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Team
Z Capital has a substantial Investment Team. The core members of the Investment Team have worked together for over a decade. Collectively, these individuals collaborate across geography, sharing industry knowledge and insight to source, research and consummate investments in a wide range of industries.
The Investment Team has more than an eighteen year track record investing in opportunistic, value oriented control private equity and credit related strategies and having in excess of 200 years of experience.
The Investment Team includes seasoned operations professionals having industry expertise including buildings and real estate, consumer products, industrial, automotive, gaming and leisure, retail stores, textile, banking and financial and restructuring services. The operations members assist in conducting operational due diligence, in building management teams and in value-creation initiatives.

James J. Zenni, Jr., President and Chief Executive Officer
Mr. Zenni is President and Chief Executive Officer of Z Capital and is responsible for all portfolio management and business operations. Over the last 16 years, Mr. Zenni has had substantial success investing in private equity distressed-for-control and related credit strategies. Mr. Zenni is currently Chairman of the Board of Directors of Mrs. Fields Famous Brands, LLC, RealMex Restaurants, and MSDP Group, LLC, and is a Board member of Neways Holdings, Ltd., and was previously a member of the Board of Directors of Automotive Aftermarket Group, LLC, Bayou Steel Corporation, Smarte Carte Corporation and Sun World International, LLC, all of which were or are portfolio companies.
Mr. Zenni has managed numerous distressed debt/private equity transactions including ARI Holdings, Inc., Bayou Steel Corporation, Diamond Brands Operating Corp., Euro Disneyland S.N.C., Exide Technologies, Inc., Imperial Sugar Company, Mrs. Fields Famous Brands, MSDP Group, LLC, Neways Holdings, Ltd., New World Pasta Company, PTC Alliance Corp., Real Mex Restaurants, Smarte Carte Corporation, Sun World International, Inc., Thomas Nelson, Inc. and Venture Holdings Company LLC.
Prior to founding Z Capital, Mr. Zenni was President and Managing Partner and fifty percent equity owner of Black Diamond Capital Management, L.L.C. (“BDCM”) which he founded 1995. Mr. Zenni was jointly responsible for all portfolio management and business operations at BDCM. Mr. Zenni divested his interest in BDCM in an employee-led buyout which led to the formation of Z Capital. BDCM managed funds including credit hedge funds, collateralized loan obligations (“CLO’s”) and distressed-for- control private equity funds.
Prior to founding BDCM, Mr. Zenni was a Managing Director and senior member of the Fixed Income/Capital Markets Department of Kidder, Peabody & Co. Inc. (“Kidder”), formerly a wholly-owned subsidiary of GE Capital Corporation. Mr. Zenni had a distinguished career while at Kidder and played a significant role in its growth and success and gained significant experience in financial asset engineering, acquisitions, distressed mortgages and real estate. Mr. Zenni was the only non-management/department head in the firm to hold the title of Managing Director.
Mr. Zenni is a graduate of Xavier University with a Bachelor of Science degree in economics and attended Xavier University Graduate School of Business and University of Vienna ( Austria ) School of Economics and Business Administration. Mr. Zenni is also a member of the advisory board of Cedar Bridge Partners, a Cairo, Egypt and Riyadh, Saudi Arabia based private equity firm which focuses its investment strategy in the Middle East.
In addition, Mr. Zenni served on the Board of Trustees and was Chairman of the Investment Committees of Rosalind Franklin University of Medicine and Science and Lake Forest Country Day.

Martin J. Auerbach, Esq., Senior Managing Director and General Counsel
Mr. Auerbach is Senior Managing Director and General Counsel to Z Capital, and was previously consulting general counsel to Black Diamond Capital Management, L.L.C. ("BDCM"). Mr. Auerbach has established a distinguished career spanning over thirty years. He is an attorney specializing in the representation of financial institutions and their management, and large international companies and their officers and directors, principally in crisis management, regulatory and governmental proceedings and internal inquiries.
Some of Mr. Auerbach's recent assignments include: Consulting Special Counsel to the board and corporation of United Rentals Inc., where he is managing the legal and regulatory issues faced by the company; counsel to Paul Volcker in connection with Arthur Andersen; counsel to the Vice Chair of Cendant; counsel to the President of Global Crossing; counsel to senior Enron bankers; counsel to significant participants in the crises at Computer Associates, Adelphia and Imclone; SEC and NYAG investigations of market timing, research analysts, and insurance industry practices, and internal investigations for Citigroup, Jefferies and in connection with Royal Ahold.
Mr. Auerbach holds a Juris Doctor degree with honors from Harvard Law School and a Bachelors degree with high honors from Harvard College. Prior to entering private practice, Mr. Auerbach served as an Assistant United States Attorney responsible for large-scale tax prosecutions, served as a law clerk for a Senior United States District Judge and served on the Professional Staff of the Energy and Commerce Committee of the United States House of Representatives. Mr. Auerbach has developed wide-ranging experience with complex financial, accounting and regulatory issues in his over thirty years as an attorney and counselor at law.

Christopher J. Kipley, CFA, Senior Managing Director
Mr. Kipley is a Senior Managing Director of Z Capital and is a member of the Investment Team. Mr. Kipley has substantial distressed private equity investing experience. Mr. Kipley is a member of the Board of Directors for Mrs. Fields Famous Brands, LLC and Real Mex Restaurants, and was previously on the boards of Automotive Aftermarket Group, LLC, Smarte Carte Corporation and Sun World International, LLC, all of which were or are portfolio companies.
Over his career Mr. Kipley has participated on the steering committees for or has been actively involved in the restructurings of the following companies: ARI Holdings, Inc.; American Safety Razor Company; Carmike Cinemas, Inc.; Classic Cable, Inc.; Diamond Brands Operating Corp.; Fleming Companies, Inc.; Imperial Sugar Company; Interstate Bakeries Corporation; Mrs. Field’s Famous Brands, LLC; New World Pasta Company; Sleepmaster, L.L.C.; Real Mex Restaurants, Smarte Carte Corporation; Sun World International, LLC; Waddington North America, Inc.; and WinsLoew Furniture, Inc.
Prior to joining Z Capital, Mr. Kipley was a Managing Director with Black Diamond Capital Management, L.L.C. ("BDCM") where he was responsible for managing distressed debt/private equity investments. During his tenure with BDCM, Mr. Kipley managed investments in debt securities ranging from par credits to deeply distressed credits, was responsible for the ongoing monitoring of portfolio investments, actively participated in all aspects of the workout process for both in-court and out-of-court restructurings, executed acquisitions and sales of portfolio companies, and spearheaded the recruitment, hiring and retention of senior management at portfolio companies.
Prior to joining BDCM in May 1998, Mr. Kipley was an Associate in Bank of America NT&SA's corporate finance department, where he was responsible for performing comprehensive credit analysis on existing and prospective borrowers. Prior to joining Bank of America NT&SA in August 1996, Mr. Kipley was a Senior Financial Analyst in The Chase Manhattan Bank, N.A.'s corporate finance department.
Mr. Kipley received his B.A. in Psychology from the University of Michigan, where he graduated with distinction. Mr. Kipley is a CFA charterholder.

