Education Lenders 2007 Annual Report Credit Economy Distressed Downturn Liquidity Certification Webinars Investors

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Distressed Downturn Liquidity SolutionsCertification...... Hedge funds Education Lenders 2007 Annual Report Credit Economy Distressed Downturn Liquidity Certification Webinars Investors ...... Debt Membership Lenders Issues Focused Credit Economy Distressed Member Centered Downturn Education Globally Engaged ...... Hedge funds Debt Certification Opportunity Investors Conferences agility Credit Education Downturn Distressed...... Liquidity SolutionsCertification Hedge funds Opportunity ...... Investors Debt Strategic Economy Credit

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Conferences Credit Economy Distressed Downturn Contents Liquidity Solutions Business Highlights 2007...... 2 Hedge funds International Chapters...... 4 Education Lenders Credit North American Chapters...... 8 Distressed Downturn Liquidity Certification Communications...... 22 Investors Membership...... 23 Debt Opportunity Lenders Credit Cornerstone...... 24 Economy Distressed Downturn Education...... 28 Education Hedge funds Annual Convention...... 30 Debt Certification Opportunity Awards...... 27, 32-33 Investors Conferences Credit Moving Forward...... 34 Economy Education Downturn Financial Report...... 36 Liquidity SolutionsCertification Hedge funds 2007 TMA International Board of Directors...... 37 Opportunity Investors Debt Strategic 281175_tma 7/3/08 1:35 PM Page 4

The dynamic restructuring market tested the

Turnaround Management Association’s ability to stay

ahead of the curve during 2007. Rising oil

prices, a sudden mid-year credit crunch, and a

plummeting real estate market put the “R”

word on the tip of everyone’s tongue. An up-cycle for

the corporate renewal industry seemed on its

way. But what form would it take? A major shift in the

restructuring world made vigilance and agility

the watchwords of the year.

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Chapters Easter Europe China Business Highlights HongLicensing Kong Emerging Markets Educational ...... Growth Debt Certification Opportunity 2007 Brazil Weak U.S. Dollar Expansion

InternationalChapters Easter Europe China Hong Kong EmergingLicensing Markets Educational Growth ...... Investors Russia India Top 10 U.S. Business Stories of 2007 ...... Selected by msnbc.com 1. Mortgage defaults rise in the U.S. and home prices fall, triggering Debt chaos in commercial paper markets and a credit crisis that reverberates Certification around the globe. Opportunity 2. Toy recalls cause potential backlash against “Made in China” products. Brazil 3. Crude oil prices march closer to $100 a barrel, keeping gasoline pump Weak U.S. Dollar prices high. 4. Apple Inc.’s profits and share price soar with launch of iPhone and updated iPod players. Expansion 5. The Fed cuts borrowing rate twice in the second half of the year to International keep the economy from falling into a recession. Chapters 6. Dow Jones Industrial Average tops 14,000 for first time, then pulls Easter Europe...... back as credit crisis intensifies. 7. U.S. dollar falls to record lows against the euro. 8. Media consolidation with Rupert Murdoch buying Dow Jones, parent China of the Wall Street Journal; Sam Zell acquiring Tribune Co.; Thomson Corp. Hong Kong taking over Reuters. Licensing 9. Ousters of Merrill Lynch CEO Stan O’Neal and Citigroup CEO Emerging Markets Charles Prince. Educational 10. Food recalls as e-coli and other health risks found in hamburger meat. Growth ...... Investors Russia India

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Corporate Renewal 2007

“Every morning in Africa, a gazelle wakes up. It knows it must run Subprime knock down faster than the fastest lion or it will be killed. Every morning a lion During 2007, many of the financial services firms were hammered from wakes up. It knows it must outrun the slowest gazelle or it will mortgage-related losses, with double- starve to death. It doesn’t matter whether you are a lion or a digit declines and a cumulative market value drop of $319.8 billion. gazelle. When the sun comes up, you better start running.” Percentage of decline from their From The World Is Flat by Thomas Friedman 2007 peak to the second week in January 2008 Two thousand and seven began with no skip in the beat of an economic E-Trade Financial Corp. -89% cycle still riding high. The stock market was up. Growth was above-par. Deal Countrywide Financial Corp -86% flow moved at a swift and steady pace propelled by abundant credit and Washington Mutual Inc. -69% widening influence of international players. Mergers and acquisitions hit a Bear Stearns Cos -58% Merrill Lynch & Co. -49% record. Corporate debt remained seemingly default-proof. Profits boomed. Citigroup Inc. -49% Morgan Stanley -47% Bankruptcy Abuse Prevention and Lehman Brothers Holding Inc. -33% Then it happened. Source: Chicago Tribune, January 12, 2008 Consumer Protection Act (BAPCPA), pro- Halfway into the year, the subprime fessionals adjusted to the new norm of At least 20 mortgage lenders mortgage lending market caved, and all out-of-court restructurings. Through the have declared bankruptcy since those complex securities packages backed December 2006. US foreclosures easy credit years, firms diversified their by assets that included mortgages no set a third-quarter record. services to build a broader client base. Source: Bloomberg longer were airtight. The housing market’s deep funk spread as mortgage Trickle-down: The crisis in the Within TMA, membership grew as defaults spiked, home values plummeted, housing market has caused pain and chapters made new alliances with other suffering to secondary industries: fur- and foreclosures spread. Even old guard niture, home furnishings, housing professionals, successfully communicated investment houses could not disentangle products, lumber companies. the breadth of their skills, and estab- Household names like Bombay Co., themselves from the mess, and chiefs at lished new outposts around the globe. Levitz Furniture, and Sofa Express Merrill Lynch & Co. and Citigroup, Inc., have filed for bankruptcy. Whatever looms in 2008, the very nature were shown the door. of turnaround professionals suggests they will be ready. The year came to an end with lackluster holiday sales, oil prices near all-time JUNE 2007 TREND WATCH This 2007 TMA Annual Report highlights highs, rising unemployment, and fear POLL FORETELLS CRASH the accomplishments of turnaround pro- that a tottering economy was headed PROJECTED INCREASE IN fessionals who have devoted their ener- toward recession. DEBT DEFAULTS gies to building an international professional community dedicated to Other Indeed, six out of 10 respondents in the 4% corporate renewal and turnaround man- 2009 or later Turnaround Management Association's 13% Last half of 2007 agement. As it approaches its 20th 20% annual Trend Watch poll on the state of anniversary year in 2008, the TMA is the turnaround industry reported now more than 8,000 members strong inquiries, engagements, and revenues Last half of 2008 and continues to advance its mission: 23% had increased at least 10 percent in the 1st half of 2008 “To serve the needs of participants from 40% past 12 months. Seventy percent report- all disciplines by building awareness of ed an uptick in inquiries from banks and the corporate renewal industry, promot- TMA respondents to a June 2007 Trend lenders, up from 57 percent in 2006, Watch poll nailed it. Sixty percent said ing high standards of practice, fostering evidence of the widening impact of the by mid-2008, there would be a signifi- the professional development of and cant increase in debt defaults. credit crunch. enhancing the image of TMA members.”

Turnaround professionals demonstrated their nimbleness in the face of economic vagaries, employing the skills they use every day to manage crises on the job. Following the 2005 passage of the

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Chapters Easter Europe China HongLicensing Kong Emerging Markets Educational ...... Growth Debt Certification Opportunity Brazil Weak U.S. Dollar International Chapters ...... Easter Europe China Hong Kong EmergingLicensing Markets Educational Growth ...... Investors Russia India ...... Globally Debt Certification Opportunity Brazil Weak U.S. Dollar International Engaged Expansion Top European Business Headlines of 2007 Chapters Source: Business Week. Easter Europe 1. Credit Crisis 2. The A380 Flies in a Tough Year for Airbus China 3. The iPhone Lands—and Europe Responds Hong Kong 4. The Troubles at Alcatel-Lucent 5. The Demise of DaimlerChrysler Licensing 6. Changing of the Guard at Siemens Emerging Markets 7. Energy—and Alternatives 8. High-Tech Antitrust Educational 9. Climate Change and Carbon Awareness Growth ...... Investors Russia India

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International Chapters

Across the globe, the business of turnaround and corporate restructuring “Astute and well- gained credibility in 2007. positioned players [can] assist companies…that A groundbreaking Enterprise Bankruptcy Law of China applying to a broad lose their swath of insolvent entities took effect. Distressed investors flocked to Europe in search of new vistas as the greenback withered and the U.S. subprime footing as mortgage crisis grew. Emerging markets in Brazil and elsewhere hummed. the world flattens. The Even the sturdiest global markets began to see signs of trouble as the year separation wore on and credit casualties on the U.S. front mounted. Local governments between in Australia raised concerns about potential losses from mortgage-backed foreign and domestic is investments. European banks broke into a cold sweat as the value of corporate loans and bonds began to melt. News photos of customers clamoring for becoming less relevant in their savings during the run on Northern Rock Plc reflected a state of alarm. the face of powerful global economic trends With looming uncertainties, TMA International Chapters are preparing that make no such dis- themselves for a future that appears primed for the skills turnaround and tinction.” insolvency professionals offer. Linc Rogers, Toronto/Chicago Australia Special Olympics teams traveling to Midwest Chapter, Blake, Cassels and Graydon LLP Fresh from its 2006 win as Most Improved China. More than AUD $170,000 was Chapter of the Year, the Australia Chapter raised. The chapter also contributed to established new satellite groups, improved Legacy Australia, which provides support governance procedures, set goals for con- for families of soldiers lost in action. tinuing education and more in a water- shed year for accomplishment. Finland The Finland Chapter’s first conference in Established in 2003, the chapter expand- 2007 attracted government officials, ed and a new Western satellite chapter industry professionals and media atten- joined those in New South Wales, tion. Victoria and Queensland. Overall membership grew from 143 to 216. “The two-day conference raised awareness about TMA as we hoped it would (L-R) 2007 Australia Chapter President Schon Condon, Jane Flemming, The chapter also improved governance and served as a great opportunity to and 2008 incoming President Ian procedures, developed a strategic plan, meet other professionals who in their Johnson pose as a chapter event wraps up. appointed an external accountant and work come in contact with distressed tax agent, set goals for continuing edu- companies and other turnaround-related cation, and updated its constitution. It issues,” said 2007 President Jari Pirinen. also launched a website and made plans to revamp its newsletter. State Secretary Anssi Paasivirta from the Ministry of Trade and Industry spoke “When one considers the number of about the effect of the global economy members and the age of the organization, and turnaround management on Finnish it is clearly visible that we ‘punch well businesses, while Bankruptcy above our weight,’ ” said Schon Condon, Ombudsman Eeva Arko-Koski from the At the end of the turnaround man- 2007 chapter president. Ministry of Justice discussed the new agement seminar, (L-R) Antti Paasio, Finnish Restructuring of Enterprises Act. professor, Business Research and Development Centre, Turku School of TMA International President William E.J. The chapter’s Special Olympics Economics; Hannu Ylönen, Finland Sportsman’s Luncheon in Sydney drew Skelly discussed turnaround management Chapter vice president; and Jari 550 members and guests. It was followed trends in North America, and several Pirinen, Finland Chapter president, by encore events in Melbourne and attorneys made presentations on practi- take a moment to relax. Brisbane to defray travel expenses for cal issues of restructuring. The business

