Michael Goldman's Insolvency Engagements

Michael Goldman's experience in actually managing the financial functions of both large healthy companies and troubled businesses, as well as serving in roles from Chief Restructuring Officer to a liquidating debtor-in-possession, give him a unique perception and set of abilities in assisting both debtors and creditors.  His engagements / accomplishments in assisting debtors, creditors, management, and their attorneys with insolvency and reorganization issues include:

Bankruptcy Cases

  • $100 million regional retail chain - Chicago, IL - Debtor in Possession
  • Franchisor of 27 convenience stores - Chicago, IL - Court Appointed Examiner
  • Regional department store chain - Michigan - Consultant for Secured Lender
  • $500 million distributor of telecommunications equipment - Chicago, IL - Consultant for the Liquidators
  • Regional sporting good chain - Georgia - Consultant for the Liquidators
  • National chain of fertility clinics - Chicago, IL - Forensic Accountant, Valuation Expert for Secured Lender
  • $400 million manufacturer - Delaware - Assist with Prosecution of Avoidance Actions
  • Manufacturer - Chicago, IL - Forensic Accountant for Secured Creditor
  • $32 million manufacturer - Ohio - Debtor in Possession
  • $55 million telecommunications manufacturer - Wisconsin - Consultant to Junior Lender
  • $180 million industrial service company - Chicago, IL - Debtor in Possession, Consultant to Trustee
  • $16 million printing company - Chicago, IL - Forensic Accountant for Trustee
  • Local department store chain - Chicago, IL - Forensic Accountant for Trustee
  • $300 million regional telephone company - Kansas City, MO - Interim CFO
  • $570 million national distributor - New Jersey - Assisted the Chief Restructuring Officer, prepared federal and state tax returns
  • $150 million leasing company - Illinois - Pre-petition Consultant to the largest Secured Creditor
  • $200 million distributor - Kentucky - Assist with Prosecution of Avoidance Actions
  • $1.4 billion manufacturer - North Carolina - Assistance with inventory appraisal for DIP Financing
  • $25 million manufacturer - California - Forensic Accountant for the Secured Lender to investigate allegations of both pre-petition and post-petition fraud
  • Downtown Office Building - Chicago, IL - Financial Expert testifying in behalf of Secured Lender's motion for dismissal of bankruptcy case
  • Commercial Building - Chicago, IL - Financial Expert for Secured Lender
  • $45 million manufacturer - Chicago, IL - Forensic Accountant for Trustee to determine solvency over a four-year period for avoidance actions.
  • $550 million manufacturer - Chicago, IL - Assist with Prosecution of Avoidance Actions
  • $200 million agricultural feed and supply company - Penn. - Evaluate avoidance actions, prepare tax returns

Assignments for the Benefit of Creditors

  • $80 million leasing company - Missouri - Forensic Accountant for Trustee
  • $240 million leasing company - Illinois - Forensic Accountant for Trustee
  • 26-Store national specialty retail chain - Arizona - Consultant for Assignee
  • $20 million Import / Distribution company - Illinois - Financial advisor to Debtor (preparing for assignment)
  • $38 million insurance claims processor - Pennsylvania - prepare federal and state income tax returns

Non-Filed Cases

Michael Goldman has also worked on or with a number of privately held companies that were not subject to publicly disclosed legal proceedings.  Typically these engagements are covered under confidentiality agreements.  Not all engagements are listed here, this listing is a representative sample of the work that Michael Goldman does.

  • Served as financial advisor to the creditors committee in the debt restructuring of a $110 million distribution company
  • Assisted a $17 million manufacturer / wholesaler in work-out negotiations with its secured lender
  • Retained to assist in the restructuring of a family-owned $1.7 million retail company experiencing on-going solvency problems
  • Assisted the venture capitalists with cash flow forecasts for a $140 million packaging company to evaluate bankruptcy and restructuring options
  • Assisted the venture capitalists in the work-out of a $55 million consumer products manufacturer by preparing cash forecasts, inventory reduction plans, inventory rationalization, and other working capital improvements
  • Evaluated preference claims for the creditors committee of a $160 million debtor
  • Assisted management and the junior secured lenders in the restructuring of a $120 million industrial manufacturer by preparing cash forecasts and working capital simulation models, providing counsel in bank negotiations, and working with outside auditors to avoid a "going concern" qualification
  • Evaluated cash needs of a $65 million aerospace parts manufacturer for creditors
  • Assisted with cash management for a $60 million importer of household furnishings
  • Assisted a $52 million pharmaceutical supplier in work-out negotiations with its creditors
  • Assisted a $10 million nursing agency in work-out negotiations with its creditors, consolidation of cash-flow-negative operations, preparing the company for sale, and sale of the company
  • Advised the Secured Lender in negotiations with the Private Equity owner of a $180 million construction company
  • Chief Restructuring Officer of a $35 million technology company that had been defrauded by its management - stabilized the company and prepared it for sale
  • Interim Chief Financial Officer of an $80 million retail company - turned around from a $6 million annual loss to break-even in 18 months
  • Assisted a major commercial bank in defending against lender liability claims - reconstructed and analyzed records to show that insolvency of the bankrupt subsidiary debtor was unrelated to the loan structure and payment plan negotiated between the bank and the parent company of the creditor
  • Assisted a secured lender in evaluating its position and establishing its strategy in a $150 million leasing company rendered insolvent as the result of management fraud against creditors.  Reconstructed transaction records so that creditors could determine who had the most legitimate claim to assets that had been pledged to multiple lenders.
  • Evaluated numerous other small and mid-sized companies for their secured lenders to determine the feasibility of additional funding and restructuring strategies.
  • Retained by commercial lenders to augment their collateral reviews and to assist them in monitoring and negotiating with problem debtors.
  • Advised numerous other small and mid-sized, privately held companies on managing cash flow, negotiating with creditors, and implementing restructuring strategies.
  • Appointed as Chief Restructuring Officer of a $10 million specialty manufacturer
  • Engaged by secured lender to perform a viability assessment on a $22 million retail chain



Need Help Fast?

Need help with your case?  Call Michael Goldman at 847-940-0745 or email to michaelgoldman@mindspring.com

A Leader in the Field:

Michael Goldman has been published in West's Strategic Alternatives for Distressed Businesses, The Value Examiner, and books by Aspen Publishing, The American Bankruptcy Institute, and the Association of Certified Fraud Examiners.  He has been a frequent speaker on panels and webinars focusing on insolvency topics.

Michael Goldman has been a member of the Editorial Board of The Value Examiner ® since June, 2008.  In January 2012 he was appointed Chairman of the Editorial Board.

Client List:

Click Engagements to see a more complete list of clients that Michael Goldman has worked with.


Michael Goldman has published in the following topic areas:

Click on a subject area above to be taken to the publications page.

 Cases Testified In:

Click here for the listing of cases where Michael Goldman has testified, been deposed, or filed public court documents.

Michael Goldman's CV:

Click here for a copy of Michael Goldman's Curriculum Vitae














See Also PLANNING ENGAGEMENTS for more insolvency and restructuring related cases