Stephen J. Brown Published in Association For Corporate Growth (ACG) Chicago Journal
“A Good Workout Can Make You Healthier”

Stephen J. (“Joe”) Brown’s article, “A Good Workout Can Make You Healthier,” was published in the May 2009 issue of the Association For Corporate Growth (ACG) Chicago Journal. In his article, Joe discusses how loan default can be counter-intuitive because it can happen even to profitable companies that are paying their debt on time, have cut costs and are doing everything they can to keep their company in loan compliance. Joe notes, “While it may not be possible to avoid a loan default in this economy, what is under a borrower’s control is how it reacts to the default.” The article lays out some best borrower techniques as well as demeanors and tactics for dealing with a default. Joe recommends “hiring an experienced bankruptcy and workout attorney to make sure a bank does not overplay its hand, and also remind the bank that they too, have certain cards that could be played.” He also notes, “Negotiations become easier, more respectful and less costly when each side has something to lose and something to gain.”

According to his article, three common mistakes a borrower makes are lying about the information, procrastinating to deliver the information and outright denying the problem, which can lead to bankers resorting to unpleasant methods to get the attention they want and deserve. Joe concludes, “Borrowers that react intelligently to a loan default gain competitive advantage over those that do not.”