Chapman,Spira & Carson,LLC. Investment Bankers


Memo from the Chairman
Venture Capital
Mergers & Aquisitions
Corporate Finance
International Finance
Reorganization & Restructuring
Business Plan Analysis
Flow Analysis
Broker Dealer Analysis
Health Care
History and News
Flow Analysis 

We don’t often think about it but one of the major reasons that the United States has been so successful in recent global economic competitions recently has been our ability to restructure the Japanese concept of just in time inventory to modern commerce. It is a little known fact that American Multinationals have been able to cut down the size of the inventories that they hold from over 60 days to under 30 days.

What occurs when you can control inventories in this way is economically staggering. The cost of attributable to warehousing, financing and obsolescence vanish and the bottom line profits expand exponentially. The firing of unproductive middle management and elimination of unnecessary benefits can often be the difference between a business success and failure.

Our staff, captained by Philip Stanger, a 40-year veteran of the aircraft industry, is experts at cost containment, marketing expansion, equipment utilization and inventory controls. We believe that in only a cursory walk through, ideas can be brought to the table that will substantially enhance your company’s bottom line.




Rural Route #1

Tuxedo Park, New York 10987

(914) 351-5271


To work part-time, or consult in the Pharmaceutical industry for an organization requiring specific, analytic, planning, regulatory, writing, management or decision making skills in new product acquisition, clinical research, medical operations, project planning and control, regulatory affairs, or diagnostics.



More than twenty five years of managerial and scientific experience in the medical, business and scientific aspects of Pharmaceutical and Diagnostic R&D.



1991-98 Churchill Securities/SecWest Securities


Broker, Senior Analyst

Evaluation of securities on a technical & fundamental basis - stressing pharmaceutical, diagnostic, & technology Issues.


1989-1991 Pharmaceutical Consulting

Assisted clients in progressing aspects of Pharmaceutical New Product Acquisition and Development including Planning, Coordination & Control, Regulatory Affairs, Licensing, Adverse Reactions, Clinical Monitoring, Medical Writing & Labeling, Medical Operations (logistics & finance) and Project Teams.

Monitoring of FK-506 (Fujisawa/Parexel) clinical trials.

Monitoring of Alpidem (Lorex/Clinical Protocol Associates) clinical trials.




Manager, Medical Services 1986 - 1988

Introduced systems increasing productivity 15%. Managed and controlled adverse reaction reporting, both domestic and international, from post-IND submission through marketed products.

Prepared the FDA-accepted IND Safety Report for Eulexin in 11/88; NDA approval obtained in 1/89; market potential of over $30 million/year estimated.

Defined requirements, prepared requisitions for and implemented computer/software systems allowing on-line access of medical data bases.

Established staged ADE follow-up as a function of seriousness.

Prepared new as well as updated drug labeling documentation.


Manager, Medical Operations 1981 - 1986

Preparation and analysis of the operating plan, budget, work-flow plans and scheduling. Monitoring of clinical trials including protocol and study report preparation, phases I-IV.

Conceived and implemented new operational planning and control systems; reduced expenses $100,000/year for each of five consecutive years.

Developed and implemented prioritized project selection; cut expenses and obtained earlier submission and approval of essential products such as DIPROLENE Cream & Ointment, INTRON, and LOTRISONE Cream. These products alone added over $150 million/year in gross revenues.

Achieved a coordinated program of close monitoring leading to cooperative interaction and definition of responsibility and authority.

Eliminated formulation, manufacturing and packaging delays.

Prepared and implemented operating plans and budgets with consistent accuracy for each of five consecutive years.




Planning Manager, Interferon Program 1980 - 1981

Developed and coordinated plans, schedules, cost analyse and control methods for the interferon program.

Developed, prepared and implemented operational plans and objectives for the first two years of the $100 million interferon program; objectives were met as planned, on schedule and within budget.

Resolved serious technical problems affecting interferon production; saved $100,000 in expense and year in critical time.


Manager, Project Planning and Control 1974 -1980

Managed planning, scheduling, control, integration and timely progression of team projects from concept to regulatory submission.

