Join leading restructuring and valuation experts — attorneys, private equity investors, bankers, financial advisors and workout specialists — to discuss cutting-edge valuation issues and market developments. This conference is an educational and networking opportunity not to be missed!
TRACK A - BOOTCAMP: FINANCIALS AND VALUATION METHODS Presiding Officer:
Robert Parrino,
The University of Texas at Austin - Austin, TX
1:00 pm
Financial Claims and Their Characteristics 1.50 hr
An overview of financial claims commonly encountered in bankruptcy, their characteristics, and the conflicts that arise because of these characteristics.
Robert Parrino
The University of Texas at Austin - Austin, TX
2:30 pm
Break
2:45 pm
Methodologies of Valuing Financial Claims 1.50 hr
A discussion of the methods used to value the different financial claims on a business and to allocate firm value across those claims.
Robert K. Conklin
Business Valuation Advisors LLC - Plano, TX
4:15 pm
Break
4:30 pm
Debt and Equity Valuations in Practice: Lessons from Current Cases 1.25 hr
Illustration of the methods used to value different financial claims through discussion of actual cases.
Robert K. Conklin
Business Valuation Advisors LLC - Plano, TX
George Karutz
Karutz Flavin Wells Investment Bankers - San Antonio, TX
5:45 pm
Adjourn to Opening Networking Reception - 5:45 p.m. to 7:15 p.m.
Join us for drinks and hors d'oeuvres with faculty and participants.
TRACK B - TECHNICAL VALUATION ISSUES Presiding Officer:
Grant W. Newton - Medford, OR
1:00 pm
Company-Specific Risk Premiums: Application and Methods 1.50 hr
This session explores the rationale for the application of company-specific risk premiums when assessing the value of financially distressed businesses. Methods for assessing such a premium and applying them under both the income and market approaches are also be discussed.
Moderator: Paul N. Shields
LECG - Salt Lake City, UT
Panelist: Roger J. Grabowski, ASA
Duff & Phelps LLC - Chicago, IL
Panelist: Bernard Pump
Deloitte Financial Advisory Services, LLP - Chicago, IL
2:30 pm
Break
2:45 pm
Equity Risk Premium and Small Business Risk Adjustments 1.50 hr
How to interpret and apply the Duff & Phelps and Ibbotson’s Models to estimate equity risk premium and small business risk adjustments.
Moderator: R. Brian Calvert
Development Specialists, Inc. - Chicago, IL
Panelist: Roger J. Grabowski, ASA
Duff & Phelps LLC - Chicago, IL
Panelist: Alok Mahajan
KPMG LLP - Mountain View, CA
4:15 pm
Break
4:30 pm
An Analysis of Valuation Reports Issued in the Last Two Years 1.25 hr
A panel discussion of how additional risk factors are considered.
Moderator: Joseph A. Disalvatore
Huron Consulting Group - New York, NY
Panelist: Anthony V. Aaron
Ernst & Young - Los Angeles, CA
Panelist: Allen Arnett
PricewaterhouseCoopers LLP - Chicago, IL
Panelist: Massimo Messina
Grant Thornton LLP - Chicago, IL
Panelist: Stamos Nicholas
Deloitte Financial Advisory Services, LLP - New York, NY
Author: Neil Beaton
Grant Thornton LLP - Seattle, WA
5:45 pm
Adjourn to Opening Networking Reception - 5:45 p.m. to 7:15 p.m.
Join us for drinks and hors d'oeuvres with faculty and participants.
THURSDAY
MORNING Presiding Officer(s)
Thomas E. Lumsden -
San Francisco, CA
7:30 am
General Registration Opens
Includes continental breakfast.
8:15 am
Welcoming Remarks
8:30 am
Playing to Win: Effective Valuation Analysis and Strategies for Restructurings, Reorganizations, and Distressed Sales 2.00 hr
This panel discusses the timing, types and required expertise for valuation analyses in restructurings and bankruptcy reorganizations. From a practical perspective, how are valuations used in restructurings, asset sales, and reorganization plans, and how should valuations be presented and negotiated.
Moderator: Donald S. Bernstein
Davis Polk & Wardwell, LLP - New York, NY
Panelist: George Angelich
Arent Fox LLP - New York, NY
Panelist: Barry M. Monheit
FTI Consulting, Inc. - Phoenix, AZ
Panelist: D. Bobbitt Noel, Jr.
