TMA NOW's mission is to foster female leadership by creating the premier business development and networking group for women in the turnaround community. That's why in 2015, TMA NOW will be focusing on the theme of communication. In particular, in each of our quarterly e-newsletters we will discuss one of the following topics:
  • Unconscious bias - March
  • Getting a seat at the table - June
  • Rainmaking - September
  • Negotiation - December
TMA NOW Summit


NOW Summit 2015


Over 50 women leaders from the global TMA NOW committee and TMA chapters gathered in New York City for five hours of substantive educational programming and networking on Tuesday, May 5, 2015. The second annual TMA NOW Summit was a huge success with excellent panels, relevant topics, and engaging discussions. Thank you to all the attendees, speakers, and sponsors for your participation and support of TMA NOW! 

Getting A Seat at the Table: The What, Why, and How
By: Peggy S. Bud, Founder, Speaking Skillfully


More than half the workforce is women, yet there are more men in leadership positions. Here are the demographics related to women at the C-Level. Just 25% of senior level positions globally are held by women. Only a small percentage of worldwide businesses have a woman as their CEO. Even though 50% of law school graduates are women, only 4% of the top 200 U.S law firms have women as managing partners. Currently 13 out of 196 countries have elected women to serve as their country's leader. The question is: WHY aren't there more women at the table? 


Read the rest of the article here.


About Peggy
Peggy Bud is an Education and Communication Consultant and a certified speech-language pathologist. She teaches her clients how to effectively communicate when interacting with customers, clients and colleagues. Communication is a company's most powerful tool and will directly impact the company's bottom line. It's more than what you say; it's how you say it. Peggy can be reached at or via telephone 203.952.8534. Learn more at her web site:


Follow her on Facebook or LinkedIn.

Member Spotlight: Sarah K. Baker
Interviewed by: Faye Feinstein, Quarles & Brady LLP


Sarah K. Baker

Sarah K. Baker
Attorney, Quarles & Brady LLP


Sarah K. Baker is an associate in the firm's Bankruptcy, Restructuring and Creditors' Rights Practice Group. She counsels clients in a wide variety of bankruptcy, restructuring, and insolvency matters.

Ms. Baker has extensive experience in virtually all aspects of out-of-court restructurings, workouts, and liquidations, including assignments for the benefit of creditors proceedings and Chapter 11 and Chapter 7 bankruptcies. Ms. Baker has represented national and regional banks and financial institutions as secured, under secured, and unsecured creditors in all types of workouts, both in and out of court. Her experience includes negotiating and drafting loan origination and workout documentation for lender clients, and representation in related enforcement litigation.

How did you get involved in TMA?
Many of my colleagues, past and present, have been involved with the TMA. With their encouragement, I started attending TMA events early in my career. I have always been impressed with the level of educational programming that the TMA provides to its members. The content is intelligent, current, and of widespread appeal. 

Why did you want to be involved with TMA NOW in particular?
I think TMA NOW provides its members with a unique forum to find their voices. As you advance in your career, you eventually find yourself on the front lines of the client relationship, rather than in a supporting role behind the scenes. You trade your seat at the kids' table for one at the adults' table. This can be a difficult transition to make. Instead of researching r
ules and regulations, you are expected to take your body of knowledge and incorporate creative decision-making skills...more often than not on the fly!

TMA NOW is comprised of extremely accomplished women from diverse areas of the restructuring community. These are women who have been battling on the front lines, are successful, confident, and all too happy to share their experiences with their fellow members. When you attend a few of our events, and observed these amazing women in action, you begin to realize that you, too, can bring something worthwhile to the table, and can achieve success in the restructuring industry. 

During your time as a committee member, how do you want to see TMA NOW grow?
The Chicago/Midwest chapter of TMA NOW is always looking to grow its membership. At this year's Summit, we discussed the possibility of holding one or two joint events with other female professional groups as a way to expand the TMA. In Chicago, we have had success with joint events in the past, and I would like to see our TMA NOW group continue to form relationships with other professional organizations. I think this is a great way to market the TMA brand and expand our personal business networks.

One of TMA NOW's goals is to provide professional development geared specifically toward female members of TMA. What's the best career advice you've ever received?

After law school, I clerked for the Honorable Bruce I. Fox (ret.) of the United States Bankruptcy Court for the Eastern District of Pennsylvania. Toward the end of my clerkship, Judge Fox gave me some advice that I did not truly appreciate at the time. 

"Young Sarah," he said (yes, he actually referred to me that way), "a legal career is a marathon, not a sprint. Remember to take pleasure in the small things. Savor the victories, learn from the defeats, never be afraid to meet new challenges head on, and always be kind." 

Looking back, I get it now. A career isn't static. It's akin to a living thing; it requires constant nurturing to grow and thrive.

What would someone who only knows you professionally be surprised to learn about you?
I am an unabashed Star Wars fanatic. May be the Force be with You!

