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Investment Professionals
Tennenbaum's Investment Group consists of 29 members with
the backgrounds, experience, and energy necessary to complete
complex transactions and to address the ongoing needs of our
business partners and investments. Our Investment Group was
organized explicitly for the purpose of executing our special
situations strategy.
Michael Tennenbaum, Senior Managing Partner
Prior to founding TCPTM
in 1996, Mr. Tennenbaum was a Wall Street executive where he managed
various departments of a major investment bank including Investment
Banking, Risk Arbitrage and Options. Mr. Tennenbaum serves on the
boards of a number of both public and private companies. His
board service has included the chairmanship of all significant board
committees as well as of the boards themselves.
Currently, Mr. Tennenbaum is also a Vice-Chairman of the Board of
Governors of the Boys & Girls Clubs of America and Chairman of
its Investment Committee, a Director of the Los Angeles World
Affairs Council; a Board member of The RAND Center for Asia Pacific
Policy, a member of the Los Angeles Philharmonic Board of Overseers,
a member of the UCLA School of Medicine Board of Visitors
and Founder of the Tennenbaum Interdisciplinary Center at the
Neuropsychiatric Institute at UCLA. He was a Commissioner on the
Intercity High-Speed Rail Commission for California and was Chairman
of the California High-Speed Rail Authority. He served as Chairman
of the Special Financial
Advisory Committee to the Mayor of Los Angeles. He is a member
of the Committee on University Resources (COUR) at Harvard
University; a previous member of the Board of Associates of Harvard
Business School and was a member of its Visiting
Committee.
In addition, he served as a member of the National Advisory Board
of Georgia Tech and as a Trustee of the Georgia Institute of
Technology Foundation, Inc., where he was Chairman of its Investment
Committee, and currently is Trustee Emeritus. He is a member
of the Academy of Distinguished Engineering Alumni of Georgia Tech's
College of Engineering and Founder of the Tennenbaum Institute for
Enterprise Transformation at the Georgia Tech School of Industrial
and Systems Engineering.
- M.B.A. with honors from the Harvard Business School
- B.S. in Industrial Engineering from Georgia Institute
of Technology
Mark Holdsworth, Managing Partner
Prior to
joining Mr. Tennenbaum in founding TCP, Mr. Holdsworth was a Vice
President, Corporate Finance, of US Bancorp Libra, a high-yield debt
securities investment banking firm. He also worked as a generalist
in Corporate Finance at Salomon Brothers, Inc., and as an Associate
at a Los Angeles real estate advisory firm. He is a former member of
the boards of directors of Alabama Aircraft Industries, Inc. and Anacomp,
Inc., and a former Chairman of the Board of Directors of the International Wire Group.
Mr. Holdsworth currently serves as Chairman of WinCup, Inc., Vice Chairman of Eagle
Picher Corporation and as a Director of the Parsons Corporation, one of the
largest engineering, design and construction companies in the world. He
is also a National Trustee of the Boys and Girls Clubs of America.
- M.B.A. from the Harvard Business School
- B.S. (honors) in Engineering and Applied Science from the
California Institute of Technology
- B.A. in Physics from Pomona College
Michael Leitner, Managing Partner
Prior to joining TCP in 2005, Mr. Leitner served as
Senior Vice President of Corporate Development for WilTel
Communications. Prior to that, he served as President and
Chief Executive Officer of GlobeNet Communications, leading the
company through a successful turnaround and sale. Prior to
that, he was Vice President of Corporate Development of 360networks.
Prior to that, he served as Senior Director of Corporate Development
for Microsoft Corporation, where he managed corporate investments
and acquisitions in the telecommunications, media, managed services,
and business applications software sectors, completing over $9
billion in software and communications infrastructure transactions
globally. Prior to Microsoft, he was a Vice President in the M&A
group at Merrill Lynch. He currently serves as a
representative for Tennenbaum on the boards of Anacomp, Inc.,
ITC^DeltaCom, Inc., Online Resources, Integra Telecom, Inc. and Wild Blue
Communications. Mr. Leitner is also on the board of
Ticketmaster, Inc., and is very active in community events serving on
several non-profit boards and committees.
