As professionals in the turnaround industry, each of us faces disruption on a daily basis, either with our clients or with our own businesses. Change is constant, and responding to disruption, whether proactively or reactively, is woven into our fabric. When I became a member of TMA in 2001, I...

While the TMA membership represents a wide cross-section of professions and perceptions, one thing that the members seem to share in common is an appreciation for “the numbers.” So here are some numbers for your consideration. Of course, numbers by themselves aren’t very helpful, so here’s a little...

In this, my final JCR column, I will forego a sentimental retrospective of my time as TMA Global President, now Chairman. Make no mistake, my time in TMA Global leadership has been a singularly exciting and rewarding experience—truly a career opportunity. But I much prefer to look forward through...

For those of us in the trenches of lower middle market special situations, there are signs of a coming disturbance in the Force. No one knew what the disturbance was at the beginning of 2007, but we soon found out it was subprime mortgages. Who knew in 2007 that my old employer, National City Bank...

A broad-based group of TMA members gathered in Chicago last month to kick off a process that will help determine the future course of TMA. In the face of ever-changing market dynamics, the group is charged with developing a strategic plan that will ensure TMA continues to be relevant and a valuable...

Jean-Baptiste Alphonse Karr, a French critic, journalist, and novelist, wrote "plus ça change, plus c'est la même chose," which has been roughly translated to “the more things change, the more they stay the same" (Les Guêpes, January 1849). When I was growing up, my elders used that phrase to...

I’ve just returned from the TMA Eastern European Conference held at the Czech National Bank in Prague. In its third year, this conference continues to grow by attracting individuals engaged in or interested in turnaround, restructuring, insolvency, and corporate renewal in the Central East European...

My last Reflections column in the Journal of Corporate Renewal was titled “Corporate Restructuring: Will the Force Awaken?” I’m here to tell you now that it has and we’re in the early stages of the new cycle. I write this having just returned from TMA’s biggest and best Distressed Investing...

Chaos is described as a state of complete disorder and confusion. After 28 years in the turnaround and restructuring business, one develops a taste for it. I am reflecting on what it is that distinguishes the subject matter of the turnaround industry from the healthy business world. At the risk of...

As our political, economic, technological, and social foundations are being disrupted in ways and at speeds never before imagined, we are continuously challenged in how we conduct both our personal and professional lives: how we interact and connect with one another, how we work and conduct...