Conference Program Information:
Method of Delivery: Live, In-Person (The Bankruptcy Taxation program on June 14-15 is an online webinar format)
Prerequisites: None
Advanced Preparation: None
Financial Advisors' Toolbox
The Financial Advisors' Toolbox program will educate an intermediate practitioner about bankruptcy law and practice, including an introduction to core fundamentals and key emerging issues. Panel sessions include: Introduction to Cross Border Restructuring; Third Party Releases; Financial Reporting in Chapter 11; Cash Forecasting in the Age of Covid; Claim Reconciliations; and Bankruptcy and the Future Outlook.
Learning Objectives:
AIRA’s Financial Advisors' Toolbox program comprises a series of sections designed to provide the program attendee with up-to-date information on key matters that the insolvency and restructuring financial professional can expect to encounter. Among the objectives of this program is providing the attendees with an understanding of Cross Border Restructuring and the methods and laws which are evolving with continued global practice. A second objective is to provide a close look at financial reporting issues related to distressed and bankrupt enterprises, how claims are handled, and how to forecast cash in an environment of uncertainty as presented by the COVID-19 pandemic.
Field of Study: Accounting - Technical
Panel:
Keynote Presentation - Thriving in our New Work Mode by Feeding our Psychological Needs
We clearly recognize hybrid/remote work is having an impact on our productivity, morale, relationships, and client perceptions. In this session, we unpack what is actually happening and what to do about it – from a psychological perspective. We will use a simple framework to understand indicators of distress, what helps us find balance, and ultimately what leads to our success.
Speaker(s):
Sponsored by:
Keynote Presentation-International Restructuring and Insolvency Regimes Through Covid-19 - A Continuing Evolution?
This session does not qualify for CPE/CLE.
Speaker(s):
Sponsored by:
State of Disruption: A Discussion with Experts in Industries Dealing with Significant Change
The saying that nothing is constant but change certainly applies to today's business and restructuring environment. Whether it’s the impact of COVID-19, evolving societal goals and changing demographics, or the shift from the physical to the digital world, today's companies are faced with many challenges and opportunities. The learning objectives from this panel of industry experts will focus on 1.) the current disruption facing the automotive, healthcare, higher education, and oil and gas industries and 2.) how those disruptions may effect the overall business environment.
Field of Study: Accounting - Technical
Panel:
Mass Tort Bankruptcies and Third-Party Releases - Navigating These Complex Issues
In recent years, mass tort bankruptcies have evolved from asbestos tort cases to companies seeking to address potentially massive liability related to wildfires in California, the opioid crisis, or exposure to talc in baby powder. These companies have utilized the chapter 11 process to channel the enterprise-threatening litigation they face as well as manage the complex inter-creditor and intra-creditor issues. This panel, who has been involved in some of the largest mass tort cases in recent years like PG&E, Purdue, and Mallinckrodt, as learning objectives, will 1.) discuss their experience in large, complex mass tort cases, implementing mass tort bankruptcy strategies, and 2.) discuss the impact of recent case rulings related to third-party releases.
Field of Study: Business Law - Technical
Panel:
Cutting Edge Issues in Recent Complex Confirmation Disputes
The learning objectives of our panel of experts is to survey disputed chapter 11 confirmation issues arising in recent mega cases, including Valaris, J. Crew, 24 Hour Fitness, Mallinckrodt, and LTL around 1.) unique contested plan confirmation issues relating to valuation, horizontal gifting, and 2.) DIP-to-exit financings.
Field of Study: Business Law - Technical
Panel:
Self-Guided Tour of the Botanic Gardens
In 2014, the Holden Arboretum integrated with Cleveland Botanical Gardens, to create Holden Forests & Gardens, which is the 12th largest public garden in the country. Located in the heart of Cleveland’s iconic University Circle, the gardens offer an enchanting escape from the bustling city and a captivating way to enjoy the great outdoors and get in touch with nature. They take pride in connecting people with the wonder, beauty, and immense value of trees and plants.
