**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.