult period.

2. Four Ways to Manage “Operational Risk” in a Tough Economy

With major banking and financial institutions struggling to extend credit in today’s economic climate, they should reevaluate their risk management strategies, including business risks that have come to be known as operational risk.

*Term to Know: “Operational risk” is a catch-all category of risks that primarily relates to internal risks associated with the day-to-day operations. Typically applied by banks, financiers can also apply these concepts to manage transaction risks that are inherent in normal operations and extensions of credit to debtors. The concept of operational risk is not new. However, what is new is the idea that operational risk management (ORM) is a discipline that requires separate management structures, tools, and processes. Tracking and managing these risk factors through an ORM program that is separate and distinct from the credit and market risk programs can provide a bank or other business additional safety and soundness in this troubled economy.

For years banks could not reach consensus on a definition for operational risk and the ways in which it should be managed and supervised. The Basel Committee on Banking Supervision (Basel) is an organization that issues recommendations on banking laws and regulations. Basel II offered a definition that defines operational risk as “the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events.”

This definition includes legal risk but excludes strategic and reputational risk. This definition has been widely accepted and is used by the Office of the Comptroller of the Currency (OCC) in the regulation of its member banks. Legal risk arises from the potential that unenforceable contracts, lawsuits, or adverse judgments can disrupt or otherwise negatively affect the operations or conditions of a banking organization.

*Tip: Legal risk management becomes even more important when debtors default on loan and lease transactions and lenders and lessors must enforce their contract rights. Consequently, lenders and lessors should evaluate and specify during the approval process any special covenants, rights, and remedies that may become necessary during a recession or other adverse business environment.

Basel wrote a guide to ORM which laid out principles for the identification, assessment, monitoring, and the control/mitigation of operational risk. Applying these principles more broadly, financiers, lenders, and lessors should:

• Identify their major risk categories. Doing so will allow the financier to develop an operational risk framework that is based on a definition of operational risk which clearly articulates what constitutes operational risk in that company.

*Tip: Establish or reinforce the degree of formality and sophistication of your ORM framework that is commensurate with the risk profile of your institution. Risk management could range from assessment by outside counsel, to a full time in-house staff to manage the operational risk. In order to create an independent view, hire professionals to assist you in this process.

• Establish an internal audit team (if you do not have one now) that is not responsible for the ORM duties of the institution. The board of directors or appropriate designees should take the steps necessary to ensure the validity and independence of the audit process, even if that means using external auditors. If the audit group exists, its mission should be freshly evaluated with a focus on ways for the firm to grow its business prudently (which does not mean a total absence of risk).
  
  
• Assess the operational risk inherent in all material products, activities, processes, and systems critical to the ORM strategy.
  
  
• Include early warning indicators of an increased risk of future loss. These indicators should be monitored periodically as an integrated part of the institution’s regular activities, documentation, and enforcement actions.

Once identified, institutions can analyze operational risks to determine what procedures need to be implemented to control and/or mitigate the risks in the changing economy.

*Warning: To avoid potential losses or enforcement expenses in a recessionary economy due to unreasonably high risk, a lessor or lender should:

1. use conservative business judgment to decide whether to approve a transaction and to accept the attendant operational risk,
   
   
2. reduce business activity in that area or type of transaction,
   
   
3. reject the transaction in or before the approval process, or
   
   
4. withdraw from the transactions or activities completely.

A comprehensive risk management strategy requires financiers to implement an appropriate ORM process. Basel II provides insight and instruction on how to do so. The process should enable financiers to evaluate, mitigate and perhaps circumvent operational risks in their lending and leasing businesses. Even in today’s tough business conditions, financiers who apply ORM practices can still enter into good loans and leases with their customers and, through sound judgment, approve with confidence a transaction in which they can reasonably expect their customer to perform its obligations.

Thanks to Lewis Goss of the Dallas-based Business Transactions Group of Patton Boggs, for contributing this article.

3. Proposed Security Rules Could Further Burden Business Aviation

It is still unclear how much the tanking economy will affect the market for general aviation aircraft, but it is not good. So, it is unsurprising that all of the general aviation industry’s trade associations, including the National Business Aviation Association (NBAA), have expressed concerns about the security regulations recently proposed by the Transportation Security Administration (“TSA”).