Rahul Sawhney, CFA, Senior Managing Director
Mr. Sawhney is a Senior Managing Director of Z Capital and is a member of the Investment Team. Mr. Sawhney has generated substantial returns through over $1 billion of investments in non-investment grade companies and has significant experience within the middle-market. Mr. Sawhney was actively involved in the restructurings of and/or is currently a member of the Board of Directors of Focus Products Group, LLC, Thomas Nelson, Inc., Neways Holdings, Ltd, and MSDP Group, LLC.
Prior to joining Z Capital, Mr. Sawhney was a member of the investment team at BDCM, where he made and managed investments in non–investment grade companies across a number of industries including automotive, consumer products, containers & packaging, metals & mining and technology.
Mr. Sawhney joined BDCM in April 2005 from JPMorgan Chase & Co. (“JPM”), where he was a Vice President, with significant credit and restructuring experience. Mr. Sawhney started his nine-year tenure at JPM and predecessor organizations within corporate risk management, where his responsibilities included analyzing and managing balance sheet risk imposed by the bank’s distressed asset portfolio. Mr. Sawhney was subsequently recruited to the debt capital markets group, where his responsibilities included analyzing, making and managing investments in middle-market and mid-corporate organizations, negotiating and structuring senior syndicated debt and facilitating the issuance of high yield, private placements and asset-backed security facilities. Subsequently, as an asset manager within the managed assets group (distressed debt), Mr. Sawhney had substantial success in middle-market turnarounds and restructurings.
Mr. Sawhney received his Bachelor of Technology in Electronics & Communications Engineering degree from the National Institute of Technology, India, and a Master of Business Administration degree with honors from the University of Chicago. He is a member of the CFA Institute and the Turnaround Management Association.

Jonathan Schmugge, C.P.A., Senior Managing Director - Chief Financial Officer
Mr. Schmugge is a Senior Managing Director and the Chief Financial Officer of Z Capital, and is responsible for all aspects of Z Capital’s accounting and financial reporting. Prior to joining Z Capital, Mr. Schmugge was the former Chief Financial Officer and Chief Accounting Officer of Black Diamond Capital Management, L.L.C. (“BDCM”) where he was responsible for all aspects of BDCM’s financial reporting, tax filings and accounting. During his ten-year tenure with BDCM, Mr. Schmugge managed an accounting department of substantial size with responsibility for all of BDCM’s hedge fund and distressed debt/private equity investments. Mr. Schmugge has extensive experience in the accounting, finance and operations of privately-held investment management companies. Prior to joining BDCM in March 1997, Mr. Schmugge was a fund accountant with Oppenheimer & Co., Inc.’s (“Oppenheimer”) hedge fund accounting department where he was responsible for daily valuation and monthly reporting for several of Oppenheimer’s hedge funds. Prior to joining Oppenheimer in May 1996, Mr. Schmugge was a fund accountant for Appaloosa Management, L.P. (“Appaloosa”), where he was also responsible for accounting for Appaloosa’s management company.
Mr. Schmugge received his B.B.A. in Public Accounting from Hofstra University. Mr. Schmugge received his CPA in 1995. Mr. Schmugge holds a gaming license in Nevada, Iowa, Colorado and Missouri.

William J. Monagle, Jr., C.P.A., Managing Director - Chief Operating Officer
Mr. Monagle is a Managing Director and the Chief Operating Officer of Z Capital, and is responsible for the coordination of the firms operating units including; finance, accounting, reporting, investment structuring, systems and investor relations. Mr. Monagle has twenty years of leadership and experience analyzing private markets , private equity as well as tax and accounting related issues.
Prior to joining Z Capital Mr. Monagle was a Partner and Senior Strategist with NEPC and led the firm’s private markets research, due diligence activities. Mr. Monagle was also a member of the Partners Research Committee, Alternative Due Diligence Committee and the Real Assets Advisory Group. The Private Markets Team constructed global private markets (private equity, real estate, infrastructure and illiquid real assets) investment programs for basic to complex mandates and made investments in excess of $8 billion during 2004 – 2011 with substantial success.
Prior to joining in 2004 NEPC, Mr. Monagle was the Managing Director-Private Equity Research at Rogerscasey. He developed private equity investment structures for the firm’s clients and was responsible for the firm’s monitoring of approximately 150 private equity funds. Mr. Monagle authored the firm’s quarterly private equity market reviews and developed the firm’s private equity educational presentation.
Prior to joining Rogerscasey, Mr. Monagle was a Vice President and a member of the Board of Directors for the Hannah Consulting Group, Inc., responsible for private equity and real estate investment strategies. He conducted alternative investment searches, developed an alternative investments database, and monitored ongoing client performance.
Mr. Monagle earned an M.S. degree in Taxation from Bentley College and earned a B.S.B.A. degree majoring in Accounting from Northeastern University. He is a certified public accountant and a member of the AICPA and the MSCPA.

