TMA Mar 05 - Turnaround Management Association

The Newsletter of
CORPORATE RENEWAL
March/April 2006
Volume 7, Number 2
TURNAROUND MANAGEMENT ASSOCIATION
C h i c a g o /M i d w e s t C h a p t e r
From Our President:
Great Experiences this Spring!
A
ssociations are all about doing those things
we cannot do alone, and our upcoming
spring events reflect the collaborative
nature of our mission of education and
networking. These programs promise to share
knowledge, and provide educational opportunities to both
our members and the professional communities we serve.
What’s Inside?
!
Upcoming Events — 2,3
!
Past Events — 5-8
!
Award Nominations Requested — 9
!
Investment Banking for Distressed
Companies — 10-13
!
Chicago Chapter CTPs — 13
!
Member News — 14,15
!
New Member Listing — 15
!
What’s the Deal? — 16,17
!
Board Member and Committee
Listing — 18
!
Membership Survey — 18
!
Membership Application — 19
William J. Hass
May 18, Thirteen-Week Cash Flow Workshop
This event marks the continuation of our Troubled Loan Workshop Series for experienced
and new loan officers and turnaround professionals. The Series is such as success that
it is being developed for use by other TMA chapters! It’s one of our turnaround tools
with global application. Materials are now being prepared, so we particularly welcome
short articles and suggestions on cash flow planning-related principles, management
practices and modeling techniques from all our Chapter members.
June 22-23, Liquidity and Corporate Renewal Symposium
This event is part of TMA’s New Global Educational Symposium (GES) Series, which
we hope will be offered in New York and Chicago in alternating years. The purpose of
this two-day educational program is to bring together industry thought leaders to provide
both academic and professional insights on our industry and profession. Award-winning
and entertaining Professor Matt McBrady, from the Darden Graduate School of
Management, will lead a panel of academics covering liquidity issues and new research.
Cash prices for award-winning papers by practitioners and academics may be given for
the first time!
GE Capital’s Managing Director Brent Hazzard is the national program chair of the
GES. Brent and his committee promise an enlightening and practical program and
what will be a great international networking event. Watch for more details as the
program develops.
Chapter leadership in planning these and our other similar events falls under the guidance
of our Education Committee co-chairs Anu Singh, Frank Mack and Ray Anderson. We
hope you and/or one of your representatives support these new and unique programs.
If you would like to get involved, please give one of our co-chairs a call. Contact
information can be found on the inside cover of this publication.
And as always, our chapter leaders are working on new initiatives that will make your
membership more valuable to you. But we need your help. If you have suggestions or
wish to get involved, please return the survey that’s included in this issue.
Looking forward to hearing from you,
Bill Hass
Bill Hass, CTP
Upcoming Events
Read ‘Em and Weep
April 20, 2006
Future Leaders Inter-Association
Networking Event
Avenue M – 5:30 p.m.
Be sure you mark your calendars for the
Texas Hold ‘em networking event scheduled for
St. Louis on May 4th. Last year, the ladies were the
big winners and we are looking for challengers to take them on!
April 27, 2006
Milwaukee Program – Panel Discussion
The University Club – 5:30 p.m.
The Chicago team of Paul “the River” Krantz, Chuck
“Chi Town” Gerlach, Gordon “the Shade” Holtby, Mike “the Hammer” Costello
and Frank “the Hit Man” Melazzo will be retuning to deal the winning hands. Last
year was a lot of fun and we expect many more people to participate this year. In
addition to the great networking opportunity that will be available, the winner will
go home with a great prize.
May 4, 2006
Inter-Chapter Texas Hold’em
St. Louis, Missouri
May 5, 2006
Breakfast Forum
Mid-Day Club
So get out your best dark glasses and your winning ways and “Join us in St. Louie,
Louie!”
May 11, 2006
Wicked Theatre Event
Oriental Theatre
Calling all Professionals, Young and Old!
The Future Leaders Committee is pleased to announce that it is working with
several other organizations to co-sponsor a downtown event this April that will
bring together young professionals from a variety of fields and industries. This is
sure to be a great event for professionals of all ages, and the Future Leaders
Committee invites everyone to come out and enjoy an evening of cocktails,
appetizers and networking.
May 18, 2006
13-Week Cash Flow Full-Day Workshop
The Gleecher Center – Chicago
June 14, 2006
Charity Golf Outing
Harborside Golf Course
Watch your weekly TMA Chicago/Midwest eBulletin for details, or contact Bill
Hackney at 312/521-2412 or Jason Edelson at 847/753-9600.
June 19, 2006
Keynote Special Event:
Barry Alvarez, University of Wisconsin
The Wisconsin Club – 5:30 p.m.
TMA’s Global Educational Symposium
Chicago Hyatt Regency Hotel
June 21-23, 2006
TMA National Educational Conference
Global Education Symposium – Chicago
JUNE 22 & 23, 2006
July 6, 2006
SummerFest in Milwaukee!
Join us at the Harley Davidson Stage for a
private reception area during Milwaukee’s
greatest festival!
Another GREAT opportunity to enjoy a national TMA program in Chicago!
This symposium will be packed with educational sessions and feature award
winning papers and panels on Renewal and Liquidity
July 20, 2006
TMA/ACG/CFA Joint Boat Cruise
Navy Pier
For more information about any of these
upcoming events, please call 815-469-2935.
The Newsletter of Corporate Renewal is a
publication of the Turnaround Management
Association, Chicago/Midwest Chapter. It is issued
five times annually. Submissions to the newsletter
should be directed to:
Chicago/Midwest Chapter to Host 2006
Body of Knowledge Review Series
Back by popular demand, the Chicago/Midwest Chapter will once again conduct the
Body of Knowledge Review Series in Chicago this summer. The review classes are
held on a Friday in July, August and September with the option of taking the test for
the CTP exam the following day. The dates for 2006 are:
July 14th
August 11th
September 15th
Finance Review
Law Review
Management Review
Cheri Anderson, 847-768-4424
Mark Leipold, 312-899-1651
TMA " Chicago/Midwest Chapter " March/April 2006 " Page 2
13-Week Cash Flow Workshop
A Troubled Loan Workshop Series Program
Thursday, May 18, 2006
University of Chicago/Gleecher Center
The Chicago/Midwest Chapter of the TMA is pleased to announce a new program as part of its Troubled Loan Workout
Series. The Thirteen Week Cash Flow Workshop (“TWCFW”) features a program that focuses on the theoretical elements
and practical applications of cash budgets for companies in financial distress. The TWCFW represents a comprehensive
program on the principles of cash budgeting. This workshop will be taught through a case study simulation using cash flow,
and the model legal documents and bankruptcy orders typically utilized during chapter 11 bankruptcy cases concluding in
Section 363 asset sales. The TWCFW also includes modules on the Bankruptcy Abuse Prevention and Consumer Protection
Act of 2005 and Investment Banking in bankruptcy, a panel discussion on the practical applications and implications of cash
flow budgets on the decision making and negotiating processes of the various parties-in-interest seeking to maximize recoveries, and concludes with a cocktail reception with senior-level practitioner guests from the corporate renewal profession.
