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North Mill Equipment Finance Reaches Over
$73 Million in Funded Volume in October, 2024

North Mill Equipment Finance LLC (“NMEF”), a leading independent commercial equipment lessor headquartered in Norwalk, Connecticut, proudly announces a new company record in monthly funded volume, surpassing $73 million in October, exceeding the previous high by over $15 million.

David Lee, Chairman and CEO of NMEF, said, “This remarkable achievement underscores NMEF’s continued commitment to growth and portfolio diversification.

"NMEF’s continued expansion into medical equipment financing beyond aesthetics has catapulted the medical category to become the largest in its portfolio, comprising 34% of all funded assets for the month. This move aligns with NMEF’s strategy to broaden its asset mix beyond freight transportation.”

Mark Bonanno, President & COO, commented, “This accomplishment reflects not only the strength of our team, but also our commitment to building meaningful
relationships with our partners, including other funding sources.

“NMEF’s record-breaking month reflects its ongoing commitment to innovation and operational efficiency, as well as its proactive approach to forging and nurturing relationships with key referral agents. “By granting our partners greater autonomy over the vendor and application processes, while ensuring compliance with NMEF’s rigorous standards for credit, documentation, and funding, the company has been able to significantly boost operational efficiency for both NMEF and its most loyal referral partners.

“Through a focus on asset diversification and responsive financing structures, NMEF continues to deliver on its mission of passionately pursuing excellence for all stakeholders.”

About North Mill Equipment Finance
NMEF is a national, premier lender who works with third-party referral (TPR) sources to finance small to mid-ticket equipment commercial leases and loans ranging from $15,000 to $2,500,000 and up to $5,000,000 for investment grade opportunities. NMEF accepts A – C credit qualities and finances transactions for many asset categories including but not limited to medical, construction, franchise, technology, vocational, manufacturing, renovation, janitorial and material handling equipment. NMEF is majority owned by an affiliate of InterVest Capital Partners.

The company’s headquarters are in Norwalk, CT, with regional offices in Irvine, CA, Voorhees, NJ, and Murray, UT. For more information, visit https://nmef.com/.

One of NMEF’s controlled affiliates, BriteCap Financial LLC, is a leading non-bank lender providing small businesses with fast, convenient financing alternatives such as working capital loans since 2003from its main office in Las Vegas, NV.

For more information, visit https://www.britecap.com

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About Chapter 15 Bankruptcy that
13 Chesswood Limited Companies Face

Chapter 15 provides mechanisms for dealing with insolvency cases that involve multiple countries. 

Chapter 15 allows foreign representatives to access U.S. courts and recognize foreign bankruptcy proceedings in the U.S. A U.S. bankruptcy court can be requested to recognize a foreign proceeding, which initiates a Chapter 15 case. The U.S. bankruptcy judge will usually manage the case and coordinate with the foreign judge to preserve the debtor's assets in the U.S

These are the Companies in Chapter 15 BK
A. Chesswood U.S. Acquisitionco Ltd. [Case No. 24-12453]
B. Chesswood Group Limited [Case No. 24-12454]
C. Chesswood Holdings Ltd. [Case No. 24-12455]
D. Lease-Win Limited [Case No. 24-12456]
E. Case Funding Inc. [Case No. 24-12457]
F. 1000390232 Ontario Inc. [Case No. 24-12458]
G. Chesswood Capital Management [Case No. 24-12459]
H. Chesswood Capital Management USA Inc. [Case No. 24-12460]
I. Pawnee Leasing Corporation [Case No. 24-12461]
J. Tandem Finance Inc. [Case No. 24-12462]
K. Windset Capital Corporation [Case No. 24-12463]
L. Rifco [Case No. 24-12464]
M. Rifco National Auto Finance Corporation [Case No. 24-12465]  

Evidently, the purpose of filing in Canada and the United States for 13 entities can be both very expensive and time consuming. Google reports, “It is used primarily in cross-border insolvency cases, where a debtor or its assets are located in multiple countries. Added to the U.S. Bankruptcy Code in 2005, it facilitates cooperation between the U.S. and foreign courts in cases where an individual or company has foreign financial interests or operations. Source: Google.

