Join leading dealmakers, work-out specialists, bankers, attorneys, judges and valuation experts to network and discuss cutting-edge issues involving distressed debt, restructurings, and valuations of distressed companies. This year’s program devotes special attention to the role of hedge funds as both debtors and creditors, and includes presentations on deal financing, global developments, capital adequacy, valuation of portfolio companies, and more.
The VALCON Boot Camp will precede the conference on Wednesday, Feb. 7: this one-day tutorial taught by noted finance professor Robert Parrino will provide clear instruction on financial statements and valuation methodologies.
The Association of Insolvency and Restructuring Advisors 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 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 Avenue North, Suite 700, Nashville, TN, 37219-2417. Website: www.nasba.org.
Understanding and Working with Financial Statements and Financial Ratios 1.50 hr
This session will cover the three key financial statements and how they are related. The discussion will also address what accounting statements tell us and their limitations, plus how financial statements are used. This discussion will address how financial statements are used to evaluate the performance of a company.
Robert Parrino
The University of Texas at Austin - Austin, TX
11:00 am
Overview of Business Valuation Methods 1.50 hr
This session will cover basic valuation methodologies, including cost, market, and income (DCF) approaches. It provides a brief introduction to the various valuation methods and their relative advantages and disadvantages.
Robert Parrino
The University of Texas at Austin - Austin, TX
WEDNESDAY
AFTERNOON
1:30 pm
Leverage, Deals and Collateralized Debt: Current Financial Transactions and Prospects for Restructurings .75 hr
This session will discuss recent changes in the capital markets with a special emphasis on development of private equity markets, the rapid growth in the hedge fund industry, and the increase in liquidity in the financial system. The implications of these developments for financial restructuring and corporate reorganization will be addressed.
Robert Parrino
The University of Texas at Austin - Austin, TX
2:15 pm
Anatomy of a Hedge Fund: Capital Structure, Operation, Liquidity and Incentives .75 hr
This session will focus on hedge funds: what they are, how they are organized, how they are financed, the compensation of hedge fund managers, and the implications for how hedge funds participate as investors in distressed firms.
Robert Parrino
The University of Texas at Austin - Austin, TX
3:15 pm
Emerging Valuation Theories and Strategies 1.50 hr
What’s happening in the field of valuation and how can practitioners use it?
Robert Parrino
The University of Texas at Austin - Austin, TX
Commentator: Kaaran E. Thomas
McDonald Carano Wilson, LLP - Reno, NV
THURSDAY
MORNING
8:30 am
From Board Room to Courtroom: Legal Liability of Management, Directors and Experts for Faulty (Negligent) Valuations 1.50 hr
This session explores the duties and liabilities of experts, directors, and management for representations, reports, opinions—including fairness and solvency opinions—under federal and state law, and also discusses best practices in dealing with valuation issues, solvency issues, and pre- and post-bankruptcy claims.
Moderator: Marcia L. Goldstein
Weil, Gotshal & Manges LLP - New York, NY
Timothy Finley
Mesirow Financial Consulting, LLC - Chicago, IL
Hon. Robert E. Gerber
U.S. Bankruptcy Court - New York, NY
Tracy Gopal
Giuliani Capital Advisors LLC - Atlanta, GA
Richard G. Mason
Wachtell, Lipton, Rosen & Katz - New York, NY
10:15 am
Valuation Case Law Update .50 hr
An examination of significant court decisions involving valuations in a restructuring or bankruptcy context, including practice implications and predictions on what is to follow.
Evelyn H. Biery
Fulbright & Jaworski L.L.P. - Houston, TX
Kenneth J. Malek
Navigant Consulting, Inc. - Chicago, IL
10:45 am
Valuation Theories in Court: The Practitioner’s View .50 hr
A leading bankruptcy litigator and valuation expert discuss effective advocacy involving valuations—what works: where, why and when?
Thomas E. Lumsden
FTI Consulting, Inc. - San Francisco, CA
D. Bobbitt Noel, Jr.
Vinson & Elkins, L.L.P. - Houston, TX
11:15 am
Judges Panel: Admissibility of Valuation Testimony and Weight of Testimony 1.25 hr
A nationally recognized panel of bankruptcy judges discusses how they evaluate the admissibility of expert valuation testimony, and decide between competing theories.
Moderator: Thomas J. Allison
Mesirow Financial Consulting, LLC - Chicago, IL
Panelist: Hon. Charles G. Case, II
U.S. Bankruptcy Court, District of Arizona - Phoenix, AZ
Panelist: Hon. Robert D. Drain
U.S. Bankruptcy Court, Southern District of New York - New York, NY
Panelist: Frank A. Merola
Stutman, Treister & Glatt, PC - Los Angeles, CA
Panelist: Hon. Gregg W. Zive
U.S. Bankruptcy Court, District of Nevada - Reno, NV
THURSDAY
AFTERNOON
12:45 pm
Experts Behaving Badly: Tricks of the Trade .75 hr
A noted valuation theorist describes some classic and creative techniques used to push valuations in a certain direction, and provides examples of how these approaches have been employed and fared in engagements and subsequent judicial review.
