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Turnaround Management and Restructuring

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  • 1. Restructuring and Financial Advisory Services Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com
  • 2. “Annual income twenty pounds, annual expenditure nineteen ninety-six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.” Charles Dickens David Copperfield. Chap. xii. Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 2
  • 3. Our Service Philosophy Tangible Results The key value Accumyn Consulting offers any business is a lasting solution to its corporate needs y y g y g p – an actual solution producing tangible results in the minimum time. Devising those financial solutions requires a knowledge of the actual workings of our clients’ businesses – from the production line, the assembly line, to improvement in contribution margins by product --the operational, managerial, financial and executive decisions that comprise a business. Our professionals have actual C-Level experience operating businesses and making those decisions. With our years of executive, managerial, advisory and consulting experience, we have the necessary knowledge and tools to devise solutions and produce results for our clients. Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 3
  • 4. Experience to Produce Results Leadership and Depth Executives with years of hands-on operational experience Focused senior resource at every stage of the delivery process Specialists in Accounting, Valuation, Corporate Finance and Economics providing seamless services Solutions and Value Engaging and partnering with the organization to devise credible, executable solutions Fact-based financial approach with proven track record in complex, high profile situations Technology resources , support systems and team members promoting engagement efficiency Speed of Execution and Bias to Action Focus on delivering rapid results, while coordinating short and medium term objectives and credible plans with achievable milestones Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 4
  • 5. Corporate Restructuring Restoring order, stability and clarity to an organization, during times of financial turmoil, requires extraordinary l d hi skills and a fi command of fi t di leadership kill d firm d f financial, operational and l l i il ti l d legal issues. Th The ability to move decisively and with precision toward the most beneficial solutions is essential to the survival and success of the client's enterprise. Our professionals: Are highly experienced, senior level practitioners with demonstrated track records of creating and regaining value for under-performing and troubled companies. p g p Have the depth of experience and versatility to serve in many capacities including, chief restructuring officer, financial advisor, examiner, trustee and board member. Possess a keen understanding of domestic and international business and have experience with in-court and out- of-court reorganizations, representing both creditor and debtor constituencies. Have built strong and successful partnerships with attorneys, banking and investment professionals, and corporate and board decision-makers. Have the credibility, integrity and expertise that inspires confidence in our clients. This peer-to-peer respect and knowledge enables clear communications and collaborative relationship, which means obstacles are overcome and solutions are achieved more quickly. q y 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 5
  • 6. Expertise to Serve Client Needs Merger/Sale Restructuring Rt ti Transaction Forensic Accounting and Investigations Credible CLIENT Turnaround Litigation NEEDS Initiatives Resolutions and Plans Valuations and Solvency Analysis Operational Refinance/ Improvements Recapitalize Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 6
  • 7. One-Stop Shop for Underperforming Companies p g p Debtor Engagements Analysis Improve Sell Liquidate Due Diligence Consult Financial Buyer Manage Operational Content Interim Management Strategic Buyer Disbursing Agent Litigation Valuation content MBO Administrator Forensic/Investigative Valuation Litigation Support Content Creditor Engagements Analysis Improve Sell Liquidate Due Diligence Monitor Complete Manage Operational Content Joint Manage Monitor Monitor Valuation Content Trustee Valuation Disbursing Agent Litigation Forensic Content Examiner Litigation Analytics Administrator Litigation Support Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 7
  • 8. Requirements for Financial Restructuring Approach: Requirements: “Standstill” agreement g • Turnaround • strategy Accurate information at • General standstill date Supportable • requirements for business plan Review of business plan p • balance sheet Quality • Objectives of restructuring restructuring • management Formulate proposals • Potential exit • Negotiation N ti ti • Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 8
  • 9. Accumyn Qualifications Southland C S thl d Corporation is a worldwide chain ti i ld id h i Business Bi of convenience stores under the brand 7- Description: Retained as Eleven Financial Advisor For Represented a large-cap company in Chapter Engagement 11 restructuring efforts. Work included the Summary: Southland Corporation development of a turnaround plan, which called for the sale of significant divisions of g the company, focusing operations on the core business unit. Efforts resulted in significant enhancement to shareholder value. Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 9
