Interview with Retiring CFA Chairman Michael A. Haddad
Over 100 senior industry executives including CFA directors, past chairs of the board, Education Foundation contributors, chapter officers and CFA staff will gather next week during CFA's Annual Convention to honor the retiring Chairman of the Board Michael Haddad at the Association's annual Board of Directors Reception on November 11.
Michael Haddad serves as a Managing Director of NewStar Financial and Head of NewStar Business Credit, the company's asset-based lending division. He also serves as a member of the firm's management committee. Mr. Haddad joined the company from CORE Business Credit, which he founded in August 2007, and served as its Chief Executive Officer. Previously, Mr. Haddad had co-founded Marquette Business Credit in early 2004 where he served as Executive Vice President. At Marquette he built a variety of product capabilities and total committed credit facilities exceeded $200 million in the first 16 months of operations. Prior to Marquette, Mr. Haddad was President and Chief Executive Officer of Guaranty Business Credit Corporation and its predecessor company Fidelity Funding Financial Group.
Mr. Haddad received his B.A. in Political Science and Accounting, and his M.B.A. from St. John's University in Accounting.
Please click here to view an interview with Michael Haddad.
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Medallion Financial Appoints Marc Adelson as President of Its Asset Based Lending Division, Medallion Business Credit
Heritage Bank of Commerce Completes Acquisition of Bay View Funding
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MEG Energy Announces Agreement to Expand and Extend Credit Facility From $2 Billion to $2.5 Billion; BMO Capital Markets and Barclays Bank PLC Acted as Joint Lead Arrangers and Joint Bookrunners for the Transaction
WSJ Commentary: The Examiners: Successful Restructurings Require Strong Leaders
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Blackstone's GSO Capital Backs NewStar Financial With Strategic Investment From Franklin Square
GE Capital Provides $8.8 Million Senior Credit Facility to Truck Parts Maker DBG Metal Manufacturing
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Crestmark secured a total of $10,669,000 in financial solutions for six new clients in the second half of October.
- On October 17, a $3,919,000 asset-based line of credit and equipment term loan was provided to a Michigan automotive parts manufacturer for working capital purposes.
- A $2,500,000 accounts receivable purchase facility was provided on October 17 to a New York manufacturer of LCD and LED touchscreens.
- On October 22, a $750,000 traditional factoring facility was provided to a designer and manufacturer of women's footwear in California for working capital purposes.
- A $1,500,000 asset-based line of credit was provided on October 24 to a Michigan energy solutions company for working capital purposes.
- On October 28, a $1,000,000 accounts receivable purchase facility was provided to a manufacturer of precision components in Michigan for acquisition purposes.
- A $1,000,000 asset-based line of credit was provided on October 31 to a sand and cement hauler in Texas to pay off a previous lender and for working capital purposes.
The PrivateBank announced it has extended $7.9 million in credit facilities to Cozzi O'Brien Recycling, a full service scrap metal recycling company, based in Bellwood, IL.
Salus Capital Partners, LLC announced it has provided an $82 million senior secured credit facility to Comark Inc. The financing will be used to refinance Comark's existing lenders and to provide the company with working and growth capital.
Founded in 1976 and acquired by KarpReilly LLC in 2005, Comark is a prominent Canadian specialty retailer focused primarily on women's apparel and accessories. Comark operates 344 stores across Canada through three divisions: Bootlegger, Ricki's and cleo. Each banner caters to a specific demographic, providing the Company with a diverse customer base and leading brand recognition.
"Salus' depth of retail financing experience was key in our ability to quickly structure a facility tailored to our current and future business needs," said Bill King, chief financial officer of Comark.
"The closing of this comprehensive financing package signifies the continued expansion of Salus Capital's Canadian platform and further demonstrates our alignment with a consumer-focused private equity sponsor," said Marc S. Price, executive vice president, loan originations and corporate strategy at Salus Capital. "This credit facility will allow Comark to leverage its nearly 40-year history and extensive geographic market penetration across Canada to ensure it is well-positioned for continued success."
