TMA 2001 Annual Conference - TMA | Turnaround …



Agenda Summary

Tuesday, October 18

• Executive Committee Meeting

• TMA/ACTP Boards Dinner

Wednesday, October 19

• ACTP Board of Directors Meeting

• TMA Board of Directors Meeting

• TMA/ACTP Boards Lunch

• Chapter Presidents Meeting

• ACTP Advanced Educational Session*

• Chapters' Boards of Directors Reception

• Opening Reception

Thursday, October 20 – Friday, October 21

• Exhibit Hall Open

• Educational Sessions

• Meals and Receptions

Keynote Speakers

Tom Ridge

First Secretary of Homeland Security and Former Governor of Pennsylvania

Thursday, October 20, 8:00 a.m. – 9:30 a.m. (time reflects entire convention opening session)

As the United States’ first-ever Secretary of Homeland Security, Tom Ridge brought safety and security to a country threatened by terrorism. His primary tasks were to integrate 180,000 people from nearly two-dozen agencies to create a culture of change within the new department and to lead a national effort to make America more secure. Secretary Ridge drew on his experience to forecast how a renewed emphasis on security would influence the way the U.S. responds to emergencies, disasters and threats to travel and transportation, as well as how security issues influence domestic policy on such questions as immigration, maintaining borders and issues of personal privacy. Secretary Ridge shares the insights learned on the frontlines of the War on Terror. He shows audiences exactly what and where the threat is and how this will affect the future of the United States and its people in the post September 11 world.

Jim Craig

President, Hat Trick Group and Gold Medalist, 1980 U.S. Men’s Ice Hockey

Thursday, October 20, 12:45 p.m. – 3:00 p.m. (time reflects entire lunch program)

Jim Craig is president of the Hat Trick Group and understands the marketing and team building needs of the business community. An intuitive marketer and promotion specialist, Craig is widely known for his inspirational lectures and athletic celebrity. Among his professional accomplishments, Craig was named “Salesman of the Year” by both Market Corporations of America and Valassis Communications and is a member of the ”Salesman Hall of Fame.” In 1980, Craig became the principal goalie of the now legendary United States Men’s Ice Hockey team, which won the gold medal in the 1980 Winter Olympics in Lake Placid, New York. He has been inducted in the Hall of Fame of his alma mater, Boston University, the USA Hall of Fame, the International Ice Hockey Hall of Fame and the United States Ice Hockey Federation Hall of Fame, and was further distinguished as a Sports Illustrated “Sportsman of the Year”.

Jon V. Rogers, Senior Analyst – Automotive, Citigroup Smith Barney

Douglas W. Runte, CFA, Managing Director, Morgan Stanley

Friday, October 21, 12:45 p.m. – 3:15 p.m. (time reflects entire lunch program)

Jon Rogers joined Smith Barney in 2004 from Wachovia Securities, where he was the senior automotive analyst. He has more than 10 years of experience in financial and economic research with a concentration in the automotive industry. Prior to joining Wachovia Securities in 2000, Rogers was vice president of Martha R. Seger & Associates, an investment banking and consulting firm. While at Seger, Rogers spent five years as managing director of a joint venture with J.D. Power and Associates, providing automotive research and consulting services to public and private investors in the automotive industry. Rogers began his career in business as an analyst at the Federal Reserve Bank of Chicago.

Douglas W. Runte is a managing director at Morgan Stanley, where he is the senior coverage analyst for the U.S. airline sector (both equity and debt) and aircraft-backed securities such as Enhanced Equipment Trust Certificates (EETCs). Runte has covered the airline and aircraft markets for leading Wall Street firms for more than 15 years. Prior to joining Morgan Stanley in 1998, Runte worked at another investment bank as a fixed income research analyst, where his coverage areas included airport finance and airline special facility debt. Annually from 2000 to 2004, Institutional Investor has recognized Runte as the number one ranked analyst in the fixed income transportation sector (either investment grade, high yield or both) from its survey of institutional investors and has previously included him in its All America Research Analyst survey for his work in tax-exempt airport finance and airport special facility obligations.

