The Newsletter of Co r p o r a t e Re n e w a l Volume 10, Number 3 May 2009 TURNAROUND MANAGEMENT ASSOCIATION
Chicago / Midwest Chapter
From Our President: We Want You! Thoughts from Joe Fobbe, Managing Director Regions Business Capital It’s hard to believe that when I’m done typing one half of this article I will be one half done with my Presidential-newsletter requirements! Didn’t it just 2008 start? This is the third of five newsletters for our calendar year, and we’ll Chapter have another in the July/August time frame and one in October. What a start we’ve gotten our year off to and, believe it or not, things are just of het getting going: Joe Fobbe Year • Our Breakfast committee had another successful (over 250 registered) panel presentation in March (see article on page 6); • Our Future Leaders team hosted its first bowling networking event that not only was sold out but also raised money for a great charity; • Our Milwaukee Committee had over 110 people turn out for a Madison networking/ educational event; • Our Entertainment Committee has had two successful events with their fifth annual Martini networking event (250 attendees!) and an inaugural NCAA Sweet 16 Event. • Our fifth annual Crain’s advertising insert, the “Turnaround Survival Guide: Winning in Turbulent Times” was published and needed more than ever! Also, as of this writing, our reformatted charity golf outing—to be held Tuesday, June 2 at the Grand Geneva Resort & Spa in Wisconsin—is over 95% sold out on sponsorships and, if you’re reading this and haven’t yet registered for the event, you’ve missed the opportunity to win one of three $150 gift certificates for early registration. But, you can still register, have a great time, network at a great reception and dinner, have a shot at winning some of the $2,500 in prize giveaways and be part of What’s Inside? raising money for charity. The next several months also have a number of exciting educational and networking events, just VP’s Corner...... 2 check out page 4 of this edition and visit our web site—www.chicago.turnaround.org. And, once Upcoming Events...... 4 again, thank you for supporting your chapter of the Turnaround Management Association—the 2008 Past Events...... 5-8 Chapter of the Year! Past President’s Perspective...... 10 Getting Involved: TMA Hall of Fame...... 11 We do want you, and sincerely hope that you’re wondering how you, too, can get involved with your terrific chapter. New Member Listing...... 12 The first step, truly, is to just keep showing up at events. Spend some time getting to know the Member News...... 12-13 organization, the people, the co-chairs and the various committees. Call a committee co-chair directly What’s the Deal?...... 13 (they are all listed on page 18 of this newsletter) and offer to buy them a cup of coffee in exchange for more information on what their committee does and to gain his/her perspective on the benefits of Upcoming Events...... 15-16 getting involved. Chicago Chapter CTPs...... 17 Do this with more than one committee. Like everything in life, chemistry is important. Board Member and Second, be honest with yourself about why you want to be involved. There are no honorary, resume- Steering Committee Listing...... 18 building positions. We need people—leaders and committee members—who actually roll up their Membership Application...... 19 sleeves, plan an event, put a flier together, call prospective members, call prospective sponsors, put Platinum & Gold Sponsors...... 20 a panel together, support our events, etc. continued on page 2 debtors. We are also used to reacting to the “hockey stick” VP’s Corner with healthy skepticism and deservedly so. In these turbulent times, it has been hard to view any projections as credible if Silver Linings and they assume a recovery any time in the near future. Hockey Sticks Maybe we shouldn’t be discounting them so heavily now. Thoughts from Kevin A. Krakora An economic turnaround will occur eventually. Trying to time VP-Communications, it is nearly impossible. But just like every winter eventually Mesirow Financial Consulting LLC leads to summer, so too will the economy recover from this recession. It is a certainty, even in Chicago, that eventually the cold, desolate winter will So at what point do you jump on the bandwagon and declare give way to a summer with warmer, that you are a part of the “hockey stick?” sunnier weather. In fact, just as it appears that we are all As a member of our vibrant TMA Chicago/Midwest Chapter, at our wits’ end, the uptick occurs and a brighter future the answer lies in the upcoming summer schedule of emerges. programs and events. There is no better way to sharpen That’s why I truly appreciate the change of seasons. And why your skills than to attend our highly praised Troubled I extrapolate the hope of the upcoming change of seasons to Loan Workshop in May. Or celebrate the departure of our current economic situation. Old Man Winter by joining your industry colleagues in our favorite seasonal events such as the annual charity golf We have many questions before us: Are we at the bottom of outing, Milwaukee’s SummerFest and the boat cruise. this economic downturn yet? Are we about to start entering Our summer events provide the opportune venues for the recession’s spring with the promises of a recovering education, networking, referring deals, meeting new contacts summer not as far off in the future as once believed? Or are and catching up with old colleagues. Just make sure you we still in the doldrums of an icy, frostbitten winter? participate. The summer will be over before you know it. However you may have answered the questions, all of us Silver linings are important to all of us. They help us to should look for the “silver linings” in our current situation. maintain an even keel, to nurture an optimistic perspective The turnaround industry is humming along, with the buzz of and to look for the bright side when faced with dark opportunity drawing more and more interest in our profession circumstances. The summer is almost upon us. Take not only from the media, but also from recently displaced advantage of our many educational, social and networking investment bankers, attorneys, lenders and graduate events to stay in tune and touch. For now is truly our time students. The prospect of reorganization for many companies to shine as an industry and as professionals in this historic has become more complicated, as lenders and investors downturn. are still extremely cautious of funding restructurings in these uncertain, turbulent times. The complexity, however, With a little luck, perhaps at the end of this summer, we is leading to more creativity. With the brightest minds will realize that we are beginning to enter the uptick of the in turnarounds actively seeking ways to save deserving economy’s “hockey stick.” If not, at least we will have enjoyed companies, new strategies are emerging in what may serve the silver lining of an eventful TMA summer. as the groundbreaking case studies for years to come. Silver linings indeed. Trying to find silver linings may lead to recognizing the subtle signs of recovery. As practitioners, we are used to seeing the “hockey stick” projections of our clients, borrowers or
continued from page 1 Committee co-chairs are appointed annually and frequently serve two years. Subsequent years are dependent on their interest and, frankly, the steering committee’s thoughts on how the committee performed! (Yikes, I sound like Jack Welch!) Committee members often evolve into co-chairs or, individuals who don’t want that responsibility frequently change committees every couple of years. Typically a committee has two co-chairs, but sometimes exceptions are made and more than two are appointed but this is truly an exception. Our nominating process will begin later in the summer with a call for nominations. Don’t be afraid to raise your own hand and let us know what committee you want to be involved with and share with us your background and reason for wanting to be on that particular committee. That’s the best way, so watch for the announcement later in the summer. Oh yeah, and keep showing up!
