The Newsletter of CORPORATE RENEWAL · Join us at the Harley Davidson Stage for a private reception...

From Our President:

Volume 7, Number 3

TURNAROUND MANAGEMENT ASSOCIATION

William J. Hass

What’s Inside?

! Upcoming Events — 2-4

! Past Events — 6,7

! The New Bankruptcy Amendment — 10

! Chicago Chapter CTPs — 13

! Member News — 14

! New Member Listing — 16

! What’s the Deal? — 17

! Board Member and CommitteeListing — 18

! Membership Survey — 18

! Membership Application — 19

The Newsletter of

CORPORATE RENEWAL

C h i c a g o /M i d w e s t C h a p t e r

May/June 2006

More Valuable Experiences this Summer!

Mark several important dates on your summer calendar andencourage a friend or associate to join us:

June 22-23 – “Liquidity and Corporate Renewal” Global SymposiumJuly 6 – Milwaukee Summerfest at the Harley PavilionJuly 14 – Everything You Wanted to Know About Turnarounds: BOK FinanceJuly 20 – Annual Boat Cruise with ACG and CFAAug. 11 – Everything You Wanted to Know About Turnarounds: BOK LawSept. 15 – Turnaround Management BOK: Everything You Wanted to KnowSept. 15 – First Breakfast of the Fall Season

The summer dates reflect our mission of education and networking as we spice it witha bit of fun and awareness-building. These programs promise to offer unique insightsand knowledge, and provide great networking and educational opportunities to bothour active and prospective members.

June 30th marks the start of our half-year membership rate–what a great time to intro-duce your friends and associates to TMA! They’ll receive all the benefits of member-ship, including the Journal of Corporate Renewal and our new TMA Webnar series. Foronly $150, let your colleagues know they can get a “taste of TMA” at almost half theprice through year-end.

“Agents of Value and Renewal” was the theme of the June 12 edition of the specialinsert featured in Crain’s Chicago Business. The Chicago/Midwest Chapter featured 18of our member organizations’ ads and short informative articles, as well as an invitationto learn more about our chapter. This second insert within Crain’s in our chapter’shistory was seen by over 80,000 Chicago/Midwest leaders! We hope to continue thischapter initiative on alternate years to build greater awareness of the diverse skills ofour members. Our Public Relations Committee, composed of co-chairs Mike Ban, SidLambersky and Andrew Cardonick, are to be complimented for their efforts.

Support these summer programs by bringing a prospective member! The SummerBody of Knowledge (BOK) Series is better than ever, and offers new (CTP-D) andexperienced professionals (CTP) the opportunity to get certified. Contact informationon all our committee chairpersons can be found on page 18 of this issue.

And of course, we welcome new ideas. Our Chicago chapter leaders continue to workon new initiatives that will make your membership in the Chicago Chapter more valuableeach year you participate and encourage you to contribute and get involved.

Looking forward to seeing you soon,

Bill Hass

Register NOW!

EVERYTHING YOU WANTED TO KNOWABOUT TURNAROUNDS

A Unique Chicago Opportunity forPractitioners, Workout Pros and More

TMA Members & Colleagues... GET ACCREDITED while expanding yourprofessional knowledge and growth by enrolling in the TMA’s Body of Knowl-edge (BOK) Summer Series Workshops offered in Chicago. These programsare excellent continuing education for anyone looking to refresh their knowl-edge, learn more about the turnaround industry or those preparing for theCertified Turnaround Professional (CTP) exam.

AAAAAccounting & Fccounting & Fccounting & Fccounting & Fccounting & Finance – Finance – Finance – Finance – Finance – Fridayridayridayridayriday, J, J, J, J, July 14uly 14uly 14uly 14uly 14James Seward, Ph.D., University of Wisconsin

Law – FLaw – FLaw – FLaw – FLaw – Fridayridayridayridayriday, A, A, A, A, August 11ugust 11ugust 11ugust 11ugust 11Hon. Robert D. Martin, U.S. Bankruptcy Court

(Western District of Wisconsin)

MMMMManagement – Fanagement – Fanagement – Fanagement – Fanagement – Fridayridayridayridayriday, S, S, S, S, September 15eptember 15eptember 15eptember 15eptember 15James Seward, Ph.D., University of Wisconsin

All courses above will be held at the offices of Gardner, Carton & Douglas.For those interested in certification under the CTP Program, exams for eachsection will be offered in Chicago on the following Saturday.

A Unique Chicago Body of Knowledge Opportunity in 2006

The Summer BOK series in 2006 offers several benefits:Learn how certification may increase your success, fees and billing ratesNetwork in a meaningful way in a small class/workshop environmentLearn LAW from a U.S. Bankruptcy judge that teaches other judgesHave the option to take certification exams the day after the class inChicago during the annual conference in October (in Orlando!)

SAVE: Professionals who pass all three parts of the CTP exam will have theirannual TMA dues paid by the Chicago Chapter for their first year as a CTPand be recognized at chapter events when they receive the new CTP desig-nation.

Who’s a CTP? See page ___ of this newsletter for a list of which profession-als have attained the status of Certified Turnaround Professional.

For more information and/or to register for any of the upcoming workshops,visit www.actp.org or contact Nicole Gibby at 312-242-6034.

The Newsletter of Corporate Renewal is apublication of the Turnaround Management

Association, Chicago/Midwest Chapter. It is issuedfive times annually. Submissions to the newsletter

should be directed to:

Cheri Anderson, [email protected] Leipold, [email protected]

TMA " Chicago/Midwest Chapter " May/June 2006 "

June 21-23, 2006TMA National Educational ConferenceGlobal Education Symposium – ChicagoPlease see page 3 for more information

July 6, 2006SummerFest in Milwaukee!Join us at the Harley Davidson Stage for a privatereception area during Milwaukee’s greatestfestival!Please see page 4 for more information

July 14, 2006Summer Body of Knowledge Series WorkshopAccounting & FinanceOffices of Gardner, Carton & DouglasChicagoMore information can be found on this page

July 20, 2006TMA/ACG/CFA Joint Boat CruiseNavy PierPlease see page 4 for more information

July 28, 2006Second Annual Harley RideWisconsin

August 11, 2006Summer Body of Knowledge Series WorkshopLawOffices of Gardner, Carton & DouglasMore information can be found on this page

September 15, 2006Summer Body of Knowledge Series WorkshopManagementOffices of Gardner, Carton & DouglasMore information can be found on this page

September 15, 2006Breakfast ForumMid-Day Club

September 18, 2006Milwaukee Brewers OutingMiller Stadium – Wisconsin

Upcoming Events

“Liquidity & Corporate Renewal”

