badmigraine 0 Posted January 3, 2004 Share Posted January 3, 2004 Anyone working at a company that is teetering on the brink of failure? How does that make the daily work feel, and what do you think you might be doing a year or two down the road? I seem to have a talent for landing up at companies with crumbling foundations and rotten organizational culture. I spent most of my 8 years in Japan at a famous automaker that wouldn't even exist now if not for lucky billions in foreign investment...the foreign investor must now regret its support as the company in question continues its inexorable decline into bankruptcy and dissolution... Now, back in the states, I've picked up some work at a company that recently filed the largest retail bankruptcy in the history of the planet...after over a year in Chapter 11 reorganization, it has emerged with some dubious new financing to welch on its pre-bankruptcy obligations (that's how Chapter 11 works) and try to make a go of things by cutting back size and increasing margins...good luck to it. There are people who specialize in making big money off failing companies, either as turnaround consultants or rapacious purchasers of distressed assets. Maybe I ought to look into that. I've certainly got the talent for sussing out failing companies. Now if only I could put that to use somehow... Link to post Share on other sites
damian 0 Posted January 3, 2004 Share Posted January 3, 2004 Quote: Originally posted by badmigraine: There are people who specialize in making big money off failing companies,...as rapacious purchasers of distressed assets. Maybe I ought to look into that. YES. If you have an angle that can get you into distressed debt trading then push it. A very good payer. Link to post Share on other sites
oblivion 5 Posted January 3, 2004 Share Posted January 3, 2004 So...anyone here working at a Japanese ski resort Link to post Share on other sites
fukdane 2 Posted January 4, 2004 Share Posted January 4, 2004 I've been in that situation before I came here, but it came as news for most of us. It was quite sad really, the company "spirit" was generally very good. Link to post Share on other sites
Siren 0 Posted January 4, 2004 Share Posted January 4, 2004 Bad you should be able to find an angle into this type of work if you have corporate background. Db is talking more on the financing/trading side but there are also the restructuring sides where lawyers advise, separately, the company, the directors, the administrator/receiver/insolvency trustee, the accountants, the creditors (secured and unsecured) and sometimes the employees (i.e. unions) as these parties each has its own interest which conflicts with the other groups. I don’t think insolvency law is a difficult subject (lawyers on this forum may disagree with me) – you just have to familiarise yourself with the relevant regulations and court procedures. Link to post Share on other sites
nagpants 1 Posted January 5, 2004 Share Posted January 5, 2004 That sounds like a whole lot of fun. Not. What is your speciality badmigraine? Link to post Share on other sites
Siren 0 Posted January 5, 2004 Share Posted January 5, 2004 Quote: That sounds like a whole lot of fun. Not. Yes. Unfortunately insolvency law was not invented to entertain. Link to post Share on other sites
enderzero 0 Posted January 6, 2004 Share Posted January 6, 2004 Quote: Originally posted by nagpants: What is your speciality badmigraine? I think he is a lawyer specializing in picking successful companies. Any stock tips buddy? Didn't the "World Company" you work for have to purge huge amounts of staff? You survived the axe-man? Link to post Share on other sites
badmigraine 0 Posted January 6, 2004 Author Share Posted January 6, 2004 Yes nags, sad to say I am indeed a lawyer, and I mostly hate it. I always wanted to do something with my hands, and typing was not what I had in mind. Enders, as far as me getting the boot or laid off, it never seems to happen. In fact I usually get asked to help clean up the legal mess made by others, including HR, when they've improperly fired other people. I've made a career out of having the kind of job where there is endless unpaid overtime and weekend work, and no chance for future riches, and huge responsibility with zero authority, and dreadful stressful boring incredibly complex and convoluted blah blah work... Now it's time for me to get a job that stops at 5 p.m. This legal temping seems to be working out like that. The pay isn't too great, but I get control of my schedule and can look for a sustainable "real" job, one that I can have for the next Very Long Time if I choose to. As a postscript to my lawyer rant, in spite of my expensive Ivy League education and stellar law school credentials, it's my no-name law school acquaintances that stuck around my hometown doing drunk driving and personal injury cases that are now making millions, living in giant houses and leasing a brace of luxury SUVs and sedans every couple of years. My mistake I guess. There are jobs and there are jobs. I chose wrong... Link to post Share on other sites
mogski 0 Posted January 6, 2004 Share Posted January 6, 2004 Stop you whining wench! You could be in a worse position and still working for that damn failing auto company like some people we know. Link to post Share on other sites
IceEiji 0 Posted January 7, 2004 Share Posted January 7, 2004 I was working for closing down company a few years ago. It was sad, but people kept on working hard until last day. There was big party at end, like family. I'm sure that is not the most common in situation like this. Link to post Share on other sites
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