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e - Turnaround Management Association

2005

ANNUAL CONVENTION

OCTOBER 18 - 21

CHICAGO HILTON & TOWERS

CONVENTION BROCHURE


TMA 2005 ANNUAL CONVENTION

About TMA

Turnaround Management Association

(TMA) is the premier professional community

dedicated to corporate renewal and

turnaround management. With international

headquarters in Chicago, TMA’s 7,000

members in 34 regional chapters comprise

a professional community of turnaround

practitioners, attorneys, accountants, investors,

lenders, venture capitalists, appraisers,

liquidators, executive recruiters and consultants,

as well as academic, government

and judicial employees. TMA members

adhere to a code of ethics specifying high

standards of professionalism, integrity and

competence. The Certified Turnaround

Professional (CTP) accreditation program

recognizes professional excellence and

provides an objective measure of expertise

related to workouts, restructurings and

corporate renewal.

Who Should Attend

The 2005 Annual Convention is a must for

anyone involved in the corporate renewal

industry, including practitioners, lenders,

attorneys, interim corporate managers,

financial planners, investors, appraisers,

liquidators and auctioneers.

Why You Should Attend

No TMA convention has ever offered this

many educational and networking events.

What makes this convention special is:

Knowledge. Learn how to apply the techniques

used by the industry’s leading professionals

to transform troubled companies

worldwide. Visit with more than 60 exhibiting

service providers who will introduce you

to new tools to improve your business and

client relations.

Trends. Identify and explore emerging

trends in numerous industries, including

public education, real estate, lending, automotive,

and airline, among other timely and

relevant topics presented in 26 concurrent

and general sessions.

Networking. Build relationships by attending

an unprecedented number of social

events, including coffee breaks, meals,

receptions, two dessert receptions and the

gala Friday night dinner with Cokie Roberts.

You are invited to experience “The Wide, Wide World of Corporate

Renewal” at the TMA 2005 Annual Convention. We guarantee it will

be an experience you won’t forget, as more than 1,000 of the leading

players in the international corporate renewal community gather to learn, share

and network.

This “wide, wide world” theme reflects the global expansion of the corporate

renewal concept and the wide range of the constituencies who make up our

international professional community. The educational content is brought to you

Thomas J. Allison, CTP by an unprecedented number of presenters – more than 100 – and has been

carefully balanced to address not only the issues of large firms, but also those

of middle to small sized firms.

Prominent keynote speakers “bookend” the days’ educational sessions.

Former U.S. Homeland Security Secretary Tom Ridge opens the convention

on Thursday morning and Cokie Roberts, political commentator for ABC News,

is the closing dinner speaker on Friday.

In addition, Jim Craig, Gold Medalist, shares his inspiring story of the legendary

1980 U.S. Men’s Ice Hockey Team at lunch on Thursday. At Friday’s lunch,

two industry analysts give independent, objective perspectives on two of the most

David E. Mack

battered industries: Jon Rogers, senior automotive analyst with Citigroup Smith

Barney, and Douglas Runte, managing director of Morgan Stanley U.S. Airlines

Sector.

You will see some new and exciting features at this year’s convention. For the

first time, we’ve created nine special interest tracks for 25 concurrent sessions

that offer something for everyone. Among other topics, the following will be

covered in concurrent sessions:

• Discussions of the 2005 Turnaround of the Year Award and the new

Transaction of the Year Award winning cases

• Industry panels on automotive, airline and public sectors

• International sessions on outsourcing to China and the export of

Robert A. Morris, CTP

American turnaround expertise

• General interest topics such as the economy and changes to the Bankruptcy Code

• Value added services such as asset disposition and valuation issues

• Lender topics such as distressed and tranche B debt

• Investment banking

• Large company restructuring issues

• Small and middle-market turnaround issues

In addition, two forums will feature individual short, “elevator-talk” presentations from under $5 million

equity investors and lenders in troubled companies for the benefit of turnaround practitioners.

The traditional TMA Annual Awards have been expanded this year to recognize not only the best

Turnarounds of the Year, but also outstanding Transactions of the Year in several categories.

The Butler-Cooley Excellence in Teaching Awards and the Carl Marks Student Paper Competition

bring another educational highlight to the convention.

A Cyber Café with 10 high-speed Internet connections has been added to the Exhibit Hall to let you

catch up on your e-mail or browse the Web after you visit the 60-plus exhibitors showing the newest

products and services to the turnaround industry.

Another change this year — all convention events are held during the week so attendees are free to

stay over the weekend to enjoy the many attractions in Chicago or to return home.

We look forward to seeing you in Chicago.

Thomas J. Allison, CTP, Huron Consulting Group

David E. Mack, ALTMA Group, LLC

Robert A. Morris, CTP, Morris – Anderson & Associates, Ltd.

Co-chairs, 2005 Annual Convention


CONVENTION AGENDA

Tuesday, October 18

3:30 p.m. – 5:30 p.m. Executive Committee Meeting

7:00 p.m. TMA/ACTP Board Dinner

Wednesday, October 19

8:00 a.m. – 10:00 a.m. ACTP Board of Directors Meeting

10:15 a.m. – 12:15 p.m. TMA Board of Directors Meeting

12:15 p.m. – 1:00 p.m. TMA/ACTP Board Lunch

1:00 p.m. – 7:30 p.m. Registration Desk Open

1:15 p.m. – 3:15 p.m. Chapter Presidents Meeting

3:30 p.m. – 5:30 p.m. ACTP Advanced Educational Session —

“Revisions to the Bankruptcy Code:

New Strategies for the Practitioner”

($95 fee required)

5:00 p.m. – 6:00 p.m. Chapters’ Boards of Directors Reception

6:00 p.m. – 7:30 p.m. Opening Reception

Co-sponsored in part by Back Bay Capital Funding

LLC/Bank of America Business Capital/Bank of

America Retail Finance Group; and Conway

MacKenzie & Dunleavy

10:30 p.m. – 12:00 a.m. Midwest Chapters Reception

Thursday, October 20

7:00 a.m. – 7:00 p.m. Registration Desk Open

7:00 a.m. – 7:45 p.m. Exhibit Hall Open

7:00 a.m. – 7:45 a.m. Continental Breakfast

Co-sponsored by Morris-Anderson & Associates, Ltd.;

Rabin Worldwide Inc.; and SSG Capital Advisors, L.P.

8:00 a.m. – 9:30 a.m. Convention Opening and

Keynote Presentation by Tom Ridge

Co-sponsored in part by ALTMA Group, LLC;

Alvarez & Marsal, LLC; and Jefferies & Company, Inc.

9:30 a.m. – 10:00 a.m. Coffee Break

Sponsored by Great American Group

10:00 a.m. – 11:00 a.m. CONCURRENT SESSION A

A1: “Yankee Influence Overseas:

Export of American Turnaround Expertise”

A2: “Two Perspectives on the Economy”

A3: “The World of Distressed Debt Investing –

Pros and Cons of Investment Methodologies”

A4: “Bank Workout Officers’ Views on

Middle-Market Trends”

11:00 a.m. – 11:30 a.m. Coffee Break

Co-sponsored by Atlas Partners, LLC and

The Nassi Group LLC

11:30 a.m. – 12:30 p.m. CONCURRENT SESSION B

B1: “Turnarounds in Public Education:

A Textbook Example”

B2: “How to Win the Valuation Battle: An Overview

of Critical Reorganization Valuation Issues”

B3: “The Explosive Growth of China Outsourcing:

Opportunities and Challenges”

B4: “The Aggressive New Lenders:

A Fundamental Shift in the Capital Markets?”

B5: “Ethics for the 21st Century:

Real Issues for Real Professionals”

12:45 p.m. – 3:00 p.m. Lunch; TMA Turnaround of the Year Awards

Presentation; and Keynote Speaker Jim Craig,

Olympic Gold Medalist

Co-sponsored in part by Executive Sounding Board

Associates Inc.; LBC Credit Partners, Inc.; Mesirow

Financial Consulting, LLC; and PNC Business Credit

3:00 p.m. – 3:30 p.m. Coffee Break

Co-sponsored by JPMorgan Chase Bank and

Lake Pointe Partners, LLC

3:30 p.m. – 4:30 p.m. CONCURRENT SESSION C

C1: “Panel of Winners: TMA

Turnaround of the Year Awards”

C2: “Small Lender Forum: A Unique

TMA Opportunity to Meet

Under $5 Million Troubled Company Lenders!”

Thursday, October 20 (cont.)

3:30 p.m. – 4:30 p.m. CONCURRENT SESSION C (cont.)

C3: “When Things Go Awry:

How Do Tranche B Lenders Get Repaid?”

C4: “Out-of-Court Restructuring Solutions for

Public Companies – Exchange Offers”

C5: “Lender Response to the Revolving Door of

Syndicated Loans”

5:15 p.m. – 6:15 p.m. Professional Women’s Networking Group Reception

Sponsored by Gardner Carton & Douglas LLP

6:30 p.m. – 7:45 p.m. Exhibitor Reception

9:30 p.m. – 12:00 a.m. Wells Fargo Foothill Dessert Reception

Friday, October 21

7:30 a.m. – 12:45 p.m. Exhibit Hall Open

7:00 a.m. – 6:30 p.m. Registration Desk Open

7:15 a.m. – 8:15 a.m. Continental Breakfast

Co-sponsored by Deloitte Financial Advisory Services

LLP; LaSalle Business Credit, LLC; and

SB Capital Group, LLC

8:15 a.m. – 9:45 a.m. GENERAL SESSION –

“Evolution of the Large Turnaround Firm”

9:45 a.m. – 10:15 a.m. Coffee Break

Sponsored by American Express

Tax & Business Services, Inc.

10:15 a.m. – 11:15 a.m. CONCURRENT SESSION D

D1: “Pension and Retiree Health: The Legacy

Overhang of American Industry”

D2: “The New Bankruptcy Law

(Or What I Need to Learn All Over Again)”

D3: “Managing the Asset Disposition Process

for Maximum Strategic Return”

D4: “Live From Chicago: Perspectives of Middle-Market

Business Owners on the Turnaround Process”

11:15 a.m. – 11:45 a.m. Coffee Break

Sponsored by Merrill Lynch Capital

11:45 a.m. – 12:45 p.m. CONCURRENT SESSION E

E1: “Airline Industry Restructuring:

An Industry Update”

E2: “Is it Retail or Is It Real Estate?”

E3: “Controversial Issues in Large Company

Restructurings”

E4: “Troubled Business Buyers: The Private Equity Players”

12:45 p.m. – 3:15 p.m. Lunch; TMA Transaction of the Year Awards

Presentation; Carl Marks Student Paper

Competition Prize Presentation; and Keynote

Speakers Jon V. Rogers, Senior Automotive

Analyst, Citigroup Smith Barney and Douglas

Runte, Managing Director, Morgan Stanley U.S.

