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Event Information 243246

TRACK A   |   TRACK B

Wednesday Afternoon, March 1

12:15 p.m.

Registration Opens

 

Track A: Valuation Fundamentals Workshop

Sponsored by Dorsey & Whitney LLP

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. James A. Nolen

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. James A. Nolen

University of Texas at Austin, McCombs School of Business; Austin, Texas

3:45 - 4:00 p.m.

Refreshment Break

 

Track B: Technical Valuation Issues

12:50 p.m.

Welcoming Remarks

1:00 - 2:15 p.m. (1.25 hrs.)

Preparing Expert Valuation Reports

This session will discuss dealing with the factual issues of the case, interrelated opinions, supporting counsel, fraudulent conveyance, plan value/plan current valuations and more.

Steven T. Waterman, Moderator

Dorsey & Whitney LLP; Salt Lake City

Bruce B. Bingham

Berkeley Research Group, LLC; New York

Eric J. Held

Development Specialists, Inc.; Los Angeles

David M. Hillman

Schulte Roth & Zabel LLP; New York

2:15 - 2:30 p.m.

Refreshment Break

2:30 - 3:45 p.m. (1.25 hrs.)

Defending Your Expert Report in a Daubert Challenge

This session will present some hypothetical scenarios for how your report might be challenged — and strategies for your response.

Jack F. Williams, Moderator

Baker Tilly Virchow Krause, LLP; Atlanta

A. Katrine Jakola

Kirkland & Ellis LLP; Chicago

Ian Ratner

GlassRatner Advisory & Capital Group LLC; Atlanta

Faten Sabry

NERA Economic Consulting; New York

Deborah D. Williamson

Dykema Cox Smith; San Antonio, Tex.

3:45 - 4:00 p.m.

Refreshment Break

 

Track A and Track B

4:00 - 5:30 p.m. (1.50 hrs.)

Valuation Case Study

Michael Friedman, Moderator

Chapman and Cutler LLP; New York

Robert J. Frezza

Deloitte CRG; Verona, NJ

Prof. C. Randel Lewis

University of Denver, Daniels College of Business; Denver

Morrie Rutman

Richter Consulting, Inc.; Chicago

5:30 - 7:00 p.m.

Opening Networking Reception

Sponsored by AlixPartners LLP, Chapman & Cutler LLP and Vinson & Elkins LLP

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

Thursday Morning, March 2

8:00 - 8:45 a.m.

Registration and Networking Breakfast

8:45 - 9:00 a.m.

Welcoming Remarks

9:00 - 10:00 a.m. (1.00 hrs.)

Distressed Investment Strategies

A busy restructuring market over the past couple years has brought 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. This panel will broadly discuss these and other topics of interest regarding distressed investments.

Randall S. Eisenberg, Moderator

AlixPartners LLP; New York

Marc Glogoff

Barclays; New York

Andrew Milgram

Marblegate Asset Management, LLC; Greenwich, Conn.

James Seery

River Birch Capital; New York

Douglas E. Spelfogel

Foley & Lardner LLP; New York

10:00 - 11:15 a.m. (1.25 hr.)

The Proper Role of an Examiner in Chapter 11 Cases

This panel will discuss the role of an examiner in addressing valuation issues.

Andrew N. Goldman, Moderator

WilmerHale LLP; New York

Hon. Kevin J. Carey

U.S. Bankruptcy Court (D. Del.); Wilmington

Allen Pfeiffer

Duff & Phelps, LLC; New York

Jeffrey Rothleder

Arent Fox; Washington, DC

11:15 - 11:30 a.m.

Coffee Break

Sponsored by Development Specialists, Inc.

11:30 a.m. - 12:30 p.m. (1.00 hr.)