The Newsletter of Corporate Renewal is a publication of the Turnaround Management Association, Chicago/Midwest Chapter. It is issued five times annually. Submissions to the newsletter should be directed to: Thomas P. Egan, [email protected], Katie Pamenter, [email protected] or Kurt Winiecki, [email protected] TMA • Chicago/Midwest Chapter • May 2009 • Page 2 Save the Date: September 9-10, 2009 Third Annual Regional Conference Riding the Storm Out MidAmerica Turnaround Management Association 3rd Annual MidAmerica Conference
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TMA • Chicago/Midwest Chapter • May 2009 • Page 3 Upcoming Events: The Details Breakfast Forum: TMA Suburban Program “Asset Valuation and Liquidation Update” Tuesday, July 14, 2009 This is Not your Father’s Recession Friday, May 8, 2009 Joint Boat Cruise with ACG & MBBI Members: $30; Non-members: $45; Students: $5 Thursday, July 23, 2009 The University Club, 76 East Monroe Street, Chicago, IL Navy Pier, Chicago, IL Troubled Loan Workshop (half-day) Friday, May 15, 2009 The University Club, 76 East Monroe Street, Chicago, IL
Annual Charity Golf Outing DON’T MISS OUT: Tuesday, June 2, 2009 Over $2,500 in prizes NEW LOCATION THIS YEAR! to be given away! Grand Geneva Resort & Spa, Lake Geneva, WI Milwaukee Breakfast Meeting Tuesday, June 9, 2009 Milwaukee, WI Women’s Group Luncheon Wednesday, June 17, 2009 East Bank Club, 500 North Kinsbury Street, Chicago, IL SummerFest: We’re Back at the Park! Monday, June 29, 2009 SummerFest Grounds, Milwaukee, WI For more details or to register online, visit: www.chicago.turnaround.org
TMA • Chicago/Midwest Chapter • May 2009 • Page 4 Martini Park Draws Huge Crowd Strike A Deal 2009 Networking was alive and well at this annual event held for the By Ryan Jaskiewicz, K & L Finance Company first time at Martini Park in Chicago. More than 300 people were in attendance to enjoy food, networking, and of course, martinis! The Future Leaders Committee threw its inaugural bowling and networking event on March 12. The event was a smashing success with all bowling slots selling out and even more people there simply to network and have a great time. The event was held at Lucky Strike Lanes, which provided great food and drink, as well as a perfect environment for networking. Bowlers were given strikes for the first four frames; however, only four people were able to bowl past the 200 mark and win Starbucks gift cards.
There were also other games like the “Double Your Money” eighth frame and the Team Bowling Bingo. The money raised through these games was donated to our sponsor charity for the event, The Emergency Fund.
We look forward to more networking and connecting at next year’s event. Thanks for making the first ever bowling event a great success!
From top: Rick Barfield and Chuck Cooper; Scott Lechky, Beth Friedman and Scott Kilgore; Josh Berman, Tim Berceau, and Adam Cygan; and Mike Paulsen throws a lefty. Photos by Nicole Krakora
From top: Sue Burke, Lori Stanovich, Elizabeth Vrato, Melissa Hinds and Christine Childers; Mike Rudolph, Craig Petrusha, Ben Mann and John Inanski; Rina Paz and Gordon Gouveia; and Dave Onion and Kurt Winiecki. Photos by Nicole Krakora
TMA • Chicago/Midwest Chapter • May 2009 • Page 5 Champions of Chapter 11 in Turbulent Times By Aaron L. Hammer and Brian Jackiw, Freeborn & Peters LLP There was a great turnout for the “Champions of Chapter Cross expounded on Niemann’s statements and noted that in 11 in Turbulent Times” breakfast forum held March 20. The a recession we normally see a loosening of liquidity, whereas room at the University Club was packed (standing room today we have the ubiquitous “credit crunch.” Oddly enough, only) as the panel began the discussion on the dynamics of he noted, it is the credit crunch that has caused the recession. corporate reorganization under chapter 11 under the current But Cross then stated, optimistically, that the DIP loan market is unprecedented global economic situation. The panel’s all-star finally beginning to loosen up. He also suggested that CLOs and cast, which was assembled to opine on behalf of the TMA, surely hedge funds have not been through these cycles before and that contributed to they are still learning how to handle them. the outstanding Carson interjected that, in the recent past, default rates have turnout. been wildly erratic. He wondered when and how the country will The panel was find its way back to normal default rates. Cross replied that this moderated by situation was likely caused by the fact that, in the past few years, Keith Shapiro, money was “cheap” so bankruptcy was not a viable option. co-managing Companies simply refinanced rather than restructured. Niemann shareholder added that companies now have to self-fund since there is no of Greenberg readily available source of outside liquidity in today’s markets. Traurig’s Shapiro took the floor as a participant at this point and reiterated Chicago that there were no DIP loans for distressed corporate borrowers. office and The best one could hope for was a defensive bid from the co-chair of its current lender. He said that one “nice thing” is that banks are reorganization Panelists included Colin Cross, Matt Neiman, beginning to think rationally and act pragmatically. and bankruptcy Chris Dickerson, moderator Keith Shapiro, and practice. Jonathan Carson. Dickerson entered the conversation by stating that today’s Joining Shapiro on stage was Chris Dickerson, partner in the market is the “perfect storm” for the destruction of the retail corporate restructuring group of Skadden’s Chicago office; industry. The lack of liquidity in the market, combined with Jonathan Carson, co-founder of Kurtzman Carson Consultants the changes in the bankruptcy laws (both in exclusivity and LLC; Colin Cross, managing director and co-founder of Crystal limitations on assuming or rejecting leases and executory Capital, a fund focused on direct lending and equity investments contracts), have allowed retailers to fail and not provided them in middle market companies; and Matthew Niemann, managing with the options needed to survive this downturn. Dickerson director of Houlihan then shared a story Lokey and co-head of about Circuit City, which its midwest restructuring had $1 billion in a line practice. of credit that initially put creditors at ease. The fact that the U.S. However, Circuit City economy is in the middle had difficulty navigating of a significant recession the stricter deadlines is widely known. This on assumption and recession, however, rejection of commercial does not have the same leases, which brought “markings” of past the company to its economic downturns. ultimate demise of This statement provided liquidation. a superb beginning to the morning’s Getting back to the issue discussion. Shapiro of liquidity, Niemann asked Niemann to tell listed some troubled us how this recession industries: real estate, differs from prior senior living, building recessions. Niemann products, restaurants noted that the extreme Clockwise, from top left: Spencer Ware, Jim Anderson and Willard McNitt; Matt and recreational lack of liquidity marks Miller, David Himmel and Brent Burden; Mark Bohntinsky, Chris Horvay and Bill vehicles. He also noted a significant difference Hass; and Jim Harney, Timothy Turek, and Brian Payne. that banks will not lend from past recessions. against two of the three He also noted that the capital markets are currently resistant largest auto makers’ accounts receivable. Cross added that 363 to taking any risk at all. Hedge funds, which normally would sales are “truly a joke” since no one is buying businesses. take these risks, are under huge demands from their investors Shapiro gave a prudent warning against dealing with lenders seeking redemptions. Other investors are simply biding their time while trying to work out matters prior to a bankruptcy. What has and trying to preserve the status quo until they are able to see occurred lately is that lenders push forward trying to create an the whole picture. “aura of cooperation,” either saying they will not foreclose or
