Cor p or at e The Newsletter of rn e we a l · comprehensive solutions to well-capitalized to ﬁ...

From Our PresidentTom Pabst

I always tell my children that most things in life represent a marathon and not a sprint. Good results come to those who take things a step at a time. Unlike in a race, we are generally not measured on how we finish but on our entire body of work. Well, for me, the finish line is actually in view, and my body of work is almost complete. My time as the Chicago/Midwest Chapter President comes to a close at the end of the year, and the transition has already begun.

From my perspective, this has been one heck of a journey. There have been twists and turns along the way, but for the most part, my time has been incredibly fulfilling and more than I could have asked for. Some people questioned my sanity when I accepted the

nomination to become President Elect some 24 months ago. “The time commitment will be too difficult to manage.” “There are too many Type A personalities to control.” “The rewards are too few and far between.” Yes, I heard every potential comment from a whole host of sources. Truth be told, however, I believe there are people who “do”, and then all the rest. My life and career have been built on being one who contributes—not one who sits back and lets others do the work. The time I have spent on behalf of the TMA is my way of giving back to an organization and chapter that has helped build my career. I would not have had it any other way.

My approach to things in the past year has very likely been different from those presidents who have preceded me, and will certainly vary from the approach of those who will follow. But one thing you should all understand is that each past and future president is only as effective as the people around him or her. We have the largest, most active and most vibrant chapter in the world because of our many volunteers. I sincerely thank the board, the officers and each and every steering committee member for doing what they do. My job would have been impossible without your dedicated service. Special thanks go out to Chris and Sue and the entire Management Services staff. It is hard to imagine how this chapter would function without you.

Many exceptional things come to mind when I think of my years of service to this chapter. Nothing, however, comes close to the great friends and business associates that I have developed since I became active in the actual workings of the TMA. The quality of the network we each develop is so much more important than just the number of people we meet. My recent “change in career path” has shown me the light in terms of how genuine and deep my personal network has become—thanks mainly to the TMA. The effort I have committed on behalf of the chapter has paid off in spades with the relationships I have built. It has never been more evident to me. I urge you all to take your network beyond the cocktail parties and find your way into the trenches. That is where real business partners are made.

I would like to wish much success to the next slate of officers, directors and committee chairs. The nominating committee worked very hard to make sure the chapter will be in good

continued on page 2

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

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

2011 Leadership Team .......................... 4

Past Events ........................................ 5-11

Special Article Submissions........... 12, 16

New Member Listing ........................... 14

TMA Chicago/Midwest 2011 Leadership Team ........................ 14

Member News ..................................... 15

What’s the Deal? ................................ 15

Platinum Sponsor Bio ........................... 17

Membership Application ................... 18

Chapter CTPs ....................................... 18

Board Member and Steering Committee List ..................... 19

Platinum & Gold Sponsors .................. 20

Volume 11 | Issue 5 | November 2010

CorporateThe Newsletter of

renewalTURNAROUND MANAGEMENT ASSOCIATION Chicago/Midwest Chapter

TMA Chicago/Midwest Chapter | November 2010 |

VP’s CornerThoughts from Mark Leipold, VP-Communications, Gould & Ratner LLPWe have had a great year. Our chapter has continued to grow and evolve in the face of seismic shifts in the way business has been done in the past. These changes have included the turnaround business. Our success, in part, stems from our ability to select great presidents to lead our group. This year we had the pleasure of having Tom Pabst as our leader. Tom is a thoughtful, soft-spoken leader; however,

he also has the ability to get more out of you than even you thought was possible. In so doing, he has expanded and strengthened our chapter. Thank you, Tom.

Next year, Carl Lane will become president of our chapter. He will bring fresh insight, a new perspective and a rigorous analysis to all of our programs and events. I look forward to 2011 and the difference Carl will make.

During the past year, I have had the opportunity to discuss in this column the personal and professional benefits of TMA. What I hope I captured is TMA’s “value proposition.” Being a part of TMA has made me a better advisor to my clients, a more thoughtful professional and stronger team member. I have had the opportunity to work with some of the brightest minds and strongest leaders in our field and, in so doing, benefitted from seeing how they attack an issue, a problem or even a presentation.

I hope that the members and non-members who have taken the time to read this column over the past year also see the value in actively participating in TMA and making it their own. Whether you believe the things this chapter has undertaken are good and should be perpetuated, or perhaps some of the things this chapter has done did not meet your expectations and should be changed, the real question is whether you want to be a part of it. I hope for the benefit of the chapter and yourself, the answer is, “Yes!”

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:

Terry Keating—[email protected]; George Mesires—[email protected]; Peter Roberts—[email protected]

President’s Messagecontinued from page 1

hands going forward. Under Carl Lane’s leadership, I suspect 2011 will be another incredible year. While the business climate is still uncertain, there is no uncertainty in the diverse ability of our leadership and the ability they possess to make 2011 the best year yet for our chapter. So, I close my final article the same way I closed my first.

I invite all of you to work with our officers and committees to make 2011 even more incredible than 2010. Your thoughts, suggestions and feedback are valued and appreciated. This organization is yours, and the more you give of yourself, the more you will receive.

T is for “Today is the day to get involved”

M is for “Market like there is no tomorrow”

A is for “Attend, learn and enjoy”


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Holiday Networking EventThursday, December 9, 2010, 5:00 - 8:00 p.m. Nacional 27, 325 West Huron Street, Chicago, IL

Board of Directors MeetingFriday, December 10, 2010, 8:00 a.m. Offices of Deloitte, 111 South Wacker Drive, Chicago, IL

Chicago Breakfast ForumFriday, January 14, 2011 The Standard Club, 320 South Plymouth Court, Chicago, IL

Milwaukee Holiday Networking EventThursday, January 20, 2011 The Coast Restaurant and Lounge, 931 East Wisconsin Ave, Milwaukee, WI

TMA International Distressed Investing ConferenceWednesday-Friday, January 26-28, 2011 Aria Resort, Las Vegas, NV

TMA International Spring ConferenceWednesday-Friday, April 27-29, 2011 JW Marriott, 151 West Adams Street, Chicago, IL

Upcoming Events: The Details

www.chicago.turnaround.org

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Women’s Group Makes Power Connections, Donations at LunchBy Melissa Dimitri, Grant Thornton LLP

Future Leaders Team Up with RMA for a Last Call on Summer Networking By Gordy Gouveia, Shaw Gussis Fishman Glantz Wolfson & Towbin LLC

On August 26, the TMA’s Future Leaders Committee teamed up with the Young Professionals of the Risk Management Association (RMA) to co-host the Summer in the City on the Rooftop networking event at Citizen Bar. RMA is a not-for-profit, member-driven professional association, whose sole purpose is to advance the use of sound risk principles in the financial services industry.

