We are rounding the annual mark of the Michigan shutdown in response to the COVID-19 pandemic. And only one word comes to mind: thrive. This is the theme of this opening letter, and as a Chapter and as professionals, we continue to thrive. During the past year, we’ve all adjusted, in our personal lives, our professional lives, how we work, how we network, but we all continue to thrive. Granted, things aren’t always easy, and things might have gone wrong, but when you get knocked down, the next best thing to do is get up and take one step forward. We’ve continued to work as a group of professionals helping our Michigan community, and beyond, deal with these unprecedent times.
As a Chapter, we continue to put out high-quality virtual events with great panels and networking options. We will continue these virtual events for some time but look forward to a time when we can safely start getting together in person again. The Chapter is planning a spring golf event, so for the golfers in the room, you’ll be excited to know that’s in the work and will follow a similar format to the Chapter’s fall outing.
I encourage members to look at other Chapter virtual events as well. With no or minimal cost to virtual events, this environment gives us a great opportunity to network with professionals in many different TMA Chapters.
If you’d like to get more involved, reach out to a board member and see how you can help out the TMA Detroit Chapter. We’re always looking for bright, motivated members to help us do more new and exciting things.
Thanks for taking the time to read this and the rest of our newsletter. Stay safe and healthy.
Mediation: Coming Soon to a Computer Near You
By Jason W. Bank, Kerr Russell
The pandemic has impacted nearly all areas of personal and professional life. Attorneys have learned to adopt to virtual court hearings – with varying amounts of success. See viral video of attorney exclaiming, “I’m not a cat”, while appearing with a cat filter in a Zoom hearing.
For the most part, the transition to oral arguments on motions and other hearings via Zoom or conference call has gone smoothly. However, many trials and evidentiary hearings ground to a halt during the first several months of the pandemic. While some courts have resumed trials by Zoom, there is a backlog of contested matters on many court’s dockets.
As a result of the backlog, the use of mediation has increased over the past year to resolve disputes. The Mediation Panel for the United States Bankruptcy Court for the Eastern District of Michigan has continued to conduct mediations by video conferencing. The panel facilitates resolutions of matters ranging from the dischargeability of debts in consumer cases with impoverished debtors to complex commercial disputes.
Real Estate Receiverships Aren't Just for Lenders Anymore
By Scott Shefman, Friedman Real Estate
The appointment of a receiver is an equitable remedy that allows judges to protect and preserve assets while parties are in legal disputes. The use of receivers can be traced back to 15th century England when chancery courts were established to deal with equitable issues, as opposed to those of law.
The Framers gave American courts the same equitable powers to use receivers with the adoption of the Constitution in 1787. Since that time, both state and federal courts in the U.S. have appointed receivers to oversee all types of matters including real estate, business, family estates, and regulatory issues.
When it comes to commercial real estate, the party most often seeking the appointment of a receiver is a secured lender whose borrower has defaulted on its loan payments. In these instances, the secured lender generally asks the court to install a receiver to collect rents and to protect its collateral for a period, typically while a foreclose action is pending.
In-Person Networking: You Don't Know What You Got 'til It's Gone
By John Klehm, SPECTRUM
As the weather, COVID statistics and vaccine rollouts have all been trending positive, thoughts in our community are turning to the end of pandemic restrictions and possibly restarting face-to-face networking, in the not too distant future. Zoom-like networking has in some ways been beneficial, but it can’t replicate the in-person experience.
Attending virtual meetings has certainly made finding new connections easier. Time is saved not driving to and from events, nor are there hassles with adverse weather or traffic. Also, it has afforded opportunities to connect with professionals in markets farther away, that wouldn’t have been possible with in-person meetings. Virtual networking, however, misses a quality of connection that personal interaction provides, and connecting with friends and close associates over Zoom simply isn’t the same.
TMA Learning Link™ is where to find content and information on topics important to our community in the turnaround, restructuring, and corporate renewal industry. We are proud to offer this new benefit to TMA members.
TMA NOW hosted a Galentine’s Day event on February 10th. Everyone enjoyed a hand-delivered charcuterie box from The Grazing Hour, a local woman-owned business.
Leslie Knope, Parks & Rec character and creator of Galentine’s Day, said Galentine’s is about ladies celebrating ladies and we did just that at the NOW event. TMA women and men networked and discussed topics like the best virtual networking session they’ve attended and the most influential woman in their career or life.
We hope you can join us at the next TMA NOW event!
If you are interested in joining NOW Detroit email Katie Montague.
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