Client Recommendations

I saw your quote in CFO magazine. More great insights from the world renowned MorrisAnderson team. I couldn’t agree more, lawyers are the worst. If you are ever in Salt Lake, look me up. I wouldn’t mind catching up with your group. You have a good one. I continue to be impressed with the MorrisAnderson team and get a lot of value out of their advice and recommendations to this day.

- Lon Searle, CFO, YESCO

It was great working with the team at MorrisAnderson. Their dedication to the task and thorough understanding of the issues greatly assisted in reaching an outstanding result for all constituencies.

- Scott A. Wolfson, Managing Partner, Wolfson Bolton PLLC

I am thankful of the work you did on Integrity and I will put MorrisAnderson on the top of any list in the future.

- Bob Grbic, CEO, White Oak Financial

This is a thank you message from Wartburg Theological Seminary. The Trustees of the Foundation specifically instructed me to convey their deep gratitude for the quality of the contribution you made to The Work Plan for Wartburg Seminary and the considerations you gave to us professionally and financially. The Board of Directors also expressed their admiration for the quality of the product and their appreciation for hearing your voice in the conclusion. Both Boards unanimously endorsed, approved, and committed themselves to the work of the Work Plan. The president elect, who was confidentially consulted on the last three drafts, added his commitment to leading Wartburg on this identified pathway. You, sir, have served us well, and we are grateful. Wartburg would be confident in calling for your help at a future occasion or in commending the quality of what you were able to do for us in such an efficient, disciplined way.

- David Tiede, CEO, Wartburg Theological Seminary

MorrisAnderson was very instrumental in guiding us through a twelve month turnaround during extremely volatile economic conditions. Here are some of the successes MorrisAnderson helped us accomplish: • Right-sizing both companies – reducing headcount and increasing productivity, creating sales and expense budgets and long term forecasts, assessing locations and markets and monetizing non-core assets. • Refinancing our existing revolving credit line – from our then lender who had filed Chapter 11 to a new bank group in the Southeast, who later commented, “Do you know that no one else is getting refinanced during this period?” • Initiatives – Operational and financial targets going forward for the management team to focus on each month. I would highly recommend MorrisAnderson. We found their team to be very effective in dealing with all areas of our operations. They were easy to work with and persistent in order to accomplish set goals. I can genuinely say that without their help, our company might not be here today.

- Doyle M. Wallace, CEO, Wallace Hardware

Words cannot express the gratitude I feel for you guys! First of all, the dinner was absolutely terrific!! What fun and fellowship! Thank you so very much. But the joy of friendships forged, the progress made, and the solutions implemented make me grateful indeed. The Lord used you to save all those we love!! I pray God’s richest blessings on each of you!!

- Lisa Trusler, CFO's spouse, Wallace Hardware

We owe a particular debt of gratitude to our consulting firm, MorrisAnderson, who has been with us every step of the way. This process of restructuring and refinancing started a little over twelve months ago, so needless to say, it has been a long and challenging journey. As companies, we have learned a tremendous amount over this period of time. We have also met a lot of great new people along the way. We have worked very hard and prayed even harder and it truly has been a blessing to see how God works in the affairs of men. We just wanted you to know that we truly appreciate your support.

- Bill Trusler, CFO, Wallace Hardware

Please find below an ‘electronic flyer’ on the financial advisory firm I mentioned in our conversation today. Their website is morrisanderson.com. If you look around on their website, don’t be alarmed by the words “turn-around” or “workout”. The firm does help troubled businesses {and very well I might add), but that is not the type of services I think you will need. The benefit as I see it, is getting the tools and training from these guys, who are the finest “doctors” in the field. I don’t think it makes sense to get second-rate advice, when the true experts are available. Notice the list of things on the right-hand side of flyer that they will implement in two weeks… things like better budgeting; A/ R, A/P, & Inventory management and accounting techniques; profitability analysis by customer; cash flow forecasting, etc. These things are crucial when navigating a business and can have a HUGE impact on profitability. I give them my highest recommendation, and sense that you would find them very helpful. If you need additional information, or would like me to provide a formal introduction, please let me know.

