University of Texas School of Law
2017
VALCON
Emerging Valuation Issues in Bankruptcy and Beyond
Las Vegas Mar 1-3, 2017 Four Seasons Hotel
Conference Concluded
ABI/AIRA Member: $695 | $745 after Dec. 16 | $795 after Feb. 17
Gov't/Academic/Nonprofit: $345 | $395 after Dec. 16 | $445 after Feb. 17

Register


PRESENTED BY
The American Bankruptcy Institute
The Association of Insolvency and Restructuring Advisors 
The University of Texas School of Law

UT Law CLE

2017 VALCON

Program Features
Co-presented by the American Bankruptcy Institute, The University of Texas School of Law, and The Association of Insolvency and Restructuring Advisors, VALCON 2017 is a unique opportunity to hear from and meet some of the leading professionals in the distressed debt, restructuring and valuation business.

If you are a dealmaker, fund investor, or financial or legal advisor, you'll want to join us!

UT Law CLE

2017 VALCON

5/26/17
Schedule

Wednesday Afternoon, Mar. 1, 2017

Presiding Officer:
Thomas A. Morrow, Association of Insolvency & Restructuring Advisors - Medford, OR

12:15 pm
Registration Opens

[TRACK A] VALUATION FUNDAMENTALS WORKSHOP

Presiding Officer:
James A. Nolen, The University of Texas at Austin, McCombs School of Business - Austin, TX
12:50 pm
Welcoming Remarks

1:00 pm

1.25 hrs

Fundamentals of Accounting and Finance for Distressed Companies

James A. 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 Methodologies

James A. Nolen, The University of Texas at Austin, McCombs School of Business - Austin, TX

3:45 pm
Break

[TRACK B] TECHNICAL VALUATION ISSUES

Presiding Officer:
Thomas A. Morrow, Association of Insolvency & Restructuring Advisors - Medford, OR
12:50 pm
Welcoming Remarks

1:00 pm

1.25 hrs

Preparing Expert Valuation Reports

Moderator:
Steven T. Waterman, Dorsey & Whitney LLP - Salt Lake City, UT
Panelists:
Bruce B. Bingham, Berkeley Research Group, LLC - New York, NY
Eric J. Held, Development Specialists - Los Angeles, CA
David M. Hillman, Schulte Roth & Zabel LLP - New York, NY

2:15 pm
Break

2:30 pm

1.25 hrs

Defending Your Expert Report in a Daubert Challenge

Moderator:
Jack F. Williams, Baker Tilly Virchow Krause, LLP - Atlanta, GA
Panelists:
Katie Jakola, Kirkland & Ellis LLP - Chicago, IL
Ian Ratner, GlassRatner Advisory & Capital Group LLC - Atlanta, GA
Faten Sabry, NERA Economic Consulting - New York, NY
Deborah D. Williamson, Dykema - San Antonio, TX

3:45 pm
Break

4:00 pm

1.50 hrs

Case Study: Valuing and Restructuring Distressed Companies in the Face of Operational Headwinds

This panel will use a case study approach and mock negotiations to work through restructuring alternatives for a company experiencing significant operational headwinds and a complex capital structure. The case focuses on issues related to valuation, the rights and remedies of disparate lender groups, and plans for a sale or reorganization through a bankruptcy proceeding.

Moderator:
Michael Friedman, Chapman and Cutler LLP - New York, NY
Panelists:
Bob Frezza, Deloitte, CRG - New York, NY
Randel Lewis, University of Denver, Daniels College of Business - Denver, CO
Morrie Rutman, Richter Consulting, Inc. - Chicago, IL

5:30 pm
ADJOURN TO OPENING NETWORKING RECEPTION

Wednesday Evening, Mar. 1, 2017

5:30 pm
VALCON Opening Networking Reception (5:30 p.m. - 6:30 p.m.)

Join us for drinks and hors d'oeuvres with faculty and participants.

Thursday Morning, Mar. 2, 2017

Presiding Officer:
Leah M. Eisenberg, Arent Fox LLP - New York, NY

8:00 am
Registration and Networking Breakfast

8:45 am
Welcoming Remarks

9:00 am

1.00 hr

Distressed Investment Strategies

A busy restructuring market over the past couple years brings to light a variety of issues facing distressed investors and advisors today. Key concerns frustrating investors include assessing when to fund operational losses versus exit investments quickly, whose recovery gets impaired for the cost of the restructuring, and strategies to salvage (distressed) investments that head south. The panel will broadly discuss these and other topics of interest regarding distressed investments.

