the newsletter of corporate renewal

The Newsletter of

Corporate renewalTURNAROUND MANAGEMENT ASSOCIATION

Volume 9, Number 2 March 2008

Chicago / Midwest Chapter

What’s Inside?VP’s Corner .................................2

Upcoming Events ......................4

Past Events ............................7-13

Awards Winners .................14-15

Past President’s Perspective ... 17

New Member Listing .............. 18

Member News ......................... 18

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

What’s the Deal? ...................... 21

Board Member and Steering Committee Listing .................. 22

Membership Application ....... 23

Platinum & Gold Sponsors ... 24

Norm Newman

Chicago/Midwest

From Our President:

Beyond the Networking Event

One of the primary goals of our chapter is to provide quality networking opportunities for our members. While many of our 40-plus events are strictly networking and social events, virtually all of our activities involve a networking component. Attendance at our events provides the initial opportunity to meet a number of individuals who have a connection with the turnaround industry. However, post-event follow-up is an extremely important aspect of creating business relationships.

TMA members include not only turnaround professionals, but also those that may use their services and those that provide services in the process…accountants, attorneys, bankers, brokers, investment bankers, private equity firms, valuation firms, private investors and business consultants. Throughout the years I, and other attorneys from my law firm, have represented, worked along side of and across the table from many talented TMA members I initially met at TMA networking events. We have often recommended the services of fellow TMA members to our clients – even in matters in which we were not involved.

I strongly believe that the interests of all parties involved in a financial distress situation are best served when they are represented by experienced turnaround professionals. Among my most rewarding experiences are those financial distress matters I have worked on with other TMA members.

Many of our chapter’s award winning turnarounds and transactions have involved the collaborative efforts of TMA members of various disciplines. The “What’s the Deal?” section of our newsletter often references transactions involving services provided by two or more TMA members.

We should all take advantage of the opportunities offered by our networking events by making time on our calendars for post-event follow-up activities with those with whom we want to stay connected. Follow-up activities can include making phone calls, writing letters, scheduling meetings, going for coffee or lunch, sending articles, seeking opinions on new business issues or developments, offering to help without obligation or introducing your contact to someone that can benefit them. I look forward to seeing you at our future events.

TMA • Chicago/Midwest Chapter • March 2008 •

There are many methods of communication, so I thought I would take a road not frequently traveled in this edition’s article. This is my way of saying that it is time for us to rise up and enjoy the moment our chapter has been waiting for.

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:

Kevin A. Krakora at [email protected], Robert P. Handler at [email protected] or Thomas P. Egan at [email protected]

VP’s CornerPoetic JusticeThoughts from Thomas E. Pabst, VP-CommunicationsGreat American Group

Tom Pabst

Roses are red,Violets are blue,The economy has fallen out of bed, And our recent “bad fortunes” have too.

The credit markets are closed,Loan quality is in trouble,Silly deals have been exposed,But our fees are no longer on the bubble.

Some people whisper the “R” word,Some people believe it just a down turn,Advance rates were recently beyond absurd, And now it is time for profits in our industry to burn.

Deals have been done at very lofty heights,Hedge funds bought anything that moved,Last year was the year of “covenant light,”While this year is the year of TMA business improved.

Contrarian is the way we usually think,So our mood must now be upbeat,As more underwater situations actually sink,About our good fortunes we should be discreet.

In 2008 the Midwest Chapter will thrive,And to new levels our member firms will go,It is time for our industry to revive,No question many new assignments will flow.

We are leaders when the economy is strong, And better leaders when the economy is rough,So let us turn those companies that have gone wrong,It is time for our members to really strut their stuff.

HoldingCourt

2008:ABankruptcy

Judges’Forum

May 29, 2008The Standard Club320 South Plymouth CourtChicago

Chicago/Midwest

Featuring the United States Bankruptcy Judges for the Northern District of Illinois

Hon. Bruce W. BlackHon. Jacqueline P. CoxChief Judge Carol A. DoyleHon. A. Benjamin GoldgarHon. Pamela S. Hollis

Hon. Jack B. SchmettererHon. Susan Pierson SonderbyHon. John H. SquiresHon. Eugene R. Wedoff

Moderators:Prof. Douglas G. BairdRonald BarliantHon. David H. Coar

Hon. Robert D. MartinProf. Randy C. Picker

For registration information please visitwww.chicago.turnaround.org

or contact the TMA Chicago/Midwest office at (815) 469-2935

James H.M. Sprayregen

Panelists:

Space is limited. Reserve your spot now.

Keynote Speaker:

Turnaround Management Association 2008 Spring Conference

The Reckoning Corporate Renewal Opportunities in Times of Global Uncertainty

Ritz Carlton Grande Lakes Orlando, Florida

March 27-29

Andrew H. Card Jr.White House Chief of Staff (2000-2006)

Dr. David E. AltigSenior Vice Presidentand Director of Research Federal Reserve Bank of Atlanta

Pat WilliamsSenior Vice President Orlando Magic

Recent Trends in Distressed M&A

When Did Healthcare Become Hot?

International Trends: Global Financial Markets

Subprime Mortgages—The Fallout Continues: Observations and Case Studies

Bankruptcy Beyond Borders: From Hedge Funds to Herbal Supplements—Why Chapter 15 Matters to You

Advanced Educational Session: An Entrepreneur’s Ride Through the American Bicycle Industry

Global Business Roundtable: A Global Survival Plan

Distressed Real Estate: How Do You Catch a Falling Knife?

Recreational Activities Golf Clinic and Tournament Compete for prizes with your colleagues at TMA’s golf clinic led by Ritz Carlton golf

professionals at the Grande Lakes resort. A boxed lunch and beverages are included.

Mixed Round Robin Tennis Tournament Join your colleagues at the Grande Lakes Tennis Center. A light lunch will be served

before the tournament.

Professional Women’s Networking Group Luncheon Enjoy an afternoon of relaxation and networking with your colleagues, along with a buffet

lunch and beverages.

Keynote Speakers Educational Sessions

For more details, please visit www.turnaround.org.


Breakfast Forum: Award Winning Turnaround StoriesMarch 14, 2008Members: $30; Non-members: $45; Students: $5The University Club, 76 East Monroe, Chicago, IL

Please note that no denim or sneakers are allowed and men must wear a collared shirt.

Turnaround Management Association 2008 Spring ConferenceMarch 26-29, 2008Members: $645; Non-members: $845Ritz Carlton Grande Lakes, Orlando, FL

Please see the ad on page 3 for further details.

Milwaukee Breakfast MeetingApril 15, 2008Members & Guests: FreeOffices of Quarles & Brady, 411 East Wisconsin Avenue, Milwaukee, WI

Turnaround Management Conference: “Leading Corporate Renewal”April 23, 2008Members & Non-members: $159; Kellogg alumni: $139Kellogg School of Management; James L. Allen Center, 2169 Campus Drive, Northwestern University, Evanston, IL

This conference will provide executives, managers, investors, and students with a forum to discuss leading and investing in a successful turnaround. Following the event’s theme, “Leading Corporate Renewal,” panel discussions will analyze the latest developments in the field from a variety of strategic and operational as well as financial perspectives. The day will conclude with a networking reception. For additional information and to register, visit www.kellogg.northwestern.edu/turnaround. Also, see the conference ad on page 6.

