The Gapstone Group
  • Alfredo ("Dino") DeAngelis has over 25 years experience in corporate and structured finance across origination, structuring and trading as well as in restructuring and bankruptcy advisory and turnaround management.  Alfredo also has significant expertise and experience in structuring and trading, having developed and traded numerous derivatives and structured finance products throughout his career.  Prior to joining Gapstone, Alfredo was a Director at Merrill Lynch and head of a large structured finance principal business, including Emerging Markets Structured Finance and Infrastructure and where he was responsible for structuring and trading activity across its securities, direct lending, derivatives trading, and reinsurance platforms.  Alfredo’s team was responsible for numerous landmark cross-border transactions such as the Nikkei Remittance (Banco do Brasil) transaction which was awarded the Deal of the Last 20 Years by Latin Finance.  Alfredo had also been a founding member of Merrill Lynch’s Structured Credit Arbitrage group which focused on securitization and asset repackaging strategies, through its proprietary secutities, derivatives, direct lending, and reinsurance vehicles.  Alfredo started at Merrill Lynch as a VP in its Structured Solutions Group, a cross-disciplinary team assembled by senior management to create innovative solutions for Merrill Lynch’s strategic clients around the globe.  This group was responsible for numerous first-of-its kind transactions from which separate businesses were built.  Prior to joining Merrill Lynch in 1999, Alfredo was a Vice President of AIG Trading Group where he was a senior member of the Structured Transactions Group focusing on structured finance and derivative products in commodity and financial future flows and in debt restructurings in the Global Emerging Markets.  While at AIG Trading Group, Alfredo spent a few years in Hong Kong including during the Asian crisis of 1997-8 developing hedging and capital financing products for distressed companies in the region.  Alfredo joined AIG Trading Group as a quant to assist in developing a risk arbitrage trading desk for commodity, forex, and interest rate derivatives, which he became co-head.  Prior to joining AIG Trading Group,  Alfredo was a portfolio analyst with Fidelity Investments in the Global Bond Division where he ran asset allocation, security selection, and currency overlay strategies for its bond and balanced portfolios.  Alfredo is a Certified Restructuring and Insolvency Advisor (CIRA) and also Certified in Distressed Business Valuation (CDBV).  Alfredo received his B.A. and M.S. in Mechanical Engineering at M.I.T. and completed his requirements at M.I.T. for a PhD as a Research Fellow of the Charles Stark Draper Laboratory.  Alfredo has lived and worked in the USA, Asia, Europe and in the Middle East.

  •  John J. McCormack has extensive experience (25+ years) covering Latin American and Caribbean corporates from a fixed-income perspective in a variety of industries, including bottling, construction, paper, and steel. From 1997 to 2009, he served as a Senior Managing Director for The Weston Group LLC, where he was involved in analyzing and implementing restructuring strategies for creditors and issuers in several Latin American restructurings, including Grupo Mexicano de Desarrollo, Altos Hornos de Mexico (“AHMSA”), Consorcio G Grupo Dina, Bestel, the Sidek Creditor Trust, PYCSA Panama, S. A., Innovative Communication Corporation, Virgin Islands Telephone Corporation, and Cap Cana, S.A. Prior to joining Weston in 1997, he was an Equity Analyst for UBS Securities in New York specializing in the consumer sector, where he covered a variety of consumer-focused corporations in Argentina, Brazil, Mexico, and Chile, including Cifra (currently Walmart de Mexico), Grupo Gigante, and Controladora Comercial Mexicana in Mexico as well as Pao de Acucar, Lojas Americanas, and Lojas Renner in Brazil. Mr. McCormack was a major source of valuation expertise in the Initial Public Offering of Disco, an Argentine retailer.  From 1984 to 1993, he was Vice President in charge of Latin American Sales for Emerson Electric Co., marketing electromechanical power transmission products to industrial accounts in the region, including bottling plants, paper mills, oil refineries, and power plants. Mr. McCormack received his Master of Business Administration degree in Finance from Columbia Business School in 1995 and his Bachelor of Arts degree in Economics from the University of Pennsylvania in 1983. Mr. McCormack’s valuation expertise has been sought in several high profile legal cases involving Latin American corporations.