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International Chapters

newspaper Kauppalehti wrote about one professional known for the breadth of of the presentations and featured Pirinen his turnaround experience. Attorney on its front page. Tadashi Shimizu is associated with the restructuring of Kohjin Co., Ltd., Giken The 72-member chapter appointed Kogyo Co., Ltd., Tada Corp., Sanwa regional managers to make sure informa- Buildings, Terukuni Marine Shipping tion reaches members in all points of the and Kanasashi Shipbuilding. In a presen- country, which is about the size of New tation, he discussed core turnaround York, New Jersey and the New England principles and their social significance. region combined. The chapter also The event also covered the turnaround updated its website and made plans to of Tohato, Inc., an established confec- launch a free telephone helpline for tionery manufacturer that filed for bank- TMA France President Anker small businesses in the next few years. ruptcy protection through the Civil Sorensen (left) welcomes Howard Brod Brownstein, CTP. Rehabilitation Law. Kenichi Kiso, a part- France ner of Unison Capital, Inc., discussed The France Chapter learned about the how he shepherded the company's reha- process of establishing a certified turn- bilitation. The chapter reached 113 around professional program in an event members during the year. that featured a TMA Ambassador. Howard Brod Brownstein, CTP, Southern Africa NachmanHaysBrownstein Inc., offered The Southern Africa Chapter saw the some guidelines during a stop he made unveiling of a business rescue bill. while on his international travels. The The draft legislation would provide for a Ambassador program encourages mem- temporary moratorium on the rights of bers to check in with international chap- claimants against an insolvent company, ters while abroad. During that event, the the development and implementation of chapter also dealt with other topics, a financial and operational restructuring TMA Japan President Professor Yoshinobu Konomi (right) presents including the economic forecast and plan, and more. Chapter members have the Turnaround of the Year Award to cultural differences that emerged during weighed in on the process with govern- Tadashi Shimizu. the turnaround of a Swiss subsidiary of a ment officials during the past few years. large U.S. group. They submitted a 65-page document with comments during the government’s Germany Companies Bill conference in March. The Germany Chapter nearly quadru- The 43-member chapter also organized a pled its membership to reach 125 in panel discussion on the new legislation 2007. Two successful conferences that attracted turnaround practitioners, contributed to that milestone. The first bankers, liquidators, lawyers and aca- annual assembly in Düsseldorf was demics. followed by workshops on trends in the German/European restructuring commu- Taiwan nity. The second conference was held in Developments in the U.S. credit land- Berlin. Chapter President Frank Nikolaus scape produced a good turnout for the said the chapter saw high attendance at Taiwan Chapter’s workshop, “Investment TMA Southern Africa Director Professor David Burdette explains the conferences, a result undoubtedly helped and Risk Management of Subprime new business rescue legislation. by the chapter’s establishment of several Mortgages.” working groups. The chapter showed a keen interest in Japan finding out about the necessary precau- Establishing a tradition, the Japan tions to avoid the problems resulting Chapter awarded its second Turnaround from the crisis, according to Chapter of the Year Award in 2007 to a President Dar-Yeh Hwang. The workshop

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International Chapters

Industry professionals and academics at the Taiwan Chapter's Corporate Renewal and Distressed Investing Conference include from left, Gordon Johnson, TMA vice president of international relations, Thomas M.F. Yeh, Taiwan Chapter vice chairman, C.F. Lee, professor at National Chiao Tung University and Rutgers University, Anthony Saunders, professor at New York University and Dar-Yeh Hwang, Taiwan Chapter president and professor at National Taiwan University. delved into the corporate restructuring of An article about the conference was pub- the Far Dragon Stainless Steel Corp. and lished in Business Money magazine. domestic investment strategies and attracted 273 attendees over two days. Other International Chapters Global interest in corporate restructuring At the chapter’s March conference, stirred great interest in TMA. In October “Corporate Renewal and Distressed 2007, the TMA Board of Directors Investing,” keynote speakers included approved new international affiliates in Gordon Johnson, TMA vice president of the Czech Republic, the Netherlands international relations, Eiten Inamura, and Spain. Along with India, each made vice president of the Japan TMA Chapter progress in 2007 toward completing and Anthony Saunders, a professor at requirements to formally affiliate with The Millennium Gloucester Hotel in New York University. One popular session TMA. The Board also pre-approved London was the site of the 2007 dealt with the restructuring of the Reba affiliates in Italy and China, sending a TMA UK annual conference. Group. message of encouragement and good faith to the organizing groups. United Kingdom Instead of concentrating on familiar tech- niques for managing businesses in crisis, the 2007 TMA UK annual conference organized by the 197-member chapter explored ways to institute long-term solutions leading to financial soundness and longevity.

The conference attracted 150 members and guests and a record number of exhibitors to Millennium Gloucester Hotel in London. Speakers included Jon Moulton of Alchemy Partners, James “I had the privilege of attending the Annual Wilding of AlixPartners and Steven Norris Conferences of the UK and Australia TMA of Jarvis Plc, who discussed his role Chapters. It is really amazing to sit in a city during the turnaround of the company’s thousands of miles from North America and building and maintenance group. find that people not only understand what Attendees heard about the impact of the our organization stands for, but also embrace credit crunch, developments in govern- it as the leading association in the field.” ment policy affecting corporate restructuring and turnarounds, the role of William E.J. Skelly, Vancouver attorney and first TMA president from outside private equity players, and more. the United States

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Chapters Easter Europe China HongLicensing Kong Emerging Markets Educational ...... Growth Debt Certification Opportunity Brazil Weak U.S. Dollar Membership InternationalChapters Easter Europe China Hong Kong EmergingLicensing Markets Educational ...... InvestorsGrowth Russia India ...... Locally Debt Certification Opportunity Brazil Weak U.S. DollarEnergized Expansion InternationalChapters Easter Europe...... China Hong Kong EmergingLicensing Markets Educational Growth ...... Investors Russia India

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North American Chapters

TMA North American chapters anchored programs with top names in business, launched scholarship funds and activated new satellite chapters in 2007. Chapter leaders poured their energies into organizing worthwhile programs, fostering networking across professional disciplines, and serving communities outside their business sphere. Impelled by that effort, TMA reached a milestone when its 8,000th member signed up at the TMA Annual Convention in Boston. TMA finished the year with 8,304 members, up from 7,683 in 2006.

Alabama Leaders met regularly to discuss and Spawned by a need to serve professionals review chapter finances and a monthly working with distressed businesses, the budget review process was put in place. Alabama Chapter made its debut in The 136-member chapter revamped its 2007. Its members include attorneys, sponsorship program, and appointed a lenders, investment bankers, financial new programming chair for 2008. advisors, accountants, and auctioneers. California [Northern] The chapter’s first event in September The Northern California Chapter’s near centered on the turnaround of sellout events included keynote presenta- HealthSouth, one of the nation’s largest tions by Richard Kovacevich, Wells Fargo healthcare providers. Executive Vice & Co. chairman, and New York President, General Counsel and Secretary University’s Stern School of Business John P. Whittington spoke to a crowd of Professor Edward I. Altman. A panel pres- John P. Whittington of HealthSouth nearly 60 guests, including TMA mem- entation by debtor and creditor represen- discusses the company’s rebound bers from Georgia, Florida and tatives in the Legacy Wine Group before a rapt audience during the Tennessee. bankruptcy case also left few empty seats. Alabama Chapter's first official event.

“The excitement and interest generated The 152-member chapter reached 100 per- by the success of the event led to the cent of its goal and reaped rewards from recruitment of several new members and “better definition and articulation of its increased registrations for future events,” objectives with respect to the local busi- said 2007 Chapter President Steve ness community,” according to 2007 Alexander. Chapter President Russell K. Burbank, CTP.

The 86-member chapter was officially California [Southern] welcomed to the TMA network during The Southern California Chapter looked the 2007 Annual Convention in Boston. to the headlines in organizing its educa-

tional programming slate, one of the ini- Arizona Chapter members enjoy an Arizona tiatives that earned it the 2007 Most evening of jazz and holiday celebra- “A Perfect Storm of Financial Disaster,” Improved Chapter of the Year Award. tion at the Wrigley Mansion in December 2007 during a mixer with the Arizona Chapter’s November pro- the Association for Corporate Growth. gram on the local real estate market, A breakfast program on the subprime lend- stirred up a crowd of more than 140. ing industry was especially relevant in a market in which companies such as New “Fifty-five percent of attendees were non- Century Financial played central roles in members,” said 2007 Chapter President J. the housing meltdown. A program on Dale Belt, CTP, who sent follow-up letters Southern California’s hospital system cov- to invite them to join TMA. “We have ered unique legal issues facing hospitals in steadily increased our membership. I bankruptcy and exit strategies. believe this is because of the quality programs and networking events open to For the second year, the 310-member nonmembers.” chapter joined the Commercial Finance

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North American Chapters

Conference of California and the panel illustrated how corporate leaders Association for Corporate Growth to should (and should not) behave in given present a half-day seminar on financing business situations, according to 2007 and restructuring trends. “Turnaround President-Elect Sandra Abitan. The chap- professionals need to know the lenders, ter also held an equity forum, an eco- the dealmakers,” said 2007 Chapter nomic forecast seminar, a cocktail event President Mette H. Kurth. “The event and a holiday party. was a nice cross-pollination for the organizations.” Canada [Toronto] The Toronto Chapter’s 2007 Newsmaker Other joint events with the International Dinner again produced headlines when Women’s Insolvency Restructuring former U.S. Secretary of State Colin Confederation resulted in the formation Powell delivered the keynote address. of the chapter’s new diversity committee. Powell’s discussion about global trends For the fifth year, the chapter presented and the importance of leadership and The Southern California Chapter’s its Night of Excellence Charity perseverance in the face of threats annual Night of Excellence charity Networking Event at the Petersen attracted 408 attendees to the Royal York networking event is the brainchild of former Chapter President Michael Automotive Museum. Co-sponsors Hotel, the most ever for the dinner. Cavan, CTP, MC of the 2007 event. include the Los Angeles Venture Other dignitaries present included Association, the Association for Ontario’s Attorney General Chris Corporate Growth, the Commercial Bentley, Brigadier General David Fraser Finance Conference of California, the of the Canadian Armed Forces and Los Angeles Bankruptcy Forum, and the prominent judges. Association of Insolvency and Restructuring Advisors. More than 300 “The Newsmaker Dinner featuring Colin turnaround managers, financial advisors, Powell as keynote speaker was a smash- bankers, equity sponsors and practition- ing success and capped off a very suc- ers attended, and nearly $20,000 was cessful year for the Toronto Chapter,” raised for the City of Hope, a biomedical said 2007 Chapter President Gary research and treatment institution. Franko. “Our diversified and broad-based programming brought near record atten- A joint holiday program with the Los dance to all our events and resulted in a Angeles Bankruptcy Forum and the 50 percent increase in the chapter’s Financial Lawyers Conference had more sponsorship dollars.” than 175 registered guests, including every judge from the Central District of The 320-member chapter held its ninth California. Money raised supported local annual symposium titled, “Corporate pro bono organizations. Governance - Where Do Our Duties Lie?” a newly established Lunch & Learn Canada [Montreal] session and numerous networking The Montreal Chapter’s April education- events. The chapter also sponsored a al seminar, “Enronomics: The Causes Habitat for Humanity event for its mem- Chatting with former U.S. Secretary And Costs of Unethical Management,” bers and worked on a proposal to sup- of State Colin Powell are from left, Junior Del Brocco, Alex Jurshevski ranked among the year’s highlights for port the Regent’s Park Initiative, a and the Right Hon. Judge Geoffrey the 79-member chapter. Experts from revitalization plan for a low-income Morawetz at the Toronto Chapter Newsmaker Dinner. various disciplines discussed the inter- neighborhood. play of business ethics, leadership, self- interest and greed in the boardroom. Carolinas Using clips from the documentary, The Carolinas Chapter capped off the Enron: The Smartest Guys in the Room, the year with a holiday party in NASCAR

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North American Chapters

territory. The joint event with the tapped into the news, so he can plan a Commercial Finance Association includ- full schedule of meaningful events,” ed a riding tour of the 1.5-mile-long Blutter said. Lowe’s Motor Speedway and a Toys for Tots drive. The chapter held its first women’s networking event and attracted interest The year also brought high-profile speak- from private equity and specialty finance ers to chapter educational programs, professionals in the region. Carolinas Chapter members and including Sheila Kahanek, the only guests enjoy the festivities at Lowe’s defendant in Enron’s Nigerian barge trial “Networking at the Yards,” an event held Motor Speedway. to be acquitted. The International each year at Camden Yards, attracted Women’s Insolvency and Restructuring members and guests from the local area, Confederation Carolinas Network co- as well as Philadelphia, New Jersey, and sponsored the event. New York.

The impact of trends among the Big Colorado Three automakers on Southeast auto sup- Encouraging board accountability over pliers was the basis of the “Detroit chapter activities, retaining an effective Comes South” program. The South chapter administrator, and increasing a Carolina attorney general’s white-collar base of sponsors helped the 162-member criminal case against Home Gold Inc. Colorado Chapter reach 109 percent of was discussed at another event. its membership goal. (L-R) Philadelphia Chapter Member Bill Blenderman, Board Member The 180-member chapter offered activi- “As a result of these concerted efforts, Valerie Ianieri and President Paul Blutter, both from the Chesapeake ties in major centers, including we have experienced membership Chapter, strike a happy pose at the Charlotte, Greensboro and Raleigh, N.C., growth and better retention of existing Networking at the Yards event. and Columbia and Greenville, S.C. members,” said 2007 Chapter President Mark J. Gustafson. “We believe that our Chesapeake chapter’s transition from start-up mode The Chesapeake Chapter exceeded its to stable mode is our top accomplish- membership goal in 2007 to reach 124, ment.” and it wasn’t by accident. The chapter’s third annual corporate “It is a reflection on the hard work that restructuring workshop featured panel the board and the chapter’s members are discussions and a case study on real putting into the chapter,” said 2007 company events prepared by members. Chapter President Paul Blutter. “We The 2007 review of “Abbott and Costello spend considerable time and effort reach- Aviation” covered the travails of an (L-R) Mark Gustafson, Colorado ing out to the turnaround community unnamed aerial firefighting company Chapter president, and Greg Dickey, and recognize the changes in the envi- for 75 attendees at the University of board member, address the audience at the Corporate Restructuring and ronment.” Denver (DU). Loan Workout Seminar.

