12:15 p.m.

Registration Opens

Track A: Valuation Fundamentals Workshop

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

Presiding Officer:

Prof. Jim Nolen

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

12:50 p.m.

Welcoming Remarks

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

Accounting and Finance Basics: Key Characteristics in Analyzing Distressed Entities

Distressed companies usually show declining financial performance prior to failure. This session will focus on key financial ratios such as liquidity, leverage and coverage, as well as a firm’s sources and uses of funds, cash-conversion cycle and free cash flow, both before and after restructuring.

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

A review and analysis of the cost, market and income (cash flow) approaches in business valuation, including key assumptions in each of these valuation methodologies and a discussion of how academics and practitioners vary in their approaches. 

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 - 5:15 p.m. (1.25 hrs.)

Case Study: An Interactive Negotiation of a Distressed Company Restructuring

Using a case study approach, this panel will examine the restructuring alternatives of a typical mid-cap company, with mock negotiations between and among a distressed company, its senior secured bank lenders, its mezzanine lenders and the equity. The presentation will focus on valuation, along with the benefits and burdens of (1) bankruptcy, (2) exercising the rights and remedies of a secure lender, (3) a consensual out-of-court restructuring and (4) the techniques and strategies for each constituency to achieve its goals. 

Michael Friedman, Moderator

Chapman and Cutler LLP; New York

Larry G. Halperin

Chapman and Cutler LLP; New York

Prof. David C. Smith

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

Franklin H. Top, III

Chapman and Cutler LLP; Chicago

5:15 - 6:30 p.m.

Opening Networking Reception

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

Sponsored by Chapman and Cutler LLP and PwC

 

Track B: Technical Valuation Issues

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

Presiding Officer:

Grant Newton

Pepperdine University and AIRA; Medford, Ore.

12:50 p.m.

Welcoming Remarks

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

Valuation Adjustment

Valuation is a critical, and often hotly disputed, issue in most bankruptcy cases. Enterprise valuations drive creditor recoveries, and solvency valuations are often outcome-determinative for the success (or failure) of fraudulent transfer and other bankruptcy-related litigation. As a result, valuation disputes often become mini-battles of the experts, the reasonableness of their assumptions and their relative credibility. Disputes usually center around those items where the expert has made subjective adjustments based on professional judgment, and even small adjustments can lead to substantial differences in value. This panel explores those issues that are most often “adjusted” based on professional judgment, including normalizing EBITDA, methodology weighting, treatment of excess cash, control premiums, minority discounts, liquidity discounts, and contingent assets and liabilities. 

David M. Hillman, Moderator

Schulte Roth & Zabel LLP; New York

Bruce B. Bingham

Capstone Advisory Group, LLC; New York

Bryan Benoit 

Grant Thornton LLP; Houston

Perry M. Mandarino

PwC; New York

Dr. Faten Sabry

NERA Economic Consulting; New York

2:15 - 2:30 p.m.

Refreshment Break

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

Assessment and Quantification of Long-Term, Unliquidated Debt

Issues surrounding the assessment and quantification of long-term, unliquidated obligations; such as pensions, environmental remediation, and perpetual care of cemeteries, are complex and divisive. This panel will explore the issues, as well as methods and techniques, to be considered when assessing and quantifying such debt in the context of financial distress and bankruptcy. 

Paul N. Shields, Moderator

Berkeley Research Group, LLC; Salt Lake City, Utah

Stephen Gerlach

Deloitte Financial Advisor Services LLP; New York

David W. King

Mesirow Financial Consulting, LLC; Chicago

Israel Shaked

The Michel-Shaked Group, Boston University School of Management; Boston

Steven Wilamowsky

Bingham McCutchen LLP; New York

3:45 - 4:00 p.m.

Refreshment Break

4:00 - 5:15 p.m. (1.25 hrs.)

Liquidating Trusts

This panel will focus on developments related to the use of liquidating trusts from both the legal and financial reporting perspectives. Expected topics will include the use of liquidating trusts in the prosecution of actions on behalf of, and for the benefit, of creditors (and the financial concerns, timing, and fiduciary concerns that accompany the prosecution of the same), and the application of recent accounting pronouncements related to liquidation accounting and the accompanying valuation considerations. 

