From Our President:

Volume 7, Number 2

TURNAROUND MANAGEMENT ASSOCIATION

William J. Hass

What’s Inside?! Upcoming Events — 2,3

! Past Events — 5-8

! Award Nominations Requested — 9

! Investment Banking for DistressedCompanies — 10-13

! Chicago Chapter CTPs — 13

! Member News — 14,15

! New Member Listing — 15

! What’s the Deal? — 16,17

! 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

Great Experiences this Spring!

Associations are all about doing those thingswe cannot do alone, and our upcomingspring events reflect the collaborativenature of our mission of education and networking. These programs promise to share

knowledge, and provide educational opportunities to bothour members and the professional communities we serve.

May 18, Thirteen-Week Cash Flow Workshop

This event marks the continuation of our Troubled Loan Workshop Series for experiencedand new loan officers and turnaround professionals. The Series is such as success thatit is being developed for use by other TMA chapters! It’s one of our turnaround toolswith global application. Materials are now being prepared, so we particularly welcomeshort articles and suggestions on cash flow planning-related principles, managementpractices and modeling techniques from all our Chapter members.

June 22-23, Liquidity and Corporate Renewal Symposium

This event is part of TMA’s New Global Educational Symposium (GES) Series, whichwe hope will be offered in New York and Chicago in alternating years. The purpose ofthis two-day educational program is to bring together industry thought leaders to provideboth academic and professional insights on our industry and profession. Award-winningand entertaining Professor Matt McBrady, from the Darden Graduate School ofManagement, will lead a panel of academics covering liquidity issues and new research.Cash prices for award-winning papers by practitioners and academics may be given forthe first time!

GE Capital’s Managing Director Brent Hazzard is the national program chair of theGES. Brent and his committee promise an enlightening and practical program andwhat will be a great international networking event. Watch for more details as theprogram develops.

Chapter leadership in planning these and our other similar events falls under the guidanceof our Education Committee co-chairs Anu Singh, Frank Mack and Ray Anderson. Wehope you and/or one of your representatives support these new and unique programs.If you would like to get involved, please give one of our co-chairs a call. Contactinformation can be found on the inside cover of this publication.

And as always, our chapter leaders are working on new initiatives that will make yourmembership more valuable to you. But we need your help. If you have suggestions orwish to get involved, please return the survey that’s included in this issue.

Looking forward to hearing from you,

Bill HassBill Hass, CTP

March/April 2006

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, 847-768-4424Mark Leipold, 312-899-1651

TMA " Chicago/Midwest Chapter " March/April 2006 " Page 2

Upcoming EventsApril 20, 2006Future Leaders Inter-AssociationNetworking EventAvenue M – 5:30 p.m.

April 27, 2006Milwaukee Program – Panel DiscussionThe University Club – 5:30 p.m.

May 4, 2006Inter-Chapter Texas Hold’emSt. Louis, Missouri

May 5, 2006Breakfast ForumMid-Day Club

May 11, 2006Wicked Theatre EventOriental Theatre

May 18, 200613-Week Cash Flow Full-Day WorkshopThe Gleecher Center – Chicago

June 14, 2006Charity Golf OutingHarborside Golf Course

June 19, 2006Keynote Special Event:Barry Alvarez, University of WisconsinThe Wisconsin Club – 5:30 p.m.

June 21-23, 2006TMA National Educational ConferenceGlobal Education Symposium – Chicago

July 6, 2006SummerFest in Milwaukee!Join us at the Harley Davidson Stage for aprivate reception area during Milwaukee’sgreatest festival!

July 20, 2006TMA/ACG/CFA Joint Boat CruiseNavy Pier

For more information about any of theseupcoming events, please call 815-469-2935.

Calling all Professionals, Young and Old!

The Future Leaders Committee is pleased to announce that it is working withseveral other organizations to co-sponsor a downtown event this April that willbring together young professionals from a variety of fields and industries. This issure to be a great event for professionals of all ages, and the Future LeadersCommittee invites everyone to come out and enjoy an evening of cocktails,appetizers and networking.

Watch your weekly TMA Chicago/Midwest eBulletin for details, or contact BillHackney at 312/521-2412 or Jason Edelson at 847/753-9600.

Read ‘Em and WeepBe sure you mark your calendars for theTexas Hold ‘em networking event scheduled forSt. Louis on May 4th. Last year, the ladies were thebig winners and we are looking for challengers to take them on!

The Chicago team of Paul “the River” Krantz, Chuck “Chi Town” Gerlach, Gordon “the Shade” Holtby, Mike “the Hammer” Costelloand Frank “the Hit Man” Melazzo will be retuning to deal the winning hands. Lastyear was a lot of fun and we expect many more people to participate this year. Inaddition to the great networking opportunity that will be available, the winner willgo home with a great prize.

So get out your best dark glasses and your winning ways and “Join us in St. Louie,Louie!”

TMA’s Global Educational SymposiumChicago Hyatt Regency HotelJUNE 22 & 23, 2006Another GREAT opportunity to enjoy a national TMA program in Chicago!

This symposium will be packed with educational sessions and feature awardwinning papers and panels on Renewal and Liquidity

Chicago/Midwest Chapter to Host 2006Body of Knowledge Review SeriesBack by popular demand, the Chicago/Midwest Chapter will once again conduct theBody of Knowledge Review Series in Chicago this summer. The review classes areheld on a Friday in July, August and September with the option of taking the test forthe CTP exam the following day. The dates for 2006 are:

July 14th Finance ReviewAugust 11th Law ReviewSeptember 15th Management Review

TMA " Chicago/Midwest Chapter " March/April 2006 " Page 3

13-Week Cash Flow WorkshopA Troubled Loan Workshop Series Program

Thursday, May 18, 2006University of Chicago/Gleecher Center

The Chicago/Midwest Chapter of the TMA is pleased to announce a new program as part of its Troubled Loan WorkoutSeries. The Thirteen Week Cash Flow Workshop (“TWCFW”) features a program that focuses on the theoretical elementsand practical applications of cash budgets for companies in financial distress. The TWCFW represents a comprehensiveprogram on the principles of cash budgeting. This workshop will be taught through a case study simulation using cash flow,and the model legal documents and bankruptcy orders typically utilized during chapter 11 bankruptcy cases concluding inSection 363 asset sales. The TWCFW also includes modules on the Bankruptcy Abuse Prevention and Consumer ProtectionAct of 2005 and Investment Banking in bankruptcy, a panel discussion on the practical applications and implications of cashflow budgets on the decision making and negotiating processes of the various parties-in-interest seeking to maximize recover-ies, and concludes with a cocktail reception with senior-level practitioner guests from the corporate renewal profession.

