The war in Iraq and economic uncertainty have already taken a heavy toll on capital investment, depressing the leasing market, jeopardizing investments of lessors and turning the bankruptcy court into a battleground between lessors and lessees. The airlines, which have already suffered from a slow economy and events of 9-11, have asked for financial aid from the federal government to survive the war and a precarious future. Air Canada and Hawaiian Airlines recently joined United Airlines in filing bankruptcy. Midwest Express and even American Airlines, the worlds largest airline, may not be far behind. American Airlines has tentatively worked out concessions from its unions, but if travel continues to decrease because of the war for any length of time, American Airlines may need to reconsider bankruptcy again. The trucking business has experienced gyrating fuel prices. Real estate markets have slowed. Retailers are reporting decline in sales.

Remaining Vigilant in Time of War

Despite the great misfortunes of war and the current economy, lessors have little choice but to remain vigilant in protecting their investments. Lessors should anticipate the impact of slowing commerce on their lessees. In these difficult and challenging times, as a lessor, you should ask yourself the following questions with respect to your most significant transactions if not a larger group of deals in your portfolio:

• Is the creditworthiness of the lessee at least as strong as it was as on the date we originally approved the lease or loan?
  
  

• Do we know what changes may have occurred or are occurring in our lessees' businesses today?
  
  

• Have we evaluated the potential impact of the war on our lessee's business or prospects?

If you answered any question with a "no," you should increase your monitoring of an appropriate group of your transactions and of the related lessee or borrower.

Watch for Weakness in Credit

If you find any important weakness in the creditworthiness of your lessee, review your lessee's assets and assess whether your lessee can pledge additional collateral to you or sell assets to meet its obligations. Your review should include an examination of the lessee's cash flow from its operations, as well as its refinancing potential (that is, whether another financing source can replace you).

Beware of Possible Bankruptcy Filings

The ultimate concern is that your lessee or borrower files for bankruptcy. While you can't prevent such a filing, you can take certain precautions to assess and enhance your position as a lessor or lender before a bankruptcy filing occurs.

• Default in making payments. If payment defaults occur, your should promptly identify and respond to non-payments. Threatened or likely defaults should at least trigger a dialogue with your customer.
  
  

• Breach of financial covenants. The solution to this problem is found in having good financial reporting and monitoring systems.
  
  

• Lapse of insurance. To avoid a lapse of insurance, you should require a written notice of cancellation of insurance and promptly respond to such notice (i.e., loss of war risk insurance). Also, make sure your lessees are budgeting for insurance.
  
  

• Failure to pay property, sales, use or employment taxes. To prevent this problem, you might consider collecting property, sales and/or use taxes and pay them directly to the taxing authority rather than let the lessee pay these taxes directly. Otherwise confirm tax obligations are budgeted and are paid on a current basis.
  
  

• Failure to pay trade creditors within normal due dates. To monitor this situation, often indicated when a lessee stretches its payables, ask for aging reports on receivables and payables the lessee is providing to the lessee's lenders.

Conduct a Lease Review

To determine the risk you may encounter in a bankruptcy, undertake a lease or loan review by doing the following:

1. Decide whether you entered into a true lease or a lease intended for security (that is, a secured transaction). The bankruptcy court will treat the two deals very differently.
   
   

2. Conduct searches under Revised Article 9 of the Uniform Commercial Code ("UCC"). Confirm that all precautionary filings (for true leases) or real UCC filings have been properly and timely made (for secured transactions).
   
   

3. Check all signatures on all documents (or electronic records) to confirm proper signing (or electronic "authentication"). Then search for any amendments such as side letters, bills of sale (indicative of attempted sale of property), or change in lease terms.
   
   

4. Find the chattel paper original of the lease and schedules in your possession or control (control for electronic chattel paper).
   
   

5. Update insurance coverage and make sure cancellation notices have not been issued.
   
   

6. Ask for inspections of your lessee's papers and books, including maintenance and security records.
   
   

7. Locate all supporting collateral and confirm your rights to, and the perfection of your interest in, a letter of credit, deposit account, and guarantees.
   
   

8. Review prior credit applications and lease documents for misrepresentations.
   
   

9. Recheck all special filings such as Federal Aviation Administration (FAA) (aircraft), Surface Transportation Board (STB) (railroad rolling stock), motor vehicle departments and U.S. Coast Guard (vessels).

