I have worked solely with distressed businesses and their stakeholders for more than 30 years. I started out doing financial restructuring advisory, but for the past 19 years I’ve been focused on:
- Interim & Crisis Management
- Board of Directors Service
- Assessments & Due Diligence
I started my business career at Salomon Brothers Inc in 1979, and joined Salomon’s Financial Restructuring Group at its formation in 1981. I led the Group from 1984 until I left Salomon in 1993. While in the Financial Restructuring Group, I worked on more than 50 bankruptcies and out-of-court restructurings, representing both debtors and creditors in the U.S., Mexico and Canada. Industries included electric and gas utilities, integrated steel production, oil field services, airlines, gaming, hospitality, building products, and food production. I left Salomon in 1993 to address a growing interest in working on the inside of distressed companies, whether as senior management or as a board member.
For interim or crisis management assignments, I usually go in as the CEO or as a CRO assisting the CEO. Of necessity, the work is always on-site, intensive, and usually lasts for a number of months. I structure compensation for this work as a monthly retainer plus a completion payment or participation in future value improvement.
I began serving on boards of directors after I left Salomon and since then have served on the boards of 11 companies, both publicly traded and privately owned. I enjoy the challenges of corporate governance for distressed businesses; however, as this type of work is time consuming and requires considerable focus, I try not to serve on more than two boards at the same time (other than in limited transition circumstances).
From time to time I provide assessment or due diligence assistance to stakeholders of distressed businesses or to clients considering investing in distressed businesses.
People who have known me for a long time say that I have very good judgment, speak and write well, and have high personal integrity.