TMA • Chicago/Midwest Chapter • May 2009 • Page 6 that they will give the business more Carson reinitiated discussion on default rates and how they time to get funds—only if the banks were now upwards of 14 percent while only a few years ago the are granted increased security. rate had been at two percent. He suggested that, with default Once fully secured, the lenders rates so high and impossibly tight liquidity, we have not seen the force a sale. Dickerson jumped in bottom of the market yet. This comment prompted Dickerson and suggested that Circuit City saw to play the seer as he counseled everyone to be ready for the a similar fate. Niemann agreed and opportunity that further instability in our economic system will suggested the worst thing a company provide for turnaround professionals. can do is to protect its lender. The morning was capped with questions from the audience, Carson expounded on earlier including one regarding Bankruptcy Abuse Prevention and comments in that prior to this Consumer Protection Act (“BAPCPA”) reform. The issues with downturn, when we were not facing Michael Traison and BAPCPA, such as the exclusivity period and timeframes for this credit crunch, businesses just Don Tomlinson rejecting or assuming contracts and leases, are among some of refinanced rather than filed for the amendments that Congress might roll-back. The audience bankruptcy. This reality has impacted today’s market by not member asked whether the panel thought Congress would push allowing good, viable companies to get DIP financing. A lack of changes of these tenets through in a reform bill. Shapiro and funding has further complicated matters by turning banks into others chimed in, and the consensus was that since it took a owners—an occurrence for which banks were not prepared. decade for BAPCPA to get passed initially, changes to these sections would be hard to come by. The seemingly easy change After this warning, Niemann reiterated that once banks reduce is made more difficult by the special interest groups that hand their exposure, the relationship is quickly dumped in favor of Congress campaign donations each year. liquidation. Shapiro went on to note that real estate deals have no leverage to give to the banks. At this juncture, banks do not It was a great breakfast meeting that enlightened all who want the keys to the property and would rather keep the property attended. A very special thanks goes out to Shapiro for acting running. All of the speakers continued to maintain that when as moderator, as well as to our distinguished panelists. We look representing a distressed business, one should not give away forward to the next forum for networking and learning. his or her options, which will keep the business in play for a longer period of time. Photos by Nicole Krakora
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TMA • Chicago/Midwest Chapter • May 2009 • Page 7 TMA Hosts Inaugural Program in Madison, WI Over 100 Attend By Dan McGarry, Whyte Hirschboeck Dudek S.C. In an effort to expand its programming territory to western Wisconsin, the Milwaukee Planning Committee partnered with Whyte Hirschboeck Dudek S.C. to host a very successful event in Madison on March 25.
The evening included a timely discussion on controlling bad news and crisis information in the public arena titled “Crisis Management for Organizations” presented by Nathan A. Fishbach, a shareholder with Whyte Hirschboeck Dudek; Dennis Dean, managing partner at The Dean Group, and Richard A. Ruffin, a managing member of Callahan Investigations.
After the presentation, a networking reception was held that featured some of the top commercial bankers in the Madison area. This inaugural event for the Madison area greatly exceeded expectations, with final attendance well above 100 members and guests.
Clockwise from top left: Bill Farrar, Andy Roethe, Kris Gmur and Louie Lange; John Cornell, Pat Howell, Tom Mulford and Cameron Windhorst; Dan McGarry, Mark Augustine and John McFarlan; Celeste Murphy, Jim Munhofen, Scott Ciano and Daryl Diesing; and Ed Duffy, Bill Clapp and Dave Finkbiner. Photos by Bill Farrar
Sweet 16: Inaugural NCAA Networking Event Close to 100 people attended the inaugural “Sweet 16” event held at Dave & Bust- er’s. Attendees played pool, networked and watched their favorite collegiate teams strive to gain access to the elusive Final Four.
Top row: William Hackney, Bryan Minier and Bob Richards. Bottom row: Duncan Bourne and Jim Shein; Maurita Lyle and Fiona Hammer; Janette Shea, Randy “Boilermaker” Patterson and Donna Arends. Photos by Nicole Krakora
TMA • Chicago/Midwest Chapter • May 2009 • Page 8 What Is The Women’s Group Up To In 2009? By Christi Childers, Jenner & Block LLP The TMA Women’s Group’s Planning Committee has been busy at work planning its events for 2009...and wait until you hear what’s in store for you. On Monday, April 27, in conjunction with the 2009 Singin’ the Blues Spring Conference, the Women’s Group is hosting a “dine around.” Women’s Group members, together with IWIRC Chicago members, will host conference attendees for networking and a taste of Chicago’s finest food from restaurants such as Café La Guardia, Le Lan, Mercat a La Planxa, The Gage, Sepia and Wildfire. The event is open to all Women’s Group and IWIRC members; registration for the Spring Conference is not required. Watch for your invitation and sign up for your favorite restaurant. The Women’s Group will host two luncheons, the first on June 17 and the second on August 12, both at the East Bank Club. The first will be a networking extravaganza—think speed dating. The goal is for our Women’s Group members to make connections with other members. To facilitate this, attendees will be seated at three different pre-assigned tables during the three lunch courses. A table moderator will direct the flow of information between attendees, but everyone will participate to introduce themselves to the others at the table and talk about what they do. Be on the lookout for your invitation because space will be limited and an RSVP will be necessary. As for the August 12 luncheon, while still in its infancy planning stages, it will involve a case study and a panel of Women’s Group restructuring professionals who will talk about their different roles in the case. To finish out the year (can you believe we would be thinking about the end of the year already?), the Planning Committee tried to think of two things that go perfectly together. Recall the commercials where one person would say, “You got peanut butter in my chocolate,” and the other would reply, “You got chocolate in my peanut butter?” They would then sample the mixture and remark on the great taste, tying in with the slogan “Two great tastes that taste great together.” Well, while peanut butter and chocolate are a great combination, the Planning Committee decided instead to mix chocolate and wine instead. The Women’s Group will host a wine and chocolate networking reception on November 5. Mark your calendars now so you can taste the sensation! The Planning Committee hopes to see you at all of the Women’s Group events.
