Robert Handler
Robert Handler
CTP Spotlight: Robert P. Handler, TMA Chicago/Midwest 
Mr. Handler is managing partner at Commercial Recovery Associates, LLC and has over 30 years of professional experience in commercial financial transactions, with most of his involvement in managing turnaround situations and other financially and operationally distressed businesses. He has handled business reorganizations, acquisitions, mergers, and acted in a number of fiduciary capacities such as independent director, court-appointed receiver, Trustee/Assignee for the Benefit of Creditors and Chief Restructuring Officer across the country, in various parts of the  world, and in a wide variety of industries. Learn more .
What markets do you and your firm focus on (if any)?
Our primary focus has been on small to mid-market firms and in a wide spectrum of industries. We have recently been involved in commercial aircraft leasing, SEC Registered Investment Advisors, healthcare, engineering and manufacturing firms, and commercial real estate.
Do you have any specific engagements or examples you'd like to talk about to highlight your expertise?
We are nearing completion of a long and complicated SEC receivership that was started in Federal court here in Chicago. In this case we successfully managed and sold six commercial aircraft leased to major airlines: a Boeing 737 leased to British Airways, four Airbus 321s leased to Alitalia, and one Airbus 319 leased to US Airways/American Airlines. During this case we also restored the investors' initial $21 million investment, paid out an additional $9 million to them, recovered approximately $4 million in preferential and fraudulent transfers, and successfully defended the company in a $7 million preference case in Italy. My firm and I were also recently appointed in state court as Receiver for the City of Harvey, Illinois' water fund. Harvey has been in litigation over past due bills in excess of $20 million owed to the City of Chicago. Our job in this case includes managing the water fund's revenues and expenses; preparing budgets that will permit Harvey to comply with prior court orders and state law concerning municipal water funds; improving Harvey's billing and collection system for water revenue; and reporting to court.
What made you want to get your CTP?
The CTP community consists of seasoned and knowledgeable professionals in the distressed business arena. I am looking forward to networking with other CTPs and learning how they have handled complicated turnarounds and restructuring engagements. I have also enjoyed working with CTPs in other turnaround situations. Networking with more CTPs will give my firm an opportunity to provide greater resources to our client base and future engagements.
Mr. Handler can be reached at
Aaron Equipment Company
Spotlight on Debtwire
Fall chill blows through Toys R Us, Windstream, Del Monte, Algeco cap structures while Seadrill dives into Chapter 11 and the Retail sector struggles. Click here for exclusive access to highlighted news, data and analysis across these situations and more. Stay tuned over the next 12 weeks as Debtwire provides TMA members with featured coverage on global leveraged credit - from primary issuance to the first sign of stress through restructuring and beyond. With global breadth and local depth, you can trust Debtwire's original content to help make informed decisions across geographies, companies and asset classes. 
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Conference highlights:
  • Keynote Speaker: Walter Robb, former co-CEO of Whole Foods. Tying in directly with the conference's theme of "Disruption and Its Ripple Effect," you will not want to miss Mr. Robb's views on Amazon's recent purchase of Whole Foods and the impact this is having on the retail sector.
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Congratulations to Our Award-Winning Chapters
Each year, TMA recognizes chapters that distinguish themselves by delivering excellent education, providing unique networking opportunities, helping their members drive business, and promoting community service.

Click here to find out why each chapter won.

The winners of the TMA Chapter Awards are:

2016 Operational Excellence (Mega Chapter)
TMA Chicago/Midwest

2016 Operational Excellence (Mid-Size Chapter)
TMA Rocky Mountain

2016 Operational Excellence (International Chapter)
TMA South Africa

2016 - 2017 Most Innovative Program for Infotainment
TMA Connecticut for TED Talks Times Two

2016 - 2017 Most Innovative Program for Partnerships
TMA New Jersey for the Inaugural Hon. Rosemary Gambardella
Scholarship Competition

2016 - 2017 Most Innovative Program in Support of the TMA Core Values
TMA West Michigan for Case Study Series

2016 Special Consideration
TMA Philadelphia for Summer Charity Classic
Carl Marks Advisors
Congratulations to Tom Pabst, TMA Chicago/Midwest
TMA Global Chair, David F.W. Cohen, partner, Gowling WLG, announced that the  2017 Chairman's Award will be presented to Tom Pabst, president, HYPERAMS, former TMA Executive Board Member and former TMA Chicago/Midwest Chapter President. 

"Tom was the first person that came to my mind when considering candidates for the Chairman's Award. I've known him from the beginning of my TMA Global involvement. He has been there for TMA for a long time and has undertaken every role and assignment for TMA (and there have been many) with both precision and heart. His hand is always up to offer help where it is most needed. All who work with him know Tom speaks his mind and gives you the "straight goods". His thoughts have helped shape TMA as it has gone through significant changes over the years. His honesty and integrity combined with a sharp mind and a low-key selflessness makes him someone with whom we all enjoy working. Tom is a mentor, a collaborator, and someone I am proud to call my good friend. Congratulations, Tom, you deserve this award and I'm pleased to have an opportunity to award you this recognition."
- David F.W. Cohen
Read the complete press release.
Become a Member of the TMA Certification Oversight Committee

If you would like to become a member of the TMA Certification Oversight Committee, now is the opportunity to submit your nomination for a thre e-year term on the 2018 Committee. The deadline is  Friday, September 29, 2017 .

