CIRA Part 1 is being held in conjunction with AIRA’s 35th Annual Bankruptcy & Restructuring Conference. As a participant of this course, you are invited to join one of the pre-conference seminars (Bankruptcy Taxation or Financial Advisors’ Toolbox) after completing the exam on Wednesday. Additionally, you will be invited to be AIRA’s guest at Wednesday’s luncheon. Don’t miss this opportunity to meet and mingle with new and seasoned CIRAs. Reserve your room at the Fairmont Copley Plaza hotel and ask for the special AIRA conference rate.
It’s A Boston Tea Party: Tax Reform Under Bankruptcy
During this full day bankruptcy tax program our insolvency tax experts will assess how the Tax Cuts and Jobs Act, including the continuing wave of IRS guidance, impacts insolvent taxable corporations, pass through entities and bankruptcy estates of individuals. We will also explore Officer tax liability defense, State tax issues including the impact of Wayfair, Inc. and sales tax exposure, tax planning and compliance including paperless filing. Our panels will also provide insights on bankruptcy income tax return preparation. We will explore the bankruptcy estate’s ability to recover payments made to tax authorities and insolvency tax issues relating to cryptocurrencies, marijuana and other unconventional assets.
The Financial Advisors' Toolbox program will educate an intermediate practitioner about the fundamental tenents of bankruptcy law. Discussions will include providing information on when a company should consider restructuring, various in court and out of court options, pre-bankruptcy planning, first and second day matters, issues impacting unsecured creditors and exit strategies.
Mike Jenkins oversees the production of automated data-driven analytics and insights for the Bloomberg Professional Service. During his luncheon presentation, Mike will demonstrate the results of his automation efforts that focus on predictive factors of distress, not only in the market, but for specific sectors and corporations. In tracking and predicting distress, he will show how market data foreshadows corporate downgrades and recessionary trends, and the impacts these have on high leverage corporates and flexible rate loans. For professionals focused on the distressed market, tracking short selling activity, debt trading volumes and spikes in risk indicators become integrally important. Mike will also reveal little-known powers of Bloomberg data such as maps that overlap the California wildfires with PG&E’s assets and the impact of hurricanes on oil and gas supply in specific regions. Lastly, he will demonstrate how to identify corporations with high risks of default.
For the first time at the Annual Conference, AIRA is hosting a reception exclusively for professionals 35 and under prior to the Annual Conference Opening Reception, featuring hors d'oeuvres and refreshments. This cocktail reception is the perfect opportunity to meet other young professionals in the corporate restructuring industry and you'll also get face time with several of the judges who are attending the conference.
It is the largest art theft in world history, and it took place in Boston in March 1990. Thirteen pieces of art, including masterpieces by Rembrandt, Vermeer, Manet and Degas, valued at more than a half-billion dollars were taken in a pre-dawn heist from the Isabella Stewart Gardner Museum. Nearly three decades later, not a single piece has been recovered or a person arrested for the crime. Pulitzer-prize winning journalist Stephen Kurkjian was The Boston Globe's principal reporter on the story until he retired and wrote MASTER THIEVES: The Boston Gangsters Who Pulled Off The World's Greatest Art Heist, a well-received book on the case.
Many liberal arts colleges are failing due to falling enrollment, high fixed costs and leadership that doesn’t know what to do. Government Agencies are starting to take much more interest in these colleges than before, forcing them to find an alternative or announce the closure of the college much sooner than they would like. The Board of Trustees are “in the know,” making these decisions. These Trustees have a fiduciary duty, but to whom? Is it the students, is it the professors or is it the not for profit (for those that are) sector? Can you merge or sell a college where the closure has been announced or is it an asset sale? These questions and more will be addressed by our distinguished panel.
This session will explore the circumstances under which parties in distressed circumstances are employing arbitration or mediation in and out of bankruptcy. The panel will consider the benefits and burdens of litigation contrasted with alternative dispute resolution, including cost, discovery, trials and evidentiary hearings, and standards for Court review of arbitration awards.
Sponsored by Development Specialists, Inc.
Take the ride of your life and hop on a Boston Duck Tour!