Cokie Roberts

Political Analyst for ABC News and Former Co-anchor, This Week with Sam Donaldson & Cokie Roberts

Friday, October 21, 7:30 p.m. – 9:45 p.m. (time reflects entire dinner program)

Cokie Roberts is a political commentator for ABC News where, for fifteen years, she has covered Congress, politics and public policy. She also serves as senior news analyst for National Public Radio. From 1996-2002, she and Sam Donaldson co-anchored the weekly ABC interview program This Week. In her more than thirty years in broadcasting, Roberts has won countless awards, including two Emmys. In addition to her appearances on the airwaves, Roberts and her husband, Steven V. Roberts, write a weekly syndicated column and are contributing editors to USA Magazine. Roberts peppers her speeches with insight and wisdom born of personal and professional relationships honed in the halls of Congress over four decades. With unmatched authority, she brings a practiced political eye and keen perspective to issues currently facing lawmakers in Washington, DC.

Educational Sessions

CONCURRENT SESSION A

Thursday, October 20, 10:00 a.m. - 11:00 a.m.

A1: “The Export of American Turnaround Expertise”

Moderator: Robert N. Dangremond, AlixPartners LLC

Panel: N. Lynn Hiestand, Skadden, Arps, Slate, Meagher & Flom (UK) LLP; Lachlan Edwards, N M Rothschild & Sons Limited (London); Colleen Palmer, GE Corporate Financial Services (Europe)

A2: “Two Perspectives on the Economy”

Co-Presenters: Diane C. Swonk, Chief Economist and Senior Managing Director, Mesirow Financial and Carl Tannenbaum, Chief Economist, LaSalle Bank/ABN AMRO

The expansion is 50 months old. Will it continue? If and when the housing bubble bursts, who will get hurt the most? What structural changes in the economy are creating the new winners and losers? What about the Euro? Hear two of the nation’s most noted and quoted economists address these and other timely topics as they offer their unique perspectives on the state of the economy.

A3: “The World of Distressed Debt Investing -- Pros and Cons of Investment Methodologies”

Moderator: Christopher Jacobs, JPMorgan Chase & Co.

Panel: Charles J. Burger, Summit Investment Management LLC; Salmon Kahn, Silver Point Capital, L.P.; Richard Latto, Longroad Asset Management, LLC; Lynn Tilton, Patriarch Partners, LLC

Several distinct methodologies are currently being deployed to invest in distressed companies. Special opportunity funds look to buy debt securities at significant discounts and profit as companies work themselves out of the troubled situations. Financially focused investors concentrate on actively restructuring the balance sheet. Control investors look to not only restructure the balance sheet but take an active role in the management of the company. All strategies can be successful, but each has a different focus and employs different resources to achieve their return objective. This panel will compare and contrast the different approaches and highlight the keys to success regardless of the methodology employed.

A4: “Bank Workout Officers' Views on Middle-Market Trends”

Moderator: Mr. David L. Auchterlonie, CTP, ALTMA Group, Inc.

Panel: Mitchell B. Rasky, LaSalle Business Credit Inc.; Michael Sadilek, Wells Fargo Foothill; Jae L. Walker,

Wells Fargo Bank; Michael Weil, Bank of America

Will turnaround professionals ever see another lead from a bank work-out department? What will the future role of the work-out officer be? How different will it be dealing with a distressed debt fund manager? This panel of institution leaders from national workout departments will focus on the evolving nature of bank workouts and will explore the recent effects of hyper-liquidity in the markets and whether this is a temporary or permanent phenomenon. Learn first-hand how these lenders foresee market conditions over the next 12 to 18 months.

CONCURRENT SESSION B

Thursday, October 20, 11:30 a.m. - 12:30 p.m.

B1: “Turnarounds in Public Education: A Textbook Example”

Panel: Sajan P. George, Alvarez & Marsal LLC; William V. Roberti, Alvarez & Marsal LLC; Vincent C. Schoemehl Jr., St. Louis Board of Education

Turnarounds in public education? Do they exist? Can the restructuring methodology, proven so effective in the private sector, be applicable in the public sector? A panel of experts will discuss a real-life case study of a public sector turnaround - the St. Louis Public School District. What led Vince Schoemehl, former mayor and newly elected school board member, to hire a corporate turnaround firm? Hear the answer from Vince Schoemehl and from the co-heads of Alvarez & Marsal’s Public Sector practice about this unique and unprecedented turnaround assignment.

