Media Mentions
2008
Charles Shiramba was quoted in the April 2008 edition of the International Financial Law Review regarding a proposal by the European High Yield Association to reform UK insolvency law to make it more like Chapter 11 of the U.S. Bankruptcy Code to enable easier restructurings. "This is a laudable proposal. It's clear to all of us that we could be going into a recession. If we do, highly-geared structured companies will fall first."
Charles Shiramba, Banking and Finance - London, London, Restructuring & Insolvency
Charles Shiramba was quoted in the March 20 edition of Legal Week in relation to the global turmoil in credit markets which led to the collapse of two hedge funds in Europe and the fire-sale of Wall Street giant Bear Stearns. Mr. Shiramba said, “Insolvency law in the UK is not geared up to dealing with hedge funds the size of Carlyle going bust. I think the law will struggle to cope."
Charles Shiramba, Banking and Finance - London, London, Restructuring & Insolvency
Thomas Bean was quoted in a January 26 article published by the Washington Business Journal regarding an appeal involving Final Analysis Communications Services in a civil judgment against General Dynamics that is potentially worth $129 million. Mr. Bean discussed how the Final Analysis bankruptcy may be an attempt to preserve assets that could ultimately pay off the majority holder, Nader Mondolo’s creditors. "The trustee appears to be seeking to obtain proceeds from the General Dynamics judgment that would ultimately be distributed to Mondolo's creditors," he said.
Thomas O. Bean, Restructuring & Insolvency
Stephen Selbst was quoted in a the January issue of Hedge Funds Review regarding how hedge funds are looking toward acquired companies in the invoice factoring space as more distressed debt and bankruptcy situations are arising. Mr. Selbst discussed how management of struggling companies are under pressure to sell which is creating a wide variety of business for distressed-debt managers as well as invoice factoring companies. "(Distressed managers) want the assets in the hands of better people," he said.
2007
Georgia Quenby was quoted in a September 18 article published by The Times regarding the global effect of sub-prime mortgages. "What we are now seeing is a return to prudent lending and, personally, I don’t see what the regulators could have done to intervene. The market is now starting to correct itself," she said.
Georgia Quenby, Restructuring & Insolvency
Howard E. Steinberg was quoted in a September 17 article by Business Week regarding the the recent trend of banks backing out of financing plans for corporate buyout, putting the deal's fate into jeopardy. The trend comes as Wall Street banks are increasingly concerned about getting stuck holding billions of dollars in buyout-related debt. "The banks may be finding it a little easier to renegotiate or walk away from the lower-profile deals," commented Mr. Steinberg. With smaller buyouts, he said, banks are less wary of hurting their reputations or relations with clients by pulling back on funding commitments.This story was also reported in Canadian Business, CNN Money, Morning Star Mutual Funds, and The Long Island Business News.
Howard E. Steinberg, Restructuring & Insolvency
Georgia Quenby was quoted in an August edition of Global Turnaround regarding the expansion of McDermott’s London office. Commenting on the hiring of Charles Shiramba, Ms. Quenby stated that, "He will bolster our international insolvency and restructuring practice."
Georgia Quenby, Restructuring & Insolvency
Rick Mitchell was quoted in an August edition of Global Turnaround regarding the lessons to be learned from the Schefenacker restructuring. "The Schefenacker deal represents the success of consensus and common sense," he said.
Richard Mitchell, Restructuring & Insolvency
Stephen Selbst was mentioned in an August 1 article by PR Newswire regarding his participation as a speaker in the Distressed & Turnaround Investment Forum on September 24-25. This story was also reported in the Associated Press Financial News, Calibre MacroWorld, Yahoo! Finance, TickerTech.com and in the Yearbook of Experts.
Georgia Quenby was quoted in a July 17 article published by Bloomberg regarding Schefenacker AG’s decision to move their headquarters from Germany to England in order to file for bankruptcy in London. Ms. Quenby discussed how this maneuver allowed Schefenacker to complete a 500 million-euro restructuring that would not have been possible under Germany’s more stringent insolvency law. "There is a significant question of whether the group would have survived under the German process," she said. This story was also reported in The International Herald Tribune and The Star.
Georgia Quenby, Restructuring & Insolvency
Thomas O. Bean was quoted in a July 13 article published by The Boston Globe regarding Tweeter Home Entertainment Group's acceptance of a $38 million bid for assets from a New York investment firm. Tweeter had filed for bankruptcy protection a month ago and is looking to finalize the bid as early as possible if it is approved by a federal judge. "Under these circumstances it would be atypical for the court to reject the debtor's request," Mr. Bean commented.
Thomas O. Bean, Restructuring & Insolvency, Trial
Rick Mitchell was quoted in a July 2 article published by Bloomberg regarding the completion of a 500 million-euro debt restructuring for Schefenacker Plc. Mr. Mitchell discussed how Schefenacker’s move from Germany to England assisted in the Chapter 15 filing. "The restructuring would have been a little bit awkward without the Chapter 15 filing. The high–yield bonds are governed under U.S. law," he said.
Richard Mitchell, Restructuring & Insolvency
Nathan Coco and Timothy Eloe were mentioned in a May 5 article published by the Daily Deal regarding CPI Corp.’s offer of $100 million in order to acquire Portrait Corp. of America Inc. Mr. Coco and Mr. Eloe represent CPI. This story was also reported in AFX News.
