F&D Reports was launched in 1992 at the suggestion of credit professionals, who were in search of an industry-specific credit consulting service. F&D Reports monitors publicly & privately held retailers in all facets of the industry, including: Restaurants, Convenience Stores, Deep Discounters, Drug/Pharmaceutical, Foodservice, Grocery, and Mass Merchandisers. Our goal is to deliver the critical information today's busy credit executive needs to make a highly informed credit decision without sifting through pages of non-essential data. A privately held corporation, F&D Reports is headquartered at 310 East Shore Road in Great Neck, NY and is affiliated with Information Clearinghouse, Inc. (ICI) through common principals and officers. The three key executives of F&D Reports collectively have close to 100 years of credit and insolvency management experience and, as such, the Company is uniquely positioned to provide a perspective superior to other financial reporting services.
For General Inquiries, please email contactus@fdreports.com.

The F&D Reports Team
LAWRENCE SARF President & CEO
larrys@fdreports.com 800-789-0123 Ext. 102

For more than 50 years, Lawrence Sarf has provided his clients hands-on expertise and knowledge with respect to financially troubled companies operating across numerous retail and wholesale segments. His unparalleled background has afforded those clients with the time-sensitive intelligence needed to avoid costly bankruptcies and working capital draining slow receivables. Over several decades, Larry has been sought out to evaluate countless acquisitions and divestitures. Additionally, he has served in a consultant and/or advisory capacity to scores of creditors' committees in both bankruptcy and out-of-court settings. In 1990, Larry was formally recognized with the distinction of Bankruptcy Expert by the Chief Bankruptcy Judge of the Southern District of New York. He's not only been appointed as operating receiver and Bankruptcy Advisor in a number of bankruptcies, but he has personally overseen well over 1,000 insolvency proceedings. With Larry's extensive background and unique insights, he's been coined the "best in the business." !

STEVEN DOVE Advisor to the President, F&D Reports
steved@fdreports.com 800-789-0123 Ext. 121

Steve joined Information Clearinghouse in 1998 after a 25-year career with multi-national conglomerate Borden, Inc., where he gained extensive knowledge of virtually all facets of treasury, from finance and credit/receivable management to distribution and marketing. In addition, Steve participated in bank facility negotiations, M&A activity, and rating agency presentations. He was active on the boards of directors at several national trade credit groups, including the National Food Manufacturers Credit Group, where he served as vice chairman of the Trade Relations Committee and vice chairman of the Claims Committee. He has extensive understanding and expertise in the defense of avoidance actions, with emphasis on preferential transfers. In that capacity, he has successfully defended dozens of trustee demands with a very high success rate, delivering settlements averaging less than 10% of the initial demand. He has been recognized and has appeared as an expert witness in federal Bankruptcy Court for matters concerning credit management industry practice. In his current position, he oversees all matters with respect to the F&D Reports division of ICI.

KEVIN SLACK Advisor to the President, Creditntell
kevins@fdreports.com 800-789-0123 Ext. 103

Kevin Slack's areas of expertise include the retail and wholesale food and drug industries, as his prior roles consisted of 25 years in senior credit management positions with Sterling Drug Co. and Ward Foods. While in these positions, he gained significant experience in all facets of the order cycle, including credit risk, DSO, deductions/dilution and bad debt best practice receivable process improvements, as well as A/R systems implementation and integration. Kevin was an industry peer group leader in food, health and beauty care, and pharmaceuticals. Kevin served as chairman of the National Health & Beauty Care Credit Group, as a member on the Trade Relations Committee of the NHBCG and the National Food Manufacturers Credit Group, and was a co-founder of the National Candy and Tobacco Manufacturers Credit Corp.

ROBERT MARZO Chief Of Staff/Division President - ARMS
robertm@fdreports.com 800-789-0123 Ext. 173

Robert joined F&D Reports as a financial analyst in June 2004. He previously worked as a business analyst at a Fortune 500 company, where he provided business support in various areas, including the preparation and submission of monthly and year-end P&L reports. As Division President, Robert oversees the daily operations of the credit department, including managing the website, developing products as well as client relations, and he is the lead analyst for the foodservice segment. Robert graduated from Stony Brook University with a degree in Economics and Business.

ALBERT FURST MBA, Chief Operating Officer, F&D Reports and Creditntell
albertf@fdreports.com 800-789-0123 Ext. 147

Albert joined F&D Reports/Creditntell.com as a Senior Financial Analyst in 1998. As COO, today Albert oversees the daily operations of F&D Reports and the analyst department. He has been the lead analyst in the food sector and grocery space since 2001 and is responsible for analyzing high-risk accounts, as well as overall retail coverage and products, and he serves as a client liaison. Albert was previously with The Chase Manhattan Bank, where he headed up the multi-billion dollar cash management operations of its Franklin Templeton Mutual Fund relationship. Albert received a BS in accounting from Binghamton University and an MBA in corporate finance from Hofstra University's Frank G. Zarb School of Business.

