Comparative Restructuring Laws as Value-Drivers
Wednesday Afternoon, May 16
12:15 p.m.
Registration Opens
12:50 p.m.
Welcoming Remarks
Thomas A. Morrow
Association of Insolvency & Restructuring Advisors; Franklin, Mich.
1:00-1:45 p.m. (.75 hrs.)
Keynote Presentation
Comparative Restructuring Laws as Value-Drivers
International restructuring expert will review foreign and domestic restructuring laws and their relative effects on value maximization, cost reduction and differences in valuation methodology.
James H.M. Sprayregen
Kirkland & Ellis LLP; Chicago
1:45-2:00 p.m.
Refreshment Break
Sponsored by Development Specialists, Inc.
2:00-3:15 p.m. (1.25 hrs)
Valuations – Art or Science? Where We’ve Been and Where We’re Going
This lively session is intended to trace the trends in the application of the technical approaches to business and securities valuations, and to examine the direction the valuation profession is heading in. Are we becoming more of a science or an art, and how will the direction of the profession affect our work and its reliability?
Ian Ratner, Moderator
GlassRatner Advisory & Capital Group LLC; Atlanta
Thomas S. Biemer
Dilworth Paxson LLP; Philadelphia
Thomas J. Hall
Norton Rose Fulbright US LLP; New York
Jack F. Williams
Baker Tilly Virchow Krause, LLP; Atlanta
3:15-3:30 p.m.
Refreshment Break
3:30-5:00 p.m. (1.50 hrs)
Case Study: Valuing and Restructuring Distressed Companies in the Face of Financial and Operational Headwinds
This panel will use a case study approach and mock negotiations to work through restructuring options for a company experiencing significant financial and operational headwinds. The case focuses on issues related to valuation; the rights, remedies and strategies of the company; the company’s lenders; and lenders to key company suppliers.
Michael Friedman, Moderator
Chapman and Cutler LLP; New York
Larry G. Halperin
Chapman and Cutler LLP; New York
Prof. Randel Lewis
University of Denver Daniels College of Business; Denver
Morrie Rutman
Richter Consulting, Inc.; Chicago
5:00 - 6:30 p.m.
Opening Networking Reception
Join us for drinks and hors d’oeuvres with faculty and participants.
Sponsored by AlixPartners LLP
Thursday Morning, May 17
8:00-8:45 a.m.
Registration and Networking Breakfast
Sponsored by Baker Tilly Virchow Krause, LLP
8:45-9:00 a.m.
Welcoming Remarks
Samuel J. Gerdano
American Bankruptcy Institute; Alexandria, Va.
9:00-10:00 a.m. (1.00 hr.)
When Is Adequate Protection Not Adequate?
This panel will discuss issues that have arisen in recent cases regarding adequate protection, including the right and wisdom of current cash payments in the form of legal fees for “secured” creditors, how diminution in value claims for different types of assets are determined, how intercreditor agreements may limit junior secured creditors’ rights to demand and receive adequate protection, and the valuation of assets, including assets used in commodity businesses where value can be cyclical.
Andrew N. Goldman, Moderator
WilmerHale; New York
Hon. Kevin J. Carey
U.S. Bankruptcy Court (D. Del.); Wilmington
Tyler W. Cowan
Lazard; Chicago
Christopher J. Kearns
Berkeley Research Group, LLC; New York
Mark R. Somerstein
Ropes & Gray LLP; New York
10:00-11:00 a.m. (1.00 hr.)
VALCON Talks: “What I’d Change About the Corporate Bankruptcy System”
Based on the incredibly popular “TED Talks” format, VALCON Talks will give four seasoned experts the opportunity to discuss changes they would make to the corporate bankruptcy system. If you consider yourself a bankruptcy guru or just want to be one, you won’t want to miss this program!
Kathryn A. Coleman, Moderator
Hughes Hubbard & Reed LLP; New York
Corinne Ball
Jones Day; New York
Jack Butler
Birch Lake Holdings, LP; Chicago
Prof. Anthony J. Casey
University of Chicago Law School; Chicago
Robert J. Keach
Bernstein Shur; Portland, Maine
11:00-11:15 a.m.
