Compass Advisory Partners, LLC
401 Wood Street
Suite 707
Pittsburgh, PA 15222
(412) 697-2631
COMPASS PROFESSIONALS
When a Company is faced with an operational or financial crisis, experience counts. COMPASS' team of Senior Executives are prepared to respond quickly to high-pressure situations, providing an immediate impact. Our focus is on defining and implementing a strategy that is in the best interest of all stakeholders of the Company.
Larry Powers is a crisis management executive with over twenty years of financial and senior management experience, including company reorganization, debt restructuring, operations and marketing. He has been a successful turnaround consultant for almost fifteen years, in numerous industries ranging from metals to banking and transportation.
Before becoming a certified turnaround professional, Mr. Powers served as President, COO, and CFO of Trimarchi, Inc. a computer mass-storage, manufacturing company from 1990-1991, where he increased sales volume by 45% and turned the company's loss of $770,000 into a profit of $80,000 in one year. While restructuring the engineering and operating departments into productive units.
Prior to his tenure at Trimarchi, he was President and CEO of Glenshaw Glass Company. As President, Larry boosted the sales volume of glass container manufacturing from $41 million to $56 million, successfully reestablishing the company's quality image.
From 1985-1988, Larry was Vice President, Treasurer, COO and CFO of Astrotech International Corporation where he developed and implemented the restructuring plan for an electronics subsidiary and negotiated the long term debt refinancing and eventual sale of Astrotech's largest subsidiary.
At General Refractories, Mr. Powers served as Vice President and Controller, participating in the reorganization of a $90 million division and $400 million corporation. Mr. Powers also served as CFO and acting President of a $200 million division.
Larry's initial experience included positions at Rockwell International, Consolidated Natural Gas Company and U.S. Steel, where he held various analyst positions. Mr. Powers is a Certified Turnaround Professional and one of the original members of the Turnaround Management Association. He has a B.A. in Mathematics from Duquesne University.
Nick Arrington has twenty five years of experience in financial advisory and investment banking in a wide range of industries and markets. Nick has extensive experience in middle-market investment banking engagements in addition to working with financially distressed companies and non-profit organizations to assist companies in successfully meeting the challenges of their capital market issues and restructuring requirements.
Since starting Compass in 2004, Nick has provided oversight and project management to many of the clients the firm has represented. These engagements have included both federal and state receivership roles as well as investment banking and financial advisory both in and out of court. The engagements which were publicly disclosed have included: The Frog Switch Manufacturing Company, American Locker Group, Topps Meat Co. and subsidiaries, Saint George Crystal, W.P Hickman, Huntington Foam and Bacharach, Inc. These and other assignments span the rust belt sector and include heavy industrial and light manufacturing, transportation and natural resources.
Before 1989, Nick managed a sales territory for Westinghouse Credit Corporation. His duties included new business development in the commercial lending division's fixed asset group. Prior to that, he managed the Pittsburgh office for Borg-Warner Commercial Finance, where he was responsible for lending to middle-market borrowers. The portfolio included real estate and asset based lending transactions. Nick worked with many high-risk borrowers during the early 1980’s gaining firsthand experience in troubled company reorganization.
For the past 24 years, Jim Battaglia has been providing management consulting services and interim COO engagements for middle-market operating companies throughout the United States and abroad. His duties have ranged from operational assessments and due diligence services to the direct implementation of improvement programs for manufacturing and wholesale distribution companies.
Jim is the founder and President of Resource Management, Inc. and has provided the above services both on a direct basis as well as through turnaround advisory firms, banks and private equity groups. Jim's strength is in his and his team's ability to effectuate positive change to an operational/distribution environment while meeting the needs of stakeholders at interest. Engagements have included: Swiss Colony, Moog, Inc., Durr Industries, Erie Forge and Weston Foods.
WARREN P. BIEGER
Mr. Bieger has extensive executive experience. He is experienced in the design, development and mangement of comprehensive corporate accounting, budgeting, financial reporting, financial modeling, tax and MIS systems. Warren has been consistently successful at linking accounting with general operations to provide hands-on financial leadership for strategic planning, marketing, purchasing, inventory, production and distribution. He has in-depth experience across all core business functions from manufacturing to HR to sales and marketing.