The April educational panel, “Distressed Members spent two weeks teaching a Investing Opportunities and Turnaround restructuring unit in board member and Services in the Real Estate Industry,” fea- DU Finance Professor Ron Rizzuto’s class tured speakers from Tranzon Fox, and led students through a mock work- Havenwood Capital Markets and out exercise. Members also reviewed 68 Mercantile/PNC Commercial Real Estate. applications and interviewed DU stu- “Our new VP of Programs Michael dents competing for a $6,000 scholarship Sandnes is always hard at work, speaking established by the chapter. One scholar- to people in the industry and staying ship was awarded.

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The second annual golf tournament in Center Hospital. A joint event with the July made it possible for the chapter to New York Institute of Credit took place donate $8,000 to founding board over two days at the Mohegan Sun member Steven Hill, who was diagnosed Casino and Resort. Beyond golf, spa with a brain tumor and passed away late services, a cocktail reception and meals, in the year. members and guests heard top-notch panels led by bankruptcy judges from Connecticut New York, Connecticut and New Jersey. The Connecticut Chapter pushed past its More than 200 professionals attended, membership goal in 2007 and declared and the event generated a cash surplus mission accomplished on three more: in excess of $20,000 that supported presenting locally relevant topics, other programs during the year. expanding its footprint and organizing Noel Boeke (center), 2007 Florida one special event to remember. The chapter registered 10 new members Chapter president, accepts the Chapter of the Year award from 2008 to total 148. “The Connecticut TMA TMA Chairman Bill Skelly (left) and Panel discussions focused on M&A activ- Chapter’s ability to execute upon our 2008 TMA President Arthur three stated goals clearly enabled the Perkins. The Florida Chapter has ity among firearm companies and the grown over the past seven years from residential lending crisis, as reflected in chapter to increase membership in a rel- 50 to 300 by having events in five the plight of Mortgage Lenders Inc., one atively calm year for actual bankruptcy locations throughout this large state. of the first subprime lenders in the state filings,” said 2007 Chapter President to declare bankruptcy in 2007. Robert Rakowski. “We look to 2008 to The Southern California Chapter, build upon these accomplishments to headed by 2007 President Mette Kurth, earned Most Improved With the state being a hub for banking, further grow the membership and pro- Chapter. It re-energized the corporate hedge funds and private equity finance, vide great events.” renewal community in its area, the chapter also hosted programs on adding new, young practitioners to its ranks. distressed debt funds and poisoned port- Florida folios in the credit markets. Comple- Just off its 2006 honorable mention win menting those were three educational in TMA’s Chapter of the Year category, programs on out-of-court restructurings, the Florida Chapter finished what it manufacturing turnarounds and fraud. started, to earn the 2007 Chapter of the Year award. The chapter also hosted a joint cocktail party with the International Women’s The chapter maintained its high profile Insolvency and Restructuring Confed- in 2007 by hiring a public relations firm eration and a panel called “Good Deals that helped produce more local media Gone Bad” sponsored with the coverage, including an article in The Association for Corporate Growth. Florida Times-Union.

The chapter expanded its base for events A new sponsorship program provided from New Haven along the southern funds for use at the chapter’s discretion. shoreline to Hartford, in the central part “We like the flexibility this seed capital of the state, and Fairfield, in the south- affords us to fly in a name speaker or to west part of the state. The Wadsworth fund our turnaround education initia- Atheneum, the new Connecticut tives,” said 2007 Chapter President Noel Convention Center, and the Milford Boeke. Yacht Club were among new meeting places. The chapter’s annual golf tournament marked the debut of the chapter’s first The chapter’s annual charity golf event 13-Week Cash Flow seminar. It was held produced a donation of more than before the traditional cocktail reception $5,000 to the Connecticut Children’s the night before the tournament. The

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event attracted 100 people and raised Gibbons who discussed the chain’s $11,000 for the 303-member chapter. restructuring and underscored the importance of building customer loyalty The chapter presented two $2,500 fel- and planning for long-term value after lowships for University of Florida’s the turnaround. Fisher School of Accounting students during its “When Everything Goes Wrong” turnaround case study seminar. Illinois [Chicago/Midwest] The Chicago/Midwest Chapter estab- The chapter covered membership costs lished a nonprofit scholarship fund, for 10 students, most employed as unveiled two new educational programs summer interns in bankruptcy law and served as a chapter host for a new practices. “In 2008, we plan to sponsor regional conference on top of more than several turnaround programs at other a dozen other activities in 2007. Florida universities and with Enterprise Florida, Florida’s public-private organiza- The TMA Chicago/Midwest Chapter tion devoted to statewide economic Memorial Scholarship Foundation was development,” Boeke said. “With established to honor deceased chapter Florida’s depressed real estate market members and recognize members and offering unprecedented turnaround nonmembers who have made significant opportunities, we hope to brand Florida contributions to the industry. The 1,082- TMA as the ‘go-to’ source for turnaround member chapter raised nearly $60,000 and restructuring advice,” he said. for the foundation through its charity golf outing and a matching challenge Georgia [Atlanta] grant from Lake Pointe Partners. The Securing a former vice presidential can- first scholarships will be awarded to didate who made history was just the college-bound high school students in start of a public relations bonanza for the 2008-2009 academic year. the Atlanta Chapter. The chapter also introduced new pro- The chapter’s cocktail reception with grams apropos of trends in the market: Geraldine Ferraro got a reporter interest- “Hedge Funds Unwrapped,” cosponsored ed in finding out more about the turn- with the Chicago Chapter of the around management industry. The Association for Corporate Growth, aimed Atlanta Business Chronicle later published to demystify the industry and its strate- a six-page profile titled “Turnaround gies. Of more than 325 professionals in Management: Navigating Troubled attendance, roughly a third were guests. Waters.” The debut of “The Nuts and Bolts of Buying and Selling Distressed “In the face of declining enrollment, we Companies” workshop sold out with 90 decided to really improve the quality of attendees. The Atlanta Chapter scores a splash in our programs and speakers,” said 2007 the Atlanta Business Chronicle. Chapter President Bruce Sim. “And, the Of all the chapter events, 2007 President Ferraro event attracted media attention, Lisa Johnson named the inaugural Mid- which precipitated a special newspaper America Regional Conference as especial- section, which precipitated sold-out ly notable. The chapter co-hosted the chapter events, which precipitated event, along with the Detroit, Upper higher membership.” Midwest, Missouri and Ohio chapters. “Not only was the attendance good, but The chapter anchored another event it attracted people who don’t typically with former Burger King CEO Barry attend a national conference,” she said.

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“The educational sessions were very each other. “The purpose was to learn well-attended from beginning to end.” more about each other’s businesses and practices, and the event was extremely The chapter’s pro bono committee assist- well-received,” Liuzza said. ed both a machinery company on the rebound after suffering losses from an Michigan [Detroit/Grand Rapids] embezzlement scheme, and a nonprofit The Detroit Chapter shepherded the organization that needed to reexamine Grand Rapids satellite chapter into exis- its client base and develop new market- tence in 2007, and then the offspring ing tools. made a splash of its own.

Chicago/Midwest Chapter members For the second consecutive year, chapter The satellite chapter was featured in a sing along to the music of Barry members volunteered for a telethon to Michigan Business Review article, “Rescue Manilow and Olivia Newton-John when the phones aren't ringing at the raise money for a public television sta- Rangers for Distressed Companies,” WTTW Telethon. Ten volunteers, tion. Volunteers also spent an evening which introduced the new board led by including Michael Ban, Mike Baratta, reading books and making crafts with CTP, Tom Bednar, John Hausmann, David Distel. Diane Meister, Mark Hoffman, Mike children and their families at a nonprofit Paulsen, Tony Stonitsch, Jim Vargo, social service agency. Overall, the chapter reached 333 mem- and Eric Von Bauer, are all smiles even after braving a storm to get bers, 120 percent of its goal. To keep all there. Louisiana those members happy, the chapter met With pressure to produce swifter turn- requirements to offer continuing profes- arounds, industry professionals need to sional education credits for CTPs and know about mediation, a tool that great- CPAs. ly expedites the settlement of lawsuits. The Louisiana Chapter’s program on that “Local firms have supported the CTP topic was one of its best in 2007. program,” said 2007 Chapter President Michael Hausman, CTP. “The Detroit “There’s a growing number of mediation CTP exam courses have been very suc- firms in the area,” said 2007 Chapter cessful, and as a result, Detroit has one President Vince Liuzza, CTP, recalling the of the highest number of CTPs in the program that featured a former bankrupt- country.” cy judge-turned mediator along with a principal of the largest mediation firm in The chapter’s third annual automotive Louisiana Chapter Board Member the Southeast. “It was a terrific service for conference organized with the Federal Rick Blum (left) and Past President our chapter to enlighten people on this.” Bar Association generated its own media Hank Arnold (right) welcome 2007 coverage with headliner Jerry York, Governor-Elect Bobby Jindal at a program centered on his plans for A joint lunch meeting with the Associa- former CFO of Chrysler and IBM, who the state. tion for Corporate Growth focused on also served on GM’s board. Judge the turnaround of McDermott Interna- Stephen Rhodes and University of tional, a case complicated by environ- Michigan Law Professor James White mental issues. Piccadilly Cafeteria chain, debated the merits of different purchased by a private equity firm after bankruptcy venues, and panelists dis- emerging from Chapter 11, was the topic cussed auto supplier issues. The half-day at another program. Edward Blakely, program attracted 235 members and New Orleans’ recovery czar, updated guests. members on the city’s post-Katrina rebound. The chapter’s annual golf outing raised $2,500 for the University of Detroit The 35-member chapter ended the year Mercy’s Business Turnaround with a dinner in which attendees Management Program, which members described their businesses and got con- helped develop. structive feedback on how to market to 14 281175_tma 7/3/08 1:35 PM Page 18

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Minnesota [Upper Midwest] Nicholas A. Franke, “and we will use it In a year that ended in credit market to benefit a different charitable program turmoil, the Upper Midwest Chapter each year.” gave its members a chance to learn more about hedge funds and their impact on The 90-member chapter, which draws the local market. professionals from Kansas City and St. Louis, offered more networking events “It was very timely in our marketplace and educational programs such as “The based on the recent turn of events in the Changing World of Deepening economy nationally,” said 2008 Chapter Insolvency.” It implemented a sponsor- President Brian J. Klein. ship program and served as a host chap- Keynote speaker Jerry York is flanked ter of the Mid-America Regional by Detroit/Grand Rapids Chapter offi- The panelists included 2007 TMA Conference. cers, David Priestley, left, and Chuck Moore, right. Chairman Colin Cross and former TMA Chairman Martin McKinley. Nearly half Nevada of the more than 50 guests in atten- In its second year as a full-fledged TMA dance were first-time attendees. chapter, the Nevada Chapter increased membership from 36 to 59 and saw The chapter also saw good attendance good results from programming. and media coverage on its program featuring members of the Itasca Project, a The documentary, Enron: The Smartest group of top executives and government Guys in the Room, anchored a program leaders in the Twin Cities region devis- on business ethics and abuse of corpo- ing ways to improve the local business rate governance. Panelists included the climate and quality of life. A young pro- Hon. Bruce A. Markell, from the U.S. fessionals group was started, and the first Bankruptcy Court for the District of annual Mid-America Regional Confer- Nevada; Nancy Rapoport, professor of ence utilized the resources of the chap- law at the University of Houston Law ter, as well. Center; and Jeffrey Shaw, chief executive of Southwest Gas Corp. A flier for the Upper Midwest The 181-member chapter collaborated Chapter's Wine Tasting and Silent Auction presents the schedule for an with the Risk Management Association “While they certainly serve as network- evening of networking and elegance to organize a Wine Tasting and Silent ing functions for our membership, for a good cause. Auction that raised about $5,200 for monthly programs must also serve as St. Joseph’s Home for Children in significant added value to our members’ Minneapolis. body of business knowledge and be applicable to their daily business,” said Missouri 2007 Chapter President Lanis O’Steen. The Missouri Chapter’s annual golf tournament in 2007 took on a special For its pro bono project, the chapter purpose after the sudden death of a helped Lied Animal Shelter with man- chapter member at age 41. Members agement issues. raised about $7,800 through sponsorships and partnerships to help Bobby New Jersey Tun’s family. An asset-based lending The New Jersey Chapter joined the officer in the Midwest, Tun was recalled Association for Corporate Growth to in the chapter newsletter as a profession- welcome a 2006 TMA Mid-size Company al who “never met a stranger and was Turnaround of the Year Award winner always there to help.” who put profits back into a slipper business. Pittsburgh Chapter member “We transformed this event into a chari- Margaret Good, CTP, discussed her work ty event,” said 2007 Chapter President in the turnaround of R.G. Barry Corp., 15 281175_tma 7/3/08 1:35 PM Page 19

