When your playbook runs out, our work begins.

Transactional advisory. For boards, companies and investors in special situations that demand skill, clarity & conviction.

Trusted by sponsors, corporate management and investors.

Three Disciplines, One Focus

A structural architect, a crisis operator and an investment strategist, in one place.

01

Structural Architect

Knows, intuitively, structures to make things happen. Understands rights, obligations and opportunities others gloss over or can’t see. Manages legal functions to deliver results that work — in record time, at minimal cost.

02

Crisis Operator

Steps into situations under extreme pressure as CRO, in radical transition as CTO, or as a trusted advisor in a fractional capacity. Makes calls others won’t. Identifies and roots out toxic elements so the culture can rebuild.

03

Investment Strategist

The discipline of deploying significant capital — knowing what something is worth when others are panicking. Thirty years across venture and distressed positions, including the deals that defined the modern market.

The Theme

Every situation has a way through. The work is finding it before the maze closes.

Read more about our work

Selected Transactions

Where we rewrote the playbook when the work began.

A handful of representative engagements across restructuring, transformation, liquidation and special situations. Each began as a crisis, or unique situation, where the standard tools would not function.

  • 01 Ongoing

    Chief Restructuring Officer

    Titan Transportation

    Situation

    Freight market collapse. Equipment finance costs running $2.5M a month against a rapidly contracting revenue base.

    Outcome

    Equipment preserved through a rapid Chapter 11 restructuring. Equipment cost reduced by half. 40% of defunct equipment disposed of.

    Read the full case study
  • 02 Closed

    Chief Transformation Officer

    Loot Crate

    Situation

    A subscription business in rapid contraction with escalating CAC. A working capital crisis. A cost structure and payables balance no longer supportable. And an attempted insider takeover destabilizing the management.

    Outcome

    Sale closed in 35 days, record time in Delaware bankruptcy court. $9M recovered through litigation. Ultimately disposed of in a structured dismissal.

    Read the full case study
  • 03 Closed

    Chief Liquidation Officer

    Performance Sports Group

    Situation

    A rapid pre-arranged sale that locked in minimal value for equity. Hundreds of millions in claims alleged, most without basis. Potential litigation recoveries. Cross-border complexities.

    Outcome

    Claims resolved to preserve per share recovery for equity holders, at top of the predicted range. Interim distributions to benefit shareholders effected. Litigations resolved and settled.

    Read the full case study
  • 04 Closed

    Special Situations Advisor

    Energy XXI

    Situation

    Complete collapse in the energy complex, strongly impacting offshore drilling. Bonds trading at 1.5¢ on the dollar. A plan being proposed to steamroll structurally senior holders from a recent acquisition.

    Outcome

    Settlement at ~30¢ on the dollar in roughly four months. Fees supported in a substantial contribution award by the Court.

    Read the full case study

About Mark Palmer

Three critical skill-sets …
a single advisory focus.

Theseus Strategy Group is the practice that aligns these three skill sets in a unified offering:

  • A leading partner, practice-leader and legal architect.
  • A crisis and turn-around operator managing under fire.
  • An investment strategist whose work set precedent, made law and helped mold the modern venture and distressed markets.

Mark E. Palmer Founder & Managing Director

Read the full background

The Thread

Three organizing principles, drawn from lessons learned solving the unsolvable.

01

Bring new perspectives.

The work begins after others have left the room. We re-evaluate assumptions and refine perspectives. Boards in crisis, funds in trapped positions, companies mired in expensive and intractable dilemmas. That's our typical entry point.

02

Find driving principles.

Every labyrinthine problem has a root cause. Can we find the patterns and muster the conviction to reverse them? Toxic incentives, structural defects, historical inertia, unmade decisions. The work is identifying them and assaulting through.

03

Preserve your options.

In uncertain situations, your options and off-ramps are key. Any plan needs alternative paths to success. Leave a way to adjust the approach. Discipline, experience, conviction and sequence, that's the proven method.

Selected Prior Engagements

Standard Pacific WorldCom Nortel TOUSA Quility Global Aviation and others under NDA

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If you’re reading this, you may be facing a vexing challenge.

The conversation is confidential, and it can start today.

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A boutique special situations advisory firm.

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Our Services

  • Restructuring Advisory

  • Complex Transactions

  • Liquidations/Litigation

  • Special Situations

  • Fractional Support

Contact Details

  • Dallas.Texas

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