Monday Afternoon, March 14
12:15 p.m.
Registration Opens
Track A: Valuation Fundamentals Workshop
12:50 p.m.
Welcoming Remarks
1:00 - 2:15 p.m. (1.25 hrs.)
Fundamentals of Accounting and Finance for Distressed Companies
This session will cover basic accounting concepts of revenue and expense recognition and will discuss financial statement analysis, financial ratios, and the calculation and forecasting of firm free cash flow in the context of distressed companies.
Prof. Jim Nolen
The University of Texas at Austin, McCombs School of Business; Austin, Texas
2:15 - 2:30 p.m.
Refreshment Break
2:30-3:45 p.m. (1.25 hrs.)
Fundamentals of Valuation and Methodologies
This session will take a look at different valuation techniques, including asset approaches, market approaches and income approaches. Concepts such as time value of money, discounted cash flows, determining the discount rate and cost of capital, and terminal value assumptions will be illustrated. Comparable companies and precedent transactions to establish the relative enterprise and equity value of firms will also be examined and discussed.
Prof. Jim Nolen
The University of Texas at Austin, McCombs School of Business; Austin, Texas
3:45 - 4:00 p.m.
Refreshment Break
4:00 - 5:30 p.m. (1.50 hrs.)
Case Study: An Interactive Negotiation of a Distressed Company Restructuring
This panel will use a case study approach in discussing the restructuring alternatives of a company with multiple debt tranches with mock negotiations between and among a distressed company, its 1st lien lenders, 2nd lien lenders and equity sponsor. The presentation will focus on valuation, the rights, remedies and restrictions of each of the lender groups and the equity sponsor both outside of a bankruptcy and following the commencement of a bankruptcy proceeding, and the impact of debt trading on such negotiations.
Michael Friedman, Moderator
Chapman and Cutler LLP; New York
Larry G. Halperin
Chapman and Cutler LLP; New York
Prof. C. Randel Lewis
University of Denver, Daniels College of Business; Denver
Prof. David C. Smith
University of Virginia, McIntire School of Commerce; Charlottesville, Va.
5:30 - 6:30 p.m.
Opening Networking Reception
Sponsored by Chapman & Cutler LLP and NERA Economic Consulting
Join us for drinks and hors d'oeuvres with faculty and participants.
Track B: Technical Valuation Issues
Sponsored by Berkeley Research Group, LLC and Dorsey & Whitney LLP
Presiding Officer:
Thomas A. Morrow
Director, AIRA; Franklin, Mich.
12:50 p.m.
Welcoming Remarks
1:00 - 2:15 p.m. (1.25 hrs.)
Proper Structuring on the Front End
Gain practical insight for owners, investors, lawyers and financial advisors to properly structure on the front end of a transaction in order to mitigate the risk of a subsequent fraudulent transfer challenge.
David M. Hillman, Moderator
Schulte Roth & Zabel LLP; New York
William Epstein
BRG Capstone; Los Angeles
Andrew N. Goldman
WilmerHale; New York
Yvette Austin Smith
The Brattle Group, Inc.; New York
Steven T. Waterman
Dorsey & Whitney LLP; Salt Lake City
2:15 - 2:30 p.m.
Refreshment Break
2:30 - 3:45 p.m. (1.25 hrs.)
Estimating the Cost of Capital When Determining a Fair Valuation for Solvency Assessments
This session, which is based on real case examples, addresses issues such as capital structure (debtor’s actual vs. industry average), cost of debt (debtor’s actual vs. industry average), and modifications to the CAPM (e.g., size premium).
Roger J. Grabowski ASA
Duff & Phelps Corp.; Chicago
3:45 - 4:00 p.m.
Refreshment Break
4:00 - 5:30 p.m. (1.50 hrs.)
Use of Derivatives and Probabilistic Methods in Bankruptcy, Workouts and Insolvency Matters
Whether it is warrants for junior creditors or equity incentive options for a new management team, derivatives have long played a role in negotiating restructuring outcomes. However, as capital structures have become more complex and stakeholders in distressed companies more sophisticated, derivatives and advanced analytic techniques are playing a larger role in the world of bankrupt and distressed companies. This panel explores theoretical as well as practical issues associated with derivatives and probabilistic methods in a distressed environment, and draws from real-world examples of their increased use in the world of troubled, underperforming and revitalized companies.
