TMA Chicago Midwest Podcast

Tina Hughes on the Evolution of Receivership Law and Illinois's New Receivership Act

In this episode of the TMA Chicago/Midwest Podcast, Senior Managing Director-Business Advisor at Creative Planning Business Services, Tina Hughes, sitsdown with Paul Musser to discuss her journey in the restructuring field, the intricacies of receivership, the significance of the Illinois Receivership Act and her active involvement in the TMA. She talks with Paul about her central role in drafting and passing the Illinois Receivership Act, a comprehensive statute slated to take effect on January 1, 2026. Regarding business development, Tina emphasizes the importance of networking, following up with new contactsand mentorship, providing valuable insights for professionals looking to grow their careers.

Hugh Wilder on Lender Workouts and the Importance of Early Intervention

In this episode of the TMA Chicago/Midwest Podcast, Managing Director and Head of Loan Administration at CIBC Bank USA Hugh Wilder sat down with host Paul Musser to discuss the intricacies of lender workouts and the importance of early intervention regarding distressed credits. Hugh shared his insights on the workout process at banks, current trends in refinancing and distressed mergers and acquisitions (M&A), and the challenges that he is seeing with distressed borrowers. Additionally, they delved into the significance of building relationships within the restructuring community, with Hugh advising junior professionals to be patient and persistent, emphasizing that they should focus on building trust and experience over several years to develop credibility among their industry peers.

Stefan Piotrowski on the Role of CROs in Turnarounds

In this episode of the Turnaround Management Association's (TMA) Chicago/Midwest podcast, Partner at Paladin Management Group Stefan Piotrowski sits down with host Paul Musser to discuss the importance of Chief Restructuring Officers (CROs) in distressed situations. Stefan delves into a CRO's need for effective communication with stakeholders during turnarounds to ensure success. He also compares the unique challenges that often arise in family-owned businesses versus sponsor-backed companies. Then, Stefan and Paul discuss the value of networking and proactive relationship-building through organizations like the TMA. For new professionals entering the restructuring field, Stefan notes that first and foremost, good work is paramount, along with maintaining contact with new connections.

Steven Victor on the 'ABCs' of Assignments for the Benefit of Creditors

In this episode of the TMA Chicago/Midwest podcast, Senior Managing Director at Development Specialists, Inc. (DSI) Steven Victor sits down with host Paul Musser to discuss the evolution of the restructuring industry over the span of Steven's career, the perception of bankruptcy as a rehabilitative process, and the role of assignments for the benefit of creditors (ABCs) as an alternative to Chapter 7 bankruptcy. Steve shares insights on the advantages and disadvantages of ABCs, the shift in their use by family-owned businesses to venture capital firms, and the importance of professional organizations, such as the TMA, in fostering community and professional development. He and Paul also emphasized the value of writing as well as committee involvement to enhance one's brand and reputation within the industry.

Tom Goldblatt on Navigating Distressed Transactions as an Investment Banker

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.