CTP LuncheonApril 25, 2008Shaw Gussis Fishman Glantz Wolfson & Towbin LLC, 321 North Clark Street, Chicago, IL

This luncheon is limited to CTPs.

Women’s Networking LuncheonMay 7, 2008Members: $35; Non-members: $40Union League Club, 65 West Jackson, Chicago, IL

Breakfast ForumMay 9, 2008Members: $30; Non-members: $45; Students $5The University Club, 76 East Monroe, Chicago

7th Annual Great Lakes Regional Conference and Golf TournamentMay 15-16, 2008Renaissance Quail Hollow Resort, 11080 Concord-Hambden Road, Painesville (just NE of Cleveland), OHSponsored by the Ohio, Pittsburgh, Upstate New York and Detroit Chapters

For registration information, visit www.turnaround.org.

Holding Court 2008: Bankruptcy Judges’ ForumMay 29, 2008On or before May 14, 2008: Members: $195; Non-members: $295After May 14, 2008: Members: $250; Non-members $350The Standard Club, 320 South Plymouth Court, Chicago, IL

For more information on this event, including a list of the many bankruptcy judges from the Northern District of Illinois who will be speaking at this event, see the feature on page 2.

Upcoming Events: The Details

For more details or to register on-line, visit:www.chicago.turnaround.org


Batman - The Dark Knight: The IMAX ExperienceSave the Date: July 17

Members, family and friends of the TMA Chicago/Midwest Chapter are invited to a private viewing of “Batman: The Dark Knight” before the movie is released to the public. The entire IMAX theatre at Navy Pier is waiting for all of us to enjoy! The event will be held on Thursday, July 17. Registration begins at 5:15 p.m. with the film rolling at 6:00 p.m. Watch your newsletter and our website for up-to-date information and to register. Tickets are limited and are anticipated to sell out quickly.

Director Christopher Nolan is filming four sequences of “The Dark Knight” with extremely high resolution IMAX cameras using the giant 15/70 film format. When scenes shot on IMAX cameras are shown in IMAX theatres, the aspect ratio will morph to 1.43:1, expanding the image to fill the entire screen and magnifying the overall effect, both literally and figuratively. No existing technology compares with the IMAX format in terms of its ability to throw the audience into action. This is the first time ever a major feature film has been even partially shot using IMAX cameras.

YOUR SUCCESS COMES FIRSTRELIABLE ASSET-BASED FINANCING SOLUTIONS

At First Business Capital Corp., we fuel turnaround, acquisition, and expansion opportunities with innovative asset-based lending solutions. And because we do it with the same unmatched personal service, flexibility, and integrity you’ve come to expect from the First Business family of companies, you know we can be trusted to keep our word. That’s why small- to mid-market companies turn to First Business Capital Corp. to �nd the capital they need, borrowing $700,000 to $7,000,000 and more. We expertly help highly leveraged companies in transition, make the transition. Visit www.�rstbusiness.com or call:

Chicago Rick Bar�eld 312-924-2837

Cleveland Joe Cillian 216-573-3792

Detroit Richard Wood 248-236-0713

Madison Pete Lowney 608-232-5987

Milwaukee Mike Colloton 262-792-7180

Minneapolis John Hoagberg 952-892-8422

St. Louis Jim Kelly 314-854-1338

Chuck Batson, President & CEO 608-232-5980

401 CHARMANY DRIVE MADISON WISCONSIN 53719

WWW.FIRSTBUSINESS.COM

TURNAROUND FINANCING ACQUISITIONS

DEBT RESTRUCTURING

DEBTOR-IN-POSSESSION & CONFIRMATION FINANCING

RAPID OR SEASONAL GROWTH


January Breakfast Forum Features Dr. Michael H. MoskowRetired Head of Federal Reserve Bank in Chicago Presents Economic Outlook for 2008By Jean-Marc Krikorian, BizStorm Software, LLC

The TMA Chicago/Midwest Chapter was honored on January 11 to have former CEO of the Chicago Federal Reserve Bank of Chicago Dr. Michael H. Moskow present his insights into how the Federal Reserve and its Governors operate as well as provide his perspective on the economy.

Dr. Moskow covered three topics: 1.) His retirement from the Federal Reserve; 2.) the Economy, Housing and Credit Crunch; and 3.) Looking Ahead.

Dr. Moskow’s last month as a Fed Governor back in August 2007 was not a quiet affair. The last Federal Open Market Committee (FOMC) meeting he attended on August 7, 2007, was overshadowed on August 9 when the bottom fell out of the market due to further crisis in the credit and housing sectors and the ensuing flight to quality which quickly forced the market into a state of illiquidity. The August 9 event caught the Federal Reserve by surprise with its suddenness, but it wasn’t entirely unexpected because as Dr. Moskow stated, “Nothing continues forever,” and “Investors never learn.”

Even though the housing market has been at the center of blame of late, Dr. Moskow made it clear that because of low rates and a strong economy, many Americans became homeowners and thus fulfilled one of the greatest of American dreams. The underlying problem is not because of vast home ownership across the board, but more so because of two factors. The first factor is not only the use of sub-prime loans, but also the lack of due diligence in qualifying buyers. The second factor is the frenzy that resulted in the home appreciation speculation bubble brought on by investors that resulted in artificial inflation of home prices. And as it has been mentioned numerous times, but often overlooked, the mortgage loan collapse is relegated to sub-prime mortgages and not fixed-price mortgages.

A lot of research and analysis takes place prior to each FOMC meeting. During the meetings the Fed Governors and their staff present their respective findings and open up their conclusions to debate. Historical data is important but only in such that they are used to extrapolate information to provide potential trends of forecasts for where the economy is headed. After all, the Federal Reserve’s policies that are borne out of these meetings can only affect the future and not the past. An area Dr. Moskow stated that the Federal Reserve has improved on of late but to which there is more opportunity is around transparency. It is important for the American public to understand how the Federal Reserve operates and how it makes its monetary policy decisions using its three tools consisting of Open Market Operations, the Discount Rate and Reserve Requirements.

Looking ahead, Dr. Moskow stated that the areas of concern in the U.S. economy will still center on the financial, retail and real estate industries. However, the cyclical sectors, like automotive and healthcare, should be relatively healthy for investors and consumers.

Overall, Dr. Moskow provided a high profile start to this year’s breakfast forums, and the program received great press coverage from Reuters and the Chicago Tribune. Approximately 240 TMA members and guests filled The Standard Club to network and discuss the rapidly changing economic environment. Special thanks to the Breakfast Committee for a great program.

