Dennis Arrouet

B.A., Columbia University, 1959;
B.S., in Mining Engineering, Columbia University, 1960;
M.B.A., in Finance and Accounting, Columbia University, 1964;
Advanced Management Program, Harvard Business School, 1980.
Senior Financial Executive, experienced in all aspects of internal and external accounting, finance, insurance, investor relations, tax, and acquisitions. Goal oriented team player who problem solves issues, sets tone of urgency, and empowers subordinates. Currently Advisor/Consultant with AdOne/Connect, a company that puts newspaper classifieds on the Internet. In 1995 was Consultant/Acting Chief Financial Officer with DVI, Inc., a NYSE finance company serving the medical equipment market with assets of $400 million. From 1992 to 1994 was Vice President, Finance, and Chief Financial Officer of MINORCO (U.S.A.) INC., a subsidiary of Minorco, managing all North American operations, with sales of $1.9 billion in mining and agri-business. Was Principal of Express Office Products, Inc. (1991-1992), office products company which uses state of the art communication technology to allow large customers to reduce costs dramatically with just in time buying. Member Board of Directors: Terra Industries Inc. 1993-1994 (NYSE); AdOne.


Averil Brent

B.Com. (Hons.), University of Manitoba, 1981;
M.S., Cornell. 1986;
Ph.D., 1988;
Chartered Accountant. 1982.
Teaching affiliation: Accounting, Business Law, and Taxation.
Teaching and research interests: financial accounting and capital markets research, behavioral decision theory research, lab markets research. Has taught financial and managerial accounting at the University of Manitoba and the Institute of Chartered Accountants of Ontario. Since 1988 has been teaching accounting at Columbia Business School.


Thomas W. Brock

B.S., in Business Administration, Miami University, Oxford, Ohio, 1969;
M.B.A., in Finance, Northwestern University, 1970.
Chairman and CEO of Salomon Brothers Asset Management. Is a Managing Director of Salomon Brothers Inc's (SBI) Management Board. Prior to assuming his present responsibilities, served as Director of the SBI's Global Research Department and was in charge of its Investment Strategy Group. Among his previous positions, has also been the SBI's Chief Administrative Officer and head of New York Fixed Income Sales. Was named a Managing Director in 1985. Joined Salomon Brothers in 1974 from Continental Bank where, as an investment officer, managed pension fund assets of large corporate and municipal entities.


Robert J. Chalfin

Certified Public Accountant .
President of The Chalfin Group, a Metuchen, New Jersey based firm, that specializes in providing strategic planning, valuation and consulting services to entrepreneurial businesses. The Chalfin Group frequently represents and consults with buyers and sellers of businesses. Is actively involved with several businesses, as an owner/investor, corporate board member and consultant. Has been cited in The Best Lawyers in America Directory of Experts as an expert in the area of business valuation and frequently lectures on this topic.


Barbara Chu

M.B.A., Columbia Business School;
professional degree from the Architectural Association in London, England, where she is a licensed architect.
Currently, Vice President, MetLife Real Estate Investments. From 1996-1998 was the Head of Mortgage Production, responsible for a national network of field offices which originate commercial loans for MetLife's general account portfolio. During this period, MetLife originated $4.8 billion of new loans. Prior to joining MetLife, ran the Northeast Investments and Sales office at Prudential where she worked in the areas of debt originations, re-structurings, portfolio management and equity sales. Is a member of ULI, ICSC, REBNY, ARCUK, and an occasional lecturer and adjunt professor of real estate at the Columbia Business School.


Richard Colombo

M.A., Cambridge, U.K., 1970;
M.B.A., Graduate School of Business, Columbia University, 1984;
Ph.D., Columbia University, 1987.
Statistician at Office of Population Censuses and Surveys (1970-1982).
Assistant professor of marketing at Stern School of Business (1986-1995).
Associate Professor of Marketing, Fordham University (1996-present).
Research focuses on use of probability and statistical methods applied to marketing problems. Teaches courses in marketing management, marketing research and marketing models. Published articles in Management Science, Marketing Science and Journal of Direct Marketing and elsewhere. Consultant to GM, Pfizer, Lucas Industries, NPD, Arthur Andersen, etc.


Howard Corb

Ph.D., in Finance, Graduate School of Business at Stanford University.
Member of the Investor Derivatives Marketing Desk at J.P. Morgan. Structures and markets fixed income over-the-counter derivatives for financial institutions including banks, insurance companies, and asset managers.


