Business Context and Reporting Period
This Form 8-K Current Report was filed by Ares Dynamic Credit Allocation Fund, Inc. on March 25, 2016. The report discloses a corporate governance event regarding the appointment of a new director effective on the date of the report.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
The material change reported is the appointment of M. Freddie Reiss to the board of directors. Effective March 25, 2016, Mr. Reiss was also appointed as the chairperson of the audit committee and as a member of the nominating and governance committee.
Management Commentary and Background
Mr. Reiss brings over 30 years of experience in strategic planning, cash management, liquidation analysis, covenant negotiations, forensic accounting, and valuation. He specializes in advising on bankruptcies, reorganizations, and business restructuring. Prior to his retirement from FTI Consulting in 2013, he was a Senior Managing Director in the Corporate Finance/Restructuring practice. Previously, he was a partner and west region leader at PricewaterhouseCoopers, where he co-founded the Business Restructuring Services practice. He holds an M.B.A. and B.B.A. from City College of New York and is a certified public accountant in New York and California.
Investor Verification Points
- Confirm the effective date of M. Freddie Reiss's appointment to the board and audit committee chairmanship.
- Verify Mr. Reiss's independence status and any potential conflicts of interest given his prior roles at FTI Consulting and PricewaterhouseCoopers.
- Review the composition of the audit committee and nominating and governance committee following this appointment.