Dr. Michael H. Moskow

Your turnkey solution for asset disposal

TMA • Chicago/Midwest Chapter • March 2008 • Page �

First Program in the “Succeeding in Leading Series” a Big HitBy Mark E. Leipold, Gould & Ratner LLP

The Succeeding in Leading Series, which is being sponsored by the chapter’s Women’s Networking Committee, is a series of lunch meetings to be held over this coming year designed to provide leadership skills for members. The inaugural program was held at the East Bank Club and, after an enjoyable lunch, Katie Pamenter, one of the Women’s Group co-chairs, introduced Paula Giovacchini, a principal of the Gio Group, Inc. Giovacchini then proceeded to conduct an interesting and fast-moving interactive workshop on a fundamental topic for all professionals: “Building Relationships that Can Lead to New Business.”

Giovacchini discussed that selling was the process of “intentional relationship building” and that if done correctly it could build a deep and financially rewarding relationship for all those involved. She also discussed that each person has to find one’s own business development process. In other words, each person must find an authentic

approach. As we all know, an inauthentic approach never succeeds.

Govacchini also discussed focusing your efforts on the right people and ranking them using a simple A, B and C criteria. She prodded participants to step out of their comfort zones, to work on their “elevator speech,” and then practice the speech with other members of the group. She discussed making all your conversations count.

Pamenter stated “We are excited by the tremendous turnout.” Committee co-chair, Barb Yong, stated, “The programs within the series would be helpful not only to women professionals, but to all members of TMA.”

Whether new to marketing, or an experienced old hand, the presentation was a great opportunity to either learn new skills or sharpen old ones. The next program in the series will held on May 7 at the Union League Club, where Jayne Pigott will discuss “Creating Positive Visibility.”

www.zifkinrealty.com

Call Zifkin for your real estate requirementsin Chicago and throughout the Midwest.

For more information contactYvonne Jones, CPM, CCIMat 312-624-7746 or [email protected]

Zifkin maximizes property value through:

Attention to detail

Physical management

Financial reporting

Cost control

Tenant relations and retention

Strategic positioning

Participants put their relationship building skills to the test.

Welcome TMA’s Newest Member!Congratulations to Past President Jim Vargo

and his wife Myriah on the birth of their daughter.

Alana Leece Vargo

Giovacchini addresses the audience.


Blackhawks Play the BluesBy Tom Jones, Concord Financial Advisors

The annual Inter-chapter and Inter-Association Hockey game outing on January 19th at The United Center was a success. Approximately 100 people attended the game between the Chicago Blackhawks and the St.Louis Blues which is always a popular draw. Pregame festivities were once again hosted at Moretti’s Ristorante and Pizzeria at 1645 W. Jackson Street in Chicago. There was plenty of good networking along with great food and an open bar. Most of the attendees traveled on to the hockey game and others continued to network in the bar at Moretti’s which has become an annual ritual.

Several other associations were represented along with the TMA including MBBI, RMA, NFA and The Illinois CPA Society. There were folks from all around the Midwest from neighboring associations and chapters.

This event continues to be popular, especially when the Blackhawks are playing the Blues! It is a good opportunity for other chapters and other associations to meet each other and network with each other.

Clockwise, from top left: Jan & Jeff Davey; Dylan Morgan and Harry McCabe; Bob Hinson and Paul Krantz; Mike Williams and Joe Fobbe; and Ryan Jaskiewicz, Robert Jaskiewicz, Julian Balboa and Scott Riser.


“Distressed Investing” Takes on a Whole New MeaningBy Thomas E. Pabst, Great American Group

When the TMA’s first Distressed Investing conference began in 2007, it seemed as if the economic gravy train would forever “keep on a rollin’.” Private Equity and Hedge funds were “converging” on every conceivable distressed business. There was a white knight for almost every business that was in trouble and a new lender willing to take on the troubled loan of a competitor. Finding your way to the “fulcrum security” was like finding the Holy Grail.

Oh what a difference twelve months can make. In 2007, the sessions at the conference centered on how to buy the next business and how to make the next fourth lien loan. In 2008, the sessions focused on what ever happened to CDO’s and CLO’s, and conversations about when in the world the credit markets might actually “open again.” But amidst all of the change that took place in one year, the mood in Las Vegas was decidedly up beat. I can assure you the mood was not because of what was happening in the casinos.

When Colin Cross opened the conference by introducing the keynote speaker, he probably uttered the most prophetic words of the conference. Quoting Warren Buffet, Colin gave the audience the following sage advice: “When others are greedy – be fearful, when others are fearful – be greedy.”

Well, the economy has struck fear in the international economic community. And now, after years of asking when the tide would turn, it looks as if the time for the constituents of the Turnaround Management Association to shine has come.

Oh, I wonder what the conference in 2009 will bring.

Chicago’s very own Colin Cross, TMA International’s Immediate Past Chairman

Frank Mack

Energy. Drive. Unsurpassed technical ability. These are the qualities

we bring to every engagement. We understand that business

circumstances often require taking control and taking the lead. Our

bankruptcy attorneys are trusted advisors who also understand what

insolvency or reorganization means to your business. That's why we

take each matter and handle it, start to finish, as if it were our own.

Along For The Ride v. Driving Results

> Bankruptcy, Reorganization, and Creditors' Rights

Business Law Services

Government and Regulatory Law

Litigation

Chicago | Springfield freebornpeters.com


Milwaukee’s Annual Holiday Party Worth the WaitBy Michael R. Colloton, First Business Capital Corp.

On January 30, the Milwaukee Programs Committee hosted its annual holiday party at the Milwaukee Public Museum. Food and drink were enjoyed as guests strolled the Streets of Old Milwaukee and had a chance to network and enjoy each other’s company.

More than 120 members and non-members were in attendance. As a change of pace, there was no official speaker or presentation for the event, but the Elation Dance Theatre performed as entertainment, and attendees were allowed a private viewing of the BODY WORLDS exhibit.

This unique display has been seen by more than 20 million people in the U.S. and abroad and features authentic human specimens preserved through a revolutionary process called Plastination. This remarkable preservation technique replaces bodily fluids and fat with reactive plastics, thereby preserving human tissue in its natural state.

A good time was had by all, and we look forward to future events in Milwaukee including a presentation by the CEO of the Milwaukee Public Museum in March, the bi-monthly Networking Breakfasts, a social event in July (most likely Summerfest) and a Brewers Outing in September.

Simply Networking at Milwaukee’s February Breakfast EventBy Bill Farrar, M&I Business Credit, LLC

On February 12, the Milwaukee Programs Committee hosted another successful breakfast networking event for turnaround professionals in the Milwaukee and Southeast Wisconsin area. Despite the weather, close to fifty people attended the breakfast networking event at the Wisconsin Club in Milwaukee, including some from Chicago who traveled north of the border. With no fee, no program and no agenda, the Milwaukee breakfast events continue to be extremely popular by simply providing an opportunity to network and expand professional contacts. Special thanks to Anthony and Trisha Chirchirillo of Chirch Global LLC for hosting the event.

