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September 2008

Vol. 6 No. 8
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ABF Journal, July/August 2008
September 2008

2008 Turnaround Management Issue
As Pressure Builds, Turnaround 
Managers Bring Needed Relief

A Different World: Credit Woes impact Commercial Finance M&A
By Tim Stute, Milestone Advisors

In a time when earnings are decreasing and many big players are selling off assets to address the short falls, there is still hope in commercial finance — especially with M&A opportunities.

(Ref # MERG007)

Investors Still Facing a Ground Swell of Subprime Issues
By Michael J. Venditto, Reed Smith

It has been two years since the domestic housing market began its contraction and the subsequent implosion of the residential mortgage industry has had a more rapid and dramatic impact on the financial markets as it works its way through the wreckage. (Ref # GEN011)

Finding the Turnaround Treasures in an Unstable Market
By Peter Thompson and Michael Bloomenfeld, PNC Business Credit

This month, PNC Business Credit senior executives Peter Thompson and Michael Bloomenfeld shed light on why turnaround financing remains a treasured option. (Ref # TM083)

Cultural Influences & Successful Healthcare Mergers & Acquisitions
By David A. Rock, Carl Marks Healthcare Partners

Just as important as the financials, the ability to borrow capital and turnaround possibilities of a hospital is the cultural due diligence required for a successful healthcare acquisition. David Rock returns to expand on what makes for successful healthcare M&As. (Ref # MERG008)

Playing Your IP Hand: Maximizing Value From the Cards You’re Dealt
By Gabe Fried, Streambank

Turnaround managers are used to landing in unfamiliar territory, making a rapid assessment of the situation, and then beginning the process of identifying the best fixed in troubled companies. Streambank’s Gabe Fried gives turnaround managers guidance on valuing and leveraging IP assets. (Ref # TM084)

Profile of Success

Taking a Ride on the Only Boat at Sea With First Capital’s Mark Sunshine
By Christopher Moraff, Associate Editor

In a financial market struggling to maintain stability, success depends on equal parts discipline and vision. First Capital’s Mark Sunshine explains how he put both to work for him and managed to have a banner year in the midst of an economic crisis. (Ref # EXEC060)



A Perfect Fit Causes Rapid Transformation
By Joseph Ingrassia, Capstone Capital Management and James Rybakoff,

Capstone Positive Value Equity Fund

When Capstone Positive Value Fund I purchased and restructured Tyree Holdings, there was a rapid and beneficial effect on all levels of the company’s performance. Joseph Ingrassia and James Rybakoff explain how. (Ref # DLS023)


Getting By With a Little Help From Your Factor
By Thomas G. Siska, Working Capital Solutions

How often do turnaround managers encounter situations where their clients only have one real problem? Never … well, almost never. Tom Siska returns to explain how factors can make a difference. (Ref # FAC082)

Open Communication, Negotiation: The Best Positions for Workouts
By Teresa C. Kohl, Bridge Associates

Consensual workouts provide a viable alternative to bankruptcy. However, all parties must be prepared to set aside their differences in favor of a plan that benefits everyone. After all, as Teresa Kohl explains, it just takes creativity, resources, patience and open communication. (Ref # TM085)


Troubled Loan Scenarios: Negotiating Landlord Waivers
By Kevin Baum and Heather Sonnenberg, Blank Rome

In the current economic climate, it’s even more crucial that lenders review their landlord waivers to ensure their rights with respect to a borrower’s multiple locations. In a troubled loan scenario, it becomes even more important. (Ref # LGL087)

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