Corporate Renewal - Turnaround Management Association

Transcription

The Newsletter of
Corporate Renewal
Volume 8, Number 2
March/April 2007
TURNAROUND MANAGEMENT ASSOCIATION
Chicago / Midwest Chapter
From Our President:
We’re listening to you...
Chicago/Midwest
What’s Inside?
VP’s Corner..............................2
Upcoming Events................. 2-7
If you attended our January breakfast meeting, surely you
were as inspired as I to see such a collection of esteemed
practitioners, attorneys, lenders, and other rainmakers assembled to honor the team that contributed to the turnaround
of United Airlines, our large company Turnaround of the Year
winner for 2006. You may have noticed the more than 300
attendees providing unparalleled opportunities for networking
and connection. Surely you noted the quality of the proLisa Johnson
gram that focused on the specific events and strategies that
contributed to United’s turnaround, as well as the media presence at the event. The
joint planning of our 2006 Awards Committee, headed by Dave Mack, Mitch Rasky,
and Ken Yager, and our Breakfast Programs Committee, led by Harold Israel, Mark
Gertzof, and Duncan Bourne, raised the bar on our already successful breakfast
and awards programs to new heights. And there’s more to come! Our May program
will feature stories from other 2006 award winners—you’ll want to hear the unique
insights shared by the winning teams.
Meet the Committee..............21
But it’s more than our breakfast programs that are evolving to meet the needs of our
expanding membership. Since last summer, chapter leaders (under the direction
of Bill Hass) have been reviewing our strategic direction in an effort to assure that
chapter programming is responsive to the desires of our sponsors, members and
prospective members. We undertook a limited survey of our members in August that
identified key points of value for our members; among them, networking and access
to the people who drive deals in our markets. The chapter Steering Committee has
determined that broadening our reach among workout lenders, private equity groups
and hedge funds is consistent with that value proposition and consequently will be
our focus over the next several years. We have two important programs underway
that are designed to increase TMA’s reach to these important audiences:
New Member Listing.............22
•
New TMA Committee.............8
Past Events....................... 10-15
Past President’s Perspective.....19
Color Advertising Rates..........20
Chicago Chapter CTPs..........20
Member News........................23
What’s the Deal?....................24
Board Member and Committee
Listing....................................25
Membership Application........27
Platinum & Gold Sponsors....28
•
Ray Anderson, Gerald Saltarelli and Dan Wikel are building a “Nuts and Bolts”
workshop to be held in April that will provide how-to’s on playing the distressed
investing game.
May brings the chapter’s first-ever hedge fund program, with leadership provided
by Paul Krantz and other members of the Inter-Chapter/Inter-Association Committee.
Is it a realistic goal that every workout lender, fund director, or equity sponsor join
TMA? Since most of the workout lenders I know would rather undergo a root canal
than hang out at a cocktail event, probably not. But we can expose them to our organization and the expertise of our members through compelling programming designed
with their needs in mind. And that, my fellow members, makes TMA compelling and
relevant to each of us.
Join us and see!
Upcoming Events
March 28-31
TMA International Spring Conference
Four Seasons Las Colinas
Dallas, TX
April 10
New & Prospective Member Coffee
Quarles & Brady Offices
Milwaukee, WI
April 20
Troubled Loan Workshop
The Standard Club
Chicago, IL
May 1
“Wisconsin Section 128”
The Wisconsin Club
Milwaukee, WI
May 4
Semi-formal Cocktail Reception
Picasso Exhibit
The Art Institute of Chicago
Chicago, IL
May 11
Breakfast Forum, “Award Winning Case
Studies”
The Mid-Day Club
Chicago, IL
May 22
Hedge Funds Program with ACG
The Standard Club
Chicago, IL
June 20
Annual Charity Golf Outing
Harborside International Golf Center
Chicago, IL
July 19
Joint Boat Cruise with ACG and CFA
Navy Pier
Chicago, IL
For more information on any of these
events, visit the chapter’s Web site at
www.chicago.turnaround.org
or call 815-469-2935
VP’s Corner
“And in this corner”....
Thoughts from Joe Fobbe, VP-Communications
PNC Business Credit
Meet David Bogetz, past co-chair of the Membership Committee and currently Awards Committee co-chair
No fancy hotel this time. David and I got together at PotBellys
Joe Fobbe
on Adams and the Chicago River to talk a little about his past
and current roles within our chapter. I’ve consistently been
impressed with David’s constant enthusiasm for the TMA. I personally met David at a
TMA event over three years ago. We’ve enjoyed a growing personal and professional
relationship, sharing deal-looks back and forth and enjoying some time on the golf
course as well. Quality people like David are what our chapter is full of, and they are
the key to our success and growth. Please enjoy the exchange.
Who: David Bogetz
What: Awards Committee Co-Chair
Weight: More than represented on drivers license
Reach: Excuse my
Biceps: Smaller than my thighs
Forearms: Popeye-like (p.s. Robin Williams is David’s favorite entertainer; remember
Williams played Popeye about 25 years ago).
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 or pull you into a committee role?
Bogetz: I’ve been a member for four years. A long-time personal and professional
friend, Dave Mack (past president of our TMA chapter) kept encouraging me to attend
TMA events. (By the way, Jim Harney, another long-time TMA member introduced me
to Dave Mack back in the early 1980s). Dave (Mack), as many know, is a turnaround
professional and was frequently discussing deals with me and finally got me to show
up at an event. I was immediately impressed by how receptive people were to me as a
new member, making me feel welcome right away. I haven’t looked back.
F: Why was it important to you to become more involved in our chapter and do more
than just enjoy the networking events?
B: My attitude was (and still is with most things in life) why become a member if you’re
not going to be involved? I know many people have situations and demands that
preclude them from getting involved, but it’s my nature. I’m a Scout leader, a soccer
and baseball coach for my kids, etc. I got involved minute one when I joined the TMA
four years ago. I joined the membership committee and the next year I was a co-chair.
I was co-chair of this committee for two years (which is the maximum permitted) and
have now moved on to the Awards committee. I love it. To me it’s like having a large
dinner party and getting everyone involved with the preparation of the meal, not just the
eating. When we share the journey of preparing the meal, giving everyone a role, everyone enjoys the meal that much more. We interact more during the meal, joke about
what didn’t turn out, share in the credit for what did, etc. And that’s what we’re doing in
our chapter of the TMA.
F: What accomplishment has given you the greatest reward during your TMA tenure?
B: Being part of the membership committee when our chapter hit 1,000 members.
(Note: At this point of our conversation, David couldn’t help but put his membership hat
back on and remind me that with an average 80% renewal, we need 200 NEW members just to retain this coveted level) Also, our membership committee developed the
Continued on page 4
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 Leipold at [email protected] or Kevin A. Krakora at
[email protected].
TMA • Chicago/Midwest Chapter • March/April 2007 • Page What you need to know
Keynote
Presenters
Hon. Edward C. Prado
United States Court of Appeals
for the Fifth Circuit
Now
A
s the landscape of the corporate renewal industry continues to
change, the ways in which we do business change. Learn how
to understand and deal with these changes in the coming year
by joining your colleagues at TMA’s 2007 Spring Conference.
Educational Sessions
▶ “BAPCPA in Action”
▶ “What You Always Wanted to Know About Your PDA
But Were Afraid to Ask”
▶ “Electronic Issues and Use of Technology in the
Restructuring and Bankruptcy Arenas”
Dr. Daniella Saltz
Ford Motor Company
▶ “Who’s Steering the Titanic?”
▶ “The Zone of Insolvency: Is It Still a Dangerous Place?”
▶ “Rapid Rise in Second Lien Financing and Rising
Conflicts: Market Status and Direction”
Kurt Eichenwald
Author, Conspiracy of Fools:
A True Story
2007
Spring
Conference
March 28-31
Four Season Resort and Club
at Las Colinas
Dallas, Texas
Register Today!
▶ Online at www.turnaround.org
▶ Registration form in the February and March issues of
TMA’s The Journal of Corporate Renewal
▶ Registration form in the conference brochure
Complete conference details may be found at www.turnaround.org.
Questions? Contact TMA at 1-312-578-6900 or [email protected]
Continued from page 2
idea of the “Ask Me” tags that many of us wear at all the events,
encouraging old members and new members to ask, of course,
“Ask you what?” This gives us the opportunity to talk to them
about either membership if they have a yellow (non-member)
name tag or talk about additional involvement for existing members.
F: Are you a Sox or Cubs fan? Do you care?
