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Title: Atlanta, Charlotte, Cleveland, Philadelphia, Toronto


1
  • Atlanta, Charlotte, Cleveland, Philadelphia,
    Toronto
  • www.auroramp.com

2
Table of Contents
Introduction to Aurora Management Partners
Practice Areas
Philosophy
Approach
Professionals
Credentials
Contact Information
3
A No-Nonsense Approach
Aurora always sees the glass as half full. Were
trained to look at the world differently. We see
opportunities where others see only problems.
However, its our ability to rethink, react
quickly and generate tangible results that truly
sets us apart.
Rethink. When faced with the reality of keeping
a business afloat, the hardest thing to do is
objectively evaluate all possible options and
effectively chart a course for survival.
Rethinking any business situation requires
facts, clarity of purpose and a objective point
of view. Auroras professionals bring both the
objectivity and the real-world experience
struggling business need to react properly and
achieve the results expected from both ownership
and creditors. React. To survive in todays
rapidly changing marketplace, companies must
react quickly to changing market conditions,
changing customer demands and changing financial
expectations. Taking a wait-and-see attitude or
thinking about change is no longer an option.
Capitalizing on opportunities or averting
disaster requires prompt ACTION. We help
companies find the courage to move boldly and
quickly. Results. In our business results are
the only standard by which we are judged. We
consistently meet and exceed the objective agreed
upon at our engagement. This will always be the
key to our success. The Aurora professionals
take great pride in its track record and
reputation for getting the job done properly,
quickly and cost-effectively.
4
Our Mission
To provide a team of highly qualified
professionals who possess the financial,
operational and strategic skills necessary to
thoroughly address the needs and expectations of
corporate management, creditors, investors and
boards of directors in rapidly changing business
environments. Aurora provides these services in
the context of business decline, business
transition or rapid business growth.
5
Our Culture Results Oriented Aurora
professionals are driven to achieve client goals
and objectives. Team Focused Aurora
professionals use a team approach to problem
resolution and work closely with all levels of
client management to optimize the benefit of the
complementary skills brought by the Aurora team.
Organizationally Sensitive Aurora
professionals understand the emotions that are
present in stressful business environments and
appreciate the challenges facing family-owned
companies as well as publicly-held
corporations. Our Commitment Partnership
Aurora is committed to considering the interests
of all stakeholders to maximize value. Value
Driven Aurora prides itself on supplying
services and solutions where the benefits
received by our clients far exceed our
fees. Approach Aurora provides its clients with
clear, concise and objective analysis of the core
issues and the facts surrounding
them. Professionalism Aurora professionals are
committed to the highest level of integrity and
business ethics. Senior Level Attention An
Aurora partner or director will lead every
engagement. Our Capabilities Engagements
Aurora has the professionals and the experience
to handle assignments from the simple and
straight-forward to those involving multifaceted,
complex, and diverse strategic, operational and
financial issues in most industries. Professional
Staff The Aurora team is comprised of
experienced senior professionals who possess the
experience, knowledge, skills, and integrity that
make the difference when addressing challenging
assignments.
6
Our Service Areas
Business Consulting Services
Creditor Services
Investor Services
Corporate Governance Advisory
  • Asset Sale or Acquisition
  • Business Plan Preparation
  • Business Strategy
  • Business Valuation
  • Chapter 7/11 Management
  • Finance Negotiation
  • Interim Management
  • CEO/CRO/COO/CFO
  • Litigation Support
  • Operational and Financial
  • Restructuring
  • Operational Performance and Process
    Improvement
  • Viability Assessment
  • Working Capital and
  • Cash Flow Management
  • Borrower Viability and
  • Collateral Assessment
  • Chapter 7/11 Advisory
  • Debt Recovery
  • Forbearance and Loan
  • Restructuring Due
  • Diligence
  • Interim Management
  • CEO/CRO/COO/CFO
  • Litigation Support
  • Forensic Accounting
  • Liquidation Services
  • Pre-Funding Due
  • Diligence
  • Acquisitions
  • Divestitures
  • Exit Strategies
  • Equity Sourcing
  • Interim Management
  • CEO/CRO/COO/CFO
  • Investment Assessment
  • Investment Due Diligence
  • Litigation Support
  • Mergers
  • Refinancing Sourcing
  • Audit Committee
  • Advisory and Training
  • Board of Director
  • Advisory in the Zone of
  • Insolvency
  • Due Diligence for
  • CEO/CFO Compliance
  • Sarbanes Oxley review

7
Our Philosophy Its Not Just Financial
  • There are three major components to any change
    solution
  • Financial Debt Refinancing, Equity Infusion,
    Cash Management, Financial Restructuring
  • Operational Improved Productivity, Asset
    Redeployment, Cost/Process Controls, Improved
    Management
  • Strategic Product Positioning, Market Niches,
    Growth, Consolidation, Exit

