We practice uncompromised professionalism and abide by high standards of ethics, integrity, and competence. The following represent only a selection of respected professional associations of which we are proud members:

Turnaround Management Association

The Turnaround Management Association (TMA)—www.turnaround.org—is the only international nonprofit association dedicated to corporate renewal and turnaround management.  It celebrated its 20th anniversary in 2008, as well as that of the turnaround-management, restructuring and distressed-investing industry that TMA helped develop and define.

TMA has more than 8,300 members in 43 chapters, including 31 in North America and others in Australia, the Czech Republic, Finland, France, Germany, India, Japan, the Netherlands, Southern Africa, Spain, Taiwan, and the U.K.  Chapters also are being formed in China and Italy.

TMA members constitute a professional community of turnaround and corporate-renewal professionals who share a common interest in strengthening the economy through the restoration of corporate value. They include:

• Turnaround practitioners, who consult with or participate in helping troubled companies in the recovery   process, including interim corporate managers, operations advisors, and accountants
• Financial advisors and investors lenders and banker/workout officers and attorneys
• Auctioneers/liquidators/appraisers
• Others, including receivers, trustees, factors, academics, and government officials and judges.

TMA members adhere to a code of ethics.  The CTP designation demonstrates an individual’s professional excellence and provides an objective measure of expertise related to workouts, restructurings, and corporate renewal.  Applicants for certification meet stringent standards of education, experience, and professional conduct; pass a comprehensive three-part examination; and maintain the credential by obtaining continuing education credits.

TMA Code of Ethics

Preamble
Members of the Turnaround Management Association (hereinafter "TMA") are dedicated to the highest standards of professionalism, integrity and competence for those engaged in all matters involving turnaround and crisis management and corporate renewal. The following principles are guidelines for the conduct of members in fulfilling those obligations.
The transactions in which we engage are diverse, multifaceted and sometimes complex. It is thus not possible to state a set of rules that would prescribe proper behavior under every circumstance. However, to provide guidance and clarity, we have developed and stated our Code of Ethics.
This Code is composed of Canons and Ethical Standards. The Canons are broad principles of conduct. The Ethical Standards (E.S.) are more specific goals toward which members should aspire in professional performance and behavior.

Canon I

General Obligations and Professional Boundaries
A member shall maintain and advance knowledge of the practice of turnaround and crisis management and corporate renewal, respect the practice and contribute to its growth.
E.S. 1.1 Professional Boundaries:
A member bound by this Code of Ethics is one who is engaged in the practice of providing managerial services and consultation services to businesses, debtors, creditors and other interested parties with respect to troubled businesses, organizations and associations. While such services include a wide range of issues and problems, a member must take care not to perform services that require a license, unless the member is so licensed to perform such services.
E.S. 1.2 Standards of Excellence:
A member shall strive to improve his or her professional knowledge and skill. Within his or her practice, a member shall demonstrate a consistent pattern of reasonable care and competence.
E.S. 1.3 Conduct:
A member shall uphold the law in the conduct of his or her professional activities.
E.S. 1.4 Human Rights:
A member shall uphold human rights in all of his or her professional endeavors.
E.S. 1.5 Continuing Education:
A member shall seek out and participate in educational programs to enhance his or her professional knowledge.

