We have several amazing events planned in the next few weeks! Please use the links on the right side of this email to sign up for these events.
First, on April 21, an esteemed panel will discuss aerospace restructuring initiatives in the supply chain via zoom.
Second, on April 28, please join us at the Madison Theater in Detroit for a private screening of "Gradually, Then Suddenly: The Bankruptcy of Detroit." This film won the 2021 Library of Congress Lavine/Ken Burns Prize for Film. Sam Katz, the director of the film, will join us for a fireside chat. The evening will also include time for networking, appetizers and an open bar.
Finally, on May 4, please join us for the TMA Detroit Chapter Inaugural Awards Reception where we will recognize the accomplishments and contributions of our fellow turnaround professionals in 2021. Those recognized include:
NextGen Award – Katie Montague (Alvarez & Marsal)
Lifetime Achievement Award – Dan Weiner (Schafer & Weiner)
Turnaround/Transaction of the Year (small company) – Miller Tool & Die (DWH Corp., Strobl & Sharp, and Miller Canfield)
Turnaround/Transaction of the Year (mid-sized company) – Henry Ford Village (Dykema, FTI Consulting, and RBC Capital Markets)
Turnaround/Transaction of the Year (large company) – Camaco (BDO & KeyBank)
Please join us we honor these accomplished individuals along with the turnarounds/transactions of the year!
Also, please take some time to complete the continuing education survey; linked to the right. The education and programming committees are working hard to develop quality content for our members and guests. Your feedback will be invaluable as we plan our calendar into 2023.
LIMITING THE POTENTIAL FOR SUPPLIER OBSOLESCENCE IN THE RAPIDLY EVOLVING AUTOMOTIVE INDUSTRY
In this article we take a look at how the automotive industry’s transition to electric vehicles is creating unique challenges for auto manufacturers and placing existing supplier relationships at future risk.
In the automotive industry, as in others over the past several decades, we have seen manufacturers rely, in part, on a strategy of “planned obsolescence” to limit the duration of functional use and end-user desirability for their product offerings. The purpose of such an approach is, of course, to reduce the amount of time that passes until a buyer is motivated to replace a maker’s product with a newer, seemingly better, model.
Michigan Supreme Court to Provide Clarity on Alternative Apportionment of Income Tax for Out-of-State Companies
The Michigan Supreme Court has agreed to hear one of the most significant cases in the country to examine the question of when the Due Process and Commerce Clauses of the U.S. Constitution require the application of an alternative apportionment method, Vectren Infrastructure Services Corp. v. Department of Treasury.
The Court will consider whether the amount of tax the Michigan Department of Treasury assessed due to the sale of a company was so misaligned with the taxpayer's actual business structure that it led to "a grossly distorted result."
For a struggling company in bankruptcy, and for a creditor who is owed money, it is all about the numbers. Recently, important adjustments to the numbers set forth in the U.S. Bankruptcy Code have gone into effect which will impact debtors and creditors.
Expiration of CARES Act Bankruptcy Provisions – Subchapter V Eligibility
On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was enacted. The CARES Act amended the Small Business Reorganization Act of 2019 (“SBRA”) to increase the eligibility threshold for small businesses filing under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code from $2,725,625 to $7,500,000 of debt. In other words, a business with total debt of less than $7,500,000 could utilize the streamlined Subchapter V process or reorganize.
Attorney-Client Privilege Protection Requires More Than Copying Legal on Emails
By Michael Brady
The attorney-client privilege is a centerpiece of American jurisprudence. It aims to promote candor in communications and allows clients to confide in their attorneys, secure in the knowledge that the communication will not be shared. However, a word of caution — the privilege does not apply to any and all communications with counsel.
On March 21, 2022, the United States Department of Justice (DOJ) and 14 state attorneys general asked a federal court to sanction conglomerate Google for misusing attorney-client privilege to hide emails from litigation and unfairly “camouflage thousands of documents from scrutiny.” As part of an antitrust lawsuit commenced in October 2020 in federal court for the District of Columbia, the DOJ filed its motion for sanctions alleging that Google’s internal “Communicate-with-Care” program falsely applies the attorney-client privilege to protect and withhold communications that are not truly privileged.
Please join us for the TMA Detroit Chapter Inaugural Awards Reception where we will recognize the accomplishments and contributions of our fellow turnaround professionals in 2021. Two individual and three turnaround/transaction awards will be presented at this inaugural event. Those recognized include:
NextGen Award – Katie Montague (Alvarez & Marsal)
Lifetime Achievement Award – Dan Weiner (Schafer & Weiner)
Turnaround/Transaction of the Year (small company) – Miller Tool & Die (DWH Corp., Strobl & Sharp, and Miller Canfield)
Turnaround/Transaction of the Year (mid-sized company) – Henry Ford Village (Dykema, FTI Consulting, and RBC Capital Markets)
Turnaround/Transaction of the Year (large company) – Camaco (BDO & KeyBank)
Join Chicago/Midwest, Detroit, Minnesota, Ohio, and West Michigan TMA chapters for The Mid-America Regional Conferenceat the Hilton Milwaukee City Center.
For the first time ever, the conference is being hosted in Milwaukee, Wisconsin—a vital part of the Chicago/Midwest Chapter. Aside from being the nation’s leading producer of cranberries and cheese, others may know it for its Chapter 128 alternative to bankruptcy.
Join TMA Northern Ohio, TMA Detroit, TMA Pittsburgh, and TMA Upstate New York for two days of golf, education, and plenty of networking!
More details will be announced soon so stay tuned for updates on how to register for this popular event and meet peers from across the Great Lakes region.
TMA Detroit would like to learn about continuing education options our members are interested in. Please take this short survey to let us know how our education committee can better serve you.
Did you miss a recent event or are you interested in learning about topics TMA Detroit has previously covered? Visit our past events page to watch recordings of past webinars and to download the slides from past events.
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 similar professionals in social settings along with quality educational events tailored to young professionals. Also TMA offers a discounted membership for new members ages 40 and under.
Interested in getting involved with nextGen Detroit?
Attendance by all individuals, including TMA Members, Chapter Executives, Administrators, and their respective employees and guests (each of the foregoing, collectively an "Attendee") at any event constitutes their legally binding agreement that:
1. They are attending the chapter sponsored event at their own risk;
2. None of the TMA, TMA Global, the venue, the organizer, any attendees, or any of the preceding's respective employees, officers, or board members (each of the preceding, collectively the "Released Persons") are in any way legally responsible if one or more Attendees contracts COVID-19 or any other communicable disease around the time of the event or as a result of attending the event;
3. Each Attendee waives and releases each Released Person from any all liability if they contract COVID-19 or any other communicable disease around the time of the event or as a result of attending the event.
