Word: lehman
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...more daring than anticipated rescue. "When they can't make payroll, I get parachuted in." Good, with a background in restructuring small to midsize companies, founded Meridian in 1988 to do turnaround consulting, investment banking and mergers and acquisitions. Her partner (and husband of 32 years) Tom Von Lehman, a chemist by training, had managed a division at PPG Industries, the big Pittsburgh, Pa., glass and chemical company. He joined her at Meridian in the post-9/11 press of business to provide management expertise. She works with lenders to buy a company time and cash. Then Von Lehman steps...
Good and Von Lehman now had that much time to come up with a plan to save the company and persuade a lender to advance $1 million a week to keep it afloat. The plan they presented to the board was radical. "We were changing where the product was made, where it was stored and who it was sold to," Von Lehman notes. Among the changes: transfer manufacturing and storage from Mexico to lower-cost China, update marketing, reduce the number of styles and customers, and dump millions of outdated inventory. In addition, the team recommended consolidating company functions...
...With Von Lehman installed, the bank agreed to extend the loan to the end of March. That still didn't leave Good much time. "We needed to find a lender with a lot to gain," she explains. "That meant either a high-risk lender at 16% to 17% or a lender who would get more than interest." By the end of March she had finalized a short-term factoring deal with CIT, agreeing to pay 200 basis points above prime and 0.75% of Barry's receivables...
...ninth in which Lotti struck out the side, ended it. As Edwards said, “We’re always telling them, ‘There’s no clock in this game.’”—Staff writer Jonathan Lehman can be reached at jlehman@fas.harvard.edu...
...Staff writer Jonathan Lehman can be reached at jlehman@fas.harvard.edu...