Moderator:
Randall S. Eisenberg, AlixPartners LLP - New York, NY
Panelists:
Marc Glogoff, Barclays - New York, NY
Andrew Milgram, Marblegate Asset Management, LLC - Greenwich, CT
James "Jim" Seery, River Birch Capital, LLC - New York, NY
Douglas E. Spelfogel, Foley & Lardner LLP - New York, NY

10:00 am

1.25 hrs

The Proper Role of an Examiner in Chapter 11 Cases

Moderator:
Andrew N. Goldman, WilmerHale LLP - New York, NY
Panelists:
Allen Pfeiffer, Duff and Phelps, LLC - New York, NY
Hon. Kevin J. Carey, U.S. Bankruptcy Court, District of Delaware - Wilmington, DE
Jeffrey Rothleder, Arent Fox - Washington, DC

11:15 am
Break

11:30 am

1.00 hr

Determining Valuation and the Fulcrum Security Amidst Market Volatility: When the "In The Money" Mark Moves

Moderator:
Jack Butler, Birch Lake Holdings - Chicago, IL
Panelists:
Sharon L. Levine, Saul Ewing LLP - Newark, NJ
Russell Mason, Houlihan Lokey - Dallas, TX
James "Jim" Seery, River Birch Capital, LLC - New York, NY

12:30 pm
Adjourn to Luncheon and Keynote Presentation

Thursday Afternoon, Mar. 2, 2017

Presiding Officer:
Christopher LeWand, FTI Consulting - Denver, CO

LUNCHEON PRESENTATION

1:00 pm

0.75 hr

Municipal Bankruptcies

Cate Long, Puerto Rico Clearinghouse - New York, NY
Commentator:
Bill Rochelle, American Bankruptcy Institute - New York, NY

 
1:45 pm
Break

2:00 pm

1.00 hr

Valuation Issues for Clean Energy and the Power Industry

Clean Energy is rapidly evolving and becoming an accepted and integrated part of the power generation network, providing the majority of all newly installed capacity, yet remains in early stages of development in many ways. How should investors in distressed and non-distressed scenarios consider valuing assets which are subject to macro tax and policy factors, as well as competitive dynamics within the space?

Moderator:
Aris Karcanias, FTI Consulting - London, United Kingdom
Ken Epstein, MBIA - New York, NY
Panelists:
Hon. Marvin Isgur, U.S. Bankruptcy Court, Southern District of Texas - Houston, TX
Chaim Lubin, Lincoln International - Chicago, IL
Daniel P. Sinaiko, Akin Gump Strauss Hauer & Feld LLP - Los Angeles, CA

3:00 pm
Break

3:15 pm

1.00 hr

Valuation of Litigation Assets for Providing Financing and Other Purposes

Increasingly, law firms are seeking supplemental financing to enable their litigators to pursue complex and lengthy litigations where the successful outcome of the effort results in a large return for the time invested and failure to carry the day can result in an empty pocket.  Examples of these situations extend to the increasingly litigious bankruptcy and restructuring environment.  To meet this need for financing, there are increasing numbers of parties willing to evaluate the risks for funding.  This panel will focus on the issues related to evaluating the risk/reward trade-off as seen by the legal firms, the parties prepared to provide funding, and the valuation experts engaged to model the alternative outcomes at inception and on an ongoing basis for mark-to-market reporting and other purposes.

Moderator:
Peter G. Wollmeringer, Huron Consulting Group - New York, NY
Panelists:
Justin Brass, Burford Capital - New York, NY
Schuyler Carroll, Perkins Coie LLP - New York, NY
Joseph A. DiSalvatore, Grant Thornton LLP - New York, NY
Erez Levy, Fortress Investment Group LLC - San Francisco, CA

4:15 pm

1.00 hr

Valuation of Assets and Restructuring in Emerging Markets

Moderator:
D. Jeffrey Harder, Deloitte LLP - Vancouver, BC
Panelists:
C.J. Brown, PJT Partners - New York, NY
Chris L. Dickerson, Paul Hastings LLP - Chicago, IL
Timothy Graulich, Davis Polk & Wardwell LLP - New York, NY

5:15 pm
ADJOURN TO NETWORKING RECEIPTION

Thursday Evening, Mar. 2, 2017

5:15 pm
VALCON Networking Reception (5:15 p.m. - 6:45 p.m.)

Join us for drinks and hors d'oeuvres with faculty and participants.

Friday Morning, Mar. 3, 2017

Presiding Officer:
Edward T. Gavin, Gavin/Solmonese LLC - Wilmington, DE

8:00 am
Breakfast with the Judges

8:30 am

1.00 hr

Judicial Panel

Join us for a discussion on hot topics and recent developments in Chapter 11, including the timing of valuation issues (featuring a discussion of the CSN Houston decision), valuation issues in energy cases, mediating valuation issues, structured dismissals and successor liability post-General Motors. New this year: Conference attendees will have the opportunity to pose questions to the panel. Attendees interested in submitting questions are asked to post questions by email to meetings@abi.org no later than 24 hours prior to this session.