2006Global EducationalSymposium

JUNE 21-23, 2006 • HYATT REGENCY • CHICAGO, IL

“Liquidity & Corporate Renewal”Presentations of the Call for Papers Winning Entries• “Determinants of Global Financial System Liquidity”• “Time-Varying Liquidity Risk and the Cross Section of Stock Returns”• “Fair Dealing in Corporate Restructuring Cases”

Panel Discussions • “The Liquidity Surge: Being Prepared for the Wave”

Moderator: Ralph C. Palma, CitibankPanel: Robert A.J. Barry, Bingham McCutchen LLP; Ioana Barza, Reuters Loan PricingCorporation; Annie Bortolot, GE Commercial Finance; Jae L. Walker, Wells Fargo Bank

• “Private Equity: Making Good Investments at the Peak of the Market”Moderator: Frank R. Mack, CTP, Conway, MacKenzie & Dunleavy Inc.Panel: L. Thomas Gregory, American Capital; Scott Purdy, Bank of Montreal FinancialGroup; David P. Shapiro, KPS Special Situations Funds; David Wirt, Winston & Strawn;A. Jeffrey Zappone, CTP, Conway, MacKenzie & Dunleavy Inc.

• “Alternative Perspectives on Liquidity: Insights from Theory & Practice”Moderator: Matthew R. McBrady, Ph.D., University of Virginia Darden School ofBusinessPanel: Bryan Corsini, CapitalSource; Akiko Fujimoto, Ph.D., University of AlbertaSchool of Business; Masahiro Watanabe, Ph.D., Rice University Jones GraduateSchool of Management

• “An Alternative Approach to Corporate Restructuring”Moderator: Matthew R. Donnell, CTP, Barrier Advisors LPPanel: Tom A. Howley, Haynes and Boone LLP; Matthew R. McBrady, Ph.D.,University of Virginia Darden School of Business; Robert Stobo, ORIX USA;Hon. Eugene R. Wedoff, U.S. Bankruptcy Court, Northern District of Illinois

• “Dynamics of Investing During a Distressed Debt Low Tide”Moderator: Thomas J. Donnelly, UBS Investment BankPanel: Thomas M. Finke, Babson Capital; William F. Looney III, The Debt Exchange, Inc.;W. Jerome McDermott, GE Corporate Financial Services Bank Loan Group;Steve Miller, Standard & Poors; Scott Schooley, Woodside Capital Management LLC

• “Is the Liquidity Wave Rising or Crashing?”Moderator: James B. Shein, Ph.D., Northwestern University Kellogg School ofManagementPanel: Mark Garrigus, Cole-Taylor Bank; Matthew R. Niemann, CTP, Cerberus CapitalManagement LP; Prof. David Stowell, Northwestern University Kellogg School ofManagement; Christopher L. Smith, ORIX USA

For complete program details and registration opportunities,please visit www.turnaround.org

Questions? Contact TMA at 312-578-6900 or [email protected]

Keynote Speakers:Dr. Arthur B. LafferFounder and ChairmanLaffer Associates

Douglas Atkin Partner and Chief Strategic OfficerMerkley & Partners


All Aboard ...All Aboard ...All Aboard ...All Aboard ...All Aboard ...

The Turnaround Management Association Chicago/Midwest Chapter, theACG Chicago and the CFA Chicago Chapter jointly invite you for a specialevening.

ThursdaThursdaThursdaThursdaThursdayyyyy, July 2, July 2, July 2, July 2, July 20, 20, 20, 20, 20, 20060060060060065 - 8 p.m.5 - 8 p.m.5 - 8 p.m.5 - 8 p.m.5 - 8 p.m.

Fifth Annual Summer Cruise GalaFifth Annual Summer Cruise GalaFifth Annual Summer Cruise GalaFifth Annual Summer Cruise GalaFifth Annual Summer Cruise GalaThe “MYSTIC BLUE” Cruise BoatThe “MYSTIC BLUE” Cruise BoatThe “MYSTIC BLUE” Cruise BoatThe “MYSTIC BLUE” Cruise BoatThe “MYSTIC BLUE” Cruise Boat

Navy PIer - Chicago, IllinoisNavy PIer - Chicago, IllinoisNavy PIer - Chicago, IllinoisNavy PIer - Chicago, IllinoisNavy PIer - Chicago, Illinois

$75. Members/Spouses/Significant Others$115 Non-members

(Note: Boat will leave dock promptly at 5:30 p.m.)

Program includes open bar, buffet dinner and cruise along the beautifulLake Michigan shoreline.

Register online at www.chicago.turnaround.org or call 815-469-2935.

The TMA Chicago/Midwest Chapter is heading back north to

Milwaukee for some summer fun...

SummerFest 2006A Milwaukee Tradition... but with the TMA touch!

Join us July 6th from 6 - 11:30 p.m. at SummerFest but in a PRIVATERECEPTION HALL (right outside the Harley Davidson Stage) with afull buffet, dinner, beer, wine, soft drinks and live entertainment –

all for one very low price.

$40 Members/Spouses/Significant Others$60 Non-members

Ticket price includes entry into the park as well.

Invite your family, friends and professional colleagues – all arewelcome. Call 815-469-2935 to register.

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TMA Members Celebrate St.Patrick’s DayBy Joe Fobbe, PNC Business Credit

The TMA Chicago/Midwest Chapter’s 4th Annual St.

Patrick’s day networking event was another hugesuccess, and is becoming one of our premier eventsdespite conflicts with Spring Breaks. Fado’s pub (avenue that appears to have become a “tradition” forthis event), offered up live music, plenty of drink

options and a buffet of good food – including corn beef of course!This year’s event welcomed nearly 100 attendees and included a

nice mix of current and prospective members. Unfortunately, Mrs.O’Leary did not appear this year as she has in the past.

The pot of gold winner was once again not in attendance, so allgold was placed in Treasurer Carl Lane’s possession. No doubt thisgold will be invested wisely by Treasurer Lane. Also, despite strongdemand, the Leprechaun throwing contest was not held due topolitical sensitivities. (Note that this writer is proudly 50% Irish andwent to a school where a leprechaun is the mascot).

Thanks again to Chris Glatz and her team for a terrific event. Also,green hats off to the Entertainment Committee Co-Chairs, SuzieKoenig, Jason Leuvoy and Jeff Hyland.

