Distressed Investing 2016-HD (1080p) 2 from David Fletcher on Vimeo

Conference Agenda

Panel Time & Title Faculty Panel Description Presentation Materials Audio Recording
7:30 a.m. -- Registration and Continental Breakfast
8:00 a.m. -- Chairs' Opening Remarks Harold L. Kaplan, Partner, FOLEY & LARDNER LLP, and Donald S. MacKenzie, 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 21st year to 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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8:50 a.m. -- Fannie Mae & Freddie Mac Reform Roundtable J. Timothy Howard, former CFO for Fannie Mae and author of The Mortgage Wars; Joshua Rosner at GRAHAM FISHER & CO. and co-author of Reckless Endangerment; Michael Fratantoni at MORTGAGE BANKERS ASSOCIATION; Michael Perini at PERINI CAPITAL; and Andrew W. Park, S&P GLOBAL MARKET INTELLIGENCE. A roundtable discussion about post-election possibilities for GSE reform and a review of the pros and cons of the current proposals outlined for executive and legislative branch officials, followed by a break-out session allowing for questions and further discussion.
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9:40 a.m. -- Morning Networking Break
10:00 a.m. -- Restructuring Dynamics When Hedge Funds and Private Equity "Liens In" Stephanie Wickouski, Partner, BRYAN CAVE LLP; Steve Krause, Investment Counsel, OWL CREEK ASSET MANAGEMENT, L.P., Jamie O'Connell, Partner, PJT PARTNERS INC.; and Jayme T. Goldstein, Partner, STROOCK & STROOCK & LAVAN LLP Bank groups have virtually vanished from the bankruptcy scene, and the major players are now private equity firms and hedge funds. The dynamics of major chapter 11 cases has changed as a result of the "technology" employed by such firms, perhaps even permanently altering the chapter 11 process as we know it. The panel will debate such questions as: Who is really driving restructurings? Has the decision making of the bankruptcy courts been usurped by the prevalence of Restructuring Support Agreements? Do RSAs streamline a case and facilitate a faster exit, or simply prolong a case and lead to inevitable objections and litigation?
10:50 a.m. -- Latin America Aurelio García-Miró, Senior Managing Director, CONWAY MACKENZIE; Austin Camporin, ELLIOTT MANAGEMENT; Harrison Denman, Partner, WHITE & CASE; and Paul J. Keenan, Jr., Shareholder, GREENBERG TRAURIG Latin America's economy deceleration will continue in 2016, and into 2017. Brazil is navigating through an unprecedented political and corruption crisis in the midst of a recession. Chile, Colombia, and Peru are struggling to cope with persisting low commodity prices and the effect of steep devaluations. Mexico faces the potential effects on trade from the recent US elections and continues to face the challenges of a liberalization in the energy market that coincided with historical drops in global oil and gas prices. The region's outlook remains turbulent, with further GDP contraction projected in Argentina, Ecuador and Venezuela.

What opportunities are arising for distressed investment? What are latest experiences in loan-to-own strategies? How reliable is the legal framework, in light of recent changes in insolvency laws across the region? How to effectively deal with foreign exchange, institutional and political risk? What are other key considerations like governance and management standards?

A panel of professionals with extensive experience in Latin America will focus on these key issues and opportunities currently flourishing in the region.

