TMA // VOL. 21 // ISSUE 1 // MARCH 2020

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CORPORATE RENEWALNEWSLETTER OF

CHICAGO/MIDWEST CHAPTER

VOLUME 21 | ISSUE 1 | MARCH 2020

Turnaround Management Association

pg. 420/20 Vision in 2020The Year's First Breakfast Forum

pg. 7The Roaring 20s16th Annual Martini Party

pg. 9Sponsor & Board Appreciation

TMA // VOL. 21 // ISSUE 1 // MARCH 2020

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What’s Inside?

Upcoming Events ............................................ 3Past Events ................................................... 4-9Member News ................................................ 10What’s the Deal? ........................................... 10

Memorial Scholarship Foundation Board of Directors ..........................................11Chapter CTPs/CTAs ......................................12New Members .................................................12

Board Member & Steering Committee List .........................13-14Platinum & Gold Sponsors ..........Back Cover

FROM OUR PRESIDENT

Angela Allen Jenner & Block LLP

A Trip Down Memory Lane

I am honored to be stepping into the role of the 29th President of the Turnaround Management Association Chicago/Midwest Chapter and I do so recognizing that I stand on the shoulders of the great TMA giants that come before me. All of the leaders of this Chapter throughout its tenure have built and sustained a long-standing platform of ambitious programming and opportunities for our members to build a network, develop a brand, foster referral sources and drive business. One of the first perks of this gig is being welcomed into what John Kemp (‘17) fondly refers to as the “most exclusive club in Chicago” at the annual Past Presidents Dinner. I have learned so much from these leaders and while I could not find quotes for all of them, I wanted to bestow upon you just a smidge of their wisdom throughout the years:

2004 President James Vargo: Corporate Renewal is NOT Dead. It may have slowed down a bit…

Let’s keep our fingers crossed that corporate renewal is here to stay; but we may have to slowly adapt to meet its ever-changing demand and preference curve.

2005 President Daniel Dooley: We are witnessing fundamental changes right now that will forever change our industry. As with our clients, those of us who study industry dynamics and adapt our business models quickly to those changes will benefit (listing the following fundamental changes: (1) liquidity for private debt; (2) junior secured and tranche B implications; (3) hedge funds everywhere; and (4) new group of full service financial advisory firms).

2006 President William Hass (rest in peace, Mr. President): I strongly believe that the interests of all parties involved in a financial distress situation are best served when they are represented by experienced turnaround professionals.

Among my most rewarding experiences are those financial distress matters I have worked on with other TMA members.

2007 President Lisa Johnson: There are many professional associations in which we can invest our time, many of which have purposes that overlap with TMA’s. What really sets TMA apart is its diversity – diversity of professions, diversity of experience levels, and diversity of programming options to fit a variety of schedules and levels of professional development.

2008 President Norm Newman: My first thought upon learning that TMA is celebrating its 20 year anniversary was how can 20 years have gone by so quickly… Congratulations to TMA on reaching its 20th anniversary milestone. You truly have come a long way, baby!

2009 President Joseph Fobbe: I have learned, maybe most

Continued on page 2

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importantly, that the best thing about this business is the friends you make along the way. I have learned that, like so many things in life, the key to getting involved and experiencing some success in our chapter is to show up, and keep showing up.

2010 President Tom Pabst: The relationships you build with fellow officers, committee members and board members is deeper than you can ever imagine, resulting in the ultimate networking and professional development experience. Do not let this opportunity pass you by.

2011 President Carl Lane: The post-recession period has given rise to a shifting landscape in the business world. We see that transformation first hand as members of the members of the [TMA]…we believe that the opportunities are tremendous today not only to restructure distressed companies, but also to acquire troubled businesses and assets.

2012 President Harold Israel: While we all enjoy the great networking and education opportunities offered at our Chapter’s events, we recognize that the name of the game is to develop business relationships… Membership pays. It does not take great mathematical skill to recognize that only one referral transaction can generate many times the amount of revenue than the annual membership cost.

2013 President Kevin Krakora: As we all know, one of the best ways to be well positioned for

new business when our industry’s market turns is to be out in front and top of mind with our contacts and referral sources. And since the Chicago/Midwest chapter of the TMA is the place to be for restructuring, corporate renewal, and bankruptcy professionals, make sure you are well positioned to turn your luck into success in 2013 by getting involved in the TMA and participating in our programs.

2014 President Daniel Wikel: In my view and very common in our industry, the only real constant in business is change itself and while our Chapter has a solid financial base and terrific traditions, our Chapter will also embrace continuous improvement and innovation.

2015 President Aaron Hammer: My mantra has been “be ambitious” in all aspects of our lives. For too long, members of our industry have looked backwards at easier times that have long since passed….if rain is not coming, go find water.

2016 President Michael Egan: It seems wise to keep your ‘antenna up’ in this lending market. Whether you see our current economic trends as a market opportunity or a time to take caution, certainly there is a TMA member’s business partnership that can help you navigate your calm waters or stormy seas.

2017 President John Kemp: If business is slow, that’s the time to double-down on networking, since it’s important to stay visible and active with your existing relationships, while making

new contacts. Mushrooms may grow in the dark, but new business opportunities do not.