The TMA Gets Wicked


The following review was submitted by Annie Leipold (age 11),daughter of Mark Leipold, Gould & Ratner

Wicked was an amazing performance! The actorsact very realistic. Wicked made me rethink theWizard of Oz. They changed the scenes so quickly!It is a play that I think will last a long time. It tells

the story way before any one in Ozknew who Dorothy was. It is a playfor someone who ever wanted to knowmore about Oz. It shows never judgepeople by what they look like. Youwill never look at Glinda the GoodWitch and The (supposedly) WickedWitch of the West the same wayagain! I really recommend seeing it.

Loans and Turnarounds andBankruptcies, Oh My!By Jeff Hyland, Capstone Advisory Group

Do you remember the Wizard of Oz experience of Dorothy’sworld transitioning from black and white to the colors ofOz? Thanks to a WICKED performance on May 11, we nowknow what happened before the black and white asDorothy’s house dropped in Oz, and as a result we willforever watch the Wizard of Oz differently. In fact,the next time we are working with a troubled business(most of us in the turnaround industry have to play“bad guy” occasionally) with their own versions ofthe Wicked Witch, Tin Man, Scarecrow andCowardly Lion, we will all be wondering how theyactually got there. During this spellbinding night ofsurprises and plot twists, 175 TMA members andguest were treated to this wonderful musical (and anequally festive reception following the show).

Remember, the next time you click your healstogether, chant “there is no place like the TMA, thereis no place like the TMA…”

CTP Luncheon - Hedge Fund Lending:Opportunities on the Horizon for CTPsBy Ken Yager, Morris-Anderson & Associated Ltd.

On Thursday March 16, 2006, as March Madness kicked off around Chicago, CTPs where getting to the bottom of Market Madness. A solid bracket line up of approximately20 CTPs and a panel of five distinguished members of the

alternative investment and bankruptcy community discussed thenew players in the insolvency and high finance arena. It was clearfrom this panel that upsets are in the making in the finance arena asincumbent deal structures and institutions face off with new productsand services offered by financial entrepreneurs including hedgefunds. All were put on notice that turnaround professionals need toput their “A” game on as markets and debt instruments growcomplexity. The maddening amount of leverage was pointed out aswell as the sophistication of the new players and the addition in newstrategies. Panelist predicted surprise winners and plenty of lastminute deal thrills. Court side seats for this CTP luncheon wereprovided by Faye Feinstein and Melanie Rovner Cohen of QuarlesBrady. Court side color commentary was presented by Matthew R.Niemann, CTP, Managing Director, Cerberus Capital ManagementLP, Colin P. Cross, Managing Director, Back Bay Capital Funding,LLC, Hugo H. Gravenhorst, Managing Director, Black Diamond CapitalManagement, David W. Wirt, Partner (Bankruptcy), Winston Strawn,and John M. Cannon, Principal, Silver Point Capital. Hats off toBernadette Barron, Duncan Bourne Randy Patterson of the CTPCommittee. - Ken Yager - Morris-Anderson.

Breakfast Forum TacklesBankruptcy IssuesBy Michael Williams, VP, PNC Business Credit

On May 5, 2006 the TMA hosted a breakfast forum featuring the topic “The Amendments to the Bankruptcy Code – Seven Months Later”. Howard Israel, a partner with Kaye Scholer, was themoderator. The panelists were Ron Barliant, aprincipal in the Bankruptcy and Creditors Rights

Group of Goldberg Kohn and a Fellow in the American College ofBankruptcy; Nancy Peterman, the chair of the Chicago BusinessReorganization & Bankruptcy Department at Greenberg Traurig; andCarl Lane, a principal and the practice leader of the ReorganizationServices Group in the Midwest for Deloitte Financial AdvisoryServices LLP.

On April 20, 2005, President Bush signed into law the BankruptcyAbuse Prevention and Consumer Protection Act of 2005, which wentinto effect on October 17. The media has focused largely on changesapplicable to consumer bankruptcy cases, but three significantchanges were also made to the business provisions of theBankruptcy Code. First, under the new law, a court cannot extendthe time to assume or reject a lease past the 210th day after thepetition date, unless the affected landlord consents in writing to alonger extension. Under prior law, courts could—and by and largedid—grant routine extensions for the time period for a debtor toassume a lease until the confirmation date. Second, the new lawseverely curtails a court’s discretion by prohibiting a court fromextending the debtor’s 120-day exclusive period to file a plan beyond18 months past the petition date and (ii) the 180-day solicitationperiod beyond 20 months past the petition date. Again, under theprior law, courts routinely extended these time periods, such that theDebtor’s effective exclusivity period could span several years.Finally, Congress modified the solicitation procedures to permit pre-petition solicitations of acceptances and rejections of a plan tocontinue post-petition if the solicitation complies with applicablenon-bankruptcy law.

The panelists initially discussed the types of bankruptcy casesfiled on both a pre- and post-BAPCPA basis. Carl Lane identifiedthat the percentage of prepackaged and prearranged plans and salesand liquidations increased from 43% to 71% since October 17. BothRon Barliant and Nancy Peterman agreed that the data may be a littleskewed due to the initial rush to file prior to October 17, andadditional time is probably needed to draw determine if the


Panelists were (from left) Ron Barliant, Nancy Peterman and Carl Lane


legislation has had a meaningful effect on the type of bankruptcyfiling.

The moderator then moved the discussion on to the effect theaforementioned changes have had on relationships with utilities,creditor committee’s access to information, healthcarebankruptcies and key-employee retention.

On relationships with utilities, the panelists identified that thelegislation now more clearly defines the definition of “assurance ofpayment” and the types of payments that qualify under thelegislation. The panelists also mentioned that the amount of thepayment must be satisfactory to the utility, and the marketplace istypically accepting a two-week deposit and continuation ofpayment as reasonable.

The panelists then moved on to commenting on creditorcommittee’s access to information. The creditor’s committee needsto share information to other creditors, and typically a motion isfiled to establish a protocol on sharing privileged and non-privileged information. The concern here is to control theinformation that is shared with claims traders and competitors.This legislation has typically made the bankruptcy more costly.

On healthcare bankruptcies, the panelists mentioned that thelegislation requires the appointment of an ombudsman. Thepanelists also mentioned, though, that some recent rulings havesaid that an ombudsman does not need to be appointed. In theevent that an ombudsman is appointed, this will likely be a materialcost to the bankruptcy.

On the key-employee retention legislation, the panelists agreedthat the names have changed but the results have not. Thepanelists pointed out that 50% of cases filed, since October 17, stillhave bonus plans included. We now have a committee or expertapproving the plan which again is increasing the cost of thebankruptcy.

It was a fascinating discussion, and it’ll be interesting to watchthe impact of the amendments as they unfold.