  • 10. Accumyn Qualifications Seitel, Inc. is l di S it l I i a leading provider of seismic id f i i Business Bi data and related geophysical expertise to the Description: Retained as petroleum industry Financial Advisor For Senior Secured Lenders Represented the senior lending group for a Engagement Of $300 Million public company in their efforts Summary: to restructure debt and continued representation throughout the Chapter 11 p g p Seitel, S i l Inc. process. Work performed on behalf of the lenders included asset due diligence related to the DIP financing facility, assessment of operational turnaround strategy, development of recapitalization plan, and on-going plan on going monitoring of operating results of the company. Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 10
  • 11. Accumyn Qualifications WH W-H Energy Services, Inc. is a diversified Business oilfield service company that provides Description: Retained as products and services used primarily for the drilling, completion and production of oil and Chief Financial Officer natural gas wells. For Chief Financial Officer of a roll-up holding Engagement company. During tenure, led the company’s Summary: W-H Energy Services, Inc. day-to-day operations and the acquisitions gp group. Raised over $ $275 million in capital to p meet company’s furious acquisition plan. Prepared the company’s registration statement for the successful public offering. Company increased its revenue and EBITDA from $20 Million and $1 5 Million respectively to $230 $1.5 Million and $58 Million respectively from 1995 to 2000. Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 11
  • 12. Accumyn Qualifications The P i i l Fi Th Principal Financial Group is a leading i lG i l di Business Bi global financial company offering Description: Retained as businesses, individuals and institutional Financial Advisor clients a wide range of financial products and services. For Represented agent bank in performing due Engagement Principal Financial diligence related to its $500 million senior Summary: revolving credit facility. Work included Group review of various classes of assets, including an in-depth analysis of the valuation of residual interests resulting from the Company's securitization activity. Ultimately developed d l d a successful restructuring plan fl t t i l that resulted in full pay down of the senior lenders over a period of 15 months. Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 12
  • 13. Accumyn Qualifications Al Copeland Enterprises, Inc. is a worldwide C l dE t i Ii ld id Business Bi fried chicken franchise under the brands Description: Retained as Church’s and Popeye’s, which controlled Financial Advisor about 17 percent of the $10 billion fried chicken market To Unsecured Creditors Committee Restructuring Advisor to unsecured creditors Engagement Of committee of public restaurant chain. The Summary: company completed a Chapter 11 Al Copeland restructuring that provided the company with the time to develop and begin the execution Enterprises, Inc. of a turnaround plan, and obtain the additional liquidity required to finance the road to recovery. dt Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 13
  • 14. Accumyn Qualifications Memorex T l was a provider of M Telex id f Business Bi information technology solutions including Description: Retained as the distribution and integration of data Financial Advisor network and storage products and the provision of related services in 18 countries For worldwide. Restructuring Advisor to a pioneer and leader Engagement Memorex Telex in high performance audio. Developed and Summary: implemented broad sweeping cost red ction s eeping reduction initiatives which generated millions in cost savings, secured incremental financing, and negotiated a pre-arranged bankruptcy restructuring. These initiatives allowed the company to emerge from bankruptcy in approximately six months with a right sized cost structure, significantly reduced leverage, while enabling the company the flexibility to pursue new growth opportunities opportunities. Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 14
  • 15. Accumyn Qualifications Sagent T h l S t Technology, Inc. develops, markets, Idl kt Business Bi implements and supports Centrus, a Description: Retained as comprehensive suite of data enhancement, Chief Financial Officer data quality, data analysis and Internet data delivery products and services. Centrus is y For ideal for enterprise database marketing and GIS applications in the Telecommunications, Insurance, Retail, Utilities, Healthcare and Sagent Technology, Inc. Banking/Finance industries. Chief Financial Officer of publicly-held Engagement software company and led this company’s Summary: day-to-day operations and its successful restructuring efforts which resulted in a merger with leading software group. Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 15
  • 16. Accumyn Qualifications Business Bi Wicks ‘ ’ S i k i h Wi k ‘n’ Sticks is the nation's largest and i 'l d most respected franchised retailer of quality Description: Retained as candles, fragrancing and related home Financial Advisor decorative products. Rated a top franchise by both Success Gold 2000 and Income For Opportunities Platinum 2000. Wallpapers To Go is the nation's largest retailer of home wall coverings, borders and how -to Wicks ‘n’ Sticks information for the do-it-yourself consumer. and d Retained as Financial Advisor to prepare Engagement Wallpapers To Go turnaround plan and confirmation plan of Summary: large public franchisor. Plan was confirmed and reconstituted company emerged from Bankruptcy in less than one year. Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 16
