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Wednesday, February 23

Technical Valuation Workshop

Sponsored by LECG, LLC

Presiding Officer: Grant W. Newton

Pepperdine University and AIRA; Medford, Ore.

12:00 p.m.

Registration Opens

12:50 p.m.

Welcoming Remarks

1:00 p.m.

Application of Discounts and Premiums (1.50 hrs)

This session explores the current evidence and appropriate application of marketability and minority interest discounts.

R. Brian Calvert, Moderator

Development Specialists, Inc.; Chicago

Joseph A. DiSalvatore

Grant Thornton LLP; New York

David W. King

Mesirow Financial Consulting, LLC; Chicago

Stamos Nicholas

Deloitte Financial Advisory Services, LLP; New York

Jefferies & Company Speaker TBD

2:30 p.m.

Refreshment Break

Sponsored by LECG, LLC

2:45 p.m.

Sufficiency of Capital Tests in the Context of Avoidance Actions (1.25 hrs)

This session considers case law and evaluates financial methods and capital markets data that might inform attorneys, bankers or valuation analysts as they assess the sufficiency of a debtor's capital in the context of avoidance actions.

Paul N. Shields, Moderator

LECG, LLC; Salt Lake City

Laura Davis Jones

Pachulski Stang Ziehl & Jones; Wilmington, Del.

Ian Ratner

GlassRatner Advisory & Capital Group LLC; Atlanta

Teri Stratton

Piper Jaffray & Co.; El Segundo, Calif.

4:00 p.m.

Refreshment Break

Sponsored by LECG, LLC

4:15 p.m.

Cost of Capital: An Analysis of Courts' Interpretations (1.50 hrs)

Judges are confronted with interpreting many economic concepts presented though experts' testimony, which is often confusing and contradictory. This presentation analyzes a number of important decisions and discusses how various courts have interpreted the concepts inherent in one of the most complex and often confusing areas: cost of capital. This discussion should assist (1) experts improve the clarity of their analyses and testimony, (2) attorneys in laying out their case, and (3) judges in understanding the underlying concepts.

Robert Parrino, Moderator

The University of Texas at Austin; Austin, Texas

Roger J. Grabowski

Duff & Phelps LLC; Chicago

Bernard Pump

Deloitte Financial Advisory Services, LLP; Chicago

5:45 p.m.


5:45-7:15 p.m.

VALCON Opening Networking Reception

Join us for drinks and hors d'oeuvres with faculty and participants.

Sponsored by Huron Restructuring & Turnaround


Thursday Morning, February 24

Presiding Officer: Michael P. Richman

Patton Boggs LLP; New York

7:30 a.m.

Registration Opens

Includes continental breakfast

Sponsored by Grant Thornton LLP

8:20 a.m.

Welcoming Remarks

8:30 a.m.

Regulatory Keynote: Will Dodd-Frank Reduce Systemic Risk? (.50 hrs)

Stephen M. Bainbridge

William D. Warren Professor of Law, UCLA School of Law; Los Angeles

9:00 a.m.

Market Participant Behavior in the Wake of Dodd-Frank

Is Dodd-Frank fighting the last war or will it respond effectively to the next market disruption? Will Dodd-Frank give the President, the Fed, and Treasury more or fewer weapons to deal with the next Bear Stearns-Lehman-Merrill-Washington Mutual-GM-Chrysler? Can taxpayer dollars still be used for new bailouts? Will regulators' ability to cherry pick and spin off assets mean that taxpayer dollars still can be used for the next bailout? Will major financial institutions pay a premium for debt and equity capital or will market forces, in a low interest rate environment, mean "business as usual" with little in the way of protection for investors? Can investors effectively park their capital in business segments that are likely to be salvaged by regulators? Will new disclosure requirements in practice enable investors and regulators to spot risky behavior? Even assuming regulators have the power, are they likely to utilize Dodd-Frank reforms to deflate the next bubble before it happens? During the rule-making process, will lobbyists succeed in taking the fangs out of Dodd-Frank? Will an FDIC liquidation seem arbitrary or unpredictable because large swaths of the Bankruptcy Code are inapplicable?

William J. Rochelle, Moderator

Bloomberg LP; New York

Holly Etlin

AlixPartners, LLP; New York

Walter Mix (invited)

LECG, LLC; Los Angeles, CA

Mark J. Shapiro

Barclays Capital; New York

10:00 a.m.

Coffee Break

Sponsored by Grant Thornton LLP

10:15 a.m.

Investors' Roundtable (1.33 hrs)

2010 was a year of recovery for the capital markets and private equity investment, but also a wait-and-see year for distressed investors. This panel discusses how leading distressed funds and investors see opportunities in the market today and what new methods are being used to achieve the best returns in the distressed marketplace.

J. Scott Victor, Moderator

SSG Capital Advisors, LLC; West Conshohocken, Pa.

Mitchell Drucker

Garrison Investment Group; New York

Peter S. Kaufman

Gordian Group, LLC; New York

Samuel B. Levine

Eos Partners; New York

Gregory L. Segall

Versa Capital Management, Inc.; Philadelphia

11:35 a.m

Adjourn to Luncheon and Presentation

Thursday Afternoon, February 24

Presiding Officer: James M. Lukenda

Huron Consulting Group; New York

12:10 p.m.

Keynote Luncheon: Current Issues Involving Financial Markets and Regulation (.83 Hrs)

Peter J. Wallison

Arthur F. Burns Fellow in Financial Policy Studies, American Enterprise Institute for Public Policy Research and Commissioner, Financial Crisis Inquiry Commission; Washington, D.C.

1:00 p.m.

Refreshment Break

Sponsored by GlassRatner Advisory & Capital Group LLC

1:15 p.m.

