Word: turnaround
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...Captain Gillian Salton, who netted four goals of her own, burned the MIT goalie just 36 seconds into the second half on a sweet turnaround in the hole. Gahan followed up a minute and a half later with the Harvard's 12th goal to give the Crimson all the points that it would need...
...Today's turnaround boom is rooted not only in overleveraging but also in a 1978 overhaul of the bankruptcy laws that strengthened the hand of ailing companies in negotiations with their creditors. The changes permitted bankrupt firms to restructure their finances and return to business without struggling through pitched court battles over every asset. Explains David Post, executive director of the Turnaround Management Association, a North Carolina-based trade group: "1978 said that if you can achieve an agreement with a majority of your creditors, the court will allow you to reorganize" without satisfying all of them...
...Among turnaround artists, the competition to advise the creditors of bankrupt companies has grown fiercer by the week. To gain the confidence of prospective clients, even the best-known advisers must often work for months without being formally hired. The day after Drexel declared bankruptcy in February, some of its major creditors sought help from Wilbur Ross, a senior managing director at Rothschild Inc., a top workout firm. Ross agreed to represent half a dozen large bondholders, who held a total of $100 million in Drexel notes, without a retainer in order to win their business. Says...
Even after they sign up clients, turnaround specialists must land a spot on court-appointed creditor committees before they can earn big payments. To boost the odds in their favor, specialists often bombard the creditors who head the committees with letters and phone calls as part of campaigns known as "beauty contests." In the wake of the Campeau bankruptcy filing, 50 leading legal, accounting and investment firms have been battling for some 15 < seats on the all-important creditors' panels. Says a disappointed attorney who lost the opportunity to earn at least $300,000 in monthly fees...
...Turnaround experts profit from the failure of companies that borrowed recklessly in the Roaring Eighties. -- Tiny Miramax Films sure knows how to pick big winners...