Glass Cliff Research

Bridget McS. Morton, a business student at Georgetown University, has reached out to TMA NOW to ask for assistance as she researches the Glass Cliff theory. Pioneered and published in the UK in the early 2000s, Glass Cliff is a theory that states that women are more likely to receive corporate leadership roles during crisis than calm. Bridget is testing to see if that held true during the recession in the United States within professional service providers with a focus on women in consulting, finance, and law. For half of her research, she is looking to interview women who came into top leadership roles in a c-suite position or board in those industries between 2004 and 2014. Interviews will last between 30 minutes and a hour, and she is looking to interview between 30 and 60 women running through the middle of July. If you would be willing to assist in this project, please contact Bridget directly. She will share her conclusions with TMA NOW and her findings will be published in the September TMA NOW e-newsletter.

Bridget McS. Morton
Georgetown University
McDonough School of Business Class of 2016
(410) 456-7085 

Event Highlights

TMA-Canada [Toronto]: 5th Annual Spring Gala
By: Andrea Yandreski, Alvarez & Marsal, and DJ Miller, Thornton Grout Finnigan LLP

Maria Konyukhova

On May 28, the TMA Toronto Chapter held its 5th annual Spring Gala, a black-tie event that profiles women in the turnaround and restructuring practice and raises funds for a Toronto-based charity that focuses on making a difference in the lives of women. The Spring Gala was co-chaired by TMA Toronto directors Pam Huff, Sharon Hamilton, D.J. Miller, and Kevin Treacy with a committee of TMA members, and was attended by many Chapter members, their guests, and members of the judiciary. It continues to be one of the Toronto Chapter's most popular events, with all of the tables selling out each year. Over the past five years, the total proceeds from donations and table sales at this event have exceeded $250,000 for the designated charities.

Read the rest of the article here


TMA-Illinois [Chicago/Midwest]: TMA NOW Women's Quarterly Luncheon
By: Sarah Baker, Quarles & Brady LLP

On May 21, the Chicago chapter of TMA NOW held its first quarterly luncheon of 2015 at Petterino's Restaurant. The program was coordinated by Alison Miller (Garden City Group), Anjanette Winners (BMO Harris Bank), and Sue Duckett (Bibby Financial Services (Midwest), Inc.).

The topic was "Distress & Opportunity in the Energy Sector." The panel was moderated by Scott Stuart (Senior Director, Bankruptcy, Garden City Group), and was comprised of a diverse group of experts from the restructuring community, including Felicia Perlman (Partner, Skadden, Arps, Slate, Meagher & Flom, LLP), Stephanie Slavkin (Managing Director, BMO Harris Bank), and Becky Roof (Managing Director, AlixPartners LLP).

Read the rest of the article here


TMA-Texas [Houston]: TMA Women's Initiative Networking & Lunch
By: Sydney Isaacs, Abernathy MacGregor Group

On May 14, the TMA Houston Chapter's Women's Initiative hosted a lunch panel discussion, attended by about 40 professional women and one enterprising and ambitious high school graduate who attended with her mother before leaving this fall to attend college. This was the first such lunch for the chapter, but was quite a success and will certainly not be the last.

Three distinguished panelists with different backgrounds and areas of expertise led an engaging discussion about building a network and a successful career. 


Read the rest of the article here


TMA New York: Lunch With The Leading Ladies
By: Heidi Sorvino, Hodgson Russ LLP


The third annual Leading Ladies luncheon held on June 16 was a smashing success. With not one seat left in the house, Judges from SDNY, EDNY, EDPA, DNJ, and Connecticut feasted on fabulous Greek food and mingled with attorneys, investment bankers, accountants, and other restructuring professionals. TMA NOW proves to be a successful draw and an excellent opportunity for women to network. 

Upcoming TMA NOW Chapter Events

TMA NOW Networking Reception

Thursday, July 16

5:00 p.m. - 6:00 p.m.

Park Hyatt Aviara - Library Terrace

Carlsbad, California


Join the TMA Network of Women for an intimate networking reception and connect with TMA's best and brightest women in the industry.

Hosted in conjunction with the 7th Annual Western Regional Conference at the Park Hyatt Aviara, enjoy cocktails on the Library Terrace while making new connections with female colleagues. Men are welcome to attend as well!

*This reception is included in your Western Regional Conference registration. If you are registered for the conference, you do not need to register for this event.

Can't join us for the entire conference? You're still welcome to register for the TMA NOW reception.

This event is being made possible in part with grants from the TMA Global Chapter Resource and Response Committee (CRRC) and the TMA Southern California Chapter. 

Other News & Events

We Need Your Help!


This quarterly newsletter is created by members of TMA NOW for TMA NOW. Read an article recently that you'd like to share? Has your chapter completed a successful TMA NOW event? Do you know someone whose contribution to the industry deserves a shout-out? Let us know! We want to highlight your women's events, special recognitions, speaking engagements, published articles, and awards to the TMA NOW community.


Email Tiffany Hallgren at with your suggestions and you may see it in the next TMA NOW e-newsletter!

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TMA Global Events

October 5-7

The 2015 TMA Annual

Scottsdale, Arizona

Turnaround Management Association is the leading organization dedicated to corporate restructuring, turnaround management, and distressed investing. Established in 1988, TMA has more than 9,300 members in 51 chapters around the world. 
Turnaround Management Association is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: