If breaking into the RX world you were at a firm that did 90% UCC mandates, how would this be viewed in the future when lateraling to top RX IB shops as an assoc or into the buy side in distressed?
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While you do some of the work, it’s not really a good role. You aren’t driving the process so you don’t get to understand. You are essentially just scrounging anywhere for value.
Would probably not be able to lateral to a top shop, considering laterals in Rx IB aren’t all that common to begin with
I would actually disagree.
I think a lot of shops “driving” the process includes a lot more process Aka bitch work that creditor side mandates won’t really touch.
Coming from a desk that does a bunch of debtor and creditor work (I really love creditor side stuff more). NDAs and sale processes can really suck especially if your boss wants you to boil the ocean.
Now the biggest issue IMO on UCC’s is that they don’t really have a lot of say in the bankruptcy so at the junior level your input and analysis doesn’t really have a lot of weight in the process.
But imo it’s still credible and you’re still doing work. I think it would just be easier marketing towards say Ducera or Houlihan vs Evercore or PJT. (This isn’t a ranking comparable, anywhere in RX is good enough when you’re lateraling I’m sure). Get a foot in the door before starting to worry about the next step.
So would you say this holds true even if it is at a RX advisor who comes into UCC as a FA instead of IB? Just trying to gauge how something like this would be perceived
That’s a great question, I think UCC FA’s are a bit weird. Unless the company needs to deal with complex valuation mechanics (I.e warrants, options, or other derivative products) I feel like it would be weird to have an FA in a lot of the smaller cases. On larger cases they’re normally involved so that the UCC can better understand company performance.
I think the useful experience at an FA is the debtor side work. It’ll be a harder sell to be a UCC FA -> IB but hey I’ve seen stranger shifts
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