B2: “How to Win the Valuation Battle: An Overview of Critical Reorganization Valuation Issues”

Moderator: Carl S. Lane; Deloitte & Touche LLP

Panel: Neil Augustine, Rothschild Inc.; Shez K. Bandukwala, Hilco Appraisal Services; Bernard Pump, Deloitte & Touche LLP

This panel of seasoned experts will discuss the key valuation issues in bankruptcy and restructuring battles. The panelists will outline their “Top 5” valuation issues for which consensus is vital to a successful outcome. The panelists will also expose some of the common technical errors made by "valuation professionals.” This session is a must for both consultants called to testify on valuation and attorneys who must challenge and defend these valuations.

B3: “The Explosive Growth of China Outsourcing: Opportunities and Challenges”

Moderator: Frank R. Mack, CTP, Conway MacKenzie & Dunleavy Inc.

Panel: Mr. Douglas Clark, Esq., Lovells (Shanghai); Brian P. Smith, Conway MacKenzie & Dunleavy Inc.; Mark R. Williams, Esq., DLA Piper Rudnick Gray Cary UK LLP (Shanghai)

China has become the “factory of the world” as international companies flock to the “Land of the Dragon” in pursuit of low-cost manufacturing, access to an expanding Asian consumer market and premium returns on investment. This long-term trend presents extraordinary opportunities and challenges for professionals in the corporate renewal industry. Even if your current practice is primarily U.S.-based, some aspect of future engagements will likely contain a China component. This panel of China experts will prepare you for the future by presenting both the practical elements, and the benefits and risks, of the China supply chain and the logistic outsourcing strategies now available.

B4: “The Aggressive New Lenders: A Fundamental Shift in the Capital Markets?”

Moderator: Andrew B. Miller, Houlihan Lokey Howard & Zukin

Panel: Luke Gosselin Jr., Goldman Sachs & Co.; Kenneth Sands, Fortress Investment Group LLC; Daniel E. Wolf, Cerberus Capital Management LP/Ableco Finance LLC

The aggressive new lenders, hedge funds and CLOs are sitting on hoards of cash and looking for creative ways to deploy it. Borrowers can max-out their debt capacity and lower their cost of capital. This competition has resulted in new structures, higher debt levels, reduced covenants, and lower capital costs. Our panel of premiere dealmakers will discuss the latest structures and techniques to provide borrowers an optimal capital structure and the opportunities for turnaround consultants.

B5: “Ethics for the 21st Century: Real Issues for Real Professionals”

Moderator: Howard Brod Brownstein, CTP, NachmanHaysBrownstein Inc.

Panel: Robert D. Albergotti, Haynes & Boone, LLP; Gerald P. Buccino, CTP, Buccino & Associates, Inc.;

Shaun K. Donnellan, CTP, Glass & Associates, Inc.; Scott Peltz, American Express Tax & Business Services

In this Sarbanes-Oxley era, ethical and legal pitfalls require turnaround professionals to be more vigilant than ever. This panel of corporate renewal experts will review the latest ethical issues in the turnaround practice, including perspectives on the non-bankruptcy engagement agreement, the contractual scope of work, “zone of insolvency” issues when fraud or illegality is discovered and the representation of various parties in bankruptcy proceedings.

CONCURRENT SESSION C

Thursday, October 20, 3:30 p.m. - 4:30 p.m.

C1: “Panel of Winners: TMA Turnaround of the Year Awards”

Moderator: Lillian G. Stenfeldt, Sedgwick Detert Moran & Arnold LLP

Each year, TMA honors recipients of its Turnaround of the Year Awards. The recipients of the Mega, Large, Mid-size, Small and International Company “Turnaround of the Year” awards will share the challenges they faced and the lessons they learned, as well as provide an understanding of what made the difference in achieving these outstanding outcomes. Discussion among the panelists will be followed by questions from the audience.

C2: “Small Lender Forum: A Unique TMA Opportunity to Meet Under $5 Million Troubled Company Lenders!”

Co-organizers: Jay H. Krasoff, Chiron Financial Group Inc. and Luis Salazar, Greenberg Traurig LLP

This exciting, first-time-ever Lender Forum will showcase lenders who target loans less than $5 million (USD) to troubled companies. These are largely regional, smaller, hard-to-find lenders who offer loans, refinancings and DIP facilities in this difficult market segment. Each lender will personally present themselves and their specific product offerings. Attendees will receive a take-home Small Lender Guide outlining the loan offerings and parameters of each forum participant. This guide will serve as an invaluable resource in the coming year. Presenting firms will have collateral material on-hand and will be available for deal making after the presentations.

