The AIRA & The University of Texas School of Law
Present
LIQUIDITY, LBOs, RISK AND RESTRUCTURINGS
January 14-15, 2008
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| Sponsors |
Media Sponsor
Debtwire
Major Sponsors
- American Appraisal Associates
- Chiron Financial Advisors, L.L.C.
- FTI Consulting, Inc.
- Huron Consulting Group
- Mesirow Financial Consulting, LLC
- Skadden, Arps, Slate, Meagher & Flom, LLP
- Weil, Gotshal & Manges, LLP
Monday Reception and Speaker Dinner Sponsors
- Akin Gump Strauss Hauer & Feld LLP
- Alston & Bird LLP
- Arent Fox LLP
- Davis Polk & Wardwell
- Dewey & LeBoeuf LLP
- Fulbright & Jaworski L.L.P.
- Greenberg Traurig, LLP
- National City Capital Markets
- Stutman, Treister & Glatt, P.C.
- Vinson & Elkins L.L.P.
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| Hotel |
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Special rate: $319 good through
January 3, 2008
(subject to availability)
Parking: $25-Valet; $21-Self parking (subject to change)
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| 6:30 pm |
VALCON Opening Networking Reception Begins 0.00 hr
Join us for drinks, hors d’oerves, and a light buffet dinner with faculty and participants.
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| 7:30 am |
Registration Opens
Includes continental breakfast.
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BOOTCAMP: FINANCIALS AND VALUATION MODELS
| 8:30 am |
A Primer on Financial Statements and Financial Analysis 1.50 hr
This session will cover the three key financial statements and how they are related. It will also address what financial statements tell us, their limitations, and how they are used to evaluate the performance of a company.
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Robert Parrino
Lamar Savings Centennial Professor of Finance
University of Texas at Austin - Austin, TX
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| 10:15 am |
Understanding the Roles, Strengths and Weaknesses of Different Valuation Methodologies 1.50 hr
This session will cover basic valuation methodologies, including cost, market, and income (DCF) approaches. It will provide participants with a brief introduction to the more commonly used valuation methods and their relative advantages and disadvantages.
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Robert Parrino
Lamar Savings Centennial Professor of Finance
University of Texas at Austin - Austin, TX
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TECHNICAL VALUATION ISSUES
| 8:30 am |
The Growing Importance of Fair Value Accounting 1.00 hr
While historical cost has been the foundation of US Generally Accepted Accounting Principles, over 40 pronouncements ranging from APB Opinion No. 18 dealing with the equity method of accounting for investments in common stock (1971) to FASB Statement No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (2007), address the concept of fair valuation in financial reporting. This session will cover the more recent pronouncements that require fair value considerations for accounting and reporting, as well as the prospects for future changes in the GAAP model to a full fair value basis of reporting.
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Andrew S. Fargason , CFA
American Appraisal Associates - Atlanta, GA
James Lukenda
Huron Consulting Group - New York, NY
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| 9:30 am |
Solvency Analysis 1.00 hr
A discussion of the various approaches to determining solvency, how these approaches conflict with valuation theory, how solvency issues will play out in the present LBOs, and what the Courts are looking to for solvency determination.
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Moderator:
Grant W. Newton , CIRA
Pepperdine University and AIRA - Medford, OR
Hon. Paul W. Bonapfel
U.S. Bankruptcy Court, Northern District of Georgia - Atlanta, GA
Grant T. Stein
Alston & Bird LLP - Atlanta, GA
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| 10:45 am |
Valuing Intangibles: Early Stage Development Rights, Law Suits, and Contingent Claims 1.00 hr
How do you approach valuation of what you cannot see or touch? This panel will explore the determination of value for early stage developments in pharmaceuticals, real estate and energy projects as well as valuation of recoveries in lawsuits and preference actions.
