TMA-Chicago Midwest Podcast

In this episode of the TMA Chicago/Midwest podcast, Managing Partner and Founder of Ravinia Capital Tom Goldblatt sits down with host Paul Musser to discuss the intricacies of the role of investment bankers in navigating distressed sales and refinancing processes. Tom, among other things, shares insights on the importance of establishing a structured process and the strategic use of stalking horse bidders. Their conversation also highlights the recent Roti Mediterranean sale that Tom worked on, illustrating the challenges and successes in such distressed transactions. Additionally, Tom shares takeaways from his involvement in the Turnaround Management Association (TMA), considerations for marketing oneself, and the benefits of networking and developing meaningful relationships with industry peers.

In this episode of the TMA Chicago/Midwest podcast, Judge Deborah Thorne of the U.S. Bankruptcy Court for the Northern District of Illinois sits down with host Paul Musser to discuss her path to becoming a bankruptcy judge and her transition from private practice to the bench. Judge Thorne also shares perspectives from her experience as a woman in the restructuring and legal industries, as well as current trends she's observed in her commercial bankruptcy cases. Additionally, she and Paul discuss the impact of virtual hearings on courtroom dynamics and collegiality between legal professionals as well as recommendations for younger attorneys starting out in the restructuring field, including engaging with peers and mentors, participating in industry networks and volunteering for pro bono opportunities.

In this episode of the TMA Chicago/Midwest podcast, Co-Head of the Portfolio Group at Monroe Capital LLC, Jonathan Weinberg, sits down with host Paul Musser to discuss his career path in restructuring, comparisons and contrasts between private credit and traditional bank lending horizons, and the importance of early intervention in workouts. He also shares insights from his own involvement in TMA and advises young professionals to invest time in networking within the restructuring community in order to build trust, learn and develop skills, and foster professional growth.

In this episode of the TMA Chicago Midwest podcast, 2025 President of the TMA Chicago/Midwest Chapter David Levy sits down with host Paul Musser to discuss David's journey in restructuring, his vision for the chapter's 2025 theme, “Make It Rain,” and the importance of professional services marketing. David also shares insights from his background in distressed deal financing and his perspectives on the state of the commercial real estate market. He then describes his pathway to becoming the TMA chapter's current president, the benefits of relationship-building and collaboration that he and other members gain through their involvement in the chapter, and the impact of strategic networking, particularly in the insolvency and restructuring industry.

In this episode of the TMA Chicago Midwest podcast, Jamie Sprayregen, Vice Chairman at Hilco Global, shares insights from his journey in the field of restructuring, the serendipitous events that shaped his career and the strategies he employed to build a wildly successful practice. He discusses his time at prominent firms such as Kirkland & Ellis, where he founded its renowned Restructuring Group, Goldman Sachs and Hilco Global, as well as his vision for the future of the firm. Jamie goes on to discuss the importance of creativity and commercial pragmatism in the legal space, particularly in restructuring, and the evolving landscape of bankruptcy practice, highlighting the rise of liability management transactions, the growth of private credit and the shift toward out-of-court restructurings. Finally, he emphasizes the value of participating in professional organizations such as TMA to foster meaningful relationships and develop one's network. Jamie encourages our podcast listeners to send him questions in advance of his conversation with keynote speaker Bob Costas, which he will be moderating, at the upcoming TMA Chicago Midwest's 16th Annual Executive Speaker Forum. You can reach Jamie at jsprayregen@hilcoglobal.com. 

In this episode of the TMA Chicago Midwest podcast, Sandy Prabhakar, managing director at Armory, shares insights from his more than 20 years of experience. He discusses the typical distressed situations where investment bankers are brought in to help, the process of distressed sales and refinancing, and key differences between out-of-court and in-court transactions. Sandy also shares strategies for addressing regulatory issues in distressed M&A, as well as the current trends and his outlook for the future. He goes on to discuss his years-long involvement in the TMA Chicago Midwest chapter, where he currently serves as treasurer, along with the importance of young professionals' participation in organizations such as TMA.

