Gren Cap Client Presentation Feb 11


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Grenadier Capital Presentation

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Gren Cap Client Presentation Feb 11

  1. 1. 1<br />Grenadier Capital<br />Providing predictive risk and valuation expertise for structured, municipal and infrastructure finance assets<br />February 2010<br />
  2. 2. Table of Contents<br />Grenadier Advantage 3-5<br />Business Solutions 6<br />Advisory 7-9<br />Asset Management 10<br />Funding 11<br />Surveillance 12<br />Team 13-17<br />2<br />
  3. 3. Grenadier Advantage<br />Best-in-class advisory and asset management team with extensive transactional and surveillance experience in structured, commercial, corporate, real estate, municipal and infrastructure finance<br />Our professionals have executed hundreds of transactions with exceptional credit performance<br />Well over $50 billion in volume<br />Originated over multiple business cycles<br />Domestic and international<br />Combining real world credit, analytics and transactional expertise<br />Evaluated, selectively underwrote and funded an extraordinary breadth of transactions (pg 5) with a buy and hold approach<br />3<br />
  4. 4. Grenadier Advantage<br />Deep dive capability having evaluated hundreds of companies, performing front and back-end analysis and deal structuring <br />Full complement of hands-on based skills required to value, analyze and workout complex financings<br />Comprehensive and predictive analysis allows our clients to make the critical decisions on their investment portfolios <br />Full transaction lifecycle management<br />Cradle-to-grave experience<br />Active surveillance and remediation/workout<br />Assess transaction breakpoints and implement exit strategies<br />4<br />
  5. 5. Grenadier Advantage<br />5<br />The Grenadier team offers diverse expertise across the following asset classes, including domestic and international:<br />
  6. 6. Business Solutions<br />6<br />Grenadier Capital’s team of credit and valuation experts will offer clients a combination of complementary solutions<br />
  7. 7. Advisory<br />Grenadier Capital provides investors and other parties risk, price and strategic assessments, collateral valuation, modeling, ongoing monitoring, and other support services<br />Independent and predictive credit analyses and valuations for participants in the municipal, consumer, commercial and corporate finance sectors<br />Covers a wide range of asset classes and capital structures including senior, mezzanine and equity<br />Includes issues relating to Monoline and corporate restructuring and strategies <br />7<br />
  8. 8. Advisory (Cont’d)<br />8<br />Comprehensive advisory services tailored to meet the specific needs of our clients including corporate analysis, valuation, asset risk, servicer risk and legal review<br />
  9. 9. Advisory (Cont’d)<br />9<br />
  10. 10. Asset Management<br />Grenadier will opportunistically co-invest with our clients on structured transactions in the primary and secondary markets<br />Skin in the Game<br />Performing and Distressed<br />Senior and Mezzanine<br />Utilize a bottom-up investment approach combined with real world and macroeconomic view of collateral and sector performance<br />Experienced managers who have underwritten and invested over multiple business cycles and distressed markets<br />Invest in structures and asset classes successfully managed previously by the Grenadier Capital team<br />10<br />
  11. 11. Funding<br />Grenadier team has the full capabilities to structure transactions and manage the ratings, placement, hedging and funding process<br />Arrange funding for our clients in the public and private markets for new issue and restructured transactions<br />Provide post closing reporting and cash management support<br />11<br />
  12. 12. Surveillance<br />Full skill set to effectively manage surveillance, remediation, workouts, litigation, and arbitration<br />Equip clients with the necessary tools to make critical decisions on complex investments<br />Credit recommendations<br />Timely surveillance reports<br />Transparency<br />Experienced servicing transitions<br />In depth due diligence capabilities and ongoing servicer evaluation<br />12<br />
  13. 13. The Team<br />John W. Uhlein, Founder and Managing Principal<br />Over 25 years in risk management and business building of structured and project finance products, Mr. Uhlein formed Grenadier Capital LLC to create the next generation of risk assessment services. <br />Mr. Uhlein was at Ambac for over 15 years and was the Founder and Chairman of Ambac UK, Ambac’s highly successful international division. John also served as Executive Vice President in charge of the firm’s U.S. Structured Finance operations, excluding CDOs, and was a member of the Executive Management and Senior Risk Committees. <br />Mr. Uhlein started his career at the law firm of Skadden Arps and Kidder, Peabody .<br />Mr. Uhlein is a Trustee at Hartwick College, and serves on the Board of Advisors of Syracuse University College of Law. He recently served on the board of ASF, a securitization industry forum, and Prep for Prep in New York City. He is a frequent speaker at industry conferences on matters of risk.<br />Mr. Uhlein received his BA from Hamilton College and JD/MBA from Syracuse University. He is a member of the New York State Bar. <br />13<br />