Developed, implemented plans for, and controlled, pre-clinical operations and studies leading to submission and approval of NDAs and HRDs for LOTRIMIN Cream, GARAMYCIN Intrathecal, SISEPTIN Injectable, NETROMYCIN Injectable, GYNE-LOTRIMIN Cream and Tablets, HALAZAPAM, NORMODYNE, NORMOZIDE, VANCENASE, VANCERIL, and PROVENTIL; products that produced hundreds of millions of dollars/year in gross receipts.

Generated the capital budget and plans, and monitored progress until completion of a $21 million automated microbiological mutation screening facility. The project was completed in two years, on time and within budget; $80,000 in presumptive overruns saved.

Introduced the concept of net present value and risk analysis assessment for financial project evaluation and selection; use of the method avoided selection of inappropriate projects.

Prepared licensing business/science evaluation reports involving multimillion-dollar investments.


Program Leader, Diagnostics 1972 - 1973

Managed all diagnostic programs in Microbiology, Hematology, Clinical Chemistry and Immunology R&D.

Conceived, validated and released five products in two years.

Conceived, reduced to practice and patented three products in the same two years.

Turned around a failing division by motivating the staff; saved $20 million.



Staff Consultant & Chief Chemist

Managed the clinical chemical laboratory and developed custom diagnostic tests for the new GEMSAEC analyzer.

Developed 40 chemistries.



Research Scientist

Established a Radioisotope Laboratory for basic biochemical applied research.



Assistant Professor, Department of Pathology

Instituted state of the art methods, policies and procedures; directed Clinical Microbiology, Blood Bank & Immunology.



Introduced sub-group cross-matching, immunoelectrophoresis, myeloma typing, control & methodology.




University of Michigan Ph.D., Microbiology/Immunology

Fairleigh Dickinson University MBA, Management/Marketing

Computer Literate Academic training in Advanced Management Methods.



Clinical Laboratory Directors License - NYC Certified Specialist in Microbiology Patents

Published in J.E.M., Nature, Immunology, AMA Arch. Pathol., JAMA, P.S.E.B.M., Clinical Chemistry, Hlth. Lab. Sci.

Wrote, edited, published, printed and marketed a 219 page text on career development entitled "The Prime Decision."



Chapman Spira and Carson have an affiliate in Albany, New York that specializes in various sophisticated components of the financial industry. The two firms often work hand and glove in approaching and serving clients needs. While Chapman is involved to a large degree in the financing end of the Investment Banking business, Schwartz Heslin has concentrated on those essential nuances that are critical in bringing a product or company to market.


We present for your perusal a working biographical sketch of the firm and their critical expertise. Should the need arise for any of their services, we would highly recommend them.



Schwartz Heslin Group



Business and Strategic Planning

We assist management in the preparation of realistic business and strategic plans. The business plan is a guide for the organization and is the primary method to communicate with financing sources. In addition, we develop monitoring tools to assure that management measures performance against plan and modifies the plan as conditions change. We participate in periodic reviews with management and Boards of Directors.



Financing Strategy


We analyze equity and debt structure and recommend practical options based on our analysis of financial projections. We successfully draw upon our sources to blend a total financing strategy for each client. This service could involve bringing together conventional lending, private placements, bridge loans, equity private placements and a combination of public offerings to achieve client objectives.



Fairness Opinions and Valuation Assignments


SHG has significant expertise in rendering valuations and fairness opinions for both private and public companies. Our work generally includes a comprehensive operational and financial review. In addition, we utilize a number of sophisticated databases to access information to develop valuations. From this work, we develop numerous financial analyses, which incorporate both quantitative and qualitative factors.





Mergers, Acquisitions and Divestitures


SHG offers exceptional depth of experience in mergers, acquisitions, divestitures, management and leveraged buyouts, recapitalizations and other strategic corporate transactions. We have proven expertise in each stage of a transaction, including the identification of potential acquisitions, optimal "packaging" of a client for a transaction, preparation of a client for meetings, structuring of merger and sale transactions and negotiation of sale and purchase terms. Services include due diligence, valuation analysis of client and target companies, introductions to underwriters and sources of funding, as well as negotiation assistance throughout the process.



Sales/Marketing/Distribution Programs


We offer hands on market planning and implementation. Selection of effective channels to the market is often an essential requisite to success. We aid in the formulation and implementation of marketing and sales plans that achieve targeted results.


