Local governments and school districts in Michigan could use corporate-style discipline as they tackle some of the same fiscal challenges confronting businesses. Fluctuating revenues, climbing benefit costs and aging infrastructure strain public and private sector budgets alike. Reductions in...

In Till v. SCS Credit Corp, 541 U.S. 465 (2004), the Supreme Court of the United States blessed us with a formula to determine the appropriate interest rate a lender should receive on a secured car loan claim in a “cramdown”.  The Till case has received significant notoriety in a...

Joseph Callaghan and Kevin Lucey investigate links between countries' credit rating changes and returns on domestic equity markets Escaping news of threatened and actual downgrades in the credit ratings of countries, debates over sovereign debt, and alarms over governmental deficits is nearly...

A financial turnaround advisor plays an important role in any legal planning for naming an Emergency Financial Manager (EFM), avoiding an EFM, or in the worst case preparing for a potential Chapter 9 filing. A third party turnaround advisor specializes in troubled situations and brings credibility...

Excerpt from June 2011 Newsletter A Message from Mike Boudreau CPA, CTP, CFF June 2011 - Municipalities and School Districts / Emergency Manager Many municipalities and school districts are facing the same viability issues the private sector has been experiencing since 2008.  As a...

Excerpt from May 2011 Newsletter A Message from Mike Boudreau CPA, CTP, CFF May 2011 - Municipalities and School Districts I had the opportunity recently to speak to a group of approximately 45 school superintendents in southeastern Michigan. They were a wonderful group of highly dedicated...

Equine lenders offer operating lines of credit, farm loans and loans to purchase thoroughbreds.  These lenders also provide financing alternatives to the industry including breeders, owners and others involved with horses. The $4 billion equine industry has long considered the State of Kentucky...

Excerpt from February 2011 Newsletter A Message from Mike Boudreau CPA, CTP, CFF February 2011 - Emerging Restructuring Market – Government Sector Governor Snyder unveiled his proposed budget and it appears he is prepared to make difficult decisions in his quest to balance the budget...

Excerpt from January 2011 Newsletter A Message from Mike Boudreau CPA, CTP, CFF January 2011 - Emerging Restructuring Market – Government Sector Many cities and municipalities are reaching a crisis point as property tax revenue and state sharing revenue have declined at a much faster rate...

The financial landscape for healthcare organizations has begun to experience the negative characteristics we are accustomed to seeing in the steel, heavy manufacturing and automotive industries. For example, adjectives which have traditionally been associated with manufacturing industries are now...

Cities and counties can learn and benefit from corporate financial turnaround tactics Years before the Great Recession hit the global markets, local governments were faced with shrinking tax and state revenues, ballooning pension obligations and rising health care costs. The diverse array of...

As if the economy and the tight credit markets were not enough, real estate developers are faced with a new challenge. Banks are informing developers at loan maturity that their cash-flowing, debt-servicing properties are now substandard based on current appraisals. As a result, there has been...

For everyone involved, 2009 was a difficult year for the automotive industry as both General Motors and Chrysler filed for Chapter 11 and then (with significant Congressional support) emerged in record setting fashion. Collateral damage has been enormous with the closure of numerous plants...

With the next real estate typhoon looming on the horizon, shrewd commercial developers are urgently preparing their 2010 disaster readiness plans. Their residential counterparts have been fighting for survival since the housing market imploded in 2006. Sales of developed residential lots have...

Facing fierce competition for funding, middle market borrowers need to plan ahead, communicate effectively and get connected. Here in Detroit the storm has passed, the auto bankruptcies are pretty much behind us, and we find ourselves back where we started -- the financial system is still a...

The ever-evolving question surrounding General Motors is whether or not they can resuscitate the company. On one level, it’s almost unimaginable to understand how a company, who enjoyed a 50 percent market share during the 1960s, could steadily watch its market share drop to 20 percent over...

As if the economy and the tight credit markets were not enough, real estate developers are faced with a new challenge. Banks are informing real estate developers at loan maturity that their cash flowing, debt servicing property is now considered substandard in the bank’s view because of...

CHICAGO – February 18, 2009 – Patrick M. O'Keefe has been selected as an Outstanding Individual Contribution award recipient from among the nearly 9,000 members in 45 Turnaround Management Association (TMA) chapters worldwide. This award is given to individuals whose dedication and...

BLOOMFIELD HILLS, MI - December 13, 2008 - Cleary University located in Howell, Michigan, presented The Glenn H. Friedt, Sr. Business Medal of Honor to Patrick O'Keefe in conjunction with the Class of 2008 commencement ceremony.  The Cleary University Board of Trustees nominated Mr. O'Keefe...

BLOOMFIELD HILLS, MI - Southeast Michigan land developers and builders struggling to pilot out of a prolonged tailspin don’t see a break yet in the economic clouds. So residential and commercial property companies are cutting payrolls and projects to survive. This region’s real estate...