B: I care very much. Sox. I’m a south-sider. End of discussion.
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?
B: You’ll meet more people and have a more rewarding relationship with those individuals if you get involved. You’ll plan
an event together, be involved in a community service event
together, share a success (or maybe a failure), etc. By getting
involved you take a journey with other members. Do it; there’s
no downside. I must also say, as a practical matter, that it’s
important since we don’t have a full-time staff to do all the work.
Of course we have a great Chapter Administrator, but committees in this organization truly are integral to the functioning of the
organization.
F: What is your favorite television show?
B: 24. I’ve seen every episode, every year, all six of them.
Other miscellaneous nosey questions:
F: What’s your real job?
B: Founder and Managing Partner of Burnham Capital, a buyout
group focused on underperforming mid-sized companies. This
has kept me busy the past five years; prior to that I was the
founder and head of ABN AMRO’s private equity group for six
years in Chicago. All told, I have 20 years of private equity experience. Before that…you don’t want to know.
F: What was your favorite television show growing up?
B: Ray Rayner and Friends in the Morning. I watched it everyday
growing up.
The TMA Chicago/Midwest
Chapter & ACG Chicago are
pleased to host
Hedge Funds 2007
An Interactive Workshop
and Networking Event
May 22, 2007
The Standard Club
3:00 p.m.
F: What is your all-time favorite movie?
B: It’s a Wonderful Life. I still get choked up at the end - I even
own the video.
F: All-time favorite Rocky scene?
B: The credits (i.e. when it’s over).
F: Little known fact you’d rather I not share with people?
B: I have no secrets. I’m proud to say I used to teach ballroom
dancing.
F: What are your hobbies?
B: Golf, playing music, coaching my children in sports.
F: Anything you’d like to add, David?
B: Yes, even though Robin Williams is my favorite entertainer, I
like George Clooney. He’s a man’s man. But on a more serious
note: Get involved in your chapter. We always have first class
programs and we have great people with diverse experiences.
Share the journey, develop lasting relationships, and…have
some fun!
David, thank you for joining me and sharing your TMA experience. You, too, are a knockout!
Next up, Sid Lambersky, current VP of Community Service, and
a bonus section, “Excuses, excuses, excuses.”
Mark your calendars and plan to attend this inaugural event! The three-hour program
will include a discussion of the hedge fund market by a hedge fund research firm and
professional leaders affiliated with the industry as well as a “town meeting” to allow for a
moderated and lively question and answer session. The afternoon will conclude with a
networking cocktail reception for all to enjoy.
Details on speakers and registration information will be published in late March. Watch
your e-mails and check both the ACG and TMA Web sites for up-to-date information.
Special thanks to the TMA’s Inter-Association Committee and the ACG’s Professional
Development Committee for their collaborative leadership in developing this inaugural
event!
TMA • Chicago/Midwest Chapter • March/April 2007 • Page 2007 MidAmerican Regional
Conference
Plan to join
the Detroit,
Upper Midwest,
Missouri,
Cleveland
and Chicago/
Midwest
Chapters for
this inaugural
regional
conference,
September
20-21. The two-day event will include an 18-hole golf outing,
education, networking and more! It will be conveniently located
at the Oak Brook Hills Marriott Resort in Oak Brook, IL.
More information on the program agenda and sponsorship
opportunities will be sent to members this spring.
Be sure to watch your mail and e-mail for future notifications.
Coming Soon: “Buying or Selling
an Underperforming or Distressed
Business”
By Ray Anderson, Burnham Venture Management Ltd.
This full-day, hands-on workshop will provide benefits to
intermediate and experienced buyout, restructuring and lending
professionals, and is likely to attract TMA members and nonTMA members involved in the Midwest buyout community.
The workshop, scheduled for April 20 in Chicago, will include
a brief overview of the state of the market, general buyout
issues and current issues relating to the acquisition or sale of
an underperforming or distressed company. Panel topics will
focus on the most pressing concerns among the turnaround,
restructuring and investing communities. A case study will help
participants apply what they learn at this event. The workshop
will be followed by a networking reception.
If you are a professional interested in distressed investing,
hedge fund management, investment banking, workouts, legal
issues or high yield investing, then this workshop is for you!
Look for more information in the mail or visit the chapter’s Web
site to register.
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TMA • Chicago/Midwest Chapter • March/April 2007 • Page Date Set for Inaugural Kellogg
Turnaround Management Conference
By Chad Peterson, Kellogg School of Management
On April 25 the
Chicago/Midwest
Chapter and the
Kellogg School
of Management
Larry and Carol
Levy Institute for Entrepreneurial Practice will serve as two of
the many co-sponsors of the inaugural Kellogg Turnaround
Management Conference, to be held at the Allen Center on
Northwestern University’s Evanston campus. The event’s theme will focus on leading corporate renewal and
will feature keynote addresses from Robert S. “Steve” Miller,
executive chairman of Delphi Corporation, Glenn F. Tilton,
chairman, president and CEO of UAL Corporation, and Diane
Swonk, chief economist of Mesirow Financial.
Save the Date!
TMA Chicago/Midwest
Chapter
2007 Charity Golf Outing
June 20, 2007
Harborside International Golf Center
Watch your email and the chapter
Web site for updated information
on sponsorship opportunities and
registration information!
These speakers, along with a number of panels, will provide
senior executives, investors, professionals and students with
a forum to discuss the skills and tactics that have proven
successful in leading turnarounds. For more information and
registration details please visit the conference Web site at
http://www.kellogg.northwestern.edu/turnaround.
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TMA • Chicago/Midwest Chapter • March/April 2007 • Page You ask four guys,
you get four different
answers.
How did four blue-collar
kids become one of the
greatest success stories
in pop history?
Have they got a story –
and do we have tickets!
The TMA Chicago/Midwest Chapter is pleased to announce that a block of tickets has been reserved for the sold-out Broadway
performance of Jersey Boys!
ur
o
f
f
o
er
Winn wards
A
Tony
Thursday, October 25
The LaSalle Bank Theatre
Win
n
Mus er Best
ical
S
Albu how
Gram m
my
Tickets are limited and will be on sale beginning March 15, 2007. Information and invitations will be sent to all TMA colleagues
electronically – be sure to look for your email invite from Chris Glatz. Spouses, guests and family are all invited to this special
event.
Photographers Wanted!
Have you ever wanted to put your creative talents to use? Do you know someone who is a closet photojournalist? The TMA Newsletter Committee is hiring photographers to capture history in the making...that is our members making history at all the various events
held each month!
Qualified candidates will be paid as independent contractors and will receive a generous hourly rate, plus expenses. Specifications
include utilizing digital photography, recording the names of each subject photographed and submitting all files to the TMA. Estimated time includes approximately three hours per event worked.
If you or someone you know fits the bill, please contact:
Mark Leipold
[email protected]
(312) 899-1651
or
Chris Glatz
[email protected]
(815) 469-2935
TMA • Chicago/Midwest Chapter • March/April 2007 • Page TMA to Host Private Viewing and Cocktail Reception Event at Picasso Exhibit
The Chicago/Midwest Chapter is pleased to announce that it has reserved the Art Institute of Chicago for a semi-formal cocktail
reception and special private viewing of the upcoming Picasso exhibit: Cezanne to Picasso on Friday, May 4.
Members, guests and significant others are all encouraged to enjoy this once in a lifetime experience. Not only is the exhibit in town
for a limited time, but to have the opportunity to enjoy a private reception will make the moment all the more enjoyable.
Tickets for the exhibit and reception will go on sale March 15 with all information and communication being sent to TMA colleagues
electronically, so be sure to check your e-mails from Chris Glatz for this special invitation. If you want to reserve your spot in
advance, just call 815-469-2935 or visit the chapter’s website for up-to-date information at www.chicago.turnaround.org.
For now, mark your calendars and make that call to invite your special guest(s) to this very special evening!
Cézanne to Picasso: Ambroise Vollard, Patron of the Avant-Garde
Editors’ Note: The following information on the exhibit is also
available at the The Art Institute of Chicago® Web site:
www.artic.edu/aic.
In 1887 Ambroise Vollard (1866–1939) arrived in Paris with few
contacts and no credentials to pursue a career as an art dealer.
He began representing
artists that were undervalued,
exhibiting them at a time
when many galleries were not
willing to take the risk. In 1895
Vollard hosted Cézanne’s
first solo exhibition, and in
doing so he made the artist’s
reputation as well as his own.