Who should attend?Turnaround Consultants and Financial Advisors

Insolvency AttorneysWorkout & Line Lending Officers

Private Equity & Hedge Fund Investors and their Intermediaries

For more information regarding this exciting series of workshops, please call 815-469-2935.

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TMA " Chicago/Midwest Chapter " March/April 2006 " Page 5

Kicking off the New Year with the TMA Breakfast ForumThe first Breakfast meeting of 2006 provided not one but two great presentations. The recipients of two of TMA Chicago/MidwestChapter’s awards made presentations to 220 TMA members and their guests. Bush Industries won Large Company Turnaround of theYear and ATA Airlines won Transaction of the Year.

Michael Buenzow of FTI Palladium Partners served as InterimCEO and, with Garry Graber of Hodgson Russ who served asDebtor’s counsel, presented the successful turnaround of BushIndustries, which had been a leader in “knockdown” or ready-to-assemble furniture in the U.S. since 1959 and had expandedgreatly to meet the growing demand both locally and—whatwas hoped would be—internationally. It even built a state-of-the-art facility in Erie, Pennsylvania with significant roboticand storage facility. However, Bush was impacted bysignificant losses in its international foray and the rise of lowcost imports from Asia in the U.S.

Bush negotiated a resolution with most of its lenders. Itopened an office in China to import products and, therefore,be in a position to better compete. It was also able to obtainthe support of the local community, and through this process,capped off by a pre-negotiated bankruptcy filing, BushIndustries was named Large Company Turnaround of the Year.

The second panel was equally interesting. David Bochenek of HuronConsulting, who served as financial advisor to ATA Airlines, discussed theground-breaking efforts to maximize value of the 14 gates at Midway Airport. Atthe time of its bankruptcy, ATA had two business lines: passenger travel throughscheduled flights, primarily through its hub in Indianapolis; and governmenttransport contracts, including military personnel transport. While its governmentcontracts were profitable, the passenger travel was draining the company ofresources. ATA had too many empty seats. The success of the passenger travelbusiness was further affected by cumbersome work rules and the significantholdbacks required by the credit card companies.

ATA filed bankruptcy, but had to figure out a way to unlock the value of thegates that it maintainedat Midway Airport.ATA realized thatsimply selling thegates – even it waspermitted by the Cityof Chicago – would

o n l ybring alimitedamount

of revenue. So ATA decided to auction the gates and was able to get offers that notonly provided loans to the business but allowed it to share in the revenue ofpassengers booked through these gates. As a result, ATA was able to maximize thevalue of its most sought-after asset and receive a stream of revenue over a longerperiod of time. This innovative approach and the hard work to get numerousconstituencies to agree is why this was named Transaction of the Year.

Panelists were (from left) David Bochenek, Garry Graber and Mike Buenzow

Photos by Linda Jacobs, Alert Consultants Inc.Murray Lessinger

Harry Pruecil’s wife and daughter

TMA " Chicago/Midwest Chapter " March/April 2006 " Page 6

Diane Swonk Addresses TMA Breakfast ForumBy Harold D. Israel, Kaye Scholer LLC

On March 10 at a breakfast forum attended by 233 people, Diane Swonk, Chief Economist of MesirowFinancial Inc. gave us her thoughts and predictions about the economy for the year.

Thanks to equipment provided by Deloitte Financial Advisory Services LLP, the presentation wasinteractive as the audience was polled on various matters and Ms. Swonk gave us her reactions to ourresponses. Most interestingly, while we as a group thought a military action with Iran before the end of2007 was not likely, Ms. Swonk had a very different view, suggesting that such an action may take placeshortly after the November elections. On a lighter note, we learned that, as a society, we are more likelyto enjoy our movies at home with a glass of wine as opposed to going to a theater and having a beerafterwards.

Overall, Ms. Swonk believes that the economy will continue to grow in 2006 and a downturn is notlikely in the near future. The breadth of Ms. Swonk’s presentation certainly left us all more educated andwith a little to think about!

Diane Swonk

Andrew Weissman, Ken Yager, Jason Edelson and NavinNagrani

Gail Heldke, Cheri Anderson and Patty Wu

Photos by Linda Jacobs,Alert Consultants Inc.

TMA " Chicago/Midwest Chapter " March/April 2006 " Page 7

Back by Popular Demand…Join the Chicago/Midwest turnaround industry with a specialinsert in Crain’s Chicago Business this June 12, 2006. Look atwhat you can gain by placing an ad in this special insert:

! The option to publish an article with your ad! A professionally designed business magazine format to

stimulate reading! Magazine limited to 16 pages so your ad and article will

stand out! Targeted to your best referral sources – lenders! Crain’s demographics:

Over 250,000 readers98.8% of readers are management/professionalPurchasing influences right in our sweet spot

! 60% discount from Crain’s regular advertising rates! Reprints available (printed copies and PDF for inclusion

in your e-mails and newsletters)! Distribution coordinated with the TMA Global

Educational Symposium to be held in ChicagoJune 21-23, 2006.

For more information on advertising rates and/or submitting anarticle, please call the chapter office at 815-469-2935.

Diane Swonk Polling Resultsfrom the March 10

breakfast forum

What are your feelings in terms of the resiliencyof the current economic expansion?

64% responded that expansion will increase in 2006,but at a slower pace than in 2005.

22% responded that expansion will remain at itscurrent pace throughout 2006.

8% responded that expansion will come to a grindinghalt and the economy will fall into a recession.

6% responded that expansion will increase in 2006from levels achieved in 2005.

TMA " Chicago/Midwest Chapter " March/April 2006 " Page 8

Chicago Blackhawks Event Kicks off In-ter-Association ScheduleBy Mike Costello, JD Factors

TMA held its first inter-association event on Wednesday, March 1st –and it was a big success. The evening was kicked off with pizza andcocktails at Moretti’s, followed by the Blackhawk hockey game at theUnited Center.

