The first half of 2017 has proven to be a very busy time for the turnaround industry. We’re pleased to bring you a tremendous issue of the JCR, focused on private equity, with thoughtful perspectives on key considerations throughout a portfolio company’s life cycle. There are interesting articles for board members who may be nearing the zone of insolvency and considerations for portfolio managers on the front or back end of transactions.
Private equity aside, we also have some great pieces on recent U.S. Supreme Court rulings on structured dismissals, and special...
Donald Trump emerged victorious in the most dramatic and polarizing presidential election of our lifetimes. The first 100 days of the new administration have come and gone, and Trump remains nearly as divisive as he was on the campaign trail. He continues to tweet his way to controversy after controversy. No subject is off limits and he still doesn’t seem to have learned that every word he utters has consequence.
Many TMA members were pleased when Trump nominated our distinguished colleague Wilbur Ross as Secretary of Commerce. Ross will need to use his incredible skills he honed in...
The retail sector continues to make headlines, with news of store closures and liquidations dominating the media. Factors contributing to this turmoil include:
The vastly overstored and overspaced U.S. retail environment
Globalization and the invasion of sophisticated international retailers
The seismic drop in mall and store traffic
The rapid growth of e-commerce and “the Amazon effect”
The Journal of Corporate Renewal serves the turnaround industry as a key resource, with content that provides relevant commentary on key trends in industry and finance. One of the constants in turnarounds is dealing with fraud and litigation.
Fraud is often a critical part of a turnaround case. Recently, I received a call from the Chapter 7 trustee on a case who wanted to discuss the debtor’s controller. This controller had previously committed fraud at the company of one of my clients, though we fortunately saved the client’s business after the fraud case was settled in...
It’s a particular pleasure to be guest editor for the March issue of the Journal of Corporate Renewal this year. The Journal continues to produce cutting-edge thinking and leading scholarship on opportunities arising from disruption in the U.S. economy and the world. The realm of corporate distress continues to evolve, and the Journal remains at the forefront of analyzing the evolution across all sectors.
In that spirit, this issue takes a broad look at current developments affecting corporate distress. Instead of following a single theme, the collective group...
This is now the third year that I have had the honor to serve the TMA as guest editor of the Journal of Corporate Renewal, and while every year has its unique issues, both positive and negative, I do not recall seeing a year in which the United States has been so divided in almost half a century. We are not unique. Divisions reside across the Atlantic Ocean, most notably in Britain, which resulted in the surprise Brexit vote. Divisiveness, whether sparked by good or bad motives, often leads to changes, and from the perspective of restructuring professionals, change usually presents...
Challenges present opportunities, and there will be many challenges in 2016 providing for creative distressed investment opportunities. The challenges range from rising interest rates and lower commodity prices to geopolitical risks and a global economic slowdown. Some of these challenges will have a greater impact on specific industries, like oil and gas, mining, and retail. For distressed investors with liquidity, creative and strategic guidance, and perhaps a strong constitution, there will be opportunities to generate enviable returns on investment. Our focus in this edition of the...
Today’s healthcare industry is so fragmented and devoid of standardization that you might notice that our authors on occasion even use different acronyms from each other for the same commonly used terms and that articles overlap a bit, just as complicated healthcare regulations do. As a commercial and industrial trained consultant, I view healthcare from an evolutionary standpoint as being in the same place as manufacturing was in the 1980s, before the Japanese revolutionized the manufacturing world.
Healthcare will continue to be one industry where those of us in the distressed and...
When I last served as guest editor for JCR, I worked with a team of talented authors who as recently as seven years ago could never have imagined that they would one day contribute turnaround-themed articles related to an industry that for years was considered recession-proof: casino gaming. Looking back, that issue was indeed timely, as many turnaround practitioners spent the duration of 2014 closely following events leading to what will unquestionably be one of the largest, most complex U.S. bankruptcy filings ever: Caesars Entertainment Operating Company Inc.
