VALCON 2016: Emerging Valuation Issues in Bankruptcy and Beyond

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VALCON 2016: Emerging Valuation Issues in Bankruptcy and Beyond

March 14-16, 2016 Four Seasons Hotel Las Vegas, Las Vegas

On behalf of our distinguished faculty and advisory board, we are pleased to invite you to attend VALCON 2016 at the Four Seasons Hotel in Las Vegas. VALCON 2016 is a unique opportunity to meet some of the leading professionals and dealmakers in the distressed debt, restructuring and valuation industry. If you are a dealmaker, fund investor, or financial or legal advisor, you’ll want to join us!

A joint program of the American Bankruptcy Institute, Association of Insolvency & Restructuring Advisors (AIRA) and The University of Texas School of Law


Earn up to 14.25/17 hours of CLE/CPE credit, including 1 hour of ethics!

*AIRA Members: Please contact Michael Johnson at 703-739-0800 or at [email protected] to register at the member rate.


Event Information 234826


Monday Afternoon, March 14

12:15 p.m.

Registration Opens

Track A: Valuation Fundamentals Workshop

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. 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

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. Jim Nolen

The University of Texas at Austin, McCombs School of Business; Austin, Texas

3:45 - 4:00 p.m.

Refreshment Break

4:00 - 5:30 p.m. (1.50 hrs.)

Case Study: An Interactive Negotiation of a Distressed Company Restructuring

This panel will use a case study approach in discussing the restructuring alternatives of a company with multiple debt tranches with mock negotiations between and among a distressed company, its 1st lien lenders, 2nd lien lenders and equity sponsor. The presentation will focus on valuation, the rights, remedies and restrictions of each of the lender groups and the equity sponsor both outside of a bankruptcy and following the commencement of a bankruptcy proceeding, and the impact of debt trading on such negotiations.

Michael Friedman, Moderator

Chapman and Cutler LLP; New York

Larry G. Halperin

Chapman and Cutler LLP; New York

Prof. C. Randel Lewis

University of Denver, Daniels College of Business; Denver

Prof. David C. Smith

University of Virginia, McIntire School of Commerce; Charlottesville, Va.

5:30 - 6:30 p.m.

Opening Networking Reception

Sponsored by Chapman & Cutler LLP and NERA Economic Consulting

Join us for drinks and hors d'oeuvres with faculty and participants.


Track B: Technical Valuation Issues

Sponsored by Berkeley Research Group, LLC and Dorsey & Whitney LLP


Presiding Officer:

Thomas A. Morrow

Director, AIRA; Franklin, Mich.

12:50 p.m.

Welcoming Remarks

1:00 - 2:15 p.m. (1.25 hrs.)

Proper Structuring on the Front End

Gain practical insight for owners, investors, lawyers and financial advisors to properly structure on the front end of a transaction in order to mitigate the risk of a subsequent fraudulent transfer challenge.

David M. Hillman, Moderator

Schulte Roth & Zabel LLP; New York

William Epstein

BRG Capstone; Los Angeles

Andrew N. Goldman

WilmerHale; New York

Yvette Austin Smith

The Brattle Group, Inc.; New York

Steven T. Waterman

Dorsey & Whitney LLP; Salt Lake City

2:15 - 2:30 p.m.

Refreshment Break

2:30 - 3:45 p.m. (1.25 hrs.)

Estimating the Cost of Capital When Determining a Fair Valuation for Solvency Assessments

This session, which is based on real case examples, addresses issues such as capital structure (debtor’s actual vs. industry average), cost of debt (debtor’s actual vs. industry average), and modifications to the CAPM (e.g., size premium). 

Roger J. Grabowski ASA

Duff & Phelps Corp.; Chicago

3:45 - 4:00 p.m.

Refreshment Break

4:00 - 5:30 p.m. (1.50 hrs.)

Use of Derivatives and Probabilistic Methods in Bankruptcy, Workouts and Insolvency Matters

Whether it is warrants for junior creditors or equity incentive options for a new management team, derivatives have long played a role in negotiating restructuring outcomes. However, as capital structures have become more complex and stakeholders in distressed companies more sophisticated, derivatives and advanced analytic techniques are playing a larger role in the world of bankrupt and distressed companies. This panel explores theoretical as well as practical issues associated with derivatives and probabilistic methods in a distressed environment, and draws from real-world examples of their increased use in the world of troubled, underperforming and revitalized companies.