New Security Regulations Proposed

*Warning: These regulations threaten to place additional burdens on the industry by extending many of the security requirements currently in place for commercial aviation to general aviation operations. The program also intrudes upon the privacy that so many travelers have enjoyed. See Privacy Impact for the Large Aircraft Security Program Dept. of Homeland Security (Oct. 2, 2008),

On October 30, 2008, TSA published a Notice of Proposed Rulemaking providing for enhanced security requirements for “large” general aviation aircraft and airports serving such aircraft. By “large” TSA means any aircraft with certificated maximum takeoff weights (MTOW) greater than 12,500 pounds, with additional requirements for aircraft with MTOWs greater than 45,000 kg (100,309 pounds) if operated for hire or compensation or in all-cargo operations. TSA has imposed security requirements on commercial aircraft in these categories before. TSA now plans to expand these requirements to all such business and private aircraft by requiring them to be operated under TSA-mandated security programs.

*Term to Know: Large Aircraft Security Program (LASP) is a catch-all TSA-approved security program that an operator must have in place before conducting operations involving aircraft with MTOWs greater than 12,500 pounds, unless the aircraft operations are subject to more stringent security program requirements such as those applicable to scheduled commercial operations.

Procedures To Be Imposed

Specifically, if the regulation is issued as now proposed, operators of aircraft with MTOWs greater than 12,500 pounds will need to have an LASP under which flight crews must undergo fingerprint criminal history records checks, passengers must be checked against TSA watch lists, and third party TSA-approved auditors must check the operators’ security program compliance biennially. If the operators conduct all-cargo operations, they will have to comply with the current twelve-five cargo program applicable only to commercial operations. In addition, for aircraft with a MTOW of over 45,500 kilograms operated for compensation or hire, operators will be required to screen passengers and their accessible property.

All LASPs would also need to provide for the designation of Aircraft Operator Security Coordinators, Ground Security Coordinators, and In-Flight Security Coordinators. They would also need to establish procedures concerning the carriage of TSA Federal Air Marshals and other law enforcement personnel. An LASP would have to develop procedures for handling aviation security contingencies, including bomb and air piracy threats. Effectively, these changes eliminate most of the current distinctions between the way commercial and general aviation aircraft in these MTOW categories are treated for security purposes.

*Terms to Know: Watch List Service Providers (WLSPs) are private entities that TSA will approve to handle all requests under the new program. WLSPs will check passenger names against TSA watch lists and return the results of those checks to the aircraft operator. A “TSA watch list check” is a check against the same lists that TSA currently uses to identify “no-fly” passengers and passengers who are subject to secondary screening. Operators would not be able to board passengers until they receive clearance from a WLSP. Passengers on the “no-fly” list could not be allowed to board the aircraft; passengers on the secondary screening listed could generally board subject to any additional requirements TSA might impose. A “TSA approved auditor” is a third-party entity approved by TSA to conduct security program audits of operators of large aircraft that are required to have an LASP.

In addition to the LASP requirements for aircraft operators, TSA is also proposing to require a large number of additional airports to adopt security programs. Under the NPRM, airports that regularly serve large aircraft with scheduled or public charter service and reliever airports (general aviation airports that are used to relieve congestion at commercial service airports) would be required to have “partial” security programs. These programs would need to provide for designation of an airport security coordinator, law enforcement support and training, dissemination of public advisories, and incident management procedures.

Finally, all of these new requirements come on top of proposed new Customs and Border Protection (CBP) notification rules for general aircraft coming in and out of the United States. See Business Aviation to Face More Security When Flying Into or Out of the U.S., Business Leasing and Finance News (Oct. 2007).

For a further summary of the new requirements, see TSA Proposes Large Aircraft Security Program, TSA Press Release (Oct. 9, 2008).

Greater Burden on Business Jets

While the TSA proposal states that operators would not be required to check both the TSA and CBP watch lists, all of the other additional requirements of both TSA proposed rules will add significantly to the security burden on general aviation.

The proposed rule has sparked heated controversy. TSA estimates that at least an additional 9,000 aircraft operators and an additional 350 airports will need to adopt security programs. It estimates that the 10-year cost of the program for operators, airports, and TSA will range from $850 million to $1.9 billion, and 85 percent of the cost will be borne by aircraft operators. In addition to the higher costs, the required pre-boarding watch list checks are likely to result in delays, making business aviation less convenient and potentially less attractive for businesses and individuals alike.

*Action Item: TSA is accepting comments on the proposed rule until February 27, 2009. Detailed instructions for submitting comments are contained in the NPRM. You may also review LASP resources at: http://web.nbaa.org/public/ops/security/lasp. On this site, NBAA provides a detailed analysis and issues list about the proposal. NBAA also lists questions the TSA has asked the industry and provides a direct link for NBAA members to submit comments to the government's public docket.

