CHICAGO, March 15, 2011 /PRNewswire-USNewswire/ -- Cash-strapped municipalities are in a conundrum: Taxpayers have no appetite for tax hikes or service cuts though pension obligations are ballooning and property-tax revenue deflating. The insolvency crisis has sparked cries for a state bankruptcy law and has also led public officials to seek guidance from professionals in the business of righting sinking ships.
Turnaround Management Association's next Webinar covers how Michigan is adapting corporate restructuring strategies to educate emergency financial managers. "Municipal Turnaround Management: A Michigan Case Study" takes place Thursday, March 24, from noon to 1:15 p.m. EDT.
Michigan's state treasurer, Andy Dillon, who oversees taxation law changes, pension funds and revenue-sharing distributions, will join the Webinar panel. A former speaker of the Michigan House of Representatives, Dillon initially practiced law and later worked as a vice president for GE Capital and a managing director for Wynnchurch Capital.
Other presenters include:
-- Michael Imber, Grant Thornton, New York
A principal in GT's Corporate Advisory & Restructuring Services practice, Imber has represented major metropolitan transit authorities, not-for-profit hospitals, and county fiscal stability authorities during more than 20 years of employment in restructuring and finance.
-- Edward Plawecki Jr., Stout Risius Ross, Detroit
Before becoming SRR's general counsel and government relations director, Plawecki was an attorney with Plunkett Cooney and an executive vice president, general counsel and government/community relations director with parts supplier Comau, Inc. Earlier, he was a district court judge and a county commissioner.
-- Scott Eisenberg, Amherst Partners, Birmingham, Michigan
A managing partner and firm founder, Eisenberg has more than 25 years' experience structuring and negotiating transactions and advising companies on financial matters. He has handled both merger and acquisition transactions and restructuring and turnaround engagements, and acted as chief restructuring officer, receiver and trustee.
-- Eric Scorsone, Ph.D., Michigan State University, East Lansing
A faculty member, Scorsone was a senior economist at the Michigan Senate Fiscal Agency before joining MSU. Earlier, he was an economist for the Colorado Governor's Office of State Planning and Budget and senior economist for the city of Aurora. His research and published articles focus on municipal distress.
Chicago-based TMA, www.turnaround.org, has more than 9,000 members in 47 chapters worldwide and includes turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants.
SOURCE Turnaround Management Association