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Why Did the PrimeRevenue Protection Not Work? On the May 15 Amended Complaint and the Buyer-Confirmation Question

For credit investors, LPs, arrangers, and counsel evaluating receivables and supply-chain finance exposure or claims. On May 15, the Amended Complaint in Western Alliance Trust Company, N.A. et al. v. Jefferies Financial Group Inc. et al. (NY Sup. Ct. Index 651389/2026, NYSCEF Doc 5) was filed. Seventy-one pages, twelve counts. One paragraph deserves close attention from anyone working in receivables… Read More »Why Did the PrimeRevenue Protection Not Work? On the May 15 Amended Complaint and the Buyer-Confirmation Question

When Courts Rewrite Factoring

What the First Brands Litigation Reveals About Industry Practice, Accounting Standards, and Investor Risk Igor Zaks, CFA  |  President, Tenzor Ltd.  The collapse of First Brands Group and the investor litigation that has followed is doing something beyond resolving individual disputes. It is generating a body of legal interpretation that may reshape how factoring and receivables finance structures are understood… Read More »When Courts Rewrite Factoring

Operational Restructuring and Turnaround: Why Supply Chains Matter More Than Most Lenders Think

Igor Zaks, CFA, President of Tenzor Ltd. recently updated a presentation on operational restructuring and turnaround that brings together several themes I have worked on over the years: working-capital diagnostics, supply-chain dependencies, business model redesign, and the growing role of asset-based and structured financing in distressed situations. The core argument is simple: in many restructurings, liquidity is necessary, but understanding… Read More »Operational Restructuring and Turnaround: Why Supply Chains Matter More Than Most Lenders Think

The Turnaround Take Webcast with Igor Zaks

Igor Zaks sat with Joseph Sarachek for a webcast “The Turnaround Take”. We discussed some recent cases like  Carriox / HPS and First Brands, the role and approaches to due diligence and structuring, and opportunities in the space for distressed investors. We also had a detailed discussion about the Software industry, the impact of AI, and the resulting valuation and… Read More »The Turnaround Take Webcast with Igor Zaks

Igor Zaks Quoted in Wall Street Journal on Invoice Fraud

We are pleased to share that Igor Zaks, CFA, President of Tenzor Ltd., was recently quoted by The Wall Street Journal in its in-depth investigation into one of the most striking private credit fraud cases in recent memory: “How Fake Invoices Duped BlackRock Unit Into a $400 Million Loan.” The article details how HPS Investment Partners, acquired by BlackRock in… Read More »Igor Zaks Quoted in Wall Street Journal on Invoice Fraud

The Year of the Cockroach: Financial Scandals and Industry Impacts

Igor Zaks , CFA, President of Tenzor Ltd, was quoted by 9fin, a debt market intelligence publication. The article “The Year of the Cockroach” examines recent financial scandals, such as First Brands, Tricolor, Stenn and others and their implications for the industry. Specific quotes from Igor: “In my view invoice financing is very good market, with attractive yields if it’s… Read More »The Year of the Cockroach: Financial Scandals and Industry Impacts

Igor Zaks quoted by Bloomberg about First Brands

Igor Zaks , CFA, President of Tenzor Ltd was quoted by Bloomberg’s CFO Briefing about Factoring and Supply Chain Finance implications of First Brands Bankruptcy:“”I don’t see anything fundamentally wrong with the product, if it is used and disclosed correctly,” said Igor Zaks, president of Tenzor, a firm that advises clients on working capital issues. “What I see is people… Read More »Igor Zaks quoted by Bloomberg about First Brands

How embedded finance is reshaping supply chains amid tariff pressures

Igor Zaks , CFA, President of Tenzor Ltd, published an article How embedded finance is reshaping supply chains amid tariff pressures in TRF News by BCR Publishing. How embedded finance is reshaping supply chains amid tariff pressures Introduction: Tariffs, Trade Disruption, and the Rise of Embedded FinanceTariffs are redefining the global trade landscape — increasing costs, disrupting supplier networks, and… Read More »How embedded finance is reshaping supply chains amid tariff pressures