Buxbaum Group News - November 2, 2006

CALABASAS, Calif. (11/2/06)—Buxbaum Group, a turnaround investing and consulting firm headquartered here, today announced several changes in its senior executive ranks.

Paul Buxbaum, 51, chairman and chief executive officer, will reassume the role of president, while Jim Siebersma, 50, executive vice president, will take on the additional post of chief operating officer. Siebersma will continue to direct the firm’s Asset Appraisal Group. These moves follow the resignation of David Ellis, 43, president and chief operating officer, who left the firm to pursue other interests. The firm also announced that executive vice president Richard Ellis, 43, has resigned to pursue other interests.

Additionally, Scott Rusczyk, 41, who joined the firm earlier this year as director of business affairs, has been named vice president-business affairs. In this post, he will be responsible for overseeing all activities of Buxbaum Group, including the firm’s liquidation, advisory and turnaround engagements, as well as investments, mergers and acquisitions. Rusczyk rounds out a senior team that also includes executive vice president Stevan Buxbaum, 53, who leads the firm’s marketing and business development efforts.

Siebersma, who has been affiliated with Buxbaum Group since 1989, has led the Asset Appraisal unit since 1996. In that role, he has been directly involved in the valuation and appraisal of billions of dollars of inventories across a broad range of consumer product categories within the wholesale distribution and retailing channels. Prior to directing the Asset Appraisal Group, he was a lead supervisor on several liquidations conducted by the firm’s Asset Recovery Group. Siebersma began his career in retailing in 1977 at Denver-based Fashion Bar, rising from the sales floor on up through store level management positions and to merchandise buyer. In 1984, he relocated to San Antonio to join upscale department store Frost Brothers, where he held several buying positions before being promoted to general merchandise manager.

“Jim’s diverse experience within our organization and in retailing made him the logical choice for the role of COO,” said Paul Buxbaum, who has been a principal in Buxbaum Group and its predecessor companies for over 26 years, and became its sole owner in 1997. “While heading our Asset Appraisal Group for the last 10 years, he was also actively involved in various liquidation, acquisition and turnaround projects, earning the trust of clients in all areas of our business.”

Rusczyk joined Buxbaum Group in March 2006 after working as an independent consultant for approximately six years. Prior to that, he spent 11 years practicing law in New York, with a particular focus on corporate bankruptcies, including Chapter 11 reorganizations, Chapter 7 liquidations and creditors’ rights representation. He was a partner in bankruptcy boutique Siegel, Sommers & Schwartz, LLP and, later, an associate at Kronish, Lieb, Weiner & Hellman, LLP, following Siegel Sommers’ merger with the larger firm. He earned a J.D. degree at Brooklyn Law School.

“Through our work on various bankruptcies, I have known Scott for over 15 years,” Paul Buxbaum commented. “Since joining us, Scott has deployed his business acumen and legal background to rapidly emerge as a valued advisor to our senior management team on a variety of issues. We look forward to his guidance in further growing our business in this new, expanded role.”

About Buxbaum Group - Buxbaum Group had built its reputation for over 30 years as one of the largest liquidators and appraisers of retail and wholesale inventories across North America. While continuing to operate in those areas, the company has shifted its primary focus in recent years to turnaround investing.

Press Contacts: At Buxbaum Group, Scott Rusczyk, (800) 990-6820; at Parness & Associates Public Relations, Bill Parness or Lisa Kreda, (732) 290-0121.