The Impact of COVID-19 on Higher Education: A Schism of Debt, Endowments, and Educational Challenges, Too
Wednesday, September 30, 2:00 p.m. - 3:00 p.m.
1.0 CLE credit / 1.2 CPE credits in Management Services / 1.2 CEUs available
CLE has been accredited in Delaware and Pennsylvania. Additional jurisdictions pending.
The larger universities may get banged up a little, but smaller colleges and universities were struggling before COVID-19; what will happen now? How is cash flow impacted? What is happening to dorms without any students living in them? Some colleges/universities are repurposing facilities but must continue debt service despite campus closures or state-mandated shutdowns. The situation surrounding these and other unanswered questions is changing every day—join us for up-to-the minute developments.
Robert Hershan, Alvarez & Marsal
Marjorie Kaufman, moderator, Getzler Henrich & Associates (TMA Northeast)
John Monaghan, Holland & Knight LLP
P. Miyoko Sato, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
About the Speakers:
Robert Hershan is a Managing Director with Alvarez & Marsal’s Turnaround and Restructuring practice, based in New York. He brings more than 30 years of commercial and legal experience and deep expertise in managing complex transactions and challenges, with emphasis on financial and operational improvement.
Since joining A&M’s Commercial Restructuring group, Mr. Hershan has served clients in manufacturing (Oreck Manufacturing Corp.), transportation (EoS Airlines), financial services (Lehman Brothers), higher education (Yeshiva University), language services and technology solutions (TransPerfect Global), and most recently, power generation (representing a Senior Lender Group of insurance companies). In the higher education sector, Mr. Hershan led the firm’s engagement with Yeshiva University, developing and implementing financial, operational, and academic restructuring strategies for sustainability of the university, across four campuses in New York City, at both the undergraduate and graduate levels. In language services, he led the Firm’s engagement as financial advisor to TransPerfect Global, assisting the court-appointed Custodian in decision making by the Custodian as a member of the client’s Board of Directors, including with respect to significant financial and operational matters, assistance in support of efforts to obtain audited financial statements and support in connection with the Custodian’s charge to implement the court-ordered sale of the Company. In power generation, he led the Firm’s representation of a Lender Group providing debt facilities to a financially distressed operator of a biomass fuel plant providing 100 percent of its electricity output along with renewable energy credits and capacity to a major utility in the Northeast U.S. He is currently engaged to lead a large team representing the Puerto Rico Department of Education with respect to its Federal grants from the U.S. Department of Education.
Mr. Hershan earned his bachelor's degree from the Wharton School of the University of Pennsylvania and his juris doctor from Fordham University School of Law.
Marjorie E. Kaufman, managing director, has provided turnaround and interim management services for companies around the country for over 30 years, and frequently serves in chief- restructuring-officer (CRO)and chief-financial-officer (CFO) positions. Margie has provided cash-flow-management services, conducted business-plan-viability analyses, designed and steered turnaround action plans, managed debt and equity placement, and sourced refinancing. Her expertise in forensic accounting is a valuable asset in many engagements, which have spanned many industries, including retail, distribution, high tech, manufacturing, education, healthcare, construction, road maintenance, and food and beverage.
John J. Monaghan is an attorney in Holland & Knight's Boston office and serves as the co-national practice group leader of the firm's Bankruptcy, Restructuring and Creditors' Rights Practice Group. Mr. Monaghan is particularly focused on representing major case participants in complex commercial insolvency and restructuring matters, with a particular focus on Chapter 11 cases. He represents both U.S.-based companies and non-U.S. companies in both in-court and out-of-court domestic and cross-border insolvency proceedings. Mr. Monaghan's creditor representations focus on matters involving senior lenders, both in syndicated and bilateral deals. He also has extensive experience representing creditors' committees, equity committees, purchasers of assets, landlords, licensors, trustees, parties to prepetition contracts and leases, litigants in adversary proceedings and unsecured creditors. His experience crosses a broad array of industries, including finance, manufacturing, construction, real estate, higher education, energy, technology, telecommunications, retail, healthcare, resort and hospitality, franchise, food service, leasing, maritime and aviation. He advises clients on the business aspects of bankruptcy and workouts, and represents clients in matters in bankruptcy court, as well as in other state and federal courts.
P. Miyoko Sato
Miyoko’s experience encompasses corporate debt and project financings for higher education institutions, multifamily housing, student housing, military housing, health care, charter schools, private schools, tribal gaming, hotels, museums, and solid waste disposal facilities. She is a frequent speaker on distressed debt topics and high-yield investments.