TMA/The Deal's Distressed Investing Conference
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Day One, Wednesday, January 21
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| 1:00-4:00 p.m. |
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TMA Chapter Presidents Orientation Meeting |
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| 5:00-6:00 p.m. |
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TMA Executive Committee Meeting |
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| 5:00-10:00 p.m. |
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Registration Desk Open |
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| 7:00-8:30 p.m. |
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Speakers Dinner with TMA/The Deal Leadership |
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| 9:00-10:00 p.m. |
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Welcoming Dessert/Cocktail Reception |
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Day Two, Thursday, January 22
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| 7:30-9:30 a.m. |
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TMA Board of Directors Meeting |
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| 8:00 a.m.-7:30 p.m. |
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Registration Desk Open |
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| 9:00 a.m.-12:00 p.m. |
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Advanced Case Study Session: American Color Graphics and Vertis: The First Dual Prepack Merger*
Their synergies obvious for years, American Color Graphics and Vertis
considered a merger in 2007 but were unable to consummate the
transaction. The firms were laden with too much debt. As merger
negotiations dragged on, the parties conceived a remarkably simple, yet
novel, solution to their operational and financial problems: a merger
in bankruptcy. The firms entered bankruptcy independently but jointly
proposed a plan of reorganization that simultaneously restructured
their debts and merged the entities. The plan was confirmed in August
2008, after weeks of anxiety created by turmoil in the credit markets.
Our session will explore the unusual legal, financial, and
operational issues at play in this bankruptcy-merger. During the first
half of the session, Professors Morrison and Resnikoff will identify
the issues. During the second half, a panel of experts-each with a
direct connection to the remarkable transaction-will engage the
audience to discuss what it implies for companies, boards of directors,
investors, creditors, and service professionals going forward.
Presenters:
Daniel Aronson, Lazard
Ira Dizengoff, Akin, Gump, Strauss, Hauer & Feld LLP
Gary T. Holtzer, Weil, Gotshal & Manges LLP
Edward R. Morrison, Columbia Law School
Laura B. Resnikoff, Columbia Business School
Ray C. Schrock, Kirkland & Ellis LLP
Mark Shapiro, Barclays Capital |
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| 12:00-1:00 p.m. |
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Buffet Lunch |
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| 1:00-2:00 p.m. |
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Opening Keynote Session with Harvey L. Pitt, SEC Chairman (2001-2003) |
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| 1:00-5:00 p.m. |
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TMA Chapter Administrators Orientation Meeting |
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| 2:00-6:00 p.m. |
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Exhibit Hall Open |
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| 2:00-2:30 p.m. |
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Coffee Break in Exhibit Hall |
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| 2:30-3:20 p.m. |
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Radnor Case Study
This session will explore a variety of current topics in the context of how they were handled in the Radnor case, including:
• DIP financing tied to secured creditor credit bids
• 363 sales and administrative insolvency
• Unsecured creditor committee issues in a cashless case
• Handling causes of action without derailing a sale
• Options a debtor has when value is less than secured debt
Moderator:
Timothy R. Pohl, Skadden, Arps, Slate, Meagher & Flom LLP
Panelists:
Jose E. Feliciano, Clearlake Capital Group
David Kurtz, Lazard Freres
Nancy A. Mitchell, Greenberg Traurig, LLP
Stanford Springel, Alvarez & Marsal |
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| 3:20-3:50 p.m. |
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Coffee Break in Exhibit Hall |
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| 3:50-4:40 p.m. |
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Credit Default Swaps: Roulette or Risk Management?
Until
2008, the credit default market had been largely untested, benefiting
from low global default rates. Now, with default rates set to spike,
institutions that sold these instruments are collapsing. What if the
bank that sold protection fails? Are investors spending billions of
dollars on worthless insurance? This panel will highlight the benefits
of credit default swaps as a risk management tool and examine the
associated risks, including market, systemic, counterparty and firm
risk.