Insurance Advisory Services


We offer a broad range of insurance consulting and risk analysis services. We design self-insurance alternatives, establish specialized insurance coverage and provide detailed analysis of on-going programs. We also assist in the design, evaluation, and marketing of new programs.













Planning and Implementation

How does Schwartz Heslin Group help organizations faced with critical choices? We start each project with a through due diligence review which involves a detailed examination of the finances, history, market, organization and operations of the business. Next, in cooperation with the CEO, we formulate a business plan designed to meet the firm’s objectives. Finally, we work with the CEO to implement the approved plan. We are often requested to assist our clients in finding outside capital. While we have developed a strong record in this area, it is not unusual to discover that the capital shortage problem is the result of internal actions. When this is the case, we recommend appropriate measures.


Financial Sources

SHG maintains a broad-based network of funding sources, including commercial and savings banks, insurance companies, pension funds, venture capital firms, other investment bankers, mortgage bankers, merchant bankers, high net worth individuals and SBIC’s, as well as local, state and federal contacts.





SHG is staffed by top-notch professionals in general management, planning, corporate finance, insurance and marketing and sales. Since we focus on the overall business, several staff members with diverse skills may work on any given project. To achieve success, we depend on the full participation of client management and their outside professionals throughout the engagement.





SHG is compensated on an hourly fee and expense basis, plus a contingent success fee, when appropriate. We provide our clients with a detailed proposal outlining the engagement objectives, staffing and the fees associated with the engagement.


Long Term Relationship

During the engagement, SHG develops close relationships with clients. This association usually extends to an ongoing working relationship contributing to efficient and cost effective results.





The Problem: A real estate developer in New York State wanted to plan, create and finance a modular housing business.

The SHG Solution: We assisted in developing a business plan and arranging more than $5 million in financing to build and equip a 120,000sq. ft. modular housing factory.


The Problem: A start-up interocular lens manufacturing firm in California needed a business plan and financing to grow after acquisition of a failed company.

The SHG Solution: We developed a business and financial plan designed to see this company through its next three years.


The Problem: A developer of 3- and 4-axle all-terrain vehicles in Kent, Great Britain had created a revolutionary new product in military vehicles but required a strategy and financing to introduce this new offering to the market.

The SHG Solution: We helped formulate a strategy for granting manufacturing license of the technology to work-class companies in the U.S. and Sweden to manufacture this vehicle. In addition, we managed a $3 million public equity offering in the U.S.


The Problem: A start-up company that had been developing and selling a software package for design and simulation of telecommunications systems wanted to improve the sales distribution channel and increase sales.

The SHG Solution: After evaluating the existing sales distribution channel, SHG implemented a direct mail campaign that increased the number of resellers and consultants who sell and support the company’s products.

The Problem: A computer services company developed a new software product but lacked the marketing and strategic expertise to introduce it to the market.

The SHG Solution: We restructured the company and advised the CEO on marketing approaches to enter the market.


The Problem: An 18-store chain of specialty retail stores in the Northeast was growing rapidly but unprofitably.


The SHG Solution: Working with the CEO to understand the problem and the options for solving it, we helped to arrange an acquisition of the company by a Fortune 500 firm in a transaction valued at more than $5 million.


The Problem: A major outdoor equipment manufacturer was faced with the need to sell a small orphan division.


The SHG Solution: We arranged to sell the division to a group comprised of division employees and outside investors.


The Problem: A national radio network faced possible foreclosure due to excessive debt levels. The financial condition of the company prevented further growth.

The SHG Solution: We identified and structured a number of strategic financial options which resulted in the successful private placement of $100 million of new long term senior debt along with a negotiated reduction of the old debt.


The Problem: A five year old software development firm faced increasing competition and required additional capital to fund growth.


The SHG Solution: SHG assisted in selling the company, at a substantial multiple of earnings, to an industry leader. SHG also helped the sellers to negotiate a package, which included employment contracts, equity in the purchaser, and other benefits.

The Problem: A Texas based multi-bank holding company had sustained major losses due to the collapse of the region’s real estate market. Regulators were pressing the banks to restructure.

