2020 MEMBER NEWSLETTER                                             ISSUE 2  
Message from the President
Amanda Vintevoghel
TMA Detroit Chapter President

Looking at my last president's letter, I recognize how much the TMA landscape has changed for the Detroit Chapter over the last several months, along with almost every other aspect of our daily lives. The COVID-19 pandemic has definitely put a wrinkle in the networking and educational events that were in the works as of March. However, the pandemic has forced us to be a little more creative in our networking efforts, as well as ensuring our TMA members are receiving valuable, up to date information so that they can best advise their clients. 
 
The Programming Committee has been invaluable during this time and has been able to put together some great webinars related to automotive restructuring, PPP loan processes and regulations, and other similar topics. There are several more webinars in the queue for the remainder of the summer as well. The Programming Committee has put together a "Return to Workout" series tackling issues related to restructuring and bankruptcy from both the lender's and borrower's perspective. The first segment of this series is scheduled for June 17 at 4:00pm. Keep an eye on your email for more information. 

Also, for those members who are itching to get back on the networking circuit - virtual networking events are also in the works. TMA NOW participated in a virtual networking event with TMA West Michigan on May 27, and it was a great and easy way to meet (and reconnect) with other TMA members. We hope everyone can take a break from their summer activities and participate in these convenient networking events! Also, as the restrictions continue to ease, we will start the process of re-instituting in-person events, keeping all CDC guidelines in mind. 

Finally, this is my last letter as President of the TMA Detroit Chapter. While my year as president definitely did not end as I planned, it has been a great experience. I have enjoyed working more closely with so many of our TMA Detroit members, as well as becoming more involved with TMA Global. I personally want to thank the TMA Detroit Board of Directors - Allison, Sean, Jason, Matt, Ted, Chuck, Brendan, Laura, John, Marc, Glenn, Eric, and Katie, for all of their hard work and dedication to the TMA Detroit Chapter. Without your help, the Detroit Chapter would not be the success that it is. Best of luck to Sean Pattison, as he takes over the reigns as the Chapter President for 2020-2021. 

I look forward to seeing everyone soon at our next social event! Until then, stay safe and have a great summer. 

P.S. If you are looking to get more involved with the Detroit TMA Chapter, please reach out to myself or any of the members of our Board of Directors. We would be happy to discuss the many ways to get involved.

Preparing for the Worst: Issues in Employment Law for Re-Opening Businesses   
Associate, Dickinson Wright

Businesses are gradually starting to re-open around the United States. While the past months have been unprecedented and created numerous challenges for employers, it is important to remember that employment laws generally do not have any exceptions for pandemics. For example, even though older persons appear to be more susceptible to COVID-19, employers may not prioritize older employees for furlough without likely violating federal and state age discrimination laws. As employers begin the process of bringing back furloughed employees and making other employment decisions arising out of the COVID-19 crisis, they should prepare for an increase in employment-related litigation.

Employment lawsuits usually increase in times of economic turmoil. But at no time in recent history have so many layoffs come in such a short period of time. Ideally, an employer will utilize an objective standard to determine who to lay off in these situations (and will have documentation to support this decision). However, even objective standards can result in liability for illegal discrimination if they adversely impact a disproportionate number of employees in a protected category such as age or race. Many states have also enacted emergency rules creating additional protection. For example, in Michigan, an Executive Order was issued prohibiting retaliation against employees who stay home from work because they test positive for COVID-19 or live with somebody who has tested positive, under certain circumstances. Somewhere in Michigan, an employer will likely become a test case for this law (which was not passed by the legislature). Some states have created emergency rules creating a right to sick leave for employees who test positive. Often, these hastily-enacted emergency rules can create huge problems for employers who want to comply with the rules, but are not even sure what is expected of them.

