Hints and tips:
...We’ve talked about TRAs before, most notably in the buyout of Sculptor Asset Management last year....
...On Monday, PacWest Bancorp announced it had sold a $2.3bn portfolio of loans to Ares Management for around 90 cents on the dollar in cash, part-financed by Barclays....
...Rithm will also separately assume $173mn that Sculptor will be obliged to pay Och and other fund founders over several years under what is known as a tax receivable agreement....
...Regulators are also scrutinising the insurance that the lender has said is in place for its receivables....
...So the reference to receivables is important for two reasons....
...Unlike in most up-C structures, there are no so-called tax receivable agreements that can lead to significant profits for partnership holders....
...Innovative start-ups like Kenya’s African Management Initiative and Nigeria’s PrepClass are leveraging mobile technology to supplement traditional “bricks and mortar” schooling and increase access to training...
...Its investor list included the Bill & Melinda Gates Foundation and the International Finance Corporation, an arm of the World Bank....
...Li Hejun, the entrepreneur and founder of solar energy group Hanergy who was briefly China’s richest man, has been disqualified from the management of any corporation in Hong Kong for eight years....
...BT Italia’s management had been taking loans to settle creditor bills, he said, through the use of “factoring”, or accounts receivable financing, methods....
...The amount of off balance sheet loans, loans that are booked as receivables and short-term lending to non-bank financial institutions far outweighs their capital buffers.”...
...The general government sector has only sold about €7bn in equity in nonfinancial corporations since the start of 2008....
...This is the result of a decision taken by the management and caused us to qualify our audit opinion on financial statements since 2012-13....
...In addition, funds receivable are generated primarily with financial institutions or credit card companies which management believes are of high credit quality....
...On the cash flow statement, the company reports paying £1m in net finance expense, and £23m in corporation tax. Quindell then spent £43m on investments, but received £5m in financing....
...Taxes will again be minimised by paying out 85 per cent of income each year in dividends to avoid any corporation tax liability....
...In July 2013 she moved her team to Jones Day, where she has continued in the field of consumer credit receivables securitisations....
...The lender is also working with clients who are building regional treasury centres for cash management....
...But with much latitude and few Maginot Lines within the accounting rules, and plenty of examples to mimic from past scandals, CFOs are able to inflate income, grow receivables faster than sales, and “keep...
...Let me put it this way: if you are a German machinery exporter, your bank just cut the cost of your receivables financing....
...Receivables management is being stressed, and the likelihood of internal and external fraud rises....
...In other words, had the Dreyfus Corporation not absorbed certain expenses generated by the management of these funds, the yields would have been negative....
...Corporation tax is a major deterrent to loans to SMEs. Interest which varies with profits is not allowable for corporation tax....
...This wouldn’t leave the FDIC empty-handed, but clearly the corporation would rather have more options to maximise its recovery rather than fewer....
...As loans almost doubled, past due accounts soared from only 22 per cent of receivables in 2003 to 68 per cent in 2005 and 80 per cent in 2006....
International Edition