Ron Baliant, Judge Wedoff, Charles Kuoni III and KristinaBunker enjoy the networking after the morning’s program.

Photos by Linda Jacobs,Alert Consultants Inc.

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Tips and Traps for LandlordsUnder New Bankruptcy

AmendmentHarley J. Goldstein, Esq. (Partner)Aaron L. Hammer, Esq. (Partner)

Thomas R. Fawkes, Esq. (Associate)Freeborn & Peters LLP

On October 17, 2005, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 became effective. The Act contains some of the most sweeping changes to the nation’s bankruptcy laws since the enactment of thecurrent U.S. Bankruptcy Code in 1978. Although

the Act received considerable media attention for its impact onconsumer debtors, several less-publicized changes to theBankruptcy Code stand to dramatically affect the balance of poweramong the various constituencies in business bankruptcies.

Among the most significant revisions to the Bankruptcy Coderesulting from the Act relate to landlord-tenant relationships.While such changes are, on the whole, favorable to landlords,

landlords wishing to take advantage of these new protections mustbe vigilant in their dealings with tenants who file for bankruptcy.This article provides an overview of the Act’s various changes to thetreatment of non-residential real property leases, with a discussion ofpotential issues for landlords to consider in their tenants’bankruptcies.

Assumption and Rejection of Leases

Section 365(d)(4) of the Bankruptcy Code currently provides that anunexpired lease of non-residential real property must be assumed orrejected by a debtor within 60 days of a bankruptcy filing. Otherwise,the lease is automatically deemed to be rejected. Section 365(d)(4),however, specifically permits the bankruptcy court to grant unlimitedextensions of the assumption/rejection deadline, allowing a debtor todefer this potentially significant decision often until the planconfirmation stage. Courts liberally grant extensions in practice,thereby subjecting landlords to years of uncertainty while they waitfor debtors to inform them of their fate.

The Act amends Section 365(d)(4) to provide that a debtor has untilthe earlier of 120 days after the date of the bankruptcy filing or thedate of confirmation of a plan of reorganization to assume or rejectleases. The court may grant one 90-day extension of this deadline for“cause,” but all other extensions require prior written approval ofthe landlord. As a result, future debtors may have only 210 daysfrom the filing of the bankruptcy case within which to decide whetherto assume or reject their leases.

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This change represents a significant shift in favor of landlords’rights in bankruptcy cases. Landlords will now hold considerablymore influence over a debtor, in that after 210 days only individuallandlords will be able to grant extensions of this deadline. Withonly a limited window to make possibly hundreds of difficultdecisions, debtors will be forced to deal with individual landlorddemands, or risk losing potentially valuable property throughdeemed rejection. While debtors may spend more pre-bankruptcytime focusing on their lease assumption and rejection decisions,landlords should not underestimate the additional leverage the Actgrants to them – especially in large retail situations where debtorsmust deal with hundreds of leases.

Landlord Administrative Claims

A likely consequence of the new 210-day assumption/rejectiondeadline is that debtors will initially assume leases en masse inorder to avoid the automatic rejection of such leases, but at a latertime, reject some of those same leases to avoid the harshadministrative expense claim consequences imposed uponassumption. Here, the Act does provide some relief to debtors bylimiting the landlords’ ability to recover on a previously assumedlease post-rejection.

Under the Act, the Bankruptcy Code will now provide that, if alease is first assumed and later rejected, the landlord will beentitled to an administrative expense claim for all monetaryobligations owing for a period of two years following the later ofthe date of rejection, or the date of turnover of the leased premises.

Any amounts above and beyond the administrative expense limitwill be treated as a rejection damages claim, and subject to theexisting limitations set forth in section 502(b)(6) of the BankruptcyCode.

Cure of Nonmonetary Defaults

Often, a debtor’s breach of a real property lease results not fromnonpayment, but rather, stems from defaults of nonmonetaryprovisions of the lease. Prior to the passage of the Act, confusionexisted among debtors, their landlords, and bankruptcy courtsregarding whether such defaults must be cured before a debtor canassume a lease.

The Act now makes clear that debtors are not required to curenonmonetary defaults if the default is “incurable.” However,defaults arising from a debtor’s failure to operate in accordancewith the leases must be cured through performance at the time ofassumption and at all times thereafter. The debtor must alsocompensate the landlord for any pecuniary losses resulting fromits nonmonetary defaults. The net result is to reduce thecircumstances when debtors may be required to forfeit leases tolandlords.

While at first blush, these changes appear to favor the debtor, theydo engender certain benefits to landlords. More certainty will beintroduced to the process, which should in turn lead to reducedlitigation and lower administrative costs for both landlords anddebtors. Landlords can also recapture pecuniary losses, to theextent calculable, in cases of nonmonetary default.


Tips for Landlords

Landlords should unquestionably benefit from the enhancementsgranted to them under the Act. At the same time, there are manynuances of the treatment of leases under the Bankruptcy Code.The introduction of the Bankruptcy Code amendments may causeat least short-term uncertainties in the bankruptcy process, asparticipants become accustomed to practicing under a modifiedregime. As a result, landlords must be vigilant in protecting theirrights and maximizing their opportunities for a positive outcome.Once a landlord learns of a bankruptcy filing for one of its tenants,it should:

Act fast. In light of the truncated assumption/rejection deadlines,debtors will be hurried into making difficult decisions on theirlease portfolios. Landlords that are first in line to negotiate withdebtors may receive the most favorable treatment.

Act wisely. Landlords should be wary of granting debtorsextensions of the assumption/rejection decision beyond the 210-day fixed limit without extracting valuable concessions from theirtenant-debtors. The power to grant extensions is a valuablebargaining chip for landlords, providing extra leverage at thenegotiating table. Landlords should also be careful of potentialadministrative insolvency situations, as this risk couldsubstantially impact recoveries.

Be Proactive. Staying on top of the situation and being proactiveis critical in every bankruptcy situation. While the Act gives

landlords certain additional rights and protections, the beststrategy is one tailored to each individual situation. Landlordsshould remain proactive in their communications with theirdistressed tenants by always gathering information and evaluatingit with bankruptcy counsel.