C3: “When Things Go Awry: How do Tranche B Lenders Get Repaid”

Moderator: Theodore L. Koenig, Monroe Capital LLC

Panel: Dennis J. Diczok, Fortress Investment Group, LLC; Michael J. Egan, Monroe Capital LLC; Eric F. Miller, Cerberus Capital Management LP/Ableco Finance LLC; Greg C. Walker, Silver Point Capital, L.P.

There is a new breed of investor in town. Hear from the people who will be managing the next generation of workouts and restructurings. How do they plan to exit their investment positions? How will they make decisions whether to sell, refinance, restructure or liquidate? In protecting their positions, how will they choose their turnaround professionals, counsel, DIP lenders, investor partners and investment bankers? Learn this “must know” information directly from the decision makers.

C4: “Out-of-Court Restructuring Solutions for Public Companies -- Exchange Offers”

Moderator: Thomas A. Vanderslice Jr., Jefferies & Company, Inc.

Panel: Lawrence A. Larose, Esq., King & Spalding LLP; Hyonwoo Shin, Jefferies & Company. Inc.; Edward J. Siskin, Back Bay Capital Funding LLC

Chapter 11 should be the last resort for companies facing obligations they cannot meet. There are numerous options available for cleansing a balance sheet while at the same time avoiding a prolonged bankruptcy filing, which often results in a dissipation of enterprise value. Central to this alternative approach is the use of an “exchange offer,” where a company seeks to renegotiate its bond obligations in a consensual process. This panel will discuss the techniques of both registered exchange offers and private (or SEC-exempt) methods such as 3(a)9 and 4-2 exchange offers. Two recent cases will be used to illustrate the value of this technique to successfully restructure the balance sheet outside of Chapter 11.

C5: Title Pending

Moderator: Michael B. Solow, Kaye Scholer LLP

Panel: Betsy Kelly, JPMorgan Chase & Co.; Tony Murphy, Citicorp

GENERAL SESSION

“Evolution of the Large Turnaround Firm”

Friday, October 21, 8:30 a.m. - 9:45 a.m.

Moderator: John Wm. Butler Jr., Skadden, Arps, Slate, Meagher & Flom LLP

Panel: William M. Goodyear, Navigant Consulting, Inc.; Brian P. Marsal, Alvarez & Marsal; Frank Piantidosi, Deloitte Financial Advisory Services LLP; Dennis Shaughnessy, FTI Consulting, Inc.; James C. Tyree, Mesirow Financial

CONCURRENT SESSION D

Friday, October 21, 10:15 a.m. - 11:15 a.m.

D1: “Pension and Retiree Health: The Legacy Overhang of American Industry”

Moderator: Nell Hennessy, Fiduciary Counselors Inc.

Panel: Bradley D. Belt, Pension Benefit Guaranty Corporation; Gary M. Ford, Groom Law Group; Joseph E. O'Leary, McDermott, Will & Emery LLP

Pension and retiree health costs are threatening the solvency of companies across an increasing number of industries. The Pension Benefit Guaranty Corporation (PBGC) is awash in red ink, and Congress is considering legislation to increase pension funding and PBGC premiums. Hear from Bradley Belt, Executive Director of the PBGC, and lawyers directly involved in this crisis. Learn what to look for, what your options are and how to navigate through this minefield.

D2: “The New Bankruptcy Law (Or What I Need to Learn All Over Again)”

Moderator: Adam C. Rogoff, Esq., Cadwalader, Wickersham & Taft LLP

Panel: Michael A. Dieber, Conway Del Genio Gries & Co. LLC; Judith Greenstone Miller, Jaffe, Raitt, Heuer & Weiss, P.C.; Richard B. Levin, Esq., Skadden, Arps, Slate, Meagher & Flom LLP; Kenneth Simon, Navigant Capital Advisors, LLC

Learn about the sweeping changes to the Bankruptcy Code, which will affect numerous aspects of corporate reorganizations, including exclusivity, asset disposition, avoidance actions, KERPs, taxes, financial contracts, and cross-border proceedings. How will the new law affect you? A dynamic panel discussion will address these changes from both a company viewpoint and creditors/committee perspective to help you understand the ways you will need to change your approach to turnarounds.

