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TURNAROUND MANAGEMENT ASSOCIATION

TMA Michigan

TMA Newsletter Detroit

March 2011

Volume 6, Issue 1

FROM THE CHAPTER PRESIDENT

Inside this issue:

Corporate Sponsors 2

Featured Article 5

New Members 9

Spring Conference Info 10

Save the Date 11

Members in the News 12

Event Highlights 14

New Member Application 15

2011 Advertising 16

Upcoming Events:

March 9th - 1:00 p.m. - Spring

Conference at the DAC

April 14th - 6:00 p.m. - Speed

Networking at the Community

House in Birmingham

As winter loses its bite and spring approaches, there is a lot

happening at the Michigan TMA Chapter. First, we have our

Spring Conference on March 9 th at the Detroit Athletic Club. It

is going to be a great event. Our keynote speaker is Professor

Edward I. Altman from the New York University Leonard N.

Stern School of Business. As many of you know, Professor

Altman is the creator of the Z score, a very accurate formula for

predicting a future bankruptcy.

In addition to Professor Altman, there are four panels on the following topics:

i) Private Equity, ii) Banking, iii) Manufacturing, and iv) Trends in the Turnaround

Industry. This will be a great Conference. Special thanks to our Conference Chairs,

Scot Lund and Hee-Jin Yi, for all their hard work.

Also, as many of you know, your Michigan TMA Chapter has been working with the

Michigan Department of Treasury to develop a Government Turnaround

Management Association division of our Chapter. This initiative is being watched

and touted all over the country as a cutting edge example of how we can expand our

focus and broaden our reach to new and timely issues. There has already been one

training program for prospective Emergency Financial Managers. Future training

programs are being planned as well.

There are other great programs coming up later in the spring so watch your e-mail.

Finally, it is that time of year again. We are starting the nominating process for

determining next year’s Board of Directors for the Michigan TMA Chapter. Given

the growth and size of our Chapter, we are going to explore increasing the size of the

Board to provide broader coverage. If you have an interest in serving on the Board

of our Chapter, please let either Jenni Brewer or me know.

Thank you for all of your support.

Scott Eisenberg

TMA Michigan Chapter President


Turnarou nd Manag em en t Associa tio n

TURNAROUND MANAGEMENT ASSOCIATION

6001 N. Adams Rd., Ste. 205

Bloomfield Hills, MI 48304

Phone: 248-593-4810

Fax: 248-593-6108

Email: jbrewer@okeefeandassociates.com

www.turnaround.org

TMA Michigan

Newsletter

Many Thanks to our 2010-2011 Sponsors

GOLD SPONSORS

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Turnaround Management Association

TMA Michigan

Newsletter

Many Thanks to our 2010-2011 Sponsors

SILVER SPONSORS

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TMA Michigan

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Daubert Challenge – Opposing Attorneys Trojan Horse

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Daubert Challenge – Opposing Attorneys Trojan Horse

Perspectives on Governmental Financial Crises and

Governor Snyder’s Budget Proposal for Fiscal Year 2012

By Fred P. Leeb

Fred Leeb & Associates and the Nonprofit Management Group

Forty-five states and the District of Columbia are projecting budget shortfalls (revenues less than the costs of services) totaling $125

billion for fiscal year 2012 (the year beginning July 1, 2011, “FY12”) 1 . Michigan’s shortfall was estimated to be $1.8 billion of this

total. On February 17, 2011, Governor Rick Snyder proposed a budget for FY12 incorporating what seems like many draconian

measures to deal with this financial crisis. The purpose of this article is to provide perspective on the depth of the problem as compared

to other states and to understand why a turnaround plan for Michigan is necessary now.

There are many ways to measure the problems currently facing Michigan governments. Some of these measures are the projected

deficits, revenue trends, rainy day funds, job growth, unfunded pension and health benefits and financial stresses on local governments.

Michigan’s Budget Shortfall

The states’ financial crises are so large and pervasive that Michigan’s budget shortfall appears to be relatively minor if viewed

against the financial crises in many other states. The reality is that though Michigan’s budget shortfall is daunting, those of many

other states are even worse. Michigan’s projected FY12 budget shortfall is only 8.6% of the state’s FY11 budget as compared with

the average for the other states of 19.9%, more than twice Michigan’s percentage. 1 If Michigan’s percentage were equal to the average,

the shortfall would be approximately $4.2 billion as compared to the projected level of $1.8 billion. Only 8 of the 45 states with

a shortfall have a lower percentage than Michigan. The states with the worst percentages are Nevada at 45.2%, Illinois at 44.9%,

New Jersey at 37.4%, Texas at 31.5% and California at 29.3%. These five states account for $65.8 billion or 52.6% of the total projected

FY12 shortfall of $125.0 billion.