- Jim Wening, Loan Officer, US Bank

“I wanted to tell you how much I appreciate all you’ve done over the last year. I truly have enjoyed working with you and I can’t tell you how much I learned from you. You made me much better in my role and I hope much better for the company. I appreciate the guidance you gave me and the company and I believe we would not be here without your work last year. Thank you again very much!”

- Michael Yates, CFO, Tulsa Cancer Institute (Oklahoma Cancer Specialists and Research Institute)

Thank you! For all you have done here at TCI, sure hate to see you go because of all you have done has made a huge impact on the facility working better, although I am sure you had a hand in the choice for the new CEO I am sure she will continue to be good for the growth of the company. Thank you again!

- John Hancock, Building Engineer, Tulsa Cancer Institute (Oklahoma Cancer Specialists and Research Institute)

Just a quick note to say thank you for your leadership and guidance here at TCI. I know there have been times when you wanted probably wanted to beat your head on the wall. Lol. I shall miss your wit and smile. Best wishes for success in the future.

- Cindy Wilson, Practice Manager, Tulsa Cancer Institute (Oklahoma Cancer Specialists and Research Institute)

I just wanted to thank you for all of the good things you did for TCI in the past year. Fun, communication, public awareness, building appearance, & of course the money issues that you helped relieve. I especially want to thank you for being the” Queen of the Relay” last year. I believe a good time was had by all; plus, we raised a lot of money for a good cause; we came together as a team to accomplish it, & we made the community aware of TCI. Thanks again, it has been a pleasure to know you.

- Becky Pfister, Lab Manager, Tulsa Cancer Institute (Oklahoma Cancer Specialists and Research Institute)

Thank you so much for all your time, endless efforts and dedication in trying to make TCI a better place. Personally, I thank you for your support and guidance and I know I will remember “teamwork, enthusiasm, change, openness” as major management principles!

- Anita Brannon, Practice Manager, Tulsa Cancer Institute (Oklahoma Cancer Specialists and Research Institute)

On a call with Ron Peterson. We own a large stake in Lancelot. Your name came up and we both agree on how much of a great job you do!

- Terrel Ross, Principal, TR Capital Management

As I said yesterday, I thought you did a terrific job testifying and we appreciate very much the support that we received from the entire MorrisAnderson team.

- Alan Lepene, Partner, Thompson Hine

With this note I would like to come back to our project of Cosmolab, Inc. and would like to let you know that we are very satisfied with the performance of the company after our purchase a couple of months ago. The company is improving, and we feel saved making profits each period now. As you have been the restructuring consultants during the past 12 months with us, please, express our highest appreciation about the restructuring job. The situation of the company forced to go through insolvency according to chapter 11 section 363 and the auction process and as it was not iced in the industry that the company really was been under heavy financial stress which also caused an entire risk to the customer performance. During the due diligence we have recognized that you were able to stabilize the situation and to control customer relation as well as the necessary supplies from the vendors. We were encouraged that in spite of the critical path you have form end a local management team which is eager to go through the bad times and which is motivated to continue business with the new owner of the company. This turns out to be a real asset for us. Moreover, we have felt very comfortable with a true and fair guidance and consultancy which we have encountered during the process of sales and insolvency in the past months. With this letter we would like to point out that we have found a very committed restructuring team, in both of you being very dedicated, supportive, and professional in business. We would like to thank you for the good job and fair deal.

- Martin Reim, CFO, Schwanhauber Industrie Holding

Both MorrisAnderson Consultants were incredibly responsive and leveraged deep knowledge about how to rehabilitate a company in the auto industry. I’m happy to refer them to my colleagues and would use them again in a similar case.