By the early 20th century,
Vollard had become the
principal dealer of artists
such as Paul Cézanne, Paul
Gauguin, and a number of
Fauve artists, and lent early
support to artists who are
well known today—Pierre
Bonnard, Aristide Maillol,
Henri Matisse, Pablo Picasso,
and Edouard Vuillard—as
well as many who remain
relatively unknown. His
shrewd mind for business
and artistic sense made him
the leading contemporary art
dealer of his generation.
story of his relationships with artists whose work he exhibited
and sold. The exhibition underscores Vollard’s achievement
in promoting careers and styles to collectors, art critics, and
artists, who used his gallery as a meeting place to discuss
and buy modern art. Special galleries devoted to individual
artists feature works from Vollard’s most important exhibitions,
including paintings from
his groundbreaking 1895
Cézanne show, a neverbefore reassembled triptych
from Vollard’s 1896 Van
Gogh retrospective, and,
from Gauguin’s important
1898 exhibition of Tahitian
works, the masterpiece
Where Do We Come From?
What Are We? Where Are
We Going? lent by the
Museum of Fine Arts, Boston,
and on view for the first time
ever in Chicago.
The exhibition also highlights
Vollard’s importance as a
creative catalyst for artists
who, in response to his
urging, experimented in
making a variety of artworks
including color print albums,
Paul Cézanne, French, 1839-1906, The Basket of Apples, c. 1893,
livres d’artiste (limited-edition
Oil on canvas, 25 7/16 x 31 1/2 in. (65 x 80 cm), Helen Birch Bartlett
artists’ books), sculpture,
Memorial Collection, 1926.252, The Art Institute of Chicago.
and decorated ceramics. The
Photography © The Art Institute of Chicago.
many and varied portraits
of Vollard featured in the
Cézanne to Picasso: Ambroise Vollard, Patron of the Avantexhibition underscore his close relationships to artists and his
Garde draws upon the dealer’s archives—handwritten
brilliance as a self-promoter.
sale and purchase records, stockbooks, photography, and
© 2006 The Art Institute of Chicago. 111 South Michigan Avenue, Chicago,
correspondence—to shed new light not only on Vollard’s
Illinois, 60603-6404. The text is protected by U.S. and international copyright
business strategies but also on the heretofore unexplored
laws. Unauthorized use is prohibited.
TMA • Chicago/Midwest Chapter • March/April 2007 • Page Memorial Fund Committee Established; Input Requested
By Dave Mack, White Oak Group
Janet Intrieri’s sudden and tragic death last October touched many of us in the restructuring community. Shortly after the news was
learned, several close friends and colleagues of Janet’s, including Melanie Rovner Cohen, Faye Feinstein and Randy Patterson,
initiated discussions to establish a memorial fund in her name. TMA Chicago/Midwest Chapter President Lisa Johnson requested a
task force be organized to lead an effort to investigate the feasibility of establishing such a fund.
After doing some quick guerilla marketing and soliciting input from some key TMA board members, the concept has begun to take
definition. The next step is to both share the thoughts to date as well as solicit member input from the membership. Key elements of
the concept are outlined below:
General Memorial Fund – After many discussions, it was agreed that instead of a specific memorial fund for Janet Intrieri, create a
TMA memorial fund to recognize all TMA and restructuring industry colleagues who have passed. To make the memorial fund have
long term viability, it would require ongoing solicitations of contributions.
Use of Funds Contributed – The fund would be used for educational scholarships for family members of TMA Chicago/Midwest
members who apply and are selected based on merit. The model is the local Commercial Finance Associations’ Allen A. Preble
Memorial Scholarship Foundation.
Source of Funds – Contributions could come from TMA members, restructuring industry participants, firms, friends and relatives of
members who pass away in years to come. The chapter’s golf outing could be used to support the scholarship fund, or there could
be a specific event created to support the fund. The newly formed committee will be holding discussions with the Community Service
Committee and the Entertainment Committee to explore all alternatives.
Committee – We have formalized a TMA Memorial Scholarship Fund Committee to move the project toward a proposal for the
TMA Board of Directors to act on. Committee members include Dave Mack (co-chair), Randy Patterson (co-chair), Melanie Rovner
Cohen, Terry Gerlach, Dennis Harrison, Lisa Johnson (ex officio), Norm Newman, Mitch Rasky and Howard Samuels.
Though the high concept is now decided there are many details
that need to be worked through. Please give us your opinions,
questions, comments or suggestions. Feel free to contact
Committee Co-Chairs Dave Mack or Randy Patterson, or any of
the committee members listed here.
TMA Chicago/Midwest
Memorial Fund Committee
Dave Mack ........................ (847) 441-1867
........................................... [email protected]
Randy Patterson................. (312) 857-0001
........................................... [email protected]
Carol Carsella..................... (312) 904-1260
........................................... [email protected]
Melanie Rovner Cohen....... (312) 715-5050
........................................... [email protected]
Terry Gerlach..................... (630) 684-7202
........................................... [email protected]
Dennis Harrison.................. (312) 429-3607
........................................... [email protected]
Lisa Johnson...................... (708) 386-0899
........................................... [email protected]
Norm Newman................... (312) 521-2492
........................................... [email protected]
Mitch Rasky........................ (312) 904-8858
........................................... [email protected]
Howard Samuels................ (312) 645-1975
........................................... [email protected]
TMA • Chicago/Midwest Chapter • March/April 2007 • Page Milwaukee Post-Holiday Networking Party
Celebrates the Season, TMA and Museum
By Robert Ollhoff, M&I Bank
On January 25, after a beautiful sunny winter day, more than 100
TMA members, guests and friends gathered at the newest jewel
on Milwaukee’s lakefront – The Discovery World Museum. The
Milwaukee Program Committee hosted its third annual post-holiday
networking event at the
museum, a change from
the art museum where the
event was held the past
two years.
The Discovery World
Museum is a new facility
located on the lakefront
between the Summerfest
grounds and the art
Gene Arenson, Donald Shapiro, Robert Koe
museum. The evening
included guided tours
of the facility. The facility’s stated objective is to engage guests via
interactive displays which are sponsored by local businesses. In
addition to the displays, there is a “to scale” relief map of the Great
Lakes basin that shows how this ecosystem functions and a fullsized model of the Great
Lakes Sailing Schooner
“Challenger,” which can
be toured. The final area
viewed was the aquarium
which houses marine life
depicting the Great Lakes
to the Caribbean.
Attendees had the
option of going on
Les & Salli Peterson
the tour or continuing
their networking at the cocktail reception. Once all the tours were
complete, though, everyone was seated for a beautiful dinner.
Norm Newman delivered opening remarks and referenced many of
the upcoming events that will be occurring in Chicago. Milwaukee
Co-Chair, Mike Colloton also thanked everyone for attending
and extended special thanks to the 18 corporate sponsors of the
Milwaukee Programs who help make these types of special events
and programming opportunities available to our members. Remarks
concluded with Past President Bill Hass reminding everyone that
now is the time to think about becoming a Certified Turnaround
Professional (CTP) as the chapter will again be hosting its Body
of Knowledge review series this summer. Bill also encouraged
everyone to get involved on a committee to make their membership
more rewarding.
In short, the evening was another TMA Milwaukee success story.
From great networking to the delicious wine and food, it was an
enjoyable evening at a site that will become another trip destination
on Milwaukee’s lakefront.
Photos by Chris Glatz, Glatz Management Services, Inc.
TMA • Chicago/Midwest Chapter • March/April 2007 • Page 10
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Women’s Poker Night No Gamble
for TMA and IWIRC
By Cheri Anderson
On February 1, a back room at Maggiano’s hosted a
determined bunch of poker players, as TMA Chicago/
Midwest’s Women’s Group and IWIRC Chicago gathered
to learn how to play No-Limit Texas Hold ‘Em.
The eclectic
mix of
attendees—
many of
whom are yet
to become
members of
either women’s
group—sipped
cocktails while
volunteer
Karen Gottwald and Barb Yong
David Albert
presented
instruction and then fellow volunteers—including Lake
Pointe Partners’ Randall Patterson, Goldsmith Agio &
Helms’ Stephen Miles, David Sulaski and Todd Young
took the tables through two rounds of rousing play.
Diana Tsai from Schwartz, Cooper, Greenberger &
Krauss took Best Hand prize for both rounds. Round
One’s overall Top Three were Michelle Novick from
FagelHaber, Jamie Betts of Ameriprise Financial and
BMO Capital Markets’ Haren Buch; Round Two went
to Foresite Realty’s Jamie Hadac, dealer-turned-player
Patterson and Cheri Anderson.