In this episode of the TMA Chicago Midwest podcast, President and Chief Executive Officer of MorrisAnderson Dan Dooley discusses his expertise in distressed franchise work. He explains that franchise workouts are unique, mostly due to the existence and power of the franchisor and the franchise agreement. This turns a franchise workout into a three-party affair between the franchisor, franchisee and lender. The concerns of franchisees in distress are survival and often minimizing personal guarantees, while franchisors are primarily concerned with maintaining their brand and revenue stream, and lenders are focused on repayment. Dan goes on to explain that this unique dynamic can pose additional challenges for distressed sales in the franchise space, which often require franchisor consent. Finally, Dan describes his time as a past president of the TMA Chicago Midwest chapter, highlighting the importance of networking, assuming the professional responsibility of volunteering to help sustain the industry, and stepping aside to allow new leaders to emerge in organizations such as TMA.

In this episode of the TMA Chicago Midwest podcast, Robert Meyers, President and Chief Commercial Officer of Republic Business Credit, discusses the role of refinancing and lending in today's restructuring landscape. Rob provides insights into the refinancing process and the flexibility that non-bank lenders have in stepping in when banks are looking to exit. He highlights the value of being proactive and following up with industry contacts to improve a company's chances of getting refinanced. Rob goes on to share his experiences and challenges as a past president of the TMA Chicago Midwest chapter, as well as the importance of deepening relationships and getting involved in professional organizations such as TMA.

In this episode of the TMA Chicago Midwest Podcast, host Paul Musser speaks with Angela Allen, a partner at Jenner & Block. They discuss Angela's career in insolvency and restructuring and the role of women in the industry. She highlights the challenges faced by women in the field and the need for support for parents of young children. Paul and Angela then discuss the increased distress in the life sciences and pharmaceutical industry and the legal issues that arise in bankruptcy cases and distressed sales in this sector. Angela also talks about her involvement in the Turnaround Management Association (TMA) and the benefits of networking and professional organizations.

In this episode of the TMA Chicago Midwest Podcast, host Paul Musser speaks with Jim Keane and Greg Milligan from Harney Partners. They delve into the increased importance of receiverships as a way of selling or liquidating distressed companies and offer some practical advice on when parties should consider receiverships and how they work. The guests also discuss their own restructuring journeys and give some business development advice based on what they're seeing in the restructuring market.

Host Paul Musser welcomes as his guest Judge Timothy A. Barnes, who presides over matters in the United States Bankruptcy Court for the Northern District of Illinois in Chicago. Judge Barnes brings a unique perspective to the bench, having worked in private practice at major law firms in different segments of the insolvency industry, including on behalf of debtors, then lenders, and in complex litigation and international cases. As part of their conversation, Paul and Judge Barnes discussed the personalities that drew Judge Barnes to the law, the bankruptcy practice and the bench. And they talked about current trends that he is seeing in his courtroom, his passion for Chapter 15 cases and international insolvency law, and why the Seventh Circuit's K-Mart decision should not stop commercial debtors from filing their Chapter 11 cases in Chicago.

Podcast Host Paul Musser speaks with Jamie Cote, a Vice President at Hilco Real Estate, where he uses both conventional and accelerated structured sales as well as auctions to aid clients in achieving their business goals. Jamie has more than 20 years and $1.5 billion of real estate sales expertise, consisting of nearly every asset class on a national basis. In their conversation, Paul and Jamie discuss the general state of distress in real estate, including what's happening with office space in urban and suburban areas in an era of remote or hybrid work and increased interest rates. Jamie also shares tips for buyers and sellers, and the two discuss where there are increased areas of distress and what's coming back post-pandemic. They close the episode with tips on how industry events can strengthen career development, especially when one plays the bass.

