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Equity Holders Under Siege Hardcover – Illustrated, September 8, 2014

by Henry F Owsley (Author), Peter S Kaufman (Author)

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A must-read for all constituencies of distressed companies -- owners, creditors, buyers and professionals. Owsley and Kaufman apply principles of asymmetric warfare to the "zero sum" game of restructurings. With a sophisticated approach and tongue-in-cheek humor, Equity Holders Under Siege gives readers an unvarnished behind-the-scenes look into the real world rough and tumble of negotiating on behalf of "under water" owners.

Owsley and Kaufman offer practical advice and hope for entrepreneurs and other owners who have poured their souls and treasure into their businesses -- only to find one day that it all can be taken away by creditors. They share actionable strategies for owners to reclaim their companies and extract value.

Potential purchasers of distressed businesses will benefit from Owsley's and Kaufman's in-depth look into the complex dynamics of how the various dis- tressed groups operate -- without this understanding, erstwhile buyers may discover that they've vastly overpaid.

Creditors and other constituencies will be better prepared to protect their investments after reading about the types of campaigns that will likely be waged against them by well-advised equity owners.

Owsley and Kaufman, both highly regarded in the insolvency field, have been trusted advisors in the ranks of the nation's top financial professionals for more than three decades. Like their first book, Distressed Investment Banking: To The Abyss and Back, their new book, Equity Holders Under Siege: Strategies and Tactics for Distressed Businesses, will quickly become the must- have guide for both new and seasoned legal and financial restructuring professionals -- those who play key roles in the economic struggle between debt and equity groups.

Print length

224 pages
Language

English
Publisher

Beard Books
Publication date

September 8, 2014
Dimensions

6 x 0.63 x 9 inches
ISBN-10

1587983036
ISBN-13

978-1587983030
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Henry F. Owsley
8
Hardcover
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Editorial Reviews

Review

"Balancing corporate responsibilities with maximizing shareholder value is complicated. Having been the beneficiary of Peter, Henry and their firm's (Gordian Group) advice, I can attest to the value that unconflicted experts in the field can bring to bear for entrepreneurs and other equity holders. This book distills that real world advice down into a digestible, and great, read." - Perry Odak, Former CEO of Ben & Jerry's

"I cannot imagine operating on a board of directors in today's stressed financing environment without a copy of EQUITY HOLDERS UNDER SIEGE at my ready reach. With economic conditions so turbulent, the wisdom and guidance of authors Henry Owsley and Peter Kaufman are just what business executives need to survive and succeed." - James Kristie, Editor, Directors & Boards

"I am a big fan of the writing of Owsley and Kaufman, having read and enjoyed their first book, the 2005 Distressed Investment Banking: To The Abyss and Back. I discovered it just as I became managing editor of the bankruptcy group of newsletters at Dow Jones, and found it invaluable in climbing the learning curve of the restructuring market."-David Toll, Buyouts, Buyouts Insider, Executive Editor

From the Inside Flap

Owners of companies that have fallen on hard times face a daunting reality and formidable challenges from an array of competing constituencies all vying for a piece of a diminishing financial pie. Whether such companies are owned by a Private Equity firm, have been family owned for generations, or otherwise have longstanding equity interest holders, these "Old Equity" owners must adopt creative strategies and tactics to be "in the money."

Many of these methods are derived from military strategies used by guerilla troops facing significantly greater forces. In such "asymmetric" conflict, the smaller party can employ "force multipliers" to offset the other side's numerical superiority.

Opportunities abound to find asymmetric relationships in the debtor-creditor mix. If Old Equity can exploit them, it has the chance to bring valuation and other traditional tools to bear in order to realize a maximum recovery. By understanding what moves it can make to influence creditors (with both positive and negative incentives), Old Equity can begin to claw its way out from the bottom of the capital structure heap.

Early recognition by Old Equity of both the existence of financial problems and the need to engage outside advisors is vital. The availability of time and the perception of volatility of operating results can benefit Old Equity by creating dilemmas for creditors, while simultaneously increasing option value for Old Equity.

Kaufman and Owsley draw on their decades of advising Old Equity of distressed companies, while sprinkling in lessons from William Wallace leading the Scots against the English; T.E. Lawrence and his Arab forces wreaking havoc on the Turkish army; Mao taking on the Nationalist Chinese Army; and the Viet Cong challenging superior American forces. While not every restructuring situation may lead to actual confrontation for Old Equity, simply the process of preparing for conflict can facilitate "peace breaking out."

By being adroit, strategic, and tenacious, Old Equity can greatly improve its prospects of achieving a meaningful recovery. Old Equity must avoid the conventional wisdom of believing that it is inevitably "out of the money." Instead, it should fight aggressively to maximize recoveries to the extent consistent with its fiduciary responsibilities.

From the Back Cover

From the authors of Distressed Investment Banking: To the Abyss and Back, Beard Books, 2005. A must-read for all constituencies of distressed companies -- owners, creditors, buyers and professionals. Owsley and Kaufman apply principles of asymmetric warfare to the "zero sum" game of restructurings. With a sophisticated approach and tongue-in-cheek humor, Equity Holders Under Siege gives readers an unvarnished behind-the-scenes look into the real world rough and tumble of negotiating on behalf of "under water" owners. Owsley and Kaufman offer practical advice and hope for entrepreneurs and other owners who have poured their souls and treasure into their businesses -- only to find one day that it all can be taken away by creditors. They share actionable strategies for owners to reclaim their companies and extract value. Potential purchasers of distressed businesses will benefit from Owsley's and Kaufman's in-depth look into the complex dynamics of how the various distressed groups operate -- without this understanding, erstwhile buyers maydiscover that they've vastly overpaid.Creditors and other constituencies will be better prepared to protect their investments after reading about the types of campaigns that will likely be waged against them by well-advised equity owners. Owsley and Kaufman, both highly regarded in the insolvency field, have been trusted advisors in the ranks of the nation's top financial professionals for more than three decades. Like their first book, Distressed Investment Banking: To The Abyss and Back, their new book, Equity Holders Under Siege: Strategies and Tactics for Distressed Businesses, will quickly become the musthave guide for both new and seasoned legal and financial restructuring professionals -- those who play key roles in the economic struggle between debt and equity groups.

