Turnaround Time Podcast

Introducing Turnaround Time from TMA NYC

Turnaround Time from the Turnaround Management Association NYC features in-depth conversation between some of TMA Global's more than 10,000 members in 53 chapters worldwide. From saving distressed businesses to navigating off-plan events to helping healthy companies avoid similar pitfalls, TMA members are working to strengthen our troubled economy. Listen to the Turnaround Time Podcast Now!                 

Episode #1: Suppy and Demand in a COVID Economy
Gordon Brothers experts Alex Sutton and Ulos Anderson discuss the ramifications of COVID-19 on supply and demand across industries and asset types. From the hardest-hit markets to supply chain logistics, and what to expect after quarantines are lifted, Sutton and Anderson discuss current trends and their implications going forward.Alex Sutton is MANAGING DIRECTOR, HEAD OF RESEARCH at Gordon Brothers, where he coordinates industry guidance and market research to support cross-asset appraisals. Learn more about Alex here.Ulos Anderson SENIOR MANAGING DIRECTOR, COMMERCIAL & INDUSTRIAL is responsible for the management of Gordon Brothers’ wholesale business with daily interaction with clients and customers — and is president-elect of the TMA Tennessee Chapter. Learn more about Ulos here. Listen to the Turnaround Time Podcast Now!

Episode #2: Portfolio Management and Transaction Environment During Pandemic and Protest
TMA members Abel Osorio (Turnspire Capital Partners), Tim Lewis (Southfield Capital) and Mark D. Podgainy (Getzler Henrich & Associates) tackle the twists and turns of portfolio management as well as new platform and add-on perspectives during the most challenging business environment in modern times. Abel Osorio is a Partner at Turnspire Capital Partners,a special situations focused private equity firm. Abel serves on the Board of Managers of Turnspire portfolio companies Crane Carrier Company and MPI Products. Read Bio Tim Lewis is a Partner at Southfield Capital. Southfield invests in privately held lower middle market companies. The firm focuses on growth oriented business-to-business services companies. Tim works on all aspects of Southfield's investment strategy. Read Bio Mark D. Podgainy, a managing director in the New York office, has more than 20 years of experience working with healthy, underperforming and distressed middle market businesses, both as an advisor and as a member of the management team. Read Bio Listen to the Turnaround Time Podcast Now!

Episode #3: How Does a Rising Stock Market + Rising COVID Cases Add Up for Turnarounds?
TMA member Brian Gleason, Senior Managing Director and Shareholder at Phoenix Management and economics professor Ananth Seshadri, University of Wisconsin-Madison discuss the current economic forecast from a distinctly turnaround-minded point of view to reveal far-reaching impacts on our industry. Brian Gleason is a Senior Managing Director and Shareholder at Phoenix Management and has managed or participated in well more than 200 turnaround engagements since joining the firm. Mr. Gleason has been responsible for the successful turnaround of many of Phoenix's clients over the past 23 years using his executive, operational, financial, and negotiating skills. Read Bio Ananth Seshadri is a Professor of Economics and Chair of the department of economics at the University of Wisconsin-Madison. He holds the Todd E. and Elizabeth H. Warnock Distinguished Chair. His areas of expertise are macroeconomics and public finance. He has written on a wide variety of topics including the causes and consequences of demographic change and the effects of technological change in accounting for various demographic patterns. Read Bio Listen to the Turnaround Time Podcast Now!

Episode #4: How Should Lenders and Debtors Tackle Defaults in the Current Economy?
Mary A. Korycki (M-III Partners) leads a wide-ranging discussion on the current state of defaults — as well as key tactics such forbearances, waivers, and reserves — with Mark Indelicato of Hahn & Hessen and Michael Goldstein of Goodwin, representing the lender’s and debtor counsel viewpoints, respectively. Mary Korycki is an experienced finance professional specializing in advising underperforming and distressed companies across a broad range of industries. With over 15 years of advisory experience, she has also worked with private equity sponsors advising distressed and healthy companies through merger integrations. Read Bio Michael Goldstein is co-chair of Goodwin's Financial Restructuring practice. A veteran restructuring and insolvency lawyer with over 35 years of experience, Mr. Goldstein represents debtors, sponsors, bondholders, creditors, committees and purchasers of distressed assets. His representations span a variety of industries, including chemicals, consumer goods, finance, health care, hospitality, high-tech printing, municipal debt, real estate, retail and technology. Read Bio Throughout his career, Mark Indelicato has represented parties in virtually every aspect of insolvencies, bankruptcies, and out-of-court workouts, including secured and unsecured creditors, trustees, debtors and purchasers of assets in Chapter 11 cases. Over the last fifteen years, his practice has concentrated primarily on representing the interests of creditor groups in bankruptcy proceedings, particularly Creditors’ Committees in large complex bankruptcies. Mark has a recognized talent in working with all sides to ensure that even in troubled situations, the interests of his clients are maximized. Read Bio To learn more about turnaround management, news and experts, visit turnaround.org. Listen to the Turnaround Time Podcast Now!

