ABF Journal spends time with Joseph Gaffigan to discuss how he is building TCF Bank’s national commercial finance business by focusing on the lower middle market, developing a strong portfolio and supporting clients’ growth by stressing responsiveness and customer service.
In this year’s Turnaround Managers’ Survey, respondents provided a sense of their collective outlook for the coming year with optimism showing up in new opportunity forecasts and a domestic boost anticipated as a result of emerging European economies.
There are times when a forced liquidation seems to be the only way for asset-based lenders to recuperate outstanding loan balances. However, Bob Maroney of the Gordon Brothers Group explains how his experience has shown that asset-based lenders frequently have more options than they realize in dealing with distressed scenarios, and the temptation to move too quickly to a forced liquidation can result in significant — and, moreover, avoidable — destruction of value.
As the length of the turnaround process shrinks, the ability of a team of advisors to work in concert under sub-optimal conditions is a necessity. While few stakeholders in a distressed situation can bring a holistic view of the solution, the collective experience and expertise of key players can lead to a positive outcome in a distressed situation.
For an underperforming company, embracing change is vital to completing a successful turnaround. By recognizing the value in doing things differently, these companies can create a more solid foundation and effectively prepare for a rewarding future.
Technological change and shifting customer preference can occur rapidly. Huron Financial’s Ray Anderson and Stuart Walker present a framework for situational analysis, turnaround strategies and tactics to address the financial challenges involving technology companies.
In April 2012, storied but struggling manufacturer Milacron was sold to CCMP Capital. In February 2013, Milacron announced the acquisition of Mold-Masters for $975 million. Contributing to Milacron’s successful turnaround were a strong portfolio of products and recognized industrial brand names and a comprehensive strategy to exploit its offerings and to engage talented management to execute the plan.
This issue’s FinalCut presents a whimsical rendering of the merger of PacWest Bancorp and CapitalSource and MB Financial’s acquisition of Taylor Capital.
Brian Phillips and Scott Eisenberg of Amherst Partners note that fraudulent activity was uncovered in nearly every significant financial advisory case the firm has encountered over the last two to three years. Here they present two cases (one hypothetical and one real-life) and offer five lender techniques to help reduce bank fraud.
Inclusion of make-whole claims in a bankruptcy is often a controversial issue between the debtor and creditors. However, as Renée Dailey and Katherine Lindsay point out, despite recent challenges in American Airlines and School Specialty, make-whole claims in bankruptcy are still flying high and earning passing grades.