|
|
WHAT'S INSIDE:
TMA Scholarship Fund Call for Action
Musings from Your 2023 Leadership Team
LOTS of Member News
Martini Party Slideshow
TMA Scholars: Where Are They Now?
Hot Takes
|
|
TMA Chicago/Midwest | April 2023 | Q1
|
|
CHAPTER LEADERSHIP MUSINGS
|
|
|
Preparing for a Wonderful Year Ahead
By: Kat Parker, Chapter President
HYPERAMS, LLC
|
|
Welcome 2023! We are off to a great start and have a fantastic slate of events for the year. As the year kicked off, I looked back on how I got here, and it all started with someone encouraging me to join the communications committee. Fast forward 10 years, I am honored to be serving our Chapter and know I have big shoes to fill from the many great Presidents before me.
Our Chapter has overcome some challenges over the past few years with Covid, but with the leaderships of past presidents, steering committees, board members and committee members the chapter has continued to grow membership and put together top-notch programming and events. We’ve adapted to the changes and my hope for this year is that we continue to navigate what the new normal looks like and continue to make the Chapter benefit all of our members.
Our Platinum sponsors - Jenner & Block, Harney Partners, SAK Healthcare, Hilco Global and Republic Business Credit – and our Gold, Silver, Milwaukee, and Friends sponsors are the backbone of what helps us put on great programming and events. The events that we produce throughout the year would not be possible without your support. Many of you have been sponsors for years while others this is your first time. I encourage you to continue to utilize all the benefits the Chapter has to offer throughout the year.
And to our members, without your participation we wouldn’t be one of the largest Chapters in the organization. Our committee members’ involvement and dedication ensure there are a variety of outstanding events planned. If you’re not already, now is a great time to get involved! If you are interested in becoming a part of one of our fantastic committees please let me know. We are always looking for volunteers to continue to evolve the chapter. As someone who knows from experience, being engaged on the front lines is really the best way to build a relationship and a network within the TMA.
I look forward to navigating this year with all of you.
|
|
Navigating Change
By: Tina Hughes, CTP, Vice President, Communications
High Ridge Partners, LLC
|
|
As the new Vice President of Communications of our chapter, it’s my pleasure to bring you the first TMA Chicago/Midwest newsletter of 2023. Our Communications Committee Co-Chairs including Mark Silverman of Locke Lord, LLP, Nate Delman of HMB Legal Counsel, and Catalin Diaconu of High Ridge Partners, LLC volunteered to lead the committee again this year. Their innovation last year led to our new and improved digital format of content. Susan Silver of Millennium Properties R/E and Margaret Griffin of SomerCor will also participate as committee members this year. I look forward to seeing how they build on this platform in the coming months.
Kathleen Parker of HYPERAMS is our chapter’s President for 2023 and she adopted “Navigating Change” as our theme this year. This theme is on point as interest rates continue to rise along with the cost of goods, services, and labor. Supply chain issues are still evolving, and the global political environment seems to be getting more volatile. These factors and many others will impact the clients that we serve and possibly our own employers and business practices.
Change can be scary and stressful, whether it is unexpected or intentional. As a business consultant, I am often the instigator of change. Learning how to navigate it effectively is an important skill. Embrace change by evaluating all your options, examining potential outcomes, and developing a plan. Break down each challenge into smaller pieces. Often, making small accomplishments helps us gain footing and momentum to tackle larger issues. By seeking input, developing measurable goals, and focusing with a clear vision of the path forward, leaders can guide this change more efficiently.
Furthermore, don’t forget to take care of yourself during times of change. I often say that flight attendants tell us to ‘put on our own oxygen mask first’ for a reason. We can’t be available to assist others if we don’t take care of ourselves first. Schedule some “me time” in your calendar or take a short break if you are feeling overwhelmed. Often our most inspirational thoughts come to mind when you are relaxing or have stepped away for a moment.