Episode #5 Part 1: Forecasting the Future of Litigation Funding
David Prager of Duff & Phelps is joined by Howard Brod Brownstein of The Brownstein Corporation, Tatiana Markel of BakerHostetler and Ken Epstein of Omni Bridgeway in this special two-part series. Together, the panel examines the current state of litigation funding applicability in insolvency situations and discusses an illustrative case study. Learn more about David Prager at duffandphelps.com. Learn more about Howard Brownstein at brownsteincorp.com. Learn more about Tatiana Markel at bakerlaw.com. Learn more about Kenneth Epstein at omnibridgeway.com. Listen to Episode #5 Part 1:

Listen to Episode #6 Part 2:

Episode #7: Interview with a Turnaround Legend: Past, Present and Future of Bankruptcy Law with Corinne Ball
What do the City of Detroit and Chrysler have in common? Not only were those some of the largest and most high-profile bankruptcy cases of all time, but they were also represented by Corinne Ball. Once described as “one of those sort of alarmingly creative and aggressive thinkers who can bring imagination and personality to bankruptcy law," Ms. Ball has more than 40 years of experience in business finance and restructuring and is one of the most decorated attorneys of all time. And to top it all off, throughout her career, Ms. Ball has been a champion for the younger generation, and in particular, young women and other underrepresented professionals in the restructuring community and elsewhere.

Tune in to hear this legend of restructuring share war stories of her personal experience that will take you across the globe and back while also providing insights into the future and what we can all do to facilitate the next generation of professionals. She’ll also discuss her views of the changing nature of cross-border restructurings as foreign jurisdictions learn the lessons (and failures) of the U.S. bankruptcy system and develop their own regimes.

Conversation led by Teresa Kohl at SSG Capital Advisors. Podcast Sponsored by Royer Cooper Cohen Braunfeld Listen to Episode #6:

Episode #8: Pay for Performance? Tradeoffs in Paying Pre- and Post-Petition Executive Bonuses (Interviews with Turnaround Experts Series) The restructuring industry is based on helping businesses reorganize that have fallen on hard times but that retain significant value. Key to preserving that value is the company’s skilled employees and managers. How can a company reorganize effectively if its uneasy staff have one foot out the door?

Accordingly, restructuring advisors often help companies institute key employee incentive or retention plans (KEIPs or KERPs). However, these plans often attract significant criticism as ineffective, sweetheart deals. Recently, in part because of in-court restrictions and scrutiny, companies have trended towards paying bonuses pre-filing. Discussing these interesting and contentious issues and trends will be Ray Schrock, partner and restructuring co-chair at Weil, as a leading debtor’s lawyer; Bill Harrington, the United States Trustee for Regions 1 and 2, including New York City, as one of our country’s leading Bankruptcy Code compliance experts and litigators; and Colin Adams, senior managing director at M3 Partners, bringing a managerial as well as legal and financial perspective.

Learn more about Ray Schrock at Weil Gotshal and Manges. Learn more about Bill Harrington and the United States Trustee program here. Learn more about Colin Adams at M3.

TMA NY will be seeking CLE credit for this podcast. While CLE is still pending, it is important you complete the survey along with the attorney affirmation and return to newyorkchapter@Turnaround.org. You will need to include the COURSE CODES which were shared during the webinar. Tune in to hear more! PDF icon Read materials here.

Podcast Sponsored by SC Ventures

Listen to Episode #8

Episode #9 Tales of a Turnaround Legend: Tim Coleman

From his roles at Citigroup, Blackstone and PJT Partners, Tim Coleman has seen it all: major bankruptcies (Macys, Delta Airlines, Purdue Pharma) as well as increasingly complex restructurings, buyouts and credit investing. In this episode, Coleman sits down with Mitchell Sonkin, senior advisor to MBIA Inc., to share some of the biggest lessons of his career — and to forecast where the restructuring industry is headed. Tim Coleman’s most recent role was Partner and Global Chairman of the Restructuring and Special Situations Group at PJT Partners. Tim was previously head of Blackstone’s Restructuring & Reorganization Group. During Tim’s legendary career at Blackstone and PJT, he led many notable transactions including Macy’s, Ford Motor Company, Delta Airlines, Bank of America/MBIA, Xerox, and the Los Angeles Dodgers. Mitchell Sonkin currently serves as Senior Advisor to MBIA Inc. Prior to his role as an advisor, he was Executive Vice President and Chief Portfolio Officer for the company. Before joining MBIA, Mitch was Co-Chair of the Financial Restructuring Group at King & Spalding and previously Co-Chair of the Financial Restructuring Department at Cadwalader.

To learn more about turnaround management, news, and experts, visit turnaround.org.

Podacast Sponsored by MoloLamken.

Listen to Episode #9

Episode #10 Hunting for Zombie Companies with Ed Altman

Inventor of the famous Z-score for evaluating corporate financial distress, NYU Professor of Finance Emeritus Edward Altman is a legend in the restructuring industry. Today, he serves as director of research in credit and debt markets at the NYU Salomon Center for the Study of Financial Institutions, where he continues to be the go-to expert on bankruptcy risk.

In this episode, Professor Altman and Heidi Sorvino, managing partner at White and Williams LLC and President of TMA NYC, consider recent trends in credit markets as well as Professor Altman's recent research on creditworthiness across countries.