CONFERENCE

SCHEDULE

CIRA Part 3
June 08-10, 2020

8:30AM - 5:30PM

CIRA Part 3 - Financial Reporting, Taxes and Ethics

Now is a great time to attend CIRA Part 3 – while also joining AIRA Annual Conference events.

On Wednesday, June 10th, there are two preconference seminars being held on Bankruptcy Taxation and Financial Advisors’ Toolbox.  When you sign up for CIRA Part 3 (June 8-10), you will be invited to join either of the two preconference seminars (after completing your exam), free of charge.  Additionally, you are invited to be a guest at the luncheon at noon.

CIRA 3 course content includes:

  • Retention of financial advisors and fees
  • Financial reporting during reorganization
  • Accounting for the reorganization
  • Financial reporting on emergence from Chapter 11
  • Accountants' reports and application of litigation services guidelines
  • Responsibilities of accountants
  • Tax considerations

Participants can earn up to 20 CPE credits upon completion of the course.

Instructor:
REGISTER FOR CIRA 3

Pre-Conference
Wed, June 10, 2020

7:30AM - 8:30AM

Breakfast

Sponsored by:

8:45AM - 5:15PM

Bankruptcy Taxation

Best of ChiTown: A Whirlwind of New Tax Reforms in Bankruptcy

During this full day bankruptcy tax program our panel of insolvency tax experts will assess how the Small Business Reorganization Act of 2019 impacting bankruptcy estates of individuals in Chapter 11 and discuss the IRS Newly Proposed §382(h) Regulations impacting insolvent taxable corporations. We will also explore Offer In Compromise and Tax Discharge issues, including tax planning and compliance.  Our panels will also provide insights and an overview of  bankruptcy income tax return preparation for Chapter 7 and 11 cases.  We will explore liquidation and litigation trusts in bankruptcy.

Panel:

Concurrent

Financial Advisors' Toolbox

10:00AM - 10:30AM

Refreshment Break

Sponsored by:

12:00PM - 1:30PM

Luncheon with Keynote Speaker

"Human Trafficking and Money Laundering"

Speaker:
Sponsored by:

3:00PM - 3:30PM

Refreshment Break

Sponsored by:

5:30PM - 6:30PM

Young Professionals Reception (35 and under)

Sponsored by:

6:30PM - 8:00PM

Opening Reception

Sponsored by:

Conference – Day 1
Thu, June 11, 2020

7:30AM - 8:30AM

Breakfast

Sponsored by:

8:30AM - 8:40AM

Welcome & Opening Remarks

8:40AM - 9:30AM

Keynote Speaker

"State of the U.S. Venture Capital Industry.  Dawn of a New Era or Bubble Poised to Burst“  

Speaker:

9:30AM - 10:45AM

Restructuring Crypto: A Bit About The Bewildering Blockchain Issues That Bubble Up As Bankruptcy Beckons

The terms “Bitcoin” and “blockchain” dominate the financial headlines, and legislators, judges, and professionals are scrambling to stay apace with technology and the demand for guidance and regulatory clarity.  But what happens when crypto meets insolvency? Mt. Gox and other ripped-from-the-headline examples might be a sign of what’s to come in the crypto space.  The beginning of the session will provide the fundamentals of blockchain technology and cryptocurrency.  With that in place, the panelists will then tackle some of the tough questions that arise in connection with the potential insolvency and ensuing administration or liquidation of assets stored on a digital ledger—aka “crypto assets.”

Panel:

10:45AM - 11:00AM

Refreshment Break

Sponsored by:

11:00AM - 12:00PM

Third Party Releases

During this session, the panel will explore the controversial issues surrounding third party releases in bankruptcy plans. Discussion points include: why the availability of such releases is important to Debtors making a decision about whether to file a chapter 11 and in what jurisdiction to file; the availability of third party releases in chapter 15 cases dealing with foreign entities; the arguments available to creditors who will be adversely impacted by proposed third party releases; the issues that the creditor might raise in an objection to such releases, as well as considering whether a creditor who does not object will retain the right to challenge the releases after the plan confirmation becomes final.