Determining Valuation and the Fulcrum Security Amidst Market Volatility: When the “In the Money” Mark Moves

This roundtable session will discuss the timing and methodology for deciding business enterprise valuations in the context of § 363 sales and chapter 11 plans, including the recent fights in commodity cases, alternative valuation approaches such as the American/US Airways post-emergence valuation methodology, valuation recommendations from the ABI Chapter 11 Reform Commission, the inequities suffered by stakeholders when valuations are marked “too quickly” in reorganization cases, and how this process will continue to benefit new-money investors and acquirers in the years to come.

Jack Butler, Moderator

Birch Lake Holdings; Chicago

Sharon L. Levine

Saul Ewing LLP; Newark, N.J.

Russell Mason

Houlihan Lokey; Dallas

James P. Seery, Jr.

River Birch Capital, LLC; New York

12:30 - 1:45 p.m.

Adjourn to Luncheon and Keynote Presentation

Thursday Afternoon, March 2

1:00 - 1:45 p.m. (.75 hr.)

Luncheon Keynote Presentation

Sponsored by KCC and The Michel-Shaked Group

Eye on Bankruptcy: Municipal Bankruptcies

This session will discuss what is happening in the bond market and opportunities, and will examine different stakeholder claims, such as pensions, unions and essential services.

Bill Rochelle, Moderator

American Bankruptcy Institute; New York

Cate Long

Puerto Rico Clearinghouse; New York

1:45 - 2:00 p.m.

Refreshment Break

2:00 - 3:00 p.m. (1.00 hr.)

Valuation Issues for the Clean Energy and 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 it remains in the early stages of development in many ways. How should investors in distressed and nondistressed scenarios consider valuing assets that are subject to macro tax and policy factors, as well as competitive dynamics within the space?

Aris Karcanias, Moderator

FTI Consulting, Inc.; London

Kenneth Epstein

MBIA Insurance Corp.; Purchase, NY

Hon. Marvin Isgur

U.S. Bankruptcy Court (S.D. Tex.); Houston

Chaim Lubin

Lincoln International; Chicago

Daniel P. Sinaiko

Akin Gump Strauss Hauer & Feld LLP; Los Angeles

3:00 - 3:15 p.m.

Refreshment Break

Sponsored by Schulte Roth & Zabel LLP

3:15 - 4:15 p.m. (1.00 hr.)

Valuation of Litigation Assets for Providing Financing and Other Purposes

This session highlights litigation trusts — and the pros and cons of assigning value or not. The panelists will discuss parties looking to provide funds on litigation decisions and how much to fund based on how much value is placed on recoveries, as well as tax issues in the valuation of initial assets.

Peter G. Wollmeringer, Moderator

Huron Consulting Group Inc.; New York

Justin Brass

Burford Capital LLC; New York

Schuyler G. Carroll

Perkins Coie LLP; New York

Joseph A. DiSalvatore

Grant Thornton LLP; New York

Erez Levy

Fortress Investment Group LLC; San Francisco, CA

4:15 - 5:15 p.m. (1.00 hr.)

Valuation of Assets and Restructuring in Emerging Markets

This session will discuss Brazil and Argentina; unsecured creditors, which are squeezed in the middle during recovery process; and the handicapping of going to court vs. staying out.

D. Jeffrey Harder, Moderator

Deloitte LLP; Vancouver, BC

C.J. Brown

PJT Partners; New York

Chris L. Dickerson

Paul Hastings LLP; Chicago

Timothy Graulich

Davis Polk & Wardwell LLP; New York

5:15 -  6:45 p.m.

Networking Reception

Sponsored by Akin Gump Strauss Hauer & Feld LLP, NERA Economic Consulting and Saul Ewing LLP

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

Friday Morning, March 3

8:00 - 8:30 a.m.

Networking Breakfast with the Judges

Sponsored by ABI’s Financial Advisors and Investment Banking Committee

8:30 - 9:30 a.m. (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 not later than 24 hours prior to this session.