Another potential area of concern for employers are whistleblower complaints. These days, it seems everybody is a public health expert who thinks they know what the law requires and what employers have to do to comply with the law. Many of these "experts" end up making complaints to their supervisors or co-workers, and when they are later terminated for unrelated reasons, file a lawsuit claiming they were discharged because they claim they were a whistleblower. Employers should expect a flood of these lawsuits within the next year. Employees may complain about customers or co-workers not wearing masks, or not washing their hands enough, or not covering their coughs properly. While employers should take these concerns seriously and follow guidance provided by the CDC and state health authorities, they should also recognize that such complaints could come back to haunt them down the road if one of these employees is terminated. In these cases, employers should take extra care in documenting their response to these issues.

Employers will also encounter employees who want to come back to work, but are at a higher risk of contracting the virus because of an underlying health condition or because they are in a high-risk group. As noted above, an employer cannot unilaterally decide to furlough or lay off such an employee without violating various discrimination laws. However, if the employee identifies himself or herself as being at a higher risk, and requests some kind of an accommodation to allow them to continue to work, the EEOC has indicated that an employer is required under the Americans with Disabilities Act to attempt to reasonably accommodate those employers (for example, allowing them to work remotely if possible).

Of course, there is always the chance that an employee does contract COVID-19 after businesses re-open. The issue of liability in these situations, at the moment, is very uncertain. The federal government is presently debating whether to provide some kind of immunity against COVID-related liability for businesses. It is uncertain whether this legislation will pass, or to what extent immunity might be extended. Most of the plans appear to focus on limiting liability from customers who may have been exposed to the virus by employees. But what about an employee who contracts the virus from another employee? Would businesses be protected in that situation? How would one even go about proving that a plaintiff contracted the virus at work? And if it can be proven that the virus was contracted at work, shouldn't it be covered under worker's compensation?

In Michigan, emergency rules passed as part of the COVID-19 response permitted first responder employees (including any employees of health facilities or agencies) to receive worker's compensation benefits if they are "quarantined at the direction of the employer due to confirmed or suspected COVID-19 exposure, receives a COVID-19 diagnosis from a physician, receives a presumptive positive COVID-19 test, or receives a laboratory-confirmed COVID-19 diagnosis." However, outside of those employees, it is entirely unclear whether an employee who contracts COVID-19 will qualify for worker's compensation. It may be treated like the flu, which is generally not covered under worker's compensation. Or, if an employer has an outbreak at their work site, perhaps that might be adequate to show that the virus was acquired in the course of employment.

This is uncharted territory for both employers and attorneys. Dickinson Wright's attorneys are staying abreast of the rapidly-changing legal landscape, and can assist you with your individual circumstances.
Strategy, Innovation and Partnership to Respond to Changing Times
John Trendell
Business Development, Crestmark

An ability - and desire - to help is the foundation that Crestmark was built upon 24 years ago, and what drives us today. In these unprecedented times, the need has become even more evident as COVID-19 impacts our economy and our collective well-being - and the effects will likely continue for months to come.

While a preferred SBA lender since 2016, the Paycheck Protection Program loans were a new product with shifting guidance. The Crestmark team was happy to be able to provide these for both current and new customers; and we're now looking for final guidance to assist customers with the forgiveness phase. 

So how are we, and those others within the industry, able to make an impact at this time?
We all need to recognize the strength of our partnerships; and by working together to meet both the small and significant steps, we will collectively help businesses and the economy get back on track to reset and grow.

Customer support and closely managing business will be critical as we focus on mitigating losses. What do businesses need now - and how can we execute to create those solutions while keeping an eye on risk. Putting on our consultative caps (in lieu of our Tigers baseball caps) will be key. Businesses are going to be facing unique situations, and how we listen will make an enormous difference. 

And while faced with new hurdles, and working from home offices, Crestmark has continued to pursue, propose, underwrite, and fund its standard product offerings through the COVID-19 situation. We are providing creative solutions to our clients when they need them most. Our disciplined approach continues to help our clients manage cash and overcome obstacles. It is business as usual with an open focus on the changing environment and how to provide solutions that adapt to unique situations.

Choosing the Right Solution
The landscape will look a bit different no matter how much we return to the norm. Now is the time to look for ways to evolve, look for trends, and define strategic ways to be inventive and effective. "We've always done it that way" won't work.