All these states are finding that their means of closing the shortfalls (spending cuts, withdrawals from reserves, revenue increases and

use of federal stimulus dollars) are much more difficult now because they already have had to close $430 billion in budget gaps in

fiscal years 2009-2011. 1 For example, states were able to use Federal Recovery Act Funds of $31 billion in FY09, $68 billion in

FY10 and $59 billion in FY11 but this assistance will drop to only $6 billion in FY12. 1 State and local governments already have

eliminated 426,000 jobs since August 2008.

Revenues Continue to Decline While Service Needs Increase

Budget shortfalls are being caused by revenues remaining depressed and rising costs. Of the 29 states that have released the necessary

data, 24 project that they will have less state revenue in FY12 (after adjusting for inflation) than they did in FY08, when the

recession began. 2 On the other hand, costs will continue to increase. For example, in the FY12 school year, there will be about

260,000 more public school students and another 960,000 more public college and university students than in 2007-08. 2 There also

will about four million more people who are projected to receive subsidized health insurance through Medicaid in 2012 than were

enrolled in 2008, as employers have cancelled coverage and people have lost jobs and wages. 2

Due to projected reductions in state revenues, nearly all states are proposing to spend less money in FY12 than they spent in FY08

(after inflation), even though the cost of providing services will be higher. Of 31 states that have released initial budget proposals, at

least 13 states have proposed deep cuts in pre-kindergarten and/or K-12 spending, at least 15 states have proposed deep cuts in health

care and at least 11 states have proposed major cuts in higher education. Only about 20 % of the governors are balancing deep

spending cuts with revenue-raising measures. 2 Continued on Page 6...

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Daubert Challenge – Opposing Attorneys Trojan Horse

Michigan was the only state with a decline in general fund revenue from FY00 to FY09. 3 Michigan’s total General Fund-General

Purpose Fund has declined from $8.1 billion in FY09 to $7.7 billion in FY10. 4 General Fund-General Purpose Fund revenues are

estimated to continue to decline to $7.2 billion in FY11 (a 6.0% decrease), then increase slightly to $7.3 billion in FY12 (a 1.0% increase),

then decline again to $7.1 billion in FY13 (a 2.5% decrease). 4 Though revenues have decreased, needs for services have

continued to increase. For example, Michigan is facing a rapid rise in Medicaid which now serves over 1.9 million people. From

1980 to 2000, Medicaid caseload increased by 15%. From 2000 to 2012, Medicaid caseload is projected to increase by 79%. 4

Virtually No Rainy Day Fund

Michigan is in a relatively risky position because its rainy day fund has been hovering at only about $2 million from 2005-2010.

Prior to 2001, the rainy day fund had been approximately $1 billion or more. The rule of thumb for a budget reserve balance is to

maintain a fund equal to at least 5% of expenditures. 5

Job Losses

One of the major causes of the declines in state revenue has been the loss of jobs. Michigan has lost more jobs than any other state. 6

Michigan lost 1 of every 2 US private sector jobs since 1999 and 1 out of every 4 total jobs since 2000. From 2003-2008, only one

of 22 industry clusters in Michigan, agriculture, grew above the US average. Michigan under-performed the nation in 90% of the

200 US job categories. Michigan’s per capita income has been declining for nearly 40 years and the rate of decline has accelerated

in the past decade. Michigan was ranked 37 th in per capita income in 2008. Michigan ranked 48 th in job growth from 1990-2008 and

50 th in per capita income growth from 1990-2009. 6

Between Michigan’s employment peak in June 2000 and December 2010, Michigan lost 858,000 jobs. Annual average job losses in

2008 and 2009 totaled 391,000. 4 This trend is expected to begin to reverse this year. Michigan’s unemployment rate is expected to

fall from 13.4% in 2010 to 12.3% in 2011, to 11.5% in 2012 and to 10.7% in 2013. 4 The majority of jobs lost in transportation

equipment manufacturing in Michigan, however, will never return. 7 Even with something approximating normal employment

growth in Michigan, it is unlikely that Michigan will reach the level of employment reported in June 2000 again until some time near

the year 2035. 7

The $1 Trillion Pension and Health Benefit Gap

The Pew Center on the States has calculated that there was a $1 trillion gap in 2008 in the amount the states have promised their millions

of current and retired workers for health and other retirement benefits and the amount they have on hand to pay for them. 8

