fishermen. Chapter 12 business filings
increased 33% to 723 bankruptcies during
the 12-month period ending Dec. 31, 2010
from the 544 filings recorded in 2009. The
2010 chapter 12 business bankruptcies
represent the highest total since the 834 filings registered during the 12-month period
ending Dec. 31, 1999.
The 370,080 total bankruptcies recorded
during the fourth calendar quarter of
2010 (Oct.1-Dec. 31, 2010) represent a 1%
decrease from the 372,203 filings during
the same period in 2009. The fourth quarter
2010 filing total also represents a 10% decrease over the third quarter (July 1 – Sept.
30, 2010) total of 412,380.
The 357,050 consumer filings in the
fourth quarter of 2010 represent a 0.4%
decrease in comparison to the 357,183
consumer filings for the same quarter of
2009. Mirroring the overall filing total, the
consumer filings in the fourth calendar
quarter represented a 10% decrease from
the third quarter 2010 total of 398,423
Business filings, which totaled 13,030
for the fourth calendar quarter of 2010,
represented a 13 percent decrease from
the 15,020 filed in the same three-month
period in 2009 (Oct. 1-Dec. 31). Business
filings in the fourth quarter of 2010 decreased 7% from the 13,957 business filings
reported during the third quarter of 2010
(July 1- Sept. 30).
The chapter* breakdown of business filings for the 3-month period ending Dec. 31,
2010, is 9,142 chapter 7s, 2,682 chapter 11s,
164 chapter 12s and 989 chapter 13s.
The chapter breakdown of non-business
filings for the 3-month period ending Dec.
31, 2010, is 248,526 chapter 7s, 466 chapter
11s and 108,057 chapter 13s.
arm Bank of America.
McLane will be based in New York and
report to Laura Whitley, middle market
banking executive in global commercial
banking at Bank of America Merrill Lynch.
McLane was most recently the head
of asset-based capital markets at Bank
of America Merrill Lynch, where he has
worked for 16 years. He has experience
leading transactions that include Sears,
Neiman Marcus and Foot Locker, companies that refinanced or completed a new
deal over the past two years.
“Jeff brings strong knowledge and
deep passion for the asset-based lending
business to this role,” Whitley said in a
statement. “Asset-based lending remains
a powerful tool for businesses, offering a
unique flexibility in structure that is valu-
able in any economic cycle.”
McLane will oversee nearly 400 peo-
ple spread across the U.S., Canada, Asia
and Europe who originate asset-based
loans, underwrite them and manage
He holds his Series 7, 24, and 63 and received his bachelor’s degree from Babson
College in Massachusetts.
Jeff McLane Named President of
Bank of America Business Capital
Bank of America Merrill Lynch has named
Jeff McLane president of Bank of America
Business Capital, the asset-based lending
Marc Adelson Joins Capital Business
Credit as President and CEO
Capital Business Credit LLC (CBC) recently
announced the appointment of Marc Adelson as president and chief executive officer. Andrew Tananbaum, the company’s
current president and CEO, will assume the
role of executive chairman.
As the new executive team at CBC, Adelson and Tananbaum will work together to
expand CBC’s offerings to create a global
integrated financial products and services
company, focused on middle-market
businesses. CBC will offer such companies
the ability to secure asset-based financing which they may not be able to obtain
through traditional financing sources or
Adelson, age 50, brings to CBC more
than 30 years of corporate finance experi-
ence, with an emphasis on secured lend-
ing. He has developed a number of asset-
based lending businesses for CIT Business
Capital from 2000 to 2009, including serving
as co-president, growing assets to more
than $7 billion. During his tenure at CIT,
Adelson spent two years in London build-
ing the Company’s European corporate