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All of us at ATG were shocked and saddened by the events of September 11. We wish to extend our deepest sympathies to the families and friends of the victims of this national tragedy and to any of our members and customers who were directly affected. Our continued thanks and admiration to those who are working on behalf of the relief efforts.
Corporate Re-Organization: A Key to Continued Success
The title business is increasingly competitive. Despite this competition, ATG's marketshare has grown dramatically in recent years. In addition, ATG has been very aggressive in its quest to become the premier lawyer service organization through a program of diversification and new product development. Updates on the progress of our subsidiaries and new business ventures appear later in this report.
Our competitive environment requires us to move swiftly and with agility. The new ventures require the ability to meet face-to-face on a daily basis to exchange information and the ability to make prompt decisions in order to ensure the successful development of these new products. At the same time, our growth and diversification required us to search for talent from outside ATG.
In order to be responsive to changing conditions and emerging opportunities, it is essential that I have immediate access to the Corporate Officers supervising the day-to-day activities of our core business as well as these new ventures. To accomplish this, we hired the following new top-level employees:
Ron Trubiana, Chief Financial Officer | Ron comes to ATG from Tatum CFO, Chicago. Prior to his engagement as a Partner in this consulting firm, Ron was a Senior Financial Officer for R.R. Donnelly & Sons. He has a strong background in finance and systems implementation and will direct our Corporate Accounting Department to implement a new billing system, oversee risk management, and conduct long term corporate financial planning.
Bob Blessman, Chief Information Officer | Bob spent the last 25 years at Chicago Title in the finance and information technology Departments. His depth of understanding of our core business as well as his management and technical expertise will provide the leadership ATG and its members need to meet the challenges ahead.
In addition to these new officers, we have promoted and reassigned some existing key employees:
Augie Butera, General Counsel | Augie has been with ATG since 1986 and has extensive knowledge of underwriting, claims, closing problems, and ATG procedures. In his new role, he will handle all legal matters for the corporation and supervise the Underwriting Department staff.
Hank Shulruff, Director of Marketing | Hank, part of the ATG legal and management team since 1987, will retain his business development role as well as oversee all marketing and communications functions for ATG and its subsidiaries.
All departments will continue to have staff located in both the Champaign and Chicago offices with most senior management reporting directly and daily to me in the Chicago office. As part of this reorganization, other roles have changed:
Art Wilkins will assist me in corporate and subsidiary planning;
Dave Huffman will manage all title operations;
Mike Brandt will direct claims and legislation; and
Jerry Gorman will continue to manage Champaign operations.
Additionally, we are exploring the possibility of more effective utilization of personnel and assets in several departments. As decisions are made and plans put into place, we will keep you posted on specific updates that affect your daily operations.
Unlike many companies and many industries, our company is expanding and not contracting. As such, I fully expect there will be greater opportunities for all who have the skills and desire to be part of our company in the months and years to come. Those opportunities will be in both Champaign and Chicago and will translate into streamlined operations that bring member services to new and higher levels.
Please understand that while many decisions have been made, there are many more yet to be made. I will keep you apprised as changes occur. Our company has never been stronger, our future never brighter. I look forward to a better tomorrow with each of you.
Subsidiary Company Performance
Diversification continues to be one of the keys to our long-term success. We have the opportunity to create our own unique niche serving the legal community and continue to make great progress in bringing new revenue sources to our members through products and services that benefit both the profession and the public.
Guaranty Trust Company Many members have had the opportunity to meet our new president, Robert Lopardo, at recent seminars and events, including two recent GTC cocktail receptions in his honor. GTC's overall operations are strengthening under Bob's leadership; he is improving day-to-day procedures and record keeping and is fine-tuning our business model to one that is both traditional and responsive to members' and clients' needs.
GTC is now well past the $100 million mark in assets and is building its reputation on solid ground. Senior Vice President Dennis Norden continues efforts to promote GTC's unique services by telling the GTC story to lawyers throughout Illinois, Missouri and Wisconsin. Attendance at GTC seminars has been very high, indicating a strong interest on the part of lawyers whose practices include Estate Planning. If you have not yet added GTC's services to your client offerings, contact Dennis Norden at 312.338.7878.
Capital Funding Corporation Participating in CFC presents an outstanding opportunity for you to provide a service to your buyer-clients and generate income on the "buy side" of the transaction. CFC is having its best year ever - volume is up significantly and remains strong. In the first nine months of the year, we have closed 208 loans involving $35,000,000 in loan originations. With few exceptions, these loans were originated by member firms that derive significant economic benefit through those transactions. We hope that you will pursue this exciting opportunity. For further information, contact Henry Shulruff, 312.372.8969.
The Judicial Sales Corporation This small company continues to be our most profitable subsidiary. It is growing at a steady rate by adding new customers and increasing its use by existing firms.
New Markets
Wisconsin We continue to make steady progress. With more than 100 issuing members, ATG Wisconsin is now also originating loans and providing trust and investment management services to the clients of our members.
Indiana New managing attorney Aurora Abella-Austriaco has set her sights high for member recruiting efforts in Indiana. One of our most effective recruiting tools is our calendar of high quality educational programs. Indiana lawyers earn CLE and CIE credits by attending ATG seminars; more than 60 lawyers attended our September sessions and another 40 are signed up for October. We hope to optimize this opportunity to reach Indiana's best real estate lawyers and welcome many of them as new members in the near future.
Canadian Lawyer's Network (CLN) There are more than 400 firms in the network and we continue to make great progress. This efficient business model (Lender to CLN to Lawyer to CLN back to Lender) provides a way to deliver the loan product through a single point of contact: the local lawyer. CLN has met year-to-date budget expectations, despite restricted economic conditions. The refinance market is constantly active because the longest term of a note is five years in Canada. Although pricing is not as advantageous (title insurance is new to the mix) and the operation is not yet profitable, we have reason to remain optimistic.
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