Mr. Friddle is a co-founder and principal of Pathfinder Capital Advisors, LLC and its wholly-owned subsidiary, Sojourner Securities, LLC, (a FINRA and SEC-registered broker/dealer) as well as affiliate Pathfinder Renewables LLC. Mr. Friddle is responsible for client development in the firm's utility, oil & gas, and alternative/renewables energy practices. He is also one of the firm's chief investment strategists and handles firm regulatory matters in regards to FINRA/SEC. At Pathfinder Capital (and its affiliates) Mr. Friddle has raised nearly $12.0 billion in capital for numerous energy projects.

Mr. Friddle was one of the key developer's of Pathfinder Capital's landmark engagement as the exclusive financial advisor to the Louisiana Public Service Commission (LPSC). Pathfinder Capital advised the LPSC on the structuring, marketing and pricing of approximately $1.2 billion of securitized ratepayer-backed bonds (also known as rate reduction or transition bonds) on behalf of Cleco Power LLC, Entergy Gulf States Inc., and Entergy Louisiana Inc. These three transactions were completed during 2008. Given the success of the 2008 engagement, Pathfinder was asked to reprise its role for a 2010 series of ratepayer-backed bonds for over $700 million.

Mr. Friddle has been actively involved in corporate and investment banking, both domestically and internationally, for the past 24 years. Prior to establishing Pathfinder Capital Advisors, Mr. Friddle was a Managing Director with Banc of America Securities' Structured Capital Markets group and responsible for structuring and delivering complex funding strategies to the bank's large-cap client base. Representative transactions were based on sophisticated applications of balance sheet and tax-advantaged drivers and required structuring among a host of instruments including preferred securities, mezzanine debt, asset-backed securities, privately-held debt and equity, and other securities instruments. Much of his advisory work was geared towards off/on-balance sheet capital raising for the bank's energy and power clients.

Mr. Friddle joined NationsBank (today Banc of America Securities) in 1992 as a Senior Vice President responsible for the International Corporate Finance team. He had direct client responsibility for many of the bank's largest European and Canadian clients and their U.S. subsidiaries. His team successfully developed lead transactional roles for the bank involving public/private debt, derivatives and other risk management tools, syndicated debt and acquisition finance. His many personal successes included a number of first-ever U.S. capital markets issues for this client base.

Before joining NationsBank, Mr. Friddle was employed for ten years with First Union National Bank (now Wells Fargo). During his tenure at First Union, Mr. Friddle was head of the International Corporate Finance group and was a noted advisor for a number of European companies with significant U.S. operations. In early 1988, Mr. Friddle relocated to Duesseldorf, Germany to manage First Union's European operations before returning in mid-1990 to take the helm of the International Corporate Finance team.

Mr. Friddle is a frequent lecturer and panel discussion leader and has lectured at institutions such as the UNC Kenan-Flagler Business School and the Tulane University Law School on a number of financial and energy-related topics. He has also filed expert testimony in regards to rate reduction bonds as a staff witness to the LPSC.

Mr. Friddle holds a degree in Business Administration from the University of North Carolina at Chapel Hill. He is a registered securities professional and maintains his Series 7, 24, 28, 63 and 79 securities licenses. Mr Friddle is active in his community through the Boy Scouts of America and other organizations. He resides in Charlotte, N.C. with his wife and three children.

Mr. Gebhardt is a co-founder and principal of Pathfinder Capital Advisors, LLC and its wholly-owned subsidiary, Sojourner Securities, LLC, (a FINRA and SEC-registered broker/dealer) as well as Pathfinder Renewables LLC. Active in securities and divestiture assignments for most of his career, Mr. Gebhardt is responsible for client deal team and product development at Pathfinder Capital and is one of the firm's chief investment strategists. At Pathfinder Capital (and its affiliates) Mr. Gebhardt has raised nearly $12.0 billion in capital for numerous energy projects.

Mr. Gebhardt was one of the key developer's of Pathfinder Capital's landmark engagement as the exclusive financial advisor to the Louisiana Public Service Commission (LPSC). This assignment required Pathfinder Capital to advise the LPSC on the structuring, marketing and pricing of approximately $1.2 billion of securitized ratepayer-backed bonds (also known as rate reduction or transition bonds) on behalf of Cleco Power LLC, Entergy Gulf States, Inc., and Entergy Louisiana, Inc. These three transactions were completed during 2008.

