The Newsletter of Corporate enewal TURNAROUND MANAGEMENT RASSOCIATION Chicago/Midwest Chapter

Volume 17 | Issue 4 | December 2016 From Our President Michael J. Egan, Monroe Capital LLC Running Through the Finish Line! About 12 months ago I was in the starting blocks and preparing for the final steering committee meeting of the Chicago/Midwest Chapter of the TMA, the unofficial passing of the baton from Aaron Hammer of Sugar Felsenthal Grais & Hammer LLP to me as President. The year has gone by very quickly. We did in fact “Keep it Going” as my theme for 2016 suggested. Each one of our committees made their mark this year.

I have had the opportunity to work with some great officers, directors, co-chairs and committee members throughout the year. It really started with the help of Dan Wikel of Huron and the aforementioned Aaron Hammer who led the way for me and my 2016 team. That team was led by the following officers: • John Kemp, Wolverine Partners, as President-Elect • Mark Melickian, Sugar Felsenthal Grais & Hammer LLP, as Vice President-Communications • Barb Yong, Golan Christie Taglia LLP, as Vice President-Education • Nick Miller, Neal, Gerber & Eisenberg LLP, as Vice President-Programs • Ben Smith, Huron, as Treasurer and Director

• Candice Kline, Sidley Austin LLP, as Secretary

Our directors who served on the Chapter’s Board are Angela Allen of Jenner & Block LLP, What’s Inside? Alex Boerema of AlixPartners, Michael Brandess of Sugar Felsenthal Grais & Hammer LLP, Melissa Dimitri of Grant Thornton LLP, Rebecca Fruchtman of Bank of America Merrill Upcoming Events...... 4 Lynch, Ryan Jaskiewicz of 12five Capital LLC, Lou Marosi of Linkage Capital Management Past Events...... 7-18 LLC, and Brian Stewart of The Keystone Group.

New Member Listing...... 18 I would like to thank all of them for a job well done. Member News...... 18-19 As President of the TMA, you have the opportunity to interact with members you may not What’s the Deal?...... 20 have otherwise had contact with were it not for the position. We have a very talented group of Memorial Scholarship Foundation members in our Chapter and I would encourage everyone reading this letter to become more Board of Directors...... 21 involved in events and activities sponsored by the TMA. You may find out what I have this year…some of the best turnaround professionals are right here in the Midwest and I hope you Chapter CTPs and CTAs...... 21 can develop some valuable working relationships through the TMA like I have. Membership Application...... 22 John Kemp, your Chapter President for 2017, and the nominating committee have selected the Board Member and team of officers and directors for 2017, and it will be a great team. I can't wait to see what they Steering Committee List...... 23 make happen so stay tuned for some great things. The 2017 team of officers and directors is: Platinum & Gold Sponsors...... 24 continued on page 2 December 2016 | Page 2 America America Merrill Lynch. Ira Kreft of Bank of America of Merrill Bank Lynch by sponsored was breakfast The School. Miseracordia the benefit to Ditka Mike with breakfast including quarter past this opportunities networking outstanding many had Chapter The favorite partofbeingPresident. prospective members together for networkingopportunities is my party that I am sure will be a success. Bringing TMA members and frequent this time of year. The TMA will feature its annual holiday many fall and winter networking events that we at Monroe Capital Having just enjoyed the Thanksgiving holiday, I look forward to the • BenSmith,Huron • KatParker,HYPERAMS,LLC • LouMarosi,LinkageCapitalManagementLLC • DaveMack,PathfinderGroupLLC • CandiceKline,SidleyAustinLLP • MelissaDimitri,GrantThorntonLLP • MichaelBrandess,SugarFelsenthalGrais&HammerLLP • AlexBoerema,AlixPartners • AngelaAllen,Jenner&BlockLLP Directors Management LLC • VicePresident,Education-LouMarosi,LinkageCapital Block LLP • VicePresident,Communications-AngelaAllen,Jenner& Credit LLC • VicePresident,Programs-RobMeyers,RepublicBusiness • Treasurer-BenSmith,Huron • Secretary-CandiceKline,SidleyAustinLLP • PresidentElect-NickMiller,NealGerber&EisenbergLLP • President-JohnKemp,WolverinePartners Officers: continued frompage1 : Eighth Page Full Page Size Quarter Page Half Page AD Deadlin I AD ssu VE VE e RT RT e ISING ISING & RA Feb. 1 Mar. 2017 TES &DIMENSIONS C ONTEN 9 3.75” x2.5”(horiz) 3.75” x5”(vert) 3.75” x10”(vert) 7.75” x5”(horiz) 7.75” x10”(vert) Dimensions T D EADLINE May 2 J une 2017 S 0 Make sure you mark your calendars and sign up early for breakfast than thisyear'sevent. over the years but I can't remember one that was more entertaining Forums Speaker Executive TMA fantastic some to been have I Finance, andHaroldIsraelofGoldstein&McClintockLLLP. Fishman Glantz & Towbin LLC, Tom Horak of Wells Fargo Capital Lisa Neimark of Neimark Capital Advisors, Peter Roberts of Shaw of Jenner & Block, Rob Meyers of Republic Business Credit LLC, team of Nick Miller of Neal Gerber & theEisenberg LLP, by Angela Allen led was event This Logan. Lara renowned journalist, international and Boehner, John House, the of Speaker former Our other marquis event was the Executive Speaker Forum featuring They didagreatjob! Group, andNickMillerofNeal,Gerber&EisenbergLLP. Keystone The of Stewart Brian LLC, Finance Corporate KPMG of Sugar Felsenthal Grais & Hammer LLP, Jonathan Weinberg of Melissa Dimitri from Grant Thornton, consisted of Michael Brandess by led event, this on worked that team The accomplishment. and toughness of story life unique a was sports...it than more was it acted as moderator. As a sports fan, I really enjoyed the event, but they didlastyear...IknowIam. job the and themselves of proud be should They accomplished. has team 2016 the what on pride with back look to talk) field and track school old (that's tape the for lean I as myself help can't I but finish, you until back look to not knows racer field and track Any Chapter. the and me for year great and fun a been has This better. We’llseeyouthere! be couldn’t breakfast this of timing The 2017. 13, January on be will event This Hoyer. Jed Manager, General Cubs Chicago with $315 $525 $820 $1,460 Co Aug. 1 Sept. 2017 lor Rate 9N sB Dec. 2017 $230 $38 $605 $1,065 ov. 1 &W 0 Rates 1 December 2016 | Page 3 Ravinia Capital LLC Shaw Fishman Glantz & Towbin LLC Siena Lending Group Silverman Consulting Taft Stettinius & Hollister LLP The Keystone Group Tiger Group Chapman and Cutler LLP Chicago Capital Holdings LLC Cortland Capital Market Services East West Bank Faegre Baker Daniels LLP First Business Capital Corp. First Midwest Bank Fort Dearborn Partners Garden City Group, LLC GCG Financial, Inc. Gould & Ratner Harney Management Partners, LLC High Ridge Partners Katten Muchin Rosenman LLP Liquidity Services Inc. MB Business Capital McDonald Hopkins LLC Much Shelist Neal, Gerber & Eisenberg LLP North Mill Capital LLC PwC Quarles & Brady LLP Silver AlixPartners Bank of America Merrill Lynch BMO Harris Bank Callidus Capital Corporation Carl Marks Platinum Crestmark Bank Hilco Global Huron Locke Lord MorrisAnderson LLC Republic Business Credit, Hammer LLP Sugar Felsenthal Grais & Yellen Partners LLC Thank you to our 2016 Sponsors! you to our 2016 Thank Vedder Price Winston & Strawn LLP Conway MacKenzie Crowe Horwath LLP FGMK, LLC FocalPoint Partners, LLC Getzler Henrich & Associates LLC Goldberg Kohn Gordon Brothers-AccuVal Grant Thornton LLP Greenberg Traurig, LLP HYPERAMS, LLC Jenner & Block LLP Jones Day Loeb Monroe Capital LLC NOVO Advisors NRC Realty & Capital Advisors, LLC PPL Group & Big Shoulders Capital Proskauer Rose LLP SAK Management Services, LLC Schiff Hardin LLP The Claro Group, LLC The Private Bank Gold Accord Financial, Inc. Associated Bank Baker Tilly BMC Group BMS

& Will Kemp & Angela Allen Mark Briden, Paola Trezzi, Emily Gottlieb, Nick Miller, Shapiro, & Nora Schweighart Travis Elaison, David Levy, Keith

& Mike Gardner & Scott Frederick

Pam Korenthal, Howard Chen, & Dan McMackin Korenthal, Diana Kantner,

Ryan Mitchell, Sue Duckett,

Justin McCarty, Stephanie Hor- this newsletter, tickets to all our breakfast forums and so much more. more. much so and forums breakfast our all to tickets newsletter, this Chapter office at 815-469-2935. Opportunities are still available at in ads complimentary from benefits of variety a include that levels all To become a 2017 sponsor, please contact the TMA Chicago/Midwest Chicago/Midwest TMA the contact please sponsor, 2017 a become To year after year. Please refer to the sidebar for a list of all our 2016 sponsors. business development and foster relationships that continue to grow continue that and foster relationships business development that their dollars are put to good use with outstanding educational educational outstanding with good use put to are dollars their that drive help that opportunities networking multiple and programs sponsors for their generous support throughout the year. Over 50 organizations invest in the Chapter every year because they know The Chapter would like to thank all its 2016 Chicago/Midwest Chapter Chicago/Midwest 2016 its all thank to like would Chapter The taste to return for dinner. unusual pasta. The Farm to Table concept was deliciously satisfying deliciously was concept Table to Farm The pasta. unusual and the diverse food options, in appetizer size, left everyone with a meet and mingle with some of our TMA members. The happy crowd happy The members. TMA our of some with mingle and meet enjoyed the famous hamburgers, amazing pizzas with a twist and circles. The down to earth, Chef John, was on hand that night to Chefs’ John and Karen Shields have quite the impressive background impressive the quite have Shields Karen and John Chefs’ dining social Chicago the in footprint lasting a made already have and “Michelin Star Restaurant” open only 3 months, did not disappoint our disappoint not did months, 3 only open Restaurant” Star “Michelin Loyalist, The & Smyth of founders The Crowd. Sponsorship excited The rave reviews and critical acclaim bestowed on this highly rated bestowed acclaim critical The rave reviews and Loyalist. Chairs were able to secure one of the hottest new dining establishments establishments dining new hottest the of one secure to able were Chairs for its Sponsorship Appreciation Reception at the Smyth & The It was with great excitement and anticipation that the TMA Sponsorship TMA the that anticipation and excitement great with was It 2016 Sponsor Appreciation Dinner Appreciation Sponsor 2016 Services SAK Management Koenig, by Suzie December 2016 | Page 4 Upcoming Events:TheDetails Maggiano’s January 25,2017 Board AppreciationDinner Grain Exchange,MilwaukeeWI January 19,2017 Milwaukee PostHolidayEvent Standard Club Featuring JedHoyer,GeneralManager,ChicagoCubs January 13,2017 Breakfast Forum VP Programs Rob Meyers John Kemp President Happy Holidays! Your 2017 TMA Chicago/MidwestLeadership Team