If we are purposeful in our dealings, and most importantly we remember that we are faced with the long play, innovation, resilience, and diverse insight will be the bridge to revitalizing our industry and economy.

At Crestmark, and as part of MetaBank, we operate in a culture of financial inclusion, and a we help philosophy; we hope, as always, to be a part of the solution, and look forward to working alongside our valued partners on the road ahead.
Small Business Reorganization Act Provides New Options to Businesses in Bankruptcy During COVID-19 Pandemic
Partner, Plunkett Cooney

On March 27, the "Coronavirus Aid, Relief and Economic Security Act" (CARES Act) was signed into law. The Act provides a $2 trillion economic stimulus for companies and individuals affected by the coronavirus.

Among the provisions are direct checks to individuals, payroll protection programs for small companies and sole proprietorships, and emergency loans and funding to assist the airlines and other industries. This is likely not the last piece of legislation to address the effects of the coronavirus.

Tucked into the CARES Act are provisions that amend the Bankruptcy Code to expand relief to individuals and companies.

Significantly, the CARES Act expands the Small Business Reorganization Act (SBRA), which became effective Feb. 19, 2020. The SBRA is a new subchapter of Chapter 11 that is designed to streamline Chapter 11 for individuals and companies engaged in business with less than $2,725,625 of debt. Notably, under the SBRA, plans:

* May only be filed by the debtor
* Are due 90 days after the petition is filed
* There are no disclosure statements
* An impaired class does not need to accept the plan
* Plans last from three to five years
* The owner may retain its interest in the company
* There are no U.S. Trustee fees

The majority of current Chapter 11 cases would qualify to be filed under the SBRA. There have been a number of bankruptcy judges who have allowed pending Chapter 11 cases to opt to proceed under the SBRA. A bankruptcy judge in the 6th Circuit permitted an individual who was in a Chapter 11 to opt to proceed under the SBRA, given the more debtor-friendly provisions in the SBRA.

The CARES Act amends the SBRA debt limit by increasing it from $2,725,625 to $7,500,000. The eligibility threshold will return to $2,725,625 after one year. This will greatly increase the eligibility for debtors to file for relief under the SBRA.

Given the state of the economy, it is widely believed that more bankruptcies will be filed, and the SBRA is an attractive option for debtors because of its debtor-friendly provisions. While the 2005 amendments to the Bankruptcy Code were geared toward creditor protections, the SBRA is geared toward debtor relief. The SBRA could not have been enacted at a better time to help debtors, and the CARES Act greatly expands the availability making the vast majority of Chapter 11 filings eligible to file under the SBRA.

The CARES Act also amends the definition of "income" in the Bankruptcy Code for Chapters 7 and 13 to exclude coronavirus-related payments from the federal government from being treated as "income" for purposes of filing bankruptcy. In addition, the calculation of disposable income for purposes of confirming a Chapter 13 plan shall not include coronavirus-related payments. These provisions help individual debtors in that the stimulus checks will not count against the debtors in determining eligibility and plan funding.

Further, the Act permits debtors currently in Chapter 13 to extend their plan payments up to seven years (from the current five year limit). Coupled with the moratorium on mortgage payments being offered by lenders of up to a year, Chapter 13 plans may well be modified to account for the mortgage moratorium by extending the plans to account for the period when mortgage payments are not being made. In addition, given the moratorium on foreclosures, lenders may opt not to file motions to lift stay in Chapter 7 cases with the inability to proceed with a foreclosure in state or federal court.

The bankruptcy provisions of the CARES Act, which are listed above, sunset within one year. It remains to be seen if the provisions will be extended, especially the increase in dollar limit for debtors in Chapter 11 under the SBRA. Other provisions of the Bankruptcy Code, namely Chapter 12, had sunset provisions that were extended and made permanent provisions of the code.

One of the significant parts of the $2-trillion stimulus package is the $350 Billion Payroll Protection Program (PPP) that provides small businesses up to $10 million in loans (that are forgivable under certain conditions) to pay payroll, employee benefits, utilities, rent and mortgage payments. The PPP loan applications were made available starting on April 3.