With members from local chapters of six associations – TMA, Mid-west Business Brokers and Intermediaries, Chicago Bar Association,National Funding Association, Risk Management Association and theAlliance of Merger and Acquisition Advisors – 135 members and guestsenjoyed the evening of dynamic networking and camaraderie.

As a bonus, all that attended saw the Hawks shut out the opposingteam... of course, their successwas attributed to the presenceof members from all six associa-tions!

We look forward to havingthese associations contribute tothe expansion of these network-ing events and bringing moreopportunities to all the variousmembers throughout the year.

Toasting the New Year at our 2nd AnnualMartini EventBy Stanley F. Orszula, Esq., Adelman & Gettleman Ltd.

On Thursday, February 16, 2006, morethan one hundred area turnaroundprofessionals braved a cold Chicagowinter night to meet up at the world - famous Gibson’s Steakhouse for th e Chapter’s 2nd Annual MartiniNetworking Event.

Gibson’s second floor privatedining room was the venue wheremembers and their guests enjoyedGibson’s famous martinis anddelicious hors d’oeuvres. Thegathering drew a wide-rangingassortment of professionals from bothIllinois and surrounding states andincluded lenders, investors, liquidators, accountants, turnaroundexperts and attorneys .

Members took advantage of the informal setting to catch up withold acquaintances, make new friends and contacts, and learn about newand interesting events in the turnaround industry. The gatheringproved once again how TMA can provide its members with an excellentforum for forging relations that can benefit not onlythe parties individually but also the turnaround industry as a whole.

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Submit your Nominations!

The Outstanding Corporate Renewal AwardThe TMA Midwest/Chicago Awards Committee presents a new award, TheOutstanding Corporate Renewal Award, to support the quest to educate, entertainand promote TMA members. This new award will be presented to a companythat we, as TMA members, recognize as an example of doing business the rightway– a firm that has used the fundamentals of a turnaround strategy to not onlyturn around the business, but also has taken the advice to heart and institutionalizedthat knowledge to build a business that is a recognized successful company eitherin the broad financial markets or within its niche community. The typical awardwinner should have shown three to five years of financial and other businesssuccesses.

The turnaround may or may not have happened with the direct help of the TMA,but we as TMA members, are willing to put our “stamp of approval” on thiscompany and promote it as an example of what needs to be done to not only turna business around, but also provide it with the tools for “Corporate Renewal.”

The Awards Committee seeks nominations for this award now. It is easy tonominate: all we need from you at this time is the name of the company, yourbrief thoughts and rationale, and your contact information. We expect the CEO,senior executive or the owner of the award winner to personally accept the awardand briefly speak at an awards function. The winning company must be preparedto have a case study written and distributed by TMA.

Please start thinking about nominations now.

For more information, contact Dave Mack at dmack@altma.com or 847-441-1867, Mitch Rasky at mitchell.b.rasky@abnamro.com or 312-904-8858 or KenYager at kyager@morris-anderson.com or 847-304-1103.

The Newsletter ofCorporate Renewal

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The Newsletter of Corporate Renewal isdistributed five times annually through-

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For more information regarding placingan ad in this publication, please call:

Cheri Anderson, 847-768-4424canderson@morris-anderson.com

TMA " Chicago/Midwest Chapter " March/April 2006 " Page 9

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Investment Banking for Distressed CompaniesBy Jeffrey S. Hyland, Fort Dearborn Partners

EEEEEditorditorditorditorditor’’’’’s Ns Ns Ns Ns Note:ote:ote:ote:ote: In conjunction with the 2005 TMA National Conference held in Chicago, the Chicago/Midwest Chapter produced a special insert in the October17 Crain’s Chicago Business. As a result of an overwhelming response from our membership, an overflow of articles was received. We will feature some of the articlesintended for the insert in the next several issues of the Newsletter of Corporate Renewal. Below is the first of six articles that we will publish and share with ourmembers.

TMA " Chicago/Midwest Chapter " March/April 2006 " Page 10

There are a myriad of differences between selling distressed andhealthy companies. Irrespective of the situation, most sellers arehighly motivated to maximize value. In a distressed situation,however, external parties can dictate the timing of a sale anddramatically influence its outcome. Selling a distressed company isunique; the path is paved with pitfalls. There are several actionsmanagement can take to maximize enterprise value and the ultimateoutcome for all stakeholders.

Distressed Company AttributesFor purposes of this article, distressed companies are approaching,

or in, the zone of insolvency. These companies are troubled, buthave not slipped into the more severe arenas of bankruptcy orreceivership. Attributes for distressed companies can include any orall of the following:

• Difficulty in paying obligations as they become due in thenormal course of business

• Limited or no credit availability• Lack of ability to refinance existing debt• Covenant violations with lenders• Erosion of enterprise value and bonds trading at junk pricing

• Liabilities exceeding assets

Management ResponsibilitiesAs the company approaches the zone of insolvency, both

management and the Board of Directors assume greater operationaland fiduciary responsibilities to all creditors of the company.Management must develop clear strategies to deal with the liquiditycrisis and address the objectives of each stakeholder. Examples ofviable strategies can include turning around the company, downsizingand reducing debt, divesting a product line, subsidiary or other selectassets, refinancing existing debt, acquiring a competitor, or sellingthe entire company. Oftentimes, the company pursues parallel pathssuch as implementing an operational turnaround and pursueing thesale option.

Profit Improvement InitiativesThere is an old saying that states “If you find yourself in a hole,

the first thing to do is stop digging!” It is critical for management tomake immediate changes in the business to generate near-term cashavailability and maximize proceeds from the disposition of all or part

TMA " Chicago/Midwest Chapter " Jan/Feb 2006 " Page 11

of the business assets. Profit improvement actions demonstratemanagement’s vision of profitability, buy time and options withcreditors, and increase enterprise value. While non-distressedcompanies will also benefit from profit improvement initiatives, theyare imperative for distressed companies, enabling management tobetter control the company’s destiny.

The minimum profit improvement goal is positive cash flow fromoperations after payment of debt service obligations. Profitimprovements should address all aspects of the business includingsales and marketing, operations, administrative, financial, and cashflow/working capital management. Even if identified improvementsare not fully implemented, certain buyers will reflect credible profitimprovements in their purchase price.