Airlines Sector

Co-sponsored in part by BBK, Ltd.; CIT; Giuliani Capital

Advisors LLC; and Glass & Associates, Inc.

3:30 p.m. – 4:30 p.m. CONCURRENT SESSION F

F1: “Panel of Winners: TMA Transaction of the Year Awards”

F2: “Automotive Industry in Flux:

An Industry Update and Roundtable”

F3: “Small Investor Forum: A First-Ever TMA

Opportunity to Meet Under $5 Million

Equity Investors in Troubled Companies!”

5:00 p.m. – 6:00 p.m. Chapters’ Receptions

6:00 p.m. – 7:15 p.m. Gala Reception

Sponsored in part by XRoads Solutions Group

7:30 p.m. – 9:45 p.m. Dinner; Butler-Cooley Excellence in Teaching

Awards Presentation; and

Keynote Presentation by Cokie Roberts

9:45 p.m. – 12:00 a.m. Dessert Reception

Please note that private company events may not conflict with any scheduled

activity of the TMA 2005 Annual Convention

3


KEYNOTE SESSIONS

Event Sponsors

ALTMA Group, LLC

Alvarez & Marsal, LLC

American Express Tax & Business

Services Inc.

Atlas Partners, LLC

Back Bay Capital Funding LLC/

Bank of America Business Capital/

Bank of America Retail Finance Group

BBK, Ltd.

CapitalSource

Carl Marks Advisory Group LLC

CIT

Conway MacKenzie & Dunleavy

Deloitte Financial Advisory Services LLP

Edward Hostmann, Inc.

Executive Sounding Board Associates Inc.

FTI Consulting, Inc.

Gardner Carton & Douglas LLP

Getzler Henrich & Associates LLC

Giuliani Capital Advisors LLC

Glass & Associates, Inc.

Great American Group

Huron Consulting Group

Jefferies & Company, Inc.

JPMorgan Chase Bank

Lake Pointe Partners, LLC

LaSalle Business Credit, LLC

LBC Credit Partners, Inc.

Merrill Lynch Capital

Mesirow Financial Consulting, LLC

Morris-Anderson & Associates, Ltd.

The Nassi Group LLC

PNC Business Credit

Rabin Worldwide Inc.

SB Capital Group, LLC

Skadden, Arps, Slate, Meagher & Flom LLP

SSG Capital Advisors, L.P.

Wells Fargo Foothill

XRoads Solutions Group

TOM RIDGE

First Secretary of Homeland Security and

former Governor of Pennsylvania

Thursday, October 20, 8:00 a.m. – 9:30 a.m.

(time reflects entire convention opening session)

As the United States’ first-ever Secretary of Homeland Security, Tom Ridge

brought safety and security to a country threatened by terrorism. His primary

tasks were to integrate 180,000 people from nearly two-dozen agencies to create a culture of

change within the new department and to lead a national effort to make America more secure.

Secretary Ridge drew on his experience to forecast how a renewed emphasis on security

would influence the way the U.S. responds to emergencies, disasters and threats to travel and

transportation, as well as how security issues influence domestic policy on such questions as

immigration, maintaining borders and issues of personal privacy. From working class origins,

Secretary Ridge earned a scholarship to Harvard University, graduating with honors. During

law school, he was drafted into the U.S. Army, where, as an infantry staff sergeant, he earned

the Bronze Star for Valor. First elected to Congress in 1982, Secretary Ridge became the first

congressman to have served as an enlisted man in the Vietnam War. Elected Pennsylvania governor

in 1994, Ridge served nearly seven years, driving the state to become a leader among

states and a competitor among nations.

Secretary Ridge shares the insights learned on the frontlines of the War on Terror. He shows

audiences exactly what and where the threat is and how this will affect the future of the

United States and its people in the post September 11 world.

JIM CRAIG

President, Hat Trick Group and Gold Medalist,

1980 U.S. Men’s Ice Hockey Team

Thursday, October 20, 12:45 p.m. – 3:00 p.m.

(time reflects entire lunch program)

Jim Craig is president of the Hat Trick Group and understands the marketing

and team building needs of the business community. An intuitive

marketer and promotion specialist, Craig is widely known for his inspirational lectures and

athletic celebrity. Prior to becoming president of the Hat Trick Group, Craig was a marketing

service consultant to Valassis Communications, a multi-national sales promotional firm,

which, under his direction, was responsible for over $50 million in sales. Among these

professional accomplishments, Craig was named “Salesman of the Year” by both Market

Corporations of America and Valassis Communications and is a member of the “Salesman

Hall of Fame.” Craig’s athletic credentials are as significant as those earned in his professional

career. In 1980, Craig became the principal goalie of the now legendary United States

Men’s Ice Hockey team, which won the gold medal in the 1980 Winter Olympics in Lake

Placid, New York. He has appeared twice on the cover of Sports Illustrated and is the

author of the introductory dedication of the newly published book, The Boys of Winter.

He has been inducted in the Hall of Fame of his alma mater, Boston University, the USA

Hall of Fame, the International Ice Hockey Hall of Fame and the United States Ice Hockey

Federation Hall of Fame, and was further distinguished as a Sports Illustrated “Sportsman

of the Year.” Following his outstanding Olympic performance, Craig played several seasons

in the National Hockey League with the Atlanta Flames, Minnesota North Stars and the

Boston Bruins. Craig recently served as script and format consultant to Walt Disney Studios

during the production of the motion picture “Miracle,” which tells the story of his and his

teammates’ quest for the hockey gold in 1980.

4


JON ROGERS

Senior Analyst, Automotive, Citigroup Smith Barney

DOUGLAS RUNTE

Managing Director, Morgan Stanley, U.S. Airline Sector

Friday, October 21, 12:45 p.m. – 3:15 p.m.

(time reflects entire lunch program)

Jon Rogers joined Smith Barney in 2004 from Wachovia Securities, where he was the senior

automotive analyst. He has more than 10 years of experience in financial and economic

research with a concentration in the automotive industry. Prior to joining Wachovia Securities

in 2000, Rogers was vice president of Martha R. Seger & Associates, an investment banking

and consulting firm. While at Seger, Rogers spent five years as managing director of a joint

venture with J.D. Power and Associates, providing automotive research and consulting services

to public and private investors in the automotive industry. Rogers began his career in business

as an analyst at the Federal Reserve Bank of Chicago.

Douglas W. Runte is a managing director at Morgan Stanley, where he is the senior coverage

analyst for the U.S. airline sector (both equity and debt) and aircraft-backed securities such

as Enhanced Equipment Trust Certificates (EETCs). Runte has covered the airline and aircraft

markets for leading Wall Street firms for more than 15 years. Prior to joining Morgan Stanley

in 1998, Runte worked at another investment bank as a fixed income research analyst, where

his coverage areas included airport finance and airline special facility debt. Annually from

2000 to 2004, Institutional Investor has recognized Runte as the number one ranked analyst

in the fixed income transportation sector (either investment grade, high yield or both) from its

survey of institutional investors and has previously included him in its All America Research

Analyst survey for his work in tax-exempt airport finance and airport special facility obligations.

Additional

Convention Sponsors

Event sponsors provide financial support for

TMA’s international conferences. In addition

to those sponsors listed in the agenda, the

following sponsors have also generously

provided support for the TMA 2005 Annual

Convention.

• CapitalSource (Room Keys)

• Edward Hostmann, Inc.

(Audio Cassette Tapes)

• FTI Consulting, Inc.

(Program Book/CD-Rom)

• Getzler Henrich & Associates LLC

(Lanyards)

• Huron Consulting Group

(Convention Bags)

• Skadden, Arps, Slate, Meagher & Flom LLP

(Program Book/CD-Rom)

COKIE ROBERTS

Political Analyst for ABC News and former Co-anchor,

“This Week with Sam Donaldson & Cokie Roberts”

Friday, October 21, 7:30 p.m. – 9:45 p.m.

(time reflects entire dinner program)

Cokie Roberts is a political commentator for ABC News where, for fifteen

years, she has covered Congress, politics and public policy. She also serves as

senior news analyst for National Public Radio. From 1996-2002, she and Sam

Donaldson co-anchored the weekly ABC interview program “This Week.” In her more than thirty

years in broadcasting, Roberts has won countless awards, including two Emmys. She has been

inducted into the Broadcasting and Cable Hall of Fame and was cited by the American Women in

Radio and Television as one of the fifty greatest women in the history of broadcasting. In addition

to her appearances on the airwaves, Roberts and her husband, Steven V. Roberts, write a weekly

syndicated column and are contributing editors to USA Magazine. Together, the couple wrote

From this Day Forward, an account of their more than thirty-five year marriage and other

marriages in American history. Roberts has also authored We Are Our Mothers’ Daughters, an

account of women’s roles and relationships throughout American history and Founding Mothers,

which explores the wives, daughters, philosophers and others who influenced the men behind the

Constitution and Declaration of Independence.

Roberts peppers her speeches with insight and wisdom born of personal and professional

relationships honed in the halls of Congress over four decades. With unmatched authority,

she brings a practiced political eye and keen perspective to issues currently facing lawmakers in

Washington, DC.

5


EDUCATIONAL SESSIONS

CONCURRENT SESSION A

Thursday, October 20, 10:00 a.m. – 11:00 a.m.

A1: “Yankee Influence Overseas:

Export of American Turnaround Expertise”

Moderator: Robert N. Dangremond, AlixPartners LLC

Panel: Lachlan Edwards, N M Rothschild & Sons Limited (London);

Susan George, CIT; N. Lynn Hiestand, Skadden, Arps, Slate, Meagher &

Flom (UK) LLP

This panel will discuss the impact of American restructuring ideas that

have evolved internationally over the past few years as a result of the

influx of American investment abroad and the impact of these profound

changes on the offshore markets. Panel members are leaders in their

investment banking, legal, lending and restructuring advisory segments.

They are uniquely qualified to review this subject as they have each

lived and worked with these changes in international markets over the

past decade.

A2: “Two Perspectives on the Economy”

Co-Presenters: Diane C. Swonk, Chief Economist and Senior Managing

Director, Mesirow Financial and Carl Tannenbaum, Chief Economist,

LaSalle Bank/ABN AMRO

The expansion is 50 months old. Will it continue? If and when the

housing bubble bursts, who will get hurt the most? What structural

changes in the economy are creating the new winners and losers?

What about the Euro? Hear two of the nation’s most noted and quoted

economists address these and other timely topics as they offer their

unique perspectives on the state of the economy.

A3: “The World of Distressed Debt Investing —

Pros and Cons of Investment Methodologies”

Moderator: Christopher Jacobs, JPMorgan Chase & Co.

