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Students from London, Northwestern, and Columbia Winners in TMA’s Carl Marks Student Paper Competition

www.turnaround.org

CHICAGO – August 25, 2006 –The Turnaround Management Association (TMA) announces the winners of the 2006 Carl Marks Student Paper Competition to recognize outstanding student achievement in the field of corporate renewal. The 12 papers submitted in two categories—General or Case Study—were written by teams or individual students enrolled in an MBA program or equivalent business-related master’s program at an accredited university.

“Each year we see higher quality submissions,” said Dr. James Neelankavil, Zarb School of Business , Hofstra University, who headed the six-person committee judging the entries. “This competition is significant in not only encouraging outstanding students to become part of the turnaround industry, but also in adding to the knowledge base for current corporate renewal professionals.”

The winning papers by individuals or teams were selected on the basis of their relevance to issues relating to corporate distress, financial restructuring and reorganization and quality of writing and analysis.

The cash prizes are funded by Carl Marks Advisory Group LLC in New York. TMA provides travel and lodging expenses for one member of the 1st and 2nd place teams to the Annual Convention, October 11-14, 2006, at the JW Marriott Grande Lakes in Orlando, Fla.

The 2006 Carl Marks Student Paper Competition Awards go to:

Case Study Category:

$3,000 First Place Award: “Albertson’s Turnaround”, Kellogg School of Management, Northwestern University, Chicago; Authors: Ben Farris, Hayoung Lee, John Maitrejean, Jason Schauer, Neil Seyffert; Advisor: Dr. James B. Shein

$1,500 Second Place Award: “RadioShack”, Columbia Business School, New York; Authors: Matthieu Cocq, Patrick de Loe, Franck Legoux, Genki Oka, Alexander Zorn; Advisor: Prof. Laura B. Resnikoff

$600 Honorable Mention Award: “Penfield Electronic: A Turnaround Analysis of a Small Company”, Kellogg School of Management, Northwestern University, Chicago; Authors: Amanda Brimmer, Ryan Clark, Elizabeth Stevens, Justin Twitchell, Emily Wang, David Wittkowsky; Advisor: Dr. James B. Shein

Turnaround Management Association (www.turnaround.org) is the only international non-profit association dedicated to corporate renewal and turnaround management. With international headquarters in Chicago, TMA has 7,100 members in 38 regional chapters who comprise a professional community of turnaround practitioners, attorneys, accountants, 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.

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