Turnaround Management Association Names First Inductees into Industry Hall of Fame

(TMA International Headquarters)

Icons recognized for contributions to industry, receive TMA’s highest honor 

CHICAGO -- The Turnaround Management Association (TMA) is pleased to announce the inaugural class of inductees into the TMA-sponsored Turnaround, Restructuring and Distressed Investing Industry Hall of Fame.  The Hall of Fame was created to honor and preserve the names of those whose outstanding individual contributions have made a lasting positive impact on an industry dedicated to stabilizing underperforming companies, rebuilding corporate value and retaining jobs.

TMA established the Turnaround, Restructuring and Distressed Investing Industry Hall of Fame in honor of its 20^th anniversary as the premier professional community dedicated to corporate renewal and turnaround management.   

“TMA spent significant time and effort to establish a forum by which we can recognize our colleagues who have become icons in the world of turnarounds, restructurings and distressed investing,” says William E.J. Skelly, TMA’s 2008 Chairman. “Each of the professionals to be inducted have both changed and shaped the industry in a material way.”

A selection committee was formed, comprised of past chairmen of TMA, to evaluate the nominations. “The Selection Committee carefully evaluated more than 50 nominations that were received from candidates in the United States and throughout the world,” explained John Rizzardi, Chairman of the Hall of Fame Selection Committee. “The quality of the professionals nominated was exceptional. It was a very difficult process to arrive at the ten professionals selected to be part of the initial class. There were many more professionals who shaped the industry than we had places for in the class.” 

The 2008 inductees are:

• Jay Alix, CTP (Certified Turnaround Professional), founder, AlixPartners, Southfield, Michigan
• Edward I. Altman, Ph.D., Max L. Heine Professor of Finance, New York University Stern School of Business, New York
• John (Jack) Wm. Butler, Jr., partner and co-head of the global Corporate Restructuring Practice, Skadden, Arps, Slate, Meagher & Flom LLP, Chicago
• Dominic (Dom) DiNapoli, chief operating officer, FTI Consulting, New York
• Lawrence (Larry) A. Marsiello, retired vice chairman and chief lending officer of CIT Group, New York
• Harvey R. Miller, partner, Weil, Gotshal & Manges LLP,  New York
• Henry S. Miller, chairman and co-founder, Miller Buckfire & Co, New York  
• William (Bill) C. Repko, senior managing director and co-head of the Restructuring Advisory practice at Evercore Partners, New York
• Wilbur Ross, chairman and CEO of WL Ross & Co LLC, New York
• Sanford (Sandy) C. Sigoloff, retired, Sigoloff & Associates, Los Angeles

The inaugural class will be inducted into the Turnaround, Restructuring and Distressed Industry Hall of Fame at an industry celebratory dinner to be held on October 28, 2008, at the TMA 20^th Annual Convention in New Orleans, Louisiana.  Future inductions will occur at five-year intervals.  

With international headquarters in Chicago, the Turnaround Management Association (http://www.turnaround.org/)  has more than 8,100 members in 43 regional chapters who comprise a professional community of turnaround practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants. Members adhere to a Code of Ethics specifying high standards of professionalism, integrity and competence. Its Certified Turnaround Professional (CTP) program recognizes professional excellence and provides an objective measure of expertise related to workouts, restructurings and corporate renewal.