2/14/2019· Finance
A Crime of Passion, Sweetheart Scams Can Be Costly
By: Marguerita Cheng
My mom was one of thousands preyed upon by this nasty con. Here’s what to watch out for and how to protect those you love.
By: Tony Wayne
Tel: 913-851-0027
Email Mr. Wayne
Sound familiar?
Two years ago, you finally closed the big merger deal you spent what seems like years working on. Perhaps, your business is tied to commercial real estate development, construction, or building materials. Just when you were ready to start that big ramp up, the bottom fell out.
Once a very enthusiastic partner in the deal, now your friendly community banker has asked you to find a new banking relationship. You don't know how this can be accomplished and quite frankly, neither do they, most likely.
Do you just toss them the keys?
These are extremely emotional, even gut wrenching times. Assuming they leveraged their business acquisition with secured debt, both borrower and lender face a dilemna and need help themselves in sorting through their recovery options.
Patience and trust has all but disappeared. The objective, unbiased persective of an independent turnaround professional can help both lender and borrower alike, to sort through the potential options where none of them are all that attractive.
There are factors in today's economic downturn that are making these choices even more difficult than in previous recessions:
A summary of 2009 FDIC year to date loan sales through early August is below.
Although this is data only for institutions taken over by the FDIC, these numbers are incredible when considering the average sale to loan value for the eight-year period preceeding September 2008 was 72%, on 4446 loan sales. Through early August, they had sold 5556 loans in this year alone for an average value of just 51%.
Much of this downward pressure is related to real estate.
. . .Continue to read rest of article (PDF).
Tony Wayne, CPA, CFF, CVA, CIRA, is a Certified Public Accountant with over 25 years of private industry senior operations experience. After a diverse career spanning 15 years in Big 8 public accounting/consulting and private industry, Mr. Wayne founded IronHorse in 1998 with an emphasis on complex turnarounds and restructuring consulting, crisis management, advisory services, CFO services, and litigation support.
IronHorse LLC is a highly-specialized, focused business consulting firm with practice concentrations in business valuation & appraisal, expert witness services, forensic accounting, and commercial loan & private-equity compliance services.
We specialize in highly-complex financial, commercial, private placement, and M & A transaction litigation engagements. Also, we perform business appraisals and valuations for family law, estates, SBA loan applications, portfolio compliance and distressed business engagements.
Extremely tight industry concentration; manufacturing & wholesale distribution, cannabis, building materials & contractor supply, automotive after-market, and heavy duty equipment supply-chain vendors.
Primary target six-state geographical footprint including Kansas, Missouri, Nebraska & Iowa, IronHorse is an ideal fit for closely/privately held industrial firms with $ 5 million to $ 35 million in annual revenues.
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2/14/2019· Finance
A Crime of Passion, Sweetheart Scams Can Be Costly
By: Marguerita Cheng
My mom was one of thousands preyed upon by this nasty con. Here’s what to watch out for and how to protect those you love.
12/30/2004· Finance
If You Are Searching For Answers
By: Andrea Joyce Wagner, Coletta L. Dorado
AS AN INVESTOR, you too may have experienced that uncomfortable feeling of not knowing how to read your monthly statement showing activity and positions or other documents sent to you by your brokerage firm
11/20/2017· Finance
Understanding Financial Misstatement: The Least Common Type Of Fraud Can Also Be The Costliest
By: Michael J. Garibaldi CPA, ABV, CFF, CGMA
When a dishonest CFO or controller cooks the books, it can be devastating for the victim organization. In addition to direct financial losses, financial statement frauds erode trust between management and other stakeholders, including lenders, investors and employees who own company stock. Unfortunately, it's common for smaller companies to associate financial misstatement with large public companies that focus heavily on earnings per share.