-  Joseph Grekin, Partner, Schafer and Weiner

We interviewed five prominent consultants in the Chicago market and chose MorrisAnderson based on their experience helping other distribution companies of our size and the high level of confidence our bank had in their ability to deliver quality results. Our MorrisAnderson Consultants were action oriented, focused on the details of our business and helped mediate many difficult discussions and decisions. Initially, they were very involved in planning and implementation but eventually took more of an oversight role. This helped us both embrace the plan as well as manage our costs. Our MorrisAnderson Consultants had the personalities to work effectively with entrepreneurs and the family owned business. They were able to establish a trusting relationship with us quickly, which helped us respect their recommendations and ultimately achieve our goals. Looking back, we could not have made a better choice. MorrisAnderson’s value is evident in our winning the 2008 Turnaround Management Association (TMA) Chicago/Midwest Chapter’s Medium Turnaround of the Year award. We would highly recommend the company to anyone seeking assistance with their business.

- Dan Loughman , CEO, Roman

I highly recommend the business services of MorrisAnderson. Over a 14 month period, MorrisAnderson guided the Rima leadership team through one of the most difficult and potentially devastating periods in the company’s history. With their experienced, steadfast guidance as well as their active involvement, we have survived these difficult financial times and now welcome a positive, profitable future. We have achieved these results while many other companies in this hyper-competitive automotive marketplace have not been so fortunate and have been forced to cease operations. We worked together to resolve many issues on both the revenue and cost sides of our business that were either damaging our profitability or threatening our viability. Rima’s senior management was guided through a difficult maze of decisions that created long term systemic changes and improvements both within Rima and externally with our suppliers and customers. The long sought prize-Rima’s return to profitable financial performance-was achieved; we have continued to remain stable and strong. Our ‘lessons’ were difficult to learn, but they remain in excellent service to us now and in the future. I recommend MorrisAnderson to any business that is experiencing troubled financial times; I encourage you to open yourself and your organization to the experience of their positive, effective guidance. I will remain forever grateful to MorrisAnderson for their steadfast, creative and insightful influence. They helped Rima create a positive and profitable future.

- Ed Engle, CEO, Rima Manufacturing

Regency Homes and its 200 plus entities were in need of an Interim CFO until a full-time replacement could be recruited. The goal was to bring in an experienced CFO to provide leadership in a financially troubled environment until the permanent CFO was recruited. The person had to be experienced in real estate, debt refinancing, budgeting and forecasting. MorrisAnderson assessed the situation and accomplished the following: Provided leadership to the financial function of the company, Aided management in determining the alternative courses of action in a financially stressed environment, created a combined three year historic and two year projected financial statement and cash flow of all 200 plus entities in four weeks, facilitated the materials, agenda, and presentation to 31 banks for two bank meetings, provided independent analysis to the banks, negotiated a number of refinancing and sales of properties, successfully recruited a permanent CFO in 7 weeks from the inception of the engagement, and successfully transitioned the CFO in three weeks. MorrisAnderson did what was necessary to complete the job in a timely manner. They worked long hours and brought in additional resources to get the critical tasks done. Through their analysis and leadership, we were able to determine the most critical priorities in a financially stressed environment, as well as determine what assets to sell, and their respective values on a going concern and liquidation basis. I would highly recommend MorrisAnderson & Associates. Their team of motivated professionals delivered a timely product under immense pressure. We greatly appreciate the value they provided our organization and would highly recommend them.

- Jamie Myers, CEO, Regency Homes

We were very fortunate to have had you work with us. Although, I have to say, we didn’t know that when we started out. Dolly and I will always remember what you did for us. I hope your family is well and sharing in the glow of your continued success. Always keep them first.

- Richard Pulver, CEO, Pulver Systems

Good job MorrisAnderson. I hope we can get this deal done by mid-December. Thanks again

- Mark Starnes, Special Assets Officer, PNC Bank

“We, at Plainview Milk Products Cooperative, would like to express our appreciation for your efforts over the past months in connection with our product recall and subsequent claimant settlement negotiations. We are deeply appreciative of your dedication to what we realize was a daunting task. Your tenacity, perspective, and professionalism were a great asset and contributed much toward our ability to negotiate a settlement that is the best solution available for all parties. Your ability to enlist participation in this project and gather, produce and coordinate information made a big difference. Claimants were able to review objective information and were able to make decisions based on the data you disseminated. Their ability to do so kept the settlement process alive and viable – we much appreciate your expertise and efforts in making this possible. Thank you again for your valuable time, skill, and dedication to this case.”

