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September/October 2009

Annual Turnaround Issue
Vol. 7 No. 6
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ABF Journal 2009
SEPTEMBER/OCTOBER 2009


Vol. 7, No. 6
Dealing With Complexity…
Turnaround Managers Find the Best Way Out
FEATURES

Fighting the Good Fight
By Stuart P. Papavassiliou, Senior Editor

For turnaround professionals, the last two years have yielded significant opportunities to expand their practices and add to their ranks. ABF Journal checked in with professionals from four leading firms to discuss, among other things, how their respective firms have managed the increased demand for their services. (Ref #TM095)

PO Financing: There When You Need It
By Richard Eitelberg, Hartsko Financial Services

Hartsko’s Rich Eitelberg confesses his frustration: the turnaround community seems reluctant to turn to PO financing to help distressed clients deal with their troubles. But he says, while it may appear costly, it can mean the difference between a company’s survival and its demise. (Ref #FAC087)

The Psychology of Turnarounds
By Jim Harney, Harney Management Partners

By their very nature, turnaround managers are both consultant and psychologist working with companies to find their way out of trouble and, at the same time, deftly assessing the interpersonal drivers of the various constituents involved to achieve ultimate success. All this underscores the reality that turnaround consultancy is both art and science. (Ref #TM096)

 

FROM ALL FACETS

Profile of Success

A Conversation With the Team at SSG Capital

By Christopher Moraff, Associate Editor

They call themselves the “emergency room doctors” of investment banking, and if you’re a CEO and you’re sitting across the table from them, chances are things aren’t going too well for your company right now. But if take the doctors’ advice, you’ll likely be leaving in much better shape. (Ref #COMP031)

Turnaround Corner

The CRO — Attributes That Spell Success
By Robert D. Katz, Executive Sounding Board Associates

Leadership and respect go hand in hand, and it’s hard to be successful having one without the other. Therefore, chief restructuring officers need to demonstrate these characteristics from the onset as they set the tone for their company’s ability to meet and even exceed its goals. (Ref #TM097)

Factoring Focus

Factoring ‘On the Move’ in Transportation Sector
By Gerald F. Parrotto, Executive Editor & Publisher

The 2009 IFA Business Profile & Performance Survey was distributed in January 2009 to 1,377 factors. In total, 160 factors participated in the survey. This article offers a sampling of this comprehensive report on the dynamics of the factoring industry. (Ref #FAC088)

Bankruptcy Update

Delaware Bankruptcy Court Rejects Triangular Setoff
By Jason M. Cover and Mark G. Douglas, Jones Day

According to a recent ruling, the mutuality requirement trumps triangular setoffs suggesting that parties seeking to avoid the setoff problem in those transactions involving multiple related obligors should seek an alternative course. The ruling has been appealed leaving the fate of triangular setoff in the hands of the District Court. (Ref #LGL100)

Legal Eyes

Secured Lender Versus Seller of Goods in Competing Interest Under the UCC
By Michael C. Graziano and Marcie D. Seiler, Blank Rome

A seller’s rights of stoppage of goods in transit and of reclamation after delivery are not dependent on the passage of title, but on possession. Nevertheless, in most cases in which the contest is between an inventory-secured lender and a seller exercising stoppage or reclamation rights, the lender will usually defeat the reclaiming seller, but not necessarily the stopping seller. (Ref #LGL101)

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