Thanks to Steve McHale, a Partner in Aviation Team, the Homeland Security, Defense, and Technology Transfer group, as well as the Transportation and Infrastructure group at Patton Boggs LLP, for contributing this article.

4. BLFN’s Finance 101: What Is the “FDIC”?

If you didn’t know about the FDIC six months ago, you certainly should have heard of it by now. The FDIC was started in 1933 to restore the public’s trust in U.S. banks after the Great Depression, and it is once again playing a vital role in shoring up imploding public confidence in U.S. banks.

Functions of the FDIC

The FDIC, short for the Federal Deposit Insurance Corporation, is an independent agency that Congress created to bolster public confidence and promote a stable financial system in the United States. To meet this goal, the agency essentially performs three major functions. It:

• Oversees the deposit insurance fund;
  
  
• Examines and supervises U.S. banks and savings and loans associations; and
  
  
• Serves as a receiver when federally insured financial institutions fail.

Most of the public became acutely aware of these functions when Washington Mutual, the largest U.S. savings and loan association, recently failed. But, the FDIC’s role during this economic downturn will not be limited to simply stepping in when financial institutions fail, as it has already done more than twelve times this year. See WaMu’s Bank Split From Holding Company, Sparing FDIC, Bloomberg.com (Sept 26, 2008). Instead, the agency is taking a much more active approach in order to quell public concern.

*Insight Point: Public confidence is a key component of a healthy and thriving financial system. When business or individual customers do not believe their money is safe, they may suddenly withdraw it from banks. This action, called “bank runs,” can lead to bank failures.

Expansion of FDIC Powers

As anxiety about the current economic crisis has increased, the FDIC has seen two major expansions of its powers: one made externally by Congress with the other being self-imposed. Congress made the first change as part of the Emergency Economic Stabilization Act of 2008 (EESA). In addition to providing for the economic “bailout” or “rescue” package, the EESA temporarily increases the deposit insurance limit to $250,000 from $100,000. This increase will remain effective until December 31, 2009.

*Technical Point: As with the previous limit, depositors may increase their coverage by establishing accounts at multiple banks. Married depositors also have the option of tripling coverage by setting up multiple accounts at one bank. This can be done if the depositor has an account, starts a separate account in his/her spouse’s name, and also establishes a joint account. Each of the accounts would then be independently insured for $250,000. See New FDIC Limits Protect Consumers, Bloomberg.com (Oct. 3, 2008).

As lending has practically ground to a halt, the public must keep its money in banks and also make new deposits as a critical component to engineering any economic turnaround. Deposits provide liquidity and limit the potential for bank failures. The more money banks have in their coffers, the more money they are able to lend. As banks lend more money, businesses and individuals place that money in the marketplace. This flow of funds keeps the economy functioning.

In addition to the bailout provisions, the FDIC has undertaken other measures in order to keep U.S. banks competitive with European and Asian financial institutions. See Statement by Federal Deposit Insurance Corporation Chairman Sheila Bair (Oct. 14, 2008). The Temporary Liquidity Guarantee Program (Program) has two key provisions. But, unlike the Emergency Economic Stabilization Act, both aspects of the Program will be fully funded through special fees charged to the institutions.

The first provision allows the FDIC to guarantee the newly issued unsecured debt of banks, savings and loans associations, and some holding companies. Only debt issued on or before June 30, 2009 qualifies for the guarantee, and the FDIC coverage terminates on June of 2012. See FDIC Announces Plan to Free Up Bank Liquidity (Oct. 14, 2008).

The other aspect of the Program allows for complete deposit insurance coverage of non-interest bearing deposit transaction accounts until December 31, 2009. Most of these accounts are business accounts used for payment processing that would not be fully covered because they exceed the $250,000 limit. This aspect of the Program particularly focuses on the smaller, otherwise thriving banks that are losing these accounts as businesses lose confidence in the health of the institutions.

*Tip: By implementing these temporary measures, the U.S. government intends to build confidence in financial institutions during the economic downturn. While all FDIC insured institutions are initially covered under the Program, some may choose to opt-out. These institutions would only receive the additional guarantees for thirty days. As such, it would be wise to inquire with your institution before making any decisions based upon the new guarantees.

Mortgage Crisis Actions

Finally, the FDIC understands the dire consequences of ignoring the mortgage meltdown. As conservator of the former IndyMac Bank, the FDIC implemented a program to modify non-performing and at risk loans in order to avoid needless foreclosures. The agency is also working closely with other regulatory bodies to stave off a surge in avoidable foreclosures on a wider scale. See Examining Recent Regulatory Responses (Oct. 23, 2008).