Who should attend?
Turnaround Consultants and Financial Advisors
Insolvency Attorneys
Workout & Line Lending Officers
Private Equity & Hedge Fund Investors and their Intermediaries
For more information regarding this exciting series of workshops, please call 815-469-2935.
TMA " Chicago/Midwest Chapter " March/April 2006 " Page 3
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SOMETIMES THE SIMPLEST QUESTIONS ARE
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Kicking off the New Year with the TMA Breakfast Forum
The first Breakfast meeting of 2006 provided not one but two great presentations. The recipients of two of TMA Chicago/Midwest
Chapter’s awards made presentations to 220 TMA members and their guests. Bush Industries won Large Company Turnaround of the
Year and ATA Airlines won Transaction of the Year.
Michael Buenzow of FTI Palladium Partners served as Interim
CEO and, with Garry Graber of Hodgson Russ who served as
Debtor’s counsel, presented the successful turnaround of Bush
Industries, which had been a leader in “knockdown” or readyto-assemble furniture in the U.S. since 1959 and had expanded
greatly to meet the growing demand both locally and—what
was hoped would be—internationally. It even built a state-ofthe-art facility in Erie, Pennsylvania with significant robotic
and storage facility. However, Bush was impacted by
significant losses in its international foray and the rise of low
cost imports from Asia in the U.S.
Bush negotiated a resolution with most of its lenders. It
opened an office in China to import products and, therefore,
be in a position to better compete. It was also able to obtain
the support of the local community, and through this process,
capped off by a pre-negotiated bankruptcy filing, Bush
Industries was named Large Company Turnaround of the Year.
Panelists were (from left) David Bochenek, Garry Graber and Mike Buenzow
The second panel was equally interesting. David Bochenek of Huron
Consulting, who served as financial advisor to ATA Airlines, discussed the
ground-breaking efforts to maximize value of the 14 gates at Midway Airport. At
the time of its bankruptcy, ATA had two business lines: passenger travel through
scheduled flights, primarily through its hub in Indianapolis; and government
transport contracts, including military personnel transport. While its government
contracts were profitable, the passenger travel was draining the company of
resources. ATA had too many empty seats. The success of the passenger travel
business was further affected by cumbersome work rules and the significant
holdbacks required by the credit card companies.
ATA filed bankruptcy, but had to figure out a way to unlock the value of the
gates that it maintained
at Midway Airport.
ATA realized that
simply selling the
gates – even it was
permitted by the City
of Chicago – would
only
Harry Pruecil’s wife and daughter
bring a
limited
amount
of revenue. So ATA decided to auction the gates and was able to get offers that not
only provided loans to the business but allowed it to share in the revenue of
passengers booked through these gates. As a result, ATA was able to maximize the
value of its most sought-after asset and receive a stream of revenue over a longer
period of time. This innovative approach and the hard work to get numerous
constituencies to agree is why this was named Transaction of the Year.
Photos by Linda Jacobs, Alert Consultants Inc.
Murray Lessinger
TMA " Chicago/Midwest Chapter " March/April 2006 " Page 5
Diane Swonk Addresses TMA Breakfast Forum
By Harold D. Israel, Kaye Scholer LLC
On March 10 at a breakfast forum attended by 233 people, Diane Swonk, Chief Economist of Mesirow
Financial Inc. gave us her thoughts and predictions about the economy for the year.
Thanks to equipment provided by Deloitte Financial Advisory Services LLP, the presentation was
interactive as the audience was polled on various matters and Ms. Swonk gave us her reactions to our
responses. Most interestingly, while we as a group thought a military action with Iran before the end of
2007 was not likely, Ms. Swonk had a very different view, suggesting that such an action may take place
shortly after the November elections. On a lighter note, we learned that, as a society, we are more likely
to enjoy our movies at home with a glass of wine as opposed to going to a theater and having a beer
afterwards.
Overall, Ms. Swonk believes that the economy will continue to grow in 2006 and a downturn is not
likely in the near future. The breadth of Ms. Swonk’s presentation certainly left us all more educated and
with a little to think about!
Diane Swonk
Photos by Linda Jacobs,
Alert Consultants Inc.
Gail Heldke, Cheri Anderson and Patty Wu
Andrew Weissman, Ken Yager, Jason Edelson and Navin
Nagrani
TMA " Chicago/Midwest Chapter " March/April 2006 " Page 6
Diane Swonk Polling Results
from the March 10
breakfast forum
What are your feelings in terms of the resiliency
of the current economic expansion?
Back by Popular Demand…
Join the Chicago/Midwest turnaround industry with a special
insert in Crain’s Chicago Business this June 12, 2006. Look at
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64% responded that expansion will increase in 2006,
but at a slower pace than in 2005.
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22% responded that expansion will remain at its
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8% responded that expansion will come to a grinding
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6% responded that expansion will increase in 2006
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For more information on advertising rates and/or submitting an
article, please call the chapter office at 815-469-2935.
TMA " Chicago/Midwest Chapter " March/April 2006 " Page 7
Chicago Blackhawks Event Kicks off Inter-Association Schedule
By Mike Costello, JD Factors
TMA held its first inter-association event on Wednesday, March 1st –
and it was a big success. The evening was kicked off with pizza and
cocktails at Moretti’s, followed by the Blackhawk hockey game at the
United Center.
With members from local chapters of six associations – TMA, Midwest Business Brokers and Intermediaries, Chicago Bar Association,
National Funding Association, Risk Management Association and the
Alliance of Merger and Acquisition Advisors – 135 members and guests
enjoyed the evening of dynamic networking and camaraderie.
As a bonus, all that attended saw the Hawks shut out the opposing
team... of course, their success
was attributed to the presence
of members from all six associations!