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TMA • Chicago/Midwest Chapter • May 2009 • Page 9 Past President’s Perspective Editors’ Note: This column serves as an opportunity to reflect upon not only how our chapter has obtained the success it has, but also to reflect on the principles that will guide us as our chapter continues to grow. In addition, it provides an opportunity to publish some old pictures of our friends and colleagues. We hope you enjoy this feature. My View on the Economy By Daniel F. Dooley, MorrisAnderson & Associates, Ltd., TMA Chicago/Midwest Chapter President 2005 I was considering what in the world I could write about that TMA members really would be interested in reading. So since I am not an economic scholar, what better topic for me to write about than macro- economics. So here goes my thoughts on the U.S. economy... 1. Capacity in almost every industry in the U.S. has been tremendously overbuilt in the last 10 years. Almost every business was assuming 5% top line growth forever and we were already 10-20 percent overcapacity in most every industry “before” the recession. Add to that the 10-30 percent drops in volume in many industries in Q4 and Q1 and you have quite a booming capacity shakeout coming. So, we clearly will be reducing capacity in virtually every industry to correct for this over-expansion. My best guess is that we are at least 20 percent over-expanded virtually everywhere, but the capacity contraction may likely be significantly in excess of 20 percent because consumers and businesses will start to actually save versus take on credit as a result of the current economic mess. Interest rates will rise in real terms because foreign money will stop pouring into the U.S. at bargain rates. Lastly, lenders and advisors will undoubtedly overreact as is typical and shut down and liquidate some businesses which actually have a legitimate reason to survive. 2. Commodity prices will continue to have wild fluctuations. This will continue to be devastating to industry and make it incredibly difficult to plan and manage financial performance of any commodity-dependent business which will directly impact market valuations and the availability of credit. In my view, commodity price fluctuations are primarily a predictable result of a global market equilibrium resetting as we are evolving from regional economies to a global economy. I don’t know how many years it will take for global commodity price equilibriums to be reset but I’d guess it will be 10 years or more and we’re only perhaps three-to-four years into that process. 3. Massive unemployment is the real hairball the U.S. economy has coming its way. In October, I predicted in a published article that the U.S. unemployment rate would hit at least 10 percent in this “recession.” I don’t know that anyone I spoke to at that time agreed with me. Today, we’re in the low 8 percent range and climbing at .4 percentage points monthly and general wisdom is that we will hit 10 percent. However, my estimate is now that unemployment will eventually rise up to at least 12 percent. Think of the impact this will have on our social services, our tax base and crime. I foresee a Work Projects Administration-type program to put people back to work by year-end 2009. To me, this means we’re probably in the midst of a prolonged gold rush in our industry. Although this will be a great thing for our industry and my firm, I’m truly concerned about the long-term adverse impact on our country. I’m glad Bernanke studied the “first” U.S. depression and is an expert on it. I wonder whether he realizes that he may get a front row seat for the “second” one.
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TMA • Chicago/Midwest Chapter • May 2009 • Page 10 Plt_Ad.indd 1 4/13/2009 1:50:57 PM TMA International Establishes Industry Hall of Fame In honor of its 20th anniversary, the TMA established the Turnaround, Restructuring and Distressed Investing Industry Hall of Fame. More than 50 nominations were received from candidates in the U.S. and throughout the world. Nominees needed to (a) be a recognized leader in the business community, (b) have a mastery of the concepts and practical applications of preserving corporate value, (c) have made significant contributions in the awareness, stature and growth of the industry, (d) have been involved in creating innovations and/or identified theories to bring improvements to the restructuring industry that have a lasting impact beyond the recipient’s career, (e) be a thoughtful leader in speaking and/or writing about the industry and (f) have given back to the industry through support of professional affiliations and sharing of knowledge and experience with others. The inaugural class of 10 individuals was inducted at a celebratory dinner held on October 28, 2008, at the TMA’s 20th Annual Convention in New Orleans, LA. In addition, each of the former chairs of the TMA was recognized as honorary inductees into the Hall of Fame due to their significant contributions to the TMA. In each of the five newsletters in 2009, we will recognize one of the five members of the Chicago/Midwest Chapter who were named to the Hall of Fame in 2008.
Colin Cross, Inaugural TMA Hall of Fame Inductee By Lisa Johnson, Wells Fargo Business Credit It’s a pretty sure bet that most Chicago/Midwest chapter members have met or are familiar with Colin Cross. It could be his distinctive name, but more likely, our members know Cross through his leadership at the local and international levels of TMA and his ubiquitous presence at chapter events. Cross has been a strong voice for consensus and intelligent growth during his 10 years of leadership, and his contributions to TMA have been recognized with his induction as an honorary member of the Hall of Fame. Cross brought strong professional credentials to his role as a leader of TMA. His career has included roles as a senior debt originator, as a provider of equity to troubled companies, and, along with colleagues Ed Siskin and Ward Mooney, as a pioneer in the second lien market. In his current post as managing director of Crystal Capital, Cross and his partners have invested and are managing $900 million in 75 senior and junior debt transactions. Cross was gracious enough to contribute both his own skills and those of wife Teri to the chapter in his early years of leadership. For many years, Teri served as the publisher of the chapter’s newsletter and contributed countless hours to editing the work of volunteer copywriters, developing advertising standards, and managing the layout, printing, and distribution process. Cross and Teri are the parents of Colin, a senior at Haverford; Elizabeth, a sophomore at Carleton College; and Brian, a high school sophomore. Cross was actually a chapter member for 10 years before he got involved as a committee leader and board member. Today, Cross notes that active TMA involvement has been key to his development of strong relationships within the chapter. “Working on committees develops respect and trust that translates into a business relationship,” says Cross. Cross’s early involvement eventually led to his being named as chapter president in 2002-2003. From there, he joined the International Board of Directors, heading up its strategic planning efforts in 2004. By 2006, Cross had been named president of TMA International. Those of us who have participated in TMA under Cross’s leadership appreciate his patience and diplomacy during sometimes heated debates among passionate and skilled industry leaders regarding the direction of our organization. Cross’s commitment to our chapter and our industry helped build TMA into the successful organization it is today, and we congratulate him on his induction into the TMA Hall of Fame.
TMA Board Meetings Open to all Members Board meetings for the Chicago/Midwest Turnaround Managment Association are held six times a year, and all TMA members are always welcome to attend. Meetings for 2009 year will be hosted by Deloitte at 111 South Wacker Drive. The remaining meeting schedule is as follows: June 12 August 14 October 16 December 11 All meetings begin at 8 a.m. As a reminder, only Directors are voting members of the organization.