Cary J. Davis

B.A. in Economics, Yale University;
M.B.A., Harvard Business School.
Currently, a Vice President at the venture capital firm of E.M. Warburg, Pincus & Co., which has 60 professionals and venture capital assets of $8 billion in 100 companies. Specializes in funding high technology companies. Prior to joining Warburg, was at Dell Computer Corporation as special assistant to the company's founder, Michael Dell, and was later promoted to manager of worldwide desktop marketing. Began career at McKinsey & Company in their New York and Milan offices.


William F. Doyle

B.S., (in Materials Science and Engineering) Massachusetts Institute of Technology;
M.B.A., Harvard Business School.
While at M.I.T. was the Robert S. Farout Scholar. Currently is a partner with ARCH Venture Partners, L.P. and is Managing Director of the ARCH/Columbia new venture creation alliance. ARCH is a venture capital partnership that forms and develops companies that bring to market technological innovations and other intellectual property developed at academic and research institutions in the U.S. Prior to joining ARCH, co-founded the Durel Corporation and American Superconductor Corporation and was a Venture Capitalist with A.R.D. in Boston. Also spent two years in the health care consulting practice of McKinsey & Company. In addition to his ARCH actitivies, serves on the Board of Directors of Clonetics Corporation, Advanced Cryomagnetics, Inc., the Butcher Wax Company, and Bell Geospace, Inc.


Patrick D. Duff

B.S., in Accounting, Lehigh University, 1980;
M.B.A., Columbia Graduate School of Business, 1984.
While matriculating at Columbia, worked for Peat, Marwick, Mitchell & Co. Began investment career at Mitchell Huthchins Asset Management in 1984 as an Assistant Portfolio Manager. Started working at Capital Builders Advisory Services as Vice President in 1987. Joined Tiger Management in January 1989. While at Tiger was a Senior Managing Director and a member of the Management Committee. Left Tiger in December 1993 to become a private investor. Has been licensed as a Certified Public Accountant and received the designation of Chartered Financial Analyst. Is an adjunct professor at the Columbia Graduate School of Business.


James R. English

B.A., Physics, Amherst College, 1969;
M.B.A., Wharton School, University of Pennsylvania, 1974.
Currently Managing Director of J.P. Morgan Securities, Inc. and an equity analyst specializing in the property/casualty insurance industry; twenty companies under active coverage. Member of 1996 Wall Street Journal All-Star analyst team for stock picking. Analytic focus, in numerous reports, industry publications and speaking engagements, on common stock valuation techniques. Involved for the past fourteen years in JPMS financial services practice including work in equity private placements and initial public offerings, investment banking and mergers and acquisitions. Prior Morgan financial analytic positions in transportation, aerospace and electronics industries. Corporate financial experience on the treasury staffs of General Motors and, on special assignment from Morgan, W.T. Grant Corporation. International financial experience with PepsiCo Inc. as assistant treasurer, international finance, with responsibility for all local currency financing and foreign exchange.


Gregory B. Fairchild

B.S., Mass Communications, Virginia Commonwealth University, 1988;
M.B.A., Darden School, University of Virginia, 1992;
currently Ph.D. candidate in Management of Organizations, Graduate School of Business, Columbia University.
Work experience includes positions with Saks Fifth Avenue, Kraft General Foods, and Procter & Gamble.
Teaching and research interests include Cross-Cultural Management, Organizational Justice, Strategic Intent, and Entrepreneurship.


Michael C. Feiner

B.S., Boston University;
M.B.A., Columbia Business School, Columbia University.
Currently an independent management consultant specializing in building organizational excellence, molding corporate cultures and managing change. Formerly, Chief Personnel Officer for PepsiCo's Beverage Division worldwide. Has extensive experience in utilizing outside consultants as well as leading Pepsi-Cola's internal management consulting group. Has international reputation for expertise on people and organization issues, including helping organizations grow and develop executive leadership as well as coaching managers on how to enhance their executive effectiveness for career success.


Robert W. Gelfman

B.S., in Economics, Wharton School of Finance and Commerce of the University of Pennsylvania;
L.L.B., Harvard Law School.
Member of the Bar: New York and Massachusetts.
Judge Advocate, United States Air Force, three years of active duty, and discharged as a Captain.
Member, American Law Institute, Association of the Bar of the City of New York, American Bar Association. Partner, Battle Fowler LLP, New York, New York, and started the Real Estate Department there. Chairman of the Board of Directors of Arrow Lock Company (subsequently acquired by Walter Kidde & Co.). Presently trustee of Independence Savings Bank, formerly the largest mutual savings bank in New York State and now publically owned, and Director of Graycor, Inc., a closely held major industrial construction company based in Chicago. Practice specialization has been largely real estate, handling all phases of acquisitions, dispositions, leasing, financing and development.


