By Steven A. Seiden, President, Seiden Krieger Recruiters
As an Executive Search Firm, we have been engaged to recruit board members for stressed/distressed companies including those entering or emerging from Chapter 11 or reorganization. Creditors becoming equity holders frequently need new board members for those companies. Examples follow: *BlueMountain Capital, a Pacific Gas & Electric shareholder, engaged us to recruit an entire alternate slate for the Company, post filing. *Finevest Foods, a leading dairy company, retained us to find two highly specialized new directors coming out of bankruptcy. *JPMorgan Chase, the agent bank in the Reader’s Digest bankruptcy, asked us to assemble a new board of directors on behalf of creditors. *Financial Guaranty Insurance (FGIC) brought us in to put together an entire post-bankruptcy board in what was the largest such filing supervised by the NY State Insurance Dept. *Eaton & Vance, a multi-billion dollar asset manager, engaged our Firm to recruit a board member for Longview Power when Eaton’s debt in that Company was converted to equity.