The application form is short (two pages) and requires little documentation. However, one of the provisions in the loan application is an apparent exclusion for borrowers "involved in any bankruptcy" from qualifying for these loans. Unfortunately, the most vulnerable of businesses, those already in bankruptcy, appear to be excluded from the very relief the CARES Act was designed to help.

At this early juncture in the implementation of the PPP, there is confusion whether the PPP really excludes borrowers "involved in any bankruptcy," or whether the application form is an overreach. Time will tell how banks and other lenders participating in the PPP handle applications of borrowers that are "involved in any bankruptcy." It is assumed that a borrower that merely is a creditor in a bankruptcy is not ineligible for the PPP loan.

The $2-trillion stimulus is designed to help individuals and companies weather the coronavirus storm that has wrecked the economy and placed all of our lives in a strange new normal of "social distancing" and "sheltering in place" to "flatten the curve" and search in vain for toilet paper and hand sanitizer.

The CARES Act provides much needed relief for individuals and companies and contains important amendments to the Bankruptcy Code, greatly expanding the eligibility of the new SBRA and protecting stimulus checks, as well as modifying Chapter 13 plans to extend plans up to seven years.

With the anticipated increase in bankruptcy filings, the CARES Act bankruptcy provisions seek to account for the anticipated increase in filings and plan modifications. Given the increased eligibility for SBRA, more pending Chapter 11 cases may opt to proceed under the SBRA with its more debtor-friendly provisions.
The Comeback: All Hands On Deck!
Member, Kerr Russell

Like so many others, my phone and email have been buzzing with increasing frequency lately. Often, it is a small business owner who opens the communication with a statement: "I need to file for bankruptcy." As a practitioner who has represented numerous small to middle market businesses over the years, it is quickly apparent that a small business owner's self-diagnosis is typically off the mark, as there is no imminent creditor pressure or threat that would make an immediate bankruptcy filing necessary. Rather, the statement is usually an SOS cry for help. 

While serving on a panel on small business bankruptcy with U.S. Bankruptcy Judge Phillip Shefferly a few years ago, the judge commented that he would be asked what he did for a living while he was in private practice. He would respond, "I talk people out of filing for bankruptcy." The statement recognizes that bankruptcy is not a wonder drug that immediately cures the ills of troubled companies. 

The COVID-19 crisis has proved to be a tipping point for businesses on the brink of insolvency while causing a seismic change in the forecasts for healthy businesses. Every business outside of Amazon and those specializing in remote work tools are concerned about, "what's next?" 

Temporary measures like PPP loans and loan payment deferrals will only go so far. There will likely be a wave of restructurings, bankruptcies and liquidations as the economy begins to slowly recover. Some industries will face more challenges than others. Any successful comeback will require a myriad of business and legal skills to navigate the choppy waters that are ahead of us. 

What role will turnaround professionals play in the economic fallout and recovery? Answering the SOS call and ensuring that businesses get into the right hands right away and receive the help they need. 

We all have a role to play in ensuring that prospective businesses get pointed in the right direction. Are the books and records in disarray? Recommend an accountant to get the financial house in order. Does management lack certain financial skills? Recommend financial advisory support. Is there a leadership void or leadership transition issue? Seek out a professional to act as a restructuring officer who can help steer the business through these difficult times. Does a company need operational support with production? Hire an expert that can assist. Having issues with a lender? Seek out an alternative financing source or broker who can procure replacement financing. 

We know that not every business will survive this crisis. Delaying the inevitable may cause more pain. For these businesses, we can help by creating an orderly transition plan and effectuating a soft landing for employees, customers and vendors. 

And yes, bankruptcy will play a role like it does in every recession and recovery. But as always, bankruptcy, or a formal court proceeding, should be viewed as a tool of last resort. Proper planning and addressing the underlying causes of financial issues is the key to any successful court-supervised reorganization. 

