Gillespie & Associates

He has over 30 years of management and consulting experience. Prior to establishing Tono-Bungay Consulting, Inc. Ron spent 8 years as a Vice President with boutique consulting firms specializing in mid to late decline situations. Previously he was an interim manager working in crisis situations as COO, CFO or CEO in a broad range of industries including mortgage banking, automotive after market, medical distribution and air conditioning assembly. Having started his business career with Price Waterhouse he then spent 14 years in the apparel business managing a mid sized multi- factory operation.

Fred, President of the Nauset Group, received a Bachelor’s Degree in Business Administration, with a major in economics, from American University. He earned his MBA in Finance at Rutgers Graduate School of Business Administration.

Fred has over thirty years experience with an extensive background in bank workout and credit. He has worked with troubled banking institutions including development of an innovative bankruptcy Plan of Reorganization. This plan lead to a $19 million repayment of a $24 million loan after an outside expert had estimated only a $3-4 million recovery. Fred was also successful in rehabilitating a $240 million commercial bank after regulators mandated a change in management. Fred has also served as Senior Vice President in charge of special assets of a troubled $5 billion savings bank. There, he managed a loan portfolio in excess of $100 million of distressed corporate loans.

Shashi holds an MBA from Cleveland State University and an MS in Chemical Engineering from Carnegie Mellon University.

Shashi has eight years experience in mergers & acquisitions, alliance, turnaround and financing with good conceptual and strategic strengths. Prior experience includes development and commercialization of new process and product technologies including twenty years of leadership experience at GE Plastics, Honeywell, Hoechst Celanese, Polymer Processing Institute and Bay Resins.

At NJMEP Inc, Shashi provided leadership in driving two mergers. Both mergers increased the sale by $ 5MM for his client company. He implemented lean strategy at this company to reduce their OH costs by $ 1MM, increase their two line productivity by 20%, reduce inventory by $ 1.2MM, resulting into a major business turn around. He also provided financing support to his client to reduce their debt costs.

At GE Plastics, Shashi lead a process development team for commercializing Ultem, a high temperature plastic, (a highly profitable $ 200MM GE business). He was nominated for “man of the year” award for his timely commercial process development for making Polyetherimides ( patent # 4,417,044), which reduced capital investment by $ 5MM.

He also lead a team of engineers and technicians for building a state of the art Plastic Process Development Center, with injection and blow molding, multilayer extrusion and blown film capabilities for new business development. This center was for customer innovation for new product and process ideas resulting into over $ 20MM new GE business. Shashi got a stock option award from GE board of directors for his process technology leadership at GE Plastic business, (given to select key performers), and several management awards for outstanding contribution to GE plastic new business.

At Hoechst Celanese, Shashi developed process models of biaxial orientation and crystallization of PET film. The process understanding increased line productivity by 30% and reduced capital outlay by 50%. He was a R& D representative on New Film line project team, responsible for design, installation and start – up of new production lines.

He holds four patents in Plastic Technology for making polyetherinides and composites, recycling and thermoforming. He has chaired two Process technology sessions in Polymer Processing Society and International Plastic Conference.

Bob received his BBA from The City University of New York and his MBA from the Harvard Business School. He is a Certified Turnaround Professional and the founder and Chairman Emeritus of the New Jersey Turnaround Management Association.

Bob's early career was spent with BDO/ Seidman and Price Waterhouse. Prior to devoting full time to helping troubled businesses. He was appointed Chief Financial Officer of Applied Devices Corp., an Amex conglomerate on the verge of bankruptcy. He authored and implemented an operational and restructuring plan which avoided bankruptcy filing and brought the company to profitability within six months.

He has held the posts of CEO and CFO for a variety of different companies, has worked with the US Trustees Office and undertaken several investigations on behalf of various Boards of Directors. Bob is also the recipient of The Turnaround of the Year award from the New Jersey Turnaround Management Association for his work on a recent case.