March 2017|  TMA Northeast  |
Letter from the President
On behalf of our entire board, welcome to TMA Northeast. We are building on many years of phenomenal growth and thoughtful planning. Thank you for your interest in our work as we move forward.
TMA Northeast is a vital part of TMA --- a worldwide community of professionals who work to increase enterprise value, preserve equity, manage disruption, and drive significantly improved results. 
TMA Northeast members value the varied expertise and experience of others. Members routinely rely on each other to solve business problems encountered by companies in our community. Our chapter's multidisciplinary membership consists of financial and accounting experts, lenders, lawyers, valuation experts and others with operational and financial expertise in a range of industries.  Members learn from each other through timely programming, enjoyable networking opportunities and strategic partnerships with other organizations.   
TMA Northeast is dedicated to all aspects of our community.  For years, our charitable golf outing has raised significant sums for deserving local charitable institutions. We also support the VETRN initiative founded by former Chapter president Lee Goldberg to bring mentorship, education and a resource network to entrepreneurial veterans. In addition, individual TMA Northeast members donate their time and talents to a host of worthy organizations addressing challenges in our community.   
Despite all that has been accomplished, no TMA Northeast professional would be content to dwell on the past. The future is the focus. We look forward to working together to build relationships, learn new strategies and help companies succeed. Please do not hesitate to reach out to me, any of our officers or directors or our Executive Director Marie Shirley with any questions. We are here to help and look forward to connecting.

John Loughnane, 2017 TMA Northeast President
FBI Speaks to TMANE
On January 27th, the Chapter held a breakfast event discussing  Business Email Compromise ("BEC"), a sophisticated scam targeting businesses working with foreign suppliers and/or businesses that regularly perform wire transfer payments. At this kickoff event for 2017, we welcomed as our special guest the Supervisory Special Agent of the Economic Crimes Squad of the Boston Field Office of the FBI.  

A more in-depth description of the issue can be found here.

Annual ABL Panel
On March 10, the Chapter will hold its annual ABL Panel at the Harvard Club in Boston. The breakfast will provide guests the opportunity to listen to a panel of esteemed professionals discuss the current state of the ABL market and their views on its future. The panelists will include Cheryl Carner, Crystal Financial; Matthew Williams, Wells Fargo Capital Finance; Seth Benefield, Bank of America Merrill Lynch; and Greg Segall, Versa Capital Management. The panel will be moderated by Frank Segall of Burns & Levinson
To register for the event, click here.
Veteran Outreach

One of the non-profits being supported by the Northeast Chapter of TMA is VETRN, a non-profit started by former TMA Co-founder, Past Chapter President and Vietnam Veteran, Lee Goldberg. Past TMA President, Daphne Firth served as a Board member in 2014 and John Loughnane currently serves as a VETRN Board member. The purpose of the VETRN program is to train veteran small business owners in entrepreneurship and how to grow their own small businesses. In addition to sponsorship by TMA Northeast, many TMA members have served or serve as mentors to the veteran small business owners who attend the VETRN program.
In July 2016, VETRN completed its second veteran cohort at Dean College, teaching the StreetWise "MBA" TM program to 12 veteran small business owners. This successful 26-week program finished with three-year growth plans presented to a panel of finance, sales & marketing, banking and business professionals, including TMA members.
VETRN is making this program available for cohorts of veterans, service disabled veterans and family members to gain the business knowledge, management know-how and relationships they will need to grow their own existing small businesses and be successful. Participants emerge with successful growth-oriented business strategies after having completed over 100 hours of combined peer-to-peer mentoring, work assignments and classroom training. The VETRN program focuses on areas that are vital to small business success, including financial management, cash flow, sales and marketing, human resource management, networking, accessing capital and government contracts. The application process is underway and spots are filling up fast for the upcoming program.
To learn more about the VETRN program, visit their website.
WHAT'S THE DEAL? Doing Business in New England and Beyond