Conclusion

The FDIC is committed to ensuring that U.S. financial institutions weather the current economic storm. Whether you believe any of the recent measures directly impact your bank account, they will ultimately affect us all. By restoring the public’s confidence in the banking system and therefore increasing lending, the FDIC provides a key piece of the framework necessary for avoiding an even more serious economic downturn than the one in progress today.

Thanks to Albany R. Shaw, a Business Transactions Associate in the Dallas office of Patton Boggs LLP, for contributing this article.

About Patton Boggs LLP

Patton Boggs LLP is a law firm of approximately 600 attorneys and other professionals located in Washington DC, Northern Virginia, New Jersey, New York, Dallas, Denver, Anchorage, and internationally in Abu Dhabi, United Arab Emirates and Doha, Qatar.

Patton Boggs has major practice areas in Business, Intellectual Property, Public Policy, and Litigation. These areas are composed of many practice groups designed specifically to meet client needs and the trends in developing legal markets. David G. Mayer often focuses on aviation, energy, transportation, infrastructure, and technology transactions, work-outs and litigation.

The firm provides a broad array of skills in domestic and international business transactions, including equipment finance and leasing, corporate finance, secured transactions, syndications, mezzanine finance, aviation and transactions law federal leasing, project finance, real estate, health care, pharmaceuticals, technology transactions, and public policy work.

The equipment finance practice at Patton Boggs LLP regularly involves the buying, selling, financing and leasing personal property of all kinds, including business aircraft, energy facilities, power plants (including wind farms and other renewable energy facilities), and technology and health care assets.

When these transactions encounter defaults or other disputes, Patton Boggs LLP responds with a team of business transaction lawyers, who have extensive restructuring and workout experience, litigators, who manage court actions and alternative dispute resolution proceedings, and bankruptcy lawyers, who assist in restructuring transactions, handle workouts, advise on potential bankruptcy filings, and litigate and otherwise participate in the entire bankruptcy process.

Speech

Please plan to attend the 16th Annual Aircraft Registry Forum, in Naples, Florida at The Ritz-Carlton Golf Resort, February 9-10th, 2009. On Tuesday, February 10th (2:45 p.m. - 3:40 p.m.) join David Labrozzi, President, GE Capital Solutions, Corporate Aircraft, David G. Mayer, Partner, Patton Boggs LLP, and William J. Quinn Jr., Director of Aircraft Sales & Acquisition Cerretani Aviation Group, LLC, for a panel discussion titled - Aircraft Markets in Distress: Opportunities to Maximize Value and Minimize Risk.

Partial List of Publications

The following is a partial list of articles written or co-authored by David G. Mayer:

U.S. Court of Appeals Upholds Graves Amendment in Garcia v. Vanguard, by Connie Ariagno and David G. Mayer, with the assistance of Tyson Wanjura, LNJ Leasing Newsletter (forthcoming Dec. 2008).

Equipment Leasing and CERCLA Liability, by Russell V. Randle and David G. Mayer, LNJ Leasing Newsletter (Dec. 2007).

Navigating the New Reality of Equipment Leasing and CERCLA Liability, by Russell V. Randle and David G. Mayer, LNJ Leasing Newsletter (Nov. 2007).

Unique Pad Gas Lease Supports Project Financing and Development of Gas Storage Facility in U.S., by David G. Mayer (with Fortis Capital Corp.), Asset-Based Lending Review, Financier Worldwide (Nov. 2006).

Thanks to BLFN’s Team

I would like to thank BLFN’s team at Patton Boggs LLP. The team includes the Patton Boggs staff: our Senior Writer, Jennifer Becker, our Marketing Manager, Mark Holub, our Project Manager, Melissa Green, my assistant, Michelle Sims, and our designers, Winston Jackson and Kiasha Sullivan. Thanks also to Douglas C. Boggs, a Business Group/Securities partner and web site reviewer for BLFN, and our Marketing Chief, Mary Kimber, for assisting BLFN through our firm’s editing, design, and posting process.

All the best,

David

David G. Mayer

Founder: Business Leasing and Finance News
(formerly Business Leasing News)
Partner: Patton Boggs LLP
2001 Ross Avenue
Suite 3000
Dallas, Texas 75201
(214) 758-1545 phone)
(214) 758-1550 (fax)
E-Mail: dmayer@pattonboggs.com

© David G. Mayer 2008

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