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CORPORATE RENEWAL

VIEWS: 34 PAGES: 16

									                                                             Corporate
                                                                          The Newsletter of




                       TURNAROUND MANAGEMENT ASSOCIATION
                                                              renewal
                                                                                                                             Chicago/Midwest Chapter

                                                                                                                    Volume 12 | Issue 2 | March 2011
                                                             From Our President
                                                             Carl Lane, AlixPartners LLP

                                                                                      Our Core Purposes
                                                                                      In my first “President’s Message” in the January newsletter, I
                                                                                      announced the chapter’s 20th anniversary and went on to look
                                                                                      back at what made our chapter the biggest and best chapter in the
                                                                                      Turnaround Management Association. That reflection reinforced my
                                                                                      belief that innovation with a focus on our members and sponsors is
                                                                                      critical to sustaining our position. To that end, the officers, directors
                                                                                      and committee chairs met in groups to plan for the 2011 year with
                                                                                      each group focusing on one of the four core purposes of the TMA:
                                                                                      Education, Member Relations, Networking and Finance.
                                                             The objective of these core purpose meetings was to increase coordination across the committees
                                                             whose activities and events are predominantly focused on one of the core purposes and to
                                                             generate new ideas that serve our members’ and sponsors’ needs. Our bylaws do not decree
                                                             these four core purposes, but it seems clear that all four are fundamental to providing value and
                                                             each is critical for the long-term success of our chapter. Below are my thoughts on why each
                                                             of the four core purposes is important and why they are even more important to the TMA and
                                                             our chapter.
                                                             While Education is fundamental to any professional organization, especially those whose
                                                             members have continuing education requirements, Education is even more important when
                                                             the environment we operate in changes dramatically year to year due to economic turns, credit
                                                             market fluctuations, legal and regulatory revisions and industry transformations. It is hard to
                                                             argue that the environment we operate in did not change considerably, and rapidly, over the last
What’s Inside?                                               few years. The committees primarily dedicated to serving the Education core purpose include
                                                             Special Programs, Continuing Education, Breakfast Forum and University Relations.
VP’s Corner ............................................ 2

Advertising Information ........................ 2
                                                             Member Relations are essential for any member-run organization. However, Member Relations
                                                             are even more essential where the professions of our members are very distinctive and often
TMA Chicago/Midwest Website.......... 3                      misunderstood. We may be beyond the “ambulance chaser” and “mortician” comparisons of
Upcoming Events .................................. 4         the past, but it is still imperative that we communicate the good we do as individuals and as an
                                                             organization, both within our chapter and to the community as a whole. Member Relations should
Past Events .......................................... 5-9
                                                             also be focused on providing avenues for our members, and sponsors, to promote themselves
Award Winners .................................... 10        and their firms. The committees primarily dedicated to serving the Member Relations core
                                                             purpose include Newsletter, Public Relations, CTP Relations, Pro Bono and Awards.
New Member Listing ........................... 12

What’s the Deal? ................................ 12
                                                             While Networking is important for most associations, particularly professional services
                                                             associations, Networking can substantially benefit our members and sponsors due to the
Member News ..................................... 13         potential for cross-referrals. We recognize that quality networking is central to the success of
Membership Application ................... 14                our members and sponsors businesses, but we also recognize that one size does not fit all so
                                                             we need to offer a broad range of networking options. The committees primarily dedicated to
Chapter CTPs ....................................... 14
                                                             serving the Networking core purpose include Entertainment, Milwaukee Programs, Women’s
Board Member and                                             Group and Future Leaders.
Steering Committee List ..................... 15
                                                             continued on page 3
Platinum & Gold Sponsors .................. 16
  VP’s Corner                                                               We are the largest chapter in the TMA network. This is a very
                                                                            valuable network for members and sponsors if utilized properly.
                           Thoughts from Ray Anderson,                      You can maximize the value of this network in a number of
                           VP-Communications,                               ways. Attending events is easy and fun and should provide
                           Huron Consulting Group                           an educational benefit. If you are a member of LinkedIn or
                            Have you ever tried to quantify the             Facebook, join the TMA Chicago/Midwest groups.
                            value of your network? How about                By the time of this publication, three great March events will
                            V=N2? This formula is attributed to             be complete. The C-Suite breakfast forum featured a panel
                            Bob Metcalfe (co-founder of 3Com                of prominent business leaders in Chicago and provided great
                            and a hugely successful technology              insight into their thought processes during the downturn and
                            investor) and states that the value             in the current economy. The CTP Workshop and Milwaukee
                            of a communications network is                  Valuation Program provided opportunities to brush up on your
  proportional to the square of the number of connected users of            skills and meet new people. Other upcoming events include
  the system. Facebook is a great example of a successful network,          Power Networking (April 7), a Milwaukee Breakfast (April 12)
  with 500 million users and a current market value estimated at            and the ever popular Golf Outing (June 21).
  $65 billion ($130 per user). Believe it or not, some value Twitter
                                                                            What is the value of the TMA to you? With events and networking
  with 190 million users at $7.7 billion ($40 per user). Metcalf’s
                                                                            opportunities like these, it seems Metcalf’s law may undervalue
  law would value Facebook at $250 quadrillion and Twitter at
                                                                            your TMA Chicago/Midwest network if properly utilized.
  a paltry $36 quadrillion. Either the current valuations of these
                                                                            I urge you to maximize the value of this network by attending
  companies are understated or Metcalf’s formula is wrong.
                                                                            events, joining our social networking groups, and most of all,
  Recently, a number of complicated variations to Metcalf’s
                                                                            having fun.
  law have been proposed to value social networks which
  include factors such as a measure of affinity amongst users and           Until next time,
  application of logarithms to the basic formula.
  What is the value of the TMA Chicago/Midwest network to
  you? With more than 1,000 members, we are the largest network
  of finance, legal, advisory and other professionals focusing on
  turnaround, bankruptcy and corporate renewal in the Midwest.


Follow the TMA Chicago/Midwest Chapter on:




                          Facebook                                 LinkedIn                              Twitter
                     www.facebook.com                        www.linkedin.com                        www.twitter.com

                              w w w . tma c hic a g om id we s t . or g

                                Scholarship Applications Now Being Accepted
                                                 Deadline to Submit: April 29, 2011
 The TMA Chicago/Midwest Memorial Scholarship Foundation is pleased to announce it is accepting applications for its annual
 scholarship program. Applicants for the scholarships must be either: (1) a person who is, or a dependent and/or relative of, a current
 Chicago/Midwest Chapter member; (2) a former member who has died, become disabled or retired from the industry; or, lastly, (3) a
 person who has worked in the industry and has been referred to the committee by criteria number one or two. Scholarships will be merit
 based and annual distributions will be held at the chapter’s annual charity golf outing on Tuesday, June 21. For more information and to
 download a scholarship, visit the chapter’s website at www.tmachicagomidwest.org. Have questions? Call the TMA Chicago Chapter
 office at 815-469-2935.