We look forward to having
these associations contribute to
the expansion of these networking events and bringing more
opportunities to all the various
members throughout the year.
Toasting the New Year at our 2nd Annual
Martini Event
By Stanley F. Orszula, Esq., Adelman & Gettleman Ltd.
On Thursday, February 16, 2006, more
than one hundred area turnaround
professionals braved a cold Chicago
winter night to meet up at the world famous Gibson’s Steakhouse for th e
Chapter’s 2 nd Annual Martini
Networking Event.
Gibson’s second floor private
dining room was the venue where
members and their guests enjoyed
Gibson’s famous martinis and
delicious hors d’oeuvres. The
gathering drew a wide-ranging
assortment of professionals from both
Illinois and surrounding states and
included lenders, investors, liquidators, accountants, turnaround
experts and attorneys .
Members took advantage of the informal setting to catch up with
old acquaintances, make new friends and contacts, and learn about new
and interesting events in the turnaround industry. The gathering
proved once again how TMA can provide its members with an excellent
forum for forging relations that can benefit not only
the parties individually but also the turnaround industry as a whole.
TMA " Chicago/Midwest Chapter " March/April 2006 " Page 8
Submit your Nominations!
The Outstanding Corporate Renewal Award
The TMA Midwest/Chicago Awards Committee presents a new award, The
Outstanding Corporate Renewal Award, to support the quest to educate, entertain
and promote TMA members. This new award will be presented to a company
that we, as TMA members, recognize as an example of doing business the right
way– a firm that has used the fundamentals of a turnaround strategy to not only
turn around the business, but also has taken the advice to heart and institutionalized
that knowledge to build a business that is a recognized successful company either
in the broad financial markets or within its niche community. The typical award
winner should have shown three to five years of financial and other business
successes.
The turnaround may or may not have happened with the direct help of the TMA,
but we as TMA members, are willing to put our “stamp of approval” on this
company and promote it as an example of what needs to be done to not only turn
a business around, but also provide it with the tools for “Corporate Renewal.”
The Awards Committee seeks nominations for this award now. It is easy to
nominate: all we need from you at this time is the name of the company, your
brief thoughts and rationale, and your contact information. We expect the CEO,
senior executive or the owner of the award winner to personally accept the award
and briefly speak at an awards function. The winning company must be prepared
to have a case study written and distributed by TMA.
Please start thinking about nominations now.
For more information, contact Dave Mack at [email protected] or 847-4411867, Mitch Rasky at [email protected] or 312-904-8858 or Ken
Yager at [email protected] or 847-304-1103.
The Newsletter of
Corporate Renewal
Ad Rates
Full Page – $875
Half Page – $500
Quarter Page – $315
Eighth Page – $190
The Newsletter of Corporate Renewal is
distributed five times annually throughout the midwest to executives and
professionals in the turnaround arena.
For more information regarding placing
an ad in this publication, please call:
Cheri Anderson, 847-768-4424
[email protected]
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TMA " Chicago/Midwest Chapter " March/April 2006 " Page 9
Serving clients globally
Investment Banking for Distressed Companies
By Jeffrey S. Hyland, Fort Dearborn Partners
Editor
ote: In conjunction with the 2005 TMA National Conference held in Chicago, the Chicago/Midwest Chapter produced a special insert in the October
ditor’’s N
Note:
17 Crain’s Chicago Business. As a result of an overwhelming response from our membership, an overflow of articles was received. We will feature some of the articles
intended for the insert in the next several issues of the Newsletter of Corporate Renewal. Below is the first of six articles that we will publish and share with our
members.
There are a myriad of differences between selling distressed and
• Liabilities exceeding assets
healthy companies. Irrespective of the situation, most sellers are
highly motivated to maximize value. In a distressed situation,
Management Responsibilities
however, external parties can dictate the timing of a sale and
As the company approaches the zone of insolvency, both
dramatically influence its outcome. Selling a distressed company is
management and the Board of Directors assume greater operational
unique; the path is paved with pitfalls. There are several actions
and fiduciary responsibilities to all creditors of the company.
management can take to maximize enterprise value and the ultimate
Management must develop clear strategies to deal with the liquidity
outcome for all stakeholders.
crisis and address the objectives of each stakeholder. Examples of
viable strategies can include turning around the company, downsizing
Distressed Company Attributes
and reducing debt, divesting a product line, subsidiary or other select
For purposes of this article, distressed companies are approaching,
assets, refinancing existing debt, acquiring a competitor, or selling
or in, the zone of insolvency. These companies are troubled, but
the entire company. Oftentimes, the company pursues parallel paths
have not slipped into the more severe arenas of bankruptcy or
such as implementing an operational turnaround and pursueing the
receivership. Attributes for distressed companies can include any or
sale option.
all of the following:
• Difficulty in paying obligations as they become due in the
Profit Improvement Initiatives
normal course of business
There is an old saying that states “If you find yourself in a hole,
• Limited or no credit availability
the first thing to do is stop digging!” It is critical for management to
• Lack of ability to refinance existing debt
make immediate changes in the business to generate near-term cash
• Covenant violations with lenders
availability and maximize proceeds from the disposition of all or part
• Erosion of enterprise value and bonds trading at junk pricing
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TMA " Chicago/Midwest Chapter " March/April 2006 " Page 10
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TURNAROUNDS/
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of the business assets. Profit improvement actions demonstrate
management’s vision of profitability, buy time and options with
creditors, and increase enterprise value. While non-distressed
companies will also benefit from profit improvement initiatives, they
are imperative for distressed companies, enabling management to
better control the company’s destiny.
The minimum profit improvement goal is positive cash flow from
operations after payment of debt service obligations. Profit
improvements should address all aspects of the business including
sales and marketing, operations, administrative, financial, and cash
flow/working capital management. Even if identified improvements
are not fully implemented, certain buyers will reflect credible profit
improvements in their purchase price.
company’s missteps, remedies taken, company value drivers, and
potential synergies for the buyer. It must be believable and include
buyer-specific customization based upon an overall strategy. For
example, an industry buyer may need the company’s facility; a
financial buyer may want an acquisition strategy.
Other necessary preparation includes critical tasks such as
“cleaning up” the financial statements. Each line on the balance
sheet should be supported with accurate and justifiable subsidiary
schedules or analyses. Additionally, many companies complete
physical inventories to ensure maximum accuracy in the quantities
and valuation. Waiting until the buyer’s due diligence to discover
balance sheet inaccuracies will likely result in suboptimal negotiating
results.
