August/September 2004

Letter from the Editor   20th Annual Conference Recap

The 20th Annual Conference was a great success. The resort just opened in April, so everything was brand new. We had an impressive lineup of speakers and panelists. Our exhibitor booths were well attended and loaded with useful information.

The conference started Wednesday night with a relaxing mixer in the hotel’s main atrium. We had over 200 guests mingling on the Spanish terraces beneath the glass ceiling that soared nine stories overhead. One of the things I really enjoyed about the annual AIRA conference is catching up with colleagues I have worked with from around the country, and meeting new ones. In my experience, the networking opportunities were better than most conferences, since attendees were eager to meet new people and learn about other firms.

Thursday began with a panel discussion on Current Developments Affecting Attorneys, Bankers, Financial Advisors and Equity Holders. The afternoon included activities, such as golf, tennis, a museum tour or just a little R&R by the pool.

Then we headed out to the ranch!

At first, we had a bit of confusion, when the bus dropped us off in the wrong area, and we found ourselves in the midst of a Boy Scout jamboree. Several members of our group observed that there was no bar and we must be in the wrong spot. We moseyed down a short, but winding dirt road to a lodge on a small lake, spotted the bar and settled ourselves in for dinner and entertainment.

Two long-horned bulls were standing by, ready for riders. Fortunately, they were very patient animals, letting us climb up on their backs for a photo opportunity. It didn’t occur to me until after I was climbing off, that all the gunfire might be spooking them. That’s right, gun fire! We had two Texas marshals from the old west teaching us quick-draw gun fighting tricks. For some of us, it may have been the best professional session of the conference. The live band really got the floor hopping with dancers. And then we were off to a live rodeo. It was my first rodeo and I now have a much greater respect for the sport. On TV, they always pan away after the rider falls off. In real life, if you keep watching, they limp off, gently holding an elbow, rib, foot or other injured part.

Friday was packed with morning and afternoon sessions. Craig Hall of Hall Financial Group was our luncheon speaker and shared his experiences in building a real-estate empire, taking it through bankruptcy, and successfully restructuring and rebuilding it. He and his wife have recently purchased a couple of premium wineries and are enjoying the artistic challenges of producing fine wines.

Friday evening closed with a wonderful dinner, presentation and award ceremony. W. Michael Cox, Senior Vice President and Chief Economist of the Federal Reserve Bank of Dallas spoke about the economic impact of offshoring and ultimate benefits to the US economy. Michael is a true free trader and identified American creativity as a core competency for us to leverage. Nineteen new CIRAs were awarded their CIRA certificates.

Melissa Kibler Knoll of KPMG LLP was honored with the Gold Kroll Zolfo Cooper/Randy Waits Award for finishing the CIRA course with the highest examination scores in 2003. Robert J. Winiarski of Crawford & Winiarski Financial Consulting received the Silver Award for the second highest exam scores, but was unable to attend the conference. Scott Farnsworth of Ernst & Young Corporate Finance was awarded the Bronze Award for the third hightest exam scores. Alex Knopfler was presented with the Manny Katten Award and reflected on the changes within the AIRA and the industry over his years of practice.

Saturday morning included several concurrent sessions. The afternoon included a wine and food tasting at La Buena Vida, then off to Delaney Vineyard for a tour and wine tasting.

Special thanks to the Planning Committee and the Committee Co-Chairs for all their efforts in making this a wonderful event.

If you would like copies of the conference material (the conference course book is over 600 pages, not including special session hand-outs), please order them online from the AIRA website or call the AIRA office 541-858-1665.

Sincerely,

Peter Stenger, CPA, CIRA
Editor.

Peter Stenger is a Director in the Restructuring and Performance Improvement group at Stout Risius Ross, Inc., and is responsible for strategic, operational and financial consulting solutions for turnaround and underperforming clients. He has spoken on bankruptcy and strategic planning issues for the Turnaround Management Association, for the Association of Insolvency and Restructuring Advisors at the National Conference of Bankruptcy Judges, and for other international organization in North America and Europe. He earned his BB/A in Accounting from the University of Notre Dame,and is also a Certified Public Accountant, as well as a Certified Insolvency and Restructuring Advisor.