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Presented by
The American Bankruptcy Institute
The Association of Insolvency and Restructuring Advisors
The University of Texas School of Law

MAJOR SPONSORS
FTI Consulting, Inc.
Mesirow Financial Consulting, LLC
Skadden, Arps, Slate, Meagher & Flom LLP
SSG Capital Advisors, LLC

EVENT SPONSORS
Development Specialists, Inc.
GlassRatner Advisory & Capital Group LLC
Grant Thornton LLP
Huron Restructuring & Turnaround
LECG, LLC

Conference art

2011

VALCON 2011

Volatility, Valuations and Restructurings
Las Vegas, NV Feb 23-25, 2011 Four Seasons Hotel
Conference Concluded
Buy
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Overview

Join leading restructuring and valuation experts–attorneys, private equity investors, bankers, financial advisors and workout specialists–to network and discuss cutting-edge valuation issues and market developments.

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Event Schedule

Program is subject to change.
All times are Central Time Zone.

  • Day 1 February 23, 2011
  • Day 2 February 24, 2011
  • Day 3 February 25, 2011
  • Time
    Credit
    Subject
    Speaker
  • Wednesday Afternoon, Feb. 23, 2011
    Presiding Officer:
    Grant W. Newton, Pepperdine University and AIRA - Medford, OR
  • 12:00 pm
    Registration Opens
    Four Seasons Palm Room - Lobby Level

  • TECHNICAL VALUATION WORKSHOP
    Sponsored by LECG, LLC

  • 12:50 pm
    Welcoming Remarks

  • 1:00 pm
    1.50 hrs
    Application of Discounts and Premiums
    This session explores the current evidence and appropriate application of marketability and minority interest discounts.

    Moderator:
    R. Brian Calvert, Development Specialists, Inc. - Chicago, IL
    Panelists:
    Joseph A. DiSalvatore, Grant Thornton LLP - New York, NY
    Panelists:
    David W. King, Mesirow Financial Consulting, LLC - Chicago, IL
    Panelists:
    Stamos Nicholas, Deloitte Financial Advisory Services, LLP - New York, NY

  • 2:30 pm
    Break

  • 2:45 pm
    1.25 hrs
    Sufficiency of Capital Tests in the Context of Avoidance Actions
    This session considers case law and evaluates financial methods and capital markets data that might inform attorneys, bankers or valuation analysts as they assess the sufficiency of a debtor’s capital in the context of avoidance actions.

    Moderator:
    Paul N. Shields, LECG, LLC - Salt Lake City, UT
    Panelists:
    Ian Ratner, GlassRatner Advisory & Capital Group LLC - Atlanta, GA
    Panelists:
    Bradford J. Sandler, Pachulski Stang Ziehl & Jones LLP - Wilmington, DE
    Panelists:
    Teri Stratton, Piper Jaffray & Co. - El Segundo, CA

  • 4:00 pm
    Break

  • 4:15 pm
    1.50 hrs
    Cost of Capital: An Analysis of Courts’ Interpretations
    Judges are confronted with interpreting many economic concepts presented though experts’ testimony which is often confusing and contradictory. This presentation analyzes a number of important decisions and discusses how various Courts have interpreted the concepts inherent in one of the most complex and often confusing areas, cost of capital. This discussion should help (1) experts improve the clarity of their analyses and testimony, (2) attorneys in laying out their case, and (3) judges in understanding the underlying concepts.

    Moderator:
    Robert Parrino, The University of Texas at Austin - Austin, TX
    Panelists:
    Roger J. Grabowski ASA, Duff & Phelps LLC - Chicago, IL
    Panelists:
    Bernard Pump, Deloitte Financial Advisory Services, LLP - Chicago, IL

  • 5:45 pm
    VALCON Opening Networking Reception
    Join us for drinks and hors d’oerves with faculty and participants.

    Sponsored by Huron Restructuring & Turnaround

  • Time
    Credit
    Subject
    Speaker
  • Thursday Morning, Feb. 24, 2011
    Presiding Officer:
    Michael P. Richman, Patton Boggs LLP - New York, NY
  • 7:30 am
    General Registration Opens
    Four Seasons Ballroom - Second Floor

    Includes continental breakfast.
    Sponsored by Grant Thornton LLP

  • 8:20 am
    Welcoming Remarks

  • 8:30 am
    0.50 hr
    Regulatory Keynote: Will Dodd-Frank Reduce Systemic Risk?