D3: “Managing the Asset Disposition Process for Maximum Strategic Return”

Moderator: David Peress, XRoads Solutions Group, LLC

Panel: James C. Dykstra, DoveBid Inc.; Thomas E. Pabst, Great American Group; Mark J. Schwartz, Gordon Brothers Group, LLC

Dispel all the myths surrounding the disposition of excess assets by hearing from the top firms providing these services. Learn how to structure deals to meet your strategic goals, whether maximization of recovery value or protection of “brand” integrity. Understand how to forge partnerships with asset disposition firms and why they often result in best-case outcomes. See how strategic alliances between a 363 buyer and an asset disposition firm can make your client a winner. This is a session that every turnaround professional, restructuring advisor, asset based lender and distressed investor should attend.

D4: “Live from Chicago: Perspectives of Middle-Market Business Owners on the Turnaround Process”

Moderator: Daniel F. Dooley, CTP, Morris - Anderson & Associates, Ltd.

Typically convention panels focus exclusively on the perspectives of the professionals involved in a corporate renewal case. This panel is comprised of owners of middle-market businesses who have gone through the turnaround process with the help of experienced professionals. The intent is to give turnaround professionals (practitioners, lenders, attorneys, and other service providers) new insight and some valuable lessons learned in understanding the owner/stakeholder group.

CONCURRENT SESSION E

Friday, October 21, 11:45 a.m. - 12:45 p.m.

E1: “Airline Industry Restructuring: An Industry Update”

Moderator: Thomas J. Allison, CTP, Huron Consulting Group

Panel: Timothy R. Coleman, The Blackstone Group; David S. Kurtz, Lazard Freres & Co. LLC; Todd R. Snyder,

Rothschild Inc.

Since 2001, airlines have accumulate losses of over $30 billion, numerous airlines have filed for bankruptcy protection, and many continue to struggle due to high fuel cost, legacy costs, and pricing pressures. During this time period, airlines both in and out-of-court have sought to reduce operating costs while trying to maintain market share and avoid labor strife. This panel of battle-weary turnaround practitioners and investment bankers advising this industry will review the most recent industry trends and developments.

E2: “Is It Retail or Is It Real Estate?”

Moderator: Andrew B. Graiser, DJM Asset Management LLC

Panel: Emilio Amendola, DJM Asset Management LLC; Raymond Edwards, Kimco Realty; Kevin P. Genda, Cerberus Capital Management LP/Ableco Finance LLC; Flip Huffard, The Blackstone Group

Many turnaround professionals, investors and lenders have been left scratching their heads trying to understand the underlying motives driving recent announcements by retailers to place a “for sale” sign on their company; and the diversity of buyers, ranging from other retailers to hedge funds. Are the investors buying a retail operation for the operation itself, or are they simply buying choice real estate? This panel of professionals and investors who have actively participated in many of these transactions have assembled to share with you their perspectives into what drives today’s largest retail acquisitions from both the acquirer’s and seller’s perspective.

E3: "Controversial Issues in Large Company Restructurings”

Moderator: Randall S. Eisenberg, CTP, FTI Consulting, Inc.

Panel: Mr. Richard M. Cieri, Esq., Kirkland & Ellis LLP; Stephen Karotkin, Esq., Weil, Gotshal & Manges LLP; Tim Morris, GE Commerical Finance

Changing capital markets, global scope, shifting creditor constituencies, terminations of pension plans, modification of retiree healthcare benefits, treatment of critical vendors and venue selection are a sample of hot issues which have sparked debate among turnaround professionals. Add to this the recent change in the bankruptcy code, and one can see many strategies developed to aggressively advocate a client’s position. This distinguished panel will discuss and debate many of the controversial issues involved in larger company restructurings both today and in the future.

E4: “Troubled Business Buyers: The Private Equity Players”

Moderator: David S. Miller, Giuliani Capital Advisors LLC

Panel: John P. Bolduc, HIG Capital - Bayside Capital; Thomas J. Kichler, One Equity Partners; Scott B. Lavie, Galena Capital LLC; Jason H. Neimark, Sun Capital Partners, Inc.

