The Newsletter of

Corporate RenewalTURNAROUND MANAGEMENT ASSOCIATION

Volume 8, Number 1 January/February 2007

Chicago / Midwest Chapter

From Our President:

What’s In It for Me?The team I work with at Wells Fargo constantly challenges each other to answer this question on behalf of our customers and constituents: “What’s in it for me?” If we can’t answer that question with clarity and certainty, we need to reassess whether the work we’re doing is justified or whether we should refocus our energies on higher-value activities.

As I step into the humbling job of serving as president of this large and diverse organization, my goal is to ensure that all of our programs, whether focused on education, networking, or development of our professions, have a clear value to our members, sponsors and the larger community in which we practice. It’s the “what’s in it for me” (WIIFM) test. As we begin the year, let me tell you what I think is the WIIFM of your chapter membership.

If you’re a practitioner, your membership provides you with unequalled access to a network of capital sources and service providers, as well as a rigorous certification program to sharpen your skills and enhance your professionalism.

If you’re a sponsor, your name is prominently featured at TMA events, in our directory, and on our web site. You are given access to advertising space in our newsletter that is distributed to your target market. You receive tickets to member events and have the opportunity to distribute your literature to attendees. Most importantly, you are valued for the contribution you make to our organization.

If you’re a new member, you receive a full slate of events from which to choose, and access to a networking organization that is open and welcoming to new people with fresh ideas and experiences.

If you’re a long-term member, you receive the opportunity to build relationships with others who share your interests (through our Future Leaders, Women’s, and Community Service activities, amongst others), with others in your geography (in Chicago or Milwaukee, or throughout the Midwest at this year’s regional conference), or with members of other organizations (through our co-sponsored events with RMA, ACG, IWIRC and others).

So what’s in it for me? Why, the chance to learn from all of you, of course! I look forward to building relationships and growing the corporate renewal profession together in the coming year.

What’s Inside?

VP’s Corner .............................2

Upcoming Events ................ 2-6

Past Events ........................ 8-20

Past President’s Perspective ....19

Chicago Chapter CTPs .........20

Meet the Committee .............21

New Member Listing ............22

Member News ................. 22-23

What’s the Deal?.............. 24-26

Board Member and Committee Listing ...................................25

Membership Application .......27

Lisa JohnsonChicago/Midwest

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 2

Upcoming EventsJanuary 12Breakfast ForumAnnual Awards ProgramThe Standard ClubChicago

January 17-19TMA International Distressed Debt ConferenceLas Vegas, NV

January 25Milwaukee Holiday GalaDiscovery World MuseumPier Wisconsin

February 1Women’s Texas Hold’em TournamentJoint event with IWIRC

February 15Third Annual Martini Networking EventGibson’s SteakhouseChicago

February 27Chicago Blackhawks Outing

February 28ACG Conference“Is the World Really Flat?”Chicago

March 9Breakfast ForumAnnual Economic ForecastThe Mid-Day ClubChicago

For more information on any of these events, visit the chapter’s web site at

www.chicago.turnaround.org or call 815-469-2935

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:

Mark Leipoldmleipold@gouldratner.com

Kevin A. Krakorakkrakora@mesirowfinancial.com

VP’s Corner“And in This Corner...”

Thoughts from Joe Fobbe, VP-CommunicationsPNC Business Credit

Meet Lisa Johnson, our 2007 Chicago/Midwest TMA Chapter President:

How does it happen? Maybe the following will help. Lisa and I spent some quality time together via an email exchange, discussing her eight-year TMA career. I think the exchange will not only help people understand the importance of getting involved with their TMA chapter, but also help them appreciate how a chance meeting can propel more and more involvement in the organization. I hope you enjoy the discussion.

Who: Lisa JohnsonWhat: 2007 Chicago/Midwest TMA Chapter PresidentWeight: More than 70 poundsReach: Beyond the horizonBiceps: Triceps x .66667Forearms: 1” longer than my backarms

Fobbe: Can you briefly share with me your TMA career? Please include how long you’ve been a member and your first committee experience. Why did you get involved? Did someone mentor you or pull you into a committee role? Johnson: I’ve been a member of TMA since shortly after I moved to the Chicago area from Denver in 1998. I’d been a member for one or two meetings when I was introduced to Sid Lambersky and David Newby who asked me to assist in authoring articles for the chapter newsletter (a request I’m sure they came to regret, since I believe I parodied them frequently). From there, I became co-chair of the Communications Committee, followed by co-chair of Public Relations, then secretary, and finally, vice president of community service. I’d have to list Melanie Cohen and Jim Shein as mentors, both for their roles in developing and growing the chapter and for making me feel welcome as a member of this community of professionals.

F: Why was it important to you to become more involved in our chapter and do more than just enjoy the networking events?J: As I think we’ll all agree, involvement is networking. If I meet a new contact through TMA that might have a use for services provided by Wells Fargo, TMA work gives me a chance to get to know that contact in a more meaningful way. Perhaps we worked on a case study together at a troubled loan workshop, or we learned we both have B-positive blood at the blood drive. We’ve now found common ground and assessed each other at a deeper level. At the same time, we’re working together to grow our industry and to develop ourselves professionally.

F: What would you say to a new (or maybe even a not-so-new!) member about the benefits and importance of becoming more active in their chapter?J: There are many professional associations in which we can invest our time, many of which have purposes that overlap with TMA’s. What really sets TMA apart is its diversity—diversity of professions, diversity of experience levels, and diversity of programming options to fit a variety of schedules and levels of professional development. I don’t want to hang around with a bunch of other lenders of my age and experience level, all of whom target the same market I do (not that Joe Fobbe doesn’t lead a particularly fascinating life). I’d rather learn from James Rubenstein’s work with closely-held manufacturers and from Dan Wikel’s work with Fortune 500s. Both sets of experience enrich my own and extend my knowledge in different ways.

Continued on page 4

Joe Fobbe

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 3

Remembering Janet L. Intrieri, CIRA, CPA Partner, Lake Pointe Partners LLC

TMA Chicago/Midwest lost a great friend and colleague in October, when Janet Intrieri lost her life in a car accident.

Intrieri served in advisory and interim management roles in both financial and operational capacities. She served as corporate controller, Assignee for the Benefit of Creditors in out-of-court liquidations and assisted in the asset sales of troubled companies. Prior to joining Lake Pointe, Intrieri was employed with several nationally recognized turnaround consulting firms, most recently serving as chief financial officer of a $500 million tissue manufacturer. Previous to that role, she served as both chief operating officer and chief financial officer of a manufacturing wholesaler.

Intrieri received her B.A. in Economics from the University of Illinois at Champaign-Urbana and her MBA from Keller Graduate School of Management. In addition, she was a Certified Public Accountant and a Certified Insolvency & Restructuring Advisor.

Besides having served as a board member of TMA Chicago/Midwest, she was also a member of the Association of Insolvency & Restructuring Advisors, American Institute of Certified Public Accountants, Illinois Certified Public Accountant Society, and the International Women’s Insolvency and Restructuring Confederation.

She will be missed.

A scholarship fund in her name is under development and donations are most appreciated. Please contact Chris Glatz at (815) 469-2935 for details.

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Turnaround of the Year Award Presentation in JanuaryPlease join us to hear the story of the emergence and continued post-bankruptcy success of United Air Lines in a turnaround that earned it the TMA Chicago/Midwest Chapter’s 2006 Large Company Turnaround of the Year. United and its top-flight professional team will take us through the key factors that led to the filing in December 2002, its triumphs while in bankruptcy (operation improvements, reduction in costs, an oversubscribed exit loan facility, the NASDAQ listing, and the successful emergence and equity distribution) as well as the lessons learned (denial of ATSB loan guarantee, power of unified aircraft lessors and labor- and pension-related issues) as part of the process to confirm its chapter 11 plan of reorganization. The business and legal hurdles that United faced were as complex as any chapter 11 case in the country, so do not miss this unique opportunity to hear the story first-hand from United’s financial officers as well as its legal and financial professionals.

All this and great networking await you at the Breakfast Forum beginning at 7:00 a.m. on Friday, January 26 at The Standard Club, 320 Plymouth Court in Chicago. Registration is $40 for members, $60 for non-members and $10 for students. R.S.V.P. by Wednesday, January 24 at www.chicago.turnaround.org.

After the forum we’ll host a brief roundtable discussion on the many benefits associated with TMA membership. If you are considering joining the TMA or have recently joined, be sure to stay for a few minutes for this invaluable conversation.

Annual Martini Mixer set for February 15It’s becoming one of TMA Chicago’s most anticipated networking events. Now in its third year, the Martini Networking Event’s expected audience of 250+ is sure to enjoy a warm evening out of the cold with great networking! On February 15 we will have the entire second floor of Gibson’s Steakhouse in Chicago for all to mingle. Like the past few years, the evening is casual; no formal agenda, just an opportunity to join your professional colleagues over a few refreshments at one of Chicago’s classic venues. How can you say no?

Registration begins at 5 p.m. and festivities – including cocktails and appetizers – will go from 5:30-7:30 p.m. at 1028 North Rush Street. Member fee is $65 per person with a non-member $85 per person rate. Reserve your

spot at this highly anticipated event by February 13 at www.chicago.turnaround.org.

