Corporate Bankruptcy A to Z Neil Goldstein

**Warning: This podcast is not a substitute for professional financial or legal advice. Be sure you speak to a CRO or Lawyer before filing for Bankruptcy.**


 Welcome to Corporate Bankruptcy A to Z, a show designed to educate you on the ins and outs and the dos and don'ts of corporate bankruptcy. On this show, you will hear experts from every step of the bankruptcy process answer the questions that you will need to know, from the simple to the complex.
 
 Find more at corporatebankruptcyatoz.com
04:17 – What is Debtor in Possession Lending (DIP loan)
04:49 – Is a DIP loan is different from a conventional loan?
05:13 – New DIP lender’s higher level of protection – 1st lien
07:27 – Is a DIP loan like a line of credit or term loan?
08:03 – How long should the DIP loan stay in existence?
09:05 – Why a lender would want to make a loan to a company in bankruptcy
10:06 – Legal position of the new lender
10:52 – Other reasons for a DIP loan if you arent needing to pay vendors
12:12 – Requirements to get a DIP loan
13:20 – Why the DIP loan gets preference over all other debts
18:10 – Who has control over cash receipts for a DIP loan
19:28 – Is the DIP loan mutually exclusive from the bankruptcy?
20:25 – Cash available on a DIP loan
21:38 – Are personal guarantees necessary to get a DIP loan?
22:20 – How would new personal guarantees needed to get a DIP loan impact other PG’s
24:06 – Are interest rates higher for a DIP loan?
24:43 – Collateral necessary to get a DIP loan?
26:00 – Parting words on DIP lending – Look for the best deal
28:11 – Highlights from Mike’s DIP best case
32:06 – Overtime
Guest Info:
Mike Fussell oversees new business opportunities and provides guidance in structuring credit facilities to middle-market companies utilized for growth, acquisitions, turn-arounds and general working capital needs. He maintains relationships with Aegis’ capital providers and serves as Chair of the Credit Committee. Michael has over 15 years of experience in finance with positions at RBC, PNC and Wells Fargo serving in various commercial banking capacities.
Call him 813-437-2511

Host Info:
Neil Goldstein (AKA the Workout Guy) is the founder of Elementary Business inc. a specialized consulting firm for distressed businesses and entities in transition.  With many successes in his portfolio, Mr. Goldstein focuses on the needs of the owner to achieve results in profitability, sale of the company or finding a partner for growth.

Neil's book is now available on Amazon.com
Call 940-808-9451 or Email neil@elementarybusiness.com or visit ElementaryBusiness.com.

Stephen B. Ravin is a highly seasoned insolvency and bankruptcy attorney, with more than 40 years experience. He has served as a trustee and has represented trustees, individual and corporate debtors, creditors, creditors’ committees, assignees for the benefit of creditors and receivers.

Call 973-286-6714. Or email him sravin@saul.com You can also visit his firm's website
Want more content? Then head over to Patreon and become a member. On Patreon we are working on a catalogue of bonus episodes and you can hear the answers to your questions from a business perspective instead of just a legal one. If you want more direct access to Neil and Steve or want to supplement the education you are already getting here, then follow the link in the show notes below and become a Patron today.

**Caution:  Be sure you speak to a CRO or Lawyer before filing for Bankruptcy. This podcast is meant to educate and is not financial or legal advice**


 Welcome to Corporate Bankruptcy A to Z, a show designed to educate you on the ins and outs and the dos and don'ts of corporate bankruptcy. On this show, you will hear experts from every step of the bankruptcy process answer the questions that you will need to know, from the simple to the complex.
 
 Find more at corporatebankruptcyatoz.com
05:19 – Definition of a Merchant Cash Advance, MCA
05:50 – Purchase of future receivable
06:18 – Is an MCA and advance or a loan?
06:43 – The MCA type loan is against a future receivable that may never exist 
07:53 – Primary lender attitudes towards MCAs
09:19 – Confession of Judgement and the impact on the company
12:11 – What happens when a judgement is filed.
13:56 – MCA vs. conventional loans - differences 
16:47 – Usurious interest rates and their tactics to collect
17:40 – Usury laws. Different states have different laws.
19:25 – Does a future receivable equate to a company asset?
22:26 – The MCA takes money from the company’s bank account. Wire or ACH.
23:50 – Company options if it cannot pay the MCA
25:01 – Should MCA companies fear litigation against the company
25:15 – Legal defenses for the company
27.46 – Lender liability laws
29:57 – Recommendations when fighting an MCA
32:06 – Interesting case study
Guest Info:
Marc Mellman spent 20 years as a trial attorney representing banks and financial institutions, 10 years as the chief operating officer of a global energy and environmental brokerage house, and for the past 16 years as a senior executive, general counsel, and management consultant in the factoring and financial services industries. Marc is both the Founder and Managing Director of Clermont Strategic Consulting, a full-service management consulting firm, and the Founder of MCA Stacking Solutions.
Call him (973) 868-0767 or email mmellman@mcastackingsolutions.com