MICHAEL BLACKBURN MBA, CCM, Executive Vice President, F&D Reports and Creditntell
mikeb@fdreports.com 800-789-0123 Ext. 131

Michael Blackburn has been with F&D Reports for more than ten years and monitors the food and drug retail segments while coordinating many of ICI's educational programs. Before joining F&D Reports, Michael had more than a decade of corporate treasury and risk management experience in the manufacturing and retail industries. In his previous corporate finance positions, Michael's responsibilities included: financial modeling, budgeting and forecasting, capital markets, cash management, pension management and interest rate, commodity and foreign exchange risk management. Michael received his MBA from the University of Colorado at Boulder and a BS in finance from the State University at Albany.

TALI WAXMAN Senior Vice President, Sales
talia@fdreports.com 800-789-0123 Ext. 143

After completing her degree in business administration at Hofstra University, Tali joined F&D Reports in 1998, advancing through positions of increasing responsibility to her current role as SVP of sales. During her tenure, she has focused her efforts, and those of her team, on initiating a significant number of relationships with subscribers as well as maintaining ongoing support to ensure that any concerns are immediately addressed. She has been instrumental in introducing new and innovative tools to the credit management community, and her expertise in F&D's products as well as her deep understanding of subscribers' needs make her integral to ICI's sales efforts.

JOSHUA SUFFIN Vice President of Real Estate Services
joshs@creditntell.com 800-789-0123 Ext. 172

Shortly after attaining his BA in Entrepreneurship from Hofstra University, Josh joined Creditntell in September 2011. Over the course of the subsequent two years, he utilized his skills to introduce new marketing initiatives and create new product offerings, with a concentration in the retail real estate segment, eventually earning a promotion to chief production officer. Through diligent efforts with key players in this growing customer base, Josh has implemented new services and networking events tailored to meet this diverse industry's specific needs and applications. Equipped with extensive real estate expertise and an expansive network, Josh was appointed VP of real estate services and now leads ICI's efforts within this major sector.

ANTHONY LOBOSCO Senior Vice President, Marketing
anthony@fdreports.com 800-789-0123 Ext. 113

Tony spent 25 years with The Bell System in various positions in sales, marketing, product management and personnel. As director of sales and marketing, he was responsible for managing several Fortune 500 companies' telecommunications needs and overseeing a revenue stream of more than $25 million. Tony began at F&D Reports in 1996 in customer service, visiting customers nationwide and gathering critical intelligence. He has since spearheaded many of the Company's new product introductions, such as its Credit Executive Study Program and Hot Market reports. Tony is responsible for servicing a portion of F&D's national account portfolio.

DAVID SILVERMAN MBA, JD, CPA, Senior Vice President, Creditntell
daves@fdreports.com 800-789-0123 Ext. 119

David joined F&D Reports as a financial analyst in 1995. Previously, he was a financial analyst for Data Broadcasting Corporation, a provider of business financial information, where he was responsible for budgeting, cash flow, variance, and merger and acquisition analysis, including evaluation of debt financing alternatives. At F&D Reports, David monitors the electronics and home center industries. He helped develop ICI's Credit Executive Study Program and has conducted several of the seminars, and he has prepared Debt & Covenant Analyses on monitored companies. David received a BS in Management and an MBA in Accounting from the University of Florida.

JESSICA SHUSTERMAN President, Research
jessical@fdreports.com 800-789-0123 Ext. 109

A graduate of Columbia University, Jessica joined F&D Reports in 2000. With two decades of experience, she has acquired extensive financial research, writing and editorial skills, primarily within the food and drug sectors. Jessica manages ICI's research team; she is the lead on the writing, editorial process, and production of F&D Reports' weekly newsletter, Scrambled Eggs; and she is a primary contributor to Strategic Sales Insights Reports and Hot Market Reports.

JOSEPH COSTELLO Chief Information Officer
josephc@fdreports.com 800-789-0123 Ext. 112

As chief information officer of ICI, Joseph Costello provides overall technology leadership across all of ICI's businesses and works with management to expand the application of effective technology solutions across the enterprise. Joseph brings more than 20 years of global information technology experience with Fortune 500 companies like Citigroup as well as McGraw-Hill, and across several industries including finance, education, publishing and information services.

RANDI DICKSON Client Relations Coordinator, ARMS
randid@fdreports.com 800-789-0123 Ext. 179

After graduating from the University at Albany with a Psychology / Sociology degree, Randi continued to develop her strong interpersonal skills within a variety of positions that include human resources coordinator, recruiter, and an elementary school teacher. Randi joined ICI as a client relations coordinator to support the sales department. Her main responsibility is to communicate with subscribers to ensure all of their needs are being met and to introduce the latest products and enhancements.