And finally, don’t hesitate to ask for help. Use your personal and professional networks to gain insight and ideas that you can apply to resolve issues and maximize opportunities. As a part of the TMA Chicago/Midwest Chapter and TMA Global, our network of resources is vast. Chances are, there is someone within reach that has knowledge, wisdom, or a similar experience that can guide you through any issue. Together, TMA members can navigate any challenging change that comes our way.
|
|
|
|
Thomas M. McCabe joins MorrisAnderson as managing director, working with clients across contract and lender negotiations, debt restructuring, capital raising and re-financings, budgets, financial and operational analyses, and cash flow projections. Previously, he worked at Glen Ridge Advisory, JS Held Financial Advisory Services, BDO Advisory Services and other firms including KPMG. McCabe has a bachelor’s in accounting from University of Notre Dame and a master’s of business administration from University of Chicago Booth School of Business.
|
|
|
|
John Larson joins MorrisAnderson as director in the Chicago office. A Certified Fraud Examiner, Larson will lead a team of associate directors and work directly with clients, lenders, and creditors, managing projects’ scope, budgets and engagement reports. Larson has a bachelor's degree of business administration, majoring in both finance and economics, from University of Wisconsin. He has previously worked at Engs Commercial Capital, Weather Mark, Inc., Hilco Financial and Banco Popular.
|
|
|
|
Milosz Gawlik has passed Level 3 of the Chartered Financial Analyst (“CFA)” program and has obtained the CFA Charter. The CFA credential is the most respected and recognized investment designation in the world as it demonstrates superior competency in advanced portfolio management, financial expertise, and technical skills. Successful CFA program candidates report that they spend an average of 1,000 hours, in aggregate, studying for all three levels.
|
|
|
|
Rob Meyers of Republic Business Credit is proud to announce it was acquired by Renasant Corporation (NASDAQ:RNST) and will continue to operate as a separate and wholly owned subsidiary of Renasant Bank. It will continue to operate as Republic Business Credit along with its entire leadership team and employees to continue building a national platform. Republic is one of the fastest growing and largest commercial finance companies in the US that provides working capital solutions up to $15,000,000 across ABL, Factoring, Traditional Factoring, Fast AR and E-commerce suite of working capital solutions.
|
|
|
|
Accordion is pleased to announce that Matt Beresh (Senior Managing Director) will add Office Lead to his responsibilities in Chicago. With this addition, Matt will maintain his continuous focus on Turnaround and Restructuring clients and engagements. He will also now lead certain aspects of people development, business development, and culture conservation associated with the firm’s growing Chicago office, which has representation from all of Accordion’s service lines (spanning the entire CFO function across every stage of the investment lifecycle).
|
|
|
|
Susan Poll Klaessy, Partner at Foley & Lardner LLP, was named to the 2023 Illinois Super Lawyers List in the field of Business Bankruptcy. Super Lawyers is a rating service of outstanding lawyers from more than 70 practice areas who have attained a high degree of peer recognition and professional achievement. Each year, only 5 percent of attorneys in the state are selected to the Super Lawyers list.
|
|
|
|
David Johnson of Abraxas Group spoke at a recent panel discussion addressing growth challenges for small and mid-sized companies, hosted by YourDealSource.
|
|
|
|
The Keystone Group is proud to announce that Evan Farrell was recently promoted to Partner. Evan brings more than 10 years of experience to Keystone and has been a recipient of multiple TMA awards including the TMA National Turnaround of the Year, TMA Chicago/Midwest Turnaround of the Year, and the TMA Chicago/Midwest Transaction of the Year.
|
|
|
|
Kevin A. Krakora, CTP, Managing Director with Getzler Henrich, was recently appointed as an Independent Director to the board of a $400 million tier 1 manufacturer and designer of light vehicle components. He also recently published an article titled “Rolling with the Changes: Can the RV Industry Sustain Momentum Beyond the Pandemic?” Kevin leads the Automotive Industry Practice at Getzler Henrich.
|
|
|
|
Suzanne Koenig was interviewed by Steve Moran on Senior Living Foresight, where she discussed the state of the healthcare industry. Koenig offered her unique insight on occupancy issues, staffing concerns, and future challenges that the industry is likely to face in the coming years. In addition, Suzanne Koenig was featured in a webinar hosted by Reorg Research titled “Recent Trends in Distressed Healthcare,” where she offered her perspective on recent credit and distressed trends in the healthcare sector alongside reputable attorneys, lenders, and consultants in the healthcare industry.
|
|
|
|
Levenfeld Pearlstein is excited to announce that it has hired new TMA member Heidi Hockberger to join its Financial Services and Restructuring Group (FSRG). Heidi joined LP in January 2023 as an associate and is already making an impact within the group and industry.
|
|
In January 2023, Aaron Hammer of HMB Legal Counsel and Tom Goldblatt of Ravinia Capital hosted their second annual Midmarket Deal Makers Symposium in Miami Beach at the SLS South Beach Hotel with over 100 distressed investors, turnaround professionals and senior corporate executives attending.