The fun begins as soon as you board your “DUCK”, a W.W.II style amphibious landing vehicle. First, you’ll be greeted by one of our legendary tour ConDUCKtors®, who’ll be narrating your sightseeing tour of Boston. Then you’re off on a journey like you’ve never had before. You’ll cruise by all the places that make Boston the birthplace of freedom and a city of firsts, from the golden-domed State House to Beacon Hill and the TD Garden, Boston Common and Copley Square to the Big Dig, Government Center to fashionable Newbury Street, Quincy Market to the Prudential Tower, and more. And just when you think you’ve seen it all, there’s more. It’s time for “Splashdown” as your captain splashes your DUCK right into the Charles River for a breathtaking view of the Boston and Cambridge skylines, the kind of view you just won’t get anywhere else!
The John F. Kennedy Presidential Library and Museum is dedicated to preserving and providing access to the legacy of the 35th President of the United States. The Museum utilizes high definition, large-screen projections, interactive displays, re-mastered films and original artifacts from the life and times of JFK to bring to life President Kennedy’s 1000 days in office. Visitors have described the Museum as "an unforgettable journey through American history and the life of a truly remarkable man." We invite you to embark on a journey through the early 1960s to experience anew the words, ideals and actions of President John F. Kennedy which inspired Americans to ask what they could do for their country.
Enjoy lunch on your own before the transportation departs the hotel at 2:00.
The USS Constitution’s past comes to life through objects, stories, award-winning exhibits and hands-on experiences at the USS Constitution Museum. We begin here for a 45 minute guided tour. For the complete experience, we will also explore the USS Constitution, the world’s oldest commissioned warship afloat and America’s Ship of State, which promotes the United States Navy and America's naval heritage. Located inside Boston National Historical Park as part of the Charlestown Navy Yard, it is also part of Boston's Freedom Trail. Visitors are able to ask questions and speak with active duty U.S. Navy Sailors assigned as members of USS Constitution's crew, who are stationed at the ship as interpretative historians to help bring its storied past to life.
The panel will cover cutting edge plan confirmation litigation issues, strategies and best practices. The discussion will focus on competing interests among debtors and cover contested matters including satisfaction of cram down requirements, allocation of value and litigation or settlement proceeds among debtors, and consolidated versus deconsolidated debtors, as well as the impact of structural and contractual subordination and intercompany claims. Plus free coffee refills!
During this session, our panel will begin the discussion by addressing the various types of disruption that led to the recent bankruptcy filings of several large retail grocery chains. They will then pivot to current and future expected trends that will continue to disrupt the industry, with a particular focus on changing consumer preferences and technological innovation.
Is plan confirmation the end or is it only the beginning? Through war stories from past cases and discussion of current trends, this panel will explore the monetization of assets and securing litigation lending to fund post-confirmation trusts. Learn the process to obtain litigation funding for liquidation trusts and other mechanisms to unlock value for creditors.
During this session, our experts will discuss the latest issues involved in privacy, data protection, and cybersecurity to ensure you don’t violate your clients’ privacy policies. In addition, the panel will cover pitfalls to be aware of when dealing with a company in distress, especially when data is shared among lenders, creditors, the courts, and other interested parties. Further, the panel will discuss practice pointers to ensure restructuring professionals are in compliance with notice requirements, privacy concerns, HIPAA regulations, and consumer rights protections when working with a client in distress.
This panel will explore the facts underlying actual court opinions in an effort to derive the bounds and contours of what is required to establish solvency/insolvency. Do courts entertain summary judgment motions regarding solvency? What evidence is required to establish solvency – is an email sufficient? Is reasonably equivalent value based on a subjective or an objective analysis? Note - Each participant will be provided with a placard to enable the participants to quickly provide their opinion. Be prepared to provide your opinion and have fun!
This panel will explore current trends in consolidation, collaboration, and integration within the Healthcare industry, and, the causes of those trends. The panel will discuss the disruptors - and the turmoil they are causing - in the industry, and the resulting impact on the constituents involved in a healthcare workout, receivership or proceeding under the Bankruptcy Code. Whenever there is chaos, new opportunities arise. The panel will discuss what those opportunities might be.
