What's up? - Turnaround Management Association

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What's up? - Turnaround Management Association

2006 Annual Report

> Unprecedented Liquidity

> Influence of Hedge Funds & Private Equity Investors

> Highly Leveraged Companies

> Industry Consolidation...

What’s up?

Table of Contents

What’s up?


^ Corporate Renewal 2006 | 4

^ Spring Conference | 30

^ 2006 membership reaches 7,683 worldwide – a new record

^ Chapters | 6

^ International | 18

^ Cornerstone | 23

^ Annual Convention | 32

^ Awards | 34

^ Communications | 36

^ 4 new chapters formed, with 3 outside North America

^ TMAssist gains national recognition

^ ACTP | 26

^ Education | 28

^ Financial Report | 38

^ 2006 TMA International Board of Directors | 39

^ 3 new Webinars bring TMA education online

^ Networking enhanced by 5 regional conferences across the U.S. and Canada

^ Cornerstone contributions exceed 2006 budgeted amount by 50%

^ 62 new CTPs in 2006

...and global recognition of the value provided by

being part of the Turnaround Management

Association professional community

Corporate Renewal 2006

“Today U.S. Airways is one of the

strongest in the industry. The success

of this merger falls on many

shoulders, especially the employees

who went through the tough times

with us and are now reaping the

benefits. Job well done. Bravo, Zulu!”

– Bruce Lakefield, former CEO of

U.S. Airways Group, Inc.

Merger sends airline stock soaring

TMA Trend Watch poll respondents named airlines as the industry most likely to

improve during 2007. And, with hedge funds emerging as a force in airline

industry consolidations, the capital needed to fuel economies of scale and

access to new markets is readily available to make this prediction a reality.

In fact, an airline merger took high honors with TMA’s 2006 Large Company

Transaction of the Year Award. The merger of U.S. Airways Group, Inc. and

America West Holdings Corporation integrated an airline in its second Chapter

11 with one facing serious challenges, both fighting for their lives in a

distressed industry.

The team executing the transaction cleared many hurdles: raising significant

new capital, getting Department of Justice clearance, and securing creditors and

shareholders’ signoff on the plan. The “new” U.S. Airways began trading on the

NYSE as LCC (low-cost carrier) with more than $4 billion of obligations

converted to equity and $1.7 billion of exit financing. The merger created the

fifth largest domestic airline, employing 37,000 and operating 3,757 flights a

day to 240 locations. LCC’s stock went up 45 percent in 2006, and since the

merger (September 2005), 179 percent.

Hedge funds are the largest shareholders

at each of the four largest U.S. airlines,

replacing mutual funds that have

traditionally backed this industry.

– Chicago Tribune

U.S. Airways Group, Inc.

Getting ready for the next big wave

The big questions for Turnaround Management Association members in

2006 were: When will the next wave of corporate renewal opportunities

arrive? What will it look like? Are we ready? • Private equity accounted for 35%

of the value of U.S. mergers &

The global restructuring industry faces a

rapidly changing landscape. An explosion

in alternative lending vehicles has changed

how professionals interact with their

clients and each other. The unprecedented

liquidity in the marketplace and new

players flush with cash allow distressed

companies – from the Fortune 500 to

middle and small-market level – to stave

off operational or in-court restructurings.

Mergers among lenders and turnaround

and consulting firms narrow the field.

One would think that this shift in the

environment would have a substantial

negative impact on TMA members. In

fact, nearly half the respondents to the

September 2006 TMA Trend Watch poll of

practitioners, consultants and financial

advisers reported an increase in

engagements and revenues in the past

12 months.

It’s only natural that turnaround pros –

known for their swift actions – would

quickly adjust to the marketplace. This poll

showed nearly half had changed or

expanded their lines of business in the

past year and 35 percent named hedge

funds or private equity firms as sources of

business, compared to 13 percent last year.

With 90 percent of the respondents to a

June 2006 poll anticipating significant debt

defaults by the end of 2007, the

September Trend Watch poll pointed to

an industry retooling:

• 37 percent added employees in 2006,

compared to 32 percent last year.

• 17 percent had been acquired or were in

negotiations to be acquired, with 24

percent saying they had acquired or were

looking to acquire another business. The

most frequently mentioned entity in both

cases was another turnaround firm.

• 35 percent plan to have more

professionals in their firms attain a

certification, with 72 percent identifying

the Certified Turnaround Professional

(CTP) as the preferred one.

Just as its members are adapting, the

leaders of TMA, as the premier

professional community dedicated to

corporate renewal and turnaround

management, have met the challenge.

Several strategic initiatives in the planning

and implementation phase over the past

two years culminated in 2006.

The 2006 Annual Report highlights TMA’s

significant advances toward its vision of

being “recognized by the global

community as the preeminent organization

in which turnaround and corporate

renewal professionals from all disciplines

choose to associate, market their services

and develop their professional skills.”

“The shift in the Chapter 11 process means there will be

less time to fix a business inside a court proceeding. The

skills to do operational turnarounds on companies in early

decline stages will be very important in this next cycle.”

– Holly Felder Etlin, CTP, 2006 TMA Chairman

“This increase in activity is reflective of two trends in our

industry. First, private equity firms and hedge funds are

controlling an increasing number of middle market

companies. Second, they are recognizing the benefits

associated with retaining experienced TMA professionals

to support them in due diligence, operational

improvements and strategic planning.”

– Colin Cross, 2006 TMA President

Corporate Renewal 2006

2006 Milestones

in the News

acquisitions through mid-

December 2006, compared to

23% in 2005.

– PricewaterhouseCoopers

• Valuation of hedge and private

equity funds’ acquisitions in 2006:

31,825 deals totaling $4 trillion,

besting the dot-com boom in

2000 ($3.3 trillion). – Dealogic

• Private equity firms spent $725.3

billion in 2006 to take companies

private. – Dealogic

• Companies acquired in LBOs in

the 4th quarter of 2006 had a

ratio of debt to cash flow of 5.7

on the average, up from 5.3 in

2005, with some pushing the

ratio to 7 or 8.

– S&P’s Leveraged Commentary

& Data Group

• Ford staves off bankruptcy with

$18 billion in new debt, secured

for the first time by its corporate

assets. – Chicago Tribune

• The Dow Jones Industrial Average

ended the year at 12,463, up

16%, the best performance since

1993. – Wall Street Journal

• Oil prices hit a high of $78 a

barrel in July 2006.

• Top five bankruptcies in 2006

totaled $13 billion in assets,

compared to $101.3 billion in

2005. – ABI

• Business bankruptcy filings for the

three-month period ending Sept.

30, 2006, totaled 5,284, down

44.24% from the same quarter in

2005. – ABI

5 > What’s up?



North American Chapters

Growth in chapters keeps TMA ahead of the game

Despite some predictions that TMA’s membership growth would

be flat and perhaps even drop in reaction to the recent

slowdown in business, TMA exceeded its 2006 membership goal

of 7,300 members early in October. It ended 2006 with 7,683

members – 105 percent of goal – with 1,908 new members and

an 82 percent renewal rate.

Much of the credit has to go to the robust efforts locally of our

strong chapter network. Chapter leaders stepped up, set

ambitious goals, created attractive educational and networking

events, and targeted new segments of the industry. In addition,

many chapters formed Young Professionals Groups, and the

Women’s Networking Group is growing as a way to gather locally

and at special events at TMA International conventions.

Award-winning chapters

Three chapters are especially good examples of the dedication

local leaders have in providing the best networking and

education opportunities possible. The Most Improved Chapter for

2006 is Australia, which is highlighted on page 20 in the

International section of this report, along with reports of all the

chapters outside North America. The 2006 Chapter of the Year is

the Detroit (Michigan) Chapter, and Florida TMA received

Honorable Mention.

Detroit TMA – Chapter of the Year

Quality communications, such as its quarterly newsletter

distributed electronically to more than 600 readers, is just one of

the reasons the Detroit Chapter moved up from the 2005 Most

Improved Chapter to this year’s Chapter of the Year. Two

presidents led this 273-member chapter during 2006, with Brad

Coulter taking over the reins from Patrick O’Keefe, CTP, when the

chapter changed officers in June. One of the fastest growing

chapters, with a 94 percent renewal rate, it has the highest

percentage of Certified Turnaround Professionals (CTP) among

TMA chapters. With $60,000 in sponsorships for 2006-07, the

chapter offers a unique benefit for its gold sponsors: a spot on

a business radio talk show hosted by a chapter member. Other

notable achievements include support for the MBA program with

a turnaround management concentration at the University of

Detroit Mercy, a new satellite chapter being developed in Grand

Rapids, two free member events a year, nationally known

speakers, an Automotive Conference, and a three day ACTP

study course and exam to promote the CTP designation.


The Arizona Chapter teamed up with

the Association for Corporate Growth to

discuss corporate fraud and watch the

documentary, “Enron: The Smartest

Guys in the Room.” It was the first joint

educational event for both groups, and

Chapter President Chuck Krause

expects the chapter will collaborate

again with ACG and others. “ACG is at

the front end of the deal when people

are writing checks, the happy part of

the deal. TMA comes along when

people are sorry they wrote the check.”

The event at The Herberger Theater in

downtown Phoenix attracted 200

people, representing members from

both groups and guests. The 117-

member chapter picked up at least 10

new members, gave away souvenirs,

and introduced the profession to a few

Arizona State University students

accompanying their professors.

A November panel called “Restructuring

the Troubled High-Tech Company”

covered how turning around a

computer chip company differs from

one that makes a low-tech product,

such as potato chips.

The chapter presented Business

Turnaround Awards to Ted Burr, CTP, of

Sierra Consulting and Dan Garrison of

Gallagher & Kennedy for their work in

the Chapter 11 reorganization of Jake's

Granite Supplies.

A summer social hosted with ACG and

the M&A Roundtable took place at

Garcia’s Restaurant.

California (Northern)

A wine tasting at Borel Private Bank &

Trust Company received the most raves

from the Northern California Chapter.

“It really reinforced the main reason

why people join TMA in Northern

California – to connect with others in

the industry locally,” said Scott

Brubaker, CTP, president of the 150-

member chapter.

The program – a first in Borel’s elegant

meeting space – drew more than 50

attendees and resulted in new

memberships in the weeks following

the event.

Organizing other programs with the

Commercial Finance Association and

Association for Corporate Growth

helped improve speaker selections and

increase attendance.

California (Southern)

At the Southern California Chapter’s

fourth annual Night of Excellence

Charity Networking Event, members

and guests ditched their heels and

loafers to ride a Segway.

“Some people were a little nervous at

first because when you first get on,

gyroscopes balance it – but that

nervousness didn’t last for long,” said

2006 Chapter President Michael Cavan,

CTP. The event drew nearly 300 people

and raised $13,140 for the City of

Hope, a biomedical research


Cavan thinks the chapter’s 2006 fare of

educational programs attracted more

than the usual crowd – often 50 and

sometimes 100 attendees – because of

varied event times and locations and

more networking programs.

The chapter added 57 members to

reach 273 even as business remained

flat. With entertainment and sports

megastars, the region is a magnet for

hedge funds and private equity firms,

and they have kept distressed

businesses from feeling pain. “It’s

hyper liquidity,” Cavan said.

The board expanded from seven to 12

as the chapter continued to find ways

to stand out in an increasingly larger

crowd of professional associations.

Chapter Awards

6 > What’s up?

Florida TMA – Chapter of the Year – Honorable Mention

True grit is the mark of a determined Florida TMA Chapter, winner of the Honorable Mention

Chapter of the Year award. President Lunelle Siegel and her board did not give up on two

years of negotiations across three independent sales markets in Tampa, Orlando and South

Florida, resulting in this successful Florida TMA supplement with the American Business

Journals. The board also received a TMA Chapter Assistance Fund grant and then worked

hard to make its four membership initiatives successful: expansion into southeast and

northeast Florida and more members from the judicial and workout officers segment.

Taking a few more moments to

network at the last event of the

year are Arizona Chapter

members from left, Mike

Smith, Bret Maidman, Tom

Vivaldelli and others.

Chapter President Mike

Cavan, CTP, speaks to a

crowd that test-drove

Segways, the scooter-like

transporters that run on

batteries and compete with

pedestrians for sidewalk

space, during the Southern

California Chapter’s annual

Night of Excellence.

7 > What’s up?




Canada (Montreal)

The “remarkable turnaround and

redevelopment” of Montréal-Pierre

Elliott Trudeau International Airport was

the subject of the Montreal Chapter’s top

program among five in 2006.

“There were more than 100 guests in

attendance” at the cocktail party that

featured Montreal Airport Authority CEO

James Cherry, 2006 Chapter President

Raoul Heredia said.