Howard Levkowitz, Managing Partner
Prior to
joining Mr. Tennenbaum in founding TCP, Mr. Levkowitz was an
attorney specializing in real estate and insolvencies with Dewey
Ballantine. Mr. Levkowitz serves as President of TCP's
Opportunity Funds and head of TCP's public markets investments. He
has served on the boards of both public and private companies and
currently serves on the board of Doral Financial Corporation.
He has also served on a number of formal and informal creditor
committees. Mr. Levkowitz is active in a number of charitable
and philanthropic activities, recently serving as president of a
private elementary school.
- J.D. from the University of Southern California,
Editor-in-Chief of Major Tax Planning and The
Interdisciplinary Journal
- B.S. (high honors) in Economics (concentration in finance)
from The Wharton School of the University of Pennsylvania
- B.A. (high honors) from the University of Pennsylvania
Eric Pagel, Managing Partner
Prior to
joining TCP in 2005 as the Portfolio Manager of Tennenbaum
Multi-Strategy Fund (TMS), Mr. Pagel was a fixed income portfolio
manager at Symphony Asset Management. Mr. Pagel was
responsible for portfolio management and trading for both Symphony's
convertible arbitrage strategy and Symphony's best ideas credit
strategy funds. Prior to joining Symphony in 2001, Mr. Pagel
was an associate at UBS Warburg, working on the convertible bond
sales desk. Previously, he worked for Ford Motor Company for
five years where he was Lead Industrial Engineer at Ford
Microelectronics. Mr. Pagel is currently a National Trustee of
the Boys and Girls Clubs of America and he serves on its Investment
Committee.
- M.B.A. from the Kellogg School of Management at
Northwestern University
- B.S. in Industrial Engineering from
Northwestern University
Hugh Steven Wilson, Managing Partner
Prior to
joining TCP in 2005, Mr. Wilson retired from the international law
firm of Latham & Watkins. While with Latham & Watkins,
he served as Tennenbaum Capital Partners' primary outside
counsel since its inception. While still a senior partner with
Latham & Watkins, he was Global Co-Chair of the Mergers and
Acquisitions Practice Group and former Chairman of both the National
Litigation Department and the National Mergers and Acquisitions
Litigation Practice Group. He is currently Chairman of the Board of
Directors of International Wire Group, Inc, Vice Chairman of Burford Capital
Limited, and a Director of Alabama Aircraft Industries, Inc.
- J.D. degree from the University of Chicago Law School, member
of the law review and Order of the Coif
- Master of Laws degree from Harvard Law School
- B.A. from Indiana University
David Hollander, Partner
Prior to joining TCP,
Mr. Hollander was an attorney for sixteen years at O'Melveny & Myers.
While at O'Melveny, Mr. Hollander specialized in leveraged finance,
insolvency, and mergers and acquisitions, and represented debtors and
creditors in numerous multi-billion dollar transactions. He currently
focuses on the firm's private placements and restructurings. Mr. Hollander
has also represented boards of directors and has served on various creditor
committees.
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J.D. from Stanford Law School, Associate Editor of the
Stanford Law Review
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B.S. (highest honors) in Economics from The Wharton School of
the University of Pennsylvania
Raj Vig, Partner
Prior to joining
TCP, Mr. Vig worked for Deutsche Bank in New York as a member of
the bank's Principal Finance Group. Prior to that, Mr. Vig was a
Director in the Technology Investment Banking group in San Francisco
where he spent over 7 years advising a broad range of growth and
large cap technology companies on merger, acquisition and
public/private financing transactions. Prior to his time at
Deutsche Bank, Mr. Vig was a Manager in Price Waterhouse's
Shareholder Value Consulting group, and he began his career in
Arthur Andersen's Financial Markets/Capital Markets group
consistently earning each firm's highest rating during his
tenure. He currently serves on the boards of Dialogic and
Enterasys, is a board observer for Celerity and is involved in an
informal advisory capacity with a number of start up and emerging
growth companies ranging from $500K to $25M in annual
revenues. Mr. Vig is also active with the Los Angeles division
of the Posse Foundation, a non-profit organization that identifies
recruits and trains student leaders from public high schools for
enrollment at top-tier universities.
