Conference
Highlights
On February 23 and 24, 2004, the
AIRA held its Business Valuation in Bankruptcy Conference in Park
City, Utah. Attendees had the opportunity to hear from various distinguished
bankruptcy professionals on the complex topics of adequately developing
cost of capital and cash flow projections for distressed companies,
valuation issues related to recovery actions, and defending/challenging
the value of a reorganized business. The conference also included
an exceptional discussion of the lessons learned from various “Chapter
22” filings, a discussion that included the real world examples
of Geneva Steel and FAO Schwartz.
The conference was held in conjunction
with the Norton Bankruptcy Litigation Conference and included joint
sessions with various bankruptcy judges and attorneys including
the Honorable Leif Clark, the Honorable Glen Clark, Ralph Mabey,
Larry Kaiser, Susan Freeman, and J. Thomas Beckett. The AIRA’s
sponsored cocktail reception provided attendees the opportunity
to network with various bankruptcy judges and attorneys, as well
as other practitioners in the informal setting of a ski lodge nestled
at the foot of the mountain. At the AIRA’s sponsored luncheon,
Grant Newton also formally announced to attendees the Association’s
new Distressed Business Valuation Designation program, which will
be offered to AIRA members that currently possess the certified
insolvency and restructuring advisor (CIRA) designation.
Special thanks go to all who participated
in the success of this conference.
Written by:
Paul Novak,
Goldsmith Agio Helms & Lynner, Inc
|
 |
Park City
Marriott, Park City Utah
1895 Sidewinder Drive
P.O. Box 4439
Park City, UT 84060 USA
Phone: 1 435-649-2900
Fax: 1 435-649-4852
Please mention "Norton Conference"
when making hotel reservations in order to receive the special
room rates ($199.00 per night) for attendees.
|
This
program is designed to provide practitioners with an in-depth analysis
of the techniques and approaches used to estimate the cost of capital,
assess the adequacy of cash flow projections and effective serve
as an expert witness dealing with valuation issues.
AIRA members may register for the
balance of the Norton Bankruptcy Litigation Institute I for an additional
charge of $500. Don't miss this opportunity to visit with attorneys
attending the Norton Bankruptcy Conference and learn more about
how to litigate valuation and other related issues.
Registration
Fees
AIRA Members & Non-members:
$400
Government employees:
$125
Norton
Bankruptcy Litigation Institute I: $500
Please
note that attendees who submit registrations after
5 p.m. February 18th, will not be on the conference sign-in sheet
and will not have pre-printed nametags. Please bring your receipt
with you to the door on the day of the conference so you can be
added to the sign-in sheet and a name tag can be hand-written for
you.
Cancellation
Policy:
Cancellations made after February 17th, 2004 are subject to a $50
dollar processing fee.
Need
Help? E-mail us
Application
for CLE credit has been made with the States of Utah and California.
CLE credit may vary between 11 and 13 hours.
CPE Credits also available |
Conference
Schedule
Monday, February 23, 2004
Afternoon Moderator: Grant Newton, Pepperdine University,
Malibu CA
2:00 - 3:45pm Cost
of Capital for Chapter 11 Companies
Bernard Pump, Deloitte
& Touche LLC, Chicago, IL
Paul Shields, Neilson Elggren LLC, Salt Lake
City, UT
Paul Novak, Goldsmith Agio Helms & Lynner,
Inc., Minneapolis, MN
Content: Unique
issues associated with determining the cost of capital including
approaches to sue and adjustments to make.
3:35 - 4:00pm Break
4:00 - 5:30pm Valuation
Issues Related to Recovery Action
Renton Squires,
Huron Consulting Group LLC, San Francisco, CA
Allen Arnett, Huron Consulting Group LLC, Chicago
IL
Content: A discussion
of unique problems that arise in determining value for solvency,
inadequate credit balance or incurring debt beyond the ability
to pay purposes.
5:30 - 7:00 pm:
Reception with participants attending the Norton Bankruptcy Litigation
Institute I.
Sponsored by the Association of Insolvency and Restructuring
Advisors
Tuesday,
February 24, 2004
7:30 - 8:30 am Defending
and Challenging the Value of the Reorganized Business (Joint session
with the Norton Bankruptcy Institute I)
Honorable Leif M. Clark,
U.S. Bankruptcy Court, San Antonio TX;
Tracy Gopal, Ernst & Young Corporate Finance
LLC, Charlotte NC;
Bernard Pump, Deloitte & Touche LLC, Chicago
IL
8:30 - 9:30am Litigation
and Chapter 11 Cases (Joint session with the Norton Bankruptcy Institute
I)
Honorable Leif M. Clark,
U.S. Bankruptcy Court, San Antonio TX;
Honorable Glen Clark, U.S. Bankruptcy Court,
Salt Lake City, UT
Ralph R. Mabey, LeBoeuf, Lamb, Greene & MacRae
LLP, Salt Lake City, UT
Laurence Kaiser, Fisher & Fisher, New York,
NY
Susan M. Freeman, Lews & Roca, LLP, Phoenix,
AZ
Content: Litigation
in Chapter 11 cases, first day orders, operating and financing,
sale of assets and confirmation cases.
9:45 - 11:30am Litigation
and Chapter 11 Cases (continued)
11:45am - 1:00pm
Lunch: AIRA Update, Current Developments Impacting the Financial
Advisor
Speaker: Grant Newton, Pepperdine University, Malibu,
CA
1:00 - 2:30pm Cash
Flow Projections
Tracy Gopal, Ernst
& Young Corporate Finance LLC, Charlotte, NC
Miles Molyneaux, The Parkland Group, Inc., Cleveland,
OH
Content: A discussion
of issues associated with developing and adjusting cash flows
(grass roots vs. corporate), developing or testing growth rate
and how to use comparative company analysis in assessing the validity
of cash flow assumptions.
2:30 - 2:45pm Break
2:45 - 4:30pm Lesson
Learned from Chapter 22
David Miller, Ernst
& Young Corporate Finance LLC, Atlanta, GA
Philip Lieberman, Windes & McClaghry Accountancy
Corp, Long Beach, CA
Content: A discussion
of issues associated with adequately determining plan feasibility
and other operations problems.
4:30pm Adjourn |
