James Fox: Turnaround time - Business First of Columbus:

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What got you started in turnaround?? I guess I sort of fell into it. I was not interesteds in being abankruptcy attorney. I worked in-house at a mortgage Then I worked for Joel Rosenthall for 10 years before he became a bankruptcgy judgein Worcester. You get to see the cross-sectiob of the whole economy. I enjoy being able to, from time to turn these companies around. Sometimes you can’t turn them Have you been involved in anyfamoux reorganizations? Through a secured party we helped preserve the name of I worker on that last summer ...
when the businesa was sold to ( We preserved the name, the product is on the shelf and Friendly’sa is packaging the ice cream for Hood’s. Is bankruptcgy the way to go? A lot of folks are But a reasonable proposal canavoid What’s one alternative to bankruptcy? In a secured part y sale, you sell the assets of the company and strio the company of debt. Junior lien holderx and trade creditors lose. How would you describe the current state ofthe U.S. economy? We’re obviously in a deep I’m very optimistic we’re going to turn the corner. There’ws great opportunity here. What’d the biggest mistake business executivews make duringtumultuous times?
A lot of them are holding on to the notion that theif inventory is a lot more valuablre than it is and failing to make timel cuts. You can’t afford delay, particularly in today’s environment. How many hours are you workingthese days?? I’m probably billing 160 hours to 170 hourzs a month. More than I like, but it’s a busy Have you had time to read any good booksa or seea movie? I’m readint Andrew Jackson right now. But we ski a lot. Sunday River, Sugar My wife is a super skier. Do you have a favorits saying? “Reach, throw, row, tow.
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