2018 President Nick Miller: I’ll quote Woody Allen, who said ‘80% of success is showing up.’ Which is to say: take advantage of all of your member benefits ….AND SHOW UP…I will guarantee this: if you make a concerted effort to get involved with the Chapter, you will reap the rewards.

2019 President Robert Meyers: Our organization is about far more than just networking or deal sourcing, rather we pride ourselves in offering opportunities to develop our members skills,’ learn from others and be stewards of our community.

Looking through newsletters of yesteryear, I am struck by how steadfast the TMA’s value proposition has maintained and strengthened throughout the years, despite all of the ups and downs, market headwinds, and the ever-evolving nature of the turnaround business. And because I couldn’t have said it better myself, “be ambitious” and “show up and keep showing up” because “the best thing about this business is the friends you make along the way.” “You will reap the rewards.” After all, the market may be strong but “Corporate Renewal is NOT dead.”

Angela Allen

President's Message | Continued from page 1

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For more information on these and all other chapter events, please visit turnaround.org/chicagomidwest

Upcoming Events

VP’S CORNERJack O"ConnorSugar Felsenthal Grais & Helsinger LLP

Make the Most of your TMA Experience in 2020

Welcome to 2020! We’re already off to a great start under the capable leadership of our President, Angela Allen and the strong steering commit-tee that’s been assembled this year. We’re more than ready to build on the successes of 2019.

As expected, our steering committee has hit the ground running. We had a stellar turnout at our first Breakfast event of the year (which you can read about at page 4 of this newsletter); a great post-holiday networking event in Milwaukee at the Grain Exchange (check out page 6 to see what you missed!); and our ever-popular Mar-tini Night and accompanying NOW Committee pre-Martini events (which again, you can read about on pages 9 and 10) returned once again with a great crowd. The coming year has a great deal more in store for our Chapter.

But our Chapter is about more than simply attending events and seeing folks out for social gatherings. I often ask myself: how can we maximize the value of our experience as TMA members? How can we effectively leverage our memberships into deal-making relationships?

The answer, of course, depends.

As an active member of our Chapter for the last eight years, I’ve realized that (like so many things) what you put into TMA is what you get out of it. And in my personal experience, the TMA is a place for our members to form long term relationships that pay dividends—personally and pro-fessionally—over the long haul. My first client origination in the distress space came from a connection I made through TMA years ago. And my clos-est friends in our industry have nearly all been people I’ve met through TMA. In short, my TMA membership has

paid off because of the relationships I’ve made over time.

We can’t form relationships by sit-ting on the sidelines though. I credit my relationships to being an active member of our chapter over my time in TMA. So let’s make 2020 a great year for ourselves and the turnaround industry. Engage with one another personally and professionally: wheth-er it's by volunteering on a commit-tee, attending our great events, or taking up a pro bono engagement. By showing the market a commit-ment to leadership, teamwork, and engagement, we’ll be sure to make 2020 another great year!

Jack O’Connor

APR1

New Member ReceptionCity Social

APR3

CTP LunchTBD

APR7

Milwaukee BreakfastEmbassy Suites, Brookfield WI

APR20-21

MidAmerica Regional Conference

The Westin Hotel, Detroit MI

MAY1

13 Week Cash Flow

University Club

MAY12

Milwaukee After Hours

TBD

JUN3

Charity Golf Outing

Cantigny, Wheaton IL

JUN24

SummerFestMilwaukee WI

♦

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Past Events

20/20 Vision at the Breakfast ForumBy: David Levy, NRC Realty & Capital Advisors, LLC

The kick-off event of the 2020 Breakfast Forum series took place on the morning of January 10th at the familiar venue, The Standard Club, in the Chicago Loop. The program, titled “20/20 Vision: Chicago Banking Oulook” was moderated by former Chapter President Michael Egan, Executive Vice President & Chief Credit Officer of Monroe Capital. The distinguished panelists included Marsha Cruzan, Regional Market President, US Bank; Robert Frentzel, Managing Director and President of Specialized Industries, CIBC; Alberto Paracchini, President & Chief Executive Officer, Byline Bank; and Chris Sweetland, President, Chicago Region, Huntington Bank.

The program provided a timely and in-depth discussion of the Chicago banking outlook through the eyes of these C-Suite Executives. Discussion topics included timing around the next recession, the impact of Private Equity on Commercial Banking, the impact of international trade trends (including China and Brexit) on the middle market, how regulated banks are being forced to react to direct (non-bank) lenders, and more.

The event drew a strong crowd with over 300 attendees. Special thanks to the 2020 Breakfast Committee who planned the gathering including Matt Beresh, CTP, Senior Managing Director Mackinac Partners LLC, Shelly DeRousse, Partner and Leader of the Bankruptcy and Financial Restructuring Practice Group of Freeborn and Peters, LLP, Lou Marosi, President of Linkage Capital Management, Joe Fobbe, Managing Director of 5/3 Business Capital, and Dave Martinelli, Managing Director of Portage Point Partners.