       The Newsletter of Corporate Renewal is a publication of the Turnaround Management Association Chicago/Midwest Chapter.
                             It is issued five times annually. Submissions to the newsletter should be directed to:
     Terry Keating—tkeating@amherstpartners.com; George Mesires—grmesires@uhlaw.com; Peter Roberts—proberts@shawgussis.com


                                                 TMA Chicago/Midwest Chapter | March 2011 | Page 2
continued from page 1
Financial stability is extremely necessary for any organization, including ours. While different than the other three core purposes, our
chapter could not survive without the consistent financialsupport of our sponsors and annual dues of our new and renewing members.
We are committed to maintaining the chapter’s financial strength, but understand that our members and sponsors will not continue
to support our chapter unless we provide real value. Not surprisingly, this brings us back full circle to focusing on our four core
purposes. The committees primarily dedicated to serving the Finance core purpose include Membership, Sponsorship, Finance and the
Scholarship Foundation.
I believe that our officers, directors and committee chairs came up with some great new ideas to enhance your TMA chapter experience.
However, the value of the core purpose meetings and the goals developed will ultimately be borne out by the reaction of our members
and sponsors to the events and activities of our chapter over the coming year. I encourage everyone to come out and experience it for
themselves and please let me know how we are doing. We would also welcome any ideas you may have for improving the chapter and
are always looking for volunteers to help.
Sincerely,




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                                Tuesday, April 12 - 7:30 - 9:00 a.m.
                        Hotel Metro - 411 East Mason Street, Milwaukee, WI



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                                                TMA Chicago/Midwest Chapter | March 2011 | Page 3
Upcoming Events: The Details
  Second Annual Power Networking Event                                           Milwaukee Brewers Game
  Thursday, April 7, 2011                                                        Monday, May 9, 2011
  The Standard Club, 320 South Plymouth Court, Chicago, IL                       Miller Park, Milwaukee, WI
  Milwaukee Networking Breakfast                                                 Breakfast Forum
  Tuesday, April 12, 2011                                                        Friday, May 13, 2011
  Hotel Metro, 411 East Mason Street, Milwaukee, WI                              The Standard Club, 320 South Plymouth Court, Chicago, IL
  Distressed Investing & Restructuring Conference                                Debt Restructuring Strategies Workshop
  Friday, April 15, 2011                                                         Thursday, May 26, 2011
  Sponsored by the University of Chicago Booth School of Business                The Standard Club, 320 South Plymouth Court, Chicago, IL
  University Club of Chicago. 76 E Monroe, Chicago, IL
                                                                                 11th Annual Charity Golf Outing
  TMA International Spring Conference
                                                                                 Tuesday, June 21, 2011
  Wednesday-Friday, April 27-29, 2011                                            Grand Geneva Resort & Spa, Lake Geneva, WI
  JW Marriott, 151 West Adams Street, Chicago, IL
                                                                                 MidAmerica Conference
  Chicago/Midwest Chapter Reception
                                                                                 Wednesday-Thursday, September 21-22, 2011
  Thursday, April 28, 2011                                                       Radisson Hotel, 615 Washington Ave SE, Minneapolis, MN
  As part of the International Spring Conference
                                                                                 Executive Speaker Forum
  The Florentine, JW Marriott, 151 West Adams Street, Chicago, IL
                                                                                 Featuring Condoleezza Rice
  Kellogg Turnaround Management Conference
                                                                                 Thursday, December 1, 2011
  Friday, May 6, 2011                                                            Chicago Hilton, 720 South Michigan Avenue, Chicago, IL
  Sponsored by the Kellogg School of Management
  The University Club of Chicago, 76 E Monroe, Chicago, IL
  See ad next page
                                                 www.tmachicagomidwest.org



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  Insertion orders for the 2011 TMA Chicago/Midwest Newsletter of Corporate Renewal are now being accepted. Ads are available
  in a variety of sizes and can be black and white or color.

                                                  2011 Publication Calendar
                                        Issue:            May                      August               October
                                        Bonus
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                                 Distribution:
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                                                        April 15                   July 15            September 16
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          Quarter Page                            3.75 x 5                                $525                        $380
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  Discounts are available for the purchase of multiple advertisements. Please contact Chris Glatz at cglatz@managementservices.org
  for complete details or to reserve your space.


