J.S. Held's Strategic Advisory Group 2026 Mid-Year Recap

The first half of 2026 marked a pivotal chapter for J.S. Held's Strategic Advisory Group with the launch of a unified platform that brought together Phoenix Management Services, Stapleton Group, MorrisAnderson, and J.S. Held's legacy Strategic Advisory professionals.

Today, our Strategic Advisory Group combines nationwide operational, financial, transactional, and fiduciary expertise with the broader capabilities of J.S. Held's global multidisciplinary team to serve middle-market companies, lenders, investors, boards, and legal counsel facing complex business challenges. With continued growth and the recent addition of Steeplechase Advisors, our team is further strengthening its ability to support clients through complex stakeholder situations, restructuring matters, and critical business transitions.

Over the past six months, our professionals have led turnaround and restructuring engagements, served as receivers and fiduciaries, and advised clients on transactions, disputes, investigations, and performance improvement initiatives. Through this work, we have helped organizations navigate uncertainty, preserve value, and drive long-term, sustainable results.

This mid-year recap highlights a selection of the engagements, insights, and milestones that defined the first half of 2026 and demonstrate the strength of our integrated platform.

Select H1 2026 Engagements

Client engagement heat map showing Strategic Advisory Group's project activity across the United States during H1 2026.

Turnaround & Restructuring

Served as Financial Advisor to a $150M family-owned food manufacturer during a complex Chapter 11 restructuring and Section 363 sale following a prolonged production shutdown caused by a listeria outbreak. The engagement resulted in 100% recovery for secured, subordinated, and priority creditors, preserved more than 150 jobs, and enabled the business to continue its 30-year legacy under new ownership.
Served as CRO for a $200M last-mile logistics provider, rebuilding the finance function, improving accounts receivable collections, and establishing reliable cash flow forecasting. The engagement improved enterprise value, resulting in lenders moving from expected losses of $10M-$20M to a fully secured position, restoring value to equity holders, and reversing four years of sales declines.
Served as Financial Advisor to North America's largest direct-to-consumer e-bike company during its Chapter 11 restructuring and Section 363 sale, achieving 100% recovery for the senior secured lender and meaningful recovery for subordinated secured creditors.
Served as Plan Administrator and Financial Advisor in the five-year wind-down of Katerra, a multi-billion-dollar global enterprise, leading one of J.S. Held's most complex restructuring engagements. Leveraging experts across Strategic Advisory and other J.S. Held practices, the team managed global asset dispositions, claims reconciliation, litigation support, creditor recoveries, estate administration, and regulatory compliance across dozens of entities and multiple international jurisdictions.
Served as Interim CEO of a $200M candy processor with significant quality and customer service issues, leading an operational turnaround that improved annual profitability by more than $10M while rebuilding the senior leadership team and strengthening organizational performance.
Served as CRO for a $100M fast food franchisee whose owners had diverted company funds and accumulated millions in unpaid sales tax obligations across multiple states, leading strategic store sales that significantly reduced bank debt and eliminated a substantial portion of the delinquent tax liabilities.
Served as Financial Advisor to a $150M glass tableware and container manufacturer, conducting a comprehensive financial and operational assessment of the Company that successfully facilitated a lender forbearance agreement and identified opportunities to improve performance.
Served as CRO for a $100M commercial printing company facing imminent liquidation, leading negotiations that resulted in a sale under which the buyer assumed liabilities and repaid the existing lender, preserving hundreds of jobs and avoiding liquidation.
Served as Financial Advisor to a 40-store, $25M retail franchisee, facilitating the sale of the majority of its locations to two buyers, avoiding a complete liquidation, preserving approximately 200 jobs, and generating recovery for the lender that would otherwise have been lost.
Served as Financial Advisor to a bank group with $200M of credit exposure to a $700M restaurant franchisee facing liquidity and debt-service challenges, advising on asset sale strategies and operational improvements designed to reduce leverage, enhance performance, and maximize lender recoveries.

