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Why does a credit-risk model built in 1968 still attract 5,000 hits a day on Bloomberg? And more importantly, what does it tell us about today's market? In this episode, NYU Stern Professor of Finance Emeritus Edward Altman — inventor of the Z-score and a Turnaround Time favorite — returns for a wide-ranging conversation with James H.M. Sprayregen, vice chairman of global strategy and growth at Hilco Global. Professor Altman shares the story behind the model's creation, reasons why it has endured for nearly 60 years, and the role it played in his testimony against the General Motors bailout in 2008. He and Sprayregen then unpack the four stages of the credit cycle and explain why today's market sends mixed signals: benign on the fixed-rate high-yield side, stressed on the floating-rate side. The conversation turns to the $2.5 trillion private credit market and the gap between published default rates of under 2% and Professor Altman's "shadow" default rate, which, once payment-in-kind exercises and non-accruals are included, climbs closer to 10%. They also dig into the roughly 60% LME re-default rate his research suggests, and of course, what all of it means for banks, insurers, pension funds, and the broader question of systemic risk. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links View Professor Altman's slides here. Our episode is sponsored by EisnerAmper. Learn more about Ed Altman. Learn more about James H.M. Sprayregen. Learn more about the Turnaround Management Association at turnaround.org. Our music is by Kit and the Calltones.

What does it take to buy or sell a company when time is running out, and the stakes couldn't be higher? In this episode, Bethany D. Simmons of Loeb & Loeb LLP leads a panel of restructuring pros (Skylar Bonné, Michael Sabino and Michael Sicari) through the unique challenges of due diligence in distressed M&A transactions. Together, they explore what happens when traditional deal timelines collide with liquidity crunches, covenant breaches and the very real deadline of a company's cash running out. The panel unpacks the critical differences between in-court Section 363 sales and out-of-court transactions, the risks of successor liability in asset versus stock sales, and the hidden pitfalls lurking in everything from outdated ERP systems to improperly burdened overhead costs. From PII and intellectual property considerations to the art of positioning distressed assets for the right buyer, this conversation offers practical insights for anyone navigating the high-pressure world of distressed transactions. To learn more about turnaround management, news, and experts, visit turnaround.org.   Episode Links Our episode is sponsored by GlassRatner. Learn more about Skylar Bonné. Learn more about Michael Sabino. Learn more about Michael Sicari. Learn more about Bethany D. Simmons. Learn more about the Turnaround Management Association here. Our music is by Kit and the Calltones.

What drives someone to become a bankruptcy judge? And what does it take to lead one of the nation's busiest bankruptcy districts while maintaining warmth, wisdom… and a sense of humor? In this episode, TMA NYC's NOW leaders Fran Falchook and Rita Ginzburg sit down with the Honorable Chief Judge Christine M. Gravelle of the Bankruptcy Court for the District of New Jersey for an intimate conversation that explores the person behind the robe. Judge Gravelle shares her journey from growing up in the Berkshires to navigating law school at night as a new working mother. Her path led her to a career in bankruptcy law and eventually the bench, where she oversees some of the nation's most complex restructuring cases. This episode offers rare insight into the judicial perspective on bankruptcy and restructuring through the lens of lived experience, personal growth and the networks that support us all. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links Our episode is sponsored by Archer & Greiner. Learn more about Fran Falchook. Learn more about Rita Y. Ginzburg. Learn more about Judge Christine M. Gravelle. Learn more about the Turnaround Management Association here. Our music is by Kit and the Calltones.

In this unique episode, restructuring legend Moe Bordwin sits down with his son Harold for a conversation that spans four decades of industry evolution. Moe founded Keen-Summit Capital Partners in 1982 during the height of the leveraged buyout era, when junk bond financing fueled spectacular corporate collapses and created opportunities for skilled restructuring professionals. He shares vivid stories from the rough-and-tumble world of 1980s retail restructuring, including his work on the Bonwit Teller bankruptcy — the iconic Fifth Avenue department store whose demolition for Trump Tower became a symbol of an era's excess. Harold, now principal and co-president of Keen-Summit alongside his brother Matthew, brings the perspective of today's sophisticated restructuring practice. Under their leadership, the firm has handled over $3 billion in transactions across 27,000 properties, representing clients from property owners to commercial tenants across various industries. This father-son conversation offers rare insights into how the restructuring industry evolved from its Wild West origins to today's professional practice. To learn more about turnaround management, news, and experts, visit turnaround.org.   Episode Links Our episode is sponsored by Arthur B. Levine Co., Inc. Learn more about Harold Bordwin at Keen-Summit Capital Partners. Learn more about the Turnaround Management Association here. Our music is by Kit and the Calltones.

