Incremental Advantage

Profiting from Corporate Restructurings [IA_Corp_Res_001]

$1,095.00

Conference Overview

Preparing to Pick Up the Pieces September 11, 2007 – The Harvard Club - NYC

Many Wall Street observers are predicting a perfect storm to hit the corporate landscape, resulting in a surge in bankruptcy filings and corporate defaults. A record breaking number of organizations issued below investment grade debt just several years ago and covenant-lite debt offerings have become en vogue.

However, opportunities will abound in the impending wave of corporate restructuring. Distressed security investors will scramble to exert their influence over the fate of companies by navigating creditors and ad hoc committees as well as challenging management’s proposals.

The following are among the investment opportunities in corporate restructurings that will present themselves to the savviest of investors.

Using the right strategies for DIP financing, 363 sales, and refinancing of corporate debt offerings can give an investor an advantage over the competition.

Knowing which financial instruments to acquire from a company—such as rights offerings, payment-in-kind and junior secured debt—in order to gain control will be vital to maximizing one’s investment.

Implementing auctioning and bidding strategies as well as assessing value and risk in terms of spin-offs, spinouts and divestitures.

The prepared investor will look at the changing bankruptcy court landscape, the new players in the modern era of restructuring, creative financial engineering techniques, the accelerated speed at which deals get done, and contend with a whole host of other issues in order to benefit from the restructuring process.

Don’t miss this opportunity to discover how the impending wave of restructuring can actually spike your portfolio’s returns. Listen to the experts expand on their valuable experiences and insight for successfully investing in corporate restructuring plans.

Agenda
September 11, 2007
Harvard Club of New York City
35 West 44th Street
New York, NY 10036

8:00 am

Registration & Networking

8:30 am

Search for Deal Flow – Detecting When Privately & Publicly Held Companies Are Distressed

Tracking performance through participation loans
Following up with government regulatory agencies
Maintaining networks as sources of deal information
Projections of meeting payments
Creditors' perspective - early signs for when a borrower needs to reorganize

Moderator:

Mark Silverschotz, Partner, Anderson Kill & Olick, P.C.

Panelists:

Michael Appel, Managing Director, Quest Turnaround Advisors LLC
John Caple, Principal, Bayside Capital

9:15 am

Legal Issues Investors Must Consider

Negotiating with management
- Limits on exclusivity of reorganization plans
- Objecting to key employee retention plans
- Making other objections to management proposals
Choosing which parties to negotiate with
- Creditor committees
- Ad hoc committees
- Banks
- Management
Navigating certain intercreditor agreement provisions
When to resort to a 363 sale
- Current market condition considerations
Trading restrictions
Disclosure issues & convertible securities restrictions
Contending with second lien lenders and unsecured creditors

Speakers:

Michael Venditto, Partner, Anderson Kill & Olick P.C.
Tanvir Alam, Associate, Kirkland Ellis LLP

10:15 am

Networking Break

10:30 am

Competing With Other Participants' Agendas in Company Restructurings

Hedge funds, distressed and high yield investors in the secondary market
The new relationship between companies and their lenders & banks
The rise of Collateralized loan obligation funds
Shareholders of dual-class stock companies
Activist board members
Private equity firms
Unions– successorship clauses, affecting competing bids, blocking takeovers, and taking board seats
Other interest groups:
- Asset based and other types of lenders
- New owners
- Bondholders
- Trade creditors

Moderator:

Peter S. Kaufman, Head of Restructuring and Distressed M&A, Gordian Group, LLC

Panelists:

Paul Halpern, Partner, Chrysalis Capital Partners, LP
Robert D. Katz, CTP, CPA, MBA, Managing Director, Executive Sounding Board Associates Inc.
Robert Rakowski, Director, AlixPartners, LLP
Kenneth Rosen, Partner, Lowenstein Sandler PC

11:30 am

Loan to Own: Exercising Lender Remedies As An Alternative to Bankruptcy

Panelists will discuss the business, legal and practical aspects of 'loan-to-own' strategies

Analysis of lender remedies
Utilization of the Uniform Commercial Code
Duties of officers and directors of distressed companies
Alternatives to bankruptcy in effectuating an acquisition strategy
Negotiation of consensual restructuring agreement

Moderator:

Rich Latto, Managing Director,Longroad Asset Management, LLC

Panelists:

Paul J. Coughlin, Managing Partner, Longroad Asset Management, LLC
Larry Halperin, Partner, Richards, Richards Kibbe & Orbe LLP
Frank Grimaldi, Summit Investment Management
Michael Buenzow, Senior Managing Director, FTI Consulting

12:30 pm

Luncheon

1:45 pm

How to Profit From Spin-offs/Spinouts & Divestitures

Assessing value and risk
Auction & bidding strategies
Selecting investment bankers
Detecting of gaming of valuations
Pressuring management to unload costs – labor, non-core units, reducing overhead

Speakers:

Jim Fox, Managing Director, Executive Sounding Board Associates, Inc.
Elisha Tropper, President & CEO, T3 Associates LLC

2:30 pm

Networking Break

2:45 pm

Risk of Cascading Bad Debt – Preventing a Fund Blow Up

Derivatives bust
BB-rated junk bond and leveraged loan risks
Financial innovation troubles
Secondary market trouble
The risk of credit default swaps

Moderator:

Deborah Hicks Midanek, Chairman and Chief Executive Officer Solon Group, Inc.

Panelists:

Christopher J. Addy CA, CFA, President and CEO, Castle Hall Alternatives
Albert A. Slawsky, Senior Vice President, M. D. Sass Investors Services, Inc.
Gary Katz, Managing Director, Archer Capital Management

3:45 pm

Identifying Which Distressed Companies Are Deserving of Investment

Studying events that drive down the value of a company’s securities
Analysis of purchase price compared to potential value & liquidation value
Analysis of debt structure
Judging market volatility & determining the best time to invest
Doing deals during a credit crunch or liquidity dry spell

Moderator:

Matt O'Brien, Senior Research Analyst, IncreMental Advantage, LLC

Panelists:

Kevin F. Griffin, Director and Head of Private Investing, Octavian Advisors
Alexander D. Greene, Managing Partner, Brookfield Asset Management, LLC

4:15 pm

Adjournment

Conference Sponsors

Platinum Sponsor

Lowenstein Sandler, PC

Lowenstein Sandler PC is a full service law firm with approximately 275 attorneys in offices in New York and New Jersey. Our nationally recognized Bankruptcy, Financial Reorganization & Creditors’ Rights Group represents debtors and creditors’ committees in Chapter 11 proceedings across the country, as well as diverse financial institutions managing troubled credit. In 2007, The Deal ranked us among the country’s most active bankruptcy practices, and Bankruptcy Law 360 ranked us third nationally in the number of major Chapter 11 representations in a survey of the 300 largest U.S. law firms.

For more information visit http://www.lowenstein.com

Media Partners

This product was added to our catalog on Tuesday 20 May, 2008.

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