Marc Brown, Moderator
AlixPartners, LLP; Chicago
Hon. Martin Glenn
U.S. Bankruptcy Court (S.D.N.Y.); New York
Michael D. Messersmith
Kaye Scholer LLP; Chicago
Faten Sabry
NERA Economic Consulting; New York, NY
5:30 - 6:30 p.m.
Opening Networking Reception
Sponsored by Chapman & Cutler LLP and NERA Economic Consulting
Join us for drinks and hors d'oeuvres with faculty and participants.
Tuesday Morning, March 15
8:00 - 8:45 a.m.
Registration and Networking Breakfast
Sponsored by Pachulski Stang Ziehl & Jones LLP
8:45 - 9:00 a.m.
Welcoming Remarks
9:00 - 10:00 a.m. (1.00 hrs.)
ABI Commission Report: Proposed Amendments and Their Impact on Valuation
This panel will discuss the rationale and practical consequences of the nuanced approach to the often difficult concept of valuation in Chapter 11 taken by the ABI Chapter 11 Commission’s recommendations.
Deborah D. Williamson, Moderator
Dykema Cox Smith; San Antonio
Prof. Michelle M. Harner
University of Maryland Francis King Carey School of Law; Baltimore
Daniel B. Kamensky
Marble Ridge Capital LP
James “Jim” Seery
River Birch Capital, LLC; New York
10:00 - 11:00 a.m. (1.00 hrs.)
Current Issues in Valuing Intellectual Property
New and emerging issues in intellectual property monetization and valuation in and out of bankruptcy court, including recent case updates from Radio Shack, and Facebook; emerging issues on ownership and valuation of social media accounts, and other recent intellectual property valuation issue beyond the basics.
Patricia Baron Tomasco, Moderator
Jackson Walker L.L.P.; Austin, Texas
Brian Blonder
FTI Consulting; Washington, D.C.
David Drews
IPmetrics LLC, San Diego, CA
Gabe Fried
Hilco Streambank; Needham, Mass.
11:00 - 11:15 a.m.
Coffee Break
Sponsored by Development Specialists, Inc.
11:15 a.m. - 12:15 p.m. (1.00 hr.)
Valuation in Municipal Restructurings: Constitutional, Legal and Practical Issues
The Tenth Amendment has been construed to require that a municipality in bankruptcy must maintain control over its assets and revenues, but the Bankruptcy Code requires that the municipality establish that its plan of adjustment is in the best interests of creditors and is feasible. This program will address that conflict and a range of other issues relating to valuation that arise in municipal restructuring cases, including valuing assets such as tax revenues streams, as well as such obligations as bond, pension and health care.
Kenneth A. Buckfire, Moderator
Miller Buckfire & Co. LLC, New York, NY
Bruce S. Bennett
Jones Day; Los Angeles, Ca.
Jose Monge-Robertin
Monge Robertin & Asociados, Inc., Caguas, PR
12:15 - 1:15 p.m.
Adjourn to Luncheon and Keynote Presentation
Tuesday Afternoon, March 15
12:45-1:30 p.m. (.75 hr.)
Luncheon Keynote Presentation
Sponsored by KCC and The Michel-Shaked Group
Detroit Then And Puerto Rico Now: The Similarities and the Differences
The stakeholders in the Puerto Rico debt crisis – the bondholders, the pension creditors, the residents and the politicians - can learn much from the Detroit bankruptcy case. Based on his judicial experience with the Detroit bankruptcy case and his recent work with Puerto Rico, Judge Rhodes will address those lessons and the shared sacrifices that will be required from everyone to give the island a fresh start.
Hon. Steven W. Rhodes, (ret.)
Bankruptcy Judge (Retired); Ann Arbor, Mich.
1:30-1:45 p.m.
Refreshment Break
1:45-3:15 p.m. (1.50 hrs.)