    Stephen M. Bainbridge, UCLA School of Law - Los Angeles, CA

  • 9:00 am
    1.00 hr
    Market Participant Behavior in the Wake of Dodd-Frank
    Is Dodd-Frank fighting the last war or will it respond effectively to the next market disruption? Will Dodd-Frank give the President, the Fed, and Treasury more or fewer weapons to deal with the next Bear Stearns-Lehman-Merrill-Washington Mutual-GM-Chrysler? Can taxpayer dollars still be used for new bailouts? Will regulators' ability to cherry pick and spin off assets mean that taxpayer dollars still can be used for the next bailout? Will major financial institutions pay a premium for debt and equity capital or will market forces, in a low interest rate environment, mean "business as usual" with little in the way of protection for investors? Can investors effectively park their capital in business segments that are likely to be salvaged by regulators? Will new disclosure requirements in practice enable investors and regulators to spot risky behavior? Even assuming regulators have the power, are they likely to utilize Dodd-Frank reforms to deflate the next bubble before it happens? During the rule-making process, will lobbyists succeed in taking the fangs out of Dodd-Frank? Will an FDIC liquidation seem arbitrary or unpredictable because large swaths of the Bankruptcy Code are inapplicable?

    Moderator:
    William J. Rochelle, Bloomberg LP - New York, NY
    Panelists:
    John A. Dischner, AlixPartners, LLP - Chicago, IL
    Panelists:
    Mark J. Shapiro, Barclays Capital - New York, NY

  • 10:00 am
    Break
    Sponsored by Grant Thornton LLP

  • 10:15 am
    1.33 hrs
    Investors' Roundtable
    2010 was a year of recovery for the capital markets and private equity investment, but also a wait-and-see year for distressed investors. This panel discusses how leading distressed funds and investors see opportunities in the market today and what new methods are being used to achieve the best returns in the distressed marketplace.

    Moderator:
    J. Scott Victor, SSG Capital Advisors, LLC - West Conshohocken, PA
    Panelists:
    Mitchell Drucker, Garrison Investment Group - New York, NY
    Panelists:
    Peter S. Kaufman, Gordian Group, LLC - New York, NY
    Panelists:
    Sam Levine, Eos Partners - New York, NY
    Panelists:
    Gregory L. Segall, Versa Capital Management, Inc. - Philadelphia, PA

  • Thursday Afternoon, Feb. 24, 2011
    Presiding Officer:
    James M. Lukenda, Huron Consulting Group - New York, NY
  • 11:35 am
    Adjourn to Luncheon and Presentation
    Adjacent to Ballroom

  • KEYNOTE LUNCHEON PRESENTATION

  • 12:10 pm
    0.83 hr
    Keynote Luncheon: Current Issues Involving Financial Markets and Regulation

    Peter Wallison, American Enterprise Institute for Public Policy Research - Washington, DC

  • 1:00 pm
    Break

  • 1:15 pm
    0.83 hr
    Ten Practice Tips for Valuation Professionals
    A look at innovative strategic approaches and rewarding court decisions of the past year—what worked and what didn't—plus lessons learned and brilliance rewarded in major bankruptcy cases ending in excellent settlements and substantial victories.

    Moderator:
    Evelyn H. Biery, Fulbright & Jaworski L.L.P. - Houston, TX
    Panelists:
    T. Scott Avila, CRG Partners - Los Angeles, CA
    Panelists:
    Rick Braun, FTI Consulting, Inc. - Washington, DC
    Panelists:
    Eric Winthrop, Houlihan Lokey - Los Angeles, CA

  • 2:05 pm
    1.25 hrs
    Real Estate Restructurings: Legal and Valuation Lessons Learned from Complex Multiple Tranche Restructurings
    An examination and discussion of the legal and valuation issues arising from complex real estate restructurings, including the effect of special purpose entities (SPEs) and multiple tranche commercial mortgage-backed securities (CMBS) in the structures; the role of servicers and special servicers; and the perspectives of various parties in these transactions, including judicial perspectives.

