M&A Advisor Podcast

M&A Advisor
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The M&A Advisor Podcast aims to shine a light on the many outstanding Thought Leaders and members of The M&A Advisor, empowers young entrepreneurs and M&A professionals to stay informed about industry trends, including mergers and acquisitions, private equity, investment banking, and finance strategies, and provides valuable insights and actionable ideas to inspire them. Official Website https://www.maadvisor.com/ Join our Newsletter https://maadvisor.com/maalerts/subscribe/ LinkedIn https://www.linkedin.com/company/the-m&a-advisor/ M&A TV https://www.youtube.com/user/Maadvisor/

  1. Distressed M&A

    21h ago

    Distressed M&A

    Live from the 2026 Distressed Investing Summit Deal Forum at the Four Seasons Resort Palm Beach, this fireside chat digs into distressed and opportunistic M&A through the lens of one of the most complex deals in recent auto industry history: Key Safety Systems' acquisition of Takata, the airbag supplier behind one of the largest product recalls in consumer history. Featuring: Ron E. Meisler — Partner, Corporate Restructuring, Skadden (moderator)Lenny La Rocca — US Automotive Leader, KPMGSteven Daniels — Partner, M&A / Private Equity, SkaddenJoe Perkins — Board Advisor, Paslin; former Interim CEO, Key Safety SystemsWhat's covered: The four value drivers of distressed M&A: limited competition, bargain pricing, compressed timelines, and the finality of a free-and-clear 363 sale — plus the tradeoffs, from perpetual auctions to diligence crunchesInside Takata's collapse: a defective airbag inflator recall covering roughly 350-360 million units worldwide, a $1 billion DOJ criminal penalty for falsified safety records, and why the auto industry's sole-source supply chain made Takata's survival non-negotiableHow fourth-place player Key Safety Systems (under 10% market share) won a deal to absorb a company seven times its size, and why buyer viability became as important as priceBuilding consensus across an enormous stakeholder map: the top 15 global OEMs, NHTSA, the DOJ, CFIUS, tort claimants, and an unsecured creditors' committee — and the "carrot and stick" that got 99.8% of OEMs to sign indemnity agreements (sign on, or lose your parts supply)Running parallel court processes in the US, Japan, and Canada to close a single, coordinated global transactionThe CFIUS wrinkle few saw coming: a Chinese buyer, a US military-grade fabric component, and a deal structure built to clear national security reviewWhy the true measure of success wasn't just closing the deal — it was the cost of not doing it, and what the post-transaction NewCo delivered for every stakeholder at the tableA masterclass in structuring mega-deals under pressure: managing competing interests, regulatory scrutiny, and cross-border complexity when billions of dollars and public safety are on the line. Since 1998, The M&A Advisor has been the definitive source for recognizing achievement and connecting the world's mergers, acquisitions, and turnaround elite. Whether you're new to dealmaking or a seasoned veteran, this podcast delivers masterclass strategies and unvarnished stories from the industry's most influential figures. Follow us on Spotify, Apple Podcasts, and YouTube, and subscribe to our M&A Alerts email newsletter for a steady feed of premium M&A content. Links in the episode description. Hosted by Roger Aaron, Founder and CEO of The M&A Advisor. Stay decisive. Stay connected. Happy dealing.