Sales ProcessUtilization of a well-run sale process is crucial to a successful

outcome and robust valuation. Overall, these steps include preparingthe company for sale, completing an Information Memorandum,preparing a Buyers List, assembling the Data Room for buyer’s duediligence, negotiating and executing a Letter of Intent, preparing thedefinitive purchase agreement, and executing the contract. Eachstep in the process has unique aspects in distressed situations.

Preparing the Company for SaleInsufficiently preparing the company for sale is a frequent

management mistake in both distressed and non-distressed situations.Arguably one of the most important aspects is the development of abelievable “story” and strategy to present to the market in both theInformation Memorandum and subsequent managementpresentations. The “story” articulates a clear explanation of the

company’s missteps, remedies taken, company value drivers, andpotential synergies for the buyer. It must be believable and includebuyer-specific customization based upon an overall strategy. Forexample, an industry buyer may need the company’s facility; afinancial buyer may want an acquisition strategy.

Other necessary preparation includes critical tasks such as“cleaning up” the financial statements. Each line on the balancesheet should be supported with accurate and justifiable subsidiaryschedules or analyses. Additionally, many companies completephysical inventories to ensure maximum accuracy in the quantitiesand valuation. Waiting until the buyer’s due diligence to discoverbalance sheet inaccuracies will likely result in suboptimal negotiatingresults.

Information MemorandumThere are some critical differences between a distressed and non-

distressed company’s Information Memorandum. A distressedcompany’s memorandum must be prepared much quicker due to theoverall urgency in the process. This is especially true if the companyis burning cash. Another difference is to potentially focus the buyeron the Adjusted Contribution Margin, which shows the incrementalprofit contributed, assuming products are moved to the buyer’sfacility. Another key difference is focusing the buyer on the presentand future, not the past. For example, an important strategy is todirect the buyer to use an adjusted run-rate for purposes of definingcash flows. Adjustments are based upon one-time or non-recurringitems, including those identified but not yet implemented. By focusingon adjusted run-rate data, the buyer can quickly assess cash flows

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of the company on an ongoing basis after full implementation ofprofit improvement initiatives without unduly penalizing the sellerfor past missteps.

Buyers ListDeveloping the distressed seller’s Buyer’s List is similar to a non-

distressed seller’s, but entails some critical nuances. The objectiveof a robust auction process is similar in both circumstances, and allviable buyers are considered—whether strategic or financial,domestic or international. Generally in a distressed sale, however,buyers must have the financial wherewithal to consummate an all-cash transaction. While most financial buyers do not pursuedistressed companies, there is a community of private equity fundsdedicated to distressed situations.

Buyer Due DiligenceProper communications are critical in all distressed situations, with

the type of communication dependent upon the type of stakeholder.Potential buyers must have accurate and consistent communicationto have a fair process. To facilitate buyer communications, a “DataRoom” is used to accumulate pertinent information for potentialbuyers to review either before or after they make a purchase offer.

Buyer NegotiationsThe seller should not negotiate in a way that gives the impression

that a deal must be completed with a particular buyer. This is a keychallenge for the seller in a distressed situation; rather than sellingfrom a position of vulnerability, sellers should negotiate with a sense

of urgency while knowing their best fallback alternative if a particulartransaction is not completed. Ideally, this is achieved by negotiatingwith multiple buyers simultaneously. Good negotiators lead buyers toa strong purchase price through knowing the buyer’s business andsynergistic opportunities. These synergies become an integral part ofthe presentation of the seller’s business strategy to the buyer.

ValuationUnlike a non-distressed situation, the secured lender’s calculation

of liquidation value may determine the likely disposition strategy andtiming. Banks will use appraisals of real estate, fixed assets, inventoryand other assets as a basis of an orderly liquation or forced-salevaluation. This liquation calculation becomes the senior lender’sstrategy that minimizes implementation risk and is the “worse case”scenario. Offers generally must exceed this liquidation value or securedlenders will be inclined to take the “sure thing” rather than risk adiscount on their debt as a result of the company sale. A well-run saleprocess should generate results significantly beyond this floor valueif there is strong potential value.

Speed to CloseIn a distressed sale, the seller generally wants to close quickly due

to liquidity constraints. Secured banks are also motivated for a quickclose, as cash used to fund operations will reduce their collateralposition. This highlights the need for the company to improveprofitability so management has the ability to better control its destiny.Timing considerations also have implications on due diligencecalendars and preparation of a definitive purchase agreement. Onetechnique frequently utilized in a distressed situation is preparing the

TMA " Chicago/Midwest Chapter " Jan/Feb 2006 " Page 12

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

Atlas Partners LLCBiff Ruttenberg

BBK LtdPeter PappasRobert Webb

Capital Flow Corp.Russ Jensen

Chartered Management CompanyWilliam Avellone

Condor Financial Group Inc.Gilman King

Conway, MacKenzie & DunleavyFrank MackJoshua SianoJeffrey Zappone

Copperfield Chimney Supply Inc.Michael Barry

Cosi Inc.William Forrest

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

Kutchins, Robbins, Diamond Ltd.Allen Kutchins

Lake Pointe Partners LLCDavid AllenRandall Wright Patterson

Lighthouse Management GroupMark Allen

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

Samuel Williams

TMA " Chicago/Midwest Chapter " March/April 2006 " Page 13

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 cglatz@managementservices.org 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.

definitive agreement concurrent with the buyer’s due diligence. Somebuyers prefer to piecemeal the process with due diligence completedfirst, thereby limiting their legal costs for the definitive agreement.However, buyers experienced in purchasing distressed companiesunderstand the need for speed and the inherent risks with a slowclose—including potentially losing customers and suppliers, or thefiling of an involuntary proceeding.

Deal structureDistressed sale deal structures have some significant differences

compared to sales of healthy companies. Often assets are sold “as is,where is” because the seller has inadequate resources to coverrepresentations and warranties in the purchase agreement. There arealso significant limits on the Material Adverse Change (MAC) clausein the contract. Simply due to the nature of a distressed company, aMAC could almost be expected. Finally, there is limited or noprovision for a buyer’s financing contingency in the contract.

ConclusionThere are numerous differences between a distressed and non-

distressed company sale. In both situations, management wants tosuccessfully control the company’s destiny. Selling a distressedcompany, however, is inherently more complex. Knowing andaddressing those complexities and pitfalls will define the ultimatesuccess or failure of the company sale and the proceeds forstakeholders.