Sales Process
Utilization of a well-run sale process is crucial to a successful
outcome and robust valuation. Overall, these steps include preparing
the company for sale, completing an Information Memorandum,
preparing a Buyers List, assembling the Data Room for buyer’s due
diligence, negotiating and executing a Letter of Intent, preparing the
definitive purchase agreement, and executing the contract. Each
step in the process has unique aspects in distressed situations.
Information Memorandum
There are some critical differences between a distressed and nondistressed company’s Information Memorandum. A distressed
company’s memorandum must be prepared much quicker due to the
overall urgency in the process. This is especially true if the company
is burning cash. Another difference is to potentially focus the buyer
on the Adjusted Contribution Margin, which shows the incremental
profit contributed, assuming products are moved to the buyer’s
facility. Another key difference is focusing the buyer on the present
and future, not the past. For example, an important strategy is to
direct the buyer to use an adjusted run-rate for purposes of defining
cash flows. Adjustments are based upon one-time or non-recurring
items, including those identified but not yet implemented. By focusing
on adjusted run-rate data, the buyer can quickly assess cash flows
Preparing the Company for Sale
Insufficiently preparing the company for sale is a frequent
management mistake in both distressed and non-distressed situations.
Arguably one of the most important aspects is the development of a
believable “story” and strategy to present to the market in both the
Information Memorandum and subsequent management
presentations. The “story” articulates a clear explanation of the
TMA " Chicago/Midwest Chapter " Jan/Feb 2006 " Page 11
of the company on an ongoing basis after full implementation of
profit improvement initiatives without unduly penalizing the seller
for past missteps.
Buyers List
Developing the distressed seller’s Buyer’s List is similar to a nondistressed seller’s, but entails some critical nuances. The objective
of a robust auction process is similar in both circumstances, and all
viable buyers are considered—whether strategic or financial,
domestic or international. Generally in a distressed sale, however,
buyers must have the financial wherewithal to consummate an allcash transaction. While most financial buyers do not pursue
distressed companies, there is a community of private equity funds
dedicated to distressed situations.
Buyer Due Diligence
Proper communications are critical in all distressed situations, with
the type of communication dependent upon the type of stakeholder.
Potential buyers must have accurate and consistent communication
to have a fair process. To facilitate buyer communications, a “Data
Room” is used to accumulate pertinent information for potential
buyers to review either before or after they make a purchase offer.
Buyer Negotiations
The seller should not negotiate in a way that gives the impression
that a deal must be completed with a particular buyer. This is a key
challenge for the seller in a distressed situation; rather than selling
from a position of vulnerability, sellers should negotiate with a sense
of urgency while knowing their best fallback alternative if a particular
transaction is not completed. Ideally, this is achieved by negotiating
with multiple buyers simultaneously. Good negotiators lead buyers to
a strong purchase price through knowing the buyer’s business and
synergistic opportunities. These synergies become an integral part of
the presentation of the seller’s business strategy to the buyer.
Valuation
Unlike a non-distressed situation, the secured lender’s calculation
of liquidation value may determine the likely disposition strategy and
timing. Banks will use appraisals of real estate, fixed assets, inventory
and other assets as a basis of an orderly liquation or forced-sale
valuation. This liquation calculation becomes the senior lender’s
strategy that minimizes implementation risk and is the “worse case”
scenario. Offers generally must exceed this liquidation value or secured
lenders will be inclined to take the “sure thing” rather than risk a
discount on their debt as a result of the company sale. A well-run sale
process should generate results significantly beyond this floor value
if there is strong potential value.
Speed to Close
In a distressed sale, the seller generally wants to close quickly due
to liquidity constraints. Secured banks are also motivated for a quick
close, as cash used to fund operations will reduce their collateral
position. This highlights the need for the company to improve
profitability so management has the ability to better control its destiny.
Timing considerations also have implications on due diligence
calendars and preparation of a definitive purchase agreement. One
technique frequently utilized in a distressed situation is preparing the
TMA " Chicago/Midwest Chapter " Jan/Feb 2006 " Page 12
definitive agreement concurrent with the buyer’s due diligence. Some
buyers prefer to piecemeal the process with due diligence completed
first, thereby limiting their legal costs for the definitive agreement.
However, buyers experienced in purchasing distressed companies
understand the need for speed and the inherent risks with a slow
close—including potentially losing customers and suppliers, or the
filing of an involuntary proceeding.
Deal structure
Distressed sale deal structures have some significant differences
compared to sales of healthy companies. Often assets are sold “as is,
where is” because the seller has inadequate resources to cover
representations and warranties in the purchase agreement. There are
also significant limits on the Material Adverse Change (MAC) clause
in the contract. Simply due to the nature of a distressed company, a
MAC could almost be expected. Finally, there is limited or no
provision for a buyer’s financing contingency in the contract.
Conclusion
There are numerous differences between a distressed and nondistressed company sale. In both situations, management wants to
successfully control the company’s destiny. Selling a distressed
company, however, is inherently more complex. Knowing and
addressing those complexities and pitfalls will define the ultimate
success or failure of the company sale and the proceeds for
stakeholders.
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 benefit 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 Certified
Turnaround Professionals
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
Alert Consultants Inc.
James Rubenstein
AlixPartners LLC
Ronald Bienias
John Dischner
Michael Feder
ALTMA Group LLC
Murray Lessinger
Dave Mack
Alvarez & Marsal Inc.
Brian Whittman
American Express Tax & Business
Services Inc.
Alan Samsky
Atlas Partners LLC
Biff Ruttenberg
BBK Ltd
Peter Pappas
Robert Webb
Capital Flow Corp.
Russ Jensen
Chartered Management Company
William Avellone
Condor Financial Group Inc.
Gilman King
Conway, MacKenzie & Dunleavy
Frank Mack
Joshua Siano
Jeffrey Zappone
Houlihan, Lokey, Howard & Zukin
Matthew Niemann
Shepherd Partners Inc.
Tony Natale
TeamWork Technologies Inc.
William Hass
Copperfield Chimney Supply Inc.
Michael Barry
Huron Consulting Group
Thomas Allison
Paul Rundell
Anu Singh
Cosi Inc.
William Forrest
Kutchins, Robbins, Diamond Ltd.
