Trenwith Securities LLC Expands Corporate Restructuring Group.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 11, 2004

Trenwith Securities, LLC, an independent investment banking affiliate of BDO Seidman LLP, one of the nation's leading professional service organizations, has announced that Ira J. Perlmuter and Robert Mendeles have joined the firm's Corporate Restructuring Group as managing directors. The two new hires, each based in the firm's New York office, will be responsible for advising Trenwith clients on in- and out-of-court debt restructurings, capital raising, bankruptcy and distressed M&A, and bankruptcy advisory work.

"The addition of Ira and Bob to our team will augment Trenwith's existing corporate restructuring capabilities," said Ron Ainsworth, President of Trenwith Securities. "During the difficult economy of the past few years, Trenwith has assisted numerous clients in successfully marketing the assets of distressed businesses. With the addition of these two very experienced professionals, we will be able to further expand the advisory services we can provide our clients in the restructuring arena."

Ira J. Perlmuter, 41, is a Managing Director in Trenwith's New York office, and will lead the firm's East Coast Bankruptcy and Restructuring practice. Prior to joining Trenwith, Ira founded and ran Cove Capital Advisors, Inc., a boutique financial restructuring and turnaround advisory firm that advised on over $6 billion of assignments for JP Morgan Chase Bank, Korea Exchange Bank, Metropolitan National Bank, Korea Asset Management Corporation, Epstein, Becker & Green, PC, and numerous private clients. Cove Capital also served as Creditor Trustee of the $600 million, Daewoo International (America) Corp. Creditor Trust. Prior to founding Cove Capital, Ira was a Vice President in The Chase Manhattan Bank's Restructuring Group where he restructured and/or sold over $1.5 billion of troubled debt. A member of the Turnaround Management Association and the American Bankruptcy Institute, Mr. Perlmuter received a BA in Psychology from Brandeis University and an MBA in Finance from the Stern School of Business at NYU.

Robert Mendeles, 44, is a Managing Director of the New York office and has been a banker in the financial institutions and financial restructuring sectors for over fifteen years. Prior to joining Trenwith, Bob ran the Financial Institutions Lending Group at Canadian Imperial Bank of Commerce ("CIBC") where he was responsible for the restructurings of Conseco and Finova. He began his banking career in 1986 in the Real Estate Group at The Chase Manhattan Bank, N.A., where he specialized in mortgage companies and other specialty finance companies. In that capacity, Bob was the banker on the $5 billion, Lomas bankruptcy. In 1993, Mr. Mendeles joined Union Bank of Switzerland ("UBS") to start and co-head a new specialty-finance lending unit; Bob grew the unit's loan portfolio to $1.5 billion. At UBS, Bob was responsible for the multi-billion dollar United Companies, Avis Rent-A-Car and Conti-Mortgage restructurings. He holds an MBA from Fordham University and is a member of the Turnaround Management Association and American Bankruptcy Institution.

About Trenwith Securities LLC

Trenwith Securities is a premier investment banking firm serving the middle market through institutional private placements of subordinated debt and equity, M&A advisory services, corporate restructuring services, recapitalizations and private equity investments. Established in 1981, the firm maintains a domestic presence in five U.S. offices while providing clients access to the global marketplace through approximately 600 BDO international offices around the world. Trenwith is an independent investment banking affiliate of BDO Seidman, LLP, a member firm of BDO International. For more information please visit http://www.trenwith.com.