    Moderator:
    Marcia L. Goldstein, Weil, Gotshal & Manges LLP - New York, NY
    Panelists:
    Ronen A. Bojmel, Miller Buckfire & Co., LLC - New York, NY
    Panelists:
    Gregory A. Cross, Venable LLP - Baltimore, MD
    Panelists:
    Hon. James M. Peck, U.S. Bankruptcy Court, Southern District of New York - New York, NY

  • 3:20 pm
    Break
    Sponsored by GlassRatner Advisory and Capital Group LLC

  • 3:35 pm
    0.83 hr
    Rights Offerings
    Rights offerings and similar plan funding mechanisms have taken center stage in recent large cases. They have been used for years and can be a useful tool for avoiding difficult valuation issues. But increasingly, they are being challenged in disputed cases as unfair and discriminatory, while focus on the incentives to backstop providers has led to valuation challenges. The panel discusses some recent creative structures while exploring the valuation issues they raise.

    Moderator:
    Jane Lee Vris, Vinson & Elkins LLP - New York, NY
    Panelists:
    William Q. Derrough, Moelis & Company - New York, NY
    Panelists:
    Michael Genereux, The Blackstone Group - New York, NY

  • 4:25 pm
    1.33 hrs
    Navigating Municipal Restructurings Roundtable: The New Frontier
    State governments, municipal divisions of states and authorities established at the state, regional and municipal levels face many of the same challenges experienced by corporations navigating today's environment. These governmental units and agencies are affected by a global marketplace that is experiencing de-globalization, de-leveraging and re-regulation. Many municipalities, agencies and authorities are now, or soon will be, confronted with unprecedented restructuring pressures. This roundtable brings together leaders in the municipal restructuring arena to offer unique perspectives on how to help municipalities navigate their complex circumstances, including Chapter 9 and other alternatives.

    Moderator:
    John (Jack) Wm. Butler Jr., Skadden, Arps, Slate, Meagher & Flom LLP - Chicago, IL
    Panelists:
    Bill Brandt, Development Specialists, Inc. - Chicago, IL
    Panelists:
    Marc A. Levinson, Orrick, Herrington & Sutcliffe LLP - Sacramento, CA
    Panelists:
    Perry Mandarino, PricewaterhouseCoopers LLP - New York, NY

  • 5:45 pm
    Adjourn to Networking Reception
    Join us for drinks and hors d'oeuvres with faculty and partcipants.

  • Time
    Credit
    Subject
    Speaker
  • Friday Morning, Feb. 25, 2011
    Presiding Officer:
    Kaaran E. Thomas, McDonald Carano Wilson, LLP - Reno, NV
  • 8:00 am
    Conference Room Opens
    Includes continental breakfast.
    Sponsored by Development Specialists, Inc.

  • KEYNOTE BREAKFAST PANEL

  • 8:30 am
    1.00 hr
    Judicial Panel
    A nationally recognized panel of judges discusses the views of valuation testimony and methodologies.

    Moderator:
    Donald S. Bernstein, Davis Polk & Wardwell, LLP - New York, NY
    Panelists:
    Hon. Robert D. Drain, U.S. Bankruptcy Court, Southern District of New York - New York, NY
    Panelists:
    Hon. Barbara J. Houser, U.S. Bankruptcy Court, Northern District of Texas - Dallas, TX
    Panelists:
    Hon. Bruce A. Markell, U.S. Bankruptcy Court, District of Nevada - Las Vegas, NV

  • 9:30 am
    Break
    Sponsored by Development Specialists, Inc.

  • 9:45 am
    1.00 hr ethics
    Navigating Through the Ethical Maze of Fiduciary Duties: Ratting on Clients and Other Hazards
    The panel explores fiduciary duties of DIPs and Committees and their professionals, including their duty to make disclosures or report on mis-valuations and other client misconduct through an analysis of applicable ethical rules, case law and articles.

    Susan M. Freeman, Lewis and Roca LLP - Phoenix, AZ
    Judith Greenstone Miller, Jaffe, Raitt, Heuer & Weiss, PC - Southfield, MI

  • 10:45 am
    0.75 hr
    Dealing with Appraisals and Comparables in a Volatile Market
    A discussion of the impact of complex markets, changing conditions, swings in volatility and commodity prices on the appraisal and selection of comparables.

