12:15 p.m.

Registration Opens

 

Track A: Valuation Fundamentals Workshop

Sponsored by Dorsey & Whitney LLP

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. James A. Nolen

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. James A. Nolen

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

3:45 - 4:00 p.m.

Refreshment Break

 

Track B: Technical Valuation Issues

12:50 p.m.

Welcoming Remarks

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

Preparing Expert Valuation Reports

This session will discuss dealing with the factual issues of the case, interrelated opinions, supporting counsel, fraudulent conveyance, plan value/plan current valuations and more.

Steven T. Waterman, Moderator

Dorsey & Whitney LLP; Salt Lake City

Bruce B. Bingham

Berkeley Research Group, LLC; New York

Eric J. Held

Development Specialists, Inc.; Los Angeles

David M. Hillman

Schulte Roth & Zabel LLP; New York

2:15 - 2:30 p.m.

Refreshment Break

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

Defending Your Expert Report in a Daubert Challenge

This session will present some hypothetical scenarios for how your report might be challenged — and strategies for your response.

Jack F. Williams, Moderator

Baker Tilly Virchow Krause, LLP; Atlanta

A. Katrine Jakola

Kirkland & Ellis LLP; Chicago

Ian Ratner

GlassRatner Advisory & Capital Group LLC; Atlanta

Faten Sabry

NERA Economic Consulting; New York

Deborah D. Williamson

Dykema Cox Smith; San Antonio, Tex.

3:45 - 4:00 p.m.

Refreshment Break

 

Track A and Track B

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

Valuation Case Study

Michael Friedman, Moderator

Chapman and Cutler LLP; New York

Robert J. Frezza

Deloitte CRG; Verona, NJ

Prof. C. Randel Lewis

University of Denver, Daniels College of Business; Denver

Morrie Rutman

Richter Consulting, Inc.; Chicago

5:30 - 7:00 p.m.

Opening Networking Reception

Sponsored by AlixPartners LLP, Chapman & Cutler LLP and Vinson & Elkins LLP

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

8:00 - 8:45 a.m.

Registration and Networking Breakfast

8:45 - 9:00 a.m.

Welcoming Remarks

9:00 - 10:00 a.m. (1.00 hrs.)

Distressed Investment Strategies

A busy restructuring market over the past couple years has brought to light a variety of issues facing distressed investors and advisors today. Key concerns frustrating investors include assessing when to fund operational losses versus exit investments quickly, whose recovery gets impaired for the cost of the restructuring, and strategies to salvage (distressed) investments that head south. This panel will broadly discuss these and other topics of interest regarding distressed investments.

Randall S. Eisenberg, Moderator

AlixPartners LLP; New York

Marc Glogoff

Barclays; New York

Andrew Milgram

Marblegate Asset Management, LLC; Greenwich, Conn.

James Seery

River Birch Capital; New York

Douglas E. Spelfogel

Foley & Lardner LLP; New York

10:00 - 11:15 a.m. (1.25 hr.)

The Proper Role of an Examiner in Chapter 11 Cases

This panel will discuss the role of an examiner in addressing valuation issues.

Andrew N. Goldman, Moderator

WilmerHale LLP; New York

Hon. Kevin J. Carey

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

Allen Pfeiffer

Duff & Phelps, LLC; New York

Jeffrey Rothleder

Arent Fox; Washington, DC

11:15 - 11:30 a.m.

Coffee Break

Sponsored by Development Specialists, Inc.

11:30 a.m. - 12:30 p.m. (1.00 hr.)

Determining Valuation and the Fulcrum Security Amidst Market Volatility: When the “In the Money” Mark Moves

This roundtable session will discuss the timing and methodology for deciding business enterprise valuations in the context of § 363 sales and chapter 11 plans, including the recent fights in commodity cases, alternative valuation approaches such as the American/US Airways post-emergence valuation methodology, valuation recommendations from the ABI Chapter 11 Reform Commission, the inequities suffered by stakeholders when valuations are marked “too quickly” in reorganization cases, and how this process will continue to benefit new-money investors and acquirers in the years to come.

Jack Butler, Moderator

Birch Lake Holdings; Chicago

Sharon L. Levine

Saul Ewing LLP; Newark, N.J.

Russell Mason

Houlihan Lokey; Dallas

James P. Seery, Jr.

River Birch Capital, LLC; New York

12:30 - 1:45 p.m.

Adjourn to Luncheon and Keynote Presentation

1:00 - 1:45 p.m. (.75 hr.)