TMA • Chicago/Midwest Chapter • May 2009 • Page 11 New Members are the Strength of Our Organization We welcome the following new members to the Chicago/Midwest Chapter of the TMA: Miroslav Anic, Freshwater Associates LLC Barbara Limanowka, Northwestern University James Baldwin Amy Lincoln, Pfingsten Partners LLC Patrick Blandford, Frontenac Company Steven Marx, Hotel Source Inc. Ajoy Bose, Jefferson Wells Kevin McDaniel, Lockton Companies LLC Geoffrey Brooks John McIlwain, Greenfield Real Estate Services Sarah Bryan, K & L Gates LLP Thomas McKee, Monroe Equity Partners LLC Paulina Caprio Bryan Minier, Smith Amundsen LLC Cara Casolari, Bridge Associates LLC Geoffrey Murphy, Valor Leadership Partners Inc. Stephen Daily, Valhalla Financial, Inc. Frank Muscarello, Vision POS Richard Davidson, AlixPartners LLP Anthony Nasharr, Polsinelli Shalton Welte Suelthaus Scott Douglas Joshua Nelson, High Rock Partners Joel Dryer, MorrisAnderson Patrick O’Brien, Law Bulletin Information Source Albert Gallagher Omer Ozgozukara, Huron Consulting Group Michael Gardner, The Claro Group Brian Pastroff, Ernst & Young LLP Seth Glickman, Hotel Source, Inc. Dan Pastron Derek Gould, Macquarie Capital Timothy Pfister, Hilco Industrial LLC John Harlan, BrookWeiner LLC John Rothschild, Hilco Enterprise Valuation Services Jeffrey Heller, K & L Gates LLP Steven Sandstrom, Lake Pointe Partners LLC Edward Hocter, US Bank Debt Capital Markets John Servatius, Lissner Associates, Ltd. Frederick Jarvis James Smith, CFO Synergy Inc. Debra Johnson, Lucas Group Matthew Steffen, Ernst & Young LLP Scott Kaniewski, Laurus Strategies Jeffrey Stewart Uzma Khan, DLC-The David Lewis Company Mike Trojanowski, Magna Principals LLC Lisa Koblinski Benjamin Vannier Richard Latta, Michael Best & Friedrich LLP Ashok Vishnubhakta, Macquarie Capital
Member News
Jack Cochran, a managing director with MorrisAnderson’s Amar Shah recently rejoined The Keystone Group, a middle Chicago office, recently passed away while working on a project market financial and operational turnaround consulting firm, as a in Detroit. He died in his hotel room of a massive heart attack senior principal. Most recently, Shah was a director at Z‑Capital at the age of 64. Jack had been with MorrisAnderson for about Partners, a credit focused alternative asset management firm, 10 years and was extremely well liked throughout the company. where he covered the diversified manufacturing, automotive and He was a great business analyst, good with people, and he had electronics industries. strength of character. He was, perhaps more importantly, simply Todd Manderfield of Spire Capital Advisors, a Milwaukee-based a great guy. He will be missed by everyone at MorrisAnderson, M&A advisory firm, has been appointed executive vice president. as well as his family, friends and colleagues within the TMA and In addition to Manderfield’s continued responsibilities as an M&A the corporate renewal industry. advisor, he will also oversee key corporate activities for Suzanne Koenig spoke at The Distressed Healthcare the company. Opportunities Symposium in Nashville, TN, on February 19 Robert Morris, a managing director of MorrisAnderson, taught which offered a unique forum for healthcare providers, private a class titled “Managing Turnaround and Bankruptcy Cases” to equity investors, lenders and corporate counsel to come professionals seeking to obtain their Certified Insolvency and together to discuss the distressed market. She spoke on “Early Restructuring Advisor certification. The class was held at Grant Intervention: The Uses (and Misuses) of the Thornton’s Chicago offices on March 4. Turnaround Manager.” Carl Lane of AlixPartners LLP was named to Turnarounds Janice A. Alwin has joined the Chicago law firm of Barack & Workouts’ “People to Watch 2009: Business Professionals Ferrazzano Kirschbaum & Nagelberg LLP in the bankruptcy Making Their Mark” list in the March 2009 issue. The publication and creditors’ rights practice. Alwin concentrates her practice on annually recognizes the outstanding achievements of commercial bankruptcy, corporate restructuring and creditors’ professionals in the turnaround industry. rights. Alwin is the co‑chair of the Women’s Group. Dave Wanders has opened an office in Northbrook for Salt MorrisAnderson’s Chicago-based Managing Director Dave Lake City-based Stearns Financial Services. Stearns provides Bagley recently penned an article for the special 2009 edition accounts receivable financing to businesses throughout the of The Journal of Private Equity, which focuses on turnaround U.S. with annual sales of $2-$120 million that are not able to management. The article, “Roman, Inc.: From Liquidation access traditional bank financing due to excessive leverage Planning to Turnaround of the Year,” will be published May 31. and/or losses.
TMA • Chicago/Midwest Chapter • May 2009 • Page 12 Randall L. Klein, chair of Goldberg Kohn’s Bankruptcy & Ed Marks, president of Marks Consulting, was invited to join Creditors’ Rights Group, has been elected a Fellow of The the board of directors of North Metro Harness Initiative LLC, the American College of Bankruptcy. Klein concentrates his practice majority owner and operator of Running Aces Harness Parkway in the area of the protection and enforcement of creditors’ located in Columbus, MN. The complex consists of a card room, rights, representing institutional lenders and purchasers of live horse racing, simulcasting, a restaurant and entertainment. distressed claims. Paul Krantz has joined the team at Concord Financial Dave Mack, Chicago-based managing director of Advisors LLC. Krantz, formerly with GMAC Commercial Finance, MorrisAnderson, spoke at ABI’s 27th Annual Spring Meeting brings 30 years of seasoned lending experience to Concord in National Harbor, MD, on April 3 on the topic of “Selling for both cash flow and asset-based transactions. His duties will Strategies—Finding Buyers and Managing an Effective include assisting middle market companies and private equity Sale Process.” groups with a “one stop” approach to procuring senior debt and mezzanine financing. Amherst Partners is pleased to announce the addition of Terry M. Keating as a managing director in the Chicago office. Mike Paulsen has become vice president of Lockton Keating brings 25 years’ experience in providing mid-size Companies. Lockton is the world’s largest privately-held financial services companies strategic and financial advice, insurance brokerage firm. Paulsen will continue to work with valuation and mergers and acquisitions advice. He has industry turnaround consultants and equity investors to identify expertise with consumer and commercial finance, leasing and property/casualty and employee benefit cost savings to financial technology companies. increase liquidity. Navin Nagrani of Hilco Real Estate was recently quoted in the Mary Alberts has accepted a position as senior vice president, Wall Street Journal in an article titled “Expanding Eateries Target special assets division, at Cole Taylor Bank. Shuttered Sites.” The article discusses the growing number of Ed Duffy and Bill Clapp are now shareholders of Finkbiner, restaurants closing and the resulting conversion opportunities for Duffy & Clapp S.C., Turnaround and Corporate Renewal other chains that are growing. Nagrani also participated on a real Consultants (f/k/a David C. Finkbiner & Company SC). estate panel for the Distressed & Turnaround Investment Forum that iiBig hosted in Chicago in April. Melissa Kibler Knoll, senior managing director at Mesirow Financial Consulting, was recently installed as president-elect of Paul Rundell of Alvarez & Marsal was recently promoted to the American Bankruptcy Institute (“ABI”). Knoll has been active managing director in its healthcare industry group. In addition, with the ABI throughout her career and is currently a member Rundell will be speaking at ABI’s 1st Healthcare Conference in of the board of directors and executive committee, and most Chicago June 24‑26 regarding “Healthcare Restructuring Out of recently held the position of vice president, membership. Court: Can The Patient Survive Without The Bitter Pill of Bankruptcy?”