Host Info:
Neil Goldstein (AKA the Workout Guy) is the founder of Elementary Business inc. a specialized consulting firm for distressed businesses and entities in transition.  With many successes in his portfolio, Mr. Goldstein focuses on the needs of the owner to achieve results in profitability, sale of the company or finding a partner for growth.

Neil's book is now available on Amazon.com
Call 940-808-9451 or Email neil@elementarybusiness.com or visit ElementaryBusiness.com.

Stephen B. Ravin is a highly seasoned insolvency and bankruptcy attorney, with more than 40 years experience. He has served as a trustee and has represented trustees, individual and corporate debtors, creditors, creditors’ committees, assignees for the benefit of creditors and receivers.

Call 973-286-6714. Or email him sravin@saul.com You can also visit his firm's website
Want more content? Then head over to Patreon and become a member. On Patreon we are working on a catalogue of bonus episodes and you can hear the answers to your questions from a business perspective instead of just a legal one. If you want more direct access to Neil and Steve or want to supplement the education you are already getting here, then follow the link in the show notes below and become a Patron today.

**Warning: This podcast is not a substitute for professional financial or legal advice. Be sure you speak to a CRO or Lawyer before filing for Bankruptcy.**


 Welcome to Corporate Bankruptcy A to Z, a show designed to educate you on the ins and outs and the dos and don'ts of corporate bankruptcy. On this show, you will hear experts from every step of the bankruptcy process answer the questions that you will need to know, from the simple to the complex.
 
 Find more at corporatebankruptcyatoz.com


3:55 – Corporate by-laws and other documents leading to bankruptcy
6:20 – Remedies when the corporate by laws are inadequate.
7:20 – Presenting a plan to the court – the right timing
9:45 – What is in the plan
10:37– Debts are paid over a flexible period.
13:10 – Who prepares the plan?
14:08 – What happens to the plan after it has been submitted - Disclosure statement
16:12 – Interested parties get to see the plan. 
17:35 – Should the company fear publishing too much information?
18:08 – Days Court needs to review the plan
19:17 – Are most plans confirmed?
20:39 – Procedure for creditors to discuss the company’s plan
21:51 – Interested parties can submit their plan after the exclusivity period
22:53 – How does the court select the best plan to confirm
23:55 – Any consideration given to the existing owners 
24:41 – Advice to clients when preparing a plan
25:56 – Principals and new value that needs to be added
27:23 – After confirmation
28:12 – After exiting bankruptcy
Guest Info:
Marcus A. Helt focuses his practice on restructuring and insolvency matters, emphasizing bankruptcy, corporate restructuring, workouts, creditors’ rights and commercial litigation. Marcus typically represents borrower clients, buyers and other interested parties in all industries.
Call him 214-210-2821 or email Mhelt@mwe.com

Host Info:
Neil Goldstein (AKA the Workout Guy) is the founder of Elementary Business inc. a specialized consulting firm for distressed businesses and entities in transition.  With many successes in his portfolio, Mr. Goldstein focuses on the needs of the owner to achieve results in profitability, sale of the company or finding a partner for growth.

Neil's book is now available on Amazon.com
Call 940-808-9451 or Email neil@elementarybusiness.com or visit ElementaryBusiness.com.

Stephen B. Ravin is a highly seasoned insolvency and bankruptcy attorney, with more than 40 years experience. He has served as a trustee and has represented trustees, individual and corporate debtors, creditors, creditors’ committees, assignees for the benefit of creditors and receivers.

Call 973-286-6714. Or email him sravin@saul.com You can also visit his firm's website
Want more content? Then head over to Patreon and become a mem
Want more content? Then head over to Patreon and become a member. On Patreon we are working on a catalogue of bonus episodes and you can hear the answers to your questions from a business perspective instead of just a legal one. If you want more direct access to Neil and Steve or want to supplement the education you are already getting here, then follow the link in the show notes below and become a Patron today.

