Team Bios

Apidos Capital Management, LLC manages five CLO transactions which consist primarily of leveraged loans with a combined initial capitalization of approximately $2.7 billion.

The team includes 20 investment professionals, including 10 leveraged loan credit professionals, 4 Resource America industry specialists and 6 Resource Europe specialists.

The senior members of the portfolio management team have managed or co-managed 15 loan vehicles, including 12 collateralized loan obligations ("CLO") and have implemented best practices from the diversity of their professional experiences.

Gretchen Bergstresser President and Senior Portfolio Manager
Investment Committee Member
Prior to founding Apidos, Ms. Bergstresser was a Managing Director and Portfolio Manager at MJX Asset Management LLC (“MJX”), a multi-billion dollar boutique asset management firm managing leveraged loans across five CDO vehicles. Each CDO is primarily invested in leveraged loans with a basket for high yield bonds. Prior to MJX, she was a CDO portfolio manager and Head Par Loan Trader at Eaton Vance Management, where she joined in 1996 and was a key member that grew loan assets under management. Ms. Bergstresser was directly responsible for managing three CDOs comprised primarily of leveraged loans. She was also the Par Loan Trader responsible for trading for all loan portfolios. Previous associations: Vice President in leveraged lending groups, Bank of Boston and ING Capital. At each of these institutions, she was responsible for origination and managing leveraged loan opportunities. She earned an M.B.A. from Boston University, a M.S. in Chemistry from the Pennsylvania State University, and a B.S. from St. Lawrence University.

Christopher D. Allen Chief Operating Officer and
Director of Product Management.
Investment Committee
Mr. Allen is a Managing Director of Resource Financial Fund Management, Inc. (“RFFM”), a wholly owned subsidiary of Resource America Inc., which is the parent of Apidos, Ischus and Trapeza. Mr. Allen is in charge of identifying, implementing and overseeing new CDO Vehicle products at RFFM and the structuring and oversight of leveraged loan products in the US and Europe. He is a member of the Apidos investment committee and oversees its operations. Prior to joining RFFM, he was a Vice President at Trenwith Securities and an Associate at Citicorp Venture Capital focusing on management buyouts, and private equity and debt transactions. Mr. Allen received his B.A. from Harvard University and received his J.D. from New York University School of Law.

Anne McCarthy Managing Director
Prior to joining Apidos, Ms. McCarthy spent almost six years at INVESCO Senior Secured Management where she was a portfolio manager. Her responsibilities included managing the first CLO brought into the leveraged loan group at INVESCO after the departure of the previous Chancellor Asset Management bank loan team. Ms. McCarthy was also responsible for managing an unlevered fund for a separate account in addition to comanaging the AIM Floating Rate Fund, a mutual fund invested primarily in bank loans. She was also responsible for managing INVESCO’s loans in the Food and Beverage, Lodging and Gaming, Consumer Products, and Building Materials industries. From 1997 to 1998, Ms. McCarthy worked for Merrill Lynch Investment Management where she was responsible for credit analysis of bank loans, high yield bonds and distressed securities. She followed positions in the supermarket, retail and apparel, textile, consumer products, restaurant and ground transportation industries. Before Merrill Lynch, Ms. McCarthy worked for six years as a research associate at T. A. McKay and Company where she evaluated special situation investment opportunities and high-yield securities. She was a cash analyst with the Hanlin Group before joining T. A. McKay. Ms. McCarthy earned a B.A. in Economics from Rutgers College and a M.B.A. from Fordham University.

John Stelwagon Managing Director
Prior to joining Apidos in July 2005, Mr. Stelwagon was on the investment committee of Babson Capital Management’s Bank Loan team and held a variety of positions including Head of Loan Research. He joined Babson Capital in June 2002 as a result of the company’s acquisition of First Union Institutional Debt Management (“IDM”), where he was Head of Loan Research. Prior to joining IDM, he was a Director and Group Credit Officer at Société Générale where he was responsible for primary level credit approval and portfolio management for the bank’s Los Angeles, San Francisco, Dallas, Houston and Atlanta regional offices. Before that, he was a Relationship Manager in Société Générale’s East Coast Region. Prior to joining Société Générale, he worked in National Australia Bank’s Loan Restructuring Group. Prior to joining National Australia Bank, he was a Credit Analyst at CoreStates/New Jersey National Bank. He holds a B.A. from Lafayette College and is a CFA charterholder.

