Provide Your Comments on the New Proposed Fee Guidelines

The United States Trustee Program (USTP) has drafted new proposed guidelines for reviewing applications for professional fee compensation in larger chapter 11 cases (more than $50 million in combined assets and liabilities, aggregated for jointly administered cases).

According to the proposal, among the goals of the guidelines are to ensure bankruptcy professional fees are subject to the same scrutiny and accountability that apply in non-bankruptcy engagements, and to increase disclosure and transparency in billing practices.

The proposed new guidelines feature six key changes:

1. Electronic Data: Fee applications should be submitted in an open electronic data format


2. Categories and Tasks: New project categories, as well as activity-based sub-categories, have been added


3. Verified and Other Statements: Clients should provide verified statements in connection with a fee application to disclose, among other matters, whether the client reviewed fees and compared them to its approved budget


4. Budgets and Staffing Plans: Budgets and staffing plans will be encouraged


5. Additional Disclosures: The United States Trustee will seek disclosure of the lowest, highest, and average rates billed for the preceding year for estate-paid bankruptcy work and for all other work combined


6. Special Fee Review Procedures: The proposed guidelines set forth models and principles for the use of independent fee examiners, fee committees, and fee committees with independent chairs

Read more about all of the objectives as well as additional details about the six key changes. You also can read the entire draft of the proposed guidelines or view the current guidelines that were established in 1996.

The USTP invites public review of and comment on these proposed guidelines by January 31, 2012. I encourage you to submit your comments by e-mail to USTP.Fee.Guidelines@usdoj.gov. All comments received will be made available for public inspection at www.justice.gov/ust.

Biz Stone Shares Insight and Lessons Learned from Co-founding Twitter

Biz Stone shared colorful insight and lessons learned from the creation of the $7 billion social networking site during an interesting keynote presentation at the 2011 TMA Annual Convention this morning.

Stone, who prior to co-founding Twitter worked on the very platform that this blog is hosted on (Blogger) at Google, provided an interesting glimpse into how Twitter went from being a means for sharing text messages to playing a central role in organizing political uprisings.

He also shared several stories and lessons learned that inspired and motivated him to co-founding Twitter. For instance, looking for an opportunity to meet new friends and fit in during high school, Biz started a lacrosse team and not only did he enhance his social standing, he went on to excel in the sport. The lesson learned – you can manufacture your own opportunities.

He went on to share additional personal stories and encouraged the turnaround and corporate restructuring professionals in the packed audience to use creativity in their work and to have the willingness to fail spectacularly in order to succeed spectacularly.

Stone ended his presentation by sharing his seven assumptions for business:

1. We can change the world, build a business and have fun.
2. We don’t always know what’s going to happen.
3. There is a creative answer to every problem.
4. There are more smart people outside our company.
5. We will win if we always do the right thing for our users/customers.
6. The only deal worth doing is a win-win deal.
7. Your co-workers are smart and have good intentions.

Following his presentation, Biz participated in a question and answer session and discussed Twitter’s business model and ways attendees can use the social networking site to enhance the marketing of their firms or clients.

Follow TMA on Twitter to learn about the latest TMA and industry news.

TMA Sets Sail for San Diego

I have arrived in beautiful San Diego to join more than 600 turnaround management, corporate restructuring and distressed investing professionals for this week's 2011 TMA Annual Convention.

I look forward to TMA’s annual event every year, but this year I am particularly excited. Not only because of the great Southern California destination, but because this year’s event promises to be a memorable one due to a number of unique events and new features – including a TMA smartphone app – that have been added to enhance the education and networking offered at the meeting.

Led by co-chairs David McReynolds and Omar Mirza, the 2011 TMA Annual Convention Planning Committee has put together an excellent program.

It all starts on Tuesday afternoon, with a special advanced education session panel on ethics, led by moderator Jack Butler. That evening, the networking gets underway with several receptions leading up to the California Wine Walk in the Exhibit Hall – a unique take on the traditional exhibitor reception.