The sold-out event was evenly attended by TMA and RMA members and non-members who were all looking to expand their networking horizons. And speaking of horizons, the sunset views from the Rooftop at Citizen Bar provided the perfect backdrop for an end of summer business development rendezvous where attendees were able to share their unique perspectives about current market conditions and potential business opportunities.

Women at the event included, from left (L-R): Shira Isenberg and Heather Montgomery; Krysten Thomas and Kelly Hackett; and Judy Karlov, Tessa Bitner and Sandy Thompson. Photos by Nicole Krakora

Top row (L-R): Allison Sima and Kayla Mack; and Gordon Gouveia and Tom FawkesBottom row (L-R): Sean Little, Brian Page and Nancy Kalman; Forrester Faia, Tom Toman and Robert Jaskiewicz; and Jay Henry and Charile Pearl.

Photos by Nicole Krakora

The chapter’s Women’s Group hosted its Second Annual Power Connections Lunch at the East Bank Club on August 25. Female turnaround professionals spent the lunch hour getting to know as many other professionals as possible in a “speed dating” format. Groups of eight people were given two standard questions to answer regarding their work experience and background, as well as a light-hearted bonus question designed to promote conversation and add a bit of levity to the occasion. Each person at the table had just a few minutes to answer the questions in a “round-robin” format. After each round, individuals moved to different tables that had been assigned at random and began the process once again with a whole new group of contacts. The event garnered strong support with 55 attendees.

Additionally, the women attending the event donated gently worn suits, shoes and accessories to “Dress for Success,” an organization that promotes the economic independence of disadvantaged women by providing professional attire, a network of support and career development tools to help women thrive in work and in life.


The TMA Chicago/Midwest Chapter’s fourth breakfast forum of 2010 was held on September 10 with an audience of some 160 TMA members and guests in attendance. Everyone came to hear the esteemed panel of experts provide insights on due diligence strategies used by senior management to evaluate opportunities to purchase businesses or assets, as well as manage portfolio accounts.

Typically when embarking on a sales transaction, business leaders think about reviewing all financial records plus anything else deemed material to the sale. Sellers are well advised to perform their own due diligence analysis on potential buyers. Items that should be considered include the buyer’s ability to purchase, as well as other items that would affect the purchased entity or the seller after the sale has been completed such as cultural fit and achievability of projected synergies that may impact earn-out calculations.

The M&A landscape has been strewn with broken deals that could not attract sufficient financing and/or burdened by unwanted baggage brought on by mounting c o n t i n g e n c i e s , decimated real estate values or unsupported valuations. Our panel explored many aspects of the due diligence process, and it provided insights on how to best gain required information when making these critical purchase or sale decisions. The seasoned panel was constructed to provide different vantage points including those of investment manager, turnaround consultant, attorney and asset appraiser.

Michael Slattery, regional managing partner of the Midwest M&A Transaction Services Group of Deloitte, moderated the panel. Slattery has consulted on numerous acquisitions, and he jumped right into the fray by asking the panel to discuss the differences in distressed due diligence versus the process associated with the proverbial “healthy company.”

Mark Essig was first to address the topic. Essig is president and chief executive officer of Sangamon Industries where he is responsible for the investment and management activities of a $525 million fund that specializes in distressed investing. He quickly pointed out that time is a critical factor in distressed situations and being as thorough a possible yet flexible may ultimately pay dividends. According to Mark, “understanding how sticky the customer and supplier relationships are” should be at the top of the buyer’s due diligence list. He also stressed the importance of being appropriately compensated for running a shorter diligence period, and to provide purchase bids with a pricing grid geared to elapsed days to close.

Morris Anderson’s Dan Dooley also emphasized the compressed

timeline especially as it relates to the cash burn of businesses in turnaround scenarios. Dooley is CEO of Morris Anderson, a consulting firm that works exclusively with distressed middle market businesses. He underscored that a well thought out due diligence plan can be hampered “by poor data quality and limited access to the appropriate information gate keepers.” According to Dooley, many of these key positions are removed during distressed situations, causing data gaps and unreliable projections during the volatile times.

DLA Piper’s Timothy Brink then weighed in on due diligence from a legal vantage point. Brink is a partner in DLA Piper’s restructuring group and he focuses his practice on bankruptcy, restructuring, insolvency and creditors’ rights matters. For turnaround advisors, the focus when stepping into a distressed situation is about preserving option value, and

in distressed times, management can be in disarray. Brink suggested identifying key former executives who could be used as paid consulting resources during the sale process. It is also his view to maintain strong communication with the lenders and vendors. Brink advises clients to spend time alone with individual members of management during

the process to get their unfettered views of the company.

Michael Petruski of Great American Advisory Services then provided some insights on asset valuations in distressed versus healthy companies. He also addressed changes to the U.S. manufacturing base in automotive, textiles and paper converting. “These industries have been severely depressed, with many plant closures and no absorption for the capacity by other producers serving similar markets,” he said.

Mike Slattery then turned the panel’s attention to the global economy and international transactions and their unique challenges. Mark Essig mentioned having the right consultant is crucial, as finding the local expertise can be the difference in obtaining the right information. He also emphasized the importance of spending an adequate amount of time with the foreign management staff. Mike Petruski added that observed trends for foreign investment in certain industries in the U.S will likely continue. He had previously identified that over 50% of the steel production in the U.S. is currently foreign owned. Petruski further observed that significant interest from foreign investors in the U.S. technology sector is ongoing

From the broader market perspective, the panel suggested that the US economy appears to be on a slow growth path. But in comparison to a year ago, many businesses today are performing better and once again able to meet short-term obligations more easily. The level of distressed activity has slowed, but much uncertainty still persists given developments of our new economy. For those companies and private equity firms who stay the course with due diligence required on distressed asset purchases, they may reap significant rewards upon turnaround.

Clockwise, from bottom left (L-R): Steven Plapp, Nick Delibertato and Dick Sigman; Tony Natale, Harold Israel and Kevin Krakora; and panelists Jeff Kolke, Michael Slattery, Mark Essig, Dan Dooley, Mike Petruski and Tim Brink.

Due Diligence in Turnarounds: Friend or Foe?By Jeffrey Kolke, GE Capital


Milwaukee Networking Series Wraps upBy Bob Olhoff, North Shore Bank

On October 12, the Milwaukee Program Committee hosted its fifth and final bimonthly Networking Breakfast for 2010. The event was held at the Hotel Metro in downtown Milwaukee with 54 TMA members, associates and guests in attendance. As is tradition, coffee and other refreshments were served and business cards were passed out and deals discussed.

