Z Capital has a substantial investment team consisting of 17 members including 9 Operational Partners. The core members of the Investment Team and Operational Partners have worked together for many years. Collectively, these individuals collaborate across geography, sharing industry knowledge and insight to source, research and consummate investments in a wide range of industries.

The Operational Partners are exclusive to Z Capital in the private equity capacity and collectively have substantial operational 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 Operational Partners assist Z Capital in conducting on-site operational due diligence, in building management teams and in value-creation initiatives.

James J. Zenni, 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. Prior to founding Z Capital, Mr. Zenni was, beginning in 1995, Co-founder, President and Managing Partner and fifty percent owner of Black Diamond Capital Management, L.L.C. ("BDCM"), where he was jointly responsible for all portfolio management and business operations. Mr. Zenni divested his interest in BDCM in an employee-led leveraged buyout in October 2006. At the time of the buyout, BDCM managed distressed debt/private equity funds, hedge funds and structured vehicles with gross assets under management of approximately $9 billion.

During Mr. Zenni’s co-ownership of BDCM he was responsible for the growth and management of its funds and co-managed numerous distressed debt/private equity transactions such as ARI Holdings, Inc., Bayou Steel Corporation, Diamond Brands Operating Corp., Euro Disneyland S.N.C., Exide Technologies, Inc., Imperial Sugar Company, New World Pasta Company, PTC Alliance Corp., Smarte Carte Corporation, Sun World International, Inc. and Venture Holdings Company LLC.

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. At the time of his appointment as a Managing Director, Mr. Zenni was the only non-management/department head in the firm to hold the title of Managing Director.

Mr. Zenni received his B.S. in Economics from Xavier University and attended Xavier University Graduate School of Business. He 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 portfolio companies.

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Christopher J. Kipley, CFA, Managing Director
Mr. Kipley is a Managing Director of Z Capital and is responsible for making and managing portfolio investments. Prior to joining Z Capital in October 2006, Mr. Kipley was a Managing Director with Black Diamond Capital Management, L.L.C. ("BDCM") where he was responsible for making and managing distressed debt/private equity investments. During his tenure with BDCM, Mr.Kipley made investments in debt securities ranging from par credits to deeply distressed credits, was responsible for the on going 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.

Mr. Kipley has substantial credit and restructuring experience. During his tenure with BDCM, he participated on the steering committees for or was 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; New World Pasta Company; Sleepmaster, L.L.C.; Smarte Carte Corporation; Sun World International, LLC; Waddington North America, Inc.; and WinsLoew Furniture, Inc. 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. Mr. Kipley was previously on the boards of Automotive Aftermarket Group, LLC, Smarte Carte Corporation and Sun World International, LLC, all of which were portfolio companies.

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Rahul Sawhney, CFA, Managing Director
Mr. Sawhney is a Managing Director of Z Capital and is responsible for making and managing portfolio investments. Prior to joining Z Capital in October 2006, Mr. Sawhney was a senior member of the investment team at Black Diamond Capital Management, L.L.C. ("BDCM") where he was responsible for making and managing investments in debt securities. Mr. Sawhney has had significant experience using an activist approach to investing which resulted in substantial returns and recoveries.

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 a proprietary portfolio of bank loans and investments. Mr. Sawhney subsequently joined the debt capital markets group where he was charged with analyzing, making and managing investments in large and complex organizations, negotiating and structuring senior syndicated debt and facilitating the issuance of high yield, private placements and asset-backed security facilities. In this role, Mr. Sawhney analyzed, negotiated and structured significant transactions for companies in the industrial sector with up to $4 billion in revenues and had substantial investment responsibility. Subsequently, as an Asset Manager within the Managed Assets (distressed debt) group, Mr. Sawhney had substantial success in turnarounds and restructurings. Mr. Sawhney led a number of restructurings across a diverse array of industries including manufactured housing, auto-parts distribution, printing and publishing, and plastics and rubber.

Mr. Sawhney received his B. Tech. in Electronics & Communications Engineering from the National Institute of Technology, India and an International Baccalaureate from the International School of Brussels, Belgium. Mr. Sawhney is a CFA charter holder. In addition, he is a member of the Turnaround Management Association ("TMA") and the CFA Institute.

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Martin J. Auerbach Esq., Managing Director and General Counsel
Mr. Auerbach is a 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 twenty-eight 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 twenty-eight years as an attorney and counselor at law.