Continued from page 2Other miscellaneous nosey questions:F: What accomplishment has given you the greatest reward during your TMA tenure?J: Passionate as I am about community service activities, I’d have to say that chapter communications has been my most rewarding contribution. We’re a large organization, far beyond the size where every member can know one another personally. Our communication channels, be they e-mail, newsletter, directory, web site, or mailer, help us connect with our members and help our members connect to each other. I love the new “What’s the Deal” feature of the newsletter that allows our members to share their successes with each other.

F: What’s your real job?J: I manage marketing, training, and customer strategies nationwide for Wells Fargo Business Credit, one of two commercial finance divisions of Wells Fargo. Mike O’Malley, Gail Heldke, and Kimberly Jablonski are my “customers.” F: What was your favorite television show growing up?J: Happy Days. I think I had a crush on Pottsie.

F: Are you a Sox or Cubs fan? Do you care?J: Marty McKinley, former TMA International president and the person who signs my performance reviews, grew up on the south side of Chicago. What do you think?

F: What is your favorite “Chicago” thing to do during the holiday season?J: Sledding! Chicago may not have mountains, but at least it has snow.

F: Are the Bears a sure bet for the Super Bowl (this year!)?J: Absolutely. I brought some good Bronco karma with me when I moved from Denver.

F: Looking at the recently released Rocky Balboa (aka Rocky VI), what is your all-time favorite “Rocky” moment? J: When he gets his eye lanced (Rocky I). It’s graphic, but you can really feel his pain.

Thank you Lisa. You’re a knock-out!!

Next issue I’ll introduce you to David Bogetz, former co-chair of the Membership Committee and current Awards Committee co-chair.

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 5

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 6

Milwaukee Holiday Party Set for January 25For the third consecutive year, the Milwaukee Program Committee invites you to its premier annual networking event. This year the event will be held at one of Milwaukee’s newest venues – the Discovery World Museum at Pier Wisconsin on Thursday, January 25. An interactive hands-on museum, TMA guests will have the opportunity to explore the museum at a private reception. The evening will begin at 6:00 p.m. with professionally guided tours and a cocktail reception. Go on a tour or stay back to network with your TMA colleagues, the choice is yours, but there is one thing for sure: It will be a night to remember! Dinner will follow the tours and cocktail reception hour.

We encourage you to bring your spouse or significant other for an enjoyable evening among friends and professional colleagues. Enjoy good food and drink at an excellent venue along Milwaukee’s lake front!

To reserve your spot at this event, log on to www.chicago.turnaround.org and R.S.V.P. by January 23.

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TMA • Chicago/Midwest Chapter • January/February 2007 • Page 8

Holiday Gala Truly “One of a Kind”By Joanne Chamberlain Krakora, JCK Marketing

There was socializing, shopping and soaking up some seasonal cheer at the 2006 Holiday Gala, featuring Chicago chapter members of the TMA, Association of Corporate Growth and – new this year – Risk Management Association.

Members, friends, spouses and guests enjoyed the jazzy holiday music and the setting, which included a vast array of artistic merchandise at the One of a Kind Show & Sale, held at the Merchandise Mart in Chicago. Attendees could get a jump on their holiday shopping by visiting one of the more than 400 artists, artisans and craftspeople displaying their goods.

Everyone in attendance was asked to contribute to the U.S. Marine Corps’ Toys for Tots campaign, either by donating a toy or by contributing $10 when registering. As usual, members came out in full force, contributing more than $1,500 in cash and well over 200 toys.

Holiday Gala photos by Mark Leipold

On October 26, a joint TMA Women’s Group and International Women’s Insolvency & Restructuring Confederation (IWIRC) event was hosted at the offices of Bowne in Chicago. The group was treated to a selection of wines from Lori Stanovich’s collection, hors d’oeuvres and a presentation by White House Strategies Principal Laura Schwartz, titled “The Networking Power of Social Events.”Laura Schwartz spent eight years in Washington, DC, during the Clinton Administration as the White House director of events.

Laura has turned her intense event-planning experiences and expertise into a consultancy practice based in Chicago. She believes that women are two things: powerful and social! Laura discussed how any event, even one that appears to be “simply social,” is anything but – it’s business! She focused her discussion on how to prepare for and facilitate networking at a social function to maximize the value of the event for the participant.

Laura even tested our skills with a Cosmo-style quiz to see how savvy we are at networking and then made helpful suggestions. The evening ended with a lively Q&A session.

Our thanks to Laura Schwartz for making our TMA/IWIRC joint event such a memorable one!

Photo by Elizabeth Vrato

The Power of Social Events: Joint IWIRC & TMA Women’s Group NightBy Gail Heldke, Wells Fargo

Cheri Anderson, Speaker Laura Schwartz and Lori Stanovich

Teri and Colin Cross

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Chicago/Midwest TMA Welcomes New Leadership for 2007Effective January 1, 2007, the Chicago/Midwest Chapter welcomed its new leadership team with Lisa Johnson at the helm as presi-dent. Lisa isn’t alone though – she has a strong cadre of officers who will work together over the next year to take the chapter to the next level. In addition to the eight officers listed below, the board is led by nine voting directors and 19 steering committees with two to three co-chairs per committee. All in all, you can be assured that your chapter will have another year full of great programs and great experiences. President: Lisa N. Johson President-Elect: Norman B. Newman Vice-President-Programs: Jeff Hyland Vice-President-Communications: Joseph J. Fobbe Vice-President-Community Service: Sid Lambersky Secretary: Thomas E. Pabst Treasurer: Carl Lane Past President: William J. Hass

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 9

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On October 27, more than 100 students and 20 professionals participated in The University of Chicago Graduate School of Business’s Third Annual Nuts ‘n Bolts Conference on turnaround management. The main focus of the event was to expose MBA students to various careers and firms in the turnaround management and corporate restructuring industry. Some of the

companies represented by panelists included Jones Day, American Airlines, The Blackstone Group, Huron Consulting Group, Miller Buckfire, Houlihan Lokey Howard & Zukin, Alvarez & Marsal, FTI Consulting, AlixPartners, Questor and Cerberus Capital.

Bill Haas, 2006 Chicago/Midwest TMA President

and GSB alum, kicked off the conference with opening remarks which highlighted TMA’s vast programming and networking opportunities available to its members. Then, Dan Dooley, 2005 president of the chapter, provided an overview of the U.S. Bankruptcy Code and the process a company follows when it enters and exits bankruptcy.

A panel comprised of senior executives then enlightened the audience with a fascinating discussion of the airline industry. Ken Yager moderated a panel of restructuring advisors from leading investment banks. Students gained a better understanding of

TMA’s Support Critical to Chicago GSB Conference SuccessBy Jay Kacholiya, University of Chicago Graduate School of Business, 2007

the interests of various constituencies, including debtors and creditors, involved in a distressed situation. In order to better understand the role of consultants in a workout engagement, Hass led a group of professionals as they walked through the lifecycle of a turnaround.

Finally, the conference concluded with a panel of principal investors who pursue investments in distressed companies. Matthew Niemann, managing director at Cerberus Capital, described current market trends in the leveraged finance space as “a market characterized by substantial liquidity, low default rates, a robust economy and aggressive capital structures.” He also encouraged students who are looking for turnaround and restructuring opportunities to be “technically proficient and mentally tough in order to handle the rigors of a career as a turnaround specialist.”

Overall, attendees came away with a much richer perspective of what it is like to be a professional in the dynamic, rewarding and challenging world of turnaround management. On behalf of The University of Chicago, the GSB Turnaround Management Group offers its deepest gratitude to the TMA Chicago/Midwest Chapter for its generous support of this event.

Photos provided by U of C GSB

Dan Dooley

GSB Nuts ‘n Bolts Students

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 10

Windows to the TMA World TMA Members Assist in WTTW Fund DriveBy Mark Leipold, Gould & Ratner

“Thank you for calling WTTW. How much would you like to pledge?”

While most of us pledge money in support of a charity, a group of volunteers pledged five hours on a cold and rainy night in support of our local public television station.

Through the hard work of the TMA Community Service Committee and the leadership of Paul Adamcyz of High Ridge Partners, the TMA provided volunteers to help WTTW on one night of its Fall 2006 pledge drive. Notwithstanding having to consistently advise callers that we were not Mike Paulsen or Patti Wu (except for Mike and Patti), the pledge drive was a great success. Not only were we able to raise money for a valuable cause, but we were also able to raise the profile of TMA to the public (or at least the public that enjoys John Denver or James Taylor – the feature artists that night).

The evening started off with dinner in the cafeteria and hearty thank you from WTTW’s own Phil Ponce. We had a chance to talk to members of a social fraternity and a group of independent

film directors, who also volunteered that night.

While the breaks were hectic, the time between the breaks allowed us to meet each other or renew existing friendships. It was fun talking with Lisa Johnson (our current chapter president), Gerald O’Dwyer, Sean Silver and Janelle Brittain. Michael Baratta was a last minute addition to the team. Although rumor has it he only agreed to do it for the fancy TMA t-shirt.

Paul and the TMA Community Service Committee will attempt to arrange another opportunity in the future. Special thanks go to Phil Irwin (a non-TMA member) for supporting his wife (TMA member) Kelly Irwin and the rest of TMA by expanding our team.

Thank you to the members who made this cold and rainy night a fun one!

