Distressed Investing Conference 2009

Day One, Wednesday, January 21
1:00-4:00 p.m.		TMA Chapter Presidents Orientation Meeting

5:00-6:00 p.m.		TMA Executive Committee Meeting

5:00-10:00 p.m.		Registration Desk Open

7:00-8:30 p.m.		Speakers Dinner with TMA/The Deal Leadership

9:00-10:00 p.m.		Welcoming Dessert/Cocktail Reception


Day Two, Thursday, January 22
7:30-9:30 a.m.		TMA Board of Directors Meeting

8:00 a.m.-7:30 p.m.		Registration Desk Open

9:00 a.m.-12:00 p.m.		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

12:00-1:00 p.m.		Buffet Lunch

1:00-2:00 p.m.		Opening Keynote Session with Harvey L. Pitt, SEC Chairman (2001-2003)

1:00-5:00 p.m.		TMA Chapter Administrators Orientation Meeting

2:00-6:00 p.m.		Exhibit Hall Open

2:00-2:30 p.m.		Coffee Break in Exhibit Hall

2:30-3:20 p.m.		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

3:20-3:50 p.m.		Coffee Break in Exhibit Hall

3:50-4:40 p.m.		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

4:55-5:45 p.m.		"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

6:15 p.m.-7:30 p.m.		Cocktail Reception

Day Three, Friday, January 23
7:30 a.m.-1:00 p.m.		Registration Desk Open

8:00-8:45 a.m.		Plated Breakfast

9:00-10:15 a.m.		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

9:30 a.m.-12:00 p.m.		Exhibit Hall Open

10:15-10:45 a.m.		Coffee Break in Exhibit Hall

10:45-11:35 a.m.		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

11:50 a.m.-12:40 p.m.		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

12:45-1:30 p.m.		Closing Lunch

* 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.