Jennifer Patrickakos Head of Operations and Vice President
Prior to joining Apidos, Ms. Patrickakos was the Head of Operations for MJX Asset Management LLC. Prior to MJX, she was an Associate, Desk Manager on the Bank Loan Sales and Syndications Trading Desk at Goldman Sachs and Co. Previously she was the head of the closing group, Assistant Vice President at Donaldson, Lufkin and Jenrette and was an analyst in the Institutional Recovery Management Group at Citibank. Ms. Patrickakos graduated from Providence College.

Fred Colen Senior Analyst
Prior to joining Apidos in July 2006, Mr. Colen spent over 6 years at TD Securities (USA), LLC where he was most recently a Vice President in the Loan Sales & Trading Group. At TD, Mr. Colen covered credits in the Cable, Telecommunications, Broadcasting and Technology industries where his primary responsibilities included building detailed company financial models as well as performing yield and relative value analysis on covered credits. Mr. Colen also worked in TD’s Media, Telecom and Technology Investment Banking Group and Credit Derivatives Structuring Group. Prior to joining TD, Mr. Colen spent 2 years with PricewaterhouseCoopers LLP where he was an Associate Consultant in the Financial Advisory Services Group. Mr. Colen holds a B.B.A. from Emory University and an M.B.A. from Columbia Business School.

Michele Dragonetti Senior Analyst
Prior to joining Apidos Capital in September 2006, Ms. Dragonetti was a Vice President in Leveraged Finance Research at Credit Suisse. Ms. Dragonetti was responsible for the analysis of primarily High Yield credits, along with a handful of Investment Grade issues as well. Her sector coverage experience includes Financial Services, Services, Transportation, Homebuilding, and Building Products. Ms. Dragonetti joined Credit Suisse in August 2000 in the company's acquisition of Donaldson, Lufkin & Jenrette. Prior to joining the Leveraged Finance Research Group at DLJ, Ms. Dragonetti worked in equity sales in the firm's Investment Services Group. Ms. Dragonetti earned a B.A. in English at the University of Central Florida, and an M.B.A. from New York University.

Bennett Leichman Senior Analyst
Prior to joining Apidos, Mr. Leichman spent 13 years with The Bank of New York Company, Inc., where he was a Vice President and Senior High Yield Analyst of BNY Capital Markets, Inc., a broker/dealer subsidiary of the bank. During this period, Mr. Leichman was responsible for credit analysis of leveraged loans, as well as the structuring of leveraged loan and high yield bond financing proposals. Mr. Leichman’s industry experience includes media/telecom sectors such as broadcasting, cable television and wireless, and corporate sectors such as building materials and chemicals. Mr. Leichman was a Tax and Audit Manager with Leichman & Company, CPAs before joining The Bank of New York Company, Inc. Mr. Leichman earned a B.S. in Accounting and Economics, as well as an M.B.A., from New York University. Mr. Leichman is a licensed Certified Public Accountant in the state of New York.

Philip Raciti Senior Analyst
Prior to joining Apidos, Mr. Raciti was a credit analyst for INVESCO, a $5.0 billion asset management firm managing leveraged loans across 5 structured vehicles. At INVESCO, Mr. Raciti's responsibilities included analyzing potential and existing transactions in the primary and secondary bank loan market for purchase/sale consideration, portfolio modeling and the implementation of web based reporting technologies. Mr. Raciti received a B.A. in Politics, Philosophy and Law from Binghamton University.

Justin Sughrue Senior Analyst
Mr. Sughrue joined Apidos Capital in April 2005, after spending two years as a junior high yield analyst with Merrill Lynch. At Merrill, he covered Technology and Services credits, and his primary responsibilities included writing research reports, creating financial models, and analyzing relative value swap ideas. Before joining Merrill, Mr. Sughrue worked as an associate for the BondDesk Group, an online bond-trading firm, for one year, and spent two summers working for Goldman, Sachs & Co. in municipal finance. Mr. Sughrue graduated from Trinity College with a B.A. in History.

Gregory Todisco Analyst
Mr. Todisco joined Apidos Capital in April 2005. Previously, he worked in the Individual Investor's Group at Morgan Stanley. Mr. Todisco graduated from Fordham University with a B.S. in Finance.