North American Chapters

The Dearfoams ® Company. It was a versity after its business school attained highlight in a year in which the 222- accreditation from a global body. member chapter reached 108 percent of its goal. The 117-member chapter also strength- ened ties with other professional groups “With the offer of free admission to our through educational programs. Leslie January holiday party to those who had Berkoff, chair of the International paid membership in full, we enjoyed the Women’s Insolvency and Restructuring benefits of an early membership drive,” Confederation, spoke at one event, and Nick Jalowski, CTP, New Jersey said 2007 Chapter President Karen Wanda Borges, chair of the Commercial Chapter vice president of education, left, and Karen Giannelli, New Jersey Giannelli. “We improved it further Law League, spoke at another. Chapter president, third from left, throughout the year, due in part to the welcome keynote speaker and TMA continuation of our popular statewide The chapter reached a milestone for 2006 Turnaround of the Year Award winner Margaret Good, CTP, second small networking breakfasts, as well as charitable donations through its annual from left. Also present are Heidi our sponsorship program enticements.” golf outing at Indian Hills Country Club Shore and Mark Kuehn, both from in Fort Salonga and annual Toy Drive the Association for Corporate Growth New Jersey Chapter. The chapter served as one of the host holiday party. chapters of both the Mid-Atlantic Regional Symposium and the Northeast New York [New York City] Regional Conference and collaborated The abrupt turnabout in the credit mar- with the New York City Chapter on a kets had guests streaming through the NJ/NY certification program. doors of the Roosevelt Hotel for the New York City Chapter’s first annual The chapter improved corporate gover- Distressed Capital Connection, an event nance procedures and laid groundwork co-sponsored with the Association for for a TMAssist workshop and an educa- Corporate Growth. tional program on Enron. Enjoying the holiday party are (L-R) Stephen Mischo, Long Island Held in September just months after Chapter board member; Mike The chapter’s annual golf outing raised the credit meltdown, the conference pre- Matlat, 2007 executive vice presi- money for the St. Peter’s Village orphan- sented Gene Sperling, Senior Fellow for dent; Hernan Serrano, 2007 chapter age, which has purchased computers and president; and Jeffrey Wurst, chapter Economic Policy at the Council on board member. other items as a result of the chapter’s Foreign Relations. support. “There were 400 attendees with many New York [Long Island] from private equity firms and hedge The Long Island Chapter welcomed into funds who don’t usually come to TMA its ranks business students from Adelphi events,” said 2007 Chapter President University’s School of Business and Jordan W. Siev. “We view this event as a launched a paid internship program. way for TMA to continue to be at the MBA and undergraduate students forefront on the issues affecting our interned at valuation, turnaround and members, in this case the rapid change in other chapter members’ firms. the credit markets, and a way to increase networking potential at TMA events.” Michael Imber, New York City “Students were very excited to have the Chapter vice president of programming, far left, and Jordan Siev, chap- opportunity to experience firsthand Dr. Edward I. Altman of New York ter president, far right, mingle with what the turnaround and restructuring University’s Stern School of Business and speakers, Gene Sperling, Senior world is like,” said 2007 Chapter TMA’s Academic Advisory Council gave his Fellow for Economic Policy at the Council on Foreign Relations, and President Hernan Serrano. “We offered a annual talk on high-yield and distressed Peter Schiff, president of EuroPacific unique experience that was not available debt markets at the start of the year. Capital, Inc., at the debut of the first to students prior to our chapter’s The 918-member chapter sought to annual Distressed Capital Connection conference. involvement with the university.” The recruit more women and young profes- chapter also donated $1,500 to the uni- sionals by hosting a wine/food tasting in 16 281175_tma 7/3/08 1:35 PM Page 20

North American Chapters

a famed chef’s kitchen and its fifth the chapter’s website. The “Members On annual billiards night. the Move” section logs updates on significant cases and engagements and new The chapter also began organizing cash business and fund launches. flow/modeling seminars for 2008. “We changed and improved in a few New York [Upstate New York] ways during 2007,” said 2007 Chapter With an eye to grooming future industry President Scott Fiore. “We put a stake in professionals, the Upstate New York the ground to offer up continuing edu- Chapter ushered in its first university cation for our members. We went about affiliate in 2007. that very simply. We decided to host an annual ‘free lunch’ for members (non- 2007 Upstate New York Chapter President David Fiegel prepares for a The student-run chapter at the State members welcome, but have to pay for meeting with Snigdah Sharma, one University of New York Buffalo opened admission) during which a selected topic of the chapter’s student members who is studying for an MBA at the to MBA students in the fall. The chapter would be discussed. This year was alter- State University of New York at routinely welcomes business and law natives to Chapter 11. We are still refin- Buffalo. students to meetings and events free of ing the idea for 2008, but it is just one charge during the year and awards three small way that we have improved the $1,000 scholarships to winners of an value proposition for our members.” essay contest during its annual Student Night. The 2007 event attracted a record The chapter’s annual Asset-Based number of college and university stu- Lending Panel in March attracted more dents and media coverage. than 225 attendees to hear leaders in Boston’s financial community. Members “This is an effort to broaden TMA’s expo- unwound during the daylong Beanpot sure in the marketplace and introduce 2007 tournament, pitting hockey squads students to the many aspects of business from Boston College, Boston University, The TMA Northeast Chapter enjoyed related to the turnaround industry,” said Northeastern University and Harvard. a New England tradition at the 2007 Beanpot, a hockey match among Through its annual golf charity outing, 2007 Chapter President David Fiegel. Boston College, Boston University, the chapter raised nearly $50,000 for Northeastern University and Harvard. The 97-member chapter earmarked a two inner-city schools and a women’s From left to right are Mike Toner, chapter member; Rick Mikels, a chap- shelter. percentage of annual revenue to support ter board member; Sam Daume; and regional causes and donated $2,000 to Edward Krayer, a chapter member. the Erie County Food Bank to replenish Northwest supplies after a storm. The chapter also The 259-member Northwest Chapter adopted a plan for pro bono assistance instituted a scholarship program to pay projects targeting nonprofit organiza- tribute to Mark Paben, whose untimely tions. passing last year robbed his Seattle law firm, K&L Gates, and the region of a Northeast much loved and respected bankruptcy The 524-member Northeast Chapter attorney, according to 2007 Chapter redesigned its website in 2007, offering President Conrad Myers, CTP. easy access to job leads for members and news about professional advancement. A $1,000 scholarship will be awarded to university students who are children of The chapter’s Career Opportunities chapter members. “Mark had an early Program (COP), launched in December pioneering role in convening insolvency on www.tmanortheast.org, announces job practitioners from both sides of the opportunities offered by sponsors and border to discuss cross-border insolvency companies that employ members. Those law and was a pioneer for professional looking for work or needing to fill posi- legal education,” Myers said. tions can check 12 monthly listings on 17 281175_tma 7/3/08 1:35 PM Page 21

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Chapter members mingled at the A pre-holiday party business workshop September Cross-Border Regional focused on economic trends affecting the Conference, which drew professionals turnaround industry and included break- from all points in the chapter’s foot- out sessions on enterprise valuation, print: Oregon, Washington, Alberta, and deepening insolvency and professional British Columbia, as well as other parts liability. The 11th annual golf outing was of the country. held at the Mayfield Country Club.

The conference, held at Portland’s chic Philadelphia Heathman Hotel, presented panels on The Philadelphia Chapter paid tribute to

2007 Northwest Chapter President restructuring trends affecting the the son of former TMA International Conrad Myers, CTP, and John region’s prominent industries, including Chairman Thomas D. Hays, III, CTP, Rizzardi, former TMA chairman and forest products and alternative energy. honoring the fallen firefighter and rais- Northwest Chapter president, enjoy a relaxed moment at Elk Grove Vineyard Featured speakers were J. Isaac, senior ing $20,000 in scholarship dollars for during the Cross-Border Regional vice president for business affairs of the volunteer firefighters. Conference. Portland Trailblazers, and Toby Martin, president of Calpine Canada, who dis- The Monte Carlo Night fundraiser, pro- cussed the company’s mega cross-border moted on a Comcast Newsmakers cable insolvency case. television program that featured 2007 Chapter President Randy Siegele, attract- Ohio ed 125 members. The 320-member chap- The Ohio Chapter ramped up outreach ter met its membership goal, posted an to professionals under 40 years old. Its 85 percent renewal rate, and made first social networking event in 2007 was progress reaching out to women and open to nonmembers and billed as a young professionals. Activities included way for young professionals to network networking with the Pennsylvania Bar with those outside their usual orbit. Association’s Commission on Women in the Profession, Younger Women’s Task Another highlight for the 215-member Force, National Association of Women chapter was a presentation on ethics by Lawyers and Flex-Time Lawyers; a recep- someone who learned the hard way. tion and museum tour at the Franklin Patrick J. Kuhse, the former stockbroker Institute’s “Tutankhamen and the and entrepreneur indicted on 32 felony Golden Age of the Pharaohs” exhibit; counts including bribery, money laun- and an evening of good food and con- dering and conspiracy, headlined the versation at Dolce, a popular Italian program, “From Prominence to Prison: restaurant. Why Smart People Do Dumb Things.” The chapter, along with the Chesapeake Other programs drew from the year’s and New Jersey chapters, hosted the news headlines on the credit crunch and TMA Mid-Atlantic Regional Symposium the subprime mortgage meltdown. The at the posh Borgata Hotel and Casino. Hon. Kay Woods from the U.S. The chapter also organized a breakfast Bankruptcy Court offered a refresher on panel on “The Evolving Role of the pre-petition indemnity contract clauses Turnaround Professional,” moderated by Ohio Chapter Member Bryan Farkas and post-petition litigation fees during Judge Kevin J. Carey, and co-sponsored (center) talks about chapter activities with a few prospective members. another event. the third annual Wharton Restructuring Conference at the University of Pennsylvania.