The lucky
finalists who
went on to
compete in
the spirited
Championship Round
were Novick,
Betts, Buch,
Hadac,
The Championship Round Begins
Patterson
and Tsai along with Hilco’s Karen Gottwald and Barb
Yong from Golan & Christie.
A special thanks to Tiffany & Co. for generously donating
five sets of beautiful playing cards, as well as Empress
Casino, which supplied a prize for a one-night hotel stay
and a $150 dinner at its signature restaurant.
GOULD & RATNER LLP
IS PROUD TO BE A GOLD SPONSOR OF THE
TURNAROUND MANAGEMENT ASSOCIATION
CHICAGO/MIDWEST CHAPTER
A t t o r n e ys c o u n s e l i n g d e b t o rs , c r e d it o rs , t r u s t e e s a n d r e c e iv e rs
i n b a n k r u p t c y , w o r k o u ts , r e s t r u c t u r i n g s , a n d o ve r a l l f i n a n c ia l
s t r a t e g ie s .
CHRISTOPHER J. HORVAY
312.899.1624
[email protected]
MARK E. LEIPOLD
312.899.1651
[email protected]
2 2 2 N ORTH L AS ALLE S TREET • S UITE 8 0 0
C HICAGO, I LLINOIS 60 60 1
www.gouldratner.com
And a big thank-you to the event organizers: Yong,
McGuireWoods’ Patricia Smoots and Catharon Miller of
Lone Star Funds.
Photos by Chris Glatz, Glatz Management Services, Inc.
January Breakfast Forum Features Awards Presentations and
Chapter Congratulates Award Winners for 2006
By Mark Leipold, Gould & Ratner LLP
The January 2007 Breakfast Forum was held at The Standard
Club in front of a capacity crowd, allowing the Awards
Committee and our chapter the opportunity to properly recognize
the award winners for 2006.
The Outstanding Contribution Award (formerly known as the
Individual Contribution Award) was given to Anu Singh of
KaufmanHall,
Ray Anderson
of GraueMill
Partners LLC and
Frank Mack of
Conway MacKenzie
& Dunleavey.
These members
worked hard to
develop “The 13Week Cash Flow
Workshop.” The
Outstanding Contribution Award Winners:
inaugural program
Frank Mack, presenter Ken Yager, Anu
sold out with more
Singh, presenter Mitch Rasky, Ray Anderson than 100 registered
attendees and was
reproduced and distributed to every TMA chapter internationally.
The chapters that have used the workshop have been impressed
by the materials and received good feedback from members.
Many of us feel that we have
known Mike Ban for a long
time so we were shocked
to learn that Ban is a new
member! However, once you
accept this fact, it becomes
clear that he is deserving of
the Most Active New Member
of the Year Award. Ban has
exhibited the hard work and
interest in TMA since the
very beginning. He is the cochair of the Public Relations
Committee, which is in the
process of letting the world
New Member of the Year Award
know
the value of TMA,
Winner: Michael Ban (R) with
and
he
took the lead role in
presenter Ken Yager
coordinating the special insert
that appeared in the June 2006 Crain’s Chicago Business.
Ban has worked tirelessly to improve the value of TMA to our
members, and for that we are all grateful and congratulate him
on receiving this recognition.
In the Small/Medium Transaction of the Year category, the
Awards Committee selected two recipients: Morris-Anderson &
Associates, Ltd. (“Morris-Anderson”) for its work on Hitchcock
Industries and
Alvarez & Marsal for
SourceLink, Inc.
Morris-Anderson
(with the assistance
of the firms Leonard,
O’Brien, Spencer,
Gale & Sayre and
Fredrickson & Byron)
salvaged Hitchcock
Industries, which was
a third generation,
Small/Medium Transaction of the Year
family-owned
Award Winner: Bob Morris, Morris-Anderbusiness that made
son & Associates, flanked by presenters
large aluminum and
Ken Yager (L) and Mitch Rasky
magnesium castings
for commercial
airplane engines. Like many companies that served the airline
industry, the suburban Minneapolis-based Hitchcock was
hit hard after 9/11. Bad market conditions, continued pricing
pressure from
customers, and
management
missteps put
the company
into financial
distress in 2003.
Morris-Anderson
negotiated a
successful sale
of Hitchcock to
CFI Holdings
Small/Medium Transaction of the Year
for $46 million,
Award Winners: Christopher Averill, CFO
at least double
of Sourcelink, Tom Hill of Alvarez & Marsal,
the expectations
Robert Richards of Sonnenschein, Nath &
of the Hitchcock
Rosenthal and Christopher Behrens, CEO of
stakeholders, eight- Sourcelink
point-four times
prospective earnings and 31 times recent historical earnings.
SourceLink arose out of a strategy its parent company, Jordan
Industries, Inc., developed to form a national network of direct
mail and marketing companies. However, the whole ended
up being less than the sum of the individual parts, and the
strategy began to unravel. After pouring in millions of dollars
to support the group, Jordan decided enough was enough and
engaged Alvarez & Marsal to get SourceLink in shape to be sold.
However, Alvarez & Marsal were so effective that they were able
to improve SourceLink’s financials to the point that they operated
in the black, thus eliminating the need to sell the company.
Alvarez & Marsal was assisted by Sonnenschein Nath &
Rosenthal and senior management at SourceLink, including
Chris Behrens and Chris Averill.
Photos by Linda Jacobs, Alert Consultants. Additional photos from the event can be viewed on page 27.
Continued on page 15
Panel Discussion on Large Turnaround of the Year
The January Breakfast Meeting Takes Off – in a Big Way
By Mark Leipold, Gould & Ratner LLP
The year began with an exciting and well attended breakfast
meeting. More than 325 attendees, including members and
guests, were present at our first breakfast meeting of the
year. It was an opportunity for us to thank outgoing president
Bill Hass for all of his hard
work over the past year
and welcome incoming
president Lisa Johnson. It
was also an opportunity to
give a front row seat of one
of the most successful airline
reorganizations in history
– United Airlines. The program
was titled Large Turnaround of
the Year Award Winning Case
Study: United Airlines.
Upon accepting the award, Dan Wikel, managing director of
Huron Consulting Group, moderated a panel consisting of
Jake Brace, executive vice president, and Kathryn Mikells, vice
president of financial planning and analysis and past treasurer
from UAL Corporation; and from
Kirkland & Ellis, former partner
Jamie Sprayregen (currently
managing director of Goldman
Sachs), and partners Marc
Kieselstein and David Seligman.
The panel was rounded out by
Ira Wolfson, vice president of
Rothschild, Inc.
The panel presented a succinct
summary of the issues faced
by each of the professionals
Our chapter honored United
in their areas. While each
Airlines and its professionals,
of the presentations was
Huron Consulting Group,
interesting, it soon became
Kirkland & Ellis and Rothschild, Large Turnaround of the Year Award Winners: David Seligman
clear why United succeeded:
Inc. As Mitch Rasky (who
and Marc Kieselstein of Kirkland & Ellis, Ira Wolfson of Rothschild, The coordinated efforts and
together with Dave Mack and
strong communication between
Jamie Sprayregen of Goldman Sachs (formerly K&E), Kathryn
Mikells and Jake Brace of UAL Corporation, Dan Wikel of Huron
Ken Yager chair our Awards
the professionals and United’s
Consulting Group, with Breakfast Committee co-chair Harold Israel senior management. Each
Committee) stated in his
of Kaye Scholer
presentation, “At a time when
of the professionals and the
many Americans believed the
company learned aspects of
skies weren’t so friendly, United
each other’s areas of expertise
Airlines and its professionals battled a dismal travel industry
as well as the philosophy and principles of United. As a result,
environment, soaring fuel prices, potential terrorist threats and
these professionals and senior management operated as
an imminent SARS pandemic. What emerged from bankruptcy
one “United” team. Both the award and the success of the
was a company that is reasserting itself as a competitive airliner
reorganization are directly attributable to this cooperation.
on more solid financial ground.”
Continued from page 14
The Large Transaction of the Year
Award was presented to Harney
Management Partners for its work with
Antigo Cheese Company in Antigo,
WI. Antigo had a debt-to-equity ratio
in excess of five-to-one; excessive
inventory of more than 5 million pounds
of parmesan; operational loss of $2.5
million in 2004; and $1.4 million loss
through the first six months of 2005.