  • 17. Accumyn Qualifications LJM2 was an E Enron-affiliated private ffili t d i t Business Bi investment company that primarily engaged Description: Retained as in acquiring or investing in energy and Financial Advisor to General communications-related investments. Partner of Assisted newly appointed general partner in Engagement unraveling complex tier of operating assets. Summary: Developed reorganization plan and assisted LJM2 in confirmation of reconstituted company. company (Enron-controlled partnership) Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 17
  • 18. Accumyn Qualifications Schwinn is S h i i a a l di brand of recreation leading b d f ti Business Bi products, bicycles, and commercial and Description: Retained as home fitness equipment . Restructuring Advisor For Restructuring Advisor for manufacturing Engagement division of a global company. Completed a Summary: Schwinn Corporation fast track restructuring in less than 15 months while successfully implementing yp g over $9 million in operational EBITDA improvement initiatives, shedding non-core assets which generated over $75 million in proceeds. Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 18
  • 19. Accumyn Qualifications Advent C Ad t Communications assists in i ti it i Business Bi developing and implementing effective Description: Retained as marketing strategies for businesses through Turnaround Manager targeted, managed, strategic marketing campaigns. g For Worked with the senior management team Engagement Advent Communications for this consulting and software group which Summary: operated in multiple markets in the Southern United States. Assisted the company with the establishment of liquidity forecasting tools and budgeting processes, significantly enhancing the quality and accuracy of the budgeting d f b d ti and forecasting process ti Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 19
  • 20. Accumyn Qualifications Long Term Credit Bank of Japan was one of L T C dit B k f J f Business Bi the major financiers of the postwar economic Description: Retained as development of Japan. Financial Advisor For Represented the senior lending group of a Engagement regional supermarket chain. Work included Summary: Long Term Credit Bank of an in-depth review of the company's operations and, based on forecasted p , Japan operations, assisted the lenders in negotiations with the company and bondholders on a complex wind-down recovery. Assets were liquidated with lenders and bondholders receiving full recovery. This work led to being recognized by PriceWaterhouse in its annual Chairman award for client work. Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 20
  • 21. Accumyn Qualifications CompuData was mainframe computer C Dt if t Business Bi enterprise that provided batch processing for Description: Retained as a variety of clients founded in 1971. Financial Advisor For Represented a mid-cap company in Engagement restructuring efforts. Assisted the company in Summary: the development of a business restructuring CompuData plan and in negotiating a new credit facility which was supported by the Company’s plan. Led the Company in maneuvering through the bankruptcy process and provided critical testimony and affidavits in support of various motions in the bankruptcy court. court Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 21
  • 22. Accumyn Qualifications Houston-based H t b d specialty metal fabrication i lt t l f b i ti Business Bi shop that designs and manufactures products Description: Retained as primarily for the oil and gas and the Financial Advisor telecommunications industries. For Evaluated the solvency of EMI at its Engagement counsel’s request in light of the bankruptcy Summary: Electro-Mechanical plan of reorganization and certain contingent Industries, Inc Industries Inc. liabilities. liabilities Provided report regarding solvency. Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 22
  • 23. Our Services Assisting U d P f A i i Under-Performing C i Companies i External analysis of the business Strategic assessments and operational review Management assessment Business and financial modeling Management and culture change Cash flow turnaround management and enhancement Rightsizing analysis and implementation Creditor restructuring assistance Exit strategies Crisis and interim management Distressed asset acquisition analysis Restructuring Restr ct ring plan design and negotiation Collateral reviews Selected cost reductions Exit value maximization Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 23
  • 24. Our Services Insolvency Services Il Si Pre-bankruptcy planning DIP financing/cash collateral budgets Cash flow analyses Bankruptcy accounting and reporting Collateral valuations Liquidation analyses Lease/contract evaluation Retention/severance plan development Reorganization plan development Disclosure statement assistance Feasibility analyses Negotiation with parties-in- interest ith parties in Claims management Avoidance actions Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 24