Too often companies focus on the wrong change
solution or think that employing just one of the
components is all that is necessary. For example,
a financial restructuring may provide temporary
relief but without operational improvements and
strategic changes the business usually slides
back into underperformance and financial
distress. Likewise, operational improvements may
return the firm to profitability, but without
changes in strategic direction the business will
continue to experience sub-optimal profitability.
The principals of Auroras experience in all
three of these strategies provides you with a
comprehensive solution that delivers long-term
rehabilitation.
8
Our Approach
  • Our methodology allows us to employ the
    appropriate strategy based on the unique needs
    and characteristics of each engagement
  • Our experience and insight enable us to uncover
    problems and opportunities quickly thereby
    eliminating costly delays and revisions and our
    goal is to bring immediate value to every
    engagement.
  • Each engagement is managed by a firm principal
    who follows an agreed upon workplan and remains
    actively involved in all phases of the engagement
    through to completion to ensure client
    satisfaction and a consistent agenda.
  • Deliverables are tailored in the appropriate
    medium to precisely meet the needs of the
    audience, whether management, creditors,
    investors or directors.

9
Our Approach
The Aurora Financial Management Tool Aurora uses
internally developed financial models that
integrate the macro budgeting process with micro
cash management. These models are based on the
concept that a finite amount of resources are
available to the company with which to fund the
change process. How these resources are utilized
will impact the outcome both during a short-term
13 week period cash management period and years
into the future. Historical and projected
balance sheets, income statements and borrowing
bases are automatically updated weekly with
actual figures providing immediate and
transparent feedback to concerned parties.
Working capital management is enhanced with
detailed modeling of receipts and disbursements
based on historical data.
  • Model Components
  • Assumptions
  • Income Statement
  • Balance Sheet
  • Borrowing Base
  • Funds Availability
  • Cash Receipts
  • Cash Disbursements
  • Sales COGS Forecast
  • Operating Expenses
  • Wages Related Expenses

10
Our Professionals
  • Advanced Education All of our professionals
    hold advanced degrees and/or professional
    certifications, are highly experienced and
    possess a deep knowledge of management and
    turnaround situations.
  • Exceptional Leadership - Aurora principals have
    over one hundred years of combined relevant
    experience and have held CEO/COO/CFO or other
    leadership positions at numerous private and
    public companies.
  • Proven Track Record Aurora professionals have
    successfully completed over 200 engagements in a
    diverse group of industries.
  • Experienced Negotiators The Aurora professional
    is skilled at understanding and reducing key
    problems to manageable issues which assists in
    achieving acceptable resolutions whether with
    lenders, unsecured creditors, investors or other
    stakeholders.
  • Professional Commitment Aurora partners have
    significantly influenced the development of the
    program for designating Certified Turnaround
    Professionals (CTPs), currently chair committees
    responsible for CTP advanced education, and have
    aided in the development of both the Turnaround
    Management Association and the Association of
    Certified Turnaround Professionals.

11
Our Executive Management Team
Charlie Soule Chairman Emeritus
Ron Turcotte CEO Managing Partner
David Baker Senior Managing Director
12
Our Executive Management Team
  • Charles A. Soule, CTP, Chairman Emeritus, Winter
    Haven, FL
  • Charlie Soule is a well known turnaround
    management consultant with over 30 years of
    relevant experience. He is a co-founder of
    Aurora Management Partners (2001) after serving
    as partner and president of other turnaround
    firms around the country. He has provided
    high-level management and leadership for
    companies across many industries desiring
    emphasis in revitalization, downsizing and
    streamlining, revised corporate strategy, crisis
    management, workouts, turnarounds or
    divestitures. Particular strengths come from
    hands-on experiences in former corporate
    positions and turnaround situations. Mr. Soule
    is active in the Turnaround Management
    Association, a recognized Certified Turnaround
    Professional, has an M.B.A. with Distinction from
    Harvard University (1969) and a B.A. from Yale
    University (1963).
  • Past roles have included consultant with
    specific assignments to boards of directors or
    presidents, member of the board of directors,
    interim CEO or CFO, and other general management
    positions.
  • Specific tasks have included risk assessment and
    valuation of firm and firms objectives,
    implementation of financial controls and
    management, strategic re-focusing, operational
    and manufacturing improvements, sales and product
    realignment, business plan development, assisting
    in obtaining new financial resources, systems
    downsizing, and selling or divesting business
    units.
  • Extensive experience and success with confirmed
    plans in Chapter 11 reorganizations approval in
    courts in North Carolina, New Jersey, Virginia,
    Georgia, Tennessee, Texas, Alabama, and Florida.
    These situations have included financial and
    operational restructuring, creditor assessments,
    workouts, negotiations, and loan restructurings,
    as well as operational and organizational
    strategy development.