Moderator:
Jordi Guso, Berger Singerman LLP - Miami, FL
Panelists:
Hon. Kevin J. Carey, U.S. Bankruptcy Court, District of Delaware - Wilmington, DE
Hon. Robert D. Drain, U.S. Bankruptcy Court, Southern District of New York - White Plains, NY
Hon. Marvin Isgur, U.S. Bankruptcy Court, Southern District of Texas - Houston, TX

9:30 am
Break

9:45 am

1.00 hr

Hot Topics in Valuation

The valuation of bankrupt and financially distressed firms is impacted by many factors including court decisions, changing business models, and macro-economic factors. This panel examines recent developments in these three areas and discusses how they will impact valuation engagements, particularly those performed in the context of litigation or contested matters in the future.

Moderator:
Israel Shaked, The Michel-Shaked Group and Boston University Questrom School of Business - Boston, MA
Panelists:
Keith D. Lowey, Verdolino & Lowey - Foxboro, MA
David M. Smith, Griffin Hamersky LLP - New York, NY
Michael Vitti, Duff & Phelps, LLC - Morristown, NJ

10:45 am

1.00 hr ethics

Ethical Issues involving Disclosures and Retention

Kathryn A. Coleman, Hughes Hubbard & Reed LLP - New York, NY
Eric Fromme, Jeffer Mangels Butler & Mitchell LLP - Irvine, CA
William K. Harrington, Office of the U.S. Trustee Region 2 - New York, NY

11:45 am
Adjourn

UT Law CLE

2017 VALCON

Faculty

Conference Faculty

Bruce B. Bingham
Berkeley Research Group, LLC
New York, NY
Justin Brass
Burford Capital
New York, NY
C.J. Brown
PJT Partners
New York, NY
Jack Butler
Birch Lake Holdings
Chicago, IL
Hon. Kevin J. Carey
U.S. Bankruptcy Court, District of Delaware
Wilmington, DE
Schuyler Carroll
Perkins Coie LLP
New York, NY
Kathryn A. Coleman
Hughes Hubbard & Reed LLP
New York, NY
Chris L. Dickerson
Paul Hastings LLP
Chicago, IL
Joseph A. DiSalvatore
Grant Thornton LLP
New York, NY
Hon. Robert D. Drain
U.S. Bankruptcy Court, Southern District of New York
White Plains, NY
Randall S. Eisenberg
AlixPartners LLP
New York, NY
Ken Epstein
MBIA
New York, NY
Bob Frezza
Deloitte, CRG
New York, NY
Michael Friedman
Chapman and Cutler LLP
New York, NY
Eric Fromme
Jeffer Mangels Butler & Mitchell LLP
Irvine, CA
Marc Glogoff
Barclays
New York, NY
Andrew N. Goldman
WilmerHale LLP
New York, NY
Timothy Graulich
Davis Polk & Wardwell LLP
New York, NY
Jordi Guso
Berger Singerman LLP
Miami, FL
D. Jeffrey Harder
Deloitte LLP
Vancouver, BC
William K. Harrington
Office of the U.S. Trustee Region 2
New York, NY
Eric J. Held
Development Specialists
Los Angeles, CA
David M. Hillman
Schulte Roth & Zabel LLP
New York, NY
Hon. Marvin Isgur
U.S. Bankruptcy Court, Southern District of Texas
Houston, TX
Katie Jakola
Kirkland & Ellis LLP
Chicago, IL
Aris Karcanias
FTI Consulting
London, United Kingdom
Sharon L. Levine
Saul Ewing LLP
Newark, NJ
Erez Levy
Fortress Investment Group LLC
San Francisco, CA
Randel Lewis
University of Denver, Daniels College of Business
Denver, CO
Cate Long
Puerto Rico Clearinghouse
New York, NY
Keith D. Lowey
Verdolino & Lowey
Foxboro, MA
Chaim Lubin
Lincoln International
Chicago, IL
Russell Mason
Houlihan Lokey
Dallas, TX
Andrew Milgram
Marblegate Asset Management, LLC
Greenwich, CT
James A. Nolen
The University of Texas at Austin, McCombs School of Business
Austin, TX
Allen Pfeiffer
Duff and Phelps, LLC
New York, NY
Ian Ratner
GlassRatner Advisory & Capital Group LLC
Atlanta, GA
Bill Rochelle
American Bankruptcy Institute
New York, NY
Jeffrey Rothleder
Arent Fox
Washington, DC
Morrie Rutman
Richter Consulting, Inc.
Chicago, IL
Faten Sabry
NERA Economic Consulting
New York, NY
James "Jim" Seery
River Birch Capital, LLC
New York, NY
Israel Shaked
The Michel-Shaked Group and Boston University Questrom School of Business
Boston, MA
Daniel P. Sinaiko
Akin Gump Strauss Hauer & Feld LLP
Los Angeles, CA
David M. Smith
Griffin Hamersky LLP
New York, NY
Douglas E. Spelfogel
Foley & Lardner LLP
New York, NY
Michael Vitti
Duff & Phelps, LLC
Morristown, NJ
Steven T. Waterman
Dorsey & Whitney LLP
Salt Lake City, UT
Jack F. Williams
Baker Tilly Virchow Krause, LLP
Atlanta, GA
Deborah D. Williamson
Dykema
San Antonio, TX
Peter G. Wollmeringer
Huron Consulting Group
New York, NY

