Tribute to Anthony Schnelling
July 7, 2009 - Anthony (Tony) H. N. Schnelling, Founder and CEO of Bridge Associates LLC, a Noted Turnaround and Restructuring Firm, Dies at 62.
Tony Schnelling spent his life crossing and then creating bridges. He rode through the Khyber Pass at 12 and when he was 42, he spent three months riding horseback in Mongolia, ultimately convincing the herders that American men could not only ride but also wrestle. He spoke six languages fluently. His facility with languages, including multiple dialects of German, allowed him to bring a bit of home to a German woman who found herself waiting tables in Boise, Idaho. While at college, he bridged the chasm between athletics and academia by graduating from Swarthmore College while being recognized as an All American soccer player. After earning an MBA from Harvard University in 1972, he built a bridge to renewed profitability for the faltering family printing business. Tony then realized he needed a new challenge and went to Fordham Law School at the age of 41, graduating cum laude.
After law school, Tony joined the New York law firm of Stroock & Stroock & Lavan, where his practice encompassed both general corporate and insolvency law. He represented corporate debtors, secured lenders and creditors in bankruptcy cases and out-of-court restructurings in a variety of jurisdictions and industries in the United States and Europe. But again he saw another path. In 1997, he founded a boutique financial consulting firm aptly enough named Bridge Associates LLC specializing in advising businesses in all aspects of financial re-structuring. Over the next decade, he built the firm into a leading professional services organization focused on providing advisory, crisis and interim management and litigation support. He also acted as a trustee in a number of cases, leading the recovery of tens of millions of dollars for creditors.
Tony’s engagements as a turnaround and restructuring specialist included such high profile cases as Refco, Heilig-Meyers and Conseco Finance – to name just a few. But even as a re-structuring professional, Tony continued to build bridges, including one in Calpine, Inc., where he was retained as a Court appointed expert by the Honorable Burton Lifland and eventually bridged the seemingly insurmountable gap between the numerous constituencies leading to a consensual resolution. At the time of his death, the firm had seven partners and 40 professionals in offices located in New York, NY; Tulsa, OK; Chicago, IL; Dallas, TX; Cleveland, OH; Nashville, TN and Tampa, FL.
Tony never stopped tapping out messages and making calls on his omnipresent Blackberry. From his beloved home in Amenia, New York, he worked on client and firm matters until the time of his death, taking conference calls from his bedroom, and continuing to provide sage counsel and strategy to clients and colleagues until the end.
When long time friend and partner, Carl Young, asked Tony to take it easy, Tony’s answer was, “Carl, I am going to be asleep for a long time - this is more fun.”
David N. Phelps, another of Tony’s partners, stated, “Not only in business, but in every aspect of his life, he was loved by a wide range of people and admired by an even bigger circle. I know I speak for all of his partners, colleagues, clients and friends when I say we will miss him dearly.” Tony was described by those who were close to him as a visionary who warned about the current economic crisis, but who also had a gift to see novel and innovative solutions, where others saw problems and roadblocks.
“He could look at an abandoned paper mill sitting on top of a toxic waste site and could see a recreational marina,” said Louis Robichaux, a partner of Tony’s.
Even after leaving the practice of law, Tony continued to strengthen the connection between law and business, becoming an Adjunct Professor at Fordham University School of Law, as well as a member of the School’s Board of Directors. Additionally, he founded the Anthony Schnelling Scholarship Fund, awarded to students entering law school after being in the workforce for several years. He also taught at Columbia University's School of Business in New York and at the Jones Graduate School at Rice University in Houston. He served as the Vice President of Development for the American Bankruptcy Institute and was a member of the organization’s Board of Directors. He was recently elected by his peers as a Fellow of the American College of Bankruptcy. Tony is a past member of the Board of Directors of The Pomfret School and was also a long-term supporter of Canine Companions for Independence, which honored him with their Hearts and Heroes Award for his fund raising efforts.
There are many words to describe Tony – but his wife, Bettina Whyte put it best. “Tony was amazing. In his life, in his work, in his intellectual abilities, in his compassion, in his commitment to friends and family - he was simply amazing.”
He is survived by his wife, Bettina M. Whyte, and his mother, Emily Leeser. He also leaves behind his half-sister, Eva Claire Schnelling of Houndstooth, England.
Anthony Schnelling ABI Endowment Fund
Tony led the ABI Endowment with great energy and enthusiasm, helping to grow the Fund by $1 million during his tenure. In recognition of his distinguished leadership and devotion to the cause of research and education, the ABI Management Committee announced on July 6th, 2009 that the Endowment Fund has been renamed the “Anthony H.N. Schnelling Endowment Fund.” In making the announcement, ABI President Robert J. Keach said: “The naming of the Fund is in recognition of Tony Schnelling's outstanding contribution to the building of the Endowment Fund, as well as his tireless and dedicated service to the ABI.”