The 85-member chapter joined five

other chapters as hosts of the Second

Annual Northeast Regional Conference.

Canada (Toronto)

The Toronto Chapter’s annual

Newsmaker Dinner again produced

headlines when Sir John Major, the

former prime minister of Great Britain

and Northern Island, delivered the

keynote address.

Major’s discussion about global

economics and trends at the Royal York

Hotel attracted more than 400

attendees, one of the highest totals ever.

Among dignitaries present were four

judges of the Commercial List (the

Canadian equivalent to U.S. Bankruptcy

Court), the British High Commissioner,

and senior UK government trade and

investment officials.

“The dinner gave the TMA members and

corporate sponsors in the Toronto

business community a boost that will

reinforce our image in the future within

Toronto. The success of this event will

allow us to continue to attract top-name

speakers,” said 2006 Chapter President

David Planques.

The chapter’s Negotiating Skills workshop

assembled turnaround and other experts

to play the roles of professionals involved

with a defunct auto parts manufacturer.

The chapter established a Community

Involvement Committee, which is looking

at ways to give back to the community.

Its board expanded from 12 to 15, and

72 new members joined to reach a

chapter total of 324.


A U.S. Bankruptcy Judges Panel, which

assembled judges from the Middle

District of North Carolina, ranked as the

top event for the Carolinas Chapter,

according to 2006 Chapter President

John A. Magee, CTP.

“The Latest View from the Bench” took

place in October in Greensboro, where

the chapter has expanded its outreach.

The 181-member chapter hosted, with

others, TMA’s inaugural Southeast

Regional Conference, which drew more

than 175 members and guests. Speakers

discussed trends in lending and investing

in distressed companies, early response

to faltering business performance, and

the revised Bankruptcy Code.

An annual networking event with the

Commercial Finance Association took

place in August at the Mint Museum of

Craft & Design in Charlotte.


The Chesapeake Chapter could boast one

2006 event that aroused so much interest

it silenced the usual tapping on palm-size

BlackBerries. Its Transaction Exchange

Luncheon in March featured James

Wallace, Esq., the attorney who

represented the patent licensing firm NTP

in the BlackBerry patent infringement

lawsuit and inked a $612.5 million


“They had just settled the case, so to hear

about what went on throughout the

litigation process was exceptionally

interesting to the group,” said 2006

Chapter President Stephen Karbelk.

Later in the year, the chapter hosted with

others the Fourth Annual Mid-Atlantic

Regional Symposium and held its first

Networking Organization of Women

event. By year’s end, the chapter added

34 new members to total 113.


The Colorado Chapter’s annual

Troubled Loan Workshop attracted

lenders, attorneys, and accountants

from the region.

“We have written several case studies

and attempt to present a fresh case

each year. The interaction among the

business professionals is both exciting

and productive,” said 2006 Chapter

President R. Hunter Ellington.

The workshop helped spurt membeship

growth, which reached 147 after 53

members joined. The larger public

learned more about the chapter when

its first insert was published in the

Denver Business Journal.

The chapter launched a scholarship fund

for students enrolled in the University of

Denver’s Daniels College of Business who

are interested in corporate renewal

careers. UD students in Professor Ron

Rizzuto’s class completed a 10-hour case

study exercise created by chapter

members in which they played the roles

of various professionals sorting out the

financial problems of a troubled company.


The Connecticut Chapter hosted a

program certain to appeal to

professionals who thrive on fixing

corporate problems.

It featured Sydney Finkelstein,

professor at Tuck School of Business

at Dartmouth College and author of

Why Smart Executives Fail and What You

Can Learn from Their Mistakes. His

talk and others, such as Mayor John

DeStefano’s discussion about New

Haven’s turnaround, constituted fresh

offerings in new and different parts of

the state, said 2006 Chapter President

Lorenzo Mendizabal.

The 138-member chapter saw its

biggest turnout at its Distressed

Investing event, which featured an

investor panel and covered such topics

as loan-to-own strategies and

shareholder activism. More than 100

members and guests attended.

Former University of Connecticut

basketball star and Women’s National

Basketball Association player Rebecca

Lobo spoke at the dinner following the

annual golf tournament that benefits

Connecticut Children’s Medical Center.

The chapter has raised more than

$100,000 for it during the past 12 years.

The chapter was also a host of the

Second Annual Northeast Regional

Conference. Finally, through its probono

program, it provided turnaround

assistance to more than 10 companies

referred by state agencies.


The Florida Chapter’s outreach to the

Jacksonville area got a boost from its

cocktail reception there and other

events in the state, including the TMA

Annual Convention in Orlando and the

first Southeast Regional Conference.

Twelve Jacksonville professionals

joined, and membership increased to

259. “We knew we would have to

show people in Jacksonville that we

were serious – and here to stay,”

said 2006 Chapter President Lunelle

Siegel. A Chapter Assistance Fund

grant from TMA International helped

fund this effort.

Despite a slower turnaround market

nationwide, small practitioners in the

Florida market secured engagements,

particularly in tile imports and


Six undergraduate and graduate

students received memberships after

attending a program called, “What

Happens When Everything Goes

Wrong?” The Fisher School of

Accounting at the University of Florida

and the University of Tampa joined the

list of target schools.

8 > What’s up?

Bill Skelly, TMA 2006 Vice

President of International

Relations, and the Rt. Hon.

Justice Sarah Pepall enjoy the

moment at the Toronto

Chapter’s 2006 Newsmaker

Dinner in the Royal York Hotel.

A news release, right,

announces the Toronto

Chapter Newsmaker Dinner’s

headliner, the Rt. Hon. Sir

John Major.

One of the Chesapeake

Chapter’s biggest business

socials takes place at the

Baltimore Orioles' perch in

Camden Yards, drawing from

left, Sandy Feldman, Jeffrey

Lerner, Bill Davis and

Fred Raccosta, of the

Chicago/Midwest, New York

and Philadelphia TMA Chapters.

Robert Rakowski, incoming

2007 Connecticut Chapter

President, left, welcomes

speaker Sydney Finkelstein,

professor at the Tuck School of

Business at Dartmouth College.

Florida Chapter President

Lunelle Siegel enjoys

festivities at the annual golf

outing at Bonaventure Golf

Club with Christopher Curtin,

left, and David Nelson. More

than 150 people showed for a

reception at the Hard Rock

Hotel and Casino, and more

than 100 golfed. The chapter

gave $1,000 to a veterans’


9 > What’s up?



Georgia (Atlanta)

Before a record crowd of Atlanta

Chapter members and guests, Dan

Reeves of NFL fame illustrated how a

floundering business is much like a

football team on the brink.

“A team hires a new football coach

only when it’s broken and in trouble,”

said 2006 President Bruce Sim,

recalling Reeves’ presentation.

Success happens when professionals

assess performance, lead with

integrity, and embrace change

fearlessly. Even under monsoon-like

conditions, nearly 100 people

attended the breakfast meeting.

By aiming high with marquee

programming, the results nearly

“paid” for themselves. “It was good,

old-fashioned blocking and tackling,”

Sim said.

The chapter also took steps to retain

and grow membership. Board

members phoned non-renewing

members and persuaded large banks

and law firms to sponsor junior-level

employees for TMA membership, in

addition to senior-level executives.

The chapter added 61 new members to

reach 261 despite a liquidity glut that

kept business modest for practitioners.

But distressed business lending was

frenetic, with hedge funds, privateequity

firms, and national and regional

banks jockeying for deals.

A lenders’ panel, a presentation about

Delta Airlines by Harry Nolan, author of

Airline Without a Pilot – Lessons in

Leadership, a holiday gala with the

Atlanta Venture Forum and Commercial

Finance Association, and hosting duties

at the Southeast Regional Conference

rounded out the calendar.

Illinois (Chicago/Midwest)

Changing the name of retailer Marshall

Field’s to Macy’s raised hackles among

customers attached to The Walnut

Room, Frango Mints and the dulcet ring

of the Field’s name. As a result, the

Chicago/Midwest Chapter’s Senior

Executive Forum became a major event.

Armed with peace offerings of Frango

mints, Terry Lundgren, CEO of Federated

Department Stores, said the change had

to do with the economics of running an

800-store national chain.

It’s unknown how many people among

the nearly 300 present Lundgren

assuaged, but The Chicago Tribune covered

the event and mentioned TMA. About

$7,000 from registration proceeds went to

the Robert H. Lurie Comprehensive

Cancer Center at Northwestern University

and HFS Chicago Scholars, a nonprofit

that awards scholarships to economically

disadvantaged kids.

members at the end of 2006. “It took

several years to get there - and we got

there one member at a time since our

start in 1991,” said 2006 Chapter

President Bill Hass, CTP. “We really took

off in 2001 with a new chapter

administrator and greater focus on

educational programming.”

The chapter’s education committee used

a Cornerstone 15 board-designated

endowment grant to develop a 13-week

Cash Flow Workshop and materials that

were made available to all TMA chapters.

A half-day negotiations workshop in

Chicago had participants assume the roles

of experts in a real estate development.

Six Milwaukee programs each attracted an

average of 100 people.

Chapter members donated time and

money to many projects, including

sponsoring MBA internships, landscaping

a youth center, fundraising for a local

PBS television station, and donating

cash and toys for Toys for Tots. The

chapter’s annual golf tournament raised

$24,000 for the Make-A-Wish Foundation

and Children’s Memorial Hospital.

Nearly 100 members participated in a

walkathon to support Lou Gehrig’s

disease research. The chapter’s Women’s

Group raised $1,000 for the Chicago

Abused Women Coalition.


Two TMAssist workshops raised the

profile of the Louisiana Chapter and

offered tips on managing cash and

troubled loans to business owners,

bankers, practitioners and others. TMA

International’s first public service project

debuted in the New Orleans region in

December 2005 after Hurricanes Katrina

and Rita.

“We had a message that was timely and

well-received,” said 2006 Chapter

President Hank Arnold, who helped

organize the workshops. The events

generated a few new members, raising

the chapter’s total to 38 by year’s end.

“Despite the uncertain circumstances, we

grew, which is a tribute to the effort of

the core group of our chapter,” he added.

The chapter also hosted programs on the

revised Bankruptcy Code and fraud case

studies. Using a TMA Chapter Assistance

Fund grant, it hired its first administrator.

Michigan (Detroit)

Detroit Chapter members were

immersed in “hard-core” restructuring

work in 2006 as the Big Three – Ford,

GM and Chrysler – engineered

strategies to survive.

Restructuring in the automotive industry

continued to trigger a cascade of

downturns. Auto supply, real estate,

home building, entertainment and other

businesses felt the heat. Refinancings,

363 sales, and straight liquidations

became more common than usual, and

personal bankruptcies rose. “The auto

industry affects, downstream, any

business that depends on people to

spend money,” said 2006 Chapter

President Brad Coulter.

The Second Annual Automotive

Conference organized with the Federal

Bar Association attracted more than

350 attendees, featured Chief Judge

Steven Rhodes, and provided

additional training for attorneys and

legal staff.

The chapter varied locations for events,

adding a free event at Big Rock Chop

House cigar and martini bar to a roster

that includes the Detroit Athletic Club

and Ford Field. It organized a few

events with the Risk Management

Association to target young lenders,

and, with the Association for Corporate

Growth, presented business guru and

bestselling author Harvey MacKay.

The 273-member chapter donated

$5,000 to the University of Detroit

Mercy, where 10 chapter members are

on a steering committee shaping one of

the few turnaround management

programs in the country.

“We’ve pushed for students and faculty

to join the chapter from an educational

and networking standpoint,” Coulter

said. “They can meet the people who

are eventually going to hire them.”

Minnesota (Upper Midwest)

When trouble erupts, what’s a

corporate board to do?

The Upper Midwest Chapter tackled

that question in a program sponsored

with the National Association of

Corporate Directors, “Board Leadership

of a Company in Crisis.”

A chance meeting between the NACD

president and 2006 Chapter President

Joseph D. Kenyon led to the program

and marked the first time both groups

organized a joint event. Top workout

professionals and legal counsel spoke

to about 100 members and guests.

“It was a crowd that we had never

met with before. Our members came

up and talked to directors about

board responsibilities during a crisis,”

Kenyon said.

Employing a “Creating Great Experiences”

theme, the chapter reached 1,014

10 > What’s up?

Atlanta Chapter President Bruce

Sim, right, and other members

and guests learn about common

business goals from former NFL

coach Dan Reeves.

Terry Lundgren, CEO of

Federated Department Stores,

accepts the Chicago Chapter’s

inaugural Outstanding Corporate

Renewal Award from Awards

Committee Co-Chair Ken

Yager. Federated returned to

profitability after a Chapter 11

reorganization and tumultuous

change in the industry.