TMA’s Newest Member of the Family!

Tom Jones of Concord Financial withEvan Robert Jones

Born February 15, 2006

Chicago Chapter Member NewsAllan AllweissAllan AllweissAllan AllweissAllan AllweissAllan Allweiss of Bank of America Business Capital was the Co-Chairman ofthe 5th Annual Strategic Research Institute’s Asset Based Lending Conference inLas Vegas, which took place in February. He also moderated the session ”Asset-Based Borrowers: The View from the Buyside.”

In December 2005, for the fourth time in five years, Harold L. Kaplan, Harold L. Kaplan, Harold L. Kaplan, Harold L. Kaplan, Harold L. Kaplan (GardnerCarton & Douglas) was named one of 12 outstanding bankruptcy attorneys inthe country by Turnarounds & Workouts magazine. Chicago-based TMAmembers JJJJJohn ohn ohn ohn ohn WWWWWm. Bm. Bm. Bm. Bm. Butlerutlerutlerutlerutler, Jr, Jr, Jr, Jr, Jr. (Skadden, Arps) and JJJJJames H. M. Sames H. M. Sames H. M. Sames H. M. Sames H. M. Sprayrprayrprayrprayrprayregenegenegenegenegen(Kirkland & Ellis) were also included on the list.

Morris Anderson & Associates’ Managing Director Robert MorrisRobert MorrisRobert MorrisRobert MorrisRobert Morris willspeak about the “Evolution of the Turnaround Firm” at AIRA’s 22nd AnnualBankruptcy & Restructuring Conference in Seattle. The event runs June 7-10.

Robert Heinz, SVP/Region Manager of North Fork Business Capital’s MidwestRegion, announced that TTTTTerrerrerrerrerry Gy Gy Gy Gy Gerlach erlach erlach erlach erlach has been promoted to Senior VicePresident/New Business Development. Terry will continue to haveresponsibility for developing asset-based and structured finance transactionsin the $5MM to $150MM range for middle-market companies in the Chicago,Milwaukee, Minneapolis and St. Louis markets, as well as assisting in variousmarketing and advertising functions.

Morris Anderson & AssociatesMorris Anderson & AssociatesMorris Anderson & AssociatesMorris Anderson & AssociatesMorris Anderson & Associates is expanding to better serve the Chicago/Midwest market! As of April 1, the new office will be located at 55 W.Monroe, Suite 2500, Chicago, IL 60603.

Harold L. KaplanHarold L. KaplanHarold L. KaplanHarold L. KaplanHarold L. Kaplan was recently re-elected as Chairman of Gardner Carton &Douglas LLP.

Alan R. SAlan R. SAlan R. SAlan R. SAlan R. Samskyamskyamskyamskyamsky, Managing Director, is pleased to announce that he hasjoined Moglia Associates.

MMMMMatt Gatt Gatt Gatt Gatt Goochoochoochoochooch, Principal of William Blair & Company, was recently appointedGroup Head of the firm’s Special Situations and Restructuring Practice.

Dick KallageDick KallageDick KallageDick KallageDick Kallage and Bill BarronBill BarronBill BarronBill BarronBill Barron of KDC & Associates, Ltd. were featuredspeakers at the annual Metal Matters conference held in Las Vegas on March12-14. Dick’s topic was “Operational Excellence.” Bill addressed “Competingwith China.”

Gerry BuccinoGerry BuccinoGerry BuccinoGerry BuccinoGerry Buccino of Buccino & Associates, Inc., announced the addition of RandallLay, a business leader with over 25 years of management experience in technology,telecommunications, construction, specialty and industrial chemicals,automotive supply and HVAC manufacturing and distribution.

Morris-Anderson & Associates Principal and TMA Chicago/Midwest Past-President Dan DooleyDan DooleyDan DooleyDan DooleyDan Dooley spoke about buying distressed businesses at the ChicagoBar Association’s January 12th meeting. In March, he’s at TMA’s SpringConference in Phoenix, discussing “How Rainmakers Make it Pour.” OnApril 13, he’ll speak at the Indiana Association of Corporate Renewal, thencover “New Case Law Developments and other Hot Topics” at ABI’s AnnualSpring Meeting, which runs April 20-23. Finally, he can be found at ABI’s 13th

Annual Central States Bankruptcy Workshop in Traverse City, MI on June16th. Dan also found time to pen “Pricing: The Land of Opportunity,” whichran in the March issue of AIRA Journal.

GCD partners HHHHHarararararold L. Kaplanold L. Kaplanold L. Kaplanold L. Kaplanold L. Kaplan and Mark F. Hebbeln recently published anarticle entitled “Denial of Antitrust Claims Against United EETC Trustees” inthe American Bankers Association’s Trust & Investments magazine.

Ira Kreft Ira Kreft Ira Kreft Ira Kreft Ira Kreft of Bank of America Business Capital recently spoke at the 2ndAnnual Tranche B; Second Lien & SCIL Financing Summit, which took placeon February 7th, in Las Vegas. He was the moderator for a session “The

TMA " Chicago/Midwest Chapter " March/April 2006 " Page 15

Second Lien Market Comes of Age: Examining the Current Parameters andFuture Trends in Tranche B, 2nd Lien and Junior Secured Debt.”

On January 13th, Dave BochenekDave BochenekDave BochenekDave BochenekDave Bochenek, Manager at Huron Consulting Group,spoke at TMA Chicago/Midwest Chapter’s Breakfast Forum. This breakfastforum focused on the winners of the Large Company Turnaround of the Year andthe Transaction of the Year. Dave presented the details of the ATA engagement,winner of the Transaction of the Year award. Capstone Advisory Group is pleased to announce that Jeff HylandJeff HylandJeff HylandJeff HylandJeff Hyland has joinedthe firm. Jeff is opening the Chicago office and leading that practice area. TheChicago office joins Capstone’s existing offices in New Jersey, New York, LosAngeles, Washington, D.C., and Atlanta.

Michael LaneMichael LaneMichael LaneMichael LaneMichael Lane has joined Navigant Capital Advisors, a subsidiary of NavigantConsulting, Inc., as a Managing Director to lead the Firm’s healthcare restructuringefforts. Michael was previously a Managing Director with American ExpressTBS, leading the healthcare corporate recovery practice.