- M.B.A. in Finance from New York University
- B.A. (highest honors) in Economics and Political
Science from Connecticut College
Marvin Barth, Chief
Investment Strategist
Mr. Barth helps to provide a macro
framework for TCP in its investment process. Prior to joining TCP,
Mr. Barth was Chief Economist for International Affairs at the U.S.
Department of the Treasury, where he served as the principal
economic advisor on international issues and oversaw an economic and
financial risk-assessment program across government agencies.
Earlier in his career, Marvin served as Citigroup's global currency
economist and as an international economist at the Federal Reserve
Board and the Bank for International Settlements. Mr. Barth is on
the Boards of Directors of the Los Angeles Regional Foodbank and the
Los Angeles Opera.
David Adler, Managing Director
Prior to joining TCP,
Mr. Adler was an associate at Focus Capital Group, a merchant bank
where he analyzed potential investments and devised strategies for
portfolio companies. Prior to that, he held positions with
Trust Company of the West and a CPA firm. He supports student artists through
UCLA's Theatre, Film, Television Angel program, and is active in a
non-profit organization that mentors and introduces at-risk youth to boardsports.
Christian Donohue, Managing
Director
Prior to joining TCP, Mr. Donohue was a Vice
President in GE Capital's Global Media & Communications Group
where he completed over $1 billion in new financings and $1 billion
in restructurings. He led the media and telecommunications
group through the bankruptcies of multiple portfolio holdings,
achieving net recovery levels in excess of 100%. He held
various other positions during his six years with GE, including Vice
President in the Distressed Portfolio Group and Execution Leader
within the Sponsor Coverage Group. Prior to GE Capital, Mr. Donohue
spent five years at Sprint/Global One as a Project Manager,
implementing and overseeing the installation of telecom systems and
services in Eastern Europe, the Middle East, Africa and the Indian
Sub-continent. He oversaw the installation of the first high speed
data network in Egypt and India and the first Internet network in
Namibia and Botswana. Mr. Donohue is a director of ESP
Holdings.
For the last 6 years, Mr. Donohue has volunteered with
various youth soccer programs in Connecticut and California.
Currently, he is the coach of an AYSO All-Star soccer team in Los
Angeles.
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M.B.A. (with distinction) from the Yale School of
Management
-
B.A. from Georgetown University, Captain of the Varsity
Sailing Team
Todd Gerch, Managing Director
Prior to
joining TCP, Mr. Gerch worked in the Capital Markets Group of Ares
Management, a Los Angeles-based private equity and leveraged finance
investment management firm where he was responsible for managing the
firm's gaming/lodging/leisure investment portfolio. He also
worked as a generalist in the Los Angeles office of Credit Suisse
First Boston where he was involved in mergers and acquisitions
advisory, restructurings, and equity and debt financings across
various industries. He is involved with Camp Ronald McDonald
for Good Times, an organization supporting children with cancer and
their families.
- M.B.A. from the Wharton School of the University of
Pennsylvania
- B.B.A. (high honors) from the University of Notre Dame in
Finance and Business Economics
Sumit Sablok, Managing Director and Co-Portfolio
Manager
Prior to joining TCP as the Associate Portfolio
Manager of TMS, Mr. Sablok was the Associate Portfolio Manager at
Symphony Asset Management's convertible arbitrage fund, responsible
for half of its assets. He also co-managed the fixed income
best ideas fund at Symphony, which was the best-performing fund at
Symphony. Prior to Symphony, he was the Finance and Business
Development Manager at eHow, Inc., an e-commerce start-up company
until its sale. Prior to that, he was a Financial Analyst in
the Corporate and Investment Banking division of Banc of America
Securities LLC and a Financial Analyst at Societe
Generale Bannon.
- M.B.A. from the Kellogg School of Management at Northwestern
University
- B.S. in Business Administration from the Haas School of
Business at the University of California, Berkeley
Phil Tseng, Managing Director
Prior to
joining TCP, Mr. Tseng was a member of the Credit Suisse First
Boston Technology Group focusing on technology and business
services. While at CSFB, he advised on and executed M&A, public
and private equity and structured debt transactions for a broad
range of small and large cap companies. He also spent time
covering technology services companies as an equity research
analyst. Prior to that, he spent time in investment banking at
Deutsche Banc Alex Brown, where he managed equity and debt offerings
for telecommunications companies, both emerging and incumbent
carriers. Mr. Tseng currently serves as a Director on the
boards of ITC^DeltaCom, Inc. and Anacomp, Inc., as a Board Observer
to Information Resources, Inc., and also as a Director on the board
of The Boys and Girls Club of Hollywood.