R. Philip Giles

B.S., Oklahoma City University, 1963;
M.B.A., Ohio State University, 1972;
Ph.D., Columbia University, 1982.
Teaching and research interests: financial markets, business cycle and international finance.
Is President of CBT Worldwide, Inc., a multimedia computer-based training company. Is also an economic consultant to financial services firms, specializing in money, banking, macroeconomics and international financial topics. Has developed and is currently conducting management training programs in these areas at corporations including Barclays Group, Bank of China, Chase Manhattan Bank, Brown Brothers Harriman, CS First Boston, and Price Waterhouse. Has been a technical advisor for MONEY magazine since 1981, and has conducted a special course at Columbia University's Walter Bagehot Fellowship Program for business press writers. Is a contributing author to the International Finance Handbook published by John Wiley and Sons. Began career as a Systems Analyst with Rockwell International in Columbus, Ohio and Los Angeles, California, developing and utilizing large scale digital simulation models.


Joel Greenblatt

B.S., Wharton School, University of Pennsylvania, 1979;
M.B.A., 1980.
Founder and Managing Partner of Gotham Capital. Former Chairman of the Board, Alliant Techsystems, an NYSE listed aerospace and defense firm. Author of "You Can Be A Stock Market Genius (Even If You're Not Too Smart)," Simon & Schuster, April 1997. Founder of NYSAC, the New York Securities Auction Corporation.


Donna M. Hitscherich

J.D., St. John's University;
M.B.A., Columbia Business School, Columbia University.
Currently, a Vice President in the Mergers and Acquisitions Group at J.P. Morgan & Co. Incorporated, focusing on industrial and diversified companies, and is active in coordinating the J.P. Morgan associate and analyst training program. Prior to joining J.P. Morgan was a generalist in the Mergers and Acquisitions Group at The First Boston Corporation (1990-1994) and a corporate lawyer in the New York office of Skadden, Arps, Slate, Meagher and Flom practicing in the mergers and acquisitions area (1984-1987). Is also an Adjunct Professor of Finance at Columbia Business School where she teaches Corporate Finance, Tax Factors in Business Decisions, and Taxation of Business Organizations and Their Owners. Was also an Assistant Professor of Law at St. John's University School of Law, where she taught Federal Securities Regulation, Ethics, and Real Property.


Marjorie Kalter

Ph.D. in Comparative Literature, Indiana University;
Certificate in Business Administration, Wharton School, University of Pennsylvania.
Executive Vice President, Account Managing Director at Young & Rubicam-WCJ, a leading global advertising agency. Director of the agency's Strategy Review Board, an internal consulting group for business development. Responsible for developing and managing integrated marketing plans that entail advertising and direct marketing. Experience includes Air France, American Express, Apple, AT&T, Book-of-the-Month Club, Citibank, Columbia House, Groupe Danone/Dannon, Kraft Foods, Kodak, Oxford Health Care, Time Inc. Magazines, Time-Life Books, Yves St. Laurent Fragrances. Global marketing experience: European Account Director for Y&R-WCJ, based in Paris. Leads training sessions for senior executives and clients in the in the U.S. and overseas. Was a professor at Temple University for four years. Has been teaching at Columbia Business School since 1991.


Alan Kane

B.S. in Economics, the Wharton School at the University of Pennsylvania, 1963;
M.B.A., Harvard Business School, 1966.
Former President and CEO of Grossman's, a 120-store chain located in nine states, 1993-1994; President and CEO, Pergament Home Centers, a 40-store chain located in seven states, 1991-1992; private retailing consultant, 1987-1991; President and CEO, Hahnes Department Store, a division of May Department Stores, 1979-1987; various executive merchandise positions at Federated Department Stores and May Department Stores, 1966-1978.
Teaching interests: retailing.


Jack M. Kaplan

M.B.A., City University of New York;
B.S., Industrial Engineering, University of Colorado.
Started and managed three successful companies concentrating in information technology products and software development. Currently, President of Datamark Technologies, Inc., a New Jersey-based entrepreneurial firm engaged in interactive card technologies and customer loyalty programs for such customer-driven industries as retail, restaurant, travel and leisure, and oil and gas companies in North America. In less than three years, Datamark has built an impressive client list and has helped these companies harness their transaction data to create new ways of communicating with and retaining their best customers. Previously, taught M.B.A. entrepreneurial courses for four years at NYU Stern School of Business, and has appeared on CNN and CNBC evaluating successful growing businesses. His recent book, Smart Cards: The Global Information Passport, details how to manage a successful smart card program.