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Rose Metzger, Managing Director Ms. Metzger is a Managing Director of Z Capital and is responsible for sourcing investment opportunities from commercial banks, finance companies and other entities and institutions. Ms. Metzger was most recently a Managing Director with Bank of Montreal where she managed and was head of the Leveraged Loan Syndication Group, sales and trading functions for U.S. and Canada. In this role, Ms. Metzger created and managed a team of ten senior professionals in maintaining and developing loan syndication relationships. Prior to Bank of Montreal, Ms. Metzger was a vice president with Citibank, in a similar capacity, with a geographic focus on the Midwest.

Ms. Metzger received a BS from Illinois State University and a MBA from Northwestern University.

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Robert Betts, Managing Director
Mr. Betts is a Managing Director of Z Capital and is responsible for making and managing portfolio investments. Prior to joining Z Capital, Mr. Betts was with Citi Global Markets, Inc., (“Citi”) as a Vice President where he was responsible primarily for mergers and acquisitions advisory to companies across various industries. In addition, Mr. Betts advised companies on strategic and corporate finance initiatives including hostile takeovers and defense, capital structure alternatives, and other capital market initiatives.

Prior to Citi, Mr. Betts was with General Electric Medical Systems (“GEMS”) in a senior operational role where he led various corporate and operational improvement initiatives. Mr. Betts also led various cross-functional teams through process improvements as a six-sigma specialist which resulted in significant cost savings to the firm. Prior to GEMS, Mr. Betts was a Captain in the Infantry with the United States Marine Corps where he was responsible for the performance of eighty subordinates, led a sixty-five man mortar platoon through a one hundred percent change in daily activities and was awarded the Navy Achievement Medal for outstanding leadership while in Kuwait.

Mr. Betts received a Bachelor of Arts degree from Yale University and a Master in Business Administration degree from Harvard Business School.

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Bruce Mygatt, Managing Director
Mr. Mygatt is a Managing Director of Z Capital and is responsible for making and managing portfolio investments. Prior to joining Z Capital in February 2007, Mr. Mygatt was with JPMorgan Chase & Co. or predecessor companies (“JPM”) for over four years. Mr. Mygatt was a Vice President at JPM in the Corporate Investment Banking Group, where he was responsible for investment banking advisory to mid-cap companies. In this role, Mr. Mygatt primarily provided mergers and acquisitions, high yield and leveraged finance advisory services to the firm’s clients. Prior to this role, Mr. Mygatt was a Director in the Equity Products Group and provided clients across a range of industries with hedging and capital raising strategies utilizing derivatives and convertible bonds.

Prior to JPM, Mr. Mygatt was co-founder of Hornet Capital, LLC, a private equity firm focused on small manufacturing companies in turnaround situations. Mr. Mygatt evaluated and structured investments and directed the management of portfolio companies through turnarounds. Prior to Hornet Capital, Mr. Mygatt was with Bear, Stearns & Co. Inc., where he held a senior position in the debt capital markets group and provided mergers and acquisition and capital structure advisory services to clients in a wide range of industries including Utilities, Telecommunications, Media and Entertainment, Industrials, Automotive and Retailers.

Mr. Mygatt received a Bachelor of Arts degree from Princeton University, majoring in East Asian Studies with a concentration in Chinese (Mandarin) language.

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Kevin White, Director
Mr. White is a Director at Z Capital and is responsible for research and analysis of existing and prospective portfolio investments. Prior to joining Z Capital, Mr. White was a member of the investment team at Black Diamond Capital Management, L.L.C. ("BDCM") where he was responsible for making and managing investments in debt securities across several different industries. Also while at BDCM, Mr. White worked with several control private equity transactions including ARI Holdings, Inc; New World Pasta Company; Sun World International, LLC; and Waddington North America, Inc. and managed investments in deeply distressed credits.

Prior to BDCM, Mr. White was with Prudential Equity Group as an analyst in the firm's Biotechnology Equity Research group. While in this role his duties included providing modeling, research report writing and industry research.

Mr. White graduated from Villanova University with a Bachelor of Science degree in Economics and a Bachelor of Science in Business Administration with a concentration in Finance. Mr. White received a Master of Business Administration from the Owen Graduate School of Management at Vanderbilt University.

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Melonie Danford, Director
Ms. Danford is a Director of Z Capital, and is responsible for research/analysis of portfolio investments and trading. Prior to joining Z Capital in October 2006, Ms. Danford was an Associate with Citadel Investment Group, LLC where she was part of a four person team that supported two trade desks located in New York and London respectively and was responsible for loan settlement and operations.