Prior to consulting, Warren server as Controller, VP and CFO, and then President and CEO of Citisteel USA Inc. from 1991-2004. While at Citisteel, Mr. Bieger introduced a series of improvements that stregthened productivity, product quality and customer satisfaction. Product rejects were reduced from 4.3% to 0.7% under Warren's tenure. Citisteel was recognized as number one in customer service for three consecutive years. He realigned the marketing plan and refocused manufacturing operations to produce products that resulted in a shift from commodity to end user customers. Citisteel established strong market presence in the bridge and rail car fabrication industries. End-user customers increased from 30% to 70% of the production. The result was higher selling prices of $50/net ton.
While at Citisteel, Mr. Bieger also served as a Bankruptcy Trustee from 1993-98. He was responsible for the management and sale of 22 properties along with liquidation of inventory and equipment.
Before Citisteel, Warren was Plant Controller, Accounting Manager and VP & Controller of General Refractories from 1974-1991. While at General Refractories, he facilitated several successful turnarounds within the company, introduced standardized financial and accounting processes and enhanced bottom-line performance.
John Beighel has provided consulting and accounting services to a variety of companies, including start-up and troubled companies and debtors in possession since 1983. He has served clients of all sizes, and in a variety of industries including manufacturing, engineering, computer services, printing and food service. Their product lines have included steel mill equipment, railroad products, consumer products, men's apparel, air freight forwarding and industrial gases.
In cases under Chapter 7 or 11 of the U. S. Bankruptcy Code, Mr. Beighel has performed the following services, in addition to those services noted above:
Prepared Schedules of Assets and Liabilities, Statement of Financial Affairs, Monthly Operating Reports and other filings required by the U. S. Bankruptcy Court and the U. S. Trustee;
Worked with counsel to the debtor and creditor constituencies to develop and implement plans of reorganization;
Worked with counsel to pursue and resolve litigation filed both by and against the company;
Managed and resolved claims filed by creditors and others in the bankruptcy case;
Oversaw the liquidation of assets in Chapter 7 cases; and
Made distributions to creditors under the terms of the applicable plan of reorganization or of liquidation.
Mike has over 30 years of progressive accounting and financial experience in various manufacturing environments. Mike's experience includes financial forecasting, budget preparation and cash management. He also has very strong analytical skills, having designed and worked with a number of different cost accounting and information systems to identify product cost, determine pricing strategies and develop information for decision making purposes.
Mike most recently served as Chief Financial Officer for Edgewater Steel, Ltd. where he worked closely with secured lenders, creditors and customers to bring the distressed company through bankruptcy proceedings.
Mike has a B.S. in Accounting from Penn State, an MBA from The University of Pittsburgh and is a member of Financial Executives International.
DONITA R. KOVAL, CTP
Donita R. Koval, CTP, has over twenty-five years of consulting, financial services, and business management expertise assisting clients from a variety of industries and business sizes with financial, strategic, and turnaround management services.
Prior to her consulting role, Ms. Koval served as the President & CEO of Omega Financial Corporation, a $2 Billion, NASDAQ listed financial services holding company where she interfaced with stock analysts, investment bankers and shareholders. During her career as President & COO, she completed the acquisition of a $1 billion organization with multiple business lines, created joint venture business partnerships, and negotiated sales of operating units. Previous experience also includes performing the duties of Chief Credit Officer with responsibility for credit analysis, loan structuring and approvals, and the workout of troubled debts and negotiated repayments with clients or through the court systems.
She has been named to U.S. Banker’s national list of 25 Women to Watch in Banking, and recognized by the Pennsylvania Department of Community and Economic Development as one of Pennsylvania’s Best 50 Women in Business, and by Pennsylvania Business Central as one of the Top 100 People in Business. In 2007, she received the ATHENA Award for community and business achievement from the Greater Susquehanna Valley Chamber of Commerce. Ms. Koval serves on Boards for both profit and not-for profit organizations, conducts training on credit and cash flow analysis, and speaks on leadership issues for a variety of audiences including Penn State’s Executive Program for Women Leaders.
She holds an M.B.A with a concentration in Finance and a B.S. Degree in Human Development and Family Studies from The University of Houston, attended The Pennsylvania State University and obtained a Series 7 Securities License. Donita is a Certified Turnaround Professional and is also a member of the Turnaround Management Association.
