TMA 2001 Annual Conference



Register Now! Click here to link to TMA’s online registration system or print a registration form.

Invitation to attend

Agenda

Keynote Sessions

Advance Case Study Session

General Sessions

Registration Policies

Cancellation/Substitution Policies

Hotel Reservations

Conference Sponsors

Attire

Continuing Education Credit

Exhibit Hall

Ground Transportation

Questions

Invitation from the Co-Chairs

It is our pleasure to invite you to attend the third annual Distressed Investing Conference, co-produced by the Turnaround Management Association (TMA) and The Deal. The continued partnership of these two organizations illustrates the vital link between corporate restructuring professionals and corporate and financial dealmakers. More than 550 professionals attended last year’s conference to exchange ideas and hear the latest trends on distressed investing from industry experts. With anticipated record attendance, this year’s conference will be the premier venue for key players in the distressed investing arena to meet, exchange ideas and embark on profitable relationships.

The quality of the educational program outlined on the following pages is a testament to TMA’s and The Deal’s commitment to provide timely education that best prepares you for what lies ahead in 2009. Our panels will explore and analyze credit default swaps; the impact of the credit crunch on debt and equity exit financings; and hot topics in the distressed arena, as well as providing topical case study sessions in response to your feedback.

The conference opens on Thursday morning with a keynote presentation by Harvey Pitt, former chair of the U.S. Securities and Exchange Commission. The recent, unprecedented shake-up in the U.S. economy is sure to have repercussions, domestically and globally, into 2009 and beyond. Reflecting his experience as a regulator, crisis manager, risk assessor and attorney, Pitt will offer pragmatic insights on the issues facing global business in this ever-changing economic environment.

Friday morning’s keynote roundtable brings together accomplished investors to discuss their views of the market and how they approach distressed opportunities. Moderated by David Resnick of Rothschild, the panel is comprised of Kevin Genda of Cerberus; Mike Heisley of Heico; and David Shapiro of KPS Capital Partners.

The conference would not be possible without the generous support of our sponsors. Sponsorships are still available, and we encourage you to consider this opportunity to showcase your firm to a diverse audience of industry professionals.

We also encourage you to take advantage of the many opportunities to network throughout the conference at meals, receptions and coffee breaks, as well as in the exhibit hall. And, don’t forget to take time to enjoy the Bellagio and all that it offers in dining, entertainment and leisure activities.

Please make plans to join your colleagues at the Distressed Investing Conference.

We look forward to seeing you in Las Vegas.

Jeffrey Fitts Andrew B. Miller

Managing Director, Alvarez & Marsal Senior Managing Director, Houlihan Lokey

2009 Conference Co-chair 2009 Conference Co-chair

Agenda

Wednesday, January 21

1:00 p.m. – 4:00 p.m. TMA Chapter Presidents Orientation Meeting

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

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

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

Speakers dinner and welcoming reception sponsored by AlixPartners, LLP

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

Speakers dinner and welcoming reception sponsored by AlixPartners, LLP

Thursday, January 22

7:30 a.m. – 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”*

12:00 p.m. – 1:00 p.m. Buffet Lunch

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

Lunch and keynote presentation sponsored by IntraLinks, Inc.

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

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

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

Sponsored by Loeb & Loeb LLP

2:30 p.m. – 3:20 p.m. “Radnor Case Study”

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

Sponsored by Loeb & Loeb LLP

3:50 p.m. – 4:40 p.m. "Credit Default Swaps: Roulette or Risk Management?"

4:55 p.m. – 5:45 p.m. “Busted Distressed Financings: The Impact of the Credit Crunch on Debt and Equity Exit Financings”

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

Sponsored by KPS Capital Partners, LP

Friday, January 23

7:30 a.m. – 1:00 p.m. Registration Desk Open

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

9:00 a.m. – 10:15 a.m. Keynote Roundtable: “Distressed Investment Fund Founders: Leaders in the Distressed Investing Arena”

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

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

10:45 a.m. – 11:35 a.m. “Crisis in Consumer Confidence: Where Will the Opportunities Be?”

