July/August 2017
More from this Issue
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Newcomers: July/August 2017
Atlanta William Anderson, BBA Finance Michael C. Bagley, Action Capital Corporation Bowen K. Flowers, Phoenix Management Services LLC Jeff Gladstein, Turnaround Atlanta LLC Robert W. Kirsch, Stroudwater Associates California – Northern Tim King, Hitachi Ltd. Paul A. Mann, EY California – Southern Jan Hanssen, Sterling National Bank Chicago/Midwest Rob Cerato, The Keystone Group Carl Drotleff Sarah Fowler, Ice […] -
Milestones
Marc J. Carmel has joined Longford Capital, a litigation finance firm, as a director in Chicago. Carmel practiced law for 17 years, most recently with Paul Hastings LLC, representing clients in restructurings and bankruptcies involving companies throughout the U.S. Now, Carmel focuses on deploying capital from Longford’s recently closed fund for commercial litigation claims, including […] -
Karl Norton: Lending a Hand
Karl R. Norton is a vice president with more than 15 years of banking experience with Comerica Bank in Grand Rapids, Michigan. He has served Comerica’s Special Assets Group in West Michigan for nearly 14 years, handling workout deals from the Middle Market, Small Business, and Private Banking departments originated in the bank’s Outstate region. […] -
Breaking Up With a Portfolio Company without Breaking the Bank
Portfolio companies sometimes fail. This obviously isn’t breaking news, as master funds routinely divest themselves of investments. Sometimes the investment never worked out, or the portfolio may have simply run the course of its natural shelf life. Whatever the impetus may be, it’s important to understand that there are many ways effectively to wind down […] -
Best Practices for Directors of Privately Held, Financially Distressed Companies
Private equity firms routinely appoint directors to boards of their privately held portfolio companies and other investment vehicles, some of which will eventually face financial distress. Often, a person appointed to a board by a private equity firm has a relationship with the firm (e.g., they work there or are a trusted friend) but limited […] -
Privacy, Cybersecurity: What Private Equity, Restructuring Pros Need to Know
Target. Yahoo! PF Chang’s. Home Depot. Sony. These are but a handful of the headline-grabbing privacy and data breach incidents that have had direct negative business impacts on the affected companies. Organizations that ignore the reality of these incidents, as well as the growing body of applicable laws, regulations, and generally accepted business practices, do […] -
Avoiding Costly Post-Acquisition Disputes Over Portfolio Companies
Because of the typical three- to five-year holding period of private equity firms’ ownership in portfolio companies, PE firms are typically highly experienced in the acquisition and disposition of companies and the nuances of dealmaking. In the current environment, where access to capital is abundant due to historically low interest rates, there continues to be […] -
Generating Private Equity Returns in the Face of High Asset Pricing
The ground is shifting under private equity (PE) firms. Strong fundraising in vintage years combined with slower deal flow has led to PE firms holding onto more and more capital, with few true value-creating opportunities available in developed industries and markets. Combine those facts with ongoing economic uncertainty, the low cost of borrowing, and larger […] -
Supreme Court Closes ‘Backdoor’ Circumvention of Bankruptcy Priority Scheme
Chapter 11 bankruptcy cases generally conclude in one of three ways: a plan, conversion to a liquidation under Chapter 7, or dismissal. Classically, dismissal restores the debtor to its financial condition as of the date it filed bankruptcy, but “for cause” Bankruptcy Courts can order a “structured dismissal” effecting the distribution of some or all […] -
The Anatomy of Investing in Defaulted Bonds & Loans
While the main focus of academic and professional investment research in the risky corporate credit market has typically been on the performance of high-yield bonds, including, importantly, the default and recovery rates of those bonds that default, there is very little similar work on defaulted bonds and loans. This is understandable, as the high-yield bond […] -
Key Considerations Through a Portfolio Company’s Life Cycle
The first half of 2017 has proven to be a very busy time for the turnaround industry. We’re pleased to bring you a tremendous issue of the JCR, focused on private equity, with thoughtful perspectives on key considerations throughout a portfolio company’s life cycle. There are interesting articles for board members who may be nearing the […] -
Driving Business, Member to Member
TMA is a global community of professionals who work with companies to improve performance, manage disruption, restructure, work through insolvency, preserve equity, and drive significantly improved results. Each year, TMA members work to protect thousands of jobs, preserve hard-earned equity, and give companies a second chance. One benefit of being the TMA CEO is that […]