Barry Reitman Memorial
May 1, 4:00 pm EDT

Barry Reitman (2019)

Registration Link
Barry Reitman Memorial https://us02web.zoom.us/meeting/register/tZ0vfumhrjstHNH5lcMCHq0qROZzn6S79elz

"Thank you for the kind words Kit, many have expressed interest in attending (the memorial)."

Steve Geller
(CLFP), President/Owner of Leasing Solutions

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"I was very sorry to hear about Barry Reitman's passing. He was an interesting and very colorful character to say the least. We had many spirited discussions over the years, primarily about politics, as we were on complete opposite sides of the political aisle. He was a good man and I am sure, knowing Barry, that whatever end he met, was definitely on his terms. RIP Barry Reitman."

Bob Rodi
Rodi Franchise and Small Business Consulting

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"Kit, I'm so sorry to hear that Barry Reitman passed away. He was a very interesting guy, to say the least. He was an author and a speaker, and he had an incredible sense of humor. We spoke about a month ago, and the way he took the diagnosis and faced the end was commendable. Rest in Peace Barry!

Ed Castagna
InPlace Auction, Melville, NY

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Barry Reitman Passes Away
Virtual Celebration of Life Planned
https://leasingnews.org/archives/Apr2024/04_05.htm#barry

 

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Top Ten Leasing News Read by Readers
April 1 - April 5

(1) Barry Reitman Passes Away
Virtual Celebration of Life Planned
https://leasingnews.org/archives/Apr2024/04_05.htm#barry

(2) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Apr2024/04_01.htm#hires

(3) New Breed Growing in
    Commercial Finance Funding
By Randy Haug, LTi breed
https://leasingnews.org/archives/Apr2024/04_03.htm#breed

(4) New Hires/Promotions in the Leasing Business
and Related
https://leasingnews.org/archives/Apr2024/04_03.htm#hires

(5) Are Commercial Finance Brokers An Endangered Species?
By Kenneth C. Greene, AACFB General Counsel
https://leasingnews.org/archives/Apr2024/04_05.htm#are

(6) NEFA 2024 Spring Conference Summary
By Theresa Kabot, CLFP
https://leasingnews.org/archives/Apr2024/04_01.htm#nefa

(7)  Growth in Finance and Leasing
Part 2
https://leasingnews.org/archives/Apr2024/04_03.htm#growth

(8) New Hires/Promotions in the Leasing Business
    and Related
https://leasingnews.org/archives/Apr2024/04_05.htm#hires

(9) The First Quarter Report
By Scott Wheeler, CLFP
https://leasingnews.org/archives/Apr2024/04_03.htm#first

(10) The Next Generation
By Scott Wheeler, CLFP
https://leasingnews.org/archives/Apr2024/04_05.htm#next

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ELFA National Funding Conference
April 16 - 18, 2024
The Palmer House Hilton,Chicago, IL

Funding attendees: Create your profile, make appointments

Once you have registered as an attendee of the Funding Conference (April 16-18 in Chicago), you will be able to view the profiles of all the Funding Sources that are exhibiting and select those with whom you would like to schedule an appointment. Appointments with Funding Source Exhibitors are in 20-minute increments. Funding Sources have 5 days to accept your appointment.

Go here to make appointments.

April 16-18: ELFA 35th Annual National Funding Conference, Chicago, IL
Funding Sources (list updated)- Schedule -Hotel-Registration
Edward Kaye, Inspiration Mobility, will be covering for Leasing News

 

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Deadline Coming Up Reminder - Wednesday
2024 AACFB Annual Conference
Glendale, Arizona, April 16 – 18

April 16-18: AACFB Conference, Glendale, Arizona
https://annualconference.aacfb.org/home
Find Your Funder Here - Exhibitors List
Vicki Shimus, CLFP, Balboa Capital, will be covering for Leasing News

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Leasing and Finance Industry Help Wanted

Restricting Application-Only
By Scott Wheeler, CLFP

Application-only activity in the commercial equipment leasing and finance industry is alive and well for small-ticket transactions. The question is, how does the industry describe application-only? Is it transactions less than $75K, or is it less than $150K, or perhaps less than $500K?