                                                  TMA Chicago/Midwest Chapter | March 2011 | Page 4
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                    TMA Chicago/Midwest Chapter | March 2011 | Page 5
Private Equity — How Has the Game Changed?
By Jeffrey Kolke, GE Capital
The TMA Chicago/Midwest Chapter held its first breakfast forum of 2011 on January 14 in front of an audience of over 200 TMA members
and guests. They came to hear our esteemed panel of experts provide insights on the challenges in today’s private equity (PE) market and
strategies used to raise funds, purchase or exit businesses, manage portfolio accounts and navigate new regulations.
The year of 2010 was a stronger one for private equity. Deal volume nearly doubled from the trough of 2009. Portfolio values were boosted
by public market comps, and PE firms found multiple ways to manage debt loads on bubble-era portfolio companies, thanks in part to “amend
and extends.” Our panel shared insights and perspectives to overcome these challenges while competing in today’s global market.
The panel was constructed to provide different vantage points, including those of private equity investor, private equity fund-of-funds, and
junior capital provider. Ray Anderson, director with Huron Consulting and a seasoned veteran in turnaround, private equity and M&A deals,
moderated the panel. He started the discussion on the topic of fund raising, or
the lack thereof, in 2010.
Dave McCoy was quick to address the topic. He is principal of RCPDirect and
is responsible for all co-investment functions including sourcing, due diligence
and portfolio management. He quickly pointed out that fund raising through
2008 went well. Private equity fund raising crossed the $200 billion threshold
in 2006 and the $300 billion mark in 2007 and 2008. Compare that with a
dormant fund raising market over the past two years, a total of $228 billion.
Capital invested declined dramatically but started recovering in 2010. Dave
believes this trend will continue in 2011, as hundreds of firms will be looking
to raise new capital. After the financial crisis started, very few Limited Partners
(LP) deployed capital due to the fear of capital calls. According to Dave, “fund
raising has changed as PE funds can no longer provide a one-pager to LPs in
order to re-up new commitments for add-on funds. A full investment thesis is
now required.”
Michael Nelson then provided an example of the fund raising environment over
the past few years. Michael is managing director for Wind Point Partners, a
private equity firm that acquires middle market businesses with growth potential
and a clear path to value creation. He described his firm’s fund raising effort
that started in the first quarter of 2008 just before the financial crisis began.
They were able to raise $700 million within a few months. The fund closed with
$1 billion in April of 2009. PE fund raising clearly became a challenge in 2008,
even for those who were in the market prior to the start of the crisis.
Dave Gezon was then asked how junior debt providers have been faring lately.
Dave is the founder of Midwest Mezzanine Funds, an 18-year old mezzanine
firm that is currently investing its fourth fund with $200 million of capital
commitments. Dave made an analogy of how popular mezzanine investors are.
“It’s like having your in-laws over for the holidays, how soon can you leave?”
he said. Dave went on to describe the shortage of cash flow loans for the lower
middle market. The traditional banking sources have exited and unitranche
funds and business development companies have entered this segment.
Anderson then asked Adam Gottlieb of Industrial Opportunity Partners (IOP)
for his thoughts on leverage multiples. Gottlieb is a managing director and
founding principal of IOP with transaction experience as a private equity
investor and investment banking advisor. He started by saying 2010 saw
leverage multiple increase 1.0 - 1.5-times within a year. Nelson added that
leverage took six months from the trough of 3.4-times total leverage to normal
averages of 4.0-times by year end.
The years 2009 and 2010 should have been a unique opportunity to deploy
cash and buy companies. Anderson asked the panel what happened and what is
the current state of the deal market? Gottlieb replied first by saying, “The best
time to invest is a cycle’s early recovery.” He added that IOP factors in add-
                                                                                          From top (L-R): Craig Kempton and John Hopkins; Joe
ons to cost side to get to the multiples needed to win transactions. Gottlieb also
                                                                                          Fobbe, Michael Nelson and Jim Shein; John Todd and
indicated the first quarter 2011 pipeline is fairly light due to pull ahead volume in     Aaron Hammer
2010 from capital gains uncertainty. McCoy also stated that PE fund managers
need to deploy their capital in investment in order to earn management fees. No           Pictures by Nicole Krakora

                                                     TMA Chicago/Midwest Chapter | March 2011 | Page 6
                                                                                                       fees are earned on commitments; only on what
                                                                                                       is deployed.
                                                                                                       Anderson then posed the following question
                                                                                                       to the panel: “When do you hire turnaround
                                                                                                       consultants?” Nelson answered by stating that
                                                                                                       Wind Point Partners uses advisors for financial
                                                                                                       restructuring, not for operational turnaround
                                                                                                       as they have their own management bench for
                                                                                                       that. Nelson said his firm doesn’t like losing
                                                                                                       and it takes a very dark situation to force
                                                                                                       them to leave. They would rather exhaust all
                                                                                                       other possibilities first. Gezon said Midwest
                                                                                                       Mezzanine has used 12 different consulting
                                                                                                       firms for operational improvements in order to
                                                                                                       fix companies prior to sale and increase returns.
      Panelists included (L-R) David McCoy, Michael Nelson, Moderator Ray Anderson,                    He said he depends on expert advice from an
        Gave Gezan and Adam Gottlieb, along with Breakfast Committee Co-chairs                         outside party to make these changes.
                           Jeff Kolke, John Kemp and Jared Yenan.
                                                                                             Nelson and Gottlieb also offered some insights
on the role of the CEO at portfolio companies. Nelson pointed out that Wind Point “CEOs need to make a large co-invest on new investments of
25-50 percent of their liquid net worth.” This leads to good check and balance for C-Level management and CEOs for on-going performance.
Gottlieb then added, “Good CEOs can be very impatient for M&A activity due to their incentives to get deals done.”
McCoy then concluded the panel by remarking on LP returns. He said most LPs historically have targeted 25-30 percent returns prior to
the melt down. The actual returns were coming in at high teen to low 20s. Today, most LPs are targeting returns around 20 percent with the
expectation they may be lower.
PE firms will see unprecedented challenges over the next few years given the depth and duration of the financial crisis. Even if the economy
continues to recover and PE firms continue to increase deal activity, there is no certainty the return on this year’s vintage will be as great as
those funds which had the courage to invest companies in 2009 and 2010.




                                                   TMA Chicago/Midwest Chapter | March 2011 | Page 7
Milwaukee Program Shines at 7th Annual Post-Holiday Networking Event
By Claude Wm. Irmis, Phase Eleven Consultants LLC

                                                        More than 120 restructuring professionals and their guests from the TMA Chicago/
                                                        Midwest Chapter turned out at the 7th Annual Post-Holiday Networking event in
                                                        Milwaukee. The group gathered at Zilli Lakes & Garden restaurant on the shores of
                                                        Lake Michigan to meet and talk about the current state of affairs in the restructuring
                                                        market.
                                                        Attendees enjoyed light hearted industry discussion and the opportunity to meet
                                                        and network with colleagues from the chapter’s turnaround community during the
                                                        event’s cocktail hour and candlelit three-course dinner.
                                                        The cocktail hour, situated around the restaurant’s uniquely shaped Wave bar,
                                                        provided a perfect setting for colleagues, friends and spouses to begin a delightful
                                                        evening of social interaction and chapter camaraderie.
   Gene Arenson, Jacqueline Sestito and Tom Pabst       Phil Ostrowski of Associated Bank introduced Wisconsin’s own Maggy and Kelly
                                                        Kusik, who performed a wide range of Broadway themed musical pieces in the
                                                        restaurant’s piano lounge as guests began their three course dinner overlooking
                                                        Lake Michigan.
                                                        While folks enjoyed their entrees and the evening’s entertainment, Joel Schneider of
                                                        Atlas Partners introduced Chapter President Carl Lane as well as valued committee
                                                        members and chapter sponsors.
                                                        The evening’s discussion and festivities concluded over coffee and a sumptuous
                                                        dessert trio proving once again that this annual post-holiday networking event is a
                                                        perfect opportunity to reconnect with your colleagues and the community and forge
                                                        new friendships.
                                                                                                               Photos this page by Barbara Farrar

       Steve Reuter, Sue Jones and Tom Jones

Milwaukee Hosts its First 2011 Networking Breakfast
by Bob Olhoff, North Shore Bank

After enduring the freezing temperatures of January and the blizzard of early February, 53 TMA members and associates enjoyed the warmth
of renewed friendships at the bi-monthly networking breakfast hosted by the Milwaukee Program Committee. The event was held at the Hotel
Metro with a continental breakfast served. The Milwaukee Programming Committee thanks its 2011 sponsors for their continued support.