  • 25. Our Services Business Plan and Restructuring Services Bi Pl dR iSi Business plan strategies and implementation Financial projections / budgets Renewal Planning: Profitability improvement Collateral reviews Feasibility analyses Capital optimization Debt restructuring Exit value maximization Initial diagnostics Strategic assessments Benchmarking Cost reductions Operational turnaround plans Cash flow enhancement Experienced Professionals Creative Solutions Lasting Value 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 25
  • 26. Biographical Information 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 26
  • 27. David N. Eliff CPA M: 713.430.6895 deliff@accumyn.com Mr. Eliff, a Managing Director, has 25 years of professional and executive management experience, including seven years as the CFO of publicly traded firms. As a management advisory consultant, Mr. Eliff has been engaged by numerous firms as interim CFO or in a lead financial advisory role. Mr. Eliff has advised a wide consortium of companies in many industries. He has had leadership roles in small and medium sized companies and led equity and creditor teams on many large capitalization bankruptcies and out-of-court workouts. He is skilled in cash forecasting, cash management and liquidity monitoring, the essential first steps of any distressed company. He has designed turnaround and refinancing plans for large, medium and small capitalization companies. Mr. Eliff has held four CFO positions and has led development and implementation of turnaround and restructuring plans. He has advised on issues such as business disposals or acquisitions, factory closures, business planning, crisis stabilization/cash flow management, operational & financial restructuring and re-financing. Additionally, he has assisted in developing exit strategies for unprofitable g ,p g g y, pg g p business units. Moreover, Mr. Eliff has acted as an advisor to a number of boards in diverse sectors including oil and gas, beverage, engineering, and financial services and aided in the development of plans to facilitate ongoing creditor support, financial and operational restructuring. Mr. Eliff’s in-depth experience in investment banking, general management, strategy consulting, securities analysis, and turnaround management has enabled him to develop or customize business restructuring programs that create sustainable value. His financial and operating acumen has helped clients improve operating p p p g performance, restore and enhance p , profitability, and maximize recoveries. He has provided assistance to companies either in y, p p distress themselves or affected by insolvent entities, and addressed the comprehensive scope of restructuring from front-end assessment to effective decision-making support, and transaction solutions. His past engagements have enabled him to recognize opportunities for creating value through restructuring, including changes in technology or manufacturing, heightened marketplace competition, regulatory requirements, taxes, shifts in interest rates, or shifts in business practice, efficiency and performance. Previously Mr. Eliff has held management positions at LECG, LLC and in the restructuring group at PriceWaterhouse, and he has served as the CFO for a publicly-traded software firm and an energy services firm. He earned his B.B.A. degree in accounting from Texas Tech University and is a Certified Public Accountant*, a candidate to become certified as a Certified Financial Analyst, and a member of the American Institute of Certified Public Accountants and Turnaround Management Association. *Accumyn is not a CPA firm. 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 27
  • 28. Scott A. Bayley CPA/ABV, CFE, CVA M: 713.417.4620 sbayley@accumyn.com Mr. Bayley, a Managing Director, is the founder of Accumyn. He has served public and private businesses, governmental entities, and law firms with auditing, accounting, financial, and economic consulting services for over twenty years. A primary focus of his practice is analysis of damages, fraud and forensic accounting examinations, preparation of expert reports and expert testimony regarding accounting disputes, financial and economic claims, and valuation analysis. His dispute consulting experience includes assisting in matters such as breach of contract, lost profits, intellectual property infringement (patent, copyright, trademark, and trade dress infringement), misappropriation of trade secrets, antitrust/anti-competitive analysis, business interference/interruption, shareholder and partner disputes, lender liability, wrongful termination and employment disputes, fraud and misrepresentation, funds tracing, and forensic accounting investigations. Mr. Bayley has provided expert testimony in matters involving financial disclosures, generally accepted accounting principles, securities fraud, shareholder disputes, broker/dealer actions, breach of fiduciary duty, failed mergers/acquisitions, intellectual property disputes, professional malpractice, directors and officers claims, insurance fraud, and valuation of securities and derivatives. Most recently, Mr. Bayley was a Managing Director for the expert services firm LECG in Houston. Previous positions include Partner-in-Charge of financial advisory services at BDO Seidman, Managing Director with responsibilities for litigation consulting, forensic accounting and valuation at KPMG, Senior Manager in dispute analysis and corporate recovery services at Price Waterhouse, and Manager in audit and business advisory services for Arthur Andersen. Mr. Bayley holds a BBA degree in Accounting from The University of Texas at Austin. He is a Certified Public Accountant (CPA)* and Accredited in Business Valuation by the American Institute of CPAs (ABV). He is also a Certified Fraud Examiner (CFE) and a Certified Valuation Analyst ( (CFE). Professional affiliations and memberships include the American Institute of Certified Public Accountants, the Texas Society of Certified ) p y Public Accountants, the Association of Certified Fraud Examiners, the National Association of Certified Valuation Analysts, and the Licensing Executive Society. *Accumyn is not a CPA firm. 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 28