Aaron Hammer recently was named Legal Advisor of the Year by The M&A Advisor in conjunction with its annual turnaround awards presented at the Distressed Investing Summit in Palm Beach on March 22, 2023.
|
|
HYPERAMS is pleased to announce that Director of Business Development Kat Parker is being recognized as one of the ABF Journal’s Top Women in Asset-Based Lending. Kat’s profile and professional accomplishments will be featured in the Q1/2023 issue of trade magazine ABF Journal along with other distinguished women leaders in the industry. We are also pleased to announce that Kat has been promoted to Managing Director of Business Development and Beth Lennon has been promoted from Director to Managing Director of Financial Writing and Communications. Congratulations, Kat and Beth!
|
|
Sean Williams of Levenfeld Pearlstein has been selected to serve on the TMA Global NextGen Committee in 2023. As a member of the Committee, Sean will oversee and assist the 2023 TMA NextGen Global Leadership Conference, to be held in July in Chicago, Illinois.
Sean Williams and Harold Israel have been engaged to represent the secured lender in In re Affito Domus Vendita Holdings LLC, pending in the United States Bankruptcy Court for the Northern District of Illinois. Levenfeld Pearlstein was also recently retained to represent the assignee for the benefit of creditors of Interior Define, Inc., a custom furniture and home goods company. The engagement is being led by LP attorneys and TMA Chicago/Midwest chapter members Sean Williams and Harold Israel.
|
|
|
|
Bryan Uelk is pleased to announce the birth of his son, Andrew James Uelk, on
March 26, 2023.
|
|
|
Chapter News: TMA Out 'N About
|
|
|
Jan. 19: Post Holiday Fun in Milwaukee
By Virginia George, Steinhilber Swanson
|
Over 120 members and guests attended the 2023 Milwaukee Post Holiday Networking Dinner at The Grain Exchange. Virginia George and Erin West, TMA Milwaukee planning committee co-chairs, kicked off the event with a warm – and humorous – welcome and shared the 2023 TMA MKE e-guide which included sponsor bios and contact information, and the 2023 schedule of events.
Congratulations to Michael Brandess who was recognized for his service as 2022 Chicago/Midwest Chapter President. TMA Administrative Staff Katlyn Glatz and Amanda Mehrbrodt were acknowledged for their tireless work to support the organization.
|
|
|
|
Jan. 24: Fifth Third Bank Chief Economist discusses 2023 Economic Outlook
By Joe Fobbe, Fifth Third Bank Asset Based Lending
|
Nearly 150 industry pros ventured to the beautiful University Club of Chicago for networking, lunch and a great economic presentation by Fifth Third Bank’s Chief Economist Jeff Korzenik. He shared his thoughts on the economy which includes him having a steadily increasing outlook for a recession despite many positive economic signs including a stabilizing supply chain, low unemployment, and retreating commodity prices. Korzenik remains passionate about non-traditional talent pipelines to address continued workforce shortages.
|
|
|
|
February: NextGen Learns the Art of Deep Dish Pizza
By Alex Porter, Lathrop GPM
|
On a snowy February evening, the TMA NextGen group gathered to learn how to make deep dish pizza at Lou Malanti’s. To make things better, the group was taught by none other than Rick Malnati himself. It was a fantastic experience for all who enjoyed a great night of networking and fun. The pizzas turned out pretty good, too! Thank you to James Romey of Development Specialists, Inc. for helping organize the event.
|
|
|
|
Feb. 16: Martini Party Fun
By Donna Hinrichs, Sky Business Credit
|
On February 16, the TMA Chicago hosted its 19th Annual Martini Networking Event at RPM Events. With over 200 registrants, it is easy to see why this is one of the best events of the year. Attendees braved the winter storm to enjoy a fabulous night of networking in Chicago.