HHHHHarararararold L. Kaplanold L. Kaplanold L. Kaplanold L. Kaplanold L. Kaplan of Gardner Carton & Douglas and JJJJJohn ohn ohn ohn ohn WWWWWm. Bm. Bm. Bm. Bm. Butlerutlerutlerutlerutler, Jr, Jr, Jr, Jr, Jr..... ofSkadden Arps Slate Meagher & Flom LLP, will be co-chairs of the upcomingRenaissance American Management and Beard Group Ninth Annual CorporateReorganizations Conference in Chicago, June 22-23, 2006.

Colin CColin CColin CColin CColin Crrrrross,oss,oss,oss,oss, along with Ward Mooney, Ed Siskin, Mike Pizette, Bob DeAngelisand Rich Bochicchio have formed Crystal Capital, a newly-formed fund providingjunior capital solutions to middle-market companies.

Please join us in welcoming the following new members:Brian Albach, Bibby Financial Services Inc.Alpesh Amin, Bridge Associates LLCThomas Askounis, Askounis & Borst PCKim Brady, Navigant Capital Advisors LLCTerrence Brady, Silverman ConsultingJeff Buhr, 1st Source BankJeffrey Cunix, RR DonnelleyJoseph Downey, AlixPartners LLCDennis Dressler, Askounis Borst PCPhilip Engstrom, Merrill Lynch Business Financial Services Inc.Sandra Evans, Bank of AmericaEugene Geekie, Schiff Hardin LLPThomas Gimbel, The LaSalle NetworkRobert Glantz, Shaw Gussis Fishman Glantz Wolfson & Towbin LLCMatthew Gooch, William Blair & Company LLCTom Harig, Keystone Consulting GroupJohn Hayes, Anchor Planning & ValuationKenneth Honsberger, Proudfoot ConsultingSandra Jahns, York+CompanyJill Kancer, JP Morgan Chase BankGeorge Kas, Chase Business CreditJan Kengelbach, Kellogg School of ManagementGina McAveeney, Great Lakes Business CreditJosef Merrill, Kellogg School of ManagementMeghan Miller, Big Lots CapitalNancy Peterman, Greenberg Traurig LLPJoe Peterson, GE Commercial Finance Corporate LendingDouglas Price, Internal Revenue ServiceMatthew Rice, Aon CorporationJohn Riddle, Dresner InvestmentsVictor Ronk, Well Fargo Business Credit Inc.Michael Rupe, Esq., Katten Muchin RosenmanMorrie Rutman , Richter Consulting Inc.Lee Vandermyde, ConwedMarc Yedid, Richter Consulting Inc.Steven Young, Prescient Capital ManagementCarrie Zellmer, The LaSalle Network

Wells Fargo Business Credit delivers. We combine extensive experience, national resources,and local presence to understand your company and provide flexible financing solutions tohelp you reach your business goals.

• Factoring to accelerate cash flow

• Debtor-in-Possession financing to support reorganization

© 2003 Wells Fargo Business Credit, Inc. Equal Opportunity Lender.

Delivering PowerfulFinancing Solutions • Asset-Based Lending to meet working capital needs

Call Mike O’Malley at 312-845-4457, Gail Heldke at 312-845-4455 or KimberlyJablonski at 312-845-9762 to find out how we can deliver for your business.

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

Another major client has renewed its contract with Gibraltar FinancialGibraltar FinancialGibraltar FinancialGibraltar FinancialGibraltar Financial Corp.Corp.Corp.Corp.Corp. The client, which has recently gone public, is located on the west coast andprovides waste management services to Fortune 1000 customers. Beginningwith a credit line of $250,000 in 2002, Gibraltar recently increased their lineto $2 million. In addition, Gibraltar has issued its commitment to a tier-twoauto supplier to provide a $750,000 revolving facility plus a $275,000 termloan.

HHHHHurururururononononon led the efforts to secure a $350M Debtor-In-Possession financing fora medical center in New York. The medical center closed the DIP facility withGE Healthcare on December 30, 2005. Huron contacted over 20 lenders forthe financing, and assisted the medical center’s management in developing abusiness plan, evaluating their liquidity position and providing analyses forthe Company’s divestiture strategy.

BBBBBank of America Bank of America Bank of America Bank of America Bank of America Business Capital usiness Capital usiness Capital usiness Capital usiness Capital recently provided Cranston Print WorksCompany with a $25 million asset-based loan, which will be used to refinanceexisting debt and for working capital needs. Founded in 1824, the companyhas a less-than-truckload transportation operation, and also specializes intextiles and chemical products for paper. Bank of America is also providingcash management products and services.

Tom Jones of ConcorConcorConcorConcorConcord Fd Fd Fd Fd Financial Ainancial Ainancial Ainancial Ainancial Advisors, LLdvisors, LLdvisors, LLdvisors, LLdvisors, LLCCCCC announces the closing of a$15MM Senior Secured Revolving Line of Credit for a $40MM concreteconstruction equipment distributor in St. Louis. Concord closed thetransaction with a fellow TMA Member in St. Louis. Concord was alsorecently engaged to arrange a $20MM Senior Secured Credit Facility for adistributor of consumer products located in Florida. Concord was referred tothe Company by a fellow TMA Member in Chicago.

The Auction Services Group of Chicago-based Benj. E. Sherman & Sonsä Benj. E. Sherman & Sonsä Benj. E. Sherman & Sonsä Benj. E. Sherman & Sonsä Benj. E. Sherman & Sonsä ispleased to announce the sale of nine shopping centers and one office buildingwith aggregate sales of $20,000,000. The auction featured prime NortheastOhio and Western Pennsylvania single and multi-tenant net-leased properties.The shopping centers ranged from 7,500 sq. ft. to 79,000 sq. ft. and the officebuilding contained 10,000 sq. ft. The well-leased properties featured national/regional credit tenants including Dollar General, Sears, Blockbuster, FamilyDollar, Murray’s Discount Auto, Marc’s, Pet Supplies Plus, Jackson HewittTax Service, Check N’ Go and Subway.

KDCKDCKDCKDCKDC has introduced a unique team-oriented board game that simulates anyprocess with connected activities. The ‘FlowSim’ simulator allows teams toeasily identify process waste and understand the core principles of the LeanEnterprise.

