12:00 p.m.
Registration Opens
12:50 p.m.
Welcoming Remarks
TRACK A
Bootcamp: Financials and Valuation Methods
Presiding Officer: Robert Parrino, Ph.D.
University of Texas at Austin Red McCombs School of Business; Austin
1:00 p.m.
Financial Claims and Their Characteristics (1.50 hrs)
An overview of financial claims commonly encountered in bankruptcy, their characteristics, and the conflicts that arise because of these characteristics.
Robert Parrino, Ph.D.
University of Texas at Austin Red McCombs School of Business; Austin
2:30 p.m.
Break
2:45 p.m.
Methodologies of Valuing Financial Claims (1.50 hrs)
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, Texas
4:15 p.m.
Break
4:30 p.m.
Debt and Equity Valuations in Practice: Lessons from Current Cases (1.25 hrs)
Illustration of the methods used to value different financial claims through discussion of actual cases.
Robert K. Conklin
Business Valuation Advisors LLC; Plano, Texas
George Karutz
Karutz Flavin Wells Investment Bankers; San Antonio
5:45-7:15 p.m.
Opening Networking Reception
Join us for drinks and hors d'oeuvres with faculty and participants.
TRACK B
Technical Valuation Issues
Presiding Officer: Grant W. Newton
Pepperdine University and AIRA; Medford, Ore.
1:00 p.m.
Company-Specific Risk Premiums: Application and Methods (1.50 hrs)
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 will also be discussed.
Moderator: Paul N. Shields
LECG, LLC; Salt Lake City
Roger J. Grabowski, ASA
Duff & Phelps LLC; Chicago
Bernard Pump
Deloitte Financial Advisory Services, LLP; Chicago
2:30 p.m.
Break
Sponsored by LEGG, LLC
2:45 p.m.
Equity Risk Premium and Small Business Risk Adjustments (1.50 hrs)
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
Alok Mahajan
KPMG LLP; Silicon Valley
Roger J. Grabowski
Duff & Phelps LLC; Chicago
4:15 p.m.
Break
Sponsored by LEGG, LLC
4:30 p.m.
An Analysis of Valuation Reports Issued in the Last Two Years (1.25 hrs)
A panel discussion of how additional risk factors are considered.
Moderator: Joseph A. DiSalvatore
Huron Consulting Group; New York
Anthony V. Aaron
Ernst & Young; Los Angeles
Allen Arnett
PricewaterhouseCoopers LLP; Chicago
Neil Beaton
Grant Thornton LLP; Seattle
Stamos Nicholas
Deloitte Financial Advisory Services, LLP; New York
5:45-7:15 p.m.
Opening Networking Reception
Join us for drinks and hors d'oeuvres with faculty and participants.
Presiding Officer: Thomas E. Lumsden
FTI Consulting, Inc.; San Francisco
7:30 a.m.
Registration Opens
Includes continental breakfast
8:15 a.m.
Welcoming Remarks
8:30 a.m.
Playing to Win: Effective Valuation Analysis and Strategies for Restructurings, Reorganizations and Distressed Sales (2.00 hrs)
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
Barry M. Monheit
FTI Consulting, Inc.; Phoenix
Harry A. Perrin
Vinson & Elkins LLP; Houston
Andrew I. Silfen
Arent Fox LLP; New York
Kaaran E. Thomas
McDonald Carano Wilson, LLP; Reno, Nev.
J. Scott Victor
SSG Capital Advisors, LLC; West Conshohocken, Pa.
10:30 a.m.
Break
10:45 a.m.
The Role of Hypothetical Liquidation Analysis: How Will Approaches in the Auto Cases Affect General Restructuring Practices? (2.00 hrs)
This session reviews the role of the liquidation analysis in facilitating fast-track §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 §363 sales cases.
Moderator: Michael P. Richman
Patton Boggs LLP; New York
Marc Abrams
Wilkie Farr & Gallagher LLP; New York
Peter Chadwick
Capstone Advisory Group, LLC; Washington, D.C.
Adrian R. Frankum
FTI Consulting, Inc.; New York
Ted Stenger
AlixPartners, LLP; New York
Thursday Afternoon, February 25
Presiding Officer: D. Bobbitt Noel Jr.
Vinson & Elkins, LLP; Houston
12:45 p.m.
Keynote Luncheon Presentation
1:20 p.m.
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, Chief Economist
Mesirow Financial Consulting, LLC; Chicago
2:05 p.m.
Break
Sponsored by Gordian Group, LLC
2:20 p.m.
How to Attract DIP and Emergence Capital (1.25 hrs)
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, as well as 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
Deirdre A. Martini
Wachovia Capital Finance; New York
James Roche
GSO Capital Partners; New York
Adam Dunayer
Houlihan Lokey; Dallas
3:35 p.m.
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
Martin Bienenstock
Dewey & LeBoeuf LLP; New York
Evelyn H. Biery
Fulbright & Jaworski LLP; Houston
4:20 p.m.
Break
Sponsored by Gordian Group, LLC
4:35 p.m.
Judicial Panel (1.00 hr)
A nationally recognized panel of judges discusses the views of valuation testimony and methodologies.
Moderator: John (Jack) Wm. Butler Jr.
Skadden, Arps, Slate, Meagher & Flom LLP; Chicago
Hon. Kevin J. Carey
U.S. Bankruptcy Court, (D. Del.); Wilmington
Hon. Robert E. Gerber
U.S. Bankruptcy Court (S.D.N.Y); New York
Hon. Steven W. Rhodes
U.S. Bankruptcy Court (E.D. Mich.); Detroit
Hon. Gregg W. Zive
U.S. Bankruptcy Court (D Nev.); Reno
5:35-7:00 p.m.
Networking Reception
Join us for drinks and hors d'oeuvres with faculty and partcipants.
Presiding Officer: Kaaran E. Thomas
McDonald Carano Wilson, LLP; Reno, Nev.
9:00 a.m.
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
William Lisecky
Oppenheimer & Co. Inc.; New York
Thomas E. Hill
Alvarez and Marsal; Chicago
David L. Eaton
Kirkland & Ellis LLP, Chicago, Ill.
10:00 a.m.
Break
10:15 a.m.
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
Michael H. Goldstein
Greenberg Traurig, LLP; Santa Monica, Calif.
Robert J. Keach
Bernstein Shur; Portland, Maine
J. Gregory St. Clair
Skadden, Arps, Slate, Meagher & Flom LLP; New York
11:15 a.m.
Real Estate: The Economics and Future of Malls, Hotels and Gaming (1.25 hrs)
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 one can profit in the uncertain future of commercial real estate.
Moderator: Ben E. Barnett
Platinum Advisors LLC; Dallas
Anne R. Lloyd-Jones
HVS International; Mineola, N.Y.
Suzanne R. Mellen
HVS International; San Francisco
Arnold S. Tesh
FTI Consulting, Inc.; Washington, D.C.
12:30 p.m.
Adjourn
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