TMA 2001 Annual Conference



How to register? Click here to link to TMA’s online registration system or to access a printable registration form.

GES Chairman’s Welcome

Agenda

Keynote Speakers

Educational Sessions

Registration Fees/Policies

Cancellation/Substitution Policies

Hotel Information

Attire

Continuing Education Credit

Ground Transportation

GES Symposium Sponsors

Questions

Chairman’s Welcome

Join us at Turnaround Management Association’s 2006 Global Educational Symposium. The unprecedented amount of liquidity in the marketplace is changing the restructuring and corporate renewal landscape. Now, for the first time, the Turnaround Management Association focuses exclusively on the timely topic, “Liquidity and Corporate Renewal,” for its 2006 Global Educational Symposium (GES) June 21-23, in Chicago.

Please join me and the GES Committee members listed on page 9, who have created what is sure to be a superior educational and networking experience—one that combines empirical and theoretical research on the topic with real-world situations. Part of the educational content is based on the results of a call for papers that offered cash awards to scholars and practitioners for papers on topics related to liquidity and corporate renewal. Funding for the “Call for Papers” project was made possible by a grant from TMA’s Cornerstone Board-Designated Endowment. This endowment is dedicated to funding new research and the development of educational programs for the corporate renewal industry.

The First Prize winners—co-authors Akiko Fujimoto, Ph.D., from the University of Alberta School of Business, and Masahiro Watanabe from Rice University Jones Graduate School of Business -- join lenders on a panel Thursday to discuss alternative perspectives on liquidity from both a researcher and practitioner point of view.

TMA member Matthew Donnell, Barrier Advisors LP, Dallas, Texas, took the Third Prize for a paper that proposes an alternate approach to resolving valuation disputes that often delay restructuring efforts. He will moderate a panel of academic and legal experts who will debate the practicality of this new options-based framework.

Please review this brochure to see the full range of topics to be debated, such as discussions on how long this liquidity surge will last, and the challenges of private equity and distressed debt investing in the current market.

And, what better luncheon keynote speaker to anchor this topic than the inventor of the Laffer Curve, Dr. Arthur B. Laffer, often referred to as the “Father of Supply-Side Economics.” His research has focused on the interconnecting macroeconomic, political and demographic changes affecting global financial markets, and his insights are sure to shed light on liquidity worldwide.

Don’t miss hearing Douglas Atkin’s Friday morning presentation, “Connecting with Customers.” Author of The Culting of Brands: When Customers Become True Believers, Atkin helped launch the now-famous cult brand, jetBlue, and was featured on the PBS Frontline documentary, “The Persuaders.” All GES registrants will receive a copy of his book.

Because the GES ends at noon on Friday, you have the opportunity to continue networking and to spend a whole summer weekend enjoying Chicago’s beautiful new Millennium Park on Michigan Avenue and its world-famous museums, restaurants, theaters and other attractions.

I look forward to seeing you in Chicago.

Brent P. Hazzard

GE Commercial Finance–Distressed Debt

Chair, 2006 Global Educational Symposium Committee

Agenda

Wednesday, June 21

8:00 a.m. – 10:00 a.m. ACTP Board of Directors Meeting

10:15 a.m. – 12:15 p.m. TMA Executive Committee Meeting

12:15 p.m. – 1:15 p.m. TMA/ACTP Board Lunch

1:15 p.m. – 3:15 p.m. TMA Board of Directors Meeting

3:30 p.m. – 5:00 p.m. Chapter President’s Meeting

5:00 p.m. – 6:00 p.m. TMA/ACTP Board Reception

Thursday, June 22

8:00 a.m. – 6:30 p.m. Registration Desk Open

8:00 a.m. – 8:45 a.m. Continental Breakfast

9:00 a.m. – 10:30 a.m. Symposium Opening/”The Liquidity Surge: Being Prepared for the Wave”

10:30 a.m. – 11:00 a.m. Coffee Break

11:00 a.m. – 12:15 p.m. “Private Equity: Making Good Investments at the Peak of the Market”

