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Published on: 4/3/2009
Last Visited: 4/5/2009
Matt Feldman typically begins his work day with an 8 a.m. meeting at the Department of Treasury in Washington D.C.
He often doesn't get back to his apartment until about 1 a.m., but it's not the long hours that are the difficult part of the job.
As an adviser for the Obama Administration's auto task force, Feldman said he is at the "epicenter of the largest and most interesting restructuring of our generation.
The task force has the daunting duty determining viable ways for GM and Chrysler to survive through both good and bad times.
Still, that isn't what he finds to be the hardest part of the job.
"It's much more difficult than I anticipated -- being away from home and being away from family," he said.
He has a wife, Theanne, and four children.
Feldman has been in the capital for almost a month now.
He's been working at such a "frenetic pace that it's impossible to predict when I can spend nights in Westport, including weekends.
Still, he realizes this is the price to be paid for trying to devise a way to keep American auto manufacturers running.
Essentially, according to Feldman, the role of the task force is to answer one simple question: "Can they restructure themselves so that they can make money regardless of
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what economic cycle we're in?"
In order to accept the position on the task force, Feldman had to resign from his job as a bankruptcy attorney and partner at Willkie Farr & Gallagher, based in New York City.
The task force includes people from a diverse range of professions, including economists, an administrator of the Environmental Protection Agency and the secretary of transportation, among many others.
Feldman's hiring, considering his role as an expert in bankruptcy cases, caused headlines nationally, and the Obama administration had to explain that the move didn't mean they were favoring bankruptcy for the auto makers.
"I have a lot of bankruptcy expertise but the truth is for 20 years I've been restructuring companies both in bankruptcy and out of bankruptcy," said Feldman.
"The president said there [may] have to be a short bankruptcy [for the auto manufacturers].
The government wants to be ready if that ever comes to fruition."
Feldman worked in restructuring and bankruptcy cases for companies as varied as Golden Books Entertainment and Air Canada, but the opportunity to work on the American auto manufacturers was too big to pass up.
"It's been an exciting ride, but this is sort of the mother of all restructuring [projects]," he said.
"You're talking about an American icon -- the industrial base of this country.
You're talking about millions of jobs and it's really fascinating.
There's so much more to think about with these companies than with any prior companies I've restructured."
On a typical day, Feldman isn't limited to just one duty.
He has to interface with a variety of parties since the restructuring process is so monumental.
He talks with the White House, unions, banks and, of course, the companies involved.
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"The possibility for Chrysler is that they'll either make an alliance with Fiat or it will be very difficult to imagine Chrysler existing without a partner," said Feldman.
"For GM, I think there's more value so I think in one form or another GM will hopefully continue to exist and complete a successful restructuring."
As the task force works for the next few months on the situation with GM and Chrysler, Feldman said he's going to miss being able to spend spring in Westport, but at least his new job has one pleasant perk over the old one.
"My 90-minute commute has turned to 90 seconds," he said, since his apartment is within walking distance of the Department of Treasury.
Still, it's not as nice as seeing one's family on a regular basis, but Feldman is looking ahead to the future.
"When this is over, which hopefully won't take too long, I'll either go back [to his old law firm] if they take me back, but this is too interesting and exciting an opportunity to pass up," he said.
He may be going back to a 90-minute commute, but if all goes well for the restructuring of these two enormous companies, at least he could be back in time for a late Westport summer or possibly an early fall.
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