- Ernie Norton, CEO, Plainview Milk Products Cooperative

We, at Plainview Milk Products Cooperative, would like to express our appreciation for your efforts over the past months in connection with our product recall and subsequent claimant settlement negotiations. We are deeply appreciative of your dedication to what we realize was a daunting task. Your tenacity, perspective, and professionalism were a great asset and contributed much toward our ability to negotiate a settlement that is the best solution available for all parties. Your ability to enlist participation in this project and gather, produce and coordinate information made a big difference. Claimants were able to review objective information and were able to make decisions based on the data you disseminated. Their ability to do so kept the settlement process alive and viable – we much appreciate your expertise and efforts in making this possible .Thank you again for your valuable time, skill, and dedication to this case.

- Dallas Moe, General Manager, Plainview Milk Products Cooperative

We are going to put a new bank deal in place with BoA as the lead bank. It’s amazing how things have changed in 12 months. As strange as it might sound I enjoyed working with you guys. It was a difficult time and you guys helped tell our story to the bank very well. So far this year we are off to a great start. We held many of the cuts we put in place last year and have made more money in 8 months than we ever had before.

- Tom Schinella, CFO, Phillips Plastic

I’m happy to recommend MorrisAnderson. They did a great job on the Phillips Plastics project and I would be pleased to work with them again.

- Brad Wucherpfennig, CEO, Philips Plastics

I am the CEO and a Director of Oryx Capital International, Ltd (“Oryx”), the majority shareholder of the parent company of Specialty Packaging Holdings, Inc. (“SPH”). During late 2008 and throughout 2009, SPH developed severe cash flow deficiencies due to ill-timed expansion and the effects of the recession. As a result, SPH was not in compliance with the financial covenants of its credit agreement with Bank of America (” BoA”). At the suggestion of BoA, MorrisAnderson (“MA”) was engaged to provide financial turnaround assistance to SPH. MorrisAnderson (MA) quickly assessed the financial condition of SPH and implemented plans to cut costs and sell assets to keep the main SPH plant in Lewisburg, TN a viable operation. MA guided the SPH Board of Directors through the process with timely and effective communications. Eventually it was determined that the only way to keep the Lewisburg plant and its 300 jobs in operation entailed SPH filing for Chapter 11 bankruptcy to enable the SPH assets to be sold to a competitor. Again, MA handled all coordination of necessary filings, kept the Board informed of the progress made, and solicited the Board’s approval when necessary. As a result, the Lewisburg plant and its employees live on as a viable operation with a new owner that is willing to grow the business, BoA received its principal, and the unsecured creditors have the possibility of receiving partial payments on their claims. Although Oryx will not see a return of its capital in SPH as a result of the bankruptcy and sale, MA took a situation that could have been very messy and costly to Oryx and turned it into a thoughtful, measured process that did not involve any additional out of pocket costs to Oryx. I would highly recommend MA to any company that finds itself in similar financial distress.

- Loay Nazer, Principal, Oryx Capital International

MorrisAnderson continues to be a great help to me and Bill and to all of Optimae. His expertise and guidance in our financial planning and analysis is of enormous value to us and very necessary for Optimae at this time! His involvement in helping identify and assisting with the supervision of key initiatives is proving to be extremely beneficial to the quality and efficiency of Optimae’s financial management. His continued assistance with our banks, IME and Magellan is invaluable!! I am personally very thankful for what MorrisAnderson has done and continues to do for me and Bill and for Optimae.

- Rod Hotek, COO, Optimae Life Services

Thank you gentlemen for your efforts in getting Petroplex refinanced within the timeline that the Company needed. White Oak seems like the right financing party at this point in the Company’s journey, and we appreciated you getting this done with so little disruption to Petroplex. At the outset, this looked like a tough refinancing, but judging by the outcome, you made it look easy. Many thanks, and please have a happy new year.

- Kurt Beyer, Principal, One Rock Capital

Thank you to the MorrisAnderson team for your guidance and sound counsel during a challenging time in our business. With your help, we restructured our accounting procedures, secured a new lending relationship and hired a new CFO – three critical components of a strong financial foundation. The money we spent on your consulting services was a great investment in our future. Thank you again, and I would happily recommend your services to other companies.