JAMES RICE Senior Vice President, Creditntell
jimr@creditntell.com 800-789-0123 Ext. 127

Jim joined F&D Reports as a senior analyst in 2007, bringing with him 30 years of credit industry experience. Previously, Jim was an equities analyst for Susquehanna Financial Group and spent 14 years as an EVP of Bernard Sands. Jim also worked in various credit capacities in the factoring industry. For Creditntell.com, he monitors mass merchandisers and department stores. Jim received his BA from Hunter College and did his post-graduate studies at St. John's University.

MICHAEL INFRANCO Assistant Vice President, F&D Reports
mikei@fdreports.com 800-789-0123 Ext. 126

Prior to joining F&D Reports, Michael served in various analytical capacities during a 20-year career at Standard & Poor's, where he was responsible for designing and managing financial models, providing investment recommendations, and performing financial valuations and research necessary to rank portfolios of stocks. In addition, Michael played a key role in developing and implementing new products and content for S&P's equity research group. Michael received his MBA from Regis University in Denver and a BBA in Finance & Investments from Baruch College, City University of New York.

SEEMA SHAH Director Consumer and Retail Trends, Creditntell
seemas@creditntell.com 800-789-0123 Ext. 129

Seema Shah is the director of consumer and retail trends at Creditntell. She has more than 20 years of experience in consumer sector research and retail analysis. Prior to joining Creditntell, Ms. Shah was a senior consumer sector analyst at Granite Capital and Privet Capital, where she initiated, researched and recommended investments for their portfolios. She also worked in investment banking and private equity at Credit Suisse First Boston and Stone Point Capital. Most recently, Seema covered consumer and retail equities for the Bloomberg Intelligence platform. She received her MBA from Columbia Business School and BA from The Johns Hopkins University.

JIM FRITTS Senior Analyst, F&D Reports
jimf@fdreports.com 800-789-0123 Ext. 137

Jim joined the analyst team at ICI in 2017, bringing with him over 20 years of experience in underwriting and analysis of distressed and special situation companies. He was previously with Republic Financial Corporation in Colorado, a private investment firm specializing in acquiring distressed debt and restructuring troubled companies. In addition, Jim has managed the investment analysis process for high-yield bond funds at Advisors Asset Management. He received his BA from the State University of New York at Albany and his MBA from the University of Colorado at Boulder.

TAYLOR RICKETTS Assistant Vice President, F&D Reports
taylorr@fdreports.com 800-789-0123 Ext. 139

Taylor joined ICI in January 2018, bringing 10 years of corporate credit, finance, and shared services experience, primarily with PepsiCo, where he developed expertise in all facets of the order to cash process, including financial analysis, credit and risk management, A/R and system processes, reporting, accounting, bankruptcy and legal processes. Taylor is experienced in process outsourcing, establishing a financial supplier evaluation process, governance and building a long-term shared service provider relationship. He has been an active member of several national trade and credit groups, including the National Food and Health Manufacturers Credit Group, Credit Research Foundation, and International Credit and Trade Finance. In addition, he brings extensive creditor representation experience in bankruptcies, serving on the creditors committee in high-profile bankruptcies that include Caesars, Quiznos, Belle Foods, and Haggen. At ICI, Taylor is the lead analyst on natural and ethnic grocers and private companies and is actively involved with the credit solutions group. He received his BA from UNC Asheville and his Masters in Economics and Finance from UNC Greensboro.

ALAN LEE Senior Analyst, F&D Reports
alanl@fdreports.com 800-789-0123 Ext. 146

Alan joined ICI as a retail analyst in 2014. He currently monitors companies in the health care, retail and wholesale food sectors as well as covers the Canadian food retailers. Alan received a BS in Finance and Accounting and a MS in Accounting from the Stern School of Business at NYU.

RAMONA BOLOZAN Director of Analytical Support, ARMS
ramonad@fdreports.com 800-789-0123 Ext. 124

Ramona joined F&D Reports as a financial analyst in 2008 and was promoted to director of analytical support / ARMS in 2013. During her tenure, she has held positions of increasing responsibility, making significant contributions to the analyst, credit and sales support departments. In her current role, she provides analytical, brand strategy and product development support, and she leads ICI's international efforts, including overseeing the international credit team and maintaining and expanding the international database. Ramona received a BBA in Finance & Investments from Baruch College, City University of New York.

GERARD MACHADO Senior Analyst, Creditntell
gerardm@creditntell.com 800-789-0123 Ext. 152

Gerard joined ICI's analyst team in late 2017 to cover the apparel retail sector. Gerard has over 25 years of international banking experience in credit underwriting of corporate, real estate, leveraged, and structured transactions. Before joining ICI, Gerard worked overseas for Abu Dhabi Commercial Bank, enhancing the front-line credit underwriting process and delivering risk-mitigation improvements. He likes to travel, teach and mentor young people. Gerard received a BA and a Master's degree in Economics from New York University.

