WHAT'S INSIDE:

Joint Breakfast Slideshow

NextGen Leadership Conference

Remembering Howard Samuels

Letters from Leadership

Member News

Registration Opening: Executive Speaker Forum

 

TMA Chicago/Midwest | October 2024 | Q3

 

UPCOMING EVENTS

See what's coming up this quarter.

 
 
 

Joint Breakfast Success

 

WHAT'S THE DEAL

Who's inside:

  • AEG
  • Accordion
  • Creative Planning Business Services
  • Cullen & Dykman LLP
  • Hilco Real Estate, LLC
  • HyperAMS
  • Republic Business Credit
  • Sky Business Credit
Read More
 
 

NEXTGEN LEADERSHIP CONFERENCE

 

FEATURED STORY

Chapter TMA NextGen-ers open their passports to attend the 2024 Leadership Conference


By Samantha Ruben, Dentons and Sophia Levinson, Aurora Management Partners

The 2024 TMA NextGen Leadership Conference (NGLC) took place in Toronto, Canada and was an excellent mix of networking, learning, brand building, and fun. In addition to excellent panels on AI and diversity, and restructuring bootcamp, there were seven “dine arounds” where participants were broken into small groups to have dinner across the city. Additionally, former professional MLB player Ryan Lavarnway was the keynote speaker and taught the group about the importance of leadership and how to best support a team. Chicago TMA Nextgen NGLC participants included Stephen Viz (a moderator), Sophia Levinson, Jake Prizant, and Samantha Ruben, among others. 

Happy Hour (opening reception & happy hour after the NGLC)

The 2024 TMA NextGen Leadership Conference in Toronto started off with a bang! The Conference started off the night before gathering at the Chef’s Hall Toronto for the Opening Party. There, all the attendees gathered and mingled with new and old colleagues while enjoying tasting different food vendors from the hall. It was a big hit! The next day following the conference we all gathered at the Craft Beer Market for the closing reception where we shared our thoughts with others on the days and continued meeting and mingling! Overall, both events were a great hit!

IN MEMORIAM

 
Obituary

Remembering Howard B. Samuels


The TMA Chicago/Midwest Chapter is saddened to share with our members that Mr. Howard B. Samuels of Rally Capital passed away recently at the age of 79. Howard was a longtime member and supporter of TMA, and was a consummate leader in the insolvency industry.

 

Howard founded Rally Capital Services, LLC in 1998, and structured hundreds of millions of dollars in transactional funding for his clients, including the successful implementation of creditor workouts involving millions of dollars in debt with more than 3,500.

 

Beyond his service to the industry, Howard was a friend. We will miss his engaging, friendly attitude, and his presence as a leader within our community.

 
 
 
CHAPTER LEADERSHIP MUSINGS
 

CHAPTER PRESIDENT

Success through Service: Elevating Our Industry and Serving Each Other

Jack O'Connor, Levenfeld Pearlstein LLC

As we head into the end of the year, it’s a great time to recall how service to each other and our industry elevates our collective and individual success, the third pillar of service for the year.


The third quarter of 2024 was another successful one for our Chapter. We celebrated Summer together with the local chapters of the Secured Finance Network and the Association of Corporate Growth on a fantastic July day making new connections and nurturing existing relationships; our committees remained active planning and executing great events for our members, and we are entering the end of the year strongly. Read more...

VICE PRESIDENT & COMMUNICATIONS

A Fall Season of Real Listen

Kobus van der Zel, CTP, MorrisAnderson

As we enter the fall season, it’s my pleasure to bring you the third TMA Chicago/Midwest newsletter of 2024. Staying on the “Success Through Service” theme from our chapter President, Jack O’Connor, we will have a look at how you can communicate in a different way to turn your service into more success.

 

Last week when visiting a client in Alabama, a discussion with a respected board member reminded me of an often overlooked aspect of communication – listening. During my interview with the board member, he kept asking very relevant questions that impressed me, and that required a thoughtful response. He was clearly not just listening to me while preparing his next monologue of what he has done for the company in the past – but was truly interested in the approach and changes that could be made to make the company perform better.   

 

We can all benefit from this deep listening approach in our client relationships, and especially in our networking and business development. Read more...

New Members

CTPs/CTAs

BOD

Committees

Foundation

 
 
 
 
 

MEMBER NEWS

 

Candice Kline has been appointed as an assistant professor of law at the University of Toledo College of Law in Toledo, Ohio. She is teaching business bankruptcy this Fall and corporate law courses in Spring 2025. Candice is licensed in Illinois and Ohio and will continue her law practice as of counsel with Saul Ewing LLP.

Michael H. Traison along with Cullen and Dykman LLP attorneys Bozena M. Diaz and Michael Kwiatkowski participated in a panel discussion with attorneys from Skarbiec Law Firm, one of the most prominent and oldest law firms in Poland, which discussed and compared various aspects of American and Polish law, including insolvency, bankruptcy, and certain areas of corporate and tax law. The purpose of the seminar was to educate attendees about the different approaches that the laws of the two countries take on a variety of legal issues, and to alert them to be aware of those when engaging in cross-border transactions involving both Polish and American constituents.

Suzanne Koenig has been appointed as the Patient Care Ombudsman and separately as Receiver in numerous cases tied to distressed healthcare facilities across the US. In addition, Ms. Koenig sat down with Severine Petras, CEO of Priority Life Care, to appear on an episode of Her Stories, where Ms. Koenig talked about starting her business, what it means to be a Patient Care Ombudsman of Healthcare Facilities such as Hospitals and Senior Housing in the Bankruptcy process, as well as, operating facilities as a third party manager and providing quality care for the residents during these challenging times.

