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March 30, 2020 | Turnaround Management Association | turnaround.org

Message from Mark Felger, Chapter President
Co-Chair, Bankruptcy, Insolvency & Restructuring, Cozen O'Connor
   
Greetings:
   
Friends and Colleagues, when I accepted the baton from Joe Mintz as the calendar turned to a new year and a new decade, none of us could have predicted how our lives would be so dramatically changed in just sixty days. For my first official message of the new year, I had expected to be promoting all of the wonderful networking and educational events we had in the queue for the second quarter.  Unfortunately, the Coronavirus has changed all of our best laid plans and caused a lockdown like no other that we have experienced in our lifetimes; and as such we have had no option but to cancel all live events for the next sixty days, including our hugely successful Mid-Atlantic Symposium in Atlantic City in early June. Our lives are now filled with terms that we have never used or even heard before - Shelter in Place, Social or Physical Distancing, and Distance Learning. Hopefully, these terms soon will be in our rear view mirrors! While there is a great deal of uncertainty in the current crisis, there is also tremendous opportunity. These are the times when we in the crisis management and turnaround industry must shine the brightest. These are the times when the particular skill sets of the members of this great organization are in high demand. There is much good that we as turnaround professionals - as specialists in dealing with crises - can do in these difficult times. We will be sought out and leaned on to devise creative, innovative, and outside the box strategies to preserve and maximize value, and we all must rise to the occasion! Please know that during these challenging times the Chapter is here to support you in any way that we can; so please draw on all of the resources available at the Chapter and Global level. And remember, we are Better Together (but for now, virtually together)!
   
In closing, please be well and stay safe, and above all else, do what is best for your families!
Message from Matt Arden, NextGen Chair
Vice President Special Situations Investment Banking, Stout Risius Ross Advisors, LLC 
TMA NextGen started out 2020 on a high-note, hosting its annual joint charity event,  Networking for a Cause , with the Philadelphia chapter of ACG Young Dealmakers. In the past six years, TMA NextGen and ACG Young Dealmakers have partnered to host this event and raise over $60,000 for local charities.   
    
Held on February 27 th at The Lounge @ 1735 Market Street, the 2020 event drew the largest attendance in its history. Nearly 150 people attended to show their support for an excellent local cause. This was our third year working with Bringing Hope Home ("BHH") as the beneficiary, a non-profit organization, founded over 15 years ago, that has provided Unexpected Amazingness to over 4,000 local Families with cancer through financial and emotional support. Through the Light of Hope Family Grant, BHH offers a one-time grant to pay essential household bills for families with cancer.   The combination of a record level of attendance, generous contributions from our sponsors and attendees, and a robust silent auction of over 20 items made this one of our most successful events yet.
    
As we move forward in 2020, we are actively working on creative ways to bring together Philadelphia and Wilmington young professionals, even as in-person events are temporarily postponed. We are always seeking new ideas and would like to solicit suggestions from the greater TMA community for virtual events. Please submit any ideas for ways to network during this period of social distancing to a member of the NextGen committee noted below. If your suggestion is picked (and you were the first to submit the idea), we will be offering a complimentary registration to the next in-person event. We started this year with strong momentum and look forward to continuing to facilitate the building of meaningful relationships within our turnaround community.
 
2020 TMA Philadelphia / Wilmington NextGen Committee:
Flaster Greeenberg PC  is a full-service law firm serving clients in a variety of industries and sectors, and handles the life cycle of legal needs for small and mid-sized businesses. The Bankruptcy, Financial Restructuring & Risk Management Practice Group at the firm provides clients with practical and cost-effective solutions to issues related to distressed financial situations, bankruptcy, restructuring and insolvency. We work with you to understand your specific situation and create a strategy to meet your goals, in an attempt to obtain the greatest monetary value for your situation. Our team has also been analyzing the impacts that existing, new, and proposed laws will have on businesses and individuals in a COVID-19 world. As federal and state guidelines continue to evolve to deal with the crisis, our attorneys have formed a COVID-19 response team and will work to keep you updated on developments that impact your business.

Gavin/Solmonese is recognized by courts nationwide for the value we deliver. Having executed hundreds of successful turnarounds, restructurings, sales, and capital market transactions, our expert team can address whether a turnaround is possible and if the correct value and structure can be realized. We know that a negotiated resolution can often be in the client's best interest, and we will proactively recommend a workout or financial restructuring when appropriate. We are also one of the nation's most frequently engaged advisory firms for creditors. We maximize value for our creditor clients using our deep experience determining points of leverage, isolating weaknesses in senior claims, and structuring carve-outs for unsecured creditors.

Pachulski Stang Ziehl & Jones LLP (PSZJ), one of the nation's leading corporate restructuring law firm with 5 offices across the United States, including in Wilmington and New York City, is U.S. News & World Report's 2020 "Law Firm of the Year" in Bankruptcy and Reorganization Law.  PSZJ's bankruptcy attorneys are experienced in representing all major constituencies in and out of court throughout the United States, including, among others, debtors, committees, fiduciaries, bondholders, and acquirers.  PSZJ's trial-ready litigators investigate and litigate complex commercial disputes, and its seasoned corporate lawyers handle sophisticated transactional matters. PSZJ has a lengthy, proven track record of success, and clients retain PSZJ when they need aggressive, creative and thoughtful solutions to their most sensitive and critical challenges.
 
Saul Ewing Arnstein & Lehr is a full-service law firm that offers clients the national reach and sophisticated experience of a large firm and the local connections and value of a boutique firm. The Firm has a robust Bankruptcy and Restructuring Practice. Our attorneys provide practical guidance and creative solutions to companies facing financial and operational challenges. Whether a company is experiencing financing constraints, is in need of strategic advice for specific segments of its business, or guidance through workouts or restructurings in times of distress, our attorneys offer strategic advice and realistic goals in order to reach the best outcome. Our Bankruptcy and Restructuring attorneys are active members of the Firm's COVID-19 taskforce, providing strategic financial and restructuring advice to companies during the pandemic.
 
Stradley Ronon's bankruptcy, workouts and creditors' rights practice assists clients in dealing with financially distressed entities and financial products, troubled credit, defaulted loans, and bond debt, helping them optimize recoveries and devise strategies to resolve troubled situations. Working closely with members of Stradley's finance and restructuring and litigation practice groups, the firm structures and restructures transactions to address lien perfection and priority, fraudulent conveyance risk, and intercreditor and subordination issues, as well as represents its clients' interests in bankruptcy, insolvency and liquidation proceedings throughout the country.
Welcome New Members
 
Peter Brockmeyer 
Associate
Stradley Ronon 
Stephen Butler  
Chief Credit Officer
Context Business Lending, LLC 
Gary Cardamone   
Director  
CFO Consulting Partners, LLC  
Justin Falgowski 
Partner 
Burr & Forman LLP  
Katherine Fix 
Associate 
Robinson+Cole LLP  
Russell Heller 
Associate  
Burr & Forman LLP  

NEW: Share your accomplishments! 
 
We are rolling out new Newsletter sections to highlight Members in the News (awards,  major deal accomplishments), Thought Leadership (Members' panels and publications) and Member Moves (firm changes). Please email your news to  D.J. Krystopa , Marketing/Communications VP

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