Peter Ricchiuti, assistant dean

at Tulane University, shares his

perspectives of the business

conditions in New Orleans at

the TMAssist “Cash

Management After the Storm”

workshop hosted by the

Louisiana Chapter.

Detroit Chapter Program Chair

Scott Terryn of Chase

welcomed guest speaker

Harvey MacKay, right, author

of How to Swim With The

Sharks Without Being Eaten

Alive, among others.

“It was a good showpiece

for us and a win-win for

both groups.”

– Joe Kenyon, Upper Midwest

Chapter president, on the

chapter’s first joint event with

the National Association of

Corporate Directors

11 > What’s up?




By and large, members involved in

workouts and restructurings worked out

of state in 2006, because the stable,

diversified economy in Minneapolis-

St. Paul offered fewer engagement


The 189-member chapter developed a

strategic plan that better defined

committees and helped all eight learn

about the function of the others.

A wine tasting and silent auction at

Solera in Minneapolis, sponsored with

the Risk Management Association,

raised nearly $6,000 for the St. Joseph’s

Home for Children.


Kansas City members now make up

about 20 percent of the Missouri Chapter

after a year of diligent networking in the

western part of the state.

“We set up board meetings and events,

including luncheons, seminars and

social hours on both sides of Interstate

70” to include Kansas City and St.

Louis, said John Vaclavek, 2006

Chapter President.

Rotating meeting locations, significant

because of the 240 miles separating the

cities, helped increase membership to

91. A chapter administrator hired using

a TMA Chapter Assistance Fund grant

consolidated several mailing lists, which

boosted attendance at programs on DIP

financing, cost containment and more.

Many members hoped for a resurgence in

turnaround business in 2007, and those

like Vaclavek, a partner in a CPA firm,

applied their skills outside of conventional

turnaround work in the meantime.

Members helped a St. Louis area

women’s shelter, Fortress Outreach, file

Chapter 11 reorganization and guided

the agency through plan confirmation.

“We helped this agency successfully

restructure,” Vaclavek said of the pro

bono work.


At one point, the Nevada Chapter existed in

name only. “I'm no turnaround

professional,” said 2006 Chapter President

John T. Bear who works in human

resources outsourcing, “but this is my first

turnaround.” Bear, incoming 2007 President

Lanis O'Steen, and seven others put an end

to the many previous false starts, the “pirate

years.” They got advice from TMA colleagues

in Arizona and at the international level and

obtained a Chapter Assistance Fund grant.

The chapter owed its best turnout to

coincidence when a major condo

development fizzled three weeks before

a chapter program on that market. The

program, featuring regional and national

industry pundits, attracted more than

100 people.

Tom Allison, CTP, from the Chicago/

Midwest Chapter, held court during a

program on certification and sparked

interest in a state with no CTPs.

Philadelphia Chapter members Robert D.

Katz, CTP, J. Scott Victor and Mike Nestor

presented a turnaround case study. “All

flew to Las Vegas at their own expense

and collectively were an event sponsor,”

Bear said.

Gaming remains an economic mainstay in

Nevada, but the absence of a personal

income tax and lower worker's

compensation rates make the state a

magnet for construction and other

industries. Consequently, chapter events

drew attendees from Las Vegas, Reno,

Arizona, Colorado and California.

The chapter ended the year with 36

members, half who are turnaround


New Jersey

The New Jersey Chapter’s new breakfast

roundtable series introduced chapter

members to professionals from Bergen

County in the northern part of the state

to Red Bank in the south.

“They were useful to spread the word

on TMA, make connections and help

people with issues in their respective

businesses,” said 2006 Chapter President

Karen Giannelli.

The series and a 2006 kickoff party, free to

renewing members, contributed to a yearend

total of 202.

The chapter was a host of the Second

Annual Northeast Regional Conference and

the Fourth Annual Mid-Atlantic Regional

Symposium. It sponsored educational and

networking events with the Association for

Corporate Growth, the Commercial Finance

Association and the Risk Management

Association, and was a corporate sponsor

of the “Because We Are Women –

Celebrating Possibilities” Symposium.

The chapter revamped its events planning

and membership benefits committees and

“The gift, which you gave

through the NJTMA, will be of

great help to us in meeting the

growing needs of the special

young men we serve.”

– Letter excerpt from St. Peter’s

Village to New Jersey President

Karen Giannelli

formed an advisory board to strengthen

corporate governance that consists of

executive-level board members and local

luminaries, including a bankruptcy judge

and local media host.

St. Peter’s Village Orphanage, which

the chapter adopted many years ago,

received $1,000 from proceeds from the

chapter’s annual golf outing. A few boys

from St. Peter’s joined members during the

annual fishing trip and Family Night

baseball game.

New York (Long Island)

Long Island Chapter members mingled

with media heavyweights from

Newsday and Long Island Business

News during News Night.

Comedy Night revealed the closet

raconteurs who shared the stage with

professionals at Governors in Levittown.

“We have a good cross-section of

people who enjoy getting together for

a variety of functions – from educational

to just plain fun,” said 2006 Chapter

President Joseph Hodkin, who went on

stage at Comedy Night only to make


The 116-member chapter sponsored

educational programs that included

one about the growing influence of

hedge funds and hosted, along with

others, the Second Annual Northeast

Regional Conference. A Judges

Recognition event honored Hon.

Melanie L. Cyganowski, incoming chief

judge of the U.S. Bankruptcy Court,

Eastern District of New York. An annual

golf outing, a summer barbeque, and

member socials rounded out the


Two nonprofit organizations serving ill

children each received $2,500, and

another charity received more than 100

toys donated by the chapter.

New York (New York City)

A sniff-and-sample gathering for

women professionals at the flagship

store of a trendy perfume maker got

prospects talking about the fragrance

Blue Agava and TMA. By the end of the

event, 32 women had become new

members. The event at Jo Malone

sparked plans to organize a women’s

golf clinic. The 866-member chapter

sought to attract target groups who

are underrepresented in the industry.

“We focused our attention on both

young professionals and women, with

great success,” said Chapter President

Mark Indelicato.

At the annual Year In Review program,

New York University Professor Edward

Altman spoke about the economic

outlook and influence of hedge funds

and private equity firms. He also signed

his latest book, Corporate Financial

Distress and Bankruptcy.

A Workout Lenders’ Panel focused on

the automotive industry, and a Young

Professionals networking event took

place against the backdrop of billiards

“They honored the chapter by

giving their time and knowledge

in New Orleans. The fact that our

chapter had two out of a total of

16 TMA International volunteers

who participated was great

recognition for our chapter.”

– Joseph Hodkin, 2006 Long

Island President, referring to

chapter volunteers

12 > What’s up?

The strength of TMA lies in its diverse

membership – professionals from many

disciplines who are all committed to a

common goal: stabilizing and revitalizing

corporate value.



2006 Overall TMA

Membership Composition

2006 Overall TMA Membership Composition










Appraiser 5% Receivables 4% 4%

Appraiser 5%

Accountants 8%

Lenders 15%

Investors 9%

Legal 11%


Advisors 10%


Advisors 10%


Overall TMA Growth

TMA Membership Growth










New Jersey Chapter members

relax at Raritan Valley Country

Club after the annual golf outing.

Spirit Awards go to Long Island

Chapter members

Diane M. Pfadenhauer and

Stephen B. Mischo for

volunteering for TMAssist. From

left are Chapter President

Joseph Hodkin, Pfadenhauer,

Peter Atwell, and Mischo.

13 > What’s up?



and cocktails. Bankruptcy judges from

the Southern and Eastern Districts of

New York and the District of New Jersey

were recognized during a holiday party.

MBA students from Columbia and New

York University competed in the

chapter’s annual student paper

competition, which has awarded cash

prizes for about five years. “It enables

us to attract student members and give

them a flavor of the industry,”

Indelicato said.

New York (Upstate New York)

The Upstate New York Chapter began an

“aggressive” year of philanthropy by

donating money to enterprising children

forced to scrounge for survival, according

to 2006 Chapter President David Fiegel.

U.S. Army Reserves Colonel David

Hollands told members about the

Children’s Bank of Kabul being

developed by and for Afghan children

with the help of a few businesspeople.

After Hollands discussed how Americans

are “totally oblivious” to the way people

in the other half of the world live, the

chapter contributed $500 in seed money

for the bank. The chapter also gave

$2,000 to the Western New York Food

Bank in December.

The chapter ended the year with 87

members, 24 more than last year, even

in an area of shrinking demographics.

Many members worked outside the

former Rust Belt region. Ample liquidity

from hedge funds and private equity

firms dampened opportunities for

some conventional turnaround and

business sale work. “Banks aren’t

selling assets; they’re selling paper,”

said Fiegel, a liquidator.

Chapter programs covered a wide

terrain, including use of blogs in

branding. A founding chapter of both the

Northeast and Great Lakes regional

conferences, the chapter served as a

host for both in 2006. The chapter made

plans for a TMA student satellite

organization at the University of Buffalo

School of Business.

A policy requiring board members to

sign commitment letters remained in

force. “At the end of the year, we can

open up the file and see whether the

board members did what they said they

would do, did more, or did nothing,”

Fiegel said.


The Northeast Chapter’s first Small

Transaction Trade Fair featured exhibits

from lenders and investors involved in

transactions equal to $5 million or less.

The chapter organized the event at the

Newton Marriott with the Association

for Corporate Growth, the Commercial

Finance Association and the Risk

Management Association.

In satellite chapters from Providence to

Worcester, speakers discussed such

topics as “Is the Real Estate ‘Boom’ in

the Renaissance City for Real?” and

“The Strategic Repositioning of The

Hanover Insurance Group: Becoming a

World Class Regional Property &

Casualty Company.”

The chapter was a host of the Second

Annual Northeast Regional Conference.

It added 107 new members to reach a

total of 540.


The Northwest Chapter held its Cross-

Border Business Turnaround and

Restructuring Conference in the Canadian

province of Alberta in majestic Banff

National Park.

In its seventh year, the conference

covered mechanics of turnarounds and

restructurings shaped by both U.S. and

Canadian laws and regulations. Banking,

law, and asset-based lending experts and

others discussed implications of crossborder

situations and restructurings,

said 2006 President Murray D'Angelo.

The 262-member chapter is situated in

a geographic area that includes

Washington, Oregon, Alberta and British

Columbia, whose economy is shaped by

natural resources such as oil, gas, lumber

and pulp.

“In our part of the world, the restructuring

activity level is lower than normal

because our economies are in relatively

good shape,” D’Angelo said. As a result,

members were more involved in assisting

companies with problems before crises

emerged that could result in filings under

Chapter 11 or the Canadian equivalent,

the Company Creditors Arrangement Act.

Outreach in underrepresented areas

produced 25 new members from

Edmonton, AB. A Chapter Assistance Fund

grant helped pay for a program featuring

Chief Justice Allan Wachowich.

The chapter donated $600 raised from

proceeds of the Fourth Annual Alberta

Golf Tournament to the Calgary

Emergency Women's Shelter.

Member Ken Philip recommended

changes affecting programs, real estate

holdings, staffing, and the board. Crain’s

Cleveland Business chronicled the

YWCA’s rebound resulting from the

chapter’s pro bono work.

“Initially, the YWCA was relatively

hesitant. Whether a business is for-profit

or not-for-profit, sometimes change is

not well received,” said 2006 President

Barry Sullivan.

The 194-member chapter expects to

become more visible when it plans, along

with the Detroit, Chicago, St. Louis and

Minneapolis chapters, the first Midwest

Regional Conference in 2007. Ohio and a

few other chapters launched the Great

Lakes Regional Conference five years ago.

Business remained steady in a regional

economy dominated by manufacturing

and distribution. “There’s an expectation

that there will be a softer economy in

2007, which may create more

opportunities,” Sullivan said.

The chapter marked its 10th annual golf

outing at Mayfield Country Club.

Pennsylvania (Philadelphia)

The Philadelphia Chapter raised more

than $17,000 that enabled a cancer

patient to see Disney World, enriched

a few college funds and created healthy

smiles on dozens of young faces.

For three years, the chapter has held a

dinner to support the Make-A-Wish

Foundation, but this was the first time it

raised more than $9,000, enough to pay

for a kid’s wish, said 2006 Chapter

President J. Scott Victor.

The chapter awarded a $1,000

scholarship to an Upper Darby High

School student and presented $1,250

and $750 awards to two Temple

University students who participated in

a paper contest. The chapter donated

$5,100 to the Kids Smiles Foundation,

which provides free dental care to needy

children, and $2,500 to breast cancer


More than 80 sponsors helped make

2006 a banner year for fundraising and

programming from breakfasts to golf, to

a first outing for 20-somethings at the

Red Sky Restaurant & Lounge.

