The most talked about topic among distressed investors is ongoing economic expansion. The discussion of when the next recession will begin is a hot topic to any TMA member, none more so than the distressed investing community. According to the National Bureau of Economic Research, the average...
Think of me what you will I’ve got a little space to fill Tom Petty, “You Don’t Know How It Feels” The middle market for commercial loans is constantly evolving, but it appears that there is a significant trend that will lead to a fundamental shift in the way nonperforming loans are managed, traded...
“Neither a borrower nor a lender be; For loan oft loses both itself and friend” - Hamlet, Act I, Scene III. If Shakespeare were a distressed investor in today’s environment, he might change his view. A low inflation and low interest rate economy in the U.S. has fueled the emergence of turnaround...
When the topic of the next recession comes up in conversation, almost everyone in the turnaround industry has either uttered or heard some variation of the phrase, “We are almost there.” The authors—attorneys whose practices generally ebb and flow contrary to the business cycle—have found...
Like Vladimir and Estragon in Samuel Beckett’s famous play “Waiting for Godot,” distressed investors have spent a substantial amount of time awaiting the arrival of their own mysterious figure: the next distressed cycle. Over the past decade, this elusive Godot has failed to materialize, despite...
Having spent the past 18 years at SB360 Capital Partners (formerly SB Capital Group), I can say with certainty that the turnaround industry has evolved. What surprises me most is how we have been forced to change our own industry, even though at times it didn’t seem broken. But if you think about...
  • What can an issuer do to preempt or address activist pressure?
  • How can boards prepare for activist situations?
  • How do the dynamics of activism change post-restructuring?
  • How should post-restructuring boards respond to activism?
  • What are the key post-
  • ...
  • What are the key strategies and effective responses for other issues and activists?
  • What are key considerations from a valuation perspective?
  • What are primary tactics to implement a solution?
  • What conflicts can arise in activist situations?
  • What are key
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  • Who are today’s activist investors?
  • What are the goals of today’s activist investors?
  • How do today’s activist investors achieve goals?
  • What are early warning signals of potential activist interest?
  • What are the key factors for issuers to consider?
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The past few years have brought a number of large rights offerings in bankruptcies in the energy, healthcare, and retail sectors. Between January 1, 2015, and December 1, 2017, more than $5.5 billion was raised through rights offerings or private placements in more than two dozen large bankruptcy...