13
Our Executive Management Team
  • Ron Turcotte, CEO Managing Partner, Atlanta, GA
  • Ron leads the firms hands-on, results-oriented
    approach to turnarounds, workouts and
    divestitures. As a native of Canada and prior to
    his immigration to the US in 1983, Mr. Turcotte
    was heavily involved in the deregulation of the
    Canadian Telecommunications Industry as a sitting
    member of the Canadian Radio and
    Telecommunications Commissions (CRTC)
    sub-committee, regarding terminal attachment. He
    was also Treasurer of the National Association of
    Interconnect Equipment Providers. During this
    period, he assisted a group of investors with the
    acquisition of substantially all of the assets of
    a Canadian Telecom company that was forced into
    receivership by a Canadian bank.
  • Ron has led numerous out of court restructurings
    throughout the US within the retail,
    telecommunications, distribution, manufacturing
    and construction sectors. He has also applied his
    expertise to assist with the Chapter 11 process,
    as Financial Advisor or Chief Restructuring
    Officer, of a Tennessee based convenience store
    chain and petroleum products distributor a
    California based electronic traffic controls
    manufacturing company a Georgia based automotive
    parts foundry a New York based outdoor
    advertising company a Virginia based retailer of
    patio furniture, spas and pool chemicals a
    Georgia based auto transport company and a
    Florida based cellular equipment manufacturer.
  • He is presently on the Board of Directors of a
    Tennessee based private company that designs,
    manufactures, imports and distributes various
    automotive aftermarket products. Mr. Turcotte has
    spent nine years on the Board of Directors of the
    Southeast Chapter (Atlanta) of the Turnaround
    Management Association and is a Past-President of
    the Chapter. He also spent two years on the
    National Board of Directors of the TMA. He is
    currently an active member of the American
    Bankruptcy Institute, the Atlanta Venture Forum
    and the National Funding Association.

14
Our Executive Management Team
  • David Baker, CPA, Senior Managing Director,
    Charlotte, NC
  • David is the Managing Director of Aurora
    Management Partners and has played a major role
    in helping the firm expand to include offices in
    Atlanta, Charlotte and Cleveland. He has been
    heavily involved with the firms bankruptcy
    practice handling cases in California, New
    Hampshire, Florida, Georgia, North Carolina,
    Virginia and Ohio. He has been engagement as
    Financial Advisor to the Debtor and to the
    Official Creditors Committee as well as Chief
    Restructuring Officer of the Company.
  • David graduated from the University of North
    Carolina at Chapel Hill in 1977 with a B.S. in
    Accounting and subsequently earned his CPA
    certificate. From 1977 until 1985 he worked with
    national accounting firms. In 1985, he left
    public accounting to manage a multi-state textile
    manufacturer headquartered in North Carolina.
    Then in 1997 he began his turnaround career with
    an engagement at a troubled textile business.
  • Since joining Aurora Management Partners in 2000,
    David has managed a wide variety of both
    turnaround and bankruptcy consulting engagements.
    He has managed workouts and divestitures across
    several industries including steel fabrication
    and stamping, tier one and tier two automotive
    suppliers, tool and die manufacturers, textiles,
    safety equipment distribution, appliance
    manufacturing, agriculture and food service.
    David also has extensive experience in China
    managing several assignments on the mainland,
    including the negotiation of a joint venture
    between a U.S. manufacturer and a large
    automotive producer. His debtor engagements
    include working capital management and
    assessments, debt reorganization, viability
    assessments and asset sales and acquisitions.

15
Our Executive Management Team
  • David Baker, CPA, Senior Managing Director,
    Charlotte, NC (cont.)
  • In addition to his consulting duties, David has
    served as the interim CFO/COO of a 175
  • million integrated citrus producer and as the
    interim CFO of a 75 million appliance repair
  • and parts manufacturer. He has also represented
    several secured creditors in debt recovery
  • engagements.
  • In 2005, Aurora received the Turnaround
    Management Associations prestigious
  • National Turnaround of the Year Awards for his
    work in the Summitville Tile bankruptcy
  • case in Northern Ohio. He has also received
    several regional awards for other cases. David
  • maintains his CPA and is a board member of the
    Carolinas TMA Chapter. David resides in
  • Hickory, NC with his wife and three children.

16
Our Directors
Dennis Gerrard Managing Director
John Palmer Managing Director
17
Our Directors
  • Dennis M. Gerrard, Managing Director, Naples, FL
  • Dennis brings over 20 years of senior management
    experience to Auroras clients, which includes
    President, CEO, COO and other executive level
    positions. He also brings an extensive background
    in turnaround and crisis management with
    considerable experience in restructuring
    businesses to operate in cash-constrained
    environments, reducing manufacturing overhead and
    SGA, renegotiating debt and taking companies
    through Chapter 11 bankruptcy proceedings. His
    diverse category experience includes consumer
    products, garments and textiles, automotive,
    paper and packaging, telecommunications, plastics
    and distribution and logistics. Plus, he has
    successfully led the sale of eight different
    companies throughout his career, including
    Section 363 and Article 9 transactions. 
  • Prior to joining Aurora, Dennis was a Turnaround
    Consultant with CRG Partners for six years and
    before that with Horizon Advisors for two years
    where he served as interim CEO of two companies,
    developed and implemented profit improvement and
    reorganization plans, recruited and installed
    permanent management, acted as Financial Advisor
    to the debtor in Chapter 11 foreclosure
    proceedings and developed a profit improvement
    plan for a manufacturer of telecom equipment. 
  • His most recent assignment was as interim CEO of
    a 100 million, multi-division apparel company
    where he assumed control of the company after a
    failed sale and then developed and implemented a
    revised strategy which ultimately yielded over 3X
    the prior valuation. 
  • Mr. Gerrard has also been interim CEO of a 100
    million multi-plant plastics producer, financial
    advisor to a 100 million garment manufacturer,
    court-appointed President and COO of a leading
    storage products manufacturer, Interim CEO of a
    decorative packaging company and Interim CEO of a
    packaging products manufacturer. Dennis received
    his Bachelor's degree from St. Mary's College,
    Moraga, California.

