Selected Interim Management Assignments
– General Turnarounds

Video Conferencing Design & Installation

  • Initially engaged by board to provide restructuring recommendations for struggling operations, immediately identified critical deficiencies and misrepresentations to the board by senior management. Hired to assume CEO/CFO positions and address critical liquidity issues in expectation of a probable bankruptcy filing and liquidation.
  • Stabilized liquidity crisis by arranging bridge financing and key vender support. Orchestrated a reverse merger with a strategic competitor.

Multi-plant Electronic Hardware Repair services provider with operations in U.S., U.K. and France.

  • Retained as Interim CEO by Board of publicly held company after $80 million of operating losses over a two year period and defaults on secured debt.
  • Restructured operations, closed plants, reduced corporate overhead by more than 50%, sold major subsidiary; and effected merger with similar business.

Upscale, high profile, Specialty Retailer

  • After Company incurred major operating losses, retained by Japanese lender to assume Board control in consensual foreclosure.
  • Closed stores, expanded mail-order operations; settled complex real estate claims and sold business for an attractive price.

 Computer Hardware Distributor with related Software Development operations in seven European countries.

  • Installed as Interim Management of newly formed holding company headquartered in Frankfurt after consensual foreclosure on European subsidiaries to settle debt of U.S. parent.
  • Restructured operations, dramatically reduced corporate overhead expenses, liquidated unprofitable software verticals, made significant personnel reductions despite onerous European labor laws, and negotiated highly favorable settlements of Dutch and Belgium tax liabilities. Sold operating businesses in four separate transactions.

 International manufacturer and distributor of Overhead Cranes

  • At the suggestion of the equity sponsor, retained by management to provide an Interim V.P. -Operations and install improved cashflow management system for both U.S. and U.K. manufacturing operations.
  • Effected major cost reductions; improved customer service for the high margin parts business; completed a restructuring of $250 million of outstanding debt.

Mexican production of Molded Plastic Parts for consumer electronics market

  • Retained with concurrence of secured lender to assume Interim CEO position and effect a major operational restructuring of the business.
  • Costs were reduced, a new permanent CEO recruited and debt restructured. Position as a board member was continued as a major operational turnaround was achieved.

Audio Electronics design, import and distribution

  • Due to large operating losses and continuing volume declines, installed as Interim CEO by equity sponsor to resolve disputes with Asian Pacific partner and prepare for a probable bankruptcy filing and liquidation.
  • Reduced operating overhead by over 50%, settled issues with partner and effected a going concern sale to a European strategic buyer. Achieved a 100% payout to unsecured creditors and an unanticipated return of equity to the shareholders.