Mari Uribarri, Matthew Hannam, Tom Maxwell

Lou Marosi, Debbie Sill , Tom Stamborski

Kat Parker, Ted Koenig, Bill Stapel, Robert Corsentino, Joe Fobbe

Byline Bank Group: Bottom Row - Jeff Fordice, Mike Knazur, Kelly O'Keefe, Ninel Struzska, Laima Lohman Back Row - Jim Kuncl, Dean Avdalas, Mike Tomazewski, Rehman Villiani,

Matt Sloan, David Wolak, Alberto Paracchini, Graham Gilbert, Scott Mier, Debbie Sill, Andrew Kowalski, Zelimir Lalusic, Sunay Salievski

Speakers & Committee: Terry Ward, Lou Marosi, Shelley DeRousee, Mike Egan, Joe Fobbe, Robert Frentzel, Angela Allen, Chris Sweetland, Kat Parker (back row), Matt Beresh,

Alberto Paracchini, David Martinnli Zeesha Tejani, Evgeni Ganchev,Clara Bochenek

Matt Sloan, Matt Williams, Nick Stavropoulos, Mike Tomasewski

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2019 Holiday PartyBy: Micah Marcus, McDonald Hopkins

The TMA Chicago/Midwest Chapter held their annual holiday reception at Untitled Supper Club in River North on December 10, 2019. Untitled is a unique and upscale venue that looks and feels like a prohibition-era Chicago supper club and is a popular destination for bourbon enthusiasts. The holiday reception has become a significant draw over the past several years and 2019 was no exception with over 263 registered participants. As always, members were encouraged to bring prospective new members to experience a relaxed and festive networking opportunity, celebrate and share stories of the past year and hopes for the future, all while making new connections for the coming year. The drive to get non-members to attend the event was successful with 51 non-members registering, plus 10 spouses.

The holiday party was planned by the 2019 Entertainment Committee which included Micah Marcus of McDonald Hopkins, Evan Nadler of White Oak Commercial Finance, Eric Welchko of Ravinia Capital, and Ben Smith of Huron Consulting. The torch has now been passed to the 2020 Entertainment Committee where new members include Jamie Cote of B6 Real Estate, Sandy Prabhakar of Armory Group, Andrew George of High Ridge Partners, and Andrea Gonzalez of Alvarez & Marsal.

Mark Melickian, Sandy Prabhakar, Norm Newman, Penny Fine, Bill Fasel

Bianca Ciarroni, Leah Gistenson, Jack O'Conner, Rebecca Salt,

Kelly Borneman, Matthew Chandler

Margaret Griffin, Donna Hinricha, Gail Heldke, Lou Marosi

Andrew O'Day, Brian Albach Jill Kirschenbaum

Margaret Griffin, Lee Fahrenz, Tom O'Hare Jason Rae, Susan Poll Klaessy, Kelly Desgrosseilliers, Fred Raccosta

Stephan Beriau, Andy Hoffman, Jen Kempton

Dan Rubio, Isaac Oberlin, Gino DeMonte, Katerine Lemus, Wendy Drake

Gordy Gouveia, Leah Gistenson, Lisa Vandesteeg

Heidi Clifton, Jim Clifton, Barb YongGregory Paulus, Ben Ziff, Mike Wells, Ryan Pratt

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Milwaukee 16th Annual Post-Holiday Networking EventBy: Gene Arenson, HYPERAMS

On the evening of January 16th, the TMA Milwaukee Committee hosted its 16th Annual Post-Holiday Networking Event at The Grain Exchange in downtown Milwaukee. With over 130 members and guests registered, the event provided attendees with an opportunity for some post-holiday networking and dinner. Located within the historic Mackie Building, the Grain Exchange features “Simple Italian” architecture with hand painted frescos and soaring ceilings. The Grain Exchange is linked to a time in Milwaukee when the city was the world’s largest primary wheat market for trading, exporting and inspecting grain.

Scott Stuart, TMA Global CEO, welcomed the group and gave us an update from the top. Angela Allen, Chapter President was also in attendance, and Milwaukee co-chairs, A.J. Krzyzanowski from Franklin Capital, and Matt Zeratsky from Internex Capital, introduced over 25 Milwaukee sponsors for 2020. The committee is very grateful to all its sponsors and recognizes great programming would be impossible without them. The committee is looking forward to another great year and is excited to announce new events and programming. Photos from the event can be found on the TMA Facebook page.

Specialty Deposit ServicesWith financial strength and industry experience, we provide expert banking services to handle the most urgent and technical banking requirements of court appointed fiduciaries nationwide.

eastwestbank.com

Equal Housing Lender Member FDIC

NextGen Holiday EventBy: Eric Dorner, Republic Business Credit LLC

On December 18th, the NextGen Committee invited members to attend the Mix & Mingle, held at The Pepper Canister in River North. The event is casual in nature and provides one more opportunity to, as the title suggests, hobnob with fellow NextGen members prior to the holiday rush. Outside of the networking, attendees enjoyed the drinks and a wide variety of finger food. Some even got to sample different types of Jamison from a brand representative on location! All in all, jolly times were had by all! Thanks to all who attended.

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Roaring 20s Martini PartyBy: Diana Peterson, AW Properties Global

On February 20, 2020 the TMA Midwest Chapter held its annual Martini party at Gibson’s restaurant. This year's theme was the roaring 20s, and the 225 people who attended did their best to channel that vibe. Always packed, this popular networking event did not disappoint. From the fantastic raw seafood bar to the many passed appetizers, attendees enjoyed the wonderful food for which Gibson’s is so well known and, as always, libations aplenty.