Canon II

Obligations to the Client
A member shall serve his or her client independently, competently and in a professional manner. A member should exercise unprejudiced and unbiased judgment on the client's behalf.
E.S. 2.1 Professional Responsibilities:
(A) A member shall undertake to perform the engagement to the best of his or her ability; (B) A member shall not proceed with an engagement unless the client has agreed with the objectives, scope and approach to be employed and has agreed to the fee structure; (C) A member shall not undertake an engagement which cannot be fulfilled in a timely manner because of his or her commitments.
E.S. 2.2 Independence:
A member's duty is solely to the client and he or she should strive to remain independent of other affiliations that could compromise his or her judgment or result in the appearance of compromise. Prior to accepting an engagement, a member shall disclose to his or her client all financial relationships which may cloud, or give the appearance of clouding, his or her judgment. If the client is the troubled business or organization, disclosure shall be made of any past referrals from, prior work for, or an ownership interest in, any owner, creditor or customer of the client and any party offering financing to, or seeking to purchase an interest in the client. A member shall avoid conflicts of interest and the appearance of conflicts of interest.
E.S. 2.3 Competence:
A member shall not undertake an engagement for which his or her firm does not have the technical capability.
E.S. 2.4 Candor and Truthfulness:
(A) A member shall not intentionally or recklessly mislead existing or prospective clients about the results which can be achieved through the use of a member's services; (B) A member shall not offer solutions nor make recommendations that are unrealistic or impractical. The nature of proposed actions, and the potential ramifications of those actions, should be communicated to the client.
E.S. 2.5 Integrity:
(A) A member shall not disclose confidential information about his or her clients or otherwise take advantage of such information; (B) A member shall not serve a client using proprietary information developed for a previous client without obtaining the previous client's consent.
E.S. 2.6 Contingency Fees:
A member may accept a performance bonus or other contingency fee.
E.S. 2.7 Ownership:
(A) TMA recognizes the difficulties involved with respect to equity ownership of a troubled company client; (B) If a member owns or obtains a direct or indirect financial interest in a client, such interest must be disclosed to creditors and stockholders of the client on a timely basis, must be negotiated prior to the assignment and additional equity ownership should not be negotiated during the course of an engagement; (C) If an equity interest in a troubled business client results in the member gaining control of the client, the conditions and circumstances whereby the interest is obtained should be set forth in writing and agreed to prior to commencement of the engagement. Equity interests held by parties affiliated with the member shall be aggregated with the member's direct interest to determine whether or not the member would control the client. The member should insist that the client obtain legal counsel to represent the client with respect to negotiating and documenting the equity interest to be obtained by the member.

Canon III

Obligations to the Profession and to Colleagues
A member shall uphold the integrity and dignity of the profession.
E.S. 3.0: Responsibility to Colleagues:

E.S. 3.1: Each member has a responsibility to further the profession by acting with integrity and supporting the objectives and programs of the Association.
E.S. 3.2: A member shall not refer a client to a colleague in exchange for monetary consideration from that colleague or in any way share in any fee received by such colleague. For this purpose, "colleague" shall not include a member's partner, a shareholder or employee of such member's firm, or an independent contractor that has an exclusive, written contractual relationship with a member or such member's firm that predates the referral.
E.S. 3.3: A member referring a client to another member shall not make any commitments on behalf of the member receiving the referral or misrepresent the qualifications of the member receiving the referral.
E.S. 3.4: A member shall not misrepresent his or her credentials or capabilities in the pursuit of engagements.
E.S. 3.5: A member shall not disparage or make false statements about another member competing for an engagement.
E.S. 3.6: A member shall not give the impression that membership in the TMA bestows any credentials or in any way guarantees minimum qualifications.
E.S. 3.7: A member shall represent that he or she subscribes to this Code of Ethics.

Alliance of Merger & Acquisition Advisors®

The Alliance of Merger & Acquisition Advisors® (AM&AA) is the premiere International Organization serving the educational and resource needs of the middle-market M&A profession. Formed in 1998 to bring together CPAs, attorneys and other experienced corporate financial advisors, AM&AA’s 600+ professional services firms—including some of the most highly recognized leaders in the industry—draw upon their combined transactional expertise to better serve the needs of their middle-market clients worldwide.

AM&AA members represent sellers and buyers of businesses ranging from $5 to $500 million in transaction value.  Their services are seller representation, buyer representation, due diligence, accounting, financing, business valuation, tax planning, legal, strategic advisory, and many other transaction services.

STANDARDS OF ETHICAL CONDUCT 
As with other recognized professional associations, M&A and Corporate Financial Advisory service professionals have an obligation to the public, their profession, the organization they serve, and themselves to maintain the highest standards of ethical conduct. In recognition of this obligation, AM&AA has promulgated the following standards of ethical conduct for financial advisory and transaction professionals. Adherence to these standards is essential for the maintenance of the highest professional standards possible. Independent professional members of AM&AA agree that they shall not commit acts contrary to these standards nor, shall they condone the commission of such acts by others within their organizations.

