2006 - 2009, Managing Director, Pace Financial Services, LLC
Recent consulting and investment banking clients included South Point Biomass Group (capital cost of $700 million in a renewable biomass fuel facility), CEFCO (a new clean coal energy technology, coal-based emissions company with initial capital cost of $100 million), Standard Solar, LLC a solar-based renewable energy company (initial capital cost of $100 million) and a biodiesel fuel company. Advisory assignments also included a retail electric provider ($10 million capital cost), an independent power producer ($1.5 billion capital cost) and an investor-owned power utility ($300 million capital cost) as clients.
Developed a strategy and initiated the formation and acquisition of a broker/dealer subsidiary that became Pace Financial Services, LLC. Prepared a business plan (including detailed proformas), a policies and procedures plan, anti-money laundering and risk mitigation measures acceptable to FINRA. Advisory activities included private placements and mergers and acquisitions. Personally registered as a Series 7, 63 and 24 representative with FINRA.
2006 – 2006, Consultant
Clients included the World Bank (consulting on a 2,000 megawatt coal-fired power plant in Kosovo), NRG Energy (various power generation projects in emerging markets), Liberty Power (a retail electric provider) and Energy Capital Solutions, an investment banking firm.
2003 – 2006, Chief Financial Officer, Cirro Energy Corporation
Performed all aspects of financial management for this Texas-based retail electric provider with over $300 million in sales with sales having been approximately $50 million upon my joining the Company. Successfully implemented policies and procedures to allow for over 40% compounded growth since inception. Managed a staff of seven professionals. Made Board level presentations on a regular basis. Primary areas of responsibility included:
Risk management – Implemented and managed Phase I and Phase II policies and procedures studies (using third party consultant Protiviti) in preparation for a Section 404 audit and an IPO under Sarbanes Oxley regulation; Developed in-house forward and backward looking position report in a portal-based format; Hired risk manager to monitor corporate risk profile. Developed several new proprietary reports to monitor position of load versus purchased power. Worked with in-house traders to develop real-time cost estimates of purchased power. Monitored credit risk of load portfolio on an ongoing basis.
Accounting – Supervised annual audits and worked with accounting staff to prepare and close monthly and quarterly financial statements. Developed new revenue accrual methodology. Managed migration of corporate financial and accounting software from QuickBooks to Oracle Financials.
Treasury and cash management - Managed accounts receivables, accounts payable and cash management functions. Supervised lockbox activities (implemented retail lockbox product by migrating from a wholesale lockbox product allowing for smooth processing of over 30,000 payment transactions per month).
Raising capital and banking relations - Developed a $40 million private debt/equity corporate investment from several different sources including a finance company and a hedge fund; Managed all corporate banking relationships.
Mergers and acquisitions – Participated in negotiating and structuring the acquisition of two subsidiaries.
Procurement – worked with in-house traders to develop supply proposals (including EEI Agreements) from creditworthy counterparties.
Credit and collections – Developed credit policies for commercial and residential consumers. Developed and implemented collection policies including legal remedies and hiring/working with collection agencies.
Cost accounting – Assisted development of and maintained costing model(s) in order to price various direct, broker, aggregator and online sales channels.
Strategic Planning – Oversaw preparation of annual budgets and integrated recommendations on headcount and spending from various departments and monthly monitoring of same by variance reports; Developed five year forecasts on a quarterly and annual basis.
Legal and Tax – Managed all external legal relationships including major contract negotiations and litigation. Oversee preparation of federal and state tax returns.
Managed a staff of seven.
2003 Managing Director, Crosswind Partners, LLC.
Developed acquisition proposals for several domestic wind farms. Developed an acquisition proposal with financing provided by Beal Bank for a 550 megawatt, gas-fired, combined cycle power facility near the Palo Verde Nuclear Generation Station. Developed an acquisition proposal with financing provided by a hedge fund for a 40 megawatt wood-chip burning facility in North Carolina.
1999 – 2002 Managing Director, PowerDevelopment Enterprises, LP
Co-founded this project development company. Raised approximately $18 million in equity capital for the company. Developed electric power projects primarily in the southwestern United States. Activities involve negotiating, execution and preparation of all project activities, agreements and documents including:
Tolling, offtake and power purchase agreements;
Engineering, procurement and construction (“EPCâ€) agreements;
Gas supply and transportation agreements;
Joint venture/co-development agreements;
Transmission and interconnection activities and agreements;
Community development activities;
Preparation of financial proformas;
Other project-related documents necessary for raising debt and equity in public and private markets.