The TMA NOW committee also hosted a pre-martini event gathering at Gibson’s during the hour prior to the main event. This year, the NOW pre-martini event had a record-breaking number of attendees (double last year’s numbers)! Over 50 women and their guests (including many new faces and prospective members) enjoyed cocktails and light fare while networking before the martini event.

A big thank you to all who attended and made the martini event and pre-martini events such a great break from Chicago’s February doldrums.

Katherine Atteberry

Naydu Brandenburg, Taurat Hossain, Mike Ragano, Nick Mungor

Brian Banning, Leah Gistenson, Gail Heldke, Hee-Jin Yi

Jacen Dinoff, Anthony DiChiara, Michael Hanlon , Jenny Armstrong-Butrym,

Rowan Conley

Lauren Newmann, Kelly Desgrosseilliers, Emma Heath, Andrea Gonzalez, Kat Parker

Gene Arenson, Adam Evans, Bianca Ciarroni, Kristin Luu

Julie Harron, Kathy Swien, Anna Sherony

Jackie Helmrick, Ray Neilengen

David Kirshner Tim Serritella

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Dave Mack, Aaron Hammer, Angela Allen

David Kirshner, Dan Morris, Mitch Rasky, Mike McCormick, Tony Yizze

Brian Albach, Branislava Jovicic, Erik Bahr

Lauren Newmann, Amy Ayres, Jenny Shults

Tom Boniface, Jim Clifton, Evan Nadler

Emily Gottlieb, Dan Aronald, Jill Kirshenbaum Leah Gistenson & Jim Vargo

Akilah Moore & Bianca Ciarroni

M O N D A Y , A P R I L 2 0 T U E S D A Y , A P R I L 2 1

Breakfast Buffet

Keynote Speaker

Rick Snyder, Former Governor of Michigan

Titans Panel

Automotive Panel

Keynote Speaker

Jim Weakly, President of Lake

Carrier's Association

Conference Concludes

7:30 pm

8:00 am

9:15 am

11:00 am

12:30 pm

1:30 pm

1:30 pm

3:00 pm

4:00 - 5:30 pm

5:30 pm

6:30 pm

8:30 - 10:30 pm

Workout Panel

Private Equity Panel

Capital Showcase

NextGen Reception

Dine rounds or Dinner on Own

Nightcap Reception

For more information please contact: sue@managementservices.org - 815-469-2935

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Sponsorship & Board Appreciation NightBy: Rob Meyers, Republic Business Credit LLC

The TMA Midwest Chapter held its annual sponsorship and board appreciation dinner at Maggiano’s on January 23rd and was more inclusive than ever before. In addition to thanking the 2019 Leadership Team and our Platinum Sponsors, we invited our Gold and Silver Sponsors enjoy a family style meal for the evening. It is always great to carve out a few minutes to say thank you, while stuffing our faces and enjoying a few libations of course. I have always looked forward to the dinner as an officer or member of the leadership team, but it was especially fun being able to thank our outstanding volunteer leadership as President in 2019. There a lot of energy and buzz in the room as we “Hustle” our way into 2020, under the Leadership of President Angela Allen. 2020 has already started out with some of our highest attended events in recent years and that will carry into another great year for the chapter.

TMA DW Pub NetworkingBy: A.J. Krzyzanowski, Franklin Capital Network

On Wednesday February 12th, TMA-Milwaukee put on its Bucks & Brews event at Drink Wisconsinbly Pub “DW” located in the Deer District across from the Fiserv Forum. DW is known for their selection of local Wisconsin beers and famous old fashioneds. Both were enjoyed by all, along with a great night of networking and gathering to cheer on the first place Bucks. Unfortunately, the Bucks were without their superstar, Giannis Antetokounmop, due to the recent birth of his first child. After a slow start to the

first half, the Bucks turned it around in the second half but weren’t able to pull out a win at the end of the night.

As the snow started falling in Milwaukee, all 30 members and non-members in attendance enjoyed appetizers catered by Milwaukee Brat House and an overall great night at a fantastic venue in the new Deer District in Milwaukee.

I will never forget working alongside such a dedicated leadership team, board of directors and officers. On behalf of our entire 2019 Leadership Team, our officers of Alex Boerema, Brian Stewart, Angela Allen, Kat Parker, Michael Brandess, & Larry Fox – Thank you to everyone that volunteered, contributed and helped elevate our chapter.

Join us at the 2020 Charity Golf Outing

Sponsorship Opportunities Available!Contact: sue@managementservices.org

to benefit the TMA Memorial Scholarship Foundation

Wednesday, June 3, 2020Cantigny Golf Club | 27w270 Mack Road Wheaton, IL 60189

Shot gun start at 11:00am

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Member News | Celebrating our Members’ Accomplishments

What’s the Deal? | Doing Business in Chicagoland and Beyond

Sugar Felsenthal Grais & Helsinger attorneys Lisa Vandesteeg and Jack O’Connor were each elevated within their firm at the beginning of 2020. Ms. Vandesteeg has been elevated to Equity Partner, and Mr. O’Connor has been elevated to Income Partner. Ms. Vandesteeg was also named to Top 50: 2020 Women Illinois Super Lawyers list, and Mr. O’Connor was appointed as Vice Chair to the 2020 TMA NextGen Global Committee.

David Johnson of Abraxas Group recently spoke on a panel at the University of Chicago Polsky Center on the opportunities and challenges facing manufacturing companies.