According to the Pew report, many states are struggling. 21 states’ pension funds were funded below 80% in 2008. 8 On a comparative

basis, Michigan looked relatively good because its pension funding level in 2008 was 84% and its unfunded liability was only

$11.5 billion. Twenty-two states were equal to or better than Michigan’s percentage level of funding. In eight states, more than one

-third of the total liability was unfunded. Illinois was in the worst shape of any state with a funding level of 54% and an unfunded

liability of $54 billion. The total unfunded pension amount for the US was $452 billion in 2008. 8

Also according to the Pew report 8 , retiree health care and other non-pension benefits represent another large unfunded liability. The

liability approximated $587 billion for current and future benefits but only about $32 billion or 5% of the total cost was funded as of

fiscal year 2008. $555 billion was unfunded because, in general, states have only funded retiree health care and other non-pension

benefits on a pay-as-you-go basis. But both health care costs and the number of retirees are growing substantially each year and the

liability keeps increasing. Michigan was ranked as one of the worst states in the country in terms of the amount of funding for retiree

health care and other non-pension benefits. Michigan had an unfunded health and other non-pension benefit liability of $39.9 billion

and had funded only 1.9%. Only four states had a higher dollar amount of unfunded health care and other non-pension benefits than

four states were New Jersey, California, New York and Illinois.

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Continued from Page 6…

Local Governments in Crisis

Local governments also are facing financial crises. One of the major causes of financial stress in local governmental units is the decline

in property tax due to the decline in property values. For example, in Oakland County, property tax revenues (comprising 55%

of general fund revenues) are expected to decline by one-third from FY08-FY12. 9 According to Robert J. Daddow, Deputy County

Executive of Oakland County, “If the state ‘solves’ its fiscal issues by reducing distributions/grants to local units, are the local units

ready to reform local services by reducing costs, ensuring stable services? Answer-no. The immediacy of budget reductions will

occur faster than the ability to reform operations. Local units are already laying off police/fire/EMS/teachers, usually the last activities

eliminated.” 9 An example of the depth of fiscal distress is Detroit, as follows:

$Millions DPS Detroit Total

General Fund Deficit at 6/30/2010 $327.3 $155.7 $483.0

Operating Shortfall (Expense > Revenue)

108.3 74.2 182.5

Renewed Sense of Urgency by the Michigan Department of Treasury

The Michigan Department of Treasury implemented a number of years ago a fiscal indicator system based on work that was done at

Michigan State University’s Institute for Public Policy and Social Research. This system is still in need of much refinement. The

State Senate Fiscal Agency recently completed an analysis of this rating system and offered a number of recommendations for improvements.

10 The current scoring system develops a rating of fiscal stress on a scale of 0 to 10. A score of 0-4 is considered to be

“Fiscally Neutral” where no State action is needed. A score of 5-7 is considered to be “Fiscal Watch” where the governmental unit

is placed under fiscal watch for the current and following year. A score of 8-10 is considered to be “Fiscal Stress” where the governmental

unit is notified of its high score and is placed on a watch list for the current year and the following year, and receives consideration

for review. Scoring is based on a system whereby governmental units are given a score of either a 0 or a 1 on nine different

measures such as population growth, real taxable value growth, general fund expenditures as a percent of taxable value, general fund

operating deficit ratio, etc. The scores are then posted on the Department of Treasury’s web site.

Michigan has 1,856 units of local government. Of the 1,346 local units that have reported for the fiscal year ended June 30, 2009

(the most recent data available), there were 1,231 or 91% that had a score of 0-4, Fiscally Neutral; 109 or 8% that had a score of 5-7,

Fiscal Watch and only 6 that had a score of 8-10, Fiscal Stress. [Note: the three cities that currently have Emergency Financial Managers

were all rated for Fiscal Watch rather than rated as having Fiscal Stress. Pontiac, where I was placed as the Emergency Financial

Manager in March 2009, had a score of only a 6 and Ecorse and Benton Harbor were rated only a 7. The City of Detroit also

was rated only a 7 in 2009.]