Following two years of public accounting, with what was then Coopers & Lybrand, Tom has served as controller and CFO for several manufacturing companies. From its founding in 1985 through and into 2008, Tom was the CFO and a shareholder of St. George Crystal, Ltd., the only domestic manufacturer of lead crystal products for the tabletop, lighting, and gift markets. Tom has extensive experience in budgeting, cash flow management, credit and collections, treasury management, standard cost accounting, lender and vendor relations. His St. George Crystal experience included many bank and public loan financings, as well as private equity placements and shareholders rights offerings. Tom has experience with both Special Asset/Work-out bank lending situations and has worked with a Receiver in the liquidation of St. George Crystal. In his first assignment with Compass, Tom is providing financial forecasting and several financial support functions in a turnaround project for an industry foam packaging manufacturer.
Tom has a B.S. in Accounting and Business Administration from Grove City College, and earned both CPA and CMA certifications. Tom is an avid birder and serves as vice-president and director of the Pennsylvania Ornithological Society.
PATRICK J. MARX
Patrick Marx is a seasoned financial and operations manager with 15 years of financial, operations, technical, and international experience with mid-size and start-up organizations, both public and private.
Patrick's extensive education and background has enabled him to attain a variety of achievements including; CFO for a chemical manufacturer, co-founder of a printing company in Romania and acting as General Manager, and leading a team that developed a complex financial analysis system, self-assessment tool and process to audit firms.
Mr. Marx has a B.S. in Finance from the University of Virginia, McIntire School of Commerce and a B.S. in Electrical Engineering/Business from the Georgia Institute of Technology. He also earned an MS in Management Information Systems from the University of Virginia and an MS in Accounting from Binghamton University.
Published papers: Entrepreneurship, Privatization in Eastern Europe and Financial Payment Systems in the US.
Honors: IBM Watson Scholar; Georgia Tech Presidential Scholar; STAR Student in County.
Languages: German, Romanian - socially conversant; Spanish - basic conversation; Italian, French - light reading.
MELVIN P. PARSONS
Mel is a seasoned executive whose 26 years experience in the areas of operations and/or distribution can significantly help enhance company value with their owners, shareholders, customers and employees. Prior to joining Compass, Mel was Vice President of Operations for St. George Crystal, a $25 million crystal manufacturer/marketer. This position included responsibility for all of the company's manufacturing and support resources including purchasing, inventory, quality assurance, mold manufacturing, crystal manufacturing, planning, customer service and distribution, information services, and human resources.
Mr. Parsons helped the company achieve several noted accomplishments, under his leadership: reorganization of the planning and distribution policies and practices to achieve targeted customer service level increases and improvements; the company's on-time delivery rate grew from under 80% to over 96%; implemented an energy management program to achieve a 15% reduction in energy costs; developed and managed the company's first customer service department. Mel was also responsible for the creation and implementation of a structured problem solving manual and process that helped department heads analyze business and operational practices to identify and eliminate process constraints, develop success metrics, and improve internal and external customer service. Mel is a graduate of Towson State University, Towson, Maryland.
JACK TEITZ, CPA
Jack is an experienced turn-around executive who specializes in providing hands-on financial oversight and day-to-day management support to a variety of entities including coal, metals and metals-related manufacturing/distribution companies. He has completed successful debt refinancing projects and financial restructuring projects along with acquisitions and divestitures of assets and operating units. He has a wide range of experience including direct involvement in negotiations with lenders and trade creditors, implementation of new purchasing initiatives to reduce key cost drivers, negotiations of new collective bargaining agreements and sourcing of new debt and equity. He also has had hands-on responsibility for business planning, treasury, cash management, and financial reporting functions and has negotiated a variety of DIP financing arrangements. During his thirty-plus years as a business professional, Jack has worked effectively with boards of directors, senior management teams, lenders, and investors to evaluate refinancing and restructuring options for companies in PA, OH, WV, KY, IN and MI.
Jack’s has completed recent restructuring projects for various metals and coal companies, including, Buffalo Coal Company, Ormet Corporation, Sturgis Iron & Metal, James River Coal, Anker Coal, Acutus-Gladwin (AG Industries), Haskell Office Furniture, Turner Steel Corporation and WorldClass Processing, Inc.
Jack is a Certified Public Accountant. He received his Bachelor of Science Degree from Georgetown University and his M.B.A. from the University of Pittsburgh.