Charles Winternitz, President of Winternitz Industrial Auctioneers & Appraisers announces the completion of the following auctions: Granite Peak Fabrication, Tank Mfg. Equip. (Midland, TX). SCP and Annie’s Fun House, Screen Printing Equip. (Batavia, IL); Creative-Werks, Contract Pkg’r (Bensenville, IL); CNH Industrial, 3-Day Auction (Burr Ridge, IL); Loyola Paper (Elk Grove Village, IL); Hieronymi Partnership/Solar Panel Mfg. (Iowa City, IA). Upcoming Auctions include: a Turnkey Offering of Fermented Nutrition, Whey Products (Luxemburg, WI); Christensen Printing (Lincoln, NE); Marion Mfg., CNC Tool & Die (Morton, IL); Victory Tailgate, Digital Printing (Orlando, FL); Wild Rose Foods, Protein Process. & Pkg. Equipment (Beaverton, OR). 

Eric Welchko leads the launch of Harney Capital, a boutique investment banking firm specializing in middle-market solutions. This new venture leverages Harney Partners' deep industry knowledge and expertise to provide tailored M&A, capital placement, and strategic assessment services. The firm is actively engaged in the market through various transactions and is eager to connect with fellow TMA members.

Jennifer Meyerowitz, Chief Growth Officer and General Counsel, recently spoke on a panel at a Commercial Receiver’s Association event in Atlanta, Georgia on August 27 about her experiences serving as an operator and a receiver in healthcare receivership engagements. Ms. Meyerowitz will also be speaking at the ABI Midwest Conference in Kansas City on October 24 on “Underperforming and Nonperforming Health Care Facilities.”

Aaron Hammer

TMA Chicago/Midwest members Aaron Hammer and Nate Delman are serving as counsel to Committee Co-Chair Sysco Food Corporation in the Buca Di Beppo bankruptcy. The Italian Restaurant chain filed for relief under Chapter 11 in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division. Sysco looks forward to adding value to the Creditors’ Committee to maximize distributions to the unsecured creditor pool.

Nate Delman

Kilpatrick Townsend & Stockton, LLP is pleased to have been selected as Counsel to the Official Committee of Unsecured Creditors in the WOB Holdings, LLC (World of Beer) Chapter 11 bankruptcy in the United States Bankruptcy Court for the Middle District of Florida. Aaron and Nate are part the team advocating on behalf the Debtors’ unsecured creditors.

Rick Rein

Rick Rein and Nate Delman represented the pre-petition senior secured lender and DIP lender CIBC Bank USA in the sale of its collateral in the Oberweis Dairy bankruptcy cases in the Northern District of Illinois. The sale process was accomplished within 60 days of the bankruptcy filing, and the Bankruptcy Court has already awarded CIBC a provisional payment in excess of $14 million for its secured claim.

 
 

CHAPTER NEWS: TMA OUT N' ABOUT

 

August 28: AI in Turnaround and Restructuring

By Catalin Diaconu, Creative Planning Business Solutions

TMA Chicago/Midwest Chapter hosted a highly engaging panel titled, AI in Turnaround and Restructuring: Ethical Use, Privacy, and Information Management. With over 65 professionals registered, the event attracted a diverse audience eager to explore the transformative role of artificial intelligence (AI) and ChatGPT in the restructuring and turnaround profession.


Moderated by Catalin Diaconu, Business Advisory Director at Creative Planning Business Services, the panel brought together industry experts to discuss the ethical, legal, and practical implications of AI integration. The esteemed panelists included:

  • Katie Nadro, Partner, Levenfeld Pearlstein, LLC
  • Steve Masur, Partner, Raines Feldman Littrell, LLP
  • Adam Jones, Director of Technology Solutions, Creative Planning Technology Solutions

The panel delved into several critical topics, starting with an overview of how AI is currently being utilized in turnaround and restructuring processes, providing attendees with real-world examples of AI’s potential to enhance decision-making, data analysis, and operational efficiency. The conversation highlighted the importance of balancing AI's efficiency with human oversight, while addressing data protection and preventing unintended information leaks. As AI continues to shape the future of the industry, the event provided attendees with valuable takeaways on its ethical and legal implications in turnaround and restructuring.

September 5: TMA NOW Dine Arounds with IWIRC

By Heidi Hockberger, Hopes & Gray LLP

TMA NOW co-hosted a dine around night in Chicago on September 5th. We had two tables at Pizzeria Portofino with around half IWIRC members and half TMA members. New connections were made, and everyone had a great time.  

September 12: Member Happy Hour

By Bob Pabst, HyperAMS

Over 30 members attended the member-only happy hour last month, hosted by the TMA Chicago/Midwest Chapter Membership Committee at Old Town Pour House in Oak Brook. The event brought together members from banks and turnaround advisors to appraisers, liquidators, and other service providers. While it was the second such happy hour hosted by the Membership Committee this year, it was just one of the many opportunities for TMA members to strengthen their connections in the industry.   

September 19: Capital Marketplace

By Matt Beresh, Accordion

The third annual TMA Capital Marketplace is now in the history books! As intended, this event was a great way to kick off the “summer’s over, let’s get back to a feverish work pace” season. Twenty-one exhibiting capital providers representing hundreds of billions of dollars of AUM and tens of billions of dollars of dry powder tended to their exhibitor tables while 170 registered attendees had the opportunity to visit with any and all of the capital providers. Old connections were rekindled, new connections were made, active deal opportunities were discussed, and maybe even a transaction will be completed because of this event. 


As always, the venue and food and vibe was great (RPM Events on a lovely fall night in the city), but the connections were the key. If you missed it, plan accordingly next year when the Chicago/Midwest TMA hosts its fourth annual Capital Marketplace – same basic time same basic place – stay tuned!  

 

Have news to share with TMA?


Get featured in Q4's news! Send your news to TMAChicago@turnaround.org

 
 
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