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11:45 a.m. -- Annual Awards Luncheon, presenting the Harvey R. Miller Outstanding Achievement Award for Service to the Restructuring Industry to Jack Butler, CEO, BIRCH LAKE HOLDINGS, L.P., and an interview conducted by last year's award recipient, Kenneth A. Buckfire, President & Managing Director, MILLER BUCKFIRE & CO., LLC
1:35 p.m. -- Fluctuating Asset Values in Chapter 11 Jack Butler, CEO, BIRCH LAKE HOLDINGS, L.P.; Melanie L. Cyganowski at OTTERBOURG P.C.; William Q. Derrough at MOELIS & COMPANY; Randall S. Eisenberg at ALIXPARTNERS; and Jim Seery at RIVER BIRCH CAPITAL, LLC. This panel will discuss the challenges in negotiating and finalizing a chapter 11 restructuring when asset values are rising and falling, and explore the application of the post-emergence valuation methodology used in the American Airlines/US Airways and other ABI Chapter 11 Reform Commission recommendations to current commodity cases.
2:20 p.m. -- Hot Topics in European Restructuring Alan Tilley, Chairman, BRYAN, MANSELL & TILLEY LLP; Richard Tett, Partner, FRESHFIELDS BRUCKHAUS DERINGER; Corinne Ball, Partner, JONES DAY; Dr. Lukas Fecker, Founder and CEO, INNOVATION BRAIN; and Frederick D. Morris, Co-Head EMEA Distressed Credit Trading, GOLDMAN, SACHS & CO. This panel of corporate restructuring and distressed debt investment professionals will share opportunities available today in the European market and will touch on Brexit and likely changes in U.K. and E.U. legislation.
3:10 p.m. -- Afternoon Networking Break
3:30 p.m. -- Ethics in Today's Tough Cases -- Buddy Can You Spare a Dime (or Less)? Harold L. Kaplan, Partner, FOLEY & LARDNER LLP; William A. Brandt, Jr., President & CEO, DEVELOPMENT SPECIALISTS, INC.; Christopher J. Kearns, Managing Director, BERKELEY RESEARCH GROUP, LLC; Jennifer L. Marines, Partner, MORRISON & FOERSTER LLP; and Daniel A. Fliman, Partner, KASOWITZ, BENSON, TORRES & FRIEDMAN LLP How far can and should creditors and Creditors Committees go in cases -- such as recent coal, oil and gas, and renewable energy cases with their heavy priority secured debt and slashed values -- where their creditor classes appear to start largely or wholly out of the money? What challenges, litigations and negotiating tactics are appropriate, mandated or, on the other hand, questionable ethically and practically? What options are available and results are possible? How far do fiduciary duty and self-interest go?
4:30 p.m. -- Investors' Roundtable Steven L. Gidumal, Managing Partner, VIRTUS CAPITAL, LP; Gary E. Hindes, Managing Director, THE DELAWARE BAY COMPANY LLC; Leon Frenkel, General Partner, TRIAGE CAPITAL MANAGEMENT; Dave Miller, Portfolio Manager, Elliott Management Corp. and Neil S. Subin, Chairman, BROADBILL INVESTMENT PARTNERS LP There's a high probability that you'll want to call your broker with a buy or sell order following this roundtable discussion.
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5:30 p.m. -- Reception hosted by ELLOITT MANAGEMENT (for all delegates, speakers and honorees) honoring the 2016 Turnarounds & Workouts Outstanding Young Restructuring Lawyers:
  • Adam Brenneman at Cleary Gottlieb Steen & Hamilton
  • Jason G. Cohen at Bracewell
  • Harrison Denman at White & Case
  • Kelly DiBlasi at Weil Gotshal & Manges
  • Daniel A. Fliman at Kasowitz, Benson, Torres & Friedman
  • Brian D. Glueckstein at Sullivan & Cromwell
  • Jayme Goldstein at Stroock & Stroock & Lavan
  • Nicole L. Greenblatt at Kirkland & Ellis
  • Jennifer L. Marines at Morrison & Foerster
  • Andrew Parlen at O'Melveny & Myers
  • Howard S. Steel at Brown Rudnick
  • Christopher Updike at Debevoise & Plimpton

We are grateful to this year's conference sponsors:

Conway MacKenzie

Development Specialists, Inc.

Elliott Management

Foley & Lardner

Kasowitz, Benson, Torres & Friedman LLP

O'Melveny & Myers LLP

White & Case LLP

For more information, contact:

Nina Novak Peter A. Chapman
(202) 362-8552- or -(215) 945-7000
nina@beardgroup.com peter@beardgroup.com

Information about last year's conference is available at http://bankrupt.com/DI2015/

Updated: Dec. 1, 2016