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November 20, 2006

Michael McCauley Joins Phoenix Capital Resources as Director

PHILADELPHIA (November 20, 2006)—- Phoenix Capital Resources, a capital advisory services firm and division of Phoenix Management Services, Inc., a crisis management and turnaround firm (, has hired Michael J. McCauley as a Director. McCauley will be responsible for working with Phoenix Capital’s clients in complex transactions including restructurings and recapitalizations, re-financings, capital raisings for all levels of the balance sheet including senior, second lien and subordinated debt as well as equity (through PM Securities), advisory services as they relate to the sale, merger or acquisition of a business, and restructurings and sales in the context of a bankruptcy proceeding.

With over 15 years of experience, McCauley brings a wealth of deal experience to the Phoenix team, including restructurings, re-financings and sales of businesses both within and outside of bankruptcy in a number of industries.

“Mike is a great addition to our capital advisory team,” said Phoenix Capital Resources Managing Director and Shareholder Vince Colistra. “Given his past hands-on experience, Mike will be able to assist in Phoenix Capital’s current deal flow and manage the increased activity Phoenix currently is working on.”

Prior to joining Phoenix, Mr. McCauley was a Vice President and Portfolio Manager with FINOVA Capital Corporation. During the last six years with the company, he assisted with the orderly liquidation process of its $7 billion diversified portfolio, following its own restructuring efforts in 2000 and bankruptcy reorganization in 2001. Mr. McCauley began his career with CoreStates Bank, N.A. (now Wachovia), in Philadelphia PA.

Mr. McCauley earned his Bachelor of Arts from Dickinson College in Carlisle, PA, with a double major in Economics and Policy & Management Studies. He studied for a semester at American University in Washington, D.C. under the Economic Policy Semester Exchange Program. He is a member of the Turnaround Management Association and the Association of Insolvency and Restructuring Advisors, and is in the process of becoming a Certified Insolvency and Restructuring Advisor (“CIRA”), and obtaining his Series 7, Series 24, and Series 63 licenses.

Mr. McCauley can be reached at 610-358-4700×173 or

About Phoenix Capital Resources

Phoenix Capital Resources specializes in providing capital advisory services to middle market companies in transition. As an operationally-focused firm, Phoenix Capital assists distressed and growth-oriented companies with complex transactions including re-financings, restructurings, capital raising, mergers and acquisitions, recapitalizations and auctions in the context of a bankruptcy. Headquartered in Philadelphia, Phoenix Capital’s mission is to maximize transactional value and return on investment for its clients.

About Phoenix Management Services

Phoenix Management Services is a recognized leader in operationally-focused turnaround, crisis and interim management and strategic advisory services to middle market companies in transition. Since 1985, Phoenix has aggressively advocated on behalf of its clients in over 700 assignments nationwide across a variety of situations and industries. With offices in Philadelphia, New York, Boston, Ft. Lauderdale, Atlanta and Cleveland, Phoenix preserves and enhances the value of its clients’ companies by focusing on the operational and financial challenges they encounter.

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