February 13, 2009
To: Limited Partners of HRJ Capital Funds
In connection with our continuing process with Silicon Valley Bank we would like to announce some key personnel changes that have recently taken place.
As we mentioned on our call with limited partners on February 3, we have engaged Richard Couch and his firm, Diablo Management Group, to assist us with restructuring matters. Mr. Couch joins the firm as Chief Restructuring Officer and has been added as a member of the firm’s Management Committee. Two of his associates, Martin Hahn and Gerard Keena, will also support the firm full time. For more information regarding Mr. Couch and Diablo Management Group, please visit their website at www.diablomanagement.com.
Related to our engagement of Mr. Couch, we will be forming the Restructuring Committee which will be specifically tasked with executing details of a restructuring plan. Further, effective as of February 6, 2009 Cory Pavlik, the firm’s Chief Financial Officer, has moved to the position of Senior Financial Consultant reporting to Mr. Couch.
As we mentioned in the February 3rd call, we are losing two members of our accounting staff. We feel that, given the circumstances, it would be prudent of us to anticipate other possible staff departures, and we are exploring our options to ensure that investor services are not disrupted as a result of any such change.
The HRJ Capital Team