Overview

Co-presented by the American Bankruptcy Institute, The Association of Insolvency and Restructuring Advisors and The University of Texas School of Law, VALCON 2015 is a unique opportunity to hear from and meet some of the leading professionals in the distressed debt, restructuring and valuation business.

2015 program highlights include:

  • Keynote Presentation by Professor Stuart C. Gilson of Harvard Business School and one of the leading corporate restructuring experts in the United States to reflect on best (and worst) practices, "greatest hits", recent trends, and the rise of Section 363
  • An in-depth track on Technical Valuation Issues, Valuation Adjustment, Liquidating Trusts and more
  • An interactive Valuation Fundamentals Workshop, including Accounting and Finance Basics for Analyzing Distress Entities, Fundamentals of Valuation Methodologies, and a Case Study of a Distress Company Restructuring
  • Panels with some of the nation’s leading practitioners and experts on Absolute vs. Relative Priority, The Rising Use of Mediators, Distress in the Energy Industry and much more
  • Valuable insights from several bankruptcy judges in attendance
  • Multiple opportunities to network with industry leaders at breakfast, lunch and cocktail receptions
  • Earn up to 13.75 hours of credit, including 1.00 hour of ethics
If you are a dealmaker, fund investor, or financial or legal advisor, you'll want to join us!

Event Schedule

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

  • Time
    Credit
    Subject
    Speaker
  • Wednesday Afternoon, Feb. 25, 2015
  • 12:15 pm
    Registration Opens

  • Track A: Valuation Fundamentals Workshop
    Presiding Officer:
    Jim Nolen, The University of Texas at Austin, McCombs School of Business - Austin, TX
  • 12:50 pm
    Welcoming Remarks
    Technical Track sponsored by Dorsey and Whitney and Berkeley Research Group

  • 1:00 pm
    1.25 hrs
    Accounting and Finance Basics: Key Characteristics in Analyzing Distressed Entities
    Distressed companies usually show declining financial performance prior to failure. This session focuses on key financial ratios such as liquidity, leverage, and coverage as well as a firm’s sources and uses of funds, cash conversion cycle, and free cash flow both before and after restructuring.      

    Jim Nolen, The University of Texas at Austin, McCombs School of Business - Austin, TX

  • 2:15 pm
    Break

  • 2:30 pm
    1.25 hrs
    Fundamentals of Valuation and Methodologies
    A review and analysis of the cost approach, market approach and income (cash flow) approach in business valuation, including key assumptions in each of these valuation methodologies; plus a discussion of how academics and practitioners vary in their approaches.

    Jim Nolen, The University of Texas at Austin, McCombs School of Business - Austin, TX

  • 3:45 pm
    Break

  • 4:00 pm
    1.25 hrs
    Case Study: An Interactive Negotiation of a Distressed Company Restructuring
    Using a case study approach, this panel looks at the restructuring alternatives of a typical mid-cap company with mock negotiations between and among a distressed company, its senior secured bank lenders, its mezzanine lenders and the equity. The presentation focuses on valuation, and the benefits and burdens of (i) bankruptcy, (ii) exercising rights and remedies of a secured lender, (iii) a consensual out of court restructuring and (iv) the techniques and strategies for each constituency to achieve its goals.

    Moderator:
    Michael Friedman, Chapman and Cutler LLP - New York, NY
    Panelists:
    Larry G. Halperin, Chapman and Cutler LLP - New York, NY
    David C. Smith, University of Virginia, McIntire School of Commerce - Charlottesville, VA
    Franklin H. Top III, Chapman and Cutler LLP - Chicago, IL

  • 5:15 pm
    Adjourn

  • Track B: Technical Valuation Issues
    Presiding Officer:
    Grant W. Newton, The Association of Insolvency and Restructuring Advisors - Medford, OR
  • 12:50 pm
    Welcoming Remarks
    Technical Track sponsored by Dorsey and Whitney and Berkeley Research Group

  • 1:00 pm
    1.25 hrs
    Valuation Adjustment
    Valuation is a critical, and often hotly disputed, issue in most bankruptcy cases. Enterprise valuations drive creditor recoveries and solvency valuations are often outcome determinative for the success (or failure) of fraudulent transfer and other bankruptcy related litigation. As a result, valuation disputes often become a mini-battle of the experts, the reasonableness of their assumptions and their relative credibility. Disputes usually center around those items where the expert has made subjective adjustments based on professional judgment. Even small adjustments can lead to substantial differences in value. This panel explores those issues which are most often "adjusted" based on professional judgment, including normalizing EBITDA, methodology weighting, treatment of excess cash, control premiums, minority discounts, liquidity discounts, contingent assets & liabilities, etc.