Join this excursion for a self-guided visit to the Cleveland Botanic Gardens and their mesmerizing, manicured gardens and specially curated glasshouses. The Cleveland Botanic Garden is awakening in the new season and you will not want to miss it!
The cost of this excursion includes round-trip transportation. Enjoy lunch on your own before departing the hotel at 1:00 or enjoy lunch at the Botanic Gardens Cafe.
Sailing
Relax and enjoy an afternoon sail with the Foundry Community Rowing and Sailing Center. Our sailing staff welcomes you onboard as we sail the Cleveland Harbor with one-of-a-kind views of downtown Cleveland, the Rock & Roll Hall of Fame, First Energy Stadium and the Historic Coast Guard Station. Experience the city in a whole new way with extraordinary views of the North Coast of Lake Erie. We depart from the E 55th Street Marina for an hour and a half of exciting adventure.
Enjoy lunch on your own before going to the Marina.
Self-Guided Tour of the Rock and Roll Hall of Fame
The Mission is clear: to engage, teach and inspire through the power of rock and roll. Alive with the passion and energy of the musical legends they celebrate, the inductees are represented throughout seven floors of exciting exhibits, films and of course the music, bumping from wall to wall. Get a front-row concert feeling as you witness performance highlights from over 30 years of induction ceremonies.
Enjoy lunch on your own before going to the Rock Hall for a self-guided tour (they recommend allowing 2-3 hours to see everything).
Sponsored by:
Supply Chain Disruption and the Impact on Restructuring
Raw material shortages, factory closures, truck driving shortages, port congestion, high demand for ocean and air shipping, inadequate infrastructure — supply chain issues have been in the news since late 2020 as the world grapples with the pandemic. The learning objectives of this session include 1.) How will these issues correct themselves, will the inflation caused by these issues continue; 2.) What will be the overall impact on restructuring issues? and 3.) How will values in restructuring be affected given all the uncertainty?
Field of Study: Accounting - Technical
Panel:
Back to the Future - Digital Assets and Insolvency: Same Issues, New Solutions?
Digital Asset Aficionado? Crypto Newbie? This panel is for anyone whose objectives are 1.) learning what’s new in the world of Blockchain and Digital Assets and 2.) how those developments will effect the business environment. Our panel of legal experts will cover emerging trends in this rapidly evolving world. Technology, regulatory, security - how does it all come together to impact financial and legal advisors? The insolvency world is just starting to broach topics related to digital assets and blockchain. Our panel will provide insights on these emerging issues.
Field of Study: Accounting - Technical
Panel:
The Great Repositioning: The Impact of the Pandemic on Commercial Real Estate
During this session, the learning objectives our panel will address include 1.) the historical repositioning of commercial real estate assets from one property type to another and 2.) the impact of COVID 19 on asset repositioning, including potential obstacles to that repositioning.
Field of Study: Accounting - Technical
Panel:
The Intersection of SPAC's and Restructuring
Over nearly 40 years the Special Purpose Acquisition Corp (“SPAC” or Blank Check Company) cycled in and out of favor with CEOs, companies raising capital, sponsors, investors, and regulators as an alternative to the SEC Registration process to more quickly and cheaply access public equity markets. Since the second half of 2020, during the pandemic lockdown some 875 SPACs have raised over $249 billion in gross proceeds. In the early SPAC days, typically a former CEO with an impressive track record convinced sponsors that he or she could do it again, so a pile of capital was raised to give the enterprise some time and a “war chest” to hunt for the next winner. The learning objectives this panel will address are numerous issues surrounding SPACs that have relevance in corporate recovery.
