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.

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

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.

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.

Adjourn