Coffee Break
Sponsored by Omni Management Group, LLC
11:15 a.m.-12:15 p.m. (1.00 hr.)
Energy Restructuring: Looking Forward and Backward
Technology has brought about radical changes in the energy industry, including the creation of new E&P companies, new cost structures and “just-in-time” revenue opportunities, and challenges to all companies in the production-to-consumer stream, including servicing and mid-stream. These changes, and the uncertainty regarding pricing and the evolution of new, unconventional competition, have led to a number of restructurings during the last cycle, as well as uncertainty on the appropriate capital structure and status for the industry going forward. As we transition from the last energy restructuring cycle of 2015-17, what is our takeaway from the key valuation and other issues that were faced? Does the industry require different thinking regarding the relative amounts of debt versus equity? What is the state of energy dealmaking and capital markets? Can we expect further industry restructuring and consolidation? What is the future of unconventional energy sources and traditional offshore sources? Our energy experts will examine these and other issues from a variety of different perspectives, including deal-making, judicial, legal, operations and financial.
Steve M. Abramowitz, Moderator
Vinson & Elkins LLP; New York
Bruce Buchanan
PwC; New York
Albert S. Conly
FTI Consulting, Inc.; Dallas
Michael Genereux
PJT Partners Inc.; New York
Hon. David R. Jones
U.S. Bankruptcy Court (S.D. Tex.); Houston
12:15-1:50 p.m
Luncheon & Session
Sponsored by KCC
Thursday Afternoon, May 17
12: 35 - 1:50 p.m. (1.25 hrs)
Bridging the Gap: Rights Offerings and Other Paths to Exit Bankruptcy
This panel will discuss the use of rights offerings as a bridge to exiting bankruptcy for reorganizing debtors. The panelists will focus on evolving market trends and hot-button issues arising in recent cases, such as backstop participation and related fees, treatment of nonparticipants, and questions regarding shifting values. We will also touch on other financing alternatives that reorganizing entities may consider in bridging the gap to exit.
Rachel Jaffe Mauceri, Moderator
Morgan, Lewis & Bockius LLP; Philadelphia
Matthew Braun
Houlihan Lokey; Los Angeles
Gary T. Holtzer
Weil, Gotshal & Manges LLP; New York
Marti P. Murray
Murray Analytics, New York
1:50 - 2:00 p.m.
Refreshment Break
2:00-3:00 p.m. (1.00 hr.)
Navigating Issues in Fraudulent Transfers
This panel will discuss a number of valuation issues that frequently arise in assessing and litigating fraudulent transfer actions, including (1) valuing contingent assets and liabilities (e.g., environmental liabilities, pending litigation, guarantees, tax attributes, subrogation, contribution and reimbursement claims), (2) avoiding the use of hindsight in assessing solvency and adequate capital, and (3) the use of market-based evidence, including debt and equity trading prices, as well as contemporaneous investments of capital. The panel will also discuss Merit Management Group LP v. FTI Consulting Inc., which is pending before the U.S. Supreme Court, regarding the applicability of the § 546(e) safe-harbor defense.
David M. Hillman, Moderator
Schulte Roth & Zabel LLP; New York
Benjamin I. Finestone
UQuinn Emanuel Urquhart & Sullivan, LLP; New York
Allen Pfeiffer
Duff & Phelps; Morristown, N.J.
Dr. Faten Sabry
NERA Economic Consulting; New York
Douglas E. Spelfogel
Foley & Lardner LLP; New York
3:00-3:15 p.m.
Refreshment Break
Sponsored by Schulte Roth & Zabel LLP
3:15-4:15 p.m. (1.00 hr.)
Issues in Retail Valuations
Hot areas breed hot issues. On this panel, the panelists will cover a variety of hot topics in retail today, including (1) dividend recapitalizations, (2) asset-stripping and dropdown financing, and (3) approaches to valuing intellectual property. This diverse panel, representing a cross-section of the restructuring industry, will discuss a variety of in-court and out-of-court situations.
Rob Jordan, Moderator
KCC; New York
Jeffrey N. Pomerantz
Pachulski Stang Ziehl & Jones LLP; Los Angeles
Durc A. Savini
Guggenheim Securities; New York
Israel Shaked
The Michel-Shaked Group; Boston
4:15-5:15 p.m. (1.00 hr.)