12:15 p.m. – 1:00 p.m. Lunch Service

1:15 p.m. – 2:00 p.m. Keynote Presentation by Dr. Arthur B. Laffer

2:00 p.m. – 3:30 p.m. “Alternative Perspectives on Liquidity: Insights from Theory and Practice”

3:30 p.m. – 4:00 p.m. Coffee Break

4:00 p.m. – 5:30 p.m. “An Alternative Approach to Corporate Restructuring”

5:30 p.m. – 6:30 p.m. Cocktail Reception

Friday, June 23

7:30 a.m. – 12:00 p.m. Registration Desk Open

7:30 a.m. – 8:15 a.m. Continental Breakfast

8:30 a.m. – 9:15 a.m. Keynote Presentation by Douglas Atkin, “Connecting with Customers”

9:15 a.m. – 10:30 a.m. “Dynamics of Investing During a Distressed Debt Low Tide”

10:30 a.m. – 11:00 a.m. Coffee Break

11:00 a.m. – 12:30 p.m. “Is the Liquidity Wave Rising or Crashing?”

Please note that private company events may not conflict with any scheduled activity of the TMA 2006 Global Educational Symposium.

Keynote Speakers

Thursday, June 22, 12:15 p.m. – 2:00 p.m. (time reflects entire lunch session)

Dr. Arthur B. Laffer, Founder and Chairman, Laffer Associates

Dr. Arthur B. Laffer is the founder and chairman of Laffer Associates, an economic research and consulting firm. Since its inception in 1979, the firm has focused on the interconnecting macroeconomic, political and demographic changes affecting global financial markets. Dr. Laffer’s influence in triggering a tax-cutting movement in the 1980s earned him the distinction in many publications as “The Father of Supply-Side Economics.” One of his earliest successes in shaping public policy was his involvement in Proposition 13, the California initiative that drastically cut property taxes in the state in 1978. Laffer was a member of President Reagan’s Economic Policy Board for both of his terms and was a member of the Executive Committee of the Reagan/Bush Finance Committee. In 1999, Dr. Laffer was noted in Time Magazine’s cover story, “The Century’s Greatest Minds,” for inventing the Laffer Curve, which it deemed one of “a few advances that powered this extraordinary century.”

Friday, June 23, 8:30 a.m. – 9:15 a.m.

“Connecting with Customers”

Douglas Atkin, Partner and Chief Strategic Officer, Merkley & Partners

Douglas Atkin is a partner and chief strategic officer of Merkley & Partners. His interest in brands began at Procter & Gamble, where he worked in brand management. He switched to advertising in 1984 when he joined Ogilvy & Mather and later went on to work for some of the top creative agencies in Europe. In America, Atkin has worked on diverse brands such as Heineken, Chase, Hertz, Lipitor and SBC. Atkin helped launch the now-famous cult brand, jetBlue. He is also author of the book the Culting of Brands: When Customers Become True Believers, which the Wall Street Journal called “unusually interesting and readable.” During his presentation, Atkin will discuss the strategies for creating differentiation in a commodity marketplace, focusing on the emotional basis of connecting with customers. He’ll cover the importance of understanding customers’ unconscious needs and then identifying what a company can do to satisfy those needs and a process to ensure differentiation.

Educational Sessions

Thursday, June 22, 9:00 a.m. – 10:30 a.m.

“The Liquidity Surge: Being Prepared for the Wave”

Moderator: Ralph C. Palma, Citibank

Panel: Robert A.J. Barry, Bingham McCutchen LLP; Ioana Barza, Reuters Loan Pricing Corporation; Annie Bortolot, GE Commercial Finance; Jae L. Walker, Wells Fargo Bank

The tide certainly has shifted. With the plethora of funds in the marketplace, pricing continues to drop as competition heats up. For borrowers who never received Libor-based pricing before, it is the norm, not the exception. Lenders are no longer competing with two or three others for the deal; it is now as many as seven, eight or nine. And, with pricing intensity rising, structuring is loosening. Guarantees are being dropped, covenants are being loosened and certain other restrictions and monitoring measures are falling by the wayside. With this tide turning and the end (fortunately for the customers and borrowers) nowhere in sight, how can appropriate coverage/safety be maintained while still remaining competitive to the borrower and closing transactions profitably for the institution, making the win/win scenario the reality? This panel of experts will provide their insight and show you the way.