Vinson & Elkins LLP - Houston, TX
Panelist: Kaaran E. Thomas
McDonald Carano Wilson, LLP - Reno, NV
Panelist: J. Scott Victor
SSG Capital Advisors, LLC - West Conshohocken, PA
10:30 am
Break
10:45 am
The Role of Hypothetical Liquidation Analysis: How Will Approaches in the Auto Cases Affect General Restructuring Practices 2.00 hr
This session reviews the role of the liquidation analysis in facilitating fast track section 363 sales, focusing in particular on the experience and strategies employed in the Chrysler and GM cases, but exploring more generally the implications for future section 363 sales cases.
Moderator: Michael P. Richman
Patton Boggs LLP - New York, NY
Panelist: Marc Abrams
Wilkie Farr & Gallagher LLP - New York, NY
Panelist: Peter Chadwick
Capstone Advisory Group, LLC - Washington, DC
Panelist: Adrian Frankum
FTI Consulting, Inc. - New York, NY
Panelist: Ted Stenger
AlixPartners, LLP - New York, NY
The Transition from Recession to Recovery: Will We Even Notice? .75 hr
The economic outlook and credit markets: what will the world be like when the dust settles?
Diane C. Swonk
Mesirow Financial Consulting, LLC - Chicago, IL
2:05 pm
Break
2:20 pm
How to Attract DIP and Emergence Capital 1.25 hr
An optimal financing strategy is essential to a successful reorganization/bankruptcy. This session focuses on two critical issues: first, issues of adequate protection and the roll-up of pre-petition debt, the role of existing creditors in providing financing and current trends in the DIP market; and second, the use of reinstatement of existing creditor debt, current market terms for internal or external exit financing and availability of new third-party capital.
Moderator: Peter S. Kaufman
Gordian Group, LLC - New York, NY
Panelist: Adam Dunayer
Houlihan Lokey - Dallas, TX
Panelist: Deirdre A. Martini
Wachovia Capital Finance - New York, NY
Panelist: James Roche
GSO Capital Partners - New York, NY
3:35 pm
Valuation Case Law Update: Legal and Financial Perspectives .75 hr
The panel discusses recent and significant court decisions involving plan and enterprise valuation as well as valuation methodologies used or presented in bankruptcy proceedings. In addition, the use of court appointed valuation experts and litigation strategies is discussed.
Moderator: Jane Lee Vris
Vinson & Elkins LLP - New York, NY
Panelist: Phil Abelson
Dewey & LeBoeuf LLP - New York, NY
Restructurings and the Media Sector 1.00 hr
A look at the valuation drivers in media today, with particular focus on the newspaper industry. As the dynamics change, the industry restructures, and newspapers morph into alternative delivery systems, what are the issues involved in the valuation of those systems?
Moderator: Thomas J. Allison
Mesirow Financial Consulting, LLC - Chicago, IL
Panelist: David L. Eaton
Kirkland & Ellis LLP - Chicago, IL
Panelist: Thomas E. Hill
Alvarez and Marsal - Chicago, IL
Panelist: William Lisecky
Oppenheimer & Co. Inc. - New York, NY
10:00 am
Break
10:15 am
Who Bears the Ultimate Risk?: General Growth, Substantive Consolidation, InterCompany Claims and the Use of Cash Collateral 1.00 hr
Until recently everyone thought that the contractual allocation of risk in the typical complex capital structure was well defined and could be relied upon. Have the rules changed and the risk been reallocated in unexpected ways? The panel discusses recent developments and what they do and don't mean for existing deals and for structuring these types of deals in the future.
Moderator: Marcia L. Goldstein
Weil, Gotshal & Manges LLP - New York, NY
Suzanne D. Lovett
Skadden, Arps, Slate, Meagher & Flom LLP - New York, NY
Panelist: Michael H. Goldstein
Greenberg Traurig, LLP - Santa Monica, CA
Panelist: Robert J. Keach
Bernstein Shur - Portland, ME
11:15 am
Real Estate: The Economics and Future of Malls, Hotels and Gaming 1.25 hr
The latest and most current assessment of three of the most troubled property types in the land. The panelists, all specialists in commercial real estate and all holders of the CRE (Counselors of Real Estate) designation, have focused their careers in the study of malls, hotels and gaming, and will discuss where these properties currently stand, what to expect going forward, and how the one can profit in the uncertain future of commercial real estate.
