Stephen M. Packman Named to Board of Directors for the Philadelphia TMA

HADDONFIELD, NJ – December 4, 2006 – Stephen M. Packman, Esquire, a shareholder with the law firm of Archer, was elected to the Board of Directors for the Philadelphia Chapter of Turnaround Management Association (TMA).

Established in 1988, TMA is the only international non-profit association dedicated to corporate renewal and turnaround management. TMA has 7,500 members in 40 chapters. TMA members are a professional community of turnaround and corporate renewal professionals who share a common interest in strengthening the economy through the restoration of corporate value.

Mr. Packman serves as the Chairman of Archer’s Debtor & Creditors’ Rights Group. He has practiced in the area of debtor and creditor rights for the last eighteen years. He represents debtors in reorganization and liquidation proceedings, creditors committees in bankruptcy and informal proceedings, trustees, fiscal agents, receivers, equity holders and all types of creditors ranging from sophisticated bank and asset based lenders to individual claimants in and out of bankruptcy proceedings. In addition to successfully reorganizing businesses in Chapter 11, Mr. Packman also counsels financially troubled companies in workout situations in order to avoid formal reorganization proceedings. He represents both public and private commercial lenders in foreclosure proceedings and has represented many parties over the years in commercial litigation.

Mr. Packman received his Bachelor’s Degree from the University of Michigan in 1985 and graduated from Temple University School of Law in 1989. He resides in Haddonfield, New Jersey.