Podcast
Turnaround Time
Hosted by Turnaround Management Association NYC · ENGLISH
Turnaround Time from the Turnaround Management Association NYC features in-depth conversations between some of its more than 10,000 members in 53 chapters worldwide. TMA members work to strengthen the global economy by saving distressed businesses, navigating off-plan events and helping health companies avoid similar pitfalls — all incredibly important topics but even more so in today's troubled economy. Learn more about the TMA at turnaround.org.
25episodes
Episodes
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Professor Altman on Private Credit, LMEs and the State of the Credit Cycle
Jun 801:04:32Tap to summarizeWhy does a credit-risk model built in 1968 still attract 5,000 hits a day on Bloomberg? And more importantly, what does it tell us about today's market? In this episode, NYU Stern Professor of Finance Emeritus Edward Altman — inventor of the Z-score and a Turnaround Time favorite — returns for a wide-ranging conversation with James H.M. Sprayregen, vice chairman of global strategy and growth at Hilco Global. Professor Altman shares the story behind the model's creation, reasons why it has endured for nearly 60 years, and the role it played in his testimony against the General Motors bailout in 2008. He and Sprayregen then unpack the four stages of the credit cycle and explain why today's market sends mixed signals: benign on the fixed-rate high-yield side, stressed on the floating-rate side. The conversation turns to the $2.5 trillion private credit market and the gap between published default rates of under 2% and Professor Altman's "shadow" default rate, which, once payment-in-kind exercises and non-accruals are included, climbs closer to 10%. They also dig into the roughly 60% LME re-default rate his research suggests, and of course, what all of it means for banks, insurers, pension funds, and the broader question of systemic risk. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links View Professor Altman's slides here. Our episode is sponsored by EisnerAmper. Learn more about Ed Altman. Learn more about James H.M. Sprayregen. Learn more about the Turnaround Management Association at turnaround.org. Our music is by Kit and the Calltones.
Transcribe →Distressed M&A Due Diligence: Legal, Financial and Operational Insights from the Front Lines
Jan 1501:09:22Tap to summarizeWhat does it take to buy or sell a company when time is running out, and the stakes couldn't be higher? In this episode, Bethany D. Simmons of Loeb & Loeb LLP leads a panel of restructuring pros (Skylar Bonné, Michael Sabino and Michael Sicari) through the unique challenges of due diligence in distressed M&A transactions. Together, they explore what happens when traditional deal timelines collide with liquidity crunches, covenant breaches and the very real deadline of a company's cash running out. The panel unpacks the critical differences between in-court Section 363 sales and out-of-court transactions, the risks of successor liability in asset versus stock sales, and the hidden pitfalls lurking in everything from outdated ERP systems to improperly burdened overhead costs. From PII and intellectual property considerations to the art of positioning distressed assets for the right buyer, this conversation offers practical insights for anyone navigating the high-pressure world of distressed transactions. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links Our episode is sponsored by GlassRatner. Learn more about Skylar Bonné. Learn more about Michael Sabino. Learn more about Michael Sicari. Learn more about Bethany D. Simmons. Learn more about the Turnaround Management Association here. Our music is by Kit and the Calltones.
Transcribe →Behind the Bench: In Conversation with Chief Judge Christine M. Gravelle
Dec 1900:56:00Tap to summarizeWhat drives someone to become a bankruptcy judge? And what does it take to lead one of the nation's busiest bankruptcy districts while maintaining warmth, wisdom… and a sense of humor? In this episode, TMA NYC's NOW leaders Fran Falchook and Rita Ginzburg sit down with the Honorable Chief Judge Christine M. Gravelle of the Bankruptcy Court for the District of New Jersey for an intimate conversation that explores the person behind the robe. Judge Gravelle shares her journey from growing up in the Berkshires to navigating law school at night as a new working mother. Her path led her to a career in bankruptcy law and eventually the bench, where she oversees some of the nation's most complex restructuring cases. This episode offers rare insight into the judicial perspective on bankruptcy and restructuring through the lens of lived experience, personal growth and the networks that support us all. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode LinksOur episode is sponsored by Archer & Greiner. Learn more about Fran Falchook. Learn more about Rita Y. Ginzburg. Learn more about Judge Christine M. Gravelle. Learn more about the Turnaround Management Association here. Our music is by Kit and the Calltones.
Transcribe →Tales from the Trenches: A Father-Son Conversation on 40 Years of Restructuring
Jul 1500:46:37Tap to summarizeIn this unique episode, restructuring legend Moe Bordwin sits down with his son Harold for a conversation that spans four decades of industry evolution. Moe founded Keen-Summit Capital Partners in 1982 during the height of the leveraged buyout era, when junk bond financing fueled spectacular corporate collapses and created opportunities for skilled restructuring professionals. He shares vivid stories from the rough-and-tumble world of 1980s retail restructuring, including his work on the Bonwit Teller bankruptcy — the iconic Fifth Avenue department store whose demolition for Trump Tower became a symbol of an era's excess. Harold, now principal and co-president of Keen-Summit alongside his brother Matthew, brings the perspective of today's sophisticated restructuring practice. Under their leadership, the firm has handled over $3 billion in transactions across 27,000 properties, representing clients from property owners to commercial tenants across various industries. This father-son conversation offers rare insights into how the restructuring industry evolved from its Wild West origins to today's professional practice. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links Our episode is sponsored by Arthur B. Levine Co., Inc. Learn more about Harold Bordwin at Keen-Summit Capital Partners. Learn more about the Turnaround Management Association here. Our music is by Kit and the Calltones.