Allen Kutchins
David C Finkbiner & Co. SC
David Finkbiner
Lake Pointe Partners LLC
David Allen
Randall Wright Patterson
Fort Dearborn Partners Inc.
Jeffrey Hyland
FTI Consulting Inc.
Kevin Kuby
Colleen Lowmiller
Duncan Bourne
Samuel Williams
Heartland Capital LLC
Timothy Czmiel
Help at Home Inc.
Barry Shear
Promontory Point Partners
Jeff Vogelsang
High Ridge Partners
Frank Wojtowicz
ReeseMcMahon, LLC
Sandra Reese
Gandhi Consulting
Kiran Gandhi
Vector Consulting LLC
Michael Baratta
Lighthouse Management Group
Mark Allen
Morris-Anderson & Associates Ltd.
David Anderson
David Bagley
Bernadette Barron
Daniel Dooley
Robert Haldi
Larry Hennessy
Michael Jakolat
Robert Morris
William Van Der Weele
Robert Wanat
FTI Palladium Partners
Michael Buenzow
The Belet Group
Jacques Belet III
TMA’s Newest Member of the Family!
Tom Jones of Concord Financial with
Evan Robert Jones
Born February 15, 2006
TMA " Chicago/Midwest Chapter " March/April 2006 " Page 13
Chicago Chapter Member News
Allan Allweiss of Bank of America Business Capital was the Co-Chairman of
the 5th Annual Strategic Research Institute’s Asset Based Lending Conference in
Las Vegas, which took place in February. He also moderated the session ”AssetBased Borrowers: The View from the Buyside.”
In December 2005, for the fourth time in five years,, Harold L. Kaplan (Gardner
Carton & Douglas) was named one of 12 outstanding bankruptcy attorneys in
the country by Turnarounds & Workouts magazine. Chicago-based TMA
utler
prayr
egen
members John Wm. B
Butler
utler,, Jr
Jr. (Skadden, Arps) and James H. M. SSprayr
prayregen
(Kirkland & Ellis) were also included on the list.
Morris Anderson & Associates’ Managing Director Robert Morris will
speak about the “Evolution of the Turnaround Firm” at AIRA’s 22nd Annual
Bankruptcy & Restructuring Conference in Seattle. The event runs June 710.
Robert Heinz, SVP/Region Manager of North Fork Business Capital’s Midwest
erlach has been promoted to Senior Vice
Region, announced that Terr
erryy G
Gerlach
President/New Business Development. Terry will continue to have
responsibility for developing asset-based and structured finance transactions
in the $5MM to $150MM range for middle-market companies in the Chicago,
Milwaukee, Minneapolis and St. Louis markets, as well as assisting in various
marketing and advertising functions.
Morris Anderson & Associates is expanding to better serve the Chicago/
Midwest market! As of April 1, the new office will be located at 55 W.
Monroe, Suite 2500, Chicago, IL 60603.
Harold L. Kaplan was recently re-elected as Chairman of Gardner Carton &
Douglas LLP.
Alan R. SSamsky
amsky
amsky, Managing Director, is pleased to announce that he has
joined Moglia Associates.
Matt G
ooch
Gooch
ooch, Principal of William Blair & Company, was recently appointed
Group Head of the firm’s Special Situations and Restructuring Practice.
Dick Kallage and Bill Barron of KDC & Associates, Ltd. were featured
speakers at the annual Metal Matters conference held in Las Vegas on March
12-14. Dick’s topic was “Operational Excellence.” Bill addressed “Competing
with China.”
Gerry Buccino of Buccino & Associates, Inc., announced the addition of Randall
Lay, a business leader with over 25 years of management experience in technology,
telecommunications, construction, specialty and industrial chemicals,
automotive supply and HVAC manufacturing and distribution.
Morris-Anderson & Associates Principal and TMA Chicago/Midwest PastPresident Dan Dooley spoke about buying distressed businesses at the Chicago
Bar Association’s January 12th meeting. In March, he’s at TMA’s Spring
Conference in Phoenix, discussing “How Rainmakers Make it Pour.” On
April 13, he’ll speak at the Indiana Association of Corporate Renewal, then
cover “New Case Law Developments and other Hot Topics” at ABI’s Annual
Spring Meeting, which runs April 20-23. Finally, he can be found at ABI’s 13th
Annual Central States Bankruptcy Workshop in Traverse City, MI on June
16th. Dan also found time to pen “Pricing: The Land of Opportunity,” which
ran in the March issue of AIRA Journal.
old L. Kaplan and Mark F. Hebbeln recently published an
GCD partners H ar
arold
article entitled “Denial of Antitrust Claims Against United EETC Trustees” in
the American Bankers Association’s Trust & Investments magazine.
Ira Kreft of Bank of America Business Capital recently spoke at the 2nd
Annual Tranche B; Second Lien & SCIL Financing Summit, which took place
on February 7th, in Las Vegas. He was the moderator for a session “The
Please join us in welcoming the following new members:
Brian Albach, Bibby Financial Services Inc.
Alpesh Amin, Bridge Associates LLC
Thomas Askounis, Askounis & Borst PC
Kim Brady, Navigant Capital Advisors LLC
Terrence Brady, Silverman Consulting
Jeff Buhr, 1st Source Bank
Jeffrey Cunix, RR Donnelley
Joseph Downey, AlixPartners LLC
Dennis Dressler, Askounis Borst PC
Philip Engstrom, Merrill Lynch Business Financial Services Inc.
Sandra Evans, Bank of America
Eugene Geekie, Schiff Hardin LLP
Thomas Gimbel, The LaSalle Network
Robert Glantz, Shaw Gussis Fishman Glantz Wolfson & Towbin LLC
Matthew Gooch, William Blair & Company LLC
Tom Harig, Keystone Consulting Group
John Hayes, Anchor Planning & Valuation
Kenneth Honsberger, Proudfoot Consulting
Sandra Jahns, York+Company
Jill Kancer, JP Morgan Chase Bank
George Kas, Chase Business Credit
Jan Kengelbach, Kellogg School of Management
Gina McAveeney, Great Lakes Business Credit
Josef Merrill, Kellogg School of Management
Meghan Miller, Big Lots Capital
Nancy Peterman, Greenberg Traurig LLP
Joe Peterson, GE Commercial Finance Corporate Lending
Douglas Price, Internal Revenue Service
Matthew Rice, Aon Corporation
John Riddle, Dresner Investments
Victor Ronk, Well Fargo Business Credit Inc.