The Challenges of War Time

The seriousness of the war and the sustained economic downturn has raised the specter of nationalizing the airlines to avoid chaotic and widespread bankruptcies and liquidations of the airlines. The potential liquidation of United Airlines, a once unimaginable occurrence, has become the fodder of regular news reports. See: Liquidation of United, US Airways Would Boost American, Airline Financial News, February 3, 2003, p. 3. In mid-March, American Airlines reportedly began to look for debtor-in-possession financing in anticipation of filing for bankruptcy. See: America Said to Start Search for Bankruptcy Financing. As the world's largest airlines, American has had to actively consider filing for bankruptcy.

For the foreseeable future, lessors will have to battle certain airlines and other lessees to preserve their lease investments. Major bankruptcies of the airlines will hurt the ability of airlines to obtain future financing. The war will continue to instill uncertainty and fear in the leasing and financing markets. However, according to a poll of the Equipment Leasing Association, 68 percent of lessors believe that once the uncertainties of war end, customers will once again begin ordering equipment. Perhaps then, the battles for lessors in bankruptcy court will likewise subside. See: What Lessors Are Saying About…Scrutiny, Saddam, and Selling. (ELA members only)

I would like to thank Bruce White, one of my partners in our Bankruptcy Group, for his contributions to this article.

The Joint Committee on Taxation of the United States Congress (JCT) recently released a report in which the JCT alleged that Enron used complicated tax shelters to avoid paying approximately $2 billion in federal taxes. Enron's highly sophisticated structures and transactions have drawn the ire of several legislators including Finance Chairman Charles Grassley. Enron allegedly converted long-term tax benefits to short-term profit in a manner that allegedly was inconsistent with the revenue raising intent of the federal tax laws.

New Regulations on Tax Shelters

The JCT's Enron report appeared at about the same time that the Treasury Department issued final regulations under Sections 6011, 6111, and 6012, of the Internal Revenue Code of 1986, as amended ("Code") on the disclosure of and list maintenance for potentially abusive transactions. These regulations narrow the scope of proposed and temporary regulations issued in October 2002 in response to practitioners' claims that the regulations required reporting of transactions that were not potentially abusive.

Three Actions To Take Regarding Tax Shelters

The Code and regulations require three types of actions with respect to tax shelters or potentially abusive tax shelters.

1. Register Transactions. Taxpayers (including promoters, managers, marketers and organizers) must register certain types of "tax shelter" transactions (abusive transactions). See: Code Section 6111.
   
   *Technical Point: The definition of a "tax shelter" for purposes of the registration requirement is narrower than the definitions for the disclosure and list maintenance rules. The registration requirement generally covers only investments in which the tax shelter ratio (generally, the ratio of tax benefits from deductions and credits to cash invested) can be expected to exceed two as of the close of any of the first five years after the investment is offered for sale. "Tax shelter" also includes an entity, plan, arrangement or transaction by a corporation with a significant purpose to avoid or evade tax, which is offered for sale under conditions of confidentiality, and for which the promoters of the tax shelter may receive a fee in excess of $100,000.
   
   

2. Disclose Transactions. Taxpayers (including participants, promoters, marketers, managers, etc.) that have participated in a reportable transaction must disclose to the IRS their participation in each reportable transaction. A reportable transaction covers any one of the six types of listed transactions described below under "Six Categories…"
   
   

3. Keep a List of Advisors. Taxpayers must maintain a list of "material advisors" with respect to a reportable transaction. These advisors include organizers, sellers, advisors, promoters, managers, participants and marketers of these tax shelters.

The Treasury Department and the IRS announced in a February 27, 2003 press release that they will use these rules to get the information needed to identify and evaluate questionable transactions. They also want to give notice to promoters who sell questionable transactions and to taxpayers that the IRS is increasing its efforts to identify and shut down abusive tax avoidance transactions. These final regulations conform the disclosure regulations and the promoter list-maintenance regulations.

Six Categories of Potential Tax Avoidance Transactions Covered

In general, taxpayers are required to disclose and promoters are required to maintain investor lists for six categories of "reportable transactions":

1. Listed transactions - transactions that have been specifically identified by the IRS as tax avoidance transactions, including under Code Notice 2000-15, 2000-1 C.B. 826.
   
   *Tip: You will find lease in/lease out or LILO transactions (under Revenue Ruling 99-14) and lease strips (under Notice 95-53) as "listed transactions" subject to the existing and expanded tax shelter rules.
   