  • Hideaki Ichinose, based in Tokyo, has approximately 28 years experience in the banking industry where he gained significant experiences and expertise in corporate finance, structured/asset finance, structured credit, and risk management. Prior to joining Gapstone, Hideaki was a Managing Director and spent 16 years with Merrill Lynch (Bank of America Merrill Lynch) where he was responsible for originating and structuring “non-traditional, bespoke solutions for Japanese clients which include structured finance, asset finance, sale of credit assets, and risk management solutions. In addition, Hideaki was also part of Corporate Banking Group of Bank of America and helped Bank of America Tokyo to build its corporate and commercial banking business with Japanese clients. Prior to joining Merrill Lynch, Hideaki was a VP at Bankers Trust Tokyo Branch where he gained cross-border structured finance experiences. Prior to joining Bankers Trust, Hideaki spent 10 years at Chuo Trust & Banking (now merged into Mitsui Sumitomo Trust & Banking) where he gained experiences in corporate lending, residential mortgage, derivatives, and trustee business. Hideaki received his B.A. in Economics from Waseda University (School of Political Science and Economics) and M.B.A. from John E. Anderson Graduate School of Management at UCLA. 

  • Eduardo Meouchi has more than 25 years of experience in financial advisory and transactional roles, including mergers & acquisitions, structured finance, project finance, and financial restructuring. Eduardo is a senior transactor at Gapstone, originating business opportunities in Mexico.  He has experience at major  financial institutions, including Banamex, as well as at various Mexican blue chip companies with geographical reach into the Americas, Europe and Asia, including Cemex and Femsa. Eduardo has held various CFO and Director roles during his career with responsibilities in corporate finance, M&A, international treasury, risk management, investor relations, and strategic & financial planning. During his tenure at Banamex in the Corporate Finance area, he developed innovative products in trade finance, asset backed lending, and credit analysis. He has been recognized with awards for outstanding investor relations by IR Magazine and AIMR (Mexican Chapter).  Eduardo has also been involved in  financial and operational restructurings for distressed companies since the 2009 financial crisis. He has published articles in severable notable publications, including Treasury Management International, Global Association of Risk Professionals, and El Norte/Reforma.  Eduardo received his M.Sc. in Industrial Administration from Carnegie Mellon University and his B.S. in Mechanical and Industrial Engineering from the ITESM.  In addition, he has participated in executive programs at the Wharton School of Business, Harvard Business School, Kellogg School of Management, amongst others, and has pursued studies in Philosophy and History.