The Milwaukee Programming Committee would like to thank all of the 2010 sponsors for their continued support.

What is Swing Nouveau?By Bob Olhoff, North Shore Bank

On the evening of August 23, after the July event date was canceled due to severe weather, 59 TMA members and guests gathered at Cathedral Park in downtown Milwaukee for an evening of Jazz in the Park. The band that evening was Swing Nouveau, a Milwaukee-based band that plays swing with a power and energy that gets into your head and down to your feet. To quote their web site, “Milwaukee’s premiere big band will swing your socks off with our aggressive jumpin’ style. We play danceable, high-energy, jump & swing tunes of the 30’s, 40’s 50’s & 90’s. Solid rhythms combined with an awesome horn section guarantees that our music will get you jumpin’ Jack.”

In fact, a number of the couples in attendance were seen dancing to the music. Oh yes, there was a delicious meal catered by Saz’s Catering and I think new friends were made and possibly business was discussed.

From left (L-R): Norb Schiek, Bill Stoll and Anthony Dichiara; Jay Henry, Richard Marcus, Kim Metzner,Jeff Schneiders and Bill Farrar; and Bruce Sprenger and Debbie and Mark Wierman.

Photos by Barbara Farrar

Photos, counterclockwise from top left (L-R): Kevin Kaiser, Mark Dzierzak and David Buslee; Bill Frey, Tom Hearne and David Hickey; and Maria Wisniewski, Tom Chiappetti and Dennis Cavender.

Photos by Barbara Farrar


“Betting on a Recovery,” TMA’s 4th Annual MidAmerica ConferenceBy Aaron L. Hammer and Michael A. Brandess, Freeborn & Peters LLPAfter a busy year, TMA members throughout the region were eager to reconvene during the Fourth Annual TMA MidAmerica Conference. The event, which took place on September 14-15, proved resoundingly successful. Unlike previous years, the conference was held in Detroit at the Greektown Casino rather than in Chicago. The change in locations from Chicago to Detroit proved apropos. Detroit has found itself in the center of a tumultuous and exciting restructuring environment, and the first day panels highlighted the city’s involvement in this changing landscape.

The first panel, “Chips and DIP: Making Greektown Casino a Winner,” analyzed the hotel’s exciting history in recent years. The Greektown Casino’s chapter 11 filing in May 2008 was one of the first casino bankruptcies in the country. Few turnaround professionals could have predicted that this filing foreshadowed the rash of casino bankruptcy filings that would occur during the following two years. Even fewer would have anticipated that the Greektown Casino would return to profitability. Just over two years later, TMA members gathered in a Greektown Casino hotel conference room, listening to panelists discuss the complexities involved in a casino bankruptcy and the overwhelming success of the Greektown Casino restructuring.

The second panel, “Dealer’s Choice: § 363 Sales and Pre-packs Today after GM and Chrysler” included lead attorneys and restructuring advisors from the aforementioned cases. The panelists focused their discussion on the ripple effect that the auto manufacturer bankruptcies have had on the restructuring world. Panelists analyzed bankruptcy auctions, the significance of government presence, the treatment of successor

liability claims, and the effect on capital markets. Panelists and listeners shared a concern that the aftermath of GM and Chrysler has left outcomes less predictable.

While Detroit provided a perfect thematic backdrop for the first two panels, the third addressed subject matter on the mind of every restructuring professional throughout the country. During “When

the House Goes Bust: Bank Failures and Bank Restructurings” panelists exchanged their thoughts on the problems regional banks are facing and the problematic yet increasingly frequent problem of dealing with a distressed bank. The conversation led to the current lending environment, which included a discussion on alternative sources of lending. In total, all three panels were well received.

After an eventful opening day, attendees were invited to a conference dinner where keynote speaker, acclaimed news anchor

Bill Kurtis, addressed the audience. Kurtis drew upon his experiences as a documentarian and news anchor to provide unique perspective into the economic environment and being a “change agent.” His ability to summarize and convey recent events in the global economy provided an ideal conclusion to the first day of the conference.

The following morning TMA members enjoyed the opportunity to socialize with friends and colleagues and to make new acquaintances during breakfast. Following the meal, Andy Dillon, the Speaker

of the Michigan House of Representatives, provided conference attendees with a ground-level perspective of the state’s restructuring environment and his record of innovation in finding ways to promote economic growth and create new employment opportunities. Prior to

Speakers at the MidAmerica Conference included (clockwise from top left / L-R): Michigan Speaker of the House Andy Dillon; acclaimed documentary host and producer Bill Kurtis; “Dealer’s Choice” panelists Stephen Karotkin, Robert Weiss, Robert Hertzberg, Corinne Ball and moderator Ted Stenger; “When the House Goes Bust” moderator Roger Puccio-Johnson with panelists Craig McCrohon, Jeffrey Stark and James Cullen; “Doubling Down” moderator Kevin Carmody with panelists Steve Rosen, Tom Aronson,David Andrews and Peter Mardaga; and “Chips and DIP” moderator Charles Moore with panelists Robert Stoll, Daniel Weiner, Bill Williams and Barbara Rom. Photos by Chris Monge.


becoming a congressman, Dillon served as president of Detroit Steel Company, where he sought to preserve Michigan manufacturing jobs as the industry endured increasing global competition.

The closing panel, moderated by Kevin Carmody, a managing director at AlixPartners, discussed the future of the capital lending markets. After two years of incredible difficulty raising capital, there now appears to be a dichotomy between funding large companies and small companies given the opening of the high-yield market. The panel enjoyed the undivided attention of TMA attendees who wanted to know: (1) who is lending?; (2) what kinds of deals are being funding?; (3) how are risk and return being assessed?; and (4) how will financial reform impact the capital markets? As with the rest of the conference, the panel did not disappoint.

We would like to express our gratitude to all of the TMA members who contributed in making the Fourth Annual MidAmerica Conference a resounding success, including our many sponsors, committee members, panelists and moderators, keynote speakers, administrators and participants. Finally, Conference Chair Carl Lane deserves special recognition for his herculean effort and outstanding leadership in making this conference a memorable experience. Thank you, Carl!

After an informative and enjoyable two days, it was time to put this knowledge to good use and to get back to work. See you next year!