   

2. Transactions marketed under conditions of confidentiality.
   
   *Tip: Check the new rules before entering into confidentiality arrangements relating to a transactions. By limiting the scope of the confidentiality provisions (e.g., through written authorization to disclose the tax treatment and structure of the transaction), you may escape the disclosure requirements.
   
   

3. Transactions with contractual protection (such as refundable or contingent fees for promoters).
   
   *Tip: The regulations move away from requiring disclosure merely because a transaction includes a tax indemnity or a right to terminate a transaction in the event of a change of law.
   
   

4. Transactions generating a tax loss under Code Section 165 exceeding specified amounts.
   
   

5. Transactions resulting in a book-tax difference exceeding $10 million.
   
   

6. Transactions generating a tax credit when the underlying asset is held for a brief period of time.

Effective Dates

The final regulations are generally effective for transactions entered into on or after February 28, 2003, but similar (or stricter regulations) may apply to transactions entered into on or after January 1, 2003, and before February 28, 2003.

*Warning: Any tax-oriented lease or other transaction that may not seem to be a shelter may fall within these regulations and be reportable. These rules are highly complex and the potential reach of the tax shelter rules is not entirely clear. The IRS will continue to identify and add transactions to the listed transaction category in the future (as well as provide guidance on non-abusive transaction that do not need to be reported). Consult your counsel or feel free to call me for more information at (214) 758-1545. Although the registration, reporting, and list maintenance requirements do not apply to many common equipment leasing transactions, the rules will apply to some leasing transactions.

When Treasury and the IRS issued the regulations, they also issued two revenue procedures. Rev. Proc. 2003-24, provides for certain losses that do not need to be taken into account in determining whether a transaction is a reportable transaction. Rev. Proc. 2003-25 provides for certain book-tax differences that do not need to be taken into account.

I would like to thank George Schutzer, one of my tax partners, for his extensive assistance in preparing this article.

The risk of terrorism in the U.S. since 9-11 has never been greater and insurance carriers generally offer insurance for this risk. However, few companies have purchased or maintained it.

After 9-11, many insurance companies canceled or imposed exclusions of terrorism coverage in their insurance policies. Previously, the coverage had often been provided as a free addition to other insurance coverage in the U.S. The unexpected and enormous expected losses of nearly $40 billion for the insurance industry as a result of 9-11 dramatically changed this coverage. Many insurers almost immediately sent out the now infamous seven-day (for aircraft) or longer notice and canceled terrorism/war risk insurance coverage for almost all of their insureds. Some re-offered the coverage shortly thereafter at much higher prices. As a result high pricing, insufficient coverage or unavailable coverage, an estimated $15 billion or more of real estate and other projects dependent on such insurance ground to a halt.

The federal government stepped in to assist the crisis. On November 26, 2002, the President signed the Terrorism Risk Insurance Act of 2002 (the "Act"). Under the Act, the federal government required that the insurance industry offer terrorism insurance to American businesses. The insured covered multiple lines of insurance including aviation, marine and construction risks. In exchange, the government agreed to provide a three-year program to cover catastrophic losses above specified deductible or other contributions to be paid by insurers. The Act covers terrorism by foreign persons occurring in the U.S. and has many other limitations. For more on the Act, see: Terrorism Insurance Bill Holds Promise for Stalled Projects (Story 4, December 2002 BLN) and The Act (an audio e-briefing).

Even though coverage is generally available, The New York Times has reported that, according to Marsh Inc., only one in five of its major customers have purchased terrorism insurance. One of the largest insurers, The Hartford, reportedly said that only one in six of its customers bought the coverage. See: Insurance for Terrorism Still a Rarity, The New York Times (online).

*Warning: Companies should review their records for notices from their insurers regarding terrorism coverage, and whether their policies have terrorism exclusions or not. The Act required the insurers to give a 30-day notice by February 24, 2003 about premiums for terrorism insurance. If insureds did not respond and pay the premium within that time, insurers may have reinserted the exclusion for such coverage. As lessors and lenders who may require such coverage should recheck with their lessees or borrowers to avoid surprises that, contrary to expectations, your lessee or borrower has failed to re-institute or maintain terrorism coverage in response to such notice or increased premiums.

Why do companies not carry terrorism insurance? Three key reasons have emerged:

• Companies do not perceive terrorists as a threat to them

• Coverage for terrorism is too expensive for the perceived risk

• Insurance coverage does not extend to critical risks including terrorism by domestic persons or nuclear, chemical or biological attacks

The cost alone deters business in these difficult economic times. Terrorism coverage can cost 5 percent to 200 percent of a customer's standard property coverage. For example, a customer may spend $70,000 per year for a $100 million insurance covering property losses plus an additional $14,000 for terrorism coverage.

