Segueway to Success
Listen at – Bankruptcy – An Insider’s View with Atty Ariel Weissberg
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By: Brent Hamachek and Tom Kuchan
Segueway Solutions
At Segueway, the principals have over 50 years of combined business experience across more than 40 industries and covering five continents. That experience has drawn us into many complex situations of all types. We have watched businesses be born, we have watched them grow and live productive lives, and we have watched them die. From our vast array of experiences we have observed many re-occurring signs of success and of failure.
Join us on Wednesday, January 9, 2013 at 15:00 CST as we discuss Bankruptcy – An Insider’s View
The darkness on the edge of town for every business owner is the looming possibility that at some point in time, they might have to declare bankruptcy. For generations the very word itself has carried a stigma. One of the reasons that bankruptcy causes such anxiety, especially when we find ourselves in a tough financial situation where it may become necessary, is because there is a great deal of mystery surrounding the ordeal. Everyone knows that “going BK” is not a desired outcome but few know what it entails and what the real consequences are.
At Segueway we deal with troubled companies on a regular basis. One of the options that usually needs to be explored is that of seeking protection under the bankruptcy statutes. What we find very interesting, however, is that the clients best suited for bankruptcy often resist the process while others who are very poor candidates eagerly wish to pursue it. What that means to us is that business decisions about filing for BK are based more on perceptions and emotions than they are on facts.
According to the Administrative Office of the U.S. Courts,
- Total bankruptcy cases filed in federal courts for the 12-month period ending June 30, 2012, totaled 1,311,602, down 14.1 percent from
- Total bankruptcy filings for the year ending June 30, 2011 which were 1,527,560
- Non-business filings totaled 1,267,167, down 14.2 percent from the 1,477,426 non-business bankruptcy filings the previous year while
- Business filings totaled 44,435, down 14.8 percent from the 52,134 business filings in the previous year.
- For some perspective, in 1980 combined filings were under 350,000.
The bankruptcy code was modified significantly in 2005 but it impacted individuals more than businesses. Much of what happens in bankruptcy for businesses has to do with the approach taken by the judge and the approach taken by the appointed trustee; it’s complicated.
Join us this Wednesday when our guest, attorney Ariel Weissberg, sheds light on the shadow of business bankruptcy. Ariel began practicing law in 1979 at a small Chicago law firm where, as the only associate, he gained solid foundations in both business litigation and a wide-range of transactional work. Later, he built upon this foundation at a top medium-sized firm, further broadening his apprenticeship by representing Chapter 11 debtors and middle-market banks.
Since 1984, when Weissberg and Associates was founded, Ariel has built a varied and loyal clientele, comprised of small to medium-sized to publicly traded businesses, and individuals, who appreciate his aggressive, yet deliberate hands-on style and his dedication to achieving positive results for his clients. He is a “quick study” especially in financial matters, and he is sought out for complex business planning, especially relating to credit facilities and crisis management.
Ariel has deep roots in the Chicago community. The son of Rabbi Victor H. Weissberg, Ariel graduated from Washington University (B.A. 1976) and received his J.D. from St. Louis University Law School (1979). He returned to Chicago, where, besides practicing law, he involved himself in charitable and community-based activities. Married for over 20 years, Ariel is the father of three children including Ilan S. Weissberg, a former United States Marine. Ariel is an avid student of military history and an outdoorsman. He speaks frequently in the Chicago area concerning real estate, financial distress and litigation.
This show will be a must-listen for any business owner fearful of the unknown, and especially for those facing difficult circumstances where a bankruptcy filing might, or might not, be the answer.
Please join us.
Segueway Solutions – http://www.seguewaysolutions.com/
+1 (847) 778-9474
Brent E. Hamachek spent the first 15 years of his professional life in banking, working in 6 different sectors including audit, credit and 9 years as a commercial banker.
After commercial banking, Brent formed Segueway Solutions in 2000 in order to assist privately held companies in transition. To date, he has worked in 40 different industries and has served in the capacity of CEO, CFO & EVP Sales for clients. Brent is a sought after consultant, speaker and trainer offering national and foreign expertise to clients.
brent@SeguewaySolutions.com
Tom Kuchan is a proven leader in global business expansion and effectiveness, risk management, finance and operations with experience in both Fortune 50 and entrepreneurial environments. He has a proven record of defining strategic objectives, translating them into operational tasks, and leading their implementation in diverse geographies and cultures across the globe.
Tom has lived overseas for over twenty years, including Switzerland, Germany and the United Arab Emirates, and has worked extensively across Europe, Latin America, Africa, the Middle East, and Asia.
tom@SeguewaySolutions.com