Mark Melickian and Christopher Horvay of Sugar Felsenthal Grais & Helsinger were featured on the webinar “Representing Asset Purchasers in Bankruptcy.”

Congratulations to Tom Jones of Concord Financial Services on celebrating 19 years in business on February 7, 2020.

Harney Partners is excited to announce the addition of Thomas (Tom) Hidder as Managing Director and Brian Hartford as Senior Manager. Both individuals are members of the Chicago/Midwest TMA Chapter.

Lisa Vandesteeg of Sugar Felsenthal Grais & Helsinger authored a cover article for the American Bankruptcy Institute Journal entitled, “Technology and Legal Ethics: A User’s Manual (Part I).” In addition to this article, Ms. Vandesteeg and her colleague, Jonathan Friedland, authored 2020 editions of "Strategic Alternatives For And Against Distressed Businesses" and “Commercial Bankruptcy Litigation.”

Nick Miller has joined the Chicago office of McDonald Hopkins LLC as a member in the firm’s growing Business Restructuring Department, which also includes TMA Chicago/Midwest members David Agay, Marc Carmel, and Micah Marcus. Nick has more than 20 years of restructuring experience, primarily representing middle-market companies in financial distress. He served as chapter President in 2018.

Tom Jones of Concord Financial Advisors, LLC announces the recent closing of a $7.5MM Senior Secured Revolving Line of Credit for an Electronic Manufacturing Services company in Decatur, Illinois. Proceeds were used to refinance existing debt and provide additional working capital. Concord served as the exclusive Advisor for the Company.

Andrew Kaplan of Oak Point Partners announces the purchase of all remaining known and unknown assets in the Outboard Marine Corporation Case (Case No. 00-37405, US Bankruptcy Court, Northern District of Illinois). The Remnant Purchase Deal brought additional cash to the estate at the end of the case and also helps the trustee avoid the hassle of something showing up after the final report that can be costly to resolve and typically isn’t big enough to justify reopening the case.

HYPERAMS has completed several auctions in 2020 thus far, including the complete closure of appliance manufacturer Electrolux's one million square-foot St. Cloud, Minnesota plant. HYPERAMS provided Electrolux with a complete asset disposition program to monetize all fixed assets in the plant as well as $4+ million of MRO and parts inventory through a 3-day live and online auction. Other projects have included the auctions of Beere Precision, Triangle Decorating, and the forthcoming auction of Dexter Solutions, as well as the liquidation of Bargain Outlet & More.

Bill Farrar and Mesa Verde Financial Advisors, in conjunction with Xalt Capital Management are pleased to announce the closing of a $13 million senior secured revolving line of credit for Ramsey Popcorn. This refinance will save the Company well over $350k in

annual interest expense and fees.

Fort Dearborn Partners was the financial advisor to a $45,000,000 transportation and logistics company on the refinancing of their line of credit facility and mortgage debt. The Company is a privately owned, asset intensive - less than truckload (LTL) transportation and logistics company with 8 facilities in the Midwest. Fort Dearborn conducted a robust evaluation process in a compressed timeframe, yielding a lender who will be a partner in the Company’s future growth.

David Johnson of Abraxas Group was appointed Interim COO of a family owned consumer goods manufacturing company. This engagement highlights Abraxas Group’s commitment to transformational leadership: as the mandate is focused not only on driving a financial and operational turnaround but also upgrading the company’s governance structures and serving on a newly constituted company board.

Republic Business Credit recent fundings: $7,500,000 ABL Facility for a high growth private equity owned Natural Food Manufacturing company including a $3,500,000 term loan facility. Additionally, $2,500,000 Factoring Facility for a Midwest based manufacturing firm that needed to refinance its banking facility and a $750,000 Non-Recourse Factoring Facility for an apparel manufacturer.

Joe Fobbe of Fifth Third Business Capital is pleased to announce the closing of a $16,000,000 ABL Stretch financing for Tidewater Fleet Supply, a portfolio company of Falcon Affiliates. Funds were utilized to consolidate the company’s financing that consisted of a cash flow term loan from a non-bank lender and a working capital revolver provided by a small regional bank.

TMA // VOL. 21 // ISSUE 1 // MARCH 2020

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Turnaround Management Association Chicago/Midwest Chapter Memorial Scholarship Foundation Board of Directors

First Business Capital Corp.

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CALL US TODAY TO LEARN MOREMike Colloton – Milwaukee – 262-792-7180 Michael Doyle – San Antonio – 210-538-3135Oz K. Lindley – Atlanta – 770-712-5575

Pete Lowney – Madison – 608-232-5987President, First Business Capital Corp.

Chris McKernan – Seattle – 206-499-0520Christopher Saldana – Los Angeles – 213-426-2160

PRESIDENTPaul KrantzMidFirst Business Credit, Inc.312-474-6460Paul.Krantz@midfirst.com

TREASURERGail HeldkeBig Shoulders Capital LLC224-927-5309gail.heldke@bigshoulderscap.com

SECRETARYMitch RaskyCIBC312-564-6954Mitch.rasky@CIBC.com

DIRECTORSTom JonesConcord Financial Advisors LLC312-545-5200tomjones@concordfinancialadvisors.com

Ray NeihengenLinkage Capital Management, LLC847-975-9118rayneihengen@linkagecap.com

Michael O'NeilTaft Stettinius & Hollister LLP317-713-3561moneil@taftlaw.com

Tim SerritellaBelvidere Capital LLC630-412-0366tim@BelvidereCapitalFinance.com

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Welcome, New Members!

