Platinum’s Rod Peterson (second from left) accepted the national “Turnaround of the Year” award on September 27 in Colorado Springs. Fredrikson & Byron’s Ryan Murphy and CHOF’s Mark Alleman are next to Rod, sharing the TMA award in the nonprofit category. (Not pictured was Kevin Doyle from Venture Bank.) The Midwest TMA also recognized Platinum Group for this same work in 2017.
Platinum Group received the national “Turnaround of the Year” award by the Turnaround Management Association (TMA) for its financial advisory work on behalf of Christ’s Household of Faith, Inc. (CHOF), a St. Paul-based nonprofit.
This apostolic community of 470 members live in homes owned by CHOF and work in various entities operated by CHOF, providing residential remodeling and renovation services. Hit by a revenue crisis during the 2008 recession, CHOF’s board retained Platinum Group to resolve financial issues when the nonprofit’s loan ended up in the hands of a distressed real estate fund. The loan’s foreclosure threatened CHOF’s survival — and was forcing the members to leave their homes. As a defense measure, a voluntary bankruptcy was filed to prevent the loss of assets and businesses supporting its operations.
“Although no entity ever wants to go through such an unpleasant experience, we are emerging from the restructure with a very positive outlook,” states Mark Alleman, CHOF’s CFO. “Platinum Group took the time to listen and to understand the events that led to our unique circumstance and then began an unrelenting quest to find the financing we needed. We are extremely grateful to Platinum Group, especially Rod Peterson and Pat Brennan, for the assistance we received. Our community now has the opportunity to continue its mission and to return to a normal business environment.”
Added Rod: “At the end of the day, this story illustrates Platinum’s mission, which we sum up as “Meaningful Capitalism,” because the extensive search for new financing saved the homes of CHOF community members.”
For more details, read the case study: From Foreclosure and Bankruptcy to Restructured Finance and New Lender