Wednesday, February 25
12:15 p.m.
Registration Opens
Track A: Valuation Fundamentals Workshop
Sponsored by Berkeley Research Group, LLC, and Dorsey & Whitney LLP
Presiding Officer:
Prof. Jim Nolen
The University of Texas at Austin, McCombs School of Business; Austin, Texas
12:50 p.m.
Welcoming Remarks
1:00 - 2:15 p.m. (1.25 hrs.)
Accounting and Finance Basics: Key Characteristics in Analyzing Distressed Entities
Distressed companies usually show declining financial performance prior to failure. This session will focus on key financial ratios such as liquidity, leverage and coverage, as well as a firm’s sources and uses of funds, cash-conversion cycle and free cash flow, both before and after restructuring.
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
A review and analysis of the cost, market and income (cash flow) approaches in business valuation, including key assumptions in each of these valuation methodologies and a discussion of how academics and practitioners vary in their approaches.
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 - 5:15 p.m. (1.25 hrs.)
Case Study: An Interactive Negotiation of a Distressed Company Restructuring
Using a case study approach, this panel will examine the restructuring alternatives of a typical mid-cap company, with mock negotiations between and among a distressed company, its senior secured bank lenders, its mezzanine lenders and the equity. The presentation will focus on valuation, along with the benefits and burdens of (1) bankruptcy, (2) exercising the rights and remedies of a secure lender, (3) a consensual out-of-court restructuring and (4) the techniques and strategies for each constituency to achieve its goals.
Michael Friedman, Moderator
Chapman and Cutler LLP; New York
Larry G. Halperin
Chapman and Cutler LLP; New York
Prof. David C. Smith
University of Virginia, McIntire School of Commerce; Charlottesville, Va.
Franklin H. Top, III
Chapman and Cutler LLP; Chicago
5:15 - 6:30 p.m.
Opening Networking Reception
Join us for drinks and hors d'oeuvres with faculty and participants.
Sponsored by Chapman and Cutler LLP and PwC
Track B: Technical Valuation Issues
Sponsored by Berkeley Research Group, LLC, and Dorsey & Whitney LLP
Presiding Officer:
Grant Newton
Pepperdine University and AIRA; Medford, Ore.
12:50 p.m.
Welcoming Remarks
1:00 - 2:15 p.m. (1.25 hrs.)
Valuation Adjustment
Valuation is a critical, and often hotly disputed, issue in most bankruptcy cases. Enterprise valuations drive creditor recoveries, and solvency valuations are often outcome-determinative for the success (or failure) of fraudulent transfer and other bankruptcy-related litigation. As a result, valuation disputes often become mini-battles of the experts, the reasonableness of their assumptions and their relative credibility. Disputes usually center around those items where the expert has made subjective adjustments based on professional judgment, and even small adjustments can lead to substantial differences in value. This panel explores those issues that are most often “adjusted” based on professional judgment, including normalizing EBITDA, methodology weighting, treatment of excess cash, control premiums, minority discounts, liquidity discounts, and contingent assets and liabilities.
David M. Hillman, Moderator
Schulte Roth & Zabel LLP; New York
Bruce B. Bingham
Capstone Advisory Group, LLC; New York
Bryan Benoit
Grant Thornton LLP; Houston
Perry M. Mandarino
PwC; New York
Dr. Faten Sabry
NERA Economic Consulting; New York
2:15 - 2:30 p.m.
Refreshment Break
2:30 - 3:45 p.m. (1.25 hrs.)
Assessment and Quantification of Long-Term, Unliquidated Debt
Issues surrounding the assessment and quantification of long-term, unliquidated obligations; such as pensions, environmental remediation, and perpetual care of cemeteries, are complex and divisive. This panel will explore the issues, as well as methods and techniques, to be considered when assessing and quantifying such debt in the context of financial distress and bankruptcy.
Paul N. Shields, Moderator
Berkeley Research Group, LLC; Salt Lake City, Utah
Stephen Gerlach
Deloitte Financial Advisor Services LLP; New York
David W. King
Mesirow Financial Consulting, LLC; Chicago
Israel Shaked
The Michel-Shaked Group, Boston University School of Management; Boston
Steven Wilamowsky
Bingham McCutchen LLP; New York
3:45 - 4:00 p.m.
Refreshment Break
4:00 - 5:15 p.m. (1.25 hrs.)
Liquidating Trusts
This panel will focus on developments related to the use of liquidating trusts from both the legal and financial reporting perspectives. Expected topics will include the use of liquidating trusts in the prosecution of actions on behalf of, and for the benefit, of creditors (and the financial concerns, timing, and fiduciary concerns that accompany the prosecution of the same), and the application of recent accounting pronouncements related to liquidation accounting and the accompanying valuation considerations.