  • 29. Roy C. Eliff CPA M: 713.417.4620 reliff@accumyn.com Mr. Eliff is a Director in the forensic accounting and transaction advisory practice at Accumyn. He has 51 years of professional and executive management experience, including over 47 years as a Chief Financial Officer, Executive Vice President in charge of acquisitions and Board of Director member of publicly traded firms. Mr. Eliff began his career at Arthur Andersen. He then held the position as EVP/CFO of Falcon Seaboard which was purchased by Diamond Shamrock. He was one of the founding members of Browning-Ferris Industries, Inc. Mr. Eliff directed the geographic expansion of BFI by acquisition growth plan. Over this 28 year period at BFI, the company acquired over 2,000 companies to grow from a small local company headquartered in Houston, Texas, to a $6 billion international waste management company with 40,000 employees serving 400 cities in the U.S. and 12 countries around the world. Subsequent to BFI, Mr. Eliff held the acquisition consulting position and board of director seat at Allied Waste. Mr. Eliff has held numerous board of director seats at companies including Allied Waste and Team, Inc. He currently holds a board of director seat at American Ecology. His extensive transaction due diligence experience enables him to make initial exposure assessments, identify financial issues, assist with pleadings and discovery, assess damages, critique expert reports and testify as an expert witness. His business valuation experience has involved tax and corporate reorganization, stock option valuation, estate and gift taxes, buy-sell agreements, partnership and shareholder disputes, mergers, acquisitions and disposals, and management buy-outs and expropriations. *Accumyn is not a CPA firm. 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 29
  • 30. Robin C. Sickles PhD M: 713.594.8780 rsickles@accumyn.com Dr. Sickles, a Director and the Reginald Henry Hargrove Professor of Economics at Rice University , most recently was a Director for the expert services firm LECG in Houston. He has had a wide and varying set of professional and academic experiences. In his consulting practice he has focused on complex damage assessment, intellectual property, product markets and market structures, collusive behaviors, and conditions for natural monopoly in a career that spans over 30 years of consulting and litigation support. Dr. Sickles is the Editor-in-Chief of the Journal of Productivity Analysis, a leading economics field journal specializing in a range of applied topics including regulation and industrial organization. He has published over 80 articles and two books. Among the topics are numerous publications in the area of applied industrial organization and regulation. Past engagements by Dr. Sickles have included consulting for AT&T, the Air Transport Association, the Department of Justice, the United States Postal Service, the National Aeronautics and Space Administration, the United States Agency for International Development, the World Bank, and the Bureau of Labor Statistics. Expert testimony has been provided in a number of his cases. Professor Sickles has a Bachelor of Science degree in economics from the Georgia Institute of Technology and a Ph.D. in economics from the University of North Carolina at Chapel Hill. He is a member of Who's Who in Economics, 4th Edition (Blaug and Vane, Edward Elgar, 2003), Marquis Who's Who in America, 2003 and Marquis Who's Who in the World, 2004, and is a Fellow of the Journal of Econometrics and the Handbook of Economics. 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 30
  • 31. Warren K. White CFA, ASA M: 713.304.3838 wwhite@accumyn.com Mr. White, a Managing Director, has more than 20 years of experience in the financial analysis and valuation field. His work has been concentrated in valuation of closely held stock, tangible assets and intangible assets. These appraisals were a result of mergers, acquisitions, estate and gift taxes and general corporate planning. Mr. White has extensive experience performing financial and economic analyses of operating businesses in various industries. This work has involved the qualitative and quantitative analysis of past performance and evaluation of prospective results of future operations. His experience includes working with the following industry areas: real estate, financial institutions, service, chemical, oil and gas, power, entertainment, environmental and waste management, construction, manufacturing, distribution and retail. He has been asked to prepare expert reports for matters in dispute, and he has provided expert testimony in numerous engagements. Prior to his current position, Mr. White served as Chairman and Senior Managing Director of Avail Consulting, LLC, a national valuation