    43 min
  2. Reputation, Resilience & Results: The Long Game of Leadership

    21h ago

    Reputation, Resilience & Results: The Long Game of Leadership

    Live from the 2026 Distressed Investing Summit Deal Forum at the Four Seasons Resort Palm Beach, The M&A Advisor brings you a fireside-chat luncheon conversation honoring three titans of restructuring: a Lifetime Achievement Award for David Kurtz and Leadership Awards for Kevyn Orr and James Doak. Moderated by Jack Butler (Founder & CEO, Birch Lake Holdings), the panel trades war stories spanning five decades of dealmaking — from broke first-year associates living on beans and weenies to leading the largest municipal bankruptcy in U.S. history. Featuring: Jack Butler — Founder & CEO, Birch Lake Holdings (moderator)James Doak — Head of Capital Structure Advisory, StifelKevyn D. Orr — Partner-in-Charge, U.S. Offices, Jones DayDavid S. Kurtz — Vice Chairman, Hilco Global; CEO, Hilco Professional ServicesWhat's covered: How three very different paths — a "budding socialist" turned corporate lawyer, a self-described "magna cum nothing" law grad, and a Harvard MBA who chose Rust Belt restructuring over Silicon Valley — all converged on the bankruptcy bar just as the modern Bankruptcy Code was reshaping capital marketsBuilding a career the boutique way: working at Wasserstein Perella, spinning out to found Miller Buckfire, and eventually joining forces with StifelKevyn Orr's inside account of serving as Emergency Manager of Detroit and steering the city's historic Chapter 9 restructuring — and why municipal bankruptcy is back in the headlinesDavid Kurtz on scaling Hilco into two dozen-plus verticals and what it takes to run one of the country's leading turnaround and advisory firmsA candid read on today's capital markets: political uncertainty, the blurring line between capital allocators and intermediaries, and where the panel sees opportunity over the next 12-18 monthsWhy relationships — not resumes — are the real currency of a 40-year career, and the lesson each leader passes on to the next generation of dealmakersClosing remarks on privilege, obligation, and giving back, delivered as the 2026 Leadership and Lifetime Achievement Awards are presentedThis is a conversation about the long game: how reputation compounds, how resilience gets tested, and how results follow both. Since 1998, The M&A Advisor has been the definitive source for recognizing achievement and connecting the world's mergers, acquisitions, and turnaround elite. Whether you're new to dealmaking or a seasoned veteran, this podcast delivers masterclass strategies and unvarnished stories from the industry's most influential figures. Follow us on Spotify, Apple Podcasts, and YouTube, and subscribe to our M&A Alerts email newsletter for a steady feed of premium M&A content. Links in the episode description. Hosted by Roger Aaron, Founder and CEO of The M&A Advisor. Stay decisive. Stay connected. Happy dealing.

    52 min
  3. Power Plays: Distress and Restructuring in the Energy Sector

    22h ago

    Power Plays: Distress and Restructuring in the Energy Sector

    A fireside chat from the 2026 Distressed Investing Summit (Deal Forum, Four Seasons Resort, Palm Beach, FL).When the White House flipped the switch on green energy incentives, more than $24 billion of clean energy deals were canceled almost overnight, and the tax equity capital that funded the sector dried up. In this conversation, a veteran restructuring lawyer walks through one of the most remarkable cases of the cycle: a global battery storage company that fell into free fall, lost its biggest projects, and still emerged from bankruptcy in under six months. It is a candid look at credibility, working capital, and what comes next for energy distress in an AI and geopolitics driven world.In this episode:How a policy reversal canceled $24B in green energy deals and froze tax equity capitalWhy blue chip names like Walmart pour cash into energy through tax equity creditsThe five times return inside five years, and what happens when the rules change mid recaptureBankruptcy remote structures, parent guarantees, and why buyers had to put skin in the gameThe credibility deficit: borrowing from the future to pay for the pastLosing the world's largest solar plant deal days before filingThe Dallas summit: getting 100+ customers in a room to fund survivalTurning customer payments into DIP loans to solve the free rider problemLanding single digit DIP financing under 8% in a free fall caseFree fall vs. pre negotiated vs. prepackaged, explainedChoosing venue for speed and customer service, and a clean six month exitKnowing what you can and cannot reach for to maximize valueThe bigger picture: AI, data center demand, and a fragile global energy gridA war story from the 2004 Northeast blackoutChapters:00:01 Intro01:09 From Skadden to Dentons, and a truly cross border deal02:43 Policy reversal and $24B of canceled green energy deals04:21 How tax equity credits and blue chip investors fund energy06:51 Partnership flips, recapture periods, and bankruptcy remote structures09:57 The credibility deficit and a working capital crunch11:49 Losing the Acacia solar plant deal before filing13:08 The Dallas summit: getting customers in a room15:25 DIP loans, the free rider fix, and sub 8% financing16:42 Free fall vs. pre negotiated vs. prepackaged17:32 Venue strategy and a six month exit from bankruptcy20:00 Knowing your limits to maximize value20:56 AI, data centers, and a fragile energy grid22:42 War story: the 2004 Northeast blackoutThe panel:Van Durrer, Partner, DentonsHost: Roger Aguinaldo, Founder and CEO, The M&A AdvisorFollow The Advisor Podcast on Spotify, Apple Podcasts, and YouTube, and subscribe to the M&A Alerts newsletter.#EnergyRestructuring #DistressedDebt #GreenEnergy #Bankruptcy #Restructuring #MergersAndAcquisitions #DealMaking