President-Elect Nick Miller Ben Smith Treasurer

The Library,2017 February 23 Martini NetworkingEvent February 17,2017 CTP Lunch Las Vegas February 1-3,2017 Conference TMA GlobalDistressedInvestment VP Communications Candice Kline Angela Allen Secretary For moreinformationontheseandallother www.tmachicagomidwest.org

chapter events,pleasevisit Past President VP Education Lou Marosi Mike Egan

December 2016 | Page 5

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James K. Vargo Lisa N. Johnson Norm Newman Joe Fobbe Tom Pabst Carl Lane Harold Israel Kevin Krakora Dan Wikel Aaron Hammer Mike Egan Daniel F. Dooley William J. Hass 2007 - 2008 - 2009 - 2010 - 2011 - 2012 - 2013 - 2014 - 2015 - 2016 - 2003-2004 - 2005 - 2006 -

Past Presidents

J. Horvay

ames M. Rubenstein, CTP Dennis E. Harrison Christopher Faye B. Feinstein James B. Shein David E. Mack Colin P. Cross Melanie Rovner Cohen 1994-1995 & 1995-1996 - Lawrence M. Adelman, CTP (Passed away June 2015) 1996-1997 - 1997-1998 - 1998-1999 - 1999-2000 - J 2000-2001 - 2001-2002 - 2002-2003 - 1991-1992 - 1992-1993 & 1993-1994 - Randall W. Patterson, CTP much for including me in yesterday’s lunch meeting. Gary was excellent. was Gary meeting. lunch yesterday’s in me including for much presentation. his of most throughout him with agreeing myself found I Please knowledge. well-earned and experience of depth great got He’s / presentations.” include me in any future, upcoming topics match match (SO/BOL, Invoice and Payment/Remittance). Purchase Order check). AP to invoice vendor to (PO/Receiver match 3-way Processing. Inventory Control. Cycle counts (or physical inventory) Shipments/ change net calculate can moves, and transfers Receipts/Putaways, Issues, plus receipts plus shipments minus inventory (beginning period to period labor For Accounting/Tracking. Cost =COGS). WIP in changes minus or true and indirect direct, for but above from actuals use can materials and produc.t costs can use work order reporting (even if only on a sample sources). the trust you (if Reports Financial and Ledger General basis). What to look for in the legacy IT system. Transactional components of ERP, common causes of lost control – LEAKS. functioning IT not intervenes is something in that signal a is This processing. transaction but empowered or trained been either not have users or ERP in correctly not either are transactions Manual integrity. data effects this way either recorded or processing is delayed. Examples of this could be manual checks, inventory transactions, work order reporting, engineering recorded getting not are that transactions other or updates, cost changes, system the outside performed are processes business Significant ERP. in (spreadsheets). This undermines the ERP systems, this could be off- line inventory systems, accounting/cost allocations, or more detailed costing transactions. consultant technology business and science, healthcare, a Paradise Bill very you “Thank way, this presentation the of assessment his described From Bottom Left (clockwise): Fobbe, John Kemp, Jim Shein, Dave Mack and Chris Horvay

Norm Newman, Colin Cross, Kevin Krakora, Mike Egan, Dan Dooley,

Harold Israel, James Rubenstein, Dan Wikel, Chris Glatz, Jim Vargo, Joe

table. It’s a wonderful circle and I encourage all of you to consider getting involved so that someday you, too, will join us at the organization, you should know that the legacy that has been built over the years by the past presidents does not go unnoticed by our future leaders. leaders. future planning our efforts by unnoticed of go not the does chapter presidents past leadership the is by years impressive the over and built has been has a that legacy direct the correlation that know why should you your organization, chapter is so successful. As members of this this annual event is that it continues to grow in attendance as the chapter continues to flourish and welcome new leadership. The succession For the incoming president, it is a unique opportunity to not only meet new faces but to learn from the best of the best. The exciting part aboutpart exciting The best. the of best the from learn to but faces new meet only not to opportunity unique a is it president, incoming the For on your award-winning chapter. Their stories are varied as are all their leadership styles but there is one thing consistent: their passion for the chapter and the industry. new incoming president. For me, as the Chapter Executive for the past 15 years, it is like a class reunion. It is my Super Bowl because I get to an enjoy an evening in a room filled with nothing but champions. Volunteer leaders who all, in their own way, left a permanent foot mark presidents since the chapter’s inception in 1991 under the leadership of Melanie Rovner Cohen as well as the current chapter president and the past the all includes list guest The 16. November Wednesday, on held was it year this and dinner President’s Past a hosts chapter the year, Each The Best of the Best By Chris Glatz, Chapter Executive

components of ERP. Traditional Revenue and Disbursement Cycles. Order processing, Shipping, Invoicing and Cash Posting. 3 Way What are useful aspects of an ERP system in a turnaround? Transactional turnaround? a in system ERP an of aspects useful are What difficult to correlate even medium term financial benefits (since paper). (since benefits financial term medium even correlate to difficult ERP”. “an without term long survive can company size reasonable No systems. An ERP system is an investment in the business it is very expensive. They are resource intensive. They distract from the day to planning mostly are they ERP, with hit” “quick no is There business. day An ERP Implementation project has no role in a turn-around. They are They turn-around. a in role no has project Implementation ERP An where where the completion of an ERP project could actually help turn a company around. the company returns to profitability. It is difficult to imagine a situation imagine to difficult is It profitability. to returns company the been committed to. Spend your efforts utilizing information from the transactional systems in place. Asses costs and benefitsif and when license, services and maintenance agreements to understand what’s turnaround in the midst of an implementation? Put the project on hold! Take a hard look at any outside resources (consultants). Review What is an ERP System’s place in a Turnaround? What to do in a followed by a discussion about how IT Enterprise Resources Planning Resources Enterprise IT how about discussion a by followed affect a corporate renewal turnaround. (ERP) solutions can Global, an experienced subject matter expert in the field of ERP solutions ERP of field the in expert matter subject experienced an Global, Association Association Chicago/Midwest Chapter 2016 CertifiedTurnaround Professionals (CTP) hosted a presentation led by Gary Burns of GLB Chicago, Chicago, Illinois (October 14, 2016) – Turnaround Management IT in a Turnaround – CTP Lunch – CTP a Turnaround IT in FGMK LLC Pratt of By Allen December 2016 | Page 8 2015 and2016ProBonoCommitteeCo-Chairs. the and team leadership entire the to Congratulations story. success ongoing Chapter’s the of highlight another is recognition national This and companies who are experiencing a distressed situation (see article on page 11 of the committee’s recent award-winning accomplishments). TMA the received organizations non-profit helping Co-Chair, accomplishments many their for Committee Bono Committee Pro the of behalf on Award Bono Consideration Special Global Pro Koenig, Suzie and Egan Mike President, Chapter 2016, 2, November Wednesday, On Chicago/Midwest ChapterReceivesSpecialConsiderationAward Scott Victor,TMAGlobalChairman TMA Chicago/Midwest Chapter & MikeEgan,President, Sponsorship CommitteeCo-Chair Vice President David Levy Sincerely, We tohearingaboutyourdivestitureneeds. lookforward Proud sponsoroftheTMAChicagoMidwestandNewYork Chapters Speed, Transparency, HigherRecoveries Receivership Real EstateDivestitures

• • • • Other specialties: Hotels (C-Store buyer overlap), QSRs and full-service franchises, Otherspecialties:Hotels(C-Storebuyeroverlap),QSRsandfull-service Largestsellerofgasstations&conveniencestoresintheU.S. typesinanylocation Allproperty sold 27yearsexperienceand$1.6billioninrealproperty multi-property sales, land, difficult andcomplicatedsituations sales,land,difficult multi-property through sealedbid,structuredsalesandauctions

• Trustee David F.W.Cohen,TMAGlobal Co-Chair ProBono Committee President &Suzie Koenig, • Bankruptcy

NRC Realty&CapitalAdvisors,LLC 350 WOntarioStreet,4thFloor • HYPERAMS, LLC Kat SAK ManagementServices Suzanne Bank ofAmericaMerrillLynch Rebecca Fruchtman Burnham CapitalPartnersLLC David Bogetz MB FinancialBank Evelyn Berthold Workout

Parker Direct: 312.278.6870 [email protected]

Chicago, IL60654 Committee Co-Chairs Koenig 2015 &2016ProBono

Vice President Vice

David Levy

• REO

December 2016 | Page 9 60 Minutes Chicago/Midwest SPONSORS

, a new edition of Shepherd Partners Sugar Felsenthal Grais & Hammer LLP Group The Keystone The PrivateBank Fargo Wells Winter Harbor LLC Partners Wolverine Hilco Global Hoover Slovacek LLP KPMG Restructuring LLP Muchin Rosenman Katten MB Business Capital McDonald Hopkins Monroe Capital MorrisAnderson Much Shelist Neal, Gerber & Eisenberg LLP Hastings LLP Paul Piper Jaffray & Co. Proskauer Quarles & Brady LLP RSM US LLP SSG Capital Advisors, LLC 2015 Leon Leon Panetta TABLE