consulting firm focusing on financial advisory, real estate valuation and consulting, equipment valuation, and legal support services. He began his valuation career in 1985 when he joined Arthur Andersen as a staff person. He became a Partner at Arthur Andersen in 1997, and was appointed the U.S. leader of Andersen’s Tax and Business Advisory Valuation Group in September 1998, while serving as leader of the Firmwide Financial Sub-Team for 2 years. Mr. White is a Chartered Financial Analyst (“CFA”) charter holder awarded by the CFA Institute, and a Senior Member of the American Society of Appraisers (“ASA”) certified in the discipline of Business Valuation. He is an active participant on the Business Valuation Committee of the ASA, and a past President of the Houston Chapter of the ASA. He earned a Master Degree in Business Administration in Finance and Real Estate (“MBA”) from Southern Methodist University, and a Bachelors of Business Administration, majoring in Finance and Petroleum Land Management, from the University of Texas at Austin. 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 31
  • 32. Stuart A. Tillman CPA M: 832.381.1920 stillman@accumyn.com Mr. Tillman, a Managing Director, is responsible for providing buy- and sell-side due diligence to clients, where typical engagements range from stand-alone tax due diligence reviews to comprehensive financial and operational due diligence programs. He also assists troubled companies with financial restructuring and sourcing debt and equity for emerging or restructured entities. His service philosophy is to offer thorough technical discovery procedures complimented with a hands-on business and operations perspective. Mr. Tillman has extensive experience in a variety of merchant banking services, including asset based lending, asset securitizations, term and cash flow loans for working capital, acquisitions, and leveraged buyouts. Prior to his current position, Mr. Tillman was CEO and President of a boutique merchant banking services firm where he was responsible for more than 30 private equity investments and overall corporate development activities. He has served in a variety of capacities including Chairman, CEO and President of three portfolio companies and CFO of another. Mr. Tillman also spent 10 years in the corporate finance industry which included positions with Frost Capital Group as Senior Vice President and Asset Based Lending Product Manager, GE Capital Commercial Finance as Senior Vice President in the Southwest Region, and Barclays Business Credit (the predecessor to Fleet Capital) as a Senior Business Development Officer opening its Houston office in 1990. Prior to his lending career, Mr. Tillman was in the public syndications group of a large real estate investment company which involved the creation, marketing, selling and management of these entities.Mr. Tillman also spent four years in public accounting with KPMG and Kenneth Leventhal. Mr. Tillman earned a bachelor's degree in General Business with a concentration in Industrial Engineering from Lamar University, and a bachelor's degree in Accountancy from The University of Houston. He is a Certified Public Accountant*, past President of the Houston Chapter of the Association for Corporate Growth, and an active member of the Houston Venture Capital Association. *Accumyn is not a CPA firm. 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 32
  • 33. William R. Welch CPA M: 713.825.9670 bwelch@accumyn.com Mr. Welch, a Director, has been involved in the banking and savings institutions industry since 1978, has held senior management positions with several financial institutions, and has been an independent consultant to the banking industry since 1987. Mr. Welch has performed credit quality reviews for numerous banks for thirty years. He has extensive experience in assessing credit risk, evaluating loan loss exposure, maximizing recoveries in troubled debt workouts, in addition to advising bank boards and loan committees in matters involving proper credit underwriting, troubled debt restructure, and the maintenance of appropriate borrower/lender relationships. Mr. Welch has broad experience with different financial institutions through several economic down cycles, including the savings and loan crisis of the 1980s. Mr. Welch has also provided consulting, litigation support, and expert testimony in matters involving banks and financial institutions, calculation of damages, forensic accounting, and accounting malpractice related to bank audits. Examples of expertise in matters involving banks and financial institutions include lender liability, prudent lending standards, lender/borrower roles, commercially reasonable banking, directors' and officers' liability, teller operations, forgeries, fraudulent endorsements, bank operations, internal and external auditing standards, and internal control. In recent engagements Mr. Welch provided expert testimony in a variety of cases, including claims related to a lender's liability in connection with a $100 million line of credit facility and the lender's handling of securitizations in the institutional fixed income capital markets. He analyzed claims against a large regional bank and the issues relating to customary borrower/lender relationships, loan committee duties and responsibilities, prudent lending standards, and customary deposit relationships in connection with a $5 million revolving line of credit facility and related deposits of the g , yp p