             Richard Koenings, Anthony Laszewski and Bill Farrar                 Forrester Faia, Jake Josko, Maria Wisniewski,
                                                                                      Jeffrey Kelling and Gene Arenson


                         What type of information should this newsletter provide?




    
                         Would you like to see more substantive content on turnaround issues?
                         Would you prefer to receive the newsletter electronically?

                        Keep your eyes open for an upcoming survey to elicit your views on these
                        and other questions designed to improve our chapter newsletter.

                                                TMA Chicago/Midwest Chapter | March 2011 | Page 8
Chapter Hosts 7th Annual Martini Networking Event
By Jonathan T. Brand, Lakelaw
The TMA Chicago/Midwest Chapter Entertainment Committee hosted its 7th Annual Martini Networking Event on February 10 at the
Doubletree’s theWit Hotel in downtown Chicago. The buzz around the room focused on the new Loop location for this annual event.
Attendees found their way out of the post-blizzard freeze to imbibe on cocktails and martinis while sampling a range of appetizers as they
overlooked the warmly lit State and Lake intersection. Overall, the evening was a good primer for the April Speed Networking Event co-
hosted by the Entertainment and Membership Committee.
This year the TMA Chicago/Midwest Scholarship Foundation was on hand to raffle off an iPad. The lucky winner was Jamie Lisac of
Dresner Partners. The Foundation is accepting applications for its 2011 scholarship program whereby a minimum of $9,000 will be awarded
to worthy college students related to the members of TMA Chicago/Midwest Chapter.
Photos this page by Nicole Krakora




 Carl Lane, Gordon Gouveia           Shiwali Varshney, Charlie Pearl                 Mary Ellen Bowers,             Blair & Courtney Wagner
                                                                                      Larry Goldsmith



TMA Women’s Quarterly Lunch Program
By Melissa Dimitri, Grant Thornton LLP

                                      On March 1, the TMA Women’s Group hosted an investment and financial planning workshop
                                      luncheon at the Metropolitan Club, with Kurt Winiecki of Winiecki Wealth Management as the
                                      featured speaker.
                                      Winiecki presented on a number of investment and financial planning topics, including stocks, bonds,
                                      emerging markets, commodities, 401k investment alternatives, 529 plans, insurance products, estate
                                      planning and major life event considerations. He also addressed the implications of inflation, rising
                                      taxes, and credit risk in today’s economy. After Winiecki’s presentation, a Q&A session provided
                                      additional insights and commentary on areas of particular interest to luncheon attendees.
                                      The event was well-attended, with approximately 35 participants registered. The TMA Women’s
                                      Group thanks Winiecki for his informative and engaging presentation!
                                      Pictured at left, Women’s Group Co-Chair Melissa Dimitri with Kurt & Felicia Winiecki




  $3,000 Internship Opportunity
  Research Options:
        •   Turnaround Market Analysis and Insights
        •   Success and Failure Case Study or Theoretical/Conceptual Research
        •   TMA Social Media Marketing Strategies
  Deadline: June 5, 2011
  For more information, contact Bill Hass at WJHass@teamworktechnologies.com or David Johnson at david@acm-partners.com.


                                                  TMA Chicago/Midwest Chapter | March 2011 | Page 9
TMA Chicago/Midwest Announces 2010 Award Recipients
The TMA Chicago/Midwest Chapter is pleased to announce the following
award winners for 2010. More than 20 nominations were received by of the
       Awards Committee across the various award categories,
                 making the decisions very challenging.

                       Large Turnaround of the Year
        Smurfit Stone, submitted by Pricewaterhouse Coopers LLC

                     Mid-Size Turnaround of the Year
                Franciscan Sisters of Chicago, submitted by
                Mesirow Financial Interim Management LLC

                       Small Turnaround of the Year
             Core Systems, submitted by Horizon Advisors LLC

                       Large Transaction of the Year
     National Envelope Corporation, submitted by William Blair & Co.

                       Small Transaction of the Year
   Addison McKee Holdings, submitted by Arbor Point Capital Partners

                        Outstanding Service Award
                Aaron Hammer, Freeborn & Peters LLC and
                    Mark Leipold, Gould & Ratner LLP
    Please join the Awards Committee along with the Breakfast Forum Committee
       on May 13, 2011, when we will hear some of the secrets of their success
                    from one of the year’s most compelling stories.

    The Awards Committee is led by Jeff Hyland (Capstone Advisory Group LLC),
   David Enghauser (Cole Taylor Bank) and Aaron Hammer (Freeborn & Peters LLP).




                        TMA Chicago/Midwest Chapter | March 2011 | Page 10
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                                                    Power Networking
                                               Thursday, April 7, 2011 @ 5:30 p.m.
                                                  The Standard Club, Chicago
                                    It was such a success last year that we’re bringing it back!

               Upon arrival, attendees will be assigned to a dinner table and begin a three-course odyssey
               of food, fun and yes—networking! Each course equates to one round of Power Networking
                                      so you will never be sitting with the same people twice.

                                            Remember to bring plenty of business cards!

               Register at www.tmachicagomidwest.org or by calling the chapter office at (815) 469-2935.