Save the date for the next Milwaukee breakfast event on April 15, hosted by Quarles & Brady.

Clockwise, from top left: Howard & Pam Korenthal, Trevor Morgan, Karen & Chas Vollmer; Peter & Jennie Pinnow, Sandi & Ed Duffy; Dave Finkbiner, Daryl Diesing, Glenn Margraff, Frank Melazzo; Dennis Janczak, Phil Renwick, Tom Jones; Laxson Boyd, Dan & Judy Steininger, Mike Colloton

Student Research Internship Deadline Approaches200� Research/Papers Due June 5, 2008

The deadline for TMA Chicago/Midwest Chapter’s “Earn and Learn” student research internship and paper competition is fast approaching. Students interested in submitting papers for 2009 must complete their application by June 5, 2008. The application process begins by completing a one page proposal.

Students interested in this opportunity can contact Bill Hass at [email protected] or 847-372-2151.


Winners Announced for 2007 Annual Awards ProgramChapter Members Recognized for Outstanding Turnarounds, Transactions and ContributionsBy Kevin A. Krakora, Mesirow Financial Consulting

Perhaps 2007 was a slow year for the turnaround industry. However, judging by the number and quality of submissions for the Chicago/Midwest Chapter’s annual awards program, our local turnaround professionals kept busy and participated in some highly successful turnarounds and transactions. In addition, many of our members participated in organizing impressive programs and made significant individual contributions to our chapter’s success in 2007.

Each year, the Awards Committee solicits nominations for the various annual awards categories, including turnaround of the year, transaction of the year, outstanding service, outstanding program and outstanding individual contribution. Also included is the Harry Preucil Pro Bono Project of the Year named in honor of one of our chapter’s most active and passionate contributors to the pro bono program. The purpose of the annual awards program is to recognize the members of the Chicago/Midwest Chapter for their successes in the turnaround industry and significant contributions to our chapter.

Adding to the prestige of the awards is the comprehensive submission form for the corporate awards and the strict criteria by which all nominations are evaluated. Turnaround of the year candidates must clearly articulate how value was created through the successful turnaround. As co-chair Mitch Rasky of LaSalle Business Credit explains, “A successful turnaround needs to be a success in terms of revenues, profitability, employees, creditors and customers equally.” Similarly, transaction of the year candidates must demonstrate that the financial transaction, if not executed, would have likely resulted in the failure of the business and lower recoveries to creditors. “An important component to judging transactions is that it clearly surpassed other alternatives in recovery and value capture,” adds co-chair David Bogetz of Burnham Capital Partners.

The awards are an important recognition of the hard work and successes of our local TMA members, in part because the winners are selected by their peers in the Chicago/Milwaukee turnaround community. Also the awards allow teams of people to be recognized for their efforts and for working together to help clients or to contribute to our chapter in terms of service and programming.

This year, the large turnaround of the year (Kuntz Electroplating) and large transaction of the year (Enesco) awards winners will present their case studies at the March Breakfast Forum. “An overlooked aspect of the awards program is that TMA members want to tell the story of their successful cases and share the knowledge and lessons learned with other TMA members,” states co-chair Ken Yager of MorrisAnderson. Winners for each category will also receive personalized plaques in honor of their awards at the March Breakfast Forum.

In addition to the publicity within our chapter via the newsletter and website, awards winners will receive local and national recognition through the combined efforts of the Awards and Public Relations Committees.

Please join the Awards Committee in congratulating our chapter’s 2007 Annual Awards Program Winners!

Golf Outing Sponsorships Available NowSave the Date for Annual Event: June 26

TMA member firms are invited to sponsor the chapter’s annual charity golf outing. This year’s event is set for Thursday, June 26 at Harborside International Golf Center in Chicago. Several levels exist for a variety of opportunities. To reserve your spot, contact Chris Glatz at [email protected].

Opportunity ..........................................# available Cost/eachHole Sponsor..........................................34 ...............................$550Men’s Longest Drive .................................2 ...............................$550Women’s Longest Drive ...........................2 ...............................$550Men’s Closest to the Pin ...........................2 ...............................$550Women’s Closets to the Pin .....................2 ...............................$550Longest Putt .............................................2 ...............................$550 Lowest Team Score/Driving Range ..........2 ...............................$800 Hole in One ..............................................2 ...............................$800Beverage Cart ..........................................4 ............................$1,000Breakfast ..................................................2 ............................$1,000Dinner Buffet ............................................4 ............................$1,500Golf Cart ...................................................4 ............................$2,000Halfway House: Lunch / Snacks...............3 ............................$1,000


TMA Chicago/Midwest Chapter 2007 Annual Awards Program WinnersTurnaround of the Year

Large: Joe Zito, Tom Harig, Terry Reidel (The Keystone Group) for Kuntz ElectroplatingMedium: David Bagley (MorrisAnderson), Dan Gallagher (LaSalle Bank) and Dan Loughman for Roman, Inc.Small: Michael Jakolat (MorrisAnderson), Lawrence Lichtman and Christopher Grosman (Carson Fischer) for Rima Manufacturing

Transaction of the YearLarge: Jeff Golman, Rocky Pontikes and Michael Molitor (Mesirow Financial), Kevin Krakora (Mesirow Financial Consulting), George Panagakis (Skadden Arps Slate Meagher & Flom) and Brian Shaw (Shaw Gussis Fishman Glantz Wolfson & Towbin) for Enesco Group, Inc.Medium: Jeff Schneiders and Kevin Cleary (Fort Dearborn Advisors) for National Fruit Product CompanySmall: Thomas Gordy and Jeremy Vann (CM&D Capital Advisors), Steven Towbin and Robert Glantz (Shaw Gussis Fishman Glantz Wolfson & Towbin), John Littrell (LaSalle Bank), John Sieger (Katten Muchin Roseman), David Wirt and Daniel McGuire (Winston & Strawn) for JD Norman Industries

Harry Preucil Pro Bono Project of the YearJim Herst (Performance Source), Walter Tashjian (Pegasus Industries) and Lowell Wallace (Marketing Valuation Partners) for Titan Machinery

Outstanding Service AwardRandy Patterson (Lake Pointe Partners) and the Scholarship Foundation Planning Committee Members, including Melanie Rovner Cohen (ADR Systems), Terry Gerlach (Capital One Leverage Finance), Dennis Harrison, Lisa Johnson (Wells Fargo Business Credit), Dave Mack (MorrisAnderson), Carol Morse (Associated Bank), Norm Newman (Much Shelist Denenberg Ament & Rubenstein), Mitch Rasky (LaSalle Business Credit), Howard Samuels(Rally Capital Services), Gregg Simon (Much Shelist Denenberg Ament & Rubenstein) and Barb Yong (Golan & Christie) for their work in establishing the TMA Chicago/Midwest Chapter Memorial Scholarship Foundation

Outstanding ProgramRay Anderson (Graue Mill Partners), Gerald Saltarelli (The Edgewater Funds) and Dan Wikel (Huron Consulting Group) for their work on the Nuts & Bolts Inaugural Workshop

Gail Heldke and Lisa Johnson (Wells Fargo Business Credit), Frank Melazzo (Getzler Henrich), Robert Morris (MorrisAnderson), Norm Newman (Much Shelist Denenberg Ament & Rubenstein) and Randy Patterson(Lake Pointe Partners) for their work on the TMA MidAmerica Regional Conference

Outstanding Individual ContributionPaul Krantz (GMAC Commercial Finance) for his work on the Hedge Funds Unwrapped Program

Phil Ostroski (Associated Commercial Finance) for his ongoing efforts on the Milwaukee Programs Committee


Turnaround professionals rely on Hilco for:

• Appraisals of all types of business assets.