The Newsletter ofCorporate Renewal

Ad Rates

Full Page – $875Half Page – $500

Quarter Page – $315Eighth Page – $190

The Newsletter of Corporate Renewal is distributed five timesannually throughout the midwest to executives and profes-

sionals in the turnaround arena. For more informationregarding placing an ad in this publication, please call:

Chris Glatz, [email protected]

orMark Leipold, [email protected]

The Chicago/Midwest Chapter proudly recognizes the following organizations and their CertifiedTurnaround Professionals (CTPs)AEG Partners LLCLawrence Adelman

Alert Consultants Inc.James Rubenstein

AlixPartners LLCRonald BieniasJohn DischnerMichael Feder

ALTMA Group LLCMurray LessingerDave Mack

Alvarez & Marsal Inc.Brian Whittman

American Express Tax & BusinessServices Inc.Alan Samsky

Arbor Point PartnersRobert Deprez

Atlas Partners LLCBiff Ruttenberg

BBK LtdPeter PappasRobert Webb

Capital Flow Corp.Russ Jensen

Chartered Management CompanyWilliam Avellone

Condor Financial Group Inc.Gilman KingConway, MacKenzie & DunleavyFrank MackJoshua SianoJeffrey Zappone

Copperfield Chimney Supply Inc.Michael Barry

Cosi Inc.William Forrest

DeloitteThomas Williamson

David C Finkbiner & Co. SCDavid Finkbiner

Fort Dearborn Partners Inc.Jeffrey Hyland

FTI Consulting Inc.Kevin KubyColleen Lowmiller

FTI Palladium PartnersMichael Buenzow

Gandhi ConsultingKiran Gandhi

Heartland Capital LLCTimothy Czmiel

Help at Home Inc.Barry Shear

High Ridge PartnersFrank Wojtowicz

Houlihan, Lokey, Howard & ZukinMatthew Niemann

Huron Consulting GroupThomas AllisonPaul RundellAnu Singh

Kugman AssociatesSamuel Williams

Kutchins, Robbins, Diamond Ltd.Allen Kutchins

Lake Pointe Partners LLCDavid AllenRandall Wright Patterson

Lighthouse Management GroupMark Allen

Moglia AdvisorsAlan Samsky

Morris-Anderson & Associates Ltd.David AndersonDavid BagleyBernadette BarronDaniel DooleyRobert Haldi

Larry HennessyMichael JakolatRobert MorrisWilliam Van Der WeeleRobert Wanat

Promontory Point PartnersJeff Vogelsang

ReeseMcMahon, LLCSandra Reese

Shepherd Partners Inc.Tony Natale

TeamWork Technologies Inc.William Hass

The Belet GroupJacques Belet III

Vector Consulting LLCMichael Baratta

Duncan Bourne


Another Benefit for CertifiedTurnaround Professionals

Attention all new Certified Turnaround Professionals!Pass the CTP exam and get your certificate framed. That’sright, the Chicago/Midwest TMA Chapter wants you to

proudly display your new accomplishment, and toaccomplish that, you will need a nice, new frame for your office wall.

If you’ve recently passed the CTP exam, please contact Chris Glatz at(815) 469-2935 or [email protected] for details.

The More You Know…Did you know that if you pass the Certified Turnaround Professional(CTP) exam, you receive a free membership to the TurnaroundManagement Association (TMA)?

As if the benefit of joining the high ranks of current CTP members werenot enough, as a member of the TMA you have the opportunity tonetwork with other industry professionals and participate in conferencesand programs that further educate you on the current happenings in theturnaround community.

For more information, please contact Nicole Gibby at (312) 578-6900.

Chicago Chapter Member News

Morris Anderson & Associates’ Managing Director RRRRRoberoberoberoberobert Mt Mt Mt Mt Morrisorrisorrisorrisorrisspoke about pensions at the 5th Annual TMA Great Lakes RegionalConference in Ellicottville, NY May 19th. Next, he covers the“Evolution of Business Turnaround, Restructuring and Advisory Firms;Impact of Sarbanes-Oxley” at AIRA’s 22nd Annual Bankruptcy &Restructuring Conference in Seattle which runs June 7-10.

Daniel WikelDaniel WikelDaniel WikelDaniel WikelDaniel Wikel, Managing Director at Huron Consulting Group, hasbeen named Huron Consulting Group’s representative on the TMACornerstone Council.

SSSSSuzanne Kuzanne Kuzanne Kuzanne Kuzanne Koenigoenigoenigoenigoenig spoke at the American Bankruptcy Institute’s SpringConference in Washington DC, April, 22nd, on behalf of the Court’sAdministration and the Health Care Insolvency Committees on thenew Bankruptcy Code and Healthcare cases; and how they relate to theappointment of the Healthcare Ombudsman, and what the Courts, theUS Trustee and the Practitioners expect the Ombudsman to do in thesecases.

Frank R. Mack, CTPFrank R. Mack, CTPFrank R. Mack, CTPFrank R. Mack, CTPFrank R. Mack, CTP of Conway MacKenzie & Dunleavy was apanelist at the 2006 Kellogg Private Equity Conference held at theNorthwestern University’s Kellogg School of Management on March 1.

On the heels of celebrating his 20-year anniversary with commercial realestate services firm Studley, DDDDDavid J. Gavid J. Gavid J. Gavid J. Gavid J. Gelfandelfandelfandelfandelfand has been promoted toexecutive managing director in the Chicago office. Since joining thetenant advisory firm in 1986, Gelfand has represented firms in morethan six million square feet of transactions valued at nearly $1.1 billion.

JJJJJerrerrerrerrerry Lipmany Lipmany Lipmany Lipmany Lipman is speaking at an Illinois Society of CPA loop chaptermeeting. The topic is a divorce update.

Suzanne KoenigSuzanne KoenigSuzanne KoenigSuzanne KoenigSuzanne Koenig, of SAK Management Services, LLC, co-authoredwith NNNNNancy Pancy Pancy Pancy Pancy Petermanetermanetermanetermaneterman of Greenberg Traurig LLP, a recently publishedfeature article in the American Bankruptcy Institute’s Journal March2006 issue, “Patient Care Ombudsman; Why so much Opposition?”

Morris Anderson & Associates’ Cheri AndersonCheri AndersonCheri AndersonCheri AndersonCheri Anderson, Director of Marketing& Communication, has been elected 2006-07 Chair of the ChicagoNetwork for the International Women’s Insolvency & RestructuringConfederation (IWIRC). David McLaughlinDavid McLaughlinDavid McLaughlinDavid McLaughlinDavid McLaughlin, Manager at Huron Consulting Group, has beennamed to Huron Consulting Group’s CEO Advisory Council. Morris Anderson & Associates’ Consulting Manager MMMMMararararark k k k k WWWWWelchelchelchelchelchheaded a panel discussion at Pittsburgh TMA on April 25th, discussing“Fraud and Forensic Accounting in a Restructuring Context.”