Kenneth Kuttner

B.A. in Economics, University of California at Berkeley, 1982;
Ph.D. in Economics, Harvard University, 1989.
Currently, Research Officer and Senior Economist in the Research Department of the Federal Reserve Bank of New York. Has also taught macro and monetary economics at the University of Chicago, the University of Wisconsin at Madison, DePaul University, and the New Economic School in Moscow. Research interests focus on monetary policy, financial markets, and banking. Current research projects include: "Are There Bank Effects in Borrowers' Costs of Funds? Evidence from a Matched Sample of Borrowers and Banks," and "<Does Talk Matter After All? Identifying the Effects of Inflation Targeting."


Robert C. Lieber

B.A., University of Colorado;
M.B.A., The Wharton School at the University of Pennsylvania.
Managing Director of Lehman Brothers in its Global Real Estate Department. Lehman Brothers is one of the leading real estate investment banks in the world, underwriting and advising on real estate capital market transactions in excess of $50 billion over the past three years. Has been with Lehman for over 14 years and is responsible for managing client relationships and for originating debt, equity, derivatives and strategic advisory transactions for both real estate companies and real estate assets. During his career, has been involved in over 30 equity offerings raising in excess of $6 billion for real estate service companies and real estate investment trusts. Has also been actively involved in more than 20 strategic advisory assignments representing greater than $12.6 billion in transaction value. Is a frequent commentator at industry conferences and has been guest lecturer at several of the country's top business schools. Is a member of the Zell, Lurie Real Estate Center at The Wharton School and sits on both the research and placement committees. Is also a member of the Board of Advisors for The Real Estate Institute at New York University. Is an Advisory Director for the National Multi-Housing Council and Vice Chairman, Program Committee for the Urban Land Institute's UD/MUC Blue Council. Is a member of the National Association of Real Estate Investment Trusts and a Licensed real estate broker in the State of New York.


Franceso Mainolfi

B.A., Economics and Finance, York University, 1992;
M.A., Economics, University of Toronto, 1993;
Ph.D., Finance, Columbia University Graduate School of Business, expected October 1998.
Teaching experience includes Options Markets and Capital Markets and Investments courses at Columbia.
Teaching interests are in the areas of financial economics, options and debt markets.
Research interests are in the area of empirical asset pricing and include: Use of options prices, volatilities and trading volumes in asset pricing; Information flows between markets; Market Microstructures; Performance evaluation and market timing. Current research projects include: " Timing Tests and Public Information: An Analysis of the Conditional Distribution of Returns; Institutional Investors and Security Returns."


Robert A. Myers

B.A., summa cum laude, 1958;
M.A., 1959;
Ph.D., in Applied Physics, 1964, all from Harvard University, where he was elected to Phi Beta Kappa and Sigma Xi .
Currently, Program Director, Technology Licensing at IBM Corporate Headquarters. His thirty-four year career with IBM has included applied research and research management, significant technology development responsibilty in IBM Japan, and staff positions at the highest levels of the Corporation. Since July 1994, has been responsible for technology know-how licensing and related activities, particularly relating to Storage Systems and Technology. From January 1986 until July 1987 was Director of Technology in the IBM-Japan Yamato Development Laboratory. Started the advanced development of thin-film transistor liquid crystal display (TFT-LCD) technology in Yamato and oversaw the transition to joint development with the Toshiba Corporation that eventually led to the creation of the IBM-Toshiba joint venture, Display Technologies, Inc. His responsibilities at IBM have ranged from Research Staff Member to Program Director of Quality and Consultant to the IBM Vice President and Director of Research in the Research Division and, Program Manager, Technology Review Board in the Enterprise Systems Line of Business. Dr. Myers holds twelve United States patents, is an author or co-author of more than 30 technical papers, and has been on university advisory committees in the US, Canada, and Singapore. Has given invited papers at meetings of the American Physical Society, the IEEE, the SPSE, the ACM, and other professional societies, as well as participating in invited panels on Japan at the Columbia University School of Business and the MIT Sloan School. In 1995 was a participant in the Asia Project at the Council on Foreign Relations in New York and was recently named to the Board of Directors of Thomas Publishing Company in New York.


Sunder Narayanan

Bachelor of Technology, Indian Institute of Technology, Delhi, India;
Post Graduate Diploma in Management, Indian Institute of Management, Ahmedabad, India;
M.Phil. and Ph.D., Columbia University, New York.
Has taught various marketing courses at the University of Illinois, Urbana Champaign, and New York University. Research has focused on consumer and managerial decision making. Has published articles in Journal of Retailing, Marketing Letters, Journal of Consumer Psychology, and other journals. Has also worked in product management for four years at SmithKline Beecham (India).