• Facility Closings including retail stores, manufacturing plants, warehouses, distribution centers and offices;

• Acquisitions and Divestitures of entire business units, or portions thereof, that are no longer a strategic fit;

• Asset Disposition to recover maximum value for consumer and industrial inventory, machinery, equipment, furniture and fixtures, intellectual property, accounts receivable, and real estate;

• Bridge Loans and Equity Financing for working capital, acquisitions, expansions, and management buy-outs.

More Value Created More Ways. Hilco Understands the True Value of Assets and Can Help You Fully Maximize their Value.

Asset Valuation, Disposition, Acquisition and Financingwww.hilcotrading.com

Monetize the full value of business assets.For more information on our comprehensive services, call:

1-800-52-HILCO

Turnaround management demands the courage to stare risk in the eye.

Be Courageous, Be Prepared, Be Confident

MorganFranklin professionals combine business and technology expertise with core confidence to anticipate and convert high-stakes financial, operational and IT challenges into value for our clients.

— Essential Information and Communications— Financial and Operational Readiness

— Radical Growth and Change— Risk and Crisis Management

For more information contact Bruce Hanson at 312.252.2980 or by

e-mail at [email protected]

morganfranklin.com

courageIS NOT ENOUGH


Past President’s PerspectiveEditors’ Note: This column serves as an opportunity to reflect upon not only how our chapter has obtained the success it has, but also to reflect on the principles that will guide us as our chapter continues to grow. In addition, it provides an opportunity to publish some old pictures of our friends and colleagues. We hope you enjoy this feature.

By James B. Shein, Kellogg School of Management, Northwestern UniversityTMA Chicago/Midwest Chapter President 2000-2001

Under my predecessors and my successors as President of the Chicago/Midwest chapter, we have seen growth we can all be proud of. These are accomplishments not just measured by increased membership size, but also by growth in social, networking and educational opportunities.

Over the years, I have been a member of TMA as a practitioner, an attorney and as an academic. We advertise the TMA as “The premier professional community dedicated to corporate renewal and turnaround management.” To be premier, we need to be in the forefront of education in particular. The TMA now sponsors academic research, creation of new university courses through Cornerstone, an international student paper competition and internships to MBA students. You need only read the many columns and emails from our wonderful group to know how many other educational opportunities exist. Even in networking, we are learning from each other. Finding out during a pleasant conversation, over a continental breakfast or with an adult beverage, what’s going on in the industry is more important than you realize.

I am now an independent director on several boards of directors. Since they are distressed companies, other directors look to me to know what’s going on in the turnaround space. It is through

you, dear colleagues, that I stay informed.

Being a subject matter expert in our field means you should be up on the latest trends in the credit, consulting, legal and other areas we collectively represent. It is through TMA’s publications, our education programs and good old networking that you can meet both tests. So, take advantage of what this friendly, knowledgeable group of people offers and get involved.

When I meet people from outside the industry, they seem amazed when they learn that some of the nicest people in the business world are in the turnaround field. We do our best work as facilitators and mediators, not as the evil warriors we are often portrayed to be. I admit that my number one reason for being part of this organization for so long is that I really like the people in this field.

To our newcomers: When you arrive at a TMA event and find small groups of people in animated conversation, don’t feel left out. It isn’t that we’re snobby, we’re genuinely glad to see each other. Introduce yourself. To our “regulars:” Open up and welcome the newcomers; chances are they are as nice as the group you’re talking with.

I am grateful that I had the opportunity to lead a large multi-discipline group of intelligent and pleasant men and woman and look forward to seeing you at the next event. Never stop learning from each other.

James B. Shein

Broadway In Chicago & TMA Chicago/Midwest Chapter Bring You…

First it was Wicked, then it was Jersey Boys, and in 2008 we bring you the best seats in the house for Dirty Dancing!

Mark your calendar and plan now to join the TMA Chicago/Midwest Chapter on Thursday, November 20. Excellent seats have been reserved, and the private banquet room at Petterino’s has been booked for dinner prior to

the show. Make it a date with that special someone, come on your own or bring your family. But this event–we promise–will be “the time of your life”! Watch your e-mail for the ticket sale announcements. Tickets are limited and expected to sell out fast!


New Members Are the Strength of our OrganizationWe welcome the following new members to the Chicago/Midwest Chapter of the TMA:

Chicago Chapter Member News

Tolu Akin, Pega Financial PartnersJanice Alwin, Shaw Gussis Fishman Glantz Wolfson & TowbinScott Anderson, Robert W. Baird & Co Inc.Amanda Bowser, Bridge Finance Group LLCJohn Carrigg, Carrigg & Associates LLCAlan Cohen, Aaron Equipment CompanyAndrew Cohen, Capital Source Finance LLCGeoffrey Coutts Susan Davis, Bank of AmericaGayla Dodson, Huron Consulting GroupDevon Eggert, Freeborn & Peters LLPJames Essa, Three Dimensions Banc CorporationJames Gabb, Capstone Advisory Group LLCGreg Gauthier, Foxwood Associates Inc.Barry Goodman, Steinberg Advisors LtdGordon Gouveia, Shaw Gussis Fishman Glantz Wolfson & Towbin LLCThomas Gray, Telecom Expert GroupKimberly Harrison-Senter Daniel Jerneycic, Grant Thornton LLPFran Jurkovic, Mesirow Financia, Inc.Dennis Kalten, Stout Risius Ross, Inc.Judy Karlov, Alliance Cost ContainmentLarry Kirschner, Wells FargoRichard Lanis, Podolny Group, Inc.

