Breaking news — the world is no longer flat!
Looking back at our past few ABL roundtables, the participating executives contended that the ABL
world was flat and they didn’t see much change on the horizon. Despite a 2017 roller coaster filled
with political turmoil and devastating natural disasters, ABF Journal contributor Lisa Miller reveals
a more upbeat attitude among our five ABL leaders. They all confess 2017 was a surprisingly good
year in ABL, and they are looking forward to 2018 bringing more of the same.
Hugh Larratt-Smith, another of our favorite writers, examines the changing ABL landscape. He
takes us back to the days when ABL lenders financed the Eastman Kodak empire of print film and
photo development and brings us forward to today’s use of software as collateral and technological
management of inventory.
There are more changes afoot as Charlie Perer writes in an article about new partnerships in the
middle market between first and second lien lenders. Perer contends there is too much capital with
no place to go, and non-bank lenders can pair up to provide their clients a more suitable structure.
Why are ABL loans so expensive? Jeff Sweeney of US Capital Partners compares the cost of issuing
ABL facilities versus C&I loans and suggests ways ABL lenders can deliver a more economical
Small borrowers can struggle to find financing in today’s highly regulated environment. But Dallas-based TradeCap Partners is riding to the rescue with options for businesses that require $50,000 or
so for working capital. I spoke with Bryan Ballowe and Clinton Stanton, who worked together at King
Trade Partners before starting their new venture.
In our regular departments, Stephen Selbst explores ways that malls are reinventing themselves,
with mixed success, in Legal Lines. In Turnaround Corner, Gordon Andrews illustrates ways that
branding can help a company retain its image during restructuring. In Specialty Lending, Leonard
D. Vines and Beata Krakus target red flags that should alert lenders to danger ahead when they are
considering lending to franchisors.
In the last issue of ABF Journal, our Final Cut cartoon featured Signature Bank in New York but
inadvertently used the logo of Signature Bank of Chicago in the illustration. We regret the error.
We’ll be back in January with our Bankruptcy Issue. Although it seems a bit early on this balmy
70-degree October day, we all wish our readers a happy holiday season. See you in the New Year.
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