COMPETENCE
Members offering corporate advisory and transaction services have a responsibility to:

• Maintain an appropriate level of professional competence by ongoing development of their knowledge and skills.
• Perform their professional duties in accordance with relevant laws, regulations, and technical standards.

Prepare complete and clear reports and recommendations after appropriate analyses of relevant and reliable information.

CONFIDENTIALITY
Members offering corporate advisory and transaction services have a responsibility to:

• Refrain from disclosing confidential information acquired in the course of their work except when authorized, unless legally obligated to do so.
• Inform subordinates as appropriate regarding the confidentiality of information acquired in the course of their work and monitor their activities to assure the maintenance of that confidentiality.
• Refrain from using or appearing to use confidential information acquired in the course of their work for unethical or illegal advantage either personally or through third parties.

INTEGRITY
Members offering corporate advisory and transaction services have a responsibility to:

• Avoid actual or apparent conflicts of interest and advise all appropriate parties of any potential conflict.
• Refrain from engaging in any activity that would prejudice their ability to carry out their duties ethically.
• Refuse any gift, favor, or hospitality that would influence or would appear to influence their actions.
• Refrain from either actively or passively subverting the attainment of the organization's legitimate and ethical objectives.
• Recognize and communicate professional limitations or other constraints that would preclude responsible judgment or successful performance of an activity.
• Communicate unfavorable as well as favorable information and professional judgments or opinions.
• Refrain from engaging in or supporting any activity that would discredit the profession.

OBJECTIVITY
Professional members offering corporate advisory and transaction services have a responsibility to:

• Communicate information fairly and objectively.
• Disclose fully all relevant information that could reasonably be expected to influence an intended user's understanding of the reports, comments, and recommendations presented.

Association of Certified Fraud Examiners

The Association of Certified Fraud Examiners (ACFE) is the world's premier provider of anti-fraud training and education. Together with nearly 50,000 members, the ACFE is reducing business fraud worldwide and inspiring public confidence in the integrity and objectivity within the profession. The mission of the ACFE is to reduce the incidence of fraud and white-collar crime and to assist the membership in fraud detection and deterrence.  The ACFE:

• Provides bona fide qualifications for Certified Fraud Examiners through administration of the CFE Examination
• Sets high standards for admission, including demonstrated competence through mandatory continuing professional education
• Requires Certified Fraud Examiners to adhere to a strict code of professional conduct and ethics
• Serves as the international representative for Certified Fraud Examiners to business, government and academic institutions
• Provides leadership to inspire public confidence in the integrity, objectivity, and professionalism of Certified Fraud Examiners.

ACFE Code of Ethics
All Certified Fraud Examiners must meet the rigorous criteria for admission to the ACFE.  Thereafter, they must exemplify the highest moral and ethical standards and must abide by the bylaws of the ACFE and the Certified Fraud Examiner Code of Professional Ethics, which is discussed below.

A  Certified Fraud Examiner shall, at all times, demonstrate a commitment to professionalism and diligence in the performance of his or her duties.

• A Certified Fraud Examiner shall not engage in any illegal or unethical conduct, or any activity which would constitute a conflict of interest.
• A Certified Fraud Examiner shall, at all times, exhibit the highest level of integrity in the performance of all professional assignments and will accept only assignments for which there is reasonable expectation that the assignment will be completed with professional competence.
• A Certified Fraud Examiner will comply with lawful orders of the courts and will testify to matters truthfully and without bias or prejudice.
• A Certified Fraud Examiner, in conducting examinations, will obtain evidence or other documentation to establish a reasonable basis for any opinion rendered.  No opinion shall be expressed regarding the guilt or innocence of any person or party.
• A Certified Fraud Examiner shall not reveal any confidential information obtained during a professional engagement without proper authorization.
• A Certified Fraud Examiner will reveal all material matters discovered during the course of an examination which, if omitted, could cause a distortion of the facts.
• A Certified Fraud Examiner shall continually strive to increase the competence and effectiveness of professional services performed under his or her direction.