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As we head into a new
year, the first issue of The Deal newsweekly has a recurrent theme:
bankruptcy. Shanon D. Murray's feature examines how league table leader Deloitte
Touche Tohmatsu, one of the few large accounting
firms to come out of the Enron era largely unscathed, looks poised to profit
from an expected boom in bankruptcy filings. But
she warns that table numbers can be deceiving and digs into what the firm's real role often is in
advising restructuring and bankrupt companies.
Meanwhile, Matt Miller weighs in with a pair of
features on bankruptcy for dealmakers in different entertainment arenas whose
bets have been less than lucrative. Columbia Sussex Corp.'s William Yung last year
won a "high-stakes, debt-fueled bidding frenzy" for Aztar Corp., he writes,
betting on Tropicana Casinos and Resorts Inc., whose teetering on the edge of
Chapter 11 last year was only one of its problems. Many stemmed from what Yung
did after he got his hands on the business. And country crooner Travis Tritt,
Miller writes, has filed suit against Raymond Termini and his Category 5 Records
label, with which he signed a deal that hit a sour note almost from the
beginning.
In another
piece, Chris Nolter revisits the collapse of Jeffrey Prosser's Virgin Island empire
and the aftermath. Now, he writes, it remains for the bankruptcy court to
decide whether he looted his company as it sank.
Finally, in his Backstory column, Richard
Morgan examines the Vertis template, or "a pre-emptive restructuring that
spares the pain of a formal bankruptcy," as one expert put it to him, a viable
alternative to the no-win prospects of bankruptcy. - The editors
See Deal Newsweekly bankruptcy feature See Deal Newsweekly story on Yung's hard times See Deal Newsweekly story on Tritt's sad song See Deal Newsweekly story on Prosser's collapsed empire See Backstory column Categories Deal Video
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