Mark Manski, the founder and principal of this company, has over thirty years of hands-on experience as a highly respected and well-known restructuring professional. Since the early 1980¹s, Mark has been involved in handling restructuring matters acting as creditor, debtor and/or equity investor, financial consultant and legal advisor. He has sat on a number of public and private boards of directors of companies requiring restructuring guidance and acted as agent for large bank syndicates in a number of highly complex corporate restructurings. Mark has also served as chairman and member of several official creditor committees as well as a number of ad-hoc creditor committees. He has diverse experience, including managing distressed asset portfolios worth billions of dollars, overseeing the unwind of a number of highly complex trades, swaps and related instruments, as well as acting in senior executive positions for companies in need of balance sheet restructuring. Mr. Manski has a deep understanding of credit risk and credit policy, having served as a chief credit officer at two international financial institutions as well as developing, implementing and managing credit policy.
Mr. Manski has been a speaker at a number of industry related events and has authored articles relating to financial restructuring.
Experience and Background of Mark Manski
Mark Manski LLC, Bonita Springs, FL
2013 to Present, Principal
Founder and principal of advisory services company formed to provide financial restructuring and distressed asset management services to the financial services industry and companies in capital growth, entrepreneurial or distressed situations. Particular focus on strategic advice and guidance, credit risk, restructuring-related fiduciary services and asset recovery.
Development Specialists, Inc.
2014-2015, Senior Vice President and Leader of its NY office.
Senior consultant in a firm which is a leading provider of management consulting and financial advisory services to the restructuring industry.
Greenberg Traurig, Boston, MA and New York, NY
2010 to 2013, Shareholder, Business Reorganization & Financial Restructuring Practice (MA Bar)
Shareholder in global law firm with over 1750 lawyers worldwide, specializing in providing legal and strategic counsel to companies and business assets requiring corporate or financial restructuring. Client emphasis in real estate and corporate restructurings. In addition, assumed responsibility to create and implement client development efforts for Restructuring Practice.
Barclays Capital, New York, NY
1999 to 2010, Credit Restructuring and Advisory Group, Americas
2008 to 2010, Chief Credit Officer, Real Estate, Americas
2002 to 2010, Head of CRAG
2009 to 2010, Managing Director
1999 to 2002, Director
Member of Bank¹s US senior management team responsible for overseeing Barclay's distressed loan asset portfolio in the Americas. Through supervision of a staff of up to 15 professionals, responsible for approving and implementing the recovery strategy (through restructure, sale, enforcement or otherwise) and managing the outcome of all criticized and classified assets and recommending appropriate reserve levels for each such asset. Chief risk and restructuring officer for $11B distressed US real estate portfolio.
Senior business executive responsible for direct oversight and management of billions of dollars in potential and actual litigation actions and for implementing recovery strategies for critical asset holdings in broad range of industries including investments in corporates such as Enron and Bear Stearns; derivatives and repos; monolines; RMBS; and other similar complex structurings.
Represented the Firm in a number of key holdings including board of director and advisory committee assignments, syndicate agent, and member of official and ad-hoc credit committees. Primary liaison with its Regulators and auditors with respect to the firm¹s impaired assets. Member of Bank¹s US Watch List and Provisions Review Committees.
RoundHill Group, Ltd., Norwalk, CT
1993 to 1999, President and Founder
President and founder of consulting firm specializing in providing (i) strategic, operational, managerial and financial advisory services to companies in capital growth, entrepreneurial or distressed situations, including crisis management, business plan development and implementation, (ii) expert litigation support relating to matters pertaining to "good banking practice" and (iii) credit policy, creditor rights and portfolio advisory services to the financial services industry.
Selected significant assignments include:
- Grand Union Company. Member, Board of Directors of publicly held, multi-billion dollar retail supermarket chain. Specifically appointed to lead special independent committee of board with restructuring Company's balance sheet, resulting in $600M debt for equity swap with Bondholders.
- Direct Marketing Group. Chief restructuring officer of one of the largest independent direct response marketing firms in the US (400 employees). Tasked with all executive responsibilities while successfully completing the sale of assets to a competitor.
- InFocus Publications; InterAmerican Medical Publications. Successfully developed and wrote strategic business plan and raised required capital for two niche-oriented magazines.
- First New York Bank for Business. Litigation support consultant to former directors regarding action brought by FDIC on matters of good banking practice and credit policy.
IBJ Schroder Bank and Trust Company, New York, NY
1991-1993, Senior Vice President, Credit Division and Head, Special Loans Group
1988-1991, Vice President and Department Head, Special Loans Group
1984-1988, Vice President, Leasing Subsidiary
Senior officer responsible for the management of the Bank's workout unit and Credit Division with managerial responsibility for over 25 professional and administrative staff. Member of Bank's Credit, Leasing and Investment Committees.
Senior administrative, marketing and legal officer to Leasing Subsidiary with P&L responsibility for operating and finance lease portfolio.
Leasing Technologies International, Darien, CT
1984, Founder, Executive Vice President and General Counsel
Founder of leasing company which provided operating lease programs and related investment banking services to start up high-tech companies. Developed and implemented initial business plan that created vendor lease programs for emerging companies in need of alternative means of capital.
Computer Devices, Inc., Billerica, MA
1982-1984, Corporate Counsel
Attorney and senior manager hired to assist in the turnaround efforts of struggling manufacturer of personal computers and printers. Senior executive responsible for legal, personnel, and administrative matters.
