**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.…

**Keep in mind** This podcast is not a substitute for professional council. Consult an expert 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 Click here to access the documents mentioned in the episode B201 B201A B309E2 07:06 – Sub Section 5 bankruptcy filing – how it is different 09:29 – What a voluntary petition is and its purpose 10:11 – Forms to file and why are they so long and the importance of DISCLOSURE 14:14 – Where and how the forms are filed 16:01 – A case study where the CRO is hired by the company prior to the filing 17:03 – How to report cash on the form and timing for a filing 19:14 – Monthly operating Report (MOR) cash balances to report 24:19 – Amending Bankruptcy schedules 25:14 – Details needed for machinery, equipment, and similar assets 27:34 – Should the company be concerned about disclosing Intellectual Property details 28:59 – When company’s change their mind about filing a bankruptcy 30:16 – Definition and rights of a secured creditor and their priority 37:19 – Unsecured creditors, reconciling claims versus company books 39:03 – Company contracts and leases 42:32 – Look back periods for insiders (owners) 43:48 – Attorney’s perspective on how a company filed the forms 44:47 – Hardest forms to complete - Statement of financial Affairs 46:29 – Will the information submitted by the company be used by others 48:08 – Closing thoughts Since the start of her legal career, Areya Holder has focused on bankruptcy work for consumers and businesses in Texas. She established her private practice in 2003 after working for six years as an attorney for the Dallas Chapter 13 Bankruptcy Trustee. Call her at 972-438-8800 or email her amy@holderlawpc.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. 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 to the Listener** We recommend you seek professional counsel before deciding if Bankruptcy is the only or best option for your company. 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 5:55 – Are the Bankruptcy rules and laws the same in every state? 9:33 – Interviewing law firms. How to choose the best one 11:50 – How the client processes answers to their questions 13:18 – How important are personal feelings when selecting a bankruptcy attorney 14:17 – The cost to file the bankruptcy petition 14:47 – Is a sole practitioner at a disadvantage? 15:48 – The different components of a bankruptcy and costs 19:11 – How can a company afford to pay attorneys 20:25 – Can the attorney help to resolve hard disputes 22:14 – What if a creditor does not want to accept a restructuring plan 24:22 – Litigation in an out of court restructuring plan 24:43 – Avoid new lawsuits when advising them the company is in distress 27:45 – Closing thoughts 33:12 – Overtime Kim Lynch of Forman Law, focuses her practice in the field of bankruptcy law and represents trustees, fiduciaries, and debtors in Chapter 7, 11 and 13 bankruptcy cases. Ms. Lynch has successfully represented clients in Chapter 11 corporate cases involving real estate, trucking, manufacturing, retailing and internet services industry. In many of these cases, she resolved complicated lien issues, resulting in the client’s successful reorganization. Call her at 201-845-1000 or email klynch@formanlaw.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 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 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 to the Listener** We recommend you seek professional counsel before deciding if Bankruptcy is the only or best option for your company. 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 5:06 – Introduction 6:59 – The bankruptcy plan and disclosure statement 7:37 – What is a plan and why it is necessary 9:05 – Significance of disclosure statement 10:47 – How many years the plan should cover 13:22 – What makes a plan acceptable 14:47 – Cash flow 15:15 – Projected profitability 15:46 – The creditor’s position 18:27 – The 1111b election – used by creditors 22:24 –Debt from prior to the bankruptcy filing 24:26 – Court costs and who pays them 25:42 – How creditors get paid 27:27 – What happens if the company cannot pay creditors after the plan has been accepted 25:40 – Can the company pay creditors early? Can it be less 32:19 – Convenience class 33:33 – Can the company pay a different amount to creditors? 34:20 – Parting words 40:36 – Overtime Maris Kandestin focuses her practice on bankruptcy and restructuring, with an emphasis on debtor-side, complex Chapter 11 representations. In addition to representing companies in Chapter 11, she represents equity holders, secured lenders, and other creditors and parties in interest. Maris also represents foreign representatives in Chapter 15 proceedings and advises clients in connection with out-of-court restructurings. Call her at 302 485 3940 or email Mkandestin@mwe.com if you have any questions. Host Information: Neil Goldstein 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 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 sravin@saul.com 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.…