Panel: Charles J. Burger, Summit Investment Management LLC;

Salmon Kahn, Silver Point Capital, L.P.; Richard Latto, Longroad Asset

Management, LLC; Lynn Tilton, Patriarch Partners, LLC

Several distinct methodologies are currently being deployed to invest

in distressed companies. Special opportunity funds look to buy debt

securities at significant discounts and profit as companies work themselves

out of the troubled situations. Financially focused investors concentrate

on actively restructuring the balance sheet. Control investors

look to not only restructure the balance sheet but take an active role

in the management of the company. All strategies can be successful,

but each has a different focus and employs different resources to

achieve their return objective. This panel will compare and contrast the

different approaches and highlight the keys to success regardless of

the methodology employed.

A4: “Bank Workout Officers’ Views on Middle-Market Trends”

Moderator: David L. Auchterlonie, CTP, ALTMA Group, LLC

Panel: Mitchell B. Rasky, LaSalle Business Credit Inc.; Michael Sadilek,

Wells Fargo Foothill; Jae L. Walker, Wells Fargo Bank; Michael Weil,

Bank of America

Will turnaround professionals ever see another lead from a bank workout

department? What will the future role of the workout officer be?

How different will it be dealing with a distressed debt fund manager?

This panel of institution leaders from national workout departments

will focus on the evolving nature of bank workouts and will explore the

recent effects of hyper-liquidity in the markets and whether this is a

temporary or permanent phenomenon. Learn first-hand how these

lenders foresee market conditions over the next 12 to 18 months.

CONCURRENT SESSION B

Thursday, October 20, 11:30 a.m. – 12:30 p.m.

B1: “Turnarounds in Public Education: A Textbook Example”

Panel: Sajan P. George, Alvarez & Marsal LLC; William V. Roberti, Alvarez

& Marsal LLC; Vincent C. Schoemehl Jr., St. Louis Board of Education

Turnarounds in public education? Do they exist? Can the restructuring

methodology, proven so effective in the private sector, be applicable in

the public sector? A panel of experts will discuss a real-life case study

of a public sector turnaround — the St. Louis Public School District.

What led Vince Schoemehl, former mayor and newly elected school board

member, to hire a corporate turnaround firm? Hear the answer from

Vince Schoemehl and from the co-heads of Alvarez & Marsal’s Public

Sector practice about this unprecedented turnaround assignment.

B2: “How to Win the Valuation Battle: An Overview of

Critical Reorganization Valuation Issues”

Moderator: Carl S. Lane, Deloitte Financial Advisory Services LLP

Panel: Neil Augustine, Rothschild Inc.; Shez K. Bandukwala, ThinkEquity

Parnters, LLC; Michael Henkin, Jefferies & Company, Inc.; Bernard Pump,

Deloitte Financial Advisory Services LLP

This panel of seasoned experts will discuss the key valuation issues in

bankruptcy and restructuring battles. The panelists will outline their

“Top 5” valuation issues for which consensus is vital to a successful

outcome. The panelists will also expose some of the common technical

errors made by “valuation professionals.” This session is a must for both

consultants called to testify on valuation and attorneys who must challenge

and defend these valuations.

B3: “The Explosive Growth of China Outsourcing:

Opportunities and Challenges”

Moderator: Frank R. Mack, CTP, Conway MacKenzie & Dunleavy Inc.

Panel: Douglas Clark, Esq., Lovells (Shanghai); Brian P. Smith, Conway

MacKenzie & Dunleavy Inc.; Mark R. Williams, Esq., DLA Piper Rudnick

Gray Cary UK LLP (Shanghai)

China has become the “factory of the world” as international companies

flock to the “Land of the Dragon” in pursuit of low-cost manufacturing,

access to an expanding Asian consumer market and premium returns

on investment. This long-term trend presents extraordinary opportunities

and challenges for professionals in the corporate renewal industry. Even

if your current practice is primarily U.S.-based, some aspect of future

engagements will likely contain a China component. This panel of China

experts will prepare you for the future by presenting both the practical

elements, and the benefits and risks, of the China supply chain and the

logistic outsourcing strategies now available.

B4: “The Aggressive New Lenders:

A Fundamental Shift in the Capital Markets?”

Moderator: Andrew B. Miller, Houlihan Lokey Howard & Zukin

Panel: Luke Gosselin Jr., Goldman Sachs & Co.; Kenneth Sands, Fortress

Investment Group, LLC; Daniel E. Wolf, Cerberus Capital Management LP/

Ableco Finance LLC

The aggressive new lenders, hedge funds and CLOs are sitting on hoards

of cash and looking for creative ways to deploy it. Borrowers can max-out

their debt capacity and lower their cost of capital. This competition has

resulted in new structures, higher debt levels, reduced covenants and

lower capital costs. Our panel of premiere dealmakers will discuss the

latest structures and techniques to provide borrowers an optimal capital

structure as well as the opportunities for turnaround consultants.

6


EDUCATIONAL SESSIONS

CONCURRENT SESSION B (cont.)

B5: “Ethics for the 21st Century: Real Issues for Real Professionals”

Moderator: Howard Brod Brownstein, CTP, NachmanHaysBrownstein Inc.

Panel: Robert D. Albergotti, Haynes & Boone, LLP; Gerald P. Buccino,

CTP, Buccino & Associates, Inc.; Shaun K. Donnellan, CTP, Glass &

Associates, Inc.; Scott Peltz, American Express Tax & Business Services

In this Sarbanes-Oxley era, ethical and legal pitfalls require turnaround

professionals to be more vigilant than ever. This panel of corporate

renewal experts will review the latest ethical issues in the turnaround

practice, including perspectives on the non-bankruptcy engagement

agreement, the contractual scope of work, “zone of insolvency” issues

when fraud or illegality is discovered and the representation of various

parties in bankruptcy proceedings.

CONCURRENT SESSION C

Thursday, October 20, 3:30 p.m. – 4:30 p.m.

C1: “Panel of Winners: TMA Turnaround of the Year Awards”

Moderator: Lillian G. Stenfeldt, Sedgwick Detert Moran & Arnold LLP

Each year, TMA honors recipients of its Turnaround of the Year Awards.

The recipients of the Mega, Large, Mid-size, Small and International

Company “Turnaround of the Year” awards will share the challenges they

faced and the lessons they learned, as well as provide an understanding

of what made the difference in achieving these outstanding outcomes.

Questions from the audience will follow the panel discussion.

C2: “Small Lender Forum: A Unique TMA Opportunity to Meet

Under $5 Million Troubled Company Lenders!”

Co-organizers: Jay H. Krasoff, Chiron Financial Group Inc. and Luis Salazar,

Greenberg Traurig LLP

This exciting, first-time-ever lender forum will showcase lenders who

target loans less than $5 million (USD) to troubled companies. These are

largely regional, smaller, hard-to-find lenders who offer loans, refinancings

and DIP facilities in this difficult market segment. Each lender will

personally present themselves and their specific product offerings.

Attendees will receive a take-home “Small Lender Guide” outlining the

loan offerings and parameters of each forum participant. This guide will

serve as an invaluable resource in the coming year. Presenting firms will

have collateral material on-hand and will be available for deal making

after the presentations.

C3: “When Things Go Awry: How Do Tranche B Lenders

Get Repaid?”

Moderator: Theodore L. Koenig, Monroe Capital LLC

Panel: Dennis J. Diczok, Fortress Investment Group, LLC; Michael J. Egan,

Monroe Capital LLC; Eric F. Miller, Cerberus Capital Management

LP/Ableco Finance LLC; Greg C. Walker, Silver Point Capital, L.P.

There is a new breed of investor in town. Hear from the people who will

be managing the next generation of workouts and restructurings. How

do they plan to exit their investment positions? How will they make decisions

whether to sell, refinance, restructure or liquidate? In protecting

their positions, how will they choose their turnaround professionals, counsel,

DIP lenders, investor partners and investment bankers? Learn this

“must know” information directly from the decision makers.

CONCURRENT SESSION C (cont.)

C4: “Out-of-Court Restructuring Solutions for Public Companies —

Exchange Offers”

Moderator: Thomas A. Vanderslice Jr., Jefferies & Company, Inc.

Panel: Lawrence A. Larose, Esq., King & Spalding LLP; Hyonwoo Shin,

Jefferies & Company, Inc.; Edward J. Siskin, Back Bay Capital Funding LLC

Chapter 11 should be the last resort for companies facing obligations

they cannot meet. There are numerous options available for cleansing

a balance sheet while at the same time avoiding a prolonged bankruptcy

filing, which often results in a dissipation of enterprise value. Central to

this alternative approach is the use of an “exchange offer,” where a

company seeks to renegotiate its bond obligations in a consensual

process. This panel will discuss the techniques of both registered

exchange offers and private (or SEC-exempt) methods such as 3(a)9

and 4-2 exchange offers. Two recent cases will be used to illustrate

the value of this technique to successfully restructure the balance sheet

outside of Chapter 11.

C5: “Lender Response to the Revolving Door of Syndicated Loans”

Moderator: Michael B. Solow, Esq. Kaye Scholer LLP

Panelists: Peter Joost, Bank of America; Elizabeth Kelley, JPMorgan

Chase Bank; Anthony Murphy, Citigroup

The world of syndicated loans continues to evolve. These changes are

having a dramatic impact on the workout of mid-to-large troubled

borrowers. In many transactions, the agent no longer retains a significant

economic stake and the original purchasers are long gone when the

deal hits workout. Instead, a variety of new debt holders may be at the

bargaining table; some may hold debt in several tranches and even

trade in and out during the workout, creating even greater complexity.

This distinguished panel will explore this ever-changing landscape and

consider what may be next on the horizon in the senior debt market.

CONCURRENT SESSION D

Friday, October 21, 10:15 a.m. – 11:15 a.m.

D1: “Pension and Retiree Health:

The Legacy Overhang of American Industry”

Moderator: Nell Hennessy, Fiduciary Counselors Inc.

Panel: Bradley D. Belt, Pension Benefit Guaranty Corporation;

Gary M. Ford, Groom Law Group; Joseph E. O’Leary, McDermott,

Will & Emery LLP

Pension and retiree health costs are threatening the solvency of companies

across an increasing number of industries. The Pension Benefit

Guaranty Corporation (PBGC) is awash in red ink, and Congress is

considering legislation to increase pension funding and PBGC premiums.

Hear from Bradley Belt, Executive Director of the PBGC, and lawyers

directly involved in this crisis. Learn what to look for, what your options

are and how to navigate through this minefield.

7


EDUCATIONAL SESSIONS

CONCURRENT SESSION D (cont.)