Podcast host Paul Musser speaks with Jack O'Connor, the 2024 TMA Chicago Midwest Chapter president and a partner in the Financial Services & Restructuring Group at Levenfeld Pearlstein. The conversation is centered around Jack's theme for the chapter year, "Success Through Service." They discuss Jack's path to leadership in TMA and the personal and professional benefits of being an active member of the organization, such as expanding networks and opportunities for referrals.

TMA Chicago Midwest Podcast hosted by Paul Musser of Katten” features active members and sponsors of TMA Chicago Midwest, a regional chapter of the Turnaround Management Association. Hosted by Insolvency and Restructuring Partner Paul Musser, each episode features conversations with turnaround practitioners, lenders, attorneys and investors. The podcast strives to demystify the world of corporate renewal and restructuring and explore the personal motivations of experts in the field.

In this special Platinum Sponsor Spotlight, the Turnaround Management Association Chicago/Midwest Chapter thanks Jenner & Block, for their dedication and commitment to TMA.  Tune in as #TMAChicago member, Kevin Morse of Clark Hill Law, interviews Jenner & Block Partner, Melissa Root. We hope you find this interview informative and without further ado, please enjoy this episode of the podcast.   Thanks for listening! Learn more about TMA Chicago/Midwest: Visit our Website, LinkedIn, Facebook, & Twitter pages

Welcome to another episode of the podcast for the Chicago/Midwest Chapter of the Turnaround Management Association.   In this episode, we are bringing the audio from the December 1st webinar "Bankruptcy 201 Maximizing the Estate." Congratulations! Your client has filed a chapter 11 petition and landed softly into bankruptcy. That’s the easy part. So, what comes next? This panel of savvy bankruptcy practitioners will give a class in Bankruptcy 201, showing that successful engagements often turn on whether the professionals are able to (i) identify less obvious potential recovery sources, (ii) properly value various estate assets, and (if necessary) (iii) successfully pursue litigation aimed at generating stakeholder recoveries. Whether a new practitioner looking for the basics of the craft or a seasoned practitioner looking for some more tricks of the trade, this program will provide real, practical guidance on how best to “Maximize the Estate.” The panel was moderated by Nick Miller of McDonald Hopkins LLP. Our panelists include Adam Evans of Hilco, Renee McMahon of Charles River Associates and Micah Marcus of McDonald Hopkins LLP. Thanks for listening! Learn more about TMA Chicago/Midwest: Visit our Website, LinkedIn, Facebook, & Twitter pages

Welcome to another episode of the podcast for the Chicago/Midwest Chapter of the Turnaround Management Association.   In this episode, we are bringing the audio from the November 5th webinar Insights into the Economic Impact of COVID-19. The webinar was conducted by the TMA Chicago/Midwest Chapter Milwaukee Committee. The economic impact of the COVID-19 pandemic has caused financial distress among many mid-size and small businesses. As the positive effects of government stimulus programs continue to fade, it will be necessary for many of these businesses to restructure their balance sheets. Join us for a discussion of the restructuring alternatives available to mid-size and small companies experiencing financial distress as a result of the COVID-19 pandemic. The panel was moderated by Michael Jankowski of Reinhart Boerner Van Deuren s.c.  Our panelists include: Robert MacDonald of Johnson Financial Group, Patrick Caracciolo of Wadsworth Whitestar Consultants, Iana Vladimirova of Husch Blackwell and Seth Dizard, O'Neil, Cannon, Hollman, Dejong & Laing S.C. Thanks for listening! Learn more about TMA Chicago/Midwest: Visit our Website, LinkedIn, Facebook, & Twitter pages