60 Minutes correspondent is also a $6,000 60 Minutes Sports 2015 Gates Robert Corporate Table Individual Tickets Two tickets for $275 each Reserve Your Table Table Your Reserve TMA Member Benefit TMA CORPORATE $300 members / $400 non-members Mitt 2014 Romney launched on the Showtime Network in January 2013. She is the launched on the Showtime Network in January 2013. . co-host of the CBS News special broadcast Person to Person Lara bold, award-winning reporting from war zones Logan’s best has earned her a prominent spot among the world’s foreign correspondents. The correspondent for PREMIER MODERATOR TABLE SPONSOR TABLE MODERATOR PREMIER Table for 10 10 tickets to the Opening Reception, Dinner, Keynote Presentation and Closing Reception Corporate logo on your reserved table Your firm recognized in event marketing materials Includes access to Opening Reception, Dinner, Keynote Presentation and Dessert Reception Buy two tickets and save! TMA members are eligible to purchase two tickets at $275 each Tickets must be purchased at the same time; maximum of two tickets at this price The TMA also thanks its co-chairs for the event Rob Meyers (Republic Business Credit LLC), Lisa Capital Advisors LLC), Peter Roberts (Shaw Fishman Glantz Neimark (Neimark & Towbin LLC), Angela Allen (Jenner & Block LLP) andthose who served on the Committee: 2016 Adam Evans Executive (Hilco Global), Shelly Speaker De Rousse Forum (Freeborn & Peters LLP), John Kemp (Wolverine Partners), Harold Israel (Goldstein & McClintock Horak (Wells LLLP), Fargo Capital Finance). Launched in 2009, and the Tom Executive Speaker Forum has featured prominent leaders political including Former President George W. Bush, former Prime Minister of England Tony Blair, former Secretary of and Treasury the of Secretary former Rice, Condoleezza State chairman and CEO of Goldman Sachs Henry M. Paulson, Jr., former Secretary of the Treasury Timothy Geithner, former Governor Mitt Romney, and former Secretaries of Defense Dr. Robert M. Gates and Leon Edward Panetta. The TMA looks forward to many years of the Executive Speaker Forum to come! 2013 Getzler Henrich LLP Golan Christie Taglia Ltd. Goldberg Kohn Gordon Brothers Grant Thornton LLP HYPERAMS, LLC High Ridge Partners AEG Partners LLC AEG Partners Accord Financial, Inc AlixPartners Alvarez & Marsal BRG Capstone Tilly Baker (Holdings), Inc. Bibby Financial Services Group Big Shoulders Capital/PPL LLP Cassells & Graydon Blake Crains Crowe Horwath LLP Echelon Capital FGMK, LLC Focus Management Group LLP Freeborn & Peters GCG Financial • • • • • • • Chicago/Midwest Chapter presents Chicago/Midwest Timothy Geithner To reserve your space, contact Chris Glatz at (815) 469-2935 or [email protected]. spending. As Republican Leader, he led the opposition to jobs-killing laws spending. As Republican Leader, he led the opposition better solutions to the like “cap and trade” and ObamaCare while promoting Boehner’s colleagues challenges facing American families. On January 5, 2011, 112th Congress. Armed elected him to serve as Speaker of the House for the priorities the reflects that agenda governing new a – America to Pledge the with government removing on focused Boehner Speaker – people American the of cutting government barriers to private-sector job creation and economic growth, of trust between the spending, reforming Congress, and rebuilding the bonds American people and their representatives in Washington.

2012 Henry M. Paulson Jr. Paulson

with Lara Logan as moderator with Lara Logan as JOHN BOEHNER Rice 2011 Monday, November 21, 2016 Monday, Former U.S. Speaker of the House Former U.S. Speaker

Condoleezza www.turnaround.org/chicagomidwest

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OUT OUT 2010 Tony Blair Tony SPONSORS

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A former small businessman, John Boehner served as Speaker of the United States House of Representatives where he led the drive for a smaller, less costly, and more accountable federal government. Boehner got involved in state and local politics after seeing firsthand how high taxes and red tape impact entrepreneurs. Then in 1990, the voters sent Boehner to Congress where he took a strong stand against pork-barrel spending and, as part of the “Gang of Seven,” exposed corruption in the House establishment and forced politicians to live by the same laws as everyone else.

SOLD SOLD SOLD SOLD 2009 Premier Event Table George George 221 North Columbus Drive ❘ 221 North Columbus❘ Chicago, Illinois Aqua Hotel Radisson Blu W. Bush W. Turnaround Turnaround Management Association TABLE

Exclusive Premier Event Table Executive Speaker Forum 2016 Speaker Executive EVENT Includes all the benefits of Event Table Includes all the benefits of Event Table A unique opportunity for you and your dinner guests to sit with A unique opportunity for you and your dinner guests the featured speaker during dinner to sit with A special opportunity for you and your dinner guests Ms. Logan during dinner Table for 10 with a premier table location, a most intimate experience for you and your guests 10 tickets to the VIP Reception, Opening Reception, Dinner, Keynote Presentation and Closing Reception All 10 guests invited to attend the VIP Reception to meet and take a photo with our honored guests Includes your corporate logo on your reserved table, recognition from the podium as a table sponsor, and inclusion on event marketing materials.

• • • • • • • • Previous Speakers Include: Boehner’s reputation as a reformer grew as he helped craft the Contract with Contract craft the he helped as grew reformer a as reputation Boehner’s America and fought for the first balanced budget in a generation. As Chairman of the Education & the Workforce Committee, he wrote legislation and reduce government school choice, strengthen America’s pension system, to expand PREMIER KEYNOTE TABLE SPONSOR KEYNOTE TABLE PREMIER Jones Day LLP Muchin Rosenman Katten Duane Morris Huron Jenner & Block LLP Carl Marks The TMA extends its sincere gratitude to our generous and Speaker Forum: gracious sponsors for 2016’s Executive Logan spent quality time with attendees providing a unique with our honoredopportunity to interact and mix and mingle guests. tough questions, all the while affording the audience with a most lively and frank discussion. And as a Mrs. and Boehner Mr. special event, the after around hung who those treat to predictions, political discourse, and foreign policy. Lara Logan Lara policy. foreign and discourse, political predictions, skillfully moderated her conversation and asking thesteering him through these myriad of topics with Mr. Boehner, primary elections, President-Elect Trump’s rise and resulting impactsand his expected effect on the economy to victory for our country and our industry, media coverage and polling remarkable and staggering national election. Mr. did not Boehnerdisappoint. He proved himself to be forthcoming and his time as Speaker ofunabashed when covering topics such as the House, his relationship with President Obama, the 2016 Mr. Boehner would be a most fitting speaker given that the electionprimary after a whirlwind place event would take season, and mere weeks following what turned out to be a of the House John Boehner, with award-winning reporter Lara reporter award-winning with Boehner, John House the of Logan from 60 Minutes to serve as our moderator. Planning for the event since early 2016, the Committee believed that Angela M. Allen, Jenner and Block, LLP Allen, Jenner and Angela M. On Monday November 21st, Annual Executive the Speaker Forum featuring TMA Former Speaker hosted its Ninth Annual Executive Speaker Speaker Executive Annual Forum Another Banner Year for the Year for the Banner Another December 2016 | Page 10 bench, thiswasthemostactiveshehad seen. commented that out of all the cases she has handled since being on the its constituents.At the salehearing,HonorableJudgeMarciB.McIvor competitive process,HTA wasabletomaximizevalueforthe Companyand for atotalofapproximately $40million. Throughahighlycomprehensiveand Lee Steel’s Romulus assetstoHilcoIndustrial,LLC andHilcoReal Estate, LLC, assets to Union Partners I, LLC, a sale priceof approximately $16 million for resulted inasalepriceofapproximately $24millionforLee Steel’s Wyoming LLC, aswellHilcoIndustrialLLC andHilcoReal EstateLLC. Theauction Lee Steel successfullycompletedthesaleofitsassetstoUnionPartners I, total ofsevenpartiesthatparticipatedintheauction.InSeptember2015, interest atauction.HTA receivedtwostalkinghorsebidsandtherewerea horse bidoffersforvariouscategoriesofassetswhichledtosignificant Results &Benefits:Onanexpedited timeline, HTA solicitedmultiplestalking five realestatebuyers,and20liquidators. potential purchasers, consisting of 53 strategic buyers, 65 financial buyers, team developedacomprehensivesaleprocess,includingreachingoutto143 Company’s assets.Overthecourseof13weeks, Huron’s investmentbanking banking teamreviewedvariousstrategicalternativesforthesaleof colleagues fromHuron’s restructuringandturnaroundpractice, theinvestment companies, aswellourdeepindustryexpertise. Working closelywith and financialadvisoryservicesforfinanciallyoperationallydistressed This was based upon Huron’s experience providing investment banking 363 saleprocessinaccordancewiththeUnitedStates BankruptcyCode. sell all,orsubstantiallyofLee Steel’s assetsthroughachapter11section Our Approach:TheCompanyretainedHuronTransaction Advisory(“HTA”) to the Romulus facility. overruns fortheCompany’s Eco-PickledSurface (“EPS”)CoilLinelocatedat investment initsRomulus, Michiganfacility, alongwithunanticipatedcost These includedthecollapseinsteelpricesjustafterCompany’s significant constraints, ultimatelyleadingtotheCompany’s chapter11bankruptcyfiling. the Company’s control,causedtheCompanytoexperience significantliquidity profitable company. However, multiplefactors,manyofwhichwereout Situation Summary:Lee Steel hadhistoricallybeenasteadilygrowing, reliable sourceforqualitysteel. With over60yearsofexperience, Lee Steel isaleaderininnovationand all processedin-houseutilizingthemoststate-of-the-artequipmentavailable. Lee Steel hasthecapabilitytosupplyslitcoilsorprecisionblanks whichare including hotrolledsteel,coldandexposed coatedproducts. is atop-tiersteelservicecenterthatprovidesfullrangeofflatrolledsteel; LEE STEELCORPORATION ANDAFFILIATES TMA Chicago/Midwest Chapter 2016Award Winners OFTHEYEARAWARD SMALL TRANSACTION Jamie Lisac (“Lee Steel” orthe“Company”)

Blockbuster Video, Waste Management and AutoNation. The Company Huizenga andSteve Berrardwhodidsuccessfulindustryroll-upswith Swisher wasformedin2010bylegendaryindustryroll-upveteransWayne and waslowoncash. the firsttimeever(fromahighof$114in2011;ticker SWSH)andcompany In late2014,Swisher Hygiene’s Nasdaqsharepricedroppedbelow$2for coast-to-coast. of essentialhygieneandsanitationservicestoabout60,000 customers SWISHER HYGIENE as anautonomous unitforthenewowners. The Swisher brand nameandthe majority ofitspeoplecontinue tooperate under thenewSwisher continuousimprovementprogram. in November2015.Inafinalceremony, beltswereawardedtoemployees enabled Swisher tobesoldindustrygiantEcolabina$40millioncashdeal rates. At theendofQ22015,resultwasacashpositive quarter. It more. Someteamsreducedtheirinventoryby50% whilealsoimprovingfill times by60%;releasingpurchaseordersattherighttriggerpoints,andmuch output pershiftby50%;doingSpaghettidiagramstocutthebatch-making Swisher’s employeesquicklylearnedhowtorunKaizen eventstoimprovethe people resigningorluredawaybycompetitors. the Swisher teamtogether during atimewhen morale was low with many changes inbusinessprocessescouldbesustainedinternally, andtokeep improvement programforthe1,200people ofSwisher toensurethatthe focus on releasing cash from inventory, but also introduce a continuous Starting February2015,Thompsonasked Global Turnarounds tonotonly modern leanprinciples. cash within one year from their inventory by running their supply chain on An inventorysimulationconfirmedthatSwisher couldrelease$8.4millionin for itsfivemanufacturingplantsandmorethan70distributionwarehouses. Turnarounds toestablishwhattheidealSwisher inventorylevelshouldbe The newChiefOperatingOfficerBlake ThompsonapproachedGlobal through another$7.6 millionofcashinQ32014. Swisher boardwasquestioningtheamountofinventorycarriedafterburning it withasmallwindowofopportunitytoexecute aturnaround.However, the Then inQ3of2014,Swisher securedaconditionallineofcredit,whichprovided so theycouldtake overitscustomers. remain solvent,whiletheircompetitorswaitedforthecompanytoimplode Investors andanalystsgrewincreasinglypessimisticonSwisher’s abilityto sellers onWall Street withashortinterestratioof31%in2014. from 2011to2014,whichmadeitoneofthemostpopularstocks forshort million. TheCompanycontinuedtoloseanaverageof$75millionperyear irregularities. Earningsfor2011hadtoberestatedincreaseitslossby$4.8 in 2013afteroustingCEOSteve Berrardin2012amidreportsoffinancial Jeb BushwasalsoontheboarduntilbothheandchairmanHuizengaresigned $220 millionfromthefundsraisedduringtheirIPO. FormerFloridagovernor, purchased morethan54businessesfrom2011withavalueof Blake Thompson&KobusvanderZel,CTP OFTHEYEARAWARD LARGE TRANSACTION (“Swisher” orthe“Company”) performsawidevariety