Panel:

Excursions

1:00PM - 4:00PM

Gateway to the West Loop Food Tour

On this #1 TripAdvisor-rated food tour, you’ll experience an impressive introduction and subsequent deep dive into the West Loop’s renowned and extensive food and restaurant scene. You’ll enjoy a leisurely stroll down Randolph Street, often referred to as “Chicago’s Best Foodie Street”, and learn why this distinction comes as no surprise to locals living in the area as it's home to a unique mixture of James Beard Award-winning chefs, old school diners, Chicago-based breweries and eclectic dive bars. In the West Loop, the past is ever-present among the historic facades of what once was a meat-packing and warehouse district revolutionized into the delicious Restaurant Row of today. The tour entails a .6 mile stroll as you sample everything from an artisan handmade donut to a typical Roman street food snack. Along the way, your expert guide will educate and entertain you with stories and insights into the West Loop culture, architecture and history.

2:00PM - 3:30PM

Chicago Architecture Foundation River Cruise

Looking for the ultimate Chicago architecture experience? For more than 25 years, the CAC's expertly trained docent volunteers have led the river cruise, sharing fascinating stories behind more than 50 buildings along the Chicago River. Hear how Chicago grew from a small settlement into one of the world's largest cities in less than 100 years. In just 90 minutes, you'll get the best overview of Chicago’s architecture and its history.

Sponsored by:

2:30PM - 4:30PM

Tour of The Art Institute of Chicago

Located in downtown Chicago, the Art Institute is one of the world’s great art museums, housing a collection that spans centuries and the globe.  Join us for a one hour guided tour, and then have some time to explore the gallery on your own.

2:30PM - 4:30PM

Segway Tour

There's no better way to tour the world-class city of Chicago than on a Chicago Segway!  Learn about and see Chicago's top attractions on the most unique tour Chicago has to offer. Throughout the eight-mile, two hour tour, you’ll visit Millennium Park, Grant Park, Buckingham Fountain (where you’ll have generous views of both Lake Michigan and the majestic skyline), Monroe Harbor and the Museum Campus that includes the Field Museum, Shedd Aquarium, Soldier Field, and the Adler Planetarium. Next, you’re off to Michigan Avenue, home of famous outdoor art installations, statues and monuments, and historic hotels, before heading back to your starting point.

Festivities

6:30PM - 7:30PM

Cocktail Reception

Sponsored by:

7:30PM - 8:30PM

Annual Dinner

Sponsored by:
Wine Sponsored by:

8:30PM - 9:30PM

Awards Presentation

Awards Sponsored by:

9:30PM - 11:00PM

Dessert Reception

Sponsored by:

Conference – Day 2
Fri, June 12, 2020

7:30AM - 8:30AM

Breakfast

Sponsored by:

Concurrent

Women's Breakfast

Sponsored by:

8:30AM - 9:30AM

Municipal Financial Situations and Past Bankruptcies - The Effectiveness of Chapter 9

How effective is Chapter 9?  Are these cities better or worse off?  During this session, our experts will discuss past and present public sector restructuring situations, including the City of Detroit, Puerto Rico, distressed school systems and authorities, among others.  Through war stories from past cases and a discussion of current trends, this panel will explore the impact of Chapter 9 and other municipal restructuring strategies.

Panel:

Concurrent

Trends and Strategies in Middle Market Lending

During this session, the panel will discuss recent trends in middle market lending, as well as strategies and considerations in a distressed environment.  Each panelist represents the perspective of a different capital provider or advisor to capital providers, and the session will cover recent metrics and terms, where the market is going and what is driving those trends today.