James M. Lukenda, Moderator
Huron Business Advisory; New York
R. Brian Calvert
Development Specialists, Inc.; Los Angeles
Monica Clark
Dorsey & Whitney LLP; Minneapolis, Minn.
Alfred T. Giuliano
Giuliano, Miller & Company, LLC; West Berlin, NJ
Andrew N. Goldman
WilmerHale; New York
5:15 - 6:30 p.m.
Opening Networking Reception
Join us for drinks and hors d'oeuvres with faculty and participants.
Sponsored by Chapman and Cutler LLP and PwC
Thursday Morning, February 26
Presiding Officer:
Marcia L. Goldstein
Weil, Gotshal & Manges LLP; New York
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 - 10:15 a.m. (1.25 hrs.)
Valuation, Deal-Making and Strategic Portfolio Management
Both equity investors and lenders often evaluate potential transactions in the context of their overall portfolios as well as the potential value proposition presented by the specific opportunity. Capital providers pay attention to risk allocation across industry sectors and asset classes, among other investment considerations. This panel will discuss the role that asset valuation and enterprise valuation play in deal making and strategic portfolio management.
Jack Butler, Moderator
Hilco Global; Northbrook, Ill.
Suzanne Kelly
Kelly Garfinkle Strategic Restructuring LLC; Scottsdale, Ariz.
John Lyons
Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates; New York
Mark J. Shapiro
New York
Michael N. Thompson
BHR Capital LLC; New York
10:15 - 11:30 am (1.25 hrs.)
The Rising Use of Mediators: Is This the Wave of the Future?
From labor disputes in the American Airlines case to the negotiation of chapter 9 plans for Detroit, Stockton and San Bernardino, bankruptcy judges have looked to their colleagues to serve as mediators. What is the impact of this practice? Does it change the dynamics among the parties? Is there a role for private-sector mediators? Going forward, will bankruptcy cases continue to be fertile ground for alternative dispute resolution?
Marcia L. Goldstein, Moderator
Weil, Gotshal & Manges LLP; New York
Hon. Robert D. Drain
U.S. Bankruptcy Court (S.D.N.Y.); White Plains
Hon. Elizabeth L. Perris
U.S. Bankruptcy Court (D. Or.); Portland
Joseph Samet
Baker & McKenzie LLP; New York
Hon. Gregg W. Zive
U.S. Bankruptcy Court (D. Nev.); Reno
11:30 - 11:45 am
Coffee Break
Sponsored by Duff & Phelps, LLC
11:45 am - 12:45 pm (1.00 hr.)
Absolute vs. Relative Priority: What Creates Equity Value?
This panel will discuss and debate, from varying perspectives, the rise in formation of official equity committees in chapter 11 cases, how advisors can reach different valuations to support or oppose their formation, the role of the Office of the U.S. Trustee, and the ultimate value added to the estate.
Geoffrey T. Raicht, Moderator
Proskauer; New York
Tracy Hope Davis
Office of the U.S. Trustee, Region 17; San Francisco
Robert J. Dehney
Morris, Nichols, Arsht & Tunnell LLP; Wilmington, Del.
Adam Dunayer
Houlihan Lokey; Dallas, Texas
Daniel B. Kamensky
Paulson & Co. Inc.; New York
Paul D. Leake
Jones Day; New York
12:45 - 1:15 p.m.
Adjourn to Luncheon and Keynote Presentation
Sponsored by KCC
Thursday Afternoon, February 26
Presiding Officer:
Allen Pfeiffer
Duff & Phelps, LLC; Morristown, NJ
1:15 - 2:00 p.m. (.75 hr.)
Luncheon Keynote Presentation
Sponsored by KCC
“Bankruptcy Valuation Disputes and Senior Creditor Control: Reflections, Greatest Hits, and Academic Evidence”
Prof. Stuart C. Gilson
Steven R. Fenster Professor of Business Administration, Harvard Business School; Boston
2:00 - 2:15 p.m.
Refreshment Break
Sponsored by Development Specialists, Inc.
2:15 - 3:15 p.m. (1.00 hr.)
Bankruptcies in Financial Services and Bank Holding Company Defaults
This panel will examine the “lessons learned” from recent financial services bankruptcies, settlements and restructurings (including some “near misses”), and financial distress in mortgage origination. The panel will also discuss bank holding company defaults, FDIC receivership issues, tax-sharing agreements, sale transaction issues and more.