- Rob Herman, CEO, North American Communications

Thanks MorrisAnderson. We were impressed by you and your team. I hope I never need your services, but if and when I do, you’ll get a call.

- Hal Fudge, Loan Officer, MidFirst Bank

As I told you on Friday and I will reiterate to Trey no one can second guess your hard work, and commitment to a managed outcome.

- Rich Jacobsen, VP, Mercury Retail Services

You guys were very open, candid and professional. I truly appreciate that.

- Dennis Porti, VP, Mercury Retail Services

I’m sure you realize this could not have happened without you. I’m delighted with the outcome.

- Gene McGowan, Principal, McGowan Capital Group

I have never before used a bankruptcy/financial analyst to help promote a settlement of a “bet the company” type case. Having now seen how critical their help can be in such a situation, I expect to recommend similar strategies in the future. Having seen how well MorrisAnderson performs this role, I expect them to be at the top of my list of future recommendations.

- Julian Campbell, Partner, Julian Campbell Law Offices

We could have hired any professionals to help us resolve our differences with the bank; but we selected people who not only understood, but appreciated our agency’s mission. Thank you to MorrisAnderson for committing fully to the challenge – not just as financial consultants, but as people who were fully invested in the long-term success of our business.

- Lynn Wittels, CEO, Jewish Community Center

Great work and job to this entire MorrisAnderson team. Really the most impressive ensemble thus far in my 40 year career.

- Steven Mattes, CEO, Industrial Assets Corp.

The Board really appreciated the way MorrisAnderson handled this assignment, the work you put in and the results obtained. You produced buyers and provided the Board with the analytical tools to evaluate the candidates. MA should be pleased.

- Robert Labate, Partner, Holland & Knight

When I was interviewing investment bankers to sell my business, I had a good feeling about the hands-on, collaborative approach that Morris Anderson described to me. As I participated in the complicated and difficult event of selling my company MorrisAnderson did a great job of walking me through what was happening and why at every step. Their team on-site at my business, was always available and treated our managers, employees and my family with the utmost respect. Most importantly the Morris Anderson process and team produced a significant number of interested strategic and financial buyers. Despite the fact that my business was sold in a Chapter 11 section 363 sale, Morris Anderson was able to sell my three generations old company at a price that greatly exceeded my expectations and that of everyone else. They say that most owners of a bankrupt business never recover any money when they sell it. Well in my case after all the creditors were fully paid, we received a very large cash payment a significant equity stake in the purchased new company “and” a multi-million non-compete contract a real live Trifecta. I am convinced that very few investment bankers would have achieved the high price that Morris Anderson attained for Hitchcock Industries. If I were to sell any middle market family owned business, I recommend only one name and that’s Morris Anderson.

- Greg Hitchcock, CEO, Hitchcock Industries

I’m really happy with your stewardship of all this-it’s pretty remarkable, frankly, not that you need us to tell you that you do your job well!

- Nick Orum, Principal, Gryphon Investors

We successfully closed both ends of the financing today, so the matter is now officially settled. As aside, I think that BoA and its lawyers were surprised that we closed the matter ahead of schedule and without asking for a postponement or modification of the settlement. It was a pleasure to get to know and work with MorrisAnderson on this matter. I believe that MorrisAnderson helped guide the JCC through some very perilous and stressful times, and your relationship with BoA was extremely helpful in bringing the situation to a successful conclusion. Please stay in touch. I look forward to the opportunity to work with you on another project.

- Joe Lehrer, Partner, Greensfelder, Hemker, & Gale, P.C.

Thank you to MorrisAnderson for your hard work and dedication in bringing this deal to a close. Things don’t always go as planned in these situations and this deal certainly had its share of twists and turns. The outcome would not have been possible without the support and professionalism of the MA staff. We appreciate all you did to conclude this transaction.

- Kevin Reager, CEO, Global Axcess Corp.

Many thanks for your work on this project. You were a great addition to the team and provided invaluable assistance and calm to the process and the client. I hope that we have other opportunities to work together in the future.