Jordi Guso, Moderator

Berger Singerman LLP; Miami

Hon. Kevin J. Carey

U.S. Bankruptcy Court (D. Del.); Wilmington

Hon. Robert D. Drain

U.S. Bankruptcy Court (S.D.N.Y.); White Plains

Hon. Marvin Isgur

U.S. Bankruptcy Court (S.D. Tex.); Houston

9:30 - 9:45 a.m.

Coffee Break

Sponsored by CR3 Partners, LLC

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 macroeconomic factors. This panel will examine recent developments in these three areas and discuss 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

Keith D. Lowey

Verdolino & Lowey, P.C.; Foxboro, Mass.

David M. Smith

Griffin Hamersky LLP; New York

Michael Vitti

Duff & Phelps, LLC; Morristown, N.J.

10:45 - 11:45 a.m. (1.00 hr.)

Ethical Issues Involving Disclosures and Retention

This session will cover protecting confidential client information, 2019 forms and filing issues, and ethical issues and fees for services, as well as discuss expert valuations and reports.

Kathryn A. Coleman, Moderator

Hughes Hubbard & Reed LLP; New York

Eric J. Fromme

Jeffer Mangels Butler & Mitchell LLP; Irvine, Calif.

William K. Harrington

Office of the U.S. Trustee, New York

11:45 a.m.

Adjourn

 

Conference Co-Chairs

Leah M. Eisenberg

Arent Fox LLP; New York

Christopher R. LeWand

FTI Consulting, Inc.; Denver

Advisory Board

Steven M. Abramowitz

Vinson & Elkins LLP; New York

Lisa G. Beckerman

Akin Gump Strauss Hauer & Feld LLP; New York

Richard J. Bernard

Foley & Lardner LLP; New York

C.J. Brown

PJT Partners Inc.; New York

Jack Butler

Birch Lake Holdings; Chicago

R. Brian Calvert

Development Specialists, Inc.; Los Angeles

Steve Cimalore

Wilmington Trust; Wilmington, Del.

Kathryn A. Coleman

Hughes Hubbard & Reed LLP; New York

Stephen B. Darr

Huron Consulting Group; Boston

Robert J. Dehney

Morris, Nichols, Arsht & Tunnell LLP; Wilmington, Del.

Joseph A. DiSalvatore

Grant Thornton LLP; New York

Adam Dunayer

Houlihan Lokey; Dallas

Randall S. Eisenberg

AlixPartners, LLP; New York

William Epstein

BRG Capstone; Los Angeles

Steven Fleming

PricewaterhouseCoopers LLP; Wyckoff, N.J.

Michael Friedman

Chapman and Cutler LLP; New York

Edward T. Gavin

Gavin/Solmonese LLC; Wilmington, Del.

Samuel J. Gerdano

American Bankruptcy Institute; Alexandria, Va.

Jay M. Goffman

Skadden, Arps, Slate, Meagher & Flom LLP; New York

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

Joanna Jefferson

The University of Texas School of Law; Austin

Laura Davis Jones

Pachulski Stang Ziehl & Jones LLP; Wilmington, Del.

William S. Sugden

Alston & Bird LLP; Atlanta, Ga.

Robert Jordan

KCC; New York

Daniel B. Kamensky

Marble Ridge Capital LP; New York

Paul D. Leake

Skadden, Arps, Slate, Meagher & Flom LLP; New York

Sharon L. Levine

Saul Ewing LLP; Newark, N.J.

James M. Lukenda

Huron Business Advisory; New York

Deirdre McGuinness

Epiq Systems, Inc.; New York

Thomas A. Morrow

Association of Insolvency & Restructuring Advisors; Franklin, 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 & Phelps, LLC; Morristown, N.J.

David W. Prager

Goldin Associates, LLC; New York

Geoffrey T. Raicht

Haynes and Boone, LLP; New York

Ian Ratner

GlassRatner Advisory & Capital Group LLC; Atlanta

Michael P. Richman

Hunton & Williams LLP; New York

Faten Sabry

NERA Economic Consulting; New York

James P. Seery, Jr.