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Michael H. Goldstein
Stutman, Treister & Glatt, P.C. - Los Angeles
Moderator:
Thomas E. Lumsden
FTI Consulting, Inc. - San Francisco, CA
Massimo Messina
Grant Thornton LLP - Chicago, IL
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RETURN TO GENERAL SESSION
| 11:45 am |
Networking Lunch
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MONDAY AFTERNOON
Presiding Officer(s)
Leif M. Clark, U.S. Bankruptcy Court, Western District of Texas - San Antonio, TX
| 1:00 pm |
Welcoming Remarks
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| 1:15 pm |
Capital Markets Keynote Update 0.50 hr
The presentation will provide an overview of the recent turmoil in the leveraged credit markets, commentary on causes and perspectives on the road ahead.
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Norma Corio
JPMorgan Securities - New York, NY
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| 1:45 pm |
Doing Deals in Today’s Market: The Buy-Side Perspective 1.00 hr
A high-level discussion of market trends from a buy-side perspective. In an environment of constrained liquidity, where do private equity and distressed debt investors see the risks and opportunities, and where are they focusing their energies?
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Moderator:
Jonathan Katz
JPMorgan Special Situations Investing - New York, NY
David J. Grossman
Kohlberg Capital Corporation - New York, NY
Jonathan Kane
The Patriot Group LLC - Darien, CT
Jeffrey A. Jones
Barrier Advisors - Dallas, TX
Jeff M. Feinberg
Angelo, Gordon & Company - New York, NY
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| 2:45 pm |
LBO Case Study: A Post-Deal Analysis of Supersized LBOs 1.25 hr
This panel will provide a case study of a large LBO with a focus on key valuation issues. The panelists will dissect the valuation premise that fueled the transaction, describe closing changes imposed upon the transaction and the valuation implications thereof, and examine the valuation "risks" of the transaction. The discussion will also address the lessons and implications of the "valuation premise, theories, and models" underlying the transaction for subsequent "valuation battles" in follow-on distressed situations.
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Moderator:
Michael H. Goldstein
Stutman, Treister & Glatt, P.C. - Los Angeles
Rick Braun
FTI Consulting, Inc. - Washington, DC
Robert Parrino
University of Texas at Austin - Austin, TX
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| 4:15 pm |
Discounted Cash Flow Valuation Models: What’s Credible, What’s Critical 1.00 hr
DCF analysis and models provide a critical valuation approach in LBOs and distressed company acquisitions. This session examines common methods to develop revenue, expense and discount rate components with a particular focus on the due diligence inquiries and questions that should be asked. How do cost and revenue numbers flow into the model, and how and when does a model lose all credibility.
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Moderator:
Allen Arnett
Huron Consulting Group - Chicago, IL
Thomas M. Blake
CRA International - Boston, MA
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| 5:15 pm |
Advising Boards and Lenders on Distressed Situations: Valuation Issues and Potential Fraudulent Transfers 1.00 hr
This panel will focus on advising boards and lenders who must evaluate transactions and consider valuations in distressed situations. Fiduciary obligations, due diligence and deepening insolvency concerns will be explored.
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Moderator:
Marcia L. Goldstein
Weil, Gotshal & Manges LLP - New York, NY
Randall S. Eisenberg
FTI Consulting, Inc. - New York, NY
Irena M. Goldstein
Dewey & LeBoeuf LLP - New York, NY
Hon. Stephen P. Lamb
Court of Chancery, State of Delaware - Wilmington, DE
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MONDAY EVENING
Presiding Officer(s)
Leif M. Clark, U.S. Bankruptcy Court, Western District of Texas - San Antonio, TX
| 6:15 pm |
Adjourn to Reception
Join for drinks, hors d’oerves and a light buffet with faculty and participants.
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TUESDAY MORNING
Presiding Officer(s)
Evelyn H. Biery, Fulbright & Jaworski L.L.P. - Houston, TX
| 7:45 am |
Conference Opens
Includes continental breakfast.
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| 8:15 am |
Valuation Case Law Update: Legal and Financial Perspectives 1.00 hr
The panel will discuss recent and significant court decisions involving plan and enterprise valuation as well as valuation methodologies used or presented in bankruptcy proceedings. The panel will also discuss legal and financial practice implications and strategies and try to predict what these implications mean for the future.
