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In this issue, we introduce two new members of our team and update you on the firm’s activities over the past few months. We look forward to catching up with you soon.
Best wishes, The AEG Partners Team |
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EXECUTIVE SPOTLIGHT: An Interview with Managing Directors Steve Kunkel and Dan Bender
Q: Why did you choose to join AEG Partners? SK: With the ever-increasing demands on business leadership, particularly in terms of performance and accountability, few restructuring firms are responding by expanding their expertise into arenas not traditionally frequented by “consulting.” I chose AEG Partners because of the firm’s commitment to providing operational excellence in distressed situations, not simply consultant’s advice.
DB: I was looking for a firm that operated with a clear focus on client service. I believe AEG always puts the needs of it clients at the center of its work. Many other firms state that as a direction, but often lose sight of the importance of client focus in a rush to increase billings.
Q: Is there anything you would like people to know about your experience/capabilities? DB: Before entering professional services, I spent the first 10 years of my career in key management roles in Fortune 1000 and smaller companies. My experiences as a senior manager provide me the background necessary to make the tough decisions and provide the basis for understanding a company’s challenges from the perspective of the manager. In short, I bring both a consultant and executive perspective to my work.
SK: My talents and skills in resolving distressed situations have also been honed within corporations of all sizes, and in many diverse industries. I believe that when I enter an engagement, I can truly say to those within the client’s organization, “I have been here before, and I know the way out of the difficulties.” Above any technical talents, that is what I bring to our clients – the confidence of experience.
Q: As we approach the end of 2005, do you have any thoughts on the turnaround business climate and what to expect in the months to come? DB: Along with the growth in equity firms and hedge funds has come a corresponding growth in firms that service the needs of those constituents. The turnaround marketplace is filled with many practitioners, some with very impressive backgrounds and credentials. I believe it is important to look at a firm’s success in getting real results as part of the selection process.
SK: I agree. I strongly believe that we as a firm have the structure, expertise, and history of quality results in place to meet the heightened demands of distressed corporations.
To view Mr. Kunkel and Mr. Bender’s bios, please go to
Craig Dean, principal, provided a companion piece to an article by Jay Lorsch, Harvard Business School's governance guru, "A Position Description of a Nonexecutive Chairman” in the Fourth Quarter 2005 issue of Directors & Boards, an independent journal written exclusively by and for top directors, CEOs and corporate governance professionals. In his article, Mr. Dean discusses the top five tasks of a lead director from the perspective of a turnaround specialist, including setting the board agenda; serving as the liaison between the board and the CEO; ensuring governance best practices; leading the evaluation of the CEO and each board member; and recruiting and mentoring new board members. To view the entire article, please go to http://www.aegpartners.com/news.
Larry Adelman, principal of AEG Partners, was quoted in a August 11 Chicago Tribune article, "After firings, Sears back hiring," by Becky Yerak regarding the Sears Holdings restructuring and its impact on employment within the company. To view this article, please go to
http://www.aegpartners.com/news/Chicago_Tribune_
Mr. Adelman was also quoted in a June 20, 2005 Investment Dealers Digest article, "Look Out for A Bankruptcy Rush – Tougher rules could accelerate corporate filings this fall," by Kate Laughlin which discusses the new Bankruptcy Abuse Prevention and Consumer Protection Act that goes into effect in October. As it is a more creditor-friendly bill, many companies already considering a restructuring may accelerate their decision to file in order to avoid the restrictions of the new law. To view this article, please go to
http://www.aegpartners.com/news/Investment_Dealer_Digest_
Craig Dean, principal, was quoted extensively in a Turnarounds & Workouts article, which appeared in the May 15, 2005 issue. The article discusses the significant changes the BAPCPA will have on businesses, including, among others, its effect on stay bonuses, the debtor/creditor negotiation process and utilities. To view this article, please go to http://www.aegpartners.com/news/Turnarounds_Workouts_05.15.05.pdf. |
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