Receiverships

Served as court-appointed Receiver for a distressed $100M food co-packing company operating multiple facilities across the US with $34M in senior secured debt. Preserved operations during severe liquidity constraints, secured interim financing, managed key customer and vendor relationships, and executed a going-concern asset sale that generated $27.5M in recoveries versus a negligible liquidation value.
Served as Receiver for a $200M+ portfolio comprising approximately 42,000 acres of timberland and mineral assets at the center of a highly litigated family partnership dispute. Managed operations and reviewed claims from family members and beneficiaries in preparing asset sales pursuant to the terms of the partnership agreement. Oversaw the marketing and sale of assets, including a record-breaking $172M private-to-private timberland sale for East Texas. Managed the sale of additional real property and mineral assets for approximately $30M.
Appointed by the Arizona Attorney General as Receiver, our expert assumed control of all assets tied to a fraudulent real estate scheme that targeted hundreds of homeowners facing foreclosure. The defendants promised mortgage relief and induced homeowners to transfer title to LLCs secretly under their control, then charged fees, displaced residents, and retained the homes’ equity. Our team is currently working with victims of the fraud to restore titles and recover their homes where possible.
Served as Receiver for a $100M food processor following the discovery of alleged fraud, executing a sale that exceeded liquidation value and preserved more than 100 jobs.

Real Estate Receiverships

Served as court-appointed Receiver for a bankrupt 318-unit senior housing community following the borrower’s default on more than $80M of bond-financed debt. Protected the bondholders’ collateral, stabilized operations, designed an exit strategy, and led a competitive sale process that generated $71M in proceeds, equal to an 89% recovery to bondholders, within ten months of appointment.
Served as Operations and Asset Manager in the Chapter 11 proceedings of a bankrupt real estate portfolio exceeding $100M, overseeing Section 363 sales, reconstructing financial records, and stabilizing operations amid significant fraud-related challenges. The team closed nine property sales, generating approximately $22M for creditors and investors.
Achieved a 100% recovery for the lender in the receivership of a distressed 48-unit affordable housing complex in East Los Angeles by stabilizing operations, remediating extensive property issues, and improving cash flow. The engagement culminated in the Housing Authority of the City of Los Angeles acquiring the note at par, preserving critical affordable housing inventory while delivering a 100% recovery for the lender.

Assignment for the Benefit of Creditors (ABC)

Served as Assignee of a contract beverage manufacturer with $120M+ in annual revenues and $100M+ owed to secured creditors. Took control of operations spanning 500,000 sq. ft. across multiple facilities. Optimized creditors’ recovery relative to a liquidation by executing going-concern sales of various facilities and other assets to separate parties.
Served as Assignee of an electric vehicle (EV) battery manufacturer and distributor funded by its publicly traded parent and delivering advanced electrification solutions for complex commercial EV applications. Preserved going concern value for potential turnkey sale and assignment of lease. Managed the consolidation and liquidation of various inventory components, ultimately maximizing the recovery for creditors through two bulk sales while simultaneously preparing for an auction. Managed operating budget for the wind-down and severance budget for more than 100 employees. Led back-up of various systems and data and exited the facility.

Investment Banking

Acted as exclusive investment banker to a leading plastic film manufacturer in the sale of its Mississippi manufacturing facility to Gould Industries.
Acted as exclusive investment banker to Coaching.com, rapidly securing a short-term bridge loan, providing liquidity needed to sustain operations through a sale process.
Acted as exclusive investment banker to NexusDx, advising on the sale of certain assets.

Forensic Accounting

Provided forensic accounting and litigation support in a contested family trust dispute involving potential distributions exceeding $20M. Reconstructed financial activity across 20+ bank and investment accounts, uncovered previously undisclosed assets that increased the trust’s identified value to nearly $22M, and helped secure a negotiated settlement delivering approximately $12M to the clients – triple the initial settlement offer.
Evaluated the actions of the Board of Directors of an Arizona non-profit, particularly with regard to the transfer of funds from the non-profit's bank account, the subsequent disposition of those funds, the assignment of a leasehold, and a proposed resolution to dissolve the non-profit.
Evaluated amounts owed by an Arizona-based vertically integrated cannabis company to the principal of that company arising from the principal’s employment, amounts loaned to the company by the principal, and amounts arising from the principal’s position as an equity holder in the company.
Quantified damages arising from the alleged improper acts performed by the principals of a large construction firm based in Texas.