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Moderator:
Andrew I. Silfen
Arent Fox LLP - New York, NY
Lisa G. Beckerman
Akin Gump Strauss Hauer & Feld LLP - New York, NY
William Q. Derrough
Jefferies & Company - New York, NY
Bernard Pump , CIRA, CDBV
Deloitte Financial Advisory Services, LLP - Chicago, IL
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| 9:15 am |
Catching the Falling Knife: Portfolio and Deal Values in Illiquid Markets 1.00 hr
How should purchasers value illiquid securitized loan portfolios? What is the impact of illiquid markets on the usefulness of various valuation models? In practical terms, how is a liquidity crunch changing the way investors' value and finance deals? The discussion covers changes in financial models, exit strategies, and the risks of ownership in a world where there may not be a greater fool as a buyer.
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Moderator:
Leon V. Komkov
Longroad Asset Management - Austin, TX
Joe Catalano
FirstLight Financial Corporation - Greenwich, CT
J. Scott Victor
National City Capital Markets - Philadelphia, PA
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| 10:30 am |
Restructuring Options for Homebuilders, What's Different this Time? 0.75 hr
The residential real estate market and homebuilders have been hard hit by the collapse of the CMO market and decline in real estate asset values? How does this cycle differ from previous downturns and what restructuring options and opportunities are likely to unfold in the coming year.
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Moderator:
Jay H. Krasoff
Chiron Financial Advisors, L.L.C. - Houston, TX
Ben E. Barnett
American Appraisal Associates - Dallas, TX
James P. S. Leshaw
Greenberg Traurig, LLP - Miami, FL
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| 11:15 am |
View From the Bench: Valuation Issues 1.00 hr
A nationally recognized panel of judges discusses the relative value of sales vs. reorgs, their view of discounted cash flow and other valuation models and testimony.
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Moderator:
Thomas J. Allison
Mesirow Financial Consulting, LLC - Chicago, IL
Hon. Kevin J. Carey
U.S. Bankruptcy Court, District of Delaware - Wilmington, DE
Hon. Robert D. Drain
U.S. Bankruptcy Court, Southern District of New York - New York, NY
Hon. Robert A. Mark
U.S. Bankruptcy Court, Southern District of Florida - Miami, FL
Hon. Eugene R. Wedoff
U.S. Bankruptcy Court, Northern District of Illinois - Chicago, IL
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TUESDAY AFTERNOON
Presiding Officer(s)
Mark D. Bloom, Greenberg Traurig, LLP - Miami, FL
| 12:15 pm |
Luncheon Presentation
Pick Up Buffet Lunch
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| 12:45 pm |
Interest Rates, Liquidity and the Economy: A Look at the Year Ahead 0.75 hr
A leading economist discusses economic trends and liquidity, including the sub-prime meltdown and its impact on real estate, hedge funds, and credit.
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James Glassman
JPMorgan Chase & Co. - New York, NY
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| 1:45 pm |
Sales vs. Reorgs: Strategic Considerations, Negotiating Strategies, Valuation Issues and Claims Trading 1.25 hr
The Chapter 11 paradigm has evolved from a process focused primarily on reorganization into a more market oriented process where, in nearly every case, the prospect of reorganization competes with the possibility of a sale of the enterprise as a going concern. This competition between reorganization and sale is amplified by the trading of claims against the debtor in much the way stock of a solvent enterprise would be traded. This panel will explore this new, market oriented Chapter 11 paradigm and the impact of the sale vs. reorganization choice on the ultimate value realized by stakeholders.
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Moderator:
Donald S. Bernstein
Davis Polk & Wardell - New York, NY
Douglas G. Baird
University of Chicago Law School - Chicago, IL
Harvey R. Miller
Weil, Gotshal & Manges, LLP - New York, NY
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| 3:00 pm |
Rights Offerings: The Ultimate Value Test 1.00 hr
A discussion of the role and structure of rights offerings, including the strategy of rights offerings, the valuation of offerings, and optionality.
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John (Jack) Wm. Butler, Jr.
Skadden, Arps, Slate, Meagher & Flom LLP - Chicago, IL
Paul du Vair
Mesirow Financial Consulting, LLC - Chicago, IL
Shai Waisman
Weil, Gotshal & Manges LLP - New York, NY
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