Field of Study: Accounting - Technical
Panel:
The Texas Two-Step: A Divisive Topic Any Way You Merge It
The Texas "Divisive Merger" Statute, sometimes referred to as "the Texas Two-Step" has been the subject of news and commentary for some months, highlighted by bankruptcy cases such as Bestwall and LTL. As learning objectives, the panelists will 1.) discuss the reasons why a company may want to utilize the Texas Two-Step; 2.) benefits it offers to a debtor in bankruptcy; 3.) challenges it poses to creditors, particularly mass tort creditors, in bankruptcy; and 4.) legal issues raised by parties in interest in bankruptcy cases as a result of divisive mergers. The panelists' participation is not, and should not be considered to be, a reflection of any client or party in interest's view but is offered solely to educate attendees about this fascinating and timely topic.
Field of Study: Accounting - Technical
Panel:
Treatment of D&O Policies in Bankruptcy Cases
The panelists will explore the various considerations in structuring a D&O insurance program particularly for a financially troubled company. Through discussion and example, this panel will address the learning objectives related to 1.) the various claims against a company and its directors and officers that may be covered by D&O insurance policies and 2.) a bankruptcy’s impact on such claims. Panelists include a lawyer leading the financial lines’ legal and claims team at a brokerage, lawyers representing insurers in bankruptcy and coverage cases and a lawyer representing clients in SEC, regulatory and internal investigations.
Field of Study: Accounting - Technical
Panel:
Keynote Presentation - Judges Roundtable
A panel of bankruptcy judges informally answer and discuss practitioners’ questions of dos and don’ts, best practices, their outlook for bankruptcy cases, and other topics that may be of interest to the group. This session does not qualify for CPE/CLE.
Field of Study: Business Law - Technical
Speaker(s):
Sponsored by:
Distressed M&A: Recent Trends & Issues
The learning objectives of this session are to 1.) provide an overview of distressed M&A and 2.) specifically Section 363 asset sales in bankruptcy. We will explore recent decisions of interest, market trends in distressed acquisitions, and the fiduciary duties and ethical considerations of various parties in a distressed sale transaction. Panelists will provide an overview of the Chapter 11 363 asset sale process including: selection of a potential stalking horse, bidding procedures, auction process and bankruptcy court orders approving assets. The panelists include a restructuring lawyer, investment banker, asset based lender and financial advisor.
Field of Study: Finance - Technical
Panel:
Using Litigation Finance to Maximize Value in Distressed Situations
During this session, our panel, as learning objectives, will discuss topics including 1.) a general description of litigation finance and 2.) ways litigation finance can be useful in distressed situations to maximize the value of distressed assets. They will also provide real life examples of situations in which litigation finance has been used in distressed situations, and will provide suggestions for what professionals and investors should consider when thinking about litigation funding in distressed situations.
Field of Study: Finance - Technical
Panel:
The Labor Shortage: Where is Everyone?
This panel will share insights and effect of retirements, demographics and immigration changes have had on business. Learning objectives of this panel include identifying both 1.) issues and solutions caused by limited availability of qualified labor such as lost productivity, overtime, training and recruiting, and 2.) the effect of employment costs.
Field of Study: Finance - Technical
Panel:
Trending Tax Issues Impacting Turnaround Professionals
The learning objectives of this session cover both practice issues and identify specific areas of change in practice. Throughout this session, our panel will discuss various tax issues that turnaround professionals need to be aware of, especially in the ever- changing legislative environment. The panel will discuss some of the relevant and essential bankruptcy and tax code sections and intersections of the two in the arena of bankruptcy tax matters and receiverships, in addition to discussing the use of liquidating trusts as a means of emerging from bankruptcy or liquidation of an entity. The interplay between the legal issues and the accounting issues associated with these trusts will be examined.
Field of Study: Taxes - Technical
Panel:
Inflation: Why Should it Matter?
The learning objectives of this panel are to inform about the crippling effect inflation can have on a business and increase awareness of excess inflation's impact after so many decades of modest price changes. Discussion topics include issues such as identifying and monitoring price changes, passing on price changes to consumers or customers, the effect on liquidity and credit agreements, and contractual issues with trading partners.
Field of Study: Accounting - Technical
Panel:
The State of the Banking & Loan Market Industry: Where Are We Now?"