What’s the Deal? Doing Business in Chicagoland and Beyond
Suzanne Koenig of SAK Management Services LLC was Concord Financial Advisors LLC closed a $15 million senior appointed patient care ombudsman, by Carla McClurg, Assistant secured revolving line of credit to support working capital United States Trustee of the United States Bankruptcy Court, for for BSN Inc., a Boca Raton, FL- based vitamin supplement the District of Oregon, in five cases (one jointly administered) in manufacturer. Concord closed the transaction with a fellow the SunWest Case. This filing only represents 19 assisted living TMA member from Wachovia/Wells Fargo Business facilities located across the U.S. Credit. Concord remains active in arranging senior debt and subordinated debt transactions for businesses and has three The Keystone Group has been engaged as the financial other transactions in the closing process. advisor to assess the current financial situation and to develop a turnaround/restructuring plan for a grocery wholesaler. Hilco Acetec Mexico was awarded a new contract — the fifth in five years— by the Federal Agency SAE (Servicio de Hotel Source Inc. completed the sale of the 242‑room Ramada Administración y Enagenación de Bienes), the government in Cincinnati, OH. Steve Marx and Seth Glicman of Hotel Source agency that oversees the sale of confiscated and seized assets. Inc. handled the sale. The 12‑story hotel is highly visible along Under the contract, Hilco Acetec will provide asset appraisals Interstates 71/75 in downtown Cincinnati. and conduct auctions of personal property, real estate, machinery and equipment.
TMA • Chicago/Midwest Chapter • May 2009 • Page 13 Platinum Sponsor Bio: The Hilco Organization The Hilco Organization (“Hilco”) provides asset appraisal, acquisition, disposition, specialty financing and retail consulting services to an international marketplace through a diversified platform of businesses. Each business provides a range of services pertaining to specific asset categories, such as inventory, machinery, equipment, real estate, accounts receivable and intangibles such as trade names. Well-capitalized, Hilco can act as a principal to acquire assets, or serve as an agent and deliver a completely integrated, single-source solution to retailers, wholesalers, distributors and manufacturers, direct and through their financial institutions; consulting professionals including restructuring, legal and accounting firms; and private equity firms, hedge funds and investment banking firms. Services available from Hilco include: Toll-Free Phone: 1-800-52-HILCO • asset appraisals and enterprise valuations; Phone: 847-509-1100 • retail store, warehouse and factory closings; Fax: 847-509-1150 • consumer and industrial inventory disposition; Web: www.hilcotrading.com • machinery and equipment acquisition and disposition; • commercial and industrial real estate disposition, Business Unit Web Addresses: principal acquisitions, sale-leasebacks, and lease Hilco Appraisal Services: www.hilcoappraisal.com mitigation and restructuring; Hilco Appraisal Europe: www.hilcoappraisal.co.uk • distressed accounts receivable portfolio acquisitions; Hilco Industrial: www.hilcoind.com • excess wholesale consumer goods inventory Hilco Industrial Europe: www.hilcoeurope.com acquisition and disposition; Hilco Merchant Resources: www.hilcomerchantresources.com • distressed debt acquisition; Hilco Real Estate: www.hilcoerealestate.com • private equity funding; Hilco Receivables: www.hilcoreceivables.com • brand management; Hilco Consumer Capital: www.hilcocc.com • investment banking advisory services; and, Hilco Equity: www.hilcoequity.com • retail chain store acquisitions Hilco UK Limited: www.hilcouk.com Hilco Corporate Finance: www.hilcocf.com Contact Information Hilco Retail Acquisitions: www.hilcoretailacquisitions.com International Headquarters: SD Retail Consulting: www.sdretail.com 5 Revere Drive, Suite 206 Merchant Equity Partners: www.merchantequity.eu Northbrook, IL 60062 USA
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TMA • Chicago/Midwest Chapter • May 2009 • Page 14 Get in the Game! Cubs-Brewers Outing Set for September 23 Cubs vs. Brewers—how much fun will this be? Join the Milwaukee Planning Committee of the Chicago/Midwest Chapter at its 6th Annual Brewers game in Milwaukee at Miller Park, home of the Milwaukee Brewers and the fan-shaped convertible roof. Ticket price includes entry to the game, a complete dinner buffet, unlimited soda and two drink tickets. Upon receipt of payment, tickets will be mailed directly to you. Last minute reservations can pick up their tickets at the will call window at the park. For those traveling up north, make it a day and night. Local area hotels can be recommended should you choose to stay after the game. Simply call the chapter office at 815-469-2935 for assistance. Reservations will be accepted as long as tickets are still available. The Chicago Cubs vs. The Milwaukee Brewers September 23, 2009 Milwaukee, WI Members: $70 per person* Non-members: $80 per person* *after July 23 ticket prices will increase 5:00 p.m.—Networking & Dinner 7:05 p.m.—Game Time The TMA Chicago/Midwest Chapter has the ENTIRE Dew Deck reserved! Plan now as tickets are limited and this event is expected to sell out fast! TICKETS ARE LIMITED! To register online, visit www.chicago.turnaround.org
Purchase your tickets by July 23 and qualify to win a $100 gift certificate to the Miller Park store!
TMA • Chicago/Midwest Chapter • May 2009 • Page 15 Ninth Annual Charity Golf Outing Set for June 2 New Location, Same Great Cause!