About the Author

HENRY F. OWSLEY is a founding partner and the Chief Executive Officer of the New York-based investment bank Gordian Group, LLC. He has more than 35 years' experience in the business of solving complex financial challenges as an investment banker. He is the co-author, with Peter Kaufman, of Distressed Invest-ment Banking: To the Abyss and Back (Beard Books, 2005) and The Role of the Investment Banker in Distressed M&A, Bankruptcy Business Acquisitions (LexMed Publishing, 1998). He has consistently been named one of the ten leading investment bankers involved in bankruptcies and financial restructurings by The Deal. Mr. Owsley graduated summa cum laude from Princeton University and has a Master of Science degree from Massachusetts Institute of Technology, Sloan School of Management.

PETER S. KAUFMAN is President and Head of Restructuring and Distressed M&A at the New York-based investment bank of Gordian Group, LLC. He has more than 35 years' experience in the business of solving complex financial challenges as an investment banker and, formerly, as an attorney. Mr. Kaufman is the founding Co-Chairman of the Committee on Investment Banking of the American Bankruptcy Institute (ABI). He is the coauthor, with Henry Owsley, of Distressed Investment Banking: To the Abyss and Back (Beard Books, 2005) and The Role of the Investment Banker in Distressed M&A, Bankruptcy Business Acquisitions (LexMed Publishing, 1998). He has consistently been named one of the ten leading national investment bankers in financial restructurings by The Deal. Mr. Kaufman graduated with honors from Yale College and received a J.D. degree from the University of Virginia School of Law.

Product details

Publisher ‏ : ‎ Beard Books; Illustrated edition (September 8, 2014)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 224 pages
ISBN-10 ‏ : ‎ 1587983036
ISBN-13 ‏ : ‎ 978-1587983030
Item Weight ‏ : ‎ 1.07 pounds
Dimensions ‏ : ‎ 6 x 0.63 x 9 inches

Best Sellers Rank: #1,048,130 in Books (See Top 100 in Books)
- #203 in Private Equity (Books)

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Peter S. Kaufman
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Mr. Kaufman has been at Gordian Group since 1990. Prior to joining the firm, he was the founding Co-chairman of the Committee on Investment Banking of the American Bankruptcy Institute (ABI). With Henry Owsley, Gordian Group's Chief Executive Officer, he is the co-author of the definitive works in the field, the recently published Distressed Investment Banking: To the Abyss and Back – 2nd Edition, Beard Books, 2015; Equity Holders Under Siege: Strategies and Tactics for Distressed Businesses, Beard Books LLC, 2014 and Distressed Investment Banking: To the Abyss and Back, Beard Books. All books are “must-read” for boards of directors, management teams and shareholders and/or owners of financially stressed situations, as well as for buyers and professionals. Additionally, Mr. Kaufman has been profiled by The Deal, where he is consistently ranked as one of the 10 leading national investment bankers in financial restructurings.* He has also been profiled by Bloomberg. He is frequently asked by national TV networks and other media outlets to speak on restructuring and bankruptcy topics.
Prior to joining Gordian Group, Mr. Kaufman was a founding member of First Boston Corporation's Distressed Securities Group. As an investment banker and attorney, he has more than 25 years of experience solving complex financial challenges. In 2013, he testified in front of the ABI Commission on Bankruptcy Reform in regards to valuation. In 2014, the University of Virginia awarded him an honorary appointment as a Visiting Executive Lecturer at the Darden Graduate School of Business Administration.
Mr. Kaufman received a B.A. with honors in History and Art History from Yale College (where he won letters in varsity lacrosse). He also received a J.D. from the University of Virginia School of Law, where he graduated in the top quarter of his class.
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Henry F. Owsley
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Since co-founding Gordian Group in 1988, Henry Owsley has led many of the firm's financing, advisory and merger transactions, as well as expert witness engagements. He was the expert witness in the 2009 precedent-setting Heilig-Meyers litigation.
Mr. Owsley co-authored the definitive books in his field, Distressed Investment Banking: To the Abyss and Back - Second Edition, Beard Books, 2015; Equity Holders Under Siege: Strategies and Tactics for Distressed Businesses, Beard Books, 2014; and Distressed Investment Banking: To the Abyss and Back, Beard Books. All books are "must-read" for boards of directors, management teams and shareholders and/or owners of financially stressed situations, as well as for buyers and professionals. He is consistently named one of the 10 leading investment bankers in the field of bankruptcy and financial restructuring by The Deal where he has also been profiled. Prior to co-founding Gordian Group, Mr. Owsley was at Goldman Sachs, where he founded the firm's Workout Group. While at Goldman Sachs, he was also a founding member of its Technology Group.
Mr. Owsley received a B.S. in Engineering, summa cum laude, from Princeton University and a M.S. from the Sloan School of Management, Massachusetts Institute of Technology. His honors included Phi Beta Kappa, Tau Beta Pi and Sigma Xi.
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