*Tip: Each lessor and lender should evaluate on a regular basis: (1) whether terrorism coverage is prudent to protect their investments, (2) the scope of terrorism coverage (whether gaps exist in the coverage for identified risks) and (3) whether existing coverage has been endorsed on the lessee's or borrower's insurance policies. Lessors and lenders, as well as lessees and borrowers, should use caution in assuming that coverage for terrorism is not worth the money they would pay for it. The mentality that a terrorist event "won't happen to me" neither respects the memory of 9-11 nor the heightened risk of terrorism as monitored by the new Homeland Security Advisory System. 

Please join me at The Equipment Leasing Large Ticket Conference at which I will be addressing these issues in more detail. See Article 8 below for details.

The balance of power between energy companies and their banks has been shifting lately. Faced with mounting defaults and imminent bankruptcies of energy companies, banks have begun exercising remedies after a default that include taking the keys to power plants. Their hope is that they can recoup massive debt balances through asset sales and other remedies. However, as one consultant put it: "Banks are really phobic of bankruptcies. The last thing they want is someone to throw them the keys to these plants." See: Banks seen wary of U.S. inheriting power plants (March 4, 2003, Reuters).

An estimated 130,000 megawatts of power generation is currently for sale or likely to come to market this year as companies such as El Paso Corp. and, Williams Cos. Inc. and AES Corp. struggle to raise cash. Internationally, the story is much the same. For example, Brazilian development bank BNDES may have seized from AES Corp. its Transgas unit to recoup a US$330 million dollar loan. See: Brazil Likely to Demand AES' Shares in Electropaulo After $330-Mil. Default, Global Power Report (Page 1, March 6, 2003).

Despite their need to act on defaults, banks understandably remain reluctant to push energy companies too far. Banks encounter at least two unpleasant choices: (1) take massive write-offs and sell off plants at a discount or (2) enter the unfamiliar territory of operating and owning the power generation. According to Tim Kinston, managing director of Goldman Sachs, power units that cost $700/kWh to build might only sell at an auction at $100/kWh to $150/kWh. See: Merchant Generators Face New Defaults and Bankruptcies in 2003, Say Bankers, Global Power Report (Page 1, February 27, 2003).

Like lenders, lessors may have a major stake in this situation. Unfortunately, neither of these players has reason for optimism. In one recent study, Cambridge Energy Research Associates predicted that the current downturn in the U.S. power markets could continue for ten years. See: Mass. Research Firm Predicts 10-year Downturn For Ailing Power Industry, Global Power Report (Page 5, February 20, 2003). Another study suggests that the U.S. supply of power will exceed demand until at least 2005. See: Surplus of Electricity Supplies May Persist at Least Until 2005, The Wall Street Journal (S.W. Ed., Col. B:3, Feb. 20, 2003). However, a bright spot exists for well-capitalized buyers to purchase distressed assets and sell them when the energy market strengthens.

So what are lenders and lessors to do? Should write-offs be their final answer? Although some lenders and lessors will take large and unrecoverable losses, they should now consider and/or implement strategies to recover value from plants over time. They should then prepare for bankruptcies by reviewing transactions and financial condition of their customers in a manner similar my discussion of coping with the impact of war and the slow economy as in Article 1 above.

*Tip: As a lender or lessor, have you evaluated assets sales and/or taking a stake in the long-term success (post-2005 and beyond) in the operation of assets to be sold? Delaying the final sale until prices firm up may save you a bundle. In selling assets, lenders and lessors should conduct appropriate due diligence, formulate a sales plan, select teams consisting of business, legal, and engineering experts (among others), assess market feasibility of sales in the long-term, review bankruptcy implications and evaluate labor, environmental, risk management and other regulatory issues. Most of all, lenders and lessor should plan ahead. Conducting a sale or finding other solutions are complex and time consuming. If you have questions, please feel free to call me at (214) 758-1545 to discuss solutions for your troubled investments.

As the major airlines struggle to reduce costs and return to profitability, they want to look and act like their discount rivals. Several airlines are going further: They are adding discount air service within their own operations. United Airlines says that it will devote 30 percent of its capacity to a low fare operation. Midwest Airlines plans to devote some MD-80s to this segment.