Michael Pettis

M.B.A. in Finance and M.I.A. in Economic and Political Development, Columbia University.
Currently is a Principal at Grafton Partners. The firm acts as the General Partner and manager of the Hamilton Arbitrage Fund, a hedge fund which invests in arbitrage and delta neutral strategies in the Latin American fixed income markets. Has been involved in the Latin American debt markets since 1987, when he joined the sovereign risk trading team at Manufacturers Hanover. From 1989 to 1993 worked at First Boston where he was Director and Head of the Emerging Capital Markets Group - the group responsible for Latin American fixed-income sales, trading and capital markets. Started up, built and ran a seventeen-man team that was one of the top six volume traders of Latin American debt and the leading arranger of Latin American bond issues over the four years. While there, was a senior member of the team that advised the Mexican government on the privatization of the banking system. From 1993 to early 1995 was a Managing Director at The Weston Group, a boutique investment bank specializing in highly structured transactions in local currency markets, with a primary focus on Mexico. Pioneered several of the structures that are used in the market. Has taught over the past four years a seminar on Latin American financial markets at the Graduate School of Business at Columbia University. Has also published numerous articles on finance, and has recently edited and co-authored a book to be published later this year on analytical techniques in pricing and hedging emerging debt instruments.


Michael S. Preston

B.A., Ithaca College;
M.B.A., New York University's Leonard N. Stern School of Business.
Currently, is a Management Consultant to growing entrepreneurial and owner/managed companies in strategic and systems planning, process improvement and organization development. Last year retired as a Senior Partner after twenty-eight years with Grant Thornton LLP having held various management positions including: Partner in charge of New York area Management Consulting and Regional Director of Management Consulting, Northeast and Eastern Regions. Has directed numerous assignments for emerging companies and directed major multi-year systems and litigation support projects for larger organizations including Lloyds of London, Motorola, GTE-Sylvania and AT&T. Recently co-authored a book: The Road to Success: How to Manage Growth.


Melissa Previdi

B.A., University of Vermont;
M.S., Western Connecticut State College;
attended the Wharton School for Family Business in 1987 where her interest in family business began to solidify. Has been a speaker at seminars and conferences in the industry and has written articles for trade publications. Is a frequent lecturer on Family-Owned Businesses at Columbia University's Graduate School of Business, and is currently employed as an adjunct professor in the Entrepreneurship concentration. Has over fifteen years of experience in the graphic arts industry. Began her career with Danbury Printing & Litho, Inc. in 1982 as a sales trainee. In 1985 became Director of Sales and Marketing and was responsible for all new business development as well as the hiring and training of sales executives. In addition to her sales management responsibilities was selected to become certified as an instructor in the Phil Crosby Quality Improvement Process. Educated senior management and company personnel for three years and chaired the Quality Improvement Team. Was charged with overseeing various quality teams with the primary objective of reducing rework and improving bottom line results. In 1987 became President and CEO of Danbury Printing, a large family owned business with annual sales in excess of forty million dollars. During her seven years as President, initiated a major expansion of the company which included a fifty-thousand square foot addition, the purchase of major new press equipment and the introduction of a new Desktop Publishing Department. During her Presidency, sales revenues increased by approximately fifty percent. Subsequently, a severe recession occurred in New England in 1993 requiring a downsizing of the company; she successfully accomplished this by reducing costs twenty two percent and at the same time positioned the company for eventual sale. Has been a member of the Board of Directors of the Web Offset Association of Printing Industries of America and a Board member of the National Association of Printers and Lithographers (NAPL). Served on the Advisory Board of the Rochester Institute of Technology. Was inducted into the Walter E. Soderstrom Honorary Society of the NAPL in 1990 and was the recipient of the Naomi Berber Award presented by the Graphic Arts Technical Foundation.