The chapter also was a host of the

Fourth Annual Mid-Atlantic Regional

Symposium, which featured Walt Disney


The YWCA Greater Cleveland, facing

dwindling membership and a gaping

deficit, owed its change of fortune to the

Ohio Chapter.

14 > What’s up?

New York City Chapter

members sample perfume

and register 32 new members

during a women’s event at

the Jo Malone flagship store

in New York.

Taking home $1,000 prizes

from the Upstate New York

Chapter’s paper contest are,

from left, Cheny Ng, a

Binghamton University

student, Amy Rule, a

Rochester Institute of

Technology undergraduate,

and Min Zheng, MBA student

at the State University of New

York Buffalo.

Northwest Chapter members

Susan Ford, left, and John

Mitchell chat with Susie

Oubrie, right, at a program

called "Confidentiality and

Privacy Issues in the Crisis

Environment, Managing the

Risks and Knowing the Law."

Shawn Riley prepares before

discussing “The Impact of Pension

Reform in Turnaround Situations,”

an Ohio Chapter program.

Kids Smiles Foundation

Executive Director Cheryl

Janssen and Board President

Lisa Schildhorn accept a

donation on behalf of the

chapter from J.Scott Victor,

Philadelphia Chapter President.

15 > What’s up?




Company board chairman and former

U.S. Senator George J. Mitchell. “The

symposium continues to grow and attract

TMA members locally and nationally,”

Victor said.

The 311-member chapter instituted new

bylaws, the first since 1993, and

recognized the year-old Networking

Organization of Women.


With the auto industry crisis still in the

media spotlight, the Pittsburgh

Chapter’s panel on that topic was

certain to draw a crowd.

About 85 members and guests listened

to attorneys, judges, and consultants

discuss the latest developments in a

crisis affecting not only Michigan, but

also Pennsylvania and Ohio.

“In Pittsburgh and the western district

of Pennsylvania, we’ve seen a number

of first-tier bankruptcies of parties

involved in the auto industry and a

number of our professionals are

involved in cases,” 2006 Chapter

President Beverly Weiss Manne said.

The auto crisis panel was one of six

educational programs, each offering

continuing education credits for

lawyers, accountants and CTPs.

The 79-member chapter provided

budgeting and turnaround services to a

venerable local nonprofit arts

performance organization facing

financial difficulties. A first, the pro

bono 14 project took shape after chapter

leaders heard about work done by

other TMA chapters during Chapter

Presidents’ conference calls.

“It’s a mechanism by which we could

give back to the community, and we

felt that is an important function of any

local organization,” Weiss Manne said.


President John Tishler and President-

Elect Don Weathers had predicted the

Tennessee Chapter would eclipse 60

members in 2006. It accomplished that,

reaching 65, by improving

programming, demonstrating TMA’s

value to members and the professional

community in Tennessee and the

region, and building on the success of

previous chapter leaders.

“Tennessee has become a

manufacturing and distribution hub for

many industries, especially automotive,

in recent years,” Weathers said. “With

the issues facing manufacturing, both

from an ownership and lending

perspective, people are beginning to

look for assistance to help save or

improve their companies, which bodes

well for the TMA organization.”

Indeed the year’s standout program

focused on the turbulent automotive

industry, in which Chrysler’s, GM’s and

Ford’s troubles ripple as far away as Asia

and as near as Nashville. The “State of

the Automotive Industry” program

attracted 63 members and guests.

The chapter sponsored a holiday party

with the Commercial Finance Association

and hosted, along with others, the

Southeast Regional Conference, a first for

the region that will be followed up in

Myrtle Beach in 2007.

Texas (Central)

Turnarounds After Katrina,” “Gotchas

under BAPCPA,” and “Corporate Suicide

– What It Looks Like and How to Deal

with It” were just a few of the program

highlights of the year for the 45-

member Central Texas Chapter.

Texas (Dallas/Ft. Worth)

topics covered during the year. The

chapter ended the year with 280


Texas (Houston)

With diminished turnaround work in

the oil and gas industry, Houston

Chapter members handled corporate

investigations, financial transactions,

out-of-court restructurings and

assignments elsewhere. Still, 50 new

members joined and membership

reached 241.

“In 2002 when Enron filed for

bankruptcy and other similar

companies were in distress, we had a

lot more people at our events. The only

reason we continue to attract 100 to

125 people to our events is we have

sustained ourselves by offering quality

programs,” said incoming 2007 Chapter

President Tom Howley.

Targeting young professionals, the

chapter chose the hip Armadillo Palace

to host a gathering for 20-somethings.

They soon began joining seasoned

colleagues at chapter breakfast meetings.

Janine Salmon and Cynthia Goodwin

organized a women’s networking and

wine-tasting event in June that drew 61

guests. A members-only fine wine

giveaway led 10 women to join TMA on

the spot.

The chapter also held a golf tournament

with the Commercial Finance

Association at Redstone Golf Club.

A forensic investigations program

covered crisis prevention and

management, timely because of stock

options backdating scandals.

Restructuring work in neighboring

Louisiana was another hot topic

because turnaround professionals had

expected a wave after Katrina. “It never

really happened,” Howley said.

The Dallas/Ft. Worth Chapter presented

a restructuring workshop that featured

a mock Daubert expert witness

examination, a judges’ panel and

discussion about fiduciary duty. Former

Dallas Mayor Ron Kirk delivered a

keynote address. Deepening insolvency,

credit default swaps, hedge funds and

real estate trends were among other

16 > What’s up?

Pittsburgh Chapter Executive

Vice President Jim Van Horn

moderates a panel called "The

Auto Industry in Crisis," a

chapter program that more

than 90 people attended.

TMA chapters nationwide carry on a tradition of

charitable giving. While being treated for a brain

tumor, John Theissen (3rd from left) met a sick

child with little family support. He started a

foundation that donated 40,000 new toys to

185 hospitals and childcare centers. Long Island

Chapter members lent a hand with their own

toy collection.

Upstate New York Chapter members and guests

make a toast at the kickoff Casino Night at Oak

Hill Country Club in Rochester, NY. First row from

left are David Fiegel, chapter president,

Michael Beyma, Stephen Donato, and second

row from left, Bill Scheuerman, Martin

Custer, Al Nigro, Mark Patchell, and Greg

Mascitti, chapter president-elect.

17 > What’s up?



Extending TMA’s global reach

“This is the most difficult thing

I’ve ever done in my business

career. To be able to take such a

diverse portfolio that had such

difficulties and excess baggage, and

just by force of will work our way

through and find a solution, is as

rewarding as it gets.”

– Eric Simonsen, 2006 International

Company Turnaround of the Year

Award winner

Complexity ratchets up

international turnaround effort

When turnaround companies such as AlixPartners establish offices overseas,

they face differences in business cultures, laws and lending practices. Eric

Simonsen’s engagement at Jarvis plc, a public engineering firm in the U.K., was

further complicated by its diverse and unwieldy portfolio of interests and its

being tainted by media coverage of a fatal train derailment on a track it

maintained. Called in during the summer of 2005, Simonsen found Jarvis in

default on £310m of debt and more than 60 days past due on £130m owed to

trade creditors. Out of cash, Jarvis, in the business of highway and railway

construction and maintenance and commercial construction, had stopped

construction on 24 projects. In the U.K., a situation like this could force a

company to file for insolvency in as few as seven days. It appeared that Jarvis

was spinning into a classic liquidity death spiral.

Simonsen and a team of professionals and company management worked

literally around the clock for three months to save a company that few

expected to survive. The first challenge was to find enough cash to restart

the projects, and then go into recovery mode with a simplified portfolio,

improved cash flow forecasting, and reduced construction contracts and

expenses. Jarvis was able to reverse its fortunes in just one year and is now

a viable private company.

TMA found the right key to open the door to international expansion

during 2006. The strategic objective to “expand TMA’s global presence

in those areas where there is critical mass to develop a corporate

renewal industry” was advanced with a new process to identify large

firms that have overseas business operations and to create a database of

individuals in those regions who might be likely members and leaders

in forming a new chapter.

Discovering strong business leaders as TMA

champions led to the formation of new

chapters in Finland, India and Germany in

2006. As TMA entered 2007, exploration

was underway into chapters in Eastern

Europe, China, Hong Kong and Spain.

Making all this possible was the new

licensing structure for chapters outside

North America implemented in 2006. This

makes each licensee an independent

organization affiliated with TMA, with most

of the benefits of the TMA International

membership and brand. Primary services,

such as educational offerings and

communications in other languages, are

delivered locally.

‘World Ambassador’ receives TMA’s

2006 Outstanding Individual

Contribution Award



New Zealand – 1998

(currently inactive)

United Kingdom – 2000

Australia – 2003

France – 2003

Japan – 2004

Southern Africa – 2005

Taiwan – 2005

Finland – 2006

Germany – 2006

India (provisional) – 2006

In formation:

Hong Kong



Eastern Europe

Jarvis plc

One of the individuals who has been a

champion of TMA’s international expansion,

Howard Brod Brownstein, CTP, was a

perfect choice for the Outstanding

Individual Contribution Award in the year

when TMA implemented its new licensing

structure. He was especially instrumental in

establishing the TMA Japan Chapter in

2004. As the Vice President, International,

of the Association of Certified Turnaround

Professionals, he is working on policies

and procedures for international affiliates

of ACTP to provide the groundwork for the

professional designation so important in

many countries. He conceived the TMA

Ambassadors program and has personally

made several trips to Asia and Europe to

promote existing and prospective chapters


Brownstein’s other activities include being

co-chair of the TMA 2006 Annual

Convention and serving on numerous

committees, such as Cornerstone, Annual

Convention, International, Audit, and the

Editorial Advisory Board for The Journal of

Corporate Renewal.

He is a principal at NachmanHaysBrownstein

Inc. and a member of the Philadelphia and

New York City TMA chapters.

Jim Shein (center) makes

a point on a special TMA

panel for the International

Bar Association meeting in

Chicago in September.

Alan Tilley (left) and Lynn

Hiestand (right) from the

UK TMA Chapter also gave

their perspectives on

turnarounds outside

the U.S.

Howard Brownstein, CTP,

(right) meets with Bernhard

Klinger in Klinger’s Vienna,

Austria, KPMG office to

discuss developing a TMA

chapter in this important

Central European

commercial and

cultural center.

19 > What’s up?



Australia TMA – Most Improved

Chapter of the Year

One of the challenges the Australia TMA Chapter, formed in 2003, has always

faced is its large geographic area, with the island’s states and capital cities

great distances from each other. But the Most Improved Chapter for 2006,

based in Sydney, overcame the distance barrier with committees in Brisbane

and Melbourne and one in the works for Perth in Western Australia. This

effort helped President Riad Tayeh and his membership committee double

membership in just one year, from 73 in 2005 to 143 in 2006.

Its Special Olympics Sportsman's Luncheon raised AUD $105,000 in June and

attracted 460 attendees who filled Dockside Convention Centre in Darling

Harbour to meet one of Australia’s greatest horse trainers, Lee Freedman. The

event offered a plethora of auction prizes – from boardroom lunches with

sporting personalities, to business class tickets to Bangkok, to hotel stays at

Hotel Sofitel and Central Krabi Bay Resort and Spa. Guests included seniorlevel

executives from banking, financial, legal and accounting businesses.

“The strong level of interest shown by companies

in TMA has been very encouraging....Through the

establishment of the Queensland and Victorian

committees, there has been a strong focus on

growing membership.”

– Riad Tayeh, 2006 President

Australia TMA


The Finland Chapter joined the TMA fold

after a licensing agreement took effect

during the 2006 TMA Annual Convention

in Orlando.

“This was a significant milestone in the

development of the Finnish turnaround

industry,” said 2006 Board Designee

Sami Laine.

The corporate renewal industry in Finland

is in its infancy. After a deep recession in

the 1990s and a long economic boom, a

group of professionals involved in

insolvency work began to develop a

Finnish turnaround model and found a

good benchmark to help: TMA. ”After a

challenging five-year journey, we are

finally part of TMA,“ Laine said, ”and it

feels extremely good.”

The chapter plans to expand networking

and programming in such areas as

banking, insurance, and governmental

organizations. Members are looking

forward to the 2007 TMA Finland Road

Show, which will showcase TMA globally

and nationally to potential members.

The chapter also has organized

educational programs for turnaround

professionals that 39 professionals have

completed. The chapter finished the year

with 57 members – loistava alku – a

great start!


TMA France members heard practical

feedback from three French receivers

about a new debt protection law on the

hallowed grounds of the French Senate

in Paris at the end of 2006. Effective in

January 2006, the new law is partly

based on U.S. Chapter 11 legislation.

