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as crisis management and financial
advisor for debtors and creditors,
all in a variety of industries. Lane
also has served as damage expert
for numerous litigation matters,
directed fraud audits, negotiated
joint ventures and the resolution of
breaches of contract, and provided
numerous business valuations,
including several in connection
with contentious proceedings.
Prior to Inglewood, Lane was the
managing director of The Revere
Group-Cleveland, an IT and business
consulting firm. He was also a
partner at Price Waterhouse, where
he worked for 19 years and provided
negotiation strategies for a successful
$275 million acquisition and actively
participated in three IPOs, including
that of OfficeMax, the largest retail
IPO at the time. He also served
in Price Waterhouse's Retail and
Real Estate Specialty Practices.
Lane has a bachelor’s degree from the
University of Notre Dame, is a CPA
(non-practicing), and holds a Series 7
Securities License (inactive). He has
served on and moderated a number
of industry panels and has authored
articles and been quoted in the media
on a number of business topics.
Q How did you gravitate into turnaround/restructuring work?
I started with Price
Waterhouse. As an accountant, you’re
auditing past financial statements. I got
involved in some turnarounds and
bankruptcies back then, and I grew to
realize that I was getting tired of looking
at life through a rearview mirror and
really wanted to be in a situation where I
could contribute to my clients’ future. I
left Price Waterhouse about 20 years ago.
Now, as a recovering accountant, if you
will, I can work with companies and
make a difference. I’ve certainly worked
with and still work with healthy
companies, but the need with troubled
companies is so much greater. It’s what I
get to do every day now and, frankly,
there’s not much more rewarding than
saving companies and saving jobs. That’s
why I do it.
Q Is it harder these days?
There’s no question. The
turnaround world of today is very
different than it was five years ago. I’m
not even sure the word “turnaround” is
appropriate as much these days. The
main focus is in trying to position the
assets for sale. If there’s a turnaround, it’s
to try to make the entity attractive so you
can take it to a sale. Most engagements
end up either, through bankruptcy, in a
363 sale or a receivership sale.
Unfortunately, sometimes you do have
to liquidate the business.
Everything’s at a much faster pace than
it used to be. You had the luxury, you
had the runway, to restructure and
reposition the company. Today, even
though you might be positioning the
company for a quick sale, you’re still
ultimately saving the company. You’re
still ultimately saving as many jobs as
you can. It’s still rewarding all the same.
Q What have been some of your most gratifying or favorite engagements
along the way?
While I started off in
Over the years, I’ve really become a big
fan of Northeast Ohio, which leads to the
favorite engagement. A number of years
ago during the real estate bubble, I had a
real estate developer who had some
financial difficulties, like everyone else.
Their lender was about to declare a
default on one of their loans.
This was really a big issue for them
because they were working on a
very large project that they were co-developing with another developer.
If they had gotten tagged with the
default, they would not have been
able to pursue that development,
and they could have been finished in
the real estate development area.
We worked with the company and
the lender, and developed a plan to
keep the lender comfortable. We were
able to keep the lender from declaring
an official default on the loan and to
help the two parties work out their
differences. Ultimately, the company
was able to complete that project that
it was co-developing. That was a $750
million project called the East Bank
Project, which is helping to transform
downtown Cleveland. It was a blighted
area and now EY’s headquarters is
there and a couple of law firms are also
headquartered there. They’re building
quite a number of restaurants and
apartments. So this whole area that was
blighted is really becoming a gem.
We unlock existing equity and
convert it into working capital.
Utica Leaseco, LLC specializes in providing asset-based financial
solutions in the form of sale/leaseback transactions for complete operations
utilizing machinery and equipment as collateral.
To learn more about how Utica Leaseco can be the key
to solving your cash flow issues:
Utica Leaseco ¸ 44225 Utica Road ¸ Utica, MI 48317
Info@UticaLeaseco.com ¸ www.UticaLeaseco.com