Moderator: Ben E. Barnett
Platinum Advisors LLC - Dallas, TX
Panelist: Anne R. Lloyd-Jones
HVS International - Mineola, NY
Panelist: Suzanne R. Mellen
HVS International - San Francisco, CA
Panelist: Arnold S. Tesh
FTI Consulting, Inc. - Washington, DC
Texas MCLE: Course # 15.25 hrs, includes 0.00 hrs ethics
Credit is submitted to the State Bar of Texas within seven business days following the conference. To claim immediate credit, self-report via the SBOT web site at http://www.texasbarcle.com/CLE/home.asp
California MCLE: Provider #1944 15.25 hrs, includes 0.00 hrs ethics
This course is approved for California MCLE credit. A Certificate of Completion and related course reporting documentation for CA MCLE credit will be available at the conference.
See CA Report Compliance for more information.
Other Jurisdictions: LA, NM, OK, NV, etc.
Many jurisdictions accept courses offered by the University of Texas School of Law, and approved by the State Bar of Texas, for CLE credit. Please check with your state bar association. A Certificate of Completion, and related course reporting documentation for MCLE credit will be available at the conference.
Davis Polk & Wardwell LLP is recognized worldwide for its expertise in insolvency and restructuring. We represent a wide range of clients, including companies in need of financial restructuring, leading financial institutions and hedge funds, creditors' committees, acquirers, business partners, trustees and receivers in connection with the largest and most complex insolvencies and restructurings, as well as in connection with acquisitions of distressed companies, debtor-in-possession financings and exit financings. Indeed, no firm is more integrally involved in the various unprecedented restructuring matters that have unfolded during the financial crisis. www.davispolk.com
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With more than 3,400 employees located in most major business centers in the world, we work closely with clients every day to anticipate, illuminate, and overcome complex business challenges in areas such as valuations, investigations, litigation, mergers and acquisitions, regulatory issues, reputation management and restructuring. www.fticonsulting.com
A full-service financial advisory consulting firm, Mesirow Financial Consulting, LLC provides corporate recovery, litigation and investigative services, valuation services, interim management*, operations and performance improvement, distressed M&A and capital raising services**, alternative investment services, due diligence services and technology advisory services. (*Interim management services provided by Mesirow Financial Interim Management, LLC. **Distressed M&A and Capital Raising Services provided by Mesirow Financial Consulting Capital, a division of Mesirow Financial, Inc.) www.mesirowfinancial.com/consulting
Organized in 2008 by Ben E. Barnett, CRE, Platinum Advisors creates market based solutions to your real estate management, marketing and valuation issues on a nationwide basis. Expertise includes extensive strategic litigation support service in all relevant areas of the law, portfolio mark-to-market analysis and single asset/portfolio value optimization. Contact Ben Barnett at benebarnett@sbcglobal.net or 214-707-9263.
Skadden, Arps, Slate, Meagher & Flom LLP's worldwide corporate restructuring practice has played a key role in the most widely publicized matters involving troubled companies in recent years both within the Americas and in Asia, Australia, Europe and the Middle East. From transportation, energy and steel to retail, telecommunications and financial services, these engagements represent an expansive array of global industries in which Skadden serves corporations and their principal creditors and investors by providing value-added legal solutions in troubled company M&A, financial, and restructuring situations. We consistently have been recognized by peers and restructuring professionals as one of the top practices in the world, including such honors as "Bankruptcy Team of the Year" (Chambers USA), "International Legal Firm of the Year" and "International Insolvency & Rescue Firm of the Year" (Credit Today). In 2009, we received three Turnaround Atlas Awards for transactions we advised on, and we also were named M&A Advisor's "Restructuring Law Firm of the Year." Partners in the group have been recognized as leading lawyers by Chambers Global and Chambers USA, as well as the K&A Restructuring Register, the peer group listing of top restructuring attorneys and financial advisors in the United States. Our lawyers also have been included by Turnarounds and Workouts in every annual list of the top dozen restructuring lawyers and top young restructuring lawyers since the rankings were first compiled in 1997. www.skadden.com