Members may nominate themselves or others for Certification Oversight Committee positions, although any turnaround practitioner or advisor must hold a Certified Turnaround Professional (CTP) or Certified Turnaround Analyst (CTA) designation. 

You must include:
  1. A brief biography outlining the candidate's pertinent TMA experience at the chapter and/or global level
  2. A statement explaining why the nominee is an exemplary candidate for the Certification Oversight Committee.
The Nominations Committee, chaired by Matthew English, CTP, will consider all submissions and prepare a slate of proposed officers and members for consideration by the current Certification Oversight Committee in October.
TMA Institute
Featured E-Learning Course
Chief Restructuring Officers ("CROs") use a variety of tools on a daily basis to effect the restructuring of distressed businesses. This archived webinar focuses on the application of the tools available to CROs in turning around or restructuring a business. Discussion topics will include the use of restructuring tools available under federal and state legislation, lender negotiation strategies and leverage and managing critical creditors. This bundle also includes the second in the CRO School series and focuses on the issues facing a CRO in stabilizing a failing business and executing an operational turnaround.

Purchase the bundle today.
JCR Article

JCR Article Spotlight

Distressed cycles often test the limits of "market" terms and documentation principles prevalent in industry-specific financing arrangements. For independent oil and gas exploration and production (E&P) companies, the industry turmoil that peaked in 2015-2016 put the fundamentals of reserve-based loans (RBLs) under the microscope.

Read more of this article by Ana Alfonso and Weston Eguchi of Willkie Farr & Gallagher LLP.

Download the September digital issue of the Journal of Corporate Renewal to read on your desktop, smartphone, or tablet.

JCR Available on Google play
 News Relevant to TMA Members
  • Gerber Funds $2.4M Line of Credit to Dancing Deer Baking Co. (more)
  • Kinzie Capital Partners Enjoys Continued Growth With Addition of Two Team Members (more)
  • MB Business Capital Announces $9 Million Credit Facility for Triumph Manufacturing, LLC (more)
  • Harnessing Activists To Help Find Turnaround Stocks (more)
  • Toys 'R' Us Reportedly Weighing Bankruptcy: What Canadians Need to Know (more)
  • Gannett Cuts Staff in Restructuring (more)
  • Heritage Global Partners Expands Asset Valuation Division, Names Serritella Director of Sales (more)
  • Epiq Strengthens Corporate Restructuring Leadership Team (more)
  • 'Safe to Fail': Insolvency Safe Harbours Will Rescue Struggling Companies (more)
  • Monroe Capital Provides Financing to Citizens Rx, LLC (more)
  • More Protection for Company Directors (more)
  • DowDuPont Revises Breakup Plan Opposed by Activist Investors (more)
  • Kobre & Kim Continues to Expand Global Insolvency Practice With Senior Hire (more
Email TMA to share your organization's news.
Upcoming TMA Chapter Events

Monday, September 18
Rocky Mountain (Lakewood): 2017 Chapter Golf Tournament

Tuesday, September 19
Arizona (Phoenix): The Business of Bankruptcy
Ohio (Cleveland): TMA and CFA Chapters Meeting
New Jersey (West Orange): Guest Speaker Sara Ross

Wednesday, September 20

Thursday, September 21
Alabama (Birmingham): Panel and Lunch
Northwest (Canmore): Golf Tournament
Minnesota (Minneapolis): Craft Beer Panel

Monday, September 25
Carolinas (Summerfield): 9th Annual Sporting Clays Tournament

Tuesday, September 26
Chicago/Midwest (Milwaukee):  The Basics of 13-Week Cash Flow Modeling
Connecticut (New Haven): Guest Speaker Dr. Edward I. Altman
New Jersey (Madison): NextGen Fall Bowling Event

Wednesday, September 27
West Michigan (Grand Rapids): Real Estate Panel

Thursday, September 28
Rocky Mountain (Denver): Executive Roundtable Breakfast Series

Friday, September 29
Chicago/Midwest (Chicago): NextGen Pitching and Originating Panel

View all chapter events  here.

Stephen Awtrey, The Nova Consulting Group (TMA Northeast)
Patrick Brennan, CapitalSource (TMA Southern California)
Anne Marie Carson, Miller Johnson (TMA West Michigan)
Ed Cronin, Aon Risk Services (TMA Connecticut)
Jason Dolman, Fishman Flanz Meland Paquin LLP (TMA Montreal)
Leora B. Freire, Richman Greer (TMA Florida)
Alexander S. Frumkin, Guggenheim Securities LLC (TMA Atlanta)
Gabrielle Glemann, Stoel Rives LLP (TMA Northwest)
Scott Lazarus, Heritage Global Valuations (TMA Arizona)
Kay Murphy, New England Consulting Partners LLC (TMA Dallas/Ft. Worth)
Alex Popov, Carlyle Investment Management LLC (TMA New York City)
Lauren Siamis, Grant Thornton (TMA Chicago/Midwest)
L.J. Suzuki, CFOshare (TMA Rocky Mountain)
Theodore Tzafaroglou, New England Consulting Partners LLC (TMA Detroit)

View a complete list of new members highlighted in the September issue of the Journal of Corporate Renewal.
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TMA Weekly Report is the official weekly newsletter of the Turnaround Management Association, the leading organization dedicated to corporate restructuring, turnaround management, and distressed investing. Established in 1988, TMA has more than 8,300 members in 55 chapters around the world.

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