December 2003/ January 2004

AIRA President’s Letter

Dear AIRA Members:

2004 marks the 20th anniversary of the AIRA’s first annual conference. I’m sure that some of you are asking yourselves, “Where did the time go?” Well, looking at our organization, its stability, how AIRA is viewed within the profession, the CIRA program, and other indicators, I’d say those 20 years have been filled with hard work by our membership, current and retired. Going into this new year, I take this opportunity to thank everyone who has contributed to the growth of AIRA over the years. Your effort is greatly appreciated by our leadership and membership.

I participated in a distressed investing conference in December. The consensus among the participants was that 2004, being an election year, should be a year where our elected officials will be doing everything possible to keep the economic recovery moving forward. With continued low interest rates, restructuring and turnaround work was forecast to be down. But don’t go away, because the consensus also pointed to the post election period bringing higher interest rates which will cause more companies to encounter problems with debt service in this continued highly leveraged business environment.

As we progress into 2004, AIRA is readying itself to meet the membership’s need for quality education and assistance with understanding and by responding to the changes in our professional environment. Toward this end, we continue to look for volunteers willing to increase their involvement in the organization as participants in AIRA’s conferences and programs.

As a result of the success of our collaboration in previous years, AIRA will be conducting an excellent program on Business Valuation and specific issues arising in insolvency and restructuring matters on February 23-24, 2004 in Park City, UT in conjunction with the Norton Bankruptcy Litigation Institute. For more information and registration on this and other programs (including the upcoming CIRA sessions in Los Angeles and Chicago), check in with the AIRA’s website at www.airacira.org.

On behalf of the board and staff of the AIRA, I wish you a healthy and prosperous 2004.

Best Regards,

Jim Lukenda
President

Jim is a founding Managing Director of Huron Consulting Group’s Corporate Advisory Services practice specializing in corporate turnaround situations, loan workouts and bankruptcy. Over his 24-year career he has worked in a variety of industries and assisted clients ranging from small privately held businesses to large multinational corporations. Since 1989, Jim has worked exclusively with clients in matters related to distressed operating situations including assistance with operations assessment, debt restructurings, mergers, acquisitions and dispositions, fraud investigations and other financial consulting, litigation, and workout assignments. He is a Certified Public Accountant and Certified Insolvency and Restructuring Advisor (CIRA). He is a past director of INSOL and a member of the American Institute of Certified Public Accountants. Jim also serves as the treasurer for Adoptive Parents Committee-New Jersey, an adoptive parents advocacy and education organization.