October Negotiations Workshop: What’s your BATNA?By Rhonda L Cash, RGL Forensic Accountants and Consultants

Approximately 40 TMA members and guests attended the October 5 Negotiations Workshop at The Standard Club. Professor Leigh Thompson from Northwestern University’s Kellogg School of Management led an insightful and entertaining discussion concerning the various aspects of negotiation.

Thompson pointed out that we all negotiate daily, whether in the office or deciding who drives the carpool this week. She defined negotiation as “an interpersonal decision-making process necessary whenever we cannot achieve our objectives single-handedly.” To achieve effective negotiation, Thompson details three major negotiations skills: Creating Value or Win-Win Negotiation; Claiming Value; and Building Trust or Long-term Sustainability

However, thorough preparation is a must, and it requires the determination of the issues and alternatives and the prioritization of issues. Before entering any negotiation, a person must first identify their Best Alternative to a Negotiated Agreement (BATNA). A BATNA is the point at which a negotiator is ready to walk away from the table. The negotiator should be willing to accept any agreement greater than their BATNA. According to Thompson, many negotiators don’t take this invaluable first step.

The attendees were divided into groups of four, which were then subdivided into pairs. Each pair represented one side of a negotiation. Interestingly, individuals on each side didn’t know all the facts of the negotiation and were not allowed to share the details with their partner. A very lively simulation ensued as each side of the negotiation vied to win the largest piece of the pie.

After negotiations completed, each group discussed its strategy and shared agreed-upon deal. Participants learned that the overall goal was to increase the value of the whole pie; in other words, the group that “won” had the largest sum of the value of both sides of the deal. This, in essence, created value.

All attendees received a copy of Thompson’s book, “The Mind and Heart of the Negotiator.” It is an interesting read and the theories are based on scientific findings. After the seminar closed, participants headed to the cocktail party and boasted of their imaginary feats.

TMA volunteers at the WTTW studios

Paul Adamczyk takes a donor’s call Photo by Mark Leipold

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 11

Texas Hold’em Event a Big Winner By Doug Zwiener, PNC Business Credit

There was a tremendous turnout for the November Texas Hold’em event. Ten dealers attempted to keep order as 90 players fought for the right to be crowned “Poker King.” The players tended to fall into one of three categories: “I’m All In” (just like on TV!); “I just can’t get any good cards”; and “Is this hand good?”

There were hoots and hollers as the players battled through two rounds to accumulate chips. The top nine advanced to the Final Table. When the dust settled, Josef Athanas of Latham & Watkins was left standing with the most chips. Athanas and the friend of his choice (hint hint) won an all-expense paid trip to Las Vegas (I think I heard Greyhound, Westward Ho and two drink tickets). Randy Patterson of Lake Pointe Partners was the big stack when he went all-in with a small pair. Athanas’ king/10 combo won when another couple of 10’s came up on the board. Harley Goldstein of Freeborn & Peters, a first time player, was a close second and received prizes too valuable to mention here. Mary Ida Garcia of Blackman Kallick fought hard with bluffs, semi-bluffs and massive all-in raises as she tried to smack the chip leaders into place. Alas, time was up before her trap could be sprung.

A great time was had by all participants, players and dealers, and everyone appreciated the hard work of the Future Leaders Committee organizers, Navin Nagrani of Hilco, Jason Edelson of Transcap Trade Finance and Bill Hackney of Much Shelist.

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TMA Women’s Group Luncheon Features Great NetworkingBy Patty Wu, Great American Group

The TMA Women’s Group hosted a luncheon at the East Bank Club (soon to be known as our TMA luncheon feature destination!) on November 29. The informal gathering of industry professionals was once again a great opportunity to meet new faces and network in an intimate setting. Based on the sizable group at the second luncheon at EBC, it proves that sometimes a specific topic or feature presentation is unnecessary when you have such an interesting group of people from various backgrounds with whom to network.

For more information on upcoming women’s events, please contact 2007 Women’s Group Committee Co-chairs, Kim Metzner, Cheri Anderson or Suzanne Palmer and look out for notices from Chris Glatz. The incoming committee has an exciting schedule of events planned for 2007. We look forward to seeing you!

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November 17 brought the final breakfast forum of the year, and it was a very well attended event, despite the longest title in the history of TMA Chicago/Midwest Chapter events. “The Brave New World of Selling Distressed Companies: How Non-Traditional Buyers and Non-Traditional Secured Lenders are Changing the World of “Distressed” Sales” was how the event was billed. Thank goodness the members of our chapter decided to see for themselves whether or not the program would be worth the price of admission instead of falling asleep getting through the first line of the advertising flyer. Even more important

was the fact that the panel put together a great presentation that our members could understand and learn from, instead of hitting the issues from 60,000 feet as the title might have indicated.

The panel was put together and moderated by Andy

Turnbull of Houlihan, Lokey, Howard and Zukin and consisted of Joseph D’Amico of FTI Consulting, Hugo Gravenhorst of Black Diamond Commercial Finance, Daniel Collin of Monomoy Capital Partners and Tom Pabst of the Great American Group. Turnbull led the panel through three case studies of

November Breakfast Forum Successful Despite Massive TitleBy Tom Pabst, Great American Group

potential transaction types, including an interesting series of questions that resulted in some great banter amongst all parties.

The “Hybrid Sale” probed the issues of setting up an asset disposition firm (this sound so much nicer than liquidator) as a stalking horse when no going concern buyer will step up to the table in a timely manner, and how this may maximize the value of the business by bringing at an

auction. The “Loan to Own” case study led to an interesting discussion of the “rights” of a secured lender and how that is to be balanced against the desire to maximize values for creditors. The third case study demonstrated the difficulty in navigating the sale process when there are “Multiple Tranches of Secured Debt.”

The interesting dynamic is that in virtually every case, Gravenhorst was cast as the “bad guy” and D’Amico as the one trying to save the company in question. I am not sure I get this

as all Gravenhorst was trying to do was “get his money back.” It was interesting that, for the first time in a panel discussion of this type, Pabst was not cast as the bad guy, even when his solution to every question seemed to be “just liquidate.”

I would like to take this opportunity to thank all the panelists, with a special thanks to Turnbull for putting all the case studies together. I would also like to thank my fellow breakfast committee members – Harold Israel, Chad Peterson, Mark Gertzof and Duncan Bourne – for helping to organize this event. Best of luck taking the 2007 breakfast forums to the next level – but please keep the titles to something that our members can understand!

Catharon Miller, Tom O’Donoghue

The panelists

Mandy Lewis, Mike Restanello

Howard Mullen, Bill Welnhofer, Philip Renwick

Mike Ban, Margret Bogenrief, David Johnson

Mark your Calendars!2007 Breakfast Forum Dates:

January 12 l March 9 l May 11 l September 14 l November 9

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 14

Lundgren Addresses Chicago-Specific Naming Issues, Branding ChangesBy Max Moses and Norm Newman, Much, Shelist, Freed, Denenberg, Ament & Rubenstein

“I don’t go anywhere in Chicago without Frangos.”

That’s how Terry Lundgren, chairman, president and CEO of Federated Stores, led off his speech to a crowd of nearly 300 at TMA’s annual Senior Executive Forum on November 13 at the Standard Club in Chicago. And that one statement seemed to capture the kid gloves approach Federated needed to take with the purchase of Marshall Field’s, and particularly with the State Street flagship store.

A very different reaction occurred in Detroit and Minneapolis when Federated announced that Fields’ stores would become Macy’s in those cities. Lundgren noted that it was only in Chicago that there was any negative reaction. “In fact, this really wasn’t a Chicago issue. This was a State Street issue,” Lundgren said. Chicago is one of only a handful of cities with a good downtown location. “You need residents in the downtown area and weekend business to make it work. New York, Boston, San Francisco and Chicago definitely work.” Lundgren pointed out that the State Street store will become one of three powerhouse stores in the 800-plus store chain. They are spending millions on upgrading the State Street store.

Ultimately, the decision to change the name from Marshall Field’s to Macy’s, the last decision made according to Lundgren, was a logical extension of the strategy put in place by Federated as a part of its own turnaround. Federated had been a part of a disastrous takeover in 1988 that led to its own demise.

Macy’s had been in bankruptcy as well in the early 1990’s.

That strategy was rather straightforward: Create a national brand by combining each of the strong regional brands. “We finally decided that we couldn’t expand the Marshall Field’s brand.” Federated today consists of 800-plus stores operating under the Macy’s brand and 32 stores operating in the upscale market under the Bloomingdale’s brand.

The strategy and implementation plan virtually guarantees savings on the expense side of the ledger. For example, there could be “one box, one bag, one return policy,” Lundgren pointed out. He estimated that savings in 2006 should be $175 million and will reach $450 million in 2007.

On the sales side, some concern was expressed about possible loss of sales when the name of the strong regional brand was changed to Macy’s; however, Lundgren noted that there “wasn’t a significant change in sales when the name was changed.” In response to a question, Lundgren embraced the Internet as a sales channel. “We are not concerned. We are joining the bandwagon with Macys.com. We currently do $450 million in direct business and are profitable. We expect sales to reach $1 billion relatively soon.”