Catherine Chiavetta, Managing Director
Ms. Chiavetta is a Managing Director of Z Capital and is a member of the Investment Team and is responsible for sourcing / analyzing middle market transactions through proprietary information. Ms. Chiavetta has substantial experience in analyzing and trading distressed loans and bonds.
Prior to joining Z Capital Ms. Chiavetta was with Guggenheim Securities where she was a Director in their High Yield, Loan Sales and Trading Group. Ms. Chiavetta was an integral professional in their loan / bond trading and syndications operations. Ms. Chiavetta held similar positions at Chapdelaine Credit Partners and Maxim Group, L.L.C. for several years.
Prior to Maxim, L.L.C. Ms. Chiavetta was a Principal in the Global Special Situations Group at Bank of America Securities (“BOA”). While at BOA her primary focus was the analysis and sourcing/trading of senior/unsecured bank debt. Prior to BOA Ms. Chiavetta was a Senior Director of the Capital Markets Group of The CIT Group (“CIT”).
Prior to CIT, Ms. Chiavetta was an associate in the Investment Banking - Media and Communications Group at TD Securities ("TD"), where she contributed to the origination, structuring, and execution of senior secured transactions for companies in the cable, programming and publishing industries.
Ms. Chiavetta was formerly a Senior Accountant, Accounting and Auditing Services for Deloitte & Touche, LLP.
Ms. Chiavetta received a Masters of Business Administration degree from the Leonard N. Stern School of Business at New York University and a Bachelor of Science degree from Lehigh University. Ms. Chiavetta formerly was a Certified Public Accountant.

Melonie C. Danford, Managing Director
Ms. Danford is a Managing Director of Z Capital and is a member of the Investment Team where she is responsible for all middle office investment operations including investor reporting, portfolio valuations, as well as systems integration projects.
Ms. Danford has been with Z Capital since its inception in 2006 and has an extensive experience in investment operations, treasury and finance.
Prior to joining Z Capital, Ms. Danford was a member of the bank debt team at Citadel Investment Group where she supported both the US and London trade desks in all aspects of settlements, debt financing, and loan administration.
Ms. Danford was previously with Black Diamond Capital Management, L.L.C. (“BDCM”) where she was a Senior Operations Associate specializing in distressed debt and equity settlements. Ms. Danford has extensive industry knowledge and over her 16 year career has held positions in fixed income at Strong Capital Management, and management roles with ING Investments in Arizona within Treasury and Settlements.
Ms. Danford received her Bachelor of Science in Business Management from the University of Phoenix.

Irene K. Hong, Managing Director
Ms. Hong is a Managing Director of Z Capital and responsible for fund marketing, and capital raising. Prior to Z Capital, Ms. Hong was a Vice President of Investor Relations for KPS Capital Partners, L.P. (“KPS”). Prior to KPS, Ms. Hong was with the placement agent arm of Jefferies & Co , Inc. (“Jefferies”) where she was responsible for capital raising and fund marketing for private equity funds. Prior to Jefferies, Ms. Hong was a Senior Associate with Lexington Partners (“Lexington”). While at Lexington, Ms. Hong evaluated, executed and monitored secondary transactions. Prior to Lexington Ms. Hong was a Financial Analyst in the Merchant Banking Group of Lehman Brothers, where she analyzed and monitored leverage buyout and growth capital investments.
Ms. Hong received a Masters in Business Administration degree from Columbia University and a Bachelors degree in Business Administration from Georgetown University. She also attended The Chinese University of Hong Kong.

Claire B. Kendrick, Ph.D., Managing Director
Dr. Kendrick is a Managing Director of Z Capital Partners and Head of Economic Research and is a member of the Investment Team and is responsible for macro economic research.
Prior to joining Z Capital, Dr. Kendrick was a Principal at Hirtle, Callaghan & Co. (“Hirtle”) in Philadelphia, PA from 2000 to 2010, where she was the Director of Private Equity Investment and Portfolio Manager. Dr. Kendrick managed the private equity investments at Hirtle, directed the financial research and portfolio construction efforts of the private equity team with $1 billion under management. The investment selection was global and included commitments in venture, growth capital, buyouts, distressed debt, mezzanine, real assets, and real estate partnerships. Prior to Hirtle, Dr. Kendrick was a Senior Vice President and the Director of Corporate Bond Research for Prudential Securities, Inc. (“Prudential”) New York, NY from 1997 to 2000. While at Prudential she was ranked as an All-American Fixed Income Research Team member in 2000 by Institutional Investor Magazine for her coverage of the retailers (drug and grocery, department stores, discounters, specialty, and apparel); and in 1999 and 1998 for analyses of the transportation industries (rail, air, truck, ship, cruise, cargo, and leasing). Prior to Prudential, Dr. Kendrick was a Vice President at Lehman Brothers, Inc. (“Lehman”) in New York, NY and London, UK. As a Senior Analyst, Dr. Kendrick evaluated the creditworthiness and investment opportunities in the transportation industries, and was ranked first nationally in Institutional Investor’s 1996 All-American Fixed Income Research Team for her research. Dr. Kendrick also assisted banking teams in developing new relationships with several mining companies, while maintaining established ties with transportation companies, and reactivating relationships with companies in the paper and forestry industry. Dr. Kendrick also provided research and assistance to Lehman’s Yankee and Euro-dollar trading desks in NY and London. Prior to Lehman, Dr. Kendrick was a Vice President at Donaldson, Lufkin & Jenrette (“DLJ”, now part of Credit Suisse) in New York, NY from 1992 to 1996. Dr. Kendrick was a Senior Analyst evaluating the transportation sector and was ranked first nationally in Institutional Investor’s 1995 All-American Fixed Income Research Team. Prior to DLJ, Dr. Kendrick was a Senior Economist for Benjamin Schlesinger and Associates, Inc. (“Schlesinger”) in Bethesda, Maryland. While at Schlesinger, Dr. Kendrick was a consultant / economist and her projects included estimating gas supply prices and transportation rates for natural gas-burning facilities, developing strategic marketing plans for gas producers, and analyzing the rationales and cost recovery methods for programs offered by gas utilities.
Dr. Kendrick received a Doctor of Philosophy in Mineral Economics from The Pennsylvania State University and also received a dual A.B. Degree in Geology and Economics from Wellesley College, Wellesley, MA.
Dr. Kendrick is a Board Member on the Finance Committee and Endowment Committee of Sewickley Academy, in Sewickley, PA; and she is a member of the global organization, Alternative Perspectives on Finance and Accounting.