Ms. Danford was previously a Senior Asset Funding and Closing Associate at Black Diamond Capital Management, L.L.C. ("BDCM") where she was part of a three person closing team and specialized in distressed debt and equity settlements. Prior to joining BDCM in April of 2003, Ms. Danford worked for Strong Capital Management within the Fixed Income Settlement group supporting a group of ten traders. Prior to joining Strong Capital Management in June of 2002, Ms. Danford was with ING since July of 1999 in the capacity of a Funding & Settlement Manager from July 1999 to June 2001 and in the capacity of a Treasury Operations Manager from June 2001 to June 2002. Prior to ING, Ms. Danford worked for Pilgrim America within Administration.

Ms. Danford received her Bachelor of Science in Business Management from the University of Phoenix.

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Z Capital has a team of Operational Partners 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 Operational Partners assist Z Capital in conducting operational due diligence and other value-creation initiatives.

Timothy C. Clayton, Principal, Emerging Capital, LLC.

Mr. Clayton is Principal, Emerging Capital, LLC ("Emerging Capital"), a specialized management consulting firm providing advisory services in the areas of strategic planning, mergers and acquisitions, capital formation, corporate governance and CFO related activities. Some of Mr. Clayton's engagements through Emerging Capital include: Interim CFO, Adesa, Inc., a $1 billion publicly traded automotive services company, CFO, HEI, Inc., a publicly traded contract manufacturing company specializing in micro electronic circuit board and medical device assembly, and acting CFO for a publicly traded high-tech manufacturing services company. In addition, Mr. Clayton provided merger and acquisition advisory services to several organizations.

Prior to Emerging Capital, Mr. Clayton was co-founder and CFO of Building One Services Corporation ("Building One"), a $1.8 billion publicly traded facilities services company. In this role, Mr. Clayton developed an overall strategic plan for the company, led the acquisition of over fifty organizations over a two-year period, raised $520 million of equity capital in an IPO, negotiated a $100 million strategic investment from a large private equity firm and negotiated the merger of the firm with Group Maintenance, Inc. Prior to Building One, Mr. Clayton was a Partner with Price Waterhouse LLP.

Mr. Clayton serves on the board of directors of the National Federation of Independent Businesses, the nation's largest small business advocacy group, and Agribank, a large wholesale bank serving in the agricultural market.

Mr. Clayton is a Certified Public Accountant and received a B.A. in Accounting from Michigan State University.

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Russell M. Flaum, former Executive Vice President, Illinois Tool Works Inc.

Mr. Flaum 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.

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Horst Geldmacher, former CEO of Venture Industries

Mr. Geldmacher 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).

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Edward G. Harshfield, former CEO of various financial institutions

Mr. Harshfield has served as chief executive officer of various financial institutions in a distinguished career of over 45 years. He has gained significant experience as a specialist in merger, acquisition and turnaround situations across North America, Europe, Asia, the Middle East and Africa. He also has successfully led several financial institutions with multi-billion dollars in assets through restructuring, reorganization, turnaround, and sale. Some institutions he has led as Chairman or CEO include Aozora Bank, Ltd., MFN Financial Corporation, California Federal Bank, First City Texas National Bank, Credit International Bank and Household Financial Services. Prior to these engagements, Mr. Harshfield was employed by Citicorp from 1971-84 and served as Senior Vice President and Division Head for Asia Pacific in Hong Kong. Mr. Harshfield also had a prior affiliation with Black Diamond Capital Mangement.

Throughout his career Mr. Harshfield has been actively involved on the boards of various organizations and associations including Saxon Capital Corporation, Korea First Bank, Financial Pacific Company, Northwestern Memorial Corporation (Northwestern Memorial Hospital), Illinois Institute of Technology, and Association of Financial Services Holding Companies.

Mr. Harshfield received his B.B.A and B.C.S. Degrees in Finance and Accounting from Southeastern University and completed the Executive Management Program at Columbia Graduate School of Business and the Advanced Management Program at Harvard Business School.

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Robert S. Morrison, former Vice Chairman, PepsiCo Inc.

Mr. Morrison is the retired vice chairman of PepsiCo, Inc., and retired chairman of PepsiCo Beverages and Foods North America. 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 Tribune Company, Aon Corporation, 3M Company and 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, Museum of Science and Industry and Women's Sports Foundation.

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.

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R. Brad Oates, Chairman, Stone Advisors, LP.

Mr. Oates is 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.

Mr. Oates is a member of the Utah State Bar and received a J.D. with honors from Brigham Young University.

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Homi B. Patel, former Chairman, President and CEO, Hartmarx Corp.

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 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.

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James A. Weissenborn, Managing Partner, Mackinac Partners.

Mr. Weissenborn 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.

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