Nathan F. Coco, Timothy J. Eloe, Restructuring & Insolvency
William Smith was mentioned in an April 23 article published by The National Law Journal regarding companies who are trying to repair their finances after their loan customers defaulted in large numbers due to subprime credit. Mr. Smith discussed how McDermott has been working with banking and hedge fund clients on how to recoup some of the funds. This story was also reported in The Recorder and in the Daily Business Review.
William P. Smith, Restructuring & Insolvency
2006
Stephen Selbst was quoted in the December 15 and 18 editions of The Deal in response to the new bankruptcy code and the recent Dana Corp ruling.
William Smith was quoted in the October 19 issue of The National Law Journal regarding his experiences with hedge funds and their strong presence in bankruptcy or restructuring proceedings. "There's more pushing and shoving," he said.
William P. Smith, Restructuring & Insolvency
Stephen Selbst was quoted by CFO.com on September 13 regarding the new bankruptcy law that makes it harder for companies working through Chapter 11 reorganization to award executives' retention bonuses. Mr. Selbst commented that to mitigate such risk some companies will search for a court circuit that has already approved a bonus plan similar to their own before filing a bonus petition.
, Corporate, Restructuring & Insolvency
Stephen Selbst was quoted on CFO.com on September 5 for his comments on the bankruptcy court ruling denying Dana Corp.'s motion to allow the company to award incentive bonuses to six top executives after filing for Chapter 11 protection in March.
, Corporate, Restructuring & Insolvency
2005
James Shein's article "Trying to Match Sox: Dealing with New Challenges and Risks Facing Directors" was published in the Spring 2005 issue of The Journal of Private Equity. The article deals with the converging forces, new challenges and risks facing directors of public and private companies. These include: Federal and state enforcers, as well as plaintiffs, increasingly deciding to go after the personal assets of directors; the increased burden created by corporate governance reforms (e.g., Sarbanes-Oxley Act of 2002); and courts recently deciding that the confidentiality privilege between directors and their lawyers can be broken a lot easier than once believed.
James B. Shein, Corporate, Restructuring & Insolvency
William Smith was quoted in the April 4 issue of Modern Healthcare on proposed rules in the bankruptcy bill regarding bankruptcy hospitals and nursing homes exiting from Medicare and Medicaid. Bill commented that when a hospital or nursing home bankruptcy has arisen the various court circuits have handled the situation differently. Some circuits have decided that the CMS can exclude a provider in bankruptcy from Medicare without going through the bankruptcy courts while other circuits require that bankruptcy courts be involved in the decision.
William P. Smith, Health, Restructuring & Insolvency
James Shein was profiled in the first issue of Forrester magazine (February 2005) in "The Turnaround Template," which looks at previous turnarounds and identifies some common themes in their approach. Recognized as the vice president of the Turnaround Management Association, Mr. Shein commented that effective turnaround leaders are "stress-junkies – they like pressure." He continued by emphasizing that turnaround specialists bring warring parties together, staying calm in the middle of emotional static.
James B. Shein, Corporate, Restructuring & Insolvency
2004
James Shein was quoted in the October 20 issue of The Wall Street Journal in regard to the increase of turnaround professionals. Jim, who teaches a "Managing Turnarounds" class at the Kellogg School of Management at Northwestern, commented he is trying to bring real-life sensibilities to his students. He said that during the bankruptcy phase of his course he has students take positions as unsecured creditors, banks, shareholders and management. "They have to fight out how to manage the company. Then I bring in top turnaround consultants and CEOs to talk to the class," commented Mr. Shein. "One of the things we talk about in class is that there are corporations interested in hiring people who have knowledge of corporate renewal. The earlier you detect a problem, the easier it will be to fix. I believe the market will grow in that area faster than turnaround consultants themselves."
James B. Shein, Corporate, Restructuring & Insolvency
2002
Jared Kaplan was quoted in the December 10 issue of The Chicago Tribune commenting on United Airline's ESOPs in light of the company's bankruptcy filing. Mr. Kaplan commented that United's ESOP is unlikely to drive much change in ESOPs because "United's ESOP emerged out of a desire by pilots to get control of the company, and it didn't really even do that."
Jared Kaplan, Employee Benefits & Pensions, ESOPs, Restructuring & Insolvency
Toby Kusmer was quoted in the March 1 issue of Boston Business Journal in an article addressing M&A activity in the telecom sector. Mr. Kusmer commented that "there’s some bottom-fishing right now," and many of the current deals are considered "distress" sales."
Toby H. Kusmer PC, Mergers & Acquisitions, Restructuring & Insolvency, Telecommunications
2001
David Gould was mentioned in the July 9 issue of California Law Business in regard to his recent appointment as president of the California Bankruptcy Forum.
James Shein commented on proposed legislation regarding bankruptcy law in the May 14 issue of Crain's Chicago Business. Due to the increased leverage available to creditors in the proposed legislation, Mr. Shein commented on the potential explosion of filings before the bill's effective date and the need to have a plan of reorganization ready, versus creditors' possible inclination to wait to make their demands known.