The chapter earmarked $5,000 for scholarships to accomplished students in the MBA program at Temple University and 18 281175_tma 7/3/08 1:35 PM Page 22

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Philadelphia Chapter members and guests gear up for the annual golf outing in September.

those graduating from any Philadelphia the expertise of representatives from high school. Temple students also could Keen Consultants LLC, Duane Morris vie for a $1,000 prize in the chapter’s LLP, MorrisAnderson and NatCity annual case study competition. Investment Banking Special Situations Group. The chapter also organized pro- Through its fourth annual networking grams for professionals charged with dinner, the chapter collected $10,000 workouts, lending and dealmaking. for the Make-A-Wish Foundation of Philadelphia and Southeastern Pennsyl- The 85-member chapter held its fourth vania, which satisfies wishes of seriously annual golf outing at the Fox Chapel ill children. Proceeds from the 11th Golf Club. annual golf outing included $2,500 for the Mission for Educating Children with Tennessee Autism. The Tennessee Chapter added a workshop on environmental issues impacting Pittsburgh transactions to its 2007 lunchtime meet- Four bankruptcy judges participated in ing schedule. the Pittsburgh TMA’s “Views from the Bench” program in November. “Environmental issues are coming up more and more in all types of business The speakers were Hon. Thomas P. transactions,” said 2007 Chapter Agresti, Hon. Jeffery A. Deller and Hon. President Don Weathers. “We want to M. Bruce McCullough, all from the bring in new topics of discussion that Western District of Pennsylvania, and members are affected by, so we branched Hon. Patrick M. Flatley from the out.” Northern District of West Virginia. That meeting and others on lending and “With every program we present several the economic forecast helped the chapter high-quality name speakers, whether a finish the year with 69 members. The leader in the practice area, an expert on chapter retained its chapter administrator a particular subject, or a bankruptcy and made the position permanent. judge,” said 2007 President-Elect James “Deborah Liles has been phenomenal,” Van Horn. “We continue to grow, and Weathers said. “We wanted to utilize her maintaining our quality programming talent for the long term.” remains one of our top priorities.” Texas [Central] McCullough also joined a panel called One of TMA’s longest-running chapter “Asset Acquisition Issues in Turnarounds presidencies ended in 2007 after years of and Bankruptcies,” which also drew on thwarted attempts due to overseas 19 281175_tma 7/3/08 1:36 PM Page 23

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engagements, job promotions and other “Michael has done a terrific job of estab- issues affecting president-elects. But lishing a great group in the Central Central Texas Chapter President Michael Texas Chapter,” Patterson said. “Our Parker held the office long enough to goal in 2008 is to leverage these savor the launch of the Texas Regional strengths and continue to grow.” Conference. Texas [Dallas/Ft. Worth] “That was our big coup,” said Parker, A judge’s remark about young lawyers who was succeeded by Bill Patterson late needing to sharpen their business sense in the year. “We had struggled for years spurred the Dallas/Ft. Worth Chapter to to make it happen and finally pulled it action in 2007. off.” The result was the Corporate Renewal The regional conference utilized the and Restructuring Boot Camp, a nine- resources of all three Texas Chapters – week case study program that covered Central Texas, Dallas/Ft. Worth and valuation, accounting, tax issues, loan Houston. Central Texas members were determination and more. Staffed by heavily involved in planning and the member volunteers, the program offered experience provided “a great boost” to continuing education credits and attract- member value. ed nearly 70 registrants, including sea- soned and new attorneys. The first-time Parker, who moves to a board position joint venture resulted in the chapter in 2008, said he looks forward to winning an award from the American Patterson’s leadership and fresh ideas. Inns of Court, a legal organization. One came quickly. The 52-member chapter chartered a bus to drive members “Within a very short time, we appropri- from Austin to San Antonio for the holi- ately responded to the judiciary’s day party. concern for a quality educational experience,” said 2007 Chapter President Joe

Tabitha Moore, Chris Glatz, Florida Chapter Chicago/Midwest Chapter

Energetic administrators keep chapters humming “Hiring a chapter administrator is the best thing our chapter ever did!” Chapter presidents sing the praises of professional help who keep up with Andrea Pauson, Sharon Graber, the day-to-day details of running a busy chapter. They also serve as an Chesapeake and Upstate New York invaluable institutional memory as chapter leaders cycle in and out. Philadelphia Chapter Chapters Each January, administrators meet with TMA International staff to learn of new procedures and programs. Here are a few who attended the January 2007 meeting in Las Vegas.

Norie Sanchez, Carolinas Chapter

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Milkes. “Because our members represent Attracting attendees from beyond state a wide range of fields, we were able to borders, the conference presented lenders provide that quality experience at a and judges panels and workshops on nominal cost for attendees.” restructuring and private equity and hedge fund investing strategies. The chapter’s judges panel attracted four Texas judges, and. a business radio jour- “This regional conference was a huge nalist’s presentation dealt with the big accomplishment and a wonderful tem- stories of 2007 and possible 2008 head- plate established for the future for a lines. For the first time, the 304-member region that is unique,” said 2007 Dallas/Ft. Worth Chapter President- chapter hosted a series of events with President-Elect Janine Salmon. “The three Elect Peter A. Franklin III, at lectern, chapters represent not only three differ- moderates a panel of bankruptcy Dallas business groups to attract profes- judges from the Northern District of sionals 40 years old and younger. ent geographical areas of our state, but Texas. From right, Chief Bankuptcy also the very different economies that Judge Barbara J. Houser, Judge D. Michael Lynn Harlin D. Hale exist in Houston, Dallas and Austin/San , Judge Texas [Houston] and Judge Stacey G. C. Jernigan. The 239-member Houston Chapter spent Antonio. This event was a great success in much of 2007 planning the inaugural bringing the Texas statewide TMA togeth- Texas Regional Conference organized er, as well as out-of-state participants, to with the Dallas/Ft. Worth and Central gain knowledge about state and national Texas Chapters. The May event came to turnaround industry developments and fruition with support from a $10,000 best practices.” TMA regional conference grant awarded to the chapters for the first time.

In a fall 2007 meeting, sales coach Chuck Bauer (center) taught Dallas/Ft. Worth Chapter members how to “Market Yourself Shamelessly.” Joe Milkes (left), chapter president, helps Bruce Avallanet (right) the chapter board member who arranged for Bauer to speak, welcome him to the meeting.

2007 Regional Conferences: Education and networking nearby

NORTH AMERICA 1st Texas Regional Austin,TX May 14-16 Dallas/Ft.Worth, Houston, Central Texas Chapters 6th Annual Great Lakes Concord, OH May 17-18 Upstate New York, Detroit/Grand Rapids, Ohio, Pittsburgh Chapters 2nd Annual Southeast Myrtle Beach, SC May 31-June 1 Florida, Carolinas,Tennessee, Atlanta Chapters 5th Annual Mid-Atlantic Atlantic City, NJ June 6-8 Philadelphia, New Jersey, Chesapeake Chapters 3rd Annual Northeast Saratoga Springs, NY August 29-30 Upstate NY, Northeast, New York City, Long Island, New Jersey, Connecticut Chapters 1st Mid-America Oak Brook, IL September 20-21 Chicago/Midwest, Detroit/Grand Rapids, Upper Midwest, Missouri, Ohio Chapters 8th Cross Border Portland, OR September 27-30 Northwest Chapter INTERNATIONAL United Kingdom London November 8 Australia Sydney November 15-16 Finland Helsinki October 3-4

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Communications Tools: TMA story told far and wide

Communications awards let TMA New media relations program blow its own horn launched The 2006 TMA Annual Report received a In 2007, TMA began to gather volunteers prestigious Gold Trumpet Award from from chapters who agreed to become the Publicity Club of Chicago. The expert sources for “What’s Up” theme, writing and design the news media. won kudos from the judges, who gave it The goal is to the highest award in the non-profit expand TMA’s annual report category. In addition, it reach geographical- earned a 1st place in its category in the ly and into indus- Illinois Woman’s Press Association and try segments to has been moved on to judging in the continue to make National Federation of Press Women TMA “the voice of Contest. corporate renewal.” More than 45 com- pleted the required Orientation Webinar offered four times during 2007 and filled out a detailed profile. Several in the Media Expert Sources Program were used as opportunities arose during the year to speak to reporters and write articles for the business media.

TMA AWARD-WINNER This new media kit, which outlined FEATURED IN TIME the benefits of advertising in The Journal TMA Public Relations staff suc- of Corporate Renewal, being an event cessfully pitched the dramatic story of R.G. Barry’s turnaround sponsor or exhibiting at the Annual of Dearfoams slippers to a Time Convention, helped bring in more than magazine Global Business section $513,000 in advertising, $454,000 in writer. This story appeared in the sponsorships and $226,000 in exhibitor June 2007 issue and features The fees during 2007. Meridian Group, the TMA 2006 Turnaround of the Year Award winner. THE JOURNAL OF CORPORATE

Vol. 20/No. 5 May 2007 WWW. TURNAROUND.ORG

ASSET-BASED LENDING T URNAROUND M ANAGEMENT A SSOCIATION

Has Fundamental Change Delayed an Economic Downturn?

Little Change Expected in 2007 Credit Market

The Sky Isn’ Falling Yet — But It Will Despite Uncertainty of When, Change is Certain Economy Spawns Worry, Complaints

Tougher SEC Standards Are Blowing Up the PIPE-line

Factors May Provide Cash When Traditional Lenders Won’t NEW! WELCOME TO CTP CONNECTION What Separates Successful Companies from the Also Rans?

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Membership grows as economy declines Despite a slowdown in restructuring business during 2006 and the first half of 2007, TMA membership exceeded expectations. The 2007 membership goal was 7,965 and by mid-November, TMA was 339 over goal, with 8,304 members.

As the 2007 Annual Convention in Boston approached, it became apparent that TMA would hit an all-time membership high of at least 8,000 by year end. The anticipation built as TMA board members wore buttons at the convention that said, “Who will be 8,000?” Within days of the convention, the answer came back: Clifton Moschnik, a vice president at Wells Fargo Business Credit in Phoenix. OverallOverall TMA TMA Growth Growth 9000 8000 7000 6000 5000 4000 3000 2000 1000 0

Members

2007 Overall Membership 2007 Member Geographic Composition Breakdown

Auctioneer/Liquidator/Appraiser International Attorney 5% 13% 11% Northeast US Consultant/Practitioner Western US 33% Miscellaneous 40% 13% 12%

Lender Mid-Atlantic US 15% 18% Financial Advisor/Investor Midwest US 17% 23%

“TMA has a completely open membership struc- ture, resulting in multidisciplinary membership…. Even more remarkable is the size of firms repre- sented…from sole practitioners to some of the largest companies in the world. And our geographic diversity is widespread, as home base for our members ranges from Texas to Taiwan and from New York to New Delhi.” Colin Cross, TMA 2007 Chairman

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Brazil Weak U.S. Dollar

Chapters Easter Europe China HongLicensing Kong Continuing Education ...... Growth Debt Certification Opportunity Ready to meet the future head-on Brazil Weak U.S. Dollar Expansion

InternationalChapters Easter Europe Cornerstone In 2003, in conjunction with its 15th anniversary celebration, TMA China launched the Cornerstone 15 campaign, a five-year, $1.5 million effort to Hong Kong Licensing fund a board-designated endowment dedicated to research and continuing Emerging Markets education initiatives for the corporate renewal industry.

Educational In 2007, as TMA approached another milestone anniversary – its 20th Growth anniversary in 2008 – it did so having met its fundraising goal during 2006, ...... Investors one year early. It had already funded: Russia • $10,000 – The 13-Week Cash Flow Workshop, piloted by the Chicago/ Endowment Midwest Chapter, and now available to all TMA chapters for their educa- ...... tional programming. Debt Certification • $10,000 – A call for research papers and prizes in conjunction with the Opportunity June 2006 Global Educational Symposium that brought together scholars and practitioners to discuss topics related to liquidity and corporate renewal. Brazil Weak U.S. Dollar • $10,000 – A webinar series that offers convenient, affordable education Research on timely topics such as U.S. Bankruptcy Code amendments, cross-border ...... distressed investing, subprime mortgages and tightening credit markets, and Expansion an economists’ roundtable. Chapters In 2007, the Cornerstone Council received a $50,000 grant proposal from Easter Europe the graduate Business Turnaround Management Program at the University of Detroit Mercy to provide faculty support to develop teaching materials China and syllabi for eight new electives. This is the first program to offer a Hong Kong master’s degree in Business Turnaround Management. It was approved in January 2008. EmergingLicensing Markets Educational Growth ...... Investors Russia India

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Cornerstone

“Having met our Cornerstone 15 goal early allows TMA to embark upon the next phase of the Cornerstone campaign and to actively seek proposals for leading-edge industry research and educational programming. I encourage TMA members and academics to submit proposals for Cornerstone 15 funding consideration.” Holly Etlin, CTP, 2007 Chair of the Cornerstone Council