Lucius J. Riccio

B.S.I.E., cum laude, Lehigh University, 1969;
M.S.I.E., 1970;
Ph.D., 1973.
Elected to the Alpha Pi Mu and Sigma Xi Honoraries.
Appointed Commissioner of the $1.1 billion, 7800 employee New York City Department of Transportation by Mayor David N. Dinkins on February 1, 1990. As Commissioner, has restructured the organization, reducing executive and administrative costs by nearly 40%; brought into the organization top-flight professional engineering management to the bridge and highway construction programs; substantially increased productivity and reduced unit costs in highway resurfacing, asphalt production, and parking ticket writing saving the taxpayers tens of millions of dollars; raised department revenues and reduced costs resulting in a net surplus of $66 million of revenues over expense budget costs, the first such surplus in the department's history; instituted Total Quality Management concepts into the department, including a new quality assurance program in highway construction, which has been praised by New York State engineers as the first acceptable highway program in DOT's history; created or enhanced customer service and employee integrity programs throughout the agency that have received praise from citizens, community groups, elected officials, and the media, including PVB's "Zero Complaint" program, highway's "212-Pot-Hole" complaint phone number and Traffic's "Total Commitment to Integrity" and "Community Based Enforcement" programs. In addition to the job of Commissioner, Mayor Dinkins appointed Dr. Riccio to the Board of the Metropolitan Transportation Authority in June 1990. Before being named Commissioner, was Assistant Professor of Industrial Engineering at Lehigh University; Assistant Director for Research of the Police Foundation in Washington, D.C.; Director of Management Services for NYC Board of Education's Division of School Buildings; Assistant Commissioner for Operations Planning of the NYC Department of Sanitation; and Deputy Transportation Commissioner for Highway Operations of the NYC Department of Transportation. Has published numerous articles and book chapters on public sector productivity in scholarly journals and textbooks, and has served on the Editorial Board of the Operations Research Journal. Has received numerous awards including the City Club's prestigious Earthling Award for Outstanding Public Service and the March of Dimes' Service to Humanity Award.


David L. Robbins

B.A., Ohio University. 1969;
J.D., Columbia Law School, 1972;
M.B.A., Columbia University Graduate School of Business, 1982.
Admitted to the Bar in New York, Ohio, and Federal Courts.
Practiced with Porter, Wright, Morris & Arthur in Ohio and Shearman & Sterling in New York. Taught at the Ohio State University College of Law. From 1982 to 1986 was an independent consultant to venture capital firms. Currently, heads his own firm representing foreign financial interests in their U.S. real estate investments.


Gregory Rorke

B.A., Brown University;
M.B.A., Harvard Business School.
Has been involved with turnarounds for the past twenty years. Began his turnaround career in the workout department of Chase Bank. Has been the President/CEO of eight turnarounds in a variety of industries including furniture, technology, newspaper, apparel, and academic test preparation. Is interim CEO of a medium-sized service company in Atlanta, and currently serves on three corporate Boards. In 1989 joined Danskin, the apparel company, as President after revenue fell from 1982's $110 million to 1986's $40 million, where it remained flat for the next three years, and the company suffered a $4 million EBIT loss. At the close of his three-year reign, sales reached $70 million and EBIT grew to $6 million. Was hired by The Washington Post as CEO of its academic test preparation subsidiary, Kaplan, following an 80% EBIT drop and 5% revenue decline. With his implementation of a number of initiatives, EBIT doubled with 17% revenue growth over the next two years.


Elaine A. Sarsynski

B.A., Smith College;
M.B.A., Columbia University.
Consultant to the real estate industry on strategic portfolio matters, commercial mortgage-backed securities and CMBS special servicing. Most recently held the corporate position of vice president for real estate investments at Aetna Inc., where she was responsible for Real Estate Investment. During her 17-year career at Aetna, has held positions in bond investments, financial guarantees, portfolio management, corporate finance and mortgage finance. As head of real estate investments, was responsible for the direction and oversight of Aetna's mortgage loan and owned real estate portfolios totaling $6.9 billion, located throughout the United States. Prior to joining Aetna, was an associate at Morgan Stanley Realty.
Is active in many professional associations. Is a member of the Urban Land Institute (ULI) and its Industrial & Office Park Development Council. Is also a member of the Mortgage Bankers Association, National Association for Real Estate Investment Managers, National Network of Commercial Real Estate Women, Pension Real Estate Advisors (PREA) and Real Estate Finance Assocition. In 1996 was invited to join the CSSA Board of Governors as a principal governor, as well as accepting the position of director to the REFA Hartford Executive Committee.


Matthew Scheckner

B.A., Political Science and Sociology, Emory University.
Currently, President, Empire Sports & Entertainment and Director, Sports & Entertainment, Louis Harris & Associates. Formerly, Director, Sports Practice, Hill & Knowlton, and Executive Director, New York City Sports Commission. Has initiated and led successful bids to attract the Olympic Congress of the USA and the Goodwill Games. Manages relationships with such clients as Coca-Cola, the NCAA, Radio City Productions, and Madison Square Garden. Recognized by Crain's New York Business "Forty Under Forty." Lectured on sports and entertainment marketing around the world including recent addresses in Sao Paulo, Brazil and Santiago, Chile. Coordinator for New York University annual Summer Institute in Sports and Event Marketing.


Clifford J. Schorer, Jr.