g y p borrower. He analyzed the merits of a lender liability claim against a community bank related to land development loans, specifically addressing the roles of the borrower and lender, loan origination and loan administration standards, and commercially reasonable banking. He also analyzed claims against a large multi-state bank related to commercially reasonable banking standards for ATM transactions, fraud involving fraudulent endorsements, and whether the bank's policies and procedures met the industry standard of ordinary care. Mr. Welch received his M.B.A. from Northeast Louisiana University in 1976 and a B.S. from Louisiana Tech University in 1973 (Magna Cum y y (g Laude). He completed post baccalaureate studies in accounting from the University of Houston in 1978 and has been a Certified Public Accountant* since 1979, specializing in services to banks and financial institutions. *Accumyn is not a CPA firm. 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 33
  • 34. George H. Garrett PE M: 713.320.4573 ggarrett@accumyn.com Mr. Garrett, a Managing Director, has substantial experience in providing expert witness reports, testimony and linear programming modeling support relating to refining industry litigation and arbitration. He also provides consulting services to domestic and international energy companies in crude oil refining and petrochemical operations. Mr. Garrett is a Chemical Engineer with over 37 years of experience in petroleum, petrochemical, and synthetic crude industries. He has a solid understanding of refining and petrochemical operations including detailed knowledge of fundamental and technical market analysis, crude and petroleum products trading, and economic/planning expertise. His experience includes proficiency in linear programming modeling systems, especially Haverly Systems' GRTMPS and HCAMS software. Mr. Garrett has worked on a variety of engagements relating to refinery acquisitions, mergers, capital projects, unit operations, products blending, new business ventures, and refined products marketing and transportation. Specific recent engagements have included reports and testimony involving refinery operations; ship barge and pipeline transportation; crude oil and other feedstock quality; linear programming modeling; naphtha purchases and trading; business interruption claims; joint venture hedging procedures; fraudulent activity; personal injury; and refinery contractor issues. Mr. Garrett is a Registered Professional Engineer in Texas and a graduate of Tulane University with a Bachelor of Science in Chemical Engineering. Prior to joining Accumyn, Mr. Garrett was a Managing Director with LECG and owner of Garrett & Associates, a consulting firm to companies in crude oil refining and petrochemical operations. Previously Mr. Garrett was with Jacobs Consultancy (formerly Pace Consultants). 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 34
  • 35. Robert G. James PE M: 281.787.1225 rjames@accumyn.com Mr. James is Director of the capital project management practice at Accumyn. He has over thirty-five years of technical, managerial and executive experience in engineering, procurement and construction of global capital projects. Beginning as a field engineer in the construction division of Stone & Webster Engineering Corporation he has held increasingly more responsible positions building power, refining and petrochemical facilities and municipal projects on domestic and international jobsites. His engineering and construction career developed through project and construction management assignments and headquarters operations positions to senior vice president, president and director appointments at Stone & Webster companies. Finally he assisted The Shaw Group with its purchase and merger of the operations of Stone & Webster. Hands-on contractor field and headquarters experience provided Mr. James with an exceptional background for analysis of construction claims and disputes, and provision of consulting services in areas of contract formulation and administration, project management and controls, and practical application of the engineering and construction process. In 2003 he began serving clients and counsel in support of litigation, arbitration and mediation of matters involving disputes in energy and commercial business sectors. His engagements involved independent and objective advisory consulting services, expert reports, and testimony related to a wide range of engineering and construction operations. Assignments addressed multiple claims between a general contractor and its equipment suppliers for a tension leg platform project; OSHA regulations pertaining to occupational injury; alleged default by a major contractor for construction of a combined cycle gas turbine power facility; and asbestos illness claims arising out of past refinery construction. Recent or ongoing engagements include testimony in an arbitration involving a contract dispute between a major general contractor for an offshore production platform and its tendon leg piling subcontractor; a deposition in a shareholder class-action involving the integration of acquired operations by a leading US equipment manufacturer; hearing testimony in a mediation of disputed error & omissions claims between a major power generation company and its engineer of record for a cogeneration facility; consulting support for arbitration of a dispute between partners in a chemical plant; and a consultation addressing the contractor selection process for world scale refining and petrochemical projects planned in the Middle East. Mr. James holds a Bachelor of Science in Civil Engineering from McGill University. He is a Registered Professional Engineer in Texas, Florida and Indiana, a Certified General Contractor in the State of Florida, and a member of the Project Management Institute and the American Society of Civil Engineers. 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 35