The Tuesday night receptions conclude with an event I think everyone is eagerly anticipating – the Opening Reception Aboard the USS Midway. A truly unique venue, attendees will not only be able to enjoy a great evening of networking and developing business relationships, they will also have the opportunity to check out an aircraft carrier that was once the largest ship in the world.

Twitter co-founder Biz Stone gets the educational component of the Annual Convention underway with the keynote presentation on Wednesday morning. Biz will share business insight developed through his experience with the $7 billion social networking site and while he was working at Google and as a strategic advisor for several companies and organizations.

Wednesday morning also is the debut of a new education session format. Designed to provide more interaction and idea sharing, five workshops have been added to the schedule and will cover technology turnarounds, forensic accounting and more.

Also included in the agenda for the first time is a session created specifically for young professionals – Rainmaking: Business Development for the Next Generation. An experienced panel will share their knowledge on what it takes to excel in the turnaround management and corporate restructuring profession.

On Wednesday afternoon, Lynn M. LoPucki will instruct attendees on how to use the UCLA-LoPucki Bankruptcy Research Database (BRD) during the Keynote Luncheon. (Thanks to the support of the TMA Cornerstone Board-designated Endowment, TMA members now have access to the BRD free of charge).

These are just some of the many highlights. The convention also features an exhibit hall, a full education schedule and numerous networking opportunities during the meeting and in the evening.

There’s a lot to look forward to this week. I hope to see you in San Diego and if you haven’t registered already, you can still register onsite or online. And if you can’t make it to this year’s TMA Annual Convention, I encourage you to mark your calendars and plan to attend the 2012 convention in Boston, November 1-3.

TMA Adds Interactive Workshops to the Annual Convention

As a way to improve networking and promote interaction among conference attendees, TMA is introducing the workshop concept to the 2011 TMA Annual Convention in San Diego, October 25-27.

While the larger general and concurrent sessions focus on broad topics and consist of presentations by a panel or speaker, the workshop concept was conceived to involve smaller audiences and cover more niche topics. With a goal of 10-25 participants per workshop, the format is designed to promote interaction among the attendees and provide for more give and take than is possible in the larger sessions.

Three workshop topics are being presented at this conference:

• Social Media – Educates professionals on the use of social media including LinkedIn, Facebook, Twitter and other networking tools. Speakers consist of both a social media and communications consultant.


• Technology Company Workouts – Focuses on the unique aspects of technology companies and the complexities of workouts where intellectual property rather than hard assets provide the collateral. Speakers have backgrounds in founding, lending and consulting to technology oriented companies.


• Starting Your Own Practice – Whether due to a desire to break away from the large corporate structure, or forced to because of a layoff, many TMA members have successfully formed their own firms. Speakers will focus on the aspects and realities of starting your own firm and all have first hand experience in doing just that.

The workshops are geared toward a smaller audience in order to promote discussion among the group. The speakers will not be “presenting” to the group, but will instead lead a discussion on the topics where members of the audience will be expected to ask questions and contribute. The goal is to promote interaction among the group and give conference attendees another avenue to meet and network.

Survey feedback for the TMA conferences indicate that many would like more networking options for meeting other attendees. The workshop idea is one of the initial steps toward providing additional networking options when attending a conference. Any other ideas are always welcome and please feel free to contact either myself or Jennifer Bethke at TMA Headquarters with your thoughts.

Register and reserve your hotel room at turnaround.org.

Lenders Panel Shares Insight at the TMA Southeast Regional Conference

Turnaround industry professionals from across the southeast assembled in Palm Coast, Florida, June 2-3, for the TMA Southeast Regional Conference, where they heard an eye-opening report on the asset-based lending market from a panel comprised of senior lenders and credit professionals from across the industry.

The conference is one of nine regional conferences held by TMA and its chapters this year, including seven in North American and two overseas, the TMA Europe Conference (Helsinki, Finland) and the TMA Asia-Pacific Conference (Taipei, Taiwan).