B.A., in English literature, Lehigh University, 1965.
An entrepreneur who specializes in the acquisition, development, and eventual re-sale of small and mid-sized companies. Focuses on businesses with unique ideas or technologies which are in need of energy and guidance during their initial growth phase. Is currently involved with companies in the construction, real estate, and office supply industries. Is actively doing business in the former Soviet Union. During his 28-year business career, has lectured in numerous business and academic forums both here and abroad. As a part of his current activities, is developing a series of software programs for business education for a start-up firm, Bizco Inc. Is also working with Thirteen WNET, the PBS television station in New York, developing a children's education series called "Folk Tales of the World." These programs, a series of multimedia productions, will provide self-paced business education utilizing advanced electronic technologies. Is also founder and Chairman of KIDCARE, a non-profit organization chartered to assist homeless children in East Harlem.


O. Griffith Sexton

B.S.E., Princeton University, 1965;
M.B.A., Stanford Graduate School of Business, 1973.
Investment Banking Professional at Morgan Stanley & Co. Incorporated, 1973-95. Concentration in the development and execution of advisory assignments involving major corporate transactions such as mergers, acquisitions, divestitures, corporate defense, recapitalizations, financial restructurings, joint ventures, spin-offs, squeeze-outs, etc. Managing Director, 1985-95; Advisory Director, May 1995.


Itzhak Sharav

B.A., New School for Social Research, 1960;
M.B.A., Bernard M. Baruch School for Business and Public Administration, 1963;
Ph.D., City University of New York, 1971;
Teaching and research interests: financial and managerial accounting.
Has served on the faculty of Herbert H. Lehman College, CCNY, 1967 to present. Consultant to commercial and investment banks, and to real estate boards and other organizations of realtors. Has also submitted expert accounting testimony to legislative and judicial bodies. Formerly senior auditor with S.D. Leidesdorf and Company, CPAs. Has written articles for Management Accounting, The Government Accountants Journal, and The Journal of Accountancy; has published articles and book reviews in the New York Times and elsewhere.


Lawrence M. Sherman

B.A., in Psychology, Brandeis University;
M.B.A., Harvard Business School.
Received the "Technology 100 Award" from TECHNOLOGY Magazine, the "Maroon Citation" from Colgate University and two IR-100 Awards from Industrial Research Magazine. Invented EasyCap and founded United States Guaranty Corporation (USGC), of which he is Chairman and CEO, in order to make it possible, for the first time, for small and middle market borrowers and their banks to eliminate interest rate risk. Prior to founding USGC, was, for 25 years, the managing general partner of Cambridge Research and Development Group (CRDG), a company he and his twin brother established to develop and license inventions, start companies around inventions and acquire and manage small industrial companies. Is the inventor of the OvuGuide and holds five U.S. and numerous foreign patents on it and other unrelated inventions. Is on the Board of Directors of Oppenheimer & Co.'s "Quest For Value" fund (NYSE), and Camp Avoda and is a member of the Corporation of Babson College. Has served on the International Board of Directors of the Harvard Business School Alumni Association. Has been a guest lecturer at Harvard Business School, MIT's Sloan School and others, and is currently teaching two seminars in entrepreneurship at Columbia Business School with Professor Murray Low and Professor William Doyle.


G. Todd Silva

M.B.A., Columbia Business School.
Senior Portfolio Manager with John A. Levin & Co., a New York investment management firm. Prior to joining John A. Levin, was a Senior Vice President and portfolio manager at Jennison Associates LLC. Before Jennison, was a research analyst and portfolio manager with Scudder, Stevens & Clark Inc., and research analyst with Putnam Investments.


Carlos Singer

B.A., Political Science, College of Wooster;
M.A. in Economics, Boston University;
M.S. in International Relations, Georgetown University.
Is United States Representative, Banco de Santiago. In his current position since 1992, his responsibilities include the organization of the New York branch of the bank. Arranges Banco de Santiago notes in the U.S., European and Japanese markets. Organizes and finances deals for Chilean and U.S. investors. Previously, served as Commercial Counsellor in the New York Office of ProChile, the Chilean Government Export Agency. Also, was General Manager of America Economia, a Latin American publishing company whose main shareholder is Dow Jones, and Economic Advisor to the American Embassy in Santiago. Was formerly an advisor to the General Manager of Banco Morgan Finansa and a consultant to the World Bank. Has been a professor of economics at Georgetown University (ILADES), the Universidad Gabriela Mistral, the Universidad de Santiago, Fundacion Adolfo Ibanes, and the Universidad Catolica de Chile.