Colin McClary, Managing Director
Mr. McClary is a Managing Director of Z Capital and is a member of the Investment Team and is responsible for sourcing / analyzing middle market transactions through proprietary information.
Prior to joining Z Capital in March 2014, Mr. McClary served in the Special Assets/Risk Management (“SA Group”), Debt Private Placement (“PP Group”) and Corporate Banking Groups at Bank of America/Banc of America Merrill Lynch (“BOA”), beginning in 1993. Starting in 2009, Mr. McClary was a Senior Vice President in SAG where he managed a portfolio of various credit exposures to middle market companies and regional/community banks, primarily located in the Midwest U.S. and has extensive experience in restructuring sole and syndicated loans for Borrowers operating in challenging environments, within and outside court proceedings.
From 1999 to 2009, Mr. McClary was a Vice President in the PP Group structuring and distributing private placement bonds to U.S. based insurance companies and pension funds for Issuers primarily located in U.S., U.K., Canada, Germany, Australia, Ireland and Italy. In addition, Mr. McClary developed a credit default swap contract that provided for the delivery of private placement bonds. Lastly, from 1993 to 1999, Mr. McClary served as a Credit Officer in a Corporate Banking group that specialized in providing credit to companies involved in the leasing, finance, and transportation industries.
Mr. McClary received a Masters of Science in Finance with a concentration in Accounting from the University of Illinois, Champaign-Urbana and a Bachelor in Economics from DePauw University.

Andrei A. Scrivens, C.P.A., Managing Director
Mr. Scrivens is a Managing Director of Z Capital and is a member of the Investment Team. Mr. Scrivens has substantial distressed private equity investing and restructuring experience.
Prior to joining Z Capital, Mr. Scrivens was a Director with Chilmark Partners, ("Chilmark") where he was responsible for leading restructurings in and out of bankruptcy as well as providing interim financial management to portfolio companies. During his tenure with Chilmark, Mr. Scrivens participated in the restructurings of International Knife and Saw, Simonds Industries, Sheffield Steel, and Nutramax, Inc.
Prior to joining Chilmark in 2001, Mr. Scrivens was a Senior Manager in Arthur Andersen’s Restructuring Group, where he led advisory teams and performed due diligence of financially distressed companies.
Mr. Scrivens received his Bachelors of Science in Accountancy from the University of Illinois and is a certified public accountant.

Hang Yuan, Managing Director, Chief Information Officer
Mr. Yuan is a Managing Director and Chief Information Officer of Z Capital and is responsible for the creation and implementation of proprietary systems to support portfolio and risk management. Mr. Yuan has over 10 years of experience in developing distributed client-server applications to solve complex business problems primarily within the financial services industry. Mr. Yuan's experience spans an array of technologies including object-oriented technologies, .NET, C#, C++, Java, CORBA, SQL, Sybase, UML, TIBCO, UNIX.
Mr. Yuan's prior experience includes several years at Goldman Sachs, Magic Trade, and Progeny Incorporated as a software engineer. At Goldman Sachs, Mr. Yuan was responsible for business requirement evaluation and design, development and testing of systems for various proprietary trading desks primarily utilizing C++. At Magic Trade, Mr. Yuan was responsible for trading system design, implementation, configuration, and testing and developed multi-thread trading components.
Mr. Yuan has a Bachelor's degree in Nuclear Physics from Fudan University, a Masters degree in Distributed Systems from DePaul University and a Masters degree in Engineering Physics from South Dakota State University.

OPERATIONS PARTNERS
Z Capital has a team of Operations that have substantial experience within various industries including buildings and real estate, consumer products, industrial, automotive, gaming and leisure, retail stores, textile, banking and financial and restructuring services. The Operations assist Z Capital in conducting operational due diligence and other value-creation initiatives.

David Barr, Operations
Mr. Barr is a member of the Operations Team of Z Capital and serves as a director of Mrs. Fields Famous Brands and Real Mex, both Z Capital Partners portfolio investments. Mr. Barr has extensive experience in consumer goods, retail, restaurants and operations. Currently, he is Chairman of privately held PMTD Restaurants LLC (a franchisee of KFC) and The Jewellery Group (the third largest jewelry retailer in Australia). In addition, he sits on the Board of Directors of Del Frisco Restaurant Group, Inc., Charles and Colvard, Inc., and Wornick, Inc.
Mr. Barr was previously the Chairman of Rita Restaurants Corp (dba Don Pablo’s Mexican Restaurants and Hops Grill & Brewery) from 2007 to 2014. In addition, he was the Chairman of Samuels Jewelers, Inc. from 2000 to 2006 at which time he led the sale of the company to Gitanjali Gems. He began his career in Atlanta with Price Waterhouse (1986-1991) and then joined Pizza Hut, Inc. within its finance department (1991-1994). From 1994 to 1998, Mr. Barr was the CFO and then the CEO of Great American Cookies, a franchisor and operator of 367 mall based cookie stores. In 1998, Mr. Barr, on behalf of the shareholders, sold the Great American Cookies Company to Mrs. Fields.
Mr. Barr resides in the Atlanta metropolitan area and sits on the Board of the International Franchise Association and the Advisory Board of the University of Virginia’s McIntire School of Commerce, where he is also a guest lecturer. Mr. Barr received a Bachelor of Science in Commerce degree from University of Virginia.
Russell M. Flaum, Operations
Mr. Flaum is a member of the Operations Team of Z Capital and was formerly Executive Vice President of Illinois Tool Works Inc. ("ITW"). Mr. Flaum managed ITW's $2.5 billion Global Industrial Packaging Group. This group consists of 93 autonomous business units operating in 38 countries. Mr. Flaum has gained extensive experience in industrial mergers and acquisitions and lean manufacturing. Mr. Flaum has led over 40 acquisitions and has grown his business from $300 million in revenue in 1990 to $2.5 billion in 2007.
Mr. Flaum joined Signode Corporation ("Signode") (acquired by ITW in 1986) in 1975 in New York city. From 1979 through 1986 he worked in several senior management positions, leading to Vice President in 1986. He became President of Signode's U.S. business in 1990.
Mr. Flaum earned a B.A. degree in Psychology from Vanderbilt University and a Masters in Business Administration (MBA) from Lake Forest Graduate School of Management. Mr. Flaum is a member of the board of directors of Evanston Northwestern Healthcare Corporation, Quanex Corporation in Houston, Texas, the National Association of Manufacturers, and Ryerson, Inc.