Platinum Sponsor Focus: Hilco
Hilco provides asset appraisal, acquisition, disposition, retail consulting and advisory services to an international marketplace through a
diversified platform of businesses. Each business provides a range of services pertaining to specific asset categories, such as inventory,
machinery, equipment, real estate, accounts receivable and intangibles such as trade names.
Well-capitalized, Hilco can act as a principal to acquire assets, or serve as an agent and deliver a completely integrated, single-source solution
to retailers, wholesalers, distributors and manufacturers, direct and through their financial institutions; consulting professionals including
restructuring, legal and accounting firms; and, private equity firms, hedge funds and investment banking firms.
Services available from Hilco include:
  • asset appraisals and enterprise valuations;
  • retail store, warehouse and factory closings;
  • consumer and industrial inventory disposition;
  • machinery and equipment acquisition and disposition;
  • commercial and industrial real estate disposition, principal
    acquisitions, sale-leasebacks, and lease mitigation and restructuring;
  • distressed accounts receivable portfolio acquisitions;
  • excess wholesale consumer goods inventory acquisition                           Business Unit Web Addresses:
    and disposition;                                                                Hilco Appraisal Services: www.hilcoappraisal.com
  • distressed debt acquisition;                                                    Hilco Appraisal Europe: www.hilcoappraisal.co.uk
  • private equity funding;                                                         Hilco Industrial: www.hilcoind.com
  • brand management;                                                               Hilco Industrial Europe: www.hilcoeurope.com
  • investment banking advisory services; and,                                      Hilco Merchant Resources: www.hilcomerchantresources.com
  • retail chain store acquisitions                                                 Hilco Real Estate: www.hilcoerealestate.com
Contact Information                                                                 Hilco Receivables: www.hilcoreceivables.com
International Headquarters:                                                         Hilco Consumer Capital: www.hilcocc.com
5 Revere Drive, Suite 206                                                           Hilco Equity: www.hilcoequity.com
Northbrook, IL 60062 USA                                                            Hilco UK Limited: www.hilcouk.com
Toll-Free Phone: 1-800-52-HILCO                                                     Hilco Corporate Finance: www.hilcocf.com
Phone: 847-509-1100                                                                 Hilco Retail Acquisitions: www.hilcoretailacquisitions.com
Fax: 847-509-1150                                                                   SD Retail Consulting: www.sdretail.com
Web: www.hilcotrading.com                                                           Merchant Equity Partners: www.merchantequity.eu
                                                   TMA Chicago/Midwest Chapter | March 2011 | Page 11
New Members are the Strength of Our Organization
We welcome the following new members to the Chicago/Midwest Chapter of the TMA:
Eric Weber, FTI Consulting                                                 Robert Dennison
Jason Ben, Kaye Scholer LLP                                                Albert Hogan, III, Skadden Arps Slate Meagher & Flom LLP
Mark Augustine, Yaggy Coldy Associates                                     Thomas Le, Citizens First National Bank
Robert McMillan, Jr., Freeman Funding Solutions                            Eric Dorner, Bibby Financial Services
Archie Leynes, Crowe Horwath LLP                                           Anita Hall, Gibraltar Business Capital
James Snyder, Winston & Strawn LLP                                         Cary Hansing, NHB Advisors Inc.
Samuel Kashy, Tandem H.R.                                                  Paul Block, Merisant Company
Brent Krambeck, Monroe Credit Advisors                                     Daniel Tropp, Arthur J Gallagher Risk Management Services Inc.
Lawrence Cohen                                                             Rebecca Elli, Chapter 7 Trustee
Michael Gerlach, Gerlach Companies Inc.                                    David Serritella

What’s the Deal?
Doing Business in Chicagoland and Beyond
Jake Miller of Oak Point Partners announced the purchase of all            Freeborn & Peters was recently retained as lead bankruptcy counsel
remaining known and unknown assets from the trustee of the Brook           to the official committee of unsecured creditors in the chapter 11
Mays Music Company bankruptcy estate. The remnant sale included            cases of Duke and King Acquisition Corp. and its affiliates, which are
a portfolio of default judgments stemming from preference cases.           pending in the U.S. Bankruptcy Court for the District of Minnesota.
Oak Point purchased the assets largely on an “as is, where is” basis,      The debtors are one of the leading owners of Burger King franchises
helping the trustee move closer to a complete and final wrap-up of         in the Midwest and Southeast, with 88 separate locations.
the case.
                                                                           The Keystone Group recently completed an operational due
Tom Jones of Concord Financial Advisors LLC announced the                  diligence effort for a pending acquisition by a private equity group.
closing of an SBA 7(a) term loan for a packaging manufacturing             The target company was a global manufacturer of brake noise
company in Russellville, AK. The company was under a forbearance           insulators, seals and gaskets and associated aftermarket parts. The
agreement with its bank. Concord successfully obtained SBA                 work focused on assessing the target company’s operations and
financing secured by real estate and equipment that provided               management team, validating the cost savings initiatives, confirming
sufficient working capital to refinance the debt. Concord has also         that cost saving activities were on track to deliver the expected
been exclusively engaged to arrange $20 million of senior debt             benefits, and identifying any additional cost savings opportunities.
financing for a manufacturer of stainless steel processing systems
                                                                           Monroe Capital LLC announced the initial closing of its new $250
in the Midwest, and $15 million of senior debt financing for an auto
                                                                           million fund, Monroe Capital Partners Fund LP. The latest fund will
warranty finance company in the Midwest.
                                                                           provide senior and junior/mezzanine debt and equity co-investments
Daniel Hyman, president of Millennium Properties R/E Inc., and             for private equity-sponsored and privately held businesses undergoing
executive vice president Susan Silver recently sold 975 E. Belvidere       recapitalization, refinancing, acquisition and expansion. Investments
in Grayslake. The combination of Chase bank and an adjacent vacant         will be made across a broad range of manufacturing, distribution and
land parcel was bought for $3.1 million by Grayslake Acquisition           service industry segments, as well as woman- and minority-owned
from Land Holdings LLC, PNC Realty Services out of Pittsburgh,             businesses and companies located in underserved communities.
PA. Chase Bank, which occupies just over 43 percent of the available       Specific targets will include companies with strong management
square feet, is on a ground lease through 2037.                            teams generating more than $3 million in annual EBITDA.
Pentvia Partners has recently closed two client transactions: In           HYPERAMS LLC, along with its joint venture partner Hudson
December, Pentvia advised the shareholders of Diamond Cut Inc. on          Capital LLC, was named the stalking horse bidder to conduct the
the sale of their business to Ubela Inc. In February, Pentvia advised      liquidation of the 20-store Robb & Stucky furniture chain in Florida.
the shareholders of Shop Direct Brands during their acquisition of         The company has $45 million of inventory to be sold, and the stalking
Cooper Safety Supply.                                                      horse bid will be subject to competitive bids at a court sanctioned
                                                                           auction. This is the initial transaction for HYPERAMS.
Loeb Winternitz conducted a multi-million dollar machinery and
equipment auction of Protein Solutions LLC. This was the first of
three auctions which included the company’s core assets encumbered                                    SAVE THE DATE!
by eight leasing firms and lenders. Loeb Winternitz also completed                               TMA Chicago/Midwest
the sales of Nebraska Meats, the largest manufacturer of case-ready                          11th Annual Charity Golf Outing
smoked turkey and pork products; HPC Automation, metalworking                                    Tuesday, June 21, 2011
M&E for production of solar panels; Mid Way Supply, HVAC parts
                                                                                                  Grand Geneva Resort & Spa
supplier and distributor; AFA Foods, food processing M&E; and                                         Lake Geneva, WI
Vitarich Laboratories, cGMP and FDA compliant liquid and powder
                                                                                              Contact Chris Glatz or Sue Fischer
contract packager.
                                                                                                for sponsorship opportunities!