NOTE: This podcast is not a substitute for professional consul. Consider reaching out directly to any person on this show if you have further questions before taking action on your own.**


 Welcome to Corporate Bankruptcy A to Z, a show designed to educate you on the ins and outs and the dos and don'ts of corporate bankruptcy. On this show, you will hear experts from every step of the bankruptcy process answer the questions that you will need to know, from the simple to the complex.


Email your questions for the experts to neil@elementarybusiness.com and to sravin@saul.com  Their door is always open and they will respond.
 
 Find more at corporatebankruptcyatoz.com


06:33 – First day hearings
07:28  – Motion to apply for the use of cash
09:32 – The role of the United States Trustees’ Office
10:54 – Do US Trustee’s handle cases differently?
13:12 – Reports and schedules that need to be filed
14:51 – Creditor’s committee, when and why it forms.
16:54 – Creditor influences on the bankruptcy
17:53 – Are creditor committees formed in all cases?
19:10 – Creditor rights in a bankruptcy
20:21 – The company pays for the creditor’s committee
24:07 – 341 Creditor meeting conducted by US Trustee
26:10 – Can the meeting get confrontational?
27:04 – Timing and filing of a restructuring plan
28:38 – Joe’s thoughts on bankruptcy. A negotiating tool.
30:05 – Steve’s closing thoughts. Fees of attorneys
30:50 – Joe’s interesting bankruptcy case

Guest Info:
Joe Marshall started Marshall Law in 2015 following 25 years of practice at a Texas commercial law firm.  This transition allowed him to continue to provide the highest quality legal representation in more practice areas with flexibility in rate structures and greater personal client service.
Call him 214-579-9173 or email JMarshall@MarshallLaw.net

Host Info:
Neil Goldstein (AKA the Workout Guy) is the founder of Elementary Business inc. a specialized consulting firm for distressed businesses and entities in transition.  With many successes in his portfolio, Mr. Goldstein focuses on the needs of the owner to achieve results in profitability, sale of the company or finding a partner for growth.

Neil's book is now available on Amazon.com
Call 940-808-9451 or Email neil@elementarybusiness.com or visit ElementaryBusiness.com.

Stephen B. Ravin is a highly seasoned insolvency and bankruptcy attorney, with more than 40 years experience. He has served as a trustee and has represented trustees, individual and corporate debtors, creditors, creditors’ committees, assignees for the benefit of creditors and receivers.

Call 973-286-6714. Or email him sravin@saul.com You can also visit his firm's website.


Want more content? Then head over to Patreon and become a member. 


Want more content? Then head over to Patreon and become a member. On Patreon we are working on a catalogue of bonus episodes and you can hear the answers to your questions from a business perspective instead of just a legal one. If you want more direct access to Neil and Steve or want to supplement the education you are already getting here, then follow the link in the show notes below and become a Patron today.

**Warning** This podcast is not meant to be a substitute for Legal and Financial advice. Get a professional's opinion before filing for Bankruptcy Protection.

Welcome to Corporate Bankruptcy A to Z, a show designed to educate you on the ins and outs and the dos and don'ts of corporate bankruptcy. On this show, you will hear experts from every step of the bankruptcy process answer the questions that you will need to know, from the simple to the complex.

Email your questions for the experts to neil@elementarybusiness.com and to sravin@saul.com  Their door is always open and they will respond.

Find more at corporatebankruptcyatoz.com
06:04 –  Approval of cash collateral
08:33 – 341 meeting – IDI – Initial Debtors Interview. Expectations and the game plan
09:24 – When creditors become hostile
10:15 – Example of a 341 meeting.
12:47– A prepackaged bankruptcy
13:39 – If the company’s actual results differ from the budget
14:28 – When operations after the filing are less than expected
15:21 – The court involvement
16:09 – When reports lack credibility
17:10 – How to work with important vendors
21:37 – Management’s compensation 
23:25 – Personal guarantees – Not stayed
25:30 – Creditor litigation after a filing 
26:10 – Can the company hire and fire employees?
27:12 – How family members are treated
28:04 – Closing thoughts
Jason Manfrey An experienced bankruptcy attorney, Jason has appeared before the Third Circuit, as well as bankruptcy and district courts throughout Pennsylvania, New Jersey and Delaware. He has guided clients in structuring sales of coal and natural energy companies and their mining/mineral lease rights through Chapter 11 bankruptcy. Jason also has significant experience in the automotive industry, including the largest Porsche dealership in the Commonwealth of Pennsylvania. You can reach him at 215-299-2122 or email jmanfrey@foxrothschild.com.
Host Information:
Neil Goldstein (AKA the Workout Guy) is the founder of Elementary Business inc. a specialized consulting firm for distressed businesses and entities in transition. Mr. Goldstein works closely with owners to structure improvements in both operations and finances. With many successes in his portfolio, Mr. Goldstein focuses on the needs of the owner to achieve results in profitability, sale of the company or finding a partner for growth.
Neil's book is  available on Amazon.com