Application of Valuation Principles: Industry Specific Valuation Methods
A discussion of core valuation methodologies and principles, and how those are applied (or should not be applied) to specific business sectors, with specific focus on the shipping industry, the oil and gas industry, and the healthcare industry.
William L. Wallander, Moderator
Vinson & Elkins LLP; Dallas
Joseph A. DiSalvatore
Grant Thornton LLP; New York
Adam Dunayer
Houlihan Lokey; Dallas
Shane P. Goss
Huron Consulting Group LLC
Hon. Mark X. Mullin
U.S. Bankruptcy Court (N.D. Tex.); Fort Worth
3:15-3:30 p.m.
Refreshment Break
Sponsored by Schulte Roth & Zabel LLP
3:30-4:30 p.m. (1.00 hr.)
Valuation of Middle-Market Companies
Robert J. Dehney, Moderator
Morris, Nichols, Arsht & Tunnell LLP; Wilmington, Del.
Kathryn A. Coleman
Hughes Hubbard & Reed LLP; New York
Peter S. Kaufman
Gordian Group, LLC; New York
Robert C. Smith
SSG Capital Advisors, LLC; New York, NY
4:30-5:30 p.m. (1.00 hr.)
Valuation and Distressed Investment Strategies
How does valuation factor into successful distressed investment strategies? Are valuations for distressed assets and companies increasingly dependent on an assessment of the underlying hard assets of target companies? How does commodity pricing risk factor in? What happens when valuations in general become too rich for firms to generate returns typically sought by distressed investors? Are distressed investors becoming more opportunistic by looking beyond valuation metrics to enhance returns through advocating legal interpretations in underlying credit documents to support enhanced recoveries? Our roundtable will examine these questions and discuss their views on the outlook for distressed investing in 2016 and beyond.
Jack Butler, Moderator
Hilco Global; Northbrook, Ill.
William Q. Derrough
Moelis & Company, New York, NY
Jeffrey Fitts
Highbridge Capital Management, LLC, New York, NY
Kevin A. Krakora
KPMG LLP , Chicago, IL
Sharon L. Levine
Lowenstein Sandler LLP; Roseland, NJ
5:30-7:00 p.m.
Networking Reception
Sponsored by Huron Consulting Group and Vinson & Elkins LLP
Join us for drinks and hors d'oeuvres with faculty and participants.
Wednesday Morning, March 16
8:00 - 8:30 a.m.
Networking Breakfast
Sponsored by the ABI Financial Advisors and Investment Banking Committee
8:30 - 9:30 a.m. (1.00 hr.)
Judicial Panel
A discussion of current issues of interest to bankruptcy judges and insolvency professionals.
Ron E. Meisler, Moderator
Skadden, Arps, Slate, Meagher & Flom LLP; Chicago
Hon. Bruce T. Beesley
U.S. Bankruptcy Court (D. Nev.); Reno
Hon. Martin Glenn
U.S. Bankruptcy Court (S.D.N.Y.); New York
Hon. Frank J.C. Newbould
Ontario Superior Court of Justice, Commercial List Division , Toronto, ON
Hon. Christopher S. Sontchi
U.S. Bankruptcy Court (D. Del.); Wilmington
9:30 - 9:45 a.m.
Coffee Break
9:45-10:45 a.m. (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.
Israel Shaked, Moderator
The Michel-Shaked Group; Boston
Jeffrey L. Jonas
Brown Rudnick LLP; Boston, MA
Allen Pfeiffer
Duff and Phelps, LLC; New York, NY
David W. Prager
Goldin Associates, LLC; New York
10:45-11:45 a.m. (1.00 hr.)
Ethics: Retention and Compensation of Professionals
A discussion of the ethics landscape from the retention application and disclosure requirements, to the decision-making process in undertaking work, recording the time, and contesting/defending the fee application.
Michael P. Richman, Moderator
Hunton & Williams LLP; New York
Edward T. Gavin
Gavin/Solmonese; Wilmington, Del.
William K. Harrington
Office of the U.S. Trustee; New York
Brian M. Resnick
Davis Polk & Wardwell LLP; New York
11:45 a.m.