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Access Capital announced the promotions of five team members; John Belling, Laura Devine, Maureen McGann and Donna Reichert have each been promoted to senior vice president and Nadja Pietro Bitencourt has been promoted to assistant controller.
Miles Stuchin, founder and CEO of Access Capital, said, "The announcement of these promotions is well deserved recognition of the meaningful contributions that each of these individuals regularly makes to Access Capital. Their commitment, dedication to excellence and delivery of consistently superior service are, individually and collectively, an integral part of how we perform at the level we do. We congratulate these people, thank them for the great work that enabled them to achieve these promotions, and look forward to their -and our- continued success in the future."
Donna Reichert, senior vice president - operations; treasurer
Donna is a co-founder of Access Capital and has worked with founder Miles Stuchin for more than 35 years. They first met working together at a law firm and have worked together ever since. Donna's responsibilities at Access Capital include all corporate treasury functions and the supervision of human resources, and facilities.
Laura Devine, senior vice president - collateral management
Laura is responsible for Access Capital's Collateral Management Department. She has worked in the commercial finance industry for more than 40 years, 28 of them with Access Capital. She was previously with Bank Leumi and prior to that with Lazere Financial Corp., a subsidiary of Connecticut Bank and Trust Company and initially with the asset based subsidiary of Hartford National Bank.
Maureen McGann, senior vice president - client services
Maureen has been with Access Capital since 1987 in charge of the Company's Client Services Group. Prior to joining Access Capital, she worked for The Metropolitan Museum of Art for 10 years in the Human Resources department, rising to the position of Assistant Manager. She holds an undergraduate degree from Boston College and an MBA from Adelphi University.
John Belling, senior vice president - account management
John is the Team Leader of the Account Management Department. He previously worked for CIT Group, then Fremont Financial and subsequently as an independent collateral field examiner. He joined Access Capital 11 years ago, as Account Manager, and was subsequently promoted to Team Leader and now to his current position. He holds a degree in Accounting from Hofstra University.
Nadja Pietro Bitencourt, assistant controller
Nadja joined Access Capital as a Senior Accountant four years ago. She previously worked as an auditor at Price Waterhouse Coopers and graduated from Queens College. Nadja was born in Brazil and has lived in the United States for the past 14 years.
Credit Value Partners, LP, based in Greenwich, CT, has announced that Michael Keller, a seasoned investment professional with significant experience in middle market loan origination, underwriting and portfolio management, recently joined the firm as a partner to focus on specialized loan origination and other direct lending opportunities. These will include asset based, cash flow and structured transactions. The addition of Keller coincides with CVP's recent first round capital raise for middle market lending opportunities. CVP is seeking to make loans of $5 million to $25 million to US middle market companies. Keller joins CVP as a partner and portfolio manager for direct lending and origination. Prior to joining CVP, Keller was the President of Shannon Capital Management and held senior positions at CapitalSource, Inc. and Finova Group. "We are very excited to have Mike join us as Partner of CVP" said Don Pollard, managing partner. "We've known and worked with Mike for many years. His deep experience and market presence will be essential to our strategy of building out a Middle Market lending platform at a very opportune time."
Santander Bank, N.A. announced that Albert Spada has been named managing director and head of asset-based lending (ABL). The ABL business at Santander provides commercial banking services to a range of customers across industries and has the capability to support diverse and global capital requirements.
Santander's ABL business is a full service provider with a highly diversified portfolio and particular expertise in seafood, wholesale trade and financial services. ABL is a key growth business for Santander's corporate banking division.
"Al comes to Santander with a tremendous amount of experience in helping clients meet their capital goals," said Michael A. Lee, managing director, commercial banking and real estate at Santander. "We're very happy he'll be applying that knowledge to our ABL division, which serves businesses across so many industries and countries."