18
Our Directors
  • John L. Palmer, Managing Director, Philadelphia,
    PA
  • John brings extensive management experience to
    Aurora with over twenty-three years serving in
    both senior executive and turnaround management
    roles for a wide variety of middle-market
    companies involved in retail, manufacturing,
    electronics, printing, healthcare, biotechnology,
    services and high-tech.
  • Prior to joining Aurora, Mr. Palmer was with
    NachmanHaysBrownstein for 8 years where he led
    NHBs turnaround teams on more than forty
    assignments across a diverse group of mid-market
    companies. Recent engagements include serving as
    Montgomery Wards Plan Administrator in charge of
    the largest retail liquidation in US history, as
    the Chief Administrative Officer of Verso
    Technologies, Inc. and as the Chief
    Administrative Officer of Norstan Apparel Shops,
    Inc. d/b/a Fashion Cents. He has also served as
    the Chief Restructuring Officer of Craft Machine
    Works, Inc., and as an advisor to a New
    York-based nursing home chain and a specialty
    lumber distributor.
  • In addition, he has served in many executive
    management positions and brings extensive
    bankruptcy experience to Aurora that includes a
    preference investigation for a creditors
    committee, serving as the restructuring
    consultant for The Museum Company, both before
    and after its Chapter 11 filings, and serving as
    the Chief Restructuring officer during a dotcom
    liquidation.

19
Our Directors
  • John L. Palmer, Managing Director, Philadelphia,
    PA (cont.)
  • Upon completion of his Ph.D., Dr. Palmer began
    his career as a member of the faculty of Harvard
    Medical School and the Massachusetts General
    Hospital Diabetes Unit, where he authored the
    first of his twelve U.S. patents. He moved to
    the biotechnology industry in the early 80s,
    where he commercialized one of the industrys
    first recombinant products at Repligen
    Corporation. Dr. Palmer then founded Enzymatics,
    Inc., where he raised three rounds of venture
    capital funding and led the company through an
    IPO. Enzymatics developed and commercialized the
    first FDA-approved quantitative saliva
    diagnostic. During this time he had 18 scientific
    papers published in peer-reviewed journals.
  • Dr. Palmer has a BA in Chemistry from the
    University of California at San Diego and a Ph.D.
    in Biochemistry from Brandeis University. He is
    a Certified Turnaround Professional and a member
    of the Turnaround Management Association, the
    Association for Corporate Growth and the American
    Bankruptcy Institute. John and his wife Madhuri
    Malkani, have three sons, Jacob 19, Kavi 9 and
    Shaan 6 and he enjoys spending time with his
    family, woodworking and rooting for the Eagles.

20
Our Directors
Jim Ebbert Director
Chip AuWerter Managing Director
21
Our Directors
  • Jay P. Chip AuWerter, CTP, Managing Director,
    Cleveland, OH
  • Chip joined Aurora Management Partners in 2007 as
    a Director to manage our Cleveland office and
    serve Auroras growing client base in the Great
    Lakes Region.
  • Prior to joining Aurora, Mr. AuWerter was with
    Glass Associates in New York and most recently
    with The Pearce Group in Cleveland where he was
    Managing Partner with responsibilities for a
    variety of operational turnarounds and
    restructurings. Chip is a respected turnaround
    professional and a Cleveland native, and hell
    give Aurora an even stronger presence in this
    market area as well as the ability to effectively
    serve our growing list of middle market clients
    in the healthcare, automotive and other
    manufacturing industries. Chip is an impact
    player and brings proven leadership skills to
    Auroras clients.
  • Mr. AuWerter has held a variety of management
    positions with various companies, including CEO,
    COO, CFO and CRO and has conducted
    business/operational assessments for over 25
    companies. In addition, he brings the added
    experience to Auroras clients from his work with
    Booz, Allen Hamilton where he was a Management
    Consultant and with Ford Motor Company where he
    was a Product Line Manager and Senior Product
    Planning Analyst. Chip is also a CTP (Certified
    Turnaround Professional) and an active member of
    the Ohio Chapter of the Turnaround Management
    Association.