D2: “The New Bankruptcy Law

(Or What I Need to Learn All Over Again)”

Moderator: Adam C. Rogoff, Esq., Cadwalader, Wickersham & Taft LLP

Panel: Michael A. Dieber, Conway Del Genio Gries & Co. LLC;

Judith Greenstone Miller, Jaffe, Raitt, Heuer & Weiss, P.C.;

Richard B. Levin, Esq., Skadden, Arps, Slate, Meagher & Flom LLP;

Kenneth Simon, Navigant Capital Advisors, LLC

Learn about the sweeping changes to the Bankruptcy Code, which will

affect numerous aspects of corporate reorganizations, including exclusivity,

asset disposition, avoidance actions, KERPs, taxes, financial

contracts and cross-border proceedings. How will the new law affect

you? A dynamic panel discussion will address these changes from both

a company viewpoint and creditors/committee perspective to help you

understand the ways you will need to change your approach to turnarounds.

D3: “Managing the Asset Disposition Process for

Maximum Strategic Return”

Moderator: David Peress, XRoads Solutions Group, LLC

Panel: James C. Dykstra, DoveBid Inc.; Thomas E. Pabst, Great American

Group; Mark J. Schwartz, Gordon Brothers Group, LLC

Dispel all the myths surrounding the disposition of excess assets by

hearing from the top firms providing these services. Learn how to

structure deals to meet your strategic goals, whether maximization of

recovery value or protection of “brand” integrity. Understand how to

forge partnerships with asset disposition firms and why they often result

in best-case outcomes. See how strategic alliances between a 363 buyer

and an asset disposition firm can make your client a winner. This is a

session that every turnaround professional, restructuring advisor, asset

based lender and distressed investor should attend.

D4: “Live from Chicago: Perspectives of Middle-Market Business

Owners on the Turnaround Process”

Moderator: Daniel F. Dooley, CTP, Morris-Anderson & Associates, Ltd.

Typically, convention panels focus exclusively on the perspectives of

the professionals involved in a corporate renewal case. This panel is

comprised of owners of middle-market businesses who have gone

through the turnaround process with the help of experienced professionals.

The intent is to give turnaround professionals (practitioners, lenders,

attorneys, and other service providers) new insight and some valuable

lessons learned in understanding the owner/stakeholder group.

CONCURRENT SESSION E

Friday, October 21, 11:45 a.m. – 12:45 p.m.

E1: “Airline Industry Restructuring: An Industry Update”

Moderator: Thomas J. Allison, CTP, Huron Consulting Group

Panel: Timothy R. Coleman, The Blackstone Group; David S. Kurtz,

Lazard Freres & Co. LLC; Todd R. Snyder, Rothschild Inc.

Since 2001, airlines have accumulated losses of over $30 billion, numerous

airlines have filed for bankruptcy protection, and many continue to struggle

due to high fuel costs, legacy costs, and pricing pressures. During this

time period, airlines both in and out-of-court have sought to reduce

operating costs while trying to maintain market share and avoid labor

strife. This panel of battle-weary turnaround practitioners and investment

bankers advising this industry will review the most recent industry trends

and developments.

CONCURRENT SESSION E (cont.)

E2: “Is It Retail or Is It Real Estate?”

Moderator: Andrew B. Graiser, DJM Asset Management LLC

Panel: Emilio Amendola, DJM Asset Management LLC; Raymond Edwards,

Kimco Realty; Kevin P. Genda, Cerberus Capital Management LP/Ableco

Finance LLC; Flip Huffard, The Blackstone Group

Many turnaround professionals, investors and lenders have been left

scratching their heads trying to understand the underlying motives driving

recent announcements by retailers to place a “for sale” sign on their

companies and the diversity of buyers, ranging from other retailers to

hedge funds. Are the investors buying a retail operation for the operation

itself, or are they simply buying choice real estate? This panel of professionals

and investors who have actively participated in many of these

transactions have assembled to share with you their perspectives into

what drives today’s largest retail acquisitions from both the acquirer’s

and seller’s perspective.

E3: “Controversial Issues in Large Company Restructurings”

Moderator: Randall S. Eisenberg, CTP, FTI Consulting, Inc.

Panel: Richard M. Cieri, Esq., Kirkland & Ellis LLP; Stephen Karotkin, Esq., Weil,

Gotshal & Manges LLP; Timothy Morris, GE Corporate Financial Services

Changing capital markets, global scope, shifting creditor constituencies,

terminations of pension plans, modification of retiree healthcare benefits,

treatment of critical vendors and venue selection are a sample of hot

issues which have sparked debate among turnaround professionals. Add

to this the recent change in the bankruptcy code, and one can see many

strategies developed to aggressively advocate a client’s position. This distinguished

panel will discuss and debate many of the controversial issues

involved in larger company restructurings both today and in the future.

E4: “Troubled Business Buyers: The Private Equity Players”

Moderator: David S. Miller, Giuliani Capital Advisors LLC

Panel: John P. Bolduc, HIG Capital - Bayside Capital; Thomas J. Kichler,

One Equity Partners; Scott B. Lavie, Galena Capital LLC; Jason H. Neimark,

Sun Capital Partners, Inc.

This panel of experienced private equity investors and advisors will discuss

current trends in the distressed market. How have hedge funds changed

the market for distressed investing and how are they different from private

equity funds? What are private equity funds looking for when they invest

in a troubled company? What is the role of the turnaround professional

versus the portfolio manager of the private equity funds? What are private

equity funds looking for from a turnaround professional? Attendees

should expect a candid and forthright discussion of investing in troubled

businesses and the role of the turnaround professional.

CONCURRENT SESSION F

Friday, October 21, 3:30 p.m. – 4:30 p.m.

F1: “Panel of Winners: TMA Transaction of the Year Awards”

Moderator: Scott H. Lang, Brown Gibbons Lang & Company

This year, the TMA introduces a new award, the Transaction of the Year.

This award will recognize the TMA member, who along with a team of

professionals, orchestrates a distressed financial transaction that, if not

executed, would have most likely resulted in the failure of a business and

lower recoveries to creditors. This panel features the four recipients of this

new award, whose categories include Small, Mid-size, Large, and Mega

deal. Each award-winning recipient will discuss the salient features of

their optimal exit strategy and participate in a roundtable discussion

followed by questions from the audience.

8


CORNERSTONE 15 DONORS

CONCURRENT SESSION F (cont.)

F2: “Automotive Industry in Flux:

An Industry Update and Roundtable”

Moderator: Hon. Steven W. Rhodes, U.S. Bankruptcy Court,

Eastern District of Michigan

Panel: Van E. Conway, Conway MacKenzie & Dunleavy Inc.;

William G. Diehl, CTP, BBK, Ltd.; Daniel P. Pehrson, Standard

Federal Bank; Kimberly Rodriguez, Stout Risius Ross Inc.;

Patrick J. Stewart, BankOne

Experts predict that by 2010, the number of Tier 1 auto industry

suppliers will have shrunk by 66 percent and the Tier 2 suppliers

will have decreased by 90 percent. How will this rationalization

occur? With industry dynamics more complex and challenging

than ever, how many will be forced to shut their doors? How

many will restructure, strengthen and thrive? This session will

take a closer look at automotive supplier restructurings from

the perspectives of the OEMs, the lenders and the suppliers

themselves.

F3: “Small Investor Forum: A First-Ever TMA Opportunity

to Meet Under $5 Million Equity Investors in

Troubled Companies!”

Co-organizers: Seth R. Freeman, EM Capital Inc./Freeman

Partners and J. Scott Victor, SSG Capital Advisors, L.P.

Every troubled company’s fondest dream is to find a suitable

investor. This first-time-ever TMA investor forum will showcase

investment groups interested in investing less than $5 million in

troubled situations. Each investment group will personally introduce

their firm and outline their investment criteria. Attendees

will receive a take-home “Troubled Investors Guide” outlining

the investment parameters of each of the forum participants,

an invaluable reference guide over the coming year. Presenting

firms will have collateral material on-hand and will be available

for deal making after the presentations.

GENERAL SESSION

Friday, October 21, 8:15 a.m. - 9:45 a.m.

“Evolution of the Large Turnaround Firm”

Moderator: John Wm. Butler Jr., Skadden, Arps, Slate,

Meagher & Flom LLP

Panel: William M. Goodyear, Navigant Consulting, Inc.;

Gary Holdren, Huron Consulting Group; Brian P. Marsal,

Alvarez & Marsal LLC; Frank Piantidosi, Deloitte Financial

Advisory Services LLP; Dennis Shaughnessy, FTI Consulting,

Inc.; James C. Tyree, Mesirow Financial

would like to acknowledge the support of its Cornerstone

TMA 15 campaign donors. The Cornerstone 15 campaign was

launched in 2003 during the TMA’s 15th anniversary celebration to

establish a new board-designated endowment dedicated to industry

research and the development of continuing education programs.

Abacus Advisors Group LLC

ALTMA Group, LLC

Amfinity Capital, LLC

ARG Recovery, LLC

Atlas Partners, LLC

Back Bay Capital Funding LLC/

Bank of America Business Capital/

Bank of America Retail Finance Group

BBK, Ltd.

Buccino & Associates, Inc.

Cadwalader, Wickersham & Taft LLP

Cairncross & Hempelmann, P.S.

CapitalSource

Continental Advisory Services, LLC

Conway MacKenzie & Dunleavy

The Daley-Hodkin Group

Deloitte Financial Advisory Services LLP

Executive Sounding Board Associates Inc.

Fennemore Craig, P.C.

First American Corp. UCC Insurance Division

FTI Consulting, Inc.

Gardner Carton & Douglas LLP

Getzler Henrich & Associates LLC

Glass & Associates, Inc.

Gordon Brothers Group LLC

Huron Consulting Group

Jager Smith P.C.

Kronish Lieb Weiner & Hellman LLP

Kugman Associates

Lake Pointe Partners, LLC

The Meridian Group

Morris - Anderson & Associates, Ltd.

NachmanHaysBrownstein, Inc.

Northern Healthcare Capital, LLC

Penn Hudson Financial Group LLC

Prime Locations LLC

Quarles & Brady LLP

Quest Turnaround Advisors, LLC

RAS Management Advisors, Inc.

Ravin Greenberg PC

Republic Financial Corporation

Retail Consulting Services

Riemer & Braunstein LLP

RJ Reuter LLC Business Consulting

Rochelle, Hutcheson & McCullough, LLP

Ruskin Moscou Faltischek, P.C.

SB Capital Group, LLC

Treadstone Partners, LLC

Trimingham Americas Inc.

Wachovia Capital Finance

Wiss & Company, LLP

XRoads Solutions Group

9


ACTP SESSIONS

The Association of Certified

Turnaround Professionals (ACTP)

is pleased to offer the following educational

programs in conjunction with the

2005 Annual Convention.

Notes on Program Venues

• All Body of Knowledge (BOK) courses listed below will be held

at 150 S. Wacker Drive, Ste. 1060, Chicago.