River Birch Capital, LLC; New York

Israel Shaked

The Michel-Shaked Group; Boston

Mark J. Shapiro

PointState Capital LP; New York

Harvey L. Tepner

New York

Patricia Baron Tomasco

Jackson Walker L.L.P.; Austin, Texas

Shai Y. Waisman

Prime Clerk; New York

Antony Walker

CR3 Partners; Dallas

Steven T. Waterman

Dorsey & Whitney LLP; Salt Lake City

Jack F. Williams

Baker Tilly Virchow Krause, LLP; Atlanta

 

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 $240 per night from March 1-3, 2017. Reservations must be made directly with the hotel prior to January 30, 2017, to take advantage of the special conference rate. 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 8, 2017. No refunds will be granted after February 8, but substitutions will be allowed. After February 8, 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 hours of general CLE credit, including 1 hour of ethics, are pending in states calculating CLE on a 60-minute hour, and 15.5 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 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 16.5 credit hours, of which 1 hour of credit can be applied toward the ethics professionalism requirement. 16.5 hours of CPE* credit, including 1 hour of ethics, 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 13, 2017. For more information or to request an application, please contact the American Bankruptcy Institute at (703) 739-0800 or send an e-mail to adonohue@abiworld.org.

 

VALCON 2017 Registration Rates

 

Registration Rates Early
(postmarked by 12/16/16)

Regular

(12/17/16-2/17/17)

Late

(after 2/17/17)


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

New Gov't./Aca./Nonprofit ABI/AIRA Member*

$440 $490 $540

*Includes a 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 and add in your ABI membership renewal fee.

Participating Firms

Akin Gump Strauss Hauer & Feld LLP

AlixPartners LLP

Arent Fox LLP

Baker Tilly

Barclays Capital

BBP Partners, LLC

Berger Singerman, LLP

Birch Lake Holdings, LP

Boston Private Bank & Trust Company

BRG Capstone

BRG Valuation Services

Burford Capital

Chapman & Cutler LLP

Charles River Associates

Daniels College of Business, University of Denver

Davis Polk & Wardwell LLP

Deloitte Consulting

Deloitte CRG

Development Specialists, Inc.

Dorsey & Whitney LLP

Duff & Phelps, LLC

Foley & Lardner LLP

Fried, Frank, Harris, Shriver & Jacobson LLP

FTI Consulting, Inc.

Gabriel Partners, LLC

Gavin/Solmonese LLC

GlassRatner Advisory & Capital Group LLC

Grant Thornton LLP

Griffin Hamersky PC

Houlihan Lokey

Hughes Hubbard & Reed LLP

Huron Consulting Group

Jeffer Mangels Butler & Mitchell LLP

Law Offices of William B. Kingman, PC

Morris, Nichols, Arsht & Tunnell LLP

Morris, Polich & Purdy, LLP

New York University School of Law

Perkins Coie LLP

Puerto Rico Clearinghouse

Rich Michaelson Magaliff Moser, LLP

Richard Intner & Associates, LLC

Richard J. Davis, Attorney at Law

Richards, Layton & Finger, PA

River Birch Capital, LLC

Saul Ewing LLP

Schulte Roth & Zabel LLP

Shaw Fishman Glantz & Towbin LLC

Simmons Perrine Moyer Bergman PLC

Tennenbaum Capital Partners, LLC

The Michel-Shaked Group

The University of Texas at Austin, McCombs School of Business

U.S. Bankruptcy Court, District of Delaware

U.S. Bankruptcy Court, Southern District of New York

U.S. Bankruptcy Court, Southern District of Texas

U.S. Debt Recovery, LLC

U.S. Department of Justice

U.S. Trustee Program

USDR Investment Management

Verdolino & Lowey, PC

WilmerHale