Marc Brown, Moderator

AlixPartners, LLP; Chicago

Hon. Martin Glenn

U.S. Bankruptcy Court (S.D.N.Y.); New York

Michael D. Messersmith

Kaye Scholer LLP; Chicago

Faten Sabry

NERA Economic Consulting; New York, NY

5:30 - 6:30 p.m.

Opening Networking Reception

Sponsored by Chapman & Cutler LLP and NERA Economic Consulting

Join us for drinks and hors d'oeuvres with faculty and participants.

Tuesday Morning, March 15

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 - 10:00 a.m. (1.00 hrs.)

ABI Commission Report: Proposed Amendments and Their Impact on Valuation

This panel will discuss the rationale and practical consequences of the nuanced approach to the often difficult concept of valuation in Chapter 11 taken by the ABI Chapter 11 Commission’s recommendations.

Deborah D. Williamson, Moderator

Dykema Cox Smith; San Antonio

Prof. Michelle M. Harner

University of Maryland Francis King Carey School of Law; Baltimore

Daniel B. Kamensky

Marble Ridge Capital LP

James “Jim” Seery

River Birch Capital, LLC; New York

10:00 - 11:00 a.m. (1.00 hrs.)

Current Issues in Valuing Intellectual Property

New and emerging issues in intellectual property monetization and valuation in and out of bankruptcy court, including recent case updates from Radio Shack, and Facebook; emerging issues on ownership and valuation of social media accounts, and other recent intellectual property valuation issue beyond the basics.

Patricia Baron Tomasco, Moderator

Jackson Walker L.L.P.; Austin, Texas

Brian Blonder

FTI Consulting; Washington, D.C.

David Drews

IPmetrics LLC, San Diego, CA

Gabe Fried

Hilco Streambank; Needham, Mass.

11:00 - 11:15 a.m.

Coffee Break

Sponsored by Development Specialists, Inc.

11:15 a.m. - 12:15 p.m. (1.00 hr.)

Valuation in Municipal Restructurings: Constitutional, Legal and Practical Issues

The Tenth Amendment has been construed to require that a municipality in bankruptcy must maintain control over its assets and revenues, but the Bankruptcy Code requires that the municipality establish that its plan of adjustment is in the best interests of creditors and is feasible. This program will address that conflict and a range of other issues relating to valuation that arise in municipal restructuring cases, including valuing assets such as tax revenues streams, as well as such obligations as bond, pension and health care.

Kenneth A. Buckfire, Moderator

Miller Buckfire & Co. LLC, New York, NY

Bruce S. Bennett

Jones Day; Los Angeles, Ca.

Jose Monge-Robertin

Monge Robertin & Asociados, Inc., Caguas, PR

12:15 - 1:15 p.m.

Adjourn to Luncheon and Keynote Presentation

Tuesday Afternoon, March 15

12:45-1:30 p.m. (.75 hr.)

Luncheon Keynote Presentation

Sponsored by KCC and The Michel-Shaked Group


Detroit Then And Puerto Rico Now: The Similarities and the Differences

The stakeholders in the Puerto Rico debt crisis – the bondholders, the pension creditors, the residents and the politicians - can learn much from the Detroit bankruptcy case. Based on his judicial experience with the Detroit bankruptcy case and his recent work with Puerto Rico, Judge Rhodes will address those lessons and the shared sacrifices that will be required from everyone to give the island a fresh start.

Hon. Steven W. Rhodes, (ret.)

Bankruptcy Judge (Retired); Ann Arbor, Mich.

1:30-1:45 p.m.

Refreshment Break

1:45-3:15 p.m. (1.50 hrs.)

Application of Valuation Principles: Industry Specific Valuation Methods

A discussion of core valuation methodologies and principles, and how those are applied (or should not be applied) to specific business sectors, with specific focus on the shipping industry, the oil and gas industry, and the healthcare industry.