The strategy also allowed the company to pursue the four priorities it felt was needed to differentiate the brand:

1. Provide a better product. The company wanted the brand to be unique, so it approached vendors to provide product that could only be obtained from Macy’s. In addition to creating this private brand business, they also addressed the comfort and convenience of customers (70% of whom are women) and their male companions who have to accompany them. For example, many stores now have a couch and plasma TV near the dressing rooms that are designed to make the shopping experience more enjoyable for men.2. Simplify pricing. Their customer surveys showed that although the stores provided product at a very competitive price, no one actually understood that because of discounts on discounts and percentage-off pricing. The pricing system was changed to make it less confusing.3. Improved shopping experience. The stores upgraded restrooms, added scanners throughout the stores to read prices, including original price, discounts and sale price, and made the aisles wider so that strollers could go through the aisles. Shopping carts were added to the stores. In response to a question, Lundgren admitted that he hates seeing carts in the Macy’s stores, but “the customers said they wanted them.” He pointed out that the carts are

usually on the home floors but the stores try to keep them off the apparel floors.4. Institute world class marketing. Because none of the regional chains were national retailers, they didn’t conduct national

marketing. Prior to adopting the strategy, Federated Stores didn’t engage in any national marketing, “not even on the Macy’s Thanksgiving Day Parade,” Lundgren revealed. This clearly would change.

To date, sales have grown from $7 billion to $27 billion. The number of employees has grown from 73,000 to 210,000. Market value has increased from $1.4 billion to $22 billion.

Oh yes, what about those Frangos? The mints are available across the nation and the Frango Kitchen is open for viewing. Next up in the marketplace is a new Frango Mint Shower Gel for those who can’t get enough of the Frango experience.

Federated CEO Terry Lundgren Addresses Crowd,

Federated CEO Terry Lundgren

A WBBM Radio reporter interviews Lundgren after his presentaiton.

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 15

Introducing TMA’s Outstanding Corporate Renewal Award When Good Advice is Taken to HeartBy Ken Yager, Morris-Anderson

The TMA Midwest/Chicago Board of Directors, in conjunction with the Awards Committee has awarded the TMA Outstanding Corporate Renewal Award (OCRA) for 2006 to Federated Department Stores. CEO Terry Lundgren proudly accepted the award on behalf of the company at the Senior Executive Forum in November.

Following bankruptcy in the early 1990s, Federated executed on a consolidation and branding strategy that allowed it to not only survive the onslaught of retailers like WalMart and Target, but to thrive against the competition. Generally mixed local feelings about Marshall Field’s name change aside, it was easy to see the amount of energy and the subsequent positive financial results of the last few years from over a decade’s worth of work.

That long-term change is the cornerstone of the OCRA award. The award is to be presented to a company that we, as TMA members, recognize as an example of doing business the right way – a company that has used the fundamentals of a turnaround strategy to not only turn around their business, but has also taken the advice to heart. The company should institutionalize that knowledge to build a business that is a recognized successful company either in the broad financial markets or within their niche community. The typical award winner will demonstrate three to five years of financial and other business successes. The turnaround may or may not have happened with the direct help of the TMA, but we as TMA members, are willing to put our “stamp of approval” on this company and promote it as an example of what needs to be done to not only turn a business around, but also provide it with the tools for sustained improvement or “corporate renewal.”

In a world where change is constant and building and maintaining value is ever harder, a company like Federated demonstrated the ideals of the award. Not only was CEO Lundgren present to accept the award, he also provided 30 minutes of commentary on the story of Federated’s transformation, including a slide montage that explained the branding roll-out for Macy’s that is the crowning achievement of the consolidation and integration strategy at the retailer. Strikingly, Lundgren talked about focusing on the customer and providing a smooth transition in brands around the country while aggressively attacking every cost that “was not visible to the customer.” The audience appreciated the educational value and entertainment that was provided during this award ceremony.

Please contact Ken Yager at kyager@morris-anderson.com with any questions regarding the award or to help us consider nominees for next year.

Accepts Award at Senior Executive Forum

Dave Heilman, Joe Davisson, George Garrod

Meghan Miller, Frank MelazzoTim Czmiel, Mike Frueh

Randy Patterson, Peter Richter, Ed Marks, Carrie Zellmer

Linda Jacobs, Gail Heldke

Post-Event Networking Always a Highlight at Forum

All Senior Executive Forum photos courtesy jeffellisphoto.com

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 16

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 17

TMA Annual Conference in Orlando involved sun, fun and learningBy Michael Paulsen, Thilman Filippini

For those attendees looking for a “business as usual” convention, this probably wasn’t your event.

TMA International’s 2006 Annual Convention, “The Next Wave: Positioning for the Future,” held October 11-14 in sunny Orlando, proved to be a great learning experience and fun for all. The weather was near-perfect with mostly sunny skies everyday and an average temperature of 85 degrees. The JW Marriot Grande Lakes Resort (with the adjoining Ritz-Carlton Hotel) was an ideal place for this convention.

For starters, the conference kicked off with a golf tournament at the Ritz-Carlton Golf Course, where handicappers and duffers alike were able to be competitive with a “shamble” format. The content of the learning sessions were diverse and interesting along with a spectacular keynote presentation by Robert Reich, Former U.S. Secretary of Labor, providing insight into the past and well into the future.

For those of us who needed a “break” from learning, the pool was readily nearby for some quick downtime between sessions. And for those who brought their families, the pool offered great fun for kids and adults as well as visits to nearby Walt Disney World, SeaWorld and Universal Studios.

The conference was heavily attended by members of the Chicago/Midwest Chapter as well as their families. A champagne toast for the chapter saluted our 1,000 members.

Thank you to all Chicago/Midwest members who attended the annual convention, and we hope to see you at the TMA 2007 Distressed Investing Conference January 17-19 in Las Vegas!

Members of the Chicago/Midwest TMA Chapter participate in a champagne toast during the TMA International Convention in Orlando, FL, October 11-14, to celebrate reaching the milestone of 1,000 members!

Milwaukee Discusses “Dos and Don’ts” of Investing in TurnaroundsBy Philip Ostroski, Associated Commercial Finance

On November 28, The Milwaukee Program Committee hosted a TMA panel discussion covering the subject matter of “DOs and DON’Ts” of turnaround investing and distressed acquisitions. The event was attended by more than 80 TMA members and guests, representing many prestigious law firms, accounting firms, investment banking firms, private and institutional venture capitalists, business and management consultants, turnaround and crisis management firms, trade groups, private investors and entrepreneurs, and other guests.

Philip Ostroski of Associated Commercial Finance moderated the panel. He was joined by panelists Dan Eder of Mayville Products Corporation, Tom O’Mara of O’Mara Partners, Ken Merlau of QuickSet International, and Darrell Tamosuinas of Stonehill. Collectively, these panelists aggregated more than 120 years of turnaround business acumen and experience, in addition to their noteworthy academic and professional backgrounds. Their comments and analyses generally centered on the non-analytical and non-technical aspects of evaluating and measuring both risk and opportunity in the turnaround arena. The topic and panelists’ comments were well received by the audience as evidenced by a robust question and answer session which carried into the post–event networking session.

The Milwaukee Program Committee continues to focus on introducing and expanding quality programming into the Milwaukee area. Stay tuned for more programs supported by our Milwaukee sponsors in 2007.

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 18

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TMA • Chicago/Midwest Chapter • January/February 2007 • Page 19

Past President’s PerspectiveEditor’s Note: This is the inaugural column of what we hope will be a regular feature which will appear in a few issues of the newsletter each year. We view this column as an opportunity to reflect upon not only how our chapter has obtained the success it has, but to reflect on the principles that will guide us as our chapter continues to grow. In addition, it gives us an opportunity to publish some old pictures of our friends and colleagues. We hope you enjoy this feature.

What I Learned (and Failed to Learn) while President of TMABy Christopher J. Horvay, Gould & Ratner

I was honored to serve as this chapter’s president from approximately September 1997 through September 1998. Given that our chapter’s present membership now exceeds 1,000 and that it was approximately 275 and grew to 325 during my tenure, many of you are doubtlessly unfamiliar with life in the Chicago chapter as it existed eight to nine years ago, simply because you were not around at that time. Many of you may also wonder, as I do, about the possible relevancy or significance of my views regarding the present strength of our chapter, given the enormous changes that the membership numbers alone bespeak.

Regardless of the significance or insignificance of my views on the subject, the amateur historian in me demands a brief accounting, exploring how we as a chapter gained over 700 new members in the period of nine years.

From my perspective, the answers are found, to a large degree, in examining the issues concerning what I learned and what I missed while I was president.

What I figured out, or somehow managed to learn (even in the face of my inherent obstinacy), was, briefly, the following:

1. Excellence of programming is one large key to delivery of membership value. Consequently, I spent much of my time and attention devoted to planning and selecting membership programs, primarily the “major educational” seminars we held in the spring and fall. My recollection is that David Missner of DLA chaired one seminar and that Arnie Dratt chaired the other one.

2. There is no substitute for leadership. I made a conscious effort to expand the leadership of our chapter and to identify future leaders. However, as I will explain a bit later, I completely missed out on the framework necessary to really elevate the expansion of leadership to a higher level.

3. Professional administrative support has been invaluable to our growth. At the suggestion of Alan Kravets, then a member of our board, I negotiated our chapter’s first engagement agreement with a professional administrator. Before then, we essentially “ran the chapter” out of my office at Holleb & Coff, thanks in large part to the invaluable efforts of my administrative assistant.

What I missed then, but somehow learned later, thanks to the efforts of various TMA leaders with more insight than me:

1. A successful chapter cannot grow and thrive without a strong and sustaining sponsorship program. Randy Patterson and Jim Vargo were two of the many principal proponents, strategists and implementers of this concept. Thanks to their leadership, we are now blessed with a capital reserve that has sustained us, and that would never have existed without the sponsorship program.