December 2016 | Page 11

& Guilliermo Leyva is a professional ballet training academy founded is a professional ballet training academy founded OF THE YEAR AWARD OF THE David Bernal, Rebecca Fruchtman, David Bernal, Rebecca HARRY PREUCIL PRO BONO PRO BONO PREUCIL HARRY look and feel, facilitating faster updating. Longer term planning consisted term planning consisted look and feel, facilitating faster updating. Longer to day operational current budget and day of evaluation of the school’s challenges and growth capabilities, culminating in a detailed business plan for future growth and transformation. By year end 2015 and beyond, Guillermo and Vilma were re-energized and The of success marketing and financial huge the by buoyed exuberant, and targets for their school. The growth plans and the exciting Nutcracker performance generated all kinds of new interest and attention from the local prospective new students. the media, and best of all, inquiries from community, Enrollment currently stands at 58 students. for itself. The evidence speaks the Ballet Royal de Wallonie, Belgium. Belgium. de Wallonie, the Ballet Royal artists, they were Although Guillermo and Vilma were highly accomplished 2015 faced numerous just starting out as business owners, and in Summer Guillermo to tackle these, challenges with their new dance school. In order disciplines, business basic the learn to assistance out sought Vilma and and growth of their processes and systems to sustain the long term viability ballet academy. jumped Fruchtman Co-Chair, Rebecca The TMA Chicago Pro Bono Committee, Chicago member and pro bono volunteer partnering with TMA in to help, School of Management David Bernal of Growth Decisions Inc. and The Kellogg Melville of Grant Thornton. and other TMA member volunteers, including Paul dozens of hours to provide Alma and others contributed Rebecca David, Paul, In the short term, David Dance with near term and longer range planning. marquee event, Alma Dance’s of assisted with the planning and marketing analysis, and the creation including a budget and break-even The Nutcracker, of future financial The event. the for guide program page 22 impressive an of the dance school literally hung in the balance for this one event. Guillermo and Vilma were ambitious for the production, wanting to use professional dancers expensive and roles principal certain for elsewhere and Mexico from in flown costumes and sets. Unless the performances were well attended, David’s projections showed that the school would be in the red for months. The campaign went result of the budgeting and carefully orchestrated marketing The performances wildest expectations. beyond the Pro Bono Committee’s happened on December 5 and 6, 2015 to a sold out crowd each night in was palpable because the a 400 seat auditorium. The crowd excitement intermissions little girls performances were so beautiful and captivating. At team also created a new were twirling and dancing in the aisles. David’s website and compelling logo for the school and overhauled Alma Dance’s to achieve a more polished and professional (www.almadanceschool.com) ALMA DANCE SCHOOL ALMA DANCE in pursuing professional in 2014 for young dancers potentially interested founders, Cuban dancers Guillermo Leyva The school’s careers in dance. and have been Alonso, and Vilma Machin, trained with Alicia and Ferdinand companies, including principal dancers with a number of world class ballet and Opera Ballet, Lyric the Ballet Nacional de Cuba, the Joffrey Ballet, the

COMPRESSOR ENGINEERING COMPRESSOR ENGINEERING & Paige Ingram Castaneda (“CECO” or the “Company”) is a family-owned business is a family-owned business or the “Company”) (“CECO” Jonathan Morrison, Edward Rothberg Jonathan Morrison, Edward LARGE TURNAROUND OF THE YEAR OF LARGE TURNAROUND Melissa Haselden, Mark Hotze, Richard Hotze, Melissa Haselden, Mark TMA Chicago/Midwest Chapter 2016 Award Winners Award 2016 Chapter Chicago/Midwest TMA all as opposed to a one-sided win. This case highlights the importance for a clearly defined turnaround plan This case highlights the importance for a clearly defined turnaround plan preserves options in multiple that respects the rights of all stakeholders, how illustrates it Moreover, communicated. openly is and scenarios, outcome for value generate to together work can table” the “around players industry the Company’s performance as measured by EBITDA substantially improved substantially improved performance as measured by EBITDA Company’s the within 12 months. The bank has realized a full recovery and the Company will continue to be a family owned operation adding to its 50+ year history. As a result of these actions, the Company survived the liquidity crisis, avoided avoided crisis, liquidity the survived Company the actions, these of a result As par. at debt senior all refinanced and profitability improved bankruptcy, successfully shut down, The troubled Pipeline construction business was utilizing the remaining assets to negotiate an out-of-court settlement with the vendors to that business. While notably smaller from a revenue standpoint, Pipeline operations into a “good” business and “bad” business; (2) opened Pipeline operations into a “good” business and “bad” business; (2) opened (3) gained control of liquidity; and (4) communications with all stakeholders; improved oversight and operating procedures within the Pipeline business. Survival of the Compressor operations and “good” Pipeline business was Survival of the Compressor operations and “good” Pipeline business was maintaining debt stakeholders, critical to rebuilding the confidence of key a successful turnaround. The team and providing runway to execute service, focused on four critical areas to achieve the turnaround: (1) separated the Hoover Slovacek (Edward Rothberg, Melissa Haselden). Melissa Haselden). Hoover Slovacek (Edward Rothberg, The troubled Pipeline construction operations were not in a separate legal at risk. Company the entire would place filing bankruptcy any meaning entity, also upended the Company’s borrowing base. The Company faced imminent imminent The Company faced borrowing base. also upended the Company’s result in liquidation. The family and the Board bankruptcy which would likely consisting of AEG (Phil took immediate action, creating a turnaround team management/ CRO; Jonathan Morrison, Interim-CFO), existing Winkle, Van counsel COO), and outside CEO; Mark Hotze, ownership (Richard Hotze, positive EBITDA, the Pipeline business was actually pushing the Company the Pipeline business was actually pushing the Company positive EBITDA, been had business this for responsible team The loss. significant a to within the complexity misrepresenting project profitability and burying losses profitability but of construction accounting. This not only misrepresented and Pennsylvania areas, which significantly increased the revenue and and revenue the increased significantly which areas, Pennsylvania and of the business. In July 2014, the Company with the assistance of complexity related issues reporting financial significant found (“AEG”) LLC Partners AEG to slightly of tracking Instead operations. construction new to Pipeline’s fabrication and coating applications. fabrication and coating applications. to include the its operation In 2012, Pipeline geographically expanded Virginia West in the Ohio, construction of new natural gas pipelines focused repair of compressor and engine parts to the gas transmission, midstream, transmission, midstream, repair of compressor and engine parts to the gas The Pipeline Services petrochemical and air compression industries. the to services maintenance and construction quality provides division integrity work, pipe natural gas industry with services that include: pipeline CORPORATION complementary divisions, since it was founded in 1964. CECO operates in two and Pipeline Services (“Pipeline”). Manufacturing Services (“Compressor”) in the production and The Manufacturing Services division specializes Headquartered in Houston, Texas, Headquartered in Houston, Texas, December 2016 | Page 12 levels. Additionally, Ray earnedhisCTPcertificationin2006. since 2002 and has been actively involvedat both theboard and committee Mr. Anderson has been a member of the Turnaround Management Association Size CompanyTurnaround oftheYear for2016. their work on the Allen Systems Group restructuring was awarded the Mid- Ray andhisteamwerehonoredatthe2016TMAGlobal Annual eventas an industryleaderandwellpositionedforgrowth. and operatingcashflow. Entering2017, therebrandedASG Technologies is forma EBITDA from2014to2015withcommensurate increases inliquidity restructuring resultedinover100percentimprovementactualandpro- increased its employee and customer retention rates. The turnaround and world classmanagementteam,retained1,000employeesworldwideand After the turnaround and balance sheet restructuring, the Company built a significantly reduceitsdebtandannualinterestobligations. sole shareholder and the support of ASG’s pre-petition debtholders, to Chapter 11restructuring,involvingasettlementagreementwiththeCompany’s Simultaneously, ASG negotiatedanefficientandexpedient pre-packaged profitability. modified cultural emphasis on both organization-wide and product-level product teams to revenues, an elimination of non-core expenses, and a operating expenses. The turnaround plan involved a right-sizing of functional/ turnaround planaimedatreducingapproximately $56millionofannual business software solutions, through the implementation ofaphased Group (“ASG” orthe“Company”), aglobal providerofenterpriseITand From 2014through2015,Mr. AndersonledtherestructuringofAllenSystems public andprivateentitiesacrossadiversegroupofindustries. companies, aswellinvariousboardmemberandadvisoryrolesatboth and asuccessful public offering. Ray has served asthe President of six non-distressed entities),multipleprivateplacementsandbankfinancings, roles, he has led more than 40M&A transactions (including distressed and workout, and restructuring. In financial advisory and senior management the areasofM&A,operationalimprovement,turnaround,refinancing,loan to growthorfinancialdistress.Hehasmorethan20yearsofexperience in Ray providestransformationalleadershiptoclientsfacingchallengesdue and hasbeenwiththefirmsince2010. of Huron.Ray isaManagingDirectorinHuron’s BusinessAdvisorypractice This year’s CertifiedTurnaround ProfessionaloftheYear is TMA Chicago/Midwest Chapter 2016Award Winners CTP OFTHEYEARAWARD Ray Anderson RAY ANDERSON