The State Treasurer’s Office has recognized that, aside from the results of its rating system, many local governmental units have

been and will continue to be under severe financial stress. It recently has moved quickly to begin to identify new candidates to be

Emergency Financial Managers and already has conducted its first seminar for approximately 65 people on February 9, 2011 to provide

insight into the requirements of the EFM position. At the same time, the state legislature is working on new legislation to increase

and clarify the authority of the Emergency Financial Manager.

Continued on Page 8...

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Continued from Page 7…

Summary

1. Michigan’s projected budget shortfall is large but less than that of many other states. Michigan, however, can no longer rely

on Federal Recovery Act Funds to fill the gap and mask the underlying structural problems that it is facing.

2. The budget will continue to be squeezed by falling revenues and increasing needs for governmental services. It will get more

difficult each year to develop additional solutions.

3. There is no rainy day fund to fall back upon.

4. Job losses have been severe and regaining lost ground will be very slow.

5. Unfunded pension and retiree health care benefits will be the “elephants in the room” for a long time to come.

6. Both state and local governments are in financial crises and the local governmental units will have tremendous difficulties in

dealing with any additional fiscal burdens passed on to them by the state.

7. The Treasury Department’s measures of financial stress must be improved and made much more timely to provide a meaningful

early warning system.

8. A new sense of urgency on the part of governmental officials is developing and new legislation to provide more authority to

the Emergency Financial Manager should help significantly.

It appears as though governments are finally beginning to recognize that they can no longer just kick the can down the road. Many

government officials see that they are in a crisis and they are taking on the challenge to change. This can either be the mother of

invention or the mother of reaction. The next step should be to recognize that experienced turnaround specialists can add a

tremendous amount of value to the process with many time-tested turnaround techniques.

Endnotes:

1. Elizabeth McNichol, Phil Oliff & Nicholas Johnson, “States Continue to Feel Recession’s Impact,” Center on Budget and Policy Priorities

(updated February 10, 2011).

2. Michael Leachman, Erica Williams & Nicholas Johnson, “Governors are Proposing Further Deep Cuts in Services, Likely Harming Their

Economies,” Center on Budget and Policy Priorities (updated February 17, 2011).

3. Andy Dillon, Treasurer, State of Michigan, “Michigan State Government Fiscal Condition,” Business Leaders for Michigan (January 31,

2011).

4. Rick Snyder, Governor, State of Michigan, Executive Budget Fiscal Years 2012 and 2013.

5. John E. Nixon, Budget Director, State of Michigan, “The Power of Michigan,” Business Leaders for Michigan Summit (January 31, 2011).

6. “Michigan Turnaround Plan,” Business Leaders for Michigan (updated June 2010).

7. Gary S. Olson, Eric Scorsone & David Zin, “Michigan’s Economic Outlook and Budget Review FY 2009-10, FY 2010-11 and FY 2011-12,”

Senate Fiscal Agency (December 21, 2010).

8. Susan K. Urahn, “The Trillion Dollar Gap Underfunded State Retirement Systems and the Roads to Reform,” Pew Center for the States

(February 2010).

9. Robert J. Daddow, “Michigan’s Financial Situation: Local Governments’ Budget/Financial Issues,” Business Leaders for Michigan (January

31, 2011).

10. Tina Plerhoples & Eric Scorsone, “An Assessment of Michigan’s Local Government Fiscal Indicator System,” Senate Fiscal Agency

(September 2010).

Fred Leeb was appointed by the Governor of Michigan to be the Emergency Financial Manager for the City of

Pontiac for a 15 month period that ended June 30, 2010. During that time, he was able to quickly lead the city to two

years of surplus after many years of deficits, upgrade the City’s bond rating, negotiate successfully with six unions

and generate over $115 million in multiyear benefits.

The opinions expressed in this article are solely those of the author and do not constitute any opinion on the

part of the TMA.

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2011 NEW MEMBERS

Donald Bittner

Natalie N. Bloyer

Michael A. Campian

Ann K. Capela

Jacob Doane

Douglas F. Duchek

Lawrence Duthler

Darlene Evans Franklin

Derek Hunderman

Michael N. Kahaian

Michael Kalil

Richardo I. Kilpatrick

John L. Klehm

Allan P. Kochanski

Stephen S. LaPlante

James F. Miller

Samantha Mol

Matt O’Connor

Kevin C. O’Malley

John Pepperman

Ty N. Renbarger

Glenn C. Sheets

Ronald A. Spinner

Richard Wallace

DW Associates LLC

Plunkett Cooney PC

Business Improvement Team LLC

City of Inkster

O’Keefe & Associates Consulting, LLC

Duchek Law Office

Sun Title Agency

Platinum Professional Consultants LLC

Colliers International

Stout Risius Ross, Inc.