Chicago/Midwest Chapter CTPs and CTAs

To become a member, visit: www.turnaround.org/join

David Johnson, Abraxas GroupKevin Tavakoli, Harney Management Partners LLCAnjanette Winners, BMO Harris Bank, N.A.

Carlin Adrianopoli, FTI ConsultingThomas Allison, Thomas J Allison & AssociatesRay Anderson, Ernst & YoungSteven Baer, High Ridge Partners, LLCMichael Barry, Prairie Street Capital IncMike Barto, Promontory Point Partners LLCMatt Beresh, Mackinac Partners LLCJim Bienias, AlixPartnersChristopher Blacker, AlixPartnersSuzanne Burke James Busk, High Ridge Partners, LLCJeffrey Connell, FTL CapitalCraig Dean, AEG Partners LLCMichael Deeba, Baker TillyJohn DiDonato, HuronDaniel Dooley, MorrisAndersonMichael Dudek, High Ridge Partners, LLCArmen Emrikian, FTI ConsultingDarin Facer, AlixPartnersMichael Feder, AlixPartnersLawrence Fox, Huron Consulting GroupHoward Gross, Richter ConsultingNicholas Grossi, Alvarez & MarsalSandeep Gupta, Novo AdvisorsRobert Handler, Commercial Recovery Associates LLCTom Harig, The Keystone GroupTina Hughes, High Ridge Partners, LLCDaniel Hugo, FTI ConsultingMichael Kayman, RAIMelissa Kibler, Mackinac Partners LLCSuzanne Koenig, SAK Management Services LLCKevin Krakora, Getzler Henrich & Associates LLCMurray Lessinger, White Oak GroupDavid Mack, Pathfinder Group LLC

James Mesterharm, AlixPartnersTony Natale, Shepherd Partners IncThomas O'Donoghue, CR3 PartnersMatthew Ray, Portage Point PartnersPeter Richter, Armory Group, LLCMorrie Rutman, Richter ConsultingBiff Ruttenberg, Atlas Partners LLCBenjamin Smith, HuronDaniel Tannenbaum, Richter ConsultingJeffrey Vogelsang, Promontory Point Partners LLCRobert Webb, Focus Management GroupDaniel Wikel, Huron Consulting GroupFrank Wojtowicz, Rand McNallyDavid Woodward, FTI ConsultingNick Zaccagnini, HuronTodd Zoha, AlixPartnersDavid Finkbiner, Finkbiner Duffy & Clapp SCCarl Lane, Willow Tree Consulting Group LLCDuncan Bourne, Wynnchurch Capital LLCMichael Buenzow, FTI ConsultingPaul Rundell, Alvarez & MarsalJoseph Concannon, FTI ConsultingThomas Goldblatt, Ravinia Capital LLCJames Rudnicki, Rudnicki & Associates LLCBrian Stewart, The Keystone GroupJames Vargo, BBVA CompassTimothy Turek, Aurora Management Partners IncJames Nugent, HuronKenneth Malek, MalekRemian LLCAllen Pratt, MBA Virtas Partners

Patti Anderson, The Huntington National BankEric Banduch, Virtus LLCNicole Bruno, Goldberg Kohn Bell Black Rosenbloom & Moritz LtdJochen ChangRowan ConleyMichelle Damico, Michelle Damico CommunicationsKarina Davydov, Gemino Healthcare FinanceRobert DixonElizabeth Ettleson, The Keystone GroupKyle Fleck, Sugar Felsenthal Grais & Helsinger LLPClayton Foster, BMO Harris Bank ABL GroupScott Frost, Howard & Howard Attorneys PLLCBrian Hartford, Harney PartnersMichael Healy, Gardner Standard LLCNick Heinzelman, Real Estate Recovery CapitalScott HoglanderGail Holmberg, Fortium PartnersHajar Jouglaf, Sugar Felsenthal Grais & Helsinger LLPSagar Kadakiya, BDO USA LLPJeremy KaluznaAti Khatri, Horwood Marcus & Berk CharteredThomas Kiriakos, Mayer Brown LLPDavid Kirshner, KM Business ConsultantsPaul Kostolansky, Kugman Partners IncReid LaVenture, Richter ConsultingAnthony Lazzara, South Branch Capital PartnersEric Mara

Nicholas Marcus, Bryan Cave Leighton Paisner LLPScott Meyerson, PJT PartnersGary Napadov, NERA Economic ConsultingRaju Patel, AlixPartnersGregory Paulus, Kreshmore GorupAlexander Porter, Krieg DeVault LLPOlivier Reiher, DeMarb Brophy LLCChristina Sanfelippo, Fox Rothschild LLPCarl Schmidt, Mackinac PartnersNick SerelisAnzhelika Shatrov, SAK Management Services LLCAlex Smith, Novo AdvisorsEva SmithRichard Snider, SAK Management Services, LTDJohn Stanfield, LQD Business FinanceLuke Stephenson, MorrisAndersonJerry Strub, Strategic Growth Consulting, IncHector TorresMike Waltz, Associated BankGavin Weir, The Huntington National BankJason Wencel, Wencel Worldwide, IncAndrew White, Blank Rome LLPSean Williams, Saul Ewing Arnstein & Lehr LLPChristopher Wrobel, ACWAlex Yao, Indiana UniversityBradley Zrihen, Richter Consulting