  • Joseph Salterio, assists in originating opportunities for Gapstone in the Central American region. He was Chief Executive Officer of HSBC Panama from 1982 to 2007, where  he managed and built HSBC Panama from a green field operation to becoming the leading financial banking institution of Panama and the Central American Region.  Mr. Salterio is also Chairman of Uni B & T Holdings, a Financial Investment Holding Company which recently completed the formation of the new banking entity, Uni Bank & Trust, Inc in Panama for which Gapstone acted as adviser and shall be a minority investor with affiliations for the purpose of providing Private Banking services. Through JS Management Consulting Inc., Mr. Salterio is also engaged in the management of Uni Bank & Trust,Inc.  Additionally, Mr. Salterio is President of Hacienda La Romana, S.A., a cattle ranching and rice farming operation in Panama, and is President of The Smithsonian Foundation of Panama, an institution dedicated to providing support to the Smithsonian Tropical Research Institute. Mr. Salterio led in the acquisition of the Chase Manhattan Bank operations in 2000, followed by the acquisition of the Financomer Finance Company in 2005 and finally the Banistmo Banking operation in late 2006. Mr. Salterio served as Chief Financial Officer for Embotelladora de Coca Cola de Panama, S.A. from 1976 to 1978.  In 1973 he left Chase and joined Marine Midland Bank to initiate its operations in Panama, which subsequently became HSBC Bank. From 1967 to 1973, he served as an Assistant Vice President for the Chase Manhattan Bank in Corporate and Consumer Lending.  He has served as a Professor of Banking and Finance at the Escuela Bancaria Centro Americana and as a professor of the University of Panama. Mr. Salterio Founded the Instituto Bancario Internacional de Panama, the School of Banking of the Panama Banking Association. Mr. Salterio is also the Past President of the Panamanian Banking Association, Past President of the US Chamber of Commerce, Past President of the Andean Foundation,  Past President of the Panama Golf Club, Past Chairman of the Panama British Business Association. He holds a Bachelor of Science from Texas A&M University and an Associate Degree in Banking and Finance from the Escuela Bancaria Centro Americana, an affiliate of the School of Banking of the South of Louisiana State University and has done Post Graduate Studies at Nova University of Florida.  
  • Cynthia L. Harkness more than 25 years of experience in the legal field .  She has primarily practiced in the financial markets, both domestically and internationally.  She previously served as Senior Vice President – General Counsel and Secretary to Fieldstone Investment Corporation.  Prior to joining Fieldstone, she served as Vice President and Counsel to Constellation Power Source, Inc. Prior to joining Constellation, from 1999 to 2002, she served as an Assistant General Counsel of Enron North America Corp. From 1991 through 1999, she held several positions with Banque Indosuez and its successor entity Credit Agricole Indosuez  in New York, France and Singapore, where she served as First Vice President and Regional General Counsel—Asia Pacific. She received a B.B.A. and a J.D. from The University of Texas at Austin and is admitted to practice law in the states of Connecticut, Maryland, New York and Texas.
  • Domenico Lellis assists in originating Gapstone’s European opportunities.  Domenico’s banking career spans 25+ years in Mergers & Acquisitions,  Corporate, and Structured Finance. Domenico has extensive relationships in the financial sponsor community and with international lenders.  Prior to joining Gapstone, Domenico spent five years as Advisor to the Chairman of a large Italian conglomerate engaged in airline, building and construction, highway concessions, and renewable energy business lines.  During his tenure, Domenico led several corporate finance projects and transactions including aircraft financing (private and ECA sourced), corporate acquisitions, and project finance / asset securitizations.  Previously, Domenico was Head of Private Equity Coverage for Commerzbank Securities, London, with focus on Italy, Spain, France, Portugal, and Greece.   Domenico joined Commerzbank in 2000 from Paribas where he was Head of EMEA Loan Syndications and Trading based in Paris and London.  While at Paribas, Domenico had also been Head of Structured Finance based in Milan where he transacted in asset based and leveraged finance transactions.   Domenico joined Paribas in 1994 from Citibank Milan, where he was a VP in its Energy Group and responsible for relationships with large Italian Corporates in the energy sector (ENI group, ERG, Saras, IP).  Domenico had joined Citibank in 1989, as an associate in the World Corporations Group where he was part of a global corporate finance advisory team.  Prior to joining Citibank, Domenico started his banking career as a Mergers & Acquisition analyst with Lazard Freres.  Domenico holds a degree in Economics from Bocconi University and an MA in Monetary Economics from University of California, Los Angeles.
  • David D. Stortz draws on more than 25 years of experience in the credit and structured finance industry to advise and assist Gapstone.  Mr. Stortz has significant experience in emerging market transactions, including financial future flow transactions for emerging market banks, project finance, and structured finance credits.  Mr. Stortz also has extensive experience in credit and research, with an emphasis on global and emerging market financial institutions.  From 1999 to 2008, he was Managing Director and Head of Specialized Risk for XL Capital Assurance and was responsible for the origination and structuring of transactions in the future flow securitization, life insurance securitization, sovereign/sovereign related credits, bank-related credit, and various esoteric asset classes.  Mr. Stortz completed transactions throughout Central and South America, the Caribbean, Turkey, Egypt, as well as Europe and Asia.  Prior to joining XL Capital Assurance in 1999, he was a member of the Financial Institutions group at MBIA Insurance Corporation, working on emerging market and domestic structured finance credits.  Mr. Stortz’s expertise in financial institutions began with 10 years of work at Thomson BankWatch (bank rating agency) and in the corporate finance group of Ryan, Beck & Co.  At Thomson, his responsibility shifted from research and ratings on domestic banks, to Latin American and Asian banks from 1990 to 1996.  Mr. Stortz worked on capital markets activities, including IPOs for several regional savings institutions, hybrid fixed income securities, as well as M&A and branch sales activities from 1987 to 1990.   Mr. Stortz received his Bachelor of Science degree in Finance from Arizona State University in 1988. 

  • Phil Heilberg, 25+ years of experience in the emerging markets ranging from the former Soviet Union, Asia, and Africa, is a recognized leader in the frontier African markets. The Financial Times described Mr. Heilberg as “a resurgent class of western businessman drawn to the potential of Africa’s remaining frontiers, who have been energized by Asia’s, and in particular China’s, appetite for the continent’s natural resources.  Mr. Heilberg worked for AIG during the 1990s as a partner in its commodity division. Mr. Heilberg’s group that he founded became the most profitable ever. Prior to AIG, Mr. Heilberg began his career at Salomon Brothers in 1987 on the proprietary trading desk. Mr. Heilberg has been featured in a number of publications including the Financial Times and Fortune and on television programs including Al Jazeera English. He has been a speaker and/or panelist at various conferences including Glopac’s African Petroleum Frontiers Conference, the Wharton School, NYU, and Duke University. Mr. Heilberg has also been the topic within several books including Crude Continent by Duncan Clarke and Windfall by McKenzie Funk. Mr Heilberg is the founder of the Jarch Group of companies where he continues in his role focusing on sovereign changing countries including South Sudan and early entry into such countries’ natural resources including hydrocarbons, minerals, and agriculture. Mr. Heilberg received his MBA and BS in Economics (Summa Cum Laude) from the University of Pennsylvania’s Wharton School of Business in 1987 and 1986, respectively.