    Moderator:
    David M. Hillman, Schulte Roth & Zabel LLP - New York, NY
    Panelists:
    Bryan K. Benoit, Grant Thornton LLP - Houston, TX
    Bruce B. Bingham, Capstone Advisory Group, LLC - New York, NY
    Perry Mandarino, PwC - New York, NY
    Faten Sabry, NERA Economic Consulting - New York, NY

  • 2:15 pm
    Break

  • 2:30 pm
    1.25 hrs
    Assessment and Quantification of Long-Term, Unliquidated Debt
    Issues surrounding the assessment and quantification of long-term, unliquidated obligations; such as pensions, environmental remediation, and perpetual care of cemeteries, are complex and divisive. This panel will explore the issues, as well as methods and techniques, to be considered when assessing and quantifying such debt in the context of financial distress and bankruptcy.

    Moderator:
    Paul N. Shields, Berkeley Research Group, LLC - Salt Lake City, UT
    Panelists:
    Stephen Gerlach, Deloitte Financial Advisory Services LLP - New York , NY
    David W. King, Mesirow Financial Consulting, LLC - Chicago, IL
    Israel Shaked, The Michel-Shaked Group and Boston University School of Management - Boston, MA
    Steven Wilamowsky, Bingham McCutchen LLP - New York, NY

  • 3:45 pm
    Break

  • 4:00 pm
    1.25 hrs
    Liquidating Trusts
    This panel will focus on developments related to the use of liquidating trusts from both the legal and financial reporting perspectives.  Expected topics will include the use of liquidating trusts in the resolution of major cases, the role of liquidating trusts in the prosecution of actions on behalf of, and for the benefit, of creditors (and the financial concerns, timing and fiduciary concerns that accompany the prosecution of the same), and the application of recent accounting pronouncements related to liquidation accounting and the accompanying valuation considerations.

    Moderator:
    James M. Lukenda, Huron Business Advisory - New York, NY
    Panelists:
    R. Brian Calvert, Development Specialists, Inc. - Los Angeles, CA
    Monica Clark, Dorsey & Whitney LLP - Minneapolis, MN
    Alfred T. Giuliano, Giuliano, Miller & Company, LLC - West Berlin, NJ

  • 5:15 pm
    Adjourn

  • Wednesday Evening, Feb. 25, 2015
  • 5:15 pm
    VALCON Opening Networking Reception (5:15 p.m. - 6:30 p.m.)
    Join us for drinks and hors d'oeuvres with faculty and participants.

    Sponsored by PwC and Chapman and Cutler LLP

  • Time
    Credit
    Subject
    Speaker
  • Thursday Morning, Feb. 26, 2015
    Presiding Officer:
    Marcia L. Goldstein, Weil, Gotshal & Manges LLP - New York, NY
  • 8:00 am
    Registration and Networking Breakfast

  • 8:45 am
    Welcoming Remarks

  • 9:00 am
    1.25 hrs
    Valuation, Deal Making and Strategic Portfolio Management
    Both equity investors and lenders often evaluate potential transactions in the context of their overall portfolios as well as the potential value proposition presented by the specific opportunity.  Capital providers pay attention to risk allocation across industry sectors and asset classes, among other investment considerations.  This panel will discuss the role that asset valuation and enterprise valuation play in deal making and strategic portfolio management.