My colleague Kristina L. Anderson, managing director, Carl Marks Advisory Group LLC, attended the TMA Southeast Regional Conference. She has passed on some great insight from the session “Lenders Outlook: It Only Hurts When I Laugh.” The distinguished panelists offered the following observations on today’s asset based lending market:

• Less underwriting and more arrangements - lender groups are more frequently pre-arranged by sponsors as opposed to one lead lender underwriting the deal and selling it down
• Lead arranger hold levels are rising
• Springing covenants tied to availability are more prevalent than traditional covenant structures
• Pricing has reportedly fallen to the L+200-275 range
• Total senior debt has routinely exceeded 5x EBTIDA, with revolvers in the 2-2.5x EBITDA range
• Initial equity contribution are falling, in some cases down to 25-30 percent
• Loan balances - usage under revolvers - have been rising this year
• Increasing prevalence of FILO (first in last out) tranches, which have a higher advance rate and extra pricing, and are in some cases being used to negate the potential impact of springing covenant thresholds
• Voting rights continue to be under pressure; traditional-100 percent issues are moving to a supermajority vote
• Reporting frequency is loosening, and triggers must be tripped to get a BBC more frequently
• There is a hangover of bifurcated loan structures from the last restructuring cycle (where part of the lender group extended and part retained their earlier maturities)
• Equity cures are being built in at close and in some cases can be used to satisfy EBITDA tests
• EBITDA definitions are loosening and inconsistent across the marketplace, raising questions  as to whether, because the EBITDA definitions are becoming vague and inconsistent, the covenants that remain in today’s new deals will never actually trip 

Municipal Messes Keep TMA in the News

TMA’s involvement with cash-strapped municipalities continues to spur interest from news reporters. Recently, a Dow Jones reporter interviewed Scott Eisenberg, a managing partner at Amherst Partners from our Michigan Chapter, and Michael Imber, principal at Grant Thornton, from our New York City Chapter.

Eisenberg was among corporate turnaround professionals summoned by the state of Michigan’s incoming treasurer in December to discuss ways to train emergency financial managers. The program launched in February and Eisenberg and Imber were among the first 60 turnaround professionals certified as emergency financial managers.

In March, Michigan Governor Rick Snyder signed a law giving state-appointed financial managers the power to end employee contracts and suspend collective bargaining. Much hue and cry ensued. Still nearly 400 government and private sector workers took the second emergency manager training course in April. Bloomberg and Bloomberg Businessweek and Crain’s covered developments; less salutary were remarks on the Teamster Nation blog.

The Dow Jones reporter wanted to know what other states may follow suit, as well as how restructuring techniques in the private sector can be transferred to the public sector. Both Imber and Eisenberg discussed how turnaround professionals, in the role of chief restructuring officers, are empowered to make and implement tough decisions to achieve the maximum economic outcome. Not so in the public sector, where the maximum economic outcome may not always be the most politically expedient.

That’s fine, if a municipal, regional or state body can foot the bill for that choice, Imber said. In these times, that choice is less affordable. Eisenberg gave the example of two school districts that previously served 20,000 students, but now each serve only 8,000. It should be one district, but school officials are reluctant to make a decision that spells the end of their own jobs.

Imber says his firm has responded to about a half dozen requests for proposals (RFPs) issued by municipal agencies, illustrating another difference from how public sector agency engagements differ from those in the private sector. Imber foresees a bifurcated municipal distressed market: towns with budgets less than $100 million in revenues that could be served by small firms and large municipalities, counties and states that need broader expert services addressing tax policy, pensions, valuation, accounting and other areas, which large, full-service firms provide.

Eisenberg noted that cash-strapped states don’t face one-size-fits-all problems. Michigan’s structural problems include high unemployment, severe property tax declines, and a large elderly population. Illinois, on the other hand, is hobbled principally by underfunded pensions. He regards the Delphi bankruptcy as a loud wake-up call marking the end of an era of $70,000-$80,000 union jobs in which workers put in a day’s work and received pay for two,  considering pension and benefits.