https://lp.constantcontactpages.com/cu/KnR13hm/turnaroundtimeThe inventor of the famous Z-score for evaluating corporate financial distress — and Turnaround Time favorite — NYU Professor of Finance Emeritus Edward Altman returns for his fourth appearance on our podcast. In this episode, Professor Altman discusses the evolution of the Z-score over nearly 60 years, shares insights on current market conditions, including the impact of tariffs on corporate distress, and reveals surprising trends in distressed exchanges. In this episode, Professor Altman is interviewed by Joseph Sarachek, managing partner of The Sarachek Firm and adjunct professor at NYU Stern School of Business. To learn more about turnaround management, news, and experts, visit turnaround.org.   Episode Links View Professor Altman's slides here.  Our episode is sponsored by Change Capital. Learn more about Ed Altman at NYU Leonard N. Stern School of Business. Learn more about Joseph Saracheck at Saracheck Law. Learn more about the Turnaround Management Association here. Our music is by Kit and the Calltones.

From financing democracy in Eastern Europe to navigating the evolution of workplace culture, asset-based lending attorney Jill Mindlin shares her remarkable 30-year journey in finance and law. In this episode, she's joined by Fran Falchook from Octus, who explores Mindlin's unique perspective on networking, industry relationships, and the transformative power of organizations like TMA. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links Our episode is sponsored by CohnReznick. Learn more abourt Jill Mindlin at Blank Rome. Learn more about Francine Falchook at Octus. Learn more about Turnaround Time here. Our music is by Kit and the Calltones.

When it comes to stabilizing underperforming companies, rebuilding corporate value and retaining jobs, Laura Davis Jones of Pachulski Stang Ziehl & Jones is in a class all by herself. A TMA Hall of Famer, Dealmaker of the Year winner, and Fellow of the American College of Bankruptcy, Jones shares how her career has unfolded, from her early role as debtor's counsel in the Continental Airlines bankruptcy case to her more recent work on Cirque du Soleil and Avadim Health. In this episode, she is joined by Bill Heinrich, co-chairman of Getzler Henrich. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links Our episode is sponsored by MoloLamken LLP. Learn more about Laura Davis Jones at Pachulski Stang Ziehl & Jones. Learn more about William Henrich at Getzler Henrich. Learn more about Turnaround Time here. Our music is by Kit and the Calltones.

Inventor of the famous Z-score for evaluating corporate financial distress — and Turnaround Time favorite — NYU Professor of Finance Emeritus Edward Altman returns to share his views on credit cycles and default rates, developments in direct lending — and of course, zombie companies. In this episode, Professor Altman is joined by Marti P. Murray, a partner in the Finance Practice of Bates White Economic Consulting.  To learn more about turnaround management, news, and experts, visit turnaround.org.  Episode Links Our episode is sponsored by Skadden. Learn more about Ed Altman at NYU Leonard N. Stern School of Business. Learn more about Marti P. Murray at Bates White. Learn more about Turnaround Time here. Our music is by Kit and the Calltones.

Bernstein Shur's Bob Keach, who helped establish subchapter V, the section of the bankruptcy code added in 2019 for small business debtor reorganizations, returns to Turnaround Time. This time he discusses the success of its implementation — marked by more than 6,400 filings — with Honorable Michelle M. Harner of the U.S. Bankruptcy Court for the District of Maryland.     To learn more about turnaround management, news, and experts, visit turnaround.org.    Episode Links  Our episode is sponsored by Klestadt Winters Jureller Southard & Stevens, LLP. Learn more about the Hon. Michelle Harner at U.S. Bankruptcy Courts. Learn more about Bob Keach at Bernstein Shur. Learn more about Richard E. Mikels at Linkedin.   Learn more about Turnaround Time here.    Our music is by Kit and the Calltones

The Southern District of New York Bankruptcy Court's newest judges — Judge John P. Mastando III and Judge Philip Bentley — share insights and lessons learned as well as their judicial style (and pet peeves) in this wide-ranging conversation with retired Judge Robert Drain.   To learn more about turnaround management, news, and experts, visit turnaround.org.  Episode Links Our episode is sponsored by Royer Cooper Cohen Braunfeld LLC. Learn more about Judge John P. Mastando III at U.S. Bankruptcy Courts. Learn more about Judge Philip Bentley at U.S. Bankruptcy Courts. Learn more about (Ret.) Judge Robert Drain at Skadden. Learn more about Turnaround Time here. Our music is by Kit and the Calltones.