Farbman Group

Kilpatrick & Associates PC

Spectrum Commercial Services

Deloitte Financial Advisory Services LLP

Miller Canfield Paddock & Stone PLC

Fidelty Bank

O’Keefe & Associates Consulting LLC

Midwest Realty Group LLC

Varnum

Platinum Professional Consultants LLC

AlixPartners

Stout Risius Ross, Inc.

Miller Canfield Paddock & Stone PLC

Accretive Solutions

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TMA Michigan

Newsletter

2011 TMA MICHIGAN ANNUAL SPRING CONFERENCE

March 9, 2011

Detroit Athletic Club

11:00 am – 12:45 pm (Optional) Luncheon *

- hosted by Michigan Network of IWIRC (Int’l Women’s Insolvency & Restructuring Confederation)

12:00 am – 12:45 pm Registration desk opens

12:45 pm – 1:00 pm Conference begins and Welcoming Remarks

1:00 pm – 2:00 pm Keynote Speaker: Dr. Edward Altman, New York University and TMA Hall of Fame Inductee

“Current Conditions and Outlook in Credit and Sovereign Debt Markets"

2:00 pm – 2:30 pm Networking Break

2:30 pm – 3:30 pm Concurrent Panels – Part I

3:30 pm – 4:00 pm Networking Break

Concurrent Panel A: Lending & Workouts: What to Expect in 2011

Moderator: William J. Wildern , CEO, HYDRA Professionals, LLC

Panelists: John DeFrancesco, Executive Vice President-Credit Administration, PNC

James L. Embree, Managing Director, Conway Mackenzie, Inc.

Marybeth Howe, Regional Executive - Michigan/Indiana Commercial Banking, Wells Fargo

David B. Marvin, Executive Vice President – Middle Market Banking, Comerica Bank

Concurrent Panel B: The Role of Private Equity in Turnarounds

Moderator: Thomas H. Gordy, Senior Managing Director, Variant Capital Advisors

Panelists: Charles E. Chandler, Partner, Amherst Partners, LLC

Bassem A. Mansour, Co-CEO, Resilience Capital Partners

Michael Oleshansky, Director, Industrial Opportunity Partners

4:00 pm – 5:00 pm Concurrent Panels – Part II

5:00 pm – 7:30 pm Cocktail Reception

Concurrent Panel C: Michigan Manufacturing Challenges

Moderator: Scot R. Lund, President & CEO , Genesis Turnaround LLC

Panelists: William H. Fetterman, Managing Member, Advanced Manufacturing Group

Alan L. Loewenstein, Director of Appraisals, Maynards Industries

Dr. Sean Alinden, Executive Vice President of Research and Chief Economist, Center for

Automotive Research

Concurrent Panel D: Restructuring Industry Outlook

Moderator: Scott A. Eisenberg, Managing Partner, Amherst Partners, LLC

Panelists: Brad Coulter, Director, O’Keefe and Associates

Jeffrey L. Johnston, Managing Director, AlixPartners, LLP

Theodore B. Sylwestrzak, Member, Dickinson Wright, PLLC

Registration:

Please register at http://www.turnaround.org/Events/Calendar.aspx?objectID=1678.

Cost:

Conference: $50 TMA Members and $75 for Non-members

*Optional Luncheon: $25 for TMA/IWIRC Members, $30 for Non-members *

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UPCOMING EVENTS

SAVE THE DATE

March 9 th – 12:45 – 7:30 p.m. “Spring Conference” – Keynote Speaker, Professor Edward Altman, New York

University Leonard N. Stern School of Business, Detroit Athletic Club, see next page for complete details

(optional IWIRC luncheon prior to conference-11:30 a.m.)