involvement intheTMAforpastseveralyears,takingonleadership for good reason. As one colleague stated, “Alex has demonstrated active ALEX BOEREMA and theChicago/MidwestChapter. forward tohisfuturegrowthprofessionallyandasavolunteerofTMAGlobal chapter leadershipandallitsmembersappreciatehiscontributionslook Alex Boerema ismostdeservingofthe2016EmergingLeader Award. The should provetobeinvaluableinformationforfutureplanningandbudgeting. working totieintohisattendanceanalysistheprofitabilitypereventwhich events held by the Chapter from 2014 to 2016. And, most recently, he has been attendance study into an advanced metric study of the historical committee providing impactful contributions.” He led theinitiativeof advancing theannual that hasservedacrossseveralcommitteesinashortperiodoftimewhile As anothercolleaguenoted,“Alex isafast-risingmemberoftheChapter committee membersthroughouttheplanningprocess. speak aspanelistsanddevelopedparametersofpaneltopicsfacilitated of thatcommittee, Alex leadeffortstoobtainindustryleadersandjudges NextGen Leadership Conferencerecentlyheldin Chicago. Asamember as amemberoftheTMAGlobalNextGen Committeeandco-chairofthe chapter involvement,Alex isactivelyengagedattheGloballevelserving also servedontheNominatingCommitteein2015.Inadditiontohislocal From 2014to2016hehasservedasco-chairoftheFinanceCommitteeand presented totheBoardofDirectorsforfollowingyear. also constructedtheframeworkofaNextGen mentorshipprogramthatwas luncheons, happyhours,andaninaugural“marquee” NextGen event.He the NextGen Committee andassistedinplanningsuccessfulnetworking Alex began his leadership role in 2014 when he was elected as co-chair of NextGen membershipranks.” readily apparentinournumbersandstatisticsthatbuildssolidifies the NextGen membersoftheTMA.Itisthissortundertaking,whilenot newcomers underhiswingsbuildingrelationshipsandfriendshipsbetween roles and attending numerous events. Even more importantly, he has pulled EMERGING LEADERAWARD wasnominatedbyseveralofhispeersforthisawardand Alex Boerema December 2016 | Page 13 Barb Yong became a member of the TMA Chicago/Midwest Chapter Chapter became a member of the TMA Chicago/Midwest OUTSTANDING SERVICE AWARD SERVICE OUTSTANDING Though the chronical list of her contributions is the “official list”, it does not it does not Though the chronical list of her contributions is the “official list”, encompass the years of service Barb has given as a committee member, Committee, the many pro bono assignments, events planned with the NOW participating as a judge of the TMA Global Essay Contest, drafting numerous serving on the regional questions for the legal section of the new CTP exam, conference committee (MARC) for several years and helping to form the TMA level the convey not does list the so, More Foundation. Scholarship Memorial of energy and commitment she has brought to each of these positions. Ms. is truly a role model for all volunteer leaders, young and old. Yong over 12 years ago and has been an integral part of the chapter’s growth growth of the chapter’s over 12 years ago and has been an integral part she was co-chair From 2007 to 2009, and success throughout her tenure. – the Network of Women); Group (now known as NOW of the Women’s well as co-chair of the from 2010 to 2013 she served as a Director as once 2014, she In and 2013. in 2012 Secretary Committee and Membership on the Scholarship again took on more than one leadership role serving And, to Committee. Foundation Board as well as co-chair of the Pro Bono than one area. She leader in more Barb continues to serve as a this day, Scholarship Foundation is completing her third year as a member of the Programs (2015) and Vice President of has also served as Vice Board but President of Education (2016). she has held in the TMA Just looking at the list of committees and roles one knows that she has Chicago/Midwest Chapter over the past ten years, show on the list, but is But what doesn’t her involvement seriously. taken her on TMA projects, is that she with well known to anyone that has worked with everyone on the team in a on her face, with a smile gets the job done, at the end. team thank the to good and participating mood and she stops is “Barb nomination letter, As TMA member Bernadette Barron stated in her a good person and she cares. She is involved in TMA because she wants the people around her to succeed, whether that person is an accomplished etc. or someone just starting out. She consultant, auctioneer, lender, lawyer, anyone than professionals seasoned and young mentoring time more spends else I know – and most of those people are TMA members. She is someone the Chicago Chapter can be proud to call their own. Barb has been a friend, “go-to” overall my and host event co-chair, colleague, professional mentor, person for the last 12 years. She is the person who you call when you want help to someone need week, rough or good a of because work after stop to you organize an event, get a quick (and correct) answer to a professional question or drive with you to one of the many out of town conferences – or just help get a project done right, on time and having fun along the way.” BARB YONG

. They launched new programs . They launched new programs & Tom O'Donoghue Rob Baynes, Candice Kline, Rob Baynes, Candice Fostering university relationships by making Fostering university relationships by making personal visits to the universities and helped coach students who competed in TMA Global’s Competition (for which Writing Paper Carl Marks the team took first place!) student first-ever the launching and Planning internship scholarship competition. resulting in four new members. and Organizing the first-ever University Relations networking event. NextGen Sponsoring the Chicago Booth Distressed Investing Conference which included having trade booth presence and hosting a TMA panel case study presentation that engaged other members of the Chapter. Launching the first-ever Executive Speaker Forum Forum Speaker Executive the first-ever Launching attended by students table, University Relations from the University of Illinois Business School, University of Chicago Business School, Loyola School Business School and John Marshall Law OUTSTANDING SERVICE AWARD SERVICE OUTSTANDING • • • • • TMA Chicago/Midwest Chapter 2016 Award Winners Award 2016 Chapter Chicago/Midwest TMA universities in our area. Congratulations to the University Relations Committee for their exemplary Committee for their exemplary Congratulations to the University Relations achievements, outstanding teamwork and setting the stage for future growth outstanding from the many professionals young relationships with and collaborative team and, together, committed to the committee’s success. success. committed to the committee’s collaborative team and, together, the TMA spirit and represents turnaround exemplifies In sum, the committee’s accomplishments include: Recent the very best of the chapter. also involved vision and alignment with existing TMA programming. They TMA programming. They also involved vision and alignment with existing and universities, and made significant inroads, connected with students legwork in committee’s launched a major new internship program. The of duty and call the exceeded the new programming easily executing as a cohesive and produced remarkable results. The co-chairs worked August 1, 2015 through July 31, 2016 was a remarkable pivot year for the pivot year for the 1, 2015 through July 31, 2016 was a remarkable August COMMITTEE UNIVERSITY RELATIONS with execution, and commitment energy, startup required which throughout, The programs to come. a view to institutionalizing the committee for years December 2016 | Page 14 year’s Legend Award. renewal industry, we areproudtohonorMr. ChristopherJ. Horvaywiththis On behalfoftheTMAChicago/Midwest Chapterandtheentirecorporate in commercialbankruptciesandworkouts. Lawyer since2006, aswellanIllinoisLeading Lawyer forthelasttwoyears conveyances. Chris has consistently been recognized as an Illinois Super of creditor committees and liquidation trustees in litigation relating to fraudulent complex loantransactionsandlitigationdisputesaswelltherepresentation involves the representationof asset-based lendersin the documentation of litigation, workout andbankruptcymattersacrossthecountry. Hispracticealso Horvay hasrepresentedseniorcreditorsandasset-basedlendersincomplex years andiscurrentlyengagedatSugarFelsenthalGrais&Hammer. Mr. In additiontohisTMAleadership, Chrishasheldastellarcareerforover36 its presidentforthepastthreeyears. 2012, ChrishasservedontheScholarshipFoundationBoardandbeen Executive Speaker ForumSpeaker, formerPresidentGeorgeW. Bush.Since the SpecialProgramsCommittee–yearChapterwelcomeditsfirst served asParliamentarian oftheChapterandin2009hewasco-chair recognized astheEducatorofYear bytheTMA.In2006and2007he as aco-chairoftheContinuingEducationCommitteeandin2004hewas 2005, hewasaDirectorfortheChicago/MidwestChapterandalsoserved From 1999to2002ChrisservedasaDirectorforTMAGlobal.2003 a varietyofleadershiproleseveryyearthereafter. was never an option. After he completed his term, he continued to serve in uncommon for past presidents to “ride off into the sunset” but for Chris, that became theChicago/MidwestChapter’s 5th presidentin1997-98.Itisnot Chris tookonaleadershippositionwiththeTMAsinceitsinceptionand corporate renewalindustryandhislegalprofession. has achievedasamemberoftheTMAwellhiscontributionsto There trulyisn’t enoughspacetolistalltheaccomplishments TMA Chicago/Midwest Award Winners Chapter 2016 LEGEND AWARD Chris Horvay

CHRIS HORVAY

Special ProgramsCommitteeCo-ChairsWelcomeSpeakerBoehner ElizabethJanczak,DevonEggert, Stephanie Yong,MargaretGisch, Rob Baynes,YuedongTonyLu, Tony Natale,FayeFeinstein, Mellissa Dimitri,JustinWhite, Jameson Yong,LauraBalson Jennifer Yong,Jim & BernadetteBarron From Left:NickMiller,RobMeyers,JohnBoehner, & MattWasserman & ChaddUhler & PaulDrury Peter Roberts,&AngelaAllen

Dan Manella,KatParker, Kim Wynn,TinaHughes, Aaron Sims,PennyFine, Daniel Szczesny,James Garlick, &Chelsea & MitchRatsky & HaroldIsrael & DougVitek Hollenkamp

December 2016 | Page 15

& Randy Lederman & Jonathan Weinberg Steve Pomerante, Jamie Lisac, Thomas O'Donoghue, Mike O'Malley,

Rob Baynes, Sean Cahill, & Mark A. Smith Sid Lambersky, Jeff Gansberg, & Josh Leavitt Sid Lambersky, Jeff Gansberg, & Josh Leavitt

& Jeff Kolke Mike Furr, Dan Quiat, Will Hasten, & Marta Sereivaite Evelyn Berthold, William Kemp, Alex Boerema, Rob Meyes, & Nick Payne Ford Phillips , Mike Molenda, Tom Horak, Willard McNitt, Kevin Finlon, & Zach Hyman

& Marta Sereivaite

Coach Ditka & Ira Kreft Paul Krantz & Eric Sherrier Bob Koonce, Abe Shahbain, Steve Coverick, & Sean Farrell Michael Taison, Aaron Hammer,