Ten Practice Tips for Valuation Professionals (.83 hr)

A look at innovative strategic approaches and rewarding court decisions of the past year—what worked and what didn't—plus lessons learned and brilliance rewarded in major bankruptcy cases ending in excellent settlements and substantial victories.

Evelyn H. Biery, Moderator

Fulbright& Jaworski LLP; Houston

T. Scott Avila

CRG Partners; Los Angeles

Rick Braun

FTI Consulting, Inc.; Washington, D.C.

Eric Winthrop

Houlihan Lokey; Los Angeles

2:05 p.m.

Real Estate Restructurings: The Issues and Challenges Raised by Complex Multi-tranche Structures (1.25 hrs)

A discussion and exploration of the legal and valuation issues raised in complex real estate restructurings. This panel looks at the role and use of special purpose entities (SPEs) and the challenges of dealing with multi-tranche commercial mortgage-backed securities (CMBS); the role of servicers and special servicers; and the perspectives of the various parties including the judicial perspective.

Marcia L. Goldstein, Moderator

Weil, Gotshal & Manges, LLP; New York

Gregory A. Cross

Venable LLP; Baltimore, Md.

Ronen A. Bojmel

Miller Buckfire & Co., LLC; New York

Hon. James M. Peck

U.S. Bankruptcy Court (S.D.N.Y.); New York

3:20 p.m.

Refreshment Break

Sponsored by GlassRatner Advisory & Capital Group LLC

3:35 p.m.

Rights Offerings (.83 hr)

Rights offerings and similar plan funding mechanisms have taken center stage in recent large cases. They have been used for years and can be a useful tool for avoiding difficult valuation issues. But increasingly, they are being challenged in disputed cases as unfair and discriminatory, while focus on the incentives to backstop providers has led to valuation challenges. The panel discusses some recent creative structures while exploring the valuation issues they raise.

Jane Lee Vris, Moderator

Vinson & Elkins LLP; New York

William Q. Derrough

Moelis & Company; New York

Mike Genereux

The Blackstone Group; New York

4:25 p.m.

Navigating Municipal Restructurings Roundtable: The New Frontier

State governments, municipal divisions of states and authorities established at the state, regional and municipal levels face many of the same challenges experienced by corporations navigating today's environment. These governmental units and agencies are affected by a global marketplace that is experiencing de-globalization, de-leveraging and re-regulation. Many municipalities, agencies and authorities are now, or soon will be, confronted with unprecedented restructuring pressures. This roundtable brings together leaders in the municipal restructuring arena to offer unique perspectives on how to help municipalities navigate their complex circumstances, including Chapter 9 and other alternatives.

John Wm. (Jack) Butler, Jr., Moderator

Skadden, Arps, Slate, Meagher & Flom LLP; Chicago

Bill Brandt

Development Specialists, Inc.; Chicago

Perry Mandarino

PricewaterhouseCoopers LLP; New York

Kenneth A. Buckfire

Miller Buckfire & Co., LLC; New York

Marc A. Levinson

Orrick, Herrington & Sutcliffe LLP; Sacramento, CA

5:45-7:00 p.m.

Networking Reception

Join us for drinks and hors d'oeuvres with faculty and partcipants.

Friday Morning, February 25

Presiding Officer: Kaaran E. Thomas

McDonald Carano Wilson, LLP; Reno, Nev.

8:00 a.m.

Conference Room Opens

Sponsored by Development Specialists, Inc.

8:30 a.m.

Judicial Panel (1.00 hr)

A nationally recognized panel of judges will discuss the views of valuation testimony and methodologies.

Donald S. Bernstein, Moderator

Davis Polk & Wardwell, LLP; New York

Hon. Robert D. Drain

U.S. Bankruptcy Court (S.D.N.Y.); New York

Hon. Kevin Gross

U.S. Bankruptcy Court (D. Del.); Wilmington, Del.

Hon. Barbara J. Houser

U.S. Bankruptcy Court (N.D. Tex.); Dallas

Hon. Bruce A. Markell

U.S. Bankruptcy Court (D. Nev.); Las Vegas

9:30 a.m.

Coffee Break

Sponsored by Development Specialists, Inc.

9:45 a.m.

Navigating through the Ethical Maze of Fiduciary Duties: Ratting on Clients and Other Hazards (1.00 hr)

This panel explores fiduciary duties of DIPs and Committees and their professionals, including their duty to make disclosures or report on mis-valuations and other client misconduct through an analysis of applicable ethical rules, case law and articles.

Susan M. Freeman

Lewis and Roca LLP; Phoenix

Judith Greenstone Miller

Jaffe, Raitt, Heuer & Weiss, PC; Southfield, Mich.

10:45 a.m.

Dealing with Appraisals and Comparables in a Volatile Market (.75 hrs)

A discussion of the impact of complex markets, changing conditions, swings in volatility and commodity prices on the appraisal and selection of comparables.

Curtis Burr, Moderator

Burr Pilger Mayer, Inc.; San Francisco

Adam Borison

NERA Economic Consulting; San Francisco

David R. Williams

Ernst & Young LLP; New York

11:30 a.m.


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Four Seasons Hotel, Las Vegas, NV
3960 Las Vegas Blvd. South
Las Vegas, NV 89119

Special rate: $195 good through January 24, 2011 (subject to availability)

Room Reservations

Cancellation Policy

All fees, except a $75 handling fee, will be refunded if written notice of cancellation is received by February 2, 2011. No refunds will be granted after February 2, but substitutions will be allowed.

Continuing Education

CPE credit is available and approved for 17.5 credit hours. Approval for approximately 15 hours of CLE credit, including 1 hour of ethics, is pending. Mark the appropriate box on the registration form to indicate your preference

Additional sponsorship opportunities are available. Contact Elizabeth Sabin at ABI for further information: or (703) 739-0800

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