Luncheon Keynote Presentation

Sponsored by KCC and The Michel-Shaked Group

Eye on Bankruptcy: Municipal Bankruptcies

This session will discuss what is happening in the bond market and opportunities, and will examine different stakeholder claims, such as pensions, unions and essential services.

Bill Rochelle, Moderator

American Bankruptcy Institute; New York

Cate Long

Puerto Rico Clearinghouse; New York

1:45 - 2:00 p.m.

Refreshment Break

2:00 - 3:00 p.m. (1.00 hr.)

Valuation Issues for the Clean Energy and Power Industry

Clean energy is rapidly evolving and becoming an accepted and integrated part of the power generation network, providing the majority of all newly installed capacity. Yet it remains in the early stages of development in many ways. How should investors in distressed and nondistressed scenarios consider valuing assets that are subject to macro tax and policy factors, as well as competitive dynamics within the space?

Aris Karcanias, Moderator

FTI Consulting, Inc.; London

Kenneth Epstein

MBIA Insurance Corp.; Purchase, NY

Hon. Marvin Isgur

U.S. Bankruptcy Court (S.D. Tex.); Houston

Chaim Lubin

Lincoln International; Chicago

Daniel P. Sinaiko

Akin Gump Strauss Hauer & Feld LLP; Los Angeles

3:00 - 3:15 p.m.

Refreshment Break

Sponsored by Schulte Roth & Zabel LLP

3:15 - 4:15 p.m. (1.00 hr.)

Valuation of Litigation Assets for Providing Financing and Other Purposes

This session highlights litigation trusts — and the pros and cons of assigning value or not. The panelists will discuss parties looking to provide funds on litigation decisions and how much to fund based on how much value is placed on recoveries, as well as tax issues in the valuation of initial assets.

Peter G. Wollmeringer, Moderator

Huron Consulting Group Inc.; New York

Justin Brass

Burford Capital LLC; New York

Schuyler G. Carroll

Perkins Coie LLP; New York

Joseph A. DiSalvatore

Grant Thornton LLP; New York

Erez Levy

Fortress Investment Group LLC; San Francisco, CA

4:15 - 5:15 p.m. (1.00 hr.)

Valuation of Assets and Restructuring in Emerging Markets

This session will discuss Brazil and Argentina; unsecured creditors, which are squeezed in the middle during recovery process; and the handicapping of going to court vs. staying out.

D. Jeffrey Harder, Moderator

Deloitte LLP; Vancouver, BC

C.J. Brown

PJT Partners; New York

Chris L. Dickerson

Paul Hastings LLP; Chicago

Timothy Graulich

Davis Polk & Wardwell LLP; New York

5:15 -  6:45 p.m.

Networking Reception

Sponsored by Akin Gump Strauss Hauer & Feld LLP, NERA Economic Consulting and Saul Ewing LLP

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

8:00 - 8:30 a.m.

Networking Breakfast with the Judges

Sponsored by ABI’s Financial Advisors and Investment Banking Committee

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 the timing of valuation issues (featuring a discussion of the CSN Houston decision), valuation issues in energy cases, mediating valuation issues, structured dismissals and successor liability post-General Motors. New this year: 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.

Jordi Guso, Moderator

Berger Singerman LLP; Miami

Hon. Kevin J. Carey

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

Hon. Robert D. Drain

U.S. Bankruptcy Court (S.D.N.Y.); White Plains

Hon. Marvin Isgur

U.S. Bankruptcy Court (S.D. Tex.); Houston

9:30 - 9:45 a.m.

Coffee Break

Sponsored by CR3 Partners, LLC

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 macroeconomic factors. This panel will examine recent developments in these three areas and discuss 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

Keith D. Lowey

Verdolino & Lowey, P.C.; Foxboro, Mass.

David M. Smith

Griffin Hamersky LLP; New York

Michael Vitti

Duff & Phelps, LLC; Morristown, N.J.

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

Ethical Issues Involving Disclosures and Retention

This session will cover protecting confidential client information, 2019 forms and filing issues, and ethical issues and fees for services, as well as discuss expert valuations and reports.

Kathryn A. Coleman, Moderator

Hughes Hubbard & Reed LLP; New York

Eric J. Fromme

Jeffer Mangels Butler & Mitchell LLP; Irvine, Calif.

William K. Harrington

Office of the U.S. Trustee, New York

11:45 a.m.

Adjourn