Morris Anderson & Associates is pleased to announce that Sid LamberskySid LamberskySid LamberskySid LamberskySid Lamberskyhas joined the firm as Chicago-based Managing Director. Sid will beresponsible for business development in key markets. Dick Kallage and Bill BarronDick Kallage and Bill BarronDick Kallage and Bill BarronDick Kallage and Bill BarronDick Kallage and Bill Barron of KDC & Associates were both presentersat the Metal Matters manufacturing conference in Las Vegas in May.

TTTTTracy racy racy racy racy TTTTTrrrrregeregeregeregereger has become vice president and associate general counsel ofRidge Property Trust. Ridge is a private REIS specializing in state-of-the-artwarehouse, distribution and manufacturing facilities throughout the U.S.and Mexico.

Morris Anderson & Associates’ Consulting Manager KKKKKen en en en en YYYYYageragerageragerager spoke atChicago ACG’s Economic Update Breakfast on April 7th. Read Ken’s co-authored piece, “Adventures in Unrated Debt: Acting Like an Owner,” in thecurrent issue of the Journal of Private Equity.

Morris Anderson & Associates Principal and TMA Chicago/Midwest Past-President DDDDDan Dan Dan Dan Dan Dooleyooleyooleyooleyooley spoke at TMA’s Spring Conference in Phoenix,discussing “How Rainmakers Make it Pour,” then covered “New Case LawDevelopments and other Hot Topics” at ABI’s Annual Spring Meeting,which ran April 20-23. Next, he can be found discussing “Ethics: Pre- andPost-Petition Deepening Insolvency and other Professional Liability Perils” atABI’s 13th Annual Central States Bankruptcy Workshop in Traverse City, MI onJune 16th. On April 1st, Mesirow Financial Consulting announced the promotions ofAlan Alan Alan Alan Alan TTTTT. H. H. H. H. Handleyandleyandleyandleyandley and JJJJJames E. Names E. Names E. Names E. Names E. Nugentugentugentugentugent to Managing Director. Both Alanand Jim are headquartered in Mesirow’s Chicago office.

Randy PRandy PRandy PRandy PRandy Pattersonattersonattersonattersonatterson, Managing Partner of Lake Pointe Partners LLC, wasrecently elected to the Board of Directors of the Chicago Chapter of theAssociation for Corporate Growth.

Morris Anderson & Associates’ Consulting Manager MMMMMichael Jichael Jichael Jichael Jichael Jakolatakolatakolatakolatakolat spokeabout “The US Auto Industry and the Future of Tier One and Tier TwoSuppliers” on April 13th at the Indiana Association of Corporate Renewal’sluncheon.

Suzanne KoenigSuzanne KoenigSuzanne KoenigSuzanne KoenigSuzanne Koenig, of SAK Management Services LLC, moderated, thepanel,” How Rainmakers Make It Pour’ which answers questions on businessdevelopment and client flow, for the TMA National Spring Conference heldin Phoenix, AZ, March 25. DDDDDan Dan Dan Dan Dan Dooleyooleyooleyooleyooley, from Morris Anderson andAssociates, MMMMMararararark Bk Bk Bk Bk Berererererkoffkoffkoffkoffkoff, DLA Piper Rudnick Gray Cary US LLP, andNorma Corio, from JP Morgan Chase in New York participated on the panel.

Conway MacKenzie & Dunleavy recently announced that Frank R. MackFrank R. MackFrank R. MackFrank R. MackFrank R. Mackwill now serve as a Managing Director of the firm.

On April 21, Melissa Kibler Knoll, CTPMelissa Kibler Knoll, CTPMelissa Kibler Knoll, CTPMelissa Kibler Knoll, CTPMelissa Kibler Knoll, CTP and Senior Managing Director ofMesirow Financial Consulting, LLC spoke at the ABI 24th Annual SpringMeeting in Washington, DC. The program, “Can the Problems Facing U.S.Manufacturers be Fixed?,” featured a keynote address by Kathleen Ligocki,CEO of Tower Automotive, and a lively Q&A session including Ms. Knoll,Mr. William A. Brandt, Jr. from Development Specialists, Inc. and Mr. JohnTittle, Jr. from LEGC, LLC.

PPPPPieter Lesterhuisieter Lesterhuisieter Lesterhuisieter Lesterhuisieter Lesterhuis, Manager at Huron Consulting Group, spoke at The 13-Week Cash Flow Workshop on May 18th at the University of ChicagoGleecher Center.

M O N T R É A L O T TAWA T O R O N T O C A L G A R Y VA N C O U V E R N E W Y O R K C H I C A G O L O N D O N B E I J I N G

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Blakes has been recognized as a leader in this areaby a number of the most highly regarded international trade publications including PLC Which Lawyer? Yearbook 2006, Chambers Global: The World's Leading Lawyers for Business 2006 and Law Business Research’s The International Who's Who of Business Lawyers 2006. Blakes Restructuring& Insolvency Group has experience in every step of the cross-border restructuring process from lifeline financing,to distressed acquisitions, to the successful rescue of a viable business.

We are the only Canadian law firm with an office in Chicago, where we practice exclusively Canadian law.In Canada, the U.S. and abroad, Blakes means business.

To find out more about our restructuring & insolvency practice, contact Linc Rogers at 312.739.3613 or visit usat www.blakes.com.

BLAKES RESTRUCTURING & INSOLVENCY GROUP

TMA Chicago-Midwest - April 2006.ai 4/3/2006 6:25:01 PM


Please join us in welcoming thefollowing new TMA members:

Vinay Bharadwa, IPALyn Bivins, PerspectivesGregory Brown, Dillard Ralston Inc.Will CarterDavid Christian, McDermott Will & Emery LLPGeorge Couladis, CIT Business Capital National Restructuring GroupScott Cozad, Bowne & Co.Jennie Cullen, Coface North AmericaTheresa DeMondo, Puritan FinanceAnthony DiNello, Silver Point CapitalJoseph DiRago, Freeborn & Peters LLPMichael DuVallGlenn Eisenhuth, Abrams & Jossel Consulting Inc.Thomas Fawkes, Freeborn & Peters LLPMelissa Febel, Mesirow Financial Consulting LLCMichael Fogel,GDI Consulting ServicesRebecca Foreman, Affinity Bank HealthcareCory Gaffney, The Anderson GroupDavid Gerlach, Gerlach Companies Inc.Gabe Greenbaum, Kellogg School of BusinessCat Harshman, Hilco AppraisalQuinn Heiden, National City Business CreditJonathan Hicks, Heico Acquisitions