It has been said that it takes a village to raise a child. It also will take an entire restructuring community to help address the economic fallout of the COVID-19 crisis. So pick up your chosen tool and stand ready to serve in the comeback. We are all in this together.
Advice to Colleagues Who are Retooling
Principal, Miller Canfield

Over the last two years, workout and restructuring practitioners have discussed when the downturn would occur and in what sectors. We speculated that the financial institutions that survived the "Great Recession" did so with clean loan portfolios, and few troubled credits; but increased performance expectations would loosen credit quality and underwriting standards. We gazed into the bottom of the tea cup to ascertain that businesses were becoming lazy in oversight, enjoying the benefits of low interest rates and changes to the tax code. The Pandemic has changed our conversation significantly. As major companies are now flocking to bankruptcy court at a markedly increased pace, our conversation has shifted to the depth of the trough. There will be need for additional practitioners for what surely will be an abundance of insolvency and restructuring work in a wide variety of sectors. Many of our colleagues who were in the trenches during the Great Recession have retired or focused their practice on other areas. As a result, there will be an influx of attorneys and other professionals whose service will be needed, to whom the Byrds sang "So You Want to be a Rock 'n Roll Star."

Here is my advice to those who are about to enter the insolvency fray for the first time, or after an enjoyable sabbatical: Know the law; Read the loan documents; Understand the collateral; Communicate with the client; Understand the needs, goals and objectives of the client; Develop a plan; Set expectations for the client and then meet or exceed the expectations; and Finally, do not fear bankruptcy.

Know the Law. Read Articles 2 and 9 of the UCC, and understand the interplay between these two Articles. Read the Bankruptcy Code and Rules. Read the rules of civil procedure, both state and federal. Read the law on tax liens and other statutorily created liens, such as the Perishable Agricultural Commodities Act. Understand what goods constitute titled goods, and how to perfect on them. Read the law regarding mortgage foreclosures, claim and delivery, and post-judgment remedies of garnishment, execution, judgment liens and charging orders. Read the Commercial Real Estate Receiver Act and the applicable court rules regarding receivers. Understand the differences between state and federal laws for receivers. Yes, these materials are both boring and tedious. However, they set forth what you can and cannot do. Just like you should not play a game without understanding the rules, you should not undertake the representation of a client in a distressed setting without knowing the rules.

Read the Loan Documents. Ask for and read the loan documents. Do not assume that the bank's standard form loan documents were not negotiated. To represent a client, you need to know and to understand what the client actually agreed to do in writing. Under Michigan's statute of frauds, a bank is not bound by oral promises, but rather only what is in writing and signed by the bank. MCL 566.132. Although it is important to understand from the client what it understands the deal is, the documentation-not the client's understanding of it-controls the loan structure.

Understand the Collateral. To understand the Collateral, you need to know what assets the borrower actually owns, what assets are subject to a lien, and what liens are properly perfected. Different entities might own different types of assets. The operating company will own the operational assets, such as machinery and equipment, inventory and accounts receivable; a real estate holding company will own the real estate; and yet another company will own patents and trademarks. Order UCC searches, title searches, and Patent/Trademark searches. Often the assets will include titled goods, such as motor vehicles, aircraft or ships. Confirm whether any of these assets have liens. 

It is important to know if more than one lender claims a lien on an asset. If so, you need to ask the client about the liens. Are they leases? Are they purchase money security interests, and if so was notice sent? Are there tax liens? Knowing who claims or might claim liens on the assets of the borrower allows you the ability to develop a plan for the client. 

When I have a borrower that is located in one stated but formed in another, I will check UCC filings in both states. While a lien creditor is not perfected without filing in the state where the borrower is formed, it is useful to know who else might claim a lien down the road. 

Communicate with the Client. Clients are like your mother - they want to hear from you. Like your mother, they have lots of questions, some of which you have already answered. Sometimes they will ask those questions, sometimes they will not. Keep the clients informed and up to date. Seek their input on decisions to be made. Do not agree to waive a right or to extend time without discussing with the client. The client should decide whether to waive one of its rights or to extend a deadline. Finally, keep in mind the old adage: Good new fast, bad news faster. Bad news does not get better with time.