Adjourn
Conference Co-Chairs
Stephen B. Darr
Huron Consulting Group Inc.; Boston
Jay M. Goffman
Skadden, Arps, Slate, Meagher & Flom LLP; New York
Advisory Board
Lisa G. Beckerman
Akin Gump Strauss Hauer & Feld LLP; New York
Evan B. Blum
GlassRatner Advisory & Capital Group LLC; New York
C.J. Brown
PJT Partners Inc.; New York
Jack Butler
Hilco Global; Northbrook, Ill.
R. Brian Calvert
Development Specialists, Inc.; Chicago
Charles W. Carroll
FTI Consulting, Inc.; Dallas
Steve Cimalore
Wilmington Trust; Wilmington, Del.
Robert J. Dehney
Morris, Nichols, Arsht & Tunnell LLP; Wilmington, Del.
Joseph A. DiSalvatore
Grant Thornton LLP; New York
Paul C. duVair
Corporate Valuation Consulting, LLC; Chicago, IL
Adam Dunayer
Houlihan Lokey; Dallas
Leah M. Eisenberg
Arent Fox LLP; New York
Randall S. Eisenberg
AlixPartners, LLP; New York
Steven Fleming
PwC; New York
Michael Friedman
Chapman and Cutler LLP; New York
Edward T. Gavin
Gavin/Solmonese LLC; Wilmington, Del.
Samuel J. Gerdano
American Bankruptcy Institute; Alexandria, Va.
Andrew N. Goldman
WilmerHale; New York
Marcia L. Goldstein
Weil, Gotshal & Manges LLP; New York
Michael H. Goldstein
Goodwin Procter LLP; New York
David M. Hillman
Schulte Roth & Zabel LLP; New York
Gary T. Holtzer
Weil, Gotshal & Manges LLP; New York
Laura Davis Jones
Pachulski Stang Ziehl & Jones LLP; Wilmington, Del.
Peter S. Kaufman
Gordian Group, LLC; New York
Teresa C. Kohl
SSG Capital Advisors, LLC; New York
James M. Lukenda
Huron Consulting Group Inc.; New York
Thomas A. Morrow
AlixPartners, LLP; Southfield, Mich.
Patrick J. Nash Jr.
Kirkland & Ellis LLP; Chicago
Prof. James A. Nolen
University of Texas at Austin, McCombs School of Business; Austin, Texas
Allen Pfeiffer
Duff and Phelps Corp.; Morristown, N.J.
Geoffrey T. Raicht
Proskauer; New York
Brian M. Resnick
Davis Polk & Wardwell LLP; New York
Michael P. Richman
Hunton & Williams LLP; New York
Laureen M. Ryan
Alvarez & Marsal; New York
Faten Sabry
NERA Economic Consulting; New York
James “Jim” Seery
River Birch Capital, LLC; New York
Israel Shaked
The Michel-Shaked Group; Boston
Paul N. Shields
Berkeley Research Group, LLC; Salt Lake City
William S. Sugden
Alston & Bird LLP; Atlanta
Kaaran E. Thomas
McDonald Carano Wilson LLP; Reno, Nev.
Patricia Baron Tomasco
Jackson Walker L.L.P.; Austin, Texas
William L. Wallander
Vinson & Elkins LLP; Dallas
Steven T. Waterman
Dorsey & Whitney LLP; Salt Lake City
Conference Information
Conference Hotel
The Four Seasons Las Vegas is a sanctuary from the bright lights of the dazzling Las Vegas Strip, all located on the 35th to 39th floors of the Mandalay Bay Resort & Casino tower — ensuring a more intimate atmosphere and attentive personal service. ABI and AIRA have arranged a special conference rate of $235 per night from March 13-16, 2016. Reservations must be made directly with the resort prior to February 12, 2016. In order to be eligible for the group rate, reservations may be made only once you have registered with ABI. Upon payment of the conference registration fees, you will receive hotel reservation information with your conference confirmation. Rooms are held on a first-come, first-served basis. ABI cannot guarantee any rooms after the specially rated ABI/AIRA block is filled.
Travel
Air: Fly into McCarran International Airport (LAS).
Ground: Avis car rental discounts are available using Avis Worldwide discount number (J789009). Call (800) 331-1600, or book online at www.avis.com.