    Moderator:
    Jack Butler, Hilco Global - Northbrook, IL
    Panelists:
    Van C. Durrer, Skadden, Arps, Slate, Meagher & Flom LLP - Los Angeles, CA
    Suzanne Kelly, Kelly Garfinkle Strategic Restructuring LLC - Scottsdale, AZ
    Mark J. Shapiro, PointState Capital LP - New York, NY
    Michael N. Thompson, BHR Capital LLC - New York, NY

  • 10:15 am
    1.25 hrs
    The Rising Use of Mediators: Is This the Wave of the Future?
    From labor disputes in the American Airlines case to the negotiation of Chapter 9 plans for Detroit, Stockton and San Bernadino (just to name a few), bankruptcy judges have looked to their colleagues to serve as mediators. What is the impact of this practice? Does it change the dynamics among the parties? Is there a role for private sector mediators? And going forward, will bankruptcy cases continue to be fertile ground for alternative dispute resolution?

    Moderator:
    Marcia L. Goldstein, Weil, Gotshal & Manges LLP - New York, NY
    Panelists:
    Hon. Robert D. Drain, U.S. Bankruptcy Court, Southern District of New York - White Plains, NY
    Hon. Elizabeth L. Perris, U.S. Bankruptcy Court, District of Oregon - Portland, OR
    Joseph Samet, Baker & McKenzie LLP - New York, NY
    Hon. Gregg W. Zive, U.S. Bankruptcy Court, District of Nevada - Reno, NV

  • 11:30 am
    Break
    Sponsored by Duff & Phelps, LLC

  • 11:45 am
    1.00 hr
    Absolute vs. Relative Priority: What Creates Equity Value?
    The panel discusses and debates, from varying perspectives, the rise in formation of official equity committees in chapter 11 cases, how advisors can reach different valuations to support or oppose their formation, the role of the Office of the United States Trustee, and the ultimate value added to the estate.    

    Moderator:
    Geoffrey T. Raicht, Proskauer - New York, NY
    Panelists:
    Tracy Hope Davis, Office of the U.S. Trustee Region 17 - San Francisco, CA
    Robert J. Dehney, Morris, Nichols, Arsht & Tunnell LLP - Wilmington, DE
    Adam Dunayer, Houlihan Lokey - Dallas, TX
    Daniel B. Kamensky, Paulson & Co. Inc. - New York, NY
    Paul D. Leake, Jones Day - New York, NY

  • 12:45 pm
    Adjourn to Luncheon and Keynote Presentation

  • Thursday Afternoon, Feb. 26, 2015
    Presiding Officer:
    Allen Pfeiffer, Duff & Phelps, LLC - Morristown, NJ
  • Keynote Luncheon Presentation
  • 1:15 pm
    0.75 hr
    Bankruptcy Valuation Disputes and Senior Creditor Control: Reflections, Greatest Hits, and Academic Evidence

    Reflections on best (and worst) practices, "greatest hits," recent trends, and the rise of Section 363.

    Stuart C. Gilson, Steven R. Fenster Professor of Business Administration, Harvard Business School - Boston, MA

  • 2:00 pm
    Break
    Sponsored by Development Specialists, Inc. 

  • 2:15 pm
    1.00 hr
    Bankruptcies in Financial Services and Bank Holding Company Defaults
    A discussion of the “lessons learned” from recent financial services bankruptcies, settlements and restructurings (including some “near misses”), and financial distress in mortgage origination. The panel also discusses bank holding company defaults, FDIC receivership issues, tax sharing agreements, sale transaction issues, and more.

    Moderator:
    Leah M. Eisenberg, Arent Fox LLP - New York, NY
    Panelists:
    Sonya Levine, Federal Deposit Insurance Corporation - Washington, DC
    Brian D. Pfeiffer, Schulte Roth & Zabel LLP - New York, NY
    Glenn E. Siegel, Morgan, Lewis & Bockius LLP - New York, NY

  • 3:15 pm
    1.00 hr
    Distress in the Energy Industry
    Anytime there are fundamental market changes there is a winner and a loser.  Find out how the vast supply of U.S. oil and gas discoveries coupled with stricter environmental regulations are causing long term changes.  Who are the winners, who are the losers?  Find out how these shifts have impacted coal, renewables, oil and gas, power generation, and refineries.  The panel will discuss the impact of these changes on the industry as a whole and on the value of the companies that participate in these industries

    Moderator:
    Loretta Cross, Stout Risius Ross Inc. - Houston, TX
    Panelists:
    Daniel Beaulne, Duff & Phelps, LLC - Dallas, TX
    Marshall S. Huebner, Davis Polk & Wardwell LLP - New York, NY
    William L. Wallander, Vinson & Elkins LLP - Dallas, TX
    Robert Albertgotti, AlixPartners LLP - New York, NY

  • 4:15 pm
    Break
    Sponsored by Development Specialists, Inc. 