Transcribe →Z-Score & Beyond: Edward Altman on Market Cycles, Tariffs, and Distressed Exchanges
May 14, 202501:18:29Tap to summarizehttps://lp.constantcontactpages.com/cu/KnR13hm/turnaroundtimeThe inventor of the famous Z-score for evaluating corporate financial distress — and Turnaround Time favorite — NYU Professor of Finance Emeritus Edward Altman returns for his fourth appearance on our podcast. In this episode, Professor Altman discusses the evolution of the Z-score over nearly 60 years, shares insights on current market conditions, including the impact of tariffs on corporate distress, and reveals surprising trends in distressed exchanges. In this episode, Professor Altman is interviewed by Joseph Sarachek, managing partner of The Sarachek Firm and adjunct professor at NYU Stern School of Business. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links View Professor Altman's slides here. Our episode is sponsored by Change Capital. Learn more about Ed Altman at NYU Leonard N. Stern School of Business. Learn more about Joseph Saracheck at Saracheck Law. Learn more about the Turnaround Management Association here. Our music is by Kit and the Calltones.
Transcribe →Building Bridges in Banking: A Conversation With Jill Mindlin
Dec 17, 202400:33:09Tap to summarizeFrom financing democracy in Eastern Europe to navigating the evolution of workplace culture, asset-based lending attorney Jill Mindlin shares her remarkable 30-year journey in finance and law. In this episode, she's joined by Fran Falchook from Octus, who explores Mindlin's unique perspective on networking, industry relationships, and the transformative power of organizations like TMA. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links Our episode is sponsored by CohnReznick. Learn more abourt Jill Mindlin at Blank Rome. Learn more about Francine Falchook at Octus. Learn more about Turnaround Time here. Our music is by Kit and the Calltones.
Transcribe →Tales of a Turnaround Legend: Laura Davis Jones
Aug 5, 202401:17:02Tap to summarizeWhen it comes to stabilizing underperforming companies, rebuilding corporate value and retaining jobs, Laura Davis Jones of Pachulski Stang Ziehl & Jones is in a class all by herself. A TMA Hall of Famer, Dealmaker of the Year winner, and Fellow of the American College of Bankruptcy, Jones shares how her career has unfolded, from her early role as debtor's counsel in the Continental Airlines bankruptcy case to her more recent work on Cirque du Soleil and Avadim Health. In this episode, she is joined by Bill Heinrich, co-chairman of Getzler Henrich. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links Our episode is sponsored by MoloLamken LLP. Learn more about Laura Davis Jones at Pachulski Stang Ziehl & Jones. Learn more about William Henrich at Getzler Henrich. Learn more about Turnaround Time here. Our music is by Kit and the Calltones.
Transcribe →Zombie Hunter 3: Edward Altman on Slaying the Undead Corporation
Jun 14, 202401:03:07Tap to summarizeInventor of the famous Z-score for evaluating corporate financial distress — and Turnaround Time favorite — NYU Professor of Finance Emeritus Edward Altman returns to share his views on credit cycles and default rates, developments in direct lending — and of course, zombie companies. In this episode, Professor Altman is joined by Marti P. Murray, a partner in the Finance Practice of Bates White Economic Consulting. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links Our episode is sponsored by Skadden. Learn more about Ed Altman at NYU Leonard N. Stern School of Business. Learn more about Marti P. Murray at Bates White. Learn more about Turnaround Time here. Our music is by Kit and the Calltones.
Transcribe →Subchapter V: Putting a New Tool to Work
Apr 15, 202401:12:35Tap to summarizeBernstein Shur's Bob Keach, who helped establish subchapter V, the section of the bankruptcy code added in 2019 for small business debtor reorganizations, returns to Turnaround Time. This time he discusses the success of its implementation — marked by more than 6,400 filings — with Honorable Michelle M. Harner of the U.S. Bankruptcy Court for the District of Maryland. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links Our episode is sponsored by Klestadt Winters Jureller Southard & Stevens, LLP. Learn more about the Hon. Michelle Harner at U.S. Bankruptcy Courts. Learn more about Bob Keach at Bernstein Shur. Learn more about Richard E. Mikels at Linkedin. Learn more about Turnaround Time here. Our music is by Kit and the Calltones
Transcribe →Behind the Scenes at the U.S. Bankruptcy Court
Oct 3, 202300:56:47Tap to summarizeThe Southern District of New York Bankruptcy Court's newest judges — Judge John P. Mastando III and Judge Philip Bentley — share insights and lessons learned as well as their judicial style (and pet peeves) in this wide-ranging conversation with retired Judge Robert Drain. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links Our episode is sponsored by Royer Cooper Cohen Braunfeld LLC. Learn more about Judge John P. Mastando III at U.S. Bankruptcy Courts. Learn more about Judge Philip Bentley at U.S. Bankruptcy Courts. Learn more about (Ret.) Judge Robert Drain at Skadden. Learn more about Turnaround Time here. Our music is by Kit and the Calltones.
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