A must-read for all constituencies of distressed companies -- owners, creditors, buyers and professionals. Owsley and Kaufman apply principles of asymmetric warfare to the "zero sum" game of restructurings. With a sophisticated approach and tongue-in-cheek humor, Equity Holders Under Siege gives readers an unvarnished behind-the-scenes look into the real world rough and tumble of negotiating on behalf of "under water" owners.   Owsley and Kaufman offer practical advice and hope for entrepreneurs and other owners who have poured their souls and treasure into their businesses -- only to find one day that it all can be taken away by creditors. They share actionable strategies for owners to reclaim their companies and extract value.   Potential purchasers of distressed businesses will benefit from Owsley's and Kaufman's in-depth look into the complex dynamics of how the various dis- tressed groups operate -- without this understanding, erstwhile buyers may discover that they've vastly overpaid.   Creditors and other constituencies will be better prepared to protect their investments after reading about the types of campaigns that will likely be waged against them by well-advised equity owners. Owsley and Kaufman, both highly regarded in the insolvency field, have been trusted advisors in the ranks of the nation's top financial professionals for more than three decades. Like their first book, Distressed Investment Banking: To The Abyss and Back, their new book, Equity Holders Under Siege: Strategies and Tactics for Distressed Businesses, will quickly become the must- have guide for both new and seasoned legal and financial restructuring professionals -- those who play key roles in the economic struggle between debt and equity groups. "Balancing corporate responsibilities with maximizing shareholder value is complicated. Having been the beneficiary of Peter, Henry and their firm's (Gordian Group) advice, I can attest to the value that unconflicted experts in the field can bring to bear for entrepreneurs and other equity holders. This book distills that real world advice down into a digestible, and great, read." - Perry Odak, Former CEO of Ben & Jerry's "I cannot imagine operating on a board of directors in today's stressed financing environment without a copy of EQUITY HOLDERS UNDER SIEGE at my ready reach. With economic conditions so turbulent, the wisdom and guidance of authors Henry Owsley and Peter Kaufman are just what business executives need to survive and succeed." - James Kristie, Editor, Directors & Boards "I am a big fan of the writing of Owsley and Kaufman, having read and enjoyed their first book, the 2005 Distressed Investment Banking: To The Abyss and Back. I discovered it just as I became managing editor of the bankruptcy group of newsletters at Dow Jones, and found it invaluable in climbing the learning curve of the restructuring market."-David Toll, Buyouts, Buyouts Insider, Executive Editor Owners of companies that have fallen on hard times face a daunting reality and formidable challenges from an array of competing constituencies all vying for a piece of a diminishing financial pie. Whether such companies are owned by a Private Equity firm, have been family owned for generations, or otherwise have longstanding equity interest holders, these "Old Equity" owners must adopt creative strategies and tactics to be "in the money." Many of these methods are derived from military strategies used by guerilla troops facing significantly greater forces. In such "asymmetric" conflict, the smaller party can employ "force multipliers" to offset the other side's numerical superiority. Opportunities abound to find asymmetric relationships in the debtor-creditor mix. If Old Equity can exploit them, it has the chance to bring valuation and other traditional tools to bear in order to realize a maximum recovery. By understanding what moves it can make to influence creditors (with both positive and negative incentives), Old Equity can begin to claw its way out from the bottom of the capital structure heap. Early recognition by Old Equity of both the existence of financial problems and the need to engage outside advisors is vital. The availability of time and the perception of volatility of operating results can benefit Old Equity by creating dilemmas for creditors, while simultaneously increasing option value for Old Equity. Kaufman and Owsley draw on their decades of advising Old Equity of distressed companies, while sprinkling in lessons from William Wallace leading the Scots against the English; T.E. Lawrence and his Arab forces wreaking havoc on the Turkish army; Mao taking on the Nationalist Chinese Army; and the Viet Cong challenging superior American forces. While not every restructuring situation may lead to actual confrontation for Old Equity, simply the process of preparing for conflict can facilitate "peace breaking out." By being adroit, strategic, and tenacious, Old Equity can greatl