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									                                Turnaround Management Association
                                of the Northeast, Inc.
                                             TMA Northeast Chapter Newsletter - Spring 2006
                                PRESIDENT’S LETTER
Northeast Chapter
           Officers             Hello Fellow Turnaround Professionals!
      Pamela N. Linton          I am delighted to have been elected to the Presidency of
   Linton Associates, LLC       our vibrant chapter. The Northeast Chapter has had an
       VICE PRESIDENT           active and successful seminar series in 2005-2006 and
         Scott Fiore            we have a number of exciting events coming up. We are
 Wells Fargo Business Credit    very pleased to host Towering Turnaround: Donald
          TREASURER             Chiofaro Speaks on April 25th. The colorful and
    William A. Davidson         charismatic developer of International Place will discuss
    Koster Industries, Inc.     his plans for the future of the property. We are presenting
        SECRETARY               a panel discussion of Corporate Transformation via Focus on Supply
      James Wallack             Chain Management on May 23rd. We will conclude the season with
      Goulston & Storrs
                                our annual Spring Fling Cocktail Reception on June 8th. We are
           CLERK                pleased to report that we have reserved the Grand Ballroom at the Ritz for
        James Fox
Ruberto Israel & Weiner, PC
                                that evening, so save the date!

             Directors          Our satellite chapters continue to grow in membership and programming.
      George Bacigalupo         The Maine chapter held a seminar in January focusing on the perils and
     TD Banknorth Group         pitfalls of ineffective or improper communications in a workout setting,
           John Behan           and they concluded their programming year with a fascinating discus-
        Bank of America         sion on the Jackson Brook Institute case study at their March event. The
       Alfred DeGemmis          RI chapter hosted Tom Ryan, Chairman, President & CEO of CVS Corp. at
 LaSalle Business Credit LLC
                                their March meeting. Ryan discussed his company’s growth from one store
        Michael DiPierro
                                to 6100 pharmacies. The Worcester Satellite continues to offer very strong
       Trident Consulting
                                programming as well. They are hosting Fred Eppinger, President of
           James Fleet
    Phoenix Management          The Hanover Insurance Group on May 11th, at the Hogan Center at
         Lawrence Klaff         the College of the Holy Cross. Fred will outline his plans for the strategic
  GB Palladin Capital, LLC      repositioning of The Hanover Insurance Group into a world class regional
            Ellen Korpi         property and casualty company. Mark your calendars for this event!
 Newton Advisory Resources
          Steven Levine         In addition to new members, we are pleased to welcome several new cor-
Brown Rudnick Berlack Israels   porate sponsors to our sponsor list. This year DiCicco Gulman & Co.,
        Donald B. Lewis         Ltd.; LaSalle Business Credit; Getzler Heinrich; Burns and Levinson;
    Citizens Business Credit    and Windham Professionals joined the ranks of TMA Northeast Chapter
       Armand Lucarelli         sponsors. We deeply appreciate their support. If your firm is interested in
   Capital Restoration, LLC
                                membership or sponsorship opportunities, please contact Julie Conroy, our
         Richard Mikels
   Mintz Levin Cohen Ferris
                                Chapter Administrator, at 978-462-2665 for details.
     Glovsky & Popeo, PC
        George Psomas           On behalf of the Board of the TMA Northeast Chapter, I’d like to thank you
 Wachovia Capital Finance       all for your support of the chapter during the 2005-2006 season. If you
        Cynthia Romano          have any comments or suggestions for ways to improve our chapter please
                 TRG            let me know. I look forward to speaking with you soon.
             Jill Sharif
 First American Corp - UCC      Sincerely,
          Dave Sullivan
                                Pamela Linton
DiCicco, Gulman & Co., LLC
         Patrick Sullivan
                                President, TMA Northeast Chapter
         Sovereign Bank
                     Turnaround Management Association’s
 Northeast Chapter   Mission of Service and Management Excellence
TMA’s mission is a comprehensive and challenging one:

   • To serve as a forum for convening turnaround executives and professionals from all disciplines to exchange
     information, ideas and knowledge about the turnaround industry.
   • To promote high standards of practice and improved methodologies in turnaround management.
   • To foster professional development opportunities for turnaround executives, enhancing the necessary compe-
     tencies for successful practice.
   • To serve as a clearinghouse for information and research pertinent to the turnaround industry.
   • To promote the image of TMA and those involved in the revitalization of troubled companies and professions
     committed to the highest standards of practice.