2007 CORNERSTONE COUNCIL CORNERSTONE 15 DONORS MorrisAnderson (as of December 31, 2007) NachmanHaysBrownstein, Inc. Holly Felder Etlin, CTP, Chair Abacus Advisors Group LLC Northern Healthcare Capital, LLC AlixPartners, LLC AccuVal Associates, Inc. Paul Hastings Janofsky & Walker LLP American Management Advisors Inc. Penn Hudson Financial Group LLC Michael D. Chartock Anderson Bauman Tourtellot Vos Phelps Consulting Group Gordon Brothers Group Andrew M. Toft, Attorney at Law Prime Locations LLC ARG Recovery, LLC Quarles & Brady LLP Arthur T. Perkins, Jr. Atlas Partners, LLC Quest Turnaround Advisors, LLC Deloitte Financial Advisory Services LLP Bank of America Business Capital RAS Management Advisors, Inc. Bankers Advocate Group RCS Real Estate Advisors Harold Kaplan BBK Republic Financial Corporation DrinkerBiddleGardnerCarton Beane Associates, Inc. Rhone Group Advisors Bederson & Co., LLP Riemer & Braunstein LLP Barry L. Kasoff, CTP Bond, Schoeneck & King, PLLC RJ Reuter LLC Business Consulting Realization Services, Inc. Buccino & Associates, Inc. Rochelle, Hutcheson & McCullough, Cadwalader, Wickersham & Taft LLP LLP Mitchell Drucker Cairncross & Hempelmann, P.S. Ruskin Moscou Faltischek, P.C. CIT CapitalSource San Filippo & Associates, LLC Cedar Croft Consulting Ltd. SB Capital Group, LLC John Wm. Butler, Jr. Continental Advisory Services, LLC The Scotland Group, Inc. Skadden, Arps, Slate, Meagher & Flom LLP Conway MacKenzie & Dunleavy Sullivan & Worcester LLP Cooley Godward Kronish LLP Treadstone Partners, LLC Edward I. Altman, Ph.D. CRG Partners Trimingham Inc. NYU Stern School of Business The Daley-Hodkin Group Tucker Arensberg, P.C. Deloitte Financial Advisory Services LLP Wachovia Capital Finance Daniel P. Wikel DLA Piper US LLP White Oak Group Huron Consulting Group DrinkerBiddleGardnerCarton Windham Professionals, Inc. Executive Sounding Board Associates Inc. Winston & Strawn LLP William G. Diehl, CTP Fennemore Craig, P.C. Wiss & Company, LLP BBK First American Corp. UCC Division XRoads Solutions Group Focus Management Group Jack Rapp Forman Holt Eliades & Ravin LLC Abacus Advisors Group FTI Consulting, Inc. CORNERSTONE PROGRAM Getzler Henrich & Associates LLC DONORS Brent P. Hazzard Gordon Brothers Group, LLC GE Commercial Finance Grant Thornton LLP Cornerstone Capital Donors Harney Partners, LLC ($100,000 and above) Alan T. Handley Health Capital Investors, Inc. Bank of America Business Capital Mesirow Financial Consulting, LLC Huron Consulting Group Gordon Brothers Group, LLC Jager Smith P.C. Huron Consulting Group Lynn Hiestand JPMorgan Chase & Co. Skadden, Arps, Slate, Meagher & Flom LLP KPS Special Situations Funds Cornerstone Donors (UK) Kugman Associates ($75,000 - $99,999) Lake Pointe Partners, LLC CIT The Meridian Group Meriturn Partners, LLC Mesirow Financial Consulting, LLC Midwest Business Capital

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Cornerstone

Leadership Donors NatCity Investments/SSG Northern Healthcare Capital, LLC ($50,000 - $74,999) Investment Banking The Parkland Group, Inc. Deloitte Financial Advisory Services LLP Philip + Company, Inc. Paul Hastings Janofsky & Walker LLP DrinkerBiddleGardnerCarton RAS Management Advisors, Inc. Penn Hudson Financial Group, LLC Realization Services, Inc. RCS Real Estate Advisors Phelps Consulting Group Skadden, Arps, Slate, Meagher & Flom San Filippo & Associates LLC Phoenix Advisors & Collections, Inc. LLP Schulte Roth & Zabel LLP Phoenix Management Services, Inc. Wells Fargo Bank, N.A. Project Executive Group, Inc. Sustaining Donors Wells Fargo Retail Finance Protiviti ($25,000 - $49,999) Quest Turnaround Advisors, LLC Abacus Advisors Group LLC Supporter Donors Renaissance Partners, L.C. Anderson Bauman Tourtellot Vos ($500 - $4,999) Republic Financial Corporation Bank of America Commercial Finance AccuVal Associates, Inc. RJ Reuter Business Consulting BBK Allomet Partners, Ltd. Rochelle, Hutcheson & McCullough, LLP Cooley Godward Kronish LLP American Management Advisors, Inc. RSM McGladrey DoveBid Valuation Services Andrew M. Toft, Attorney at Law Ruskin Moscou Faltischek, P.C. DrinkerBiddleGardnerCarton ARG Recovery, LLC SB Capital Group, LLC Mesirow Financial Consulting, LLC Bankers Advocate Group Sherman, Lavallee & Associates, LLC MorrisAnderson Beane Associates, Inc. State Securities PLC (United Kingdom) NachmanHaysBrownstein, Inc. Bederson & Co. LLP Sterling Supply Co. Prime Locations LLC Bond, Schoeneck & King PLLC Stout Risius Ross, Inc. The Scotland Group, Inc. Cairncross & Hempelmann, P.S. Strategic Management Partners, Inc. Wachovia Capital Finance Caledonia Group Inc. Stutman, Treister & Glatt Wells Fargo Business Credit, Inc. Capital Restoration, LLC Sullivan & Worcester LLP CapitalSource TeamWork Technologies, Inc. Benefactor Donors Cedar Croft Consulting Ltd. Tono-Bungay Consulting, Inc. ($10,000 - $24,999) Continental Advisory Services, LLC Treadstone Partners, LLC AEG Partners, LLC CRG Partners Tucker Arensberg, P.C. AlixPartners, LLC The Daley-Hodkin Group Winternitz, Inc. Atlas Partners, LLC Dickinson Wright PLLC Wiss & Company, LLP Buccino & Associates, Inc. DLA Piper US LLP Cadwalader, Wickersham & Taft LLP EMCC, Inc. Corporate Renewal Services, Inc. Emerald Technology Valuations, LLC Executive Sounding Board Associates Fennemore Craig, P.C. Inc. The Finley Group Forman Holt Eliades & Ravin LLC First American Corp. UCC Division FTI Consulting, Inc. Focus Management Group JPMorgan Chase & Co. Fort Dearborn Partners, Inc. Lake Pointe Partners, LLC Getzler Henrich & Associates LLC Quarles & Brady LLP Gibson, Dunn & Crutcher LLP Riemer & Braunstein LLP Giuliani Capital Advisors LLC Trimingham, Inc. Great American Group Wells Fargo Foothill Harney Partners LLC White Oak Group Harvard Turnaround Management XRoads Solutions Group The Hilco Organization Hill & Gertner Capital Corporation Patron Donors Houlihan Lokey Howard and Zukin ($5,000 - $9,999) HSG Services Inc. Atwell, Curtis & Brooks, Ltd./University Jager Smith P.C. Management Associates & Joe Foster Real Estate Advisors Consultants Corp. KBK Financial, Inc. Aurora Management Partners Inc. KPS Special Situations Funds Bear Stearns & Co. Lain Faulkner & Co. The Belet Group, Inc./ LBC Credit Partners, Inc. Belet Acquisitions, Inc. McShane Group Blank Rome LLP Mehmco Financial Services Inc. Carl Marks Advisory Group LLC The Meridian Group Conway MacKenzie & Dunleavy Meriturn Partners, LLC FINOVA Capital Corporation Michael Fox International Inc. Horizon Management Inc. Midwest Business Capital Kugman Associates Miles & Stockbridge P.C. The Nassi Group, LLC Modesitt Associates, Inc. The Nauset Group, Inc.

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Cornerstone

DONORS MAKE AWARDS POSSIBLE BUTLER-COOLEY EXCELLENCE IN TEACHING AWARDS Teachers who are making a differ- ence in children’s lives are hon- ored by TMA each year with a $5,000 cash award made possible through the John Wm. Butler Foundation, Inc. This year’s winners clearly demonstrate how teachers who love learning are transforming classrooms and students all over the country.

Vana Richards, Carberry Intermediate School Prof. Laura B. Resnikoff (center) was advisor to In addition to the Cornerstone donors in Emmett, Idaho, the Carl Marks Student Paper Competition’s First who make new education and research inspires her fifth- Place Case Study team from Columbia Business programs possible, a company and a School for their analysis of the Pier 1 restructur- grade students to foundation fund two special award pro- ing plan. Attending the Annual Convention learn high-level grams. The Carl Marks Advisory Group Awards presentation were, Hamid Benbrahim, scientific concepts by putting a whole left and Laurent Grossi, right. Presenting were new spin on how it connects with LLC has supported the Carl Marks Lisa Poulin, CTP, VP of University Relations (far their everyday lives. Through her Student Paper Competition since 2003 left), and Patrick Lagrange (far right), Carl Marks efforts, Carberry now has the designa- for the best papers on corporate renewal Advisory Group. tion as a NASA Explorer School. by students in master’s programs. Since 2004, a grant from the John Wm. Butler Majoice Thomas, a 10th grade Spanish Foundation, Inc. has funded the Butler- teacher at Little Rock Cooley Excellence in Teaching Awards. (Ark.) High School, uses learning a new 2007 CARL MARKS STUDENT language to bring PAPER COMPETION about social change and cultural aware- THEORETICAL/CONCEPTUAL ness among her students. She helped First Place: “The Bankruptcy arrange trips overseas for those who Implications of Second Lien Loans” had never left the state through Author: Gordon L. Su – University of Rotary International and for a Third Pennsylvania Wharton School of Business World experience at home through Advisor: Prof. David Arthur Skeel Heifer International.

CASE STUDY CATEGORY Jeffrey Thompson First Place: “Pier 1: Company Analysis teaches kindergarten and Restructuring” at Evergreen Authors: Hamid Benbrahim, Rich Bozutto, Elementary on the Laurent Grossi, Geoff Teillon, John Ure – U.S. Army base in Columbia Business School Gordon Su (center), Wharton, receives a first Fort Lewis, Wash. Advisor: Prof. Laura B. Resnikoff place prize of $3,000 for his paper, “The Most students have Bankruptcy Implications of Second Lien Loans”, in a parent deployed in Second Place: the Carl Marks Student Paper Competition from Iraq or Afghanistan, and 60 percent “Turnaround Analysis of Trump Lisa Poulin, CTP, TMA VP of University leave before the school year’s end Entertainment Resorts, Inc.” Relations (left) and Patrick Lagrange, Carl because of a parent’s reassignment. Authors: Christian Blinkenberg, Sachin Marks Advisory Group (right). Yet about one-quarter of his students Kadakia, Michael Yao, Paul Zangrilli – are reading second-grade material Columbia Business School after 10 months, and most of the rest Advisor: Prof. Laura B. Resnikoff read at the first-grade level after five Honorable Mention: months. “The Telecommunications Industry Case Studies” Authors: Evan Glucoft, Girish Satya, Andy Yang – The University of Chicago Graduate School of Business

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Brazil Weak U.S. Dollar India Chapters Easter Europe China Creating nimble thinkers Hong Kong In such a fast-paced industry, those who succeed are alert to shifts in the Licensing restructuring landscape and the business cycles. In 2007, TMA’s Education Emerging Markets and Conference Committees closely monitored the business environment Educational and responded quickly by developing new webinars, launching a new one- Growth subject conference dedicated to distressed investing, and enhancing the ...... award-winning The Journal of Corporate Renewal to keep members informed Debt on timely issues. Certification Opportunity Brazil TMA members rank the educational, networking and leadership opportuni- Weak U.S. Dollar ties as the most highly valued benefits of belonging to TMA. For members whose practice is local, participation at the chapter level makes for an Expansion affordable, focused approach. The combined efforts of several chapters for International 10 regional conferences are another choice for education and networking in Chapters a wider setting. For those who have, or aspire to have, a national and global Easter Europe footprint, influential contacts and expanded horizons were available at TMA China International conferences.

TMA springs into action at Dallas conference “What You Need to Know NOW” set the tone for a fast-paced conference that addressed everything from industry segment changes to use of electronic tools and the rapid rise in new lending options. Held at the Four Seasons ...... Resort and Club at Las Colinas, March 28-31, it was the perfect spring get- away for the nearly 400 attendees who were able to network and update their professional skills in a beautiful setting. Education...... Certification Carol Jendrzey, who co-chaired the Spring Opportunity Conference with William Synder, CTP, introduces the keynote speaker, the Hon. Edward C. Prado Brazil (left), U.S. Court of Appeals for the Fifth District, to Weak U.S. Dollar Professor Dar-Yeh Hwang from the National Taiwan University. International ...... Expansion Chapters Kurt Eichenwald, Dr. Daniella Saltz, Easter Europe author of Conspiracy of counsel to Ford Fools: A True Story, Motor Company, speaks about corpo- shares her experi- China rate scandals, and ences in dealing with how and why they troubled suppliers Hong Kong happen. and other bankruptcy Licensing issues affecting the Emerging Markets company. Tennis and golf are Educational popular events of TMA Growth spring conferences...... Investors Russia India Debt 28 281175_tma 7/22/08 2:49 PM Page 32

Education

2007 Webinars: Education at your desktop April 30: “Scouring the Earth: Cross-border distressed investing” June 19: “Subprime Mortgages: How did it happen and what does it mean? July 24: “Mega Billion Dollar Buyouts: Source of deal flow for the middle market” September 19: “Current State of the Loan Markets: Hiccup, turmoil or credit crunch?” November 20: “Economists’ Roundtable: Solid footing or fundamental shift?"

