"How the Board’s Brief Changes in Turnaround Mode"

(TMA International Headquarters)

Article says a board’s ability to influence long-term strategy and hire and fire executives is paramount in a company turnaround; article mentions TMA.

“A board has different obligations when the company is in the ‘zone of insolvency.’ [Delaware courts have established that] directors have a chief obligation not the shareholders, but to the organization.”

James B. Shein, Ph.D., Northwestern University Kellogg School of Management (Chicago/Midwest Chapter)

“If a board feels it can’t do anything, the directors should resign.”

Harlan Platt Ph.D., Northeastern University (Northeast Chapter)

“[In a distressed company] directors should be presented with any decision that is going to modify the corporate footprint.”

John T. Young, CTP, Conway MacKenzie Inc. (Houston Chapter)