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Operational and Profit ImprovementFinancial RestructuringCreditor and Lender AdvisoryCRO and BankruptcyDistressed Debt and Company SalesTurnaround and Interim Management

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Operational and Profit ImprovementFinancial RestructuringCreditor and Lender AdvisoryCRO and BankruptcyDistressed Debt and Company SalesTurnaround and Interim Management

Certified Turnaround Professionals Gain Credit At Educational Event By: Paul Kinealy, The Garden City Group, Inc.

On September 30, The Garden City Group Inc. (“GCG”) hosted an event for the Certified Turnaround Professionals at the W Hotel titled “Cocktails and Case Administration: A Presentation on Assisting Financial Advisors in Administering Their Cases More Efficiently and Cost-Effectively.” Jeffrey Stein, a Vice President at GCG, Kathryn Pamenter, then a Senior Bankruptcy Consultant with GCG, and Paul Kinealy, a Director with GCG, discussed numerous issues presented in the administration of a chapter 7 or 11 case.

Topics addressed during the presentation included: the numerous benefits of retaining an experienced noticing, claims and balloting agent; proof of claim issues; issues regarding objections to proofs of claim in various jurisdictions; privacy and confidentiality issues; complex solicitation situations (including issues with respect to publicly traded securities); distributions and OFAC compliance; and the future potential for online case administration. Following the presentation, attendees enjoyed refreshments while networking with colleagues.

Milwaukee 7th Anual Post Holiday Networking Event

Join your TMA colleagues and friends for cocktails, appetizers, dinner and live entertainment at one of

Milwaukee’s premier venues with spectacular views!

The CoastA Zilli Lakes & Garden Restaurant

931 East Wisconsin AveMilwaukee WI

6:00 - 7:00 p.m. - Registration and Cocktail Reception7:00 - 8:30 p.m. - Dinner & Dessert Reception

TMA Members: $75Spouse / Significant Other / Students: $40

Non-Members: $90

Register online at www.chicago.turnaround.org


The TMA Chicago/Midwest Chapter has long been known for both its valuable and innovative educational programs and its creative, welcoming networking events. On October 14 the chapter paired two such programs together, creating an outstanding opportunity for our members to expand their knowledge of key turnaround, workout and bankruptcy concepts and to network with new and existing contacts at a seasonally themed venue.

Touted as a “double header” event, attendees were encouraged to register for both events to receive discounted rates. The result was a capacity crowd of 90 participants for the educational program at the Standard Club, followed by a similar sized group of approximately 90 TMA members and guests celebrating Oktoberfest at the venerable Berghoff Restaurant.

Nuts and Bolts of Dealing with a Troubled Business

Aptly titled “When the Tap Has Run Dry,” the Nuts and Bolts program focused on the core restructuring alternatives and techniques available for dealing with a troubled business and what strategies might be best suited in different situations.

The first session, “Chapter 11 – 101,” provided a walk through of the basics of chapter 11 bankruptcy, various issues and techniques found within the court proceedings, and the plan confirmation process. Some of the panel‘s most valuable insights came from the Honorable Benjamin Goldgar, a bankruptcy judge in Chicago. Other panelists included David Seligman from Kirkland & Ellis, Dan Wikel from Huron Consulting Group and Steve Williamson from Skadden Arps. Carl Lane from AlixPartners moderated the panel and guided the audience through the bankruptcy process with an informative presentation by the panelists.

The second session, “The ABC’s of ABCs and Article 9 Sales,” offered helpful descriptions and practical discussions on these two common mechanisms for selling assets in a controlled process without filing for bankruptcy. As more constituencies seek to avoid the uncertainties and higher costs of bankruptcy filings, creditors and lenders in particular are utilizing these procedures more frequently than in the past. The highly experienced panel consisting of Howard Korenthal of Morris Anderson, Nancy Ross of High Ridge Partners, William Schwartz of Levenfeld Pearlstein and Gregg Szlagyi of Tailwind Services, explained the purposes and unique features of these alternative solutions to bankruptcy and the circumstances when they may be most applicable.

The third session, “Working on a Workout – the Basics,” provided a lively discussion of the key factors that drive a successful out of court workout. Representing the perspectives of a workout lender, an attorney and the distressed company’s financial advisor, the panelists offered their no-nonsense opinions on the hot buttons for various constituencies and recommendations for how to negotiate towards a consensual workout. Moderated by Josh Siano of Conway MacKenzie, the panel also included Mitch Rasky of The Private Bank, Brian Graham of Pedersen & Houpt and Kevin Krakora of Mesirow Financial Consulting.

The last session, “Opportunity Amidst Crisis – What First Time Buyers of Distressed Assets Need to Know,” focused on the different types of due diligence that various buyers perform when purchasing distressed assets or businesses. Advocating different investment strategies, the panelists shared their thoughts on investment criteria, due diligence and the status of the current market for distressed assets. The panelists included John Grivetti of Crowe Horwath, Michael Kayman of PAF Investments, Tom Goldblatt of Sangamon Industries and Suzanne Yoon of Versa Capital.

This exceptional Nuts and Bolts educational program was organized by the chapter’s Education Committee, led by co-chairs Jonathan Friedland of Levenfeld Pearlstein and Paul Krantz of PNC Business Credit. Special thanks also go to the program’s co-sponsoring organizations: Association for Strategic Planning (ASP), Circle of Finance Opportunities (CFO), Financial Executives International (FEI), Illinois CPA Society, Midwest Business Brokers and Intermediaries (MBBI) and Risk Management Association (RMA).

TMA Members and Guests Order a Double ShotNuts and Bolts Education Program Followed by Oktoberfest ReceptionBy Kevin A. Krakora, Mesirow Financial Consulting

continued on next page


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Oktoberfest celebrators include (opposite page, top to bottom, L-R): Navin Nagrani and Harry Novak; Robert Dwyer and Tom Scott; Suzanne Yoon and Dan Nadler; Rick Barfield and Howard Korenthal; and Tom Stamborski, Grant Manny, Dennis Kraska, Tom Pabst and George Garrod. This page from top (L-R): Alexander Boerema, Fraser Desmond and Jake Jeffrey; and Cara Casolari and Kristin Weber.

Photos by Nicole Krakora

Oktoberfest at the Berghoff Restaurant

There was no better way to follow up an afternoon of educational programming than networking with new and old contacts at a historic Chicago establishment. Building on the theme of “When the Tap Has Run Dry,” the workshop attendees joined additional TMA members and guests by celebrating Oktoberfest at the renowned Berghoff Restaurant. In addition to enjoying cold frothy drinks, participants at the reception sampled tasty bratwurst, Bavarian pretzels, apple strudel and many other traditional German fares in keeping with the Oktoberfest festivities. The Berghoff was the perfect venue to forge new business relationships or to catch up on deals with existing industry contacts.