DISTRESSED INVESTING CONFERENCE Winning big in Las Vegas A unique partnership between the Turnaround Management Association and The Deal, LLC, a diversified media company, produced the inaugural Distressed Investing Conference at the Wynn Las Vegas, January 17-19, 2007. By combining the strengths of both organizations to link corporate restructuring professionals with corporate dealmakers, this conference attracted nearly 450 key players in the distressed investing arena.

Before his keynote address, former U.S. Secretary of State James A. Baker (center) mingles with other VIPs: (from left) Hugh Ray, Andrews Kurth LLP; TMA Executive Director Linda Delgadillo; Baker; TMA Chairman Colin Cross, and Kevin Worth, CEO, of The Deal.

“The more senior debt you buy, the more expensive… [but] if you buy debt that’s too junior and it doesn’t work out, you bought the pig in the poke.” Frank Merola, Stutman, Treister & Glatt PC, moderator of the “Alternative Equity Plays” panel.

James H.M. Sprayregen, Goldman Sachs & Co., moderates a panel that discusses the decrease in credit quality.

“While we initially expected to see about 200 Penny Friedman, CIT Business attendees for this first-time event, we were Capital, speaks on a panel about the thrilled to have a final count of 438 at the Distressed Investing automotive industry. Conference. We accomplished our goal of strategically broadening our appeal to investors, private equity groups, distressed debt traders and other capital providers….The ability of our restructuring professionals to support these investors is proven every day in the field.” Colin Cross, 2007 TMA Chairman 29 281175_tma 7/3/08 1:36 PM Page 33

Brazil Weak U.S. Dollar India Chapters Easter Europe China Evolution and revolution in historic city HongLicensing Kong TMA met October 16-19 at the Boston Marriott Copley Place in the historic Emerging Markets city where a “tea party” sparked the American Revolution. At the Annual Convention, it was apparent that more than 1,000 attendees were getting a Educational glimmer of the revolution in their own industry. Four keynote speakers, an ...... Growth economists’ roundtable, two general sessions and 11 concurrent sessions Russia armed attendees with new intelligence, skills and contacts to face an uncer- Debt Certification tain future. Receptions, award presentations and the hospitality of a proud Opportunity Boston Convention Chair and past TMA Chairman Ward K. Mooney, made Brazil an event to be remembered...... Weak U.S. Dollar Expansion

Emerging Markets Educational Growth AnnualRussia Convention......

Certification The quick wit of CBS Sports golf commentator Opportunity David Feherty entertained the attendees of the Brazil Friday night awards dinner. Weak U.S. Dollar International ...... Expansion Chapters Easter Europe China HongLicensing Kong Emerging Markets Educational Growth ...... Investors Investors India Debt 30 281175_tma 7/3/08 1:36 PM Page 34

Annual Convention

1. When the moderator is Kevin O’Connor, host of the TV series This Old House, you know that this is not the usual Economists’ Roundtable discussion. The blue–ribbon panel and the audience enjoyed the good information and lively conversation with (L-R) Dr. Edward I. Altman, NYU Stern School of Business; Jeffrey Fuhrer, Federal Reserve Bank of Boston, and Dr. Warren Jestin from Scotiabank in Toronto.

2 3 2. Keynote speaker and best-selling author of Good to Great Jim Collins (center) makes a point during the Q&A session with TMA President Bill Skelly (left) and TMA Chairman Colin Cross.

3. Former U.S. Congressman Richard Gephardt visits after his keynote address with (from left) Ward Mooney, chair of the Annual Convention and Charley Otto from 4 5 New York.

4. Diversity in gender and race in corporations makes for good business, according to panelists Effenus Henderson, chief diversity officer for Weyerhaeuser Company, and Holly Kaczmarcyk with Wachovia Capital Finance.

5. The TMA Exhibit Hall is always a good place to kick back with your friends, check your text messages, pick up giveaways and look for new business contacts.

6. It’s rare to have so many past TMA chairs all in one place, but nine attended the Annual Convention and paused for a group photo. The are (front row, L-R) Peter L. Tourtellot, CTP; Gilbert C. Osnos, CTP; Gerald P. Buccino, CTP; William J. Hass, CTP; (back row, L-R) Ward K. Mooney; Thomas J. Allison, CTP; Randall S. Eisenberg, CTP; John R. Rizzardi, and Holly Felder Etlin, 6 CTP.

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Brazil Weak U.S. Dollar India Chapters Easter Europe China Inspirational, innovative, distinctive: HongLicensing Kong Emerging Markets TMA Award Winners Educational ...... Growth Russia Debt Certification Opportunity Brazil TURNAROUND OF THE YEAR AWARDS Weak U.S. Dollar ...... Companies that we rely on to fill our grocery carts, put foam in our mat- Expansion tresses, build components of the aircraft we fly on, construct huge steel buildings large enough to store jet planes, make the metal on our cars shiny, InternationalChapters and package our potato chips might not exist today if not for the efforts of Easter Europe the 2007 Turnaround Award winners. They include: China Mega Company Turnaround: Winn-Dixie Stores, Inc., a chain of grocery stores Hong Kong headquartered in Jacksonville, Fla. Licensing • Paul P. (Flip) Huffard, The Blackstone Group Emerging Markets • Holly Felder Etlin, CTP, formerly with Xroads Solutions Group LLC • D.J. Baker, Skadden, Arps, Slate, Meagher & Flom LLP Educational • Stephen D. Busey, Smith, Hulsey & Busey Growth Russia Large Company Turnaround: Foamex International Inc., manufacturer of flexible polyurethane and advanced polymer foam products, headquartered in Savannah, Ga. • Gregory J. Christian, Foamex’s CRO Awards Mid-size Company Turnaround: Stellex Aerostructures, Inc., provider of subsys- ...... tems and components for the aerospace, defense and space industries, in Lebanon, N.J. • Raynard D. Benvenuti, Concord Investment Partners LLC Certification Mid-size Company Turnaround Honorable Mention: Kuntz Electroplating, Inc., Opportunity provider of metal finishing for original equipment manufacturers of steel and aluminum Brazil components, located in Kitchener, Ontario, Canada. Weak U.S. Dollar • Tom Harig and Joe Zito, The Keystone Group International Small Company Turnaround: EagleSpan Steel Structures, manufacturer of steel frame structures in Loveland, Colo. Expansion • Thomas M. Kim, r2 advisors, llc ...... International Company Turnaround: Treofan Germany GmbH & Co., KG, a Chapters manufacturer and supplier of polypropylene films in Raunheim, Germany. Easter Europe • Peter A. Briggs, Alvarez & Marsal A patchwork of insolvency laws China and history of liquidations of troubled companies in Europe faced Hong Kong Peter Briggs, Alvarez & Marsal, Licensing as he took on the turnaround of Treofan Germany GmbH & Co., Emerging Markets KG. Up to the challenge, Briggs and his team quickly brought the Educational company back to its market leadership position and claimed the Growth 2007 International Company Investors Turnaround of the Year Award, ...... presented by President Bill Skelly Investors (left) and Chairman Colin Cross India (right). Debt 32 281175_tma 7/22/08 2:32 PM Page 36

Awards

TRANSACTION OF THE YEAR AWARDS OUTSTANDING INDIVID- The two 2007 Transaction of the Year Award winners are a study in contrasts. UAL CONTRIBUTION On one hand is a complex transaction forged among those with disparate Anthony M. Bergen, CTP, for- interests in Nevada’s largest bankruptcy case in history. The other involves merly at Huron Consulting Group protecting the retirement and net worth of 200 employees in a failing cheese and now at TETC Power, and company in a small Wisconsin town. Kathleen Z. Lepak, Citi, were selected as the 2007 Outstanding Sale of USA Commercial Mortgage Company, Individual Contribution Award a commercial lender, headquartered in Las Vegas, Nevada. recipients from among the 8,100 • Thomas J. Allison, CTP, William J. Fasel, and Susan M. Smith, Mesirow Financial members in 43 TMA chapters Interim Management, LLC; Annette W. Jarvis, Ray Quinney & Nebeker; and Eve H. worldwide. This award is given to Karasik and Frank A. Merola, Stutman Treister & Glatt PC. individuals whose dedication and Sale of Antigo Cheese Company, producer of hard Italian cheese, Antigo, Wisc. commitment have made a lasting • Jim Harney and Mike Garvey, Harney Management Partners contribution not only to TMA but also to the corporate renewal industry.

Tony Bergen, CTP, was one of the 200 original members when TMA was found- ed in 1988 and in the second class of professionals earning the Certified Turnaround Professional (CTP) designation in 1995. His continued involvement in the CTP program has made a major This team effected the sale of USA Commercial impact on the industry. He led a Mortgage Company to earn the Large Company CHAIRMAN’S AWARD smooth transition after the Transaction of the Year Award. Presenting are “I can’t think of a more deserving individ- merger of the Association of Rob Katz (far left), CTP, VP of Public Affairs, and Certified Turnaround Professionals Chairman Colin Cross (far right) to (L-R) Frank ual to receive this award,” Colin Cross Merola, Eve Karasik, Tom Allison, CTP; Annette said about his choice for the prestigious with the TMA. Jarvis, William J. Fasel and Susan Smith. Chairman’s Award. Richard M. McMahon, executive vice president of Kate Lepak is Wells Fargo Business Credit in Boston, known through- was singled out for his leadership in the out the banking asset-based lending field, the Northeast industry as a Chapter, and in his community. The golf strategic market- tournament he heads has raised nearly ing expert in the $400,000 for three local charities. asset-based lending and corporate finance field. Her leadership in TMA, serving three vice presidencies: Education, University Relations and Chapter Relations, led to enhanced relationships between James Harney (center) accepts the Mid-Size chapters, universities and TMA Transaction of the Year Award from VP of Public international. She is considered a Affairs Rob Katz, CTP (left) and Chairman Colin mentor to many who became Cross (right). The successful transaction between Satori Foods and Antigo Cheese Company pro- active in TMA because of her tected 200 employees’ jobs, paid a 100 percent encouragement. premium on its ESOP shares, and saved a good customer for 100 local dairy farms in Wisconsin.

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Brazil Weak U.S. Dollar India Chapters Easter Europe China Making strategic moves quickly, but with HongLicensing Kong careful planning Emerging Markets The year 2007 was one of bold moves, taken after months of Educational advance planning...... Growth Russia Merger of ACTP into TMA Debt Effective December 31, 2007, the Association of Certified Turnaround Certification Professionals merged into the Turnaround Management Association. This Opportunity merged the separate entity, established in 1993 to develop and administer Brazil the Certified Turnaround Professional program, into the TMA, which had Weak U.S. Dollar ...... been marketing the program. Created to provide an objective measure of Expansion the experience, knowledge and integrity that is necessary to conduct corporate renewal work, the CTP program can now take advantage of the broad skills of the TMA staff to more efficiently administer the program. InternationalChapters Easter Europe The academic affiliation with Dr. James K. Seward and the University of China Wisconsin-Madison Graduate School of Business remains as an important Hong Kong differentiation from most other certification programs and aligns it with Licensing similar executive education programs. Dr. Seward will continue to update Emerging Markets the Body of Knowledge, teach review courses and test candidates.

Educational A Certification Oversight Committee, independent of the TMA, will oversee Growth standards and education and its president will serve in a new position as TMA Vice President of Certification.