  • 4:30 pm
    1.00 hr
    Valuation of Intellectual Property (and Beyond)
    Intellectual Property (IP) is often a critically important part of a company’s value paradigm. Why, for many companies today, has IP become an even greater focus? How is IP valued in businesses, in litigation and in bankruptcy? `

    Moderator:
    Allen Pfeiffer, Duff & Phelps, LLC - Morristown, NJ
    Panelists:
    Benjamin C. Elacqua, Fish & Richardson P.C. - Houston, TX
    Patricia Baron Tomasco, Jackson Walker L.L.P. - Austin, TX
    Jason Frank, Hilco Enterprise Valuation Services, LLC - Northbrook, IL

  • 5:30 pm
    Adjourn

  • Thursday Evening, Feb. 26, 2015
  • 5:30 pm
    VALCON Networking Reception (5:30 p.m. - 6:45 p.m.)
    Join us for drinks and hors d'oeuvres with faculty and participants.

    Sponsored by Vinson & Elkins LLP and NERA Consulting. 

  • Time
    Credit
    Subject
    Speaker
  • Friday Morning, Feb. 27, 2015
    Presiding Officer:
    Kaaran E. Thomas, McDonald Carano Wilson, LLP - Reno, NV
  • 8:00 am
    Networking Breakfast

  • 8:30 am
    1.00 hr
    Judicial Panel
    A discussion of current issues of interest to bankruptcy judges and insolvency professionals.

    Moderator:
    Hon. Arthur J. Gonzalez, New York University School of Law - New York, NY
    Panelists:
    Hon. Robert D. Drain, U.S. Bankruptcy Court, Southern District of New York - White Plains, NY
    Hon. Elizabeth L. Perris, U.S. Bankruptcy Court, District of Oregon - Portland, OR
    Hon. Gregg W. Zive, U.S. Bankruptcy Court, District of Nevada - Reno, NV

  • 9:30 am
    Break
     Sponsored by Schulte Roth & Zabel LLP

  • 9:45 am
    0.75 hr
    ABI Commission Update
    The Final Report of the Commission to Study the Reform of Chapter 11 proposes the most comprehensive modernization of restructuring law in a generation, including several recommendations affecting valuation methods, use of experts and disclosures by the reorganizing debtor.  Hear a panel of Commissioners and the Commission's Reporter discuss the proposals and the impact on professionals. 

    Moderator:
    Bill Brandt, Development Specialists, Inc. - New York, NY
    Panelists:
    Michelle M. Harner, University of Maryland Francis King Carey School of Law - Baltimore, MD
    Bettina M. Whyte, Alvarez & Marsal - New York, NY

  • 10:30 am
    1.00 hr ethics
    Ethical Turnarounds
    How can law firms use turnaround techniques to maximize the value of their services for themselves and their clients? 

    Edward T. Gavin, Gavin/Solmonese LLC - Wilmington, DE
    Nancy B. Rapoport, William S. Boyd School Of Law, UNLV - Las Vegas, NV
    Kaaran E. Thomas, McDonald Carano Wilson, LLP - Reno, NV