April 14 th – 6:00 – 8:30 p.m. “Speed Networking” – The Community House in Birmingham. More details TBD

May –TBD

June 28 th – Annual Golf Outing at Knollwood Country Club, Details TBD

August 3 rd – 5:30 Tiger baseball outing (includes lunch and game ticket), joint event with ACG

Return of Great Lakes Regional Conference

May 26-27, 2010

Peek’n Peak Resort

Findley Lake, New York

Hosted by:

Michigan, Ohio, Pittsburgh & Upstate New York Chapters

Thursday, May 26, 2011

Golf Tournament – Upper Course, Peek’n Peak

Networking reception

Dinner Banquet

Friday, May 27, 2011

Keynote Speaker & 2 Speaker Panels

Conference adjourns at 11:45 am

For sponsorship opportunities, contact:

Joseph Heim, Dopkins & Company, 716-634-8800, jheim@dopkins.com

Andy Allaire, Amerisource Funding, (716) 662-0301, aallaire@amerisourcefunding.com

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MEMBERS IN THE NEWS

Congratulations to Dick Wood on his retirement from First Business Capital Corp.

Thank you for your continued support of TMA. We wish you the best!

• Jim Embree will be joining Conway MacKenzie, Inc. as a Managing Director in the Birmingham office. Jim was

previously the leader of the Middle Market Lending group at Comerica Bank.

• Jason Lewis has joined Conway MacKenzie, Inc. as a Marketing Assistant.

• In November 2010, Scott Eisenberg of Amherst Partners was quoted in Corp! Magazine’s article titled, “Credit, loan

issues plague turnarounds.”

• In November 2010, Scott Eisenberg of Amherst Partners was featured by TV 4 St. Louis as the tour guide for the

Atkinson Mansion in a segment titled, “A Glimpse at how the Other Half Lives.”

• On November 9, 2010 Scott Eisenberg of Amherst Partners was interviewed by WWJ Newsradio 950 for the M & A

Trends and Statistics program.

• On November 15, 2010, Van Conway of Conway MacKenzie was quoted in TheStreet in an article titled “Investors

Bullish on Chrysler IPO, Poll Says.”

• On November 23, 2010, Scott Eisenberg of Amherst Partners was quoted in The Distress Debt Reporter’s article titled,

“Creditors Filing More Involuntary Chapter 11s.”

• Paul R. Hage of Jaffe Raitt Heuer & Weiss, P.C. published an article in the December, 2010 edition of the American

Bankruptcy Institute Journal titled “A Split in the Case Law: Does BAPCPA’s Small Dollar Venue Restriction Apply

to Preference Actions?”

• On January 5, 2011, Paul R. Hage of Jaffe Raitt Heuer & Weiss, P.C. spoke at the National CLE Conference in Vail,

Colorado on a panel titled “Iqbal & Twombly: Application of the Heightened Pleading Standard in Bankruptcy Adversary

Proceedings.”

• On November 29, 2010, Van Conway of Conway MacKenzie was quoted in a Portfolio.com online article titled

“Rough Future Ahead for Auto Suppliers.”

• On November 7, 2010, Sheldon Stone of Amherst Partners was quoted in a Detroit Free Press article titled, “New

models help scrappy Chrysler’s turnaround effort.”

• On November 30, 2010, Charles Moore of Conway MacKenzie was quoted in Bloomberg in an article titled “Real

Bad Cash Jam May Force Michigan Towns to Borrow or Default by March.”

• In December 2010, an article titled “The Business Loan Market, Post Crisis” written by Terry Keating of Amherst

Partners, was published in the M & A Journal.

• In December 2010, an article titled “Managing Out of the Downturn into an Upturn” written by Sheldon Stone of

Amherst Partners , was published in the Winter 2010 edition of Michigan Constructors.

• On December 12, 2010, Scott Eisenberg of Amherst Partners was quoted in a Crain’s Detroit Business article titled,

“Dillon scouts talent for state turnaround team: Treasurer expects wave of local fiscal distress.”

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MEMBERS IN THE NEWS

• On December 12, 2010, the Grand Rapids Press featured an article titled, “The Business of Making the Best of Difficult

Situations” which focused on the growth and success of Daniel Yeomans and Amicus Management, Inc.


• On December 17, 2010, Sheldon Stone of Amherst Partners was quoted in the Lansing State Journal in an article titled,

“Judge Placed L & L in Receivership.”

• In January 2011, Sheldon Stone of Amherst Partners was featured in a Dbusiness “View from the Top” podcast

regarding the 2011 Detroit Auto Show.

• On January 10, 2011, Sheldon Stone of Amherst Partners was featured on Fox 2 as a panel guest of the International

Auto Show.