Name Handicap (req. for Texas Scramble)
Company Grand Geneva Resort & Spa ...golf, tennis, spa, Address horseback riding, hiking... There’s something for everyone! City State Zip Tuesday, June 2, 2009 Grand Geneva Resort & Spa Phone Email 7036 Grand Geneva Way Lake Geneva WI 53147 q Individual Golf Registration (includes dinner): www.grandgeneva.com q Texas Scramble (handicap req.): q $185 (member) q $235 (non-member) Schedule: q Regular Scramble: q $185 (member) q $235 (non-member) 9:30 a.m. Rise & Shine q Individual Golf Registration + New TMA Membership: q $485 (save $65!) Reception & Registration q Texas Scramble (handicap req.) q Regular Scramble 11:00 a.m. Shot Gun Start & q Please place me in a foursome where I can connect with three new contacts. Box Lunch 2:00 p.m. Golf Clinic q I have made arrangements to golf with the following people: 4:30 p.m. Reception, Dinner, Awards & Auction Name Company Texas Scramble: m Exciting option for Name Company avid golfers m Best tee shot, then play your own ball Name Company m Standard rules with no q Golf Clinic (includes Reception & Dinner Buffet): q $95 (member) q $115 (non-member) gimmicks m Scoring is handicapped q Reception & Dinner Buffet only: q $85 (member) q $95 (non-member) m For complete rules, Payment Information: please see the chapter web site Golf & Dinner Subtotal: $ Registration: Golf Clinic & Dinner Subtotal: $ Please complete this form and Dinner Only Subtotal: $ submit to: Charity Donation: $ (min. $25.00 suggested) Chris Glatz, TMA Administrator Total: $ P.O. Box 33, Frankfort, IL 60423 Phone (815) 469-2935 q Check payable to TMA Chicago/Midwest Chapter Fax (815) 469-1901 q www.chicago.turnaround.org Charge my VISA, MasterCard or American Express (circle one) Spa Reservations: Call 1-888-392-8000, extension Card No. Expiration Date 3778, or visit www.grandgeneva. com to book a sessoin at the WELL Spa + Salon. Signature
Sponsors as of press time (limited sponsorships still available, please contact Chris Glatz for information)
Special Event Sponsors Hole Contest Sponsors Hole Sponsors Merrill Corporation The Collateral Resource Group Duane Morris LLP Abrams and Jossel Consulting Mesirow Financial Consulting, LLC CRG Partners Group, LLC Fifth Third Bank AlixPartners Much Shelist The Hilco Organization Fort Dearborn Partners, Inc. Alvarez & Marsal Inc NJ Gallivan Inc. Kaye Scholer LLC Fort Dearborn Advisors LLC Bridge Associates LLC Perfection Plant Liquidations LLC O’Neil, Cannon, Hollman, DeJong, S.C. Getzler Henrich Buccino & Associates Inc. Quarles & Brady LLP Whitestar Mgmt Consultants Inc. dba GoIndustry Dovebid Concord Financial Advisors, LLC Rexford Funding Wadsworth Whitestar Consultants Lockton Companies Davis Capital LLC Summit Financial Resources Taft Stettinius & Hollister LLP Epiq Systems Talon Merchant Capital Beverage Cart Sponsors Winston & Strawn LLP First Business Capital US Bank AccuVal Associates Freeborn & Peters Valuation Research Corporation Great American Group Golf Cart Sponsor Gordon Brothers Group Wildman, Harrold, Allen & Dixon Silverman Consulting Huron Consulting Group Gould & Ratner LLP Wells Fargo Business Credit Ritchie Bros. Auctioneers Harney Management Partners, LLC KDC & Associates, LTD. Golf Clinic Sponsor LBC Credit Partners, Inc. MorrisAnderson M & I Business Credit, LLC
TMA • Chicago/Midwest Chapter • May 2009 • Page 16 The Chicago/Midwest Chapter Certified Turnaround Professionals (CTPs)
AEG Partners LLC Condor Financial Group Inc. Lake Pointe Partners LLC Silverman Consulting Lawrence Adelman Gilman King Kurt Knipp Alan Samsky Randall Wright Patterson Alan Friedman Contract CFO LLC Teamwork Technologies Inc. Consulting LLC William Stoll Mesirow Financial William Hass Alan Friedman Consulting Conway, MacKenzie & Thomas Allison Telecom Expert Group Alert Consultants Inc. Dunleavy Inc. Melissa Knoll Thomas Gray James Rubenstein Frank Mack Joshua Siano MorrisAnderson Tower Three Partners AlixPartners LLC Jeffrey Zappone David Bagley William Forrest John Dischner Houlihan Lokey Bernadette Barron Michael Feder CRG Partners Group LLC University of Saint Francis Matthew Niemann Daniel Dooley Thomas O’Donoghue Jr. Mark Hager Alvarez & Marsal LLC Robert Haldi Huron Consulting Group Paul Rundell DJT Financial Advisory John Hennessy Vector Consulting LLC John DiDonato Brian Whittman Group Inc. Dave Mack Michael Baratta Benjamin Smith Darrell Tamosuinas Robert Morris Atlas Partners LLC William Van Der Weele White Oak Group Jessup Manufacturing Biff Ruttenberg Finkbiner Duffy & Clapp SC Robert Wanat Murray Lessinger Company David Finkbiner BBK Ltd. Kiran Gandhi Pentwater Partners Wynnchurch Capital Ltd Robert Webb FTI Consulting Inc. Robert Deprez Duncan Bourne Kaufman Hall Michael Buenzow Bridge Associates LLC Anu Singh Prairie Capital Inc. Other Colleen Lowmiller Global Turnarounds Inc. Michael Barry John Sanders The Keystone Group Kobus van der Zel Samuel Williams Buccino & Associates Inc. Brian Stewart Promotory Point Partners Harry Novak Graue Mill Partners LLC KPMG LLP Ray Anderson Jeff Vogelsang Capstone Advisory Ronald Bienias Group LLC Heartland Capital LLC ReesePartners LLC Kutchins, Robbins Jeffrey Hyland Timothy Czmiel Sandra Reese Diamond Ltd. Chartered Management Co. High Ridge Partners Allen Kutchins Shepherd Partners Inc. William Avellone Frank Wojtowicz Tony Natale
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TMA • Chicago/Midwest Chapter • May 2009 • Page 17 Turnaround Management Association Chicago/Midwest 2009 Board of Directors and Steering Committees Officers Directors Carl Lane AlixPartners President Vice President-Community Service Thomas E. Jones 312-762-3388 Joseph J. Fobbe Bernadette Barron Concord Financial Advisors [email protected] Regions Business Capital MorrisAnderson & Associates Ltd. 312-759-9900 312-993-6884 312-254-0890 [email protected] Ray Anderson [email protected] [email protected] Crowe Horwath LLP Frank Mack 312-899-7090 President-Elect Secretary Conway, MacKenzie & Dunleavy [email protected] Thomas E. Pabst Phil Ostroski 312-220-0100 Great American Group MorrisAnderson & Associates Ltd. [email protected] Gail Heldke 847-444-1400 414-289-7152 Wells Fargo Business Credit [email protected] [email protected] Randall Wright Patterson 312-845-4455 Lake Pointe Partners LLC [email protected] Vice President-Programs Treasurer 312-857-0001 Mark Leipold Harold D. Israel [email protected] Dan Wikel Gould & Ratner LLP Kaye Scholer LLC Huron Consulting Group 312-899-1651 312-583-2333 David Bogetz 312-880-3003 [email protected] [email protected] Burnham Capital Partners LLC [email protected] 312-665-0085 Vice President-Communications Ex-Officio Past President [email protected] Chapter Administrator Kevin A. Krakora Norman B. Newman Mesirow Financial Consulting LLC Much Shelist Jeffrey S. Hyland Christine M. Glatz 312-595-8511 312-521-2492 Capstone Advisory Group Glatz Management Services Inc. [email protected] [email protected] 312-588-7101 815-469-2935 [email protected] [email protected]
