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FEATURES
Surviving the Challenges of a Persistent Low-Growth Environment
Ref# TM123
Heading into the second half of 2011, the U.S. economy is treading water. Four years after the first rumblings of the credit crisis, middle-market companies and their lenders are facing the fact that the U.S. will not escape this economic malaise any time soon.
By Margaret Bogenrief and David Johnson, ACM Partners
Using Emotional Intelligence in Distressed Assignments...
Ref# TM124
Working with distressed companies is challenging because of the constant need to take action amid uncertainty and stress. Emotional intelligence is a key tool to help navigate these situations and to develop flexible leadership styles that have the highest probability of success.
By Paulina Fin Caprio, MorrisAnderson
The Case for Restructuring the Franchise Business Model
Ref# TM125
Many restaurants operate within the franchisor/franchisee business model, and these relationships have become particularly strained in the current economy. When times are tough, franchisees typically respond by taking steps to improve operations and preserve the bottom line across stores.
By John Kokoska and Richard S. Hauer, BDO Consulting
Anatomy of a Turnaround — Managing Expectations and Achieving Results
Ref# TM126
There are numerous times during the course of a restructuring and financing that the situation can turn for the worse. Providing assurances and guidance to all clients, lenders, customers and vendors is equally important in gaining common ground and resolution for a successful restructuring.
By Robert D. Katz and Robert E. Agarwal, Executive Sounding Board Associates
Retailers Will Be Disappointed With 2011 Sales
Ref# TM127
The National Retail Federation optimistically forecasted a 4% increase in sales for 2011, which would be the largest gain in five years. Are you willing to bet your company on it this holiday season? CRG Partners' Gary Lembo doesn't think that's a good idea.
By Gary Lembo, CRG Partners
Surviving the Long-Term Workout
Ref# TM128
Finding a way to successfully navigate long-term workout situations could represent the difference between a costly write-off for the lender and a successful loan restructure with a rehabilitated borrower. Turnaround professionals are able to assist in these long-term workout situations by serving as a bridge between the two parties.
By Juanita Schwartzkopf, Focus Management Group
CFA Annual Convention: Connect, Grow & Succeed
Ref# IND149
For the first time in over 20 years, the Commercial Finance Association's Annual Convention will be held in New York City. The event attracts professionals from around the world involved with asset-based lending, factoring, appraisals/auctions/liquidations, turnaround management and commercial finance law to collaborate on issues in commercial lending.
A Message From Andrej Suskavcevic, Commercial Finance Association
FROM ALL FACETS
Profile of Sucess
For FTI Co-Heads Duffy and Lavin, Optimism & Opportunity Abound
Ref# EXEC082
Recently, ABF Journal Web readers learned that Robert (Bob) Duffy and Kevin Lavin had been appointed to co-lead FTI's Corporate Finance/Restructuring practice. While many may fret at what lies ahead, these self-admitted client service guys only see advantages and opportunities for the future.
By Stuart P. Papavassiliou, Senior Editor
Turnaround Corner
In the Midst of Change... TMA's Executive Director Offers Some Parting Thoughts
Ref# TM129
Last spring, Linda Delgadillo, executive director at the Turnaround Management Association announced her intention to retire at the end of this year. We asked Delgadillo to look back at her remarkable 11 years with the association and speculate on the direction it may take in the coming year.
By Stuart P. Papavassiliou, Senior Editor
Factoring Focus
What Factors Expect... Great Expectations for 2011
Ref# FAC116
The 2011 IFA Business Profile & Performance Survey was distributed to factoring industry members in January 2011. The study provided factoring industry members with information that could be used to benchmark their own individual performance. ABF Journal reviewed the 150-page report to provide readers with a sampling of the data along with commentary gleaned from the survey.
Bankruptcy Update
Seventh Circuit Rejects Philadelphia Newspapers; Upholds Secured Lender Credit Bid Rights in Cram Down Plans
Ref# BANK051
During the last bankruptcy boomlet of 2008-09, many borrowers found themselves faced with lending groups led by aggressive, non-traditional lenders that used an event of default as an opportunity to force an acquisition of their business. As such, borrowers used the protections of the Bankruptcy Code to try to stave off what they viewed as opportunistic takeover attempts by their lenders. At the center of many of these cases lies the lenders' right to credit bid.
By Paul Possinger, Proskauer Rose
Legal Eyes
Pre-Disposition Preparation and Processing of Collateral
Ref# LGL124
What constitutes commercial reasonableness in preparing and processing collateral for disposition is not expressly set forth in the Uniform Commercial Code. A general rule of thumb has developed under UCC lore: the secured creditor about to dispose of a car on default should wash the car, but probably should not overhaul its engine. This crude example is clear enough, but in between the two extremes lies an immense middle ground.
By Anthony R. Callobre and Harold Lee, Buchalter Nemer
FinalCut
WSJ: Bank Competition Spurs Asset-Based Loan Boom
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October 2011 Issue
