The Herb Cohen Award – More Commonly Known as the Wild Card Award

Sometimes a transaction does not fit any award category but is meritorious in its own right and is therefore worthy of recognition. In this instance, our judgment was affirmed when an extremely knowledgeable and respected investment banker nominated this transaction even though neither he nor his competitors had any involvement in the transaction, which was, in fact, all done in-house.

The transaction to which we refer is Eagle Bulk Shipping’s (“Eagle”) remarkable re-negotiation of its bank loan and shipyard liabilities. In the current environment where “too big to fail” is the standard negotiating stance, this win-win negotiation stands out as an example of how all the players in this industry, through cooperation and understanding, can resolve the difficult situation we find ourselves in.

Although some might argue that

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