Michael Rupe, Esq., Katten Muchin Rosenman
Morrie Rutman , Richter Consulting Inc.
Lee Vandermyde, Conwed
Marc Yedid, Richter Consulting Inc.
Steven Young, Prescient Capital Management
Carrie Zellmer, The LaSalle Network
Delivering Powerful
Financing Solutions
Second Lien Market Comes of Age: Examining the Current Parameters and
Future Trends in Tranche B, 2nd Lien and Junior Secured Debt.”
On January 13th, Dave Bochenek
Bochenek, Manager at Huron Consulting Group,
spoke at TMA Chicago/Midwest Chapter’s Breakfast Forum. This breakfast
forum focused on the winners of the Large Company Turnaround of the Year and
the Transaction of the Year. Dave presented the details of the ATA engagement,
winner of the Transaction of the Year award.
Capstone Advisory Group is pleased to announce that Jeff Hyland has joined
the firm. Jeff is opening the Chicago office and leading that practice area. The
Chicago office joins Capstone’s existing offices in New Jersey, New York, Los
Angeles, Washington, D.C., and Atlanta.
Michael Lane has joined Navigant Capital Advisors, a subsidiary of Navigant
Consulting, Inc., as a Managing Director to lead the Firm’s healthcare restructuring
efforts. Michael was previously a Managing Director with American Express
TBS, leading the healthcare corporate recovery practice.
Har
old L. Kaplan of Gardner Carton & Douglas and John Wm. B
utler
arold
Butler
utler,, Jr
Jr.. of
Skadden Arps Slate Meagher & Flom LLP, will be co-chairs of the upcoming
Renaissance American Management and Beard Group Ninth Annual Corporate
Reorganizations Conference in Chicago, June 22-23, 2006.
Colin C
Crross, along with Ward Mooney, Ed Siskin, Mike Pizette, Bob DeAngelis
and Rich Bochicchio have formed Crystal Capital, a newly-formed fund providing
junior capital solutions to middle-market companies.
Wells Fargo Business Credit delivers. We combine extensive experience, national resources,
and local presence to understand your company and provide flexible financing solutions to
help you reach your business goals.
• Asset-Based Lending to meet working capital needs
• Factoring to accelerate cash flow
• Debtor-in-Possession financing to support reorganization
Call Mike O’Malley at 312-845-4457, Gail Heldke at 312-845-4455 or Kimberly
Jablonski at 312-845-9762 to find out how we can deliver for your business.
© 2003 Wells Fargo Business Credit, Inc. Equal Opportunity Lender.
TMA " Chicago/Midwest Chapter " March/April 2006 " Page 15
What’s the Deal?
Doing Business in Chicagoland and the Midwest
Another major client has renewed its contract with Gibraltar Financial Corp.
The client, which has recently gone public, is located on the west coast and
provides waste management services to Fortune 1000 customers. Beginning
with a credit line of $250,000 in 2002, Gibraltar recently increased their line
to $2 million. In addition, Gibraltar has issued its commitment to a tier-two
auto supplier to provide a $750,000 revolving facility plus a $275,000 term
loan.
Schwartz Cooper
Hur
on led the efforts to secure a $350M Debtor-In-Possession financing for
uron
a medical center in New York. The medical center closed the DIP facility with
GE Healthcare on December 30, 2005. Huron contacted over 20 lenders for
the financing, and assisted the medical center’s management in developing a
business plan, evaluating their liquidity position and providing analyses for
the Company’s divestiture strategy.
of industries. We are valued counselors
Bank of America B
usiness Capital recently provided Cranston Print Works
Business
Company with a $25 million asset-based loan, which will be used to refinance
existing debt and for working capital needs. Founded in 1824, the company
has a less-than-truckload transportation operation, and also specializes in
textiles and chemical products for paper. Bank of America is also providing
cash management products and services.
standards, coupled with an uncommon
dF
inancial A
dvisors, LL
C announces the closing of a
Tom Jones of Concor
Concord
Financial
Advisors,
LLC
$15MM Senior Secured Revolving Line of Credit for a $40MM concrete
construction equipment distributor in St. Louis. Concord closed the
transaction with a fellow TMA Member in St. Louis. Concord was also
recently engaged to arrange a $20MM Senior Secured Credit Facility for a
distributor of consumer products located in Florida. Concord was referred to
the Company by a fellow TMA Member in Chicago.
Insolvency and Creditors' Rights practice
provides a broad spectrum of legal services
to mid-sized companies across a wide range
who provide sound, sophisticated legal
advice that meets the highest ethical
sensitivity toward your business concerns.
Our nationally recognized Bankruptcy,
has decades of experience representing
financially distressed businesses and their
creditors. From turnarounds to workouts,
The Auction Services Group of Chicago-based Benj. E. Sherman & Sonsä is
pleased to announce the sale of nine shopping centers and one office building
with aggregate sales of $20,000,000. The auction featured prime Northeast
Ohio and Western Pennsylvania single and multi-tenant net-leased properties.
The shopping centers ranged from 7,500 sq. ft. to 79,000 sq. ft. and the office
building contained 10,000 sq. ft. The well-leased properties featured national/
regional credit tenants including Dollar General, Sears, Blockbuster, Family
Dollar, Murray’s Discount Auto, Marc’s, Pet Supplies Plus, Jackson Hewitt
Tax Service, Check N’ Go and Subway.
KDC has introduced a unique team-oriented board game that simulates any
process with connected activities. The ‘FlowSim’ simulator allows teams to
easily identify process waste and understand the core principles of the Lean
Enterprise.
we are committed to getting the deal done.
...............................................
For bankruptcy, insolvency or creditor's rights
representation, please contact Rick Bendix at
312-845-5443.
Buccino & Associates, IInc
nc
nc. has opened a Washington, DC office. This location is
the fifth office for Buccino, supporting the ability to offer consulting services to a
rapidly growing base of business and government clients in the area. Buccino will
focus efforts on several key industries in this region: communications, technology,
cable and government.
Gibraltar Financial Corporation
Corporation, an asset-based lender to small- and mediumsized clients throughout the entire U.S., has recently booked two Indianabased staffing companies with credit lines of $850,000 and $750,000
respectively. as well as a Michigan-based pallet manufacturer with a credit
line of $250,000. Gibraltar also announces the 3rd contract renewal of
a $100,000 Indiana trucking company.”