Perhaps the most interesting activity comes from Delta Air Lines, which has started a discount carrier called "Song™." It seems clear to certain writers that Delta has taken this step to compete directly with Jet Blue. See: Blunting JetBlue's Success May Be True Test of Song, Airline Financial News (Page 4, February 10, 2003). Song's service will include Atlanta - JKF flights. Song will use 36 Boeing 757 aircraft and crews from Delta. The flights start around mid-April. Delta projects 144 daily flights by October.

*Tip: The tumultuous changes and deteriorating financial condition of the major airlines present many challenges and few opportunities for lessors. To meet these challenges and opportunities lessors may need to do some or all of the following:

1. Plan for and manage bankruptcies and defaults, including a possible filing by American Airlines (See: Article 1 above)
   
   

2. Decide what aircraft models and/or airlines, if any, offer a sound investment
   
   

3. Cope with low volume of acceptable transactions and creditworthy airlines (Is this an oxymoron?)
   
   

4. Take write-downs on troubled airlines
   
   

5. Provide financial support for new discount carriers within major airlines

In the midst of turmoil, Song has a positive sound of change for Delta, but only time will tell.

The Federal Bankruptcy Code contains chapters covering different types of bankruptcies. Chapter 11 bankruptcies are generally business reorganizations as contrasted with liquidations that generally occur under Chapter 7. The goal of Chapter 11 is to formulate and confirm a plan of reorganization. A plan of reorganization establishes how a debtor will meet its obligations and emerge from bankruptcy.

The filing of a bankruptcy petition under Chapter 11 creates a new legal entity: the debtor in possession ("DIP"). The DIP is not the same entity as the debtor. In Chapter 11, the debtor typically remains in possession of the estate property and operates the business as a DIP. The DIP is also responsible for administering the bankruptcy estate. Under exceptional circumstances, the bankruptcy court may appoint a Chapter 11 trustee for "cause" or in the best interest of creditors. For example, Boeing Capital Corporation, a key lessor to Hawaiian Airlines, has reportedly filed a motion in U.S. bankruptcy court to replace Hawaiian Airlines' management with a trustee, on the grounds that the management is "self-dealing." The trustee then acts as the representative of the bankruptcy estate in place of the DIP and may even operate the debtor's business. DIPs generally seek financing, often called "DIP financing," prior to filing bankruptcy (the pre-petition period) to finance the operation of its business during bankruptcy (the post-petition period). For more on such financing, see: DIP Financing Offers Lifelines for Companies, But Poses Risks for Lessors and Lenders (Story 6 in the August 2002 BLN).

Luxury Car Leasing Offers Cheap Rates. You can analyze luxury car rates for yourself and find that they remain very competitive, or even cheaper, than buying cars at zero percent interest. See: Luxury Cars For Less. Don't believe the myths about leasing. Leasing can save you big bucks, and may enable you to get the car you really want.

*Tip: You can also negotiate a good deal yourself by using some tools available to you and preparing before you lease. See: Negotiate a Lease.

Business Jet Fractional Share Rules in Limbo. The Federal Aviation Administration has stalled out (and started again)  to complete the new Federal Aviation Regulations Part 91, Subpart K that clarifies regulation of fractional share programs for business jets. It received 200 comments letters.

*Prediction: Assuming geopolitical uncertainties calm down soon, the FAA should be able to finalize Subpart K this year with a 15 month phase-in period.

States Use Sale-Leasebacks to Raise Funds. The weak economy, compounded by the events of September 11, 2001 and now, the war in Iraq, continues to severely strain state budgets in fiscal 2003. States generate cash more frequently now to balance their budgets using sale-leaseback deals, which provide opportunities for lessors to act as lessors or lenders to various states.

*Comment: Some people worry that states borrow on their future by using sale leasebacks. Though not widely used, sale-leasebacks help states avoid painful budget cuts of essential service.

Event: ELA Large Ticket Conference, "Stayin Alive Through 05," April 27-29, 2003, Las Colinas Four Seasons Resort (near Dallas, Texas). Speech: "Managing the Risk Of Terrorism: A Lessor's Primar on Insurance, Structuring and Other Solutions." Sponsor: The Equipment Leasing Association. Session Time: April 28, 2003 from 11:00 a.m. to 11:45 a.m. For an online brochure, click on: Big Ticket Conference.

