The 
20th Annual Distressed Investing conference will be held on Monday, 
December 2, 2013, at The Helmsley Park Lane Hotel in New York City.

CONFERENCE BROCHURE
Printed Conference Brochure
For additional information, contact:

BEARD GROUP, INC.
P.O. Box 40915
Washington, D.C. 20016

Nina Novak
nina@beard.com
(202) 241-8200

Peter A. Chapman
peter@beard.com
(215) 945-7000

20th Annual Distressed Investing Conference Schedule

Panel Time & Title Faculty Panel Description Presentation Materials Audio Recording
7:30 a.m. -- Registration and Continental Breakfast sponsored by MILBANK
8:00 a.m. -- Chairman's Opening Remarks Hugh M. Ray, Esq., Principal, McKOOL SMITH and Van E. Conway, Chief Executive Officer, CONWAY MacKENZIE, INC.
8:10 a.m. -- Year in Review & New Business Opportunities Steven L. Gidumal, Managing Partner, VIRTUS CAPITAL, LP Last year our speaker discussed the risk of an economy governed from Washington and concluded that the handling of the end of QE II and QE III would be difficult. This year the Federal Reserve punted on ending QE III and there looks to be no end in sight of this popular but problematic printing program. Our speaker, Steve Gidumal, is always thought provoking and is back for his 18th year and will review the year in distressed investing and bring his insights and unique perspectives on what to expect in the coming year.
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Audio
8:40 a.m. -- Municipal Chapter 9s -- What Have We Learned So Far? Van E. Conway, Chief Executive Officer, and Gregory A. Charleston, Senior Managing Director, CONWAY MacKENZIE, INC.; Mark A. Cody, Esq., Partner, JONES DAY; and Abe Han, Managing Director, GLC ADVISORS & CO. Before the Chapter 9 filing of Jefferson County, Alabama in November of 2011, there had been very few historical Chapter 9 municipality filings. Since then, we have seen Chapter 9 filings from Stockton, California; San Bernardino, California; and Detroit, Michigan. Furthermore, Jefferson County is now on the verge of confirming a Plan of Adjustment and emerging from bankruptcy. What have we learned thus far about Chapter 9? Why is it so different from Chapter 11 and seemingly more difficult? Are there opportunities for distressed investors in these cases? Does Chapter 9 provide investors a stable forum within which investors can analyze and make sound decisions? Based on what we have seen so far, can we better predict what is going to happen in the area of distressed municipalities in the future?
Audio
9:25 a.m. -- Healthcare Restructuring Roundtable Joseph M. Geraghty, Senior Managing Director, CONWAY MacKENZIE, INC.; Shawn M. Riley, Esq., Cleveland Managing Member, McDONALD HOPKINS LLC; Bobby Guy, Esq., Member, FROST BROWN TODD LLC; and Anu R. Singh, Senior Vice President, KAUFMAN, HALL & ASSOCIATES, INC. The Patient Protection and Affordable Care Act has ushered in, among other industry developments, significant uncertainty in the healthcare provider and insurance markets. At no other time in healthcare economic history has there been such significant shift in the fundamentals, drivers and certainty of the healthcare market. The panel will discuss a range of topics including the near term impact of the law such as unprecedented M&A activity, revenue reduction pressures, challenges to the management teams in navigating the change, bankruptcy process, potential opportunities for capital sources and likely economic winners and losers.
Audio
10:10 a.m. -- Networking Break sponsored by GAVIN/SOLMONESE LLC
10:25 a.m. -- What's a Certificateholder to Do? Peter S. Goodman, Esq., Principal, McKOOL SMITH; David Fields, Managing Director, RBC CAPITAL MARKETS, LLC; Virginia "Ginny" Housum, Senior Vice President, UMB BANK; and Harold S. Horwich, Esq., Partner, BINGHAM McCUTCHEN LLP The Panel will be discussing what bondholders/certificate holders need to do to protect their interest vis-a-vis indenture trustees, bond insurers and the issuers focusing in on municipal restructuring. The Panel will discuss the basics of how the indentures work, the decision to hire counsel and financial advisors, the opportunities for investors, the remedies available to investors/certificate holders, the risk they face in working with and directing the Indenture Trustees and possible indemnification questions and conflicting directions from the insurers who may have their own agendas. We will also be discussing which of these parties are taking the lead on municipal restructurings and why.
Audio