David Kohn, MJ PartnersShawn Lapean, GiulianiCapital AdvisorsJoy Levy, Arnstein & Lehr LLPJerome Lipman, Frost Ruttenberg & Rothblatt P.C.Jamie Lisac, AlixPartners LLCHarvey Loew, HJL Consulting Inc.Seth Marks, Big Lots CapitalJason McDannold, Quantinus Inc.Gerry Mihas, LaSalle Bank N.A.Craig Morse, Hilco Corporate FinanceRichard Parisi, Silver Point CapitalDavid Parks, AIG Commercial Equipment Finance Inc.Audrey Pengelly, Bank of America Business CreditJames Rategan, Hilco Merchant Resources LLCRavi Soni, Houlihan Lokey Howard & ZukinLori Stanovich, Bowne of ChicagoMargaret Strothkamp, Schiff Hardin LLPRoger Tauchman, GE Commercial FinanceKathryn Thomas, Freeborn & Peters LLPDavid Verbeten, ForteCEO Group

What’s the Deal?Doing Business in Chicagoland and the Midwest

TMA " Chicago/Midwest Chapter " March/April 2006 "

Concord Financial Advisors, LLCConcord Financial Advisors, LLCConcord Financial Advisors, LLCConcord Financial Advisors, LLCConcord Financial Advisors, LLC announces the closing of a $6.0MM seniorsecured revolving Credit facility for an Italian/Austrian wine importer in Chicago.Concord served as exclusive financial advisor to the company and closed thetransaction with a fellow TMA member.

Gibraltar Financial CorporationGibraltar Financial CorporationGibraltar Financial CorporationGibraltar Financial CorporationGibraltar Financial Corporation, an asset-based lender to small- and medium-sized clients throughout the entire U.S., announces the 3rd contract renewal ofa $250,000 Illinois machine tool servicing company and the 2nd renewal of a$100,000 Indiana chemical manufacturer.

Movie Gallery Inc. will work with Hilco Real EstateHilco Real EstateHilco Real EstateHilco Real EstateHilco Real Estate to restructure leases atmore than 1,100 of its video rental stores in an effort to improve its operatingresults. The lease program is one of several cost-saving and restructuringmeasures targeted by the No. 2 North American video rental company. Keystone Consulting GroupKeystone Consulting GroupKeystone Consulting GroupKeystone Consulting GroupKeystone Consulting Group was engaged to lead a turnaround effort for alarge multinational electroplater. The company supports a variety of automotiveand non-automotive customers. Keystone will manage the overall profitimprovement effort, focusing on a variety of revenue, operational and financialimprovement initiatives.

Huron Consulting GroupHuron Consulting GroupHuron Consulting GroupHuron Consulting GroupHuron Consulting Group is proud to announce the acquisition of the assetsof Galt & Company. Galt is a specialized advisory firm that designs andimplements corporate-wide programs to improve shareholder returns. KDC & Associates LtdKDC & Associates LtdKDC & Associates LtdKDC & Associates LtdKDC & Associates Ltd. announced the opening of an office in the EigerCenter in Rockford. This office will provide senior-management and operations-consulting services to manufacturers in the Northern Illinois and SouthwestWisconsin region, and participate directly in the revival of the area’smanufacturing base.

Thomas J. Allison, executive vice president and senior managing director atMesirow Financial ConsultingMesirow Financial ConsultingMesirow Financial ConsultingMesirow Financial ConsultingMesirow Financial Consulting, has been named interim CEO of USA Capital,a Las Vegas-based lender who recently filed for bankruptcy court protection.The bankruptcy filing is being managed by Mesirow Financial InterimManagement, LLC.

Tom Jones of ConcorConcorConcorConcorConcord Fd Fd Fd Fd Financial Ainancial Ainancial Ainancial Ainancial Advisors LLdvisors LLdvisors LLdvisors LLdvisors LLCCCCC announces the closing of a$15.0MM senior secured revolving credit facility for a $40.0MM concreteconstruction equipment distributor in St. Louis. Concord served as exclusiveadvisor to the company and closed the transaction with a fellow TMA memberin St. Louis.

PPPPPrrrrromontoromontoromontoromontoromontory Py Py Py Py Point Point Point Point Point Pararararartners LLtners LLtners LLtners LLtners LLCCCCC recently completed the sale of PlibricoCompany, a Chicago-based refractory manufacturer and contractor, to a localequity sponsor. The company, in bankruptcy due to asbestos litigation, wasreturned to profitability, emerged from bankruptcy March 8th and sold as agoing concern in a competitive auction.

Monroe Capital LLCMonroe Capital LLCMonroe Capital LLCMonroe Capital LLCMonroe Capital LLC announced the completion and funding of a $65 millionsenior secured and junior term loan credit facility for the benefit of ConbracoIndustries, Inc. Monroe Capital acted as Lead Arranger and SyndicationAgent for the junior term loan facility, and as a Co-Lender under the seniorsecured loan. The credit facilities were used to recapitalize the company,refinance existing debt and provide ongoing working capital.

GGGGGrrrrreenfield Commereenfield Commereenfield Commereenfield Commereenfield Commercial Ccial Ccial Ccial Ccial Crrrrrediteditediteditedit’s Regional Manager Donald M. Rudnik closeda $4,000,000 asset-based loan transaction for a Wisconsin consumer servicecompany.

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Turnaround Management AssociationChicago/Midwest Chapter

2006 Board of Directorsand Steering Committees

OfficersPresidentWilliam J. HassTeamwork Technologies [email protected]

President-ElectLisa N. JohnsonWells Fargo Business [email protected]

Vice President-ProgramsNorman B. NewmanMuch [email protected]

Vice President-CommunicationsJoseph J. FobbePNC Business [email protected]

Vice President-Community Serv.Thomas E. PabstGreat American [email protected]

SecretaryGail D. HeldkeWells Fargo Business [email protected]

TreasurerCarl LaneDeloitte Financial Advisory Services [email protected]

AdministratorChristine M. GlatzManagement [email protected]

Ex-OfficioPast PresidentDaniel F. DooleyMorris-Anderson & Associates [email protected]

DirectorsRobert A. MorrisMorris-Anderson & Associates [email protected]

Sid [email protected]

Thomas E. JonesConcord Financial Advisors312-663-6684 [email protected]

Chad PetersonBridge Associates [email protected]

Kimberly A. MetznerThe Collateral Resource Group [email protected]

Mark K. GertzofMerrill Lynch [email protected]

Harold D. IsraelKaye Scholer [email protected]

Kelly T. FrankAuction Services [email protected]

Kevin A. KrakoraMesirow Financial Consulting [email protected]

Committee ChairsAwardsDavid E. MackALTMA Group [email protected]

Mitchell B. RaskyLaSalle Business [email protected]

Ken YagerMorris-Anderson & Associates [email protected]