- M.B.A. from the Harvard Business School
- B.A. (honors) in Economics from Harvard College, Captain of
the Men's Varsity Tennis Team and recipient of NCAA and Ivy
League awards
Rob DiPaolo, Director
Prior to joining TCP,
Mr. DiPaolo was a Vice President at Trust Company of the West.
He was the firm's Chief Financial Officer for 7 years before moving
into the investment group. His extensive background in
operational and financial accounting was acquired through 12 years
of consulting, public accounting and private sector
experience. During his 7 years at Arthur Andersen & Co.,
he was a manager in the business consulting and audit practices
where he led various engagements, including profitability studies,
operational restructurings, financial audits, due diligence and
forensic accounting reviews, and systems and controls
assessments. He also instructed at the company's worldwide
training center for the audit and consulting divisions. Mr.
DiPaolo began his career at May Departments Stores and held
positions in accounting, auditing and profit improvement during his
5 years with the company.
- B.S. in Business Administration from the University of
California at Riverside
- Certified Public Accountant in the State of California
Robert Goldschein, Associate General Counsel
Prior to joining TCP, Mr. Goldschein was a Partner of the Finance Group
at Mayer Brown LLP. His practice focus has been on senior loans, with an
emphasis in secured and asset-based lending. Mr. Goldschein has advised
and counseled major financial institutions, such as Wachovia, Wells
Fargo, JPMorgan Chase and HSBC. He has represented financial institutions
in distressed credit situations, including foreclosures, workouts,
restructurings, receiverships, Chapter 11 bankruptcy cases and other
insolvency matters. Additionally, he has lectured on a variety of topics
in the field of finance, including giving the annual Commercial Law Update
for the Financial Lawyers Conference.
- J.D. from the University of California, Los Angeles
- B.A. (with distinction) in Philosophy from the University of
California at Berkeley
Jeevan Gore, Co-Portfolio Manager
Prior to joining TMS
as a risk arbitrage specialist, Mr. Gore was a corporate attorney at
Latham & Watkins, LLP focusing on mergers and acquisitions and
corporate finance. While with Latham & Watkins, he led
corporate finance transactions and the structuring and negotiation
of both public and private company acquisitions. Among his
clients were Bear, Stearns & Co., Piper Jaffrey & Co.,
Merrrill Lynch & Co., Deutsche Bank, Pan Pacific Retail
Properties, Inc., Realty Income Corporation, Amgen and
Allergan. Mr. Gore is on the planning committee of Big
Brothers and Big Sisters of Orange County, a youth mentoring
group.
- J.D. from New York University School of Law
- B.A. in Social Ecology from the University of California,
Irvine
Dan Worrell, Co-Portfolio Manager
Prior to joining TMS,
Mr. Worrell accumulated 15 years of experience analyzing and
investing in high yield, distressed debt, and private equity
opportunities. Previously, Mr. Worrell was a high yield
portfolio manager at Mulholland Capital Advisors, where he analyzed
and invested in high yield credit opportunities, capital structure
arbitrage and special situations. After contributing to the
success of Mulholland as the lead research analyst he was promoted
to portfolio manager, where he achieved above-market returns.
Prior to joining Mulholland, Mr. Worrell was an investment manager
and vice president at a Central Asia-focused private equity fund
based in Kazakhstan. While with this fund, Mr. Worrell made a
number of successful investments, was an active board member of
several medium-sized companies in Kazakhstan, and worked with key
members of Kazakhstan's government. Prior to working in
Kazakhstan, Mr. Worrell spent five years as a distressed company
analyst in New York at both JP Morgan Securities and Gruss
Partners. During Mr. Worrell's four years at Gruss Partners,
his team's average annual return exceeded 30%. Mr. Worrell has
been involved in the Charity organization Cure Autism Now for over
five years.
- M.B.A. (Dean's List) from Columbia University
- B.S. (Dean's List, Beta Gamma Sigma Honor Society, National
Dean's List Recipient) from California State University
Northridge
Eric Yuan, Co-Portfolio Manager and Head Trader
Prior to joining TMS,
Mr. Yuan was a vice president and senior trader for SG Cowen,
trading convertible bonds for their client facilitation desk.