22
Our Directors
  • Jim Ebbert, CTP, Director, Rockland, ME
  • Jim joined Aurora Management Partners in 2008 to
    manage and grow our client base in the Northeast
    market.
  • Mr. Ebbert joined Aurora from the McShane Group
    and prior to that he was with Allomet Partners.
    He is a seasoned turnaround professional and a
    New England native who will be able to quickly
    help Aurora expand its account base in the
    Northeast while effectively supporting Auroras
    growing national client base.
  • Jim is a CTP with proven leadership skills and
    has been a turnaround professional for the past
    18 years helping a variety of companies develop
    and implement operational and financial
    restructuring plans. His experience includes
    viability analyses, business plan assessments,
    cash-flow modeling and forecasting, out-of-court
    vendor management and restructuring, forbearance
    agreement negotiations, AR management and
    organizational restructuring. Plus, he has
    extensive bankruptcy experience and has served as
    court-appointed receiver for several companies as
    well as managing the orderly liquidations of both
    company divisions and entire companies.
  • Mr. Ebbert graduated magna cum laude from
    Bucknell University with a Bachelor of Science
    degree and holds his MBA, with distinction, from
    the Johnson Graduate School of Business at
    Cornell University. He is a past director of the
    Association of Turnaround Professionals and
    active in both the Portland, Maine and Boston
    TMAs.

23
Our Directors
David Houseman Director
Patty Missal Director
24
Our Directors
  • Patricia Missal, CPA, Director, Cleveland, OH
  • Ms. Missal brings over twenty years of
    professional experience to Auroras clients,
    specializing in interim management, financial
    advisory services, and restructuring services.
    Plus, her experience spans a wide range of
    industries, including construction,
    manufacturing, healthcare, energy, distribution
    and software. Prior to joining Aurora, Ms. Missal
    was a principal at Bridge Associates LLC for two
    years where her engagements included conducting
    due diligence on a potential acquisition for a
    large private equity fund, being a member of the
    restructuring team and interim Chief Operating
    Officer for a consumer products company and
    handling a court sanctioned auction for an acute
    care hospital.
  • Prior to that she served as a Principal for
    Newmarket Partners, LLC., where she provided
    services as Chief Restructuring Officer, worked
    as advisor on several sale engagements (both in
    and out of bankruptcy settings), and performed
    forensic accounting and investigation services.
  • She has also worked for four years as CFO with
    Yen Enterprises, Inc., a 40 million family of
    companies specializing in steel components and
    manufacturing where she was primarily responsible
    for overseeing day-to-day financial matters and
    bank relations and negotiations. She also
    developed and implemented a turnaround plan with
    vendors and lenders, allowing production of goods
    and company operations to continue for a period
    of nearly three years.
  • Ms. Missal is a member of the American Institute
    of Certified Public Accountants, the Ohio Society
    of Certified Public Accountants, and
    International Womens Insolvency and
    Restructuring Confederation. She received her
    Bachelor of Science in Accounting from Ashland
    University and a Masters of Business
    Administration from Cleveland State University.

25
Our Directors
  • David E. Houseman, CPA, Director, Chattanooga, TN
  • Dave Houseman has been a turnaround consultant
    for various periods since 1987 with his own firm,
    Houseman Associates, Inc. prior to joining
    Aurora in 2001. Dave has held executive
    positions since 1991 including Chief Executive
    Officer of a publicly traded apparel company and
    several Chief Financial Officer and Chief
    Operating Officer roles. He also has extensive
    financial experience serving as Vice President of
    Finance, Controller and senior auditor for many
    different organizations.
  • Dave has recently advised the CEOs of metal
    working, consumer products, transportation and
    consumer packaging companies on general business
    problem management and analysis of business
    growth or sale opportunities. He has held CPA
    certification in three states, an office with the
    Financial Executive Institute and been appointed
    to several boards of directors. Mr. Houseman
    received his B.S. in Commerce from the University
    of Virginia-McIntire School of Commerce.

26
Our Directors
Andy Barbee Director
27
Our Directors
  • William A. (Andy) Barbee, CPA/ABV, CIRA,
    Director, Charlotte, NC
  • Mr. Barbee has more than 18 years experience
    advising companies and managing engagements that
    involve bankruptcy, divestitures, acquisitions,
    business valuation, and fraud investigation. In
    addition, he has extensive hands-on experience
    working with debtors and creditors in bankruptcy
    matters that includes everything from viability
    analysis, divestiture of assets and closing
    facilities and operations to business valuation,
    insolvency and preferential/fraudulent
    conveyances.
  • Andys brings a diversity of business expertise
    to Auroras clients because he has served clients
    in a wide variety of industries that includes
    textile, machinery and equipment, automotive
    parts and steel manufacturers, distribution,
    insurance, construction, real estate, technology
    and automotive, heavy equipment and hardware
    retailers.
  • As a member of the Financial Advisory Services
    practice of Coopers Lybrand for five years he
    helped a 100 million textile manufacturer
    through the bankruptcy process, including selling
    off a foreign subsidiary, closing one plant and
    determining which business lines to exit.
  • In addition, Andy has been controller of a 40
    million manufacturer where he assisted in
    obtaining new financing and implemented a new
    information system that reduced financial
    statement preparation time from 90 to seven days
    and was interim CFO for a 100 million
    multi-location automobile dealer in bankruptcy
    where he closed two unprofitable locations and
    sold a used car location and a franchised new car
    location for 2.6 mm more than their collateral
    value.
  • Most recently, Andy has worked in the Economic
    Advisory Services (EAS) practice of Grant
    Thornton. The EAS practice assists clients in
    bankruptcy, business valuation, fraud
    investigations, and litigation support. When he
    was hired, the group had one person and less than
    100,000 in revenues. Over his six years with
    the firm, Andy was integral to growing the EAS
    practice to over 6 million in revenues and 25
    professionals.
  • Andy is a director and past president of the
    Turnaround Management Association, Carolinas
    Chapter director and finance committee chair for
    the Childrens Law Center and treasurer of the
    FBI Citizens Academy Alumni Association.