Publications & Media Coverage

Brian Gleason authored “Globalization Rewired: Resilience and Opportunity in a Fragmented Global Economy,” examining how deglobalization is reshaping global trade, capital, and supply chains. This article provides practical strategies for business leaders and capital providers to strengthen resilience, manage geopolitical and trade-related risks, and identify opportunities through reshoring and nearshoring.
In the May 2026 ABI Journal, Mike Bergthold and Quintin Brown, alongside Dentons’ Samuel Maizel, authored "Restructuring a Lab: What to Test For" which examined the mounting financial, regulatory, and operational pressures facing clinical laboratories. This article outlines a rigorous restructuring framework to help distressed labs evaluate strategic options – including reorganization, sale, or wind-down – and navigate an increasingly challenging operating environment.
Brian Gleason discussed with Agenda how boards can identify early signs of financial distress and strengthen their readiness before challenges escalate into a crisis. His insights emphasize monitoring operational indicators such as vendor payables and embedding proactive distress-planning strategies to preserve options and improve resilience.
Quintin Brown shared his insights with TMA, discussing industry trends, the importance of a professional network, and how multidisciplinary teams benefit client companies.

Industry Recognitions & Accomplishments

Members of the Strategic Advisory Group received national recognitions for their leadership, expertise, and contributions to the restructuring and specialty finance industries.

Brian Gleason was honored as a 2026 ABF Journal Icon, recognizing his impact on the future of specialty finance and his role as a trusted advisor to clients and the industry.
Dan Dooley was honored with the ABI’s Distinguished Service Award, the organization’s highest recognition for extraordinary leadership and service to the insolvency and restructuring community.
Mike Sutters was recognized as a 2026 ABF Journal NextGen Leader for impactful turnarounds and strategic restructurings as a trusted advisor to middle-market companies.
J.S. Held was named an Outstanding Turnaround Firm by Turnarounds & Workouts.

Market Insights: Lending Climate in America

For over three decades, the “Lending Climate in America” report has provided valuable, market-driven insights into the lending community’s outlook on the US economy and credit environment. We continue to offer this quarterly report as a resource for lenders, investors, and advisors seeking to understand evolving market sentiment and anticipate emerging trends.

Explore the latest findings in the Q2 2026 Lending Climate in America Report.

Sign up here to contribute your perspective in future reports.

Recent Senior Team Additions

David Weinhoffer
Senior Managing Director
+1 737 787 4665
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Jen Jacobson, CFE
Director
+1 929 995 2455
[email protected]

Ben Gardner
Director
+1 773 448 4516
[email protected]

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This publication is for educational and general information purposes only. It may contain errors and is provided as is. It is not intended as specific advice, legal, or otherwise. Opinions and views are not necessarily those of J.S. Held or its affiliates and it should not be presumed that J.S. Held subscribes to any particular method, interpretation, or analysis merely because it appears in this publication. We disclaim any representation and/or warranty regarding the accuracy, timeliness, quality, or applicability of any of the contents. You should not act, or fail to act, in reliance on this publication and we disclaim all liability in respect to such actions or failure to act. We assume no responsibility for information contained in this publication and disclaim all liability and damages in respect to such information. This publication is not a substitute for competent legal advice. The content herein may be updated or otherwise modified without notice.

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J.S. Held

Headquarters

50 Jericho Quadrangle
Suite 117
Jericho, NY 11753
+1 516 621 2900
[email protected]

J.S. Held Trust Center

Do Not Sell My Personal Information

Areas of Expertise

Technical & Scientific