Receivers weighed in on the law’s

implications for companies that have

filed for a “safeguard procedure,’’ the

classification used in the law. One

receiver who spoke is in charge of the

supervision of the safeguard procedure

of Eurotunnel, the debt-laden undersea

rail tunnel between Britain and France.

“The practical comments made by these

receivers based on the first ongoing

cases in which they have been involved

were most exciting,” said 2006 Chapter

President Anker Sorensen. The event

drew more than 50 people.

The chapter held four other events,

which helped attract 21 new members

to total 61 members by year’s end,

including professionals from Belgium as

well as other countries.


TMA Germany was approved for chapter

status in June 2006 under the direction

of Dr. Frank Nikolaus. It had an excellent

educational and networking event in

November with more than 100 people in

attendance. It had 33 members at the

end of that month.


The successful launch of TMA India was

initiated in the summer of 2006 in New

Delhi. Gordon Johnson, a member of

TMA’s 2006 International Committee,

worked with Sumant Batra to help make

the chapter a reality. Batra is a senior

partner in a law firm and an INSOL

International board member.

TMA India’s 25 initial members are

involved in corporate renewal and

related professions and include leading

professionals in India who are either

working in corporations or are in practice

as lawyers, accountants, financiers,

industrialists, and chartered secretaries.

On October 12, 2006, TMA International’s

Board of Directors unanimously

approved the India Chapter’s application

for provisional chapter status. The current

president is Dhruba Gupta, Managing

Director at EM Capital.


The Japan Chapter’s Turnaround of the

Year Award made its debut at the

chapter’s annual conference in Tokyo

before an audience of more than 100

members and guests. Award recipient

Masamoto Yahiro, a senior advisor and

former president of Shinsei Bank (formerly

Long-Term Credit Bank of Japan), is

credited with revitalizing that institution,

now listed on the Tokyo Stock Exchange.

The chapter unveiled a certified

turnaround professional program that

members hope will raise awareness about

the Japanese corporate renewal industry.

“The present status of Japanese

companies that are in danger of going

bankrupt points to the necessity of

introducing the CTP program in Japan.

The government agency for Small &

Medium-sized Enterprise is intending to

develop a database of turnaround

professionals to be launched in April

2007,” said 2006 Chapter President

Yoshinobu Konomi. “We have prepared

for this new movement.”

The chapter ended the year with 116


Southern Africa

The Southern Africa Chapter, representing

professionals in South Africa, Swaziland,

Lesotho, Namibia, Angola, Zimbabwe and

Mozambique, is poised for change in


New business rescue legislation is

expected to be promulgated in South

Africa later in the year, and the chapter

has positioned itself to help government

officials prepare for the change. In

November, officials from South Africa’s

National Treasury requested advice from

the chapter on making the economic and

tax environment more conducive to

turnarounds. More discussions are


A robust economy has kept interest rates

low for many years now and left only a

smattering of sizeable distressed

commercial loans, according to 2006

Chapter CEO Ntombi Langa-Royds. But

South Africa has seen four interest rate

increases since June 2005, and she

expects to see more in 2007.

20 > What’s up?

Keeping in touch while at the

2006 Annual Convention is not

a problem for international

members. Alan C.W. Tang

checks his email from his Hong

Kong office in the Exhibit Hall’s

Cyber Café.

Planning for the year ahead

are TMA Finland Council

members (from left), Reijo

Järvinen, Chapter President

Hannu Ylönen, Olli Aulio,

Olavi Kangas, Jari Pirinen,

Pekka Malmberg, Markku

Arminen, and Sami Laine.

Keisuke Saito, section chief of

the Industrial Revitalization

Division of the Ministry of

Economy, Trade and Industry

tells those attending TMA

Japan’s annual meeting in

Tokyo that increased

innovation is needed in the

workout arena because of

Japan’s economic expansion.

21 > What’s up?




The chapter plans to take a leading role

in a week-long turnaround management

conference at Wits Business School in

Johannesburg in May. Chapter members

also are participating as speakers at the

INSOL conference, as well as at the

Turnaround and Reorganisation Ancillary

Meeting that precedes it.

For its monthly lecture series, the chapter

began the year with a program called

Turnaround – A Banker’s Perspective”

that attracted 90 members and guests.

Later lectures covered small business

turnarounds and legal risks for directors

and consultants of distressed companies.

One program featured one of the more

obscure signposts of trouble: “Emotional

Failure Leads to Business Combustion:

The Role of Logic and Emotions in

Business Failure.”

In a post-apartheid climate in South

Africa, the chapter has focused on

attracting previously disadvantaged

individuals as members. It added 22 new

members to reach 51 by year’s end. Its

website, www.tma-sa.com, contains a

blog, monthly archives, chat forums,

photos, and an events listing to keep

all in the loop.


Taiwan’s Annual Conference in April was

its first after gaining full chapter status. It

featured general sessions, keynote

speakers and panel discussions. Edward

Altman, Ph.D., professor at New York

University’s Stern School of Business,

spoke on credit conditions, corporate

financial restructuring, and firm valuation.

Panels addressed other restructuring issues

and investment banking. Other speakers

were from the state-owned Enterprise

Commission for the Ministry of Economic

Affairs and Tang Eng Iron Works.

Its December Advanced Education

Workshop attracted 160 to National

Taiwan University. William J. Hass, CTP,

author of Building Value through

Strategy, Risk Assessment and Renewal,

traveled from Chicago to be the keynote

speaker and made several presentations

based on his book. He also gave advice

on how to build a successful chapter

based on his experience as the president

of the Chicago/Midwest Chapter,

currently TMA’s largest chapter. A CEO

and investors roundtable focused on the

Tung-Long Metal case, and government

and industry representatives served on

panels. Chapter President Dar-Yeh Hwang

said the event got high marks from

participants and front-page coverage in

Economics Daily News, “Taiwan’s Wall

Street Journal.”

United Kingdom

In 2006 TMA-UK held events in nine

cities, adding Exeter, Brighton and

Reading to the established venues of

London, Manchester, Leeds, Birmingham,

Nottingham and Bristol.

Responding to the changing restructuring

environment with important changes to

pension legislation and a trend to

consensual restructuring and

rehabilitation, the chapter held 35

different meetings during 2006 that

attracted more than 1,800 attendees.

They covered topics as diverse as “The

Psychology of Turnarounds” to

“Comparison of the ABL Market in the

U.S.A. and U.K.” to “Venture Capital

Investment: Opportunities /Challenges

for Turnaround.”

The chapter also established the

foundation framework for an ACTP-UK

Program, which it plans to launch in 2007.

The November Annual Conference in

London attracted another strong turnout

with keynote speeches from Lachlan

Edwards of Goldman Sachs, Jon Penfold

of Royal Bank of Scotland and Desmond

Flynn, head of The Insolvency Service.

Membership grew to a record level of

170 with 52 new members as TMA-UK

continued to establish itself as the

leading cross-professional networking

organization in the U.K. restructuring


Reaching for the gold

TMA has always been known for its

excellence in education. Now it’s becoming

the “gold standard” in providing innovations

in education. Cornerstone 15, an ambitious

five-year campaign to raise $1.5 million that

began in 2003 in honor of TMA’s 15th

Anniversary, reached that lofty goal by the

end of 2006, one year early.

The Cornerstone Council, comprising representatives from companies at the

Leadership level or higher, the chair of the Academic Advisory Council and

selected TMA Board representatives, seeks grant proposals for educational and

research initiatives and makes recommendations to the Executive Committee for

those it believes should receive Cornerstone Board-designated Endowment funds.

In 2006, TMA members benefited from three grants funded by Cornerstone:

• $10,000 for a Call for Papers competition for the Global Education

Symposium (GES) on the subject of “Liquidity and Corporate Renewal.” Three

papers were awarded prizes and presented at the June 2006 symposium.

• $10,000 was approved for developing, archiving and marketing of the new

Webinar program.

• $10,000 for a 13-Week-Cash Flow Workshop, which was developed by the

TMA Chicago/Midwest Chapter and presented for the first time on May 18,

2006, in Chicago. The workshop materials have been distributed to all

chapters for local use, and were adapted in December 2006 for the TMAssist

workshop for small business owners in Louisiana.

TMA Cornerstone 15

Cornerstone 15 Committee

Ward K. Mooney, Chair

Crystal Capital

Ronald Sussman

Cooley/Godward/Kronish LLP

Robert D. Katz, CTP

Executive Sounding Board Associates Inc.

Gerald P. Buccino, CTP, Ph.D.

Buccino & Associates, Inc.

William R. Davis

Wachovia Capital Finance

Cornerstone Council*

(as of December 31, 2006)

Ward K. Mooney, Chair

Crystal Capital

Michael D. Chartock

Gordon Brothers Group, LLC

Arthur D. Perkins Jr.

Deloitte Financial Advisory Services LLP

R. Timothy Bryan

Patton Boggs LLP

Shaun K. Donnellan, CTP

Glass & Associates, Inc.

Harold Kaplan


Barry L. Kasoff, CTP

Realization Services, Inc.

Richard A. Carlson, CTP

Acceler Corporation

Mitchell Drucker


John Wm. Butler, Jr.

Skadden, Arps, Slate,

Meagher & Flom LLP

Edward I. Altman, Ph.D.

NYU Stern School of Business

Daniel P. Wikel

Huron Consulting Group

22 > What’s up?

Lu Hsiu-Lien (Annette) Lu,

vice president of the Republic

of China in Taiwan, was the

guest of honor and a featured

speaker at the new Taiwan

Chapter’s first conference.

TMA UK President Alan Tilley

(center) engages in lively

debate with John Wilcock of

Global Turnaround Magazine

(left) and Kai Peters of

Ashridge Business School

(right) at the 2006 TMA UK

Annual Conference.

“In 2003, TMA launched the Cornerstone 15 campaign, a five-year, $1.5 million

dollar campaign to fund a board-designated endowment that is dedicated to research

and continuing education initiatives for the corporate renewal industry. Now in its

fourth year, the Cornerstone 15 campaign has raised more than $1.4 million in

pledges from more than 60 firms. None of this would be possible without the tireless

efforts of our Cornerstone Council members and, of course, the members of TMA.”

– Ward K. Mooney, Cornerstone Committee Chair, at the October 2006 Annual Conference

23 > What’s up?



William G. Diehl, CTP


Jack Rapp

Abacus Advisors Group LLC

N. Lynn Hiestand

Skadden, Arps, Slate, Meagher & Flom


Brent P. Hazzard

GE Commercial Finance

Alan T. Handley

Mesirow Financial Consulting, LLC

Cornerstone 15 Donors*

(as of December 31, 2006)

Abacus Advisors Group LLC

AccuVal Associates, Inc.

American Management

Advisors Inc.

Amfinity Capital, LLC

Anderson Bauman Tourtellot Vos

ARG Recovery, LLC

Atlas Partners, LLC

Back Bay Capital Funding LLC

Bank of America Business Capital

Bank of America Retail Finance Group


Bederson & Co. LLP

Bond, Schoeneck & King, PLLC

Buccino & Associates, Inc.

Cadwalader, Wickersham &

Taft LLP

Cairncross & Hempelmann, P.S.


Continental Advisory

Services, LLC

Conway MacKenzie & Dunleavy

Cooley Godward Kronish LLP

The Daley-Hodkin Group

Deloitte Financial Advisory

Services LLP



Executive Sounding Board

Associates Inc.

Fennemore Craig, P.C.

First American Corp.

UCC Division

Focus Management Group

FTI Consulting, Inc.

Getzler Henrich & Associates LLC

Glass & Associates, Inc.

Gordon Brothers Group, LLC

Huron Consulting Group

Jager Smith P.C.

JPMorgan Chase & Co.

KPS Special Situations Funds

Kugman Associates

Lake Pointe Partners, LLC

The Meridian Group

Meriturn Partners, LLC

Mesirow Financial Consulting, LLC

Midwest Business Capital

Morris - Anderson &

Associates, Ltd.

NachmanHaysBrownstein, Inc.

Northern Healthcare Capital, LLC

Penn Hudson Financial Group LLC

Phelps Consulting Group

Prime Locations LLC

Quarles & Brady LLP

Quest Turnaround Advisors, LLC

RAS Management Advisors, Inc.

Ravin Greenberg PC

Republic Financial Corporation

Retail Consulting Services

Rhone Group Advisors

Riemer & Braunstein LLP

RJ Reuter LLC

Business Consulting

Rochelle, Hutcheson &

McCullough, LLP

Ruskin Moscou Faltischek, P.C.

San Filippo & Associates, LLC

SB Capital Group, LLC

The Scotland Group, Inc.

Sullivan & Worcester LLP

Treadstone Partners, LLC

Trimingham Inc.