Here are some key points about Chapter 15:

1. Recognition of Foreign Proceedings: Chapter 15 allows a U.S. court to recognize and cooperate with a foreign bankruptcy proceeding, designating it as either the “main” proceeding (if the debtor’s main interests are abroad) or a “non-main” proceeding.
2. Protection of Assets: Once a Chapter 15 case is filed in the U.S., automatic stays can protect the debtor’s U.S. assets from creditor claims, aligning with the protections granted in foreign proceedings.
3. Relief for Foreign Representatives: Foreign representatives—appointed by the foreign bankruptcy court—can file Chapter 15 petitions to access U.S. courts, protect U.S.-based assets, and manage cross-border claims more effectively.
4. Streamlined Restructuring: Chapter 15 aims to simplify and streamline the restructuring process across borders, helping maximize value and reduce complexities in international cases.

Class Action lawsuit

October 11, 2024: investor Shane McCormick launched a shareholder class action, for which the law firm McCarthy Tétrault accepted service for Chesswood Group.  Information about the shareholder class action can be viewed at this link, https://bergermontague.ca/cases/chesswood-group-limited/. 

Andrew Morganti, Attorney, Berger/Montague. told Leasing News:

"Our shareholder class action is against the parent, only, Chesswood. Because our client filed the pleading prior to the CCAA Proceeding, we will be recognized by the Court now and have standing to file a motion to preserve the D&O Insurance and contest, if necessary, any overreaching by Chesswood re: protecting its current and former directors and officers.

“Our first motion will be to have the Court provide us standing then our second motion will be obtain disclosure of the available D&O Insurance and a copy of the Special Committee's Report relating to the necessity for a restatement."

 

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Online Equipment Auction List
Finance Arrangements Available

auctioneerexpress.com	Tractor, Mower, Dump Truck, Mower, Cutter, 13 Tire Roller
www.auctiontime.com	“Free listing of items, which also connects to other site. Powered by MachineryTrader.com, TractorHouse.com, and TruckPaper.com, AuctionTime.com brings together buyers and sellers to move equipment at auction values. Bidders pay no buyers fees whatsoever.,,“Unlike conventional auctions, bidders can discuss specifics about the auction pieces with the actual seller, or go see the actual machine themselves. Auctions come to an end each Wednesday with live bidding open every Monday at 5 pm CST and proxy bidding open 7 days prior to auction end time.”
HeavyEQ.govdeals.com	Heavy Equipment, Truck and Machinery Industry Online Gov't Surplus Auctions - Over 1,000 Government Clients
inplaceauction.com	Caters to lessors, lenders, and bankruptcy trustees, conducting both virtual and live auctions of all types of assets including:  Agricultural, Medical, Industrial, Transportation, Trucks, Construction, Real Estate, etc.  Appraisals - on site and desktop.
ironplanet.com	Cranes, Trailers, Equipment Trucks
motleys.com	Construction Equipment & Trucks
municibid.com	Municibid is an online government auctions website designed specifically for the sale of surplus and forfeited/seized goods directly by the government publicsurplus.com
salvex.com	Salvaged equipment for both re-seller and end user.
tractorhouse.com	Mostly farm equipment
usgovbid.com	Government Online Auctions - Servicing Government Agencies for over a Decade

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Leasing and Finance Industry Help Wanted
Positions with Attractive Income & Benefits

Portfolio Management
By Scott Wheeler, CLFP

Professionals throughout the commercial equipment finance and leasing industry provide extensive value to their organizations. Every position and function are integral components in building a world class organization. During the current industry transition, one of the functions that has, once again, attracted the spotlight is, "Portfolio Management."