Welcome to another episode of the podcast for the Chicago/Midwest Chapter of the Turnaround Management Association. In this episode, we are bringing the audio from the October 8th webinar, You Joined the TMA, Now What? Members of the TMA Chicago/Midwest organization discussed the different roles they hold and how they are can overlap at any point as a restructuring professional. These four members presented briefly about what they do, what a typical day involves and how the TMA has helped them in their roles.  Our moderator is Rory Dayton of Grant Thorton LLP.  Our panelists include: Kim Gordon of MonticelloAM, LLC, Clinton Miyazono of FocalPoint Partners, Jaron Hite of AEG Partners and Jack O’Connor of Sugar Felsenthal Grais & Helsinger LLP.   Thanks for listening! Learn more about TMA Chicago/Midwest: Visit our Website, LinkedIn, Facebook, & Twitter pages

Welcome to another episode of the podcast for the Chicago/Midwest Chapter of the Turnaround Management Association. In this episode, we are bringing the audio from the August 19th webinar, Bankruptcy 101. Most prognosticators are predicting that there will be an increase in chapter 11 bankruptcies in the lower and middle market after the government stimulus programs come to an end. How does bankruptcy work? What happens if my counterparty files for bankruptcy? How do I mitigate counterparty risk? Do I get to keep control of my company if it files for chapter 11 bankruptcy? Please join our speakers  Harold Israel of Levenfeld Pearlstein and Chris Ciannella of Grant Thornton as they provide a high level summary of the Bankruptcy Code from a legal and financial perspective.  Whether you need a refresher or have no bankruptcy knowledge, tune in to learn the core concepts and impacts of bankruptcy. Thanks for listening! Learn more about TMA Chicago/Midwest: Visit our Website, LinkedIn, Facebook, & Twitter pages

Welcome to another episode of the podcast for the Chicago/Midwest Chapter of the Turnaround Management Association. In this episode, we are bringing the audio from the September 9th webinar, Finding Value in the Middle Market. The coronavirus outbreak has impacted every facet of the economy, and middle market M&A activity, capital raising and credit availability are no exceptions. While uncertainty persists and some investors have been hurt by current conditions, others are uncovering opportunities, taking calculated risks and thriving. Our expert panel discussed investment strategies and approaches in a fast-changing, unpredictable world. The panel was moderated by Marie-Christine Tiseo of Lincoln International and featured panelists: Charlie Asfour of Aves Capital Management, Chris Brown of Allstate Investments, Jack Butler of Birch Lake Holdings, and Mark Sotir of Equity Group Investments. Thanks for listening! Learn more about TMA Chicago/Midwest: Visit our Website, LinkedIn, Facebook, & Twitter pages

Welcome to another episode of the podcast for the Chicago-Midwest Chapter of the Turnaround Management Association!  In this episode, we’re bringing you the audio from our May 29 webinar co-hosted by our chapter with the Bankruptcy Court Liaison Committee for the United States Bankruptcy Court for the Northern District of Illinois. The webinar was conducted by Chief Judge Benjamin Goldgar and Clerk of Court Jeffrey Allsteadt. Judge Goldgar and Mr. Allsteadt reviewed the steps taken during the coronavirus pandemic to keep the court running, as well as additional steps that may be taken in the future.  Thanks for listening! Learn more about TMA Chicago/Midwest: Visit our Website, LinkedIn, Facebook, & Twitter pages

Our guest speaker today was Professor Edward Altman - Professor of Finance, Emeritus at the Stern School of Business, New York University

Welcome to the TMA Chicago/Midwest Chapter Podcast! This episode features the audio from our May 2018 Breakfast Forum featuring a panel discussion discussing the role of private equity in the turnaround industry. The panel featured Mike Egan of Monroe Capital, Suzanne Yoon of Kinzie Capital Partners, Jeff Young of Origami Capital Partners, and Duncan Bourne of Wynnchurch Capital. The Panel was moderated by Matt Ray of Portage Park Partners.

Welcome to the 1st Episode of the TMA Chicago/Midwest Chapter Podcast!   This episode features the audio from our January 2018 Breakfast Forum featuring a conversation and debate between Jeff Kilburg & Jon Najarian, moderated by Dan Dooley of MorrisAnderson.