The SHG Solution: Over a two year period, SHG assisted the holding company in developing a new strategic plan. In addition, SHG helped to structure and negotiate a $20 million Initial Public Offering.

The Problem: The management team of a Midwestern division of a Fortune 50 company wanted to acquire their division which generated $100 million in revenues from the manufacture and distribution of adhesive-backed products.

The SHG Solution: SHG assisted in the development of the business plan and arranged for over $30 million in equity and debt for the transaction.

The Problem: A publicly held defense electronics contractor faced mounting losses due to cutbacks in Pentagon budgets.

The SHG Solution: Over a two year period, SHG assisted the company in restructuring and refocusing on non-military markets.

The Problem: A state-wide association wanted to enhance the value of membership by providing a new service.

The SHG Solution: We assisted in creating a self-insured workers’ compensation trust, obtaining regulatory approval and negotiating for the needed professional services.


The Problem: A membership organization wanted an independent evaluation of its existing insurance services and programs provided under contract to many of its members.

The SHG Solution: We performed a detailed study of all aspects of the insurance programs and recommended a variety of changes and improvements.


The Problem: A manufacturing firm faced high property, casualty and workers’ compensation insurance costs.


The SHG Solution: We organized and conducted a competitive bidding process with multiple brokers . Annual premiums were reduced



The Problem: A regional financial and computer services company wanted to expand its governmental services.


The SHG Solution: We developed a new fraud detection service applicable to benefit overpayments in welfare, unemployment insurance, disability, and workers’ compensation programs.

The Problem: A Baltimore-based public company, which provides services to children, was encountering significant losses.


The SHG Solution: SHG assisted management in creating a turn around plan, which resulted in an immediate improvement to the business.


The Problem: a manufacturing firm faced high property, casualty and workers’ compensation insurance costs






Black Powder Acquisition Corporation

Blasch Precision Ceramics

Chelsea Ridge Homes, Inc.

Chemical and Technics Corporation

Computer Numerical Control

Crown Recreation, Inc.

Dais Corporation

Davis Acoustical Corporation

ESARCO International, Inc.

Garden Way, Inc.

Hamilton Printing, Inc.

Hendricks Mfg. Co. of NY, Inc.


Image Systems Technology, Inc.

Intermagnetics Corporation

Jefco Laboratories

Keystone Associates

Kintz Plastics, Inc.

Luscombe Aircraft Corporation

Mechanical Technology, Inc.


Motch Corporation

Motor Vehicle Protection Systems

MTW Corporation

Norwich Aero Products, Inc.

Optimum Air Corporation

Professional Building Systems, Inc.

Protech Armour, Inc.

Reflective Light Technologies, Inc.

Testamatic Corporation

Troy Shirtmakers Guild, Inc.

Vita Food Products, Inc.


Adirondack Technologies, Inc.

All-Pro Products, Inc.

AutoQuant Imaging, Inc.

Biovector Technologies, Inc.

BitWise Designs, Inc.

Business Link Communications

CMG Group, Inc.


Concept Systems, Inc.

Conversion Technologies, Inc.

Data Management Associates, Inc.

Docucon, Inc.

Foundation Technologies, Inc.

Glens Falls Communications Corporation

Heleonetics Corporation

ICUCOM Corporation

IFS International, Inc.

Image Labs, Inc.

Image Systems Technology, Inc.

Immersive Technologies, Inc.

Innogenetics, N.V.

Intelligent Computer Music Systems

Interactive Learning (ILINC)

International Ophthalmics, Inc.

JRS Technology, Inc.

Ligature, Inc.

Logical Net Corporation

Lync Systems, Inc.

Nesbit Systems, Inc.


NeuralWare, Inc.

NYNEX Business Info Systems, Inc.

Park Meditech, Inc.

Phone Power, Inc.

PowerAdz Corporation

Publications Systems, Inc.

REM Technologies, Inc.

Shaker Computer & Management Service.

Spectra.Net Communications, Inc.

TalentFinder.Net, Inc.

Toxgon Corporation

Verax Systems, Inc.



Albany Family Amusement Center

Boardman’s Limited

Christopher’s Men’s Stores, Inc.

Gerald Genta of North America, Inc.