Inventor of the famous Z-score for evaluating corporate financial distress, NYU Professor of Finance Emeritus Edward Altman returns to Turnaround Time to share his views — and predictions — for the restructuring industry. In this episode, Professor Altman is joined by Pankaj Amin, Managing Director of SC Ventures and past President of the Turnaround Management Association. To learn more about turnaround management, news, and experts, visit turnaround.org.   Episode Links Our episode is sponsored by Sherwood Partners. Learn more about Ed Altman at NYU Leonard N. Stern School of Business. To follow along, access the Powerpoint here. Learn more about Turnaround Time here. Our music is by Kit and the Calltones.

Bernstein Shur's Bob Keach has been one of the leading lights in the establishment of subchapter V, the section of the bankruptcy code added in 2019 for small business debtor reorganizations. In this episode, he shares his quest to make corporate reorganizations more successful, efficient and affordable for American small and medium-sized businesses with Harvard Zhang, associate editor at Reorg. To learn more about turnaround management, news, and experts, visit turnaround.org. To learn more about Reorg, visit Reorg.com.   Episode Links Our episode is sponsored by Reorg. Learn more about Bob Keach at Bernstein Shur. Follow Harvard Zhang on Twitter and LinkedIn.   Learn more about Turnaround Time here. Our music is by Kit and the Calltones.

What does it take to map your own business success in our industry? In this episode, Sean Southard of Klestadt Winters Jureller Southard & Stevens is joined by Richard J. Shinder of Theatine Partners, Carol Levine of Arthur B. Levine Co., and Peter Furman of HunterPoint to explore the challenges and opportunities of turnaround entrepreneurship. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links Our episode is sponsored by Klestadt Winters Jureller Southard & Stevens, LLP. Learn more about Sean Southard at Klestadt Winters Jureller Southard & Stevens, LLP. Learn more about Richard J. Shinder at Theatine Partners. Learn more about Carol Levine at Arthur B. Levine Co., Inc. Learn more about Peter Furman at HunterPoint.   Learn more about Turnaround Time here. Our music is by Kit and the Calltones.

From successful law partner to presiding judge in the famed Lehman Brothers bankruptcy case, retired Judge Shelley C. Chapman has not only witnessed her industry's evolution from her perch at the U.S. Bankruptcy Court, Southern District of New York, she's helped shape it. In this episode, Judge Chapman and Heidi Sorvino, managing partner for the New York office at White and Williams LLP, look back on Chapman's biggest cases, consider the current era of bankruptcy practice, and offer advice to today's newest professionals. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links Our episode is sponsored by White and Williams. Learn more about Judge Shelley C. Chapman at Willkie Farr & Gallagher LLP. Learn more about Heidi Sorvino at White and Williams LLP. Learn more about Turnaround Time here. Our music is by Kit and the Calltones.

Inventor of the famous Z-score for evaluating corporate financial distress, NYU Professor of Finance Emeritus Edward Altman is a legend in the restructuring industry. Today, he serves as director of Research in Credit and Debt Markets at the NYU Salomon Center for the Study of Financial Institutions, where he continues to be the go-to expert on bankruptcy risk. In this episode, Professor Altman and Heidi Sorvino, managing partner at White and Williams LLC and President of the Turnaround Management Association NYC, consider recent trends in credit markets as well as Professor Altman's recent research on creditworthiness across countries. To learn more about turnaround management, news, and experts, visit turnaround.org. Episode Links Our episode is sponsored by Baker Tilly. View Professor Altman's slides here. Learn more about Ed Altman at NYU Leonard N. Stern School of Business. Learn more about Heidi Sorvino at White and Williams LLC. Learn more about Turnaround Time here. Our music is by Kit and Calltones.