Specific development activities included:
Obtained all necessary site (water, air, municipal and federal) permits for construction of a 755 megawatt combined-cycle, gas-fired power plant located in Gila Bend, Arizona (the “Gila Bend Projectâ€);
Obtained ground water rights necessary for operation of the Gila Bend Project;
Obtained rights-of-way and state permits necessary for construction of a 35-mile transmission line connecting the Gila Bend Project to the Hassayampa Switchyard, an interconnect to the Palo Verde Nuclear Generation Station
.
Worked with a group of interconnectors, e.g., Arizona Public Service, Duke Energy, etc., to develop and finance (capital cost of approximately $70 million) the Hassayampa Switchyard which served as additional interconnection capacity to the existing bus at the Palo Verde Nuclear Generation Station.
Worked with the local municipality (the Gila Bend, Arizona City Council and its mayor) to get all necessary local permits and citizenry support for the Gila Bend Project.
Obtained several tolling proposals that would have facilitated construction of the Gila Bend Project on a leveraged basis.
Obtained gas transportation and supply proposals from several transportation and gas commodity companies for the Gila Bend Project.
Developed several preliminary proposals from credit-worthy EPC providers for a turnkey contract for the construction of the Gila Bend Project.
Developed a purchase proposal for the Gila Bend Project site from several parties including the winning bidder, NRG Energy.
Managed or oustourced staffs of six.
1999 - 2002, Managing Director, Robert A. Innamorati & Co., Inc.
(Merchant banking affiliate of Sammons Enterprises, Inc., the second largest privately held company in Dallas, coterminous with PowerDevelopment Enterprises, LLC position above)
Business development and financial analysis of regional companies for private equity investments and/or acquisitions for Sammons Enterprises, a $2 billion company, privately-held company. Analysis of target companies included proforma modeling, best and worst case budgets, management assessment and structuring of the capital structure of the target company to determine the feasibility of the investment. Also provided private placement, investment banking and merchant banking services for middle market companies including companies in energy, software, mortgage banking and construction materials.
1997 - 1999, Managing Director, TwinBridge Capital Holdings, LLC
Founded this international consulting and project development firm. Recruited senior members from the industry to develop international and domestic projects including projects in China, Turkey and Mexico. Responsible for:
Accounting – prepared monthly and quarterly statements;
Budgets – prepared annual budgets by month and produced monthly variance analysis against plan;
Strategic planning – prepared all project level proformas and corporate five-year forecasts;
Capital formation – raised project level debt and equity capital; and,
Business development – originated several international power projects for development.
Specific business development activities included obtaining local and government permits for a 350 megawatt gas-fired, combined cycle power project in Istanbul, Turkey whose power purchase agreement was guaranteed by the Turkish government. With respect to this project’s Turkish government guarantee also obtained sovereign risk insurance proposals from several insurance companies that facilitated a highly leveraged project construction and permanent financing proposal (approximately $175 million) from Lehman Brothers.
Managed a staff of three.
1993 - 1997, Chief Financial Officer, Panda Energy International, Inc.
Led financial restructuring of this independent power firm. Increased equity valuation of this company from $30 million to over $400 million and increased enterprise value (debt and equity) from $200 million to over $1 billion. Oversaw external (SEC reporting of 10K’s, 10Q’s, 8K’s, proxy statements, etc.) and internal accounting. Interviewed and hired two Big Four accounting firms. Developed strategic financial plan and annual budgets. Managed staff of six people. Made regular (quarterly) Board of Directors’ presentations. Responsible for merger and acquisitions as part of corporate development strategy.
Closed approximately $1 billion in corporate, structured and project financing comprising activities including:
Led initial public offering of two series of high yield debt issues of $105 million and $155 million. Led associated activities of investor road shows, analyst meetings and ratings agency presentations;
Led offering of investment grade debt for $111 million with Jefferies & Co. as lead manager for a US power project;
Financed a 100 megawatt power project which was the first capital markets debt financing of an independent power project in China with Donaldson, Lufkin & Jenrette Securities, Inc.;
Financed and closed a $209 million power project in the US. Structured financing as a construction loan that converted to a leveraged lease upon commercial operation;
Securitized the equity in a US power project utilizing high yield debt financing ($105 million from above) with Jefferies & Co. as lead manager;
Developed tender offer and acquisition financing for a $1 billion purchase of a US publicly held independent power corporation;
Structured repurchase of equity to achieve 100% ownership in a power project utilizing two simultaneous bond offerings ($111 million and $105 million above) with Jefferies & Co. as lead manager;
Led corporate financing of $20 million in convertible debt with Trust Company of the West;
Raised $2 million in subordinated debt from Nova Northwest Corporation;
Originated a 36-megawatt hydroelectric power project in Nepal that closed with a $100 million financing in 1997 with the International Finance Corporation as lead investor.