Matthew Lawrence, Huron Consulting GroupRyan Light, Assurance AgencyGary MacDougal, The Taurlin Group LLCMichael McCrory, Barnes & Thornburg LLPTim McFadden, Locke Lord Bissell & Liddell LLPDaniel McGarry, Whyte Hirschboeck Dudek S.C.Thomas Moran, MB Financial BankJosh Nadolna, Cook Financial LLCRocky Pontikes, Mesirow Financial, Inc. Investment Banking CorporateSuzanne Rose, Freeborn & Peters LLPPhilip Ruben, Levenfeld Pearlstein LLCMike Rudolph, CapitalSourceGregory Scharnott, KDC & Associates Ltd.Matthew Schutzman, Indiana UniversityJames Sebern, M & I Marshall & Ilsley BankMatt Smith, The LaSalle NetworkDeborah Stevens, YMCA of Metropolitan ChicagoThomas Studebaker, UHY AdvisorsPia Thompson, Reed Smith Sachnoff & WeaverSailesh Venkatraman, Sara Lee CorporationDavid Vicari, Melville CapitalElizabeth Vrato, BMC GroupWilliam Williams, Tatum LLCKurt Winiecki, Merrill Lynch

David Linn, principal of Oak Point Partners, authored an article titled “Squeezing Cash Out of Leftover Assets - Remnant Sales Can Help Close ‘Moldy’ Cases,” published in the December 2007 issue of TMA’s Journal of Corporate Renewal. The article focused on the “Remnant Sale” which enables trustees and plan administrators to generate additional recoveries for creditors by selling off the remaining “cats and dogs” in a bankruptcy estate for cash, even in situations without any remaining known assets. Also, David and his wife Jen co-chaired the 2nd Annual Spin4Survival Event which raised over $640,000 for cancer research and cancer survivorship programs at Memorial Sloan-Kettering Cancer Center.

Gibraltar Financial Corporation, an asset based lender to small and middle market companies, announces the promotion of Scott Winicour to senior vice president from vice president. Scott began his finance career with Gibraltar in 1996 as an account executive. He now oversees Gibraltar’s loan portfolio and is also in charge of sales and marketing.

Bob Horak of Lincoln International announced the opening of its London office, bringing the total number of offices to seven and further expanding the firm’s international reach. Lincoln International also has offices in Chicago, Frankfurt, Los Angeles, New York, Paris and Vienna.

Carl Lane has joined AlixPartners as a managing director in the turnaround and restructuring services practice. He will be based in Chicago and will focus on expanding the restructuring advisory practice.

Andy Boemi has been appointed to the board of directors and will become chairman of the investment committee of Allegiance One Leasing Company which leases equipment and software nationwide to the Healthcare, RFID and Private Equity sectors. Allegiance One is headquartered in Chicago with an office in Boulder, CO.

Gail Heldke, vice president of business development for Wells Fargo Business Credit, a division of Wells Fargo Bank, N.A., was awarded a Golden Spoke award by Wells Fargo’s wholesale banking group. The Golden Spoke award recognizes the top sales and service performers in wholesale banking based on sales results for 2007. Only 10 team members were selected from within Wells Fargo Business Credit to receive this award.

Alex Moglia of Moglia Advisors participated as a panelist at the February 14-15 ABI Annual Rocky Mountain Bankruptcy Conference in Denver, CO, on the topic of “Alternative Energy Development: The Newest Ski Jump Event.” Alex also participated on a panel at the Distressed Real Estate Investing Summit, February 20-22, in New York City on the topic of “Opportunities for Buyers and Sellers in Sales of Distressed Assets.”

Textron Financial announces that George Garrod has joined its commercial finance division as vice president of business development. He is based in Chicago and is responsible for new business development in Western Michigan, Indiana, Illinois, Wisconsin, Minnesota, Iowa, Missouri, Nebraska, Kansas, North Dakota and South Dakota.

TMA • Chicago/Midwest Chapter • March 2008 • Page 1�

Larry Hennessy, CTP, has been appointed Chief Financial Officer of MorrisAnderson. Hennessy, who has been with the company since 1999, became a principal in January 2007. Typically based in the St. Louis office, Hennessy will now divide his time between St. Louis and the company headquarters in Chicago.

Dan Dooley, former president of the TMA Chicago/Midwest Chapter and principal and COO of MorrisAnderson, was a panelist at the Distressed Debt Conference in New York City on March 6, speaking on the topic of “Do you Remember Lender Liability?” Dooley will also be speaking at the Northwest Bankruptcy Institute Conference in Seattle on April 18 on the topic of “State Receiverships – Is More Judicial Oversight Better?” Dooley also wrote an article for the ABI Fraud Committee titled “Fraudulent Financial Reporting on the Rise.”

Great American Group is pleased to announce that Fred Racosta, senior vice president, has taken over business development in the New York market. Racosta has over 20 years of financial industry experience specializing in asset based lending. He will now oversee the Philadelphia, Ohio and New York markets for the appraisal division.

Freeborn & Peters LLP announces that Thomas R. Fawkes has been promoted to partner from associate in the bankruptcy, reorganization and creditors’ rights practice group, concentrating his practice in all aspects of corporate bankruptcies and restructurings. He has represented debtors, secured and unsecured creditors, committees, trustees, and asset purchasers and sellers, in both transactional and litigation capacities. The group also welcomes three new associates: Shira R. Isenberg, formerly of Goldberg Kohn Bell Black Rosenbloom & Moritz; Wendy E. Morris, formerly with the U.S. Bankruptcy Court, Northern District of Illinois; and Devon J. Eggert, formerly of Querry & Harrow.

Peter Zimmer announces that PNC Business Credit’s Chicago office has relocated to 200 South Wacker Drive, Suite 600, Chicago, IL 60606.

Delivering Powerful Financing Solutions for Companies in Transition

Wells Fargo Business Credit delivers. We combine extensive experience, national resources andlocal presence to provide flexible financing solutions tohelp companies in transition reach their business goals.

• Asset-based lending to meet working capital needs• Accounts receivable financing, also known as factoring,

to accelerate cash flow

To find out more, contact a local representative from ourChicago office.

Wells Fargo Business Credit

© 2008 Wells Fargo Bank, N.A. Equal Opportunity Lender. All rights reserved. Member FDIC. www.wellsfargo.com/com/wfbc

Turnaround Financing$24,900,000Meat Distributor, IllinoisRevolving Line of CreditReal Estate Term LoanStructural OveradvanceSeasonal Overadvance

Acquisition Financing$14, 200,000Foundry, WisconsinRevolving Line of CreditEquipment Term LoanReal Estate Term LoanStructural Overadvance

Growth Financing$9,600,000Annualized VolumeBody Armor Manufacturer, MichiganGovernment Contract FinancingAccounts Receivable Financing

Refinancing$42,000,000Annualized VolumePublishing Company, IllinoisAccounts Receivable Financing

Asset-based Lending: Kimberly Jablonski, (312) 845-9762 • Mike O’Malley, (312) 845-4457 Factoring: Gail Heldke, (312) 845-4455

114512

7.5x5

4c

114512 7.5x5 4c 1/31/08 2:07 PM Page 1


AEG Partners LLCLawrence Adelman

Alan Friedman Consulting LLCAlan Friedman

Alert Consultants Inc.James Rubenstein

AlixPartners LLCRonald BieniasJohn DischnerMichael Feder

Alvarez & Marsal LLCPaul RundellBrian Whittman

Arthur D. Little Kobus van der Zel

Atlas Partners LLC Biff Ruttenberg

BBK Ltd.Peter PappasRobert Webb

Bridge Associates LLC Colleen Lowmiller

Buccino & Associates Inc.Harry Novak

Capstone Advisory Group LLCJeffrey Hyland

Cerberus Capital Chicago LLCMatthew Niemann

Chatered Management Co.William Avellone

Condor Financial Group Inc.Gilman King

Conway, MacKenzie & Dunleavy Inc.Frank MackJoshua SianoJeffrey Zappone

Cosi Inc.William Forrest

CRG Partners Group LLC Thomas O’Donoghue Jr.

