Crisis as a source of opportunity and change? How does that happen? This case describes the difficult situation the new dean of the A.B. Freeman School of Business at Tulane University in New Orleans, Louisiana faced after Hurricane Katrina hit the city in the late summer of 2005. With a state of emergency declared statewide, in a city with only a shell of their former infrastructure intact, in a university that suffered water damage, and in a community of students and faculty scattered and separated throughout several different cities and states, how was Dean DeNisi supposed to lead?let alone implement his vision? The A case challenges students to think about how DeNisi should proceed in the immediate months to ensure both the return of current students and the survival of the business school. What would all this mean to attracting future Freeman students? The B case describes how DeNisi seized opportunity while in a time of great crisis. The material offers a rich discussion that should evolve into the recognition that leaders who are able to frame crises as potential opportunities will likely manage organizations in a way that will make them more resilient and sometimes better off after the crises.