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WHAT'S INSIDE:
ESF: Mattis Draws Record Crowd
Capital Marketplace To Return in 2023
Chapter Leaders' Final Thoughts
End of an Era: Chris & Sue Pass the Torch
Sponsor Spotlight: SAK
TMA Out 'N About
Hot Takes
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TMA Chicago/Midwest | December | Q4
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CHAPTER LEADERSHIP MUSINGS |
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Final Send Off: Goals and Many Thanks
Sugar Felsenthal Grais & Helsinger LLP
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Each year, the Chapter’s incoming President is invited to dinner with Chapter’s past-Presidents, during which the current and past-Presidents provide advice to the incoming President. Prior to this dinner last year, I sent a letter to the Chapter’s past-Presidents thanking them for the honor of serving as their collective successor and presenting my goals for the coming year. Click to view that letter. |
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Final Send Off: My 'Hot Take'
Summit Investment Management & Keen-Summit Capital Partners
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David Levy leaves members with his own Hot Takes for what's ahead in 2023 as it relates to TMA and the market. |
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Chris and Sue say 'Adieu'
Glatz Management Services, Inc.
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Twenty-one years ago, in a HUGE conference room at McDermott Will and Emery, I was interviewed by three amazing leaders: Professor Jim Shein, Dave Mack and Colin Cross. I recall how nervous I was, but how I so wanted to get the offer to serve as the TMA Chicago/Midwest Chapter Administrator. I immediately felt Jim, Dave, and Colin’s sense of commitment to their profession and the strength of their leadership skills. I said to myself, “Now these are the type of people I want to work with on a daily basis.” |
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Cheers to 21 Years! On November 19, Sue Fischer (left) and Chris Glatz each received a Lifetime Achievement Award from TMA Chicago/Midwest.
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Passing the Torch. Left-to-right: Amanda Mehrbrodt (incoming), Sue Fischer (outgoing), Chris Glatz (outgoing), and Katlyn Glatz (incoming).
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Earlier this fall Erich Buck, a partner at the business insolvency and bankruptcy law firm of Adelman & Gettleman, Ltd., was interviewed on WQAD News 8, the ABC affiliate for the Quad Cities, regarding the Happy Joe’s chapter 11 bankruptcy filing, discussing the chapter 11 process generally and the implications of filing for the company.
Longtime member Marc Carmel became the Office Managing Member of McDonald Hopkins’ Chicago office and also now serves on the firm’s Board of Directors. Marc is a member of the firm’s Strategic Advisory and Restructuring Department and Co-Chair of the firm’s Litigation Finance Group.
Kevin A. Krakora, CTP, Managing Director with Getzler Henrich, was appointed as Chief Restructuring Officer to Spring Mountain Vineyard, a historic winery and vineyard located in Napa County, California, and which was featured in the television series “Falcon Crest.” Spring Mountain Vineyard filed for chapter 11 bankruptcy protection on September 29, 2022, in the Northern District of California, and currently plans to emerge from bankruptcy in the Spring of 2023.
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There's a new TMA legacy to celebrate!
Eric Welchko is pleased to announce the birth of his son, Eric Michael Welchko, Jr. who came into the world on September 21.
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Chapter News: TMA Out 'N About |
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Sept. 21: Hot Topics Draws Hot Crowd
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Over 50 individuals were in attendance for a lively panel presentation comprised of nationally recognized turnaround experts followed a by networking event generously hosted by Kirkland & Ellis and A&M. |
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Sept. 22: TMA NOW & IWIRC Connect
By Jessica Marek, Riveron
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The TMA Network of Women (NOW) and the International Women’s Insolvency and Restructuring Confederation (“IWIRC”) Chicago Network hosted a joint happy hour event at Bar Avec in River North. Attendees connected with industry colleagues and took in the beautiful view of the skyline while enjoying delicious appetizers and drinks. The event drew in a great crowd and was a fantastic way to bring a broader group of women in the restructuring industry together to wrap up the summer and head into fall! |
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Oct. 6: Breakfast at Its Best
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Dozens of TMA Chicago/Midwest members gathered at the iconic Chicago restaurant, Manny’s, for a great breakfast and much needed in-person networking. Coffee, bagels, and good conversation were enjoyed by all. Erich Buck, a partner at the insolvency and bankruptcy law firm of Adelman & Gettleman, Ltd., called the event “an example of what the TMA does best,” and commended the TMA for its creative and enjoyable programming.
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Oct. 11: Milwaukee Education Event
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The TMA Milwaukee Planning Committee hosted a timely and relevant educational panel discussion at the Milwaukee Athletic Club on the current state of banking and uncertainty surrounding the future. The panelists discussed material changes to the accounting standards, the effects of government stimulus, supply chain and labor issues and ways to prepare for the rising interest rate environment. The panel discussion fueled some thoughtful questions and comments from the audience regarding risk, asset valuation and other matters material to underwriting and lending decisions. |
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Oct. 19: Commercial Real Estate Event
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The Education Committee welcomed 62 attendees to its eighth of nine planned education events for 2022. The webinar, "Commercial Real Estate: Where are we headed?" featured a panel of experts who addressed the current and future state of commercial real estate in the face of a storm of factors – including rising interest rates and structural changes in demand – that have materially altered the perspective of lenders to the sector and challenged the existing economic models for landlords, tenants, and investors.
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Aug. 31: University Relations Virtual Panel
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The University Relations Committee’s “Finding a Job in Turnaround Consulting” virtual panel brought together a half-dozen students for a moderated discussion about industry roles and responsibilities, how to score a job in turnaround and lessons learned from the panelists’ careers.
The panel was especially pertinent given the challenges students face in the job market, and panelists shared their career experiences during times of economic uncertainty with the students. Panelists also answered questions and provided strategies to help student members kick-start their careers in turnaround.
If you are interested in getting involved with either the University Relations or NextGen committees, or have an idea for programming, please contact the Committee Co-Chairs for 2023: Rory Dayton, Tom O’Donoghue, and Jon Pogorzelski.
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HOT TAKES
Market Insights, Musings and Trends
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“Keen-Summit Capital Partners is seeing distress in restaurants as cost increases and staffing issues drive lease restructuring projects. Summit Investment Management is seeing that, too, plus supply chain woes as factors behind management issues driving distressed note sales. Workout bankers are expecting pick-up in Q1.”
Summit Investment Management and Keen-Summit Capital Partners
“With the explosion of SPACs in recent years as a less-regulated alternative to traditional IPOs and the challenges presented by the current economic climate, Fox Rothschild LLP expects many de-SPAC companies will fail to meet their financial goals and obligations, resulting in a common theme for chapter 11 filings in the next year.”
“Across hundreds of Accordion non-distressed engagements, and the management teams we collaborate with, we are hearing escalating concern. We see increased inbound calls and a growing pipeline in our turnaround and restructuring practice. The depth and breadth of the next macroeconomic chapter remains unclear, but the direction does not.”
"One senior banking executive told me he would not be surprised if this financial disruption was as deep as 2008. Another executive thought it will take until late Q1 or into Q2 to get his bank to reoriented and moving to push out bad credits.
David Mack, CTP, Principal & Managing Director, Pathfinder Group
“With PPP loans dried up, excessive inventory, and markets down in revenues due to the pandemic, we see more businesses needing liquidity for expansion and growth, especially in Manufacturing and Distribution, leading to an uptick in requests for refinancing CRE and cash out options."
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