A recent bankruptcy case in Southern California has raised significant questions about the limits, if any, on the power of state governments in approving or rejecting sales of assets of not-for-profit healthcare industry entities. With Congress focused on repealing the Affordable Care Act (ACA),...
The out-of-court restructuring process is a fascinating and ever-evolving discipline. Creative restructuring professionals have spent entire careers developing unique approaches to out-of-court restructuring that push the limits of applicable law. Recent decisions by lower courts temporarily...
The fact pattern may sound all too familiar to bankruptcy practitioners: Heightened Scrutiny Inc. is a multichannel computer and software family business founded in 1984 with current revenue of $65 million and 100 employees. The company has experienced sustained losses caused by increased...
Begun in 1960 as a family-run business in New York City, Duane Reade had become a private equity-owned regional convenience and drug store chain that was financially underwater and plagued by low customer satisfaction. Clutter and crowding were synonymous with the brand and its undifferentiated...
As part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), Congress amended how certain claims for the sale of goods would be treated in Chapter 11 cases by establishing a new category of administrative priority claim under Section 503(b)(9) of the U.S. Bankruptcy Code...
Early January brought a rash of store closure announcements from household names. Macy’s and Sears collectively announced 218 store closures across the United States, 1 and The Limited announced it would close all of its 250 U.S. stores, while assuring customers that all of its products would still...
Most people think of municipal bonds as debt issued by state and local governments and their agencies and authorities. In fact, federal tax laws treat a wide array of entities and projects as eligible for “municipal financing.” Most U.S. cities and states have created “municipal authorities” as the...
Susan M. Smith is a senior managing director with GlassRatner Advisory and Capital Group LLC in Tampa, Florida. She has more than 20 years’ experience in financial advisory services, including turnaround management, bankruptcy and restructuring consulting, and litigation support. She has served as...
Alabama Tania Daniel, Porter Capital Corporation Edward S. Sledge IV, Bradley Arant Boult Cummings LLP Arizona Scott Ferguson, Sustainable Income LLC James R. Lentine, Wise Enterprise Group LLC Jared Shintaku, Pinnacle Bank Atlanta Michael Conrad, Gibraltar Business Capital Case Fedor, Crystal...
In November 2016 the TMA Executive Board reaffirmed that one of its core values is to “attract, represent, and develop industry experts through certification and professional development.” Acting on that core value, in December 2016 we launched revamped Certified Turnaround Professional (CTP) and...
