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Monday, September 20, 2004
8:00–8:30 am
Registration/Continental Breakfast
8:30–8:45 am
Introduction and Welcome
Michael P. Richman
Mayer, Brown, Rowe & Maw, LLP
ABI President
8:45–10:00 am
What’s Going on Out There? Analysis of the Current Environment
and When and Why the Next Distress Cycle Will Occur
- A look at the types of cases (mega, middle-market, small) filed over
the last 12 months
- Analysis of the economic factors that are likely to lead to the next
distressed cycle, including the expected default rates on high-yield
securities
- Will the fulcrum class in the reorganization change in the next
distress cycle? Why or why not?
- Predictions on when or if we are likely to see an increase in
chapter 11 filings
10:00–10:15 am
Coffee Break
10:15–11:30 pm
Does History Repeat Itself: Is This Chapter 11 a Chapter 22?
- Do companies that emerge from chapter 11 continue to suffer from the
operating problems that landed them there in the first place?
- Is an adjustment to the capital structure sufficient to avoid future
problems?
- Are firms successfully emerging from chapter 11 or are they headed
for further restructuring?
11:30 am–12:45
pm
Litigation Support: Are Disenfranchised Constituencies Using
Litigation to Obtain a Post-confirmation Recovery?
- A look at recent cases where constituencies who have received little
or no value under a plan of reorganization are pursuing litigation
claims to augment/obtain a recovery
- The key role of valuation in litigation and dueling investment
bankers as experts
12:45–2:00 pm
Luncheon with Christopher Buckley
Best-selling social and political satirist and editor of
“Forbes FYI,” Christopher Buckley, will share his uniquely
humorous perspective on current events and culture. Marked by a savvy
understanding of the truth behind the headlines and a perceptive wit
that holds no target sacred, Buckley delivers a comedic look at national
politics and world affairs.
2:00–3:15 pm
M&A Issues: Sell-side Dynamics
- What challenges are debtors facing in conjunction
with the sale of all or part of their business in the current distress
cycle?
- Changes certain jurisdictions have adopted with respect to stalking
horses and break-up fees
3:15–4:30 pm
Chapter 11 Financing: The Current Economic Climate
- Are there more participants in the DIP financing market and how does
this impact pricing?
- Is exit financing more or less readily available under the current
climate and what rates can debtors expect?
- What changes/challenges are debtors in the chapter 11 financing
market likely to see?
4:30–4:45 pm
Coffee Break
4:45–6:00 pm
Investment Banking Retention Issues and Ethics
- Current issues/trends in indemnities for bankers, including
exclusion from scope of indemnification for “bad acts;”
attorneys fees for bankers if they retain counsel to defend themselves
in the event a claim is asserted (and caps on fees, prior approval for
retention of counsel or caps on amounts to be expended without seeking
court approval);
Limitation on liability,
i.e., if a banker is found to have liability under the terms of its
retention arrangement, can the liability be limited to the amount the
banker has been paid (or could be paid) under the order approving the
retention, and carve out for “bad acts;” and the fallout
from Farmland:
Can and should courts
require compensation for the professionals of “gadfly”
committees to come from the recovery to that constituency?
6:00–8:00 pm
Cocktail Reception at the Hotel Sofitel
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