28
Our Consultants
Lynn Huras Senior Consultant
Richard Kennedy Senior Consultant
29
Our Consultants
  • Richard Kennedy, Senior Consultant, CTP,
    Charlotte, NC
  • Richard is a senior consultant with Aurora
    Management Partners in Charlotte, NC and brings
    more than
  • Twelve years of consulting experience to Auroras
    clients. He has assisted companies with a wide
    range of
  • operational, financial and strategic issues
    including out of court restructurings,
    bankruptcies, liquidations,
  • viability and insolvency analyses, acquisitions
    and divestitures.
  • Richard has been engaged by many family-owned
    businesses, equity and venture capital investors,
    and both
  • traditional and non-traditional lending
    institutions. He draws on engagement experience
    across many
  • industries including light and heavy
    manufacturing, distribution, construction,
    agriculture, beverage, oil and
  • gas, utilities and automotive.
  • Prior to joining Aurora, Richard was a member of
    the Corporate Strategy Consulting Practice with
  • PricewaterhouseCoopers in Chicago where he
    focused on developing short and long-term
    strategies based on the
  • ideal combination of improved profitability and
    value accretive growth. He assisted in creating
    and
  • implementing process improvements, analyzing and
    reducing excessive cost centers, and performing
    asset
  • portfolio analysis to identify value destroying
    areas of the clients business. This also
    involved numerous

30
Our Consultants
  • Lynn Huras, Senior Consultant, Toronto, Canada
  • Lynn has spent the last 20 years in both
    executive positions and hands-on management
  • roles for a diverse group of public and private
    companies. While her roots are in financial
  • management and financial operations, she also
    has extensive experience in strategic
  • planning and business and product development
    bringing new products and services to
  • market.
  • Lynn has a unique ability to quickly analyze a
    business, determine needs, conceptualize
  • solutions and implement a broad-based plan of
    action. In addition, she is highly proficient
  • at streamlining business processes, systems and
    procedures and managing the
  • restructuring of individual departments or
    entire organizations.
  • Ms. Huras is a current member of the Turnaround
    Management Association, Toronto
  • Chapter and has been with Aurora since 2004.

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Our Consultants
John Leiti Consultant
Steve Smerjac Consultant
32
Our Consultants
  • Steve Smerjac, Consultant, Atlanta, GA
  • Steve joined Aurora Management Partners as a
    finance and operations consultant. Steves
    specialty is working with turnaround management
    situations that require detailed analysis and the
    implementation of fiscal, operational and risk
    management strategies. Applying over 14 years of
    experience in business operations, financial
    analysis, portfolio management and due diligence,
    Steve works closely with Auroras clients to
    identify their unique goals and develop solutions
    that will effectively improve client profits and
    bottom-line productivity.
  • He has acted as an interim CFO for two clients,
    enabling them to successfully navigate a critical
    change management period. He has productively
    restructured operational processes for numerous
    clients working in the manufacturing sector and
    provided warehouse and delivery accounting
    structures to maximize clients operations and
    revenue gains.
  • Steve helps our clients gain a competitive edge
    through comprehensive analysis, development and
    implementation of productive solutions and a
    genuine dedication to helping Aurora clients
    achieve their specific business, financial and
    operational goals.

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Our Consultants
  • John Leiti, Consultant, Atlanta, GA
  • John has been involved primarily in corporate
    finance, strategic planning, financial and
    operational restructuring, and bankruptcy
    litigation for over 17 years. He has been a
    lead advisor in operational reorganizations,
    financial restructurings, mergers and
    acquisitions, turnarounds, loan workouts and
    Chapter 11 bankruptcy proceedings.
  • John has also served in a variety of roles with
    businesses and their counsel ranging from
    financial advisor to serving as on-site
    turnaround manager or in interim management
    positions. In addition to his experience as a
    service provider, he has also acted as Chief
    Financial Officer and Chief Restructuring
    Officer. His experience crosses a spectrum of
    industries including manufacturing, distribution,
    telecommunications and financial services with
    extensive experience in the healthcare industry.
  • Mr. Leiti holds a Bachelor of Science Degree in
    Accounting and Business Administration. He is a
    member of the Turnaround Management Association
    and Association of Insolvency and Restructuring
    Advisors.