SHIVAM PATEL Senior Analyst, Creditntell
shivamp@creditntell.com 800-789-0123 Ext. 168

Shivam joined ICI as a retail analyst in January 2019. He covers multiple companies within the retail space. Prior to joining Creditntell, Shivam worked as an analyst in fixed income at Citi Group. Shivam graduated from Rutgers University with a major in Economics and a minor in Math.

DANIELLE MCINTEE Retail Analyst, Creditntell
daniellem@creditntell.com 800-789-0123 Ext. 122

Danielle joined ICI as a retail analyst in November 2019. She covers various companies within the consumer discretionary sector. Before joining Creditntell, Danielle worked in equity research at Bloomberg, covering consumer hardline retailers. She graduated from Villanova University with a major in finance.

JUSTIN WHITNEY Junior Financial Analyst
justinw@fdreports.com 800-789-0123 Ext. 114

Justin joined F&D Reports as a junior analyst in May 2019. He graduated from the State University of New York at Oneonta with a Bachelors in Economics, with a concentration in finance and a minor in computer science.

GRACE DUY Assistant Vice President of Client Support
graced@fdreports.com 800-789-0123 Ext. 123

Grace began working part-time at ICI while finishing her last year at Fairfield University. After graduating with a business management degree, she continued as a part-time employee for the next three years in order to simultaneously pursue her passion as an equestrian. In September 2013, Grace was brought on full-time as a client relations coordinator, assisting in sales support as well as developing solid and long-lasting relationships with existing and prospective clients.

MARYELLEN COLLOM-ARTHUR Operations Manager
maryellenc@fdreports.com 800-789-0123 Ext. 125

Mary Ellen joined F&D Reports as an analyst in 2000, after working in banking, credit and accounting roles across various organizations. She has taken a lead role in developing operational efficiencies, integrating financial software, and creating new products such as the Executive Review. In 2006, she was promoted to operations manager, where she now oversees daily operational issues, SEC filing reviews, new project initiatives, training, and website quality control issues. Mary Ellen graduated with high honors with a BS in International Business from Johnson & Wales University.

CASSANDRA KASPARIAN Director of Research, Chief Editor
cassiek@fdreports.com 800-789-0123 Ext. 136

A graduate of the University of Pennsylvania, Cassandra Kasparian has nearly 20 years' experience as a writer and editor within a variety of organizations, including a literacy research center at a major university, an environmental non-profit organization, and a management consulting firm. Since joining F&D, Cassandra has been a key member of the research team and has taken a lead role in the writing, editing, and production of company, industry and regional analyses, newsletters, and press releases.

MARY BETH MULLARKEY Research Analyst
marybethm@fdreports.com 800-789-0123 Ext. 188

After developing her writing and editing skills as an undergraduate at York College of Pennsylvania, Mary Beth joined the research team at ICI in 2008. Since then, she has become the lead on the writing, editorial process, and production of Creditntell's weekly newsletter, Retail News & Views. She is also a primary contributor to Strategic Sales Insights, Hot Market Reports, Foodservice Sector and Retailer RxTRA reports.

JOANNE FANARA Analyst Assistant
joannef@fdreports.com 800-789-0123 Ext. 174

Joanne joined ICI in 2006, after working as an executive assistant in the real estate industry for 16 years. Because of her understanding of operational efficiency, Joanne is a key member in the daily management and support of the analyst team and the report production and distribution process. She is also responsible for the management of web conferences and the preparation and administration of a broad range of products.

ANITA KUENZEL Client Relations Coordinator
anitak@fdarms.com 800-789-0123 Ext. 163

After obtaining her degree in psychology at Adelphi University, Anita joined ICI in 2011 and has since diversified her role in support of driving growth. She oversees product development, account and project management, while providing support to key executives. During her tenure, she has demonstrated success in growing client business by nurturing relationships, uncovering client needs, and tailoring solutions from ICI's continuously expanding suite of services. With the big picture in mind, Anita has been instrumental in transitioning and onboarding staff during ICI's smaller fold-in acquisitions, implementing an overall engagement strategy, and enhancing the effectiveness of the client services team.

CASEY LEOPOLD Client Support Coordinator
caseyl@fdarms.com 800-789-0123 Ext. 164

A graduate of the University of Florida, Casey joined ICI in early 2018 and has become a vital member of the client relations team. She is on the forefront of onboarding and acclimating clients to newly launched and upgraded services, as well as acting as a liaison between clients and the in-house analyst and credit teams. In addition to supporting the sales department, Casey also collaborates with ICI's marketing team to showcase new products and services.

For General Inquiries, please email contactus@fdreports.com.