17 starting with Jed Hoyer of the Chicago Cubs. in 2017 starting with Jed hosting some exciting Breakfast Forums We look forward to ll Lynch, which sponsored the event. Merrill Lynch, which sponsored by Ira Kreft of Bank of America The program was moderated received. Coach Ditka, who led the Bears in their iconic 1985 welland apropos particularly were circumstances challenging under championship personalities vibrant with dealing and leadership on lessons His coaching. season, regaled his audience with stories of life, both before and after fessionals—including a number of international TMA members. of international TMA a number professionals—including approximately 200 restructuring was attended by Chicago and On October 14, 2016, the Chicago/Midwest Chapter of the Turnaround Management Association hosted legendary Chicago Bears coach Mike in conference global NextGen the of reception opening the marked event The Chicago. in Club Standard The at forum breakfast fall its at Ditka TMA Hosts Mike Ditka at October Breakfast Forum Breakfast October at Ditka Mike Hosts TMA Hammer LLP Felsenthal Grais & A. Brandess of Sugar By Michael December 2016 | Page 16 Networking enjoyedbytheattendees The TMAlooksforwardtoparticipatingintheSuperConnecteventforyearscome! drinks andappetizers.Theeventprovidedasuperbopportunitytonetworkwithindividualsfrombroadspectrumoftheturnaroundindustry. Internal Controls Professionals. Nearly 200 guests mixed and mingled on the 45th Floor of Jenner & Block, enjoying panoramic views of the city, Insolvency & Restructuring Confederation, Professional Women's Club of Chicago, Risk Management Association, SEC Pro Group & SOX & Construction Financial Management Association, Forensic Expert Witness Association, International Women’s Forum, International Women’s by nine other premier networking organizations: Illinois CPA Society, CFA Society Chicago, Chicago Bar Association, Chicago Finance Exchange, and networking opportunities among professionals, membership associations, and organizations in key industries. This year the TMA was joined On Thursday, October 20, 2016, TMA members attended the Third Annual SuperConnect reception, a collaborative event that fosters connections Angela M.Allen,Jenner&BlockLLP TMA ParticipatesinSuperConnect soon aspossible, sinceweanticipatetheevent willbesoldout. Please registeronlineat Go Cubs Go…. Go Cubs Go! Following the Cubs’ of Jed Hoyer—and the rest is history, as the Cubs Cubs the as history, is rest the Hoyer—and Jed of In November of 2011, the Cubs announced the hiring of theWorldSeriesChampionChicagoCubs. the Executive Vice President and General Manager welcome to honored is Chapter Chicago/Midwest TMA the Series, World epic and season historic to Welcome Jed Hoyer Friday January13,2017BreakfastForum Members: $40/Non-Members: $80 NextGen: $25 / Students: $15 NextGen: $25/Students:$15 The StandardClub 320 PlymouthCourt Chicago, IL turnaround.org/chicagomidwest , Executive Vice President and General Manager, Chicago Cubs the futureholdsforChicago’sbelovedteam. what and celebration the journey, championship Cubs’ the about more learn and attend to Plan title tothecityandCubsfansaroundworld. organization’s commitment to deliver a World Series the on good made players and management Cubs later, years Five turnaround. historic a engineered as as Special ThankstoourEvent Sponsor

December 2016 | Page 17

June 28 Golf Outing August 17 Executive Speaker Forum November 20 (tentative) 2017 Event Dates Not to Miss Breakfast Forums January 13, March 17, May 12, June 23, September 15 & November 3 Martini Networking Event February 23 SummerFest (Milwaukee) By Gene Arenson, HYPERAMS On the morning of October 11th, over 40 members and guests gathered on the rooftop deck of the Hotel Metro in downtown Milwaukee for the breakfast networking series. The morning networking allowed for TMA members to meet new contacts, catch-up with friends and associates, and discuss current trends across different industries. The committee held a drawing for 2 Starbucks gift cards. The venues new for looking is series networking breakfast Milwaukee you If venues. unique some at events, work after including 2017, in sure to join us soon! want to get connected in Milwaukee, make Milwaukee Fall Educational Educational Fall Milwaukee Event & Networking Speaker HYPERAMS By Gene Arenson, gathered guests and members 29th, September of evening the On at Milwaukee’s Global Water Center in the Third Ward, for a series of speakers, hors d’oeuvres, and networking. The speakers Council, Water The of CEO and President Amhaus, Dean included Rich Meeusen, Chairman/President and CEO of Badger Meter, Directors of Board the for co-chair and Milwaukee, in headquartered of the Water Council, and Matt Howard, Director of Alliance for Water Stewardship. industry water the about passionate very are individuals These and its effect on the local, regional, and global economy. They the regarding the issues topics within provided valuable insights arrange helping for sponsors our to thanks Special industry. water such a great event. Breakfast Networking, Milwaukee, Wisconsin

Shelly Cuff & Clare Pierce Nancy Kalman & Rob Baynes Nancy Kalman & Rob Baynes Sheryl Toby, Elana Bandalene , Judge Janet Baer, & Suzie Koenig

& Karen Seyller & Lauren Beslow Anne Vanderkamp, Tracey Hyatt Bosman, David Levy & Shelly Quff

Sandra Freeman, Dale Miller,

Ruthe Anne Kinsella, Dan Kinsella,

Nora Schweighart, Lisa Vandesteeg registration and menu selection. thanks thanks to Sue Fischer and Chris Glatz for assisting with the publicity, Anne Vanderkamp of Baker Tilly, Elizabeth Vandesteeg of Sugar Felsenthal Sugar of Vandesteeg Elizabeth Tilly, Baker of Vanderkamp Anne Special Marsal. and Alvarez of Gonzalez Andrea and Hammer, and Grais Lauren Lauren Hargrove, Judicial Clerk to Bankruptcy Judge Timothy Barnes, glass of wine and hors d’oeuvres. The event planning committee included committee planning event The d’oeuvres. hors and wine of glass LLP, Taglia Christie Golan of Yong Barb Financial, MB of Alberts Mary located on the 4th floor of the Modern Wing. It provided a perfect setting to setting perfect a provided It Wing. Modern the of floor 4th the on located and to enjoy a other women turnaround professionals mix and mingle with The networking portion of the evening was held in the Terzo Piano restaurant Piano Terzo the in held was evening the of portion networking The focused on was the subject of one of his semester long classes. focused on was the subject he is a very knowledgeable Art History professor and his enthusiasm for these artists and their paintings was infectious. One of the paintings he Pierre-Auguste Renoir, Edgar Degas, Claude Monet and Edouard Manet. Manet.Edouard and Monet Claude Degas, Edgar Renoir, Pierre-Auguste museum,the for tours these leading time his volunteers docent our While tour of several works by the masters of the Impressionist period including by the masters of the Impressionist period tour of several works hosted a lovely evening of culture and networking at the Modern Wing of Wing Modern the at networking and culture of evening lovely a hosted led docent a enjoyed guests and members 35 Chicago. of Institute Art the (International Women’s Insolvency and Restructuring Confederation) co- Confederation) Restructuring and Insolvency Women’s (International On Thursday October 6th, TMA NOW and the Chicago Chapter of IWIRC of Chapter Chicago the and NOW TMA 6th, October Thursday On Art Institute LLP Yong, Golan Taglia Barbara L. TMA NOW and IWIRC at the at IWIRC and NOW TMA December 2016 | Page 18 served for the past 17 years as a Managing Director of FCF Partners FCF of Director Managing a as years 17 past the for served performance improvement consulting firm, as Associate Partner. Raab Raab J. Paul servicers, andprivateequitycompanies. special servicers, banks, of behalf on matters bankruptcy and Rights Illinois. His practice continues to focus on a wide variety of Creditors’ Mark A. Silverman focus onhernewroleasDirectorofBusinessDevelopment.” who played a significant role in the growth of our auction business, to our organization. His addition to the team will allow Kathleen Parker, the perfect blend of entrepreneurial spirit and practical experience to consultant. Tom Pabst, President of HYPERAMS said, “Burdette brings the auction/liquidation industry as an auctioneer, appraiser, and asset Director of Auction Services. Burdette has unparalleled experience in HYPERAMS announces that circulated toindustryinsidersacrosstheglobe. the past 18 months. Bankruptcy Strategist is a Law Journal Newsletter article discusses the numerous energy-related bankruptcy filings over and Production (Oil and Gas) Sector" in The Bankruptcy Strategist. The Mark 40 UnderAwards. also arecipient of the2016CFA(Commercial Finance Association) is He Committee. Professionals Young the of Chair and Committee Republic Business Credit, will serve as a member of the 2017 Executive Robert approximately 22,000 members in more than 130 different countries. with executives chief young of network global a is YPO Chapter. Hammer admitted has (YPO) Organization President’s Young than tenyears. has beenafaculty member for NortonBankruptcy Institute for more and West-Norton, for panelist teleseminar regular a is Geekie Mr. Bankruptcy.” in Issues “Post-Confirmation of topic the on Institute panelist on a teleseminar hosted by West Legal a Ed-Norton recently Bankruptcy was LLP, Lehr & Arnstein at groups practice Litigation Jr. Geekie, J. Eugene Member News Frank Uhler, Brian Asby, Petar Ogrizovich, Willette Tipton, George Koutsonicolis, Robert MacDonald, Kathy Mohanna, Roderick Dayton, Ivana Milosavljevic, L KatieMason, Benjamin Schmidt Welcome, NewMembers!

Melickian

Meyers

of Sugar Felsenthal Grais & Hammer LLP to its Chicagoland AlixPartners has joined CSI, the Milwaukee-based turnaround and turnaround Milwaukee-based the CSI, joined has Honore PropertiesLLC , Chief Commercial Officer & Managing Member, Managing & Officer Commercial Chief , Reinhart BoernerVanDeuren

Conway MacKenzieInc authored an article entitled "The Troubled Energy Troubled "The entitled article an authored University ofChicago MorrisAnderson Grant ThorntonCorporateFinance recently joined Dykema Gossett PLLC in Chicago, Amerisource FundingInc Johnson Bank , a partner in the Bankruptcy and Complex and Bankruptcy the in partner a , SOLIC CapitalAdvisorsLLC