Wachovia Capital Finance

White Oak Group

Wiss & Company, LLP

XRoads Solutions Group

Cornerstone Program Donors

Cornerstone Capital Donors

($100,000 and above)

Back Bay Capital Funding LLC

Bank of America Business Capital

Bank of America Retail Finance Group

Gordon Brothers Group, LLC

Cornerstone Donors

($75,000 - $99,999)


Glass & Associates, Inc.

Leadership Donors

($50,000 - $74,999)

Deloitte Financial Advisory Services LLP

Realization Services, Inc.

Skadden, Arps, Slate, Meagher & Flom LLP

Sustaining Donors

($25,000 - $49,999)

Abacus Advisors Group LLC

Anderson Bauman Tourtellot Vos

Bank of America Commercial Finance


Cooley Godward Kronish LLP

DoveBid Valuation Services


Mesirow Financial Consulting, LLC

Morris-Anderson & Associates, Ltd.

NachmanHaysBrownstein, Inc.

Prime Locations LLC

The Scotland Group, Inc.

Wachovia Capital Finance

Wells Fargo Business Credit, Inc.

Benefactor Donors

($10,000 - $24,999)

AEG Partners, LLC

AlixPartners, LLC

Atlas Partners, LLC

Buccino & Associates, Inc.

Cadwalader, Wickersham & Taft LLP

Corporate Renewal Services, Inc.

Executive Sounding Board Associates Inc.

FTI Consulting, Inc.

Huron Consulting Group

Lake Pointe Partners, LLC

Quarles & Brady LLP

Ravin Greenberg PC

Riemer & Braunstein LLP

Trimingham, Inc.

Wells Fargo Foothill

White Oak Group

XRoads Solutions Group

Patron Donors

($5,000 - $9,999)

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

Carl Marks Advisory Group LLC

Conway MacKenzie & Dunleavy

FINOVA Capital Corporation

Horizon Management Inc.

JPMorgan Chase & Co.

Kugman Associates

NatCity Investments/

SSG Investment Banking

The Nassi Group, LLC

Philip + Company, Inc.

RAS Management Advisors, Inc.

Retail Consulting Services

Schulte Roth & Zabel LLP

Wells Fargo Bank, N.A.

Wells Fargo Retail Finance

Supporter Donors

($500 - $4,999)

AccuVal Associates, Inc.

Allomet Partners, Ltd.

American Management Advisors, Inc.

ARG Recovery, LLC

Beane Associates, Inc.

Bederson & Co. LLP

Bond, Schoeneck & King PLLC

Cairncross & Hempelmann, P.S.

Caledonia Group Inc.

Capital Restoration, LLC


Continental Advisory Services, LLC

The Daley-Hodkin Group

Dickinson Wright PLLC


EMCC, Inc.

Emerald Technology Valuations, LLC

Fennemore Craig, P.C.

The Finley Group

First American Corp.

UCC Division

Focus Management Group

Fort Dearborn Partners, Inc.

Getzler Henrich & Associates LLC

Gibson, Dunn & Crutcher LLP

Giuliani Capital Advisors LLC

Great American Group

Harvard Turnaround Management

The Hilco Organization

Hill & Gertner Capital Corporation

HSG Services Inc.

Jager Smith P.C.

Joe Foster Real Estate Advisors

KBK Financial, Inc.

KPS Special Situations Funds

Lain Faulkner & Co.

LBC Credit Partners, Inc.

McShane Group

Mehmco Financial Services Inc.

The Meridian Group

Meriturn Partners, LLC

Michael Fox International Inc.

Midwest Business Capital

Miles & Stockbridge P.C.

Modesitt Associates, Inc.

The Nauset Group, Inc.

Northern Healthcare Capital, LLC

The Parkland Group, Inc.

Penn Hudson Financial Group, LLC\

Phelps Consulting Group

Phoenix Advisors & Collections, Inc.

Phoenix Management Services, Inc.

Project Executive Group, Inc.


Quest Turnaround Advisors, LLC

Renaissance Partners, L.C.

Republic Financial Corporation

Rhone Group Advisors

RJ Reuter Business Consulting

Rochelle, Hutcheson & McCullough, LLP

RSM McGladrey

Ruskin Moscou Faltischek, P.C.

San Filippo & Associates, LLC

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

Sullivan & Worcester LLP

TeamWork Technologies, Inc.

Tono-Bungay Consulting, Inc.

Treadstone Partners, LLC

Winternitz, Inc.

Wiss & Company, LLP

24 > What’s up?

25 > What’s up?



CTP puts skills to work to boost

value from zero to $1.5 million

David Finkbiner, CTP, (left)

knew owner Tim Tumanic

(right) and son Parker

Tumanic (center) were

motivated to save the family

business, making it easier for

him to put his turnaround

techniques into play for J&R

Machine Inc.

Experience and expertise – the mark of a Certified Turnaround

Professional like David Finkbiner – coupled with gaining the

trust of a capable owner and employees, its suppliers, and

customers were the keys to the remarkable turnaround of J&R

Machine, a small manufacturing plant in Wisconsin. While the

techniques that Finkbiner used are not that unusual for

turnaround experts, capitalizing on the strong relationships built

through the years by owner Tim Tumanic gave him the leverage

to pull the company back from the brink of disaster when

bridge financing became a problem.

Its steel supplier, whose senior vice president grew up with

Tumanic, gave J&R $2 worth of product for each $1 paid and did

not charge interest. One of its largest customers, a snow plow

factory, agreed to wire payment as soon as parts were received.

The loyal employees took a pay cut, and productivity went up.

The result? Enterprise value of the company went from zero to

$1.5 million in 24 months. Employees got raises, and profit sharing

was restored; 91 percent of unsecured debt realized a 100 percent

recovery. And, Finkbiner received TMA’s 2006 Small Company

Turnaround of the Year Award, once again demonstrating how a

CTP brings experience, expertise and integrity to a difficult case.

J&R Machine Inc.

Increased marketing scores win for

certification program

A focused marketing plan over the past two years culminated in 2006

with 62 new Certified Turnaround Professionals, for a total of 373 at the

end of the year, and as many as 200 more in various stages of the

process. The Association of Certified Turnaround Professionals is 64

percent ahead of last year’s record for the number of people attending

the review courses.

A preliminary survey was used to test

attitudes and beliefs of current certification

holders. Then a multi-pronged plan was

developed by Lisa Poulin, CTP, Vice President

of ACTP Relations, and TMA marketing staff.

For 2006, it especially targeted end users in

response to CTP survey respondents who

asked for increased awareness among this

audience. Two actions advanced this strategy:

• Judge Barbara Houser and Judge Robert

Martin, TMA liaisons to the National

Council of Bankruptcy Judges, presented

a report to the NCBJ in November on the

certification program.

• Each CTP received a supply of pocket

cards with a letter on how to use the

talking points and distribute cards to

prospective clients or referral sources.

To increase awareness among potential CTPs:

• An ACTP video was shown and a handout

listing all CTPs was given out at the 2006

Annual Convention.

• The Journal of Corporate Renewal

October issue inserted the CTP directory

and ran a list of firms with the most CTPs

in December.

• Print and electronic ads ran in several

trade journals and business journal

supplements produced by chapters

across the country.

In addition to the increase of CTPs, a TMA

Trend Watch poll among TMA members in

turnaround firms showed that 35 percent

of the respondents plan to have more

professionals in their firms attain

certification, with 72 percent identifying

the CTP as preferred.

An ACTP-TMA Joint Task Force, headed by

Randall S. Eisenberg, CTP, studied the legal

and operating structure of the certification

program and will be reporting back to the

ACTP and TMA boards in 2007.

Several chapters outside North America

are working on modeling a qualification

program from the U.S. CTP designation, as

professional certifications and licenses are

critical to many professional practices

overseas. The Japan Chapter worked to

establish its Association of Certified

Turnaround Professionals in 2006, offering

two certification programs – one that offers

the CTP designation equivalent to the U.S.

version and the other, the Associate

Turnaround Professional (ATP), for less

experienced professionals, like the U.S.’s

CTP-Designate. The U.K. chapter also

established the foundation framework for

an ACTP-UK Program, which it plans to

launch in 2007.

Nearly 4,000 pocket cards with

talking points went to CTPs to

help them get the word out

about the advantages of a

CTP’s expertise and experience.

26 > What’s up?

ACTP Faculty Dean James

K. Seward, Ph.D., University

of Wisconsin-Madison

Graduate School of Business,

teaches the Accounting and

Finance course to

prospective Certified

Turnaround Professionals at

the 2006 Spring Conference.

U.S. ACTP SCOREBOARD (December 31, 2006)

CTPs 373

CTP candidates in process 200

Final review underway 14

CTP-Ds 5

Took courses 309

Exams given 287

Attending chapter courses 93

Attending large firm courses 33

27 > What’s up?


Lofty goals result in high marks for TMA education

Innovative educational programming was a priority in TMA’s

strategic plan. Changing needs in content, format and

accessibility had to be met.

The groundswell for regional conferences for local networking

and education, reduced time away from the office, and

affordable registration fees led to the establishment of a TMA

International Regional Conference Fund to support the effort.

Strong attendance at five regional conferences in 2006, with

more than 900 attending the Great Lakes, Southeast, Mid-

Atlantic, Northeast and Cross-Border conferences, shows steady

growth, yet they remain small enough for easy networking.

Three more being developed for 2007 – Midwest, Texas, and

Southwest – would mean all sections of North America would

be covered by at least one regional conference.

Advances in technology made Webinars a popular way to

deliver “hot” topics to members right at their desks.

The 2006 topics on changes to the U.S. Bankruptcy Code,

second liens, and deepening insolvency drew high ratings.

In addition to the Annual Convention and the Spring

Conference, TMA reinstituted its highest level educational

product produced with the Academic Advisory Council. The

June 2006 Global Educational Symposium, “Liquidity and

Corporate Renewal,” featured a Call for Papers funded by TMA’s

Cornerstone Board-Designated Endowment.

With the emergence of new providers of capital, TMA decided to

launch its first conference devoted exclusively to distressed

investing in Las Vegas, January 18-19, 2007, co-produced with

The Deal, a prominent media company reporting on the deal

economy. This initiative recognizes the vital link between

restructuring professionals and the corporate and financial

dealmakers and provides a forum for exchange of ideas and

potential profitable relationships.

“In a comprehensive survey of TMA members two years ago, 70 percent of respondents

indicated that the association should focus its delivery of member education through

electronic media. In addition, 85 percent said that TMA should focus delivery of

member education at the chapter level.”

– Linda M. Delgadillo, CAE, TMA Executive Director

Regional Conferences

Regional conferences present a special opportunity for TMA members to interact

with colleagues and stay on top of business 365 days a year. A seven-year tradition,

they add another course in TMA’s educational menu. The 2006 offerings:

• 5th Great Lakes Regional: Toronto, Detroit, Upstate New York, Ohio, Pittsburgh

• 1st Southeast Regional: Georgia, Carolinas, Florida, Tennessee

• 4th Mid-Atlantic Symposium: Philadelphia, New Jersey, Chesapeake

• 2nd Northeast Regional: Connecticut, Long Island, New York City, New Jersey,

Upstate New York, Montreal

• 7th Cross Border Business Restructuring and Turnaround Conference: Northwest

Global Education Symposium


(upper left) Garry Graber, past president of the

Upstate New York Chapter, and Beverly Weiss

Manne, Pittsburgh Chapter president, enjoy the

Great Lakes Regional at the Holiday Valley

Mountain Resort and Conference Center in

Ellicottville, New York.

(upper right) Former U.S. Senator and Walt

Disney Company Board Chairman George J.

Mitchell, with Jolie McShane from the

Chesapeake Chapter, held court at the Mid-

Atlantic Regional.

(lower left) Frank Abagnale, forgery and

embezzlement expert, whose life the movie,

“Catch Me If You Can” was based on, was the

headliner at the Northeast Regional Conference.

(lower right) Pat Williams of the Orlando

Magic (standing) was the final speaker at the

Southeast Regional Conference, which also

featured panel discussions led by bankruptcy

judges, lenders and investors.

28 > What’s up?

The Carl Marks Student

Paper Competition

recognizes MBA students for

outstanding achievement in

corporate renewal. Bryan

Lewin (center), London

Business School (UK)

received a $3,000, first place

award in the General

category for his paper,

”The Role of the Institutional

Environment in Corporate

Failure and Restructuring.”

Patrick Lagrange (left),

representing Carl Marks

Advisory Group LLC, joined

Vice President of University

Relations Steven J. Weisz

(right) on the Annual

Convention stage to

congratulate Lewin.