Special thanks to the Entertainment Committee led by co-chairs Sandor Jacobson, Tom Goldblatt and John Kemp.


The Chicago/Midwest Chapter of the TMA has offered a Pro Bono program for many years. The program provides up to 40 hours of free assistance from knowledgeable TMA members to small businesses who otherwise could not afford the services of TMA professionals. Eligible clients include for-profit and non-profit organizations with annual revenues under $3 million and more than three employees. Services include advice on accounting, marketing, operations, the bankruptcy process, real estate, strategy and the like. TMA operates a Pro Bono committee with 26 members with a variety of skills in the Chicago and Milwaukee areas, presently co-chaired by Tom Gray (CTP) and Karl Madsen.

“A small change in customers, revenue, or costs can have a major effect on a small business. Often the client just needs some expert advice to move in the right direction, especially if they know to reach out to us early enough,” said Gray.

Traditionally the committee had relied on word-of-mouth from TMA members to generate awareness and clients. Late last year, the committee decided a more modern approach was needed due to a dearth of clients despite poor economic conditions. The plan drafted by Bruce Paul of MorrisAnderson and Shawali Varshney of AEG Partners called for an automated client application process followed by a disciplined outreach campaign to potential client referral sources.

The co-chairs created the automated application, and TMA Administrator Chris Glatz arranged for a link to allow internet access to the application form. TMA members were surveyed to develop a list of over 150 associations and agencies who could be potential client referral sources. Pro Bono committee members volunteered to contact about 10 agencies each by email and phone, to make them aware of TMA’s program and ask them to publicize the application link on their websites and newsletters. This outreach campaign resulted in 19 agencies who agreed to do so, and it made TMA and its Pro Bono program known to all the others as well.

Client Story

Sharon Renn, owner of A-Day & Night Carpet Care noticed that her sales had dropped off significantly in the 2009/2010 economy, and contacted SCORE (Service Corps of Retired Executives) for some free advice. SCORE referred her to TMA, and Renn used the new application link to seek help in rebuilding her sales. She had already done all she could to reduce operating costs, and now she knew she had to find a way to increase overall sales in order to keep the business alive.

After a call for pro bono volunteers, Steve Hansen of LSQ Funding Inc. was assigned to the case. The initial meeting helped Hansen understand the company’s services, revenue, costs, and client base. During that meeting, he encouraged Renn to set a goal for the size of the business three years in the future, and then set annual sales targets to guide an action plan. Revenue had fallen from $138,000 in 2007 to $106,000 in 2009. Sharon set a goal to increase revenue by $25,000 in 2010 and $50,000 annually the next two years.

A review of the year-to-date customer mix sales ratio revealed that A-Day & Night’s residential customer base was too high at 80%, compared to the industry norm/objective of 60% residential and 40% commercial. With these new findings, Hansen and Renn decided to focus on increasing commercial sale to reach revenue goals.

According to Hansen, “The customer analysis showed that A-Day & Night had already achieved some success with country clubs. These successes provided excellent testimonials and created a natural niche for us to focus on. We then developed a detailed marketing campaign focused on building out this market. Efforts to date have included identifying the buying criteria, mapping out the competition, identifying areas of relative strength, building a database of targeted businesses, developing an intro letter, mailing letters, conducting follow-up calls and meeting with prospects.”

Renn continues the story from the client’s viewpoint: “Initial work with our TMA Pro Bono marketing consultant began in early May. As we began the process, the target market analysis clarified and directed our marketing efforts to the most beneficial customer category to begin with. Of great value also was the identification of buying criteria for this targeted business category. With this information in hand, we were able to

develop an introductory letter for commercial accounts. But more importantly, this information will be used in the future to improve not only the company brochure but other marketing materials.

“Nine weeks later, in mid-July, first letters went out to the targeted businesses with follow-up calls and meetings. Sales efforts thus far have resulted in a large major account acquisition projected to yield $15,000/year in new sales. Now, for the first time, the company has a professional marketing plan to provide the much needed focus and direction for future sales growth. This was just the boost we needed to grow our company.”

In 2010 the TMA Pro Bono committee has served three clients from 2009 and eight more through the new agency referral and automated application process. “We still get clients from the old word of mouth network, but now our message is available to the entire area through agencies like Chambers of Commerce, Small Business Development Centers, SCORE and others throughout the city and suburbs,” said Karl Madsen, co-chair. “We’d like to have about four projects active concurrently, but if the community wants more help, we’ll seek more volunteers.”

The Pro Bono group helps fulfill the community service aspect of TMA’s mission. If you know of a potential client, please refer them to www.chicago.turnaround.org

From there, click on the link, “TMA Chicago/Midwest Pro Bono Program on the left side of the home page, fifth buttom down. From the Pro Bono page, select “click here” to access the application. If you would like to join the Pro Bono Committe, please contact Chris Glatz at [email protected].

Free Turnaround Advice: TMA Volunteers Help Small BusinessesBy Tom Gray , Telecom Expert Group and Karl Madsen, OpteonGroup LLC

Eligible clients include for-profit and non-profit organizations with annual revenues under

$3 million and more than three employees.


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New Members are the Strength of Our OrganizationWe welcome the following new members to the Chicago/Midwest Chapter of the TMA:Eric Barbieri, Richter Consulting Inc.Anna Coatsworth, PricewaterhouseCoopers LLPMark Conzelmann, Katten Muchin Rosenman LLPPaul du Vair, Mesirow Financial ConsultingAllison Evans, Mesirow Financial ConsultingTom Hoyum, Hoyum ServicesThomas McCabe, KPMG LLPColleen Palmer, Getzler Henrich & Associates, LLCNeville Reid, Fox Hefter Swibel Levin & Carroll LLPLorry Rifkin, Egg Innovations LLCWilliam Schwartz, Levenfeld Pearlstein, LLC

Scott Semenek, Baker & DanielsJeffrey Stark, Chicago Capital Holdings, LLCJames Sweet, Murphy Desmond S.C.Richard Terrett, The Nielsen CompanyAlexander TurikRick Van Es, Crossroads Business Advisors LLCKristen Weber, Affinity Group InternationalAndrew Weil, Morgan Lewis & Bockius LLPRobert Wolf, Midland AssociatesThomas Wolford, Neal, Gerber & Eisenberg LLP

Chicago/Midwest Chapter Announces Leadership Team for 2011

Term expires December 2012Duncan Bourne Phil OstroskiBarb Yong

Term expires December 2013Aaron HammerPaul KrantzDavid Mack

Directors:Term expires December 2011Ray AndersonGail HeldkeDan Wikel

...along with 44 Committee-Co-chairs!