The public sector will have to endure the “gut-wrenching” change experienced in the private sector, he said, and learn to do more with less.

Read the article.

Retiring Bankruptcy Judge Seeks Adequate Compensation

At the TMA Board of Trustees meeting held during the recent 2011 TMA Spring Conference in Chicago, Jack Butler presented a letter he recently received from the Hon. George C. Paine, II, Chief Judge of the U.S. Bankruptcy Court for the Middle District of Tennessee.

In his letter, Judge Paine, who will be retiring at the end of 2011, explains that compensation for bankruptcy judges has remained the same (about $160,000) for over 20 years because of linkage to Congressional salaries. The Judge then notes that, as a result, bankruptcy judges are paid less than other court and government employees who have substantially less responsibility. He also points out the disparity between judicial salaries and the compensation of attorneys in private practice.

Judge Paine warns of the potential consequences to corporate restructuring resulting from the disincentive that inadequate pay creates for capable and experienced bankruptcy attorneys to choose to serve in judicial capacities. He says, “this inequity can only lead to less qualified candidates applying for judgeships rather than highly qualified individuals seeking the position as the capstone to a successful commercial legal career.”

Judge Paine has raised serious concerns regarding the long-term impact of inadequate compensation upon the willingness of highly qualified candidates to serve on the bankruptcy bench. His letter contains a number of examples where federal employees with specialized skills are paid at levels intended to attract strong talent.

We who work in the restructuring industry are challenged by the Judge’s letter to act together “to push for increased judicial salaries so that judgeships become the capstone of successful careers, not stepping stones or gravestones.” It is important that we speak up to educate Congress on the importance of adequate compensation for bankruptcy judges.

Auto Overhaul Czar Drives Home Results

Steven Rattner, who shepherded the Obama Administration’s overhaul of the automotive industry, explained the rationale behind the “controlled bankruptcy” of General Motors and Chrysler and the economic benefits it produced during his keynote speech at the opening of the 2011 TMA Spring Conference on Thursday.

The situation was dire on Columbus Day 2008, when General Motors’ Rick Waggoner revealed the bleeding company faced a potential shutdown. Rattner, tapped for his experience on Wall Street and within a political context, said he approached the situation as a private-equity exercise and saw his team as the custodian of government money.

Referring repeatedly to his new book, Overhaul, he said the team had to determine whether the companies were viable and had “backable” management, and faced a race against time to get both companies through a Section 363 sale. While the results were controversial to many in our industry, he emphasized that the plan withstood judicial scrutiny all the way to the U.S. Supreme Court,

Moreover, the U.S. government stands to receive $72 billion of its $82 billion investment in GM and Chrysler. The alternative would have been far worse than a $10 billion loss; if the companies collapsed, millions would become unemployed — in an instant.

Though the economy remains sluggish, the companies are on the road to health. GM’s structural costs are $23 billion, compared to $33 billion two years ago, and the company earned a $4.7 billion profit in 2010, compared to a $31 billion loss in 2008, he said.

Rattner said the experience drove home the role of “shared sacrifice’’ in a crisis, the importance of TARP funds — a mechanism that allowed government funds to be deployed without the blessing of Congress — and a good management team. He referred to Ford’s decision to install a new CEO, Alan Mulally, and “hock everything” to raise funds to ride through the recession without government help. Rattner’s takeaway?

“The jockey is as important as the horse.”

Headed to ABI

This week I, along with many other of fellow TMA members, are headed to the American Bankruptcy Institute's (ABI) 29th Annual Spring Meeting at the Gaylord National Hotel and Convention Center in National Harbor, Md. A number of our members also will be speaking at the conference.

On Saturday morning (April 2), 8:00 a.m. - 9:30 a.m., TMA President Mark Indelicato, will participate in a panel entitled "Business Reorganization, Court Administration and Alternative Dispute Resolution." Mark will provide his insights into business reorganization and the use of alternative dispute resolution in connection with bankruptcy reorganization plans.