2. A steering committee numbering approximately 50 members, all actively engaged in meaningful leadership roles at the committee level, is far superior to a 10-member committee (which is what we had while I was president.) Here again, leaders over the years such as James Rubenstein, Jim Shein and Dave Mack were the visionaries who foresaw how a larger, more engaged steering committee would open up leadership opportunities and drive better and more extensive programming, thus leading to enhanced membership value.

3. No one holds a monopoly on great ideas that can improve the chapter. Many leaders other than me spawned the concepts, which later became the reality, of the sponsorship program, the women’s committee and the community service committee, all of which have created membership opportunities and enhanced membership value. Anything that we can do as a chapter to encourage and welcome creative suggestions for new programming should be viewed favorably.

4. Given the opportunities, new leaders will emerge and replace those who have preceded them. I was tempted, at the end of my tenure, to remain as president for another year, as did two of my distinguished predecessors, Randy Patterson and Larry Adelman. In the end, I realized that one year was enough, another leader (Faye Feinstein) would succeed me and do just as well as president, if not better. The growth of our chapter’s membership may have made the path to leadership somewhat lengthier than it was ten years ago, but it has also multiplied by several times the number of well-qualified women and men capable of serving our chapter as future leaders. Thanks to them, we will remain the largest and best chapter within TMA.

Chris Hovay...THEN!

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 20

AEG Partners LLCLawrence Adelman

Alert Consultants, Inc.James Rubenstein

AlixPartners LLCRonald BieniasJohn DischnerMichael Feder

Alvarez & Marsal Inc.Brian Whittman

Atlas Partners LLC Biff Ruttenberg

BBK Ltd.Peter PappasRobert Webb

Buccino & Associates Inc.Harry Novak

Burnham Venture ManagementRay Anderson

Capstone Advisory GroupJeffrey Hyland

Cerberus Capital ManagementMatthew Niemann

Chatered Management CompanyWilliam Avellone

Condor Financial Group Inc.Gilman King

Conway, MacKenzie & DunleavyFrank MackJoshua SianoJeffrey Zappone

Corporate Revitalization Partners LLCThomas O’Donoghue

Cosi Inc.William Forrest

David C Finkbiner & Co SCDavid Finkbiner

Enterprise Management Group Inc

Dennis Kraska

FTI Palladium PartnersMichael Buenzow

Gandhi ConsultingKiran Gandhi

Glass & Associates IncJohn DiDonato

Heartland CapitalTimothy Czmiel

High Ridge PartnersFrank Wojtowicz

Kaufman HallAnu Singh

Keystone Consulting GroupBrian Stewart

Kutchins, Robbins Diamond Ltd.Allen Kutchins

Lake Pointe PartnersDavid AllenKurt KnippRandall Wright Patterson

Mesirow Financial ConsultingThomas AllisonMelissa Knoll

Moglia AdvisorsAlan Samsky

Morris-Anderson & AssociatesDavid BagleyBernadette BarronDaniel DooleyRobert HaldiLarry HennessyMichael JakolatRobert MorrisWilliam Van Der WeeleRobert Wanat

Prarie CapitalMichael Barry

Promotory Point PartnersJeff Vogelsang

ReesePartnersSandy Reese

Shepherd Partners Inc.Tony Natale

St. Vincent Catholic Medical CenterPaul Rundell

Teamwork Technologies Inc.William Hass

The Enterprise Group Inc.Dennis Kraska

University of Saint FrancisMark Hagar

Vector Consulting LLCMichael Baratta

White Oak GroupMurray LessingerDave Mack

Wynnchurch Capital LtdDuncan Bourne

Samuel Williams

The Chicago/Midwest Chapter proudly recognizes the following organizations and their Certified Turnaround Professionals (CTPs)

The More You Know...Did you know that if you pass the Certified Turnaround Professional (CTP) exam, you receive a free membership to the Turnaround Management Association (TMA)?

As if the benefits of joining the high ranks of current CTP members were not enough, as a member of the TMA you have the opportunity to network with other industry professionals and participate in conferences and programs that further educate you on the current happenings in the turnaround community.

For more information, please contact Nicole Gibby at (312) 578-6900.

Another Benefit for CTPsAttention all new Certified Turnaround Professionals! Pass the CTP exam and get your certificate framed. That’s right, the Chicago/Midwest TMA Chapter wants you to proudly display your new accomplish-ment, and to accomplish that, you will need a nice, new frame for your office wall.

If you’ve recently passed the CTP exam, please contact Chris Glatz at (815) 469-2935 or cglatz@managementservices.org for details.

New and Prospective Members WelcomedBy Kevin A. Krakora, Mesirow Financial Consulting

The growth and vibrancy of the Chicago/Midwest Chapter was clearly evident and celebrated at the Fall New and Prospective Member Cocktail Reception on November 2. A lively crowd of approximately 50 new members and interested prospective members gathered at Maggiano’s with over 20 representatives from the chapter’s leadership to mix and mingle as well as to learn more about the TMA and how to get involved in the chapter.

Bill Haas, then-president of the chapter, welcomed the new members to the TMA, encouraged the interested prospective members to join the organization, and celebrated our chapter’s growth and evolution into the largest TMA chapter with over 1,000 members. Membership Committee Co-chairs David Bogetz, Bob Handler and Kevin Krakora shared information about upcoming programs and networking opportunities while describing the numerous chapter committees and encouraging all to get involved. As all steering committee members attested to that night, the best way to network and get involved in the TMA is to join one of our 19 active committees.

These bi-annual events have proven to be an effective ice-breaker for new members and those interested in joining the TMA, allowing them to network with each other and the leadership of the chapter while learning about ways to get involved and all the opportunities and programs that our chapter offers.

Special thanks to the 2006 Membership Committee for all of their efforts, and a warm welcome to the 2007 Membership Committee co-chairs, Bob Handler, David Onion and Tom Thompson.

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 21

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Thomas Halloran646-277-2220

Michael Kennelly312-583-8766

Steven Korf646-277-2231

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Susan Storey646-277-2275

Michael Sullivan646-277-2213

Daniel Wikel312-880-3003

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Meet the CommitteeEditor’s Note: This is the inaugural column introducing and profiling our chapter’s 19 active committees. We hope that you will find a committee that interests you and encourage you to become involved in any way your time and interests permit. The chapter will benefit from your involvement and we hope you will benefit from the leadership opportunities that the chapter provides.

The Future Leaders CommitteeParticipating in the TMA Future Leaders Committee is a great way to meet contemporaries in the turnaround industry.

Although the term “Future Leader” can be somewhat difficult to define, a good way to describe it would be a person who is entering the industry either out of college/graduate school or from another industry and is looking for an opportunity to learn and network with other professionals that are in a similar situation.

The Future Leaders Committee hosts events to promote education and networking in a low pressure, yet exciting environment. Past examples include the 13-Week Cash Flow and Negotiating seminars and the Café Ba-Ba-Reeba and Avenue M networking events. In addition, our committee hosts one of the TMA’s most anticipated events: The Annual Texas Hold’em Tournament, a sellout every year.

Last year’s co-chair Bill Hackney of Much Shelist had this to say: “I have been involved with the Future Leaders Committee for about four years now — this past year serving as co-chair. I started attending events hosted by the committee in the hopes of making business contacts with younger professionals in the turnaround industry. Not only was I able to make a number of younger and senior turnaround contacts, I was able to develop a number of friendships that today exist outside the business context.”

Nine volunteers represent the 2007 Future Leaders Committee, with Navin Nagrani (Hilco Real Estate), Stan Orszula (Loeb & Loeb LLP) and Jason Edelson (Transcap Trade Finance LLC) acting as co-chairs. We welcome and encourage volunteers. Please contact Nagrani, Orszula or Edelson to learn how you and your associates can get involved, attend these sellout events and benefit from the leadership opportunities.

2007 Future Leaders Co-Chairs:Jason Edelson, Transcap Trade Finance LLC, 847-753-9600, jedelson@transcaptrade.comNavin Nagrani, Hilco Real Estate, 847-504-3218, nnagrani@hilcorealestate.comStan Orszula, Loeb & Loeb LP, 312-464-3100, sorszula@loeb.com 2006 Future Leaders Co-Chair:Bill Hackney, Much Shelist, 312-521-2412, whackney@muchshelist.com

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 22

On October 27, Ken Yager, a consulting manager with Morris-Anderson’s Chicago office, was a panelist at the 2nd Annual University of Chicago Nuts ‘n Bolts Conference on turnaround management. He also presented the first Annual TMA Outstanding Corporate Renewal Award at the November 15 Chicago/Midwest TMA Senior Executive Forum held at the Standard Club.

Ryan Esko of AlixPartners recently spoke on a panel at the SRI West Debt Distressed Conference on “Influencing the Improvement of Operations - Pre and Post Acquisition.”

Navin Nagrani of Hilco Real Estate LLC moderated a panel for the Real Estate Investment Association on the topic of “Investing in Retail Real Estate.” He also participated on a distressed real estate panel during the Strategic Research Institute’s Annual West Distressed Debt Investing Forum.

Carl Lane, a principal in the Reorganization Services Group of Deloitte Financial Advisory Services LLP in Chicago, was recently interviewed by CFO.com on preference payment actions. To read the article, please visit http://www.cfo.com/article.cfm/8100816?f=search.