David F. Smith

B.A., Duke University, 1974;
J.D. and M.B.A., University of Pennsylvania Law School and Wharton Graduate Business School, 1978.
Founder and Chief Executive, David F. Smith & Co., L.P., a New York-based investment banking and merchant banking boutique specializing in mergers, acquisitions, venture capital and buyouts. Founding member of mergers and acquisitions group at Alex. Brown, 1983-1996. Head of Consumer Sector Mergers and Acquisitions, Alex. Brown. 1990-1996. Previously associated with the Robinson-Humphrey Company and the law firm Alston & Bird, both of Atlanta, GA. Lead investment banker in more than 70 successfully completed merger and acquisition transactions involving strategic and financial acquirors. Clients have included entrepreneurs, family businesses, professional investors, and large corporations, both domestic and international. Speaker at Practicing Law Institute Seminar on Mergers and Acquisitions 1998; articles published in law reviews and tax journals.
Member, State Bar of Georgia.


Philip B. Smith

B.S.E. (Chemical Engineering), Princeton University;
M.B.A., Harvard Business School.
Currently, Managing General Partner, Private Equity Partnership, and Vice Chairman of Spenser Trask Inc. Formerly, Managing Director of Prudential-Bache and Managing General Partner of the Private Equity Partnership. Founding General Partner of Lawrence Venture Associates, a venture capital limited partnership headquartered in New York City. Previously served as Executive Vice President and Group Executive of the Worldwide Corporate Group at Irving Trust Company. Prior to that was with Citibank for fifteen years, where he founded Citicorp venture Capital as President and Chief Executive Officer. Currently, is a special limited partner of Utech Venture Capital Fund, Washington, D.C., which specializes in investments in companies of interest to its public utility limited partners. Director of Digital Video Systems Inc., KLS Enviro Resources Inc., Movie Gallery, Inc., and several private companies including Exigent Diagnostics Inc. and Coaxicom, Inc.


Joel M. Stern

University of Chicago Graduate School of Business (finance and economics).
Managing Partner and CEO of Stern Stewart & Co., a strategic policy advisory firm whose client list numbers almost 2,000. The firm also publishes the Journal of Applied Corporate Finance with a subscription list of 24,000, produces and markets a family of software for strategic financial planning called FINANSEER @ and presents short courses in corporate finance to senior executives, bankers, and partners of major accounting firms. For 17 years was a rotating panelist on "Wall Street Week" where twice his stock picks won top performance for the year and has presented his views on financial economics on CNN's "Moneyline." For the last ten years has been one of the three business forecasters at the annual University of Chicago forecast luncheon in December. Spent four years as a financial policy columnist for the Financial Times of London and has been widely published in business newspapers and periodicals, including the Wall Street Journal's editorial page, Fortune, Planning Review, and Corporate Finance. Has been a member of the board of directors of four corporations and is currently a member of the Executive Advisory Committee of the William E. Simon Graduate School of Business at the University of Rochester and a member of the University of Chicago's Council on the Graduate School of Business. Currently Adjunct Associate Professor at the Graduate School of Business at Columbia University and the University of Witwatersrand in Johannesburg, South Africa; has also served as an adjunct faculty member of the graduate business school of the University of Cape Town in South Africa and at the University of California in Berkeley and in Los Angeles, Florida University, the University of Wisconsin, and the University of Hawaii.


Robert Willens

A CPA, is a Managing Director at Lehman Brothers and was formerly Tax Partner-in-Charge of the Capital Markets Group at KPMG Peat Marwick in New York. In these capacities, has participated in numerous transactions where his focus has been on devising tax and accounting oriented solutions to business problems. Is a member of the American Institute of Certified Public Accountants where he served as Chairman of the Committee on Revision of the corporate tax laws. Is also a member of the New York State Society of Certified Public Accountants and chaired that organization's Committtee on Distributions, Liquidations and Reorganizations. Is the author of Taxation of Corporate Capital Transactions (John Wiley & Sons Inc. 1984) and has authored over 200 articles for publications that include The Journal of Taxation, Tax Notes, The Tax Adviser, The Journal of Accountancy and The CPA Journal. Is a contributing editor to The Journal of Accountancy and The Journal of Taxation of Investments, and serves on the editorial board of The Journal of Accountancy. Is quoted extensively in the business press including The Wall Street Journal, Forbes, Barron's and The New York Times and has been named (in each of the past three years) by the CPA Review as one of the 25 most quoted certified public accountants in the United States. Is a frequent lecturer on corporate and investment tax topics and has participated in New York University's Annual Institute on Federal Taxation, National College of Tax Practice sponsored by Arizona State University and The Georgetown Law Center's Annual Tax Institute. Was named to Institutional Investor's All American Research Team in 1990, 1992, 1993-95 in the Accounting Category.