Francis (Frank) X. Claps, Jr. CPA

** ***** ***** ******, *** Greenwich, CT 06870

Home: 203-***-**** E-mail: acezb1@r.postjobfree.com

PROFESSIONAL EXPERIENCE

CSC Sugar, LLC New Canaan, CT August 2005 to March 2012

(Highly leveraged, 40 employee, $1 billion dollar privately held, International Sugar Trading, Distribution and Refining Company. Department was restructured to prepare for M&A activity and as a result, position was eliminated March 30, 2012.)

Treasurer and Chief Financial Officer

Reviewed and directed the Company's accounting, financial reporting, tax compliance, financing, debt compliance and other administrative functions. Prepared and reviewed the monthly consolidated financial statements including a sub-consolidation of minority owned Mexican, Jamaican and Connecticut subsidiaries for presentation to executive management and the Banks. Managed and coordinated the external audit process, year-end tax compliance work and periodic collateral audits for the Bank Group. Conducted and managed all loan administration as well as the weekly borrowing base reports that were sent to the Agent Bank. Prepared presentation materials to be used in Board meetings by senior management. Reported to the President and supervised a staff of five.

* Migrated all Shared Services from the Parent Company to New Canaan including; the establishment of a committed line of credit, the management of insurance policies, human resources, benefits administration, payroll processing and audit and tax functions.

* Established a committed credit line and managed increases from $40 million to $135 million and established other un-committed credit lines of $150 million across four Banks.

* Saved $400K per year in insurance premiums by taking the cargo and world-wide storage policy to market.

* Successfully implemented the transition from QuickBooks accounting software to Great Plains and in the process, evaluated and streamlined processes and procedures and collected more detailed information for operational intelligence and management.

* Successfully completed a $2 million equity private placement to key employees.

* Responded and resolved several liquidity gaps resulting from price volatility in ethanol and sugar by utilizing carve outs, EFS swaps and temporary waivers.

Trenwick America Reinsurance Corp. Stamford, CT June 2000 to April 2005

(300 employee, $1 billion publicly-held, International Insurance and Reinsurance Company in Chapter 11, with a formal run-off plan instituted January 1, 2005. Position was eliminated on April 15, 2005)

VP, Corporate Taxes (June 2003 - April 2005)

Responsible for the monthly tax provision through the US consolidation and all domestic tax compliance. Assisted the outside tax advisors (E&Y) in preparing federal, state and premium tax returns.

* Reclaimed $250,000 in previously levied tax penalties by creating a dialogue with the taxing jurisdiction and developing and executing a successful strategy to have the money returned.

VP, Corporate Accounting Manager (June 2000 - June 2003)

Managed and coordinated the monthly closing of 16 business units across Bermuda, the UK and US, and domestic investment accounting operations governed by FAS 115, including five portfolios in excess of $1 billion. Managed the foreign currency translation of a Canadian foreign branch operation into a New York domiciled Insurance Co., and the completion of all corporate reporting requirements. Oversaw and maintained cost allocations of the Domestic Holding Company and two Service Companies. Supervise a staff of three supervisors and staff totaling six in the areas of accounts receivable / payable, corporate and investment accounting, treasury and payroll accounting.

* Managed the successful transition from Clarus GEAC to two new versions of PeopleSoft A/P and G/L modules (version 7.5 and 8.0) and implemented new accounting policies and procedures that increased efficiencies in operations.

* Managed the transformation of the corporate accounting group from a three-business unit domestic reinsurance company into a multi-location, international insurance and reinsurance company with 16 business units.

* Managed the restructuring of investment accounting and its eventual outsourcing to State Street Kansas City resulting in annual savings of $250,000.

Francis X. Claps, Jr. CPA Page 2

Various Consulting Assignments 1999-2000

Euromin, Inc. Stamford, CT 1997 to 1999

(36 employee, $120 million privately held, International Metals Trading Company that relocated to Texas to “wind down” the operation. Position was last employee before final dissolution.)

VP, Controller

Prepared monthly management reports, legal entity financial statements and “by metal” P&L’s using FAS 80. Provided weekly and monthly reporting to the “Bank” and monitored compliance with covenants. Oversaw the accounting operations of a majority owned subsidiary. Coordinated the work of the external auditors and outside tax advisors. Supervised a staff of five accountants and administrative employees.

* Successfully adapted existing resources to create a working accounting department.

* Negotiated a favorable settlement to a customer bankruptcy preference claim, reducing it from one million dollars to $13,000.

* Coordinated the successful interpretation of Indiana property tax laws relating to inventory saving the company $200,000.

* Participated in the “shut-down” of an affiliated company, relocated the Stamford location and relocated the operation to Texas and trained new personnel.

V Band Corporation Elmsford, NY 1996 to 1997

Controller

Mechanical Plastics Corp. Elmsford, NY 1993 to 1996

Controller

Amalgamated Life Insurance Company New York, NY 1992 to 1993

Director, Financial Reporting & Analysis

Transnational Industries, Inc. Shelton, CT 1991 to 1992

Manager, Financial Reporting

Ernst & Young LLP Stamford, CT 1986 to1991

Audit Manager

Person & Company, Glenn Ingram & Company 1984 to 1986

Staff Accountant

EDUCATION

St. John's University Jamaica, NY

Master of Business Administration, 1984

Gettysburg College Gettysburg, PA

Bachelor of Arts in Business Administration & Physics, 1981

CERTIFICATIONS & AFFILIATIONS

Certified Public Accountant, States of New York & Connecticut

Member, Connecticut Society of Certified Public Accountants (CSCPA)

Member, American Institute of Certified Public Accountants (AICPA)

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