Dodging the Subprime bullet

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Description: Despite the multibillion dollar write-offs by major banks and investment banking firms resulting from the subprime mortgage debacle, the asset-based lending industry is still prospering, with business strong and defaults low. At the 63rd Annual Convention of the Commercial Finance Association, in Phoenix, AZ, the atmosphere was upbeat and there seemed to be little connection between the turbulence in the major credit markets and the ABL and factoring businesses. The panel sessions ranged from business ethics to fraud prevention and from the art of lending against inventory to the global liquidity problem. The last leg in this financial structure was represented by Neil Marks, managing partner of Praesidian Capital, which would help finance the acquisition. It was agreed that there must be a clear and fair intercreditor agreement and that for the plan to work for everybody, the client had to make money.
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