Stuart C. Gilson
Harvard Business School - Boston, MA
1:45 pm
The Transforming Influence of Private Equity and Hedge Funds: The Global View .75 hr
Liquidity provided by private equity sponsors and hedge funds continue to drive valuations, M&A activity, securities offerings and capital raising. Private equity now accounts for about 20% of global M&A volume. Financial sponsors account for approximately 50% of current IPO activity, over half of the leveraged loan volume and nearly one-third of high yield debt issuance. Hedge Funds have similar dominance in driving the recapitalization of distressed industries and issuers. High Yield and Leveraged Loan activity remain robust. Are the valuations created by all this liquidity sustainable?
Richard Banziger
Citigroup Global Markets, Inc. - New York, NY
2:30 pm
The Global Cost of Capital .75 hr
The panel will illustrate situations and resources to evaluate international costs of capital, taking into account country risk, currency risk, legal and regulatory risks, and tax dividend considerations. It will also discuss the alternative basis for determining the risk-free rate for use in international markets and adjustments made to US market rates.
Gordon W. Johnson
Em Advisors LLC - Reston, VA
Bernard Pump
Deloitte Financial Advisory Services, LLP - Chicago, IL
Adam Werner
CRA International - Pasadena, CA
3:30 pm
Portfolio Investors and Hedge Funds as Creditors—How Will They Behave? .75 hr
The panel will focus on the ever-expanding involvement and critical role of portfolio investors and hedge funds as stakeholders and creditors in distressed companies, and how the special interests they hold, and strategies and tactics they employ, affect and impact debt restructurings and business reorganizations, both in and out of bankruptcy.
Moderator: Louis R. Strubeck, Jr.
- Dallas, TX
Panelist: Jonathan Katz
- New York, NY
Panelist: David McReynolds
- Los Angeles, CA
4:15 pm
Financing and Deal Panel—Who are the Players and What Are They Looking For? 1.50 hr
Financing opportunities for distressed deals have never been better, with old and new money chasing deals and new combinations of investors and lenders packaging and syndicating risks. This session examines who is financing what sort of deals—including new player for mezzanine, high-yield and DIP financing—and discusses strategies, goals and risks in today’s white hot investing and lending climate.
Moderator: John Wm. (Jack) Butler, Jr.
Skadden, Arps, Slate, Meagher & Flom - Chicago, IL
Panelist: Leon Vadim Komkov
Komkov PC - Austin, TX
Panelist: Jay H. Krasoff
Chiron Financial Advisors, L.L.C. - Houston, TX
Panelist: William C. Repko
Evercore Partners, Inc. - New York, NY
Panelist: David L. Resnick
Rothschild, Inc. - New York, NY
Panelist: Shai Waisman
Weil, Gotshal & Manges LLP - New York, NY
FRIDAY
MORNING
8:30 am
Investing in Value: View from the Top .75 hr
One of the country’s leading hedge fund managers discusses the investment philosophy of Appaloosa Management with a look toward financial development and fund performance over the coming year.
David Tepper
- Chatham, NJ
9:15 am
Transactions and Valuations: Key Issues in Today’s Climate 1.50 hr
This panel examines key valuation issues that arise in real world transactions, restructurings and bankruptcies from the perspectives of attorneys, investment bankers, and valuation experts. The following issues will be addressed: • Reorganization and Enterprise Value • Pension Issues and Valuation • Intellectual Property Issues and Valuation • Valuation Strategies in Restructurings • Conclusion and General Commentary
Moderator: Andrew I. Silfen
Arent Fox PLLC - New York, NY
William Q. Derrough
Moelis & Company - New York, NY
Panelist: Allen Arnett
PricewaterhouseCoopers LLP - Chicago, IL
Panelist: Jeffrey B. Cohen
Ivins, Phillips & Barker - Washington, DC
Panelist: Anthony Sasso
Deloitte Financial Advisory Services - New York, NY
Panelist: Lee Van Pelt
Van Pelt, Yi & James - Cupertino, CA
11:00 am
Hedge Funds and Portfolio Companies as Debtors: Special Legal and Valuations Issues 1.00 hr
Hedge Funds are the fastest growing segment for investment capital. The panel will explore the income recognition and asset value measurement process, and how market based valuation techniques will apply to hedge funds.
Moderator: Michael H. Goldstein
Stutman, Treister & Glatt, P.C. - Los Angeles, CA
Timothy Batchelor
Duff & Phelps - Los Angeles, CA
Eric C. Weber, CFA
Freeman & Co. LLC - New York, NY
Steve Zelin
The Blackstone Group L.P. - New York, NY
FRIDAY
AFTERNOON
12:00 pm
The Gambler’s Ruin: Risk, Capitalization and Casinos 1.00 hr
This session discusses tools, techniques and legal issues involved in the analysis of capital adequacy and thin capitalization—using a casino as a case study.