- Ronald Gold, Partner, Frost Brown Todd LLC

Wanted to write and express our appreciation for the great work you have done as CRO at Apple Gold. Congratulations on today’s big milestone and all of the smaller victories that led up to it. Thank you.

- Jim Hennigan, Special Assets Officer, First Tennessee Bank

It all went well. The company did fine and the model was what we wanted. Good job to your team. The entire team is glad they chose your group.

- Tom Peebles, Loan Officer, Farm Credit System

MorrisAnderson, I wanted to write to thank you both for all the great work and counsel you have provided to us to this point. I realize that in your work you may have members of management of your clients who love to take shots at your assumptions, numbers, conclusions, and recommendations. In this case, you have without a doubt learned so much so quickly about Encore and its industry, and I truly believe that your recommendations make a great deal of sense. The “middle ground” solution I have proposed and support at this point is not too far from your ultimate recommendation, and I have communicated lo Troy that we will keep both Chicago and DC on a short leash so that, in the event we do not deliver consistent bottom-line performance in these operations within the next 90-120 days, then these offices will also need to be considered for shut down. I also believe we have much more SG&A expense that we can take out of this business, particularly in Phoenix, Corporate Expense, and Management Expense. Troy and I will be speaking about this on Monday. In any event, please know that I respect and appreciate your work and talents. What you have contributed thus far has been extremely constructive and valuable to my/our thinking about the future of Encore.

- Greg Mazares, CEO, Encore Legal Solutions

This letter is written with gratitude to the firm of MorrisAnderson & Associates, who were instrumental in overseeing the turnaround of one of the oldest companies in our town. Cosmolab was founded in 1910 in Lewisburg, Tennessee as Red Cedar Pencil Company and today is the largest contract manufacturer of cosmetic pencils in the United States and is also, one of the largest employers in Marshall County However, they have recently faced hard times with the threat of closing their doors looming near. We knew the negative effect this would have on the workforce and on our local economy. Marshall County was already at the highest rate of unemployment in the entire state of Tennessee and this news regarding Cosmolab only heightened our concern. MorrisAnderson were brought in to help this company find its way out of the economic crisis it was in. We were happy to meet with them and greatly relieved to see that efforts were being made to turn things around for Cosmolab. MorrisAnderson diligently worked with the City of Lewisburg and the County in keeping us posted on developments of financing the stages of the bankruptcy. We are happy to say that he was successful in bringing it all together with Cosmolab being bought out by another company. work orders increasing. people hired and the future looking brighter for all. The expertise, knowledge and understanding of the process by MorrisAnderson created a happy ending to a potentially devastating story.

- Joe Boyd Liggett, Marshall County Mayor, County of Marshall

Understanding that we’re a company in a rural area, for us to save 250 jobs was extremely critical. Our MorrisAnderson Consultants became part of the team straightaway. If things hadn’t gone exactly correct, we wouldn’t be here. There’s not a person here who’s not indebted to the teamwork they had with us. As a team is the way this thing worked – because of the team.

- Frankie Pourron, VP, Cosmolab

I wanted to thank you and convey my (and the Bank’s) sincere appreciation for your great work on Accumed. As always, MorrisAnderson did a terrific job, and you in particular were, as always, a top performer. You helped to drive this process and I thank you again. Be well, my friend.

- Robert Barnhard, Special Assets Officer, Citizens Bank

Nice job in getting the refinancing completed by year end. Wishing you and your families a happy, health new year.

- Barbara Perich, Special Assets Officer, CIT

YESCO certainly sees the value add with MA. Thanks to you and your team for all of your work.

- Richard Hixson, Special Assets Officer, Chase Bank

As I wrote you last week, you guys have been great to work with, under very trying circumstances. Thanks for your friendship, and all your good work.

- Jeff Dickerson, Managing Shareholder, Branscomb PC

I wanted to say again what an outstanding job you for us with The Loftin Group. After four consecutive FYE losses, we would’ve never been refinanced out without the turnaround actions that you implemented, along with his persistent work communicating the story to the new lenders. This was a tough credit with multiple challenges, but you got the job done. If you ever need a reference, I would be glad to share my most positive experience with any prospective clients.