180 N. LaSalle Street : Suite 2700 : Chicago, Illinois : 312.346.1300
Monroe Capital LLC announced the funding of a $26.5 million term
loan to Berkshire Blanket Holdings, Inc. in connection with the acquisition
TMA " Chicago/Midwest Chapter " March/April 2006 " Page 16
www.schwartzcooper.com
of Berkshire Blanket, Inc. by New York-based private equity investment firm,
Cordova, Smart & Williams, LLC. Monroe Capital’s loan facility was structured
as a $15 million term A loan and a $11.5 million term B loan, which were used
together with a $25 million revolving line of credit provided by Wachovia Capital
Finance Corporation to complete the buyout.
Huron successfully recapitalized a venture capital fund (“VCF”) composed of a
$431 million senior health-care facility portfolio. As part of the engagement,
Huron also successfully negotiated the investment of additional funds by various
constituencies to prevent one of VCF’s portfolio companies from filing Chapter
11. Huron’s work reduced the VCF’s exposure by millions of dollars, eliminated
the portfolio company’s IRS debt of $11.3 million, and identified millions of
dollars of new value.
Great American Group is pleased to announce that they will be performing
store-closings for 83 OfficeMax stores across the country—including both
inventory and fixtures. In the past 6 years, OfficeMax has trusted Great American
Group to handle all of their store-closing liquidations.
A NATIONALLY RECOGNIZED
TURNAROUND,
On January 3, GCD opened a New York City office. Stephanie Wickouski, cochair of GCD’s Corporate Restructuring and Financial Institutions Practice
Group, serves as a managing partner of the New York office.
INTERIM AND WIND DOWN
Bank of America Business Capital recently provided a $200 million asset-based
ecurities provided a $60
revolver and, in a separate facility, Banc of America SSecurities
million tranche B loan to Waterford Wedgwood, a Dublin, Ireland-based designer,
manufacturer and marketer of high-quality crystal, ceramics and tableware. The
credit facilities will be used to refinance existing debt and support the company’s
restructuring effort. Bank of America will also provide letters of credit as well as
foreign exchange and cash management products and services.
SERVICES FIRM.
TURNAROUND, CRISIS AND
INTERIM MANAGEMENT
FINANCIAL AND OPERATIONAL
RESTRUCTURING
BANKRUPTCY AND ADVISORY SERVICES
WIND DOWN SERVICES
POST CONFIRMATION CREDITOR
TRUSTEESHIPS AND ADMINISTRATION
STRATEGIC ASSESSMENTS
212.207.4710 | www.bridgellc.com
New York · Chicago · Cleveland · Houston · Tampa · Tulsa
TMA " Chicago/Midwest Chapter " March/April 2006 " Page 17
Turnaround Management Association
Chicago/Midwest Chapter
2006 Board of Directors
and Steering Committees
Officers
President
William J. Hass
Teamwork Technologies Inc.
847-564-5575
[email protected]
President-Elect
Lisa N. Johnson
Wells Fargo Business Credit
708-386-0899
[email protected]
Vice President-Programs
Norman B. Newman
Much Shelist
312-521-2492
[email protected]
Vice President-Communications
Joseph J. Fobbe
PNC Business Credit
312-338-5688
[email protected]
Vice President-Community Serv.
Thomas E. Pabst
Great American Group
847-444-1400
[email protected]
Secretary
Gail D. Heldke
Wells Fargo Business Credit
312-845-4455
[email protected]
Ken Yager
Morris-Anderson & Associates Ltd.
847-304-1103
[email protected]
Carl Lane
Deloitte Financial Advisory Services
LLP
312-486-3069
[email protected]
Breakfast Programs
Harold D. Israel
Kaye Scholer LLC
312-583-2333
[email protected]
Raymond M. Neihengen
ALTMA Group LLC
847-441-2973
[email protected]
Thomas E. Pabst
Great American Group
847-444-1400
[email protected]
Future Leaders
Barry W. Dubin
Kellogg Graduate School
312-420-1505
[email protected]
Chad Peterson
Bridge Associates LLC
312-795-0453
[email protected]
Jason Edelson
Transcap Trade Finance LLC
847-753-9600
[email protected]
Communications
Cheri Anderson
Morris-Anderson & Associates Ltd.
847-768-4424
[email protected]
Bill Hackney
Much Shelist
312-521-2000
[email protected]
Inter-Chapter
Joanne C. Chamberlain Krakora
Deloitte
312-486-3781
[email protected]
Paul E. Krantz
GMAC Commercial Finance
312-775-7062
[email protected]
Joseph J. Fobbe
PNC Business Credit
312-338-5688
[email protected]
Howard J. Mullin
Morris-Anderson & Associates Ltd.
847-475-0673
[email protected]
Mark Leipold
Gould & Ratner
Carl Lane
Deloitte Financial Advisory Services LLP 312-899-1651
[email protected]
312-486-3069
[email protected]
Treasurer
William Reimnitz
Riviera Finance
630-627-8750
[email protected]
Community Service
Administrator
Christine M. Glatz
Management Services
815-469-2935
[email protected]
Ex-Officio
Past President
Daniel F. Dooley
Morris-Anderson & Associates Ltd.
847-768-4408
[email protected]
Directors
Robert A. Morris
Morris-Anderson & Associates Ltd.
847-945-0767
[email protected]
Sid Lambersky
Big Lots Capital
312-951-7632
[email protected]
Thomas E. Jones
Concord Financial Advisors
312-663-6684 x224
[email protected]
Chad Peterson
Bridge Associates LLC
312-795-0453
[email protected]
Kimberly A. Metzner
The Collateral Resource Group LLC
847-681-8850
[email protected]
Mark K. Gertzof
Merrill Lynch Capital
312-499-3338
[email protected]
Harold D. Israel
Kaye Scholer LLC
312-583-2333
[email protected]
Kelly T. Frank
Auction Services Group
312-223-8324
[email protected]
Kevin A. Krakora
Mesirow Financial Consulting LLC
312-595-8511
[email protected]
Committee Chairs
Awards
David E. Mack
ALTMA Group LLC
847-441-1867
[email protected]
Mitchell B. Rasky
LaSalle Business Credit
312-904-8858
[email protected]
Membership
Jonathan Bloom
Hilco Receivables
847-418-2716
[email protected]
David Bogetz
Burnham Capital Partners LLC
312-261-6936
[email protected]
Al DeGuzman
PNC Business Credit
312-338-5640
[email protected]
Jim Vargo
The Bekins Acquisition Group
708-649-7505
[email protected]
Continuing Education
Bob Handler
Commercial Recovery Associates LLC
312-428-4858
[email protected]
Thomas E. Jones
Concord Financial Advisors
312-663-6684 x224
[email protected]
Ray Anderson
Burnham Ventrue Management
630-835-4298
[email protected]
Kevin A. Krakora
Mesirow Financial Consulting LLC
312-595-8511
[email protected]
Frank Mack
Conway, MacKenzie & Dunleavy
312-220-0100
[email protected]
Milwaukee Programs
Anu R. Singh
Huron Consulting Group
312-583-8791
[email protected]
Michael R. Colloton
First Business Capital Corp.