For several years leading up to 2023, the application-only arena seemed to rise every three to six months. The standard level of $150K was raised to $250K, then for some, up to $300K and for a few, in specific niches, application-only programs were increased to $500K, $750K or even $1M. Over the past year, delinquencies have risen. In retrospect, portfolio managers began to question the rationale in approving transactions for several hundred thousand dollars based upon three years in business, a personal credit score, a satisfactory PayNet score, and a low-five bank balance for the past three months. The adjudication of a $500.0K transaction should never be the same as a $50.0K transaction.

Some participants rightfully claimed that their improved scoring systems were robust enough to substantiate a limited increase in application-only activity. However, many other participants followed suit without access to additional data to substantiate their increased levels of application-only approvals. The results have caused many participants to rightfully reduce or restrict their application-only activity in 2024.

Savvy originators have accepted the changes as a rightful correction to the market. The strongest originators have reset the expectations of their vendors and end-users and are capturing market share by moving forward, protecting the long-term sustainability of their portfolios, and moving beyond application-only (to full disclosure adjudication) when necessary to meet the financial needs of their client.

Scott A. Wheeler, CLFP
Wheeler Business Consulting
1314 Marquis Ct.
Fallston, Maryland 21047
Phone: 410 877 0428
Fax: 410 877 8161
Email: scott@wheelerbusinessconsulting.com
Web: www.wheelerbusinessconsulting.com 

Wheeler Business Consulting is working with individual originators and sales teams throughout the industry to ensure that they are well positioned in the market, capturing their fair share of business, and outperforming the competition. To schedule a one-on-one meeting contact Scott Wheeler at: scott@wheelerbusinessconsulting.com

 

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Bankruptcy Filings Increase Across All Chapters
in Q1/24; Chapter 11 Filings Up 43%

New bankruptcy filings during Q1/24 registered year-over-year increases across all major filing categories in the U.S., according to data provided by Epiq Bankruptcy.

Total commercial Chapter 11 filings (including Subchapter V filings) registered the largest increase as the 1,894 filings during the quarter were up 43% from the 1,325 total commercial Chapter 11 filings during the same period in 2023. Total overall commercial bankruptcies increased 22 percent in quarter, as the 7,113 filings surpassed the 5,820 commercial filings during Q1/23. Subchapter V elections for small businesses increased 30% to 606 filings in Q1/24 from the 465 filed during Q1/23.

There were 120,094 total bankruptcy filings in Q1/24, representing a 14% increase from the 105,497 total filings during the same period last year. Consumer filings increased 13% to 112,981 filings Q1/24 from the 99,677 consumer filings during the same period in 2023. There were 66,861 individual Chapter 7 filings during Q1/24, a 17% increase over the 57,158 individual Chapter 7 filings during the same period in 2023. In addition, there were 45,958 individual Chapter 13 filings during Q1/24, marking a 9% increase over the 42,362 individual Chapter 13 filings in the same period of 2023.

Michael Hunter, Vice President of Epiq AACER, said,“As we expected, the upward trajectory in both commercial and individual related bankruptcy filing volumes continue. March marks 20 consecutive months that total, individual and commercial bankruptcy filings have registered monthly year-over-year increases.

“Factors contributing to this trend are the higher cost of funds and interest rates, a reduction in consumer discretionary spending, higher housing costs, and a continued drawdown of excess savings. These factors, coupled with the post-pandemic anticipated normalization of bankruptcy volumes, lead me to believe this upward trend will continue through 2024.”

New bankruptcy filings in March 2024 also registered year-over-year increases across all U.S. major filing categories. A total of 44,453 new bankruptcies were filed in March, up 5% from the 42,412 filings registered in March 2023.

Year-over-year commercial filings rose 3% to 2,434 compared to 2,372 in March 2023. Commercial Chapter 11 filings (including Subchapter V filings) increased 6% to 605 versus the 570 filings registered last March. Subchapter V elections in March represented the largest monthly increase, as the 217 filings were up 50% over the 145 filings in March 2023.

Total individual filings increased 5% in March to 42,019 versus the 40,040 in March 2023. Year-over-year individual Chapter 7 filings increased 7% to 26,124 versus the 24,455 in March 2023, and individual Chapter 13 filings were up 2% to 15,844 versus 15,532 in March 2023.

Amy Quackenboss, executive director of the American Bankruptcy Institute, noted. “Bankruptcy is an indispensable tool for distressed consumers and businesses aiming to repair their balance sheets in this challenging economic environment.”

