The
21st Annual Distressed Investing conference will be held on Monday,
December 1, 2014, at The Helmsley Park Lane Hotel in New York City.

Printed Conference Brochure For additional information, contact:

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

Nina Novak
nina@beard.com
(202) 362-8552

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

21st 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. -- Co-Chairs' 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 Our speaker, Steve Gidumal, is always thought provoking and is back for his 19th year and will review the year in distressed investing and bring his insights and unique perspectives on what to expect in the coming year. _____

8:40 a.m. -- Municipal Debt Restructuring Glenn M. Kushiner, Managing Director, CONWAY MacKENZIE, INC.; John W. Hill, Chief Financial Officer, CITY OF DETROIT; James Doak, Managing Director, MILLER BUCKFIRE; Jamie Baird, Managing Director, THE BLACKSTONE GROUP, L.P.; and William A. Brandt, Jr., President & CEO, DEVELOPMENT SPECIALISTS, INC., and Chair, Illinois Finance Authority. This panel will review the results of the City of Detroit's Chapter 9 restructuring -- what was and what wasn't accomplished in the adjustment of the municipality's debts and delivery of services through mediation and plan confirmation -- and how this case will or won't influence future out-of-court and Chapter 9 restructurings governed by statutory regimes in other states. _____

9:25 a.m. -- Funding into a Cash Burn Gregory A. Charleston, Senior Managing Director, CONWAY MacKENZIE, INC.; John Rosin, Managing Director - National Originations Manager - General ABL, MIDCAP FINANCIAL LLC; Ben Marzouk, Managing Director, MONROE CAPITAL LLC; and Gerard Hanabergh, Senior Executive Vice President & Chief Credit Officer, FIRST CAPITAL Learn from lenders that are not afraid to fund into a cash burning situation. It is an art form that is not for the faint of heart. These experts will explain the criteria they use, the economic expectations they have, and the post-deal reporting and monitoring that they require for to loaning money to borrowers that have a fixed charge coverage ratio of less than one. _____ _____

10:10 a.m. -- Networking Break sponsored by GAVIN/SOLMONESE LLC

10:25 a.m. -- When the 546(e) Safe Harbor Isn't Safe Stephanie Wickouski, Esq., Partner, BRYAN CAVE LLP; Colin M. Adams, Executive Director, MORGAN STANLEY & CO.; Sharon L. Levine, Esq., Partner, LOWENSTEIN SANDLER LLP; Todd R. Snyder, Executive Vice Chairman of North American GFA and Co-Chair of the North American Debt Advisory and Restructuring Group, ROTHSCHILD INC.; and Christopher K. Kiplok, Partner, HUGHES HUBBARD & REED LLP The contours of the safe harbor provisions in Section 546(e) of the Bankruptcy Code insulating settlement payments from fraudulent conveyance litigation have shifted following the Quebecor, Barclays, Tribune, and Lyondell decisions. The implications are significant for distressed investing professionals when buying claims and valuing liquidating trust assets. _____

11:05 a.m. -- Investing in Highly Regulated Businesses Joseph H. Smolinsky, Esq., Partner, WEIL, GOTSHAL & MANGES LLP; George Mack, Managing Director, BARCLAYS CAPITAL; Alexander Tracy, Managing Director, MILLER BUCKFIRE & CO., LLC; and Brian S. Rosen, Esq., Partner, WEIL, GOTSHAL & MANGES LLP Explore the unique issues to consider in making investments in distressed companies that operate in a highly regulated environment. This panel of legal and business professionals have been involved in matters in the energy, education, healthcare, transportation, communications, gaming and financial services sectors where governmental regulation is front and center in the search for an optimal economic result. The panel will also discuss how investors should evaluate opportunities where potential regulatory obstacles exist and how to take advantage of industries such as pay day lending and education that are just now becoming the subject of new regulatory regimes that can materially alter the scorecard of winners and losers. _____ _____

11:45 a.m. -- The Harvey R. Miller Awards Luncheon sponsored by EPIQ SYSTEMS, INC., presenting the Harvey R. Miller Outstanding Achievement Award for Service to the Restructuring Industry to James E. Millstein at MILLSTEIN & CO. _____