BBBBBuccino & Associates, Iuccino & Associates, Iuccino & Associates, Iuccino & Associates, Iuccino & Associates, Incncncncnc. has opened a Washington, DC office. This location isthe fifth office for Buccino, supporting the ability to offer consulting services to arapidly growing base of business and government clients in the area. Buccino willfocus efforts on several key industries in this region: communications, technology,cable and government.

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., has recently booked two Indiana-based staffing companies with credit lines of $850,000 and $750,000respectively. as well as a Michigan-based pallet manufacturer with a creditline of $250,000. Gibraltar also announces the 3rd contract renewal ofa $100,000 Indiana trucking company.”

Monroe Capital LLCMonroe Capital LLCMonroe Capital LLCMonroe Capital LLCMonroe Capital LLC announced the funding of a $26.5 million termloan to Berkshire Blanket Holdings, Inc. in connection with the acquisition

Schwartz Cooperprovides a broad spectrum of legal services

to mid-sized companies across a wide range

of industries. We are valued counselors

who provide sound, sophisticated legal

advice that meets the highest ethical

standards, coupled with an uncommon

sensitivity toward your business concerns.

Our nationally recognized Bankruptcy,

Insolvency and Creditors' Rights practice

has decades of experience representing

financially distressed businesses and their

creditors. From turnarounds to workouts,

we are committed to getting the deal done.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

For bankruptcy, insolvency or creditor's rights

representation, please contact Rick Bendix at

312-845-5443.

180 N. LaSalle Street : Suite 2700 : Chicago, Illinois : 312.346.1300

www.schwartzcooper.com

TMA " Chicago/Midwest Chapter " March/April 2006 " Page 16

TMA " Chicago/Midwest Chapter " March/April 2006 " Page 17

of Berkshire Blanket, Inc. by New York-based private equity investment firm,Cordova, Smart & Williams, LLC. Monroe Capital’s loan facility was structuredas a $15 million term A loan and a $11.5 million term B loan, which were usedtogether with a $25 million revolving line of credit provided by Wachovia CapitalFinance Corporation to complete the buyout.

HuronHuronHuronHuronHuron successfully recapitalized a venture capital fund (“VCF”) composed of a$431 million senior health-care facility portfolio. As part of the engagement,Huron also successfully negotiated the investment of additional funds by variousconstituencies to prevent one of VCF’s portfolio companies from filing Chapter11. Huron’s work reduced the VCF’s exposure by millions of dollars, eliminatedthe portfolio company’s IRS debt of $11.3 million, and identified millions ofdollars of new value.

Great American GroupGreat American GroupGreat American GroupGreat American GroupGreat American Group is pleased to announce that they will be performingstore-closings for 83 OfficeMax stores across the country—including bothinventory and fixtures. In the past 6 years, OfficeMax has trusted Great AmericanGroup to handle all of their store-closing liquidations.

On January 3, GCDGCDGCDGCDGCD opened a New York City office. Stephanie Wickouski, co-chair of GCD’s Corporate Restructuring and Financial Institutions PracticeGroup, serves as a managing partner of the New York office.

Bank of America Business CapitalBank of America Business CapitalBank of America Business CapitalBank of America Business CapitalBank of America Business Capital recently provided a $200 million asset-basedrevolver and, in a separate facility, BBBBBanc of America Sanc of America Sanc of America Sanc of America Sanc of America Securitiesecuritiesecuritiesecuritiesecurities provided a $60million tranche B loan to Waterford Wedgwood, a Dublin, Ireland-based designer,manufacturer and marketer of high-quality crystal, ceramics and tableware. Thecredit facilities will be used to refinance existing debt and support the company’srestructuring effort. Bank of America will also provide letters of credit as well asforeign exchange and cash management products and services.

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TMA " Chicago/Midwest Chapter " March/April 2006 " Page 18

Turnaround Management AssociationChicago/Midwest Chapter

2006 Board of Directorsand Steering Committees

OfficersPresidentWilliam J. HassTeamwork Technologies Inc.847-564-5575wjhass@aol.com

President-ElectLisa N. JohnsonWells Fargo Business Credit708-386-0899lisa.n.johnson@wellsfargo.com

Vice President-ProgramsNorman B. NewmanMuch Shelist312-521-2492nnewman@muchshelist.com

Vice President-CommunicationsJoseph J. FobbePNC Business Credit312-338-5688joseph.fobbe@pncbusinesscredit.com

Vice President-Community Serv.Thomas E. PabstGreat American Group847-444-1400tpabst@greatamerican.com

SecretaryGail D. HeldkeWells Fargo Business Credit312-845-4455gail.d.heldke@wellsfargo.com

TreasurerCarl LaneDeloitte Financial Advisory Services LLP312-486-3069carlane@deloitte.com

AdministratorChristine M. GlatzManagement Services815-469-2935cglatz@managementservices.org

Ex-OfficioPast PresidentDaniel F. DooleyMorris-Anderson & Associates Ltd.847-768-4408ddooley@morris-anderson.com

DirectorsRobert A. MorrisMorris-Anderson & Associates Ltd.847-945-0767rmorris@morris-anderson.com

Sid LamberskyBig Lots Capital312-951-7632slambersky@biglots.com

Thomas E. JonesConcord Financial Advisors312-663-6684 x224tomjones@concordfinancialadvisors.com

Chad PetersonBridge Associates LLC312-795-0453cpeterson@bidgellc.com

Kimberly A. MetznerThe Collateral Resource Group LLC847-681-8850kmetzner.tcr@comcast.net

Mark K. GertzofMerrill Lynch Capital312-499-3338mgertzof@exchange.ml.com

Harold D. IsraelKaye Scholer LLC312-583-2333hisrael@kayescholer.com

Kelly T. FrankAuction Services Group312-223-8324kellyf@bes.com

Kevin A. KrakoraMesirow Financial Consulting LLC312-595-8511kkrakora@mesirowfinancial.com

Committee ChairsAwardsDavid E. MackALTMA Group LLC847-441-1867dmack@altma.com

Mitchell B. RaskyLaSalle Business Credit312-904-8858mitchell.b.rasky@abnamro.com

Ken YagerMorris-Anderson & Associates Ltd.847-304-1103kyager@morris-anderson.com

Breakfast ProgramsHarold D. IsraelKaye Scholer LLC312-583-2333hisrael@kayescholer.com

