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

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

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.

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