Teams from Kellogg School

of Management,

Northwestern University in

Chicago, took first place and

honorable mention in the

Case Study category, and a

team from Columbia

Business School, New York,

received second place in the

Case Study category.

Attendees of the symposium

congratulate first prize co–authors (L-R)

Akiko Fujimoto, Ph.D., from the

University of Alberta School of Business

and Masahiro Watanabe from Rice

University Jones Graduate School of

Business, who served on a panel

discussing their paper on how liquidity

trends affect lending decisions.

(L-R) Matthew McBrady, Ph.D., University

of Virginia Darden Graduate School of

Business Administration and member of

the TMA Academic Advisory Council,

congratulates Matthew Donnell, CTP,

on his third prize in the Call for Papers

competition for his paper on a new

options-based approach to resolving

valuation disputes.

Arthur B. Laffer, Ph.D., the “father

of supply-side economics,” shares his

insight on the global financial

markets and liquidity worldwide at

the June Global Educational

Symposium in Chicago.

29 > What’s up?

Spring Conference

Spring Conference

Moving one step ahead of a

dynamic industry

An accomplished jurist, a provocative academic and a standout

NFL player with his own comeback story were headliners at

TMA’s 2006 Annual Spring Conference at the JW Marriott Desert

Ridge in Phoenix, March 22-25, 2006. The conference, billed

“One Step Ahead,” attracted 475 registrants and 29 sponsors,

and was chaired by Robert D. Katz, CTP.

The keynote speakers – Hon. Marjorie

Rendell; Lynn LoPucki, bankruptcy

researcher and law professor from

UCLA; and former Pittsburgh Steeler

Rocky Bleier – framed a three-day

conference that invited members to

network and learn. Panels addressed

unearthing new opportunities in

distressed debt, identifying fraud,

projecting capital markets for

turnarounds, enhancing “rainmaking”

skills, and assessing the new

Bankruptcy Code. A baseball outing,

golf and tennis tournaments, a

women’s networking pool party, and

coffee breaks offered diversions from

the usual “office talk.”

With women representing only 17

percent of the turnaround industry,

how do they handle career obstacles?

Four outstanding examples of

successful women tell their personal

stories: (L-R) Cathy Reece, attorney

and TMA vice president; Holly Felder

Etlin, CTP, restructuring executive and

TMA chairman; Sheila Smith, financial

advisory service provider and TMA

2005 Outstanding Individual

Contribution Award winner; and Lisa

M. Poulin, CTP, turnaround consultant

and TMA vice president.

A golf clinic and golf and tennis

tournaments are mainstays of TMA

spring conferences.

30 > What’s up?

(top) Hon. Marjorie O. Rendell,

who sits on the Third Circuit of the

U.S. Court of Appeals and is First

Lady to Pennsylvania Gov. Edward G.

Rendell, underlines the role of civic

responsibility in society.

(bottom) Lynn LoPucki, UCLA

School of Law, offers insights from

his research and resulting book,

Courting Failure: How Competition

for Big Cases Is Corrupting the

Bankruptcy Courts.

Rocky Bleier, legendary Pittsburgh

Steelers running back, speaks on how to

face personal and business challenges.

Thomas E. Biron, moderator, leads the

panel of judges and attorneys on

“Bankruptcy Reform: First Six Months.”

Networking by the pool is a pleasant way

to spend a sunny afternoon in Arizona.

Tips from top corporate renewal firms on

how they built and grew their businesses

came from the “How Rainmakers Make it

Pour” panel, with (L-R) moderator

Suzanne Koenig, Mark Berkoff, Dan

Dooley, CTP, and Norma Corio.

31 > What’s up?

Annual Convention

Annual Convention

2006 Annual

Convention Co-chairs

Howard Brod Brownstein, CTP

Penny Friedman

Paul S. Singerman

Staying on top of a shifting scene

Experts at TMA’s 18th Annual Convention grappled with

vagaries in the corporate renewal industry exemplified by the

opening day’s plenary session called “Wave or Ripple: What

Does the Future Hold?” moderated by TMA past chairman

John Wm. Butler Jr.


More than 900 attendees heard four

keynote speakers, including Robert B.

Reich, former U.S. Secretary of Labor,

at the October 11-14 convention at the

JW Marriott Grande Lakes in Orlando.

Supported by 48 sponsors, 12

concurrent sessions rounded out a

comprehensive educational

experience, which focused on the

latest developments in an uncertain

climate– from international and

industry-specific opportunities to

intellectual property to marketing

professional services. Anyone who

listened to the corporate

transformations that resulted in

Turnaround and Transaction of the

Year awards presented at the

convention knows TMA members

continue to excel in their core

expertise: rescuing companies from

the brink of financial disaster.





06 07 08

32 > What’s up?

01 Former U. S. Secretary of Labor

Robert B. Reich points out the

effects of “China, India, and the

Future of Everything” in his

keynote address.

02 Former Prime Minister of

Pakistan Benazir Bhutto

discusses the complex nature of

ethnic rivalries in Muslim

regions with TMA Chairman

Holly Etlin, CTP, during the

Q&A after her dinner speech.

03 Colin Cross, 2006 president,

applauds Chairman Holly Etlin,

CTP, as she finishes her term. In

appreciation, TMA made a

donation in her name to Dress

for Success, a nonprofit

organization in 78 cities that

offers career resources, including

professional clothing, to help

women become self-sufficient.

04 David Banmiller, president

and CEO of Aloha Airgroup, Inc.,

tells how he presided over the

restructuring of Aloha Airlines,

bringing it out of Chapter 11 in

just over one year.

05 Receptions for the Young

Professionals and Women’s

Networking Groups, organized by

Diversity Committee chair Faye

Feinstein, are popular gathering

spots at the Convention.

06 Betsy Kelly, JPMorgan Chase

Bank, fields a question from the

audience during the “Brave New

World for Lenders” panel, while (L-

R) Jamie Sprayregen, Goldman

Sachs, and Richard Levenson, Bank

of America Business Capital, wait to

respond. Matthew Niemann, CTP,

Cerberus Capital, also served on this

panel moderated by Larry

Marsiello, CIT Group.

07 Hon. Barbara J. Houser, Chief

U.S. Bankruptcy Judge for the

Northern District of Texas, leads an

all-judges panel on what makes

an effective expert in bankruptcy

court. Other panelists were the

Hon. Rosemary Gambardella

(New Jersey), Hon. Michael G.

Williamson (Florida, Tampa

Division), and Hon. Gregg W.

Zive (Nevada).

08 Dale West, TMA director of

chapter relations, is first in line to

get a signed copy of Daniel

Shapiro’s best-selling book,

Beyond Reason: Using Emotions

as You Negotiate. Shapiro, the

closing luncheon speaker, is

associate director of the Harvard

Project on Negotiation.

33 > What’s up?



Reaching the pinnacle of professionalism

Turnaround of the Year Awards

Transactions of the Year Awards

“For 15 years, TMA has honored the

professionals who have demonstrated

remarkable outcomes, working with

companies to improve management, cash

flow, production, and ultimately achieve a

triumphant recovery of corporate value and

jobs. In 2005, TMA added awards for

professionals who complete outstanding

transactions. All the entries in both categories

demonstrated the skills that TMA members

possess in resolving difficult and complex

challenges. We chose eight in 2006 who

effected the best possible solution for all the


– David E. Mack, CTP, 2006 Awards

Committee Chair

Large Company Turnaround: Friedman's Inc.,

a large chain of jewelry retail stores based in Georgia. Friedman's

chief executive officer and the senior advisors to the company

who led their respective teams were:

• Sam Cusano, CEO of Friedman's Inc.

• John Wm. Butler Jr., partner and co-practice leader, Corporate

Restructuring Department, Skadden, Arps, Slate, Meagher & Flom

LLP, Chicago.

• William Q. Derrough, managing director and co-head of

Recapitalization & Restructuring Group, Jefferies & Company, Inc.,

New York.

• Salvatore LoBiondo, Jr., managing director, Kroll Zolfo Cooper

LLC, New Jersey.

Mid-size Company Turnaround: R.G. Barry

Corporation, aka The Dearforms Company, in Ohio. The

restructuring team from The Meridian Group, Pittsburgh, Penn.,


• Margaret M. Good, CTP, who created the plan and secured


• Thomas M. Von Lehman, who served as interim CEO.

Small Company Turnaround: J&R Machine Inc.,

a small Wisconsin firm that machines parts for other manufacturers.

David C. Finkbiner, CTP, David C. Finkbiner & Company, S.C.,

Wausau, Wisc., led the turnaround as CRO.

International Company Turnaround: Jarvis plc,

a U.K. civil engineering firm and builder in York

Eric Simonsen, managing director, AlixPartners LLP, as CRO, led

a turnaround team of company management and AlixPartners


Large Company Transaction: Merger of U.S.

Airways Group, Inc. and America West Holdings

Corporation, creating the U.S.'s largest full-service, lowfare

airline. The team included:

• Bruce R. Lakefield, former CEO of U.S. Airways Group, Inc.

• Douglas Parker, current CEO of U.S. Airways Group, Inc.

• Doug Greco, director of finance, Airbus North America,

Herndon, Va.

• Brian Leitch, partner, Arnold & Porter LLP, Denver, Colo.

• John Luth, financial advisor and investment banker,

Seabury Group, New York.

• Timothy R. Pohl, partner, Skadden, Arps, Slate, Meagher &

Flom LLP, Chicago.

• Jeffrey F. Buckalew, managing director, Greenhill & Co.,

New York.

• Edward L. Shapiro, financing, PAR Capital Management, Boston.

Mid-size Company Transaction: Sale of Fannie

May Confections Brands Inc., formerly Alpine

Confections, Inc., of Alpine, Utah., to 1-800-FLOWERS.COM.

Michael Levy, Paragon Capital Partners, New York, led the

transaction as financial advisor and investment banker.

Small Company Transaction: Financial

restructuring of New South Supply LLC, a South

Carolina distributor of concrete, masonry and waterproofing

accessories to the commercial construction industry.

Kurt Herwald, CTP, of Chandelle Solutions, Greer, S.C., led

the transaction as CFO, financial advisor and consultant.

International Company Turnaround-Honorable

Mention: Ihr Platz, a German drugstore.

Sankar Krishnan, managing director, Alvarez & Marsal, London,

led a turnaround team of A&M professionals as interim CEO.

34 > What’s up?

(from left) David E. Mack,

CTP, Awards Chair, takes the

stage with the Large Company

Turnaround of the Year

winners for Friedman’s Inc.:

Jack Butler, Sam Cusano,

Bill Derrough, Salvatore

LoBiondo, and TMA President

Colin Cross.

Butler-Cooley Excellence in Teaching Awards

Three teachers who have turned around children’s lives through

education were honored at the 2006 Annual Convention with $5,000

awards. (L-R) Larry Wayne Statler, Santa Teresa Elementary School, San

Jose, Calif., mixes students with diverse abilities in his Discovery Centers,

resulting in learning benefits for all. He has worn a button saying, “Every

child deserves a special education” to school every day for 24 years.

Valorie Ann Lewis, third grade teacher at Stigler (Okla.) Grade School,

uses her experience growing up homeless to look for "greatness in every

child," with remarkable results. John Bassier, Ferndale (Mich.) High

School, teaches biology – the study of life – and also urges students ”to

live life at every level.”

35 > What’s up?



Media track story of R.G. Barry’s

mid-life crisis

R.G. Barry Corporation had a good story

to tell, and the trade and local business

press in Columbus, Ohio, picked up on

it. The 40-year-old company known for

Dearforms slippers was having a midlife

crisis. RGB’s 30 percent market

share was sagging, and it had defaulted

on its loan after experiencing an

$8 million operating loss for 2003.

That’s when Thomas Von Lehman and

Margaret M. Good, CTP, of The Meridian

Group came in. Organizational chaos

and a dysfunctional and outmoded

sales model met them at the door.

The workout team’s visit to the manufacturing

plants in Mexico found them

running hard while the warehouses

were already full. Appalled after the

Operations VP said “inventory is

not my responsibility,” the lender

announced he would call the loan

in five weeks.

The next series of events read like a

Hollywood script. Employees fearful

of being dismissed without severance

hold the plant manager hostage. RGB

prepays the severances, the hostage is

released, and the workers faithfully

return to finish their last two days of

production. Then a walkout strike

during peak shipping season is settled

with bond money that the company's

attorney in Mexico steals.

But as with most stories, this one has

a happy ending. Good negotiates an

extension with the lender and

completes a creative financing

agreement. Von Lehman takes over

as interim CEO and, among other

sales and operations improvements,

starts a new research-based

marketing function. The laborintensive

manufacturing of the

slippers moves to China, and

inventory is brought under control.