Burdette

Wilber

has joined the firm as

Aaron L. Aaron Fund's ChiefFinancialandComplianceofficer. of several of the fund’s portfolio companies. In addition, he was the that role he was involved in the acquisition, financing, and oversight LP, a Midwestern private equity fund headquartered in Milwaukee. In Henry Shine, Danny Demko, Ahmad Popalyar, Sheshan Swaminathan, Barbara Rajchel, Andrew Burrow, James Trankina, Roy Gallagher, Trinitee Green, Nicholas Bugden, Steven Coverick, Vandesteeg 2016, 17, November On Brewing Company. Magnolia for California of District Northern the in filing 11 chapter current climate of the craft beer industry, through the lens of a recent the explores article The industry. beer craft the in issues business on focused publication local a Journal, Tun Mash the in Bubble’” Beer an article entitled “Using Bankruptcy to Kill the Narrative of the ‘Craft Member and NextGen Co-Chair Alumni Association Program. Health, Public of School Graduate Management, & Policy Health and Restructuring!” at theUniversityofPittsburgh’s, Department of titled, “Health Care’s Newest Code Blue: The Need for Webinar Cash & Infusion Lecture Gideon Dawn The for panel a on participated also She Florida, Orlando in held Conference TMA Annual The at WORD"!!!!” "BUZZ New The Fraud"- “"Healthcare titled, panel a Koenig Suzanne chief executiveofficer. and internal C-level executive,” said Dan Dooley, MorrisAnderson’s through complex large restructuring deals, both as an outside advisor transportation sectors. “Todd has an incredible track record working and manufacturing services, financial energy, products, consumer restructurings and turnarounds within the automotive, business services, complicated through companies advised successfully having areas, specialty middle-market MorrisAnderson’s of strength bench the bolsters experience 15-years’ Zoha’s office. Chicago its in director MorrisAnderson is pleased to announce how to"ProtectSensitiveInformation"intoday’selectronicworld. Bankruptcy & Restructuring Group at Elliott Greenleaf, in discussing the of Chairman Zahralddin-Aravena, X. Rafael professional credit fellow join will Vandesteeg Ms. and Hammer Mr. Day. Retreat Professional Receivable Accounts & Credit (FCFP) Professional’s Financial & Credit of Federation the at spoke LLP, Hammer & , partners in the law firm of Sugar Felsenthal Grais Felsenthal Sugar of firm law the in partners , Macquarie Corporate&AssetFinance EY Ankura ConsultingGroup,LLC Freeborn &PetersLLP of SAK Management Services, LLC moderated LLC Services, Management SAK of Alvarez &Marsal AlixPartners University ofNotreDame Big ShouldersCapitalLLC EY Lucas Group EY Aaron L. Hammer L. Aaron Jack O’Connor Todd A. Zoha and recently published as a managing asamanaging Elizabeth B. Elizabeth December 2016 | Page 19 eastwestbank.com Specialty ServicesDeposit Sponsorship Opportunities Available! Call 815-469-2935 or email [email protected]

Liquidating Trustees Liquidating Disbursing Agents Restructuring Professionals Chief Responsible O cers Court Receivers & Federal State Management Fiduciaries Asset Professional Trustees 7 & Chapter Trustees 11 Chapter in Possession Debtors Referred Attorney

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Participating Chapters: Chicago/Midwest, Detroit, Minnesota, Missouri, Ohio, and Western Michigan

in the October 2016 edition of the Credit Research Foundation News. Foundation Research Credit the of edition 2016 October the in Court’s recent reclamation decision in the Reichhold Industries case Rolled Steel Industry Group in Indianapolis, Indiana. Brian Jackiw BankruptcyDelaware the on article an published Fawkes Thomas and at the NACM Connect Annual Meeting in St. Louis, Missouri, and on “Contracts 101 for the Credit Professional” for the NACM Flat Media for the Credit Professional” and “Preparing for Litigation” “Creating the Perfect Credit Policy” at the NACM Connect Annual Meeting in Chicago, Illinois. Thomas Fawkes presented on “Social Upstate Upstate New York Annual Meeting in Rochester, New York; and presented on “Social Media for the Credit Professional” at the NACM the at Professional” Credit the for Media “Social on presented Great Lakes Annual Meeting in Cleveland, Ohio and at the NACM Thomas Fawkes Thomas luncheon hosted jointly in New York City by the New York Institute York New the by City York New in jointly hosted luncheon Factoring Association. of Credit and the International of Sugar Felsenthal Grais & Hammer LLP, was a featured "shark" at a at "shark" featured a was LLP, Hammer & Grais Felsenthal Sugar of On November 3, 2016, 3, November On restructuring trends and the pulse of the corporate renewal industry industry renewal corporate pulse of the the trends and restructuring year. for the upcoming currently and The Secured Lender, October 2016. The 2016 Turnaround Roundtable Turnaround 2016 The 2016. October Lender, Secured The reflectedthe views of leaders in the turnaround space regarding participated in the CFA’s annual Turnaround Roundtable, published in published Roundtable, Turnaround annual CFA’s the in participated Kevin Krakora, CTP Krakora, Kevin December 2016 | Page 20 The Patient Care Ombudsman, for the United States Bankruptcy Court Suzanne Koenig, of northeast Ohio. across – stores grocery in and freestanding both are that locations with – pharmacies 20 over operates Pharmacies Ritzman Pharmacies. AloStar successfully negotiatedthetransaction onbehalfofthecompany. Mackenzie managing director John Pidcock, and their respective teams, Nadler. CAM, represented by SFGH partner Aaron L. Hammer, Conway Evan President Vice Senior by led was facility, credit figure eight the manufacturing, and finishing. Veritas, who provided the lion’s share of engineering, design, including services, of suite full a provides CAM States. United the in cabinetry office metal and carts, utility products, CAM is a leading producer of a variety of consumer and commercial fan CAM’s secured debt facility in October 2016. Based in Chicago, Illinois, of refinancing multi-tiered million, $19 a closed companies affiliated its and (“CAM”) LLC Manufacturing, American Chicago assistance, LLP Hammer & Grais Felsenthal Sugar Partners, Financial Veritas Long IslandandHarrisburg,PA. in projects development large as well as NY County, Westchester in houses five include auctions upcoming Hawk’s Madison October. in in Logan Square and a retail center in Jefferson Park all of which closed building apartment an Expressway, Kennedy the on site development three-acre a of sale 11 Chapter The transactions: recent several of Jamie Cote of and typicallyisn’tbigenoughtojustifyreopeningthecase. toresolve Decreethatcanbecostly something showingupaftertheFinal of hassle the avoid helps also and Case the of end the at Estate the to Bankruptcy Case. The Remnant Purchase Deal brought additional cash remaining known and unknown assets in the Cadence Innovation, LLC of Miller Jake banks. Bymovingaggressivelyrecoveryhasbeenmaximized. Polish other yet to received goods for payments send to East Middle the in buyers to instructions email phony involving those include firm the by handled being cases Other authorities. alerted team Polish his conspirators wereunabletowithdrawallthefundsbeforeTraisonand the and transfers the received Poland in banks recipient The schemes. for theminNigeriawereoncerampant and evolved into moreclever people to part with a little of their money in exchange for treasures left instructions to banks holding investor accounts. Email scams inducing & Hammer LLP Michael H Traison, a partner at the law firm of Advisory practice. CFO AEG’s heads who Riesmeyer Dave by led is engagement The assets. portfolio certain of restructuring the and reporting financial in assistance with various real estate development activities, improvements financial systems. AEG is acting as interim CFO focused on strategic company to assist in the company’s growth and the development of its Partners AEG working capital. purchase line ofcredit to supporttheleveraged buyout and ongoing receivables million $4.5 a provided Republic publication. iconic old the workingcapital facility to complete the acquisition of aforty-year Credit Business Republic Doing BusinessinChicagolandandBeyond What's theDeal? and provided a $15 million revolving commitment to Ritzman to commitment revolving million $15 a provided Conway Mackenzie, Inc. Madison Hawk Partners was recently retained by a Real Estate Development Estate Real a by retained recently was Oak Point Partners Point Oak , oversees the recovery work in Poland of fake email SAK Management Services, LLC provided a Texas Capital Sponsor with Sponsor Capital Texas a provided are pleased to share that, with their announces the purchase of all is pleased to report the closing ispleased toreporttheclosing Sugar Felsenthal Grais , was appointed $8.25 Million. Solutions provided a term loan on the equipmentvaluedatover Term Loeb operations. their expand and debt their restructure The client was in need of additional working capital in order to management for oil and gas well drilling, production and servicing. fluid in specializing facility packaging contract Texas-based a to Solutions Term Loeb took headonlastmonth. Gibraltar that challenge a created which place, taken already had credit of line ABL initial an on Underwriting divisions. operating required some creative financing after pursuing the sale of one of its solutions company headquartered in New York with offices globally, in media technology services. Media tech company CPXi, a digital is an increasingly relevant financing option for businesses immersed Capital Business Gibraltar Nursing FacilitiesintheCentralIllinoisRegion. Skilled 6 for ManagCare, v ARHC in Division, Eastern Illinois, of Manager, in the United States District Court for the Northern District as appointed was LLC., Services, Management SAK of subsidiary a LLC, , Services Management Illinois Central and Receiver, appointed was LLC, Services, Management SAK appointment, an Assisted Living Facility in Sheridan Oregon. In addition to this is which Case, 11, Chapter LLC, Meadows, Deer the in Trustee, US McClurg, Gowen Carla by Division, Oregon of District the for regulatory, advertising andmediamatters. helping food andbeverage companies withtheir state and federal breweries and distilleries around the country (over 38 currently) and workouts and in collection matters, in addition to representing craft who focusesonrepresenting lenders inreal estate foreclosures and attorney experienced an is Brandt Mr. partner; new a as Brandt Ashley added (e) and Illinois; Wheeling, in company industrial an to loans mortgage and capital working loan, term of facility credit $18,000,000 its in lender Midwest a represented (d) Ohio; Dublin, tenant improvements loantoborrowerof aretail furniture store in and acquisition $3,900,000 its in lender Midwest a represented (c) side; south Chicago’s on neighborhoods improving on focused corporations non-profit area Chicago significant two between partnership (to ultimately become a full merger if fully consummated) individuals); (b) structured and helped to consummate a pre-merger and companies, schools, to tools enhancement learning provide developer and aneducational company anditsrelated entities that common a by owned entities estate real (5 companies of groups bankruptcy cases inthe Northern District of Illinois for twodistinct LLLP McClintock & Goldstein support thecompany’sworkingcapitalneeds. to used be will that company, processing steel leading industry an Inc., Products, Steel Heidtman for facility credit secured senior (NYSE: WFC), announced it acted as lead arranger on a $185 million Finance Capital Fargo Wells Precision Productsoutofareceivership. the purchase and resale of assets of Royal Oak Industries and Bronson exclusively through online channels. Other notable projects included almost conducted liquidation leading industry an was Warehouse Service Food provider equipment Kitchen of offering e-tail The other auctions, liquidations and store closings over the past months. of number a facilitated also HYPERAMS Maintenance. Building including theliveandonlineauctionsofVal-FabUnited projects, several completed recently had company the announced HYPERAMS’ Director of Business Development, Kathleen Parker recentlyprovidedanequipmenttermloan provedagain that asset basedlending , part of Wells Fargo & Company & Fargo Wells of part , has recently (a) filed chapter 11 chapter filed (a) recently has December 2016 | Page 21

Directors Paul Krantz Financial Corporation Presidential [email protected] 312-925-8641 Barb Yong Golan & Christie LLP 312-696-2034 [email protected] Mike O'Neil LLP Taft Stettinius & Hollister 317-713-3561 [email protected]