TMA Chicago/Midwest 2006 President Bill Hass reported the “Building Value” book is selling better than “Freakonomics” at the Gleacher Bookstore (on many days) and will be presenting findings on “Strategy and Renewal” at the December 6-7 Advanced Education Workshop in Taiwan.

Philip Ostroski of Associated Commercial Finance Inc., the asset-based lending subsidiary of Associated Banc Corp, is pleased to announce that Mr. Edward C. Thompson has joined the organization as its credit & collateral underwriting manager.

New membersWe welcome the following new members to the Chicago/Midwest Chapter of the TMA.

Courtney Barr, Winston & Strawn LLPThomas Begel, TMB IndustriesRichard Beston, RainMaker Capital Management Inc.Russell Brammen, O’Neil Cannon Hollman DeJong SCChristopher Brokmeier, Conway MacKenzie & DunleavySteve BystrianskyChris CannonMichael Crestanello, University of ChicagoThomas Egan, Egan & Fahey LLCSamuel Ekstein, Ekstein Asset Management Inc.Eric Held, University of Chicago Graduate School of BusinessRajnish Kapur, Larsen and ToubroDr. Greg Kuhn, Atwood+Kuhn LLCRob Livingston, AonChristian McClellan, Mesirow Financial Consulting LLCWilliam Melvin III, National Retail & Equipment LiquidatorsMichael Molinaro, Loeb & Loeb LLPJeff Nelson, Tatum LLCJohn Newell, Thunderbird InvestmentsMohamed Okda, Okda & Co.Jeffrey Patton, US Bank Business CreditNina Payne, The LaSalle NetworkMichael Phelan, Kearney & PhelanJoseph Ponteri, TMB Industries LLCMark Rasmussen, Chapman and Cutler LLPPat Roa-Perez, JPR Funding SolutionsDonald Shapiro, Foresite Realty PartnersWilliam Stoll, Contract CFO LLCTina Tromiczak, Berlin Industries Inc.Brian Tumpane, Grant Thornton LLPEdward Wajda, Oshkosh Specialty VehiclesDavid Watson, AlixPartners

New Member FeedbackEditor’s Note: As part of continuing efforts to improve your member experience, the Membership Committee reaches out to new members to ensure they feel they are getting the most of their membership. Below is some of the feedback recently received.

“I joined the TMA for networking purposes and to meet new business folks in the same industry and am getting the anticipated benefits as a TMA member. “

“It’s great to know the membership has reached a new milestone for the TMA! I joined the TMA because it has a great reputation in our industry for being a “productive” association. We heard of annual and regional meetings where influential people in the industry get together to make things happen, network and grow their business. After attending the annual convention in Orlando, my initial expectations were exceeded. We found the membership was invaluable and now realize where a portion of our competitors’ deals were coming from. Now, we are looking to exhibit/sponsor at the convention and meetings. We feel the TMA is a great venue to showcase our abilities to the industry. We look forward to continued membership and the great value of the TMA.”

“I joined the TMA to build contacts in the restructuring/workout area and grow business. I am not getting the benefits I anticipated at this time. I think there needs to be more focused groups in the different discipline areas that better promote each individual, company, etc. Existing members need to do a better job of understanding what new members do, where, how, etc. There should be more practice focus groups.”

New Members Are the Strengeth of our Organization

Chicago Chapter Member News

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 23

Howard Korenthal has joined Morris-Anderson’s Chicago office as managing director. Korenthal has nearly 30 years’ experience working with financially distressed and underperforming companies, serving in senior management, interim management and consulting roles. His industry experience includes manufacturing, distribution, food processing and metal production. Korenthal was previously a managing director at Lake Pointe Partners.

Ronald Jodlowski of Preventive Crisis Intervention had the opportunity to present “Turnaround Strategies for Small Companies” to the membership at the Illinois Entrepreneurialship and Small Business Growth Association (IESBGA) Fall Conference in November. During the three-day conference members were informed about TMAs’ Pro Bono program which is available for IESBGA clients.

Tom Pabst, chief administrative officer of Great American Group, was featured with other industry professionals as a panelist at the TMA Breakfast Forum on November 17. The topic was “The Brave New World of Selling Distressed Companies: How Non-Traditional Buyers and Non-Traditional Secured Lenders are Changing the World of Distressed Sales.”

Peter J. Richter has joined Lake Pointe Partners as a director. His track record of success reflects more than two decades of progressive achievement in the corporate world in various finance and operational management assignments, as well as in entrepreneurial activities. Richter has line-management expertise in operations, finance and capital formation, business development and strategic planning with industry experience primarily in the manufacturing, automotive service, distribution and retail sectors.

John K. Rutledge, CRE, FRICS, has been named 2007 president of Northern Illinois Commercial Association of Realtors (NICAR). Rutledge, who was named Realtor of the Year by NICAR in 2003, is president of Rutledge Company LLC. NICAR is the commercial overlay Realtor association for thirteen counties in northeastern Illinois. It is the only Realtor organization in the region devoted entirely to the commercial property industry.

Kevin Cleary of Fort Dearborn Advisors is pleased to announce that John L. Waller, a 15-year investment banking veteran, has joined the Fort Dearborn Advisors’ Chicago office as a senior vice president. Waller, previously a vice president at Lincoln International and a director at Sucsy, Fischer & Company, has advised companies, private equity groups and private business owners on the sale of middle market businesses for 10 years.

Alan Samsky, managing director at Moglia Advisors, participated on a panel discussion on “Hedge Funds and Their Growing Role in Financing.” Panelists included Kevin Cross of Cerberus and Steve Krawchuk of Contrarian Capital Finance. The group discussed hedge funds active in Arizona as well as the impact of hedge funds on the credit markets and the restructuring process.

Jeff Yellen, president of Great American Group, Furniture Division, is pleased to announce the addition of Chris Noll as vice president, Furniture Division. Chris will be assisting in negotiating and structuring all furniture transactions.

Joe Fobbe is pleased to announce the addition of the following individuals to the PNC Business Credit Chicago team that will further strengthen our ABL capabilities: Doug Zwiener as senior vice president/business development; Steve McGreevy, vice president/senior underwriter, and the promotion of Ray Temple to vice president/business development from senior underwriter.

Alex Moglia, president of Moglia Advisors, was a guest speaker of the Bankruptcy Section of the Milwaukee Bar Association in Milwaukee, WI. Alex spoke on “The Little Known World of Federal Receiverships.” The presentation included a step-by-step analysis of a federal receivership as an alternative to a federal bankruptcy or Chapter 128 liquidation in Wisconsin. He also participated as a panelist at the TMA Annual Convention in Orlando, FL, on “Rainmaking 101,” and on a panel at the State Capital Global Law Firm Group’s 2006 Annual Meeting in Baltimore, MD. The topic of discussion was “Avoidance of Bankruptcy and General Workout Issues” and Alex spoke on receiverships and assignments for the benefit of creditors.

Millennium Properties R/E, Inc. (MPI) would like to congratulate Daniel J. Hyman, president, and Susan B. Silver, executive vice president, who were honored at the 3rd Annual CommercialForum Awards Dinner on November 16. The team was recognized as Chicago’s Top Investment Brokers for closing over $228,818,000 in transactions for 2006. MPI has received the golden award for three consecutive years.

Morris-Anderson & Associates’ Principal and TMA Chicago/Midwest 2005 President Dan Dooley accepted the Transaction of the Year Award presented to Morris-Anderson on November 17 by the TMA Minneapolis Chapter. The award was given as result of Morris-Anderson’s consultants steering Hitchcock Industries, a 70-year old family-owned Minnesota commercial aviation component manufacturer, through a successful Section 363 auction which resulted in a $46 million sale (with $21 million for equity). As part of the awards ceremony, Mr. Dooley participated in a panel discussing the case. Mr. Dooley’s upcoming speaking engagements include presenting Morris-Anderson’s 13-Week Cash Flow Program as part of TMAassit on December 7 for the New Orleans Chapter of the TMA, as well as participating on a CRO panel on February 12 in conjunction with the TMA Toronto Chapter’s regional conference.

A Note of ThanksThe TMA Chicago/Midwest Chapter Board of Directors graciously thanks Norm Newman and all his staff at Much Shelist for their hospitality over the past two years. Much Shelist has hosted the six annual Board meetings of the chapter consisting of up to 50 attendees at each gathering. Their spacious conference room and abundance of coffee and rolls was always appreciated.

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 24

What’s the Deal?Doing Business in Chicagoland and the Midwest

Great American Group is conducting store-closing sales for 88 Tower Records stores across the country. Tower Records is a music retailer recognized and respected around the world for its unparalleled selection of music.

Dresner Partners announces that it acted as the financial advisor to Learning Resources Inc. in the acquisition of Educational Insights Inc., a leading California-based designer, developer and marketer of innovative learning products. The $24.2 million transaction, which was structured as a merger, closed on October 16. Dresner Partners also assisted Learning Resources in procuring a new senior debt facility to fund the transaction and refinance existing senior debt.

Great American Group recently completed a five-day auction for the legendary Stardust Hotel & Casino in Las Vegas, NV. The whirlwind event included a celebrity-laden farewell party followed by an auction of all assets from poker tables to palm trees.