11:05 a.m. -- Best Practices in Distressed Private Equity Transactions Stephen E. Hessler, Esq., Partner, KIRKLAND & ELLIS LLP; David Orlofsky, Managing Director, ZOLFO COOPER, LLC; John P. Brincko, President, SITRICK BRINCKO GROUP; and Alan B. Miller As a company enters the "zone of insolvency," the fiduciary duties owed by directors and officers begin to shift from equityholders to creditors. This transition may be especially complex for private equity sponsors who sit on the board of portfolio companies. This Panel will discuss best practices for protecting directors and officers in this uncertain legal environment, including the increasing use of appointing independent directors and Chief Restructuring Officers.
Audio
11:45 a.m. -- The Harvey R. Miller Awards Luncheon sponsored by EPIQ SYSTEMS presenting the Harvey R. Miller Outstanding Achievement Award for Service to the Restructuring Industry to Martin J. Whitman, Chairman and Portfolio Manager, THIRD AVENUE MANAGEMENT, LLC
1:30 p.m. -- European Investment Opportunities Marcia L. Goldstein, Esq., Partner, and Adam B. Plainer, Esq., Partner, WEIL, GOTSHAL & MANGES LLP; Ted J. Goldthorpe, President of APOLLO INVESTMENT CORPORATION and Chief Investment Officer of APOLLO INVESTMENT MANAGEMENT; Julian Salisbury, Head of Global Special Situations Group, GOLDMAN, SACHS & CO.; and Ari Lefkovits, Managing Director, LAZARD FRERES & CO.
Audio
2:10 p.m. -- Noteholders in the Age of Prepacks Harold L. Kaplan, Esq., Partner, FOLEY & LARDNER LLP; J. Eric Ivester, Esq., Partner, SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP; Alice Belisle Eaton, Esq., Partner, PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP; and Michael O'Hara, Managing Director, THE BLACKSTONE GROUP L.P. The Corporate and Financial World seem to have become increasingly impatient with "free fall" bankruptcies which have no resolution or exit strategy in sight. This Panel will discuss the constituencies and dynamics which have become prevalent in arriving at resolution in major bond debt cases -- both pre- and post-petition. This ranges from exchange offers to out-of-court settlements and declaratory judgment actions to pre-negotiated plans to bankruptcy settlements. This Panel will focus on recent strategies and cases, the mechanisms to get bondholders and indenture trustees on board, and the additional challenges and issues presented by dissident minority holders.
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2:50 p.m. -- Networking Break sponsored by SITRICK BRINCKO GROUP LLC
3:05 p.m. -- Energy Industry Opportunities & Pitfalls Paul N. Silverstein, Esq., Timothy ("Tad") A. Davidson II, Esq., and Robin Russell, Esq., Partners, ANDREWS KURTH LLP; Tero O. Jänne, Managing Director, JEFFERIES & COMPANY, INC.; Bryan E. Bloom, Principal and Portfolio Manager, W.R. HUFF ASSET MANAGEMENT CO., L.L.C., and its affiliates, including THE HUFF ENERGY FUND, L.P.; and Samuel M. Greene, Partner, CENTERVIEW PARTNERS LLC Given depressed natural gas prices, Chapter 11 filings by E&P companies continue. Coal companies show significant structural weakness and alternative energy companies have not recovered. This panel will discuss 2013 energy bankruptcies and the state and federal fracking regulations which could have further impact through increased drilling costs and production delays.
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3:45 p.m. -- Ethics Hour John Wm. "Jack" Butler, Jr., Esq., Partner, SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP; Dennis F. Dunne, Esq., Partner, MILBANK, TWEED, HADLEY & McCLOY LLP; Edward ("Ted") Gavin, Managing Director, GAVIN/SOLMONESE LLC; and Marc D. Puntus, Partner, CENTERVIEW PARTNERS HOLDINGS LLC This panel will examine two timely ethical topics in the corporate restructuring industry:
  1. What are the implications of "shareholder activism going mainstream" (as PRWeek recently termed it) for distressed companies? Are there (or should there be) different limits on the activities of activist shareholders and other stakeholders as a company approaches or enters the zone of insolvency? How should distressed companies and their advisors handle activist stakeholders whose actions are detrimental to the company's prospects of restructuring? An example of the second category could be an investor's release of information about disputes between factions of the Board of Directors on restructuring initiatives where the company believes that the information being released generates uncertainty within the company's supply chain.