We look forward to a productive year!

Carl LanePresident

Mark LeipoldVP-Education

Tom PabstPast-President

Kevin KrakoraVP-Programs

Ray AndersonVP-Communications

Dan WikelTreasurer

Bob StegmannSecretary

Harold IsraelPresident-Elect


Member News Making a Difference in the Chicago/Midwest Region and Beyond

What’s the Deal?Doing Business in Chicagoland and BeyondACM Professional Services recently completed a financial advisory engagement with an $85 million restaurant/bar chain. Over the course of the engagement David Johnson worked directly with senior management to develop cash forecasts, create a three-year budget and initiate detailed financial reporting for the company’s private equity owner.

Talon Merchant Capital was recently engaged by the turnaround firm Aurora Management Partners to liquidate 17 truckloads of Caye Furniture as part of the overall liquidation. Talon removed the goods within four days to be sold through their Canadian retail chain, LW Stores, comprising over 90 stores throughout Canada.

Ryan Jaskiewicz of 12five Capital LLC announces the closing of a $200,000 factoring facility for a recycling company in Michigan. The cash flow-based facility is being used to increase its cash cycle and give the company the ability to take advantage of vendor discounts.

AEG Partners and K&L Gates hosted a panel focused on management and restructuring topics. Principal Craig Dean highlighted AEG’s sale and wind-down strategy for Desa Heating, a $300 million international manufacturer of consumer heating and lawn and garden products operating under chapter 11. Dean served as CRO as AEG doubled the expected recoveries.

Dresner Partners announced it advised Image Medical Corporation, the parent of Greenville, SC-based eRAD Inc., in its sale to RadNet Inc. eRAD Inc. is a leading provider of web-based image management and diagnostic workflow solutions. The company’s product offering is a software solution which is rapidly becoming a standard for virtually all diagnostic imaging providers.

Jake Miller of Oak Point Partners announces the purchase of all remaining known and unknown assets from the trustee of the Heilig-Meyers liquidation trust. Oak Point purchased the assets on a largely “as is, where is” basis, helping the trustee move closer to a complete and final wrap-up of the case.

Monroe Credit Advisors closed three distressed debt advisory assignments in the first half of 2010, including a $25 million debt restructuring and two distressed debt refinancings. In the restructuring, Monroe helped a Chicago-based television broadcaster renegotiate credit terms with lenders that enabled the company to finance new equipment and expand capacity. The two refinancings involved companies negatively impacted by the recession that were being asked by lenders to refinance or face foreclosure.

Moglia Advisors was hired as the financial and operational advisor to a $20 million utility contractor located in Iowa, Nebraska and New Mexico. Moglia Advisors reviewed and assessed the operations, cash flow forecasts and strategic options for the business and met with the bank group to present their findings. Per Moglia’s recommendation, the company has filed for chapter 11 bankruptcy. Moglia Advisors is currently being considered to be involved in the sale process of the business. Additionally, Moglia Advisors was hired to determine and evaluate strategic options for a large privately owned producer and distributor of food products in the south.

Cathy Jaros, managing director at Amherst Partners, was a panelist during the Midwest Clean Tech 2010 conference held in Chicago September 14. The panel topic was “Financing and Project Capital: Bridging the Gap Between Early and Late-Stage Financing.”

Chris Horvay and Mark Leipold are pleased to welcome Pia Thompson who has joined the creditors’ rights group at Gould & Ratner LLP. Thompson practices commercial restructuring, bankruptcy and creditors’ rights and litigation. She has handled all aspects of chapter 11 proceedings, including representing debtors, creditors’ committees, individual creditors, buyers in 363 sales and the retention of professionals.

Huron Consulting Group’s Dan Wikel and John DiDonato recently authored the chapter “Managing Traditional Chapter 11 Reorganizations: A Primer for Directors and Officers on Bankruptcy Fundamentals” for the book Navigating Today’s Environment published by Globe White Page Ltd. Wikel also spoke on a panel about Chapter 11-101 at “The Nuts & Bolts of Dealing with a Troubled Business: When the Tap Has Run Dry” on October 14 in Chicago.

Shiwali Varshney of AEG Partners was promoted to senior associate. Varshney has worked on a wide range of engagements focused on comprehensive cash forecasting, cash management, analytical support as well as managing the sale of companies operating under chapter 11.

Bill Hass, CTP, and Shep Pryor will lead a webinar and workshop series for mid-market business owners titled “After the November Elections: Should You Hold or Sell Your Business.” The series will consist of three webinars and a one day workshop covering topics of market outlook, key factors to consider, valuation and how to build value and prepare your business for eventual sale. The series will be sponsored by the Mid Market Institute.

12five Capital LLC is excited to announce the addition of Robert Jaskiewicz as managing director. Jaskiewicz will focus on business and strategic development. He brings over 25 years experience in the alternative finance arena.

Dresner Partners announces Jamie Lisac has joined the firm as managing director and will lead the financial restructuring and corporate turnaround practice. Lisac specializes in complex corporate restructurings and reorganizations of distressed middle-market companies, both in and outside of chapter 11, either on behalf of the company or its stakeholders.

Kevin A. Krakora, senior managing director at Mesirow Financial Consulting, participated in a panel presentation on the topic of “Financial Restructuring for the Supplier Industry Going Forward” at the Automotive Supplier Finance Summit in Detroit, MI, on October 25. The presentation focused on the current state of automotive supplier restructurings and the near term and long term outlook for the various supply tiers.


The 2008 Harvard commencement speech by Harry Potter series’ author J.K. Rowling revealed some interesting insight about how she went from being terribly poor and according to her, one of the biggest failures she knew, to becoming one of the most beloved and wealthiest novelists of a generation.

Speaking at Harvard to some of the nation’s brightest graduates, Rowling talked about the benefits of failure, a seeming contradiction to anyone who has succeeded at goal after goal.

“Failure meant a stripping away of the inessential,” she said. “I stopped pretending to myself that I was anything other than what I was…rock bottom became a solid foundation on which I rebuilt my life.”

For any corporation and its employees facing the risk of insolvency and the daunting process of restructuring, whether that occurs in or

out of court, such “failure” may seem like the culmination of a long and ugly process of self-deception similar to what Rowling outlined. One of the first problems that surfaces in any corporate failure, along with the very real issue of how to raise money, is this: how do we tell our story in a way that’s believable? Quite often this imperative follows a period of attempting to reassure many people that things were going to be alright.