Moderator:
David Havens, UBS Investment Bank
Panelists:
William R. Baldiga, Brown Rudnick
Jeffrey P. Fitts, Alvarez & Marsal
Philip Olesen, UBS Investment Bank |
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| 4:55-5:45 p.m. |
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"Busted Distressed Financings: The Impact of the Credit Crunch on Debt and Equity Exit Financings"
Are the credit markets or just cold feet driving away debt and equity
exit financing? Are exit financing "commitments" worth the paper they
are written on? Are liquidated damage/termination provisions an
incentive to break commitments? This panel will examine some of the
most noteworthy examples of busted exit financing deals, the litigation
that ensued from those deals and lessons to be learned by both
investors and borrowers.
Moderator:
Mark K. Thomas, Winston & Strawn LLP
Panelists:
Michael C. Buenzow, CTP, FTI Consulting, Inc.
Thomas R. Califano, DLA Piper US LLP
William Q. Derrough, Moelis & Company
Matthew R. Niemann, CTP, Houlihan Lokey
Jonathan Rosenthal, Saybrook Capital, LLC
A. Jeffrey Zappone, CTP, Conway MacKenzie & Dunleavy |
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| 6:15 p.m.-7:30 p.m. |
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Cocktail Reception |
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Day Three, Friday, January 23
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| 7:30 a.m.-1:00 p.m. |
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Registration Desk Open |
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| 8:00-8:45 a.m. |
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Plated Breakfast |
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| 9:00-10:15 a.m. |
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Keynote Roundtable: "Distressed Investment Fund Founders: Leaders in the Distressed Investing Arena"
This panel of accomplished investors will discuss how they view the
market and how they approach distressed opportunities. The panel
represents a cross-section of investors pursuing a variety of
successful strategies of investing in distressed, underperforming and
transitional enterprises. Each of the panelists has played an integral
role in building their investment fund. This is a rare opportunity to
gain insight from some of the biggest names in the business and benefit
from their collective experiences. These individuals have truly shaped
the private equity/hedge fund/alternative investment approach to
distressed investing over the last several cycles. Come hear how
they've built their funds and where they intend to focus during the
next cycle.
Moderator:
David L. Resnick, Rothschild Inc.
Panelist:
Kevin P. Genda, Cerberus Capital Management LP/Ableco Finance LLC
Michael E. Heisley, The Heico Companies, LLC
Marc J. Leder, Sun Capital Partners, Inc.
David Shapiro, KPS Capital Partners, LP |
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| 9:30 a.m.-12:00 p.m. |
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Exhibit Hall Open |
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| 10:15-10:45 a.m. |
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Coffee Break in Exhibit Hall |
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| 10:45-11:35 a.m. |
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Crisis in Consumer Confidence: Where Will the Opportunities Be?
From high fuel prices and record-level consumer debt levels to the
collapse of homebuilders and retailers, the U.S. economy continues to
struggle. Consumer confidence remains low, and many market sectors have
been dramatically impacted. This panel will examine some of the
industries hardest hit and discuss where distressed investing
opportunities may occur.
Moderator:
Rebecca A. Roof, AlixPartners, LLP
Panelists:
Saul E. Burian, Houlihan Lokey
Michael B. Cox, The Seabury Group
Michael J. Genereux, The Blackstone Group
Ronald F. Greenspan, FTI Consulting, Inc.
Edward S. Weisfeiner, Brown Rudnick Berlack Israels LLP |
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| 11:50 a.m.-12:40 p.m. |
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Funding the Process: Trends in DIP Financing
This session will explore:
• Is the DIP market really dead?
• Trends in pricing, terms and duration of DIP loans
• Priming DIPs-will there be any?
• Sources of DIP lending-who will it be, banks or funds?
• Will incumbent lenders be left with no choice but to provide DIP financing?
Moderator:
Michael Fixler, CM&D Capital Advisors LLP
Panelists:
David Gozdecki, GE Commercial Finance-National Restructuring Practice
Kevin Phillips, Banc of America/Merrill Lynch & Co.
Brett P. Barragate, Jones Day
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| 12:45-1:30 p.m. |
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Closing Lunch |
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* Additional fee required
Please note that private company events may not conflict with any
scheduled activity of the TMA/The Deal's 2009 Distressed Investing
Conference.
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