1:30 p.m. -- Fannie Mae & Freddie Mac Conservatorship Proceedings Matthew D. McGill, Esq., GIBSON DUNN; Bill Maloni, former Fannie Mae lobbyist; James E. Millstein, Founder and Chief Executive Officer, MILLSTEIN & CO.; and Kent Collier, Founder & CEO, REORG RESEARCH INC. Some Fannie and Freddie shareholders say the Government has confiscated more than $41 billion in value and needs to write a check for that amount. Other investors say those shareholders are deluded. There's a middle ground that says there are important regulatory options, policy issues and political dynamics that cry out for a grand bargain or compromise. This panel of carefully selected thought leaders will walk you through the extreme positions and the midde ground. Pre-Conference Materials:

Chart of significant lawsuits concerning the Net Worth Sweep
_____

2:10 p.m. -- Make-Whole Premiums Peter S. Goodman, Esq., Principal, McKOOL SMITH; Brent Williams, Managing Director, TENEO CAPITAL; Philip C. Dublin, Esq., Partner, AKIN GUMP STRAUSS HAUER & FELD LLP; and Robert T. Schmidt, Esq., Partner, KRAMER LEVIN NAFTALIS & FRANKEL LLP This panel will take you beyond the facts, findings and holdings of Judge Drain's bench ruling in In re MPM Silicones, LLC, Case No. 14-22503 (Bankr. S.D.N.Y. Sept. 9, 2014), to how to calculate bondholder recoveries in the event a court enforces or nixes a make-whole premium and identifying hundreds of junk-rated publicly traded debt securities with similar call premiums buried in their indentures. _____ _____

2:50 p.m. -- Networking Break sponsored by HUGHES HUBBARD & REED LLP

3:05 p.m. -- Trends & Novel Strategies Harold L. Kaplan, Esq., Partner/Leader Corporate Trust and Bondholders Rights Team, FOLEY & LARDNER LLP; Lorenzo Mendizabal, Esq., Managing Director, EPIQ SYSTEMS; David S. Kurtz, Vice Chairman U.S. Investment Banking -- Head of Global Restructuring, LAZARD; and Evan R. Fleck, Esq., Partner, MILBANK, TWEED, HADLEY & McCLOY LLP This panel of diverse experts will address recent and cutting edge restructuring developments, trends and strategies other than make-whole issues (covered by another panel). This includes trends in the use of and alternatives to Chapter 11, pre-filing negotiated plans, dual-track restructuring and sale procedures in bankruptcy, conflicts involving multi-debtors and multiple-tranche bondholders, recent committee formation and compensation complications, greater use of communications experts before and after a filing, and methods to lower the cost of the process. _____ _____

3:45 p.m. -- CLE & CPE Ethics Hour Jack Butler, Executive Vice President, HILCO GLOBAL; Edward ("Ted") Gavin, Managing Director, GAVIN/SOLMONESE LLC; and Michael P. Richman, Esq., Partner, HUNTON & WILLIAMS LLP This panel will evaluate the current state of some of the thorniest ethical issues examined by the American Bankruptcy Institute's Ethics Task Force including conflicts-related issues that result from the shifting allegiances that can arise during the life of a bankruptcy case, the complexity of disclosure of "connections" when seeking approval of employment, the fleshing out of the duties of counsel for a debtor in possession and other retained professionals, and the role of conflicts counsel in business reorganization cases. _____

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; Dave Miller, Portfolio Manager, Elliott Management Corp. and Richard M. Fels, Executive Vice President, TRADITION ASIEL SECURITIES INC. There's a high probability that you'll want to call your broker with a buy or sell order following this roundtable discussion. _____

5:30 p.m. -- Reception (for all delegates, speakers and honorees) hosted by WEIL, GOTSHAL & MANGES LLP honoring the 2014 Turnarounds & Workouts Outstanding Young Restructuring Lawyers:

Scott L. Alberino at Akin Gump Strauss Hauer & Feld
Luke A. Barefoot at Cleary Gottlieb Steen & Hamilton
Joshua Brody at Kramer Levin Naftalis & Frankel
Jason G. Cohen at Bracewell & Giuliani
Garrett Fail at Weil, Gotshal & Manges
Jill Frizzley at Shearman & Sterling
Jayme T. Goldstein at Stroock & Stroock & Lavan
Brian D. Glueckstein at Sullivan & Cromwell
James J. Mazza, Jr., at Skadden, Arps, Slate, Meagher & Flom
Dan B. Prieto at Jones Day
Dustin P. Smith at Hughes Hubbard & Reed
Joshua A. Sussberg at Kirkland & Ellis