Richard Lee
Deloitte Financial Advisory Services LLP - Toronto, Canada
Grant W. Newton
Pepperdine University and AIRA - Medford, OR
Durc A. Savini
Miller Buckfire & Co. - New York, NY
Texas MCLE: Course #900015369 18.50 hrs, includes 0.00 hrs ethics
Credit is submitted to the State Bar of Texas within seven business days following the conference. To claim immediate credit, self-report via the SBOT web site at http://www.texasbarcle.com/CLE/home.asp
California MCLE: Provider #1944 0.00 hrs, includes 0.00 hrs ethics
New York MCLE: Provider #_______ 0.00 hrs, includes 0.00 hrs ethics (50-min. hrs)
This course is approved for New York MCLE credit. A Certificate of Completion and related course reporting documentation for NY MCLE credit will be available at the conference.
See "Compliance and Reporting" at http://www.nycourts.gov/attorneys/cle/attorney_faqs.shtml for more information.
Other Jurisdictions: LA, NM, OK, NV, etc.
Many jurisdictions accept courses offered by the University of Texas School of Law, and approved by the State Bar of Texas, for CLE credit. Please check with your state bar association. A Certificate of Completion, and related course reporting documentation for MCLE credit will be available at the conference.
American Appraisal is the largest independent valuation consulting firm worldwide, and provides valuations of real, personal and intellectual property, as well as business valuations on a going concern basis, to debtors and creditors for bankruptcy, restructuring, or dispute resolution purposes. We assist our clients regarding restructuring alternatives, valuations of unprofitable assets or business segments, fresh start accounting, fairness and solvency opinions, and litigation support. Our experts understand bankruptcy valuation issues, and work with clients in the Americas, Europe and Asia. www.american-appraisal.com
Chiron Financial Group, Inc. is an investment bank serving the unique needs of middle-market companies. Headquartered in
Houston, Chiron provides senior-level attention on all transactions, from initial structuring to final execution. Chiron arranges public and private debt and equity capital for growing companies to accommodate a range of financing requirements, including growth capital financings, revolver and term debt refinancings, acquisition financings, management-led and leveraged buyouts, distressed and turnaround financings and leveraged recapitalizations. www.chironfinance.com
FTI is a leading global firm that organizations rely on for advice and solutions in the areas of forensic analysis, investigation, economic analysis, restructuring, due diligence, strategic communication, financial communication and technology when confronting the critical legal, financial and reputational issues that shape their futures. FTI delivers solutions every day through its network of nearly 2,000 professionals in offices in every major business center in the world. www.fticonsulting.com
Huron Consulting Group helps clients effectively address complex challenges that arise in litigation, disputes, investigations, regulatory compliance, procurement, financial distress, and other sources of significant conflict or change. The Company also helps clients deliver superior customer and capital market performance through integrated strategic, operational, and organizational change. Huron provides services to a wide variety of both financially sound and distressed organizations, including Fortune 500 companies, medium-sized businesses, leading academic institutions, healthcare organizations, and the law firms that represent these various organizations. Our Chapter 11 and Out-of-Court restructuring services include company advisory, secured and unsecured credit advisory, CRO and interim management, claims management, valuation services, operations and performance improvement restructuring, and pre and post-bankruptcy process management. www.huronconsultinggroup.com
Mesirow Financial Consulting, LLC is one of the nation's leading financial advisory consulting firms. With offices in New York, Chicago, Boston, Dallas, Los Angeles, Phoenix, San Francisco, Miami and Charlotte, our more than 100 experienced professionals have managed engagements and businesses in a wide range of industries and include CPAs, CIRAs, CTPs, CFAs, CVAs and CFEs. Our services include corporate recovery, litigation and investigative services, valuation services, operations and performance improvement, interim management and other consulting services, including business integration and select due diligence engagements. Our goal is to provide value at every stage of the consulting process. www.mesirowfinancial.com
Skadden, Arps, Slate, Meagher & Flom LLP's worldwide corporate restructuring practice has played a key role in some of the
most widely publicized matters involving troubled companies. From retail and telecommunications, to steel and energy, these
reorganizations were representative of an expansive array of global industries and included nonjudicial debt restructurings, acquisitions, financings and related matters, and in Chapter 11 reorganization cases, "prepackaged" and "prearranged" reorganizations. With thirteen strategically located international offices, Skadden has participated in the increased frequency of crossborder restructurings by representing companies, acquirers and creditors in numerous transactional matters throughout Asia, Australia, Europe and the Middle East. www.skadden.com
A wide range of constituencies call upon Weil Gotshal's Business Finance & Restructuring Department, the largest and most innovative business reorganization practice in the nation, to confront the most complex cases. Serving the full spectrum of clients—debtors, creditors, equity holders, committees and potential purchasers of troubled companies or their assets—the Department has been involved in practically every major Chapter 11 reorganization case in the United States, and in key national and international out-of-court financial restructurings. In the words of Chambers Global, the most authoritative legal practice directory, "The firm maintains its historic position as the 'first name you think of' for major restructuring work," which is precisely why we were called upon to provide counsel in the largest bankruptcy in history. www.weil.com