• All exams listed below will be held at 150 S. Wacker Drive,

Ste. 1060, Chicago.

• The ACTP Advanced Educational Session will be held during TMA’s

Annual Convention at the Chicago Hilton & Towers. The meeting

room name will be available in your on-site convention materials.

Further details about the BOK courses and exam venues will be

included in your confirmation letter. Annual convention registration

is not required to register for the BOK courses or to sit for the exam.

Please use the registration form on page 19 of this brochure to sign

up for courses and/or exams. Annual convention registration is

required to participate in the ACTP Advanced Educational Session

and any other convention activities.

Body of Knowledge Courses

9:00 a.m. – 4:00 p.m.

$400 per course

Monday, October 17 Management Course

Tuesday, October 18 Law Course

Taught by a business school professor and a U.S. Bankruptcy Judge,

these courses are open to all corporate renewal professionals seeking

a comprehensive understanding or refresher on turnaround management.

Additionally, these courses are perfect for individuals interested

in attaining the Certified Turnaround Professional (CTP) designation.

ACTP has defined a comprehensive body of knowledge in the areas

of management, accounting & finance, and law upon which the

certification exam is based.

CTP Certification Exam

Wednesday, October 19, 8:00 a.m. – 6:00 p.m.

$250/exam section

Exams offered: Management, Law, and Accounting & Finance

Exams are currently scheduled in the following order: Management

(3.5 hours maximum); Law (2.5 hours maximum); and Accounting

& Finance (2.5 hours maximum). A half-hour breakfast and lunch

are included in the exam fee.

Please note that the CTP exam may only be taken by those whose

applications have already been accepted and approved by the ACTP

Standards Committee and whose application fee has been received.

An exam application may be printed from the ACTP website,

www.actp.org. Please use the registration form on page 19 of this

brochure to sign up for the exam(s). However, please note that the

exam application fee may not be paid using the registration form in

this brochure. The application fee must be accompanied by a

completed application.

For more details about the courses and/or exams, please contact

Nicole Gibby, Manager of ACTP Relations, at 1-312-242-6034 or

ngibby@turnaround.org or visit www.actp.org.

ACTP Advanced Educational Session

Wednesday, October 19, 3:30 p.m. – 5:30 p.m.

“Revisions to the Bankruptcy Code:

New Strategies for the Practitioner”

$95/person

Panel: James K. Seward, Ph.D., University of Wisconsin Madison

Graduate School of Business; Charles A. Soule, CTP, Aurora

Management Partners

Practitioners rely on a working knowledge of the bankruptcy law

in order to effectuate successful reorganizations. Now, planning

and timing are even more important than ever. The key developments

for practitioners will be illustrated by presentation and discussion of

several recent cases. Key participants in those cases will contrast how

the new law would have changed their planning and timing. Topics

to be covered include leases, exclusivity, utilities, reclamation,

administrative claims, vendor rights, etc.

You must be a registered attendee of the 2005 Annual Convention to

attend this session. Please use the registration form on page 19 of this

brochure to sign up for this session. For more information about the

session, please contact Laura Ivaldi, TMA Director of Continuing

Education Services, at 1-312-242-6030 or livaldi@turnaround.org

GENERAL INFORMATION FOR

ACTP SESSIONS ONLY

The information below applies only to ACTP sessions. Similar information

regarding the TMA convention may be found on page 14

of this brochure.

REGISTRATION POLICIES

• Body of Knowledge Courses/Exams

Registration forms must be mailed or faxed. Phone registration is

not accepted. Your registration is not considered complete until

payment is received and processed. Written confirmation of your registration

and appropriate course materials will be sent by UPS

Ground Service within three business days of receipt of your registration.

The confirmation notice will contain complete details about

the course/exam venue(s), hotel options, etc. The course materials are

an integral part of the course experience and/or exam preparation.

To ensure that you are adequately prepared for the course(s) and/or

exam(s), ACTP encourages you to send a registration form

in a timeframe that ensures adequate time to receive and review the

materials. If you would like to receive the course materials in a timelier

manner than UPS Ground Service will allow, please apply the appropriate

surcharge to your total amount due as indicated in the payment

section on the next page. If you do not receive your confirmation

notice and materials within 10 business days of registering, please

contact Nicole Gibby at ngibby@turnaround.org or 1-312-242-6034.

The exam application and application fee are required to be on file

with ACTP before you may sit for an exam. For further details,

please contact Nicole Gibby at ngibby@turnaround.org or visit

www.actp.org, from where you may print an application form.

Please use the form on page 19 of this brochure to sign up for the

courses and exams.

10


ACTP SESSIONS

REGISTRATION POLICIES (CONT.)

• Advanced Educational Session

You must be a registered attendee of the 2005 Annual Convention

to attend this session. Please use the registration form on page 19

of this brochure to sign up. The CTP designation is not required

to attend this course; the course is open to all corporate renewal

professionals.

CANCELLATION/SUBSTITUTION POLICIES

• Body of Knowledge (BOK) Courses

Notification of cancellation must be received in writing (e-mail is

acceptable). Cancellations will not be reviewed or processed until

they are received in writing. Phone cancellation is not accepted.

If your written notification of cancellation is received up to ten

business days prior to the start of the BOK course, you will be

issued a full credit to be used for registration for any BOK course

in the next 12-month period. Cancellations received within ten

business days of the start of the course will be issued a credit, less a

$75 processing fee, to be used for registration for any BOK course

in the next 12-month period. No refunds will be given.

Substitutions for BOK courses are permitted at any time.

Notification of substitution must be submitted in writing (e-mail is

acceptable). Substitutions will not be reviewed or processed until

they are received in writing. Phone substitution is not accepted.

The substitute must be from the same firm as the original registrant,

and the substitution notice should include accurate contact information

for the substitute.

• Exams

Notification of cancellation must be received in writing (e-mail is

acceptable). Cancellations will not be reviewed or processed until

they are received in writing. Phone cancellation is not accepted.

For each cancelled exam section, you will be issued a full credit to

be used for the same exam section in the next 12-month period.

Substitutions are not allowed for the exam.

If your cancellation notice includes cancellation of the TMA

Annual Convention, please note that TMA’s cancellations policies

detailed on page 16 of this brochure will apply to the convention

portion of your registration. ACTP’s policies outlined above will

apply to the courses and exams. TMA’s policy regarding one

cancellation processing fee for the total of all registered events

will not apply if one or more of those registered events includes an

ACTP BOK course or exam.

• Advanced Educational Session

Notification of cancellation must be submitted in writing (e-mail is

acceptable). Cancellation of this session only that is received before

Wednesday, October 5, 2005, will be refunded less a $25 cancellation

fee. Cancellation of the entire annual convention, including the

ACTP Advanced Educational Session, received before Wednesday,

October 5, 2005, will be refunded for the total amount paid less a

$250 processing fee. Cancellations received after October 5, 2005,

will not be refunded.

CANCELLATION/SUBSTITUTION POLICIES (CONT.)

• Advanced Educational Session (cont.)

Substitutions are permitted at any time and must be submitted in

writing (e-mail is acceptable). Substitutions will not be reviewed or

processed until they are received in writing. Phone substitutions are

not accepted. The substitute must be from the same firm as the original

registrant and must be a registered attendee of the 2005 Annual

Convention.

PAYMENT

Checks should be payable to ACTP, unless you are also registering for

the 2005 Annual Convention, in which case, the check for all fees

should be payable to TMA. ACTP and TMA accept Visa, Mastercard,

and American Express. If you would like overnight delivery of your

course materials, please apply the appropriate surcharge listed below:

Within the United States

$35 for one binder

$45 for two binders

Outside the United States

$70 for one binder

$90 for two binders

Registration and payment may be completed on the registration form

on page 19 of this brochure.

CONTINUING EDUCATION CREDIT

This information applies to ACTP sessions only. For

details about continuing education credit for sessions

that are part of the TMA convention program, please

see page 15 of this brochure.

Body of Knowledge Courses

• CPE—maximum 6.5 hours of CPE for accountants*

• CTPs—maximum 6.5 hours toward the CTP designation

• CLE —upon request, ACTP can apply for CLE credit to

individual states for the law section only

Advanced Educational Session

• CPE—maximum 1.5 hours of CPE for accountants*

• CTPs—maximum 1.5 hours toward the CTP designation

• CLE —this session is not eligible for CLE for attorneys

*The Association of Certified Turnaround Professionals is registered with the

National Association of State Boards of Accountancy (NASBA) as a sponsor

of continuing professional education on the National Registry of CPE Sponsors.

State boards of accountancy have final authority on the acceptance of individual

courses for CPE credit. Complaints regarding registered sponsors may be

addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North,

Nashville, TN, 37219-2417. Web site: www.nasba.org There is no prerequisite

or advance study necessary to attend ACTP sessions or to qualify for continuing

education credit. For more information regarding administrative policies such as

complaint and refund, please contact ACTP at 1-312-578-6900.

11


WELCOME TO CHICAGO

TMA 2005 ANNUAL CONVENTION

The Museum of Science and Industry

Visitors can not only view displays and artifacts,

but also interact with the exhibits. Be sure to see

“Robots Like Us”; the Apollo 8 Command Module;

the brand new 35,000 square foot U-505 Submarine

interactive exhibit; and the Whispering Gallery.

For more information, visit www.msichicago.org

ATTRACTIONS

Buckingham Fountain

Modeled after — but twice the size of — the Latona

Fountain at Versailles, the Buckingham Fountain is

composed of pink Georgia marble and serves as the

centerpiece of Grant Park. From April through October,

the fountain spurts columns of water up to 150 feet in the air

every hour on the hour.

Photo: Scott Brownell, MSI

Known as the home of the Bears and the Bulls, for its cross-town

baseball rivalry, and among other things, for its windiness, what

can we write about Chicago that hasn’t already been written?

Always bustling with activity, this city has something for everyone,

whether it’s a new restaurant, an exciting sporting event or a cultural

celebration. While we can’t list everything going on in Chicago during

your stay, we’ve provided a “taste” of Chicago on these pages.

For more information on Chicago sights and sounds, be sure to visit

www.metromix.com, www.timeoutchicago.com or

www.meetinchicago.com

MUSEUMS

The Art Institute of Chicago

Founded in 1879 as both a museum and school, the

Art Institute of Chicago’s collection encompasses more

than 5,000 years of human expression from cultures

around the world. For more information,

visit www.artic.edu/aic

Museum of Contemporary Art

Located in the heart of the Magnificent Mile, the Museum of

Contemporary Art offers exhibitions of the most thought-provoking

art created since 1945. The MCA documents the art of our time with

paintings, sculptures, photography, video and film, and performance.