   TMA Northeast                         RHODE ISLAND                          WORCESTER
   Satellite Chapters                    Ronald Lang                           Michael DiPierro
                                         Ronald Lang & Associates              Trident Consulting Group
   PORTLAND, ME                          Managing Partner                      P.O. Box 404
   Michael Fagone                        18 Mallard Drive                      Shrewsbury MA 01545
   Bernstein, Shur, Sawyer and Nelson    Sharon, MA 02067                      Tel. 508-845-2804
   100 Middle St.                        Tel. 781-784-4300                     Fax. 508-842-6457
   Portland, ME 04104                    Fax 781-784-4304            
   Tel. 207-774-1200           
   Fax 207-774-1127
                                         Allan M. Shine, Esq.
                                         Winograd Shine & Zacks, PC
                                         123 Dyer Street
                                         Providence, RI 02903
                                         Tel. 401-273-8300
                                         Fax 401-272-5728

  Neighboring                           TMA Northeast Chapter                    Newsletter Submissions
  TMA Chapters                          Administrator
                                                                            To submit an article for publica-
                                                                            tion consideration, please email
  CONNECTICUT CHAPTER                   Julie Conroy
                                                                            a Word file (not to exceed 1500                         82 Water St.                        words) to
  LONG ISLAND CHAPTER                   Newburyport, MA 01950               and put “Newsletter Article” in                                             the subject line of the email.
                                        Tel. 978-462-2665
  NEW JERSEY CHAPTER                    Fax 978-462-4979                    Please include your detailed con-                             tact information.
  NEW YORK CHAPTER            

                           A Turnaround, or Just Plain STUCK?
By Jim McHugh                                                   The deliverables to our client are the key action steps
McHugh & Company, Inc.                                          needed to revitalize the company.

                                                                Assess the Industry Attractiveness (Stuck in Another
If a company is barely profitable, hardly growing, and          World). Many industries are changing significantly,
achieving a marginal return on investment, doesn’t this         radically and quickly; others have shifting dynamics
describe a “turnaround” or workout situation? Nope,             that are more subtle. In either case, it’s important to
I say the company is “STUCK”. Being stuck means                 know the overall structure and trends and understand
some part of the business is a little off-kilter. Even          where the company currently fits. There needs to be a
though many stuck companies are in somewhat decent              critical look at whether this is an industry that should
shape, I have seen some of these common characteris-            support continued investment. Some typical factors
tics:                                                           that can freeze a company are: a) customers demanding
   •   Sales, margins and profits may be flat or                technological changes that require substantial invest-
       declining. “We have a cost problem” is a                 ments in physical plant or processes, b) The China
       familiar refrain. There are excessive costs that         Factor, c) industry overcapacity.
       are hard to eliminate (it’s like a rising tide at
       the beach…the water is all around your feet              Identify the Sources of Competitive Advantage (Stuck
       before you realize it).                                  in the Past). A Partner of a Private Equity Group once
                                                                told me that he tries to look beyond a company’s warts
   •   Shareholder value is being eroded even though            to determine the “…pockets of strength” (at the time I
       the owners/managers are receiving very healthy           was assisting a company that didn’t have very many, so
       compensation.                                            our conversation was pretty brief!). In short, look at:

   •   Either the organization is working harder than              •   What are the underlying capabilities, core tech-
       necessary (“corporate high blood pressure”) or,                 nologies and core competencies of the com-
       the organization is hardly working (no sense of                 pany? How can these be capitalized on to fuel
       urgency).                                                       future growth? Have once superior technolo-
                                                                       gies or products become commodity-like?
                                                                   •   Are there inferior operational practices
Typically, the slide into a ‘stuck’ mode is more insidi-               (e.g. unwieldy, outdated bills of material or
ous than a quick turnaround crisis caused by an unfore-                inconsistent/weak business processes) that neg-
seen circumstance such as a drastic change in the cus-                 atively impact the daily operations?
tomer base or a significant quality problem. Getting
stuck develops more subtly over a long period of time.
Frequently, because of emotions or being too close to           Understand the ‘Business Definition’ (Stuck in the
a situation, it can be hard for management to recognize         Middle). Using the simple 80/20 rule can help deter-
the specific issues that need to be systematically and          mine the complexity of a business. For example, an
collectively addressed. In addition, the lack of a clear        improper combination of operating entities, customers
direction can be frustrating to both the shareholders           and products can result from a lack of strategic focus.
and management.                                                 The poor business definition can become exacerbated
                                                                by inefficient operational conditions, weak manage-
We have a passion for classic business strategy and             ment practices and negative industry forces. The guts
have tailored a simple, strategic assessment model that         of an 80/20 analysis is really about simplifying and
seems to work very well with the Boards and manage-             focusing on the key parts of a business; action on sim-
ment teams of mid-market companies. The assessment              plifying inventory items, bills of material, customers,
is based upon traditional analysis. However, we craft a         suppliers, etc. can reduce costs and get a company
holistic look at how strategic, operational and financial       unstuck.
issues are impacting the performance of the business.
                                                                                                       continued on page 4
continued from page 3
Evaluate the Competitive Position (Stuck in Traffic).         ucts, shore up the plant with necessary capital expendi-
A company’s overall competitive position is based             tures, etc.
on its posture with competitors and its relationships
with customers and suppliers. Being ineffective or            Evaluate the Management Team and Organization
non-responsive to customers, suppliers or competi-            (Stuck in the Moment). An anonymous quote, “You
tors can definitely cause a company to become stuck.          can’t change the past, but you can ruin the present by
Companies should ‘fire’ individual or groups of cus-          worrying about the future” reflects the state of mind
tomers because they have a) become unprofitable, b)           and attitude of stuck management teams. Basically,
put unreasonable demands on the business, c) are part         companies get and stay stuck from a) management
of a dying segment of the industry.                           inaction, b) no strategic outlook, and c) too many
                                                              “sacred cows”.
Evaluate the Financial Condition (Stuck in the Mud).
This seems obvious, but the lack of aggressiveness            About the Author: Jim McHugh is President of McHugh &
                                                              Company, Inc. McHugh & Company specializes in fixing com-
(laziness, sloppiness, ignorance) around pricing, gross       panies that are stuck, either: 1) private businesses/family-owned
margins, working capital and spending can cause a             companies; 2) portfolio companies of private equity funds;
company to be endlessly slopping around in their own          3) divisions of large, multinational companies. He can be
mud. The financials can be producing ‘comfortable’            reached at 978-371-7113 or Please visit
results, but being comfortable may not be enough to 
generate profits or cash needed to fund initiatives to        Portions of the article previously appeared in M&A Today and are
improve the competitive position, introduce new prod-         reprinted here with permission from the Editors.

                                    Members On The Move
JP Morgan Chase Bank is pleased to announce that              Charles Merrill recently joined Middlesex Savings
Matthew Modlish has joined the firm as Treasurer.             Bank as Vice President - Commercial Lender. Chuck’s
He may be reached at:                                         responsibilities include the assumption and manage-
50 Rowes Wharf, 4th Floor, Boston, MA, 02110.                 ment of a designated portion of loan portfolio, develop-
TEL: (617) 310-0425 Fax: (617) 310-0439                       ment of new business, underwriting new term loans,                                   lines of credit, letters of credit, 50%(+)-owner occupied
                                                              commercial real estate mortgages, deal structures, and
                                                              underwriting based on cash-flow & debt-service-cover-
FTI Consulting’s Corporate Finance/Restructuring Group        age. Chuck can be reached at:
is pleased to announce the appointment of Michael             Middlesex Savings Bank, 200 Baker Avenue, Suite 203
Nowlan as a Managing Director in the Boston office.           Concord, MA 01742
In his new role, Michael will be focused on providing         TEL: (978) 318-1240, FAX: (978) 318-1236
financial advisory services to companies in distressed
situations. Michael may be reached at:
125 High Street, Suite 1402 Boston 02110
TEL: (617) 897-1500, FAX (617) 897-1510                       GMAC Commercial Finance Retail Finance Group is                                 pleased to announce that Todd Robinson has joined
                                                              the firm as a Senior Vice President in their Quincy
                                                              office. He may be reached at:
Gesmer Updegrove LLP is pleased to announce that              GMAC Commercial Finance Retail Finance Group
Sean Gilligan has joined the firm as a Partner, spe-          One Batterymarch Park, Suite 106
cializing in commercial bankruptcy and commercial             Quincy MA 02169
finance. Gesmer Updegrove is located at 40 Broad              TEL: (617) 376-8149
Street, Boston MA 02109. Sean may be reached at:    
TEL: (617) 350-6800 or

                                TMA January 2006 Boston Breakfast Meeting:
                        Pension & Labor Issues - A Solution for Reducing Legacy Costs