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. -- Co-Chairs' 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	Our speaker, Steve Gidumal, is always thought provoking and is back for his 19th year and will review the year in distressed investing and bring his insights and unique perspectives on what to expect in the coming year.		_____
8:40 a.m. -- Municipal Debt Restructuring	Glenn M. Kushiner, Managing Director, CONWAY MacKENZIE, INC.; John W. Hill, Chief Financial Officer, CITY OF DETROIT; James Doak, Managing Director, MILLER BUCKFIRE; Jamie Baird, Managing Director, THE BLACKSTONE GROUP, L.P.; and William A. Brandt, Jr., President & CEO, DEVELOPMENT SPECIALISTS, INC., and Chair, Illinois Finance Authority.	This panel will review the results of the City of Detroit's Chapter 9 restructuring -- what was and what wasn't accomplished in the adjustment of the municipality's debts and delivery of services through mediation and plan confirmation -- and how this case will or won't influence future out-of-court and Chapter 9 restructurings governed by statutory regimes in other states.		_____
9:25 a.m. -- Funding into a Cash Burn	Gregory A. Charleston, Senior Managing Director, CONWAY MacKENZIE, INC.; John Rosin, Managing Director - National Originations Manager - General ABL, MIDCAP FINANCIAL LLC; Ben Marzouk, Managing Director, MONROE CAPITAL LLC; and Gerard Hanabergh, Senior Executive Vice President & Chief Credit Officer, FIRST CAPITAL	Learn from lenders that are not afraid to fund into a cash burning situation. It is an art form that is not for the faint of heart. These experts will explain the criteria they use, the economic expectations they have, and the post-deal reporting and monitoring that they require for to loaning money to borrowers that have a fixed charge coverage ratio of less than one.	_____	_____
10:10 a.m. -- Networking Break sponsored by GAVIN/SOLMONESE LLC
10:25 a.m. -- When the 546(e) Safe Harbor Isn't Safe	Stephanie Wickouski, Esq., Partner, BRYAN CAVE LLP; Colin M. Adams, Executive Director, MORGAN STANLEY & CO.; Sharon L. Levine, Esq., Partner, LOWENSTEIN SANDLER LLP; Todd R. Snyder, Executive Vice Chairman of North American GFA and Co-Chair of the North American Debt Advisory and Restructuring Group, ROTHSCHILD INC.; and Christopher K. Kiplok, Partner, HUGHES HUBBARD & REED LLP	The contours of the safe harbor provisions in Section 546(e) of the Bankruptcy Code insulating settlement payments from fraudulent conveyance litigation have shifted following the Quebecor, Barclays, Tribune, and Lyondell decisions. The implications are significant for distressed investing professionals when buying claims and valuing liquidating trust assets.		_____
11:05 a.m. -- Investing in Highly Regulated Businesses	Joseph H. Smolinsky, Esq., Partner, WEIL, GOTSHAL & MANGES LLP; George Mack, Managing Director, BARCLAYS CAPITAL; Alexander Tracy, Managing Director, MILLER BUCKFIRE & CO., LLC; and Brian S. Rosen, Esq., Partner, WEIL, GOTSHAL & MANGES LLP	Explore the unique issues to consider in making investments in distressed companies that operate in a highly regulated environment. This panel of legal and business professionals have been involved in matters in the energy, education, healthcare, transportation, communications, gaming and financial services sectors where governmental regulation is front and center in the search for an optimal economic result. The panel will also discuss how investors should evaluate opportunities where potential regulatory obstacles exist and how to take advantage of industries such as pay day lending and education that are just now becoming the subject of new regulatory regimes that can materially alter the scorecard of winners and losers.	_____	_____
11:45 a.m. -- The Harvey R. Miller Awards Luncheon sponsored by EPIQ SYSTEMS, INC., presenting the Harvey R. Miller Outstanding Achievement Award for Service to the Restructuring Industry to James E. Millstein at MILLSTEIN & CO.	_____