Also on Saturday, 9:30 a.m. - 11:00 a.m., Bill Lenhart, 2010 TMA Audit Committee chair and long time director, will participate in a panel entitled "Chapter 11 Creditors’ Committees and Examiners: Are They Effective?" Bill will join three other panelists providing their insight into the role of Chapter 11 committees and examiners and the role they play in aiding the reorganization process.

These panels are part of a number of joint efforts between TMA and ABI to improve our program offerings to members during these challenging times. We very much appreciated ABI hosting us and we look forward to reciprocating by hosting an ABI-sponsored panel at the 2011 TMA Annual Convention this October in San Diego.

We hope you are able to join us!

Top 10 Conference Networking Tips

TMA’s upcoming Spring Conference in Chicago (April 27-29 at the JW Marriott Chicago) is one of our association’s largest national events and will include many networking receptions and countless other opportunities to develop or enhance business relationships (visit turnaround.org to register or to download the conference brochure).

TMA Arizona Chapter Public Relations committee members Kathleen Taddie and Jeremy Goodman have put together the following helpful article on making the most out of your conference experience.

A primary reason to attend conferences is to network. Yet, many attendees leave conferences with a binder and CD—but no meaningful contacts. Even if you don't enjoy socializing, the benefits of networking at conferences are immense. Conferences are an opportunity to meet people who can give you new ideas, make introductions for you, send you referrals and even become clients.

Below are some tips to help you get the most out of your next conference experience.

1. Strategize. Before you step foot into a conference, you should have already thought about the individuals that you want to meet, the speakers you want to hear, and the information you are hoping to learn. By planning ahead, you will take away from a conference precisely what you were seeking rather than whatever you happen to stumble upon.
2. Socialize. Do not be afraid to talk to the people in close proximity to you as you walk into a seminar. Even a simple “hello” has the potential to turn into windows of opportunity later during the week of the conference or even months down the road.
3. Listen. Many people are far more interested in talking about themselves than they are in having a truly informative conversation. So, listen, and then ask critical questions to help them to migrate from small talk into more effective and mutually beneficial conversation.
4. Power Down. As heartbreaking as turning off your BlackBerry may be, it is crucial to give it a break while you are on breaks at the conference. When your face is buried in your Smartphone it sends a message to the people around you that you are unapproachable. While on breaks, speak with others; there is plenty of time to check your emails back in your room.
5. Follow Up. Every once in a while you will meet some very interesting people at a conference. The chances that you are going to run into them at the coffee shop after the conference are slim to none. So make sure to follow up when you meet someone who genuinely sparks your interest. If you do not make the effort to follow up with them, chances are they are not going to make the effort to follow up with you either. It can be as simple as sending them an email. If you do not follow up with someone then it may have been pointless getting to know them in the first place.
6. Don’t Get Star Struck. Everyone enjoys meeting famous speakers and important people. Do not spend all of your time trying to get close to the speakers. Chances are that the people with whom you are going to create the most mutually beneficial relationships are other conference attendees. Make sure that your business card ends up in the hands of the other attendees, and not stacked among the hundreds of other business cards that the celebrity speakers will receive during the conference.
7. Get To The Point. Conferences move quickly, and so do the attendees. Make sure to skip some of the small talk and get to your point quickly. If you are new to the game and feel intimidated or worried, practice in the mirror. This, along with prior research into a particular person’s business, will lead to far more valuable conversations.
8. Take Notes. It may sound like an overplayed study tip from school, but the reality is that we simply cannot remember everything that we hear during a conference. So pick up a pen or your iPad and jot down the things that seem important.
9. The Early Bird Gets The Worm. Get to events early. Not only does this show that you are punctual, but it shows you are truly interested, and you can meet people as they arrive—which is considerably more fun that working your way into a crowded room. If you arrive later you will have to overcome the obstacle of inviting yourself into conversations, instead of being involved in them from the beginning.
10. No, really, STRATEGIZE! A great networking conference starts with planning ahead. If you know people who are attending the event, contact them, make an introduction by phone or email, and make plans in advance to meet with them at a set place and time at the conference. If you do not know who is attending, contact the sponsors for an attendee list.