This panel of experienced private equity investors and advisors will discuss current trends in the distressed market. How have hedge funds changed the market for distressed investing and how are they different from private equity funds? What are private equity funds looking for when they invest in a troubled company? What is the role of the turnaround professional versus the portfolio manager of the private equity funds? What are private equity funds looking for from a turnaround professional? Attendees should expect a candid and forthright discussion of investing in troubled businesses and the role of the turnaround professional.

CONCURRENT SESSION F

Friday, October 21, 3:30 p.m. - 4:30 p.m.

F1: “Panel of Winners: TMA Transaction of the Year Awards”

Moderator: Scott H. Lang, Brown Gibbons Lang & Company

This year, the TMA introduces a new award, the Transaction of the Year. This award will recognize the TMA member, who along with a team of professionals, orchestrates a distressed financial transaction that, if not executed, would have most likely resulted in the failure of a business and lower recoveries to creditors. This panel features the four recipients of this new award, whose categories include Small, Mid-size, Large, and Mega deal. Each award-winning recipient will discuss the salient features of their optimal exit strategy and participate in a roundtable discussion followed by questions from the audience.

F2: “Automotive Industry in Flux: An Industry Update and Roundtable”

Moderator: Hon. Steven W. Rhodes, U.S. Bankruptcy Court, Eastern District of Michigan

Panel: Van E. Conway, Conway MacKenzie & Dunleavy; William G. Diehl, CTP, BBK, Ltd.; Kimberly Rodriguez,

Stout Risius Ross Inc.; Patrick J. Stewart, BankOne

Experts predict that by 2010, the number of Tier 1 auto industry suppliers will have shrunk by 66 percent and the Tier 2 suppliers will have decreased by 90 percent. How will this rationalization occur? With industry dynamics more complex and challenging than ever, how many will be forced to shut their doors? How many will restructure, strengthen and thrive? This session will take a closer look at automotive supplier restructurings from the perspectives of the OEMs, the lenders and the suppliers themselves.

F3: “Small Investor Forum: A First-Ever TMA Opportunity to Meet Under $5 Million Equity Investors in Troubled Companies!”

Co-organizers: Seth R. Freeman, EM Capital Inc./Freeman Partners and J. Scott Victor, SSG Capital Advisors, L.P.

Every troubled company’s fondest dream is to find a suitable investor. This first-time-ever TMA Investor Forum will showcase investment groups interested in investing less than $5 million in troubled situations. Each investment group will personally introduce their firm and outline their investment criteria. Attendees will receive a take-home Troubled Investors Guide outlining the investment parameters of each of our Forum participants, an invaluable reference guide over the coming year. Presenting firms will have collateral material on-hand and will be available for deal making after the presentations.

ACTP Sessions

The Association of Certified Turnaround Professionals (ACTP) is pleased to offer the following educational programs in conjunction with the 2005 Annual Convention. Annual Convention registration is not required to register for the BOK courses or to sit for the exam, but it is required to participate in the Advanced Educational Session.

Body of Knowledge Courses

9:00 a.m. – 4:00 p.m.

$400 per course

Monday, October 17 Management Course

Tuesday, October 18 Law Course

Taught by a business school professor and a U.S. Bankruptcy Judge, these courses are open to all corporate renewal professionals seeking a comprehensive understanding or refresher on turnaround management. Additionally, these courses are perfect for individuals interested in attaining the Certified Turnaround Professional (CTP) designation. ACTP has defined a comprehensive body of knowledge in the areas of management, accounting & finance, and law upon which the certification exam is based.

CTP Certification Exam

Wednesday, October 19, 8:00 a.m. – 6:00 p.m.

$250/exam section

Management, Law, and Accounting & Finance sections will be given

Exams are currently scheduled in the following order: Management (3.5 hours maximum); Law (2.5 hours maximum); and Accounting & Finance (2.5 hours maximum). A half-hour breakfast and lunch are included in the exam fee.

Please note that the CTP exam may only be taken by those whose applications have already been accepted and approved by the ACTP Standards Committee and whose application fee has been received. An exam application may be printed from the ACTP website, .

For more details about the courses and/or exams, please contact Nicole Gibby, Manager of ACTP Relations, at 1-312-242-6034 or ngibby@ or visit .

ACTP Advanced Educational Session

“Strategies for the Practitioner in the World of the New Law”

Wednesday, October 19, 3:30 p.m. – 5:00 p.m.