David C Finkbiner & Co. SCDavid Finkbiner

The Enterprise Group Inc.Dennis Kraska

FTI Palladium PartnersMichael Buenzow

Graue Mill PartnersRay Anderson

Heartland Capital LLCTimothy Czmiel

High Ridge PartnersFrank Wojtowicz

Huron Consulting GroupJohn DiDonato

Jessup Manufacturing CompanyKiran Gandhi

Kaufman HallAnu Singh

The Keystone GroupBrian Stewart

Kutchins, Robbins Diamond Ltd.Allen Kutchins

Lake Pointe Partners LLCDavid AllenKurt KnippRandall Wright Patterson

Mesirow Financial ConsultingThomas AllisonMelissa Knoll

Morris-Anderson & AssociatesDavid BagleyBernadette BarronDaniel DooleyRobert HaldiJohn HennessyMichael JakolatDave MackRobert MorrisWilliam Van Der WeeleRobert Wanat

Prairie Capital Inc.Michael Barry

Promotory Point Partners LLCJeff Vogelsang

ReesePartners LLCSandra Reese

Shepherd Partners Inc.Tony Natale

Silverman ConsultingAlan Samsky

Teamwork Technologies Inc.William Hass

University of Saint Francis Mark Hager

Vector Consulting LLCMichael Baratta

White Oak GroupMurray Lessinger

Wynnchurch Capital LtdDuncan Bourne

Samuel Williams

The Chicago/Midwest Chapter 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 CTPs

Attention 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 accomplishment, 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 [email protected] for details.


What’s the Deal? Doing Business in Chicagoland and BeyondJeff Marwil of Winston & Strawn filed an involuntary chapter 11 bankruptcy case on behalf of investors in a domestic hedge fund managed by Ritchie Capital Management. Marwil and Paul Possinger are the lead attorneys for the investor group.

Bill Loebbaka of Horizon Advisors LLC (“Horizon”) has been appointed as the president of Core Systems LLC (“Core”) of Painesville, OH. Core is one the largest injection molders serving the appliance industry. Horizon has worked with the management and operating staff of Core to dramatically reduce the company’s breakeven point while at the same time improving operating performance. Horizon also helped facilitate a new credit facility with Wells Fargo Business Credit for $8.2 million, which completely refinanced the existing senior lender plus provided additional working capital to allow the company to expand its customer base.

Foresite Realty Partners LLC announces the sale of Indian Woods and Shiloh Place Apartments, two multi-family communities totaling 354 units in Evansville, IN. Vice-President Jamie Hadac and President/CEO Donald Shapiro represented the seller, a multi-family investor who owns numerous complexes throughout the Midwest. Also, Don Shapiro was engaged as the court appointed receiver of the Northwestern Illinois Gas Station. As such, Don and the Foresite team will take an active role in the business operations, including oversight of on-site management, negotiation of contracts with current service providers, inventory management and implementing pricing strategies.

Gibraltar Financial closed a $500,000 revolving line of credit for an Indiana courier. The company recently doubled its sales volume with the addition of one new customer. Its present bank contacted Gibraltar to take over the loan. Gibraltar funded the deal two weeks later, and the bank was able to maintain the deposit relationship.

Tom Jones of Concord Financial Advisors LLC announces the closing of an $8.5 million senior credit facility for a private equity fund in Chicago. Concord served as exclusive financial advisor and arranged the structured cash flow credit facility for the private equity fund to finance the acquisition of two online marketing services companies.

Transcap Trade Finance LLC recently funded a $6.6 million inventory purchase commitment provided to an Illinois-based importer and distributor of licensed office products. Transcap’s finance program provided letters of credit for the purchase of inventory and funding for additional inventory required for a replenishment program where “hard” purchase orders were not on hand when the inventory needs to be purchased. This transaction highlighted Transcap’s expertise in structuring and funding a complete inventory financing solution for the client’s purchase order and replenishment inventory financing requirements.

Great American Group is conducting store-closing sales for Macy’s in certain regions of the U.S. Macy’s is a major retailer that has a complete selection of clothing, shoes, home goods, jewelry, and bed and bath products.

Jeffrey B. Hecktman, chairman and CEO of The Hilco Organization, announced the acquisition of Winternitz Inc., an auctioneer and appraiser of machinery, equipment and other industrial assets. Charles J. Winternitz and Glenn A. Winternitz will become partners in and assume managerial responsibilities for Hilco Online LLC, an Internet-based industrial asset auction platform, and Hilco Equipment Leasing Solutions LLC, which specializes in machinery and equipment sale/leaseback services. They will also partner with Robert Levy and Steve Wolf in the operations of Hilco Industrial. The Winternitz staff will, according to their backgrounds and expertise, join the aforementioned Hilco business units and Hilco Appraisal Services.

Oak Point Partners recently completed a deal with the disbursing agent for Encompass Services Corporation to purchase the rights to all remaining assets in the case. The Chicago-based firm purchased the known and unknown remnant assets for an undisclosed amount. Encompass, a one-time major provider of facility systems and solutions, filed for chapter 11 bankruptcy protection in November 2002, listing total pre-petition assets of $2.4 billion.

Suzanne Koenig of SAK Management Services LLC was appointed patient care ombudsman by Peter C. Anderson, Trustee of the U.S. Bankruptcy Court, Central District of California, Los Angeles Division, in the Brotman Medical Center case. Koenig continues to serve as the patient care ombudsman in Region 2 of the U.S. Bankruptcy Court, Southern District of New York, in the New York Westchester Square Medical Center case.

Monroe Capital LLC, as agent, announced the funding of a $21 million term loan in connection with the recapitalization of Gulf Coast Machine & Supply Co. Inc. by Industrial Opportunity Partners LLC. Monroe Capital’s loan facility was used together with a $23.5 million revolving line of credit provided by PNC Business Credit.

Moglia Advisors and Concord Financial Advisors announce the closing of a $13.5 million senior secured credit facility for a Bakery Ingredients Manufacturer in Elk Grove Village, IL. Moglia Advisors was initially hired as the financial and operational advisors. The deal was closed within 60 days.

Atlas Partners LLC recently closed a sale-leaseback transaction of a 30,000 square foot, food-grade, USDA-approved manufacturing building in Schaumburg, IL. Atlas represented Amazing Food Manufacturing LLC (“AFM”), a start-up in the premium frozen food business. Atlas assisted in locating a buyer for the building, and then arranged for a sale-leaseback of the building with AFM as the long-term tenant. Atlas was brought into the situation by the private equity sponsor who was making a major investment in AFM.