                                                 TMA Chicago/Midwest Chapter | March 2011 | Page 12
Member News
Making a Difference in the Chicago/Midwest Region and Beyond
Jeff Schneiders recently joined The Chicago Corporation, a                  Pete Roberts of Shaw Gussis Fishman Glantz Wolfson & Towbin
middle market investment banking firm, as a managing director               LLC is pleased to announce that Salvatore A. Barbatano has become
and shareholder. He will lead the firm’s special situations practice        of counsel to the firm. Barbatano is internationally recognized in the
representing underperforming companies in financial restructurings,         bankruptcy field with more than 30 years of experience representing
capital raises and distressed sale transactions both in and out of          business clients in commercial disputes and bankruptcy litigation.
bankruptcy.
                                                                            Shira Isenberg of Freeborn & Peters LLP’s bankruptcy,
Kenneth R. Yager, II, principal at MorrisAnderson, moderated                reorganization and creditors’ rights group was recently was promoted
the TMA’s teleconference and online program, “2011 Industry and             to senior counsel from associate.
Economic Forecast: We are Not Out of This Yet.” The webinar took
                                                                            Christine L. Childers, a partner at Jenner & Block LLP, recently
place on January 18 and offered an in-depth look at the industry and
                                                                            authored the article “U.S. Courts Grapple with COMI: Are Their
economic forecast for 2011. Yager was also recently published in the
                                                                            Dealings with the Presumption What Was Intended by the Model
Dow Jones Daily Bankruptcy Review. The article, “This Year Not a
                                                                            Law?” that was published in Volume 7, Issue 6 of the International
Rerun of 2010 for Corporate Restructuring Pros,” appeared in the
                                                                            Corporate Rescue.
January 19 issue.
                                                                            David M. Bagley, managing director at MorrisAnderson, was
Aaron L. Hammer and Michael A. Brandess, coordinator
                                                                            recently published in the AIRA Journal. “EBITDAR as a Financial
and associate, respectively, of Freeborn & Peters’ bankruptcy,
                                                                            Health Indicator for Franchises and Retailers” appeared in Volume
reorganization and creditors’ rights group, recently co-authored
                                                                            24, Number 5, the December/January issue.
“Enron and the Bravado Sheriff of Claims Trading,” which was
published in the December/January issue of the American Bankruptcy          James B. Shein, a professor at the Kellogg School of Management,
Institute Journal.                                                          had a new book published, Reversing the Slide: A Strategic Guide to
                                                                            Turnarounds and Corporate Renewal. The book was described by
Michael Best & Friedrich LLP attorney Ann Smith has been
                                                                            TMA members as “an easy read; an authoritative text for the study
elected a Fellow of the American College of Bankruptcy, which
                                                                            of our profession into a well organized set of management principles,
honors bankruptcy professionals for their work, contributions to the
                                                                            richly illustrated with real-world anecdotal experiences.” Shein was
administration of justice, public service and integrity.
                                                                            also elected chairman of the audit committee of the board of directors
Goldsmith Partners of Illinois Inc., owned by Mary Ellen Bowers,            of Electrical Controls International, a $500 million manufacturer of
was recently granted certification by the State of Illinois as a Female     subassemblies for the appliance and heavy vehicle industries, with
Business Enterprise under the Business Enterprise Program for               plants in Asia, the EU, Mexico and Canada.
Minorities, Females and Persons with Disabilities. Bowers acts as a
                                                                            Fort Dearborn Partners Inc. and Fort Dearborn Advisors LLC welcome
receiver of industrial/commercial property for various regional and
                                                                            Craig J. Morse to the Chicago team. Morse has over 20 years of
community banks, and as an assignee in ABCs.
                                                                            professional experience serving clients in a variety of industries,
Keith J. Shapiro, co-chair of Greenberg Traurig’s business                  including manufacturing, technology, technology-enabled services,
reorganization & bankruptcy practice, was the chair of the Turnaround       and distribution. He will be responsible for originating and leading
Capital Forum at the 2011 TMA Distressed Investing Conference               corporate finance transactions, including mergers, acquisitions,
last month in Las Vegas. More than 30 private equity, hedge fund            financings and financial restructurings.
and other capital providing firms participated in the Forum.
                                                                            Navin Nagrani of Hilco Real Estate LLC was recently added to the
David Onion, CEO of Chicago Capital Holdings LLC was quoted                 Restaurant Leadership Advisory Council. He has also spoken at the
in Crain’s Chicago Business on February 7. In an article titled “Gas        following events: the Financial Times Restaurant Conference (March
Station Operator Buys 81 Local ExxonMobil stations,” Onion stated,          8-9), serving on a panel that discussed sale leaseback financing; the
“The acquisition of the local Mobil stations comes as the recession         Restaurant Leadership Conference (March 28-30), moderating a
has forced many stations out of business and pushed valuations to           panel on buying distressed restaurant chains; and the REIA, REO
a trough.” But, he stated, “Well-known brands such as Mobil are             “Garage Sale” (April 14), moderating a panel of CRE workout execs
in good position to take advantage of the shakeout. The premium             who have assets to move.
brands such as Mobil are becoming more valuable.”
                                                                            Harney Management Partners was chosen among 137 finalists
Brian Stewart of The Keystone Group has been retained as interim            to receive the award for “Turnaround Community Impact Award”
CFO at a middle market manufacturer of signs and stationery.                for its work with Wick Building Systems Inc. The 2011 Turnaround
                                                                            Awards honored deal teams, deal makers and firms whose activities
Past President Bill Hass, CTP, and Shep Pryor, IV penned an article
                                                                            set the standard for the industry. An independent body of expert
for the upcoming issue of Financier. The article points to an outlook
                                                                            judges that span the M&A industry determined the ultimate recipients
for an increase in profitable distressed M&A deals for those leaders
                                                                            of the award.
that dig deeper and act sooner based on research for the book The
Private Equity Edge with supply-side economist Art Laffer.