Horst Geldmacher, Operations
Mr. Geldmacher is a member of the Operations Team of Z Capital and was formerly CEO of Venture Industries ("Venture"), a tier 1 supplier to the U.S. automotive industry (a portfolio company of Black Diamond Capital Management). Mr. Geldmacher joined Venture to lead it through a Chapter 11 restructuring. Mr. Geldmacher has extensive global operational and turnaround management experience. Mr. Geldmacher is currently based in Brussels, Belgium, and has held management or board positions with companies with significant global presence across five continents; North America, South America, Europe, Africa and Asia.
Prior to Venture, Mr. Geldmacher was with Dexter International ("Dexter") for approximately eighteen years where he progressed through various management positions and was most recently Vice President of international operations. Prior to Dexter, Mr. Geldmacher was a member of the management team of Avery International (Europe).

Robert S. Morrison, Operations
Mr. Morrison is a member of the Operations Team of Z Capital and is a member of the Board of Directors of Mrs. Fields Famous Brands, a Z Capital Partners portfolio company. He is the retired Vice Chairman of PepsiCo, Inc. From 1997 until the 2001 merger with PepsiCo, he led The Quaker Oats Company as Chairman, President and CEO. In 2005, Mr. Morrison served six months as Interim Chairman and CEO of 3M Company. Prior to joining Quaker, Mr. Morrison served as Chairman and CEO of Kraft, Inc., from 1994 to 1997. He joined Kraft in 1983 and held a variety of general management positions prior to becoming CEO. He began his career in 1969 at Procter and Gamble.
Mr. Morrison served in the United States Marine Corps from 1963 to 1967, rising to the rank of captain. He was decorated with the Silver Star and Purple Heart for his service in Vietnam. In 1997, Mr. Morrison also was awarded the "Semper Fidelis" Award by the Marine Corps Scholarship Foundation for his dedication to the betterment of education. Mr. Morrison is a Director of Aon Corporation and 3M Company and serves as the Chairman of Illinois Tool Works. He also serves as director or trustee for several Chicago civic and cultural organizations. These include the Chicago Club, Lyric Opera, Rush-Presbyterian-St. Luke's Medical Center, and Museum of Science and Industry where he serves as chairman of the board. Mr. Morrison is a Trustee of Holy Cross College in Massachusetts.
Mr. Morrison received a bachelor's degree in English from Holy Cross College and a Master's degree in Business Administration from Wharton Graduate School of Business at the University of Pennsylvania.

R. Brad Oates, Operations
Mr. Oates is a member of the Operations Team of Z Capital and is a member of the Board of Directors of Neways International, a Z Capital Partners portfolio company. Mr. Oates is the Chairman and Chief Strategy Officer, Stone Advisors, LP ("Stone Advisors"), a private investment firm with a focus on turnaround as well as early-stage situations.
Mr. Oates has had a distinguished career spanning over twenty years leading several transactions in his capacity at Stone Advisors including: Former President / COO of Bluebonnet Savings Bank, a financial institution created in partnership with the federal government to acquire and merge fifteen insolvent banks in Texas during the savings and loan crisis. Mr. Oates successfully merged over $3 billion in assets across 150 systems and 1,000 employees and implemented aggressive cost control and asset/liability strategies that resulted in annual return on equity of approximately 30% during his tenure; Former Chairman of Universal Hardwood Flooring, a manufacturer and global distributor of engineered hardwood flooring products acquired from Lifestyle Furnishings International. Mr. Oates pursued substantial value creation initiatives that ultimately resulted in a 2x investment multiple; Chairman of NFC Global, a global due diligence, investigative and risk consulting company acquired from LexisNexis. Prior to Stone Advisors, Mr. Oates had a successful career in the NFL with the St. Louis Cardinals, the Detroit Lions and the Green Bay Packers. He is also a member of the board of directors of CIT Group ( NYSE: CIT) a middle-market commercial bank and finance company www.cit.com.
Mr. Oates is a member of the Utah State Bar and received a J.D. with honors from Brigham Young University.

Homi B. Patel, Operations
Mr. Patel is a member of the Operations Team of Z Capital and serves as a director of Neways International and Mrs. Fields Famous Brands, both Z Capital Partners portfolio companies. Mr. Patel was formerly Chairman, President and CEO of Hartmarx Corp. (“Hartmarx”) (NYSE: HMX) a producer and marketer of business, casual and golf apparel under its own brands. Mr. Patel had been with Hartmarx since 1979, progressing through various roles to his current position in July 2004. Prior to Hartmarx, Mr. Patel was with Corbin, Ltd., an apparel company, where he was Director of Marketing.
Mr. Patel also serves as President of the Clothing Manufacturers Association of America, Chairman of its Union Negotiating Committee, and Chief Labor Negotiator for the industry. He is also a member of the board of directors of the Amalgamated Life Insurance Company and Trustee of the UNITE HERE Pension and Health Funds. Mr. Patel also serves as an Advisory Board member of Northwestern University's Kellogg School of Management and the University of South Carolina School of Retailing. He is a Trustee of the Jane Addams Hull House in Chicago and the Lake Forest Country Day School. Mr. Patel also serves on the Board of the Boys and Girls Club of Chicago, the Chicago Botanic Garden and Northwestern Memorial Hospital.
Mr. Patel graduated from Columbia University with an M.B.A. in marketing and finance.

James A. Weissenborn, Operations
Mr. Weissenborn is a member of the Operations Team of Z Capital and is a co-founder and Managing Partner of Mackinac Partners, L.L.C and has served as CEO, CFO and COO of several major national and international, public and private corporations in various industry sectors, including banking and financial services, real estate, entertainment sports and investment banking. He has extensive capital markets experience, having raised more than $5 billion in capital, and is equally adept in repositioning strategy and management.
Mr. Weissenborn has held executive roles in several prominent capital restructurings including National Mortgage Corporation, the private holding company for the Detroit Tigers' stadium financing company and the Little Caesars Pizza Corporation. Mr. Weissenborn was formerly a senior officer at Pulte Corporation, where he oversaw the company's financing segment and the restructuring of its international homebuilding ventures. As CFO and a member of the board of directors of First Heights Bank, Mr. Weissenborn played a key role in acquiring and consolidating five failed Texas thrifts with 50 branches and over $2.5 billion in troubled assets from the FSLC.
As the Managing Partner of Mackinac Partners, Mr. Weissenborn has led and played a key role in many engagements and has primary responsibility for Mackinac Partners' private equity activities. Mr. Weissenborn served as interim president of the financial services subsidiary of an Orlando-based publicly held timeshare resort owner and finance company, and sourced and participated in the arrangement of $160 million in debtor-in-possession financing and $300 million in exit financing. Mr. Weissenborn also led the financing advisory engagement for a Denver-based manufactured park owner and operator, serving as the primary advisor to the company in a complete recapitalization that included an IPO and the arrangement of over $1 billion in new debt financing. Most recently, Mr. Weissenborn was the interim President and CEO of Sunterra Corporation, one of the world's largest vacation ownership companies. He guided Sunterra through an out-of-court restructuring and a tender offer for the Company's outstanding shares.
Mr. Weissenborn previously served on the board of directors of Sunterra Corporation, Hamilton Pacific, Inc. and PTC Alliance Corp (a portfolio company of Black Diamond Capital Management). Mr. Weissenborn is a cum laude graduate of the University of South Florida and earned an M.B.A. from the University of Texas at Austin.