262-792-7180
[email protected]
Bob Ollhoff
M & I Bank
262-767-5680
[email protected]
CTP Relations
Bernadette M. Barron
Morris-Anderson & Associates Ltd.
312-855-0040
[email protected]
Philip L. Ostroski
Associated Commercial Finance
414-283-2367
[email protected]
Duncan S. Bourne
Wynnchurch Capital
312-952-1080
[email protected]
Daniel G. Quirk
AccuVal Associates Inc.
847-876-1454
[email protected]
Randall Wright Patterson
Lake Pointe Partners LLC
312-857-0001
[email protected]
Parliamentarian
Entertainment
Jeffrey S. Hyland
Fort Dearborn Partners Inc.
312-683-3657
[email protected]
Suzanne Koenig
SAK Management Services LLC
773-202-0000
[email protected]
Quick Survey
TMA,
Drew Cardonick
Goldberg Kohn
312-201-3921
[email protected]
Sid Lambersky
Big Lots Capital
312-951-7632
[email protected]
Special Programs
Frank Melazzo
Getzler Henrich & Associates
312-474-6177
[email protected]
Robert A. Morris
Morris-Anderson & Associates Ltd.
847-945-0767
[email protected]
Norman B. Newman
Much Shelist
312-521-2492
[email protected]
Sponsorship
Teresa B. Gerlach
North Fork Business Capital Corp.
630-684-7202
[email protected]
Thomas E. Jones
Concord Financial Advisors
312-663-6684x224
[email protected]
Thomas F. Thompson
PNC Business Credit
312-338-5650
[email protected]
Web Site
Kelly T. Frank
Auction Services Group
312-223-8324
[email protected]
Michael L. Kayman
630-531-6050
[email protected]
Women’s Group
Gail D. Heldke
Wells Fargo Business Credit
312-845-4455
[email protected]
Please consider the following as one of
your strategic
initiatives for the years ahead:
___ More educational efforts such as:
________________________________
___ More networking efforts such as:
________________________________
___ More fun activities such as:
________________________________
___ More community services efforts such as:
________________________________
___ More newsletter emphasis on:
________________________________
___ Other:
________________________________
I would like to get more involved in the
following committee:
___ Continuing Education
___ Membership
Kimberly A. Metzner
The Collateral Resource Group LLC
847-681-8850
[email protected]
Patricia M. Wu
Great American Group
847-444-1400
[email protected]
Please mail to:
TMA CHICAGO CHAPTER STEERING
COMMITTEE & BOARD
c/o Chris Glatz
TMA Chicago/Midwest Chapter
P.O. Box 33
Frankfort, IL 60423
Or fax to:
815-469-1901
Christopher J. Horvay
Gould & Ratner
312-899-1624
[email protected]
Pro Bono
Harry R. Novak
Buccino & Associates Inc.
312-629-1200
[email protected]
David D. Onion
Chicago Capital Holdings LLC
630-455-1002
[email protected]
Jason Leuvoy
Presidential Financial Corporation of
the Midwest
312-222-9655
[email protected]
James M. Rubenstein
Alert Consultants Inc.
847-501-5000
[email protected]
Financial
Public Relations
Mark K. Gertzof
Merrill Lynch Capital
312-499-3338
[email protected]
Michael Ban
Capital TempFunds Inc.
773-388-8382
[email protected]
TMA " Chicago/Midwest Chapter " March/April 2006 " Page 18
Membership Application
Name:
____________________________________________________
Title:
____________________________________________________
Firm:
____________________________________________________
Address:
____________________________________________________
City: ___________________ State: __________
Zip: __________
Phone:_____________________
Fax: ______________________
E-mail:
__________________________________________________
Web Site:
__________________________________________________
Referred by:
__________________________________________________
Membership Category:
Member
Academic/Govt.
Student
AnnualMid-year Year End
(7/1-8/31)*
#$ $275
#$ $150*
#$ $115
#$ $115*
#$ $ 65
#$ $ 65*
(9/1-11/30)**
#$ $375**
#$ $150**
#$ $ 85**
* New members only; does not include Directory listing
** Year end dues expire 12/31/06
Memberships are on an individual basis only and are non-transferable.
Membership includes a listing in the 2005-06 Directory of Members and
Services.
Method of Payment (check one):
#$ Visa
#$ American Express
#$ MasterCard
#$ Check
Acct#: _________________________________
Exp Date: ______________________________
Signature: ______________________________
Preferred Chapter:
Chicago/Midwest
Turnaround Management Association
100 South Wacker Drive, Suite 850
Chicago, Illinois 60606
Phone: 312/578-6900
Fax: 312/578-8336
E-mail: [email protected]
www.turnaround.org
TMA " Chicago/Midwest Chapter " March/April 2006 " Page 19
The Chicago/Midwest Chapter of TMA thanks the following 2005-2006 Platinum and Gold Sponsors
Platinum Sponsors
Gold Sponsors
AccuVal Associates Inc.
ALTMA/White Oak Group
Atlas Partners LLC
Back Bay Capital Funding LLC
BBK
Bridge Associates LLC
Buccino & Associates Inc.
Chase Business Credit
Chicago Capital Holdings LLC
Deloitte Financial Advisory Services LLP
Fort Dearborn Partners Inc.
Gardner Carton & Douglas LLP
Getzler Henrich & Associates LLC
Goldberg, Kohn, Bell, Black,
Rosenbloom & Moritz, Ltd.
Gould & Ratner
Impact Group Inc.
Lincoln Partners LLC
Mesirow Financial Consulting LLC
Schwartz Cooper Greenberger &
Krauss Chtd.
Stout Risius Ross Inc.
Textron Financial
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
E-mail: [email protected]
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 two and join us at any
of our upcoming meetings. We
look forward to seeing you.