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Sessions

Event Information 259512

Wednesday Afternoon, May 16

12:15 p.m.

Registration Opens

12:50 a.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

Two international restructuring experts discuss 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 Rust Consulting, Inc.

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

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

Hector G. Calzada, Jr.

Deloitte CRG; Atlanta

David Fields

RBC Capital Markets, LLC ; Philadelphia

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 adonohue@abiworld.org.

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

Hunton Andrews Kurth LLP; New York

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

 

 

 

Partners

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

Alvarez & Marsal

Akin Gump Strauss Hauer & Feld LLP

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
(3/10/18-5/4/18)
Late
(after 5/4/18)
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.