David Johnson, Abraxas Group Kilby Williamson, GPS Partners Anjanette Winners, BMO Harris Bank, N.A. Tony Natale, Shepherd Partners Inc Harry Novak, H.I.G. WhiteHorse Thomas O'Donoghue, FGMK LLC Allen Pratt, FGMK, LLC Peter Richter, Richter & Associates LLC James Rudnicki, Rudnicki & Associates Industry Group, LLC Paul Rundell, Alvarez & Marsal Healthcare Biff Ruttenberg, Atlas Partners LLC Joshua Siano, Conway MacKenzie Inc Anu Singh, KaufmanHall Benjamin Smith, Huron Brian Stewart, The Keystone Group Daniel Tannenbaum, Richter Consulting Timothy Turek, Conway MacKenzie Inc Inc Kobus van der Zel, Global Turnarounds James Vargo, Bibby Financial Services Inc Jeffrey Vogelsang, Promontory Point Partners LLC Robert Webb, Focus Management Group Daniel Wikel, Huron Frank Wojtowicz, Southern Imperial, Inc. Nick Zaccagnini, Huron A. Jeffrey Zappone, Conway MacKenzie Inc Vice-President Mike Paulsen LLC Lockton Companies 773-853-5588 [email protected] Secretary Carl Lane Group LLC Willow Tree Consulting 312-283-8820 [email protected]

form, please contact the Chicago/Midwest Chapter office at the Chicago/Midwest Chapter office form, please contact www.tmachicagomidwest.org. (815) 469-2935 or visit [email protected] Treasurer Bernadette Barron Barron Business Consulting 312-422-0040 [email protected] Foundation, or to receive a scholarship application To contribute to the President Chris Horvay Grais & Hammer LLP Sugar Felsenthal 312-704-2173 Memorial Scholarship Foundation Board of Directors Board Foundation Scholarship Memorial

Turnaround Management Association Chicago/Midwest Chapter Chicago/Midwest Association Management Turnaround

James Mesterharm, AlixPartners Jamie Lisac, Huron David Mack, Pathfinder Group Murray Lessinger, White Oak Group Allen Kutchins, Kutchins Robbins & Diamond Ltd Carl Lane, Willow Tree Consulting Group LLC Kevin Krakora, KPMG LLP Michael Kayman, RAI Brent King, Prairie Advisors Tom Harig, The Keystone Group Jeffrey Hyland, Berkeley Research Group LLC Mark Hagar, Regional Angel investment Network (RAINindiana) Thomas Goldblatt, Ravinia Capital LLC Nicholas Grossi, Alvarez & Marsal Lawrence Fox, Huron Alan Friedman, Alan Friedman Consulting LLC David Finkbiner, Finkbiner Duffy & Clapp SC Darin Facer, AlixPartners Michael Feder, AlixPartners Daniel Dooley, MorrisAnderson John DiDonato, Huron John Dischner, AlixPartners Jeffrey Connell, FTL Capital Timothy Czmiel, Heartland Capital LLC Suzanne Burke, First Midwest Bank Duncan Bourne, Wynnchurch Capital Ltd Michael Buenzow, FTI Consulting Christopher Blacker, AlixPartners Michael Barry, Prairie Street Capital Inc Jim Bienias, FGMK LLC Ray Anderson, Huron Bernadette Barron, Barron Business Consulting Brett Anderson, Huron Thomas Allison, Thomas J Allison & Associates Alpesh Amin, Conway MacKenzie Inc Chicago/Midwest Chapter CTPs and CTAs Chicago/Midwest Chapter December 2016 | Page 22 Turnaround ManagementAssociationMembershipApplication December 2016 | Page 23

Angela Allen LLP Jenner & Block 312-840-7218 [email protected] Melissa Dimitri LLP Grant Thornton 312-602-8367 [email protected] Michael Brandess LLP Sugar Felsenthal Grais & Hammer 312-704-2179 [email protected] Alex Boerema FGMK, LLC 312-818-4317 [email protected] Chapter Executive Christine M. Glatz Inc. Glatz Management Services 815-469-2935 [email protected] Chris Horvay Sugar Felsenthal Grais & Hammer LLP 312-704-2173 [email protected] Paul Krantz PNC Business Credit 312-454-2959 [email protected] Mike O'Neil Taft Stettinius & Hollister LLP 317-713-3561 [email protected] Carl Lane Willow Tree Consulting Group, LLC 312-283-8820 [email protected] [email protected] Dan Wikel Huron 312-880-3003 [email protected] Alex Franky Monroe Capital 312-523-2368 [email protected] University Relations Rob Baynes The Strong Oak Group, Inc. 312-709-4990 [email protected] Candice Kline Sidley Austin LLP 312-853-7778 [email protected] Tom O'Donoghue FGMK, LLC 847-818-4343 [email protected] Scholarship Foundation Mike Paulsen Lockton Companies LLC 773-852-5588 [email protected] Barb Yong Golan & Christie LLP 312-696-2034 [email protected] Bernadette Barron Barron Business Consulting 312-422-0040 [email protected] Sponsorship Dave Mack Pathfinder Group LLC 847-274-7604 [email protected] David Levy NRC Realty & Capital Advisors 312-278-6852

Republic Business Credit, LLC

Directors: Ryan Jaskiewicz LLC 12five Capital, 630-270-3072 [email protected] Brian Stewart Group The Keystone 312-960-3630 [email protected] Rebecca Fruchtman Bank of America Merrill Lynch 312-992-8273 [email protected] Lou Marosi LLC Linkage Capital Management 847-382-6801 x201 [email protected] Ben Smith Huron 312-880-3108 Angela Allen Jenner & Block LLP 312-840-7218 [email protected] Rob Meyers 630-788-5100 [email protected] Lisa Neimark NC Advisors [email protected] Peter Roberts Shaw Fishman Glantz & Towbin LLC 312-276-1322 [email protected] NOW (Network of Women) Tracy Hyatt Bosman Biigins Lacy Shapiro & Co 312-924-2490 [email protected] Paige Barr Katten Muchin Rosenman LLP 312-902-5644 [email protected] Kim Gordon Opus Bank 847-205-5540 [email protected] Tina Hughes High Ridge Partners Inc 312-456-5636 [email protected] Pro Bono David Bogetz Burnham Capital Partners LLC 847-236-0886 [email protected] Rebecca Fruchtman Bank of America Merrill Lynch 312-992-8273 [email protected] Suzanne Koenig SAK Management Services 773-202-0000 [email protected] Kat Parker HYPERAMS, LLC 312-685-2036 [email protected] Special Programs Jack O'Connor Sugar Felsenthal Grais & Hammer LLP 630-308-2487 [email protected] Tyler Ferguson Mayer Brown 312-701-7273 [email protected]

[email protected] Treasurer Ben Smith Huron 312-804-8225 [email protected] Secretary Candice Kline Sidley Austin LLP 312-853-7778 [email protected] Ex-Officio Past President Aaron Hammer LLP Sugar Felsenthal Grais & Hammer 312-704-2170 [email protected] VP Programs Nick Miller Eisenberg LLP Neal Gerber & 312-269-5654 [email protected] NextGen Jamie Cote Madison Hawk Partners LLC 312-203-6321 [email protected] 773-496-5737 [email protected] Erin Broderick Baker & McKenzie LLP 312-813-1984 [email protected] Jen McConnell AlixPartners 312-705-3976 [email protected] Milwaukee Gene Arenson HYPER AMS, LLC 282-225-5857 [email protected] John Wirth Mallery & Zimmerman, S.C. 414-727-6276 312-523-2379 [email protected] Finance Ryan Jaskiewicz 12five Capital LLC 630-631-8606 [email protected] Alex Boerema 312-818-4317 [email protected] Membership Matt Brash Moglia Advisors 847-884-8282 [email protected] Tim Serritella LOEB Term Solutions Karl Madsen OpteonGroup LLC 219-801-8434 [email protected] Entertainment Neema T. Varghese NV Consulting Services LLC 630-697-4402 [email protected] George Boyd 847-226-1868 [email protected] Eric Dorner Republic Business Credit LLC [email protected] Jeff Kolke Monroe Capital LLC

2016 Board of Directors and Steering Committees Steering and Directors of Board 2016

Turnaround Management Association Chicago/Midwest Association Management Turnaround

[email protected] Shaw Fishman Glantz & Towbin LLC 312-541-0151 Continuing Education Gordon Gouveia 312-366-5353 [email protected] Will Kemp Republic Business Credit LLC Goldstein & McClintock LLLP 312-337-7700 [email protected] Communications Harold Israel 312-543-4493 [email protected] Tony Natale Shepherd Partners Inc 630-800-7545 [email protected] Certification Allen Pratt FGMK, LLC 312-960-3630 [email protected] Brian Stewart The Keystone Group 312-665-2746 [email protected] Jonathan Weinberg KPMG Corporate Finance LLC Sugar Felsenthal Grais & Hammer LLP 312-704-2179 [email protected] [email protected] Michael Brandess Grant Thornton LLP 312-602-8367 Breakfast Forum Melissa Dimitri 312-533-0645 [email protected] Matt Ray Portage Point Partners Crowe Horwath LLP 312-899-7017 [email protected] [email protected] Dennis Kalten Huron 312-880-2676 [email protected] Michael Boyer Linkage Capital Management LLC 847-382-6801 x201 Committee Chairs: Awards Lou Marosi [email protected] Golan & Christie LLP 312-696-2034 VP Education Barb Yong Sugar Felsenthal Grais & Hammer LLP Sugar Felsenthal Grais & Hammer 312-704-2174 [email protected] VP Communications Mark Melickian 630-215-9383 [email protected] John Kemp Wolverine Partners [email protected] President-Elect Monroe Capital LLC Monroe Capital 312-258-8300 Officers: President Mike Egan Christine Glatz, Chapter Administrator P.O. Box 33 Frankfort IL 60423 (815) 469-2935 Fax (815) 469-1901 Email: [email protected]

ThankThank You You2015 2016 Chapter Sponsors! Sponsors Platinum Sponsors

Gold Sponsors Accord Financial, Inc. | Associated Bank | Baker Tilly | BMC Group | BMS | Conway MacKenzie | Crowe Horwath LLP FGMK, LLC | FocalPoint Partners, LLC | Getzler Henrich & Associates LLC | Goldberg Kohn | Gordon Brothers Grant Thornton LLP | Greenberg Traurig, LLP | HYPERAMS, LLC | Jenner & Block LLP | Jones Day | Loeb | Monroe Capital LLC NOVO Advisors | NRC Realty & Capital Advisors, LLC | PPL Group & Big Shoulders Capital | Proskauer Rose LLP | SAK Management Services, LLC | Schiff Hardin LLP | The Claro Group, LLC | The Private Bank | Vedder Price | Winston & Strawn LLP