Daniel M. Wallach, age 56, is our Chief Executive Officer and one of our Managers. He has been in the housing industry since 1985. He was the CFO of 84 Lumber Company, a multi-billion dollar supplier of building materials to home builders for eleven years. He also was responsible for that company’s lending business for twenty years. During those years, he was responsible for the creation and implementation of many secured lending programs to builders. Some of these were done fully by that company, and some were done in partnership with banks. In general, the creation of all loans, and the resolution of defaulted loans, was his responsibility whether the loans were company loans or loans in partnership with banks. Through these programs, he was responsible for the creation of approximately $2,000,000,000 in loans which generated interest spread after deducting for loan losses of approximately $50,000,000. Through the years, he managed the development of systems for reducing and managing the risks and losses on defaulted loans. Mr. Wallach also was responsible for that company’s unsecured debt to builders, which reached over $300,000,000 at its peak. He also gained experience in securing defaulted unsecured debt at that company.
Kenneth R. Summers, age 78, is one of the independent Managers, a position to which he was elected in March 2012. Mr. Summers retired from United Bank, Inc. of Morgantown, West Virginia in December 2019. Prior to retirement, he had been an Executive Vice President for United Bank since 2001. In that role, he was responsible for the expansion and recognition of the bank’s franchise in north-central West Virginia.
Mr. Summers has over 30 years of experience as a community bank executive. He graduated from the University of Charleston with a B.S. in Accounting and Management.
Eric A. Rauscher, age 59, is one of the independent Managers, a position to which he was elected in March 2015. Mr. Rauscher has been the owner of Rauscher Financial, an insurance and financial services company, since November 2001. Mr. Rauscher is a licensed insurance salesperson and has worked in that industry since 1999. Prior to that, he spent over ten years as a field sales engineer. He graduated from Case Western Reserve University with a B.S. in Electrical Engineering and Applied Physics, with a minor in Economics.
Gregory L. Sheldon, age 66, has been one of our independent managers since March 2019. Mr. Sheldon brings over 40 years of business experience building global corporations and integrating acquisitions across Finance, Supply Chain, Manufacturing, Commercial and Corporate functions. Mr. Sheldon also serves as Interim Chief Technology and Data Officer at TherapeuticsMD, Inc., an innovative pharmaceutical company exclusively committed to advancing the health of women, a position to which he was appointed in April 2021. Most recently he served as the Interim CIO for MiMedx Group, Inc., a biopharmaceutical company, from October 2018 until December 2019, the CIO for Duquesne Light Company, an electric utility, from August 2013 to March 2015, and the Chief Information Officer for Mylan Inc., a pharmaceutical company, from October 2008 to March 2013. Since July 2014, Mr. Sheldon has been an owner of two companies which invest in land acquisition, development and the construction of residential homes: White Column Investments, LLC, where he is the President and Managing Member, and Sheldon Investments, LLC. Since 2017, he has served as a non-compensated advisor to Mark Hoskins, who owns Benjamin Marcus Homes, L.L.C. and Investor’s Mark Acquisitions, LLC, which are companies that design, develop, and build single family homes, and which are also two of our customers. Mr. Sheldon has been the owner of Greg Sheldon and Associates, LLC, a consultant, and strategic advisor to clients in the life sciences, consumer products, and manufacturing industries since April 2015. Mr. Sheldon has held numerous other leadership positions with leading, global companies including Kraft General Foods, Georgia-Pacific, and Pfizer Inc., and was involved in the start-up of The Georgia Lottery. He graduated from Georgia State University with a Master of Science in Management and from Georgia Institute of Technology with a Bachelor of Science in Industrial Management.