Breakfast ProgramsHarold D. IsraelKaye Scholer [email protected]

Thomas E. PabstGreat American [email protected]

Chad PetersonBridge Associates [email protected]

CommunicationsCheri AndersonMorris-Anderson & Associates [email protected]

Joanne C. Chamberlain [email protected]

Joseph J. FobbePNC Business [email protected]

Mark LeipoldGould & [email protected]

Community ServiceJonathan BloomHilco [email protected]

Al DeGuzmanPNC Business [email protected]

Jim VargoThe Bekins Acquisition [email protected]

Continuing EducationRay AndersonBurnham Ventrue [email protected]

Frank MackConway, MacKenzie & [email protected]

Anu R. SinghHuron Consulting [email protected]

CTP RelationsBernadette M. BarronMorris-Anderson & Associates [email protected]

Duncan S. BourneWynnchurch [email protected]

Randall Wright PattersonLake Pointe Partners [email protected]

EntertainmentJeffrey S. HylandCapstone Advisory [email protected]

Suzanne KoenigSAK Management Services [email protected]

Jason LeuvoyPresidential Financial Corporation ofthe [email protected]

FinancialMark K. GertzofMerrill Lynch [email protected]

Drew CardonickGoldberg [email protected]

Sid [email protected]

Special ProgramsFrank MelazzoGetzler Henrich & [email protected]

Robert A. MorrisMorris-Anderson & Associates [email protected]

Norman B. NewmanMuch [email protected]

SponsorshipTeresa B. GerlachNorth Fork Business Capital [email protected]

Thomas E. JonesConcord Financial [email protected]

Thomas F. ThompsonPNC Business [email protected]

Web SiteKelly T. FrankAuction Services [email protected]

Michael L. [email protected]

Women’s GroupGail D. HeldkeWells Fargo Business [email protected]

Kimberly A. MetznerThe Collateral Resource Group [email protected]

Patricia M. WuGreat American [email protected]

Carl LaneDeloitte Financial Advisory [email protected]

Raymond M. NeihengenALTMA Group [email protected]

Future LeadersBarry W. DubinKellogg Graduate [email protected]

Jason EdelsonTranscap Trade Finance [email protected]

Bill HackneyMuch [email protected]

Inter-ChapterPaul E. KrantzGMAC Commercial [email protected]

Howard J. MullinMorris-Anderson & Associates [email protected]

William ReimnitzRiviera [email protected]

MembershipDavid BogetzBurnham Capital Partners [email protected]

Bob HandlerCommercial Recovery Associates [email protected]

Thomas E. JonesConcord Financial Advisors312-663-6684 [email protected]

Kevin A. KrakoraMesirow Financial Consulting [email protected]

Milwaukee ProgramsMichael R. CollotonFirst Business Capital [email protected]

Bob OllhoffM & I [email protected]

Philip L. OstroskiAssociated Commercial [email protected]

Daniel G. QuirkAccuVal Associates [email protected]

ParliamentarianChristopher J. HorvayGould & [email protected]

Pro BonoHarry R. NovakBuccino & Associates [email protected]

David D. OnionChicago Capital Holdings [email protected]

James M. RubensteinAlert Consultants [email protected]

Public RelationsMichael BanCapital TempFunds [email protected]

Quick Survey

TMA,Please consider the following as one ofyour strategic initiatives for the yearsahead:

___ More educational efforts such as:_________________________________________________________________________

___ More networking efforts such as:____________________________________________________________________

___ More fun activities such as:____________________________________________________________________

___ More community services efforts such as:____________________________________________________________________

___ More newsletter emphasis on:____________________________________________________________________

___ Other:____________________________________________________________________

I would like to get more involved in thefollowing committees:___ Awards___ Communications___ Continuing Education___ Future Leaders___ Membership___ Pro Bono

Name ____________________________Company _________________________Phone ____________________________

Tear this page out and return it via mail or faxto:TMA CHICAGO CHAPTER STEERINGCOMMITTEE & BOARDc/o Chris GlatzTMA Chicago/Midwest ChapterP.O. Box 33Frankfort, IL 60423

Fax: 815-469-1901


Membership ApplicationName:

____________________________________________________

Title:

____________________________________________________

Firm:

____________________________________________________

Address:

____________________________________________________

City: ___________________ State: __________

Zip: __________

Phone:_____________________

Fax: ______________________

E-mail:

__________________________________________________

Web Site:

__________________________________________________Referred by:__________________________________________________

Membership Category:::::

AnnualMid-year Year End(7/1-8/31)* (9/1-11/30)**

Member #$ $275 #$ $150* #$ $375**Academic/Govt. #$ $115 #$ $115* #$ $150**Student #$ $ 65 #$ $ 65* #$ $ 85**

* New members only; does not include Directory listing** Year end dues expire 12/31/06Memberships are on an individual basis only and are non-transferable.Membership includes a listing in the 2005-06 Directory of Members andServices.

Method of Payment (check one):#$ Visa #$ MasterCard#$ American Express #$ Check

Acct#: _________________________________Exp Date: ______________________________Signature: ______________________________

Preferred Chapter::::: Chicago/Midwest

Turnaround Management Association100 South Wacker Drive, Suite 850Chicago, Illinois 60606

Phone: 312/578-6900Fax: 312/578-8336E-mail: [email protected]

The Chicago/Midwest Chapter of TMA thanks the following 2005-2006 Platinum and Gold Sponsors

Gold Sponsors

Christine Glatz, chapter administratorP.O. Box 33Frankfort, IL 60423815- 469-2935 Fax 815-469-1901E-mail: [email protected]

PresortedFirst Class

U.S. PostagePAID

Permit 102Northfield IL

AccuVal Associates Inc.

ALTMA/White Oak Group

Atlas Partners LLC

Back Bay Capital Funding LLC

BBK

Bridge Associates LLC

Buccino & Associates Inc.

Chase Business Credit

Chicago Capital Holdings LLC

Deloitte Financial Advisory Services LLP

Fort Dearborn Partners Inc.

Gardner Carton & Douglas LLP

Getzler Henrich & Associates LLC

Goldberg, Kohn, Bell, Black,

Rosenbloom & Moritz Ltd.

Gould & Ratner

Impact Group Inc.

Lincoln Partners LLC

Mesirow Financial Consulting LLC

Schwartz Cooper Greenberger &

Krauss Chtd.

Stout Risius Ross Inc.

Textron Financial

Welcome Midwest Business

Brokers and Intermediaries

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 two and join us at any

of our upcoming meetings. We

look forward to seeing you.

Platinum Sponsors

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