Source: Turnaround Management Association Press Release
 
CHICAGO, Ill. – Turnaround Management Association (TMA), the only international non-profit association dedicated to corporate renewal and turnaround management, has selected its 2005 Turnaround of the Year award recipients and in a new category, 2005 Transaction of the Year award recipients. Winners will be honored at the Annual Convention, October 18-21, at the Chicago Hilton & Towers in Chicago.  
 
The 2005 list of winners is:
Turnaround of the Year Awards for an individual whose team has orchestrated the most successful turnaround in these categories:
 
· Mega Company Turnaround ($1 billion USD or greater in revenue at the onset of the turnaround): Dennis M. Ladd, CTP, of Glass & Associates, Inc., Dallas, for Southern States Cooperative, Inc., Richmond, Va. 
 
· Large Company Turnaround ($300 million USD or greater in revenue): William C. Kosturos, CTP, of Alvarez & Marsal, San Francisco, for Spiegel, Inc., Redmond, Va.
 
· Mid-size Company Turnaround (Revenue between $50 million and $300 million USD): James J. Loughlin Jr., CTP, of Loughlin Meghji + Company, New York, for IWO Holdings, Inc., Albany, N.Y.
 
· Small Company Turnaround (Revenue of $50 million USD): Ronald S. Castor of JC Jones & Associates, LLC, Rochester, NY, for Knowlton Specialty Papers, Inc., Watertown, N.Y.
 
· Small Company Turnaround -- Honorable Mention: David M. Baker of Aurora Management Partners, Inc., Hickory, NC, for Summitville Tiles, Inc., Summitville, Ohio
 
· International Company Turnaround (Company with significant cross-border operations): Pat Marso of Mentor Partners, LLC, Minneapolis, for Jean Charles Mexicali S.A. De C.V., Ejido Nuevo Leon, Mexico
 
Transaction of the Year Awards for an individual whose team has orchestrated the transaction (non-operational restructuring) with the greatest impact in these categories:
 
· Large Company Transaction (($300 million USD or greater in revenue at time of transaction): Kenneth A. Buckfire of Miller Buckfire & Co., LLC, New York, for Horizon Natural Resources Company, Ashland, Ky.
 
· Mid-size Company Transaction (Revenue between $50 million and $300 million USD): Ronen A. Bojmel of Miller Buckfire & Co., LLC, New York, for Grupo TMM, S.A., Mexico City, Mexico
 
· Small Company Transaction (Revenue of $50 million USD): Richard C. Pedone of Nixon Peabody LLP, Boston, for Independent Owners Cooperative, LLC, Freeport, Maine
 
· Small Company Transaction -- Honorable Mention: Michael Knight of Alliance Management Inc., Minneapolis, for CityForest Corporation, Ladysmith, Wisc. 
 
“Since 1996, TMA has been honoring the professionals whose turnaround engagements demonstrate remarkable outcomes, especially in operational improvements, ultimate creditor distributions, number of jobs saved, impact on the community, and number and types of challenges overcome,” said Lillian Stenfeldt, chair of the 2005 Awards Committee and partner in the San Francisco law firm of Sedgwick Detert Moran & Arnold LLP. “In addition, this was the first year TMA recognized the important role of professionals who complete outstanding transactions. The committee reviewed many impressive transactions that had a great impact on strengthening a company undergoing restructuring. I’m pleased to say that in both areas, this year’s award winners have proved that TMA members are masters at resolving difficult and complex challenges and creatively effecting the best possible solution for all the stakeholders.”   
 
Details of the 2005 Turnaround of the Year and Transaction of the Year award winners are posted on the TMA Web site at www.turnaround.org/news/newsreleases.asp or available upon request to Cecilia Green, (312) 242-6031 or cgreen@turnaround.org
 
With international headquarters in Chicago, TMA’s 7,000 members in 34 regional chapters comprise a professional community of turnaround practitioners, attorneys, investors, lenders, venture capitalists, accountants, 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.