In addition to enjoying the martini’s and seafood tower, guests also purchased tickets for the ever-popular “wine toss” game. Winners could choose a bottle to take home from a stunning array of wines. Proceeds of the “wine toss” went to the TMA Chicago / Midwest Memorial Scholarship Foundation.
|
|
|
|
Feb. 21: Beignet-working Breakfast in Milwaukee
By Erin West, Godfrey & Kahn
|
Over 40 TMA Milwaukee members met for a lively morning of networking and breakfast at the beautiful Café Hollander in Wauwatosa on Tuesday, February 21. In the Mardi Gras spirit, the breakfast spread included a New Orleans staple: beignets dusted with powdered sugar and served with Café Hollander’s chocolate dipping sauce. Attendees enjoyed a fun scavenger-hunt style guided networking activity, with the winner securing a $50 Amazon gift card.
|
|
|
|
March 19-21: Minnesota hosts MidAmerica Regional Conference
|
The 2023 MidAmerica Regional Conference proved to be a great event for TMA colleagues to ‘build their field of opportunities’ while indulging in some nostalgic fun at the Mall of America. Thank you to all the attendees and our generous sponsors for making it a success!
|
|
|
|
TMA MEMORIAL SCHOLARSHIP FOUNDATION NEWS
|
|
|
The TMA Memorial Scholarship Foundation's "Where Are They Now?" campaign began by following up with past scholarship recipients. We checked in with these bright winners to see where they are in their journey.
Since 2007, the TMA Memorial Scholarship Foundation has awarded 3 to 5 scholarships of $2000 or $3000 each. To be eligible for the scholarship, you must be a dependent or relative of a current member of the TMA Chicago/Midwest or a former member who has dies, become disabled or retired. Applicants must complete a full application package including transcripts, an essay and teacher recommendations.
|
|
|
|
|
School and Major: University of Michigan –Ann Arbor. Dual major in Biomedical engineering and electrical engineering, with minors in statistics and global health design.
What is your favorite thing about the campus? The law library which was a great place to study and felt like Hogwarts.
What are you most proud of during your college career? I was really proud to travel to Komfo Anokye Teaching Hospital for 8 weeks to do a clinical needs finding. During this time, I interviewed doctors and nurses in Ghana to understand their experiences and challenges. Our team of 3 created 73 need statements based on these interactions, which we then gave to the Mechanical Engineering Department for other senior capstone projects. Upon returning to UM, I led a team during the development of a solution that would reduce the risk of IV overdosing.
Did you complete an internship? Yes, I completed 5 internships (I-Corps, Louis Stokes VA, Komfo Anokye Teaching Hospital, and 2 at Neurotechnology Innovations Translator).
What are you up to now? I am currently working at MIM Software, Inc., a medical imaging company that helps doctors with radiation oncology treatment planning.
|
|
|
|
|
|
School and Major: University of Illinois Urbana-Champaign. Graduated with a Bachelor of Science in Finance and Information Systems – I started college as a Finance and Marketing major and switched Marketing to Information Systems!
What is your favorite thing about the campus? My favorite thing about campus is the people. I’ve learned so much from the professors, faculty, and peers during my time at UIUC that I will take with me for the rest of my life! The sense of community at Illinois is what makes it such a memorable place.
What are you most proud of during your college career? Looking back at my time in college, I’m most proud of my involvements on campus, specifically my mentorship. This University gave me so much and I am most proud that I was able to give back and grow a new class of leaders.
What are you up to now? I’m currently working as a Technology Consultant at PricewaterhouseCoopers.
|
|
|
|
|
|
School and Major: Gonzaga University. Nursing major with a Spanish minor.
What is your favorite thing about the campus? I like how it’s a small campus, but it still has a pretty big feel to it. There are beautiful walking trails along the river. I also love to go to Gonzaga basketball games at the “kennel.”
Favorite place to study? My favorite place to study is the outside balcony in the Bollier Center – our new STEM/engineering building.
How has being awarded the scholarship helped you? Being awarded the scholarship is helping make college more affordable and takes off some of the burden of paying off my first year of school. I was named to the President’s List with a 4.0 GPA for my first semester.
|
|
|
|
HOT TAKES
Market Insights, Musings and Trends
|
"A flight to quality seems to be the reoccurring theme for commercial lenders and investors. Distressed debt providers and investors will need to figure out how to quickly evaluate the incoming flood of opportunities to avoid wasting time and resources examining prospects to effectively deploy funds."
Tina Hughes, CTP, High Ridge Partners
“With Bank failures mounting, is this the canary in the coal mine, or more of the same?”
Mark Silverman, Locke Lord LLP
“Many companies, after a long period of increasing safety stock to guard against an unpredictable supply chain, are now struggling to contend with surplus inventory as sales decline to more normal, pre-pandemic levels. This buildup of surplus stock could lower recoveries in a liquidation; now may be the time to update an appraisal to reflect these changes.”
Bethany Lennon, HYPERAMS
|
|
|
|
|
|
|
|