Gibraltar Financial Corporation has funded a $250,000 revolving facility to an Oregon distributor of Tapecoat Products. After resolving a $100,000 tax lien filed by the IRS, Gibraltar was able to fund the transaction and pay off their current lender in full.

A team from AEG Partners LLC recently revised a growth plan for and facilitated the resolution of deadlocked negotiations for a major telecomm back office provider, and, in concert with its investment banker and law firm, facilitated the out of court restructuring of the company with an infusion of $27 million.

Greg Andricopoulos, CPA, recently began his own consulting firm, GANDROS & Associates Inc., specializing in SAP projects, Sarbanes Oxley audit support and streamlining accounting processes. Greg picked his first client a few weeks ago working on a segmentation reporting project for a large pharmaceutical company located in Schaumburg. The project will continue until the end of April 2007.

Dresner Partners announced that it served as the financial advisor to Production Services Associates Inc. in its recapitalization with Norwest Equity Partners to pursue its long-term strategic growth initiatives. Financial terms of the transaction were not disclosed.

Weld Wheel Industries, a manufacturer of forged aluminum wheels, was recently purchased by Platinum Equity in a spirited Section 363 auction five weeks after it had filed chapter 11. The purchase price exceeded the stalking horse bid by $9 million. White Oak Group acted as exclusive financial advisor to Weld Wheel.

In its continued U.S. expansion, Coface acquired Newton and Associates, the fifth-largest accounts receivable management and collection agency, in October.

Eugene J. Geekie Jr., a partner in the Bankruptcy and Reorganization practice at Schiff Hardin LLP, recently handled the Section 363 bankruptcy acquisition of Sylvest Farms Inc. for Koch Foods Inc., based in Park Ridge. The acquisition of Sylvest Farms, headquartered in Montgomery, AL, makes privately-held Koch Foods one of the largest poultry production companies in the U.S.

All Seasons Ice Company, a Colorado-based ice manufacturer and distributor, which is partially owned by Chicago-based De La Vega Occidental & Oriental Holdings, has acquired Arctic Ice of Pueblo, CO. This acquisition completes the All Seasons plan to consolidate the Southern Colorado ice market. Henry D. Wolfe, chairman of De La Vega, is also chairman of All Seasons Ice.

Hilco Industrial powers a $48 million sale of electric generators, generating unprecedented results of a just-completed auction sale of unused surplus gas turbine generators and other plant equipment for Calpine Corporation, a major North American power company. The auction drew bidders from the U.S., Canada, the United Kingdom, India, China, Brazil and other nations.

First Business Capital Corp., an entrepreneurial asset based lender serving privately held businesses in transition, announces the closing of the following credit facilities in November: $1,788,000 to a Minnesota manufacturer of retail displays and fixtures; $2,319,000 to an Ohio fabricator of paperboard packaging; and $6,156,000 to a Wisconsin distributor of athletic apparel.

Dresner Partners announced the sale of Indiana-based Postle Distributors Inc. to Strength Capital Partners LLC. Dresner Partners initiated the transaction and acted as the exclusive financial advisor to Postle Distributors Inc. Senior debt financing for the transaction was provided by Allied Capital Corporation. Subordinated debt financing for the transaction was provided by Babson Capital, an affiliate of Mass Mutual.

Hilco Financial LLC, a bridge lending unit of The Hilco Organization, provided Workstream Inc. with a $15 million term note to be used primarily for working capital. The company turned to Hilco Financial when it needed a fast and certain refinance to support its growth opportunities. Workstream is a leading provider of OnDemand Enterprise Workforce Management software.

Levine Leichtman Capital Partners invested $56.9 million in Hackney Ladish Inc. to partner with management in the purchase of the company from Trinity Industries Inc. Hackney Ladish is the leading domestic producer of butt weld fittings for the industrial pipeline, refining and petrochemical markets.

Gibraltar Financial Corporation has provided a $500,000 revolving facility to a Pennsylvania metal fabricator. The client was unable to secure traditional financing due to that fact that it was considered a start-up and under new ownership.

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 25

Turnaround Management AssociationChicago/Midwest

2007 Board of Directors and Steering Committees

OfficersPresidentLisa N. JohnsonWells Fargo Business Credit Inc.708-386-0899lisa.n.johnson@wellsfargo.com

President-ElectNorman B. NewmanMuch Shelist312-521-2492nnewman@muchshelist.com

Vice President-ProgramsJeffrey S. HylandCapstone Advisory Group312-674-9674jhyland@capstoneag.com

Vice President-CommunicationsJoseph J. FobbePNC Business Credit312-338-5688joseph.fobbe@pncbusinesscredit.com

Vice President-Community ServiceSid LamberskyMorris-Anderson & Associates Ltd.312-254-0880lambersky@aol.com

SecretaryThomas E. PabstGreat American Group847-444-1400tpabst@greatamerican.com

TreasurerCarl LaneDeloitte Financial Advisory Services LLP312-486-3069carlane@deloitte.com

AdministratorChristine M. GlatzGlatz Management Services Inc.815-469-2935cglatz@managementservices.org

Ex-Officio Past PresidentWilliam J. HassTeamwork Technologies Inc.847-564-5575wjhass@aol.com

DirectorsThomas E. JonesConcord Financial Advisors312-663-6684 x 224tomjones@concordfinancialadvisors.com

Chad PetersonKellogg School of Management312-795-0453cpeterson2007@kellogg.northwestern.edu

Kimberly A. MetznerThe Collateral Resource Group LLC847-681-8850kmetzner.tcr@comcast.net

Mark K. GertzofMerrill Lynch Capital312-499-3338mgertzof@exchange.ml.com

Harold D. IsraelKaye Scholer LLC312-583-2333hisrael@kayescholer.com

Kelly T. FrankAuction Servcies Group312-223-8324kellyf@bes.com

Kevin A. KrakoraMesirow Financial Consulting LLC312-595-8511kkrakora@mesirowfinancial.com

Frank MackConway, MacKenzie & Dunleavy312-220-0100fmack@c-m-d.com

Randy PattersonLake Pointe Partners312-857-0001rwpatterson@lakepointepartners.com

Committee ChairsAwardsMitchell B. RaskyLaSalle Business Credit312-904-8858mitchell.b.rasky@abnamro.com

David BogetzBurnham Capital Partners LLC312-261-6936david.bogetz@burnhamcapital.com

Ken YagerMorris-Anderson & Associates Ltd.312-254-0880kyager@morris-anderson.com

Breakfast ProgramsHarold D. IsraelKaye Scholer LLC312-583-2333hisrael@kayescholer.com

Mark GertzofMerrill Lynch Capital312-499-3338mark_gertzof@ml.com

Duncan S. BourneWynnchurch Capital847-604-6104dbourne@wynnchurch.com

CommunicationsKelly T. FrankAuction Services Group312-223-8324kellyf@bes.com

Joseph J. FobbePNC Business Credit312-338-5688joseph.fobbe@pncbusinesscredit.com

Community ServicePatricia M. WuGreat American Group847-444-1400pwu@greatamerican.com

Mike PaulsenThilman Filippini312-527-2738michael.paulsen@tf-risk.com

Gerald O’DwyerFuzhen Group312-235-6620gerald@fuzhen.com

CTP RelationsBernadette M. BarronMorris-Anderson & Associates Ltd.312-254-0880bbarron@morris-anderson.com

James M. RubensteinAlert Consultants Inc.847-501-5000jrubensteinalert@aol.com

Frank MackConway, MacKenzie & Dunleavy312-220-0100fmack@c-m-d.com

Continuining EducationRay AndersonBurnham Venture Management630-835-4298rayanderson@burnhamvm.com

Gerald SaltarelliConway, MacKenzie & Dunleavy312-220-0100gsaltarelli@c-m-d.com

Dan WikelHuron Consulting Group312-880-3003dwickel@huronconsultinggroup.com

EntertainmentSuzanne KoenigSAK Management Servcies LLC773-202-0000skoenig@sakmgmt.com

Kurt KnippLake Pointe Partners312-857-0002ksknipp@lakepointepartners.com

Jason LeuvoyPresidential Financial Corporation of the Midwest312-222-9655jleuvoy@pfc-net.com

Jeffrey S. HylandCapstone Advisory Group312-674-9674jhyland@capstoneag.com

FinancialRaymond M. NeihengenWhite Oak Group847-441-2973rneihengen@whiteoakgroup.net

Carl LaneDeloitte Financial Advisory Services LLP312-486-3069carlane@deloitte.com

Future LeadersJason EdelsonTranscap Trade Finance LLC847-753-9600jedelson@transcaptrade.com

Navin NagraniHilco847-504-3218nnagrani@hilcorealestate.com

Stan OrszulaAdelman & Gettleman312-435-1050x299sfo@ag-ltd.com

Inter-ChapterPaul E. KrantzGMAC Commercial Finance312-775-7062pkrantz@gmaccf.com

Howard J. MullinMorris-Anderson & Associates Ltd.312-254-0880jdfhjm@comcast.net

William ReimnitzRiviera Finance630-627-8750wreimnitz@rivierafinance.com

MembershipTom ThompsonChartered One Business Capital312-777-3559thomas.f.thompson@chateronebank.com

David OnionChicago Capital Holdings630-455-1002 x 17donion@chicagocapitalholdings.com

Bob HandlerCommercial Recovery Associates LLC312-428-4858rhnadler@com-rec.com

Milwaukee ProgramsPhilip L. OstroskiAssociated Commercial Finance414-283-2367philip.ostroski@associatedbank.com