For more information, visit www.mcachicago.org

Millennium Park

With its unprecedented combination of architecture, monumental

sculpture and landscape design, the 24.5 acre Millennium Park

features the Frank Gehry-designed Jay Pritzker Pavilion, the

most sophisticated outdoor concert venue of its kind in the

United States; the interactive Crown Fountain; the contemporary

Lurie Garden; and Anish Kapoor’s hugely popular Cloud Gate

sculpture, fondly referred to as “The Bean.” For more information,

visit www.millenniumpark.org

Shedd Aquarium

Opened in 1929, the Shedd Aquarium

is one of the oldest public aquariums in

the world. Featuring exhibits such as

Amazon Rising: Seasons of the River;

Wild Reef — Sharks at Shedd; and

CRABS!, the Aquarium lets you

experience some of the world’s richest environments and “meet”

a wide variety of creatures. For presentation times and event

calendars, visit www.sheddaquarium.org

ESPN Zone

When you enter ESPN Zone, you enter a world where sport is

king! Relax one evening after the day’s activities by watching

High Definition TV on the 16-ft big screen. For details, visit

www.espnzone.com/chicago

12


THEATER

Steppenwolf Theater

Founded in 1976 as an ensemble of nine actors, Steppenwolf has

grown into an internationally renowned company whose founders

include Gary Sinise, John Malkovich, and Laurie Metcalf.

For more information, visit www.steppenwolf.org

Goodman Theater

Nurturing the talents of solo artists such as

John Leguizamo and the late Spalding Gray,

and hosting acclaimed actors such as Denzel

Washington, William Hurt and Sigourney

Weaver, the Goodman Theater produces both

original and familiar productions. For more

information, visit www.goodmantheater.org

COMEDY

The theatre that launched the careers of such comic greats as

John Belushi, Mike Myers, Bill Murray and Gilda Radner offers

nightly comedy shows. For information, call 1-312-337-3992 or

visit www.secondcity.com

Zanie’s Comedy Club

One of the few traditional comedy clubs left in Chicago, Zanie’s

often draws its headliners straight off “The Late Show with David

Letterman” and “The Tonight Show.” Zanie’s has hosted nationally

known comedians such as Jerry Seinfeld, D.L. Hughley,

Jeff Foxworthy and Wanda Sykes. For information, call

1-312-337-4027 or visit www.zanies.com

MUSIC

Buddy Guy’s Legends

A legend himself, the gifted guitarist plays to sold-out crowds at

his club. Buddy Guy’s is known for its jam sessions featuring such

artists as Eric Clapton, Pete Townsend and Otis Rush, who drop

by every now and then to take in a show. For more information,

visit www.buddyguys.com

Green Dolphin Street is a sophisticated retro, 1940’s-style

nightclub and restaurant that offers live jazz of every style, with

shows playing every night. Patrons of the Green Dolphin

fine-dining restaurant can move on to jazz after dinner

without paying the cover charge. For more information,

visit www.jazzitup.com

Green Mill

Best known for serving as a gangster hangout and speakeasy during

Prohibition, the Green Mill has the distinction of being the oldest,

continuously running jazz club in the country. The Green Mill offers

jazz most nights, beginning about 9:00 p.m. and winding down just

before closing at 4:00 a.m. For a calendar of performances, visit

www.greenmilljazz.com

DINING

Chinatown

With over 50 restaurants and a variety of

grocery stores, Chinatown not only serves up

an excellent dining experience for its residents;

it provides an introduction to the Chinese culture

and cuisine to the other residents of Chicago. For a list

of restaurants in Chinatown, visit www.chicago-chinatown.com

Little Italy

Comprised of four predominantly Italian neighborhoods, Little Italy

offers a host of time-honored, traditional Italian restaurants. For more

information, visit www.littleitalychicago.com

Greektown

In the mood for gyros, saganaki, or spanokopita? Take a walk along

Halsted, between Van Buren and Washington streets, and choose from

Greektown’s restaurants, which offer a variety of appetizing Greek

specialties. For more information, visit www.chicagogreektown.com

Is your sweet tooth getting the best of you? Visit Vosges Haut-Chocolat

for an unforgettable chocolate fix. With inventive chocolate creations,

Vosges Haut-Chocolat, located at 520 N. Michigan Avenue, is becoming

a leader in the elite chocolate world. Visit www.vosgeschocolate.com

SHOPPING

From the Gap to Gucci, window shoppers

and shop-a-holics alike will find plenty to

appease their fancy while strolling up and down

the Magnificent Mile, from Oak Street to the

Chicago River along Michigan Avenue.

Visit www.themagnificentmile.com

13


GENERAL INFORMATION

Registration Fees

Unless otherwise indicated, registration fees include educational sessions, meals and social

functions. Convention events are not pro-rated. To attend any portion of the convention,

you must register for the entire convention at the appropriate fee as indicated on the

registration form on page 19. The registration fee allows admission for one individual only.

Registrations may not be shared. All registered attendees will receive a name badge at the

convention that must be worn for admittance into all sessions, meals, social events and the exhibit hall.

14

QUESTIONS?

Executive Director

Linda Delgadillo, CAE

1-312-578-6900 or

ldelgadillo@turnaround.org

Convention Registration, Substitution,

Cancellation

Nicole Gibby

1-312-242-6034 or

ngibby@turnaround.org

Catherine Cram

1-312-242-6036 or

ccram@turnaround.org

Overall Convention, Speakers,

Awards and Competitions

Laura Ivaldi

1-312-242-6030 or

livaldi@turnaround.org

ACTP

Nicole Gibby

1-312-242-6034 or

ngibby@turnaround.org

Event Sponsorship, Exhibit Hall,

Cornerstone Program

Joe Karel

1-312-242-6039 or

jkarel@turnaround.org

Press

Cecilia Green, CAE, APR

1-312-242-6031 or

cgreen@turnaround.org

Chapter Relations

Dale West

1-312-242-6038 or

dwest@turnaround.org

Membership

Mary Carravallah

1-312-242-6037 or

mcarravallah@turnaround.org

Registration Categories

All corresponding fees may be found on the registration form on page 19 of this brochure.

• The member registration fee is for current, active TMA members. Please note that TMA membership

is on an individual basis. Unless otherwise appropriate as defined below, all other attendees

must pay the nonmember fee. If it comes to be that an individual registers at the member fee, but

TMA has no membership record, the individual will be charged the nonmember fee unless s/he

can produce proof of membership.

• For the judge/full-time academic/government employee registration fee, a full-time academic is

defined as a student enrolled in at least 12 credit hours per term at an accredited university or an

instructor employed on a full-time basis by an accredited university. Please submit appropriate

documentation with your registration form.

• The spouse/guest registration fee is for family members, friends and/or non-industry related

individuals. TMA members and individuals who practice in the corporate renewal industry and

who are not TMA members are not eligible for this fee. Spouse/guest registration includes

entrance to all meals, social functions, keynote presentations and the exhibit hall. Spouses/guests

will receive a name badge at the convention that must be worn for admittance into these events.

Except for the Friday Night Spouse/Guest Pass, all meals and social functions are not available on

a pro-rated basis. To attend any of the sessions included in the spouse/guest registration, you

must register your spouse/guest at the full spouse/guest rate.

• The Friday Night Spouse/Guest Pass is for family members, friends and/or non-industry related

individuals. Only one dinner pass per registered attendee is allowed. TMA members are

not eligible for this pass. Individuals who practice in the corporate renewal industry and who are

not TMA members are also not eligible for this pass. This pass allows entry into the Gala

Reception, Dinner and Dessert Reception on Friday, October 21 only. The pass may be

picked up at the TMA registration desk beginning at 3:30 p.m. on Friday, October 21. Under no

circumstances may the pass be picked up earlier than 3:30 p.m. on Friday, October 21.

• On-site registration for members, non-members, and judges/full-time academics/government

employees will be subject to an additional $100 fee (added to the post-August 26 fees). This fee

does not apply to the ACTP sessions, spouse/guest registration fee, or Friday Night Spouse/

Guest Pass.

Submitting Your Registration

Registration forms must be mailed or faxed to TMA. Complete contact information may be found on

the registration form. You may also register on-line at www.turnaround.org. Phone registration is

not accepted. Registrations are not considered complete until payment is received. Individuals

who register at the early registration fee but fail to provide payment before the Friday,

August 26, 2005, deadline will be charged the regular registration fee (note: payment must

be received, not postmarked, by August 26; postmarks will not be considered).

Registered attendees will receive written confirmation of their registration by mail. Please carefully

review this confirmation notice for accuracy. Changes must be submitted in writing by fax to

1-312-578-8336 or e-mail to Nicole Gibby at ngibby@turnaround.org, or Catherine Cram at

ccram@turnaround.org. Because of necessary processing and mailing time, please note that TMA

cannot guarantee that you will receive a written confirmation notice prior to the start of the convention

if your registration form is received after Friday, October 7, 2005. A written confirmation is not

required for admittance into the convention.


Only on-site registration forms will be accepted after Friday,

October 14. TMA will not accept any registration forms in advance of the

convention after Friday, October 14. Please note that there is an on-site surcharge

for certain registration categories. Please consider submitting your

registration prior to Friday, October 14.

Registration List

To ensure your inclusion in the registration list distributed on-site, your

registration form, with payment, must be received at TMA’s international

headquarters office by 5:00 p.m. Central on Friday, October 7, 2005. TMA

cannot guarantee that individuals who submit registration forms after this

date will be included in the registration list.

Hotel Information

The Chicago Hilton & Towers overlooks Grant Park and Lake Michigan

and is in the heart of Chicago’s cultural core, located near the Art Institute,

Field Museum of History, Shedd Aquarium, Adler Planetarium, Symphony

Hall and the Opera House. It is also just minutes from Chicago Magnificent

Mile, with numerous shopping and dining possibilities.

Reserve your room at the Chicago Hilton & Towers by calling 1-800-HILTONS

(1-800-445-8667) or 1-312-922-4400. Mention TMA to receive the specially

negotiated room rate of $235 per night (Main House), single or double

occupancy or $275 per night (Towers), single or double occupancy.

These rates are only guaranteed through Friday, September 9, 2005.

TMA cannot guarantee that the room block or hotel will not sell out

before then. Please make your reservation soon.

The Chicago Hilton & Towers is located at 720 S. Michigan Avenue,

Chicago, IL 60605. The guest fax number is 1-312-922-5240.

Due to strong interest in this convention, TMA requires that a convention

registration form (which includes payment) be received within ten business

days of making a hotel reservation. TMA reserves the right to terminate the

hotel reservation of any individual who does not comply with this policy.

Drink Tickets

Each registered attendee (including individuals registered at the full

spouse/guest registration fee) of the 2005 Annual Convention will receive

six complimentary drink tickets with their registration materials. These

tickets may be used at the Opening Reception on Wednesday, the Exhibitor

Reception on Thursday, and/or the Gala Reception on Friday. The tickets

are for alcoholic beverages only (includes beer, wine and liquor). Soft

drinks, juice and water are available at no charge. Please note that these

tickets are not necessary at any other receptions listed in the agenda,

including the Professional Women’s Networking Group Reception, the

Chapters’ Receptions and the two Dessert Receptions.