Harney got it in shape to sell to another
Large Transaction of the Year Award Wincompany
that delivered 100 percent
ners: Presenter Ken Yager, James Harney,
premium
per
share price to former Antigo
Michael Garvey and presenter Mitch Rasky
employees in the employee stock option
program and saved 200 jobs in a small Wisconsin town.
The chapter wishes to congratulate all of our award winners and the professionals
involved. In addition, we thank the Awards Committee Co-Chairs: Dave Mack, Mitch
Rasky and Ken Yager for all of their hard work.
Mark your Calendars!
2007 Breakfast Forum Dates:
May 11
“Award Winning Case Studies”
The Mid-Day Club
September 14
November 9
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At PNC Business Credit, we thoroughly evaluate your assets, often
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visit www.pnc.com.
PNC Business Credit is the asset-based lending arm of PNC Bank,
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rights reserved.
Schwartz
Cooper
Schwartz Cooper
knowledge
to turn the tide
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companies, their lenders and other creditors.
Our nationally recognized Bankruptcy,
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has decades of experience representing
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For bankruptcy, insolvency or creditors’
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S C H W A R T Z
C O O P E R
C H A R T E R E D
180 North LaSalle Street, Suite 2700, Chicago, Illinois 60601
T 312.346.1300 F 312.782.8416 www.schwartzcooper.com
Huron is proud to announce the
acquisition of Glass & Associates, Inc.
With this recent addition, Huron’s turnaround
and restructuring team now numbers over 90
professionals in the United States and Europe,
ready to help companies, creditor constituencies,
and other stakeholders turn the tide.
For information about our services please contact one
of our Managing Directors:
John DiDonato
646-691-0797
Thomas Halloran
646-277-2220
Shaun Martin
917-757-4974
Richard Caruso
412-298-8675
Tony Howard
770-364-0531
Susan Storey
646-277-2275
Dalton Edgecomb
203-253-1862
Michael Kennelly
312-583-8766
Michael Sullivan
646-277-2213
Sanford Edlein
214-676-8692
Steven Korf
646-277-2231
Alan Tilley
44 7899 796916
Sherman Edmiston
917-488-8116
Brian Linscott
312-583-8721
Rob Vanderbeek
646-277-2224
Thomas Evans
248-273-0981
James Lukenda
646-277-2207
Daniel Wikel
312-880-3003
© 2007 Huron Consulting Services LLC. All rights reserved.
Past President’s Perspective
Editors’ Note: 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.
The Value of TMA Membership
By Randall Wright Patterson, Lake Pointe Partners LLC
Randy Patterson, 1998
Having been a member of the TMA
since 1990, it’s interesting to look back
over the last 18 years and see how
far this association of turnaround and
restructuring professionals has come.
Since its beginning in 1989, TMA has
been about networking, education, and
advancing industry awareness in the
general business community. In 1993,
TMA expanded its mission to include
certification.
Networking
Diversity of Membership – One of the unique characteristics
about TMA is its diversity of membership, including lenders,
insolvency accountants, turnaround practitioners, bankruptcy
attorneys and that age-old “other” category that includes
academics, auctioneers, investors, investment bankers,
private equity, and liquidators, to name a few. As a byproduct of this composition, three out of four professionals
that you meet at a TMA function will likely not be your
competitor, rather a potential referral source.
Opportunities to Expand Your Network – With more than 35
events planned by the Chicago/Midwest Chapter alone, there
are many opportunities to expand your network. Add the
activities of the other 39 regional chapters across the globe
and the opportunities seem unlimited. And there’s something
for everyone with events like Martini Night, Texas Hold’em
tournaments, women’s networking functions, regional and
international conferences, museum and Millenium Park tours,
golf outings, fund raisers, community involvement projects
and a host of educational forums.
Get Involved – And while it’s always nice to meet a potential
referral source for the first time and add his or her contact
information to your database, referrals come from people
who prefer to do business with people they know well, trust
and have worked together in the past. So why not join a
committee and work side-by-side with potential referral
sources? There are hundreds of committees internationally
that are always looking for members to help. In the Chicago/
Midwest Chapter alone there are 18 committees covering
membership, education, entertainment, certification,
community relations and women’s group, just to name a few.
Education
World-Class Quality – Over its 18-year history, TMA has
enhanced the quality of its educational programs to worldclass levels. Whether its Rudi Guiliani as the keynote
speaker at an international conference talking about crisis
management in New York following the 9/11 attacks, or
a local chapter panel on the turnaround of United Airlines
featuring Chicago’s own nationally recognized restructuring
professionals, the topics are usually fascinating, thought
provoking, insightful, timely and educational.
Comprehensive Content – Just at the local chapter level
alone, the amount of educational content is extensive.
General topics include economic forecasts and industry
trends, legislative updates, general management training,
technical training, certification training and the like. In an
industry that has turnaround and restructuring professionals
looking for education focused on their specific needs, TMA
fits the bill.
Advancing Industry Awareness
Having been in the business for 18 years, I recall the days not
that long ago where other professionals had not even heard
of turnaround practitioners, let alone how such people could
assist underperforming and financially troubled businesses.
Thanks to the hard work of the TMA at the local, national
and international levels, the understanding of turnaround and
restructuring advisors (including all insolvency professions)
and their role in corporate renewal is known to most in the
general business community today.
Certification
Why Certification? – There used to be an expression that “the
best thing about being a banker, lawyer or accountant, is that
if you ever got fired, you could always add “inc.” after your
name and become a turnaround guy.” This tongue-in-cheek
reality led to the demand for certification, and in 1993, the
Association of Certified Turnaround Professionals (ACTP)
and its certification program became a reality.
Benefits of Certification – The demands of the certification
process require that you meet minimum educational,
experience and testing standards. This can be a key
differentiator in engagement opportunities. Further, continuing
education requirements mandate that we are current with
what’s happening in our industry and are constantly prepared
to address challenges from a technically current perspective.
Interestingly, more and more firms are also looking to the
certification process to augment their risk management
programs.
Summary
It’s nice to have seen TMA grow into the fine organization
that it is today. I take great pride in the small role I played
as chapter president in 1992 and 1993, building on the
foundation of those that preceded me. More impressive is
the work of those since then who have taken TMA to the
next level. Today, TMA is the only international not-for-profit
association dedicated to corporate renewal and turnaround
management, and has 7,800 members in 40 regional
chapters. Now that’s a story.
Hold the Press! TMA’s Newsletter of
Corporate Renewal is Adding Color!
You heard right, beginning with the May 2007 issue, we will be printing
a full color newsletter for your enjoyment. Not only does this mean
you will finally get to see your favorite TMA personnel and members in
color pictures, but logos will pop with added benefit as well. What else
does it affect?
Color Advertising
Advertisers - including sponsors - now have the opportunity to print
their ads in either black & white or color, beginning with the next issue.
Ad rates are detailed below.
If you would like to secure your space for a future issue, please contact Mark Leipold at [email protected] or Joanne Krakora at
[email protected] to receive complete ad specification
guidelines.
Size
Black & White
Color
Full Page
$965
$1,325
Half Page
$550
$750
Quarter Page
$345
$475
Eighth Page
$210
$290
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.
The Chicago/Midwest Chapter proudly recognizes the following organizations and their Certified
Turnaround Professionals (CTPs)
AEG Partners LLC
Lawrence Adelman
Chatered Management Co.
William Avellone
Glass & Associates Inc.
John DiDonato
Alert Consultants Inc.
James Rubenstein
Condor Financial Group Inc.
Gilman King
Heartland Capital LLC
Timothy Czmiel
AlixPartners LLC
Ronald Bienias
John Dischner
Michael Feder
Conway, MacKenzie &
Dunleavy Inc.
Frank Mack
Joshua Siano
Jeffrey Zappone
High Ridge Partners
Frank Wojtowicz
Corporate Revitalizaton
Partners LLC
Thomas O’Donoghue
Keystone Consulting Group
Brian Stewart
Alvarez & Marsal Inc.
Brian Whittman
Atlas Partners LLC
Biff Ruttenberg
BBK Ltd.
Peter Pappas
Robert Webb
Buccino & Associates Inc.
Harry Novak
Burnham Venture Management
Ray Anderson
Capstone Advisory Group LLC
Jeffrey Hyland
Cerberus Capital Chicago LLC
Matthew Niemann
Cosi Inc.
William Forrest
David C Finkbiner & Co. SC
David Finkbiner
Enterprise Management
Group Inc.
Dennis Kraska
Kaufman Hall
Anu Singh
Kutchins, Robbins
Diamond Ltd.