    Moderator:
    Curtis Burr, Burr Pilger Mayer, Inc. - San Francisco, CA
    Panelists:
    Anthony V. Aaron, Ernst & Young - Los Angeles, CA
    Panelists:
    Adam Borison, NERA Economic Consulting - San Francisco, CA

  • 11:30 am
    Adjourn

  • Day 1 February 23, 2011
  • Day 2 February 24, 2011
  • Day 3 February 25, 2011
Download Schedule

Conference Faculty

Anthony V. Aaron

Ernst & Young
Los Angeles, CA

T. Scott Avila

CRG Partners
Los Angeles, CA

Stephen M. Bainbridge

UCLA School of Law
Los Angeles, CA

Donald S. Bernstein

Davis Polk & Wardwell, LLP
New York, NY

Evelyn H. Biery

Fulbright & Jaworski L.L.P.
Houston, TX

Ronen A. Bojmel

Miller Buckfire & Co., LLC
New York, NY

Adam Borison

NERA Economic Consulting
San Francisco, CA

Bill Brandt

Development Specialists, Inc.
Chicago, IL

Rick Braun

FTI Consulting, Inc.
Washington, DC

Curtis Burr

Burr Pilger Mayer, Inc.
San Francisco, CA

John (Jack) Wm. Butler Jr.

