As we enter Q2, I revel in the many accomplishments TMA has achieved in the first three months of 2022, following the new normal we’ve been living in for the past two years. TMA chapters once again are coming together for regional conferences, many chapters continue to socialize virtually with geographically distant chapters to further domestic and international connectivity, and members of our community are coming together in person at various top-notch networking and thought-provoking educational opportunities offered by their chapters.
These innovative membership opportunities are once again being offered in the hundreds. I am one of the many who has felt the electricity from in-person events and has enjoyed being able to visit, share a drink, and engage in deep discussions face-to-face with colleagues. Hopefully, the disruption of our lives, professionally and personally, that forced us to create a new normal is in our rearview mirror, even as many of us continue to face disruption every day in our professional life and try to provide positive resolution for our clients. Disruption is the pulse of the turnaround and restructuring industry.
One of the most effective tools for turnaround and restructuring professionals, while their clients are facing disruption, is mediation. Mediation is not a new practice and can be traced back to early Greek and Roman civilizations. Mediators use their skills to improve communication and rapport between parties, with a goal of helping them reach an agreement. Mediation to resolve disputes between two or more parties is commonly used in our industry and is required in some bankruptcy jurisdictions, such as the District of New Jersey, which mandates mediation for adversary proceedings. Gathering people from both sides of a dispute early in the process has proven very successful and is helping to keep costs down.
The popularity of and demand for mediation has led to the creation of training programs and certifications, which provide opportunities for professionals to become trained mediators. Many folks in our industry are in that population. Before taking on the role of TMA Global CEO, Scott Stuart was not only a mediator, but he also served as a mediation coach. Alternatively, sitting and retired bankruptcy judges in many districts also serve as mediators. U.S. Bankruptcy Judge Shelley Chapman of the Southern District of New York, for example, presided over multiple rounds and hundreds of hours of mediation in the Purdue Pharma Chapter 11 case.
I invite you to read and enjoy this issue of the Journal of Corporate Renewal and hear from the experts on the benefits of mediation.
I look forward to connecting with you this spring as I travel to visit many TMA chapters, regional conferences, and the TMA NOW Summit in Austin, Texas, on May 10. Should you wish to join me at any or all of these signature events, please register today at turnaround.org.
Jane W. Mitnick
TMA Global President