KEN THOMAS
Ken Thomas joined Compass Advisory Partners in 2009 after a thirty-year career in the metals processing and distribution industry. Ken has extensive experience in all aspects of financial management, having held financial and operational positions ranging from Cost Analyst to Chief Financial Officer to Regional Operating Vice President for startup, mid-level and large organizations, both private and publicly held.
Ken began his career as an analyst for US Steel’s inland waterway transportation subsidiary. From 1979 to 1990 he held a variety of financial positions with The Levinson Steel Company, including roles as cost accountant, systems analyst, Accounting Manager, Controller and CFO/Treasurer. During this period, Levinson Steel grew from a single-location steel service center with revenues in the $30 M range to a multistate organization with revenues exceeding $200 M, becoming the single largest distributor of structural steel products in the US. During this growth, Ken was a key member of the acquisition team, performing due diligence, transaction negotiation, asset-based financing and integration roles. Following an industry-wide downturn in 1990, Levinson Steel was successfully reorganized in 1992 via Chapter 11 into a smaller steel service with five locations. Between 1992 and 1998, the Company returned to profitability and, in 1996, successfully recapitalized its reorganization debt and creditor-controlled ownership structure, returning full ownership control to the management team consisting of Ken as CFO and the Company’s CEO.
In 1998 Levinson Steel was acquired by Metals USA, a publicly-traded metals distribution company. Between 1998 and 2001 Ken was a Regional Controller for Metals USA’s Plates and Shapes Division. In 2001 Ken joined Metals USA’s reorganization team in Houston as Metals USA was successfully reorganized via Chapter 11 in 2002. Between 2002 and 2005 he was Regional Vice President of the Mid-Atlantic Region of Metals USA’s Plates and Shapes Group, responsible for five locations with revenues exceeding $200 M. Between 2005 and 2009 Ken held a number of operational and financial positions with startup and mid-level steel processors in the Pittsburgh and Ohio region.
Ken, a life-long resident of Western PA, has a BA in Economics from Washington and Jefferson College and a Masters Degree in Business Administration from the University of Pittsburgh’s Katz School of Business.
JOE WAYNE, CPA
Joe Wayne brings to Compass Advisory Partners 20 years of experience in various finance and accounting capacities ranging from manager of financial analysis to controller, with responsibilities in financial reporting, cash management, cost accounting and tax compliance.
Mr. Wayne has considerable expertise in financial modeling, budgeting and forecasting, including the construction of various forms of cash budgets and forecasts. Having worked at a number of manufacturing companies, he has experience in product costing and inventory issues. At these companies, he has built the financial models to estimate the product costs for the purpose of quoting new business. Additionally, he has constructed complex spreadsheets to address many business issues, especially in environments where systems are limited and quickly conceived solutions were required.
He worked for ten years in various financial roles at companies held by a major private equity firm. While associated with this firm, Mr. Wayne had the opportunity to work at a number of companies in turnaround, wind down and crisis situations. At one such company, Mr. Wayne constructed the financial model supporting a business interruption claim for a manufacturing concern that suffered a catastrophic plant explosion and fire. He was actively involved in the complex litigation resulting from the explosion, which caused damage to the company in excess of $200 million.
Ms. Scelfo is Director of Corporate Relations. She has joined the team to help raise the company's visibility, as well as managing the daily business-to-business relations. Ms. Scelfo is responsible for coordinating promotional opportunities and is active handling all of Compass' upcoming events.
Terry has over 30 years of administrative and accounting experience. She has spent the majority of her career in Pittsburgh's Downtown Business District making numerous contacts. From 1972 through 1982 she held various, progressive positions in the accounting department of Harbison Walker Refractories. This led to an offer to join the International Division, Dresser Industries, as Assistant to the Vice President of Industrial Minerals, as well as Assistant to the Group President of Harbison. Ms. Scelfo was responsible for the compilation and distribution of all quarterly and annual reports and departmental budgets, and approved corporate in-house capital expenditures. She also led a team that designed and prepared the company's first accounting manual and oversaw its implementation and compliance.
Prior to joining Compass, Terry provided ten years of executive support to a Pittsburgh-based turnaround firm. Assistance and activities included client management, travel, scheduling, event planning, accounting and other administrative services.