Call 940-808-9451 or Email neil@elementarybusiness.com or visit ElementaryBusiness.com
Stephen B. Ravin is a highly seasoned insolvency and bankruptcy attorney, with more than 40 years experience. He has served as a trustee and has represented trustees, individual and corporate debtors, creditors, creditors’ committees, assignees for the benefit of creditors a
Want more content? Then head over to Patreon
Want more content? Then head over to Patreon and become a member. On Patreon we are working on a catalogue of bonus episodes and you can hear the answers to your questions from a business perspective instead of just a legal one. If you want more direct access to Neil and Steve or want to supplement the education you are already getting here, then follow the link in the show notes below and become a Patron today.

**Caution** Seek professional legal advice before deciding if bankruptcy protection is what your company needs.

Welcome to Corporate Bankruptcy A to Z, a show designed to educate you on the ins and outs and the dos and don'ts of corporate bankruptcy. On this show, you will hear experts from every step of the bankruptcy process answer the questions that you will need to know, from the simple to the complex.

Email your questions for the experts to neil@elementarybusiness.com and to sravin@saul.com  Their door is always open and they will respond.

Find more at corporatebankruptcyatoz.com
Episode 8 – Chris Bailey
06:55 – The paperwork is filed, what happens next.
07:41 – First day motions allowing the company to continue in business
09:50  – Does the company operate normally? section 363
11:06 – The company becomes the custodian for the creditors
11:45 – Creditor’s committee
12:51 – Applying for cash collateral.
16:59 – What happens to employees and the pay owed when the company filed
18:15 – What happens to contractor’s compensation
19:06 – Unpaid commissions, bonuses for employees. 
20:28 – Budget to be submitted to the court
22:53– First contact with the court
24:10 – Essential creditors – what makes a creditor essential
25:17 – Can a company change after filing for bankruptcy
26:50 – What happens to owners compensation
28:34 – Treatment of family members
29:50 – Monthly Operating Reports (MOR)
31:08 – Closing thoughts
Christopher A. Bailey focuses his practice on bankruptcy and restructuring. He represents both debtors and creditors in complex corporate reorganizations and bankruptcy litigation throughout the United States. Mr. Bailey's experience includes representing financially distressed entities across various industries, including healthcare, real estate, and energy. You can reach him at 214-969-1784 or email Chris.Bailey@hklaw.com.
Host Information:
Neil Goldstein (AKA the Workout Guy) is the founder of Elementary Business inc. a specialized consulting firm for distressed businesses and entities in transition. Mr. Goldstein works closely with owners to structure improvements in both operations and finances. With many successes in his portfolio, Mr. Goldstein focuses on the needs of the owner to achieve results in profitability, sale of the company or finding a partner for growth.
Neil's book is  available on Amazon.com

Call 940-808-9451 or Email neil@elementarybusiness.com or visit ElementaryBusiness.com
Stephen B. Ravin is a highly seasoned insolvency and bankruptcy attorney, with more than 40 years experience. He has served as a trustee and has represented trustees, individual and corporate debtors, creditors, creditors’ committees, assignees for the benefit of creditors and receivers.
 Call 973-286-6714. Or email him sravin@saul.com
Do you have any concerns about the bankruptcy process and how it will impact your business? Why not ask the experts? Feel free to reach out to Neil or Steve with your questions and you may even hear them answered in the mail bag. Be sure you subscribe the podcast and please consider leaving a 5 star review. New episodes air, every other Tuesday.
Want more content? Then head over to Patreon and become a member. On Patreon we are working on a catalogue of bonus episodes and you can hear the answers to your questions from a business perspective instead of just a legal one. If you want more direct access to Neil and Steve or want to supplement the education you are already getting here, then follow the link in the show notes below and become a Patron today.