Bruce Erickson of the B Erickson Group recently completed a successful CRO Chapter 11 engagement in the MA Bankruptcy Court wherein he led efforts to sell the business assets of Modern Shoe and Highline United as a going concern. The auction attracted two interested bidders, and resulted in a sale of the majority of the business to a group led by the debtors' equity holders, and a sale of the remaining assets to the back-up bidder for the entire business. Kenneth Leonetti of Foley Hoag represented the debtor.
Bar Harbor Bank & Trust recently completed its merger with Lake Sunapee Bank Group and, with the merger, the combined banks now have in excess of $3 billion in assets and a network of 49 branches covering Maine, New Hampshire and Vermont. 
Casner & Edwards announced that attorney Michael J. Fencer has joined the firm's Bankruptcy & Restructuring Group as a partner. His addition also establishes a dedicated Construction Law & Litigation practice for the firm.  

After nearly 17 years on the Citizens Bank Restructuring Management team as a senior workout officer, member James Ray has taken on a new role as  Wholesale Credit Officer, covering the middle market commercial lending group in the Boston market.
Industry veterans combined to launch national turnaround and performance improvement firm CR3 Partners, LLC. A key constituency of this newly created firm is the inclusion of the entire team of Chrysalis Management, LLC, led by founder, Cynthia Romano. More info here.

Gerber Finance Inc. is pleased to announce its recent financing for the acquisition of Edgebuilder Inc. and Glenbrook Building Supply by its client, South Paris, Maine based KBS Builders, Inc. KBS, a manufacturer of modular single family and multi-family structures was looking to broaden its product line and markets.

Cosi, Inc., a Delaware corporation, appointed Edward Schatz, Senior Managing Director of The O'Connor Group, Inc. and currently acting Chief Financial Officer of the Company's bankruptcy estate, to also serve as acting Chief Executive Officer of the Company. In this role Mr. Schatz will be advising the board of directors and assisting with plan formation. He will remain in this role until the plan of reorganization is approved by the United States Bankruptcy Court for the District of Massachusetts (Eastern Division).  Mr. Schatz is the current Vice President of the TMA Northeast Chapter.

Opus Consulting Group in Portland, Maine, moved its offices to 770 Congress Street, Portland, ME 04102.
Jenna Birkhold has been promoted to Associate at Phoenix Management Services. Jenna joined Phoenix in their Boston, MA office in 2015 as an Analyst.

Saul Ewing LLP, announced that Steven C. Reingold has joined the firm as a partner in the Commercial Litigation and Labor and Employment practices. He will be resident in the firm's Boston and New York offices.

To include your company's news in our next Newsletter, please click here!

Upcoming Chapter Events
Thursday, March 2, 2017
RI Program and Reception, (Providence, RI)
Friday, March 10, 2017
Annual ABL Panel, (Boston, MA)
Thursday, April 6, 2017
TMA/CFA Networking Social, (Boston, MA)
Thursday, April 13, 2017
Maine Program and Luncheon, (Portland, ME)
Thursday-Friday, May 4-5, 2017
Annual Credit & Bankruptcy Symposium, (Foxwoods, CT)
For a full list of upcoming events, visit the TMANE events page.
Welcome New Members!


Patricia Antonelli

Patricia Antonelli Law


Andrew Casey

Brookline Bank

Ian MacCubbin

Wells Fargo

Ashley McGuire

Commercial Financial Consulting

Jeremy Randall


Jeff Ryan

Gordon Brothers Finance Company


Kathleen Ryan

Morgan Lewis


Konstantinos Theocharidis

Deloitte CRG

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Ruberto, Israel & Weiner
Tiger Group
The O'Connor Group
TMA Northeast Quarterly is the official newsletter of the Turnaround Management Association of the Northeast. Inspired by the belief that every company can perform better with the right resources, TMANE is New England's premier membership of professionals driving next-level business performance.