**Remember**: Bankruptcy is not a DIY project, Consult a professional before deciding if bankruptcy is right for you. 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 6:13 – Who gets control over assets 7:57 – Obtaining the use of cash 11:53 – Collection efforts 13:22 – Can a company sell any of its assets? 14:07 – Bankruptcy court approval 15:25 – Can the company pay debtors/vendors from before filing? 17:42 – Looking for a home court advantage 19:14 – Can a company give raises/bonuses to employees 19:34 – Can employees keep benefits/perks 21:30 – Time limit for a bankruptcy 23:32 – Exclusivity period 25:11 – Are all creditors treated the same? 26:37 – Example of administrative claims 28:30 – Where do employees fit? 31:07 – Existing contracts 35:36 – Does the court have to accept a plan? 38:36 – Final thoughts Michelle G. Novick is a partner in Saul Ewing Arnstein & Lehr’s Chicago office. Michelle is an experienced insolvency professional with a reputation for thinking "outside the box" and finding practical, efficient solutions to clients' financial and legal problems. Michelle has represented clients on every side of a transaction in corporate bankruptcy proceedings. She has successfully handled contested and complex arbitrations, addressing contract disputes involving complicated payment terms and has navigated profit and not-for-profit companies through bankruptcy restructurings and sales. Call her at 312-876-7899 or email Michelle.Novick@saul.com if you have any questions. 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 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 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 6:47 - Josh discusses the traps of a bankruptcy 7:55 – Preference claims, personal guarantees, avoidance actions 9:25 – Small to mid-sized capitalized companies 10:10 – Example of a preference claim 14:13 – Look back period for owners and insiders 16:36 – Fraudulent transfers 16:28 – Excess payments 18:43 – Critical vendor motion and how to handle difficult vendors 20:27 – When to file 21:09 – Look back periods for insiders, equity owners, and personal guarantees. 22:20 – Violations 22:44 – A case study – highlighting insiders violation 24:21 – Owners’ Personal Guarantees in a bankruptcy. 28:59 – Do owners keep their ownership in the company? 30:43 – The zero value of the company upon bankruptcy 32:41 – Closing thoughts. 34:01 – Josh's favorite cases 35:14 – Steve shares his closing thoughts 38:18 – Overtime Guest Info: Josh Eppich specialized in helping businesses reach their goals and solve their challenges. He has significant experience representing debtors and creditors in Chapter 11 and 7 Bankruptcy cases across the USA. Call him (817) 405-6905 or email him joshua@bondsellis.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. Visit his Blog here 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 . Next episode will be part 2 in our segment on bankruptcy traps. Our special guest will be Michelle Novick of Saul Ewing Arnstein & Lehr LLP. Listen in on the conversation as she answers questions like “Whos cash is it?” and “What are the different classes of creditors?”. 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.…

Remember: If you take one thing away from this show, its that you need to seek professional help before making a decision about filing or not 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. Email your questions for the experts to neil@elementarybusiness.com and to sravin@saul.com Their door is always open and they will respond. This episode is part 2 of our series on alternatives to filing for bankruptcy. Our special guest is co-host, Stephen Ravin. Listen in as he talks Neil through the other legal options to filing bankruptcy. This episode is essential for anyone looking for an option that is less expensive and less difficult than a bankruptcy filing. Highlights: 5:20 – Other options to a bankruptcy filing 6:23 – Assignment for the benefit of creditors (ABCs) 8:27 – Could the company continue operations after filing for an ABC 10:57 – Major benefit of an ABC 12:19 – Case study of a successful ABC 15:24 – What is a receivership 17:07 – How a receivership is different 17:52 – Case study of a receivership 20:40 – Description of an Article 9 sale 22:14 – Case study of an Article 9 sale 24:11 – Description and legal aspects to out of court settlement 26:33 – The benefits of out of court settlement 27:22 – Can a company change the choice they made? 28:49 – Can the owners buy back their company? 29:29 – How the company, creditors, and secured lenders react Guest Info: 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 him any time 24/7, 973-286-6714. Or email him sravin@saul.com , you can also visit his firm's website here . Host Information: Neil Goldstein is the founder of Elementary Business inc., a specialized consulting firm for distressed businesses and entities in transition. Neil 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. Call 940-808-9451 or Email neil@elementarybusiness.com or visit ElementaryBusiness.com Our next episode will be about Bankruptcy traps, and will be in 2 parts because there is so much to cover. Our special guest for part 1 will be Josh Eppich of Bonds Ellis Eppich Schafer Jones LLP. Tune in next time as he talks to Neil and Steve about Bankruptcy traps related to ownership, lookback periods, and more. 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 to seek professional advice before you decide to file for bankruptcy. Consider and feel free to reach out to Neil, Steve, or any of their guests before you take this major step.** 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. Highlights: 8:14 – Experiences with lenders 9:17 – What is a forbearance agreement 12:42 – Alternatives to bankruptcy 13:42– Should the company speak with its creditors when planning a bankruptcy? 15:27 – Out of court settlements 17:27 - Are lenders willing to work with businesses when it comes to paying back debt? 19:19 – Gaining credibility 22:10 – Who should quarterback the restructuring plan 24:10 – Why creditors should go along with the plan 26:42 – The chances of a successful bankruptcy 28:44 – Professionals needed for an alternative program 29:36 – Alternative plan versus a bankruptcy 31:22 – Final thoughts 32:17 – Case Study Guest Info: Nick Jalowski is the founder and has been the managing director of Cambridge Financial Services LLC since its inception. He is a Certified Turnaround Professional (CTP) and Certified Management Consultant (CMC). Formerly a corporate banker with Bank of New York in New York City, and Fidelity Union Bank in New Jersey. Call him at 732-512-9200 x15 or email him nbj@cambridgefinancialcorp.com if you have any questions. 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. 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 here . Be sure to come back for our next episode where co-host, Stephen Ravin, talks Neil through the other legal options to filing bankruptcy. This episode is essential for anyone looking for an option that is less expensive and less difficult than a bankruptcy filing . Steve will cover an assignment for the benefit of creditors and much more. 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.…

