New Views in a Post-Recession World: Expert Insights to Guide You Through the Changes (PDF)
A special supplement to The Wall Street Journal
This post-recession period has given rise to a shifting landscape in the business world. We see that transformation firsthand as members of the Turnaround Management Association Chicago/Midwest Chapter. As turnaround professionals—interim managers, financial and operational advisors, attorneys, investment bankers —and as lenders, investors and other professionals in the industry, we believe that the opportunities are tremendous today not only to restructure distressed companies, but also to acquire troubled businesses and assets. But with opportunities come challenges which are explored in this special supplement to The Wall Street Journal.
Four Topics to Consider when Using Inventory as Collateral (PDF)
When considering the dynamic nature of the current economy, today's asset-based lenders need to consider all of the significant factors that could impact inventory as collateral, above and beyond the traditional metrics, as the additional knowledge and monitoring will mitigate risk substantially. Eric Marschke and Alex Sutton discuss four topics that should always be considered in field audits and inventory appraisals.
Maximizing the Value of Intangible Assets in Insolvency and Liquidation (PDF)
As more and more companies' transition from a business strategy focused on physical assets to a strategy centered on the utilization and exploitation of their intellectual property, it is essential that financial professionals understand the unique nature of these assets and how, with a strategic approach, their value can be maximized as companies head toward insolvency and liquidation.
Capturing the Value of IP for Leveraged Finance (PDF)
IP has garnered increased attention in the leveraged finance arena as lending institutions continue to look beyond traditional collateral sources such as accounts receivable, inventory and equipment. However, where does one start with an investigation of the potential intangible asset value held within a company when the majority of all balance sheets of private companies reflect minimal, if any, intangible asset value?
Determining 'Fair Value' of IP in a Merger/Acquisition Transaction: A Buyer's Perspective (PDF)
Figuring out how much intellectual property (IP) is worth in a merger or acquisition is complicated. In this white paper, we present a framework of IP valuation which is based on valuation techniques accepted by the IRS, the SEC, the courts and investors. This is theory which has been developed based on years of practice and refinement.
Corporate Valuations & Fairness Opinions (PDF)
Investors and regulators are keeping a trained eye on corporate transactions, and directors need to tread carefully to avoid shareholder activism and costly litigation. When it comes to valuing companies and issuing fairness opinions, increased scrutiny is leading accountants, investment bankers and specialist advisers to seek greater accuracy. They are refining their analysis and installing more stringent internal processes in M&A scenarios involving both public and private companies.
Strategies for Extracting Value: Finding Liquidity in Hidden Assets (PDF)
The following article explores several strategies which, when valued and applied properly, will assist a company in obtaining additional balance sheet leverage from hidden assets. In addition, professional valuation firms can help companies and lenders identify underutilized or hidden assets that may be used as collateral to support an asset-based loan.
Sarbanes-Oxley Imposes Tough New Corporate Governance Standards (PDF)
Amid spectacular lapses in ethics and creative accounting practices by once-prominent companies like Enron, Tyco, and WorldCom, Congress stepped up efforts to help restore the confidence of investors and others in the integrity of American business. Other legislative and regulatory bodies soon followed suit, further increasing restrictions on business conduct.
Attention ABLs… Are You Undervaluing Your Borrower's Greatest Assets? (PDF)
To understand the value of a company's assets, whether investing in its equity or extending credit or financing, one has to acknowledge that there is a new world order of business required in assessing the true worth of the business and its underlying assets. That's why its critical for lenders and other corporate financial executives to work with professionals who can recognize intangible assets, define and research them and know how they work synergistically with other assets.