  14. 14. The Team (Cont’d)<br />Rick Persaud, Managing Director and Sr. Investment Officer<br />Over 18 years of risk oversight, credit and transactional experience.<br />Mr. Persaud was previously with Ambac for 10 years as a Managing Director where he served as a Senior Credit Officer and member of the firm’s credit committees, and headed the Risk Transfer Group. Rick was also in charge of Ambac’s Structured Capital Markets Group where he directed the firm’s global arbitrage activities in the structured and municipal secondary markets, and ran the firm’s proprietary conduit funding business. He was also head of Ambac’s overall business activities in Japan for over four years. <br />Prior to joining Ambac in 1999, Mr. Persaud was a Director in UBS’ Global Asset Securitization Group working in the U.S., Canada, U.K. and Japan during his 8 years at UBS. Rick also held a position with The Chase Manhattan Bank’s Credit Policy Group.<br />Rick attended Queens College/CUNY and Stanford University Business School Executive Management programs . He is formally bank credit trained by UBS and Chase and registered with FINRA, Series 7 and 63.<br />14<br />
  15. 15. The Team (Cont’d)<br />Nick Goumas, Managing Director<br />Over 30 years of corporate finance, risk, and transacting experience <br />Recently served as Product Head of Commercial Asset-Backed Securities at Ambac, having joined the firm in 1997. He and his team were responsible for originating, underwriting, and managing, a diverse book of asset-backed and corporate structured finance assets including specialty finance companies, middle and large cap corporate credits and private equity owned businesses.<br />Underwrote over $30 billion of product involving hundreds of companies over past eleven years with pristine credit performance; additionally responsible for coordinating global product support between the U.S., London, Sydney and Tokyo based groups. <br />Mr. Goumas was with CapMAC for eight years, as Team Leader and Transactor. Mr. Goumas has prior experience with Citibank’s Leveraged Capital Group first as a workout specialist followed by Team Leader and Senior Transacting role; before that with Chemical Bank’s Middle Market buyout group. <br />Mr. Goumas attended Rider College and Executive Management programs with Columbia Business School.<br />15<br />
  16. 16. The Team Cont’d<br />Dr. Thomas Murphy, Senior Advisor<br />Dr. Murphy has over 20 years experience in valuation and risk assessment in financial services, private equity, energy and commodities industries. He has both industry and Big Four audit experience, and is internationally recognized in the risk and valuation of complex physical and financial assets.<br />Tom was a chemical engineer with the DuPont Company before returning to graduate school for a Ph.D. in Finance. After completing Ph.D., J.D., and MBA degrees, Tom was energy manager with Air Liquide America, where he managed risk with a portfolio of industrial gas pipelines, gas storage and power generation facilities. Tom was a Professor of Finance at Kansas State University where he taught advanced financial theory, options, futures, and other derivative securities to MBA and Ph.D. students.<br />Dr. Murphy was Senior Manager in quantitative services with the Capital Markets practice of Deloitte & Touché, Senior Manager in the Valuation practice of Ernst & Young, Managing Director of the Real Options Group, and Principal in the Risk Management practice of CRA International. Tom has been involved with litigation support and expert testimony in several CMO and subprime related cases.<br />16<br />
  17. 17. The Team Cont’d<br />John Coughlin, Senior Advisor<br />Mr. Coughlin has over 27 years experience in the insurance and reinsurance business, most recently as the Executive Chairman of Bermuda-based Lennox Holdings Ltd., a reinsurance company start-up focused on the U.S. Variable Annuity business. Mr. Coughlin has pioneered the use of derivatives as a risk management tool in the U.S. annuity business, and has been at the forefront of the convergence of the (re)insurance and capital markets in the life insurance industry since 1999.<br />Formerly he was the President & CEO of J. Lennox & Company, where he focused on the development of a new financial technology for use in the annuity reinsurance area, and successfully sold the company to Lennox Holdings in 2008. <br />Previously, Tom was the Managing Director of BSI, a consulting firm focused on innovative financing strategies of Fortune 100 Clients, including on and off-shore captives for U.S. ERISA benefit plans.<br />Mr. Coughlin began his career with the Aetna Life Insurance Company, and is a 2001 graduate of the Owner/President Management Program at Harvard Business School.<br />17<br />