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Event Information 270751

Wednesday, February 27

9:30 a.m.-3:45 p.m.

Complex Financial Restructuring Program at VALCON 2019

For the first time in 10 years, ABI’s Complex Financial Restructuring Program is back in Las Vegas!
This program offers a unique approach to understanding the role of investment bankers and financial advisors in insolvency and restructuring. A case study will be presented as faculty members play the role of major constituents and dramatize the various perspectives of parties-in-interest.  If you advise clients on restructuring issues, then join us early for this one-of-a-kind program. 
You can register for both programs via the VALCON Register Now button.

2:00 p.m.

Registration Opens

3:45-4:00 p.m.

Welcoming Remarks

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

Case Study in Conjunction with the 2019 Complex Financial Restructuring Program: 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 strategy, valuation and the legal rights and remedies of the company, the company’s lenders and creditors.

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 with the Participants of the 2019 Complex Financial Restructuring Program

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

Thursday, February 28

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 hr.)

Hot Topics in Valuation & Creditworthiness Analyses

This session will discuss the latest developments and court experiences on quantitative financial distress/bankruptcy-prediction models, rating-agency determinations of expected recovery, and the valuation of liens. It will also explain why certain issues such as market efficiency, so far confined to the Delaware Chancery Court, are likely to soon migrate to the arena of bankruptcy litigation.

Prof. Israel Shaked, Moderator

Boston University/The Michel-Shaked Group; Boston

Dr. William Chambers

Fathom Analytics; Charlottesville, Va.

Dr. Faten Sabry

NERA Economic Consulting; New York

Bradford J. Sandler

Pachulski Stang Ziehl & Jones LLP; Wilmington, Del.

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

VALCON Talks

Based on the incredibly popular “TED Talks” format, VALCON Talks will feature seasoned experts providing their views on several valuation topics.

Jack Butler, Moderator

Birch Lake Holdings, LP; Chicago

What’s Wrong with Chapter 11?

Why doesn’t chapter 11 work the way Congress intended it to when they created it in 1978 and as amended? Why do businesses avoid it until it’s too late, and why do most cases end up being a 363 sale rather than a reorganization?

Prof. Charles J. Tabb

University of Illinois College of Law; Champaign, Ill

Do Private Equity and Hedge Funds Save or Kill Distressed Businesses?

Even as public markets rose worldwide over the last several years — the S&P 500 shot up by more than 20 percent, as did other major indices—investors continued to show interest and confidence in private markets. Private asset managers raised a record sum of nearly $750 billion globally in 2017, extending a cycle that began eight years ago. Fully 90 percent of fund investors said recently that private equity, the largest private asset class, will continue to outperform public markets and provide substantial (and critical) financing and liquidity to distressed businesses. Yet bankruptcy collapses like Toys R Us demonstrate that liquidation is often the best option for the controlling investors -- which may then be the public debt bondholders rather than the private equity funds who have already extracted value through fees, dividend recaps and other devices leaving what was an imperfect but functioning company on life support to be liquidated. What’s the verdict on PE and Hedge Fund investment in distressed M&A transactions: a life line or a death warrant?

Elizabeth I. Holland

Abbell Associates; Chicago

Pilar Tarry

AlixPartners LLC; Southfield, Mich

11:00-11:15 a.m.

Coffee Break

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

Lessons Learned from Contested Solvency and Valuation Trials

The panel will address a host of recurring issues, including (1) valuing non-cash-flowing and underperforming assets, (2) best practices to determine comparability, (3) best practices for the weighting of multiple methodologies, and (4) best practices for challenging/supporting projections. The panel will focus on recent bankruptcy cases and present views from financial, legal, investor and judicial perspectives.

David M. Hillman, Moderator

Schulte Roth & Zabel LLP; New York

Hon. Kevin J. Carey

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

Adam B. Keil

Moelis & Company; New York

Mark P. Kronfeld

BlackRock |Tennenbaum Capital Partner; New York

Rachel Jaffe Mauceri

Morgan, Lewis & Bockius LLP; Philadelphia

12:15-12:45 p.m.

Luncheon

12:45-1:45 p.m. (1.00 hr.)

Luncheon Keynote Presentation

The Keynote Luncheon presentation will feature a bipartisan discussion by former Senator Byron Dorgan and former Congressman Phil English on the 2018 elections and what they mean for business and investing.