$95/person

Practitioners rely on a working knowledge of the bankruptcy law in order to effectuate successful reorganizations. Planning and timing are even more important than ever. The key points for practitioners regarding what has been gained and what has been lost in the new bankruptcy law will be highlighted by presentation and discussions of several recent cases. Key participants in those cases will contrast how the new law will change their planning and timing. Topics to be covered include leases, exclusivity, utilities, reclamation, administrative claims, vendor rights, etc.

You must be a registered attendee of the 2005 Annual Convention to attend this session.

Continuing Education Credit

Continuing education credit is available for both ACTP session and the TMA convention program.

TMA Convention Program

• CPAs*—maximum 8.5 hours

• CTPs—maximum 8.5 hours toward their CTP designation

• Attorneys—CLE applications are pending. Completed details will be available in your on-site convention materials, or you may contact Nicole Gibby at ngibby@ for updates.

ACTP Body of Knowledge Courses

• CPE—maximum 6.5 hours of CPE for accountants*

• CTPs—maximum 6.5 hours toward the CTP designation

• CLE —upon request, ACTP can apply for CLE credit to individual states for the law section only

ACTP Advanced Educational Session

• CPE—maximum 1.5 hours of CPE for accountants*

• CTPs—maximum 1.5 hours toward the CTP designation

• CLE —this session is not eligible for CLE for attorneys

*The Association of Certified Turnaround Professionals and the Turnaround Management Association are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.  Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Nashville, TN, 37219-2417. Web site: There is no prerequisite or advance study necessary to attend ACTP sessions or the TMA 2005 Annual Convention or to qualify for continuing education credit. For more information regarding administrative policies such as complaint and refund, please contact ACTP and TMA at 1-312-578-6900.

Hotel Information

Reserve your room at the Chicago Hilton & Towers by calling 1-800-HILTONS (445-8667) or 1-312-922-4400. Mention TMA to receive the specially negotiated room rate of $235 per night (Main House), single or double occupancy or $275 per night (Towers) single or double occupancy. These rates are only guaranteed through Friday, September 9, 2005. TMA cannot guarantee that the room block or hotel will not sell out before then. Please make your reservation soon.

The Chicago Hilton & Towers is located at 720 S. Michigan Avenue, Chicago, IL 60605. The guest fax number is 1-312-922-5240.

Due to strong interest in this convention, TMA requires that a convention registration form (which includes payment) be received within ten business days of making a hotel reservation. TMA reserves the right to terminate the hotel reservation of any individual who does not comply with this policy.

Additional Convention Sponsors

Event sponsors provide financial support for TMA’s international conferences. In addition to those sponsors listed in the agenda, the following sponsors have also generously provided support for the TMA 2005 Annual Convention.

• Huron Consulting Group (convention bags)

• Getzler Henrich & Associates LLC (lanyards)

• FTI Consulting, Inc. (Program Book/CD-Rom)

• Skadden Arps Slate Meagher & Flom LLP (Program Book/CD-Rom)

• CapitalSource (Room keys)

• Edward Hostmann, Inc. (Audio Cassette Tapes)

Cyber Cafe

Stay connected while away from the office! New this year, TMA is pleased to offer a Cyber Café. Connect to the Internet, check e-mail, or update and print documents on one of several computer workstations. The Cyber Café is located in the exhibit hall and will be open during the following hours:

• Thursday, October 20, 7:00 a.m. - 7:45 p.m.

• Friday, October 21, 7:30 a.m. – 12:45 p.m.

Visit the Exhibit Hall

Annual convention exhibitors provide critical services to corporate renewal professionals. Don’t miss this opportunity to learn how more than sixty service providers, including asset-based lenders, accounts receivable outsourcing professionals, appraisers, real-estate consultants, liquidators and investment bankers, among others, will benefit your business.

Exhibit Hall Hours

Thursday, October 20, 7:00 a.m. - 7:45 p.m.

Friday, October 21, 7:30 a.m. – 12:45 p.m.

Exhibitor Grand Prize Drawing

Registered attendees will receive an exhibitor grand prize drawing ticket with their convention materials. Spouses/guests and individuals registered as exhibitors will not receive a drawing ticket. To enter the drawing, attendees must drop their ticket into the drawing bin located in the exhibit hall. The Exhibitor Grand Prize Drawing will be held on Thursday evening, October 20, during the Exhibitor Reception. The reception begins at 6:30 p.m. and the prize drawing will be held shortly thereafter.

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