For the overwhelming majority of us calendar year 2020 could not end soon enough. With a worldwide pandemic, the likes of which most of us have never seen in our lifetimes, 2020 has left an indelible mark upon all of our lives. There is an old saying that reads "may you live in interesting times." Well, 2020 sure was "interesting times." As we turn the page to 2021, all of us in the restructuring industry should feel fortunate that we work in an industry that prospers during periods of financial uncertainty. Opportunities abound for restructuring professionals to use their special skills to help businesses survive, restructure, and once again thrive. The coming year promises to be one in which our skills, knowledge and experience will be in very high demand. I hope everyone reading this year-end message will take advantage of all that our Chapter and this Global organization have to offer, and reach out to other members to collaborate on new projects; and when there is an opportunity to make a referral, refer the matter to those within your TMA network.
As my year as President of this Chapter comes to a close, I am pleased to report that the Chapter is in excellent shape in all respects. In a locked-down world, we were able to figure out ways to hold a dozen well-attended virtual events and to maintain our membership rolls at very close to our 2019 level. Kudos to Ron Gellert (Gellert Scall Busenkell & Brown LLC), our programming V.P., and to Monique DiSabatino (Saul Ewing Arnstein & Lehr LLP), our membership V.P, for their creativity and initiative. Our financial condition heading into 2021 has never been stronger. Kudos to Stan Mastil (Galvin/Solmonese LLC), our treasurer for life (kidding Stan?!), for his fiscal discipline. Our leadership group, which performed above and beyond the call of duty this year, will remain largely intact next year. Neil Gupta (SSG Capital Advisors LLC) will take the baton from me and ascend to the Presidency, and Rachel Jaffe Mauceri will rise to President-elect. We have five new Board members beginning on January 1. We are very pleased to be adding two of our area Judges to the Board - Judge Karen Owens (Delaware) and Judge Magdeline Coleman (EDPa) - as well as Lauren Tayag (PNC Business Credit), Patrick Stewart (MACCO Restructuring Group), and Chris Beane (Beane Associates). We thank those Board members rotating off of our Board for their service, including Judges Christopher Sontchi and Jean FitzSimon. I want to give a special acknowledgement and "shout out" to Judge FitzSimon who retired from the Bench in 2020. Judge FitzSimon was always an active participant in Board meetings and her high energy and great ideas and perspective surely will be missed.
It was an honor for me to serve as President of this Chapter, and to have the opportunity to work with such terrific officers and Board members over the past year. The leadership of this Chapter showed how to "pivot with purpose," and that we are "better together" in the TMA "big tent." Scott Stuart, TMA Global Executive Director, will be proud that I used our three mantras in one sentence! The Chapter will be in great hands as Neil takes the reins, and in 2022 when Rachel takes the helm. I look forward to working with Neil and the other officers as Chairman of the Board in 2021. In closing, I want to urge all members to become more active in the Chapter. We are always looking for members to join our Committees and take on leadership roles in the Chapter. We will only grow and continue to flourish if our members are active and seek leadership roles in the Chapter. As they say, the water is warm, so dive in!! Please contact our Chapter Executive, Andrea Pauson, to be connected to the appropriate Committee chair. In closing, I wish everyone Happy Holidays, and here's to a safe, healthy and very prosperous 2021! Watch for upcoming programming events for the New Year -- two of which are already in the works for January!
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Message from Rachel Jaffe Mauceri,
Chapter NOW Co-Chair
Attorney, Bankruptcy & Restructuring
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The members of TMA Philadelphia/Wilmington's Network of Women were pleased to partner with colleagues in other chapters and professional organizations for several successful events this year. This summer, we led two virtual networking events entitled "Who's Who: Understanding Your Connection to Other Women in Turnaround" moderated by NOW Committee member Angela Mastrangelo (Hyland Devin Shapiro).
In August, the NOW Committee partnered with SFNET Philadelphia Chapter's Women in Secured Finance (WISF) for a joint virtual education event entitled "What is Your Strategy?" The event featured panelists Marjorie Kaufman (Getzler Heinrich & Associates), Regina Stango Kelbon (Blank Rome), Teresa Kohl (SSG Capital Advisors LLC) and Lauren Tayag (PNC Bank), and was moderated by TMA NOW
Co-Chair Rachel Jaffe Mauceri. The panelists provided an overview of a troubled credit, from the early stages through its chapter 11 plan or other resolution, each from their own perspective as a professional involved in the restructuring process.
For some holiday festivity, TMA NOW co-hosted a virtual cheese tasting event in early December with IWIRC Philadelphia, featuring artisan cheeses produced by Chester County-based, family-run Birchrun Hills Farms. A few days prior to the event, Birchrun Hills sent each attendee five of its locally produced cheeses -- enough to share -- with instructions on readying the cheeses for the tasting. On December 3rd, Birchrun Hills' owner and cheese producer Sue Miller walked tasters through a variety of flavors, offering her thoughts on process, profiles and pairings. The event was a delicious success, with approximately 30 attendees sharing terrific conversation (and the fabulous cheese!).
We are thrilled with our success, and thank the Chapter's NOW Committee members for all their heard work, during a challenging year. I will be rolling off of the NOW leadership after three years, I am excited that Co-Chair Melissa Martinez (Saul Ewing Arnstein & Lehr LLP) will serve as 2021 NOW Chair, and longtime TMA and NOW Committee member Lyndsay Rowland (Starfield & Smith) will be joining NOW leadership as Vice-chair. We look forward to the programming that Melissa, Lyndsay and the Committee have in store for 2021!
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Philadelphia/
Wilmington Chapter TMA
Watch for January events.
Philadelphia/Wilmington Chapter TMA homepage
Global TMA
Restructuring Bootcamp: Two-Part Certificate Program Session 9
TMA Town Hall: PPP Forgiveness
Restructuring Bootcamp: Two-Part Certificate Program - Session 10
2021 TMA Distressed Investing Conference
TMA announces new President and Board
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November/December 2020 issue for the Journal of Corporate Renewal.
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