Skadden, Arps, Slate, Meagher & Flom LLP
Chicago, IL

R. Brian Calvert

Development Specialists, Inc.
Chicago, IL

Gregory A. Cross

Venable LLP
Baltimore, MD

William Q. Derrough

Moelis & Company
New York, NY

Joseph A. DiSalvatore

Grant Thornton LLP
New York, NY

John A. Dischner

AlixPartners, LLP
Chicago, IL

Hon. Robert D. Drain

U.S. Bankruptcy Court, Southern District of New York
New York, NY

Mitchell Drucker

Garrison Investment Group
New York, NY

Susan M. Freeman

Lewis and Roca LLP
Phoenix, AZ

Michael Genereux

The Blackstone Group
New York, NY

Marcia L. Goldstein

Weil, Gotshal & Manges LLP
New York, NY

Roger J. Grabowski ASA

Duff & Phelps LLC
Chicago, IL

Hon. Barbara J. Houser

U.S. Bankruptcy Court, Northern District of Texas
Dallas, TX

Peter S. Kaufman

Gordian Group, LLC
New York, NY

David W. King

Mesirow Financial Consulting, LLC
Chicago, IL

Sam Levine

Eos Partners
New York, NY

Marc A. Levinson

Orrick, Herrington & Sutcliffe LLP
Sacramento, CA

Perry Mandarino

PricewaterhouseCoopers LLP
New York, NY

Hon. Bruce A. Markell

U.S. Bankruptcy Court, District of Nevada
Las Vegas, NV

Judith Greenstone Miller

Jaffe, Raitt, Heuer & Weiss, PC
Southfield, MI

Stamos Nicholas

Deloitte Financial Advisory Services, LLP
New York, NY

Robert Parrino

The University of Texas at Austin
Austin, TX

Hon. James M. Peck

U.S. Bankruptcy Court, Southern District of New York
New York, NY

Bernard Pump

Deloitte Financial Advisory Services, LLP
Chicago, IL

Ian Ratner

GlassRatner Advisory & Capital Group LLC
Atlanta, GA

William J. Rochelle

Bloomberg LP
New York, NY

Bradford J. Sandler

Pachulski Stang Ziehl & Jones LLP
Wilmington, DE

Gregory L. Segall

Versa Capital Management, Inc.
Philadelphia, PA

Mark J. Shapiro

Barclays Capital
New York, NY

Paul N. Shields

LECG, LLC
Salt Lake City, UT

Teri Stratton

Piper Jaffray & Co.
El Segundo, CA

J. Scott Victor

SSG Capital Advisors, LLC
West Conshohocken, PA

Jane Lee Vris

Vinson & Elkins LLP
New York, NY

Peter Wallison

American Enterprise Institute for Public Policy Research
Washington, DC

Eric Winthrop

Houlihan Lokey
Los Angeles, CA

Planning Committee

John (Jack) Wm. Butler Jr.—Co-Chair

Skadden, Arps, Slate, Meagher & Flom LLP
Chicago, IL

J. Scott Victor—Co-Chair

SSG Capital Advisors, LLC
West Conshohocken, PA

Thomas J. Allison

Mesirow Financial Consulting, LLC
Chicago, IL

Ben E. Barnett

Platinum Advisors LLC
Dallas, TX

Donald S. Bernstein

Davis Polk & Wardwell, LLP
New York, NY

Evelyn H. Biery

Fulbright & Jaworski L.L.P.
Houston, TX

R. Brian Calvert

Development Specialists, Inc.
Chicago, IL

Bill Creelman

BDO Consulting
Costa Mesa, CA

Loretta Cross

Grant Thornton LLP
Houston, TX

Joseph A. DiSalvatore

Grant Thornton LLP
New York, NY

Randall S. Eisenberg

FTI Consulting, Inc.
New York, NY

Samuel J. Gerdano

American Bankruptcy Institute
Alexandria, VA

Marcia L. Goldstein

Weil, Gotshal & Manges LLP
New York, NY

Michael H. Goldstein

Greenberg Traurig, LLP
Santa Monica, CA

Laura Davis Jones

Pachulski Stang Ziehl & Jones LLP
Wilmington, DE

Peter S. Kaufman

Gordian Group, LLC
New York, NY

James M. Lukenda

Huron Consulting Group
New York, NY

Thomas E. Lumsden

FTI Consulting, Inc.
San Francisco, CA

Perry Mandarino

PricewaterhouseCoopers LLP
New York, NY

Grant W. Newton

Pepperdine University and AIRA
Medford, OR

D. Bobbitt Noel Jr.

Vinson & Elkins LLP
Houston, TX

Robert Parrino

The University of Texas at Austin
Austin, TX

Michael P. Richman

Patton Boggs LLP
New York, NY

Rebecca A. Roof

AlixPartners, LLP
New York, NY

Paul N. Shields

LECG, LLC
Salt Lake City, UT

Andrew I. Silfen

Arent Fox LLP
New York, NY

Margaret (Maggie) Smith

GlassRatner Advisory & Capital Group LLC
Miami, FL

J. Gregory St. Clair

Skadden, Arps, Slate, Meagher & Flom LLP
New York, NY

Kaaran E. Thomas

McDonald Carano Wilson, LLP
Reno, NV

Jane Lee Vris

Vinson & Elkins LLP
New York, NY

Credit Info

  • Las Vegas, NV
MCLE Credit
Toggle view Texas – 15.00 hrs  |  1.00 hrs Ethics
You may claim your credit online in Your Briefcase, and UT Law CLE will report credit on your behalf to the State Bar of Texas. A Certificate of Attendance will be provided in Your Briefcase for your records. The system reports Texas CLE credit every Tuesday. If you are claiming credit in the last week of your birth month, self-report your CLE credit directly to the State Bar of Texas at texasbar.com, using the course number  provided on your certificate of attendance.
Toggle view California – 15.00 hrs  |  1.00 hrs Ethics
You must claim your credit online in Your Briefcase, and will then be provided a Certificate of Attendance for your records. UT Law CLE is required to provide the State Bar with electronic attendance records for any MCLE participatory activity within 60 days of completion of the activity. The California licensee is responsible for reporting their compliance/credit hours earned to the State Bar at the end of their reporting period directly to the State Bar of California at calbar.ca.gov.  UT Law CLE will maintain Attendance Records for four years.  

Key Dates

Las Vegas, NV – Feb 23-25, 2011 – Four Seasons Hotel
Conference Concluded
Buy
  • Las Vegas, NV
Standard Registration
Last day for $945.00 Regular pricing: Feb 4, 2011

$995.00 for registrations received after this time

Last day for cancellation (full refund): Nov 1, 2010

$75 processing fee applied after this date

Last day for cancellation: Feb 2, 2011

Venue

speaker

Four Seasons Hotel

3960 Las Vegas Blvd. South
Las Vegas, NV
877.632.5000 (reservations)

Accommodations

$195.00 good through Jan 24, 2011

Parking Information

Overnight Parking $19 per day

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