Individuals registered for the Friday Night Spouse/Guest Pass will receive

two complimentary drink tickets.

The bars at the receptions requiring drink tickets will not take cash.

Additional drink tickets may be purchased at the TMA registration desk.

Tickets will be sold in books of six for $40 per book.

Cyber Café

Stay connected while away from the office! New this year, TMA is pleased

to offer a Cyber Café. Connect to the Internet, check e-mail, or update and

print documents on one of several computer workstations. The Cyber Café

is located in the exhibit hall and will be open during the following hours:

Thursday, October 20, 7:00 a.m. - 7:45 p.m.

Friday, October 21, 7:15 a.m. – 12:45 p.m.

Attire

MIDWEST CHAPTERS RECEPTION

Wednesday, October 19, 10:30 p.m. – 12:00 a.m.

Continental Ballroom

Kick off your TMA convention experience with a Chicago original —

The Second City! The Chicago, Detroit, Cleveland, Minneapolis and

St. Louis chapters invite you to join them for a cocktail and live, late-night

entertainment featuring comedic improv from Chicago’s very own

Second City tour group.

• Educational Sessions: Business Casual

• Receptions: Business

Business Casual/Nice Business Casual: For men, includes cotton pants

such as khakis, polo-type or button-down collared shirts, sweaters.

For women, includes slacks or cotton pants, button-down shirts or top.

Business (After Five Attire): For men, includes collared, button-down shirts,

suit and tie. For women, includes, pants or skirt suits or dresses.

Continuing Education Credit

This information applies to all educational sessions

NOT preceded by “ACTP.” For details about continuing

education credit for ACTP sessions, please see page 11

of this brochure.

• CPAs*—maximum 8.5 hours

• CTPs—maximum 8.5 hours toward their CTP designation

• Attorneys—CLE applications are pending. Completed details will be available

in your on-site convention materials, or you may contact Nicole

Gibby at ngibby@turnaround.org for updates.

*The Turnaround Management Association is registered with the National

Association of State Boards of Accountancy (NASBA) as a sponsor of

continuing professional education on the National Registry of CPE Sponsors.

State boards of accountancy have final authority on the acceptance of

individual courses for CPE credit. Complaints regarding registered sponsors

may be addressed to the National Registry of CPE Sponsors, 150 Fourth

Avenue North, Nashville, TN, 37219-2417. Web site: www.nasba.org. There is

no prerequisite or advance study necessary to attend the 2005 Annual

Convention or to qualify for continuing education credit. For more information

regarding administrative policies such as complaint and refund, please contact

TMA at 1-312-578-6900.

15


GENERAL INFORMATION

Cancellation and Substitution Policies

The policies below do not apply to ACTP sessions. Details about cancellation

or substitution of ACTP sessions may be found on page 11 of this brochure.

CANCELLATION POLICY

Notification of cancellation must be submitted in writing (e-mail is acceptable).

Cancellations will not be reviewed or processed until they are received

in writing. Phone cancellations are not accepted.

Cancellations received on or before Wednesday, October 5, 2005, will

be refunded as follows:

• Entire Convention Cancellation: Attendee will receive a refund for the

total cost of convention registration and additional individual events

(if applicable) less a $250 processing fee. If the cancellation also includes

cancellation of a full spouse/guest fee, the refund will be for the total of

all registrations less the $250 processing fee.

• Individual Spouse/Guest (full fee) Cancellation: Attendee will receive a

refund for the total cost of spouse/guest registration less a $250 processing

fee.

• Individual Event(s) with Registration Fees of $100 or more: Attendee will

receive a refund less a $50 processing fee. This processing fee will apply

for the cancellation of a single event with a registration fee of $100 or

more and/or the cancellation of multiple events whose total is $100 or

more. In the latter case, the $50 processing fee will apply to the total cost

of all cancelled events.

Cancellations received after Wednesday, October 5, 2005, will not be

refunded. This includes the entire convention registration, spouse/guest

registration and individual event(s) fees. Individual events will not be refunded

regardless of whether or not the individual still plans on attending the entire

convention. TMA does not issue credits for future conferences.

Please note that if you register for the convention after these cancellation

dates have passed, you will not be eligible for any type of refund or credit.

These cancellation policies apply to all individuals, regardless of when the

registration form is submitted.

Note regarding TMA Membership Renewal: Unless otherwise indicated in

your cancellation notice, TMA will not cancel the membership renewal

portion of any registration. If you would like to cancel the membership

renewal portion of your registration, please indicate that on your cancellation

notice. Cancelled membership renewals will be refunded in full at any time.

SUBSTITUTION POLICY

Substitutions are permitted at any time. Substitutions must be submitted in

writing (e-mail is acceptable). Substitutions will not be reviewed or

processed until they are received in writing. Phone substitutions are not

accepted. The substitute must be from the same firm as the original registrant,

and the substitution notice must contain accurate contact information

for the new registrant; otherwise, TMA cannot guarantee an accurate listing

in the registration list. Substitutions must be of the same membership status

(e.g., nonmember) and/or registration category (e.g., academic); otherwise,

the substitute will be invoiced for the difference in registration fees.

• Entire Convention Substitution: Substitution of an entire convention

registration includes all registration options, such as spouse/guest (full fee)

registration and individual events. If the substitute does not wish to utilize

these events/registrations, refunds will be issued in accordance with the

cancellation policies previously highlighted, or the substitution policy below

may be implemented.

• Individual Event(s) Substitution: Substitutions are allowed for individual

registration options provided that the substitute is a member of the same

firm as the original registrant and is a registered attendee of the 2005

Annual Convention. In the case of the substitution of a spouse/guest

(full fee or Friday Pass only), the individual must be a spouse/guest of a

member of the same firm

Note regarding Membership Renewal: Membership renewals are nontransferable.

In the case of a substitution for an entire convention registration,

the membership renewal will stay with the original registrant.

Registrants who fail to attend the convention and do not notify TMA

in accordance with these policies and deadlines are responsible for

full payment.

Ground Transportation

The Chicago Hilton & Towers is located approximately 20 miles from O’Hare

International Airport (ORD) and 12 miles from Midway International Airport

(MDW).

TAXI, SHUTTLE AND DRIVING DIRECTIONS

O’HARE INTERNATIONAL AIRPORT (ORD)

Taxicab Service

Taxicabs are available on the lower level curb front of all terminals. Shared

ride service is available. There are no flat rates into downtown Chicago.

Taxicab fare to downtown Chicago is approximately $40 (depending on

traffic), and depending on traffic, the ride may take from 30 minutes to

more than one hour.

Shuttle Service

Continental Airport Express provides service between ORD and the Chicago

Hilton & Towers. Shuttles depart from the lower level of the airport every

10-15 minutes. Shuttles depart the Hilton every 15 minutes, starting at the

top of the hour. Reservations are not necessary for shuttle use between the

hours of 6:15 a.m. and 5:45 p.m.; reservations are required at all other times.

The shuttle cost is $23 each way. You may contact Continental Airport

Express by calling 1-888-284-3826 or visit www.airportexpress.com.

16


VISIT THE EXHIBIT HALL

Sedan Service

To arrange private car service, please contact the concierge desk

at the Chicago Hilton & Towers by calling the hotel at

1-312-922-4400.

Driving from ORD to the Chicago Hilton & Towers

Follow signs that say I-190E or “Exit to City.” Merge onto I-190 East,

which will become I-90 East/Kennedy Expressway. Follow the

Kennedy Expressway for approximately 20 miles. Follow signs to

the Eisenhower Expressway East (I-290) toward the Chicago Loop.

I-290E becomes Congress Parkway. Follow Congress Parkway for

one mile to Michigan Avenue. Turn right onto Michigan Avenue.

The Hilton will be approximately two blocks north on your left.

MIDWAY AIRPORT (MDW)

Taxicab Service

Taxicabs are available outside the main terminal building. Taxicab

fare to downtown Chicago is approximately $30 (depending on

traffic), and depending on traffic, the ride may take between 30

minutes and one hour.

Shuttle Service

Continental Airport Express provides service between MDW and

the Chicago Hilton & Towers. Shuttles depart from outside the main

terminal building of the airport every 10-15 minutes. Shuttles

depart the Hilton every 30 minutes, at :15 and :45 after the hour.

Reservations are not necessary for shuttle use between the hours

of 6:15 a.m. and 5:45 p.m.; reservations are required at all other

times. The shuttle cost is $18 each way. You may contact

Continental Airport Express by calling 1-888-284-3826 or visit

www.airportexpress.com.

Sedan Service

To arrange private car service, please contact the concierge desk

at the Chicago Hilton & Towers by calling the hotel at

1-312-922-4400.

Driving from MDW to the Chicago Hilton & Towers

Follow signs out of the airport to Cicero Avenue (IL-50). Proceed

north on Cicero Avenue to I-55 North/Stevenson Expressway North.

Follow I-55 for approximately six miles. Exit on Lakeshore Drive

North (US-41). Follow Lakeshore Drive to Balbo Drive and turn left.

Follow Balbo Drive two blocks to Michigan Avenue. The Hilton is

at the intersection of Michigan Avenue and Balbo Drive.

PARKING AT THE CHICAGO HILTON & TOWERS

Valet parking is available for $37/night with unlimited in/out service.

Self-parking for guests and visitors of the hotel is available on a

first-come, first-served basis for $32/day.

Annual convention exhibitors provide critical services to corporate

renewal professionals. Don’t miss this opportunity to learn how more

than sixty service providers, including asset-based lenders, accounts

receivable outsourcing professionals, appraisers, real-estate consultants,

liquidators and investment bankers, among others, will benefit

your business. For questions about exhibiting at the 2005 Annual

Convention, please contact Joe Karel at 1-312-242-6039 or

jkarel@turnaround.org.

Exhibit Hall Hours

Thursday, October 20, 7:00 a.m. - 7:45 p.m.

Friday, October 21, 7:15 a.m. – 12:45 p.m.

Exhibitor Grand Prize Drawing

Registered attendees will receive an exhibitor grand prize drawing

ticket with their convention materials. Spouses/guests and individuals

registered as exhibitors will not receive a drawing ticket. To enter the

drawing, attendees must drop their ticket into the drawing bin located

in the exhibit hall. The Exhibitor Grand Prize Drawing will be held

on Thursday evening, October 20, during the Exhibitor Reception.

The reception begins at 6:30 p.m. and the prize drawing will be held

shortly thereafter.

Past Exhibitors

AccuVal Associates, Inc./

LiquiTec Industries, Inc.

