What's up? - Turnaround Management Association

Chapters
Chapters
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.
Northeast
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.
Northwest
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
prevention.
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
Ohio
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?