J.S. Held is a global consulting firm that combines technical, scientific, financial, and strategic expertise to advise clients seeking to realize value and mitigate risk. Our professionals serve as trusted advisors to organizations facing high stakes matters demanding urgent attention, staunch integrity, proven experience, clear-cut analysis, and an understanding of both tangible and intangible assets. The firm provides a comprehensive suite of services, products, and data that enable clients to navigate complex, contentious, and often catastrophic situations.


More than 1,500 professionals serve organizations across six continents, including, 81% of the Global 200 Law Firms, 70% of the Forbes Top 20 Insurance Companies (85% of the NAIC top 50 Property & Casualty Insurers), and 65% of the Fortune 100 Companies.


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Philadelphia Inquirer’s Influencer’s of Finance Award for Investment Banking

Honoree

 American College of Bankruptcy : Fellow and Member of the Finance Committee

TMA Global Finance Committee : Chair

TMA Global Board of Trustees : Member

Philadelphia Chapter of the Secured Finance Network : President

Consumer Bankruptcy Assistance Project : Board Member

Philadelphia Chapter of the Association for Corporate Growth : Former Board Member and President

Philadelphia Chapter of the TMA : Former Board Member

Eastern District of Pennsylvania Bankruptcy Conference : Former Steering Committee Member 

Certified Turnaround Professional (CTP)

Michael Jacoby, Senior Managing Director and Strategic Advisory Practice Lead of J.S. Held, is a skilled executive with extensive operating, turnaround, restructuring, and M&A experience. Michael has served in advisory capacities as well as an independent director, Chief Restructuring Officer (CRO), investment banker, and interim manager for more than 400 clients in various industries.

Michael has been instrumental in assisting numerous clients with their financing and divestiture needs. Specific areas of expertise for Michael include crisis management; business strategy; cash flow management, control and forecasting; workflow and project management; business wind-downs; customer service improvement; inventory management; business and collateral valuations; and sales/marketing reinvigoration.

Michael Jacoby joined J.S. Held in October of 2023 as part of J.S. Held’s acquisition of Phoenix Management Services. Prior to joining Phoenix Management Services, Michael worked for PNC Bank in Philadelphia, managing a $500 million commercial loan portfolio. He was recruited by senior management to spearhead a newly created unit responsible for restructuring complex transactions with substandard risk classifications.

In May 2025, Michael was recognized as an "Icon" by ABF Journal among their Legends & Leaders, honoring him as industry leader and long-standing figure with enduring influence in asset-based lending and factoring.

Inventory Management

Business Wind-downs

Control and Forecasting

Business Strategy

Crisis Management

Cash Flow Management

Workflow and Project Management

Customer Service Improvement

Business and Collateral Valuations

Sales/Marketing Reinvigoration

J.S. Held LLC Profile 

Phoenix Management Profile

Phoenix IB Advises Spray Products in Successful $40 Million Refinancing

Conversation with Michael Jacoby and Carmelo Bueti of J.S. Held and Phoenix Management Services

J.S. Held buys Phoenix Management Services and Phoenix IB

js-held-releases-the-lending-climate-in-america-survey-results

Phoenix Management, a Part of J.S. Held Lending Survey Results Reveal Continued Concern About Political Uncertainty

Senior Managing Director | Strategic Advisory Practice Lead

  Global consulting firm J.S. Held reveals the “Lending Climate in America” survey results from Phoenix Management, a part of J.S. Held. The fourth quarter survey results highlight the persisting lender views on policy decisions and their national/global impacts.
 


The “Lending Climate in America” survey is administered quarterly to lenders from various commercial banks, finance companies, and factors across the country. We collect, tabulate, and analyze the results to create a complete evaluation of national attitudes and trends.