                                                  TMA Chicago/Midwest Chapter | March 2011 | Page 13
The Chicago/Midwest Chapter Certified Turnaround Professionals (CTPs)
    Accretive Solutions      Condor Financial Group Inc.                                          The Keystone Group               Richter Consulting Inc.
   Capital Partners Inc.            Gilman King                                                      Brian Stewart                      Eric Barbieri
       Frank Mack
                                 Conway MacKenzie                                                        KPMG LLP                  Shepherd Partners Inc.
  Alert Consultants Inc.             Joshua Siano                                                      Pieter Lesterhuis                Tony Natale
    James Rubenstein              Timothy A. Turek
                                                                                                   Kutchins, Robbins              Silverman Consulting Inc
                                   Jeffrey Zappone
    AlixPartners LLC                                                                                Diamond Ltd.                        Alan Samsky
      John Dischner           CR Realty Advisors LLC                                                Allen Kutchins
                                                                                                                                 Teamwork Technologies Inc.
      Michael Feder               Timothy Czmiel
                                                                                               Lake Pointe Partners LLC                William Hass
  Alvarez & Marsal LLC       CRG Partners Group LLC           Global Turnarounds Inc.                 Kurt Knipp
                                                                                                                                   Telecom Expert Group
       Paul Rundell              Ronald Bienias                  Kobus van der Zel              Randall Wright Patterson
                                                                                                                                        Thomas Gray
                              Thomas O’Donoghue Jr.
   Atlas Partners LLC                                             Grant Thornton                   Mesirow Financial
                                  Peter Richter                                                                                     Tower Three Partners
     Biff Ruttenberg                                               Sandra Reese                     Consulting LLC
                                                                                                                                       William Forrest
                                CSI Consultants LLC                                                 Thomas Allison
Barron Business Consulting                                             HDUSA
                                    William Stoll                                                    Melissa Knoll                   White Oak Group
    Bernadette Barron                                                James Vargo
                               Diversified Turnaround                                              MorrisAnderson                    Murray Lessinger
          BBK Ltd.                                              High Ridge Partners
                                     Associates                                                       David Bagley                Wynnchurch Capital Ltd
         Robert Webb                                              Frank Wojtowicz
                                 William J. Leonard                                                   Daniel Dooley                  Duncan Bourne
Buccino & Associates Inc.                                     Huron Consulting Group             William Van Der Weele
    Gerald J. Buccino             Dresner Partners                                                    Robert Wanat                          Other
                                                                   Ray Anderson
      Harry Novak                   Jamie Lisac                                                                                          Mark T. Hagar
                                                                  Benjamin Smith                 Pathfinder Group LLC
    Capstone Advisory          Enterprise Management                                                   Dave Mack
                                                               Jessup Manufacturing
       Group LLC                     Group Inc.
                                                                     Company                           Prairie Advisors
      Jeffrey Hyland                Dennis Kraska
                                                                    Kiran Gandhi                         Brent King
Chartered Management Co      Finkbiner Duffy & Clapp SC
                                                              JKS Business Consulting           Prairie Street Capital Inc.
    William Avellone               David Finkbiner
                                                                   John Sanders                       Michael Barry
  Commercial Recovery            FTI Consulting Inc.
                                                               KDC & Associates Ltd.          Promontory Point Partners LLC
    Associates LLC                Michael Buenzow
                                                                 Patric M. Donahue                   Jeff Vogelsang
     Alan Friedman




   TMA Membership Application                                                  Membership Category (please circle):
                                                                                                              Annual        Mid-year        Year-end
                                                                                                                           (7/1-8/31)*    (9/1-11/30)**
Name:                                                                          Member                          $300           $175            $425
                                                                               Academic/Gov                    $125           $125            $175
Title:                                                                         Student                          $75            $75            $100
                                                                               *New members only; does not include Directory listing
Firm:                                                                          **Year-end dues expire on 12/31/11
                                                                               Memberships are on an individual basis only and are non-transferable.
                                                                               Membership includes a listing in the 2011-12 Directory of Members
Address:                                                                       and Services.


City:                                 State:                                   Method of Payment (please circle):
                                                                               Visa                               MasterCard
ZIP:                                                                           American Express                   Check
                                                                               Acct #:
Phone:
                                                                               Exp. Date:

                                                                               Signature:
Fax:

Email:
                                                                               Preferred Chapter: Chicago/Midwest
                                                                               Turnaround Management Association
Web site:                                                                      150 South Wacker Drive, Suite 900
                                                                               Chicago IL 60606
                                                                               Phone: 312-578-6900
Referred by:                                                                   Fax: 312-578-8336
                                                                               Email: info@turnaround.org
                                                                               www.turnaround.org

                                                  TMA Chicago/Midwest Chapter | March 2011 | Page 14
                    Turnaround Management Association Chicago/Midwest
                        2011 Board of Directors and Steering Committees
Officers                          Vice President-Education                       Directors                             David Mack
                                  Mark Leipold                                                                         Pathfinder Group LLC
President                         Gould & Ratner LLP                             Ray Anderson                          847-274-7604
Carl Lane                         312-899-1651                                   Huron Consulting Group                dmack@pathfindergroupllc.com
AlixPartners                      mleipold@gouldratner.com                       rcanderson@huronconsultinggroup.com
312-762-3388                                                                                                           Duncan Bourne
                                                                                 Gail Heldke                           Wynnchurch Capital
clane@alixpartners.com            Vice President-Communications                  847-778-6914
                                  Ray Anderson                                                                         847-604-6104
President-Elect                                                                  gdheldke@anet.com                     dbourne@wynnchurch.com
                                  Huron Consulting Group
Harold D. Israel                  rcanderson@huronconsultinggroup.com            Dan Wikel                             Phil Ostroski
Kaye Scholer LLC                                                                 Huron Consulting Group                Citizens Bank
312-583-2333                      Vice President-Programs                        312-880-3003                          262-703-3739
hisrael@kayescholer.com           Kevin A. Krakora                               dwikel@huronconsultinggroup.com       phil.ostroski@citizensbanking.com
                                  Mesirow Financial Consulting LLC
Secretary                         312-595-8511                                   Aaron Hammer                          Barb Yong
Bob Stegmann                      kkrakora@mesirowfinancial.com                  Freeborn & Peters                     Golan & Christie LLP
Tatum, LLC                                                                       312-360-6558                          312-696-2034
630-291-5670                      Ex-Officio Past President                      ahammer@freebornpeters.com            blyong@golnachristie.com
bob.stegmann@tatumllc.com         Thomas E. Pabst
                                  HYPERAMS LLC                                   Paul Krantz                           Chapter Administrator
Treasurer                         847-499-7033                                   PNC Business Credit
Dan Wikel                         tpabst@hyperams.com                            312-454-2959                          Christine M. Glatz
Huron Consulting Group                                                           paul.krantz@pnc.com                   Glatz Management Services Inc.
312-880-3003                                                                                                           815-469-2935
dwikel@huronconsultinggroup.com                                                                                        cglatz@managementservices.org