    26 min
  4. Strategy, Leverage & Leadership: What Determines Outcomes in Modern Restructurings

    22h ago

    Strategy, Leverage & Leadership: What Determines Outcomes in Modern Restructurings

    A fireside chat from the 2026 Distressed Investing Summit (Deal Forum, Four Seasons Resort, Palm Beach, FL).Private credit grew from near zero to roughly $3 trillion in a decade. Now retail money is heading for the exits, firms are putting up gates, and the system has never been tested by a real credit cycle. In this wide ranging conversation, two of restructuring's most experienced voices unpack what is actually happening under the hood: where private credit goes from here, the rise of asset based lending, the search for cheaper alternatives to Chapter 11, and the early warning signs worth watching. It closes with candid career advice for anyone building a future in the business.In this episode:Why private credit went too far, and what the retail pullback really meansGates are not a free lunch: the repercussions of stopping the outflowsPerformance vs. fear of bad performance, and why the numbers have held upMoving private credit into asset based lending, and why it is a different skill setStory credits: companies that are not distressed but cannot access cash flow loansUnderwriting to the downside, assuming you may have to enforce on the assetsThe equivalent of liability management in a one or two lender worldWhy private credit is less amenable to classic 50.1% vs. 49.9% maneuversThe search for efficiency: ABCs, receiverships, Article 9, and offshore filings (UK, Singapore, Denmark)Whether the system can handle a distress wave, and the 2008 ecosystem lessonThe canary in the coal mine: cash to PIK conversions and backdoor defaultsThe case for a new Chapter 16 and why Congress has done nothing with itStaying competitive: why US restructuring has lost groundClosing career advice: put yourself in a position to be luckyChapters:00:01 Intro01:09 Setting the stage: private credit, gates, and AI02:43 From zero to $3 trillion, and the retail pullback04:47 Does the actual performance justify the fear?05:37 Moving into the asset based lending market06:51 Story credits and underwriting to the downside08:35 Liability management in the private credit world10:58 Why one and two lender deals change the game11:52 No credit cycle yet, and whether the system can handle a wave13:44 Cash to PIK conversions as a warning sign15:18 Chapter 11 cost and alternatives: UK, ABCs, Article 915:44 How the bankruptcy code drifted from its 1978 balance16:59 The case for a Chapter 1617:49 Career advice: put yourself in a position to be luckyThe panel:James H. M. Sprayregen, Vice Chairman, Global Strategy & Growth, Hilco GlobalMo Meghji, Managing Partner, M3 PartnersHost: Roger Aguinaldo, Founder and CEO, The M&A AdvisorFollow The Advisor Podcast on Spotify, Apple Podcasts, and YouTube, and subscribe to the M&A Alerts newsletter.#PrivateCredit #Restructuring #DistressedDebt #Bankruptcy #AssetBasedLending #MergersAndAcquisitions #DealMaking

    24 min
  5. Current Trends in Restructuring : A fireside chat from the 2026 Distressed Investing Summit

    Jun 30

    Current Trends in Restructuring : A fireside chat from the 2026 Distressed Investing Summit