In this role, his responsibilities included market-making and
generating innovative ideas for buy-side clients. Prior to SG
Cowen, Mr. Yuan was an Associate Director on the convertible bond
trading desk at UBS Securities for seven years. In addition to
generating strong profits every year while with UBS, he also managed
customer order flow and institutional risk, and he helped develop
proprietary systems and models for the trading desk. Mr. Yuan
is active in his community, volunteering at Chinese cultural events
and participating in numerous charity golf events.
- B.S. in Physics and Actuarial Science at the University of
Toronto
Sean W. Berry, Principal
Prior to
joining TCP, Mr. Berry was an Analyst in UBS Investment Bank's
Growth Capital and Restructuring group, where he was involved in a
variety of transactions including leveraged buyouts, private
placements and debt financings. He was rated in the top 10% of
Analysts at UBS every year that he worked at the investment
bank. Mr. Berry was also selected by UBS senior bankers to
serve as the West Coast representative for the firm's Analyst
Committee. Mr. Berry is currently involved in the L.A. Works
Let's Read volunteer organization. In addition to being a
weekly participant in the Let's Read program where volunteers read
to underprivileged children, he has helped spearhead the
organization's fundraising and recruiting efforts.
- B.A. (honors) in Business Administration from the Richard Ivey
School of Business at the University of Western Ontario
Kenneth Chan, Senior Associate
Prior to joining
TCP, Mr. Chan was an Analyst at UBS Investment Bank's Los Angeles
Office, where he was involved in a variety of transactions including
debt financings and mergers & acquisitions. Among these
was the $13.7 billion sale of Univision Communications Inc. to a
consortium of private equity firms. Prior to UBS, Mr. Chan
worked for HSBC Investment Banking in Hong Kong as a Summer Analyst,
where he advised Tsingtao Brewery, the largest Chinese brewer, on
various strategic alternatives. He is also actively involved
as an instructor for Crossing the Digital Divide, a non-profit
organization that provides free computer literacy courses to
individuals in addiction recovery programs.
- B.A. (highest honors) in Economics from the University of
Pennsylvania
- B.S. (highest honors) in Economics with concentrations in
Finance and Actuarial Science from The Wharton School of the
University of Pennsylvania
Andrew Edstrom, Senior Associate
Prior
to joining TCP, Mr. Edstrom served as an Associate at Ewing
Management Group, previously the distressed buyout division of The
Carlyle Group, where he executed buyouts of distressed manufacturing
businesses. Prior to that, he served as an Analyst in the
Leveraged Finance Group at Goldman Sachs, where he executed bank and
bond financings for financial sponsor and corporate clients
primarily in the industrial/manufacturing and business services
sectors. Mr. Edstrom serves on the Board of Directors of the
Robert M. Adams Foundation, a charitable foundation supporting
education, healthcare research and other philanthropic
activities.
- B.A. (high honors) in Economics from Williams College, Phi
Beta Kappa and member of the varsity crew
Gabriel Goldstein, Senior Associate
Prior to joining TCP, Mr. Goldstein was an Associate at
CIBC World Markets in the Corporate and Leveraged Finance Group
where he worked on various debt financings including the $203.0
million financing to support the acquisition of the Reno Hilton from
Harrah's Entertainment and the $310.0 million recapitalization of
Jacobs Entertainment. Prior to that, Mr. Goldstein was an
Analyst at Barrington Associates where he worked on several merger
and acquisition assignments including the sales of Joico
Laboratories, Opal Concepts, Plant Equipment, Inc., Carrand
Industries and Avalanche Publishing. Mr. Goldstein is a member of
the Concern Foundation, a non-profit organization devoted to raising
money to support cancer research.
- B.A. in History from Yale University, member of the varsity
tennis team
Timothy Gravely, Senior Associate
Prior to
joining TCP, Mr. Gravely was an Associate at RBC Capital Markets in
the Leveraged and Syndicated Finance Group where he executed
acquisition debt financing for financial sponsors and corporate
clients. Mr. Gravely's experience also includes restructuring and
DIP financing. Among the transactions he worked on while at RBC
Capital Markets was the $960m leverage buyout of Husky Injection
Molding Systems by Onex Corporation.