Thursday, June 22, 11:00 a.m. – 12:15 p.m.

“Private Equity: Making Good Investments at the Peak of the Market”

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

Panel: L. Thomas Gregory, American Capital; Scott Purdy, Bank of Montreal Financial Group; David P. Shapiro, KPS Special Situations Funds; David Wirt, Winston & Strawn; A. Jeffrey Zappone, CTP, Conway, MacKenzie & Dunleavy Inc.

The private equity industry currently controls capital approximating $800 billion, and at least 260 private equity firms manage funds with at least $1 billion in capital. There couldn’t be a more fascinating time for a panel of private equity experts to explain their quantitative methods for underwriting, pricing and structuring current acquisitions against the framework of high purchase price multiples and leverage – and the risk of a cyclic turn in the global economy. The panel will also discuss and debate the methodologies for forecasting and resolving the liquidity issues that frequently arise post-acquisition. The stakes are getting higher for all parties-in-interest in the private equity game. You won’t want to miss this panel of experts as they discuss elements rarely shared publicly in the secretive world of private equity.

Thursday, June 22, 2:00 p.m. - 3:30 p.m.

“Alternative Perspectives on Liquidity: Insights from Theory and Practice”

Moderator: Matthew R. McBrady, Ph.D., University of Virginia Darden School of Business

Panel: John J. Brignola, LBC Credit Partners, Inc.; Bryan Corsini, CapitalSource; Akiko Fujimoto, Ph.D., University of Alberta School of Business; Masahiro Watanabe, Ph.D., Rice University Jones Graduate School of Management

Most academics and practitioners agree that today’s financial markets are extremely liquid. Even so, the academic and practitioner communities approach “liquidity” from very different perspectives. This panel brings together both scholars and practitioners to discuss how both groups define, measure, and forecast liquidity. The academic panelists, who include prize winners from this year’s inaugural “Call for Papers” competition, will discuss their own work in the area as well as the key insights from previous academic research. The practitioners on the panel will compare and contrast this with their hands-on experiences of how changes in liquidity directly and indirectly impact their lending decisions. Drawing upon both historically disparate perspectives, the panel will seek to synthesize a richer understanding of liquidity and its impact upon corporate renewal.

Thursday, June 22, 4:00 p.m. – 5:30 p.m.

“An Alternative Approach to Corporate Restructuring”

Moderator: Matthew R. Donnell, CTP, Barrier Advisors LP

Panel: Tom A. Howley, Haynes and Boone LLP; Matthew R. McBrady, Ph.D., University of Virginia Darden School of Business; Robert Stobo, ORIX USA; Hon. Eugene R. Wedoff, U.S. Bankruptcy Court, Northern District of Illinois

Valuation is often one of the most hotly contested issues in corporate reorganizations. Inherent conflicts of interest between creditor classes over valuation issues can significantly impede or delay a debtor’s restructuring efforts. This panel will initially address an alternative approach to resolving valuation problems that has recently been proposed. Panelists will discuss and debate the practicality of this new options-based framework within the context of today’s restructuring environment. Building upon this discussion, panelists will highlight the potential for auction-based mechanisms to alleviate contentious valuation fights. They will also address alternative ways in which the present restructuring process can be improved to provide greater transparency, lower cost, and better alignment of particular parties’ influence with their economic interests.

Friday, June 23, 9:15 a.m. – 10:30 a.m.