Turnaround Management Association Chicago/Midwest2008 Board of Directors and Steering Committees

OfficersPresidentNorman B. NewmanMuch [email protected]

President-ElectJoseph J. FobbeCIT Corporate [email protected]

Vice President-ProgramsRay AndersonGraue Mill Partners [email protected]

Vice President-CommunicationsThomas E. PabstGreat American [email protected]

Vice President-Community ServiceSid LamberskyMorris-Anderson & Associates [email protected]

SecretaryMark LeipoldGould & Ratner [email protected]

TreasurerHarold D. IsraelKaye Scholer [email protected]

Ex-Officio Past PresidentLisa N. JohnsonWells Fargo Business Credit [email protected]

DirectorsKelly T. FrankAuction Services [email protected]

Harold D. IsraelKaye Scholer [email protected]

Kevin A. KrakoraMesirow Financial Consulting [email protected]

Thomas E. JonesConcord Financial Advisors312-663-6684 x [email protected]

Frank MackConway, MacKenzie & [email protected]

Randall Wright PattersonLake Pointe Partners [email protected]

David BogetzBurnham Capital Partners [email protected]

Jeffrey S. HylandCapstone Advisory [email protected]

Carl [email protected]

Chapter AdministratorChristine M. GlatzGlatz Management Services [email protected]

Committee ChairsAwardsDavid BogetzBurnham Capital Partners [email protected]

Carl [email protected]

Frank MackConway, MacKenzie & [email protected]

Breakfast ProgramsMark [email protected]

Aaron HammerFreeborn & Peters [email protected]

Dave MackMorris-Anderson & Associates [email protected]

CommunicationsKelly T. FrankAuction Services [email protected]

Bernadette BarronMorris-Anderson & Associates [email protected]

Joseph J. FobbeCIT Corporate [email protected]

Community ServiceGail HeldkeWells Fargo Business [email protected]

Mike PaulsenThilman [email protected]

CTP RelationsBob MorrisMorris-Anderson & Associates [email protected]

Harry Novak

Buccino & Associates [email protected]

Continuing EducationGerald SaltarelliThe Edgewater [email protected]

Dan WikelHuron Consulting [email protected]

Randy KleinGoldberg [email protected]

EntertainmentSuzanne KoenigSAK Management Servcies [email protected]

Paul KrantzGMAC Commercial [email protected]

Jeffrey S. HylandCapstone Advisory [email protected]

FinancialRaymond M. NeihengenFordham Financial [email protected]

Murray LessingerWhite Oak [email protected]

Future LeadersJason EdelsonTranscap Trade Finance LLC847-753-9600 x [email protected]

Sandor JacobsonAbrams & Jossel Consulting [email protected]

Inter-Chapter / Inter-AssociationDuncan BourneWynnchurch [email protected]

Bill ReimnitzRiviera [email protected] Jones

Concord Financial [email protected]

MembershipTom ThompsonRBS Business [email protected]

David OnionChicago Capital Holdings LLC630-455-1002 x [email protected]

Ken YagerMorris-Anderson & Associates [email protected]

Navin NagraniHilco Real [email protected]

Milwaukee ProgramsPhilip L. OstroskiAssociated Commercial [email protected]

Bob OllhoffM&I [email protected]

Ed DuffyFinancial Management Services [email protected]

Daniel G. QuirkAccuVal Associates [email protected]

NewsletterKevin A. KrakoraMesirow Financial Consulting [email protected]

Tom EganCrowley & Lamb [email protected]

Bob HandlerCommercial Recovery Associates [email protected]

ParliamentarianStan OrszulaLoeb & Loeb [email protected]

Pro Bono

Hank McHaleHM [email protected]

James RubensteinAlert Consultants [email protected]

Public RelationsMichael Ban Capital [email protected]

Dan [email protected]

Special ProgramsChris HorvayGould & Ratner [email protected]

Frank MelazzoGetzler Henrich & [email protected]

Anu [email protected]

Howard MullinFordham Financial [email protected]

SponsorshipDavid EnghauserChase Business [email protected]

Teresa B. GerlachNorth Fork Business Capital [email protected]

Chad PetersonAmerican Capital Strategies [email protected]

Women’s GroupKatie PamenterGoldberg [email protected]

Barb YongGolan & Christie [email protected]


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 2008-09 Directory of Members and Services.

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

Acct #:Exp. Date:Signature:

Preferred Chapter: Chicago/Midwest

Turnaround Management Association150 South Wacker Drive, Suite 900Chicago IL 60606

Phone: 312-578-6900Fax: 312-578-8336Email: [email protected] www.bglco.com

CLEVELAND • CHICAGO • BOSTON

Transactions involving securities are completed through Brown, Gibbons, Lang & CompanySecurities, Inc., an affiliate of Brown Gibbons Lang & Company LLC and member FINRA.

Serving the global middle market, Brown Gibbons Lang &Company offers a broad range of financial restructuring services including:

• Recapitalizing or restructuring your company’s balance sheet• Identifying new capital sources• Helping you sell your business or business unit

Our firm has a highly successful track record in completing financial restructurings. With strong negotiating skills, extensivecapital markets relationships, and specialized knowledge of theinsolvency rules, we help you maximize your company’s valuethrough the restructuring process.

Mergers & Acquisitions • Debt & Equity PlacementsFinancial Restructurings

There are waysto raise capital.

For a real one,call us.

bglco-0108-28367 tma 1/30/08 10:17 AM Page 1

Welcome Risk Management Association members. You have been included in this complimentary issue of The Newsletter of Corporate Renewal because of our shared interests. We hope you enjoy it.

Please note our event schedule on page four and join us at any of our upcoming meetings. We look forward to seeing you.

Christine Glatz, Chapter AdministratorP.O. Box 33Frankfort IL 60423(815) 469-2935 Fax (815) 469-1901Email: [email protected]

The Chicago/Midwest Chapter of the TMA thanks the following 2008 Platinum and Gold Sponsors:

Platinum Sponsors Gold SponsorsAccuVal Associates Inc.Atlas Partners LLCBank of America Business CreditBMO Capital MarketsBridge Associates LLCChase Business CreditCrystal CapitalDeloitte Financial Advisory Services LLPFirst Business Capital Corp.Fort Dearborn Partners Inc.Freeborn & Peters LLPGetzler Henrich & Associates LLCGoldberg, Kohn, Bell, Black, Rosenbloom & Moritz Ltd.Gould & Ratner LLPHuron Consulting GroupLincoln InternationalMerrill Lynch CapitalMesirow Financial Consulting LLCPaul Hastings Janofsky & Walker LLPSAK Management Services LLCSchwartz Cooper CharteredStout Risius Ross Inc.Summit Financial ResourcesThe LaSalle NetworkWhite Oak Group

the newsletter of corporate renewal

Documents