Harmanus Bleecker Restaurant Group

Harvest Restaurant Group, Inc.

RichMark International Corp.

Schatz Management Corp.

Smokey’s Sportscards Development Corp.

Sportee, Inc.

Sungold Enterprises, Ltd.

Video Hut, Inc.




Ameri-Life & Health Services, Inc.

Automotive Venture Fund, Inc.

Broadway Acquisition Partnership

Bankers Protective Life Insurance Company

Barington Capital Corp., LP

Bradford National Life Ins. Company

Capital District Physicians’ Health Plan

Cash Your Check, Inc.

Coastal Capital Partners, Inc.

Employee Family Protection, Inc.

Fleet Financial Group, Inc.

Gibbens Company

Goran Capital, Ltd.

Groos Bank, N.A.

Interamericas Investments, Inc.

Kelly Field National Bank

Kurchner Capital Management

LDH Holdings

Managed Comprehensive Care

New York Business Development Corporation

PAFCO General Insurance Company

Premium Payment Plan

Simmons International, Inc.

Southern National Financial Corporation Standard Management Corporation

UniSURe Corporation

Vital Management Corporation




Real Estate Development

Altamont Homes

Angel Fire Corporation

Briggs Construction Company


Real Estate Development

Altamont Homes

Angel Fire Corporation

Briggs Construction Company

Carousel Hotel Company

Central Warehouse, Inc.

Chelsea Ridge Associates, Inc.

Financial District Associates, LP

Gerrity Realty

JM Development Corporation

Major AutoMalls, LLC

Morache/Keneally Dev. Corporation

New Concept Communities, Inc.

Outdoor Escapes Corporation

Saratoga Health Retreat

Springhill, Inc.

The Michaels Group, Inc.

Trident Marine International, Inc.

Ucellini/United Corporation


501 (c) Insurance Services, Inc.

Business Council of NYS, Inc.

Business Services Corporation

Iron Workers District Council

NYS Industries for the Disabled

NYS Laborers’ Health/Safety Trust Fund

NYS Messingers & Couriers Association

NYS Science & Technology Foundation.

Rensselaer County

Retail Council of NYS

Saratoga County

Saratoga Economic Development Corporation

United Auto Workers Local

Washington County



AmeriCan, Inc.

C. T. Male Associates, PC

Business Services Corporation

Cambridge Valley Mushroom Farms

Collision Experts, Inc.

Community Funeral Management Corporation

Consolidated Automotive Recyclers, Inc.

Coromed, Inc.

Corporate Health Dimensions, Inc.

Exhibit Planning & Mgt., Inc.

Flight Video, Inc.

Grich Broadcasting Corp.

Kiddie Academy, Inc.

King Int’l. Road Materials, Inc.

Light and Power Productions, Inc.

Millwork Specialties

Multi-Care International, Inc.

NLS Commercial Printing, Inc.

Norsea Corporation

North American Recycling Corp.

Roberts Towing/Recovery Spec.

Seyfarth, Shaw, Fairweather & Geraldson

Spanish Broadcasting System, Inc.

Statewide Media Group

Team Classic Golf Services

TV2000 International

Unity Healthcare Holding Co., Inc.








Robert W. Schwartz


Robert W. Schwartz founded the firm in 1985 and is a Managing Director. Mr. Schwartz specializes in corporate planning, finance and development. Prior to starting the firm, he was a founder, President and Chief Executive Officer of a venture-funded high tech telecommunications company. In addition, he was the President and Chief Operating Officer of an American Stock Exchange listed company, which he took public in 1979. He was also the Chief Financial Officer of a major manufacturer of outdoor power equipment. His earlier experience was with KPMG Peat Marwick as a management consultant and with IBM. Since starting the company, he has worked with over 200 businesses utilizing his experience in finance and general management to achieve their objectives. Mr. Schwartz holds a Bachelor of Science degree from Cornell University and has done graduate work at the State University of New York at Albany. He has served as a Director of several public and private companies as well as non-profit organizations and has been a frequent guest lecturer at local universities and professional organizations. He has also taught a graduate course on entrepreneurship at the University at Albany.



