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 [email protected].
Major Sponsors
Event Sponsors
Akin Gump Strauss Hauer & Feld LLP
Morris, Nichols, Arsht & Tunnel LLP
Special Thanks
We extend our special thanks to Thomson Reuters for the printed educational materials and Wilmington Trust for the tote bags.
VALCON 2017 Registration Rates
Registration Rates | Early (postmarked by 12/16/16) |
Regular (12/17/16-2/17/17) |
Late (after 2/17/17) |
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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 | |
New Gov't./Aca./Nonprofit ABI/AIRA Member* |
$440 | $490 | $540 | |
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*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