TMA rolls up the sleeves for Back2School

The Chapter’s Education Committee presented the always-popular 13-Week Cash Flow webinar . This was not an introductory webinar on preparing a spreadsheet cash flow model for a distressed company, but focused on the softer elements of finding and synthesizing the information necessary for accurate modeling: Where is the information located? Who at the company owns it, who reports to them, and who do they report to? What questions do you need to ask to get accurate and complete answers? What are the impediments you might face in your due diligence? The webinar was moderated by David Interdonato (Managing Director, Riveron), with panelists Craig Pace (Managing Director, Virtas Partners), Erik White (Managing Director, Harney Partners), and Jack Donohue, (Director, Development Specialists, Inc.). The event drew 234 attendees. 

Members of the TMA Next Gen Committee Samantha Ruben, Joe Ford, and Luke Stephenson put together a NextGen Networking event at the Chicago Bulls game against the Atlanta Hawks. The event was well received with 35 attendees enjoying a night in a United Center suite full of drinks, food and lively conversation. Several new faces were there which builds on an already growing population of TMA NextGen members. For two years in a row the TMA NextGen Bulls Game has been a great success and due to its popularity will likely be an annual event for some time.

The University Relations Committee held its second-annual “Cross-Chapter Case Competition” where graduate students from TMA’s Chicago, Houston, and Dallas/Ft. Worth chapters competed virtually for a $4,500 cash prize. The students were tasked with presenting to a panel of five turnaround professionals about their findings and conclusions of Ford’s 2008 turnaround. The judges were impressed by each chapter’s presentation and preparedness, but ultimately the Chicago chapter’s team took home the $4,500 prize! Going forward, the Committee will be working with TMA Global to implement an annual competition involving more chapters and an in-person competition at one of TMA’s annual conferences.

The TMA Chicago/Milwaukee Membership Committees hosted a Virtual Network Power Hour (NPH) with fellow Midwest chapters including TMA Indiana, Western Michigan, and Detroit. The breakout room discussions began with the topic of “credit tightening from the SVB, Signature Bank, and Republic Bank fallouts”; the impact being seen now, and what may be in store for the future of the turnaround industry. The NPH proved to be a good opportunity for TMA colleagues in the Midwest to broaden connections and learn about each other’s business and potential opportunities. A special thanks to the chapter leaders John Trendell from Detroit, Colleen Daniels from Indiana and Marty Janaowiak from Western Michigan.

Members gathered at Central Grand Café & Tappery in Milwaukee for a lively networking breakfast. Over 45 members from two states met and exchanged greetings and discussed the cumulative state of Turnaround Management in our region.

The morning was sunny and warm so we took advantage of the lovely outdoor patio and sipped piping hot lattes. Milwaukee Program Committee Co-chairs Virginia George and Erin West made brief remarks of welcome and encouraged involvement in upcoming TMA events. Sponsors were invited to say hello to the group and everyone sat down for a tasty breakfast followed by a networking game. Truthfully, more members ate the props for the networking game (M&Ms) than played the game, but two lucky participants won Amazon gift cards! Thanks again to the MKE sponsors, the MKE planning committee members and Katlyn Glatz for helping us put on these events. 

Kathy Bazoian Phelps (Partner, Raines Feldman LLP) moderated a spirited virtual discussion of the pros and cons (mostly pros) of receiverships. The panel discussed and debated the differences between federal equity and state receiverships (including Wisconsin’s unique Section 128 model), using receiverships to sell assets, operating a business in receivership, handling claims and distributions, and using receiverships as the vehicle to pursue litigation – in particular, fraud litigation. Joining the Moderator for the hour were Rebecca DeMarb (Senior Managing Director, Development Specialists, Inc.), Jill Nicholson, Partner, Foley & Lardner LLP), and Joseph Konizeski (Senior Trial Lead, Commodity Futures Trading Commission). The event drew 70 attendees

Over 50 members and guests enjoyed the Milwaukee Brewers v. the Houston Astros at American Family Field, complete with fireworks for the three Brewer homeruns. Of course, it wouldn’t be a Brewer’s game without the racing sausages, the 7th inning stretch and loud cheering from the TMA section located on the private deck just above the bull pen! The Brewers were victorious 4-0 over the Astros. Several attendees caught baseballs from the pitchers in the bullpen, and all agreed to meet again next year at this fun event. A special thanks to all the fantastic and enthusiastic sponsors and members, who attended in full Brewers regalia and one member sporting an Astros baseball cap. We look forward to expanding this event next year to an even larger deck!