Leah M. Eisenberg, Moderator
Arent Fox LLP; New York
Sonya Levine
Federal Deposit Insurance Corporation; Washington, D.C.
Brian D. Pfeiffer
Schulte Roth & Zabel LLP; New York
Glenn E. Siegel
Morgan, Lewis & Bockius LLP; New York
Shai Y. Waisman
Prime Clerk; New York
3:15 - 4:15 p.m. (1.00 hr.)
Distress in the Energy Industry
Anytime there are fundamental market changes, there are winners and losers. Find out how the vast supply of U.S. oil and gas discoveries, coupled with stricter environmental regulations, are causing long-term changes. Who are the winners, and who are the losers? Find out how these shifts have impacted coal, renewables, oil and gas, power generation and refineries, and how these changes affect the value of the companies that participate in these industries, as well as the industry as a whole.
Loretta R. Cross, Moderator
Stout Risius Ross, Inc.; Houston
Daniel Beaulne
Duff & Phelps, LLC; Dallas
Lisa J. Donahue
AlixPartners, LLP; New York
Marshall S. Huebner
Davis Polk & Wardwell LLP; New York
William L. Wallander
Vinson & Elkins LLP; Dallas
4:15 - 4:30 p.m.
Refreshment Break
Sponsored by Development Specialists, Inc.
4:30 - 5:30 p.m. (1.00 hr.)
Valuation of Intellectual Property (and Beyond)
Intellectual Property (IP) is often a critically important part of a company’s value paradigm. Why has IP become an even greater focus for many companies today? How is IP valued in businesses, in litigation and in bankruptcy?
Allen Pfeiffer, Moderator
Duff & Phelps, LLC; Morristown, N.J.
Benjamin C. Elacqua
Fish & Richardson P.C.; Houston
Gabe Fried
Hilco Streambank; Needham, Mass.
Michael H. Goldstein
Goodwin Procter LLP; New York
Patricia Baron Tomasco
Jackson Walker L.L.P.; Austin, Texas
5:30 p.m.
Adjourn
5:30 - 7:00 p.m.
Networking Reception
Join us for drinks and hors d'oeuvres with faculty and participants.
Sponsored by NERA Economic Consulting, Vinson & Elkins LLP
Friday Morning, February 27
Presiding Officer:
Kaaran E. Thomas
McDonald Carano Wilson, LLP; Reno, Nev.
8:00 - 8:30 a.m.
Networking Breakfast
Sponsored by Gavin/Solmonese LLC
*Please join the ABI Financial Advisors & Investment Banking Committee for an innovative discussion on Timing and Strategy Related to Contested Valuations. The discussion will begin at 8:00 a.m., breakfast will be available at 7:45 a.m.
8:30 - 9:30 a.m. (1.0 hr.)
Judicial Panel
This panel will consider current issues of interest to judges and insolvency professionals.
Hon. Arthur J. Gonzalez (ret.), Moderator
New York University School of Law; New York
Former Chief Judge, U.S. Bankruptcy Court (S.D.N.Y.)
Hon. Robert D. Drain
U.S. Bankruptcy Court (S.D.N.Y.); White Plains
Hon. Elizabeth L. Perris
U.S. Bankruptcy Court (D. Or.); Portland
Hon. Gregg W. Zive
U.S. Bankruptcy Court (D. Nev.); Reno
9:30 - 9:45 a.m.
Coffee Break
Sponsored by Schulte Roth & Zabel LLP
9:45 - 10:30 a.m. (.75 hr.)
ABI Commission Update
The Final Report of the Commission to Study the Reform of Chapter 11 proposes the most comprehensive modernization of restructuring law in a generation, including several recommendations affecting valuation methods, use of experts and disclosures by the reorganizing debtor. Hear a panel of commissioners and the Commission's reporter discuss the proposals and their impact on professionals.
Bill Brandt, Moderator
Development Specialists, Inc.; New York
Prof. Michelle M. Harner
University of Maryland Francis King Carey School of Law; Baltimore
Bettina M. Whyte
Alvarez & Marsal; New York
10:30 - 11:30 a.m. (1.00 hr.)
Ethical Turnarounds
This panel will discuss how law firms can use turnaround techniques to maximize the value of their services for themselves and their clients.
Edward T. Gavin
Gavin/Solmonese LLC; Wilmington, Del.
Prof. Nancy B. Rapoport
University of Nevada, Las Vegas William S. Boyd School of Law; Las Vegas
Kaaran E. Thomas
McDonald Carano Wilson LLP; Reno, Nev.
11:30 a.m.