• On January 12, 2011, Patrick O’Keefe of O’Keefe & Associates was interviewed by R.J. King of Dbusiness for “View

from the Top” for his views on the Auto Show, new vehicle technology, and the winners and losers going forward.

• On January 19, 2011, Don Luciani of Amherst Partners was quoted in Bloomberg News in an article titled “Ford

Supplier IPO.”

• On January 20, 2011, Sheldon Stone of Amherst Partners was quoted in a Fox Business online article titled

“Dismantling Conglomerates Become Trendy Again”.

• Meagan Hardcastle of O’Keefe & Associates presented “Dealing with the Lender of the Troubled Business” at the

ICLE Advising the Troubled Michigan Business seminar on January 25, 2011.

• On February 7, 2011 Terry Keating of Amherst Partners was quoted in Crain’s Chicago Business article “Chicago-

Area Banks Haunted by Past Mistakes as Out-off-State Lenders Fill the Gap.”

• On February 11, 2011 Terry Keating of Amherst Partners was quoted in the American Banker article titled “Small

M&A Deals Fit the Big Picture at Wintrust of Illinois.

• Don Luciani of Amherst Partners was interviewed by Dbusiness at the Detroit Regional Chamber on February 15,

2011.

• CM&D Capital Advisors has officially changed their name to Variant Capital Advisors LLC.

MEMBER AWARDS

• Conway MacKenzie received the 2010 TMA Transaction of the Year Award for its role in assisting Republic

Industries.

• O’Keefe & Associates received the Real Estate Excellence Award for Sale Transaction of the Year/West awarded by

Crain’s Detroit Business and the Grand Rapids Business Journal .

• Alicia S. Schehr of Jaffe Raitt Heuer & Weiss, P.C. was named a 2010 Michigan Rising Star by Super Lawyers

Magazine.

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EVENT HIGHLIGHTS

A few fun photos from a couple of our recent events, including Casino Night, our charity

event to benefit Detroit Executive Service Corps.

From left to right at the craps table, Bill Wildern, David Hill

and Keith Francis of HYDRA Professionals.

Now these faces are not for radio! From left to right Jayson

Ruff, Earl Johnson, Matt Davidson, Paul Hage and

Blake Kolo.

Next to the dealer’s left, Rob Taylor of Taylor Morgan,

Tom Risi of Plante Moran, Brian Krasicky of O’Keefe &

Associates, and Dan Skedel of Genesis Turnaround.

Left to right, Dennis Graham of Plante Moran,

Mike Hausman of Conway MacKenzie, and

Tim Weed of Plante Moran.

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RENEW OR JOIN TODAY

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2011 ADVERTISING INFORMATION

General:

The Detroit Chapter’s Newsletter is published three times per year. The current publication months are March,

July and October.

The Newsletter is e-mailed to all Michigan Chapter members (over 300) and others on the Michigan Chapter

events mailing list (approx. 600). The Newsletter also appears on the Michigan Chapter website.

Each edition of the Newsletter is also e-mailed to regional members of guest organizations whose members

overlap with TMA, including the Association of Insolvency and Restructuring Advisors (AIRA), the Risk

Management Association (RMA), the Midwest Business Brokers and Intermediaries (MBBI) , the American

Bankruptcy Institute (ABI), and the Association for Corporate Growth (ACG).

The deadlines for submission of ads for 2011 is as follows:

Publication - 2011 March July October

Ad Submission Due Date February 1 June 1 September 1

Inquiries may be directed to Jennifer Brewer at 248-593-4810 or jbrewer@okeefeandassociates.com

Ad Rates:

Ad Description Actual Size (w x h in inches) Price

Full page 7.5 x 10 $675

Half page 7.5 x 5 - horizontal or $400

3.75 x 10 - vertical

Quarter page 3.75 x 5 $215

Eighth page 3.75 x 2.5 $170

The Newsletter Committee has approved a discount of 25% for any organization advertising in two of the three

issues and for Gold Sponsors of the Michigan. Prepayment for the three issues is required to receive the discount.

Ad Specifications:

1. Ads must be e-mailed pdf or jpeg format to jbrewer@okeefeandassociates.com.

2. In the subject line of the email please put “TMA Newsletter Ad_Issue Date”.

Example: TMA Newsletter Ad_April 2011

3. In the body of the e-mail, please state:

• What program the ad was created on

• Direct contact information of the person who created the ad in case there are any issues.

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