Donald Trump emerged victorious in the most dramatic and polarizing presidential election
of our lifetimes. The first 100 days of
the new administration have come
and gone, and Trump remains nearly
as divisive as he was on the campaign
trail. He continues to tweet his way
to controversy after controversy. No
subject is off limits and he still doesn’t
seem to have learned that every
word he utters has consequence.
Many TMA members were pleased
when Trump nominated our
distinguished colleague Wilbur Ross
as Secretary of Commerce. Ross will
need to use his incredible skills he
honed in the turnaround industry
to lead that agency and help grow
the economy. So far, the economy
has responded favorably to the new
administration. The stock market
has rallied 13 percent since Election
Day, consumer confidence is at a
15-year high, and the Federal Reserve
is confident enough in the recovery
to begin increasing interest rates.
Despite these early positive signs,
no one knows what the next four to
eight years will bring. We do know
that the country remains highly
polarized—Trump’s approval ratings
hover around 40 percent, an all-time low for a new president.
In this JCR supplement, we have
assembled an esteemed group of
turnaround professionals to provide
insight into the new policies of the
Trump administration. The authors
have addressed a broad array of topics
with domestic and international
implications. While none of us has
a crystal ball to know the outcomes
of Trump’s efforts or even the
positions the administration will
advocate, we do believe that there
is plenty that can be achieved if
only the new president would listen
to those of us in this industry.
Alan Tilley, EACTP Companion, from
BM&T Inc. in England discusses the
implications of Trump’s policies
on Brexit and the EU in general.
He provides a unique perspective
on the changing dynamics within
Europe, with specific focus on
Brexit and its implications on
international trade agreements.
He discusses how Trump’s
populist campaign may influence
upcoming European elections and
how changes to regulations could
convince some banks to move some
operations back to the U.S. Tilley also
discusses concerns with Trump’s
potential isolationist policies.
Tom Kim, CTP, from r2 advisors llc
looks at healthcare. With the recent
passage of the American Heath Care
Act by the House, what is the outlook
for restructuring the healthcare
sector? The costs of healthcare are
weighing on the professionals that
administer care, and Kim discusses
the causation and some potential
opportunities to help right the ship.
Doug Hopkins from Kestrel
Consulting LLC examines the overall
economy with specific views on
potential changes in tax reform.
Hopkins examines the potential
pitfalls of the president’s vision and
his concern that Trump will surround
himself with like-minded thinkers
who may not seek to enact legislation
that will benefit the nation as a whole.
Steven F. Agran, CTP, is a
managing director with Carl
Marks Advisors. He has more
than 20 years of experience
providing turnaround and
interim management services to
financially distressed companies.
He provides financial and
operational advisory services to
company ownership, boards of
directors, private equity groups,
lenders, and investors, focusing
on workouts, loan restructurings,
strategic planning, bankruptcy,
and mergers and acquisitions.
Agran works with company
management to develop and
implement business plans that
create profitable growth and
increase enterprise value.
The First 100 Days: Where Are We Headed?
BY STEVEN F. AGRAN, CTP, GUEST EDITOR