Conferences can be wonderful learning and networking opportunities if you are able to make the most of them.

Kathleen Taddie is president of Kathleen A. Taddie Consulting LLC, and Chair of the TMA Arizona Chapter Public Relations Committee. She can be reached at 602-920-4573 or ktaddie@cox.net. Jeremy Goodman is a banking and bankruptcy attorney at Goodman Law PLLC, and a member of the TMA Arizona Chapter Public Relations Committee. He can be reached at 602-476-1114 or jeremy@goodmanlawpllc.com. 

Should States be Allowed to File for Bankruptcy?

Nearly 70 percent of respondents to a recent TMA poll think struggling states should not have the ability to solve fiscal problems aggravated by the recent recession through bankruptcy. But 32 percent are in favor, arguing that it would address troublesome union contracts and debt levels. Where do you stand on the issue?

View the full story covering the TMA poll in The Wall Street Journal's Bankruptcy Beat blog.

Deal Flow Continues at Turnaround Capital Forum and Cocktail Reception

The second night of the TMA Distressed Investing Conference featured another highly successful networking event, allowing attendees to continue building upon existing business partnerships and create new ones. The Turnaround Capital Forum and Cocktail Reception featured more than 30 investors and other distressed capital providers available to meet with attendess to discuss investments, areas of focus, challenges they are facing and other topics that are critical to their clients.

This unique networking event, along with the opening night joint reception with the CFA and countless other business opportunities, both during the conference and while enjoying all that Vegas has to offer, have helped make this year's conference yet another successful event in its five-year history. Further enhancing the value of the conference was the outstanding distressed investing education program, which featured a very insightful and informative keynote presentation by James Grant yesterday.

We can't wait to return to Vegas for next year's conference. Look for more information regarding dates and location in the near future. In the meantime, start making plans to attend the 2011 TMA Spring Conference, April 27-29 at the JW Marriott Chicago.

Opening Reception Brings Together TMA and CFA Members

The 2011 TMA Distressed Investing Conference kicked off last night with a very successful joint reception with the Commercial Finance Association. 130 CFA members from thier just concluded Asset-Based Capital Conference joined many of our 450 conference attendess for a lively networking event.

Today the high quality education program kicks off  featuring keynote speaker James Grant. We'll also have an advanced case study of the General Growth restructing and panel sessions covering the Dodd-Frank Act and CMBS/REMIC. Ending the day's schedule is the much anticipated Turnaround Capital Forum and Cocktail Reception, which gives attendees access to network with more than 30 capital provider firms.

More to come as the conference continues here in Las Vegas...

Las Vegas, Distressed Investing Conference Deliver Optimism

No city symbolizes optimism quite like Las Vegas. The mere sight of the famed strip inspires thoughts of riches and fortune. So, it’s only fitting that the 2011 TMA Distressed Investing Conference descends on the Nevada desert this week in our own search for opportunity in the face of uncertain times in our industry.

TMA’s fifth annual Distressed Investing Conference has quickly become one of the “must attend” events in our industry’s calendar. The conference kicks off with a new networking feature on Wednesday night, a joint cocktail reception co-hosted by TMA and CFA that leverages the back-to-back presence of both organizations in Vegas to create a special opportunity to build the relationships that will lead to new business.

On Thursday, TMA has brought back for a second year, the highly successful Turnaround Capital Forum.  This event will provide a focused session where over 30 investors and other distressed capital providers will be available to exchange thoughts with attendees about their investments, areas of focus, challenges they are facing and other topics that are critical to a successful deal-oriented event.