William L. Wallander, Moderator

Vinson & Elkins LLP; Dallas

Joseph A. DiSalvatore

Grant Thornton LLP; New York

Adam Dunayer 

Houlihan Lokey; Dallas

Shane P. Goss

Huron Consulting Group LLC

Hon. Mark X. Mullin

U.S. Bankruptcy Court (N.D. Tex.); Fort Worth

3:15-3:30 p.m.

Refreshment Break

Sponsored by Schulte Roth & Zabel LLP

3:30-4:30 p.m. (1.00 hr.)

Valuation of Middle-Market Companies

Robert J. Dehney, Moderator

Morris, Nichols, Arsht & Tunnell LLP; Wilmington, Del.

Kathryn A. Coleman

Hughes Hubbard & Reed LLP; New York

Peter S. Kaufman

Gordian Group, LLC; New York

Robert C. Smith

SSG Capital Advisors, LLC; New York, NY

4:30-5:30 p.m. (1.00 hr.)

Valuation and Distressed Investment Strategies

How does valuation factor into successful distressed investment strategies? Are valuations for distressed assets and companies increasingly dependent on an assessment of the underlying hard assets of target companies? How does commodity pricing risk factor in? What happens when valuations in general become too rich for firms to generate returns typically sought by distressed investors? Are distressed investors becoming more opportunistic by looking beyond valuation metrics to enhance returns through advocating legal interpretations in underlying credit documents to support enhanced recoveries? Our roundtable will examine these questions and discuss their views on the outlook for distressed investing in 2016 and beyond.

Jack Butler, Moderator

Hilco Global; Northbrook, Ill.

William Q. Derrough

Moelis & Company, New York, NY

Jeffrey Fitts

Highbridge Capital Management, LLC, New York, NY

Kevin A. Krakora

KPMG LLP , Chicago, IL

Sharon L. Levine

Lowenstein Sandler LLP; Roseland, NJ  

5:30-7:00 p.m.

Networking Reception

Sponsored by Huron Consulting Group and Vinson & Elkins LLP

Join us for drinks and hors d'oeuvres with faculty and participants.

Wednesday Morning, March 16

8:00 - 8:30 a.m.

Networking Breakfast

Sponsored by the ABI Financial Advisors and Investment Banking Committee

8:30 - 9:30 a.m. (1.00 hr.)

Judicial Panel

A discussion of current issues of interest to bankruptcy judges and insolvency professionals.

Ron E. Meisler, Moderator

Skadden, Arps, Slate, Meagher & Flom LLP; Chicago

Hon. Bruce T. Beesley

U.S. Bankruptcy Court (D. Nev.); Reno

Hon. Martin Glenn

U.S. Bankruptcy Court (S.D.N.Y.); New York

Hon. Frank J.C. Newbould

Ontario Superior Court of Justice, Commercial List Division , Toronto, ON

Hon. Christopher S. Sontchi

U.S. Bankruptcy Court (D. Del.); Wilmington

9:30 - 9:45 a.m.

Coffee Break

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 macro-economic factors. This panel examines recent developments in these three areas and discusses 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

Jeffrey L. Jonas

Brown Rudnick LLP; Boston, MA

Allen Pfeiffer

Duff and Phelps, LLC; New York, NY

David W. Prager

Goldin Associates, LLC; New York 

10:45-11:45 a.m. (1.00 hr.)

Ethics: Retention and Compensation of Professionals

A discussion of the ethics landscape from the retention application and disclosure requirements, to the decision-making process in undertaking work, recording the time, and contesting/defending the fee application.

Michael P. Richman, Moderator

Hunton & Williams LLP; New York

Edward T. Gavin

Gavin/Solmonese; Wilmington, Del.

William K. Harrington

Office of the U.S. Trustee; New York

Brian M. Resnick

Davis Polk & Wardwell LLP; New York

11:45 a.m.



Conference Co-Chairs

Stephen B. Darr

Huron Consulting Group Inc.; Boston

Jay M. Goffman

Skadden, Arps, Slate, Meagher & Flom LLP; New York

Advisory Board

Lisa G. Beckerman

Akin Gump Strauss Hauer & Feld LLP; New York

Evan B. Blum

GlassRatner Advisory & Capital Group LLC; New York

C.J. Brown

PJT Partners Inc.; New York

Jack Butler

Hilco Global; Northbrook, Ill.

