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Pivot Points - Second Quarter 2015


Second Quarter 2015

Welcome to the inaugural issue of Pivot Points – the quarterly newsletter for the legal community from CohnReznick’s restructuring, litigation, and transactional services (RLTS) team. Whether a company is healthy and growing, or in a distressed situation, it is often at a “pivot point” in its life cycle. Pivot Points begins the conversation. The RLTS team shares insights gained through supporting thriving businesses as they take advantage of developing opportunities and mitigate risk, as well as our experience with fraud investigations and distressed situations. We’ll also provide you with tips and information on topics ranging from eDiscovery and white collar crime to helping businesses find efficiencies and protect reputations. We look forward to continuing the conversation.

Foreign Corrupt Practices Act – Avoid Missteps

Andrew Masini and William Monks
CohnReznick was recently invited by Corporate Disputes Magazine to comment on the state of prosecution under the Foreign Corrupt Practices Act (FCPA). Our article, “What’s in a Word? Reading Caution into the Foreign Corrupt Practices Act,” appears in the April-June edition and offers an opportunity for us to remind our clients and other executives of the need for a comprehensive compliance program to mitigate FCPA-related risk. We focused on four key observations:

  • The FCPA is part of a growing web of international laws addressing corruption.
  • The FCPA distinguishes itself as a broadly written set of statutes coupled with aggressive interpretation that bypasses judicial review in favor of quick, cost-effective settlements.
  • Standard compliance measures can be adapted and updated to address these issues. 
  • These measures only work well when they are part of a complete and effective compliance program
     

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Feast or Famine: The Evolving Model for Retail Discounting and eDelivery

Andrew Masini and Roberta Probber
Last year was a monumental year for apparel retailer bankruptcies, particularly for those in the young adult space. Many of these retailers were hit hard by competition from discounters and on-line merchants. CohnReznick takes a look at what happened and which other industries may be affected by these forces. Could grocery stores be next?

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Simple Data Collections Are a Thing of the Past

Vinni Toppi and Scott Johnson
CohnReznick’s Computer Forensic and eDiscovery practice was recently engaged to conduct a simple cloud-based email collection. At the last minute, the collection was expanded to include a cell phone and the associated account in addition to the original cloud-based email account. We also learned that the process would be supervised by the target, opposing counsel, and our client! In response, we swiftly adjusted our work plan and deployed specialized data collection tools and other resources to meet the ambitious needs of our client in a timely manner.

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Recent Engagements

Valuation and Strategic Analysis of an Opportunity: The Acquisition of a Network of Retail Stores

CohnReznick was engaged to advise an organization looking to bid on a retail chain. The engagement, involving Jeffrey R. Manning and John Richardson, required an integrated solution whereby CohnReznick brought in team members from investment banking, real estate consulting, valuation, financial modeling, and turnaround management. We developed a customized four-wall analysis that examined the effectiveness and efficiency of the current operations and identified the client’s available opportunities. CohnReznick also reviewed hundreds of leases to uncover potential savings, performed valuations of the target and its properties – both  as is and repurposed for specific buyers, projected cash flows under various assumptions, and modeled financial performance in aggregate and for business segments. The valuation and strategic services we provided help the client make better decisions on tailoring its core business for a turnaround, selling business segments, and selling selected properties.

Reestablishing the Sizzle – Bringing Back the Brand

CohnReznick was engaged to help turn around a chain of casual steak restaurants where changes in management had resulted in menu expansion and a decline in the quality of food served. As a result, the chain suffered a significant loss in sales and diminished customer loyalty. CohnReznick worked with management to quantify revenue enhancements and developed cost savings initiatives to expand margins and improve service levels. Additionally, our team, including Howard Konicov and Joseph C. Baum, helped the company form a comprehensive financial statement projection model and assisted with the development of weekly reporting metrics to increase managerial accountability.

Upcoming Events

6/3/15 Wayne Walker Introduces Keynote Speaker Osagie Imasogie – AIRA 31st Annual Bankruptcy and Restructuring Conference (12:00 p.m.)

6/5/15 Technology and Electronically Stored Information (“ESI”) Trends, Issues, Practical Problems and Solutions – Vincenzo Toppi – AIRA 31st Annual Bankruptcy and Restructuring Conference (4:00 p.m.)

6/15/15 “How Investigators and Auditors Collaboratively Fight the Battle Against Fraud” – Richard Leach and William Monks – ACFE annual conference – Baltimore, MD (10:20 a.m. – Track M) 


This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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