TMA // VOL. 21 // ISSUE 1 // MARCH 2020

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Turnaround Management Association Chicago/Midwest Chapter 2020 Board of Directors and Steering Committees

OFFICERS:PresidentAngela AllenJenner & Block LLP312-840-7218aallen@jenner.comPresident-ElectBrian Stewart, CTPThe Keystone Group312-960-3630bstewart@thekeystonegroup.comVP CommunicationsJack O'ConnorSugar Felsenthal Grais & Helsinger LLP630-308-2487joconnor@sfgh.comVP EducationMichael BrandessSugar Felsenthal Grais & Helsinger LLP312-704-2179mbrandess@sfgh.comVP ProgramsKat ParkerHYPERAMS, LLC312-685-2036kp@hyperams.comTreasurerLarry Fox, CTPHuron248-613-9248lfox@huronconsultinggroup.comSecretaryGene ArensonHYPERAMS LLC262-225-5857garenson@hyperams.comImmediate Past PresidentRob MeyersRepublic Business Credit LLC630-788-5100rmeyers@republicbc.com

DIRECTORS:Eric DornerRepublic Business Credit LLC312-566-1084edorner@republicbc.comTina Hughes, CTPHigh Ridge Partners Inc312-456-5636thughes@high-ridge.comDavid LevyNRC Realty & Capital Advisors312-278-6852david.levy@nrc.comGene ArensonHYPERAMS LLC262-225-5857garenson@hyperams.comBill FarrarMesa Verde Financial Advisors262-424-7240bfarrar@mesaverdefinancialadvisors.comGordy GouveiaFox Rothschild LLP312-541-0151ggouveia@shawfishman.comCarl Lane, CTPWillow Tree Consulting Group, LLC312-283-8820clane@willowtreecg.comAllen Pratt, CTPVirtas Partnersallen.k.pratt@gmail.comMatt Ray, CTPPortage Point Partners312-533-0645mray@pppllc.comAmy AyresWintrust Financial Corporation312-981-0758aayres@wintrust.comMatt BereshMackinac Partners LLC773-505-6288mberesh@mackinacpartners.comNeema VargheseNV Consulting Services LLC630-697-4402nvarghese@nvconsultingservices.com

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COMMITTEE CHAIRS:AwardsCarl Lane, CTPWillow Tree Consulting Group, LLC312-283-8820clane@willowtreecg.comKarl MadsenOpteonGroup LLC219-801-8434kmadsen@opteongroup.comLauren BeslowQuarles & Brady LLP312-715-5001lauren.beslow@quarles.comKobus van der ZelRavinia Capital LLC312-235-2325kvanderzel@raviniacapitalllc.comBreakfast ForumMatt Beresh, CTPMackinac Partners LLC773-505-6288mberesh@mackinacpartners.comShelly DeRousseFreeborn & Peters LLP312-360-6315sderousse@freeborn.comLou MarosiLinkage Capital847-382-6801 x201LouMarosi@LinkageCapital.comJoe FobbeFifth Third Business Capital312-771-8933Joseph.fobbe@53.comDave MartinelliPortage Point Partners708-417-0413dmartinelli@pppllc.comCertification & Continuing EducationChris CiannellaHigh Ridge Partners, LLC312-456-5636cciannella@high-ridge.comRobert HandlerCommercial Recovery Associates, LLC312-845-5001, x221rhandler@com-rec.comAdam EvansHilco847-849-2955aevans@hilcoglobal.comMicah MarcusMcDonald Hopkins LLC312-642-2141mmarcus@mcdonaldhopkins.comCommunicationsKevin MorseClark Hill PLC312-985-5556kmorse@clarkhill.comDiana PetersonAW Properties Global847-509-2757dianap@awproperties.comBarry SnyderRavinia Capital LLC724-809-5596bsnyder@raviniacapitalllc.comDavid LevyNRC Realty & Capital Advisors312-278-6852david.levy@nrc.comEntertainmentEric WelchkoRavnia Capital LLC708-372-0556ewelchko@raviniacapitalllc.comJamie CoteB6 Real Estatejcote@b6realestate.com

Sandy PrabhakarArmory Group LLC312-924-2933sprabhakar@armorysecurities.comAndrew GeorgeHigh Ridge Partners312-456-5636ageorge@high-ridge.comAndrea GonzalezAlvarez & Marsal312-470-8420andrea.gonzalez@alvarezandmarsal.comEvan NadlerWhite Oak Commercial Finance LLC312-463-9934enadler@whiteoakcf.comFinanceMichael BoyerHuron312-880-2676mboyer@huronconsultinggroup.comBrian AsbySpectrum Group Management773-469-9830basby@spectrumgp.comBob PabstHYPERAMS847-499-7023rpabst@hyperams.comMembershipMark FriedmanTelergy LLC312-736-8900 x100mfriedman@telergyllc.comJason EdelsonOna Capital Advisors847-477-7027jedelson@onacapitaladvisors.comJim TrankinaAlixPartners847-877-1202jtrankina@alixpartners.comAmy AyresWintrust Financial Corporation312-981-0758aayres@wintrust.comBarb YongGolan Christie Taglia LLP312-696-2034blyong@gct.lawLeah GistensonBig Shoulders Capital224-927-5316leah.gistenson@bigshoulderscap.comMilwaukeeA.J. KrzyanowskiFranklin Capital Network847-579-4780aj.krzyzanowski@franklincapitalnetwork.comMatt ZeratskyInterNex Capital LLC262-573-4572matthew.zeratsky@internexcapital.comNextGenKate LattnerDuff & Phelps312-697-4597kathryn.lattner@duffandphelps.comEric DornerRepublic Business Credit LLC312-566-1084edorner@republicbc.comEmily HarigThe Keystone Groupeharig@thekeystonegroup.comWill SolimeneHilco Global847-363-9803wsolimene@hilcoglobal.com