1:30 p.m. -- Fannie Mae & Freddie Mac Conservatorship Proceedings	Matthew D. McGill, Esq., GIBSON DUNN; Bill Maloni, former Fannie Mae lobbyist; James E. Millstein, Founder and Chief Executive Officer, MILLSTEIN & CO.; and Kent Collier, Founder & CEO, REORG RESEARCH INC.	Some Fannie and Freddie shareholders say the Government has confiscated more than $41 billion in value and needs to write a check for that amount. Other investors say those shareholders are deluded. There's a middle ground that says there are important regulatory options, policy issues and political dynamics that cry out for a grand bargain or compromise. This panel of carefully selected thought leaders will walk you through the extreme positions and the midde ground.	Pre-Conference Materials: Chart of significant lawsuits concerning the Net Worth Sweep	_____
2:10 p.m. -- Make-Whole Premiums	Peter S. Goodman, Esq., Principal, McKOOL SMITH; Brent Williams, Managing Director, TENEO CAPITAL; Philip C. Dublin, Esq., Partner, AKIN GUMP STRAUSS HAUER & FELD LLP; and Robert T. Schmidt, Esq., Partner, KRAMER LEVIN NAFTALIS & FRANKEL LLP	This panel will take you beyond the facts, findings and holdings of Judge Drain's bench ruling in In re MPM Silicones, LLC, Case No. 14-22503 (Bankr. S.D.N.Y. Sept. 9, 2014), to how to calculate bondholder recoveries in the event a court enforces or nixes a make-whole premium and identifying hundreds of junk-rated publicly traded debt securities with similar call premiums buried in their indentures.	_____	_____
2:50 p.m. -- Networking Break sponsored by HUGHES HUBBARD & REED LLP
3:05 p.m. -- Trends & Novel Strategies	Harold L. Kaplan, Esq., Partner/Leader Corporate Trust and Bondholders Rights Team, FOLEY & LARDNER LLP; Lorenzo Mendizabal, Esq., Managing Director, EPIQ SYSTEMS; David S. Kurtz, Vice Chairman U.S. Investment Banking -- Head of Global Restructuring, LAZARD; and Evan R. Fleck, Esq., Partner, MILBANK, TWEED, HADLEY & McCLOY LLP	This panel of diverse experts will address recent and cutting edge restructuring developments, trends and strategies other than make-whole issues (covered by another panel). This includes trends in the use of and alternatives to Chapter 11, pre-filing negotiated plans, dual-track restructuring and sale procedures in bankruptcy, conflicts involving multi-debtors and multiple-tranche bondholders, recent committee formation and compensation complications, greater use of communications experts before and after a filing, and methods to lower the cost of the process.	_____	_____
3:45 p.m. -- CLE & CPE Ethics Hour	Jack Butler, Executive Vice President, HILCO GLOBAL; Edward ("Ted") Gavin, Managing Director, GAVIN/SOLMONESE LLC; and Michael P. Richman, Esq., Partner, HUNTON & WILLIAMS LLP	This panel will evaluate the current state of some of the thorniest ethical issues examined by the American Bankruptcy Institute's Ethics Task Force including conflicts-related issues that result from the shifting allegiances that can arise during the life of a bankruptcy case, the complexity of disclosure of "connections" when seeking approval of employment, the fleshing out of the duties of counsel for a debtor in possession and other retained professionals, and the role of conflicts counsel in business reorganization cases.		_____
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; Dave Miller, Portfolio Manager, Elliott Management Corp. and Richard M. Fels, Executive Vice President, TRADITION ASIEL SECURITIES INC.	There's a high probability that you'll want to call your broker with a buy or sell order following this roundtable discussion.		_____
5:30 p.m. -- Reception (for all delegates, speakers and honorees) hosted by WEIL, GOTSHAL & MANGES LLP honoring the 2014 Turnarounds & Workouts Outstanding Young Restructuring Lawyers: Scott L. Alberino at Akin Gump Strauss Hauer & Feld Luke A. Barefoot at Cleary Gottlieb Steen & Hamilton Joshua Brody at Kramer Levin Naftalis & Frankel Jason G. Cohen at Bracewell & Giuliani Garrett Fail at Weil, Gotshal & Manges Jill Frizzley at Shearman & Sterling Jayme T. Goldstein at Stroock & Stroock & Lavan Brian D. Glueckstein at Sullivan & Cromwell James J. Mazza, Jr., at Skadden, Arps, Slate, Meagher & Flom Dan B. Prieto at Jones Day Dustin P. Smith at Hughes Hubbard & Reed Joshua A. Sussberg at Kirkland & Ellis

This year's sponsors are:

Information about last year's conference is available at http://bankrupt.com/DI2013/

Updated: Dec. 3, 2014