  2. Avoiding disqualifying conflicts of interest on account of pre-petition advice provided to a company and its management in light of the Court's recent opinion in In re Brown Publishing Company, Case No. 10-73295 (Bankr. E.D.N.Y. Apr. 29, 2013). As summarized by Bankruptcy Judge Dorothy Eisenberg: "Attorneys retained to represent a corporate debtor are often asked to provide some guidance or legal advice to its principals on their personal behalf. At times, there is a fine line between debtors' counsel's capacity to differentiate between adequate information on behalf of the debtor and legal advice strictly for the benefit of the individuals."
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4:45 p.m. -- Investors' Roundtable Steven L. Gidumal, Managing Partner, VIRTUS CAPITAL, LP; Leon Frenkel, General Partner, TRIAGE CAPITAL MANAGEMENT; Ken Grossman, Managing Partner, JURIS ADVISORS LLC; Gary E. Hindes, Managing Director, THE DELAWARE BAY COMPANY LLC; and Dave Miller, Portfolio Manager, Elliott Management Corp. Last year our esteemed panel split about their views on investing prospects for 2013, and now with the year coming to an end, it looks like both sides were right. There was a lot to like about the investing climate this year, and yet it seems fraught with risk. Last year one thing the panel did agree on was that airline stocks looked cheap given the pending USAir - American airlines merger and that advice appears to have been correct. Join us to hear what our panel thinks about industries in disequilibrium this year.
Audio
5:30 p.m. -- Wine Tasting and Honors Banquet (for all delegates, speakers and honorees) hosted by SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP, honoring the 2013 Turnarounds & Workouts Outstanding Young Restructuring Lawyers:
  • Jasmine Ball at Debevoise & Plimpton
  • Joshua Brody at Kramer Levin Naftalis & Frankel
  • Thomas R. Fawkes at Freeborn & Peters
  • Evan R. Fleck at Milbank Tweed Hadley & McCloy
  • Todd M. Goren at Morrison & Foerster
  • Stephen E. Hessler at Kirkland & Ellis
  • Wojciech F. Jung at Lowenstein Sandler
  • Jill L. Nicholson at Foley & Lardner
  • Arik Preis at Akin Gump Strauss Hauer & Feld
  • Zachary H. Smith at Moore & Van Allen PLLC
  • Richard A. Stieglitz, Jr., at Cahill Gordon
  • Rachel C. Strickland at Willkie Farr & Gallagher

This year's sponsors are:
<ul>
<li>Andrews Kurth LLP
<li>Centerview Partners Holdings LLC
<li>Conway MacKenzie, Inc.
<li>Debtwire
<li>Epiq Systems, Inc.
<li>Foley & Lardner LLP
<li>Gavin/Solmonese LLC
<li>Kirkland & Ellis, LLP
<li>McKool Smith
<li>Milbank, Tweed, Hadley & McCloy LLP
<li>Sitrick Brincko Group, LLC
<li>Skadden, Arps, Slate, Meagher & Flom LLP
<li>Weil, Gotshal & Manges LLP
</ul>

Information about last year's conference is available at http://bankrupt.com/DI2012/

Updated: Jan. 2, 2014