    No industry is safe and no company is safe. In this candid panel, a real estate advisor, an investment banker, an independent director, and a restructuring attorney break down what is actually driving distress right now: post Covid hangovers masked by cheap credit, tariff and AI uncertainty, the war in Iran, and a wave of liability management deals that increasingly end in lender on lender litigation. They demystify the LME toolkit, debate whether out of court really saves money, and share war stories, including a liquidation that turned into a SpaceX bidding war. In this episode: Why distress is no longer industry specific, and what is fueling itPost Covid pain masked by additional credit, now colliding with higher ratesSponsors who bought at the Covid bump on six to seven times leverageOut of court vs. chapter 11, and why professional fees are back in focusLender on lender violence and the rise of pre bankruptcy litigationWhy pre packs now confirm in 20 days, and why it is still expensiveMediation: how even the most contentious cases settle 95% of the timeThe liability management toolkit explained: up tiers, drop downs, Pari plus, double dipsJ.Crew, blockers in credit agreements, and workarounds that evolve in real timeWhat makes an LME successful even when the company eventually filesThe board seat: managing sponsors, lenders, and management as their shrinkA case study: Akoustis, a patent suit, a liquidation bid, and a SpaceX rescueWhy private credit lenders need to act like owners, not just lendersThe 12 month outlook: healthcare, education, EdTech, media, consumer, retail Chapters: 00:01 Intro01:10 Setting up the panel01:45 No industry is safe: LMEs and lender on lender violence04:19 Out of court conditions tied to new money05:58 What is driving distress: consumer, tariffs, rates07:22 Covid bump buyers and broken math08:14 The debt load and the year ahead10:02 Trustees, mediators, and the cost of staying out12:42 Why parties push deals to 11:59 pm17:56 Liability management explained21:18 Good code, bad code, and preference risk22:58 How to define a successful LME24:37 Board case study: Akoustis and the SpaceX auction26:39 Defining success in chapter 1129:39 The 12 month outlook31:09 Private credit lenders acting like owners35:55 Stressed sectors to watch The panel: Andy Graiser, Co President and Co COO, A&G Real Estate PartnersScott Mates, Partner, Restructuring and Special Situations Americas, PJT PartnersMatthew Kahn, Manager, MrsaKahn IIMichael D. Sirota, Member and Co Chair of Bankruptcy and Corporate Restructuring, Cole SchotzHost: Roger Aguinaldo, Founder and CEO, The M&A Advisor Follow The Advisor Podcast on Spotify, Apple Podcasts, and YouTube, and subscribe to the M&A Alerts newsletter. #Restructuring #LiabilityManagement #DistressedDebt #Bankruptcy #PrivateCredit #MergersAndAcquisitions #DealMaking

    40 min
  6. Running the Business While Selling It: Preserving Value in a Distressed M&A Process

    Jun 26

    Running the Business While Selling It: Preserving Value in a Distressed M&A Process

    A fireside chat from the 2026 Distressed Investing Summit (Deal Forum, Four Seasons Resort, Palm Beach, FL). When a business hits distress, the panic is immediate. Nobody knows how much cash is left, who's in charge, or what they owe. In this candid panel, a CRO, an investment banker, a private equity buyer, and a restructuring attorney break down how to keep a company running while you sell it, and how to find the value hidden inside a struggling business. They cover the psychology of displaced management, why "go find a buyer" is often the wrong first move, and the real case where they cut 90% of customers and still extended runway by 30 days. In this episode: Why every distressed situation is paced by liquidityThe psychology of parachuting in and why management fears the CROGetting independent directors, bankers, and a CRO in without breaking trustThe case study: shrinking a customer base by 90% to maximize asset valueGetting discontinued customers to fund 30 extra days of the sale processWhy restructuring the balance sheet without fixing P&L and liquidity failsLogo chasing vs. contribution margin, the KPI missing from the deckHow fiduciary duty shifts from equity value to employees when checks stopWhen a banker says no, and why good bankers now decline dealsSale process vs. new value plan vs. sponsor keeping the equityWhat a distressed buyer actually looks for in a business with hair on itBuying the debt, credit bidding, and partnering with secured lendersChapter 11 vs. Article 9 vs. receivership vs. 363, and why Ch. 11 is often the worst outcome for a buyerOut of court math: payables, change of control contracts, and net to the houseAudience Q&A: assessing incumbent management in week one, and the remote work red flag Chapters: 00:01 Setting the stage: panic, cash blindness, fiduciary confusion01:56 Getting a CRO or FA in when lenders drive the bus06:28 The psychology of parachuting in07:35 Case study: value in the footprint and assets, not EBITDA09:53 Firing 90% of customers and funding 30 extra days12:50 Why the third restructuring was needed14:45 Logo chasing vs. margin KPIs15:56 Fiduciary duty when you stop cutting checks22:42 Why bankers decline deals26:35 What a distressed buyer looks for29:30 Chapter 11 vs. Article 9 vs. receivership vs. 36333:50 Q&A: management is not a bystander37:24 The remote work red flag The panel: Sandeep Gupta, Managing Partner, Novo AdvisorsMike Ragano, Partner, Novo AdvisorsGeoffrey Richards, Co-Head of Capital Structure Advisory, Raymond JamesBrian McGee, Managing Partner, New Water CapitalRob Dehney Sr., Partner, Morris, Nichols, Arsht & TunnellHost: Roger Aguinaldo, Founder and CEO, The M&A Advisor Follow The Advisor Podcast on Spotify, Apple Podcasts, and YouTube, and subscribe to the M&A Alerts newsletter. #DistressedMA #Restructuring #PrivateEquity #Turnaround #MergersAndAcquisitions #DealMaking

