Owner of TGI Friday’s Gets CFO on Wednesday

27-year vet at Andersen named finance chief at Main Steet and Main; departing CFO worked for Arizona Diamondback owner for five years. Also: Vantag...
Lisa YoonApril 11, 2002

>> Restaurant-chain operator Main Street and Main hired Michael Garnreiter as executive VP and CFO… Info on Garnreiter’s last job was unavailable, but the company says he spent 27 years at Arthur Andersen. Gee, wonder why he left?… Garnreiter new role will be to help manage growth at restaurant specialist, which owns chains T.G.I. Friday’s. Redfish Cajun Grill, and Bamboo Club…

Ganreiter replaces Lawrence White, who resigned, according to company filing with SEC. Company gave no details about why White left — and his departure seems curious. He joined Main Street and Main in Sept 2000, having served as VP of accounting for MLB’s Arizona Diamondbacks and NBA’s Phoenix Suns, both owned by Jerry Colangelo. White was originally hired by the Diamondbacks in 1996 to create accounting dept. for that expansion franchise, which, in case you live off-planet, won World Series last year.

>> Security Biometrics Inc. named David Alexander CFO…Alexander has been CFO of various public and private companies for 20 years and has raised more than $100 million in the public market, or so says the company… Alexander also has wealth of experience in emerging markets. He has served as VP of finance for Columbia Trust Co… In his new job, Alexander’s first order of business will be to head up the audit and SEC filing team on company’s recently announced merger of Security Biometrics with Lightec Communications.

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>>Midland Cogeneration Venture LP said CFO Stephen Shulman resigning as of April 18 to take other job… VP and controller James Rajewski will serve as interim CFO and treasurer… Shulman has served as CFO and treasurer since February 1999, held various other positions with it since September 1988.

Midland Cogeneration is privately held operator of combined-cycle, gas-fired cogeneration facility located in Midland, Michigan… Midland partners include CMS Midland Inc.(unit of CMS Energy Corp.); Dow Chemical Co., and El Paso Midland Inc.


VantageMed Corp. named Gregory Hill CFO… Rancho Cordova, Calif.-based provider of billing software for healthcare providers also hired Grant Thornton as new auditor. VantageMed had previously been dumped by troubled Arthur Andersen — yes, Andersen dumped VantageMed… Hill was previously CFO at International FiberCom Inc., and auditor at Price Waterhouse LLP before that…Hill replaces president Joel Harris, who filled in as acting CFO since October 2001…

Role of dumper is departure for Andersen these days. Beleaguered accounting firm quit as VantageMed’s auditor in February. Reason? AA had questions about accounting practices related to the sale of VantageMed’s dental business, according to a company statement… But VantageMed says it found “no evidence of manipulation on the part of the company or its management, but determined that issues raised by Andersen were due to inadequate internal controls.”

As a result of investigation, however, company reversed the gain from the sale of VantageMed’s dental business. That revenue was recorded in Q3 results as $30,000 of revenue previously deferred and $391,000 credit… Grant Thornton has begun audit of VantageMed’s financial statements for fiscal year 2001.

As the company prepares this year’s proxy statement, a look at FY 2000’s proxy shows modest salaries at VantageMed. President Joes Harris earned $120,000 that year, while then-CFO Paul Souza made $76,000. Neither men exercised options…

VantageMed announced recently it had received notice from the Nasdaq stock exchange that it was at risk of being delisted. Company has until June 19 to reach a closing share price of at least $1 for 10 consecutive days… As of press time, VantageMed share price is 70 cents — well below $1 target. Still, it’s a seven percent gain over closing price yesterday.

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