Adjourn
Conference Co-Chairs
Marcia L. Goldstein
Weil, Gotshal & Manges LLP; New York
Allen Pfeiffer
Duff & Phelps, LLC; Morristown, N.J.
Advisory Board
Donald S. Bernstein
Davis Polk & Wardwell LLP; New York
C.J. Brown
The Blackstone Group L.P.; New York
Michael C. Buenzow
FTI Consulting, Inc.; Chicago
Jack Butler
Hilco Global; Northbrook, Ill.
R. Brian Calvert
Development Specialists, Inc.; Chicago
Robert J. Dehney
Morris, Nichols, Arsht & Tunnell LLP; Wilmington, Del.
Joseph A. DiSalvatore
Grant Thornton LLP; New York
Paul C. duVair
Mesirow Financial Consulting, LLC; Chicago
Leah M. Eisenberg
Arent Fox LLP; New York
Randall S. Eisenberg
AlixPartners, LLP; New York
Judith Elkin
Haynes and Boone, 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
Michael H. Goldstein
Goodwin Procter LLP; New York
David M. Hillman
Schulte Roth & Zabel LLP; New York
Laura Davis Jones
Pachulski Stang Ziehl & Jones LLP; Wilmington, Del.
Daniel B. Kamensky
New York
Peter S. Kaufman
Gordian Group, LLC; New York
Paul D. Leake
Jones Day; New York
John Little
Deloitte Financial Advisory Services LLP; Dallas
James M. Lukenda
Huron Consulting Group Inc.; New York
Perry M. Mandarino
PwC; New York
Dierdre A. McGuinness
KCC; New York
Grant W. Newton
Pepperdine University and AIRA; Medford, Ore.
Prof. James A. Nolen
University of Texas at Austin, McCombs School of Business; Austin, Texas
Geoffrey T. Raicht
Proskauer; New York
Michael P. Richman
Hunton & Williams LLP; New York
Joseph Samet
Baker & McKenzie LLP; New York
Paul N. Shields
Berkeley Research Group, LLC; Salt Lake City
Margaret (Maggie) Smith
GlassRatner Advisory & Capital Group LLC; Miami
Todd R. Snyder
Rothschild; New York
Louis R. Strubeck, Jr.
Norton Rose Fulbright US LLP; Dallas
Kaaran E. Thomas
McDonald Carano Wilson LLP; Reno, Nev.
Patricia Baron Tomasco
Jackson Walker L.L.P.; Austin, Texas
Shai Y. Waisman
Prime Clerk; New York
William L. Wallander
Vinson & Elkins LLP; Dallas
Steven T. Waterman
Dorsey & Whitney LLP; Salt Lake City
Prof. Jay L. Westbrook
University of Texas at Austin School of Law; Austin, Texas
Bettina M. Whyte
Alvarez & Marsal; New York
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 $230 per night from February 25-27, 2015. Reservations must be made directly with the resort prior to January 26, 2015. 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 the 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 4, 2015. No refunds will be granted after February 4, but substitutions will be allowed. After February 4, upon written request, a coupon for 20% off the registration (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
14.75 hours of general CLE credit, including 1 hour of ethics, are pending in states calculating CLE on a 60-minute hour, and 17.5 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 14.75 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 17.5 credit hours, of which 1 hour of credit can be applied toward the ethics professionalism requirement. 17.5 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 8, 2015. 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].
Presidential Partners
Major Sponsors
Event Sponsors
Berkeley Research Group, LLC
Chapman and Cutler LLP
Davis Polk & Wardwell LLP
Development Specialists, Inc.
Dorsey & Whitney LLP
Duff & Phelps, LLC
Gavin/Solmonese LLC
KCC
NERA Economic Consulting
Pachulski Stang Ziehl & Jones LLP
PwC
Schulte Roth & Zabel LLP
Skadden, Arps, Slate, Meagher & Flom LLP
Vinson & Elkins LLP
Special Thanks
We extend our special thanks to Conway MacKenzie/Variant Capital Advisors, LLC for the educational materials on thumb drives, Darden Business Publishing for program materials, East West Bank for the conference internet, Gordian Group, LLC for the program pocket agenda, Grant Thornton for the bottled water, Polsinelli for the conference e-newsletter, Stout Risius Ross, Inc. for the cell phone charging station, West, a Thomson Reuters business for providing the printed educational materials and Wilmington Trust for the tote bags.
VALCON 2015 Registration Rates
Registration Rates | Early (postmarked by 12/19/14) (extended!) |
Regular (12/20/14-1/30/15) |
Late (after 1/30/15) |
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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.