Development activities included:
Obtained all necessary permits (and at-risk development financing for $10 million from GE Capital and $3 million from Raytheon Corporation) for development, eventual construction and permanent financing of a 230 megawatt, gas-fired, combined cycle power plant in Brandywine, Maryland. The project sold power on a take-or-pay basis to PEPCO. As part of the PEPCO project activities assisted in negotiating a power purchase agreement with PEPCO. As part of the PEPCO project assisted in negotiating an EPC contract with Raytheon and securing development financing from same as part of the consideration for the EPC contract. Obtained rights-of-way for construction of a gas and transmission line interconnect along a railroad right-of-way. Obtained water rights for tertiary water coming from Washington, DC.
Obtained local and federal permits for a 75 megawatt, gas-fired, open-cycle power plant in Lakeland, Florida. Arranged construction and permanent financing with Merrill Lynch through the mechanism of a medium term note program. The project was a standard-offer contract and was eventually adjudicated away by the proposed off taker, Florida Power Corporation.
Obtained site permits (including approval from the Chinese Politburo and thereby a sovereign guarantee), negotiated a fuel supply agreement (coal), an EPC contract and obtained capital markets financing for the development and construction of a 100 megawatt coal-fired power project in mainland China.
Originated and developed a 100 megawatt inside-the-fence, gas-fired, combined cycle power plant in Mexico. Assisted in negotiating multiple power purchase agreements with industrial users of the facility. Arranged a capital markets financing proposal with Salomon Brothers.
Originated and developed a 36-megawatt hydroelectric power project in Nepal that closed financing with the IFC. Assisted in negotiating the power purchase agreement and the EPC contract.
Managed a staff of seven.
1986 - 1992, First Vice President, Banc One Capital Corporation
Led formation and managed staff of five in Banc One Capital's (previously known as MBank Capital Markets) first investment banking mergers and acquisitions practice and advised clients in representative engagements including:
Sale of a glass products company ($30 million);
Sale of a privately-held trucking company ($50 million);
Acquisition financing of oil and gas properties for $60 million;
Acquisition financing of a trucking company ($100 million);
Acquisition financing of a consumer products company ($30 million);
Acquisition financing of a trading card company ($30 million);
Private placement for a privately held steel company ($150 million);
Sale of a water production company ($20 million).
Managed a staff of five.
Attained Series 7 and 63 NASD licenses.
1984 - 1986, Senior Vice President, Schneider, Bernet & Hickman, Inc.
(Subsequently known as Thomson McKinnon Securities, Inc.)
Led initial public offerings of energy and consumer products companies and provided merger and acquisition advice in energy and technology at this regional investment banking firm. SEC reporting of 10K’s, 10Q’s, 8K’s, proxy statements, etc., with respect to pubic offerings.
Representative engagements included:
IPO of a tobacco products company;
IPO of an oil and gas company;
IPO of a satellite communications company;
Fairness opinion on the roll up of oil and gas interests;
Fairness opinion on the sale of a door and window manufacturer;
Fairness opinion on the sale of an oil and gas company.
Managed a staff of three.
1980 - 1984, Vice President, Wheat, First Securities, Inc. (now Wachovia Securities)
Financed energy and technology-related companies with emphasis on initial public offerings. SEC reporting of 10K’s, 10Q’s, 8K’s, proxy statements, etc., with respect to public offerings.
Representative engagements included:
Participated in formation and funding of two venture capital funds, each capitalized at $25 million;
Sale of a telecommunications company;
IPO of a textile manufacturer;
IPO of a retail men’s clothing store;
IPO of a computer training school;
IPO of a construction company;
Sale of a computer time-sharing company.
Attained Series 7 and 63 NASD licenses.
Other Employment
IBM, Marketing Representative; Southern Natural Gas Corporation, Computer Programmer.
EDUCATION
1979, University of Virginia, Colgate Darden Graduate School of Business
Masters in Business Administration; concentrations in accounting and finance
Vanderbilt University
1976, Bachelor of Science in Physics; minors in astronomy and education; teaching certificate; National Merit Scholar Academic scholarship.
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