Michael H. Coden
 Michael Coden, has been involved in turnarounds and Chapter 11 workouts for the past 14 years. Since 1999 he has been President and CEO of the consulting firm Magjic LLC.  He brings to his assignments over 30 years of management skills in operations, finance, marketing, sales, manufacturing, product development, Venture Capital, Private Equity, Corporate funding, and M&A.  He has worked for companies in the fields of: healthcare, manufacturing, process control/automation, transportation, CATV, broadband, telecomm, wireless, enterprise software, IT, networking, semiconductors, fiber optics, government, and defense. Michael has a broad range of contacts in a wide variety of companies such as: ABB, Allscripts, CA, Cisco, EMC², Emerson, Ericsson, GE Healthcare, Honeywell, Invensys, Motorola, Novell, Rockwell, Yokogawa, and other large global companies, as well as numerous contacts in Venture Capital and Private Equity.

Michael’s recent turnaround and interim management assignments have included: CEO of a public company in Chapter 11, where he successfully confirmed the case, sold the company and managed the integration into the acquirer; CEO of an insolvent company that he restructured, turned around, and returned to normalcy in less than one year; and President at a troubled company where Michael helped to restructure, turnaround, raise private investment, reduce costs and increase sales making the company profitable and cash flow positive.  (Please see page two for more detail.)

Prior to founding Magjic LLC, Michael had been on both sides of Private Equity transactions. Michael served as an Investment Manager for Exxon Enterprises and as Entrepreneur in Residence for SAS Investors, a fund backed by Canaan partners, Rho Capital Partners and Sevin Rosen Funds. Prior to Magjic LLC, Michael was Founder and CEO of three companies, Codenoll Technology Corporation, which he took public, Optical Information Systems, which was sold to McDonnell Douglas, and IntraClub Communications, which is still operating. Michael previously served as a Vice President of Maher Terminals, a major transportation conglomerate where Michael had extensive union experience and became an officer of the Waterfront Commission of NY Harbor, and in design, marketing and management positions at HP and Digital Equipment Corporation.

Michael has a Bachelors degree in Electrical Engineering from the Massachusetts Institute of Technology, an Masters in Business Administration from Columbia University School of Business, and an Masters in Applied Mathematics from the Courant Institute of Mathematical Sciences at NYU. Michael has held adjunct faculty positions at Columbia University School of Business and Fairleigh Dickinson University.  He is a member of Beta Gamma Sigma Business Honorary Society and has won Awards of Merit from the American Chemical Society and the Laser Institute of America.  Michael is the author of 16 patents, over 50 journal articles, 120 guest lectures and a book published in 5 editions with over 100,000 copies in circulation.  Michael has been featured on two television programs produced by the Canadian Broadcasting Company and shown on the Public Broadcasting System throughout the US and abroad.  Michael is a senior member of the Institute of Electrical and Electronics Engineers, the Society of Cable Telecommunications Engineers, and the Turnaround Management Association.

Michael’s recent turnaround and interim management
assignments have included:

• CEO of a public company in Chapter 11, in which Michael successfully confirmed the case, by managing creditor expectations, finding two buyers creating a auction sale, and successfully sold the company in just under one year. Michael then worked for the acquirer, managing the successful integration into the acquiring company.
• CEO of an insolvent company where Michael completed a return to normalcy, in less than one year. Recruited by the Board, Michael instituted financial controls and cash management, reorganized the company, reducing monthly burn by 40% while improving product quality, delivery, and customer satisfaction.  Michael developed product, marketing and sales strategies to sell this company’s product in new markets, built a sales organization that increased revenue more than 5-fold in less than one year. Michael closed a stalled equity financing investment, arranged substantial government funding for R&D, and convinced customers to make pre-payments, increasing the cash balance from less than one week’s burn, to more than 24 months of burn, in less than one year on the assignment.
• President of a seriously troubled company, where Michael was recruited by the Board and helped bring the company to a profitable and cash flow positive state.  Michael’s work in this assignment included being involved in reorganizing the Company, reducing burn 45%, developing and implementing product, engineering, marketing and sales strategies to direct this company’s product into new markets.  Michael built an organization that tripled sales two years in a row, successfully closing major multi-year global contracts with new customers, including: ABB, Ericsson, GE Healthcare, Honeywell, Motorola, Rockwell, Yokogawa and others. Based on this turnaround success, two significant additional rounds of financing were raised from new and existing investors as well as from Motorola.

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