In today’s era of 24/7 information flow, being well prepared to send out carefully thought-out and well-written, crisp messages to multiple stakeholder groups with an interest in the reorganization is critical. So is the need to use many different channels to get those messages out. Rarely does a corporation today find that using only

one or two static channels is effective enough to reach everyone, from employees to banks/financiers, vendors, media, government officials, regulators and so on.

In addition, it’s important to bear in mind that news of potential restructuring events often begins to circulate in the online community, whether from blogs that closely follow the industry, from customers worried about product/service quality or from employees who fear they may be victims of downsizing. As such, the digital or social media environments simply cannot go ignored today in a challenging phenomenon that did not matter so much in the past.

Regardless of the information channel used, the most important messages for any company intent on successfully reorganizing to send out immediately should focus on how management plans to continue running the business, what strategies the go-forward business plan will emphasize and how any bad dynamics or events

leading to the restructuring will be corrected in the future. In other words, acknowledge using the option of “failure” and move on in the most constructive manner.

For example, it is often the case that a company simply took on too much debt during the easy-money era (remember that?) but still has a robust sales/revenue-generating model that will work. Or perhaps cumbersome labor contracts prohibited any meaningful cost cutting needed to right size the P&L in a period of soft sales. Many restructuring professionals know, while many stakeholders often do not, that chapter 11 is a good tool in cases where other attempts to fix things just have not worked. The trick is to make sure that everyone understands this clearly from the

outset. Indeed, such effective communications plans are a hallmark of well-run restructurings.

Keeping executives visible and communicating regularly is also wise, making sure that a designated person in the company, such as the CEO, CFO, general counsel or chief restructuring officer, is seen as the credible source of information during such an unsettling period.

Above all, planning and seamless execution both on and after the reorganization announcement day are paramount. It’s what you say, when you say it and how you say it that can make all the difference in stripping away the inessential toward a better future.

“Many restructuring professionals know,while many stakeholders often do not,that chapter 11 is a good tool in cases where other attempts to fix thingsjust have not worked.”

Failure is an Option (But Not the End of the World)By Kathy Fieweger, Edelman


Platinum Sponsor Bio: Great American GroupGreat American Group® is a leading provider of asset disposition, valuation and appraisal services to a wide range of retail, wholesale and industrial clients, as well as lenders, capital providers, private equity investors and professional service firms. Across virtually every sector of the economy, at every stage of the business lifecycle, we help companies in transition understand and realize the maximum value of their assets. Through more than 35 years of experience, our team of trusted professionals have developed unparalleled expertise at assessing the value of assets in a variety of businesses and, when necessary, managing the sale of those assets.

From advanced medical apparatus to heavy construction equipment. From traditional retail inventories, to the intellectual property value of patents. From appraisals to auctions. From lease renegotiations to portfolio sales. From securing growth capital to managing bankruptcy dispositions. Great American Group tailors services and programs based on each client’s unique business needs. Whether you are managing a liquidation, streamlining or verifying the balance sheet of a business in the process of a merger or acquisition, or driving turnaround efforts, Great American Group is a strategic partner that brings clarity to the process and improves your business intelligence, capital position and confidence. From appraisals to disposition, we can handle as much of the process as you need so you can focus on managing the rest of your business.

Our services include: Appraisals Auctions Asset Dispositions Real Estate Maximization Capital Loan Sales

Maximizing Assets Minimizing Doubt ™

Start with the right People Experienced People.

Industry Specializations Automotive | Business Services | Consumer Products | Metals | Plastics | Trucking

www.morrisanderson.com

You only become an expert in the middle market when you have lived on the front lines of distressed businesses. Our people have years of hands-on experience and insight that they bring to each client. We harness this knowledge base with our collaborative approach and straight talk to maximize enterprise value on every project.

9 offi ces coast-to-coast40 consultants

13 Certifi ed Turnaround Professionals

Kevin FlanaganConsumer Products

[email protected]

Ken YagerBusiness Services

[email protected]


The Chicago/Midwest Chapter Certified Turnaround Professionals (CTPs)Accretive Solutions

Capital Partners Inc. Frank Mack

AEG Partners Lawrence Adelman

Alan Friedman Consulting LLC Alan Friedman

Alert Consultants Inc. James Rubenstein

AlixPartners LLC John Dischner Michael Feder

Alvarez & Marsal LLC Paul Rundell

Brian Whittman

Atlas Partners LLC Biff Ruttenberg

Barron Business Consulting Bernadette Barron

BBK Ltd. Robert Webb

The BeaconView Group Inc. Michael Jakolat

Bridge Associates LLC Colleen Lowmiller

Buccino & Associates Inc. Harry Novak

Capstone Advisory Group LLC

Jeffrey Hyland

Chartered Management Co William Avellone

Condor Financial Group Inc. Gilman King

Conway MacKenzie Joshua Siano

Jeffrey Zappone

CR Realty Advisors LLC Timothy Czmiel

CRG Partners Group LLC Ronald Bienias

Thomas O’Donoghue Jr. Peter Richter

CSI Consultants LLC William Stoll

Dresner Partners Jamie Lisac

Enterprise Management Group Inc.

Dennis Kraska

Family First LLC Mark Hagar

Finkbiner Duffy & Clapp SC David Finkbiner

FTI Consulting Inc. Michael Buenzow

Global Turnarounds Inc. Kobus van der Zel

Grant Thornton Sandra Reese

HDUSA James Vargo

High Ridge Partners Frank Wojtowicz

Houlihan Lokey Matthew Niemann

Huron Consulting Group Ray Anderson

Benjamin Smith

Jessup Manufacturing Company

Kiran Gandhi

JKS Business Consulting John Sanders

Kaufman Hall Anu Singh

The Keystone Group Brian Stewart

KPMG LLP Pieter Lesterhuis

Kutchins, Robbins Diamond Ltd. Allen Kutchins

Lake Pointe Partners LLC Kurt Knipp

Randall Wright Patterson

Mesirow Financial Consulting LLC Thomas Allison Melissa Knoll

MorrisAnderson David Bagley Daniel Dooley John Hennessy

William Van Der Weele Robert Wanat

NHB Advisors Inc. John Tittle

Pathfinder Group LLC Dave Mack

Pentwater Partners LLC Robert Deprez

Prairie Advisors Brent King

Prairie Street Capital Inc. Michael Barry

Promontory Point Partners LLC Jeff Vogelsang

Shepherd Partners Inc. Tony Natale

Silverman Consulting Inc Alan Samsky

Teamwork Technologies Inc. William Hass

Telecom Expert Group Thomas Gray

Tower Three Partners William Forrest

Vector Consulting LLC Michael Baratta

White Oak Group Murray Lessinger

Wynnchurch Capital Ltd Duncan Bourne

Other Samuel Williams

TMA Membership ApplicationName:

Title:

Firm:

Address:

City: State:

ZIP:

Phone:

Fax:

Email:

Web site:

Referred by:

Membership Category (please circle): Annual Member $300 Academic/Gov $125 Student $75 *New members only; does not include Directory listing**Year-end dues expire on 12/31/11Memberships are on an individual basis only and are non-transferable. Membership includes a listing in the 2011-12 Directory of Members and Services.