Lawrence R. Heslin


Lawrence R. Heslin is a Managing Director who specializes in financial planning, operations review and analysis, and business improvement. These skills were developed over a 30 year period at General Electric, a company at the forefront of restructurings and other productivity actions to improve profitability and worldwide competitiveness. At General Electric, he held 14 financial management positions in which he gained significant experience in mergers and acquisitions, auditing, financial planning and analysis, cost accounting, and information systems management. His last two corporate staff positions were as the CFO of two divisions of GE, each with sales in the $150 million range. At SHG, Mr. Heslin has utilized his analytical skills and managment experiences to assist over 150 clients to achieve their objectives. He is a 1956 honors graduate of Siena College where he earned a Bachelor of Business Administration. In 1962, he was GE’s top worldwide graduate of their MBA program for finance personnel. In 1969, he completed five years in GE’s CPA equivalency program, known for its in-depth operation reviews of GE’s business units. Mr. Heslin is a Board member of a New York State electronics products manufacturer and distributor







Thomas R. Sinopoli


Thomas R. Sinopoli is a Managing Director specializing in developing and implementing new marketing strategies, affirming target markets, clarifying product lines, evaluating distribution channels, reviewing pricing strategies, and designing and implementing promotional plans. He has extensive experience with both start-up companies and established organizations. Previously he handled international and domestic marketing with Enable Software and Drover Technologies and served as President of the Computer Systems Division of BitWise Designs, Inc. He has introduced new products and sold products for such companies as IBM, Savin, and Dennison Manufacturing. He has taught courses in marketing, management and advertising at Boston University. Mr. Sinopoli holds a Bachelor of Business Administration in Industrial Management from Adelphi University.



Frederic J. Buse


Frederic J. Buse is a Managing Director specializing in corporate and governmental finance. He has extensive experience in the insurance and banking industries as well as with technology based companies. Prior to joining SHG in 1995, he was the Director of Unemployment Insurance of New York State. Previously, he managed a variety of assignments with The Lawrence Group, a mid-sized property and casualty insurance organization. Mr. Buse also gained much valuable experience as a senior manager with several high tech computer software start-up companies sponsored by AT&T and Eastman Kodak, and at Security New York State Corp., a Rochester, New York based bank holding company, now part of Fleet Bank. He holds a Bachelor of Science degree from Columbia University where he completed graduate study in economics, banking and finance. He is a member of the Society of Chartered Property and Casualty Underwriters and has served as a Director of a variety of private companies and not-for-profit organizations.



Stephen T. Wilson



Stephen T. Wilson is a Senior Vice President who has twenty-three years of extensive experience specializing in business valuation, corporate finance, acquisition/investment analysis, and financial management including financial analysis, planning, budgeting, and control. Most recently, he was the Chief Financial Officer for a public company, which manufactures products for the test, and measurement markets and provides contract technology development and engineering services. Prior experience includes managing financial reporting and banking relationships for a national insurance enterprise providing both underwriting and brokerage services. He also held various financial management positions with a major regional financial services holding corporation. His career began in public accounting with a "Big 6" firm. He holds a Bachelor of Science degree in accounting from the Pennsylvania State University, an MBA degree from Rensselaer Polytechnic Institute and is a CPA.




Patrick R. Hart


Patrick R. Hart is Managing Director-Midwest with a background in finance and 25 years of marketing experience with consumer product companies. In addition, he has been involved with start-ups, turn-around and restructuring ventures. He has extensive international experience and speaks fluent Spanish. Prior to joining the firm, Mr. Hart was the Chief Executive Officer and founder of a successful consumer products company recently acquired by a large publicly traded company. Mr. Hart was also the Chief Executive Officer of a large subsidiary of Studebaker-Worthington Corp. He has also served as a Director of a number of companies. Mr. Hart’s early experience was with a "Big 5" accounting firm. He holds a Bachelor of Arts degree from Michigan State University and an MBA from Farleigh Dickinson University. He is also a long time member of T.E.C., an international organization of Chief Executive Officers.



If you have an interest in pursuing this, please contact us a your convenience.

 Home | About Us! | Search Us! | Contact Us!

Copyrighted Worldwide �1997 Chapman Spira & Carson, LLC.
45 Wall Street - Suit 1022
Tel: 212.425.6100 - Fax:212.425.6229