  • 11:30 am
    Adjourn

Conference Faculty

Robert Albertgotti

AlixPartners LLP
New York, NY

Daniel Beaulne

Duff & Phelps, LLC
Dallas, TX

Bryan K. Benoit

Grant Thornton LLP
Houston, TX

Bruce B. Bingham

Capstone Advisory Group, LLC
New York, NY

Bill Brandt

Development Specialists, Inc.
New York, NY

Jack Butler

Hilco Global
Northbrook, IL

R. Brian Calvert

Development Specialists, Inc.
Los Angeles, CA

Monica Clark

Dorsey & Whitney LLP
Minneapolis, MN

Loretta Cross

Stout Risius Ross Inc.
Houston, TX

Tracy Hope Davis

Office of the U.S. Trustee Region 17
San Francisco, CA

Robert J. Dehney

Morris, Nichols, Arsht & Tunnell LLP
Wilmington, DE

Hon. Robert D. Drain

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

Adam Dunayer

Houlihan Lokey
Dallas, TX

Van C. Durrer

Skadden, Arps, Slate, Meagher & Flom LLP
Los Angeles, CA

Leah M. Eisenberg

Arent Fox LLP
New York, NY

Benjamin C. Elacqua

Fish & Richardson P.C.
Houston, TX

Jason Frank

Hilco Enterprise Valuation Services, LLC
Northbrook, IL

Michael Friedman

Chapman and Cutler LLP
New York, NY

Edward T. Gavin

Gavin/Solmonese LLC
Wilmington, DE

Stephen Gerlach

Deloitte Financial Advisory Services LLP
New York , NY

Stuart C. Gilson

Steven R. Fenster Professor of Business Administration, Harvard Business School
Boston, MA

