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MEMBER HIGHLIGHT - SER member David Hinman has authored an article on the June Russian Default for SER members titled "The Russian Default: Considerations, Issues and Questions." The paper discusses the background of Russia's June 27th "technical default" on two English Law Bonds,  their debt and payment history and current investor perceptions. He elaborates on his expectation of a atypical workout and recovery process, and potential implications for Russian Credit Default Swaps (CDS). Mr. Hinman has worked on numerous corporate and sovereign defaults and restructurings during his asset management career. He presently consults with debtors and investors on bond restructuring and trading matters. He is also an expert witness on security litigation matters in the areas of bond and CDS management and trading practices; offering document representations and risk disclosures; and investor materiality and reliance considerations. The article will be housed in SER's Library and can also be accessed here. 

ROUNDTABLE NEWS - SER members voted by proxy or in person at the 2022 Annual Member Meeting & Conference, unanimously electing the slate of nominees put forth by the Nominating Committee. Peter Bulger and Robert Graham are continuing on the Board, serving their second consecutive terms as Directors. Robert Lawson is returning to the Board for another term after a one year mandatory break. Patrick Dennis and Charles Ranson are serving their first terms as Directors. Members also elected Mr. Graham as the  new President-Elect. The Board has appointed Mr. Ranson as the new Treasurer. Please join us in congratulating these members for serving SER in these positions. (Directors are elected for three year terms and can serve for six consecutive years if re-elected. Directors serve on a volunteer basis and at their expense when travel is required.)

MEMBER HIGHLIGHT - SER honored three Directors retiring from the Board, Elizabeth Falk of Falk Financial Analysis, Jack Herrmann of Herrmann Dispute Resolution, and David Keogh of DJK Consulting. All three Directors have served multiple years in various positions. Ms. Falk has served a total of seven years and is the former President from 2020-2021. She led SER through the midst of the pandemic and was instrumental in spearheading the development of the webcast program. Other roles included Membership Chair, Webcast Chair, Treasurer/Fin Com Chair as well as serving on various committees. Mr. Herrmann has served three terms for a total of nine years. He is the former Treasurer and Fin Com Chair and served several years as Membership Chair, as well as a member of the Nominating and Mentorship committees. Mr. Keogh has served nine consecutive years, being elected President-Elect at the end of his second term. He is the former President from 2019-2020, guiding SER through the initial stages of the Covid crisis. He has served as Conference Chair and Nominating Chair, as well as on the Membership and Finance committees. SER is grateful for the enthusiasm and dedication of these three directors!

`UPDATE JULY 20, 2022: CLICK HERE FOR A CONFERENCE RECAP by PRESIDENT ALAN BESNOFF!`

MEMBER HIGHLIGHT - SER member James A. Kyprios has written a second article for our member Library titled, "GAAP vs. Non-GAAP and the Abuse of EBITDA—A Confusing Issue". The paper discusses the history behind "the mistrust of GAAP impelling the use of non-GAAP measures", specifically EBITDA, and the current implications. The author concludes "that the accounting profession can no longer ignore non-GAAP measures" and "needs to opine on whether the calculation of adjusted EBITDA is in accordance with agreed-to methodologies and whether or not adjusted EBITDA is materially misleading." James thanks his friends Bill Purcell (an Investment Banking expert and an SER member) and Joe Loffredo (Deputy General Manager and Chief Financial Officer at China Merchants Bank’s branch in New York City) for their important suggestions helping him write this article. The article is linked here and can also be found in SER's LIbrary for members.

MEMBER HIGHLIGHT - The nationally accredited financial Master Registered Financial Consultant (MRFC®) Certification Program has elected SER member Robert Lawson, MRFC® as the new Chair of its Board of Directors. Overseen by the International Association of Registered Financial Consultants (IARFC®), with chapters worldwide, Lawson is poised to lead the accredited program in the next phase of growth to accelerate the MRFC’s expansion throughout the United States. Lawson was formerly the Vice-Chair and Secretary of the MRFC Board and has been involved with the IARFC since 1997. “This is an exciting time to be involved with the MRFC Certification Program and I am thrilled to be part of an impressive team of Board members, forward thinking industry executives, and financial consultants,” relates Lawson. “I am highly motivated to transform this program to the next level by mentoring our qualified and credentialed Master Registered Financial Consultants to become better equipped − ultimately making a positive difference in the financial lives of the families, business owners, and communities in which they serve across the United States.” See the full Press Release here.

MEMBER HIGHLIGHT - SER member Keith Loveland has received rave editorial reviews for his debut novel, The End of The Empire. Recently published, the story follows the lives of two wartime buddies as they navigate the decades following World War II. One review described it as "a history lesson wrapped in a love story spanning three generations of very real and imperfect all-American families." As described on his author website, Keith was an undergraduate in philosophy when he began creating the back stories of two families in post-World War II America and over the years he filled notebook after notebook with character studies, events, possible relationships, philosophies, and interior monologues. Today, he is a nationally recognized attorney, author, consultant and teacher within the fields of investments, securities and securities offerings, ethical versus fraudulent practices regarding investments and securities, and fiduciary matters. You can find his novel here, in paperback or Kindle. 

MEMBER HIGHLIGHT - SER member Alan J. Besnoff, CFP, ChFC, CLU is pleased to have recently been re-appointed by the CFP Board of Standards to serve a second term as Commissioner, Disciplinary and Ethics Commission. The Disciplinary and Ethics Commission is charged with reviewing and taking appropriate action with respect to alleged violations of the Code of Ethics and Standards of Conduct and conduct reviewed pursuant to the Fitness Standards for Candidates and Professionals Eligible for Reinstatement. Mr. Besnoff, along with fellow commissioners, conducts hearings and settlement reviews on cases of alleged violations of the CFP Code of Ethics and Standards of Conduct. His term as Disciplinary and Ethics Commissioner is through June 30,2025. Previously serving as SER's Membership Chair, Mr. Besoff is the current President-Elect and in charge of this year's Conference Agenda.

MEMBER HIGHLIGHT - SER member James Kyprios has written an article titled "A Primer on Leveraged Finance." As the title suggests, the author defines the topic and reviews the history of leveraged finance and how it has changed over more than 40 years, going back to the 1980s. He explores how recent changes to LIBOR, the IRS code and current market conditions may affect this area of the credit markets. Mr.Kyprios wrote the article specifically for SER and credits fellow members Willliam Purcell and Craig Wolson for their comments which assisted him in the process. A managing member of Kyprios International Services LLC, he has over 50 years experience in corporate finance and corporate banking both domestic and international, having worked at DZ Bank (Germany), Union Bank of Finland, American Scandinavian and M&T Bank. This article can be accessed here and is also in the SER Library for posterity. You can find other articles written by Mr.Kyprios on his website. 

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