James M. Lukenda, Moderator

Huron Business Advisory; New York

R. Brian Calvert

Development Specialists, Inc.; Los Angeles

Monica Clark

Dorsey & Whitney LLP; Minneapolis, Minn.

Alfred T. Giuliano

Giuliano, Miller & Company, LLC; West Berlin, NJ

Andrew N. Goldman

WilmerHale; New York

5:15 - 6:30 p.m.

Opening Networking Reception

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

Sponsored by Chapman and Cutler LLP and PwC

Presiding Officer:

Marcia L. Goldstein

Weil, Gotshal & Manges LLP; New York

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 - 10:15 a.m. (1.25 hrs.)

Valuation, Deal-Making and Strategic Portfolio Management

Both equity investors and lenders often evaluate potential transactions in the context of their overall portfolios as well as the potential value proposition presented by the specific opportunity. Capital providers pay attention to risk allocation across industry sectors and asset classes, among other investment considerations. This panel will discuss the role that asset valuation and enterprise valuation play in deal making and strategic portfolio management. 

Jack Butler, Moderator

Hilco Global; Northbrook, Ill.

Suzanne Kelly

Kelly Garfinkle Strategic Restructuring LLC; Scottsdale, Ariz.

John Lyons

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

Mark J. Shapiro

New York

Michael N. Thompson

BHR Capital LLC; New York

10:15 - 11:30 am (1.25 hrs.)

The Rising Use of Mediators: Is This the Wave of the Future?

From labor disputes in the American Airlines case to the negotiation of chapter 9 plans for Detroit, Stockton and San Bernardino, bankruptcy judges have looked to their colleagues to serve as mediators. What is the impact of this practice? Does it change the dynamics among the parties? Is there a role for private-sector mediators? Going forward, will bankruptcy cases continue to be fertile ground for alternative dispute resolution? 

Marcia L. Goldstein, Moderator

Weil, Gotshal & Manges LLP; New York

Hon. Robert D. Drain

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

Hon. Elizabeth L. Perris

U.S. Bankruptcy Court (D. Or.); Portland

Joseph Samet

Baker & McKenzie LLP; New York

Hon. Gregg W. Zive

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

11:30 - 11:45 am

Coffee Break

Sponsored by Duff & Phelps, LLC

11:45 am - 12:45 pm (1.00 hr.)

Absolute vs. Relative Priority: What Creates Equity Value?

This panel will discuss and debate, from varying perspectives, the rise in formation of official equity committees in chapter 11 cases, how advisors can reach different valuations to support or oppose their formation, the role of the Office of the U.S. Trustee, and the ultimate value added to the estate. 

Geoffrey T. Raicht, Moderator

Proskauer; New York

Tracy Hope Davis

Office of the U.S. Trustee, Region 17; San Francisco

Robert J. Dehney

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

Adam Dunayer

Houlihan Lokey; Dallas, Texas

Daniel B. Kamensky

Paulson & Co. Inc.; New York

Paul D. Leake

Jones Day; New York

12:45 - 1:15 p.m.

Adjourn to Luncheon and Keynote Presentation

Sponsored by KCC

Presiding Officer:

Allen Pfeiffer

Duff & Phelps, LLC; Morristown, NJ

1:15 - 2:00 p.m. (.75 hr.)

Luncheon Keynote Presentation

Sponsored by KCC

“Bankruptcy Valuation Disputes and Senior Creditor Control: Reflections, Greatest Hits, and Academic Evidence” 

Prof. Stuart C. Gilson

Steven R. Fenster Professor of Business Administration, Harvard Business School; Boston

2:00 - 2:15 p.m.

Refreshment Break

Sponsored by Development Specialists, Inc.

2:15 - 3:15 p.m. (1.00 hr.)

Bankruptcies in Financial Services and Bank Holding Company Defaults

This panel will examine the “lessons learned” from recent financial services bankruptcies, settlements and restructurings (including some “near misses”), and financial distress in mortgage origination. The panel will also discuss bank holding company defaults, FDIC receivership issues, tax-sharing agreements, sale transaction issues and more. 