Event: ELA 2003 Legal Forum, in Boston, MA at the Boston Copley Place Hotel, May 4 - 6, 2003. Speech: "The Changed World of Off-Balance Sheet Financing: A Leasing Lawyer's Guide to Structuring and Documenting Transactions in the New Era." Sponsor: The Equipment Leasing Association. Session Time: May 6, 2003 from 8:30a.m. to 11:00 (with main and breakout sessions).

Event: Advanced Sales Training program at The Leasing Academy, the first annual event led by Jeffrey Taylor, Founder of ExecutiveCaliber - Global Lease Training and author of Selling Leasing In A Tough Economy. Dates and Location: Monday, June 9 to Thursday, June 12, 2003 at the Shilo Inn, Salt Lake City, UT. Session Time: I will be lecturing on accounting, tax and legal trends on Monday, June 9, 2003 from 1:30 p.m. to 5:00 p.m. Jeff talks to lessees all of the time. He and his experts will discuss key selling and industry issues in this unique, valuable and personalized training that will help you edge out the competition and achieve success in these challenging times. To register, click on: Taylor Leasing Academy.

Training Offered. To improve your business functions, I offer private training seminars tailored to your specific needs at your designated location. My interactive and informative approach relies, in part, on my book, Business Leasing for Dummies (BLFD)® and subjects I cover in BLN. I customize the format and content for your specific training needs - no canned programs. Feel free to call me at (214) 758-1545 to discuss the possibilities.

Our Future Demands Excellence

The Equipment Leasing and Finance Foundation released "The 2003 Industry Future Council Report: Positioning Now for Business in the Future." The Foundation is a non-profit organization dedicated to enhancing recognition and understanding of equipment lease financing.

The Industry Future Council (IFC), comprised of senior leasing industry executives, outlined four key trends that it believes will define the leasing industry in the future:

• Leasing companies will differentiate themselves through value-added services and products such as their asset management, treasury and structuring capability. Tax appetite and a balance sheet count.
  

• Consolidation will continue, but at a slower pace, enabling the leasing market to stabilize and increase capital availability through sound processes, pricing and risk management.
  

• Independent leasing companies will grow strong again through rapid product development and swift adaptation to changing market conditions.
  

• Leasing companies will have to demonstrate discipline in their operations to drive down costs, improve efficiency in operational systems and process, and implement risk management policies.

This report suggests to me that the most highly skilled, efficient and customer-focused leasing companies will thrive in the future. In other words, to succeed leasing companies will have to do far more than offer the best lease or loan rate. In the past independent leasing companies (among others) have often acquired some of the best talent, provided outstanding service, and solved problems with diverse financial products and creative structuring. As the economy recovers, and it will, although slowly I suspect, those who survive in leasing will have to add value, work smarter, attend to customer needs better, adapt to change quickly, train relentlessly, and execute cost-effectively in all aspects of their business and operations. In short, each of us must deliver nothing less than excellence in our disciplines in the future. I look forward to this kind of market and welcome its challenges.

Feedback From You

About Patton Boggs LLP and My Practice

As you may be aware, I am a part of the Patton Boggs LLP  business transaction group in the Dallas office. Patton Boggs LLP is a law firm of almost 400 lawyers located in several US cities with extensive capabilities in over 50 areas of legal practice that include leasing, secured transactions, project and mezzanine financing, bankruptcy, public policy, technology law and much more.

Patton Boggs engages in the legal aspects of buying, selling, financing and leasing real and personal property of all kinds, including aircraft, energy, facility, technology and other transportation assets. We also structure, negotiate and close fractional ownership of business aircraft, vendor programs and underlying transactions, tax-exempt and federal leasing deals, portfolio acquisitions, syndications of all sizes, and much more. Given the state of the economy, we often assist our clients with troubled deals and bankruptcies.

Please feel free to call me at (214) 758-1545 or e-mail me at dmayer@pattonboggs.com for information about any of these areas or the many others available at Patton Boggs LLP, or to discuss anything I have written in Business Leasing News. I welcome opportunities to build relationships with you.

Thanks to the BLN Staff

I extend a special thank you to my editors at Patton Boggs LLP for their comments on this edition: Sheila (Pedersen) McCoy, Julie Rivard, Steve Reagan, and Tom Stumpf. The technical team of George Barber, Winston Jackson and Adrian Nicole McCoy continue to provide invaluable support. Last but not least, Patton Boggs has selected some partners who look over BLN before it is posted to our website to make it the best it can be for you. I appreciate their guidance and assistance.

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