Please : The hosts and guests of Corporate Bankruptcy A To Z all consistently preach that you need to speak with a professional before deciding to file 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. Email your questions for the experts to neil@elementarybusiness.com and to sravin@saul.com Their door is always open and they will respond. This episode will cover what conditions a company experiences when considering a filing, asset and liability ratios, which professionals might help in making the decision to file and much more. Highlights: 6:41 - What is the first thing Tom does to help his clients 7:37 – Profits 8;37 – Personal guarantees 10:58 – Lawsuits and their importance to a filing 12:40 – Bank debt and its importance in a filing 15:07 – Professionals needed for a filing 17:15 – Communications with the company’s primary lender 18:14 – Will a bank work with the company? 20:54 – Should the company threaten to give the keys to the bank if they will not help? 22:37 – Client that filed for good reasons 24:05 – The impact on employees, vendors, creditors 26:27 – How vendors react 27:42 – Why you should disclose issues to employees 29:22 – Case study Guest Info: For this episode we have a special guest. Tom A. Colvin of MCR Capital Advisors Corporation. Tom brings over 30 years of work experience working with individuals and companies in a multitude of industries. Tom’s expertise is focused on enabling businesses in several the facets and activates deemed essential for their operation. Call him at 214-575-9985 or email him colvint@mcrapitaladvisors.com or you can go to their website here. 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. 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**: Trying to negotiate the bankruptcy process alone can be as foolish as jumping out of an airplane without checking your parachute. Our Panel of experts all recommend you get professional help in making that decision** Corporate Bankruptcy A to Z , a show designed to help you be more educated than 90% of those who file for bankruptcy. On this show, you will hear experts from every step of the bankruptcy process answer the questions that big name businesses go out of their way hear. Email your questions for the experts to neil@elementarybusiness.com and to sravin@saul.com Their door is always open and they will respond. In this first episode we will be talking about the two main filing options, the 7 and 11 (not the chain of convenience stores but the bankruptcy chapter names). We will talk about how a company knows if it is a candidate for a filing, advantages and disadvantages, the chances of a successful bankruptcy and much more. Highlights: 3:13 - Chapter 7 6:02 - Chapter 11 10:21 - Pre-bankruptcy planning, employees, and customers 12:53 - Management 13:08 - Changes to a company 14:43 - Who is protected 16:01 - How long is bankruptcy 16:45 - Case Studys 21:12 - Best time to file 22:17 - Waiting to long 24:04 - Interesting case Guest Information: 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 him any time 24/7, 973-286-6714. Or email him sravin@saul.com You can also visit his firm's website . Host Information: Neil Goldstein 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. Call 940-808-9451 or Email neil@elementarybusiness.com or visit ElementaryBusiness.com Join a supportive team of diverse, highly-motivated professionals to leverage your skills and experience, fuel your professional growth, and make a difference on your very first day. Check out Strive Consulting 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. Join us next episode to learn if your business is a candidate for a bankruptcy filing. Our special guest will be Tom Colvin of MCR Capital Advisors. Listen in on the conversation as Tom shares his decades of experience with Neil and Steve and they discuss the 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.…

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. Your show host is Neil Goldstein, AKA “the Workout Guy”, A Chief Restructuring Officer who has spent the last 25 years helping over 75 clients take on the bankruptcy process. Alongside him is co-host and legal expert, Stephen Ravin, of Saul Ewing Arnstein & Lehr law firm. He is a 2nd generation bankruptcy lawyer, with over 40 years legal experience his under belt. Do you have any concerns about the bankruptcy process and how it will impact your business? Why not ask the experts? Email your questions to neil@elementarybusiness.com and to sravin@saul.com Or you can following the link in the show notes below. Make sure you subscribe to the show so you never miss an episode and make sure you are sharing it with those who are making these important decisions with you. New episodes will air on Tuesday, every other week.…