“Dynamics of Investing During a Distressed Debt Low Tide”

Moderator: Thomas J. Donnelly, UBS Investment Bank

Panel: Thomas M. Finke, Babson Capital; William F. Looney III, The Debt Exchange, Inc.; W. Jerome McDermott, GE Corporate Financial Services Bank Loan Group; Steve Miller, Standard & Poors; Scott Schooley, Woodside Capital Management LLC

Skeptics in the market say there are many distressed investment opportunities but none of them are priced that way. Demand for investments far exceeds supply and as a result the low returns given the level of risk are rarely justified. This panel will explore what will cause a shift in the market and how the institutional loan investors (75 percent of today’s market) will change the investing landscape. Investor mix, structures and market dynamics will be debated by this panel of seasoned professionals.

Friday, June 23, 11:00 a.m. – 12:30 p.m.

“Is the Liquidity Wave Rising or Crashing?”

Moderator: James B. Shein, Ph.D., Northwestern University Kellogg School of Management

Panel: Mark Garrigus, Cole-Taylor Bank; Matthew R. Niemann, CTP, Cerberus Capital Management LP; Prof. David Stowell, Northwestern University Kellogg School of Management; Christopher L. Smith, ORIX USA

The credit market may be reaching a crest, but if, when and how it will crash remain to be seen? How will it impact small and large borrowers? Competition for borrowers between banks, hedge funds and insurance companies is intense. Five-year term loans are abundant, and some banks are offering seven-year term loans and loosening covenants on revolvers. Default rates are down due to all of the liquidity. Higher interest rates do not seem to have a big impact as loan volume in 2006 is expected to exceed that of 2005. While GDP growth was once a good indicator of change, it may no longer be a strong indicator. This panel will discuss recent trends that might signal the next decline in liquidity. Will it be triggered be default rates, bank regulators, terrorism or corporate profits?

General Information

Registration Fees

Unless otherwise indicated, registration fees include educational sessions, meals and social functions. Events are not prorated. To attend any portion of the symposium, you must register for the entire symposium at the appropriate registration fee.

|Member |$425 |

|Nonmember |$525 |

|Judge/Full-time Academic/Government Employee |$250 |

The registration fee allows admission for one individual only. Registrations may not be shared. Each registered attendee will receive a name badge at the symposium that must be worn for admittance into all educational sessions, meals and social functions. Click here to access a printable registration or TMA’s online registration system.

Registration Categories

• The member registration fee is for current, active TMA members only. Please note that TMA membership is on an individual basis. Unless otherwise appropriate as defined below, all other attendees will be charged the nonmember fee. If an individual registers for the member fee, but TMA has no membership record, the individual will be charged the nonmember fee unless s/he can produce proof of membership.

• For the judge/full-time academic/government employee fee, a full-time academic is defined as a student enrolled in at least 12 credit hours per term at an accredited university or an instructor employed on a full-time basis by an accredited university. If you qualify for rate, please submit appropriate documentation with your registration form.

• On-site registration will be subject to an additional $25 fee, which also applies to any registration received after June 16, 2006.

Submitting Your Registration

Registration forms must be mailed or faxed to TMA at 100 S. Wacker Drive, Ste. 850, Chicago, IL, 60606, Fax: 1-312-578-8335. You may also register on-line. Phone registration is not accepted. Registrations are not considered complete until payment is received.

Registered attendees will receive written confirmation of their registration by mail. Please carefully review this confirmation notice for accuracy. Changes must be submitted in writing by fax to 1-312-578-8336 or e-mail to Catherine Cram at ccram@. Because of the required processing and mailing time, please note that TMA cannot guarantee that you will receive a written confirmation notice prior to the start of the symposium if your registration form is received after June 9, 2006. A written confirmation notice is not required for admittance to the symposium.

Only on-site registration forms will be accepted after Friday, June 16, 2006. TMA will not accept any registration forms in advance of the symposium after this date. Please note that there is a $25 on-site surcharge. Please consider submitting your registration prior to June 16, 2006.