Thomas P. Wicky, Operations
Mr. Wicky is a member of the Operations Team of Z Capital . Mr. Wicky has extensive global experience in the leisure, hospitality, and real estate industries including the management of hotels, real estate development, repositioning and turnaround of assets.
Mr. Wicky has a forty year history in the leisure industry. Educated at several Swiss hotel management schools, Mr. Wicky’s career began in Europe where he gained valuable experience training at many premier resorts and luxury urban hotels.
Mr. Wicky has had a successful career in repositioning and turning around assets including four separate properties where he was presented with the challenge of earning the coveted Mobil 5-Star or AAA 5-Diamond awards. Through his leadership, each of the assets, including The Boca Raton Hotel & Club, The Breakers Palm Beach, The Cloister at Sea Island, Georgia and Hotel Intercontinental in Hilton Head, South Carolina, successfully gained or regained the prestigious awards.
In addition to his work in the hotel and leisure industry, Mr. Wicky has served on the boards of privately owned, corporate and equity member ownership properties. He has represented extensive real estate assets on behalf of his properties including single family homes, condominiums, hotel accommodations and membership sales. In addition to his real estate responsibilities, he has spearheaded operational aspects of recreational facilities such as golf, tennis, spas, marinas and retail outlets.
As the president or board member of many local civic organizations and cultural societies, Mr. Wicky has successfully integrated his properties with the resort’s community. His interaction with government entities at both local and state levels has been a vital part of his role as administrator. He has shared his considerable knowledge as a guest speaker at Cornell University and a lecturer at both Florida State University and Florida Atlantic College. He has continued to expand his own base of knowledge by furthering his education at Cornell University, School of Hotel Management and the University of Miami. Mr. Wicky holds a Certified Hotel Administrator degree from Michigan State University.

Nicole M. Brock, Director
Ms. Brock is a Director of Z Capital and head of investor relations and communications.
Prior to joining Z Capital in March 2010, Ms. Brock was a member of the management team at Black Diamond Capital Management, L.L.C. (“BDCM”) where she was responsible for the financial management of various funds as a senior member of the financial management team. During her eleven-year tenure with BDCM, Ms. Brock led various initiatives including fund liability management, valuation of investments, cash management, and the closing and settlement of par and distressed investments.
Prior to her tenure at BDCM, Ms. Brock was in a senior business development role within the hospitality industry.

Rolando A. Capinpin, Jr., Director
Mr. Capinpin is a Director of Z Capital and is a member of the Investment Team and has substantial private equity investing, financial advisory, and restructuring experience. Mr. Capinpin is responsible for research and analysis of existing and prospective portfolio company investments.
Prior to joining Z Capital, Mr. Capinpin was with Chilmark Partners (“Chilmark”) where he was a Vice President. At Chilmark, Mr. Capinpin provided valuations, business plans, and mergers and acquisitions analyses for both debtor and creditor assignments. Mr. Capinpin was also a member of the investment team of Chilmark Fund II and participated in the analysis and sourcing of Chilmark’s portfolio companies including International Knife & Saw, Sheffield Steel Corporation, and Simonds Industries.
Mr. Capinpin graduated from the University of Chicago with Honors, S.B. (Mathematics), A.B. (Economics), A.B. (Statistics); the University of Chicago Booth School of Business with High Honors (Graduated #1 in class), M.B.A.; Active Member of the Turnaround Management Association, the Association for Corporate Growth, and Beta Gamma Sigma.

Sandeep Dhuper, CFA, C.P.A., Director
Mr. Dhuper is a Director and Head of Fund Accounting & Reporting at Z Capital and is responsible for all aspects of Z Capital’s accounting, tax and financial reporting. Prior to joining Z Capital, Mr. Dhuper was the Controller of CTC Alternative Strategies, Ltd., where he oversaw the fund financial and tax reporting and gained substantial experience in accounting, reporting, tax and operations for asset management firms.
From 2006 to 2007, Mr. Dhuper worked in the Accounting Advisory Group at KPMG as a Manager, where he was responsible for providing technical accounting consulting. From 2000 to 2006, Mr. Dhuper worked as an Experienced Senior in the Assurance and Advisory Business Services Group at Ernst & Young, LLP, where he was responsible for performing financial statement audits for banking and investment management companies.
Mr. Dhuper received his B.A. in Finance from Michigan State University in 2000 and his M.S. in Accounting from University of Notre Dame in 2001. Mr. Dhuper is a Chartered Financial Analyst and a Certified Public Accountant. He is a member of the CFA Institute, CFA Society of Chicago, American Institute of Certified Public Accountants and Illinois CPA Society.

Ying Hu, CFA, Director and Senior Software Engineer
Ms. Hu is a Director and Sr. Software Engineer of Z Capital and is involved in all facets of software design, development, testing and documentation.
Ms. Hu was previously a software engineer at ASAP where she was involved in the design and implementation of e-commerce websites and window's desktop application with .NET technology. Prior to joining ASAP, Ms. Hu was with Deloitte & Touche LLP where she was a software developer for web applications.
Ms. Hu has a Masters degree in Mathematical Computer Science from University of Illinois at Chicago and a Bachelor's degree in Architecture from TianJin University. Ms. Hu has Microsoft Certified Application Developer (MCAD) and Java certification and is a CFA charterholder.