34
Our Consultants
Jason Shulick Analyst
Shane Sparks Consultant
35
Our Consultants
  • Shane Sparks, Consultant, Chattanooga, TN
  • Shane is a pro-active and results-oriented
    individual with broad experience in financial
    management, financial analysis and operations.
    He most recently completed an assignment
    overseeing financial management and operations
    for a medium-sized automotive aftermarket
    manufacturing company with extensive operations
    in China. He also fulfilled the CFO duties for a
    real estate company as well as asset management
    of a financial capital company.
  • In addition, Shane has extensive experience in
    the franchised food service industry and has
    served as Finance Manager/Controller for an
    Atlanta-based restaurant group with over 4,000
    employees and multiple food service concepts.
    This experience is currently being utilized in a
    Florida Bankruptcy of a chain of TGI Fridays
    Restaurants where Shane is responsible for over
    23 monthly operating reports and cash flow
    reports.
  • Shane has a Bachelors degree in Political Science
    with a minor in Finance from Georgia Southern
    University.

36
Our Consultants
  • Jason Shulick, Analyst, Atlanta, GA
  • Jason has a diverse financial background with
    extensive experience in financial assessment and
    analysis and strategic business planning. His
    primary focus on behalf of Auroras clients is
    providing detailed operational and financial
    analysis and planning support to clients
    requiring turnaround management services.
  • Prior to joining Aurora Jason had his own
    consulting firm providing strategic business,
    financial, and tax planning services to companies
    in a variety of industries. He has also worked
    for a division of Cox Enterprises called Manheim,
    which is the worlds largest auto-auction company
    where he was the corporate liaison for all their
    international auctions and their North American
    non-auction businesses such as Dent Wizard and
    Manheim Automotive Financial Services. These
    businesses generated over a half billion dollars
    in annual revenue and his responsibilities
    included the monthly review and analysis of each
    business units financials, strategic planning
    and new business development initiatives.
  • Mr. Shulick has also worked for
    PricewaterhouseCoopers, LLP and Ernst Young,
    LLP where he handled a variety of consulting
    projects for clients such as International Paper,
    Blockbuster, Vanguard, and Halliburton. Jason is
    a registered CPA in the state of Texas and is a
    member of the Atlanta Turnaround Management
    Association. He holds a Masters of Professional
    Accountancy degree from The University of Texas
    at Austin and a B.S. from Clemson.

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Our Resources
  • Affiliate Networks Aurora maintains a strong
    relationship with other professional
    organizations to augment our professional needs
    in specific areas of expertise. These include
    the following
  • Financing Sources
  • Asset-based Lending
  • Banking Facilities
  • Mezzanine Capital
  • DIP Financing
  • Acquisition Sourcing
  • Business Valuation
  • Industry Specialists
  • Liquidation
  • Appraisals
  • Auctions
  • Equity Investors
  • Working Capital
  • Growth Capital
  • Angel Investors
  • Human Resources
  • Outplacement
  • Erisa
  • Management Recruitment
  • Attorneys
  • Merger Acquisitions
  • Corporate
  • Bankruptcy

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Our Credentials - Industry Experience
  • Industry experience may be important but not
    compelling when seeking to engage outside
    professionals to provide assistance in times of
    change. Todays business challenges crossover
    industry lines. Applying the insights and
    knowledge developed in other industries can prove
    to be a significant advantage. Most industries
    are constantly changing so specific industry
    knowledge becomes out-of-date quickly. In some
    cases too much industry experience can put
    blinders on someone so that they may miss certain
    critical nuances that are of great importance to
    that particular client.
  • The experience that is really required is the
    ability to analyze a clients situation from the
    top down and from the bottom up, and to then
    develop practical solutions quickly and
    accurately. The Aurora team uses its broad
    business experience along with its specific
    industry expertise to isolate the key performance
    drivers and the relevant strategic and financial
    issues at each client. The solution that
    addresses that unique situation flows from this
    analysis an may often involve thinking outside
    the box.
  • Following on the next page is a partial listing
    of the industries in which we have worked and the
    types of companies we have helped survive a
    myriad of business struggles.

39
Our Credentials - Industry Experience
  • Manufacturing
  • Aerospace and Defense
  • Automotive
  • Parts
  • Trucks
  • Chemical Fertilizer
  • Doll And Toys
  • Electronics
  • Injection Molding
  • Leather Tanning
  • Marine Products
  • Office Equipment
  • Paint
  • Pump
  • Specialty Products
  • Plastics
  • Precision Metal
  • Signage Products
  • Scrap Recycling Plants
  • Service
  • Agriculture and Farming
  • Citrus growing
  • Cotton Processing
  • Dairy farming
  • Onion Growers
  • Construction-Residential and Commercial
  • Defense Contracting
  • Education
  • Forestry
  • Food Processing
  • Food and Juice
  • Soft Drink Bottling
  • Hotel/Motel Chains
  • Insurance Restoration
  • Mining/Earthmoving
  • Pest Control
  • Printing
  • Trucking
  • Distribution
  • Automotive Parts
  • Fuel and Lubricants
  • Construction
  • Doors and Windows
  • Heavy Equipment
  • HVAC
  • Lumber Building Material
  • Golf Course Supplies
  • Office Equipment
  • Plastic Sheet Goods
  • Signage Systems
  • Truck
  • Distribution/Leasing
  • LTL Hauling
  • HealthCare
  • Home Health
  • Hospitals