Registration List

To ensure your inclusion on the registration list that is distributed on-site, your registration form, with payment, must be received at TMA’s International Headquarters by 5:00 p.m. CDT on Monday, June 12, 2006. TMA cannot guarantee that individuals who submit registration forms after this date will be included on the registration list.

Registration Questions

Registration questions may be directed to Catherine Cram at 1-312-242-6036 or ccram@.

Cancellation and Substitution Policies

Cancellation Policy

Notification of cancellation must be submitted in writing (e-mail is acceptable). Cancellations will not be reviewed or processed until they are received in writing. Phone cancellations are not accepted. Cancellations received on or before Friday, June 9, 2006, will be refunded the total registration fee less a $150 processing fee. Cancellations received after Friday, June 9, 2006, will not be refunded.

Please note that if you register for the symposium after the cancellation deadline has passed, you will not be eligible for any type of refund or credit should you need to cancel your registration. The cancellation policy applies to all registrants regardless of when the registration form is submitted. TMA does not issue credits for future conferences.

Substitution Policy

Substitutions are permitted at any time. Substitutions must be submitted in writing (e-mail is acceptable). Substitutions will not be reviewed or processed until they are received in writing. Phone substitutions are not accepted. The substitute must be from the same firm as the original registrant, and the substitution notice should contain accurate contact information for the new registrant; otherwise, TMA cannot guarantee an accurate listing on the registration list. However, please note that substitutions made after Monday, June 12, 2006, may not be reflected on the registration list per the policy above. Substitutions must be of the same membership status (i.e., member) and/or registration category (i.e., academic); otherwise, the substitute will be invoiced for the difference in registration fees.

Registrants who fail to attend the symposium and do not notify TMA in accordance with these policies and deadlines are responsible for full payment.

Hotel Information

To reserve a room at the Hyatt Regency Chicago, call 1-800-233-1234 or 1-312-565-1234. Mention Turnaround Management Association to receive the specially negotiated room rate of $239/night. This rate is only guaranteed through Monday, May 22, 2006. TMA cannot guarantee that the room block or hotel will not sell out before then. Please make your reservation soon. The Hyatt Regency Chicago is located at 151 East Wacker Drive, Chicago, Ill., 60601. The guest fax number is 1-312-239-4414.

TMA requires that a symposium registration form (including 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.

Attire

• Educational Sessions and Social Functions: Business Casual

Continuing Education Credit

• CPAs* —maximum of 10 hours of CPE

• CTPs – maximum of 10 hours of CPE

• Attorneys—maximum of 10 hours of CLE, depending on how individual states calculate CLE and pending the outcome of the applications to the state bars. Click here to access the status of TMA’s CLE applications.

*The Turnaround Management Association is registered with the National Association of State Boards of Accountancy 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 sponsors may be addressed to The National Registry of CPE Sponsors, 150 Fourth Avenue North, Ste. 700, Nashville, TN 37219-2417. Telephone: (615) 880-4200. Website: . There is no prerequisite or advance study necessary to attend the 2006 Global Educational Symposium or to qualify for continuing education credit.

Ground Transportation

The Hyatt Regency is located approximately 20 miles from O’Hare International Airport (ORD) and 12 miles from Midway International Airport (MDW).

O’HARE INTERNATIONAL AIRPORT (ORD)

Taxicab Service

Taxicab service is available on the lower level curb front of all terminals. Shared ride service is available. There are no flat rates into downtown Chicago. The fare is approximately $40, depending on traffic. The ride time is approximately 45 minutes, depending on traffic.

Shuttle Service

Continental Airport Express departs from the lower level baggage claim area. The shuttle runs every 15 minutes. One-way fare for a single traveler is $25. One-way fare for a party of two is $18/person. Round trip fare for a single traveler is $46. Round trip fare for a party of two is $34/person. Reservations are required 24 hours in advance only for a one-way trip from the hotel to the airport and may be made by calling 1-773-247-1200 or 1-888-284-3826.