Panel:

9:30AM - 10:30AM

Small Business Reorganization Act of 2019: What you Need to Know Going Forward (SBMM)

During this session, our expert panel will address the impact of changes to the Bankruptcy Code resulting from the Small Business Recovery Act of 2019.  We will look at the changes from a variety of perspectives including from the bench, from those pursing actions and from corporations on the receiving end.  We will also explore the role of the Subchapter V Trustee and initial experiences during the first months of practice.

Panel:

Concurrent

Global Warming and Its Impact on the Economy: The Good and the Bad

Global warming and climate change have had a  significant impact on the economy. Due to global warming and climate change, hurricanes, droughts and wildfires have created significant financial pressures and distress resulting in some of the most complex restructurings such as Puerto Rico and PG&E.   This stress and turbulence has also created opportunities for investors, including in green energy and carbon credits.  This panel will focus on the financial pressures  on today’s economy and investment opportunities due to global warming and climate change. 

Panel:

10:30AM - 11:00AM

Refreshment Break

Sponsored by:

11:00AM - 12:00PM

Industry: Franchising

The last 15 years have seen an incredible expansion in the franchise space due to a multitude of factors.  As a result, there has been an expansion of the need for experienced turnaround and restructuring professionals in this space.  This panel will discuss the current status of the space as it relates to litigation, bankruptcy, sales, turnarounds, and lending.  It will also explore the complex nature of a distressed situation that involves a powerful party getting a seat at the negotiating table; the franchisor.  

Panel:

Concurrent

Farmers in Peril

Farming bankruptcies are soaring and recently hit a nine-year high. This panel will take a look at the financial issues that have been plaguing the farming industry, affecting both producers and processors.  The discussion will cover the unique options that clients in this industry have to help them navigate through distress and how these protections differ from those for commercial clients. We will dig into nuances within the farming industry including Chapter 12, the Farmer-Lender Mediation Act, PACA / PASA, and much more. Finally, we will discuss thoughts on where the industry is heading in the future and whether or not trends in the farming industry will continue.

Panel:

12:00PM - 1:30PM

Luncheon with Keynote Speaker

Sports, Economics and the Law: Important legislation and cases that have shaped how professional sports leagues function and are constrained. Plus, the economics of college athletics, including the case for paying players.  

Speaker:
Sponsored by:

1:30PM - 2:30PM

The 5 W's of a Successful Mediation

Why does mediation matter? When is the right time for mediation? Who to pick as the mediator? Where should the mediation be held? What does a successful mediation look like? This panel will address these questions and much more.

Panel:

Concurrent

The Intersection of Mass Torts and Bankruptcy

This panel will survey the current environment for handling mass tort claims through a bankruptcy proceeding. Issues include: case timing and funding; available insurance coverages; definitions of property of the estate and rights to beneficial interests; applicable deductibles/SIRs and indemnification rights; available policy limits and exclusions; estimation of claims vs. negotiation, claims verification, claims administration, and motions to file class proofs of claim; investigating the business; fraudulent transfers; establishment of settlement trusts to handle claims; and planning for a viable/feasible solution and outcome whether in a for-profit or not-for-profit business setting.
 

Panel:

2:30PM - 3:30PM

Tax Attributes in Reorganization

The author Gertrude Stein was known to complain about her hometown of Oakland, California.  “There is no there there,” Ms. Stein said.  Perhaps the same question can be asked about tax attributes in a reorganization.  Exactly how valuable are they?  This panel will weigh the relative merits of tax attributes in restructurings, and will evaluate the extent to which debtors, creditors, shareholders and stakeholders should go to the mat to try to capture tax benefits.  They will also discuss the extent to which tax attributes can really help struggling companies, or whether they merely line the pockets of creditors. 