June M. Johnson, C.P.A., C.T.P., Director of Finance & Treasurer
Ms. Johnson is Director of Finance & Treasurer of Z Capital and is responsible for Z Capital’s accounting and financial reporting. Prior to joining Z Capital in December 2012, Ms. Johnson was Director of Treasury at HMX Group, where she was responsible for treasury operations, credit financing and risk management, including disbursement analysis, banking operations, cash management, cash forecasting, asset based lending and other debt financing. She also assisted in the consolidation process of the accounting function. She joined privately-held HMX Group in August 2009. Prior to HMX Group, Ms. Johnson was Assistant Treasurer and Director of Financial Services at Hartmarx Corporation. She was responsible for all aspects of domestic and foreign treasury operations, including corporate finance, capital markets, cash management, lending relations, mergers and acquisitions, budgeting and forecasting, and pension and 401(k) investments. She was also responsible for consolidation, monthly, quarterly and annual reporting, SEC reporting and assisting with the accounting of the parent company. She joined publicly-held Hartmarx in July 1986.
Ms. Johnson received her Masters in Business Administration in Finance from DePaul University and her Bachelor of Science in Accounting from Illinois State University. Ms. Johnson received her CPA in 1988 and her CTP in 1993.

Joseph S. Nasr, Director
Mr. Nasr is a Director of Z Capital and is a member of the Investment Team and has substantial experience in private equity transactions as well as direct investments. Mr. Nasr is responsible for research and analysis of existing and prospective portfolio company investments. Mr. Nasr is currently on the Board of Directors for MSDP Group, LLC.
Prior to joining Z Capital, Mr. Nasr was with Landmark Partners (“Landmark”) where he was a Senior Associate. At Landmark, Mr. Nasr engaged in analysis, assessment, financial modeling, underwriting and legal closing of private equity secondary and direct investments.
Prior to Landmark Partners, Mr. Nasr was an Analyst with Cogent Partners (“Cogent”). While at Cogent, Mr. Nasr responsibilities included analyzing limited partner portfolios, executing private equity transactions, direct investment sales, portfolio advisory assignments and analyzed pricing trends.
Mr. Nasr has Masters of Business Administration degree from the Wharton School at the University of Pennsylvania and received a Bachelor of Arts in Economics degree from the University of Chicago.

Conor O’Grady, C.P.A., Director and Controller
Mr. O’Grady is a Director and Controller for Z Capital and is responsible for accounting and financial reporting of Z Capital and its’ managed funds. Prior to joining Z Capital in July 2011, Mr. O’Grady was the Hedge Fund Controller at Black Diamond Capital Management, L.L.C. where he was responsible for the review and preparation of monthly financial information. This included fund allocations, financial statements; investor capital accounts/reporting packages, investment valuation and determination of NAV, as well as several other responsibilities.
Mr. O’Grady was previously a Senior Auditor at Deloitte & Touche LLP from 2003 to 2008 specializing in the Insurance and Investment Management industries.
Mr. O’Grady received his Bachelors of Science degree in Accountancy from University of Illinois at Urbana-Champaign (College of Business).

Rodrigo Reyes, Director and Senior Network Engineer
Mr. Reyes is a Director and Sr. Network Engineer at Z Capital Partners. He is responsible architecting, implementing, and supporting all aspects of the network, systems and cloud infrastructure.
Mr. Reyes is an accomplished and talented information technology professional with over 15 years of diversified technical experience. Technical experience includes designing, implementing and providing support for LAN/WAN networks, enterprise client-server and cloud computing systems..
Mr. Reyes is known for being detail oriented and having the ability to plan, coordinate and execute IT projects. Prior to coming to Z Capital Partners, Mr. Reyes worked at fortune 100 companies such as Abbott Laboratories and Walgreens where he provided IT infrastructure support to over 130 countries worldwide.
Currently, Mr. Reyes holds several recognized IT industry certifications such as the MCITP, MSCE, CCNA, A+, Network+, i-Net+, Security+ and Linux+. In addition, Mr. Reyes holds a B.S. in Information Technology from Kaplan University and is currently pursuing an MBA from Lake Forest Graduate School of Management.

Alex Schilling, Director
Mr.Schilling is a Director of Z Capital and is a member of the Investment Team. Mr.Schilling has substantial experience in corporate credit and credit portfolio management. Mr.Schilling is responsible for research and analysis of existing and prospective portfolio company investments.
Prior to joining Z Capital, Mr. Schilling was an Assistant Vice President with CIT Asset Management, LLC (“CIT”), ( a division of NYSE listed CIT Group) where he was responsible for the underwriting and monitoring of corporate credit investments for structured vehicles.
Mr.Schilling was previously an Assistant Portfolio Manager and Investment Analyst at CypressTree Investment Management, LLC , where he was responsible for underwriting credit opportunities and Assisted Portfolio management of three structured vehicles totaling $1.2B AUM.
Prior to CypressTree Mr.Schilling was a Financial Analyst at Wellington Management Company.
Mr.Schilling received his Bachelor of Science degree in Finance and Accounting from Northeastern University. Mr.Schilling is a Chartered Financial Analyst.

Pascale M. Thomas, Esq., Director and Assistant General Counsel
Ms. Thomas is a Director and Assistant General Counsel and a member of Investment Team of Z Capital. Ms. Thomas assists the Investment Team in due diligence, legal oversight of portfolio companies as well as compliance and fund creation. Prior to joining Z Capital, Ms. Thomas was an Associate in the Investment Products and Derivatives Group with Sidley Austin LLP in Chicago, where she advised clients in securities, derivatives and futures related regulatory and corporate matters, including organization and operation of private investment funds and commodity pools, organization and operation of investment advisers, structured products and derivatives documentation and regulation.
Ms. Thomas holds a Juris Doctor degree from Harvard Law School and a Bachelor of Science degree in Psychology from Duke University. She is a member of the Illinois State Bar.

Maxine Wang, Director and Senior Software Engineer
Ms. Wang is a Director and Sr. Software Engineer of Z Capital with 13 years of experience and is proficient in ASP.NET, C#.NET, VisualBasic.NET and SQL Server Database as well as others. Ms. Wang comes to us from Ansira Inc and was a member of their software developer team.
Prior to this position she was in various software developer positions in consulting, telecom and financial services. She has a B.S. in Chemical Engineering. Xiangtan Univestity -Hunan, China and a M.S. in Civil and Environmental Engineering, Hokkaido University, Sapporo, Japan. She is fluent in English, Chinese and Japanese.