11:50 a.m. – 12:40 p.m. “Funding the Process: Trends in DIP Financing”

12:45 p.m. – 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 2009 Distressed Investing Conference.

Keynote Sessions

Thursday, January 22, 2009, 1:00 p.m. – 2:00 p.m.

Harvey L. Pitt, SEC Chairman (2001-2003)

Harvey L. Pitt is the chief executive officer of the global business consulting firm, Kalorama Partners, LLC.  Prior to founding Kalorama Partners, Pitt was appointed by President George W. Bush to serve as the twenty-sixth chairman of the United States Securities and Exchange Commission (SEC). In that role from 2001 until 2003, Pitt was responsible, among other things, for overseeing the SEC’s response to the market disruptions resulting from the terrorist attacks of 9/11, for creating the SEC’s “real time enforcement” program and for leading the Commission’s adoption of dozens of rules in response to the corporate and accounting crises generated by the excesses of the 1990s. Pitt had previously served with the SEC in various roles, including as general counsel. Prior to his work with the SEC, Pitt was a senior corporate partner in the international law firm of Fried, Frank, Harris, Shriver & Jacobson. He also was a founding trustee and the first president of the SEC Historical Society and participated in a wide variety of bar and continuing legal education activities to further public consideration of significant corporate and securities law issues.

Friday, January 23, 2009, 9:00 a.m. – 10:15 a.m.

Keynote Roundtable: “Distressed Investment Fund Founders: Leaders in the Distressed Investing Arena”

Moderator: David L. Resnick, Rothschild Inc.

Panel: Kevin P. Genda, Cerberus Capital Management LP/Ableco Finance LLC; David Shapiro, KPS Capital Partners, LP

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.

Advanced Case Study Session

Thursday, January 22, 2009, 9:00 a.m. – 12:00 p.m.

“American Color Graphics and Vertis:  The First Dual Prepack Merger”

$100/person (price includes continental breakfast and a coffee break)

 

Presenters: Daniel Aronson, Lazard; Ira S. 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

 

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.

 

General Sessions

Thursday, January 22, 2009, 2:30 p.m. – 3:20 p.m.

“Radnor Case Study”

Moderator: Timothy R. Pohl, Skadden, Arps, Slate, Meagher & Flom LLP

Panel: Jose E. Feliciano, Clearlake Capital Group; David Kurtz, Lazard Freres; Nancy A. Mitchell, Greenberg Traurig LLP; Stanford Springel, Alvarez & Marsal

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

Thursday, January 22, 2009, 3:50 p.m. – 4:40 p.m.

“Credit Default Swaps: Roulette or Risk Management?”

Moderator: David Havens, UBS Investment Bank

Panel: William R. Baldiga, Brown Rudnick; Jeffrey P. Fitts, Alvarez & Marsal; Philip Olesen, UBS Investment Bank

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.

Thursday, January 22, 2009, 4:55 p.m. – 5:45 p.m.

“Busted Distressed Financings: The Impact of the Credit Crunch on Debt and Equity Exit Financings”

Moderator: Mark K. Thomas, Winston & Strawn LLP

Panel: 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

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.

Friday, January 23, 2009, 10:45 a.m. – 11:35 a.m.

“Crisis in Consumer Confidence: Where Will the Opportunities Be?”

Moderator: Rebecca A. Roof, AlixPartners, LLP

Panel: 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. Weisfelner, Brown Rudnick LLP

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.

Friday, January 23, 2009, 11:50 a.m. – 12:40 p.m.

“Funding the Process: Trends in DIP Financing”

Moderator: Michael Fixler, CM&D Capital Advisors LLC

Panel: David Gozdecki, GE Commercial Finance – National Restructuring Practice; Kevin Phillips, Banc of America/Merrill Lynch & Co.; Brett P. Barragate, Jones Day

• 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?

Registration Policies

Registration Fees

Unless otherwise indicated, registration fees include educational sessions, meals and social functions. Events are not prorated. To attend any portion of the conference, you must register for the entire conference at the appropriate registration fee as indicated on the registration form. The registration fee allows admission for one individual only. Registrations may not be shared. Each registered attendee will receive a name badge at the conference that must be worn for admittance into all educational sessions, meals and social functions.

|Category |Fee |

|TMA Member |$1,095 |

|Nonmember |$1,345 |

|Full-time Academic/Government Employee |$600 |

|Advanced Case Study Session |$100 |

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.