Prior to joining Santander, Spada was with RBS Citizens Business Capital, working as a senior vice president and a national sales leader. Spada also held many executive-level positions at CIT Commercial, GE Commercial Finance, The Bank of New York, and Goldman Sachs.
"We are pleased to bring Al on board to spearhead ABL," said Juan Davila, head of specialty banking at Santander. "His industry experience will be a great asset as we continue to grow this important business that provides capital, industry expertise and excellent service to our customers in a multitude of industries."
Spada graduated from Boston College with a B.S. in finance. He holds an M.B.A. from the New York University Stern School of Business.
Spada is a native of Kingston, NY and a resident of Westport, CT.
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Eastern Bank honored Katherine Quigley with the bank's 2014 Community Advocacy Award, which recognizes people who have given their time and talent to address a vital need in their community.
Quigley, executive director of the South Shore YMCA's Germantown Neighborhood Center, was recognized for her commitment to helping children and families in need, in particular, the programs that she's launched to improve education for children of all ages.
"For many years, Kathy has been an incredible asset to the community because she deeply cares about the wellbeing of her neighbors," said Robert F. Rivers, president and chief operating officer of Eastern Bank. "From helping women transition into the workforce to providing meals for those less fortunate during the holidays, Kathy has spearheaded programs that have made a tangible impact on the South Shore.
"It's for those reasons - and many more - that it's an honor to present Kathy Quigley with our 2014 Community Advocacy Award," added Rivers.
One of the biggest accomplishments that Quigley and her team have recently achieved is the introduction of a new Family Life Long Learning Center. The center includes a GED program and "Career Connections," a program this is focused on helping those with educational or job training skill needs. Currently, the center is focused on helping teens transition to college or the workforce.
"Every year I look back and reflect on all the amazing work and outpouring of pure kindness caring respect from all the staff, board members and volunteers that contribute to giving hope and encouragement to the thousands of families that enter our doors," said Quigley.
"We constantly hear testimonials from teens and families that have shared their stories with us over the years and I know I can speak for everyone when I say it is truly an honor to work with all these wonderful children and their families. Their courage, generosity and spirit is remarkable," she added.
Quigley's team has also consistently provided children with a safe place to play and learn at the Y's camps. Since 2007, camp attendance has grown by 43 percent. More than 250 kids attend the camp programs, and the camp staff is largely populated by young adults who came through the Y's programs as children.
The 2014 Community Advocacy Award is decided by a select group of Eastern Bank executives.
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Click here to view TSL's Deal Table, the industry's official list of ABL & factoring deals compiled by the Commercial Finance Association.
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The Five Most Common Misconceptions About Credit Insurance
By Marc D. Wagman
Why has it taken more than one century for credit insurance to become more widely used by American chief financial officers and credit professionals?
It's primarily due to the fact that there are a number of typical misconceptions about this type of credit risk mitigation strategy.
The practice of insuring commercial accounts receivables against default has existed in the United States for more than 120 years. In fact, like many technological and financial innovations implemented by companies globally, credit insurance was invented in the United States. Yet as a risk mitigation strategy undertaken in the normal course of business, its usage by American companies pales in comparison to corporations in Western Europe. Easily 1/3 of European corporations of all sizes have credit insurance. In the United States, it's fewer than 1 in 10, but has grown from 1 in 50 companies since the early 1990s.
Why is that?
In order to understand the phenomenon behind this trend, we need to debunk the most common prevailing myths concerning the concept of credit insurance. Regardless of where they reside, those executives who aren't aware of recent market developments often say, "I'm ruling out credit insurance because...."
