Worth T. Blackwell

Worth T. BlackwellWorth T. Blackwell, who is a registered investment adviser, currently serves as a manager of Municipal Bond Portfolio Analysis, LLC which is an SEC registered investment adviser company. The firm has been in existence since 2011 and focuses its efforts on behalf of its clients in the field of municipal bonds and financial institutions’ compliance requirements. Prior to this position he served as “of counsel” to a Florida commercial law firm where his practice primarily involved the representation of clients with regard to various securities and tax matters.

Prior to serving as “of counsel” Mr. Blackwell spent more than twenty-five years in the securities industry, first as general counsel to a large regional investment banking firm, then as an investment banker, and finally as the Senior Vice President and national Manager of Public Finance for Raymond James & Associates, Inc. In those capacities he was actively involved in both the private placement market and the public securities market. During that time he held various securities licenses, including the series 63, series 7 and series 8. He presently holds a series 65 license as an investment adviser.

Prior to serving as “of counsel” Mr. Blackwell spent more than twenty-five years in the securities industry, first as general counsel to a large regional investment banking firm, then as an investment banker, and finally as the Senior Vice President and national Manager of Public Finance for Raymond James & Associates, Inc. In those capacities he was actively involved in both the private placement market and the public securities market. During that time he held various securities licenses, including the series 63, series 7 and series 8. He presently holds a series 65 license as an investment adviser.

Mr. Blackwell received a Bachelor of Arts Degree in Economics from Washington and Lee University, his Juris Doctorate from Stetson University College of Law and an LLM (in Taxation) from the University of Florida. He is a past member of the National Association of Bond Lawyers and the American Bar Association and is a longstanding member of the Florida Bar Association.

H. Gilmer Nix

H. Gilmer NixH. Gilmer Nix has been in the securities industry for over 40 years. From 1978 to 1995, H. Gilmer Nix was president of H.G. Nix Incorporated, a fully licensed FINRA broker dealer acting solely as an underwriter and financial advisor to cities, counties and states located within the southeastern United States. During this period of time, H.G. Nix Incorporated underwrote in excess of $3.5 billion dollars of municipal securities. While most of the funding provided by H.G. Nix Incorporated was for general governmental purposes, H. Gilmer Nix also specialized in public project financing for solid waste facilities, assisted living facilities, sports stadiums, airport facilities and aquariums. Since 1997 H. Gilmer Nix has held his securities license with Stern Brothers & Co. of St. Louis, MO and currently manages the Florida public finance office for Stern Brothers.

H. Gilmer Nix received his Bachelor of Business Administration from Emory University, with a emphasis in Finance, and his Master of Business Administration from Florida State University, with a emphasis in Econometric Theory.

Mr. Nix was the Financial and Operations Principal (FinOP) for H.G. Nix Incorporated. His primary duties as the FinOP was overseeing the books and records and monitoring the firm’s adherence to industry net capital rules, investor protection and other regulations pursuant to the terms of the Securities Investor Protection Act of 1970. In addition, as the FinOP he supervised the maintenance of the books and records, monthly accounting and net capital computation, the best practices facilitation and periodic filings of all mandated reports. Additional responsibilities included FINRA filings such as monthly or quarterly Financial and Operational Combined Uniform reports; quarterly supplemental statement of other income; related Schedule I, Securities Investor Protection Corporation Report an Annual Assessment Reports.

Mr. Nix also holds a Series 7, General Securities Representative License and a Series 24, General Securities Principal Sales Supervisor Module License.

Mr. Nix also holds a Series 7, General Securities Representative License and a Series 24, General Securities Principal Sales Supervisor Module License.

As a principal of Municipal Bond Portfolio Analysis, LLC Mr. Nix is a registered investment advisor agent which allows him to make recommendations or otherwise give investment advice regarding securities.

Andrew V. Pittman

H. Gilmer NixAndrew V. Pittman has worked for over twenty years managing investment portfolios consisting of real estate and securities beginning in 1992 as Chief Investment officer for Dairy Farm Corporation, a Florida-based company with real estate investments and security holdings. He also Co-Founded and Co-Funded Massey Pittman Investments, and has served as its sole portfolio manager since 1993. This investment partnership, invests in hedge funds or other special situation investment vehicles.

In 1998, Mr. Pittman joined ASAP Capital Partners, LLC as Managing Member and Co-Founder. ASAP Capital Partners, LLC is a single family office which manages complex financial investments across asset classes; specifically helping its clients with an asset allocation then performing due diligence on potential managers before allocating capital to them. The firm then monitors each Manager’s performance to insure strict adherence to investment management agreements and produces quarterly consolidated financials for each client.

Mr. Pittman received a Bachelor of Business Administration with a double major in Finance and Real Estate from Southern Methodist University in 1992 and completed the Institute for Private Investors Private Wealth Management program at the University Of Pennsylvania in 1999.

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Discerning Market Reality

"...in many instances subsequent to the issuance and the rating of a bond that when issued was Florida Turnpikerated on its own credit, (i.e. a water and sewer bond) as an A, something has happened such as a substantial increase in the cost of power necessary to operate the utility or the loss of a large number of customers due to economic factors (for example a large factory closes, or a hospital shuts down, etc.). In this situation, a bondholder’s risk of a greater chance of a default would be unknown unless he or she happened to be monitoring the water and sewer issuer on their own...."- H. Gilmer Nix

"...a bond might be rated AAA by virtue of having been issued with bond insurance; however today there is no bond insurer that has a AAA rating, and therefore the bond is no longer a AAA bond. Often times those with significant bond holdings have not factored this into their analysis, have adjusted for, or are even aware of such changes...."- Worth T. Blackwell

Over the past 5 years a number of factors have negatively impacted the municipal bond industry:

•     The demise of the bond insurers themselves;
•     The downturn in the economy;
•     The collapse of the housing market;
•     The increase in the pension liabilities for its       employees of almost all municipalities;

Each of the foregoing factors acting alone would not have had any substantial impact on the municipal bond market; however, with all of them acting in concert we have a recipe for disaster.

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