- Thomas Findlay, Special Assets Officer, Branch Banking & Trust Company

These guys kept us on the path. As lawyers, our normal reaction to situations is to control the flow of information, and to only disclose what is strictly necessary. as we approached the global settlement process, MorrisAnderson time and again told us to open the doors to the company’s finances, and warned us that, if we didn’t, the claimants would lose trust, and the settlement process would tank. Thankfully, they yelled loud enough, and often enough, that we listened. and the process worked. They told us that trust is critical in these high stakes negotiations well, I trust them.

- Stanford P. Hill, Partner, Bassford Remele

I appreciate what you and your group have done for our credits. You are a true professional and I enjoy working with you. BTW, also enjoy shooting the breeze with you too! Thank you too for letting OCC examiner join us. I will send the invite out in a few months and will include you.

- Tom Flanagan, Special Assets Officer, Bank of America

Phillips is being returned to the Line Unit. They have received a verbal mandate to extend/refi the facilities. Thanks for a great job.

- Ron Prince, Special Assets Officer, Bank of America

This letter serves to detail the impressive results from MorrisAnderson (MA) in their turnaround efforts of Cosmolab Inc. Through their superior strategic solutions, strong leadership capabilities, and determination, MorrisAnderson was able to successfully stabilize and rehabilitate Cosmolab Inc. which resulted in a very positive outcome for all stakeholders. MorrisAnderson was engaged by Cosmolab to provide an assessment of the situation which revealed exposure that was much greater than anticipated. Within a month, Morris Anderson had crafted a turnaround plan that was measurable and easy to comprehend. While Bank of America would not extend our exposure any further, we believed in the turnaround plan and allowed them to institute the plan. The MorrisAnderson team constantly met with us and kept us informed of the multiple programs in place to assist in improving the liquidity of the company. Each of the strategic milestones they had initially provided was met. The constant communication and achievement of plans made our job of monitoring this non-performing debt a much easier experience. As the turnaround progressed, MA was able to manage their turnaround efforts during a very tight liquidity situation while also working with suppliers and vendors of Cosmolab. They worked on keeping everyone informed and therefore this turnaround continued unhindered by the suppliers or customers. During the first sale of the Oxnard division, MA was able to keep the buyer interested and the purchase price stable even though the current year’s sales numbers were trending down. During the second sale of the Cosmolab division, MorrisAnderson helped the foreign buyer understand the situation and when it was deemed necessary to take the company into bankruptcy, they helped the buyer understand and become comfortable with the process. They worked extremely hard to find other interested parties to participate in the 363 auction and the recovery increased by over 25%. MA achieved a plan for Cosmolab that succeeded above anyone’s expectations. Bank of America was looking at a significant loss on this loan and at the end of the day, the loss was equivalent to the cost of the bankruptcy. MorrisAnderson took a company whose management team was lost and rebuilt into an organization that shows incredible strength. We believe that MorrisAnderson did a job that is quite impressive.

- Daniel Picmann, Special Assets Officer, Bank of America

This is just to you. Really, really nice job on this. This entire outcome stems from the removal application and your decision to be a leader on it. I had my doubts from time to time. But it has been an exciting ride. I’ve enjoyed every (or most) minutes of it. Anyway, thanks for all you have done on it.

- Will Sugden, Managing Partner, Alston and Bird

On a side note, I wanted to let you know what a great job MorrisAnderson is doing in the OGM Receivership here in Columbus. It is not an easy case, by any means, but MorrisAnderson is probably the only reason it hasn’t imploded!

- Tom Allen, Managing Partner, Allen Kuehnle Stovall & Neuman LLP

Thank you for the valued report. Everyone involved in the engagement had indicated the report provided meaningful input. We all agree it was amazing how MorrisAnderson was able to capture the essence of the situation with very little background or time. The report was just as we hoped-concise and aggressively identifying the key issues. AgriBank looks forward to future opportunities to work with you and your team at MorrisAnderson.

- Roger Chamberlain, Senior Lending Officer, AgriBank, FCB