What's up? - Turnaround Management Association

Chapters
Chapters
10
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
opportunities.
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.
Missouri
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.
Nevada
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
practitioners.
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
introductions.
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
calendar.
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.
Consultants
31%
2006 Overall TMA
Membership Composition
2006 Overall TMA Membership Composition
Consultants
31%
Miscellaneous
7%
Miscellaneous
7%
Auctioneer/
Auctioneer/
Liquidator/
Appraiser 5% Receivables 4% 4%
Appraiser 5%
Accountants 8%
Lenders 15%
Investors 9%
Legal 11%
Financial
Advisors 10%
Financial
Advisors 10%
8000
Overall TMA Growth
TMA Membership Growth
7000
6000
5000
4000
3000
2000
1000
0
Members
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?