We discuss some recent court rulings and how they affect the actions and duties of Directors of financially distressed businesses. The zone of insolvency, duty of care and duty of loyalty are addressed in this brief review by Raymond Anderson of Crowe Horwath and Jonathan Friedland of Levenfeld Pearlstein.
Raymond Anderson joined Crowe Horwath LLP in April 2009 as the Regional Group Leader of its Chicago Restructuring Advisory Services practice. He draws on 18 years of experience as a consultant, officer, director, and investor. Mr. Anderson specializes in corporate turnarounds, loan workouts, restructurings, and M&A.
Previously, Mr. Anderson was a Partner with Graue Mill Partners, LLC (GMP), a private equity investment firm, and a partner in Burnham Venture Management Inc., GMP’s affiliated restructuring group. His operational experience encompasses the areas of strategic planning, accelerating growth plans, managing and developing strategic relationships, and managing and developing talent in underperforming companies and turnarounds. Over the last 12 years, Mr. Anderson held leadership roles in closing over 30 M&A transactions (including distressed entities), multiple private placements and bank financings, and a successful public offering.
Mr. Anderson holds experience in a wide range of industries, including industrial services, media, e-commerce/technology, marketing services, food, publishing, and distribution companies ranging from start-ups to publicly traded companies approaching $1 billion in annual revenues.