Interim Management

Served as President and Chief Executive Officer of a $12 million NASDAQ listed data conversion company, serving the Geographic Information Systems industry (“GIS”). The Company received a notice from the SEC that it was out of compliance with NASDAQ listing requirements. Negotiated the redemption of $1.7 million of preferred stock liabilities for a cash payment of $251 thousand, generating debt forgiveness income of $1.4 million. The redemption of this debt resulted in the Company receiving a letter from the SEC evidencing compliance with NASDAQ listing requirement. In six months, increased gross profit by 10% or $432 thousand reduced indirect cost by $756 thousand and increased operating profit by $1.250 million. Net income for the last six months of the fiscal year was $956 thousand compared to a loss of $2.206 million for the first half of the fiscal year. Created a market environment that allowed the beneficial owner of two-thirds of the stock, to convert his $1.7 million senior secured debt and sell the shares for a significant gain. The fixed debt of the Company was reduced from $3.5 million to $196 thousand or by 92 percent. Reestablished the Company as financially viable, which allowed legitimate participation in bidding and awarding of long-term, data conversion contracts for the utility industry.

Served as Chief Restructuring Officer of a steel service and steel manufacturing company with sales of $45 million. The Company was guided through the bankruptcy filing process to plan confirmation in five months. The process included objections to use of cash collateral by the asset based lender, which the Court denied and allowed the Company full use of cash collateral to continue operations. The debtor maintained collateral value throughout the bankruptcy by shipping $1.1million to $1.4 million of products per month and by selling one of the operating divisions. The result of the Confirmed Plan allowed secured creditors to be paid in full with a small recovery for the unsecured creditors.

Served as Chapter 11 Bankruptcy Trustee of a manufacturer of land leveling and road construction equipment which had been in bankruptcy for three years with sales of $8.9 million and adjusted assets of $3.4 million. Identified $3.2 million of obsolete inventory and uncollectible receivables, cleaned-up the environmental exposures, documented financial irregularities, obtained judgments of $1.4 million against former management and recovered fraudulently conveyed assets of the estate. The company was returned to profitability, and the assets were sold to a strategic buyer who continues to operate the company.

Served as Turnaround Manager and President of a $12 million petrochemical barge cleaning and repair company, which had litigation for control of the company between the shareholders and was under a Texas Natural Resources Conservation Commission Directive (TNRCC) to commence environmental corrective actions. Increased gross margins through a combination of price increases and productivity improvements, which provided the financial stability to settle the shareholder litigation and pay for the environmental remediation and corrective actions required by the TNRCC. The company used the environmental clean-up to develop a market strategy to position the company as the only environmentally compliant company serving the industry.

Engaged as Interim General Manager responsible for finance and administration of a gasoline trading company with annual sales of $700 million during an out-of-court restructuring with its major creditor. Reorganized the accounting department and brought the accounting records current from being nine months behind in closing the books, instituted controls on inventory to verify balances by dipping the tanks in five terminals with 1.5 MM barrels capacity, instituted third party verification of exchange receivable balances and implemented daily reporting controls for inventory trading and hedging activities.