Experienced Team
The firm’s investment professionals are industry leaders in all classes of securities, equity and
obligations of distressed companies including accumulation of discounted debt,
reorganization, enhancing enterprise value through strategic initiatives and optimizing
realizations. The founders’ over 25 years of distressed experience as principals – as fund
managers, founders of several funds, advisors, and board members – creates unparalleled deal
flow and historic opportunity.

Russell Belinsky – Co-Founder
Russell Belinsky was a co-founder and partner in Balmoral Advisors, a predecessor to LB
Advisors. Russ is a Senior Managing Director and co-founder of Chanin Capital Partners. Mr.
Belinsky has extensive experience in all phases of domestic and international financial
restructurings and recapitalizations, including: mergers and acquisitions; corporate financings;
and expert testimony. He has primary oversight for the firm’s advisory business. On October 31,
2006, Chanin Capital Partners was acquired by Duff and Phelps. The sale price netted the
investors over a 70% IRR from 1990 to 2006. Mr. Belinsky completed over 250 deals,
representing over $500 billion of restructuring transactions in 25 years – one of the leading
advisors in the country. As a pioneer of the restructuring industry, Belinsky personally has
thousands of contacts at law firms, investment banking houses, accounting and turnaround
firms and instant name recognition. He is also an advisor or board member to several
companies and non-profits.

Harald Ludwig – Co-Founder
Harald Ludwig was a co-founder of Balmoral Advisors. He is currently a director, and was
formerly Co-Chairman of the Board, of Lions Gate Entertainment Corp. (NYSE: LGF), the
leading next generation film and TV production and distribution studio. Since 1985 Mr.
Ludwig has served as President of Macluan Capital Corporation, a diversified private equity
and investment firm. He also serves on the Boards of various private and public companies,
including West Fraser Timber Company (TSE: WFT), one of North America's largest forest
products companies, and Seaspan Corporation (NYSE: SSW). Additionally, he is a founding
partner or private equity investor in a number of North American and international private
equity firms, hedge funds, mezzanine lenders, growth capital providers, distressed investment
firms and real estate investment vehicles.

Ned Scherer – Senior Advisor
Ned Scherer is Senior Advisor to LB Advisors, LLC. He is an independent consultant and
advisor specializing in the home furnishings and turnaround sectors.  Mr. Scherer practiced
law, and has worked on varying transactions with, LB Advisor founder Russ Belinsky since
1986.  He held the role of CEO at Haynes Furniture - The Dump, the country’s largest off-price
retailer of home furnishings, rugs, and mattresses, where he and his team profitably drove
revenue from $65 million to more than $275 million in five years (2005 – 2010).  He founded,
and served as CEO, Resource Logistix, LLC (third-party logistics serving rail car shippers and
owners) in 1999. Vopak Logistics North America acquired Resource Logistix in 2001.  Mr.
Scherer joined MBF Industries, Inc. (rail car repair, painting, and lining services to the
chemical and plastics industries) in 1992 as Chief Financial Officer.  He was named CEO in
1996 and subsequently negotiated the sale of the company to Trust Company of the West in
1999.  From 1985 – 1991, Mr. Scherer practiced corporate law and worked in investment
banking specializing in mergers & acquisitions, corporate finance, and distressed securities.  
He holds a BS in Economics from The Wharton School, University of Pennsylvania (major in
finance) and a JD from the UCLA School of Law.
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