Committee Chairs Brian Linscott Frank Mack Pro Bono Huron Consulting Group Conway, MacKenzie & Dunleavy Tom Gray Awards 312-583-8721 312-220-0100 Telecom Expert Group Carl Lane [email protected] [email protected] 630-512-0406 AlixPartners [email protected] 312-762-3388 Colleen Lowmiller Membership [email protected] Bridge Associates LLC Jeffrey S. Hyland Karl D. Madsen 312-795-0453 Capstone Advisory Group OpteonGroup LLC Dan Wikel [email protected] 312-588-7101 219-801-8434 Huron Consulting Group [email protected] [email protected] 312-880-3003 Entertainment [email protected] Jim Vargo Suzanne Koenig James Rubenstein HDUSA SAK Management Services LLC Alert Consultants Inc. Mike Ban 708-649-7505 773-202-0000 847-501-5000 Capital TempFunds [email protected] [email protected] [email protected] 773-388-8382 [email protected] Paul Krantz Kim Metzner Public Relations 312-925-8641 The Collateral Resource Group LLC Navin Nagrani Breakfast Programs [email protected] 847-681-8850 Hilco Real Estate LLC Bob Stegmann [email protected] Mike Paulsen 847-504-3218 Tatum LLC [email protected] 630-291-5670 Locton Companies LLC Ken Yager [email protected] 312-669-6710 MorrisAnderson & Associates Ltd. Dave Johnson [email protected] 312-254-0897 CRG Partners Group, LLC Aaron Hammer [email protected] Mark Berkoff 312-505-7238 Freeborn & Peters LLP [email protected] 312-360-6558 Neal Gerber & Eisenberg LLP Milwaukee Programs [email protected] 312-269-8072 Randall Wright Patterson Special Programs [email protected] Lake Pointe Partners LLC Gail Heldke Dave Mack 312-857-0001 Wells Fargo Business Credit MorrisAnderson & Associates Ltd. Financial [email protected] Ray Anderson 312-845-4455 312-254-0890 [email protected] [email protected] Graue Mill Partners LLC Gene Arenson 630-835-4298 AccuVal Associates Inc. Chris Horvay Community Service [email protected] 262-240-8844 Gould & Ratner LLP David Onion [email protected] Harold D. Israel 312-899-1624 Chicago Capital Holdings LLC [email protected] 630-455-1002 x 17 Kaye Scholer LLC Ed Duffy [email protected] 312-583-2333 Financial Management Services Corporation Howard Mullin [email protected] 414-659-3587 Fordham Financial Services Jason Edelson [email protected] Murray Lessinger 847-513-6851 Edelson Trade Capital LLC [email protected] 847-477-7027 White Oak Group Tom McRae [email protected] 847-441-2693 Chortek & Gottschalk LLP Sponsorship [email protected] 262-522-8227 David Enghauser Dick Weil [email protected] Cole Taylor Bank Future Leaders AIC Ventures 312-960-5360 Sandor Jacobson Newsletter 847-412-4544 [email protected] [email protected] Abrams & Jossel Consulting Inc. Katie Pamenter 312-629-8585 Garden City Group Bob Morris CTP Relations [email protected] 312-212-4335 MorrisAnderson & Associates Ltd. Anu Singh [email protected] Dave Gaito 312-254-0896 KaufmanHall [email protected] 847-441-8780 PNC Business Credit Tom Egan [email protected] 312-454-2940 Crowley & Lamb P.C. Chad Peterson [email protected] 312-670-6900 312-282-2334 Harry Novak [email protected] [email protected] Buccino & Associates Inc. Gordon Gouveia 312-629-1200 Shaw Gussis Kurt Winiecki Women’s Group [email protected] 312-980-3816 Kruse Aset Management LLC Janice Alwin [email protected] 312-961-1266 Shaw Gussis Continuing Education [email protected] 312-276-1323 Inter-Chapter / Inter-Association David Bogetz [email protected] Burnham Capital Partners LLC Thomas E. Jones Parliamentarian 312-665-0085 Concord Financial Advisors Peter Roberts Barb Yong [email protected] 312-759-9900 Shaw Gussis Golan & Christie [email protected] 312-276-1322 312-263-2300 [email protected] [email protected]
TMA • Chicago/Midwest Chapter • May 2009 • Page 18 TMA Membership Application
Name:
Title:
Firm:
Address:
City: State:
ZIP: TMA Chicago/Midwest
Phone: invites you to join our Fax: 2009 Summer of Fun! Email:
Web site: Tuesday, June 2 9th Annual Charity Golf Outing Referred by: Grand Geneva Resort & Spa Membership Category (please circle): Lake Geneva, WI Annual Mid-year Year-end (7/1-8/31)* (9/1-11/30)** Member $300 $175 $425 Monday, June 29 Academic/Gov $125 $125 $175 Student $75 $75 $100 SummerFest at the Park! *New members only; does not include Directory listing **Year-end dues expire on 12/31/10 Milwaukee, WI Memberships are on an individual basis only and are non- transferable. Membership includes a listing in the 2009-10 Directory of Members and Services. Thursday, July 23 Joint Boat Cruise with Method of Payment (please circle): Visa MasterCard ACG & MBBI American Express Check Navy Pier Acct #: Exp. Date: Chicago, IL Signature:
Preferred Chapter: Chicago/Midwest
Turnaround Management Association For more information on 150 South Wacker Drive, Suite 900 Chicago IL 60606 all these great events
Phone: 312-578-6900 or to register online, visit Fax: 312-578-8336 Email: [email protected] www.chicago.turnaround.org! www.turnaround.org
TMA • Chicago/Midwest Chapter • May 2009 • Page 19 Christine Glatz, Chapter Administrator P.O. Box 33 Frankfort IL 60423 (815) 469-2935 Fax (815) 469-1901 Email: [email protected]
Welcome Midwest Business Brokers and Intermediaries and International Women’s Insolvency and Restructuring Confederation members. You have been included in this complimentary issue of The Newsletter of Corporate Renewal because of our shared interests. We hope you enjoy it. Please note our event schedule on page four and join us at any of our upcoming meetings. We look forward to seeing you.
The Chicago/Midwest Chapter of the TMA thanks the following 2009 Platinum and Gold Sponsors: Platinum Sponsors Gold Sponsors Abrams & Jossel Consulting Inc. AccuVal Associates Inc. AlixPartners LLP Amherst Partners LLC Atlas Partners LLC Bibby Financial Services (Midwest) Inc. Bridge Associates LLC Buccino & Associates Inc. Conway MacKenzie & Dunleavy Deloitte Financial Advisory Services LLP Dresner Investments First Business Capital Corp. First Capital Getzler Henrich & Associates LLC Go Industry Dovebid Goldberg, Kohn, Bell, Black, Rosenbloom & Moritz Ltd. Gould & Ratner LLP Harney Management Partners LLC Turnaround Management Huron Consulting Group Lincoln International Mesirow Financial Consulting LLC