The three learning objectives of this panel are to 1.) discuss the loan markets, 2.) focus on the quality of lender loan portfolios through the COVID-19 pandemic to present, and 3.) identify what to expect from bank regulators - when/how will they mark to market - how banks and their advisors are addressing the expiration of the guidance in OCC Bulletin 2020-21 and OCC Bulletin 2020-35 (expiring 12/31/2021) regarding Troubled Debt Restructurings (TDRs), and implementation of the CECL final accounting standards announced by FASB in February.
Field of Study: Accounting - Technical
Panel:
Friday Night Excursion
Baseball Game - Cleveland Guardians
On the final night of the conference, guests can enjoy a baseball game at Progressive Stadium between the Cleveland Guardians and Oakland A's. AIRA has a block of Club-level seats for a limited number of guests. Food and beverage are available for purchase at the stadium.
Sponsored by:
The Khan Game: In re Khan, and Lessons Learned from the Largest and Longest Check Kiting Scheme in U.S. History
This panel of industry leaders will discuss their experiences following the largest and longest known check kiting scheme in U.S. history, which culminated in 14 separate bankruptcy cases across two different states, with two separate trustees, multiple committees, and losses approaching $200 million sustained by thousands of creditors. Learning objectives include: (1) how the scheme remained undetected for nearly a decade; (2) the legal and operational strategies for dealing with the immediate crisis following the fraud’s discovery; (3) the practical challenges associated with unwinding the massive and complex web of financial transactions, and how a consensual plan of liquidation addressed competing claims to limited assets; and (4) the opportunities – as well as hurdles – associated with pursuing particularized claims against banks and auditors who may have been in position to stop the scheme in its infancy.
Field of Study: Auditing - Technical
Panel:
The Role of Independent Directors Serving on the Board of Distressed Companies
Independent directors are often appointed to private equity controlled companies to, among other things, review and analyze insider transactions to determine if any claims, such as fraudulent transfers, breaches of fiduciary duty, and other claims, exist against the insiders. Independent directors have been criticized by some creditor committees and recently in academia and politics. The learning objectives this panel of two experienced independent directors and two sitting Bankruptcy Judges will examine are 1.) the role and benefits of, as well as criticisms against, using independent directors, and 2.) potential proposals to prevent challenges to the selection and credibility of independent directors
Field of Study: Regulatory Ethics - Technical
Panel:
Post-Conference
Tue, June 14, 2022
Bankruptcy Taxation Part 1
Panel sessions during Part 1 include: Corporate Tax Considerations in Bankruptcy; Representing the Challenged Debtor - Tax Planning and Stress Control; and, Bankruptcy Case Law Update.
Learning Objectives:
The Objectives of AIRA’s Bankruptcy Taxation program is to 1.) provide the program attendees with an understanding of fundamental federal taxation implications related to insolvent and bankrupt enterprises and 2.) update the participants’ understanding of key issues in areas such as trusts, liquidations, and property abandonment. Topics covered in the program sections include specific discussions on chapters 11 and 7 tax issues and an update on bankruptcy law developments as they effect taxation matters.
Field of Study: Taxes - Technical
Panel:
Wed, June 15, 2022
Bankruptcy Taxation Part 2
Panel sessions during Part 2 include: Chapter 7 & 11 Tax Basics; Abandonment - Property Sales vs. Abandonment and Trustee Liability; and, Liquidating Trusts.
Learning Objectives:
The Objectives of AIRA’s Bankruptcy Taxation program is to 1.) provide the program attendees with an understanding of fundamental federal taxation implications related to insolvent and bankrupt enterprises and 2.) update the participants’ understanding of key issues in areas such as trusts, liquidations, and property abandonment. Topics covered in the program sections include specific discussions on chapters 11 and 7 tax issues and an update on bankruptcy law developments as they effect taxation matters.
Field of Study: Taxes - Technical
Panel:
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 Wednesday, May 18, 2022 for a full refund less a $75 cancellation processing fee. No refunds will be granted after May 18, but substitutions will be 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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