By Emily Cohen, Sullivan & Worcester, LLP                                    legal constraints and practical solutions to dealing with employee,
                                                                             retiree, union and non-union labor costs both inside and outside
On January 24, 2006, the TMA Northeast kicked off the year with a            of bankruptcy, with a focus on termination of labor and health and
presentation on Legacy Costs from Seyfarth Shaw LLP labor attor-             welfare benefit plans and sales free and clear of “legacy” liabilities.
neys Mike Brown and Josh Ditelberg, ERISA specialist Kathy Solly             Questions or requests for program material can be addressed to
and bankruptcy practitioner Bill Hanlon. The group addressed the             Bill Hanlon at 617-946-4995 or

                          TMA Maine Satellite Chapter January 2006 Breakfast Meeting:
                               Communicating Effectively in a Workout Setting

By Robert A. Burgess, Maine Bank & Trust                                     revealed he might simply have to resign rather than disclose it to
                                                                             the lender, similar to an attorney’s ethical obligation. To do other-
If Men are from Mars and Women are from Venus, then                          wise “could waive a privilege or open the company up to a lawsuit
Turnaround Consultants are located somewhere in the Asteroid Belt            that could undermine the very efforts to reorganize,” said one pan-
when it comes to communication – or so it seemed at a spirited               elist. On the other hand, countered another panelist, if the lender
presentation at the Maine Satellite Chapter of TMA Northeast’s               is allowing the debtor’s assets to be used to hire the consultant,
January 2006 kickoff meeting. The topic was presented by a very              the real world demands effective information sharing. Information
experienced panel of Mark Lawler, EVP at TD Banknorth and head               is needed promptly and there is little time to agonize over some of
of its Workout Department, Barry Green, a seasoned turnaround                these subtleties. The upshot: “everyone’s role needs to be clearly
professional with Getzler Henrich, Paul Ricotta of Mintz Levin’s             defined.”
Bankruptcy Section and Moderator Jay Geller, a sole practitioner                        The panel advanced several ideas on how best to convey
bankruptcy specialist.                                                       information in circumstances where litigation was likely. Oral ver-
           The Asteroid Belt allusion was apt as the many risks and          sus written reports, with counsel present, was one suggestion for
pitfalls of ineffective or improper communication with the various           inhibiting the easy discoverability of the contents of a communica-
constituencies in a workout become evident. The turnaround pro-              tion. Alternatively, addressing the consultant’s report to counsel
fessional’s attempt to walk a tight line of honesty was not easy as          would arguably put the report under the attorney’s work product,
the metaphorical rocks of fiduciary duty, contractual allegiance and         thereby avoiding discovery.
loss of attorney-client privilege whizzed by. And, as demonstrated                      Dealing with vendors is “the most difficult area [of com-
by audience questions and commentary, there was a plethora of                munication],” said one panelist. Vendors obviously press for pay-
ideas regarding appropriate types and amounts of communication               ments and information about the prospect for payment. “The best
in particular circumstances.                                                 answer may have to be ‘I don’t know’,” said the panelist. One audi-
           For example, if the debtor retains the consultant (with the       ence member suggested working with the vendor’s sales people
lender’s consent (and money)), how much access is the lender                 versus the vendor’s CFO to maintain credit in the face of financial
entitled to? “Unfettered,” said a lender audience member, “as                difficulties. Sales people are more inclined to put a positive spin
already provided for in the loan documents.” A panelist then que-            on a debtor’s condition and may become internal advocates for
ried “but what about the distinction between quantifying the sins            continued selling and credit terms.
of the past and analyzing prospects for the future? Isn’t the latter                    Finally, the panel warned of the risk of e-mail and the pro-
work product that may be shielded from the lender? Might there               clivity of many people to use it as a form of “loosey communica-
not be a breach of fiduciary duty to the client if the consultant            tion.” The general rule of ‘don’t write it unless you are prepared for
reveals all the client’s possible future options to the lender?”             a jury to read it’ was stressed. One panelist also advised against
           The panel explored the tension between the consultant’s           any practice of deleting e-mails in anticipation of litigation. Most
duty to his client and the practical aspects of moving a workout             e-mail system contain metadata files that remain and will show the
forward. A consensus seemed to emerge that if the consultant                 prior existence of e-mail and its subsequent deletion or alteration.
became aware of material information that the client did not want

                                    TMA February 2006 Boston Breakfast Meeting:
                                   Distressed Investing - The State of the Art in 2006

