Buchalter is pleased to welcome back Anthony Callobre as a Commercial Finance Partner in its Los Angeles office. Callobre’s clients include credit providers, such as commercial banks, commercial finance companies, private debt, private equity groups, and other investors and lenders, as well as credit takers, both financial and strategic.

When a borrower layers factoring, supply chain finance, securitization, and ABL into a single capital stack, the risks multiply fast. Considered in light of the First Brands bankruptcy, David W. Morse unpacks how receivables purchase facilities can collide with asset-based lending—and what lenders should be doing in their documents and monitoring to better catch the next double-pledge disaster.