Once a year, we turn the tables and focus on the borrowers, those worthy companies that
require working capital to thrive.
This issue’s lead story is an especially poignant one. Wolverine Tubing planned to close its Shawnee,
OK plant and put 500 employees out of work. Wolverine’s Canadian owners wanted to move in
a different direction — not uncommon in the business world — but, in this case, the company’s
general manager, Greg Gallman, one of the town’s boosters, took on the mission of buying the
company and keeping those jobs in Shawnee. It was a valiant effort, which ultimately succeeded
thanks to a timely loan from MB Business Capital, investments from 18 local citizens and the participation of five Shawnee banks. The company has been renamed Shawnee Tubing Solutions in honor
of the town that supported its rebirth. It is a tale worthy of becoming a Netflix original movie.
Regular contributor Hugh Larratt-Smith brings us his usual global perspective with a story about
alternative lenders. As bank regulation continues to limit what conventional lenders can provide,
Larratt-Smith shows how banks and alternative lenders are working together to craft transactions.
Buying and upgrading digital technology is an expense neither borrowers nor lenders can avoid.
Monroe Capital’s Mark Solovy presents three alternatives for business seeking to rollout or upgrade
technology: buy, build or sell the business to a company that already has it. He examines the pros
and cons of each method — there is no one-fits-all solution.
Robert Radway worked for some of the top finance firms in the business — Heller, GE and Merrill
Lynch — before founding NXT Capital. In an executive profile, he discusses how working in a
smaller environment offers more control over the outcome.
In our regular departments, Turnaround Corner takes a new turn as Robert Miller of Rosenthal
& Rosenthal explains how a lender took an unusual path to help a company return to solvency. In
Legal Lines, technology rears its head again as Paul Shur of Wilentz, Goldman and Spitzer examines the legal standing of electronic documents and electronic signatures. In Specialty Lending,
Tracy Sheppard, a loan officer at Live Oak Bank who specializes in craft beer brewers and whiskey
distiller lending, illustrates how his knowledge of the industry enabled Council Brewing owners to
move from hobbyists to professional craft brewers.
While you are hopefully basking in the final days of summer, we are preparing for our end-of-the-year ABL Outlook issue. Our final issue of 2017 will feature ABL industry experts looking back at
2017 and predicting what lies ahead for lenders in 2018. Where has the year gone?
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