At the Northeast Chapter’s February 28th breakfast meeting,                  Corporate Financial Services – Distressed Debt; CJ Burger,
sponsored by Phoenix Capital Resources, the TMA welcomed a                   Managing Partner of Summit Investment Management; and Daphne
distinguished panel of distressed debt specialists. Moderated by             Firth, Executive Vice President of Woodside Capital.
Sheila Smith, National Managing Partner of Deloitte & Touche’s
Reorganization Practice, the panel included Kevin Genda, Managing            Guided by Ms. Smith’s questions, each panelist offered their per-
Director of Cerberus Capital Management, L.P. and the Senior Vice            spective on topics such as where the market is today, where opport
President and Chief Credit Officer of Ableco Finance LLC; Brent              unities are sourced, the impact of the second lien market and
Hazzard, Senior Vice President and team leader for GE Commercial                                                          continued on page 6
continued from page 5
sponsor deals, the dynamics of syndicated loans, etc. In tackling          gence at the start of deals and attorneys used throughout. At the
these questions, the panelists touched upon the economy moving             end of the presentation, each of the panelists offered predictions
strongly despite the possibility of rate increases, “hold up” value        for the future including the downsizing of bank workout groups and
a la Atkins, dividend recapture, and the impact of CLO’s and rating        the associated increase in opportunities for consultants as well as
agencies reluctant to rerate in syndicated deals. Each of the panel-       the increase in opportunity for the distressed debt market from far
ists also spoke about the professionals engaged by distressed debt         reaching corners of the globe such as China.
firms including industry and financial advisors used for due dili-

     Boston Turnaround Pro Receives Outstanding Contribution Award

 JANUARY 23, 2006                                                          place in Rhode Island, Maine and in Worcester and
 (TMA HQ CHICAGO)                                                          Springfield, Mass.

         CHICAGO, Ill. – Sheila T. Smith, a prominent                             A frequent speaker at industry conferences,
 restructuring and turnaround professional, has been                       she chaired the 2004 TMA International Convention
 selected as the Outstanding Individual Contribution                       in New York City that broke all previous attendance
 award recipient from among the 7,000 members of                           records. The previous year, she chaired the TMA
 the Turnaround Management Association (TMA). This                         Awards Committee, where she is credited with elevat-
 award is given to an individual whose dedication                          ing the awards.
 and commitment has made a lasting contribution                                    “Sheila embodies the core principles that form
 not only to TMA, but also to the corporate renewal                        the mission of TMA,” said Kathleen Z. Lepak, a fellow
 industry. Smith will receive the award at TMA 2006                        member of the 2005 TMA Executive Committee. “She
 Spring Conference March 22-25 at the JW Marriott                          demonstrates excellence in her practice, has driven
 Desert Ridge in Phoenix, Ariz. The premier profes-                        visible growth and a positive reputation for her orga-
 sional community dedicated to corporate renewal                           nization, which benefits TMA by association. She con-
 and turnaround management, TMA has 36 chapters                            ducts her professional activities with the highest of
 worldwide.                                                                ethical standards.”
         While pursuing a highly competitive career                                With international headquarters in Chicago,
 helping financial institutions, equity investors and                      TMA’s members comprise a professional community
 other stakeholders maximize recovery from distressed                      of turnaround practitioners, attorneys, accountants,
 and bankrupt companies, Smith, with her broad                             investors, lenders, venture capitalists, appraisers, liqui-
 range of talents, also helped elevate the status of                       dators, executive recruiters and consultants. Members
 TMA locally and internationally. She was selected as                      adhere to a Code of Ethics specifying high standards
 the national service line leader of the Reorganization                    of professionalism, integrity and competence. Its
 Services Group at Deloitte Financial Advisory Services                    Certified Turnaround Professional (CTP) program rec-
 LLP in 2005. At the same time she was serving as the                      ognizes professional excellence and provides an objec-
 TMA international vice president of education, and                        tive measure of expertise and experience related to
 as a member of the TMA Executive Committee, the                           workouts, restructurings and corporate renewal.
 Cornerstone Council, a board-designated endowment
 fund, and the Butler Cooley Excellence in Education
                                                                           For more information, contact:
 Award Committee, which honors teachers who have
                                                                           Cecilia Green
 turned around children’s lives.
                                                                           Director of Public Relations
         “For ten years, Sheila has been a ‘cheerleader’                   312-242-6031
 for the industry and TMA,” said Pamela Linton, presi-           
 dent of the Northeast TMA Chapter based in Boston.
 Smith was the first woman president of the chapter in                     Michele Drayton
 1998 when it earned the Outstanding Chapter of the                        Manager of Public Relations
 Year award. She also expanded chapter membership                          312-242-6044
 by initiating the concept of satellite chapters, now in         