NOW (Network of Women)Suzanne Burke, CTP847-977-0577suzyburke@gmail.comBianca CiarroniFreeborn & Peters LLP312-360-6240bciarroni@freeborn.comLette TiptonConway MacKenzie312-683-9473lette.tipton@gmail.comOperationsAlex Boerema708-937-3698alex.boerema@outlook.comTom GoldblattRavinia Capital LLC773-336-2833tgoldblatt@raviniacapitalllc.comNick MillerMcDonald Hopkinsnmiller@mcdonaldhopkins.comHarold IsraelLevenfeld Pearlstein, LLC312-476-7573hisrael@lplegal.comTina Hughes, CTPHigh Ridge Partners, LLC312-456-5636thughes@high-ridge.comMike EganMonroe Capital LLC312-523-2362megan@monroecap.comJim VargoBBVA Compass312-279-6533jim.vargo@bbva.comMark MelickianSugar Felsenthal Grais & Helsinger LLP312-704-2174mmelickian@sfgh.comSuzie KoenigSAK Management Services, LLC847-446-8400skoenig@sakmgmt.comPremier EventStuart KaufmanPortage Point Partners224-388-0634skaufman@pppllc.comBen Smith, CTPHuron312-880-3108bsmith@huronconsultinggroup.comGene ArensonHYPERAMS LLC262-225-5857garenson@hyperams.comGordy GouveiaFox Rothschild LLP312-541-0151ggouveia@foxrothschild.comJim KeaneHarney Partners847-691-2587jkeane@harneypartners.comNeema T. VargheseNV Consulting Services LLC630-697-4402nvarghese@nvconsultingservices.comTim SerritellaBelvidere Capital LLC630-412-0366tim@BelvidereCapitalFinance.comMatt Ray, CTPPortage Point Partners312-533-0645mray@pppllc.com

Pro BonoCandice KlineCarpenter Lipps & Leland LLP312-777-4300kline@CarpenterLipps.comDavid BogetzBurnham Capital Partners LLC847-236-0886david.bogetz@burnhamcapital.comSponsorshipJohn ServatiusCommercial Recovery Associate LLC312-845-5001jservatius@com-rec.comSandeep GuptaNovo Advisors312-961-6854sgupta@novo-advisors.comBill FarrarMesa Verde Financial Advisors262-424-7240bfarrar@mesaverdefinancialadvisors.comDave Mack, CTPPathfinder Group LLC847-274-7604dmack@pathfindergroupllc.comAllen Pratt, CTPVirtas Partnersallen.k.pratt@gmail.comBill FaselGrant Thornton LLP312-286-7825bill.fasel@us.gt.comUniversity RelationsTom O'DonoghueCR3 Partners, LLC800-728-7176tom.odonoghue@cr3partners.comKim GordonMonticello847-205-5540kgordon@monticello.nycJaron HiteAEG Partners LLC630-294-6767jhite@aegpartners.comRory DaytonGrant Thornton Corporate Finance312-754-7369rory.dayton@us.gt.comScholarship FoundationTom JonesConcord Financial Advisors LLC312-545-5200tomjones@concordfinancialadvisors.comPaul KrantzMidFirst Business Credit, Inc.312-474-6460Paul.Krantz@midfirst.comRay NeihengenLinkage Capital Management, LLC847-975-9118rayneihengen@linkagecap.comMichael O'NeilTaft Stettinius & Hollister LLP317-713-3561moneil@taftlaw.comMitch RaskyCIBC312-564-6954Mitch.rasky@CIBC.comGail HeldkeBig Shoulders Capital LLC224-927-5309gail.heldke@bigshoulderscap.comTim SerritellaBelvidere Capital LLC630-412-0366tim@BelvidereCapitalFinance.com

Platinum Sponsors

Gold Sponsors

Christine Glatz, Chapter ExecutiveP.O. Box 33Frankfort IL 60423(815) 469-2935 Fax (815) 469-1901Email: cglatz@managementservices.org

Baker TillyBelvidere CapitalCIBCConcord Financial AdvisorsConway MacKenzieFocal Point Partners, LLCFox Rothschild LLP

Gordon BrothersGrant Thornton LLPHarney PartnersHuronJones DayLevenfeld Pearlstein, LLCLSQ

Mackinac PartnersMorrisAndersonNovo AdvisorsProskauerSugar Felsenthal Grais & Helsinger LLP The Keystone GroupWinston & Strawn