Jon S. Bouker, Moderator

Arent Fox LLP; Washington, D.C.

Byron Dorgan, former U.S. Senator (D- N.D.)

Arent Fox LLP; Washington, D.C.

Philip S. English, former U.S. Congressman (R- N.J.)

Arent Fox LLP; Washington, D.C.

1:45-2:00 p.m.

Refreshment Break

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

The Impact of the Tax Reform Bill on Valuations

Luchanna Hall, Moderator

BDO USA, LLP; Los Angeles

John Chase

Dorsey & Whitney LLP; Palo Alto, Calif

Richard Law

Alvarez & Marsal; New York

Scott E. Moresco

KPMG LLP; Chicago

John Narducci

Orrick; New York

3:00-3:15 p.m.

Refreshment Break

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

Estimating the Value of Causes of Action for Purposes of Plan Releases in Chapter 11 Plan-Support Agreements

This panel will discuss valuing releases granted to third parties in both the chapter 11 plan context and in the context of restructuring support agreements. Our discussion will look at both the legal standard necessary to obtain approval of the releases, the means and methods by which restructuring professionals can and should value those releases, and best practices for determining whether or not the value of the releases supports the causes of action that will be waived.

Jeffrey N. Rothleder, Moderator

Clark Hill PLC; Washington, D.C.

Beth Brownstein

Arent Fox LLP; New York

Leah M. Eisenberg

Foley & Lardner LLP; New York

David MacGreevey, CIRA

AlixPartners; New York

Michael Vitti

Duff & Phelps, LLC; East Hanover, NJ

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

Valuing Debtors Still in Development: The Pre-Earnings Conundrum

Not all new ventures finance their development with equity capital; some companies access debt capital even before achieving earnings stability. A stumble on the road to profitability can lead to distress, insolvency and bankruptcy, as was observed in cases like SunEdison and LightSquared, as well as in several recent biotech and E&P-related bankruptcies. Once distress sets in, traditional valuation methodologies can become challenging to implement, especially for litigation purposes. This panel will consider how parties and, in turn, bankruptcy courts should consider valuation issues respecting debtors that falter while still in the developmental stage.

Robert J. Stark, Moderator

Brown Rudnick LLP; New York

Adam Dunayer

Houlihan Lokey; Dallas

Steven J. Fleming, CIRA, CDBV

PwC; New York

Ross Waetzman

Gavin/Solmonese LLC; Wilmington

Allen D. Wilen

EisnerAmper LLP; Iselin, NJ

5:15-6:45 p.m.

Networking Reception

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

Friday, March 1

8:00-8:30 a.m.

Networking Breakfast

8:25-8:30 a.m.

Welcoming Remarks

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

Judicial Panel

Join us for a discussion on hot topics and recent developments on valuation issues in bankruptcy.

Patricia B. Tomasco, Moderator

Jackson Walker; Houston

Hon. Kevin J. Carey

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

Hon. David R. Jones

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

Hon. Mary F. Walrath

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

9:30-9:45 a.m.

Coffee Break

9:45-10:45 am (1.00 hr.)

Preparing for Direct and Cross-Examination Testimony as a Valuation Expert

During this session, this distinguished panel will examine the art of preparing to put on contested valuation testimony (direct and cross). The panelists have approximately a combined century of experience and will engage in a lively back-and-forth on recurring issues and themes that arise in the valuation of enterprises and assets.

Van C. Durrer II, Moderator

Skadden, Arps, Slate, Meagher & Flom LLP; Los Angeles

Derek C. Pitts

PJ Solomon; New York

Ian Ratner

GlassRatner Advisory & Capital Group LLC; Atlanta

Hon. Mary F. Walrath

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

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

Duties of PE-Controlled Board Members, Their Counsel, and Valuation Advisors

This session will explore the unique fiduciary-duty and ethical issues confronted by board members of distressed companies that are owned and controlled by private-equity sponsors, including the impact of multitranche and unitranche financing structures, contractual-duty limitations and exculpations, and the issues confronted by valuation advisors in these situations.

Kenneth J. Malek, CIRA, CDBV, Moderator

MalekRemian LLC; Libertyville, Ill.