Phoenix’s Q4 2025 “Lending Climate in America” survey asked lenders which factors could have the strongest potential to impact the economy in the upcoming six months. Forty-six percent of lenders think political uncertainty will have the strongest impact on the economy, while 41% of lenders believe geopolitical risk (war) has the strongest potential to impact the economy. Lenders continue to believe that the possibility of a U.S. recession and upcoming FOMC interest rate decisions will impact the economy. 


Lenders revealed what actions their customers may take in the next six months. Almost two-thirds of the surveyed lenders believe their customers will raise additional capital, while 30%+ of the surveyed lenders believe their customers will introduce new products and make acquisitions.


Forty-three percent of respondents identified the retail trade industry as the most likely to experience volatility in the next six months, followed by the healthcare (social assistance) industry at 38% of respondents.


Additionally, Phoenix’s “Lending Climate in America” survey asked lenders if their respective institutions plan to tighten, maintain, or relax their loan structures for various sized loans. For larger loan structures (greater than $25M), the plan to maintain loan structures remained relatively constant from Q3 to Q4, increasing by 9%. As loan sizes decrease, lenders plan to maintain their loan structures. Loans in the range of $15-25M and $5-15M saw very similar structure changes from Q3 to Q4. Loans under $5M had no change in structure.


Lender optimism in the U.S. economy decreased for the near term, moving from 2.58 in Q3 2025 to 2.38. In this current quarter, there is heavy expectation of a B level performance (49%), with a majority of the remainder (41%) sitting at a C level. Lender expectations for the U.S. economy’s performance in the longer term also decreased from 2.71 to 2.46. Of the lenders surveyed, 54% believe the U.S. economy will perform at a B level during the next twelve months, virtually no change from the prior quarter. Performance expectations at the D level increased by 5%, matching the increase at a C level.


 
To see the full results of Phoenix’s “Lending Climate in America” Survey, please visit:

 “Lenders are signaling heightened caution as political uncertainty and geopolitical risks dominate near-term economic concerns,” says Michael Jacoby, Senior Managing Director and Strategic Advisory Practice Lead at J.S. Held.  “Confidence in the U.S. economy continues to erode, with short-term grades slipping from a weighted average of 2.58 in Q3 to 2.38 in Q4, and long-term expectations following the same downward trend. While most lenders plan to maintain current loan structures, a notable 21% anticipate tightening terms, even as 77% expect further Fed rate cuts in the coming months. Industry volatility is projected to rise sharply in healthcare, consumer products, and finance, underscoring a challenging environment for borrowers and investors alike.”


To learn more about how our experts can add value to your stories in development, simply connect with Michael through his icon below.


J.S. Held Releases the Lending Climate in America Survey Results

the-case-for-outofcourt-winddowns

Out-of-court winddowns allow boards, sponsors and lenders to retain decision-making power, instead of handing control over to the courts.

  Boards of directors facing insolvency should consider an out-of-court winddown as a viable alternative to bankruptcy or court-appointed receivership. This approach offers greater discretion and control, helping to safeguard their reputation and maintain constructive relationships with lenders and sponsors. 

 
A recent article by J.S. Held's Michael Jacoby, titled "The Case for Out-of-Court Winddowns," provides step-by-step guidance on the out-of-court winddown process and explains why it’s gaining popularity by comparing the pros and cons to more traditional business closure paths. 

 Michael Jacoby, Senior Managing Director and Strategic Advisory Practice Lead of J.S. Held, is a skilled executive with extensive operating, turnaround, restructuring, and M&A experience. Michael has served in advisory capacities as well as an independent director, Chief Restructuring Officer (CRO), investment banker, and interim manager for more than 400 clients in various industries. View his profile here. Why this matters: As financial pressures mount — rising interest rates, tighter credit, private-equity portfolio stress — the flexibility and control of out-of-court winddowns make them a timely alternative. Boards, lenders, and private equity sponsors who recognize this can act faster, protect reputation, and maximize value for stakeholders.

 Looking to know more? Connect with Michael Jacoby today by clicking on his icon below.


The Case for Out-of-Court Winddowns

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