Prior to that, Mr. Gravely was an Associate with
Macquarie Capital Advisors in Toronto where he focused on private
equity investments predominantly in the Communications, Media,
Technology and Entertainment industries. His experience at Macquarie
included structuring the First and Second Lien debt financing for
Macquarie's acquisition of Gateway Casino Income Fund. Prior
to joining Macquarie Mr. Gravely was an analyst at RBC Capital
Markets in the Mergers & Acquisitions Group. Mr. Gravely is
actively involved with the Pediatric Oncology Group of Ontario
(POGO), a charity organization that works to ensure that all of
Ontario's children have equal access to state-of-the-art diagnosis,
treatment and required ancillary services.
John Lee, Senior Associate
Prior to joining TCP, Mr. Lee worked for five years at
GE Capital in New York in the Restructuring Finance and Bank Loan
Distressed Debt Groups. While at GE, Mr. Lee underwrote debtor-in-possession,
out-of-court, bankruptcy exit financings and distressed debt transactions.
Prior to that, he was an Associate in a principal investing group at
Société Générale, where his responsibilities included selecting and
performing due diligence on investment targets.
- M.B.A. from the University of Chicago, Graduate School of
Business
- B.S. in Economics with a concentration in Finance from The
Wharton School of the University of Pennsylvania
- B.A. in International Relations from the University of
Pennsylvania
- CFA Charterholder
Joon Kyung, Leveraged Loan Trader
Prior to
joining TCP, Mr. Kyung was a Director and Trader for UBS Securities
where he was responsible for trading Leveraged Loans and LCDS across
various sectors including Healthcare, Metals & Mining, Technology,
Financials and Services. Prior to being a trader at UBS, Mr. Kyung
was a Desk Analyst focusing on proprietary investments in distressed
debt. Prior to UBS, Mr. Kyung was an Associate at GSC Group, where he
researched Leveraged Loan and High Yield Bond investments within the
Autos, Industrials, Waste Management and Financials sectors.
Mr. Kyung started his career at Goldman Sachs & Co. where he was a
Financial Analyst in the Financial Institution Group in Investment
Banking and Debt Capital Markets in Fixed Income.
- B.S. (honors) in Economics with a concentration in Finance
from The Wharton School of the University of Pennsylvania
Andrew Robbins, Senior Associate
Prior to joining
TCP, Mr. Robbins worked as an analyst in UBS Investment Bank's
Financial Sponsors and Leveraged Finance group, where he was
involved in a variety of transactions including leveraged buyouts
and debt financings, leading the financial modeling effort in
evaluating leveraged buyouts, restructurings and recovery analyses,
exchange offers, recapitalizations and debt offerings. He is an
active participant in the Financial Services Division of the Jewish
Federation of Greater Los Angeles.
- B.B.A. in Business Administration from the Stephen M. Ross
School of Business at the University of Michigan
Tyler Bern, Associate
Prior to joining TCP, Mr. Bern was an analyst at Lazard Freres in
the Chicago Restructuring Group where he was involved in various
restructuring transactions including the $1.4 billion Movie Gallery
bankruptcy, the recapitalization of Ion Media Networks by Citadel
and NBC Universal and assorted exchange offers for Primus
Telecommunications. Mr. Bern started his career as a summer
analyst in Lazard's New York office working primarily in the TMT and
Real Estate groups.
- B.A. in Law, Letters and Society from the University of
Chicago.
Christopher Taylor,
Associate
Prior to joining TCP, Mr. Taylor worked as an
analyst in Credit Suisse Investment Bank's Los Angeles office where
he was involved in a variety of transactions including debt
financings and leveraged buyouts. Among the transactions he completed
was the $1.0 billion debt financing of Centaur Gaming Inc. and the
$1.2 billion leveraged buyout of ECI Telecom by Ashmore Investment
Management and the Swarth Group. Prior to Credit Suisse, Mr. Taylor
worked for Goldman Sachs Investment Bank in Los Angeles as a summer
analyst. Mr. Taylor is currently a mentor with the Fulfillment Fund,
an organization that provides guidance and college preparatory services
to underprivileged high school students in Los Angeles.
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