Planning Committee

Leah M. Eisenberg—Co-Chair
Arent Fox LLP
New York, NY
Christopher LeWand—Co-Chair
FTI Consulting
Denver, CO
Steven M. Abramowitz
Vinson & Elkins LLP
New York, NY
Lisa G. Beckerman
Akin Gump Strauss Hauer & Feld LLP
New York, NY
Richard J. Bernard
Foley & Lardner LLP
New York, NY
C.J. Brown
PJT Partners
New York, NY
Jack Butler
Birch Lake Holdings
Chicago, IL
R. Brian Calvert
Development Specialists, Inc.
Los Angeles, CA
Steve Cimalore
Wilmington Trust
Wilmington, DE
Kathryn A. Coleman
Hughes Hubbard & Reed LLP
New York, NY
Stephen B. Darr
Huron Consulting Group
Boston, MA
Robert J. Dehney
Morris, Nichols, Arsht & Tunnell LLP
Wilmington, DE
Joseph A. DiSalvatore
Grant Thornton LLP
New York, NY
Adam Dunayer
Houlihan Lokey
Dallas, TX
Randall S. Eisenberg
AlixPartners LLP
New York, NY
William Epstein
Berkeley Research Group, LLC
Los Angeles, CA
Steven Fleming
PricewaterhouseCoopers LLP
New York, NY
Michael Friedman
Chapman and Cutler LLP
New York, NY
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
New York, NY
Andrew N. Goldman
WilmerHale LLP
New York, NY
Michael H. Goldstein
Goodwin Procter
New York, NY
Bradley Henn
FTI Consulting
New York, NY
David M. Hillman
Schulte Roth & Zabel 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
Robert Jordan
KCC
New York, NY
Daniel B. Kamensky
Marble Ridge Capital
New York, NY
Paul D. Leake
Skadden, Arps, Slate, Meagher & Flom LLP
New York, NY
Sharon L. Levine
Saul Ewing LLP
Newark, NJ
James M. Lukenda
Huron Business Advisory
New York, NY
Thomas A. Morrow
Association of Insolvency & Restructuring Advisors
Medford, OR
Patrick J. Nash Jr.
Kirkland & Ellis LLP
Chicago, IL
James A. Nolen
The University of Texas at Austin, McCombs School of Business
Austin, TX
Allen Pfeiffer
Duff and Phelps, LLC
New York, NY
David W. Prager
Goldin Associates, LLC
New York, NY
Geoffrey T. Raicht
Haynes and Boone, LLP
New York, NY
Ian Ratner
GlassRatner Advisory & Capital Group LLC
Atlanta, GA
Michael P. Richman
Hunton & Williams LLP
New York, NY
Faten Sabry
NERA Economic Consulting
New York, NY
James "Jim" Seery
River Birch Capital, LLC
New York, NY
Israel Shaked
The Michel-Shaked Group and Boston University Questrom School of Business
Boston, MA
Mark J. Shapiro
PointState Capital LP
New York, NY
William K. Snyder
Deloitte Financial Advisory Services, LLP
Dallas, TX
Patricia Baron Tomasco
Jackson Walker LLP
Austin, TX
Shai Waisman
Prime Clerk
New York, NY
Steven T. Waterman
Dorsey & Whitney LLP
Salt Lake City, UT
Jack F. Williams
Baker Tilly Virchow Krause, LLP
Atlanta, GA
Peter G. Wollmeringer
Huron Consulting Group
New York, NY

UT Law CLE

2017 VALCON

Hotel / Venue

Las Vegas

Four Seasons Hotel

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

Accommodations

$240 room rate good through January 30, 2017 (subject to availability). Room rate valid only for VALCON attendees. Upon payment of conference registration, you will receive hotel reservation information.