Allen Kutchins
Lake Pointe Partners LLC
David Allen
Kurt Knipp
Randall Wright Patterson
Mesirow Financial Consulting
Thomas Allison
Melissa Knoll
Moglia Advisors
Alan Samsky
Morris-Anderson & Associates
David Bagley
Bernadette Barron
Daniel Dooley
Robert Haldi
Larry Hennessy
Michael Jakolat
Robert Morris
William Van Der Weele
Robert Wanat
Prairie Capital
Michael Barry
Promotory Point Partners LLC
Jeff Vogelsang
FTI Palladium Partners
Michael Buenzow
Gandhi Consulting
Kiran Gandhi
ReesePartners LLC
Sandra Reese
Shepherd Partners Inc.
Tony Natale
St. Vincent Catholic Medical
Center
Paul Rundell
Teamwork Technologies Inc.
William Hass
University of St. Francis
Mark Hagar
Vector Consulting LLC
Michael Baratta
White Oak Group
Murray Lessinger
Dave Mack
Wynnchurch Capital Ltd
Duncan Bourne
Samuel Williams
Meet the Committee
Editors’ Note: This is a 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.
Women’s Group
Women of the TMA, unite!
Participation in the roughly bi-monthly women’s events is a great
way to meet many of the industry’s top female professionals while
enjoying some of the most creative and fun events you’ll find
anywhere. And while the attendees are mostly women, the few
brave men who attend the events are always glad they did.
This year, the Women’s Group has adopted a “Live Your Best
Life” theme. The goal is to meet great women while enriching your
life.
Here’s the working schedule:
February 1 – Poker 101 with IWIRC Chicago (see the recap on
page 13)
March 23 – Healthy Lunch & Learn series
June 20 – Networking and Lessons at the annual golf outing
August 15 – Architectural Boat Cruise
October 5 – Healthy Lunch & Learn series
November 15 – Healthy Cooking Class (just in time for the
holidays)
If you’d like more information about any of these events, please
contact Chris Glatz or any of the co-chairs:
Cheri Anderson
(630) 269-5501
[email protected]
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New Members Are the Strength of our Organization
New members
We welcome the following new members to the Chicago/Midwest Chapter of the TMA.
Ed Allen, Bossard
Dean Anderson, American Capital
Charles Baker, The Bank of New York
Ed Bidanset, CE Inc.
Stephanie Buckles, LaSalle Network
Bruce Denby, LaSalle Business Credit Inc.
Chris Dickerson, Skadden Arps Slate Meagher & Flom LLP
David Diggs, Bank of America
Susan Henry, Huron Consulting Group
Jim Herst, Performance Source Inc.
Gina Johnson, Big Lots Capital Inc.
Paul Lakin
Eric Madry, The University of Chicago
Rakesh Malhotra, Universal Granite & Marble Inc.
Jeffrey Mann, Energy Conversion Systems
Ron Meisler, Skadden Arps Slate Meagher & Flom LLP
Diane Meister, Meridian Associates Inc.
Claude Napier, McDermott Cue Mfg.
Agnieszka Nicely, BMO Capital Markets
Justin Oldham, Huron Consulting Group
Paul Possinger, Winston & Strawn LLP
Susan Remis, Jeffrey Wells
William Robin, BMO Capital Markets
John Saccameno, Checkpoint Systems Inc.
Dave Sheetz, Rally Capital Services LLC
Kristine Sheetz, Rally Capital Services LLC
Eric Showalter, INTERMET Corporation
Jay Simner, Relational LLC
Tom Stamborski, Liquid Capital of Illinois
Anthony Stonitsch
Steven Stromp, Stromps Inc.
Gregg Szilagyi
Simpsy Teckchandani, Huron Consulting Group
Dave Vagesh
Eric von Helms, Mallery & Zimmerman
John Washburn, Gould & Ratner LLP
Nick Zaccagnini, Huron Consulting Group
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Chicago Chapter Member News
Ken Yager has been promoted to managing director of
Morris-Anderson & Associates. In the 16 months he has been
with the firm, he has acted as interim chief operating officer
for a building products distributor, developed the divestiture
plan for a cold-rolled steel processor and managed
negotiations with 1,200 vendors for an outdoor equipment
company.
Navin Nagrani of Hilco Real Estate LLC served as a
moderator for a capital markets panel hosted by the Real
Estate Investment Association on February 2.
Magna Principals LLC has announced that respected
healthcare executive Terry Cady will be managing director of
its healthcare practice, effective immediately.
Jill L. Murch has been elected to partnership at Foley &
Lardner LLP. Murch is a member of the firm’s Business
Reorganization Practice. She specializes in commercial
bankruptcy, insolvency, and restructuring matters as well as
related bankruptcy litigation on behalf of chapter 11 debtors,
lenders, creditors’ committees, governmental agencies, and
federally chartered entities.
Larry Hennessy is now a principal and equity holder with
Morris-Anderson & Associates. Hennessy joined the firm in
1999, working first as a consultant and progressing to project
manager and market/project manager before establishing
local Morris-Anderson markets in St. Louis and Kansas City.
He created the well-received Morris-Anderson Executive
Mentoring Service in 2005, and reaches more than $1 million
in sales per year.
Lake Pointe Partners LLC is pleased to announce that Jon
B. Anderson has joined the firm as partner-in-charge of
the newly opened office in Shanghai, China. Anderson is
a seasoned business executive and consultant with more
than 30 years of diverse experience working in fast-growth,
industry-leading manufacturing and service companies.
David Chisholm, chief executive officer of Hilco Financial
LLC, announces that Karen J. Gottwald has joined the firm
as senior vice president. Gottwald will specialize in loan
originations and will be based in the Northbrook headquarters
office.
Aaron Hammer of Freeborn & Peters LLP recently spoke
at The Canadian Institute’s 7th Advanced Insolvency Law &
Practice seminar in Toronto, Ontario, on effectively advising
your cross-border clients under new chapter 15 of the
Bankruptcy Code.
Michael Oleshansky has been promoted to vice president
at Industrial Opportunity Partners, a Chicago-based private
equity firm dedicated to creating value through investing in
manufacturing and value-added distribution businesses with
sales between $30 million and $300 million.
Morris-Anderson & Associates’ Principal and TMA Chicago/
Midwest 2005 President Dan Dooley presented MorrisAnderson’s 13 Week Cash Flow Program as part of
TMAassist on December 7 for the New Orleans Chapter of
the TMA. On February 12, he participated in a CRO panel
in conjunction with the TMA Toronto Chapter’s regional
conference, and on May 24, he will participate in a panel
discussion “Vetting The Deal” at the 2007 Dow Jones
Distressed Investment Forum in New York, NY. Dooley also
co-authored an article with John Battaglia, managing director
with Morris-Anderson’s New York office, entitled “The New
World of Preferences” which was published in the February
issue of the TMA Journal of Corporate Renewal.
Andy Boemi has been elected to the board of directors of
publicly held Access Plans USA. Boemi was previously on
the board of directors of Insurance Capital Management, the
fourth largest independent health and life insurance agency
in the U.S., which merged into the renamed Access Plans
USA, formerly Precis Inc.
Huron Consulting Group is proud to announce that Brian
Linscott has been promoted to managing director.
Dave Mack, CTP, managing partner of White Oak Group,
received an award from the TMA for his “Outstanding
Contribution in Implementing a Successful New Idea.”
The award recognized Dave’s leadership in spearheading
January’s Distressed Investing Conference in Las Vegas.
The inaugural event was extremely successful with over 400
attendees.
What’s Your News?
Chicago/Midwest Chapter TMA Members: We’d like to hear about you! Did you recently receive a promotion? Change employment? Win an award? Speak at an international conference?
Please submit your information for the “Chicago Chapter Member News” to Chris Glatz at [email protected].
What’s the Deal: Doing Business in Chicagoland and the Midwest
Concord Financial Advisors LLC was recently retained
to represent an East Coast Distribution Company on a $35
million senior secured debt refinancing. In addition, Concord
was recently retained by a $100 million consumer products
distribution company in New Jersey to arrange $35 million of
senior debt financing. In both instances, a fellow TMA member
referred Concord into the deal.
Bob Stegmann, associate managing partner of Tatum LLC’s
Chicago office is pleased to announce that U.S. Bankruptcy
Court for the District of Delaware approved appointment of his
partner Dave Harbert as interim chief financial officer of DURA
Automotive Systems, Inc. Dura is a $2.3 billion automotive
supplier to every North American, Japanese and European
original equipment manufacturer and many leading Tier 1
automotive suppliers.
