October 2015
More from this Issue
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The Challenges Ahead
In this, my final JCR column, I will forego a sentimental retrospective of my time as TMA Global President, now Chairman. Make no mistake, my time in TMA Global leadership has been a singularly exciting and rewarding experience—truly a career opportunity. But I much prefer to look forward through the windshield, not backward through the […] -
Newcomers: October 2015
Alabama Diane L. Munson, Tatum Atlanta Hayes Ashcraft, Guggenheim Securities LLC Jochen Chang, Conway MacKenzie Inc. David M. Felts, Brookwood Associates LLC Brian S. Gagel, Renasant Business Credit Eric T. Lee, Wells Fargo Capital Finance Armin Naghashzadeh Jared S. Schlosser, AloStar Business Credit Joshua Thomas, Habif Arogeti & Wynne LLP California – Northern James Haslem, […] -
Michelle M. Aurich: A Cheerful Accountant
Michelle M. Aurich is a senior associate with WithumSmith+Brown P.C. in Princeton, New Jersey. Her experience includes traditional accounting, audit and tax services for closely held businesses, forensic accounting for insolvent and bankrupt business entities and individuals, auditing employee benefit plans for publicly traded companies, and a variety of other financial matters. Aurich holds a […] -
Buyers, Investors Paying Up for Tasty Food Deals
The food processing industry is consistently an active category for M&A activity, and changes in consumer preferences have been driving the activity level even higher in recent years. The Food Institute reported in July 2015 that it had recorded 206 transactions, year to date. Even a slight increase for the remainder of the year would […] -
Higher Ed in Distress: Is There a Restructuring Solution?
The financial distress being experienced by many, if not most, colleges and universities—large and small, public and private, for-profit and not-for-profit—was thrust into the public eye by the May 2015 Chapter 11 filing of Corinthian Colleges, which had 107 campuses, employed over 10,000 people, and claimed over 74,000 enrolled students in the United States and […] -
No Letup in Sight for Retailers’ Tough Times
As many in the turnaround and distressed space know, the total number of bankruptcy filings continues to languish. In Q1 2015, business bankruptcy filings were down more than 3 percent from Q4 2014 and 19 percent from Q1 2014.1 In fact, Q1 2015’s filing count continues to mirror the lowest business bankruptcy total since 2006, […] -
Black Gold Runs Red
As this article is written, the price of West Texas Intermediate (WTI) crude oil (around $59.48/barrel as of June 30) remains 44 percent below a year ago, notwithstanding a recovery from the multiyear lows seen early this year.1 While some observers speculate that this precipitous decline is the result of geopolitical posturing that may be […] -
Code’s Safe Harbor Provision Continues to Expand
Section 546(e) of the U.S. Bankruptcy Code limits the avoiding powers of trustees and debtors in possession.1 Often called the “safe harbor provision,” the purpose of the limitations, as expressed in the legislative history accompanying the 1982 amendment that added this provision to the Bankruptcy Code, is to protect the commodities and securities markets from […] -
Are Some Creditors More Equal Than Others?
As in George Orwell’s Animal Farm, where “all animals are equal, but some animals are more equal than others,”1 so it seems for creditors with regard to the priority scheme established under the U.S. Bankruptcy Code to bring fairness and certainty to distributions in bankruptcy. In connection with confirmation of a Chapter 11 plan, the […] -
Risk of Limits on Credit Bidding in Bankruptcy May Be Overstated
In 2014, the U.S. Bankruptcy Court for the District of Delaware issued a controversial ruling in the Fisker Automotive case limiting the amount of a secured creditor’s credit bid in a bankruptcy sale to the discounted purchase price the credit bidder had paid to acquire the secured debt. Among other things, the court ruled that […] -
What’s Hot in the Turnaround and Restructuring Industry?
Even though default rates and corporate Chapter 11 filings remain at historic lows, a number of industries have been experiencing financial distress, including oil and gas, retail, higher education, and food processing. Hot topics affecting restructurings in all industries include potential limits on credit bidding, gifting, and other mechanisms to circumvent the priority scheme established […]