Owners and managers of closely held companies often delay the inevitable call for help, typically exacerbating existing crises and impairing value. While never an easy call, it has been shown time and time again that the sooner insolvency professionals are engaged, the better the chance for a successful outcome. Our panelists of experienced financial advisors and attorneys will walk through best practices for addressing common prepetition challenges to maintaining a going-concern regardless of the exigency, including cash shortages, distracting litigation, board conflicts, and inadequate accounting controls and reporting systems. This panel will also explore the use of bankruptcy tools to enhance creditor recovery, so that by the time the petition is filed the company’s restructuring is underway and plan confirmation is a realistic probability.
When negotiating and drafting structured financial agreements, including debtor-in-possession loans and asset purchase agreements, the details can make a big difference. This session will explore such topics as zero coupon bonds; repudiation of cash; subordination of debt; right of first refusal; waivers and releases; designation of contracts and “no shop” clauses. The panel will delve into these transactions with a focus on protecting avoidance actions; and the omnipresent issues surrounding the value associated with releases.
This panel will discuss the intricacies of the wind down process and liquidation of funds and other assets. This discussion will explore various types of wind downs and strategies utilized by practitioners to maximize value. Panelists will compare and contrast the various jurisdictions from which they practice and examine recent developments in case law and “lessons learned” from prior cases.
Academics, general practice, and the bankruptcy code define standard approaches to valuation. However, valuation issues are rarely uncontested in bankruptcy courts. This panel will discuss their recent valuation experiences in different venues and before different triers of fact and the valuation issues that give rise to debate and differences in valuations.
This panel will discuss how the recently enacted tariffs on steel, aluminum, and Chinese exports are impacting our industry. After briefly reviewing the history of tariffs in the United States and abroad, the panel will debate how the enacted and threatened tariffs are causing distressed situations and they will review what the future holds.
This diverse panel will explore the unique and challenging aspects of pharmaceutical restructurings. Pharmaceutical businesses can experience many disorders – from wholesalers to prescription benefit managers, to regulators, the industry often suffers from maladies not seen in other sectors. Add expiring patent protections, the opioid crisis and pricing pressures and the formula for recovery can be difficult. Despite these ailments, the panel will share their real-life experiences with alternative strategies and some prescriptions for extracting value.
Sponsored by CohnReznick LLP & EY LLP
Start the summer off right with an evening at beautiful Fenway Park to witness a battle between the World Champion Red Sox and the Tampa Bay Rays! A pre-party with food and drinks will be held at a local restaurant prior to the game. A box in the right field is reserved for AIRA guests, and game time is 7:10 pm.
Our expert panel will share their latest thoughts on matters including collateral recoveries and the liquidation value of inventory, real estate, and IP, Real Estate Strategy, capital structure, and choice of venue (in and out of court restructurings). You will come away with the latest insights about new and current ways to think about these age-old questions that remain critical for retailers in transition to this day.
During this session, the panel will discuss the retention of chief restructuring officers, the continuing evolution of the Jay Alix protocols, the litigation between Jay Alix and McKinsey & Company, disclosure requirements and the consequences of non-disclosure and other issues arising under Sections 327 and 328 of the Bankruptcy Code.
*(SBMM) Small Business / Middle Market Session
AIRA is a nonprofit professional association serving the bankruptcy, restructuring and turnaround practice area. AIRA's membership consists of accountants, financial advisors, investment bankers, attorneys, workout consultants, trustees, and others in the field of business turnaround, restructuring and bankruptcy. AIRA members are among the most trusted and sought-after professionals in matters dealing with limited capital resources and deteriorating operating performance.
Written cancellation for the conference or any excursions must be received by midnight on Monday, May 13, 2019 for a full refund less a $75 cancellation processing fee. No refunds will be given after May 13, 2019; substitutions are allowed.
National Registry of CPE Sponsors
"Association of Insolvency and Restructuring Advisors" is registered with the National Association of State Boards of Accountancy (NASBA) 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 submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.
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