                         A Word From Our Supported Charities

The TMA Northeast Chapter Charity Golf Outing is the primary event that the chapter holds to raise funds for its
supported charities. The charities: Cathedral High School, On The Rise, and the Young Entrepreneur’s Alliance,
have come to rely on the generosity of the TMA golfers and golf sponsors. If you know of a charity that you
would like considered for inclusion in the TMA sponsored charity group, please contact Julie Conroy at 978-462-
2665. Now, a word from our charities:

On The Rise, Inc. supports the initiative                   Cathedral High School is an independent,
and strength of women living in crisis or                   co-educational, Catholic high school located
homelessness. In a physically and phy-                      in the historic district of Boston’s South
chologically safe environment, we build                     End. Cathedral was established in 1926, and
the relationships and provide the tools                     takes pride in its commitment to offer a
that each woman needs to rise to her                        quality education to inner-city youth in and
potential.                                                  around Greater Boston. Cathedral provides
                                                            a rigorous college preparatory curriculum
Dear Everyone at TMA:                                       enhanced by a variety of competitive athlet-
                                                            ic opportunities and co-curricular activities.
We have just received the proceeds for the                  For the past 80 years, the mission and goals
incredible golf tournament TMA puts on to                   of Cathedral High School have remained the
benefit On The Rise and other groups. Thank                 same, and the result today is that 95% of
you so much.                                                our graduating class consistently matricu-
                                                            lates to a two- or four-year college.
Your gift makes an enormous difference to the
nearly 300 women who come to On The Rise                    Dear TMA:
each year. In the Safe Haven, women who are
homeless or in crisis find healing relation-                On behalf of the students, faculty, staff and
ships and the energy and tools to make lasting              Board of Trustees of Cathedral High School,
changes in their lives. Not only does your con-             I would like to thank you and the Board
tribution have an impact on individual lives,               of Trustees of Turnaround Management
it also extends beyond the doors of 341 Broad-              Association for your generous check.
way, as the staff and women of On The Rise be-              Cathedral will apply these funds to two
gin to change the way that programs, systems                essential student services, its Counseling and
and our society regard and serve people who                 Tutoring Programs for the 2005-2006 aca-
have been pushed to the margins by trauma,                  demic year. The counseling sessions are aimed
illness, poverty and discrimination.                        at preventing serious depression and sub-
                                                            stance abuse, and their attendant problems,
2005 was a milestone year for us. Not only                  of approximately 30 young men and women
did we celebrate our 10th anniversary, we also              at Cathedral. These are youth who are deeply
strengthened and deepened our core program,                 and personally affected by the violence asso-
expanded our Wellness Program, and piloted                  ciated with alcohol and drug abuse in their
a supported housing program. TMA’s support                  homes and communities.
will help ensure these ventures continue to be
strong and effective. Best wishes for 2006!                 The Tutoring Program focuses on freshmen
                                                            students whose skills are lacking. Our goal is
Very Sincerely,                                             to bring these students to the same academic
                                                            ability at their peers upon entering their soph-
Katya Fels                                                  omore year.
Founder and Executive Director
                                                            Thank you for your investment in the students
                                                            at Cathedral, and best wishes to everyone at
                                                            TMA for a successful new year.


                                                            Barbara Baxter (CH ‘76)
                                                            Corporate/Foundation Relations

           TMA Northeast Chapter: SPRING 2006 CALENDAR OF EVENTS
April 25      TMA Boston Breakfast: Towering Turnaround: Don Chiofaro Speaks!
              Boston Harbor Hotel, Boston MA

May 11        TMA Worcester Breakfast: Fred Eppinger, Chairman of The Hanover Insurance
              Group: Becoming a World Class Regional Property & Casualty Company
              College of the Holy Cross, Hogan Center, Worcester MA

May 18        MA Providence Spring Reception
              Cafe Nuovo, Providence RI

May 23        TMA Boston Breakfast: Corporate Transformation via a Focus
              on Supply Chain Management
              Boston Harbor Hotel, Boston MA

June 1        TMA Portland Reception:
              Portland Harbor Hotel, Portland ME

June 8        TMA Boston Reception
              Ritz Carlton Hotel, Boston MA

             For further information, or to register for these events, please visit us at

                                                                                  Newburyport, MA 01950
                                                                                  82 Water St.
                                                                                       Northeast Chapter

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