Many individuals are unaware of all the responsibilities and benefits that a strong portfolio management team provides to the entire organization. (Many incorrectly assume that portfolio management functions are re-active with their main, or only, responsibility revolving around collections and litigation of non-performing assets.) Portfolio management is a pro-active function which:

• Provides real-time data on all assets (both performing and non-performing).

• Identifies potential asset concentration issues before they become concerns.

• Identifies equipment trends (both positive and negative) and works with originators to solicit and win the "right" opportunities.

• Provides real-time values of all types of assets. A strong portfolio manager has accurate data on the values of all equipment within the company's portfolio and a real-time comparison to net receivables based upon current market conditions.

• Provides industry intelligence through participation in the capital markets (both buying and selling assets).

• Provides credit information based upon multiple matrices (including different industries, geographics, and equipment valuation). A strong portfolio management team helps to mitigate future risk and to capture greater margins before transactions are solicited or funded.
• Provides expertise regarding residual positions and negotiating fair market value leases from a position of strength.

• Provides better re-marketing of assets.

• Provides progressive collection strategies that mitigate losses and encourage realistic recoveries.

• Provides predictive analytics which will increase production, improve asset quality, and ensure long-term sustainability.

Industry participants (of all sizes) are actively positioning themselves for success over the coming years by enhancing their portfolio management teams. They are using technology, professional expertise, stakeholder engagement, and automation intelligence (AI) to improve real-time data and efficiencies throughout their organizations. Strong portfolio management allows decision-making processes, strategies, and initiatives to be grounded with verifiable facts rather than antidotal feelings or outdated information. ("This is the way we have always made decisions".) A strong portfolio management team improves the "right" risk tolerance and eliminates uninformed risk taking. Portfolio (Asset) management is critical to long-term success within world class organizations. Three questions to be asked are:

• Who is in charge of the company's portfolio management?

• What data is being provided to the sales and credit departments to increase production and decrease risk for assets being funded in the short- medium- and long-term?

• What must be true to enhance portfolio data collection and predictive analytics?

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 works with banks, independents, captives, origination companies, and investors in the equipment leasing and finance arena. We provide training, strategic planning, and acquisition services. Scott Wheeler is available to discuss your long-term strategy, to assist your staff to maximize outcomes, and to better position your organization in the market.

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Commercial Finance/Leasing Finance
Conferences and Forums – Updated

Keynote Speaker - Kevin Harrington
As an original star on the hit TV show Shark Tank, the creator of the infomercial, pioneer of the As Seen on TV brand, and co-founding board member of the Entrepreneur’s Organization

Funders Forum was first held in 2019 and the spirit from that flagship event remains as strong as ever. Now Funders Forum + Brokers Expo has evolved into the most unique conference in its field, supporting the very heart of America, our small business community and the funders and brokers that help them thrive.

Nov. 6, 2024, Broker Former & Funder Expo, NYC
Over 700 Registered  -. Don Cosenza will be covering for Leasing News…You Can Still Register

Nov. 11-14: NEFA Conference, Indianapolis, Indiana
Special Registration for members and those who will come one by November 11th, Plus Speakers. And programs
https://web.cvent.com/event/653f9e73-4bf5-4117-80de-c935474e7f72/summary
Vicki Shimkus, CLFP, Balboa Capital, Broker Relationship Manager, will be covering the conference for Leasing News readers.

Nov. 13-15 SFNet's 80th Annual Conference, Houston,
Join us where industry movers, shakers and decision makers meet to accelerate growth - 
Full Info
https://www.sfnet.com/home/events/event-detail/2024/11/13/default-calendar/sfnets-80th-annual-convention

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Top Ten Most Read by Readers
October 15 to October 17

(1) Chesswood Group Limited Files BK -
  It Looks like the End of Chesswood Group
By Christopher Menkin, Editor
https://leasingnews.org/archives/Nov2024/11_01.htm#cw