    39 min
  7. Protecting Private Credit Deals: Pre-Transaction Safeguards And Post-Transaction Recovery Strategies

    Jun 19

    Protecting Private Credit Deals: Pre-Transaction Safeguards And Post-Transaction Recovery Strategies

    The private credit market has exploded — and so has the risk hiding inside it. 12% of private credit loans are now PIK. 40% of borrowers have negative cash flow. And $700 billion was raised in just the last two years alone. In this Fireside Chat from the M&A Advisor's 2026 Distressed Investing Summit, a powerhouse panel breaks down how lenders can protect themselves before a deal goes sideways — and what to do when it does. From structural protections and board governance to chasing a $50M superyacht across three continents, this episode covers the full playbook. 🎙️ Protecting Private Credit Deals: Pre-Transaction Safeguards and Post-Transaction Recovery Strategies📍 Four Seasons Resort, Palm Beach, Florida🏛️ Deal Forum | 2026 Distressed Investing Summit SHOW NOTES: Episode: Protecting Private Credit Deals — Pre-Transaction Safeguards and Post-Transaction Recovery StrategiesEvent: Deal Forum — 2026 Distressed Investing Summit | Four Seasons Resort, Palm Beach, FLHost: Steven G. Kobre, Co-Founder & Lawyer, Kobre & Kim Panelists: Andrew Rabinowitz — President & General Counsel, Arena Investors; former GC, 26North; two decades at Marathon Asset ManagementHadley Ma — Founder & Managing Partner, Ferghana Investment Partners; former Head of Originations & Underwriting, MCG Investment GroupJeff Marwil — Founder, Ocean Boulevard Strategic Advisors; 37 years in corporate restructuring and Chapter 11; former Co-Head of Bankruptcy & Restructuring, ProskauerJef Klazen — Partner, Kobre & Kim; international asset and judgment enforcementWhat You'll Learn: The Warning Signs: PIK loans doubled in five years. Borrowers with negative cash flow jumped from 25% to 40%. Semi-liquid funds went from 6% to 53% of the market. $700B raised in two years into a market that was $350B a decade ago. The stress is structural. Underwriting That Holds Up: Strong collateral, revenue predictability, and recession-resilient sectors matter. But two things are chronically underweighted — underwriting the exit from day one, and securing a real secondary source of repayment. Operationalizing Protection: Ferghana takes read-only access to all borrower bank accounts at inception, plus passwords in escrow for IP and other assets. The goal: no scrambling when a restructuring starts. The Board Seat Debate: Private credit is the new private equity — one rung up the capital structure. If you can't get an independent director at inception, it should trigger automatically at default. Pre-approve a slate of 3–5 names in the loan documents so you're not fighting over it when things go bad. The Lottery Ticket Problem: Distressed equity wants to gamble their last dollar. The lender wants it preserved. The independent director bridges that gap — making decisions in the company's best interests under the business judgment rule. Red Flags & Asset Transfers: Founders quietly move assets to spouses and children months before a default. One guarantor disclosed a $50M superyacht — but it was owned by a Cayman entity, then transferred to his spouse. Kobre & Kim tracked it to Italy and locked it down. In another case, bank statements were outright doctored. Lesson: trust but verify, early. The Outlook: $90 trillion in global financing needs over the next decade. Europe is 5–10 years behind. More defaults mean more opportunity — for those positioned to move. Connect: Spotify | Apple Podcasts | YouTube | editor@maadvisor.com | maadvisor.com