R. Brian Calvert

Development Specialists, Inc.; Chicago

Charles W. Carroll

FTI Consulting, Inc.; Dallas

Steve Cimalore

Wilmington Trust; Wilmington, Del.

Robert J. Dehney

Morris, Nichols, Arsht & Tunnell LLP; Wilmington, Del.

Joseph A. DiSalvatore

Grant Thornton LLP; New York

Paul C. duVair

Corporate Valuation Consulting, LLC; Chicago, IL

Adam Dunayer

Houlihan Lokey; Dallas

Leah M. Eisenberg

Arent Fox LLP; New York

Randall S. Eisenberg

AlixPartners, LLP; New York

Steven Fleming

PwC; New York

Michael Friedman

Chapman and Cutler LLP; New York

Edward T. Gavin

Gavin/Solmonese LLC; Wilmington, Del.

Samuel J. Gerdano

American Bankruptcy Institute; Alexandria, Va.

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

Gary T. Holtzer

Weil, Gotshal & Manges LLP; New York

Laura Davis Jones

Pachulski Stang Ziehl & Jones LLP; Wilmington, Del.

Peter S. Kaufman

Gordian Group, LLC; New York

Teresa C. Kohl

SSG Capital Advisors, LLC; New York

James M. Lukenda

Huron Consulting Group Inc.; New York

Thomas A. Morrow

AlixPartners, LLP; Southfield, 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 and Phelps Corp.; Morristown, N.J.

Geoffrey T. Raicht

Proskauer; New York

Brian M. Resnick

Davis Polk & Wardwell LLP; New York

Michael P. Richman

Hunton & Williams LLP; New York

Laureen M. Ryan

Alvarez & Marsal; New York

Faten Sabry

NERA Economic Consulting; New York

James “Jim” Seery

River Birch Capital, LLC; New York

Israel Shaked

The Michel-Shaked Group; Boston

Paul N. Shields

Berkeley Research Group, LLC; Salt Lake City

William S. Sugden

Alston & Bird LLP; Atlanta

Kaaran E. Thomas

McDonald Carano Wilson LLP; Reno, Nev.

Patricia Baron Tomasco

Jackson Walker L.L.P.; Austin, Texas

William L. Wallander

Vinson & Elkins LLP; Dallas

Steven T. Waterman

Dorsey & Whitney LLP; Salt Lake City


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 $235 per night from March 13-16, 2016. Reservations must be made directly with the resort prior to February 12, 2016. 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.


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

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 22, 2016. No refunds will be granted after February 22, but substitutions will be allowed. After February 22, 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. Up to 17 hours of CPE* credits available – including 1.0 hour of Ethics and up to 16.0 hours of Accounting, 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 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 29, 2016. 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


AlixPartners, LLP


FTI Consulting, Inc.


Gavin Solmonese



Event Sponsors


Berkeley Research Group, LLC

Chapman & Cutler , LLP

Charles River Associates

Davis Polk & Wardwell LLP

Development Specialists, Inc.

Donlin, Recano & Company, Inc.

Dorsey & Whitney LLP

Duff & Phelps, LLC

East West Bank

Gordian Group, LLC

Grant Thornton LLP

Huron Consulting Group


Morris, Nichols, Arsht & Tunnel LLP

NERA Economic Consulting

Pachulski Stang Ziehl & Jones LLP

Schulte Roth & Zabel LLP

The Michel-Shaked Group

Vinson & Elkins LLP

Wilmington Trust

Special Thanks


We extend our special thanks to Charles River Associates for the conference wi-fi , Davis Polk & Wardwell LLP for the conference e-newsletter, Donlin, Recano & Co. for the conference app, East West Bank for the conference lanyards, Gordian Group LLC & Morris, Nichols, Arsht & Tunnell LLP for the cell phone charging station, Grant Thornton LLP for the water bottles, Thomson Reuters for the printed educational materials and Wilmington Trust for the tote bags.

VALCON 2016 Registration Rates


Registration Rates Early
(postmarked by 1/1/16)




(after 2/20/16)

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

*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.


AIRA Members: Please contact Michael Johnson at 703-739-0800 or at [email protected] to register at the member rate.