  • 36. William A. Kelly CPA M: 832.563.6537 bkelly@accumyn.com Mr. Kelly, a Senior Managing Consultant, has been providing services to clients and counsel since 1992 following a career in traditional financial and administrative services as CFO for several holding companies, and audit management with a major accounting firm. His forensic accounting experience has included in-depth investigations and analysis of the books and records of a wide assortment of large publicly held companies in most industries. He has performed investigation and financial analysis necessary to provide detailed reports, deposition preparation assistance and testimony services during many of his engagements. Litigation matters in which he has had a significant role have involved securities law violation, fraud and embezzlement, breach of contract, misappropriation of assets, lost profits, bankruptcy-liquidating trusts, specific performance, royalty payment calculation, breach of fiduciary duty and divorce asset tracing. As CFO for several companies Mr. Kelly was responsible for financial and administrative divisions. One firm was comprised of 12 subsidiaries and over 400 employees. Industries included banking, petrochemical services, residential and commercial development, food manufacturing and services, home building, and wholesale distribution. As auditor at KPMG, Mr. Kelly managed up to 15 auditors on engagements in banking, agri-business, and oil & gas sectors. Mr. Kelly has worked in the forensic accounting field since 1992, most recently with the McClure Firm in Houston. Other engagements have been with Forensic Accounting Consultants of Houston, George and Brothers of Austin,Moore, Tyler & Company and Schwartz, Yeager & Associates in Houston. Previously he held the CFO position at a number of holding companies after beginning his career in audit management with KPMG. He earned his B.B.A. degree in accounting from Texas Tech University and is a Certified Public Accountant.* *Accumyn is not a CPA firm. 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 36
  • 37. Jennifer L. Gabel JD M: 713.320.7531 jgabel@accumyn.com Ms. Gabel, a Consulting Attorney and Senior Managing Consultant, has been consulting in the areas of e-discovery and complex litigation management since 2005 after fifteen years as a litigator. Ms. Gabel has served as the primary consultant regarding e-discovery and document management in connection with numerous cases, including multi-district products liability, commercial and personal injury, large scale commercial litigation, and bankruptcy-related litigation in state and federal court and arbitration proceedings. On these and other matters, she has consulted with attorneys and their clients on all aspects of e-discovery and litigation management. Her engagements have included consulting in areas of compliance with court and statutory requirements, strategic development of electronic discovery and document management procedures, ease of access and information tracking, and cost management. Engagements have involved management of incoming and outgoing production documents, management of attorney and expert reviews of incoming and outgoing documents, assistance with discovery-related and pre-trial motions and hearings, and document and evidence management at trial. Prior to her consulting practice, Ms. Gabel practiced as a litigator for over fifteen years. Her litigation experience included complex commercial matters, energy-related litigation, partnership disputes, breach of contract disputes, breach of fiduciary duties, director and officer liability actions, consumer litigation, residential construction litigation, employment litigation, defamation and slander actions, mass tort, product liability and personal injury litigation, Texas Tort Claims Act litigation, and criminal prosecution. She has served as lead attorney in over 100 bench and jury trials, and on trial teams in several large cases through pretrial, trial, and p , g gp , , post-trial proceedings. Ms. Gabel also served in advisory p p g y positions to the Dallas Sheriff’s Department and to Dallas County, advising county officials regarding compliance issues. Ms. Gabel has a B.A. from Rice University and a J.D. from the University of Texas. She was admitted to the Texas bar in 1990 and also admitted to practice before U.S. Court of Appeals, Fifth Circuit, and U.S. District Court in the Southern, Northern, Eastern, and Western Districts of Texas. She is a member of the State Bar of Texas and the Mensa Society. 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 37
  • 38. à-kyə-mən: Our name is derived from the Latin word for ‘sharpness, point’. The modern definition is synonymous with discernment and describes a quickness, d d fi iti i ith di t dd ib ik accuracy, and keenness of judgment or insight, especially in practical matters. n. Quickness, accuracy, and keenness of judgment or insight. 4635 Southwest Freeway, Suite 425 Houston, Texas 77027 main: 713.621.2016 www.accumyn.com Page 38