Alfred T. Giuliano

Giuliano, Miller & Company, LLC
West Berlin, NJ

Marcia L. Goldstein

Weil, Gotshal & Manges LLP
New York, NY

Hon. Arthur J. Gonzalez

New York University School of Law
New York, NY

Larry G. Halperin

Chapman and Cutler LLP
New York, NY

Michelle M. Harner

University of Maryland Francis King Carey School of Law
Baltimore, MD

David M. Hillman

Schulte Roth & Zabel LLP
New York, NY

Marshall S. Huebner

Davis Polk & Wardwell LLP
New York, NY

Daniel B. Kamensky

Paulson & Co. Inc.
New York, NY

Suzanne Kelly

Kelly Garfinkle Strategic Restructuring LLC
Scottsdale, AZ

David W. King

Mesirow Financial Consulting, LLC
Chicago, IL

Paul D. Leake

Jones Day
New York, NY

Sonya Levine

Federal Deposit Insurance Corporation
Washington, DC

James M. Lukenda

Huron Business Advisory
New York, NY

Perry Mandarino

PwC
New York, NY

Jim Nolen

The University of Texas at Austin, McCombs School of Business
Austin, TX

Hon. Elizabeth L. Perris

U.S. Bankruptcy Court, District of Oregon
Portland, OR

Allen Pfeiffer

Duff & Phelps, LLC
Morristown, NJ

Brian D. Pfeiffer

Schulte Roth & Zabel LLP
New York, NY

Geoffrey T. Raicht

Proskauer
New York, NY

Nancy B. Rapoport

William S. Boyd School Of Law, UNLV
Las Vegas, NV

Faten Sabry

NERA Economic Consulting
New York, NY

Joseph Samet

Baker & McKenzie LLP
New York, NY

Israel Shaked

The Michel-Shaked Group and Boston University School of Management
Boston, MA

Mark J. Shapiro

PointState Capital LP
New York, NY

Paul N. Shields

Berkeley Research Group, LLC
Salt Lake City, UT

Glenn E. Siegel

Morgan, Lewis & Bockius LLP
New York, NY

David C. Smith

University of Virginia, McIntire School of Commerce
Charlottesville, VA

Kaaran E. Thomas

McDonald Carano Wilson, LLP
Reno, NV

Michael N. Thompson

BHR Capital LLC
New York, NY

Patricia Baron Tomasco

Jackson Walker L.L.P.
Austin, TX

Franklin H. Top III

Chapman and Cutler LLP
Chicago, IL

William L. Wallander

Vinson & Elkins LLP
Dallas, TX

Bettina M. Whyte

Alvarez & Marsal
New York, NY

Steven Wilamowsky

Bingham McCutchen LLP
New York, NY

Hon. Gregg W. Zive

U.S. Bankruptcy Court, District of Nevada
Reno, NV

Planning Committee

Marcia L. Goldstein—Co-Chair

Weil, Gotshal & Manges LLP
New York, NY

Allen Pfeiffer—Co-Chair

Duff & Phelps, LLC
Morristown, NJ

Donald S. Bernstein

Davis Polk & Wardwell LLP
New York, NY

John Bodine

Huron Consulting Group LLC
Chicago, IL

C.J. Brown

The Blackstone Group L.P.
New York, NY

Michael C. Buenzow

FTI Consulting, Inc.
Chicago, IL

Jack Butler

Hilco Global
Northbrook, IL

R. Brian Calvert

Development Specialists, Inc.
Los Angeles, CA

Robert J. Dehney

Morris, Nichols, Arsht & Tunnell LLP
Wilmington, DE

Joseph A. DiSalvatore

Grant Thornton LLP
New York, NY

Paul C. Du Vair

Mesirow Financial Consulting, LLC
Chicago, IL

Leah M. Eisenberg

Arent Fox LLP
New York, NY

Randall S. Eisenberg

AlixPartners, LLP
New York, NY

Judith Elkin

Haynes and Boone, LLP
New York, NY

Seth Fliegler

Duff and Phelps, LLC
Morristown, NJ

Edward T. Gavin

Gavin/Solmonese LLC
Wilmington, DE

Samuel J. Gerdano

American Bankruptcy Institute
Alexandria, VA

Jay M. Goffman

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

Andrew N. Goldman

WilmerHale
New York, NY

Michael H. Goldstein

Goodwin Procter
New York, NY

David M. Hillman

Schulte Roth & Zabel LLP
New York, NY

Gary T. Holtzer

Weil, Gotshal & Manges LLP
New York, NY

Joanna Jefferson

The University of Texas School of Law
Austin, TX

Laura Davis Jones

Pachulski Stang Ziehl & Jones LLP
Wilmington, DE

Daniel B. Kamensky

Paulson & Co. Inc.
New York, NY

Peter S. Kaufman

Gordian Group, LLC
New York, NY

Paul D. Leake

Jones Day
New York, NY

John Little

Deloitte Financial Advisory Services, Ll
Dallas, TX

James M. Lukenda

Huron Business Advisory
New York, NY

Perry Mandarino

PwC
New York, NY

Deirdre A. McGuinness

KCC
New York, NY

Grant W. Newton

The Association of Insolvency and Restructuring Advisors
Medford, OR

Jim Nolen

The University of Texas at Austin, McCombs School of Business
Austin, TX

Geoffrey T. Raicht

Proskauer
New York, NY

Michael P. Richman

Hunton & Williams LLP
New York, NY

Joseph Samet

Baker & McKenzie LLP
New York, NY

Matthew Schwartz

Bederson LLP
West Orange, NJ

Mark J. Shapiro

PointState Capital LP
New York, NY

Paul N. Shields

Berkeley Research Group, LLC
Salt Lake City, UT

Margaret (Maggie) Smith

GlassRatner Advisory & Capital Group LLC
Miami, FL

Todd R. Snyder

Rothschild Inc.
New York, NY

Louis R. Strubeck Jr.

Norton Rose Fulbright
Dallas, TX

Charles Tauber

Anchorage Capital Group, L.L.C.
New York, NY

Kaaran E. Thomas

McDonald Carano Wilson, LLP
Reno, NV

Patricia Baron Tomasco

Jackson Walker L.L.P.
Austin, TX

Shai Waisman

Prime Clerk
New York, NY

William L. Wallander

Vinson & Elkins LLP
Dallas, TX

Steven T. Waterman

Dorsey & Whitney LLP
Salt Lake City, UT

Jay L. Westbrook

The University of Texas School of Law
Austin, TX

Bettina M. Whyte

Alvarez & Marsal
New York, NY

Credit Info

MCLE Credit
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 Monday. 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

Key Dates

Las Vegas – Feb 25-27, 2015 – Four Seasons Hotel
Conference Concluded
Las Vegas
Last day for cancellation (full refund): Feb 20, 2015

$50 processing fee applied after this date

Last day for cancellation: Feb 23, 2015

Venue

speaker

Four Seasons Hotel

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

Accommodations

$230 room rate good through January 26, 2015 (subject to availability).

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