Understand the Needs, Goals and Objectives of the Client. The description of Harry Zale and of his treatment of debtors in "A Man in Full" makes for good reading, but is fiction. You need to understand what the client desires. For a lender, is this a hard, immediate exit? Is the borrower no longer viable, and liquidation is the objective? Often, however, a workout officer desires to see a borrower improve financially and operationally, either to return the borrower to the lending side of the bank or to make a refinance or sale viable. Likewise, what does the borrower actually want to accomplish? Rarely does picking a fight with the bank from the get-go result in a happy ending for the borrower.

Develop a Plan. Although some think handling a loan enforcement is "one size fits all", it really is not. The plan needs to address the needs, goals and objectives of the client. Put another way, the client tells us where it wants to be, and we tell the client how to get there. When representing a lender, look for ways to improve the position for the client. Seek additional collateral. Obtain acknowledgements of the debt and of execution of the loan documents. Have the guarantors reaffirm guaranties. Seek waivers that will allow for a more expedited enforcement. Set milestones, with carrots and sticks. The borrower will want protections, as well, and most importantly time to execute on a reorganization or exit of some sort.

Set Expectations for the Client. Even the most sophisticated client can have expectations that do not reflect its agreement or its rights. As part of understanding the client's needs, goals and objectives, you should take the opportunity to set realistic expectations for a client. This means setting realistic timeframes to accomplish the goals, and the likely results of undertaking various actions. Importantly, once you have set the expectations, you need to meet or exceed the expectations.

Do Not Fear Bankruptcy. Bankruptcy proceedings provide powerful tools to liquidate assets, to collect on contingent or contested claims and to recover voidable and preferential transfers. The bankruptcy courts typically will handle a liquidation and sale of an asset faster than a State or U.S. District Court. Bankruptcy courts have national jurisdiction and enforcement. Unlike a state court, a bankruptcy court has the power to sell real estate in a different state. In addition, a bankruptcy filing provides protections for all creditors, including the secured lender.

The downside to bankruptcy is that it will typically, although not always, cost more than a state court proceeding. In a Chapter 7 liquidation proceeding, the proceeds from the sale of encumbered assets will be subject to a trustee fee and corresponding attorney fees for the trustee. Sometimes, it is necessary to pay a small percentage of the proceeds for the benefit of the estate. These funds typically are used to fund investigations by the trustee into various claims and also to provide a pool to pay to general unsecured creditors.

Notwithstanding these costs, bankruptcy can provide an enhanced level of protection and an enhanced return for a secured lender. To determine the better course, you should consider what you can get in each setting. In one matter, we determined that we had a better likelihood to recover more money from a bankruptcy sale than from a receiver sale in state court. A customer of the borrower had paid most of the purchase price for a production line that the borrower was building for the customer. In state court, it was likely that the customer would get a credit toward that purchase. However, in bankruptcy court, the customer was a mere unsecured creditor. As a result, by forcing the borrower into a chapter 7 liquidation, we were able to extract a higher value for our clients, which improved the recovery by over ten million dollars. We also obtained from the bankruptcy an avenue to recover a two and half million dollar preference. Finally, we utilized subordination agreements to assign several unsecured claims to our client, which added an additional realization of about half a million dollars. By taking advantage of the tools offered in the bankruptcy proceeding, we were able to improve our client's anticipated recovery by over twelve million dollars - and that is real money.

Alexander Graham Bell summarized best what you need to do to become workout star: "Before anything else, preparation is the key to success."
 Upcoming Events

June 17
Webinar: Workouts from the Lender's Perspective
4:oo p.m. 

Dates TBD
Webinar: Workouts from the Borrower's Perspective

Webinar: Identifying Collateral Risks

Virtual Networking Happy Hour
_______________________

At this time all in person events have been canceled/postponed.  Our programming committee is working to develop virtual opportunities for networking and education.