Michael R. CollotonFirst Business Capital Corp.262-792-7180mcolloton@fbcapital.com

Daniel G. QuirkAccuVal Associates Inc.847-876-1454dquirk@accuval.net

Bob OllhoffM&I Bank262-767-5680robert.ollhoff@micorp.com

NewsletterMark LeipoldGould & Ratner312-899-1651mleipold@gouldratner.com

Kevin A. KrakoraMesirow Financial Consulting LLC312-595-8511kkrakora@mesirowfinancial.com

ParliamentarianChrisopher J. HorvayGould & Ratner312-899-1624chorvay@gouldratner.com

Pro BonoDavid E. MackWhite Oak Group847-441-1867dmack@whiteoakgroup.net

Bob MorrisMorris-Anderson312-254-0880rmorris@morris-anderson.com312-727-0180

Harry R. NovakBuccino & Associates Inc.312-629-1200harryn@buccinoassociates.com

Public RelationsMichael Ban Capital TempFunds773-388-8382mban@capitaltempfunds.com

Drew CardonickGoldberg Kohn312-201-3921andrew.cardonick@goldbergkohn.com

Sid LamberskyMorris-Anderson & Associates Ltd.312-254-0880slambersky@morris-anderson.com

Special ProgramsFrank MelazzoGetzler Henrich & Associates312-474-6177fmelazzo@getzlerhenrich.com

Gail D. HeldkeWells Fargo Busienss Credit Inc.312-845-4455gail.d.heldke@wellsfargo.com

Randall Wright PattersonLake Pointe Partners312-857-0001rwpatterson@lakepointepartners.com

Anu SinghKaufmanHall847-441-8780asingh@kaufmanhall.com

SponsorshipDavid EnghauserChase Business Credit312-661-5576david.l.enghauser@chase.com

Thomas E. JonesConcord Financial Advisors312-663-6684 x 224tomjones@concordfinancialadvisors.com

Teresa B. GerlachNorth Fork Business Capital Corp.630-684-7202tgerlach@nfb.com

Women’s GroupKimberly A. MetznerThe Collateral Resource Group LLC847-681-8850kmetzner.tcr@comcast.net

Cheri AndersonLake Pointe Partners312-857-0001canderson@lakepointepartners.com

Suzanne PalmerCIT Group312-223-9957suzanne.palmer@cit.com

Continued on page 26

The Newsletter of Corporate Renewal Advertising Rates

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Advertisers commiting to four of the five issues per year with pre-payment qualify

for a 25% discount.

For more information regarding placing an ad in this publication, please contact:

Chris Glatz at 815-469-2935cglatz@managementservices.org or

Mark Leipold at 312-899-1651mleipold@gouldratner.com.

Summit Financial Resources recently funded a $2,500,000 asset based loan for a fuel wholesaler based in the Midwest. Summit is a nationally recognized provider of working capital financing to small- and medium-sized businesses in a broad range of industries. With 11 offices nationwide and 20 years of experience, Summit has established itself as one of the largest and fastest growing companies in its industry.

Corporate Revitalization Partner’s John Sanders was appointed interim CFO/financial advisor of a $100 million health care claims processing company that was struggling with integration following a merger. He implemented cost savings leading to a 12-month EBITDA improvement of $18 million. Sanders’ involvement helped secure the company’s sale to an unsolicited buyer.

Recently, Coface’s rating improved to AA+ by Fitch and AA by S&P. It is now a subsidiary of NATIXIS which was formed by the merger of Banque Populaire and Caisse d’Epargne groups and automatically became a top player among the group of leading European Banks.

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 26

Continued from page 25

Dresner Partners announced that it acted as the financial advisor to The Biltrite Corporation in the sale of its Ripley, MS-based sheet rubber and rubber matting business to West American Rubber Company LLC, a leading California-based manufacturer of sheet rubber, molded and extruded rubber products. After the transaction, Biltrite will continue to own and operate its Chelsea, MA-based commercial and specialty thermoplastic business. Terms of the transaction were not disclosed.

Colin Cross announced that Crystal Capital has recently funded loans to Brown Jordan Industries ($35 million), RadNet Management Inc. ($15 million), LTM Enterprises Inc. ($28 million) and Oracle Fund I LLC ($30 million), and provided $7.5 million in common and preferred stock for the acquisition of U.S. Corrugated Inc.

AEG Partners LLC recently led the resourcing and relocation of all production of two major automotive Tier One and Tier Two suppliers, maintaining quality and production levels, providing protection for creditors, and facilitating a consensual exit from the business for ownership.

Suzanne Koenig of SAK Management Services LLC has been court appointed as the Financial Receiver in the Circuit Court of Cook County, Illinois County Department, Chancery Division, for the Woodbine Nursing Home LLC, a 66-bed skilled Nursing Facility, located in Oak Park.

Gibraltar Financial Corporation has completed two $350,000 working capital facilities. The first company, located in Indiana, was brand new when their bank referred them to Gibraltar. The second company, located in Texas, had recently doubled its sales and needed a larger facility than their bank would allow. Both clients agreed to two-year terms.

Our focus is to provide asset-based and structured finance working capital and term loan facilities to middle market companies. We provide rapidly growing companies, with revenues

ranging from $25 million to over $1 billion, flexible credit facilities to increase their revenue, make selective acquisitions, grow existing assets and expand into new markets.

www.northforkbusinesscapi ta l .com

OUR RESULTS SPEAK FOR THEMSELVES97 DEALS $ 1.8 BILLION IN COMMITMENTS

Michael Kempelmkempel@nfb.com(630) 684-7223

Robert Heinzrheinz@nfb.com(630) 684-7206

Teresa Gerlachtgerlach@nfb.com(630) 684-7202

Christopher Gribblecgribble@nfb.com(317) 581-2499

M I D W E S T R E G I O N

NFBC MWad_12.07.06 12/7/06 9:53 AM Page 1

TMA Members: Submit your “What’s the Deal?” information to Chris Glatz at cglatz@managementservices.org. Only one transaction per company, per issue, please.

TMA • Chicago/Midwest Chapter • January/February 2007 • Page 27

TMA Membership ApplicationName:

Title:

Firm:

Address:

City: State:

ZIP:

Phone:

Fax:

Email:

Web site:

Referred by:

Membership Category (please circle): Annual Mid-year Year-end (7/1-8/31)* (9/1-11/30)**Member $275 $150 $375Academic/Gov $115 $115 $150Student $ 65 $ 65 $ 85*New members only; does not include Directory listing**Year-end dues expire on 12/31/08Memberships are on an individual basis only and are non-transferable. Membership includes a listing in the 2007-08 Directory of Members and Services.

Method of Payment (please circle):Visa MasterCardAmerican Express Check

Acct #:Exp. Date:Signature:

Preferred Chapter: Chicago/Midwest

Turnaround Management Association100 South Wacker Drive, Suite 850Chicago IL 60606

Phone: 312-578-6900Fax: 312-578-8336Email: info@turnaround.orgwww.turnaround.org

A NATIONALLY RECOGNIZED

TURNAROUND,

INTERIM AND CREDITOR

RECOVERY SERVICES FIRM.

TURNAROUND, CRISIS AND INTERIM

MANAGEMENT

FINANCIAL AND OPERATIONAL

RESTRUCTURING

BANKRUPTCY AND ADVISORY SERVICES

CREDITOR RECOVERY SERVICES

POST CONFIRMATION CREDITOR

TRUSTEESHIP AND ADMINISTRATION

STRATEGIC ASSSESSMENTS

312.795.0453 www.bridgellc.com

New York . Chicago . Cleveland . Houston . Tampa . Tulsa

A NATIONALLY RECOGNIZED

TURNAROUND,

INTERIM AND CREDITOR

RECOVERY SERVICES FIRM.

TURNAROUND, CRISIS AND INTERIM

MANAGEMENT

FINANCIAL AND OPERATIONAL

RESTRUCTURING

BANKRUPTCY AND ADVISORY SERVICES

CREDITOR RECOVERY SERVICES

POST CONFIRMATION CREDITOR

TRUSTEESHIP AND ADMINISTRATION

STRATEGIC ASSSESSMENTS

312.795.0453 www.bridgellc.com

New York . Chicago . Cleveland . Houston . Tampa . Tulsa

The Chicago/Midwest Chapter of the TMA thanks the following 2007 Platinum and Gold Sponsors:

Platinum Sponsors Gold SponsorsAccuVal Associates Inc.Atlas Partners LLCBank of AmericaBMO Capital MarketsBridge Associates LLCChase Business CreditChicago Capital Holdings LLCCITCrystal CapitalDeloitte Financial Advisory Services LLPFirst Business Capital Corp.Fort Dearborn Partners Inc.Getzler Henrich & Associates LLCGoldberg, Kohn, Bell, Black, Rosenbloom & Moritz Ltd.Gould & RatnerHuron Consulting GroupLincoln Partners LLCMesirow Financial Consulting LLCNorth Folk Business Capital CorporationSchwartz Cooper CharteredStout Risius Ross Inc.Textron FinancialWhite Oak GroupWinston & Strawn LLP

PresortedFirst Class

U.S. PostagePAID

Permit 102Northfield IL

Welcome American Bank-ruptcy Institute Chicago Chapter 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 two and join us at any of our upcoming meetings. We look forward to seeing you.