Thomas E. PabstGreat American Group847-444-1400tpabst@greatamerican.com

Chad PetersonBridge Associates LLC312-795-0453cpeterson@bridgellc.com

CommunicationsCheri AndersonMorris-Anderson & Associates Ltd.847-768-4424canderson@morris-anderson.com

Joanne C. Chamberlain KrakoraDeloitte312-486-3781jochamberlain@deloitte.com

Joseph J. FobbePNC Business Credit312-338-5688joseph.fobbe@pncbusinesscredit.com

Mark LeipoldGould & Ratner312-899-1651mleipold@gouldratner.com

Community ServiceJonathan BloomHilco Receivables847-418-2716jbloom@hilcoreceivables.com

Al DeGuzmanPNC Business Credit312-338-5640allan.deguzman@pncbusinesscredit.com

Jim VargoThe Bekins Acquisition Group708-649-7505jvargo@bekins.com

Continuing EducationRay AndersonBurnham Ventrue Management630-835-4298rayanderson@burnhamvm.com

Frank MackConway, MacKenzie & Dunleavy312-220-0100fmack@c-m-d.com

Anu R. SinghHuron Consulting Group312-583-8791asingh@huronconsultinggroup.com

CTP RelationsBernadette M. BarronMorris-Anderson & Associates Ltd.312-855-0040bbarron@morris-anderson.com

Duncan S. BourneWynnchurch Capital312-952-1080dbourne@wynnchurch.com

Randall Wright PattersonLake Pointe Partners LLC312-857-0001rwpatterson@lakepointepartners.com

EntertainmentJeffrey S. HylandFort Dearborn Partners Inc.312-683-3657jeffhyland@aol.com

Suzanne KoenigSAK Management Services LLC773-202-0000skoenig@sakmgmt.com

Jason LeuvoyPresidential Financial Corporation ofthe Midwest312-222-9655jleuvoy@pfc-net.com

FinancialMark K. GertzofMerrill Lynch Capital312-499-3338mgertzof@exchange.ml.com

Drew CardonickGoldberg Kohn312-201-3921andrew.cardonick@goldbergkohn.com

Sid LamberskyBig Lots Capital312-951-7632slambersky@biglots.com

Special ProgramsFrank MelazzoGetzler Henrich & Associates312-474-6177fmelazzo@getzlerhenrich.com

Robert A. MorrisMorris-Anderson & Associates Ltd.847-945-0767rmorris@morris-anderson.com

Norman B. NewmanMuch Shelist312-521-2492nnewman@muchshelist.com

SponsorshipTeresa B. GerlachNorth Fork Business Capital Corp.630-684-7202tgerlach@nfb.com

Thomas E. JonesConcord Financial Advisors312-663-6684x224tomjones@concordfinancialadvisors.com

Thomas F. ThompsonPNC Business Credit312-338-5650thomas.thompson@pncbusinesscredit.com

Web SiteKelly T. FrankAuction Services Group312-223-8324kellyf@bes.com

Michael L. Kayman630-531-6050michaelkayman@hotmail.com

Women’s GroupGail D. HeldkeWells Fargo Business Credit312-845-4455gail.d.heldke@wellsfargo.com

Kimberly A. MetznerThe Collateral Resource Group LLC847-681-8850kmetzner.tcr@comcast.net

Patricia M. WuGreat American Group847-444-1400pwu@greatamerican.com

Carl LaneDeloitte Financial Advisory ServicesLLP312-486-3069carlane@deloitte.com

Raymond M. NeihengenALTMA Group LLC847-441-2973rneihengen@altma.com

Future LeadersBarry W. DubinKellogg Graduate School312-420-1505bdubin2006@kellogg.northwestern.edu

Jason EdelsonTranscap Trade Finance LLC847-753-9600jedelson@transcaptrade.com

Bill HackneyMuch Shelist312-521-2000whackney@muchshelist.com

Inter-ChapterPaul E. KrantzGMAC Commercial Finance312-775-7062pkrantz@gmaccf.com

Howard J. MullinMorris-Anderson & Associates Ltd.847-475-0673jdfhjm@comcast.net

William ReimnitzRiviera Finance630-627-8750wreimnitz@rivierafinance.com

MembershipDavid BogetzBurnham Capital Partners LLC312-261-6936david.bogetz@burnhamcapital.com

Bob HandlerCommercial Recovery Associates LLC312-428-4858rhandler@com-rec.com

Thomas E. JonesConcord Financial Advisors312-663-6684 x224tomjones@concordfinancialadvisors.com

Kevin A. KrakoraMesirow Financial Consulting LLC312-595-8511kkrakora@mesirowfinancial.com

Milwaukee ProgramsMichael R. CollotonFirst Business Capital Corp.262-792-7180mcolloton@fbcapital.com

Bob OllhoffM & I Bank262-767-5680robert.ollhoff@micorp.com

Philip L. OstroskiAssociated Commercial Finance414-283-2367philip.ostroski@associatedbank.com

Daniel G. QuirkAccuVal Associates Inc.847-876-1454dquirk@accuval.net

ParliamentarianChristopher J. HorvayGould & Ratner312-899-1624chorvay@gouldratner.com

Pro BonoHarry R. NovakBuccino & Associates Inc.312-629-1200harryn@buccinoandassociates.com

David D. OnionChicago Capital Holdings LLC630-455-1002donion@chicagocapitalholdings.com

James M. RubensteinAlert Consultants Inc.847-501-5000jrubensteinalert@aol.com

Public RelationsMichael BanCapital TempFunds Inc.773-388-8382mban@capitaltempfunds.com

Quick Survey

TMA,Please consider the following as one ofyour strategicinitiatives for the years ahead:

___ 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 committee:___ Continuing Education___ Membership

Please mail to:TMA CHICAGO CHAPTER STEERINGCOMMITTEE & BOARDc/o Chris GlatzTMA Chicago/Midwest ChapterP.O. Box 33Frankfort, IL 60423

Or fax to: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: info@turnaround.orgwww.turnaround.org

TMA " Chicago/Midwest Chapter " March/April 2006 " Page 19

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: cglatz@managementservices.org

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 Risk Management

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