(2) Day One ELFA Conference Report from Austin, TX
  By Bruce Kropschot, Senior Managing Partner.
The Alta Group
https://leasingnews.org/archives/Oct2024/10_28.htm#bay

(3) ELFA Convention Recap
  By Bruce Kropschot, Senior Managing Partner,
    The Alta Group
https://leasingnews.org/archives/Nov2024/11_01.htm#elfa

(4)  New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Oct2024/10_30.htm#hires

(5) New Jersey Senate Bill S1397
Financial Institution Law Under Consideration
https://leasingnews.org/archives/Oct2024/10_30.htm#nj

(6) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Oct2024/10_28.htm#hires

(7) New Hires/Promotions in the Leasing Business
and Related Industries
https://leasingnews.org/archives/Nov2024/11_01.htm#hires

(8) ELFA Inducts Tony Golobic and Bruce Kropschot
into Equipment Finance Hall of Fame
https://leasingnews.org/archives/Oct2024/10_28.htm#elfa

(9) ELFA Announces New Board of Directors
  James Cress, Vice President & General Manager
at Flex Financial, Stryker, will serve as ELFA Board Chair
https://leasingnews.org/archives/Oct2024/10_30.htm#elfadf

(10) Kapitus Acquires Ten Oaks Commercial Capital
and Launches Equipment Financing Arm
https://leasingnews.org/archives/Oct2024/10_28.htm#kap

News Briefs

UPS hiring thousands of seasonal workers
    ahead holiday shipping season
https://www.ajc.com/news/business/ups-to-hold-seasonal-hiring-blitz-ahead-of-holiday-shipping-season/VEYTHO5ZAFHTLI6ACX3RP6R3E4/

Berkshire Continues Retreat From Stocks Increased
    its cash to a record high in the 3rd Q.
https://www.nytimes.com/2024/11/02/business/berkshire-hathaway-warren-buffett.html

Net Migration Change
    How population movement swings
https://www.mercurynews.com/2024/11/02/californias-outmigration-woes-no-1-gap-no-1-improvement/

TGI Fridays files for bankruptcy protection
    as sit-down restaurant struggles continue
https://www.pressdemocrat.com/article/trending/tgi-fridays-files-for-bankruptcy-protection-as-sit-down-restaurant-struggle/

The US is awash in subterranean lithium
    This startup wants to get it out.
https://www.bostonglobe.com/2024/11/03/business/lithios-medford-startup-lithium

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Hurricanes, strike cast a pall
  over October jobs report
https://www.courthousenews.com/hurricanes-strike-cast-a-pall-over-october-jobs-report/

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Sports Briefs---

Warriors star Steph Curry making progress
toward return from ankle injury
https://www.eastbaytimes.com/2024/11/03/warriors-star-steph-curry-making-progress-toward-return-from-ankle-injury/

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California News Briefs---

Tech titan's historic San Francisco estate is
   for sale at $22 Million
https://www.sfgate.com/realestate/article/tech-titan-historic-san-francisco-estate-sale-19871479.php

S.F.’s top-paid employee made $840K.
   Here’s what every city worker gets paid
https://www.sfchronicle.com/projects/2024/san-francisco-employee-pay/

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Gimme that Wine

 

http://www.youtube.com/watch?v=EJnQoi8DSE8

Napa just got a new wine region.
   Here’s what you need to know
https://www.pressdemocrat.com/article/lifestyle/crystal-springs-napa-ava/

Sonoma County's "Smooth" and "Outstanding" 2024
  Winegrape Harvest, Best Vintage in 50 Years
https://www.winebusiness.com/news/article/294562

Why 2024 vintage could be final straw
for wine growers in France
https://www.just-drinks.com/features/why-2024-vintage-could-be-final-straw-for-wine-growers-in-france/

Napa Valley boutique winery Seven Stones
for $34 million
https://www.pressdemocrat.com/article/industrynews/napa-valley-boutique-winery-seven-stones-sells-for-34-million/?ref=related