Prior to establishing Pathfinder Capital Advisors, Mr. Gebhardt was a Managing Director of Banc of America Securities' Structured Capital Markets group (1999-2001), which developed and marketed over $25 billion of complex balance sheet and tax-advantaged transactions.

Mr. Gebhardt's energy-related experience includes J.P. Morgan's Energy, Minerals, and Construction Department (1984-1989), Merrill Lynch's Project and Lease Finance department (1989-1993) and Merrill Lynch's Global Product Development group (1994-1997).

During his tenure with J.P. Morgan, Mr. Gebhardt initially covered major and independent oil and gas companies and then ultimately coal, minerals and construction companies. He helped establish J.P.Morgan's mergers and acquisitions group for these industry sectors and evaluated numerous project financings (cogeneration, production payment, royalty structures, and chemical and fertilizer plants) as well as general corporate situations. Major accomplishments included the sale of many coal properties including those of Bethlehem Steel in eastern Kentucky, Pittston in West Virginia, and Kaiser Coal/Kaiser Steel in New Mexico and Utah.

Mr. Gebhardt was recruited to Merrill Lynch in 1989 and while working with Merrill Lynch's Project and Lease Finance group, he was involved in a number of structured energy financings including the corporate restructuring of Tucson Electric. However it was within the Global Product Development group that Mr. Gebhardt developed his most-successful product, Trust Originated Preferred Securities ("TOPrS") or Trust Preferred, a security that soon grew into a $200-billion+ market. (These securities became a sought-after financial instrument by nearly all U.S. utilities given that the distributions were tax deductible).

Global Product Development was Merrill Lynch's highly-successful “financial engineering” entity responsible for structuring, developing and marketing new capital markets products to investors in the U.S. and abroad. He personally guided nascent capital markets products through initial accounting, tax, and regulatory opinion reviews, performed stress testing and modeling, assisted the law firms in documentation drafting and the consequent responses to SEC review, marketed the securities and the structures to select clients, assisted with several dozen client rating agency presentations and ultimately represented the structures to the internal sales force and investors. His work also involved activities in a complete spectrum of debt-related products aggregating well in excess of $50 billion (including convertibles and asset-backed SPE's). Mr. Gebhardt's efforts during this time led Merrill Lynch to become the top-ranked underwriter of debt and preferred. Finally, Mr. Gebhardt's experience includes his role as the exclusive financial advisor to Kaiser Steel/Kaiser Coal and Tucson Electric.

Mr. Gebhardt has a B.S. in Chemical Engineering with a minor in Petroleum Engineering from the University of Pittsburgh and an MBA from Carnegie-Mellon University's Tepper School of Business. He worked for two years as a Design Engineer for Union Carbide's Engineering Products and Processes Group. He is a registered securities professional and maintains his Series 7, 24 and 63 licenses. He is married and has one child and lives near New York City.

Mr. Chernoff is a Principal of Pathfinder Capital Advisors and leads the firm's research activities in the energy sectors. Mr. Chernoff has been a noted energy economist and research analyst throughout his career and joined Pathfinder Capital in 2003.

From 1979 through 2003, Mr. Chernoff was a distinguished economist at Science Applications International Corporation (SAIC), McLean, Virginia. SAIC was (before going public), the largest employee-owned research and engineering company in the US. Mr. Chernoff's areas of expertise include energy economics and finance, alternative transportation fuels and vehicles, R&D program development, energy cost and investment modeling, policy and regulatory analysis, benefit-cost analysis, and socioeconomics. He has performed work for all major Federal government agencies involved in energy, transportation, and the environment, many private energy and transportation companies in the US, Europe, and Asia, and most major collaborative research and policy organizations, including the Electric Power Research Institute, the Gas Research Institute, the American Gas Association, and the Nuclear Energy Institute.

Prior to joining SAIC, Mr. Chernoff was an economist in the Federal Energy Regulatory Commission's Office of Electric Power Regulation.

Mr. Chernoff has published numerous articles and reports on energy, transportation, and environmental economics topics; spoken at national conferences organized by the American Gas Association, The Energy Daily, the Department of Energy, the Edison Electric Institute, and the Natural Gas Vehicle Coalition; and has been quoted or cited in most major energy trade publications and journals and many national publications, including The Washington Times and The New York Times.

Mr. Chernoff has a B.A., Economics from the College of William and Mary, and an M.B.A. in Information Management Systems from Marymount University. Mr. Chernoff resides near Washington D.C. with his son.