Conference Attire
Attire is business casual throughout the conference.
Cancellation Policy
All fees, except a $75 handling fee, will be refunded if written notice of cancellation is received by February 22, 2016. No refunds will be granted after February 22, but substitutions will be allowed. After February 22, upon written request, a coupon for 20% off the registration fee (not including optional events) will be issued, which can be used (by the cancelling registrant only) for any ABI educational program up to one year after this conference, or for this same conference next year.
Continuing Education
14.25 hours of general CLE credit, including 1 hour of ethics, are pending in states calculating CLE on a 60-minute hour, and 17 hours of general CLE credit, including 1 hour of ethics, are pending in 50-minute-hour states. Credit hours granted are subject to approval from each state. California MCLE: ABI certifies that this activity has been approved for MCLE credit in the amount of 14.25 hours, of which 1 hour will apply to ethics. NY MCLE: This transitional and non-transitional program has been approved in accordance with the requirements of the CLE Board for a maximum of 17 credit hours, of which 1 hour of credit can be applied toward the ethics professionalism requirement. Up to 17 hours of CPE* credits available – including 1.0 hour of Ethics and up to 16.0 hours of Accounting, are also available. Turnaround Professionals: Certificates of attendance will be available for CPE credits.
*ABI, AIRA and the University of Texas offer intermediate-level courses, which assume that attendees will have at least some detailed knowledge of insolvency matters (pursuant to the “Statement on Standards for CPE Programs” established by AICPA and NASBA). ABI and AIRA are registered with the National Association of State Boards of Accountancy (NASBA) as sponsors of continuing professional education on the National Registry of CPE sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Ave. North, Suite 700, Nashville, TN 37219-2417, or www.nasba.org. For more information regarding administrative policies such as complaints and refunds, please contact the American Bankruptcy Institute at (703) 739-0800.
Financial Hardship Statement
ABI acknowledges that in some instances there will be persons who need to attend an educational seminar for CLE credit who are not able to pay full registration fees. ABI will handle such instances on a case-by-case basis and will work with the individual on alternative solutions. For persons who cannot meet the full registration rate, ABI will offer a reduced rate based on what the individual can reasonably afford to cover the cost of meals and materials. For persons unable to pay a reduced rate, ABI may allow the individual to work at the registration area for a few hours during attendee check-in, or assist in conference set-up. ABI also has reduced rates for government employees, professors, law clerks and students. Financial assistance is available for this program; all applications for financial assistance must be submitted by January 29, 2016. For more information or to request an application, please contact the American Bankruptcy Institute at (703) 739-0800 or send an e-mail to [email protected].
Major Sponsors
Event Sponsors
Donlin, Recano & Company, Inc.
Morris, Nichols, Arsht & Tunnel LLP
Pachulski Stang Ziehl & Jones LLP
Special Thanks
We extend our special thanks to Charles River Associates for the conference wi-fi , Davis Polk & Wardwell LLP for the conference e-newsletter, Donlin, Recano & Co. for the conference app, East West Bank for the conference lanyards, Gordian Group LLC & Morris, Nichols, Arsht & Tunnell LLP for the cell phone charging station, Grant Thornton LLP for the water bottles, Thomson Reuters for the printed educational materials and Wilmington Trust for the tote bags.
VALCON 2016 Registration Rates
Registration Rates | Early (postmarked by 1/1/16) |
Regular (1/2/16-2/19/16) |
Late (after 2/20/16) |
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ABI/AIRA Member | $695 | $745 | $795 | |
Gov't./Aca./Nonprofit ABI/AIRA Member | $345 | $395 | $445 | |
New ABI/AIRA Member* | $970 | $1,020 | $1,070 | |
Gov't./Aca./Nonprofit New ABI/AIRA Member* |
$440 | $490 | $540 | |
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*Includes one-year ABI and AIRA membership for first-time members only — a $590 value! You must be an ABI or AIRA member to attend. Membership is individual and nonrefundable. If your ABI membership has expired, select the member rate below and add in your ABI membership renewal fee.
AIRA Members: Please contact Michael Johnson at 703-739-0800 or at [email protected] to register at the member rate.