American Bankruptcy Institute (ABI)

ARG Recovery, LLC

Association of Certified Turnaround

Professionals (ACTP)

Association of Insolvency and

Restructuring Advisors (AIRA)

Atlas Partners, LLC

The Atwell Companies

Bank of America Business Capital

BIDITUP

Brown Gibbons Lang & Co.

Buxbaum Century LLC

CapitalSource

Commercial Finance Association (CFA)

Commercial Law League of America

(CLLA)

Compensation Master

Congress Financial Corporation

The Daley-Hodkin Group

The Deal, LLC

The Dickerson Group

DoveBid, Inc.

EMCC, Inc.

Emerald Technology Valuations LLC

GE Commercial Finance

GMAC Commercial Finance

GMAC-RFC Health Capital

Gordon Brothers Group, LLC

The Gordon Company

Great American Group

The Hilco Organization

Hunt Special Situations Group LP

Keen Consultants, LLC

Koster Industries, Inc.

Libra Securities, LLC

Merrill Lynch Capital

Mesirow Financial

Michael Fox International

The Nassi Group LLC

Northern Healthcare Capital, LLC

The Ozer Group

Prime Locations, LLC

Rabin Worldwide Inc.

Receivables Outsource

Management

Republic Financial Corporation

Retail Consulting Services

SB Capital Group

Summit Investment

Management, LLC

Textron Financial Asset Based

Lending Group

Tranzon LLC

Turnaround Management

Association (TMA)

UCC Direct Services

Wells Fargo Business Credit, Inc.

Wells Fargo Foothill

Wilmington Trust

Winternitz, Inc.

17


CORNERSTONE PROGRAM DONORS

Cornerstone Capital Donors

Back Bay Capital Funding LLC

Bank of America Business Capital

Bank of America Retail Finance Group

Gordon Brothers Group, LLC

Cornerstone Donors

ALTMA Group, LLC

CIT

Leadership Donors

Glass & Associates, Inc.

Realization Services, Inc.

Skadden, Arps, Slate, Meagher & Flom LLP

Sustaining Donors

Bank of America Commercial Finance

BBK, Ltd.

DoveBid Valuation Services

Morris-Anderson & Associates, Ltd.

NachmanHaysBrownstein, Inc.

Wells Fargo Business Credit, Inc.

Benefactor Donors

Abacus Advisors Group LLC

AEG Partners, LLC

AlixPartners, LLC

Atlas Partners, LLC

Buccino & Associates, Inc.

Corporate Renewal Services, Inc.

Deloitte Financial Advisory Services LLP

Executive Sounding Board Associates Inc.

FTI Consulting, Inc.

Gardner Carton & Douglas LLP

Huron Consulting Group

Kronish Lieb Weiner & Hellman LLP

Lake Pointe Partners, LLC

Prime Locations LLC

Ravin Greenberg PC

Riemer & Braunstein LLP

Trimingham Americas, Inc.

Wachovia Capital Finance

Wells Fargo Foothill

XRoads Solutions Group

Patron Donors

Atwell, Curtis & Brooks, Ltd./

University Management

Associates & Consultants Corp.

Aurora Management Partners Inc.

Bear Stearns & Co.

The Belet Group, Inc./Belet Acquisitions, Inc.

Blank Rome LLP

Cadwalader, Wickersham & Taft LLP

Carl Marks Advisory Group LLC

Conway MacKenzie & Dunleavy

FINOVA Capital Corporation

Horizon Management Inc.

JPMorgan Chase & Co.

Kugman Associates

Mesirow Financial Consulting, LLC

The Nassi Group, LLC

Philip + Company, Inc.

Quarles & Brady LLP

RAS Management Advisors, Inc.

Retail Consulting Services

Schulte Roth & Zabel LLP

SSG Capital Advisors, L.P.

Wells Fargo Bank, N.A.

Wells Fargo Retail Finance

Supporter Donors

Allomet Partners, Ltd.

American Express Tax & Business Services

ARG Recovery, LLC

Beane Associates, Inc.

Cairncross & Hempelmann, P.S.

Caledonia Group Inc.

Capital Restoration, LLC

CapitalSource

Citadel Investment Group

Continental Advisory Services, LLC

The Daley-Hodkin Group

Dickinson Wright PLLC

DLA Piper Rudnick Gray Cary US, LLP

EMCC, Inc.

Emerald Technology Valuations, LLC

Fennemore Craig, P.C.

The Finley Group

First American Corp.

UCC Insurance Division

Fort Dearborn Partners, Inc.

Getzler Henrich & Associates LLC

Gibson, Dunn & Crutcher LLP

Giuliani Capital Advisors LLC

Great American Group

Harvard Turnaround Management Inc.

The Hilco Organization

Hill & Gertner Capital Corporation

HSG Services Inc.

Jager Smith P.C.

Joe Foster Real Estate Advisors

KBK Financial, Inc.

Lain Faulkner & Co.

McShane Group

Mehmco Financial Services Inc.

The Meridian Group

Michael Fox International Inc.

Miles & Stockbridge P.C.

Modesitt Associates, Inc.

The Nauset Group, Inc.

Northern Healthcare Capital, LLC

Ozer Valuation Services

The Parkland Group, Inc.

Penn Hudson Financial Group, LLC

Phoenix Advisors & Collections, Inc.

Phoenix Management Services, Inc.

Project Executive Group, Inc.

Protiviti

Quest Turnaround Advisors, LLC

Renaissance Partners, L.C.

Republic Financial Corporation

RJ Reuter Business Consulting

RKG Osnos Partners LLC

Rochelle, Hutcheson & McCullough, LLP

Ruskin Moscou Faltischek, P.C.

SB Capital Group, LLC

Sherman, Lavallee & Associates, LLC

State Securities PLC (United Kingdom)

Sterling Supply Co.

Stout Risius Ross, Inc.

Strategic Management Partners, Inc.

Stutman, Treister & Glatt

TeamWork Technologies, Inc.

Tono-Bungay Consulting, Inc.

Treadstone Partners, LLC

Winternitz, Inc.

Wiss & Company, LLP

18


REGISTRATION FORM

TMA 2005 ANNUAL CONVENTION

OCTOBER 18 - 21 • CHICAGO HILTON & TOWERS

You may also register on-line at www.turnaround.org. Please note that

pre-registration will only be accepted through Friday, October 14.

After that date, only on-site registration will be accepted. Please also note

on page 14 of this brochure that certain registration categories are subject

to an on-site registration surcharge.

Full Name ______________________________________________________

Goes by (for badge) ______________________________________________

Company _______________________________________________________

Address ________________________________________________________

City: ____________________________ State: _____ Zip ________________

Phone __________________________ Fax ___________________________

E-mail _________________________________________________________

■ First Time Attendee at a TMA Annual Convention

Registration Fees

On or before August 26 After August 26

Member $1145 $1345

Nonmember $1345 $1545

Judge/Full-time Academic/ $750 $950

Government Employee

Spouse/Guest Registration

$520 Full Registration

$175 Friday Spouse/Guest Dinner Pass

If registering for either spouse/guest option, please complete the following

information for the name badge/dinner pass.

Spouse/Guest Name: _____________________________________________

City: _____________________________________________ State: ________

ACTP Sessions

$400 Management Body of Knowledge Course

$400 Law Body of Knowledge Course

$250 Management Exam

$250 Law Exam

$250 Accounting & Finance Exam

$ 95 ACTP Advanced Educational Session

$ ____ Binder Shipping Surcharge (if applicable; see page 11 for details)

Membership Renewal

(Only current, active TMA members may select one of these options)

$275 Membership

$115 Government/Academic

$ 65 Student

Payment

■ Check Enclosed (payable in U.S. funds to Turnaround Management

Association or ACTP, as applicable)

■ Visa ■ MasterCard ■ American Express

Concurrent Sessions

To assist TMA in planning, please indicate below which concurrent

sessions you are most likely to attend.

CONCURRENT SESSION A

■ A1: “Yankee Influence Overseas:

Export of American Turnaround Expertise”

■ A2: “Two Perspectives on the Economy”

■ A3: “The World of Distressed Debt Investing —

Pros and Cons of Investment Methodologies”

■ A4: “Bank Workout Officers’ Views on Middle-Market Trends”

CONCURRENT SESSION B

■ B1: “Turnarounds in Public Education: A Textbook Example”

■ B2: “How to Win the Valuation Battle:

An Overview of Critical Reorganization Valuation Issues”

■ B3: “The Explosive Growth of China Outsourcing:

Opportunities and Challenges”

■ B4: “The Aggressive New Lenders:

A Fundamental Shift in the Capital Markets?”

■ B5: “Ethics for the 21st Century: Real Issues for Real Professionals”

CONCURRENT SESSION C

■ C1: “Panel of Winners: TMA Turnaround of the Year Awards”

■ C2: “Small Lender Forum: A Unique TMA Opportunity to Meet

Under $5 Million Troubled Company Lenders!”

■ C3: “When Things Go Awry: How Do Tranche B Lenders Get Repaid?”

■ C4: “Out-of-Court Restructuring Solutions for Public Companies —

Exchange Offers”

■ C5: “Lender Response to the Revolving Door of Syndicated Loans”

CONCURRENT SESSION D

■ D1 “Pension and Retiree Health: The Legacy Overhang of

American Industry”

■ D2 “The New Bankruptcy Law (Or What I Need to Learn All Over Again)”

■ D3 “Managing the Asset Disposition Process

for Maximum Strategic Return”

■ D4 “Live from Chicago: Perspectives of Middle-Market Business Owners

on the Turnaround Process”

CONCURRENT SESSION E

■ E1: “Airline Industry Restructuring: An Industry Update”

■ E2: “Is It Retail or Is It Real Estate?”

■ E3: “Controversial Issues in Large Company Restructurings”

■ E4: “Troubled Business Buyers: The Private Equity Players”

CONCURRENT SESSION F

■ F1: “Panel of Winners: TMA Transaction of the Year Awards”

■ F2: “Automotive Industry in Flux: An Industry Update and Roundtable”

■ F3: “Small Investor Forum: A First-Ever TMA Opportunity to Meet

Under $5 Million Equity Investors in Troubled Companies!”

Special Needs ______________________________________

_______________________________________________________________

Number ________________________________________________________

Exp. Date __________ Signature ____________________________________

Total Amount Due $_______________

Mail or fax your completed registration form and payment to:

Turnaround Management Association

100 S. Wacker Drive, Ste. 850

Chicago, IL 60606

Tel: 1-312-578-6900

Fax: 1-312-578-8336

19


TURNAROUND MANAGEMENT

ASSOCIATION

2005 ANNUAL CONVENTION

OCTOBER 18 - 21

CHICAGO HILTON & TOWERS

100 South Wacker, Suite 850

Chicago, IL 60606

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