Moving Although critical mass has already been attained, with 413 Certificate holders by the end of 2007, the Task Force that recommended the merger also proposed that future efforts Forward should be directed toward increasing CTP holders in large Russia firms, establishing CTP programs internationally and Certification enhancing the recognition of the value of CTPs by end users. Opportunity Brazil Weak U.S. Dollar “Why certification? There used to be an expression that ‘the best thing about being a banker, lawyer or International accountant is that if you ever got fired, you could Expansion always add Inc. after your name and become a ...... turnaround guy.’ This tongue-in-cheek reality led Chapters to the demand for certification.” Easter Europe Randall Wright Patterson, CTP Past TMA vice president of ACTP Relations and past China Chicago/Midwest Chapter president Hong Kong Two of the leaders orchestrating Licensing the ACTP/TMA merger were (L-R) Peter Tourtellot, CTP, 2005 ACTP Emerging Markets chairman and 2008 president of TMA’s Certification Oversight Educational Committee; and Tony Bergen, Growth CTP, 2007 Chairman of the ACTP...... Investors Investors India Debt 34 281175_tma 7/3/08 1:36 PM Page 38

Moving Forward

2. Technology: Develop online educa- “Just as great TMA International Headquarters, companies 150 S. Wacker Drive, Suite 900, tion capabilities, further develop Chicago, IL archives and search capabilities for web continuously content, establish a technology task assess their force to investigate future opportunities. strategic 3. International Expansion: direction to Evaluate the international financial maintain their competi- model, add new chapters, increase travel tive edge, so too must budget, hold an international regional TMA review and refine its conference, evaluate CTP integration. long-term plans to ensure 4. Key Players: Create a task force to it remains a leader in the evaluate needs of key players from large industry.” firms and a strategy to reengage them in Linda Delgadillo CAE TMA. TMA Executive Director

20th Anniversary Celebration “Our strategic plan will What more appropriate location to cele- help us enhance TMA’s brate the 20th anniversary of TMA and relevance and the whole turnaround management, value propo- restructuring and distressed investing sition for our industry than the city that has under- members. gone its own restructuring? TMA’s It also focuses Annual Convention in New Orleans, on support TMA office moves to larger quarters October 27-29, will highlight an indus- for chapters as well as Landlocked with no space to grow, the TMA try that TMA has helped develop and addresses technology, International headquarters relocated from 100 S. Wacker Drive in Chicago next door to larger define for the past 20 years and will globalization and demo- quarters at 150 S. Wacker Drive in July 2007. induct the inaugural honorees in the graphic changes.” new Industry Hall of Fame. Arthur Perkins 2008 TMA President Strategic planning goals set Past and present industry leaders will Early in 2007, Ron Reuter, chair of the gather to hear keynote speakers Ret. “What is the point of Strategic Planning Committee, assem- Gen. Colin Powell, Bob Woodward of growth? Is it just for bled eight teams to address various TMA The Washington Post, and Chris Gardner, growth’s sake?...In the program areas and to prepare back- author of The Pursuit of Happyness, and process, we welcome into ground and analysis reports for a June comedian Dana Carvey at the Industry our fold other Board of Directors meeting. These teams Celebratory Dinner. professionals then moved ahead with action reports, who, like us, taking into account the results from care about Board, chapter leadership and member- companies in ship surveys. After daylong meetings crisis and can with the teams in Chicago and New benefit from improved York, strategic initiatives were prioritized connections and profes- into four areas for implementation sional development.” between 2008-2010. Lunelle Siegel, 2008 TMA Vice 1. Education: Expand webinars, update President of Membership, whose goal is to reach 8,739 members and create new programs to be delivered in 2008 by chapters, launch online education, investigate an educational partnership model for chapters.

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Brazil Weak U.S. Dollar India Chapters Easter Europe The Turnaround Management Association’s audited financial statements for 2007 are China complete. TMA received an unqualified opinion from its new auditors Porte Brown LLC. HongLicensing Kong There were no changes to accounting policies adopted for 2007. Emerging Markets The financial strength of the organization is reflected in the $1,568,887 of undesignated Educational unrestricted net assets at the end of the year. This reflects an increase of more than ...... Growth $250,000 over the previous year. This enabled TMA to invest in some long-term strategic Russia initiatives that will pay off in future years. We continue to explore opportunities to Debt enhance membership value. Certification Opportunity Arthur T. Perkins, Jr. The net assets of the board-designated Cornerstone Fund at year-end totaled more than Brazil 2007 Vice President, $1,650,000. On an exciting note, during 2007 our Cornerstone 15 Fund identified a sig- Weak U.S. DollarFinance ...... nificant grant awarded to the University of Detroit Mercy to develop, deliver and sustain a China Business Turnaround Management Program. This master’s degree program is the first of its kind to be developed and a milestone in TMA’s contribution to the industry. The grant ...... Financial of $50,000 will be awarded as the program is rolled out during 2008. Report Other events in 2007 impacting TMA’s finances included continued support for regional Hong Kong conferences and certain chapters through direct grants and relocation of TMA’s headquarters to larger space during a dip in the market for rental rates. Our first Distressed Emerging Markets Investing Conference was very successful, producing an additional $500,000 of revenues Educational through registration fees and sponsorships. Growth Opportunity

Revenue for the year ended December 31, 2007, Statement of Financial Position totals $4,971,000. A breakdown of its sources and (Audited) December 31, 2007 how it is used follows:

Assets Cash and cash equivalents $ 2,498,110 Accounts receivable, net 196,163

Assets held for Board Designated Cornerstone Fund Cash and cash equivalents 1,413,257 Pledges receivable, net 237,696 2007 Revenue Prepaid expenses and deposits 403,419 I Equipment, net 104,726 Investment and other revenue 3% Board-designated Cornerstone Fund 1% I Investments 210,039 Journal advertising and subscriptions 11% I Conference sponsorships and Total Assets $5,063,410 registration fees 45% I Membership dues 40% I Liabilities Accounts payable and accrued expenses $634,633 Deferred membership dues 667,282 Other deferred revenue 285,525 Capital lease obligations 69,679 Other liabilities 106,451

Total Liabilities $1,763,570

Net Assets - Unrestricted Designated for Cornerstone Fund $ 1,650,953 Designated for Member Database Development 80,000 2007 Expenses Undesignated 1,568,887 Member services and programs 18% I Chapter membership dues allocation 9% I Total net assets 3,299,840 Information and public awareness 15% I General, administrative and membership 25% I Total Liabilities and Net Assets $5,063,410 Conference 33% I 36 281175_tma 7/3/08 1:36 PM Page 40

2007 Board

2007 TMA International Board of Directors

OFFICERS Nicholas Franke Andrew Meehan TMA Board Alternates Sponsorship and Advertising Chairman President, Missouri Chapter President, United Kingdom Alex Jurshevski Oversight Committee Colin P. Cross TMA Frank R. Mack, CTP Doug Cheyne, Chair Gary Franko Beverly Weiss Manne President President, Toronto Chapter Lorenzo Mendizabal Lunelle Siegel INTERNATIONAL William E.J. Skelly RELATIONS COMMITTEE Kenneth Frieze Frank Merola BOARD COMMITTEES Gordon W. Johnson, Vice Immediate Past Chairman Audit Committee President, International Holly Felder Etlin, CTP Karen Giannelli Joe Milkes Howard B. Brownstein, Relations President, New Jersey President, Dallas/Ft Worth CTP, Chair Vice President, ACTP Chapter Chapter MEMBERSHIP COMMITTEE Relations Executive Committee Cathy L. Reece, Vice Daniel F. Dooley, CTP John E. Goldthorpe Stephen B. Mischo William E.J. Skelly, Chair President, Membership

Vice President, Chapter Margaret M. Good, CTP Conrad Myers, CTP Nominations Committee Chapter Membership Council Relations President, Northwest Holly Felder Etlin, CTP, Cathy L. Reece, Chair Jeffrey Wurst Harvey Gross Chapter Chair Diversity Subcommittee Vice President, Conferences Sean Gumbs Frank Nikolaus Operations Committee Faye B. Feinstein, Chair J. Scott Victor President, Germany TMA William E. J. Skelly, Chair Dhruba Gupta Membership Resource Vice President, Education President, India TMA Patrick O’Keefe, CTP Strategic Planning Committee Patrick C. Lagrange Committee Lorenzo Mendizabal, Chair Mark Gustafson Lanis O’Steen Ronald J. Reuter, Chair Vice President, Finance President, Colorado Chapter President, Nevada Chapter Membership Marketing Arthur T. Perkins Jr. CHAPTER RELATIONS Committee Michael J. Hausman, CTP Michael M. Parker COMMITTEES Carol Jendrzey, Chair Vice President, International President, Detroit Chapter President, Central Texas Jeffrey Wurst, Vice President, Relations Chapter Chapter Relations Membership Services Gordon W. Johnson Brent P. Hazzard Committee Jari Pirinen Chapter Presidents’ Council Margaret M. Good, CTP, Vice President, Membership Thomas S. Henderson President, Finland TMA Mark Indelicato, Chair Chair Cathy L. Reece Raoul Heredia Robert Rakowski Chapter Resource & PUBLIC AFFAIRS Vice President, Public Affairs President, Montreal Chapter President, Connecticut Response Council COMMITTEES Robert D. Katz, CTP Chapter Tracy Sandler, Chair Robert D. Katz, CTP, Vice N. Lynn Hiestand President, Public Affairs Vice President, University Ronald J. Reuter EDUCATION Relations Hon. Barbara J. Houser COMMITTEES Awards Committee Victor D. Russo Lisa M. Poulin, CTP Patrick C. Lagrange, Vice Christopher A. Curtin, Thomas A. Howley President, Education Chair Tracy C. Sandler Secretary President, Houston Chapter Gayle P. Ehrlich Hernan Serrano Webinar Committee Chapter Public Relations Joseph Hutchinson President, Long Island Frank R. Mack, CTP, Chair Council DIRECTORS President, Ohio Chapter Chapter Scott Opincar, Chair Edward “Hank” Arnold III Education Services Task Force Dar-Yeh Hwang Prof. James B. Shein Stephen B. Mischo, Chair Editorial Advisory Board – Jerry “Dale” Belt, CTP President, Taiwan TMA Journal of Corporate President, Arizona Chapter Randall W. Siegele CONFERENCE Renewal Mark Indelicato President, Philadelphia COMMITTEES Mark Barbeau & Vincent J. Anthony M. Bergen, CTP Chapter J. Scott Victor, Harper, Co-Chairs Carol E. Jendrzey Vice President, Conferences Paul Blutter Jordan Siev Public Relations Committee President, Chesapeake Lisa Johnson President, New York City Annual Convention Lunelle Siegel, Chair Chapter President, Chicago/Midwest Chapter Committee Chapter Ward Mooney, Chair Media Expert Sources Noel Boeke Bruce Sim Subcommittee President, Florida Chapter Michael Knight President, Atlanta Chapter Distressed Investing Tony Natale, CTP, Chair Conference Howard B. Brownstein, CTP Theodore L. Koenig Anker Sorensen Frank Merola and James Public Information President, France TMA H.M. Sprayregen, Campaign Subcommittee R. Timothy Bryan Yoshinobu Konomi Co-Chairs Susan Balaschak, Chair President, Japan TMA Michael R. Stewart Russell K. Burbank, CTP President, Upper Midwest Spring Conference TMAssist Subcommittee President, Northern Mette Kurth Chapter Committee James Ross, Chair California Chapter President, Southern William Snyder, CTP, and California Chapter Ronald R. Sussman Carol Jendrzey, Co-Chairs Trend Watch Subcommittee Saul E. Burian Thomas S. Henderson, Nomalizo Langa-Royds Don Weathers Conferences Committee Chair Schon G. Condon President, Southern Africa President, Tennessee Chapter J. Scott Victor, Chair President, Australia TMA TMA UNIVERSITY RELATIONS Steven J. Weisz FINANCE COMMITTEES COMMITTEES Christopher A. Curtin Pamela N. Linton Arthur T. Perkins, Vice Lisa M. Poulin, CTP, Vice Mark Welch President, Finance President, University Robert N. Dangremond, Vincent J. Liuzza, CTP President, Pittsburgh Relations CTP President, Louisiana Chapter Chapter Committee on Finance David E. Mack, CTP Academic Advisory Council Faye B. Feinstein John Magee, CTP Jeffrey M. Wolf Edward I. Altman, Ph.D., President, Carolinas Chapter Cornerstone 15 Committee Chair David Fiegel Randall S. Eisenberg, CTP Holly Felder Etlin, CTP, President, Upstate New York Hon. Robert D. Martin Ex Officio – ACTP President Chair Carl Marks Student Paper Chapter Competition Committee James B. Matthews Linda M. Delgadillo, CAE Cornerstone Council Dr. James P. Neelankavil, Scott Fiore Ex Officio – TMA Executive Holly Felder Etlin, CTP Chair President, Northeast Chapter Matthew McBrady, Ph.D. Director Chair 37 281175_tma 7/3/08 1:35 PM Page 1

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