Eugene J. Geekie, Jr., a partner in the bankruptcy and
reorganization practice at Schiff Hardin LLP, recently handled
the Section 363 bankruptcy acquisition of the Chicago real
estate holdings of debtor Chicago Hudson LLC, on behalf of
Royal Properties Inc., a large residential and commercial real
estate developer based in Champaign.
Moglia Advisors recently completed the sale of The Tingstol
Company, a printed circuit board manufacturer in Elk Grove
Village. Moglia operated the company for 30 days post-close to
assist the buyer in retaining customers. In return, the receivables
were sold for book value, and the Moglia team negotiated a
two-year earn out on revenue generated from the retained
customers. The fixed assets were sold to the Branford Group.
In addition, Moglia recently assisted a large metal stamping
company serving the auto industry in consolidating its three
plants. Moglia designed and implemented a plan to close its
Chicago facility and transition operations to its other plants.
Lake Pointe Partners LLC is pleased to announce that it has
opened an office in Shanghai, China. The strategically located
office will augment and expand Lake Pointe’s core operational
performance improvement services, including international
interim management, strategic sourcing, business development,
and logistics and supply chain management.
Conway MacKenzie & Dunleavy (“CM&D”) announced the
sale of Lifestream Technologies Inc., a publicly traded maker
of over-the-counter cholesterol testing devices, to Polymer
Technology Systems Inc. in a Section 363 asset sale in the U.S.
Bankruptcy Court of Nevada. Chicago/Midwest TMA members
involved in the matter were Frank R. Mack of CM&D who served
as CRO of Lifestream and Timothy Stallkamp of CM&D who
served as financial advisor, Mark A. Berkoff of DLA Piper US
who served as insolvency counsel to Lifestream, Michael P.
O’Neil of Sommer Barnard who served as insolvency counsel to
Polymer, and David W. Wirt of Winston & Strawn who served as
insolvency counsel RAB Special Situations (Master) Fund.
Industrial Opportunity Partners (“IOP”) announced that it
has acquired all of the assets of Center Manufacturing Inc.
(“Center”), a Grand Rapids, MI-based manufacturer of complex
welded tubular assemblies primarily for motorcycles, all-terrain
vehicles, automotive seat frames and automotive instrument
panel tie bars. IOP has identified additional opportunities to
meaningfully improve the cost structure and manufacturing
efficiency at Center, and has placed Operating Principal Andrew
Weller as chairman of the company to provide leadership and
support to management.
Oak Point Partners recently purchased a portfolio of Preference
Defaults in the Oakwood Homes Corporation bankruptcy case
from the Liquidating Trustee, Alvarez & Marsal, in the U.S.
Bankruptcy Court of Delaware.
Effective January 2, Glass & Associates has joined Huron
Consulting Group’s Corporate Advisory Services practice,
expanding Huron’s position in the restructuring and turnaround
marketplace. Former Glass president, John DiDonato, has been
named practice leader for the combined group with professionals
resident in Chicago, New York, Dallas, Detroit, Cleveland,
Atlanta, London and Frankfurt.
White Oak Group recently concluded an interim management
and debt restructuring assignment for Poter Construction and
Development following the untimely death of its owner. Much
Shelist served as counsel to the company. Great American Group is currently conducting storeclosing sales for Lord & Taylor at Water Tower Place in
Chicago. Founded in 1826, Lord & Taylor is a major department
store carrying apparel and accessories for men, women, and
children.
Suzanne Koenig of SAK Management Services LLC was
granted expanded powers beyond the financial receiver’s powers
to include full operational and management responsibilities for
the Woodbine Nursing Home LLC, in the Circuit Court of Cook
County Chancery Division of Illinois. In addition, Koenig was
appointed patient care ombudsman by Diana Adams, U.S.
Trustee for Region 2 of the U.S. Bankruptcy Court, Southern
District of New York, in the New York Westchester Square
Medical Center case. This is one of the initial appointments
for a patient care ombudsman since the adoption of the new
Bankruptcy Code in October 2005.
What’s Your Deal?
Hey, TMA members! We want to hear about you and your business. Did you recently win an engagement? Did you provide
refinancing for a troubled company? Did another TMA member refer you into the deal? Tell us your story!
Submit What’s the Deal information to Chris Glatz at [email protected].
Newsletter Committee
Seeks Volunteers
Are you interested in getting involved with
the TMA but don’t know where to begin?
Then come be a part of the Chicago/Midwest Newsletter Committee.
We are often the first to know about TMA
events and activities and enjoy our role in
spreading the word. We are now working
toward converting this newsletter into a
full-color format for the enjoyment of all
our members and sponsors.
Responsibilities include planning articles
for each issue, soliciting advertising and
writing about some of the great events our
chapter hosts.
If you are interested, please contact VP of
Communications Joe Fobbe at
[email protected], or Newsletter
Committee Co-chairs Mark Leipold at
[email protected] or
Kevin Krakora at
[email protected].
Of course, Chris Glatz is always helpful in
getting you in touch with the right people
- she can be reached at
[email protected].
Turnaround Management Association
Chicago/Midwest
2007 Board of Directors
and Steering Committees
Officers
Committee Chairs
President-Elect
Norman B. Newman
Much Shelist
312-521-2492
[email protected]
David Bogetz
Burnham Capital Partners LLC
312-261-6936
[email protected]
President
Lisa N. Johnson
Wells Fargo Business Credit Inc.
708-386-0899
[email protected]
Vice President-Programs
Jeffrey S. Hyland
Capstone Advisory Group
312-674-9674
[email protected]
Vice President-Communications
Joseph J. Fobbe
PNC Business Credit
312-338-5688
[email protected]
Vice President-Community Service
Sid Lambersky
Morris-Anderson & Associates Ltd.
312-254-0880
[email protected]
Secretary
Thomas E. Pabst
Great American Group
847-444-1400
[email protected]
Treasurer
Carl Lane
Deloitte Financial Advisory Services LLP
312-486-3069
[email protected]
Administrator
Christine M. Glatz
Glatz Management Services Inc.
815-469-2935
[email protected]
Ex-Officio Past President
William J. Hass
Teamwork Technologies Inc.
847-564-5575
[email protected]
Directors
Thomas E. Jones
Concord Financial Advisors
312-663-6684 x 224
[email protected]
Awards
Mitchell B. Rasky
LaSalle Business Credit
312-904-8858
[email protected]
Ken Yager
312-254-0880
[email protected]
Breakfast Programs
Harold D. Israel
Kaye Scholer LLC
312-583-2333
[email protected]
Financial
Raymond M. Neihengen
White Oak Group
847-441-2973
[email protected]
Carl Lane
312-486-3069
[email protected]
Navin Nagrani
Hilco
847-504-3218
[email protected]
Communications
Kelly T. Frank
Auction Services Group
312-223-8324
[email protected]
Stan Orszula
Adelman & Gettleman
312-435-1050x299
[email protected]
Joseph J. Fobbe
PNC Business Credit
312-338-5688
[email protected]
Community Service
Patricia M. Wu
Great American Group
847-444-1400
[email protected]
Mike Paulsen
Thilman Filippini
312-527-2738
[email protected]
Gerald O’Dwyer
Fuzhen Group
312-235-6620
[email protected]
James M. Rubenstein
Alert Consultants Inc.