Digital Equipment Corporation, Maynard, MA
1979-1982, Attorney, Law Department; Manager, Software Acquisition Group
Commonwealth of Massachusetts, Boston, MA
1978-1979, Assistant Director and General Counsel, Bureau of Systems Development
1974-1978, Staff Attorney, Office of the State Secretary
Education and Experience
Suffolk University Law School, Boston, MA , JD, 1975
University of Massachusetts, Amherst, MA , BA, 1972
Member, Massachusetts Bar, 1975
Certified Mediator, Southern District of NY Bankruptcy Court, 1998
Member, Governor¹s Task Force (MA) on the Reorganization of State Government, 1981, 1982
Representative Transaction List
The following list is a compilation of representative transactions that I have directly participated in while employed by either Barclays Capital or IBJ Schroder Bank & Trust Company, or alternatively as a consultant. In each transaction that relates to my workout activities at either bank, I was the senior account officer assigned to the transaction and was responsible for both developing and implementing the workout strategy.
Board of Director/Advisory Committee Assignments:
Emerson Radio Corp. 2013-2016. Elected as member of board of directors to NYSE listed company in November 2013 to provide independent guidance and leadership to well-known and respected distributor of consumer products. Appointed by board to serve as chairman of the board¹s Special Committee, tasked with developing strategic alternatives for the Company.
Archstone. 2008-2010. Appointed as Member in 2008 by Barclays Capital as one of three equity owners to oversee the management and strategic direction of $22B real estate company which specializes in multi-family residential ownership, acquisition, development and management with interests in over 430 apartment communities worldwide representing over 80,000 residential units. Remained in this capacity until my retirement from Barclays in April 2010.
Tower Records. 2006-2007. Member of board of directors of renowned music retailer with over 90 stores worldwide, appointed by single largest equity holder to oversee the wind-down of the business. Company ultimately filed for bankruptcy and was liquidated in 2006 as it suffered first from competitive pressures from big box retailers and ultimately succumbed to competitive pressures of Internet.
New World Network. 2002-2005. Developed and implemented successful balance sheet restructuring of off-shore international sub-sea cable company which was predicated upon conversion by Barclays Capital of debt to equity and infusion of new capital. Appointed by majority shareholder as executive chairman of the board of directors and acted as company¹s chief restructuring officer, directly responsible for approving all strategic, budget and capital expenditure decisions made by company. Negotiated the successful sale of the Company to competitor while simultaneously settling all claims against the company and Barclays by various creditor constituencies.
American Yacht Harbor. 1999-2001. President, Chief Executive Officer and Chairman of the Board of Directors of a marina/strip mall owner located in St. Thomas, Virgin Islands. Oversaw the day-to-day management of the various businesses of the Company and successfully managed the effort to sell Barclays¹ interests therein.
Grand Union Company. 1997-1998. Elected to Board of Directors in October 1997 of $2 billion publicly traded regional supermarket chain to provide expertise with pending balance sheet restructure. Successfully led three member independent committee tasked with negotiating $600MM debt to equity swap with committee of bondholders, resulting in pre-packaged bankruptcy filing in April 1998. Retired from Board upon Company¹s emergence from bankruptcy in August 1998.
Direct Marketing Group. 1993-1994. Elected by Board of Directors in August 1993 to become President, Chief Executive Officer and a member of its board of directors and lead the turnaround of one of the largest independent direct marketing companies/advertising agencies with over 400 employees in U.S. As its chief restructuring officer, implemented a strategy to improve profitability and reduce costs in order to make company attractive for acquisition. Company was sold within 12 months, resulting in repayment of more than 90% of principal to senior lender and equity return to common shareholders.
Agent Loan Syndications:
Landsource Communities Development. Syndicate agent representing over 300 holders of over $1B of senior debt in restructuring of real estate development company whose primary asset is a 15,000 acre land tract located just north of Los Angeles, California.
Countrywide Financial. Syndicate agent representing significant number of holders of over $1B of senior debt of distressed mortgage lender.
New World Network. As lead lender, served as Agent to multi-bank syndicate and was successful in obtaining concessions from senior lenders, other mezzanine lender and original equity which resulted in balance sheet restructuring.
Flag Telecom. Served as Agent to two multi-international bank syndicates to two Flag Group affiliates. Despite pending bankruptcy, negotiated full repayment to one bank group and developed and led strategy to foreclose on collateral resulting in immediate repayment of significant portion of debt to other bank group. During bankruptcy, on behalf of syndicate, negotiated increase in original POR from 7% of common equity to 26.25% of common equity.
Southern Cross Cable. Served as Agent to multi-international bank syndicate and as part of an overall restructuring of loan facilities, negotiated sponsor guarantees, thereby permitting lenders to risk transfer loans from doubtful borrower to investment grade companies.
TrinTel Communications. Served as Agent to bank syndicate during successful restructuring of credit facilities.
Mrs. Fields Cookies. Served as Agent to multi-bank syndicate for $100MM loan facility to internationally known retail cookie chain. Negotiated successful takeout, resulting in repayment of all principal and outstanding interest to all members of syndicate.
Evergreen Airlines. Served as Agent to multi-bank syndicate for multi-million dollar loan facility to charter airline, secured by several Boeing 747 airplanes. Managed successful refinancing or sale of aircraft, resulting in no loss of principal or interest to all members of syndicate.
Jac Jacobsen Industries. Served as Agent for $30MM secured loan facility to manufacturer of lighting equipment. Negotiated successful takeout, resulting in repayment of all principal and outstanding interest.
Key Bankruptcy Committee Assignments:
Radnor Holdings. Member of the Official Committee of Unsecured Creditors.
Armstrong World Industries. Member of the Official Committee of Unsecured Creditors.
Eastern Air Lines. Member of the Official Committee of Unsecured Creditors, representing over $600MM of subordinated bonds as Indenture Trustee. Subsequently elected chairman of Committee and served in that position until resignation from Schroders in August 1993.
LJ Hooker. Member of the Official Committee of Unsecured Creditors.
Allied Corporation. Member, Allied Corporation Bondholders Committee.