I. "...we must insure our entire portfolio of customers"
From the early 1890s until the mid-1990s, the U.S. marketplace had at most five or six insurance underwriters. In the last 20 years, that number has swelled to at least 13 insurers, excluding the United States Export Import Bank. During the U.S. market's first century as an oligopoly, companies were usually obliged to cover their entire customer base in order to obtain coverage. However, in recent years, underwriting guidelines in this respect have become much more flexible, particularly with the entry of several new underwriters. With a far more competitive marketplace, underwriting standards have now evolved to the point where companies can elect to insure only specific customers or even just one customer. Insureds can now request coverage on their customers based upon a much wider range of selection criteria such as those buyers within a certain subsidiary, division, size range, distribution channel and yes, even credit quality.
Read on...
Author:
Author: Marc D. Wagman is the Managing Partner of Aequus Trade Credit, an expert specialty broker of credit protection products ranging from traditional credit insurance to political risk insurance and credit derivatives. With more than 20 years of experience in credit risk mitigation, the capital markets and commercial finance, Marc is a nationally recognized leader in his field. Prior to joining Aequus in 2003, Mr. Wagman was Vice President-Sales for Euler Hermes ACI in New York where he concentrated primarily on export-oriented companies. In the early 1990s, he sourced trade claims and sold receivable puts for Avenue Capital, a New York City based hedge fund.
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Company: 3W Inc.
Title: Senior Field Examiner
Locations: Dallas, TX and Houston, TX
Company: National Bank of Canada
Title: Market Risk Manager (VP Level)
Location: New York, NY
Company: Jefferies & Company, Inc.
Title: Jefferies Finance Asset Management Senior Analyst
Location: New York, NY
Company: Jefferies LLC
Title:
2. Jefferies Finance Asset Management Analyst
Location: New York, NY
Company: JP Morgan Chase
Title:
Commercial Bank - ABL Sr. Field Exam Associate
Location: Irvine, CA
Company: Comerica Bank
Title: Vice President Asset Based Lending Regional Field Exam Manager
Locations: San Jose, CA and Costa Mesa, CA
Company PNC
Title: Field Examiner II
Locations: Multiple locations through the U.S.
Company Business Capital Title: Business Development Officer, Regional VP
Locations: San Francisco; LA/Orange County; NYC Metro, NY, NJ or CT; New England, MA or NH; Midwest, Chicago
Company Eaglewood Capital Management LLC
Position Title: Investor Relations Manager
Location: New York, NY
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Events Calendar
Upcoming CFA Professional Development Programs and Chapter Events. Please click here to view our entire calendar of events. Conferences/Workshops
November 12-14, 2014 Marriott Wardman Park Hotel Washington, D.C.
November 20, 2014 11:30 a.m. - 1:15 p.m. Lauderdale Yacht Club
December 2 - 4, 2014 Buchalter Nemer, P.C. Los Angeles, CA Start time: 8:30 AM
December 2-4, 2014 Los Angeles, CA
January 15, 2015 - February 15, 2015
February 10-11, 2015 Mandarin Oriental Hotel Las Vegas, NV
March 2- 4, 2015
Fontainebleau Miami Beach
March 10-12, 2015 Location TBA
Dallas, TX
March 10 - 12, 2015 Location TBA Dallas, TX
April 7 - 9, 2015 Location TBD
April 27- 29. 2015 Bank of America Merrill Lynch UK
Harry Buffalo Orlando, FL November 19, 2014 The Line Hotel Los Angeles, CA 6:00-8:30 p.m.
18 Seaboard Raleigh, NC 11:30 a.m. - 1:30 p.m. November 20, 2014 Lauderdale Yacht Club Ft. Lauderdale, FL
December 10, 2014 Palm Restaurant Charlotte, NC
December 11, 2014 Loews Hotel Philadelphia 5;30 p.m. - 8:30 p.m.
December 17, 2014 Town and Country Golf Club St. Paul. MN
Hilton Newark Penn Station
Newark, NJ Start time: 6:00 p.m.
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The views expressed in TSL Express' featured article are solely the views of the author and do not represent the views or position of the Commercial Finance Association.
Commercial Finance Association ADVERTISING INFO.
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