Thomas J. Allison

Portage Point Partners; Chicago

Hon. Bruce A. Markell (ret.)

Northwestern University; Chicago

Peter S. Partee Sr.

Hunton Andrews Kurth; New York

Steven Zelin

PJT Partners; New York

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 $249 per night from February 26-March 1, 2019. Reservations must be made directly with the hotel prior to January 25, 2019, 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 February 6, 2019. No refunds will be granted after February 6, but substitutions will be allowed. After February 6, 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

 

11.5 hours of CLE credit, including 1 hour of ethics, are pending in states calculating CLE on a 60-minute hour, and 13.8 hours of CLE credit, including 1.2 hours of ethics, are pending in 50-minute-hour states. Credit hours granted are subject to each state’s CLE credit-approval regulations and might not be approved prior to the program. NY MCLE: This transitional and non-transitional program has been approved in accordance with the requirements of the CLE Board for a maximum of 13.5 credit hours, of which 1 hour of credit can be applied toward the ethics professionalism requirement. California MCLE: ABI certifies that this activity has been approved for MCLE credit in the amount of 11.5 hours, of which 1 hour will apply to ethics. 13.5 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 January 18, 2019. 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

Patricia B. Tomasco

Jackson Walker; Houston

Jack F. Williams

Baker Tilly Virchow Krause, LLP; Atlanta

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

Jack Butler

Birch Lake Holdings, LP; Chicago

R. Brian Calvert

Development Specialists, Inc.; Los Angeles

Sylvia Cho

Grant Thornton LLP; New York

Steven 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.

Adam Dunayer

Houlihan Lokey; Dallas

Van C. Durrer, II

Skadden, Arps, Slate, Meagher & Flom LLP; Los Angeles

Leah M. Eisenberg

Foley & Lardner LLP; New York

Steven J. Fleming

PwC; 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.

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 A. Hopkins

BDO USA, LLP; New York

Laura Davis Jones

Pachulski Stang Ziehl & Jones LLP; Wilmington, Del.

Robert Jordan

KCC; New York

Adam B. Keil

Moelis & Company; New York

Teresa C. Kohl

SSG Capital Advisors, LLC; 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; New York

Thomas A. Morrow

Association of Insolvency & Restructuring Advisors; Franklin, Mich.

Patrick J. Nash, Jr.

Kirkland & Ellis LLP; Chicago

Allen Pfeiffer

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

Barry G. Radick

Alvarez & Marsal; New York

Ian Ratner

GlassRatner Advisory & Capital Group LLC; Atlanta

Michael P. Richman

Steinhilber Swanson LLP; Madison, Wis.

Jeffrey N. Rothleder

Clark Hill PLC; Washington, D.C.

Dr. Faten Sabry

NERA Economic Consulting; New York

Prof. Israel Shaked

Boston University/The Michel-Shaked Group; Boston

Robert J. Stark

Brown Rudnick LLP; New York

Thomas Studebaker

AlixPartners LLP; 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.

 

 

 

Partners

Event Sponsors

Chapman and Cutler LLP
Development Specialists, Inc.
FTI Consulting, Inc.

Special Thanks

We extend our special thanks to Wilmington Trust for the tote bags.

 

VALCON 2019 Registration Rates

Registration Rates Early
(by 12/21/18)
Regular
(12/22/18-2/8/19)
Late
(after 2/8/19)
ABI/AIRA Member
$745
$795
$845
Gov't./Aca./Nonprofit ABI/AIRA Member
$345
$395
$445
New ABI/AIRA Member*
$1,070
$1,120
$1,170
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 $620 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.

VALCON 2019 & CFRP 2019 Joint Registration Rates

Registration Rates Early
(by 12/21/18)
Regular
(12/22/18-2/8/19)
Late
(after 2/8/19)
ABI/AIRA Member
$995
$1075
$1125
Gov't./Aca./Nonprofit ABI/AIRA Member
$550
$600
$650
New ABI/AIRA Member*
$1,320
$1,400
$1,450
New Gov't./Aca./Nonprofit ABI/AIRA Member*
$645
$695
$745

*Includes a one-year ABI and AIRA membership for first-time members only — a $620 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.

 

AIRA Members: To register at the member rate, please contact the ABI Accounting office at 703-739-0800 or by emailing Adnan Khan at akhan@abiworld.org