http://www.bloomberg.com/news/2011-04-18/muni-bankruptcy-threat-makes-michigan-train-financial-emergency-swat-teams.htmlMichigan is giving hundreds of financial professionals and public employees a crash course in advising troubled municipalities, building an army of emergency managers that may become a model for other U.S. states.
As many as 400 accountants, lawyers, school employees and city workers will start classes in Lansing today on topics including “Dealing with the Unionized Workforce,” navigating municipal bankruptcy and negotiating contracts for sewer, water and other utilities. It’s a “rare” example of preparing people in advance for potential fiscal difficulties, said Michael Imber, a principal in Grant Thornton LLP’s corporate advisory and restructuring services group.
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“The knowledge and expertise from both the private and public perspective can help an emergency manager do a better job,” said Joyce Parker, who has been in charge in Ecorse since November 2009. Public officials can better understand the best ideas of industry and company experts can learn about government operating environments and open meetings requirements, she said.
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Companies expecting fees similar to those collected for work on corporate restructurings following the 2008 failure of Lehman Brothers Holdings Inc. (LEHMQ) will be disappointed, Eisenberg said. Governments may pay $150 an hour compared with the $250 to $500 rate received by mid-size firms for corporate work and as much as $1,000 for larger advisory companies, he said.
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