“However beautiful the strategy, you should occasionally look at the results.” – Winston Churchill One of my favorite business topics is how to avoid the far too common “execution gap” between strategy and results. Effectiveness is the ultimate test of any given course of action. But before even getting to the execution stage, businesses need… Continue Reading
Category Archives: Business Restructuring & Bankruptcy
Subscribe to Business Restructuring & Bankruptcy RSS FeedStrategic Considerations in Bankruptcy Code Section 363 Transactions
Posted in Business Restructuring & Bankruptcy, Deal StrategyThe multifaceted tactical and strategic considerations that come into play when a financially distressed company pursues the sale of substantially all of its assets by means of a sale pursuant to Chapter 11, Section 363 was the subject of a presentation I gave this morning to my Provisors’ “Mergers and Acquisitions” professional networking group. I… Continue Reading
Facilitating the Liquidation of “Bad” Companies and the Reorganization of “Good” Companies [Part 2]: Evolution of the Role of the Chief Restructuring Officer
Posted in Business Restructuring & BankruptcyI pick up today on the theme started in an earlier post “How the Chapter 11 Bankruptcy Process Can Better Facilitate the Liquidation of ‘Bad’ Companies and the Reorganization of ‘Good’ Companies” and discuss the evolution of the role of “Chief Restructuring Officers” in the business workout and Chapter 11 arena. The title “Chief Restructuring… Continue Reading
NEWS INSIGHT: Public Hearing by the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11
Posted in Alternatives to Bankruptcy, Business Restructuring & Bankruptcy, Deal StrategyThis past Friday, April 19, 2013, the highly anticipated public hearing of the American Bankruptcy Institute’s (ABI) Commission to Study the Reform of Chapter 11 occurred at the ABI’s 31st Annual Spring Meeting in Washington D.C. The Commission consists of Chapter 11 experts from across the Country, and includes my bankruptcy professor and law school… Continue Reading
As the Debate Continues, What About Alternative Attorney Fee Arrangements in Large Chapter 11 Business Bankruptcies?
Posted in Business Restructuring & Bankruptcy, Law Practice ManagementLast week I wrote through the lens of sophisticated and empowered in-house legal counsel about how they are shaping the future delivery of professional legal services by outside law firms. In this piece and in a subsequent piece to follow, I take a look at making the delivery of professional legal services more efficient and… Continue Reading
“Are We There Yet”: Returning to the Common Law Concept That Assignment of Rents in Real Estate Lending Transactions Is A Grant Of A Security Interest in Rents? [PART 1]
Posted in Business Restructuring & Bankruptcy, Real EstateOn March 7, 2013 I organized and moderated a panel discussion titled “Real Estate Lessons from the Bankruptcy Courts: What Developers and Attorneys Should Know before Closing the Next Big Deal” as part of the annual USC Law Real Estate Law and Business Forum. The panel focused on a few noteworthy recent real estate Bankruptcy… Continue Reading
How the Chapter 11 Bankruptcy Process Can Better Facilitate the Liquidation of “Bad” Companies and the Reorganization of “Good” Companies [Part 1]
Posted in Business Restructuring & Bankruptcy, Deal StrategyThe fundamental premise of this first in my multiple part series on business bankruptcy reform concepts is that an efficient chapter 11 bankruptcy system expedites both (a) the prompt identification of which company-type category an entity “fits”, and (b) what happens to companies in each category. The two company-type categories are: “Dead” companies who only… Continue Reading
Unknowingly Cut From the Same Cloth: The Strategic Overlap of Chapter 11 Bankruptcy and Private Equity To Re-energize Hidden Value of Companies
Posted in Business Restructuring & Bankruptcy, Deal StrategyIf you were to ask the average MBA or Law student fresh from graduation to name the overlapping, free market benefits of Chapter 11 bankruptcy and private equity, you would likely receive a blank stare. However, private equity investments and Chapter 11 bankruptcy transactions share the same foundational tenet of redeploying economic resources to their… Continue Reading
How to make the Chapter 11 Bankruptcy Process more efficient: The 363 sale bidding process
Posted in Business Restructuring & Bankruptcy, Distressed Mergers & AcquisitionsIntroduction Earlier this month I attended the Turnaround Management Association’s (TMA) Western Regional Annual Conference, held in Santa Barbara, California. While there I participated on a panel discussion about how to create efficiencies in what is called the “363 process” which was entitled “Ins and Outs of a Sales Process in Bankruptcy – how to… Continue Reading
Is it time to formally make “Single Asset Real Estate” entities ineligible to file for bankruptcy?
Posted in Business Restructuring & Bankruptcy, Real EstateI have recently come to the conclusion that serious thought needs to be given to amending the United States Bankruptcy Code so that “Single Asset Real Estate” entities are not eligible to file for bankruptcy under Bankruptcy Code Section 109, thereby closing the door to that workout option and leaving such entities to their rights… Continue Reading