Issue

• Business model challenged by increasingly digital world resulting in significantly shrinking market opportunity
• Declining stock price and employee layoffs resulting in morale issues
• High legacy costs with proprietary manufacturing
• Highly leveraged balance sheet with liquidity crises

Solution

• Provided realistic assessment of prospects to board
• Began contingency planning
• Provided effective and actionable advice to board
• Negotiated with creditors and new bankers
• Raised cash through sale of assets and businesses and by greatly expanding technology brand licensing
• Dramatically reduced operating costs
• Effectively managed bankruptcy process