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Tools for the Global Turnaround Professional

Guest Editor

In my role as a guest editor of the JCR over the past couple of years, I have asked authors to focus on topics related to the energy business from the perspectives of both the investor and the turnaround professional. This year we have shifted to a survey format covering a broad range of topics with the objective of providing useful insights and tools for turnaround professionals. We have also included an article to add an international perspective, recognizing the full importance of turnaround practices in international markets and TMA’s global footprint.

Our issue begins with an article titled “Consensual Restructuring Is on the Rise in the UK and Europe” provided by Tony Groom of K2 Business Partners. A member of TMA’s UK Chapter and an EACTP Fellow, Groom provides a case-study-based analysis of the emergence of consensual restructuring across the Atlantic and shows the potential advantages of this type of process over the more traditional court-directed process.

Nicholas Kajon of Stevens & Lee and Lee Buchwald of Buchwald Capital Advisors LLC have contributed a great piece titled “Independent Directors Can Be Potent Vaccine Against Creditors Losing Confidence.” In supporting their argument of the value of independent directors, the authors highlight the importance of the work of independent directors in providing a basis for a U.S. Bankruptcy Court judge in the Sabine Oil & Gas case to resolve questions related to fraudulent transfer claims. They also share their view of the impact on the Friedman’s case of the appointment of the independent director after an extended, acrimonious case.

Brad Coulter, CTP, of Matrix Human Services shares his experience as state-appointed emergency manager for the City of Lincoln Park, Michigan, in his piece, “Focus on Property Values, Retiree Costs Were Key in Michigan City’s Turnaround.” Coulter’s article gives us direct insight into the practical implications for the practitioner of working under that state’s emergency manager law

Continuing on the municipality theme, Dr. Ruediger Mueller, CTP, of Turnaround Consulting & Management International (TCMI) contributes a fascinating article on community-police relations and suggestions for managers working to improve those interactions in “Helping Police Lock Up Improved Community Relationships.”

Finally, since this is my last turn as a member of TMA’s Editorial Advisory Board, let me say that has been a privilege working with JCR Editor Eddy McNeil and members of the board. I hope you find these articles and others we have developed over the past three years to be valuable as you build your practices.  

Patrick Lagrange

Patrick C. Lagrange

Pelagic Strategic Partners LLC

Patrick C. Lagrange is president of Pelagic Strategic Partners LLC, the management company of Continental Shelf Investment Capital Corp., a firm that invests in subsea and marine science and technology companies that primarily serve the oil and gas and telecommunications industries (conshelf.com). Lagrange is also a past chairman of TMA Global.

Topics: 
Restructuring
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