Method of Payment (please circle):Visa MasterCard

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Preferred Chapter: Chicago/Midwest

Turnaround Management Association150 South Wacker Drive, Suite 900Chicago IL 60606Phone: 312-578-6900Fax: 312-578-8336Email: [email protected]


Turnaround Management Association Chicago/Midwest2010 Board of Directors and Steering Committees

Officers

President Thomas E. Pabst HYPERAMS LLC 847-499-7033 [email protected]

President-Elect Carl Lane AlixPartners 312-762-3388 [email protected]

Interim Secretary Bob Stegmann Tatum, LLC 630-291-5670 [email protected]

Treasurer Dan Wikel Huron Consulting Group 312-880-3003 [email protected]

Vice President-Education Kevin A. Krakora Mesirow Financial Consulting LLC 312-595-8511 [email protected]

Vice President-Communications Mark Leipold Gould & Ratner LLP 312-899-1651 [email protected]

Vice President-Programs Harold D. Israel Kaye Scholer LLC 312-583-2333 [email protected]

Ex-Officio Past President Joseph J. Fobbe Regions Business Capital 312-993-6884 [email protected]

DirectorsDavid Bogetz Burnham Capital Partners LLC 847-236-0886 [email protected]

Jeffrey S. Hyland Capstone Advisory Group LLC 312-588-7101 [email protected]

Paul Krantz PNC Business Credit 312-454-2959 [email protected]

Ray Anderson Huron Consulting Group [email protected]

Gail Heldke 847-778-6914 [email protected]

Dan Wikel Huron Consulting Group 312-880-3003 [email protected]

Duncan Bourne Wynnchurch Capital 847-604-6104 [email protected]

Phil Ostroski Citizens Bank 262-703-3739 [email protected]

Barb Yong Golan & Christie LLP 312-696-2034 [email protected]

Chapter AdministratorChristine M. Glatz Glatz Management Services Inc. 815-469-2935 [email protected]

Committee ChairsAwards

Mike Ban Six Degrees Consulting LLC 773-388-8382 [email protected]

David Enghauser Cole Taylor Bank 312-960-5360 [email protected]

Jeffrey S. Hyland Capstone Advisory Group LLC 312-588-7101 [email protected]

Breakfast Forum

Jeff Kolke GE Capital 312-441-7122 [email protected]

Bob Stegmann Tatum LLC 630-291-5670 [email protected]

Continuing Education

Jonathan Friedland Levenfeld Pearlstein LLC 312-476-7528 [email protected]

Bill Hass Teamwork Technologies 847-564-5575 [email protected]

David Johnson ACM Professional Services 312-505-7238 [email protected]

Paul Krantz PNC Business Credit 312-454-2959 [email protected]

CTP Relations

Ray Anderson Huron Consulting Group 312-899-7090 [email protected]

David Mack Pathfinder Group LLC 847-274-7604 [email protected]

Entertainment

Tom Goldblatt Sangamon Industries 312-316-4641 [email protected]

Sandor Jacobson Abrams & Jossel Consulting Inc. 312-629-8585 [email protected]

John Kemp Houlihan Capital 312-275-5509 [email protected]

Finance

Randy Patterson Lake Pointe Partners 312-857-0001 [email protected]

James Rubenstein Alert Consultants 847-501-5000 [email protected]

Future LeadersTom Fawkes Freeborn & Peters LLP 312-360-6468 [email protected]

Gordon Gouveia Shaw Gussis 312-980-3816 [email protected]

Ryan Jaskiewicz 12five Capital LLC 630-631-8606 [email protected]

Membership

Mike Paulsen Lockton Companies 773-852-5588 [email protected]

Barb Yong Golan & Christie LLP 312-263-2300 [email protected]

Milwaukee

Ed Duffy Finkbiner Duffy & Clapp S.C. 414-378-7901 [email protected]

Tom McRae Chortek & Gottschalk LLP 262-522-8227 [email protected]

Joel Schneider Atlas Partners 312-516-5707 [email protected]

Newsletter

Gail Heldke 847-778-6914 [email protected]

Bob Ollhoff North Shore Bank 262-787-6917 [email protected]

Peter Roberts Shaw Gussis 312-276-1322 [email protected]

Pro Bono

Tom Gray Telecom Expert Group 630-512-0406 [email protected]

Karl Madsen OpteonGroup LLC 219-801-8434 [email protected]

Public Relations

David Bogetz Burnham Capital Partners LLC 847-236-0866 [email protected]

Linda Jacobs Alert Consultants 847-501-5000 [email protected]

Special Programs

Norm Newman Much Shelist 312-521-2492 [email protected]

Aaron Hammer Freeborn & Peters 312-360-6558 [email protected]

David Onion Chicago Capital Holdings 630-455-1002 x 105 [email protected]

Sponsorship

Tom Jones Concord Financial Advisors 312-759-9900 [email protected]

Lou Marosi Linkage Capital Management LLC 847-382-6801 [email protected]

Chad Peterson Qorval LLC [email protected]

Women’s Group

Judy Karlov Alliance Cost Containment 312-337-7688 [email protected]

Sandra Thompson GaiaTech Inc. 312-541-4200 x 237 [email protected]

Thank you for all of your hard work in 2010!

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

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

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

Thank You 2010 Sponsors

Gold SponsorsAbrams & Jossel | AccuVal Associates Incorporated | AlixPartners LLP | Amherst Partners LLC | BDO Seidman LLP Bridge Associates LLC | Buccino & Associates Inc | Crowe Horwath LLP | Deloitte Financial Advisory Services LLP

First Business Capital Corp | Getzler Henrich | GoIndustry DoveBid | Goldberg Kohn | Gould & Ratner LLP | Grant Thornton Harney Management Partners LLC | Houlihan Capital LLC | Lincoln International LLC | Loeb

Mesirow Financial Consulting LLC | Monroe Credit Advisors | Neal Gerber & Eisenberg LLP | Proskauer & Rose LLP Ritchie Bros. Auctioneers | Sangamon Industries | Skadden, Arps, Slate, Meagher & Flom LLP

Platinum Sponsors

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