By the end of 2005, the “extreme

makeover” of the product line targeted

to a more fashionable market increased

RGB’s market value from $14 million in

early 2004 to $66 million.

Turning up the volume

TMA’s communications vehicles and public relations programs aim to “maintain

the TMA brand…and to be known within the corporate renewal industry and

within the international business community as the ‘voice of corporate

renewal.’” In 2006, the buzz got even louder.

National recognition came to TMA

International through its first

public service program, TMAssist.

More than 100 volunteers

responded to a nationwide call

for service after the devastation of

Hurricanes Katrina and Rita in

September 2005. The first in a

series of workshops to help small

businesses regain their footing in the wake of the unprecedented

loss of employees, customers, and infrastructure was held in

Metairie, Louisiana, in December 2005.

In 2006, TMA maintained its commitment to the region by

organizing two more workshops in the New Orleans region:

“The Art of the Workout, ” with Steve Mischo, Long Island

Chapter, as team leader, and “Cash Management after the

Storm,” with Patrick Lagrange, New York City Chapter, as team

leader. The Jefferson Parish Economic Development

Commission and the Louisiana Bankers Association collaborated

with TMA in the 2006 workshops.

The American Society of Association Executives recognized TMA

with an Associations Advance America 2006 Award of Excellence.

U.S. Senator Barack Obama sent a letter of congratulations for

the award, noting “this important achievement reflects strength

of character and leadership potential that augur well for your

association’s professional development.” Two volunteers, Diane

Pfadenhauer and Steve Mischo, received the New York State

Senate Liberty Award, the state’s highest honor given to citizens

who perform exceptional, heroic or humanitarian acts.

In 2007, the TMAssist program, under the leadership of Chair Jim

Ross, will be expanded to other areas where the expertise of

TMA members can benefit a community with exceptional needs.

“I felt like I should do something; I

thought perhaps I could make a little

bit of a difference.”

– Dan Dooley, CTP

R.G. Barry Corporation

Not only is The Journal of Corporate

Renewal touted as the “must read” in the

turnaround industry, it brought in nearly

$450,000 in non-dues revenue in 2006.

Mark Barbeau and Vince Harper were

co-chairs of the Editorial Advisory Board.

36 > What’s up?

Thomas Von


Margaret M.

Good, CTP

Thomas Von Lehman is

interviewed after ringing the

opening bell on the New York

Stock Exchange to mark R.G.

Barry’s stocks being traded

again after being delisted for

18 months.

Industries with Greatest Financial/Operational Difficulty during Year (Predicted for 2007)





Commercial Real Estate



During 2006, a steady stream of media contacts,

Trend Watch reports, stories of award winners and

other news releases put TMA in the news in the US

and abroad. The December 2006 Trend Watch

forecast on the most distressed industries for 2007

– automotive, homebuilders, construction and

manufacturing – caught the attention of the trade

and business press from Detroit to Qatar.

37 > What’s up?


0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

38 > What’s up?

Financial Report

Arthur T. Perkins Jr.

2006 Vice President, Finance

The Turnaround Management Association’s audited

financial statements for 2006 are complete. Once

again, TMA received an unqualified opinion from its

auditors, McGladrey & Pullen. The financial statements

for 2006 reflect a change in accounting policy to allow

for the allocation of staff compensation to various

program services, including Member Services and

Programs, Information and Public Awareness, and

Conference Expenses. The allocations, which are based

on estimates of staff time expended in these activities,

provide a more accurate presentation of expenses by

activity. This new accounting method will continue to

be applied consistently in the future.

The Statement of Financial Position reflects the

continued financial strength of your organization. At

December 31, 2006, TMA had an undesignated net

asset balance of $1,272,232 and a cash reserve equal

to approximately 5 1/2 months of budgeted expenses,

toward a goal of having a reserve equal to at least 6

months of budgeted expenses.

Most notable in 2006, the board-designated

Cornerstone Fund ended the year with a net asset

balance of $1,586,333, achieving its initial 5-year goal

of $1.5 million one year early. The TMA Cornerstone

Fund is a board-designated endowment created to

provide continuing funds to support educational and

research activities directly related to the turnaround

and corporate renewal industry. For example, the

Webinar series and the 13-week Cash Flow

Workshop are but two of the projects funded by the

Cornerstone endowment.

Also in 2006, TMA continued to support the chapters

in many ways. Part of that support was through

direct grants for chapter programs and regional

conferences. This funding, as well as staff and

volunteer assistance, is intended to support

membership efforts and the delivery of quality

chapter and regional programs at a reasonable cost

to a broader cross-section of members.

TMA is currently revisiting its strategic plan. As part of

that process, a survey was sent to all members to

obtain feedback on the future direction of TMA. The

results of the strategic planning process will guide

the direction of TMA and the allocation of its

financial and volunteer resources for the next three

years and beyond.

Statement of Financial Position

(Audited) December 31, 2006


Current assets

Cash and cash equivalents $2,587,991

Accounts receivable and other current assets 396,144

Assets held for Board Designated Cornerstone Fund

Cash and cash equivalents 971,807

Pledge receivables, net 296,300

Total current assets 4,252,242

Equipment and Intangibles, Net 34,917

Other Assets 215,631

Total Assets $4,502,790

Liabilities and Net Assets

Current Liabilities

Accounts payable and accrued expenses $365,011

Deferred membership dues 813,800

Other deferred revenue 226,100

Total current liabilities 1,404,911

Other Liabilities 129,314

Net Assets - unrestricted

Designated for Cornerstone Fund 1,586,333

Designated for Regional Conference Assistance 30,000

Designated for Member Database Development 80,000

Undesignated 1,272,232

Total net assets - unrestricted 2,968,565

Total Liabilities and Net Assets $4,502,790

Revenue for the year ended December 31, 2006, totals $4,453,064.

A breakdown of its sources and how it is used follows:

2006 Revenue

Investment and other revenue

Board-designated Cornerstone Fund

Journal and Directory advertising

and subscriptions

Conference sponsorships and

registration fees

Membership Dues

2006 Expenses and

Board-Designated Allocations

Member services and programs

Chapter membership dues allocation

Information and public awareness

General and administrative and

membership expenses


3.9% ■

3.9% ■

10.2% ■

40.9% ■

41.1% ■

8.2% ■

9.9% ■

17.9% ■

33.0% ■

31.0% ■

2006 TMA International Board of Directors



Holly Felder Etlin, CTP


Colin P. Cross

Immediate Past Chairman

Ward K. Mooney

Vice President, ACTP Relations

Lisa M. Poulin, CTP

Vice President,

Chapter Relations

Ronald Reuter

Vice President, Education

Robert D. Katz, CTP

Vice President, Finance

Arthur T. Perkins Jr.

Vice President,

International Relations

William E. J. Skelly

Vice President, Membership

Cathy Reece

Vice President, Public Affairs

James B. Matthews

Vice President,

University Relations

Steven J. Weisz


Gayle P. Ehrlich


Edward “Hank” Arnold III

President, Louisiana Chapter

John Bear

President, Las Vegas Chapter

Anthony M. Bergen, CTP

Howard Brod Brownstein, CTP

Scott B. Brubaker, CTP

President, Northern

California Chapter

R. Timothy Bryan

Michael A. Cavan, CTP

President, Southern

California Chapter

Michael D. Chartock

Brad Coulter

President, Detroit Chapter as

of June 2006

Christopher A. Curtin

Robert N. Dangremond, CTP

Murray F. D’Angelo

President, Northwest Chapter

William R. Davis

Daniel F. Dooley, CTP

Carmen Eggleston

President, Houston Chapter

R. Hunter Ellington

President, Colorado Chapter

Warren H. Feder

Faye B. Feinstein

David Fiegel


Upstate New York Chapter

Joe Foster

Kevin P. Genda

Karen Giannelli

President, New Jersey Chapter

Margaret M. Good, CTP

Harvey Gross

Sean Gumbs

William J. Hass, CTP

President, Chicago/Midwest


Brent P. Hazzard

Thomas S. Henderson

Raoul Heredia

President, Montreal Chapter

N. Lynn Hiestand

Joseph Hodkin


Long Island Chapter

Hon. Barbara J. Houser

Dar-Yeh Hwang

President, Taiwan Chapter

Mark Indelicato


New York City Chapter

Stephen M. Karbelk


Chesapeake Chapter

Joseph Kenyon


Upper Midwest Chapter

Michael Knight

Theodore L. Koenig

Yoshinobu Konomi

President, Japan Chapter

Charles J. Krause

President, Arizona Chapter

Patrick C. Lagrange

Normalizo Langa-Royds


Southern Africa Chapter

Hugh C. Larratt-Smith

Pamela Linton

President, Northeast Chapter

David E. Mack, CTP

John Magee, CTP

President, Carolinas Chapter

Beverly Weiss Manne

President, Pittsburgh Chapter

Hon. Robert D. Martin

Matthew McBrady, Ph.D.

Lorenzo Mendizabal


Connecticut Chapter

Frank Merola

Jeffrey Merritt


Dallas/Ft. Worth Chapter

Frank Nikolaus

President, Germany Chapter

Patrick O’Keefe, CTP

President, Detroit Chapter

until June 2006

Michael M. Parker


Central Texas Chapter

David Planques

President, Toronto Chapter

John Rizzardi

Victor D. Russo

Tracy Sandler

Prof. James B. Shein

Lunelle Siegel

President, Florida Chapter

Sheila T. Smith

Anker Sorensen

President, France Chapter

Barry Sullivan

President, Ohio Chapter

Ronald R. Sussman

Riad Tayeh

President, Australia Chapter

Alan Tilley


United Kingdom Chapter

John Tishler

President, Tennessee Chapter

Ron Turcotte

President, Atlanta Chapter

John Vaclavek

President, Missouri Chapter

J. Scott Victor


Philadelphia Chapter

Richard W. Wirth

Jeffrey M. Wolf

Jeffrey Wurst

Linda M. Delgadillo, CAE


Executive Director

Turnaround Management


Randall S. Eisenberg, CTP


President of ACTP

TMA Board Alternate

Sam Fleiser


Audit Committee

Michael Knight, Chair

Executive Committee

Holly Felder Etlin, CTP, Chair

Nominations Committee

Ward K. Mooney

Strategic Planning Committee

David E. Mack, CTP, Chair



Lisa M. Poulin, CTP

Vice President, ACTP

ACTP/TMA Joint Task Force

Randall S. Eisenberg, CTP,




Ronald Reuter, Vice President,

Chapter Relations

Chapter Presidents’ Council

Dan Dooley, CTP, Chair

Chapter Resource &

Response Council

Jeffrey A. Wurst, Chair


Robert D. Katz, CTP

Vice President, Education

Annual Convention Committee

Howard B. Brownstein, CTP;

Penny Friedman &

Paul Steven Singerman,


Distressed Investing


Frank Merola & James H.M.

Sprayregen, Co-chairs

Spring Conference Committee

Robert D. Katz, CTP, Chair


Robert D. Katz, CTP, Chair


Arthur T. Perkins, Jr.

Vice President, Finance

Committee on Finance

Patrick C. Lagrange, Chair

Cornerstone 15 Committee

Ward K. Mooney, Chair

Cornerstone Council

Ward K. Mooney, Chair

Sponsorship and Advertising

Oversight Committee

Douglas Cheyne, Chair



William E. J. Skelly, Vice

President, International


2006 Board


Cathy Reece, Vice President,


Chapter Membership Council

Cathy Reece, Chair

Diversity Subcommittee

Faye B. Feinstein, Chair

Member Resource


Carol Jendrzey, Chair

Membership Marketing


Andrew M. Toft, Chair

Membership Services


Joe W. Milkes, Chair



James B. Matthews, Vice

President, Public Affairs

Awards Committee

David E. Mack, CTP, Chair

Chapter Public Relations


Alex Jurshevski, Chair

Editorial Advisory Board –

Journal of Corporate Renewal

Mark Barbeau & Vincent J.

Harper, Co-chairs

Public Relations Committee

Lillian G. Stenfeldt, Chair

Chapter Public Relations


Alex Jurshevski, Chair

Media Experts Subcommittee

Robert M. Blumenfeld, Chair

Public Information Campaign


Susan Balaschak, Chair

TMAssist Subcommittee

James Ross, Chair

Trend Watch Subcommittee

Thomas S. Henderson, Chair



Steven J. Weisz, Vice

President, University Relations

Academic Advisory Council

Dr. Edward I. Altman, Ph.D.,


Carl Marks Student Paper

Competition Committee

James Neelankavil, Ph.D., Chair

Global Educational


Brent P. Hazzard, Chair

39 > What’s up?

2006 Annual Report

100 S. Wacker Drive, Suite 850

Chicago, IL 60606

T 312.578.6900

F 312.578.8336


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