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Our Credentials
Consulting and Financial Advisory Engagement
Summaries
Financial and Operational Consulting and
Restructuring
Viability Analysis and Restructuring
Assessment and Workout Plan
60 Million Integrated Communications Company
40 Million Fully Integrated Citrus Operation
175 Million Food Service Distributor
Developed system to assess applicability and
value of various restructuring and operational
improvements that were determined by the
companys management team. Provided detail
projections for operations and financing to take
into account seasonality of cash flows and need
to restructure debt service to match projected
seasonal fluctuations. Provided detail report to
Board and lenders.
Stabilized business first by evaluating business
lines and implementing successful cash management
program. Identified five core business lines and
shed seven non-core businesses. Reduced headcount
by two-thirds while maintaining output.
Renegotiated loans reduce current debt service
while maintaining collateral security.
Successfully renegotiated long-term debt. Created
strategic plan focusing on key components.
Provided the Board of Directors with a complete
assessment of operations, management, financial
performance, and strategic positioning. Prepared
detailed financial and operating projections with
several scenarios as alternatives. Recommended
complete restructuring and consolidation of
operations, divestiture of non-core assets, and
restructuring of remaining debt. Recommendations
were accepted and acted upon.
41
Our Credentials
Interim Management Engagement Summaries
Workout and Interim Management
Financial Advisory Interim Management
Financial Advisory, Operations Improvements and
Interim CFO
24 Million Casual Dining Restaurant Chain
150 Million Integrated Agriculture and Food
Service Company
75 Million Appliance Parts Manufacturer
Distributor
Improved operating profitability by 3 million
within 6 months. Focused on weekly operations,
better hiring and training of employees, and
employee incentive programs. Evaluated all
locations and closed unprofitable and non-core
operations. Assisted with successful Chapter 11
process, lender negotiations, valuations, and
sale of profitable ongoing business, thereby
doubling the return of capital to creditors from
that which had originally been anticipated.
At the beginning of this engagement the company
was losing approximately 22 million per year.
Through turnaround work as interim CFO and as an
advisor to management, the company was on track
to generate 4 million in operating profit and
meet all debt service requirements. Managed the
company into Chapter 11 process to satisfy senior
lender requirements.
Assumed control of working capital management as
acting CFO to stabilize cash flows and
re-establish relationships with secured lender as
well as trade creditors. Developed and installed
plan to generate 2.4 million in free cash flow
within six months. Provided Board with enough
time to negotiate sale of company as a continuing
operation.
42
Our Credentials
  • Select Additional Engagements
  • 200 Million Oilfield Services Company
    Contracted for interim management as CFO.
    Developed financial reporting and cash management
    systems enabling the company to grow from 20
    million to 200 million. Orchestrated several
    divisional startups. Instrumental in selling the
    company to a group of investors for 214 million.
  • 110 Million Safety Equipment Distributor
    Prepared assessment and evaluation of multi-state
    warehousing operation. Restructured financial
    and operational reporting system. Orchestrated
    consolidation of operations and subsequent
    closing of 12 branches with no degradation in
    customer service. Implementation of plan
    resulted in a return to profitability and
    positive cash flow.
  • 110 Million HVAC Distribution Service Company
    Provided turnaround consulting and management
    succession planning and implementation which led
    to a successfully reorganized company within 18
    months. Accomplished outside the bankruptcy
    process.
  • 55 Million Steel Processing Company Provided
    interim management during a going-concern
    liquidation of a steel processing plant. Efforts
    resulted in a 200 increase over the original
    projected recovery by the secured parties.
  • 25 Million Pressure-Vessel Manufacturing
    Company Provided assessment and interim
    management for an international company involved
    in boilers and pressure vessels. This led to a
    reorganization of the company and optimization of
    financial performance The business was sold
    under Section 363 of the Bankruptcy Code.
  • 24 Million Mail Order and Agricultural Producer
    Contracted to advise a sole proprietorship in
    Chapter 11. Prepared financial and operational
    projections, developed strategic planning model,
    effected change within the organization to
    achieve positive cash flows, negotiated with
    secured lenders and obtained D-I-P crop loan.
    The business was successfully reorganized and
    emerged from Chapter 11.

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Our Contact Information
  • Website www.auroramp.com
  • Headquarters Ron Turcotte, Managing Partner
  • email rturcotte_at_auroramp.com
  • 4485 Tench Road
  • Suite 340 Atlanta, GA 30024
  • Tel 770-904-5209 Fax 770-904-5226
  • Offices in Charlotte, Cleveland, Philadelphia
    Toronto
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