Indicators of Future Distress
During this session, the panelists will discuss the role and responsibility of boards of directors in monitoring for insolvency and taking action, along with a retrospective view of how this has unfolded in certain industries and what indicators were present. Finally, we will consider where valuations fall short at being predictive.
Diana Hopkins, Moderator
BDO USA LLP; New York
Sylvia Cho
Grant Thornton LLP; Chicago
Kenneth J. Malek
MalekRemian LLC; Libertyville, Ill.
Patrick J. Nash Jr.
Kirkland & Ellis LLP; Chicago
5:15-6:45 p.m.
Networking Reception
Sponsored by Jackson Walker LLP
Join us for drinks and hors d’oeuvres with faculty and participants.
Friday Morning, May 18
8:00-8:30 a.m.
Networking Breakfast
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 circuit splits, cross-border protocols, local rules and recent Supreme Court decisions. 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 (address will be provided upon conference registration).
Wayne P. Weitz, Moderator
Hammond Hanlon Camp LLC; New York
Hon. Kevin J. Carey
U.S. Bankruptcy Court (D. Del.); Wilmington
Hon. Daniel P. Collins
U.S. Bankruptcy Court (D. Ariz.); Phoenix
Hon. David R. Jones
U.S. Bankruptcy Court (S.D. Tex.); Houston
9:30-9:45 a.m.
Coffee Break
9:45-10:45 a.m. (1.00 hr.)
Distressed Higher Ed and Health Care Topics in Valuation
The valuation of financially distressed and insolvent higher-education and health care organizations is impacted by numerous factors, including government funding/reimbursement, changing business models and macroeconomic factors. This panel will examine recent developments in these areas and discuss how they impact valuation engagements.
Shane Goss, Moderator
Huron Consulting Group Inc.; Chicago
David Fields
RBC Capital Markets, LLC ; Philadelphia
Todd Patnode
Deloitte CRG; Dallas, TX
Cynthia Romano
CR3 Partners LLC; New York
10:45-11:45 a.m. (1.00 hr.)
Special Problems Presenting Financial Consultants as Expert Witnesses and Ethics Hot Topics
Ethical considerations in the preparation and presentation of financial consultants as expert witnesses and other ethics hot topics including recent developments in disclosure requirements and civility.
Michael P. Richman, Moderator
Hunton & Williams LLP; New York
George P. Angelich
Arent Fox LLP; New York
Ted Gavin
Gavin/Solmonese LLC; Wilmington
Prof. Nancy B. Rapoport
UNLV William S. Boyd School of Law; Las Vegas
11:45 a.m.
Adjourn
Conference Information
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 $245 per night from May 16-18, 2018. Reservations must be made directly with the hotel prior to April 13, 2018, 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 April 25, 2018. No refunds will be granted after April 25, but substitutions will be allowed. After April 25, 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. 17 hours of CPE credit, including 1 hour of ethics, are also available. Turnaround Professionals: Certificates of attendance will be available for CPE credits.
*ABI and AIRA 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 is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor 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 submitted to the National Registry of CPE Sponsors through its website, www.nasbaregistry.org.
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 March 30, 2018. 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].
Co-Chairs
Thomas Studebaker
AlixPartners LLP; Boston
Patricia B. Tomasco
Jackson Walker LLP; Houston
Advisory Board
Steven M. Abramowitz
Vinson & Elkins LLP; New York
George P. Angelich
Arent Fox LLP; New York
Lisa G. Beckerman
Akin Gump Strauss Hauer & Feld LLP; New York
Evan B. Blum
Alvarez & Marsal; New York
Jack Butler
Birch Lake Holdings, LP; 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 Inc.; Boston
Robert J. Dehney
Morris, Nichols, Arsht & Tunnell LLP; Wilmington, Del.