    42 min
  8. Risk & Returns: Creating Success in Business and Life

    Jun 19

    Risk & Returns: Creating Success in Business and Life

    What does it take to win in the most complex deals on Wall Street — and in life? In this Fireside Chat from the M&A Advisor's 2026 Distressed Investing Summit, former U.S. Secretary of Commerce Wilbur Ross joins Evan Hill, Partner at Cravath, Swaine & Moore, for a rare and candid conversation drawing from decades of high-stakes dealmaking. Wilbur breaks down the difference between apparent risk and actual risk, why he walked out on Donald Trump mid-negotiation, and what today's young professionals are getting dangerously wrong. He also shares the three cardinal sins of negotiation — and why credibility is everything at the table. 🎙️ Risks & Returns: Creating Success in Business and Life📍 Four Seasons Resort, Palm Beach, Florida🏛️ Deal Forum | 2026 Distressed Investing Summit📚 Wilbur Ross's book available now SHOW NOTES: Episode: Risks & Returns — Creating Success in Business and LifeEvent: Deal Forum — 2026 Distressed Investing Summit | Four Seasons Resort, Palm Beach, FLHost: The M&A Advisor | Roger Arnaldo Guests: Wilbur Ross — Former U.S. Secretary of Commerce; legendary distressed investor; author of Risks & Returns: Creating Success in Business and LifeEvan Hill — Partner, Corporate Practice, Cravath, Swaine & MooreWhat You'll Learn: Relationships: All business begins with a sale. Wilbur reflects on the mentors who shaped his career and why he wrote his book — to push back against a generation of young professionals with "fragile personalities" and low risk appetite. Apparent vs. Actual Risk: The real edge isn't access to information — it's interpretation. What separates top investors is spotting the gap between perceived and actual risk. "Apparent risk you get paid for." Being a generalist made Wilbur dependent on specialists, and that dependence became a competitive strength. The "Loser's Mentality": The hardest challenge in any turnaround is getting boards to replace the management that caused the bankruptcy. Distressed managers always blame outside forces — unions, China, regulators — and never themselves. Fresh leadership with industry-specific experience is often the single biggest lever. Negotiation — The Cardinal Sins: Know your floor and the other side's hot buttons. Whoever is most willing to walk away wins. Start with easy points to build momentum. Never bluff — once called, you lose all credibility. Never lie. Never renege. The Trump Taj Mahal Story: Wilbur was hired to recover losses on defaulted casino bonds trading at $0.20. Trump opened by saying bondholders should "just accept the $0.20." After hours of no movement, Wilbur walked out — using Trump's own pressure tactics against him. Months of negotiation followed. By October, a chapter 11 filing threat finally closed the deal. His mother called afterward, furious he'd made a deal with Trump — and never forgave him for not becoming a lawyer. For the Next Generation: Every successful entrepreneur has failed. The ones who make it learn from the failure and find another path. A laundromat that failed in three months led its founder to pivot to generic pharmaceuticals — and straight onto the Forbes 400. Book: Risks & Returns: Creating Success in Business and Life by Wilbur Ross Connect: Spotify | Apple Podcasts | YouTube | editor@maadvisor.com | maadvisor.com

    33 min
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About

The M&A Advisor Podcast aims to shine a light on the many outstanding Thought Leaders and members of The M&A Advisor, empowers young entrepreneurs and M&A professionals to stay informed about industry trends, including mergers and acquisitions, private equity, investment banking, and finance strategies, and provides valuable insights and actionable ideas to inspire them. Official Website https://www.maadvisor.com/ Join our Newsletter https://maadvisor.com/maalerts/subscribe/ LinkedIn https://www.linkedin.com/company/the-m&a-advisor/ M&A TV https://www.youtube.com/user/Maadvisor/

Information

  • Creator
    M&A Advisor
  • Years Active
    2024 - 2026
  • Episodes
    84
  • Rating
    Clean
  • Copyright
    © M&A Advisor
  • Show Website
    M&A Advisor Podcast

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