Please visit our website for more information and to register for these and other events.


2019 - 2020 
Board of Directors

Amanda C. Vintevoghel
President
The Dragich Law Firm

Sean Pattison
President Elect
Plante Moran

Matt Dekutoski
Treasurer
Crestmark

Brendan G. Best
Immediate Past President
Varnum

Allison R. Bach
Dickinson Wright
 
Laura J. Eisele
Laura J. Eisele PLC
 
Glenn Kushiner
Conway MacKenzie

Charles M. Mouraine
EDSI Consulting

Marc Swanson
Miller Canfield Paddock & Stone
 
Theodore B. Sylwestrzak
Dickinson Wright
 
John Trendell II
Crestmark

Jason L. Weiner
Schafer and Weiner

Ex-Officio Members:

Eric Grozenski
nextGen Chairperson
Northview Capital LLC
 
Katie Montague
NOW Chairperson
Alvarez & Marsal
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WELCOME TO OUR NEW MEMBERS

Jason F. Clausen
Jason F. Clausen, P.C.

Phillip Johnson
Plante Moran

Blake Kenny
Great Rock Capital

Nicholas R. Gibbs
Gibbs Machinery

Megan R. Baxter
Miller Canfield Paddock & Stone PLC

V. Charles Doherty IV, MBA
Doherty Search Partners

Brandi Dobbs
Kerr Russell and Weber PLC

Kimberly Rodriguez

Jay Wolgin

Jeanette C Anderson
EmPower HR

Matthew Morgan
Townsend Search Group

Christopher S Moffatt
Alvarez & Marsal

Nikhil Arora

Alex Wolodzko
Amherst Partners


Interested in learning more about TMA membership without the financial committment? 




TMA is accepting nominations for the 2021 Executive Board and Board of Trustees. Self-nominations are encouraged, but members may also nominate others.

Nominations are due June 22nd by 6:oo p.m. EDT.




The Journal of Corporate Renewal is the premier publication for professionals in the corporate renewal industry. Read the June 2020 issue now and search for past articles in the TMA Learning Link.



TMA Learning Link™

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 being a member of TMA.

Learning Link provides members-only access to best-in-class content:
  • Journal of Corporate Renewal (JCR) articles and columns
  • TMA global and regional conference videos
  • TMA Talks podcasts
  • TMA webinars
Content is searchable by topic, format, and keywords. To access TMA Learning Link™, make sure you are logged into turnaround.org as a TMA member. You'll find it in the upper-right corner of your screen.

As a TMA member, you receive exclusive access 24/7. It's the one place for TMA members to easily find articles from the JCR, videos of speakers and sessions at TMA conferences, podcasts from TMA Talks, and webinars from TMA's Education Department.

Questions? Contact Stacey Williams, Program Director, Certification and Education, at [email protected].



Starting your career and looking for opportunities to put yourself out there can be an intimidating process. Finding the right place to start and who to speak with can be a challenging task. The TMA nextGen group is specifically designed to help you ease into the Detroit area market for young or new professionals involved in transactional services, legal, turnaround management, commercial and asset-based lending, private equity, consulting, and other financial services.

The goal of our group is to introduce new members in the turnaround community to other similar professionals in social settings along with quality educational events tailored to young professionals.

TMA offers a discounted membership rate for new members ages 40 and under.




The TMA Network of Women (TMA NOW) is an affinity group within TMA, created to foster female leadership by creating the premier business development and networking group for women in the turnaround community. TMA NOW aims to provide substantive educational programming and networking opportunities to promote career growth and help women break through the glass ceiling.

TMA NOW strives to create an environment for people to meet and connect with each other, build educational programming at the global and chapter level, and encourage women to engage in leadership positions within TMA and at their firms. To this end, the key goals of TMA NOW that could directly impact you are:
  • Engage more women in senior leadership positions within our chapter by creating more visibility and awareness of available leadership opportunities
  • Increase the participation and number of offerings for women's networking events, educational sessions, and professional development opportunities
  • Offer education and content to female members to promote professional growth

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