Anthony C. Wai, C.P.A., CFA, Director
Mr. Wai is Director of Z Capital and is a member of the investment / operations team and is responsible for forensic due diligence, merger and acquisitions financial analysis, portfolio company strategic analysis and reporting.
Prior to joining Z Capital, Mr. Wai was with PricewaterhouseCoopers where he was a Director in the M & A Transaction Services group. While at PWC, Mr. Wai participated in over 50 domestic and international transactions, values ranging from $50 million to $1 billion, in the industrial manufacturing, consumer products, construction, healthcare, for-profit education, services, and technology industries. Mr. Wai also led transaction teams to execute on-site financial due diligence, and coordinated with other cross functional subject matter experts in tax, human resources and operations.
From 2000 to 2004, Mr. Wai worked as a Senior Associate in the Dispute Analysis and Investigations – Intellectual Asset Management group at PricewaterhouseCoopers where he performed intellectual property and business valuations and damage calculations for both litigation and tax purposes. While in the Dispute Analysis group at PWC, Mr. Wai determined the fair market value of several specialty chemical formulation materials utilized in the paint and coatings industry, resulting in values ranging from $2 million to $70 million for charitable tax deduction purposes, and quantified the fair value of an aerospace/defense company involved in a dissenting shareholders suit, resulting in a settlement that was 80 percent less than the plaintiff’s original damage claim.
Mr. Wai received his Masters of Accounting degree and his Bachelor of Business Administration from the University of Michigan. Mr. Wai is a Certified Public Accountant and is a Chartered Financial Analyst.

Stephen G. Wrobel, Director
Mr. Wrobel is a Director of Z Capital and is a member of the Investment Team and is responsible for investment sourcing/analyzing middle market transactions through proprietary information.
For 15 years prior to Z Capital Mr. Wrobel worked for several international and super regional commercial banks including Inland Bank & Trust, Associated Bank, The Royal Bank of Scotland, and Fifth Third Bank, where he developed new business relationships, served on loan and risk management committees, performed credit underwriting, integrated bank acquisitions, and managed sales teams.
Prior to commercial banking Mr. Wrobel spend four years working on the floor of the Chicago Board of Trade for Merrill Lynch, Aubrey Lanston, and a pit broker executing open outcry financial futures trades, performing market analysis, and new client development.
Mr. Wrobel received his Bachelors of Science degree in Economics from Northern Illinois University and a Masters of Business Administration from Keller Graduate School of Management.

Quentin Z. Auerbach, Associate
Mr. Auerbach is an Associate at Z Capital and is a member of the Investment Team and is responsible for research and analysis of existing and prospective portfolio company investments.
Prior to joining Z Capital, Mr. Auerbach was a paralegal at Zuckerman Spaeder, LLP (“Zuckerman”). At Zuckerman, Mr. Auerbach analyzed corporate bankruptcy proceedings, SEC regulatory proceedings, intellectual property disputes, and contract litigation.
Mr. Auerbach received a Bachelor of Arts in Government degree from Harvard College.

Guanwen Cheng, Associate and Software Engineer
Mr. Cheng is an Associate and Software Engineer of Z Capital and a member of the development team and is responsible for all facets of software development life cycle such as design, implementation, testing, documentation and support. Mr. Cheng is proficient in advanced technologies such as C#, ASP.NET, C++, Java, SQL, PHP, etc.
Prior to joining Z Capital, Mr. Cheng was a software engineer at Infinium Capital Management where he focused on designing and implementing automated testing systems. Mr. Cheng also worked as a web application developer in Shenzhen Dongfeng Security Company, China prior to arriving in the U.S.
Mr. Cheng has a Bachelor’s degree in Software Engineering from Northwestern Polytechnic University, XiAn, China and a Master’s degree in Finance with a concentration on Financial Programming from Illinois Institute of Technology. Mr. Cheng is currently in process of pursuing CFA designation.

Rupinder S. Jhattu, Associate Director and System Engineer
Mr. Jhattu is an Associate Director and System Engineer at Z Capital Partners. He is responsible for managing and supporting all aspects of the mobility, network and systems infrastructure.
Mr. Jhattu is an accomplished and talented information technology professional with over 10 years of diversified technical experience. Technical experience includes designing and implementing new IT solutions to improve business efficiency and productivity in mobility, network and system platforms.
Mr. Jhattu is known for being detail oriented and having the ability to plan, coordinate and execute IT projects. Prior to coming to Z Capital Partners, Mr. Jhattu worked companies such as General Growth Properties and News Corporation where he provided worldwide IT infrastructure support.
Mr. Jhattu is currently pursuing a B.S. in Information Technology from DeVry University.

Nirav R. Patel, C.P.A., Associate and Controller
Mr. Patel is an Associate and Controller for Z Capital and is responsible for Z Capital’s accounting and financial reporting. Mr. Patel joined Z Capital in November 2013 with an extensive background in Investment Management from both a back office and audit perspective.
Prior to joining Z Capital, Mr. Patel began his career as an auditor with Deloitte & Touche, focusing on financial statement testing and preparation for a wide range of Hedge Funds and Mutual Funds. Mr. Patel subsequently transitioned into the Investment Management industry as the Senior Accountant at Guggenheim Funds, charged with administering all aspects of the monthly close cycle as well as implementing a variety of process efficiencies. Mr. Patel then progressed on to the Senior Accountant role at Citadel LLC, where he managed the cost allocation and month-end close processes, emphasizing analytical review of the P&L and related allocation methodologies.
Mr. Patel received two Bachelor of Science degrees in both Finance and Accountancy from the University of Illinois in 2006. Mr. Patel obtained his CPA in 2008.

Kevin Spriggel, C.P.A., Associate and Jr. Controller
Mr. Spriggel is an Associate and Jr. Controller at Z Capital and is responsible for investment accounting and financial reporting. Prior to joining Z Capital, Mr. Spriggel was a senior accountant at Rock Creek Group, where he oversaw fund accounting and reporting, and gained extensive experience in accounting for investments in emerging markets.
From 2007 to 2010, Mr. Spriggel worked at Custom House Fund Administration, as the MLRO of the Chicago office, overseeing investor reporting for money laundering and due diligence. He also worked as a fund accountant and had a short stint on the shareholder services team. From 2006 to 2007 he worked as a fund accountant at Trident Financials Services.
Mr. Spriggel received his B.S. in Accountancy from Western Michigan University in 2006.

    
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