Joseph A. DiSalvatore
Grant Thornton LLP; New York
Adam Dunayer
Houlihan Lokey; Dallas
Leah M. Eisenberg
Foley & Lardner LLP; New York
Kenneth Epstein
Bentham IMF; New York
William Epstein
BRG Capstone; Los Angeles
Steven Fleming
PricewaterhouseCoopers LLP; New York
Gregory W. Fox
Goodwin Procter LLP; New York
Michael Friedman
Chapman and Cutler LLP; New York
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
Bradley E. Henn
FTI Consulting, Inc.; New York
David M. Hillman
Schulte Roth & Zabel LLP; New York
Gary T. Holtzer
Weil, Gotshal & Manges LLP; New York
Diana Hopkins
BDO Consulting; New York
Laura Davis Jones
Pachulski Stang Ziehl & Jones LLP; Wilmington, Del.
Robert Jordan
KCC; New York
Peter S. Kaufman
Gordian Group, LLC; New York
Adam B. Keil
Moelis & Company; New York
Paul D. Leake
Skadden, Arps, Slate, Meagher & Flom LLP; New York
Kenneth J. Malek
MalekRemian LLC; Libertyville, Ill.
Rachel Jaffe Mauceri
Morgan, Lewis & Bockius LLP; Philadelphia
Deirdre A. McGuinness
Epiq Systems, Inc.; New York
Thomas A. Morrow
Association of Insolvency & Restructuring Advisors; Franklin, Mich.
Patrick J. Nash Jr.
Kirkland & Ellis LLP; Chicago
Allen Pfeiffer
Duff & Phelps; Morristown, N.J.
Ian Ratner
GlassRatner Advisory & Capital Group LLC; Atlanta
Michael P. Richman
Steinhilber Swanson LLP; Madison, Wis.
Jeffrey N. Rothleder
Clark Hill PLC; Washington, D.C.
Dr. Faten Sabry
NERA Economic Consulting; New York
Israel Shaked
The Michel-Shaked Group; Boston
Ross Waetzman
Gavin/Solmonese LLC; Wilmington, Del.
Shai Y. Waisman
Prime Clerk; New York
Antony Walker
CR3 Partners LLC; Dallas
Steven T. Waterman
Dorsey & Whitney LLP; Salt Lake City
Allen D. Wilen
EisnerAmper LLP; Iselin, N.J.
Jack F. Williams
Baker Tilly Virchow Krause, LLP; Atlanta
Major Sponsors
FTI Consulting, Inc.
Event Sponsors
AlixPartners LLP
Baker Tilly Virchow Krause, LLP
Chapman and Cutler LLP
CR3 Partners LLC
Development Specialists, Inc.
Duff & Phelps
Gavin/Solmonese LLC
Grant Thornton LLP
Jackson Walker LLP
KCC
Pachulski Stang Ziehl & Jones LLP
Rust Consulting, Inc.
Schulte Roth & Zabel LLP
General Sponsors
Akin Gump Strauss Hauer & Feld LLP Alvarez & Marsal Arent Fox LLP BDO Consulting Bentham IMF Birch Lake Holdings, LP BRG Capstone Clark Hill PLC Dorsey & Whitney LLP EisnerAmper LLP Epiq Systems, Inc. Foley & Lardner LLP GlassRatner Advisory & Capital Group LLC Goodwin Procter LLP Gordian Group, LLC Houlihan Lokey Hughes Hubbard & Reed LLP |
Hunton Andrews Kurth LLP Huron Consulting Group Inc. Kirkland & Ellis LLP MalekRemian LLC Moelis & Company Morgan, Lewis & Bockius LLP Morris, Nichols, Arsht & Tunnell LLP NERA Economic Consulting; PricewaterhouseCoopers LLP Prime Clerk Skadden, Arps, Slate, Meagher & Flom LLP The Michel-Shaked Group Vinson & Elkins LLP Weil, Gotshal & Manges LLP WilmerHale Wilmington Trust |
Special Thanks
We extend our special thanks to Wilmington Trust for the tote bags.
2018 Conference Rates
Registration Rates | Early (by 3/9/18) |
Regular (3/10/18-5/8/18) |
Late (after 5/8/18) |
ABI/AIRA Member |
$745
|
$795 |
$845
|
Gov't./Aca./Nonprofit ABI/AIRA Member |
$345
|
$395 |
$445
|
New ABI/AIRA Member* |
$1040
|
$1090 |
$1140
|
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.