• The full-time academic/government employee rate defines a full-time academic 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. Please submit appropriate documentation with your registration form.

• Registration received after January 12, 2009, will be subject to an additional $50 fee, per the policy indicated below.

Submitting Your Registration

Registration forms must be mailed or faxed to TMA. Please see the registration form for contact information. You may also register online at . Phone registration is not accepted. Registrations are not considered complete until payment is received.

Registered attendees will receive confirmation of their registration by email. For those individuals who register online, this is an additional notice to that which you automatically receive when the online registration is processed. This notice contains important conference details. Please carefully review the notice for accuracy and retain a copy for your records. Changes, including changes to your contact information, must be submitted in writing by fax to 1-312-578-8336 or e-mail to Angela Worlds at aworlds@.

Pre-registration Deadline

Only on-site registration will be accepted after Monday, January 12, 2009. TMA will not accept any registration forms in advance of the conference after this date. Please note that there is a $50 surcharge for all registrations received after January 12, 2009.

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. CST on Friday, January 9, 2009. 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 Angela Worlds at 1-312-242-6035 or aworlds@.

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 cancellation is not accepted. Cancellations received on or before Wednesday, January 7, 2009, will be processed as follows:

• Entire Conference Cancellation: Attendee will receive a refund for the total cost of the conference (including the Advanced Case Study Session, if applicable) less a $150 processing fee.

• Advanced Case Study: Attendee will receive a refund for the total cost of the session less a $25 processing fee.

Refunds will be issued following the convention, no later than February 13, 2009.

Cancellations received after Wednesday, January 7, 2009, will not be refunded. This includes the full conference registration and/or any portion of the registration.

Please note that if you register for the conference 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 for the full conference and/or the Advanced Case Study Session. Substitutions must be submitted in writing (e-mail is acceptable). Substitutions will not be reviewed or processed until they are received in writing. Phone substitution is 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. Please note that substitutions made after Friday, January 9, 2009, may not be reflected on the registration list per the policy on this page. Substitutions must be of the same membership status/category (i.e., member, academic); otherwise, the substitute will be invoiced for the difference in registration fees.

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

Hotel Information

HOTEL UPDATE AS OF DECEMBER 5:  TMA has further negotiated a reduced room rate of $199/night at the Bellagio, especially for Distressed Investing Conference attendees.

To reserve a room at the Bellagio, please call 888-987-8686 or 702-693-8117. Reservation requests may also be faxed to 702-693-8547. Mention TMA to receive the specially negotiated room rate of $239/night, single or double occupancy. This rate is only available through Friday, December 19, 2008. TMA cannot guarantee that the room block or hotel will not sell out before then. Please make your reservation soon. The Bellagio is located at 3600 Las Vegas Boulevard South, Las Vegas, NV 89109.

TMA requires that a conference 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.

Conference Sponsors

( Platinum Sponsor

• Conway MacKenzie & Dunleavy

( Gold Sponsors

• Brown Rudnick LLP

• DLA Piper US LLP

( Event Sponsors

• AlixPartners, LLP

• Chanin Capital Partners (cyber café)

• Getzler Henrich (conference bags)

• IntraLinks, Inc.

• KPS Capital Partners, LP

• Loeb & Loeb LLP

• Mesirow Financial Consulting, LLC (lanyards)

• Skadden, Arps, Slate, Meagher & Flom LLP (Pocket Agenda)

( Display Table Sponsors

• Accretive Solutions

• The Anderson Group, LLC

• Bayside Capital

• Broadpoint Capital

• Business Capital

• CarVal Investors

• EPIQ Systems

• Insight Equity

• Melville Capital

• Pandesa Corporation

• Sentinel Capital Partners

• Tatum LLC

• US Capital

• WCM Associates

• Wingate Partners

Additional Conference Sponsors

Event sponsors provide financial support for the Distressed Investing Conference. In addition to those sponsors listed in the agenda, the following sponsors have also generously provided support for the Distressed Investing Conference.