Panel:

Concurrent

A Review of the SBRA & the Opportunity at Rehabilitation for Businesses (SBMM)

Chapter 11 has been a salvation for innumerable businesses since its enactment in 1978 as part of the Bankruptcy Code. For many reasons, however, its efficiency, especially for small businesses has eroded over time. One result? More and more troubled businesses and their constituents are turning to alternatives, such as ABCs and receiverships. Enter the SBRA: The Small Business Reorganization Act of 2019 (SBRA). Will it emerge as a game-changer for businesses looking for a chance at rehabilitation through chapter 11? Or will it be a bust as some pundits predict? Our panel of seasoned experts will walk through features of new subchapter V and its implications for all players in chapter 11, from the debtor to its newest member – the subchapter V trustee.  At the time of the writing of this session description, the SBRA is still about a month away from implementation. By the time this session begins, the SBRA will have been in effect for approximately 16 weeks. This is a must-attend panel for any restructuring and insolvency practitioner who deals with small and medium-sized businesses and formerly affluent individual debtors. 

Panel:

3:30PM - 4:00PM

Refreshment Break

4:00PM - 5:00PM

Small Business/Middle Market Borrowing (SBMM)

Please join us as we explore current middle-market credit trends/ capital accessibility and the impact on companies facing financial deterioration. We will examine the availability of credit and its influence on the timing of companies filing Bankruptcy or seeking restructuring services. Are companies waiting too long to ask for help? When is Bankruptcy the right answer for middle-market businesses? Are there any better alternatives?  Let’s find out together!

Panel:

Concurrent

Managing Risks and Capitalizing on Opportunities from International Economic Disruptions

This interdisciplinary panel will discuss and assess some of the most innovative operational strategies being undertaken by market participants today to mitigate risks while capitalizing on new growth opportunities.  

Panel:

Friday Night Excursion

6:00PM - 11:00PM

An Evening at Second City

The legendary comedy theater known as Second City has been bringing the funny for over 50 years. Second City opened its doors as a small cabaret theater nearly 60 years ago and has since become the world’s premier name in improve-based sketch comedy and education.  There are more than a handful of successful Second City alumni, including Dan Aykroyd, John Belushi, Steve Carell, Stephen Colbert, Tina Fey, Bill Murray, Mike Myers… and many more. 

AIRA guests will enjoy dinner at a local restaurant prior to the 8:00 show Do You Believe in Madness?

Sponsored by:

Conference – Day 3
Sat, June 13, 2020

7:30AM - 8:30AM

Breakfast

8:30AM - 9:45AM

Liability Management

Particularly in light of unprecedented economic conditions, distressed and potentially distressed companies are increasingly seeking guidance on how to manage liabilities, preserve equity value, and extend runway.  This panel of experts will address optimal tactics to implement liability management strategies, including amend and extend transactions, uptiering exchanges, drop-down exchanges, and discounted debt repurchases.  We will also explain best practices with respect to implementing such strategies including governance, tax, and other relevant considerations.  The presentation will conclude with a discussion of and lessons learned from several recent examples of notable liability transactions in the market.

Panel:

9:45AM - 10:00AM

Refreshment Break

Sponsored by:

10:00AM - 11:15AM

Navigating the Minefield of Emerging Corporate Governance Issues in Restructurings (Ethics)

This expert panel will address and discuss:  The increased use of independent directors and special committees to address real or perceived conflicts and best governance  practice; Emerging practices and  realties of addressing governance issues within complex organizations compared to case law guidance; Increased presence and role of private equity and development of issues and impact on corporate governance in distressed situations; Increased presence of funded debt creditors with board seats and/or observer rights and the impact on the governance aspects of restructurings; Use of proper governance process to fend off examiner appointments and UCC investigations; and Issues and concerns affecting CROs and independent board member roles as they consider establishing proper governance process in complex restructurings.

Panel:

*(SBMM) Small Business / Middle Market Session

About AIRA

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.

Cancellation/Refund Policy

Written cancellation for the conference or any excursions must be received by midnight on Friday, May 15, 2020 for a full refund less a $75 cancellation processing fee. No refunds will be given after May 15, 2020; 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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