While the conference will facilitate networking at every turn, TMA’s education program also delivers an impressive slate of expert panelists and speakers, including keynote presenter James Grant. Panel and workshop topics cover everything from the Dodd-Frank Act to the General Growth Properties restructuring to the auto industry.

So, as I head west from New York today, I can’t help but be optimistic. I know that I’m increasing my odds of success – and that’s all you can ask for in Vegas. I look forward to seeing those of you attending later this week.

If you haven’t registered but are still interesting in joining more than 400 of your colleagues at this great event, hop on a flight and join us. You can register onsite at the Aria Resort. TMA’s onsite staff will be glad to help you. Visit turnaround.org for more information.

Reinventing Ourselves and Our Profession in 2011

If you are a turnaround practitioner, it is easy to be anxious these days. We hear that the economy is steadily picking up steam despite the continuing challenges of persistent high unemployment, political infighting that leads to regulatory uncertainty for many industries and the black hole of risk that remains in real estate.

Everyday we see new financing deals that serve as more evidence that the “Great Wall of Maturity” is being pushed out further into 2013, 2014 and beyond. Default rates are expected to remain below historical averages at least until 2012.

The number of bankruptcy filings and the duration of cases filed have both steadily declined. In fact, the Chapter 11 process itself seemingly has been converted from a judicially monitored means of effecting a business reorganization to an administrative procedure for courts to bless or enforce a pre-negotiated balance sheet restructuring deal.

As a result, turnaround professionals, like those in so many other industries significantly affected by the economic crisis, have had to adjust.

Practitioners and their firms have responded by adopting the mantle of “financial advisor” traditionally favored by investment banks and accounting firms. In this capacity turnaround practitioners perform assessments, review business plans, or provide expert testimony. However, this type of work tends to be shorter duration, less-fee intensive work particularly when compared to the success fees garnered by investment banks involved.

Those of us who have been in the business for a while have been through these cycles before. Using transactions to extend maturities or restructure debt does not fix poor management or other underlying problems faced by troubled companies. Eventually, the issues will have to be addressed, now or perhaps in 2014 when a number of companies will be standing in front of the Great Wall.

In the meantime, turnaround practitioners will do as they have done in past cycles…reinvent themselves.

They will add capabilities or specialties. They will, accurately, point out that the tools of “corporate renewal” are important for companies regardless of where they stand in the company lifecycle. They will continue to grow their businesses outside of North America as evidenced by the rapid growth TMA has seen in its international membership.

There is hope and there are opportunities out there for turnaround professionals. But we can’t keep waiting for the economy to improve and pick up the pace. All signs indicate our path to recovery will continue to be slow and arduous. We need to take matters into our own hands in 2011 and adjust our practices to face today’s realities.

Industry and Economic Forecast Webinar - January 18

Next Tuesday I am participating on a panel for the TMA Webinar Industry and Economic Forecast – We are not out of this yet…

We will review the 2010 economic scene, interpret results from TMA’s latest survey on industries most likely to face trouble and those most likely to improve, and draw from our experience working with businesses mired in operational and financial problems.

The Webinar takes place next Tuesday, January 18, Noon – 1:00 p.m. EST. Click here to register.

More about the Webinar

• We will review the 2010 economic scene, interpret results from TMA’s latest survey on industries most likely to face trouble and those most likely to improve, and draw from their professional experience working with businesses mired in operational and financial problems.
• Prepare yourself for the coming year with an inside look at the continuing and new challenges facing the commercial and residential real estate and banking industries, state and local municipalities and other sectors in 2011.
• Learn how the turnaround and corporate restructuring world will be affected and how you can better prepare your firm to handle the challenges that lie ahead.

Additional Details

Moderator: Kenneth R. Yager II, MorrisAnderson

Panel: Matthew S. Darin, Frontline Real Estate Partners; William J. Hass, CTP, TeamWork Technologies Inc.; Patrick C. Lagrange, Carl Marks Advisory Group LLC.

CPE Credit Offered: 1 credit