• Chanin Capital Partners (Cyber Café)

• Getzler Henrich & Associates LLC (Conference Bags)

• Mesirow Financial Consulting, LLC (Lanyards)

• Skadden, Arps, Slate, Meagher & Flom LLP (Pocket Agenda)

Attire

Recommended attire for educational sessions and social functions is business casual.

Continuing Education Credit

Educational sessions at the 2009 Distressed Investing Conference provide an overview of topics relevant to the practice of corporate renewal and corporate and financial dealmaking. There is no prerequisite or advance study necessary to attend the 2009 Distressed Investing Conference or to qualify for continuing education credit. The 2009 Distressed Investing Conference is a “group-live” educational offering. For information regarding administrative policies such as complaints or refunds, please contact TMA at 312-578-6900.

Conference Program

• CPAs* —maximum of 6.5 hours of CPE

• CTPs – maximum of 6.5 hours of CPE

• CLE**—maximum of 5.4 hours (based on a 60-minute hour) or 6.5 (based on a 50-minute hour)

Advanced Case Study Session

• CPAs* —maximum of 3.5 hours of CPE

• CTPs – maximum of 3.5 hours of CPE

• CLE**—maximum of 3.0 hours (based on a 60-minute hour) or 3.6 hours (based on a 50-minute hour)

*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 registered sponsors may be addressed to The National Registry of CPE Sponsors, 150 Fourth Avenue North, Ste. 700, Nashville, TN 37219-2417 or by visiting the website: .

** Final number of CLE hours available pending applications to individuals state bars and individual state bar’s calculation of credit. Visit for updates.

Exhibit Hall

Exhibitors at the 2009 Distressed Investing Conference provide critical services to the distressed investing marketplace. Don’t miss this opportunity to learn how these capital and service providers will benefit your business. If you are interested in purchasing an exhibit space, please contact Joe Karel at TMA at 1-312-242-6039 or jkarel@ or Allan Cunningham at The Deal at 1-212-313-9162 or acunningham@.

Cyber Café

Stay connected while away from the office. TMA and The Deal are pleased to offer a Cyber Café at the Distressed Investing Conference. The Cyber Café allows you to connect to the Internet, check e-mail, or update and print documents on one of many computer workstations.

Ground Transportation

The Bellagio is located approximately three miles from McCarran International Airport (LAS).

Taxicab Service

Taxicab service is available on the lower level curb front of all terminals.  The fare is approximately $25, depending on traffic (flat rates are not available).  The ride time is approximately 20 minutes, depending on traffic.

Shuttle and Private Car Service

Executive Coach and Carriage provides shuttle service between the airport and several area hotels, including the Bellagio.  For rates and full details, please contact Executive Coach and Carriage at 1-702-367-7774. Bellagio Concierge Services provides private car service between the airport and the resort.  For rates and full details, please contact Bellagio Concierge Services at 1-702-693-7075. 

Driving From LAS

Exit the airport on Swenson Avenue.  Turn left onto Tropicana Avenue and travel approximately 1.5 miles to South Las Vegas Blvd. Turn slightly right onto South Las Vegas Blvd.  Turn left onto Bellagio Dr. The Bellagio is located at 3600 S. Las Vegas Blvd.

Parking at the Bellagio

Both valet and self parking is complimentary at the Bellagio.

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 Phone Numbers.  Mention identification number V368995 to the telephone agent to take advantage of this TMA member discount.

Questions

Executive Director

Linda Delgadillo, CAE

1-312-578-6900 or ldelgadillo@

Registration, Substitution, Cancellation

Angela Worlds

1-312-242-6035 or aworlds@

Overall Conference, Speakers, Educational Program

Laura Ivaldi

1-312-242-6030 or livaldi@

Sponsorship, Exhibitors, Cornerstone Endowment

Joseph Karel

1-312-242-6039 or jkarel@

Press

Cecilia Green, APR, CAE

1-312-242-6031 or cgreen@

Membership

Mary Carravallah

1-312-242-6037 or mcarravallah@

................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download