847-501-5000
[email protected]
Mark K. Gertzof
Merrill Lynch Capital
312-499-3338
[email protected]
Frank Mack
Conway, MacKenzie & Dunleavy
312-220-0100
[email protected]
Harold D. Israel
Kaye Scholer LLC
312-583-2333
[email protected]
Continuining Education
Ray Anderson
Graue Mill Partners LLC
630-835-4298
[email protected]
Lake Pointe Partners
312-857-0001
[email protected]
Pro Bono
David E. Mack
White Oak Group
847-441-1867
[email protected]
Duncan S. Bourne
Wynnchurch Capital
847-604-6104
[email protected]
Kimberly A. Metzner
The Collateral Resource Group LLC
847-681-8850
[email protected]
Frank Mack
312-220-0100
[email protected]
Jeffrey S. Hyland
Capstone Advisory Group
312-674-9674
[email protected]
Future Leaders
Jason Edelson
Transcap Trade Finance LLC
847-753-9600
[email protected]
CTP Relations
Bernadette M. Barron
312-254-0880
[email protected]
Kevin A. Krakora
Mesirow Financial Consulting LLC
312-595-8511
[email protected]
Parliamentarian
Chrisopher J. Horvay
Gould & Ratner LLP
312-899-1624
[email protected]
Mark Gertzof
Merrill Lynch Capital
312-499-3338
[email protected]
Chad Peterson
Kellogg School of Management
312-795-0453
[email protected]
Kelly T. Frank
Auction Servcies Group
312-223-8324
[email protected]
Jason Leuvoy
Presidential Financial Corporation of the Midwest
312-222-9655
[email protected]
Gerald Saltarelli
312-220-0100
[email protected]
Dan Wikel
Huron Consulting Group
312-880-3003
[email protected]
Entertainment
Suzanne Koenig
SAK Management Servcies LLC
773-202-0000
[email protected]
Kurt Knipp
312-857-0002
[email protected]
Inter-Chapter
Paul E. Krantz
GMAC Commercial Finance
312-775-7062
[email protected]
Howard J. Mullin
312-254-0880
[email protected]
William Reimnitz
Riviera Finance
630-627-8750
[email protected]
Membership
Tom Thompson
Chartered One Business Capital
312-777-3559
[email protected]
David Onion
Chicago Capital Holdings
630-455-1002 x 17
[email protected]
Bob Handler
Commercial Recovery Associates LLC
312-428-4858
[email protected]
Milwaukee Programs
Philip L. Ostroski
Associated Commercial Finance
414-283-2367
[email protected]
Michael R. Colloton
First Business Capital Corp.
262-792-7180
[email protected]
Daniel G. Quirk
AccuVal Associates Inc.
847-876-1454
[email protected]
Bob Ollhoff
M&I Bank
262-767-5680
[email protected]
Newsletter
Mark Leipold
Gould & Ratner LLP
312-899-1651
[email protected]
Kevin A. Krakora
312-595-8511
[email protected]
Bob Morris
Morris-Anderson
312-254-0880
[email protected]
312-727-0180
Harry R. Novak
Buccino & Associates Inc.
312-629-1200
[email protected]
Public Relations
Michael Ban
Capital TempFunds
773-388-8382
[email protected]
Drew Cardonick
Goldberg Kohn
312-201-3921
[email protected]
Sid Lambersky
312-254-0880
[email protected]
Special Programs
Frank Melazzo
Getzler Henrich & Associates
312-474-6177
[email protected]
Gail D. Heldke
Wells Fargo Busienss Credit Inc.
312-845-4455
[email protected]
312-857-0001
[email protected]
Anu Singh
KaufmanHall
847-441-8780
[email protected]
Sponsorship
David Enghauser
Chase Business Credit
312-661-5576
[email protected]
Thomas E. Jones
Concord Financial Advisors
312-663-6684 x 224
[email protected]
Teresa B. Gerlach
North Fork Business Capital Corp.
630-684-7202
[email protected]
Women’s Group
Kimberly A. Metzner
The Collateral Resource Group LLC
847-681-8850
[email protected]
Cheri Anderson
630-269-5501
[email protected]
Suzanne Yoon
CIT Group
312-223-9957
[email protected]
The Effect of the Bankruptcy Code Amendments on Initial Viability Analyses
By Melanie Rovner Cohen and Faye B. Feinstein, Quarles & Brady LLP
Editors’ Note: The following article was printed in the June 2006 TMA Insert
of Crain’s Chicago Business; it is being reprinted with the permission of the
authors.
Nothing stays the same. In 1978 when the Bankruptcy Reform
Act first became effective, we believed, based on history, that we
had a 40-year tenure under that statute; but we were wrong.
Although most of the 2005 changes to the Bankruptcy Code
affect consumer filings, these amendments have changed the
balance of power, reduced time frames, increased potential
costs, eliminated court discretion from critical decisions and have
potentially made business reorganizations more difficult and
costly and less likely to succeed.
An initial viability analysis requires a determination of whether
the potential benefits of a bankruptcy filing can be utilized in
accomplishing an operational restructuring. Whether you are
or represent a landlord, lender or struggling business, changes
in the bankruptcy law will impact your strategy. A serious
“bankruptcy audit” should be undertaken as early as possible,
since a bankruptcy case once filed will move much more quickly
through the courts. This is true since creditors may well take
your choices away by filing an involuntary petition in order to
take advantage of the changes to the Bankruptcy Code which
have tipped the balance of power to the creditor side.
Exclusivity in presenting a plan is now limited to 18 months,
and for a small business (defined as a business with less than
$2 million in debt), 180 days. In a single asset real estate case,
which now includes projects with unlimited secured debt (as
opposed to the previous $4.0 million ceiling) a plan must be
filed or the debtor must make adequate protection payments
within 90 days. No longer can a debtor file for relief, rely on the
automatic stay and take a “wait and see” approach. Debtors
must now determine whether to assume or reject a lease of nonresidential real property within 120 days of the filing, with only
one 90-day extension for cause, unless the lessor agrees to a
further extension. Planning must be done pre-bankruptcy and
effected if appropriate, in bankruptcy.
Cash needed to fund the chapter 11 is also potentially increased
by changes relating to requirements for utility payments.
Unless the utility agrees otherwise, within 30 days of the
commencement of the case, the debtor must furnish assurance
to the utility in the form of a cash deposit, letter of credit,
certificate of deposit, surety bond, prepayment or other agreed
security.
Whatever your position is vis-à-vis the debtor, as you first see
signs of weakness, evaluate your position on contracts, security
interests, preferences, fraudulent conveyances and real estate
interests, including leases, in order to timely assess viability and
to prepare a strategy which will afford you and your client the
greatest likelihood of success.
Melanie Cohen and Faye Feinstein are both partners with
Quarles & Brady LLP in Chicago. They can be reached via email
at [email protected] and [email protected], respectively.
More Value
Created More Ways.
Hilco Understands the True Value of Assets
at a Point in Time and Knows How to Fully Recover that Value.
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.
Monetize the full value of business assets. For more information on our comprehensive services, call:
1-800-52-HILCO
Asset Valuation, Disposition, Acquisition and Financing
www.hilcotrading.com
More Sights from the January Breakfast
TMA Membership Application
Forum
Name:
Title:
Firm:
Address:
City:
State:
ZIP:
Phone:
Former Chicago/Midwest TMA President
Bill Hass is thanked by all, and presented
a clock plaque by incoming President Lisa
Johnson.
Fax:
Email:
Web site:
Referred by:
Membership Category (please circle):
Annual
Member
$275
Academic/Gov
$115
Student
$ 65
A capacity crowd of more than 300 attended the January
Breakfast seminar and witnessed the UAL Corporation panel
discussion.
Mid-year Year-end
(7/1-8/31)* (9/1-11/30)**
$150
$375
$115
$150
$ 65
$ 85
*New members only; does not include Directory listing
**Year-end dues expire on 12/31/08
Memberships are on an individual basis only and are nontransferable. Membership includes a listing in the 2007-08
Directory of Members and Services.
Method of Payment (please circle):
Visa
American Express
MasterCard
Check
Acct #:
Exp. Date:
Signature:
Preferred Chapter: Chicago/Midwest
Turnaround Management Association
100 South Wacker Drive, Suite 850
Chicago IL 60606
Panel organizer & moderator Dan Wikel calls on UAL Corporation EVP Jake Brace during the Large Turnaround of the
Year discussion.
Phone: 312-578-6900
Fax: 312-578-8336
Email: [email protected]
www.turnaround.org
Photos by Linda Jacobs, Alert Consultants
The Chicago/Midwest Chapter of the TMA thanks the following 2007 Platinum and Gold Sponsors:
Platinum Sponsors
Gold Sponsors
AccuVal Associates Inc.
Atlas Partners LLC
Bank of America
BMO Capital Markets
Bridge Associates LLC
Chase Business Credit
Chicago Capital Holdings LLC
CIT
Crystal Capital
First Business Capital Corp.
Fort Dearborn Partners Inc.
Getzler Henrich & Associates LLC
Goldberg, Kohn, Bell, Black,
Rosenbloom & Moritz Ltd.
Gould & Ratner LLP
Huron Consulting Group
Lincoln Partners LLC
North Folk Business Capital Corporation
Schwartz Cooper Chartered
Stout Risius Ross Inc.
Textron Financial
White Oak Group
Winston & Strawn LLP
Presorted
First Class
U.S. Postage
PAID
Permit 102
Northfield IL
Christine Glatz, Chapter Administrator
P.O. Box 33
Frankfort IL 60423
(815) 469-2935 Fax (815) 469-1901
Email: [email protected]
Welcome Risk Management
Association 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.

Corporate Renewal - Turnaround Management Association

Transcription

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