“As the expanded eligibility limit that enabled more struggling small businesses to reorganize under Subchapter V is set to expire in June, ABI’s Subchapter V Task Force will soon be releasing its final report urging Congress to extend or permanently maintain the increased limit, allowing more small businesses to successfully restructure, reduce liquidations and save jobs.”

The debt eligibility limit of $7.5 million for small businesses looking to elect a Subchapter V reorganization under Chapter 11 of the U.S. Bankruptcy Code is due to sunset back to $2,725,625 in late June. The ABI’s Subchapter V Task Force will present its final report and recommendations at the 2024 ABI Annual Spring Meeting on April 19 in Washington, D.C. On Dec. 15, 2023, the task force transmitted its preliminary report on the subject to Congress, and its findings supported permanently maintaining the eligibility limit of $7.5 million in aggregate noncontingent, liquidated debt for small businesses looking to reorganize under Subchapter V.

Source: abfjournal

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### Press Release ############################

ATEL Ventures, Expands Legal Team
Adds SVP and Director

ATEL Capital Group, a multi-billion-dollar financial services firm focusing on venture debt, equipment leasing and real estate, added Todd Jaquez-Fissori as Senior Vice President and Simrat Wason as Director of ATEL Ventures, while Nick Martitsch and Maggie Adams joined ATEL Capital Group as Senior Counsel and Legal Counsel, respectively.

Jaquez-Fissori has almost two decades of experience originating venture debt and private credit deals, most recently with Structural Capital, where he was a managing partner, and previously with Tennenbaum Capital Partners, Hercules Growth Capital and TriplePoint Capital.

Formerly a vice president with New York hedge fund Arena Investors, Watson previously spent five years with Presidio Ventures, sourcing and managing predominantly early-stage equity in enterprise technology firms. Wason started her career as a software engineer and spent six years with Apple.

Steven Rea, President of ATEL Ventures, said.“Entrepreneurs and VCs alike understand that venture debt is an essential tool of the capital stack, allowing them to accelerate growth without diluting equity.”

“The collapse of several banks focused on venture lending in 2023 reduced market competition, allowing us to increase rates as well as volume. Our expanded team will enable us to service the increased demand for venture debt and continue to grow our portfolio, deploying the hundreds of millions of dollars we have available to lend.”

Martitsch and Adams will supporting ATEL Capital Group’s increased deal flow. Martitsch has almost four decades of experience. In his career to date, Martitsch has handled a range of commercial, financial and intellectual property transactions and related matters, including public and private equity and debt financing, venture lending, and equipment leasing. Martitsch’s experience includes several years with Hercules Capital and Silicon Valley Bank.

For the past five years, Adams has contributed her expertise to global law firms, where she specialized in providing legal services to the financial services industry.

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German Shepherd Mix
Roseville, California

Luna

Female
Adult
Medium Size

Meet Luna
Do you need someone to love and to love you!! I'm Luna and ready to go. Walk, car, yard, bed, company, dogs, good food, and tummy rubs. My toys go with too. My foster mom says I'm smart. I am house trained, I have manners - I can sit, down, wait, and walk OK on a leash. I'm a happy girl. Fill out the application to adopt me! I'm excited to meet you!

Haven Dog Rescue
PO BOX 7804
Roseville, CA 95747
Get directions
HavenDogRescue@gmail.com
(916) 740-0042

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NVLA Early Bird Registration. Don’t Miss it
Clearwater Beach, Florida
October 15 -18, 2024

We are thrilled to announce that registration is now open for the highly anticipated NVLA 2024 Conference! As a valued member of our community, we wanted to ensure that you are among the first to take advantage of our exclusive Early Bird offer.

This year's conference promises to be our most exciting yet, with an incredible lineup of industry presenters, new networking opportunities, and inspiring keynote by Michelle "Mace" Curran, combat veteran former USAF Thunderbird Lead Solo pilot, sponsored by 1st Source Bank. 

Register early and secure your spot at this prestigious event! We can't wait to see you in sunny Clearwater Beach, Florida!

Oct. 16-18: NVLA Conference, Clearwater Beach, Florida
https://www.nvla.org/page/2024conference

Sloan Schickler, Esq., Schickler & Schickler, wlll be covering the conference for Leasing News. She is also presenting there.