How do stakeholders decide which direction to take when a company is in default and seemingly in a free fall? A group of stakeholders believed that Kasper, a leading international branded apparel company, could be saved despite being unable to integrate the acquisition of the Anne Klein brand and unable to service its debt. Their vision became a reality and served as a textbook example of how successful turnarounds are always the result of a team effort. Within 18 months after the creditors asked Michael Appel to conduct a comprehensive review of the company, it was sold to Jones Apparel, repaying $165 million to senior noteholders and $8.60 per share to the equity. In fact, this remarkable recovery was recognized by the industry when Appel received the 2004 Large Company Turnaround of the Year Award from the Turnaround Management Association.