Car Service

Private sedan service may be arranged through the Hyatt Regency’s limo service by calling 1-312-565-4435 or emailing to hyattlimo@.

Driving From ORD

Follow signs that say I-190 E or “Exit to City.” Merge onto I-190 East, which will become I-90 East/Kennedy Expressway. Follow the Kennedy Expressway (I-90/94) East to the Ohio Street exit. Proceed on Ohio Street to State Street and turn right. Take State Street to Wacker Drive and turn left. The hotel will be approximately two blocks away on your right.

MIDWAY INTERNATIONAL AIRPORT (MDW)

Taxicab Service

Taxicabs are available outside the main terminal building. The fare is approximately $30, depending on traffic. The ride time is approximately 30 minutes, depending on traffic.

Shuttle Service

Continental Airport Express departs from the lower level baggage claim area. The shuttle runs every 15 minutes. One-way fare for a single traveler is $20. One-way fare for a party of two is $14/person. Round trip fare for a single traveler is $36. Round trip fare for a party of two is $26/person. Reservations are required 24 hours in advance only for a one-way trip from the hotel to the airport and may be made by calling 1-773-247-1200 or 1-888-284-3826.

Car Service

Private sedan service may be arranged through the Hyatt Regency’s limo service by calling 1-312-565-4435 or emailing to hyattlimo@.

Driving From MDW*

Follow signs out of the airport to Cicero Avenue (IL-50). Follow Cicero Avenue north to the Stevenson Expressway (I-55) north. Exit at the Dan Ryan Expressway (I-90/94) west. Take the Dan Ryan to Washington Street. Exit at Washington Street and proceed east to Michigan Avenue. Turn left on Michigan Avenue and proceed north to Wacker Drive. Turn right on Wacker Drive. The hotel is approximately one block away on your right.

* Please visit for details regarding alternate routes during construction on the Dan Ryan Expressway.

Parking at the Hyatt Regency Chicago

Overnight valet parking at the Hyatt Regency is $39 with unlimited in/out service. Daily parking rates range from $16-$39, depending on the length of stay. Individuals attending meeting only (not overnight guests) may be eligible for a West Tower Morning Special if they arrive before 9:00 a.m. and depart before 6:00 p.m. Further details and additional parking options may be found at chicagoregency., in the “guest services” section.

Car Rental

If you plan to rent a car, please note that TMA members may receive as much as ten percent off regular car rental rates from Avis. For more information, call Avis at 1-800-331-1212. Individuals calling from outside the United States may find the appropriate phone number for the country from which they are calling by visiting and selecting Customer Service/Worldwide Reservations Phone Numbers. Mention identification number V368995 to the telephone agent to take advantage of this TMA member discount.

Global Educational Symposium Sponsors

Executive Sponsor

• Blake, Cassels & Graydon – Canadian Lawyers

• Conway MacKenzie & Dunleavy

• GE Commercial Finance – Distressed Debt

• Winston & Strawn LLP

Symposium Sponsor

• Buccino & Associates, Inc.

• Great American Group

• Morris-Anderson & Associates, Ltd.

• Prime Locations LLC

• Wells Fargo Bank

Associate Sponsor

• Executive Sounding Board Associates Inc.

• Mackinac Partners, LLC

• Shaw Gussis Fishman Glantz Wolfson & Towbin LLC

Questions?

( Executive Director: Linda Delgadillo, CAE, 1-312-578-6900 or ldelgadillo@

( Registration, Substitution, Cancellation: Catherine Cram, 1-312-242-6036 or ccram@

( Overall Symposium, Speakers, Education: Laura Ivaldi, 1-312-242-6030 or livaldi@

( Sponsorship, Cornerstone Endowment Program: Joseph Karel, 1-312-242-6039 or jkarel@

( Press: Cecilia Green, CAE, APR, 1-312-242-6031 or cgreen@

( Chapter Relations: Dale West, 1-312-242-6038 or dwest@

( Membership: Mary Carravallah, 1-312-242-6037 or mcarravallah@

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