Committee Chairs                  David Distel                                   Barb Yong                             Special Programs
                                  O’Keefe & Associates                           Golan & Christie LLP
Awards                            312-854-8077                                   312-263-2300
                                                                                                                       Mike Egan
                                                                                                                       Monroe Capital
Aaron Hammer                      ddistel@okeefeandassociates.com                blyong@golanchristie.com
                                                                                                                       312-258-8300
Freeborn & Peters                 Entertainment                                  Milwaukee                             megan@monroecap.com
312-360-6558
ahammer@freebornpeters.com        Tom Goldblatt                                  Ed Duffy                              Harry Novak
                                  Sangamon Industries                            Finkbiner Duffy & Clapp S.C.          Buccino & Associates Inc.
David Enghauser                   312-316-4641                                   414-378-7901                          312-629-1200
Cole Taylor Bank                  tgoldblatt@sangamonindustries.com              efduffy@finkbiner.net                 harryn@buccinoassociates.com
312-960-5360
denghauser@coletaylor.com         Gordon Gouveia                                 Tom McRae                             David Onion
                                  Shaw Gussis                                    Chortek & Gottschalk LLP              Chicago Capital Holdings
Jeffrey S. Hyland                 312-980-3816                                   262-522-8227                          630-455-1002 x 105
Capstone Advisory Group LLC       ggouveia@shawgussis.com                        tmcrae@c-gcpa.com                     donion@chicagocapitalholdings.com
312-588-7101
jhyland@capstoneag.com            Sandor Jacobson                                Joel Schneider                        Sponsorship
                                  Abrams & Jossel Consulting Inc.                Atlas Partners
Breakfast Forum                   312-629-8585                                   312-516-5707
                                                                                                                       Paul Krantz
                                                                                                                       PNC Business Credit
John Kemp                         jacobson@ajworksout.com                        joel@atlaspartners.com
                                                                                                                       312-454-2959
Houlihan Capital                  Finance                                        Newsletter                            paul.krantz@pnc.com
312-275-5509
jkemp@houlihan.com                Suzanne Yoon                                   George Mesires                        Lou Marosi
                                  Versa Capital Management                       Ungaretti & Harris                    Linkage Capital Management LLC
Jeff Kolke                        215-609-3450                                   312-977-4151                          847-382-6801
GE Capital                        syoon@versa.com                                grmesires@uhlaw.com                   loumarosi@linkagecap.com
312-441-7122
jeffrey.kolke@ge.com              Kevin Carmody                                  Peter Roberts                         Bob Stegmann
                                  AlixPartners LLP                               Shaw Gussis                           Tatum, LLC
Jared Yerian                      312-705-3906                                   312-276-1322                          630-291-5670
AlixPartners LLP                  kcarmody@alixpartners.com                      proberts@shawgussis.com               bob.stegmann@tatumllc.com
312-346-2500
jyerian@alixpartners.com          Future Leaders                                 Terry Keating                         University Relations
                                                                                 Amherst Partners LLC
Continuing Education              Rick Barfield                                                                        Bill Hass
                                                                                 312-878-2404
                                  First Business Capital Corp                                                          Teamwork Technologies
Jim Bienias                                                                      tkeating@amherstpartners.com
                                  312-924-2837                                                                         847-564-5575
CRG Partners Group LLC            rbarfield@firstbusiness.com                    Pro Bono                              wjhass@teamworktechnologies.com
312-264-2777
jim.bienias@crgpartners.com       Tom Fawkes                                     Tom Gray                              David Johnson
                                  Freeborn & Peters LLP                          Telecom Expert Group                  ACM Professional Services
Duncan Bourne                     312-360-6468                                   630-512-0406                          312-505-7238
Wynnchurch Capital                tfawkes@freebornpeters.com                     tgray@telecomexpertgroup.com          david@acmprofessionalservices.com
847-604-6104
dbourne@wynnchurch.com            Ryan Jaskiewicz                                Karl Madsen                           Women’s Group
                                  12five Capital LLC                             OpteonGroup LLC
Jonathan Friedland                                                                                                     Melissa Dimitri
                                  630-631-8606                                   219-801-8434
Levenfeld Pearlstein LLC                                                                                               Grant Thornton LLP
                                  ryan@12five.com                                kmadsen@opteongroup.com
312-476-7528                                                                                                           312-602-8367
jfriedland@lplegal.com            Membership                                     Public Relations                      melissa.dimitri@gt.com
CTP Relations                     Mary McCarthy                                  Mike Ban                              Lisa Vendesteeg
                                  The Daly Group LLC Dalan Realty Advisors LLC   Six Degrees Consulting LLC            Levenfeld Pearlstein LLC
David Bagley                      312-795-1235                                   773-388-8382                          312-476-7598
MorrisAnderson                    mmccarthy@thedalygroup.com                     mpban1@ameritech.net                  evandesteeg@lplegal.com
312-254-0920
dbagley@morrisanderson.com        Chad Peterson                                  Bill Hackney
                                  Qorval LLC                                     SmithAmundsen LLC
                                  peterson@qorval.com                            312-894-3370
                                                                                 whackney@salawus.com

                                                    TMA Chicago/Midwest Chapter | March 2011 | Page 15
Christine Glatz, Chapter Administrator
P.O. Box 33
Frankfort IL 60423
(815) 469-2935 Fax (815) 469-1901
Email: cglatz@managementservices.org


  Welcome Commercial Finance Association
  members. You have been included in this
  complimentary issue of The Newsletter of
  Corporate Renewal because of our shared
  interests. We hope you enjoy it.

  Please note our event schedule on page
  four and join us at any of our upcoming
  meetings. We look forward to seeing you.




                                             Thank You 2011 Sponsors
                                                Platinum Sponsors




                                                    Gold Sponsors
 Abrams & Jossel Consulting Inc. | AccuVal Associates Inc. | AlixPartners LLP | Deloitte Financial Advisory Services LLP
     First Business Capital Corp. | Fort Dearborn Partners Inc. / Ford Dearborn Advisors LLC | GoIndustry Dovebid
  Goldberg Kohn Ltd. | Gould & Ratner LLP | Grant Thornton | Harney Management Partners LLC | HYPERAMS LLC
             The Keystone Group | Loeb | Mesirow Financial Consulting LLC | Neal Gerber & Eisenberg LLP
     Sangamon Industries LLC | Schiff Hardin LLP | Skadden, Arps, Slate, Meagher & Flom LLP | SmithAmundsen LLC

								
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