Leah M. Eisenberg, Moderator

Arent Fox LLP; New York

Sonya Levine

Federal Deposit Insurance Corporation; Washington, D.C.

Brian D. Pfeiffer

Schulte Roth & Zabel LLP; New York

Glenn E. Siegel

Morgan, Lewis & Bockius LLP; New York

Shai Y. Waisman

Prime Clerk; New York

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

Distress in the Energy Industry

Anytime there are fundamental market changes, there are winners and losers. Find out how the vast supply of U.S. oil and gas discoveries, coupled with stricter environmental regulations, are causing long-term changes. Who are the winners, and who are the losers? Find out how these shifts have impacted coal, renewables, oil and gas, power generation and refineries, and how these changes affect the value of the companies that participate in these industries, as well as the industry as a whole. 

Loretta R. Cross, Moderator

Stout Risius Ross, Inc.; Houston

Daniel Beaulne

Duff & Phelps, LLC; Dallas

Lisa J. Donahue

AlixPartners, LLP; New York

Marshall S. Huebner

Davis Polk & Wardwell LLP; New York

William L. Wallander

Vinson & Elkins LLP; Dallas

4:15 - 4:30 p.m.

Refreshment Break

Sponsored by Development Specialists, Inc.

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

Valuation of Intellectual Property (and Beyond)

Intellectual Property (IP) is often a critically important part of a company’s value paradigm. Why has IP become an even greater focus for many companies today? How is IP valued in businesses, in litigation and in bankruptcy? 

Allen Pfeiffer, Moderator

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

Benjamin C. Elacqua

Fish & Richardson P.C.; Houston

Gabe Fried

Hilco Streambank; Needham, Mass.

Michael H. Goldstein

Goodwin Procter LLP; New York

Patricia Baron Tomasco

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

5:30 p.m.

Adjourn

5:30 - 7:00 p.m.

Networking Reception

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

Sponsored by NERA Economic Consulting, Vinson & Elkins LLP

Presiding Officer:

Kaaran E. Thomas

McDonald Carano Wilson, LLP; Reno, Nev.

8:00 - 8:30 a.m.

Networking Breakfast

Sponsored by Gavin/Solmonese LLC

*Please join the ABI Financial Advisors & Investment Banking Committee for an innovative discussion on Timing and Strategy Related to Contested Valuations. The discussion will begin at 8:00 a.m., breakfast will be available at 7:45 a.m.

8:30 - 9:30 a.m. (1.0 hr.)

Judicial Panel

This panel will consider current issues of interest to judges and insolvency professionals.

Hon. Arthur J. Gonzalez (ret.), Moderator

New York University School of Law; New York

Former Chief Judge, U.S. Bankruptcy Court (S.D.N.Y.)

Hon. Robert D. Drain

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

Hon. Elizabeth L. Perris

U.S. Bankruptcy Court (D. Or.); Portland

Hon. Gregg W. Zive

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

9:30 - 9:45 a.m.

Coffee Break

Sponsored by Schulte Roth & Zabel LLP

9:45 - 10:30 a.m. (.75 hr.)

ABI Commission Update

The Final Report of the Commission to Study the Reform of Chapter 11 proposes the most comprehensive modernization of restructuring law in a generation, including several recommendations affecting valuation methods, use of experts and disclosures by the reorganizing debtor. Hear a panel of commissioners and the Commission's reporter discuss the proposals and their impact on professionals. 

Bill Brandt, Moderator

Development Specialists, Inc.; New York

Prof. Michelle M. Harner

University of Maryland Francis King Carey School of Law; Baltimore

Bettina M. Whyte

Alvarez & Marsal; New York

10:30 - 11:30 a.m. (1.00 hr.)

Ethical Turnarounds

This panel will discuss how law firms can use turnaround techniques to maximize the value of their services for themselves and their clients. 

Edward T. Gavin

Gavin/Solmonese LLC; Wilmington, Del.

Prof. Nancy B. Rapoport

University of Nevada, Las Vegas William S. Boyd School of Law; Las Vegas

Kaaran E. Thomas

McDonald Carano Wilson LLP; Reno, Nev.

11:30 a.m.

Adjourn