Have read a few basic legal textbooks and then the Turnaround Management Association's book on legal principles plus whatever I've picked up doing deals but I'd like to pick up more tactical knowledge. Are there any good relatively recent textbooks that you would recommend?
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Following. Also if you are digging in on the legal side you have probably read it, but Moyer's Distressed Debt Analysis and The Art of Distressed M&A (Nesvold, Anapolsky) are great books on the area.
Yup!
Bump!
I'm guessing you haven't found anything yet? I'm also looking for some books that explore more of the legal than financial/business side-- could you recommend some of the textbooks that you're read?
I haven't read it and it seems difficult to find, but I've seen the book "Chapter 11 Bankruptcy and Restructuring Strategies: Leading Lawyers on Developing a Case Strategy Working with Key Players and Achieving a Client's Goals" recommended before for legal considerations. There is another book I've seen recommended that each chapter is essentially an essay about each pertinent legal topic, but I can't remember at the moment the title.
The best thing so far has been just raw experience/legal spend with lawyers and learning from them. The textbooks and other books I've found seem to become a little outdated quite quickly. Subchapter V for example is a massive change that will not be covered by anything written before 2019. It eliminates the new value rule, etc...
Understood— I’m always apprehensive to read old books for that very reason.
Unrelated to books, but about subchapter v— since I believe you do distressed acquisitions: do you think now is a once-in-a-lifetime opportunity to acquire underwater equity of companies with between $3-$7.5 million of liabilities? With the extended CARES act provision more than doubling the liability threshold to be considered a “small business”, it seems to be offering huge legal advantage for the old equity. For all the business owners that will take advantage of scV, there’s got to be some that just want out, allowing an acquirer a temporary but dramatic decrease in downside given the law is essentially meant to let old equity stick around
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