January/February 2020
More from this Issue
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Watching and Waiting
As the U.S. economy continues its upward trajectory, confounding repeated predictions of an imminent down cycle, turnaround professionals in general, and distressed investors in particular, continue to watch for signs of the next distressed cycle. For this issue of the Journal of Corporate Renewal, three members of TMA’s Editorial Advisory Board—Reed Gillis of LS Capital, […] -
Committing to the Journey
Those who have been involved with TMA for many years sometimes ask themselves, “I am still getting value out of my membership?” For newer members, the struggle may be, “What should I expect from the organization, and when will I see a return on my investment?” The answer to both questions is exactly the same. […] -
Membership Has Never Meant More
It is with great excitement, and candidly some trepidation, that I assume the position of TMA Global President for 2020. A long line of fantastic people have held this position, and I want to thank each of them for the work they put in to give us all a TMA that is healthier, more vibrant, […] -
Waiting for the Cycle: The Distressed Middle Market in 2019 and Beyond
Like Vladimir and Estragon in Samuel Beckett’s famous play “Waiting for Godot,” distressed investors have spent a substantial amount of time awaiting the arrival of their own mysterious figure: the next distressed cycle. Over the past decade, this elusive Godot has failed to materialize, despite divergent theories predicting the onset of the next “cycle,” “credit […] -
Assessing Distressed Acquisition Opportunities
When the topic of the next recession comes up in conversation, almost everyone in the turnaround industry has either uttered or heard some variation of the phrase, “We are almost there.” The authors—attorneys whose practices generally ebb and flow contrary to the business cycle—have found themselves for several years now wistfully joining in the chorus. […] -
When a Lender Becomes an Accidental Distressed Investor
“Neither a borrower nor a lender be; For loan oft loses both itself and friend” – Hamlet, Act I, Scene III. If Shakespeare were a distressed investor in today’s environment, he might change his view. A low inflation and low interest rate economy in the U.S. has fueled the emergence of turnaround and rescue investing […] -
‘TPLs’ May Signal a Fundamental Shift in Middle Market Loan Workouts
Think of me what you willI’ve got a little space to fillTom Petty,“You Don’t Know How It Feels” The middle market for commercial loans is constantly evolving, but it appears that there is a significant trend that will lead to a fundamental shift in the way nonperforming loans are managed, traded, and worked out. The […] -
Six Keys to Successful Distressed Investing
The most talked about topic among distressed investors is ongoing economic expansion. The discussion of when the next recession will begin is a hot topic to any TMA member, none more so than the distressed investing community. According to the National Bureau of Economic Research, the average expansion cycle is nearly 39 months, while the […] -
A Change of Plans: Walter Ulrich
CEO, Medical Bridges | TMA Member: Three Years Q: How did you gravitate into turnaround/restructuring work? I see you had majored in computer science and math in school. ULRICH: I did. In fact, I developed the first commercially successful electronic mail service for a company called Tymshare in Cupertino, California, back before Silicon Valley was called […] -
TMA Talks
Welcome to TMA Talks, a regular series of podcasts where each segment features prominent TMA members, industry experts, and other special guests. These exchanges, edited transcripts of which are printed in the JCR, offer insights into key markets, forward-thinking economic outlooks, insider thoughts on industry trends, and much more. TMA Talks podcasts are available on the TMA podcast channel. Subscribe to our […] -
Chapter Spotlight: Giving Back by ‘Speed Mentoring’ Budding Entrepreneurs
The view of the twinkling lights of Manhattan at dusk from a 35th floor conference center on Park Avenue is awe-inspiring. I still remember the first time I experienced similar views from the top of Manhattan. As a young man just out of college, it gave me a sense that I was on my way. […] -
Milestones
William Bogatay has joined MidFirst Business Credit as a senior vice president, business development officer. Based out of Dallas, he assists with originating senior secured debt facilities for companies throughout the Southwest, including, Texas, Oklahoma, Louisiana, Arkansas, and Kansas. With more than 25 years of experience, Bogatay most recently worked at Sterling National Bank, sourcing […] -
Newcomers: January/February 2020
Arizona Bryan N. Alsobrooks, Phoenix Capital Group LLC Dustin Beeker, Moss Adams LLP Joseph McCallum, Steel Canyon Capital Connor O’Gorman, Resolute Commercial Services Corinne Vinersar, Resolute Commercial Services Atlanta Carol Bader Apicella, Bibby Financial Services Inc. Darrell T. Hanna, Titan Asset Management Kenneth Hurt, Titan Asset Management Gary W. Marsh, Dentons US LLP Gina Ogburn, Ares Commercial Finance Joel Rogers, Alvarez […]
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